Document:

ex4_2.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Exhibit
4.2

    

    
      

      

    

     

     

    AMENDED
AND RESTATED TRUST AGREEMENT

     

     

    between

     

     

    CATERPILLAR
FINANCIAL FUNDING CORPORATION

     

     

    Depositor

     

     

    and

     

     

    BNYM
(DELAWARE),

     

     

    Owner
Trustee

     

     

    Dated
as of April 29, 2008

     

    

    
      

      

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          

           Page

           

          

        

      

    

    
      	
              ARTICLE I

            	
              DEFINITIONS    
      1 

            	
               

            

    

     

    
      	
               
      

            	
              Section
      1.01.  Capitalized Terms    
  1

            

    

     

    
      	
               
      

            	
              Section
      1.02.  Other Definitional Provisions    
      3

            

    

     

    
      	
              ARTICLE
      II

            	
              ORGANIZATION    
      4 

            	
               

            

    

     

    
      	
               
      

            	
              Section
      2.01.  Name    
4

            

    

     

    
      	
               
      

            	
              Section
      2.02.  Office    
4

            

    

     

    
      	
               
      

            	
              Section
      2.03.  Purpose and Powers    
  4

            

    

     

    
      	
               
      

            	
              Section
      2.04.  Appointment of Owner Trustee    
      5

            

    

     

    
      	
               
      

            	
              Section
      2.05.  Initial Capital Contribution of Trust
      Estate     5

            

    

     

    
      	
               
      

            	
              Section
      2.06.  Declaration of Trust    
  5

            

    

     

    
      	
               
      

            	
              Section
      2.07.  Liability of the Certificateholder    
      6

            

    

     

    
      	
               
      

            	
              Section
      2.08.  Title to Trust Property    
    6

            

    

     

    
      	
               
      

            	
              Section
      2.09.  Situs of Trust    
  6

            

    

     

    
      	
               
      

            	
              Section
      2.10.  Representations and Warranties of
      Depositor     6

            

    

     

    
      	
               
      

            	
              Section
      2.11.  Amended and Restated Trust Agreement    
      7

            

    

     

    
      	
              ARTICLE III

            	
              CERTIFICATES
      AND TRANSFER OF INTERESTS    
  7

            

    

     

    
      	
               
      

            	
              Section
      3.01.  Initial Ownership    
  7

            

    

     

    
      	
               
      

            	
              Section
      3.02.  Form of Certificates    
  7

            

    

     

    
      	
               
      

            	
              Section
      3.03.  Authentication of the Certificates    
      8

            

    

     

    
      	
               
      

            	
              Section
      3.04.  Registration of Transfer of the
      Certificates    
8

            

    

     

    
      	
               
      

            	
              Section
      3.05.  Mutilated, Destroyed, Lost or Stolen
      Certificate    
9

            

    

     

    
      	
               
      

            	
              Section
      3.06.  Persons Deemed Owner    
  9

            

    

     

    
      	
               
      

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

            

    

     

    
      	
               
      

            	
              Section
      3.08.  Maintenance of Office or Agency    
      9

            

    

     

    
      	
               
      

            	
              Section
      3.09.  Appointment of Paying Agents    
      9

            

    

     

    
      	
               
      

            	
              Section
      3.10.  Certificates Nonassessable and Fully
      Paid     10

            

    

     

    
      	
              ARTICLE IV

            	
              ACTIONS
      BY OWNER TRUSTEE    
10

            

    

     

    
      	
               
      

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

            

    

     

    
      	
               
      

            	
              Section
      4.02.  Action By the Certificateholders with Respect to Certain
      Matters     11

            

    

     

    
      	
               
      

            	
              Section
      4.03.  Action By Certificateholders with Respect to
      Bankruptcy    
11

            

    

     

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              Section
      4.04.  Restrictions on Certificateholders'
      Power     11

            

    

     

    
      	
              ARTICLE V

            	
              APPLICATION
      OF TRUST FUNDS; CERTAIN DUTIES    
  11

            

    

     

    
      	
               
      

            	
              Section
      5.01.  Establishment of Trust Account    
      11

            

    

     

    
      	
               
      

            	
              Section
      5.02.  Application of Trust Funds    
      12

            

    

     

    
      	
               
      

            	
              Section
      5.03.  Method of Payment    
  12

            

    

     

    
      	
               
      

            	
              Section
      5.04.  No Segregation of Monies; No Interest    
      13

            

    

     

    
      	
               
      

            	
              Section
      5.05.  Accounting and Report to the Noteholders, the
      Certificateholders, the Internal Revenue Service and
      Others     13

            

    

     

    
      	
              ARTICLE VI

            	
              AUTHORITY
      AND DUTIES OF OWNER TRUSTEE    
  13

            

    

     

    
      	
               
      

            	
              Section
      6.01.  General Authority    
  13

            

    

     

    
      	
               
      

            	
              Section
      6.02.  General Duties    
  13

            

    

     

    
      	
               
      

            	
              Section
      6.03.  Action Upon Instruction    
    14

            

    

     

    
      	
               
      

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

            

    

     

    
      	
               
      

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

            

    

     

    
      	
               
      

            	
              Section
      6.06.  Restrictions    
  15

            

    

     

    
      	
              ARTICLE VII

            	
              CONCERNING
      THE OWNER TRUSTEE    
15

            

    

     

    
      	
               
      

            	
              Section
      7.01.  Acceptance of Trusts and Duties    
      15

            

    

     

    
      	
               
      

            	
              Section
      7.02.  Furnishing of Documents    
    16

            

    

     

    
      	
               
      

            	
              Section
      7.03.  Representations and Warranties    
      17

            

    

     

    
      	
               
      

            	
              Section
      7.04.  Reliance; Advice of Counsel    
      17

            

    

     

    
      	
               
      

            	
              Section
      7.05.  Not Acting in Individual Capacity    
      17

            

    

     

    
      	
               
      

            	
              Section
      7.06.  Owner Trustee Not Liable for the Certificates, Notes or
      Receivables    
18

            

    

     

    
      	
               
      

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

            

    

     

    
      	
              ARTICLE VIII

            	
              COMPENSATION
      OF OWNER TRUSTEE    
18

            

    

     

    
      	
               
      

            	
              Section
      8.01.  Owner Trustee's Fees and Expenses    
      18

            

    

     

    
      	
               
      

            	
              Section
      8.02.  Indemnification    
  19

            

    

     

    
      	
               
      

            	
              Section
      8.03.  Payments to the Owner Trustee    
      19

            

    

     

    
      	
              ARTICLE IX

            	
              TERMINATION
      OF TRUST AGREEMENT    
19

            

    

     

    
      	
               
      

            	
              Section
      9.01.  Termination of Trust Agreement    
      19

            

    

     

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    
      	
              ARTICLE X

            	
              SUCCESSOR
      OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES    
      20

            

    

     

    
      	
               
      

            	
              Section
      10.01.  Eligibility Requirements for Owner
      Trustee     20

            

    

     

    
      	
               
      

            	
              Section
      10.02.  Resignation or Removal of Owner
      Trustee     20

            

    

     

    
      	
               
      

            	
              Section
      10.03.  Successor Owner Trustee    
      21

            

    

     

    
      	
               
      

            	
              Section
      10.04.  Merger or Consolidation of Owner
      Trustee     22

            

    

     

    
      	
               
      

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

            

    

     

    
      	
              ARTICLE XI

            	
              MISCELLANEOUS    
      23

            

    

     

    
      	
               
      

            	
              Section
      11.01.  Supplements and Amendments    
      23

            

    

     

    
      	
               
      

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

            

    

     

    
      	
               
      

            	
              Section
      11.03.  Limitations on Rights of Others    
      24

            

    

     

    
      	
               
      

            	
              Section
      11.04.  Notices    
24

            

    

     

    
      	
               
      

            	
              Section
      11.05.  Severability    
  25

            

    

     

    
      	
               
      

            	
              Section
      11.06.  Separate Counterparts    
    25

            

    

     

    
      	
               
      

            	
              Section
      11.07.  Successors and Assigns    
    25

            

    

     

    
      	
               
      

            	
              Section
      11.08.  No Petition    
  25

            

    

     

    
      	
               
      

            	
              Section
      11.09.  No Recourse    
  25

            

    

     

    
      	
               
      

            	
              Section
      11.10.  Headings    
25

            

    

     

    
      	
               
      

            	
              Section
      11.11.  GOVERNING LAW    
  25

            

    

     

    
      	
               
      

            	
              Section
      11.12.  Certificate Transfer Restrictions    
      26

            

    

     

    
      	
               
      

            	
              Section
      11.13.  Depositor Payment Obligation    
      26

            

    

     

    
      	
              ARTICLE XII 

            	
              REGULATION
      AB COMPLIANCE    
27

            

    

     

    
      	
               
      

            	
              Section
      12.01.  Intent of the Parties; Reasonableness    
      27

            

    

     

    
      	
               
      

            	
              Section
      12.02.  Additional Representation and Warranty of the Owner
      Trustee     27

            

    

     

    
      	
               
      

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

            

    

     

    EXHIBITS

    EXHIBIT
A – FORM OF CERTIFICATE    A-1

    EXHIBIT
B – CERTIFICATE OF TRUST    B-1

    EXHIBIT
C – CERTIFICATEHOLDER CERTIFICATION     C-1

    

    
      
        
          
            	 
      	
                     

                  	 
      

          

          -iii-

        

         

      

      
         

        
          

        

      

      
         

      

    

    

     

    THIS
AMENDED AND RESTATED TRUST AGREEMENT, dated as of April 29, 2008, is between
CATERPILLAR FINANCIAL FUNDING CORPORATION, a Nevada corporation, as depositor,
and BNYM (DELAWARE), a Delaware banking
corporation, as trustee.

     

    ARTICLE
I

     

    DEFINITIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    "Certificateholder"
means the registered holder of Certificates.

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Corporate Trust
Office" means, with respect to the Owner Trustee, the principal corporate
trust office of the Owner Trustee located at 100 White Clay Center, Route 273,
Newark, Delaware 19711; or at such other address as the Owner Trustee may
designate by notice to the Certificateholders, the Administrator, and the
Depositor, or the principal corporate trust office of any successor Owner
Trustee (the address of which the successor owner trustee will notify the
Depositor, the Administrator, and the Certificateholders).

     

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

     

    "Depository Agreement"
means the agreement, dated April 28, 2008, among the Issuing Entity, the
Indenture Trustee and The Depository Trust Company.

     

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

     

    "Expenses" has the
meaning specified in Section 8.02.

     

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

     

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

     

    "Indenture Trustee"
means U.S. Bank National Association, not in its individual capacity but solely
as Indenture Trustee under the Indenture, and any successor Indenture Trustee
under the Indenture.

     

    "Issuing Entity" means
Caterpillar Financial Asset Trust 2008-A, a Delaware statutory trust created
pursuant to the Original Trust Agreement.

     

    "Original Trust
Agreement" means the Trust Agreement, dated as of April 1, 2008, between
Depositor and Owner Trustee.

     

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

     

    "Owner Trustee" means
BNYM (Delaware), a Delaware banking corporation, not in its individual capacity
but solely as owner trustee under this Agreement, and any successor Owner
Trustee hereunder.

     

    "Paying Agent" means
any paying agent or co-paying agent appointed pursuant to Section 3.09 and
shall initially be BNYM (Delaware), a Delaware banking corporation.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    "Sale and Servicing
Agreement" shall mean the Sale and Servicing Agreement, dated as of April
1, 2008, among the Issuing Entity, the Depositor, as depositor, and Caterpillar
Financial Services Corporation, as servicer, as the same may be amended,
modified or supplemented from time to time.

     

    "Secretary of State"
means the Secretary of State of the State of Delaware.

     

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

     

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

     

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

     

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

     

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

     

    "Trust" means the
Issuing Entity.

     

    Section
1.02. Other Definitional
Provisions.  

     

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

     

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

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

    ARTICLE
II

     

    ORGANIZATION

     

    Section
2.01. 
Name.  The
Trust created by the Original Trust Agreement shall be known as "Caterpillar
Financial Asset Trust 2008-A," in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

     

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

     

    Section
2.03. 
Purpose and
Powers.  

     

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

     

    (i) to
issue the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes pursuant
to the Indenture and the Certificates pursuant to this Agreement, and to sell
$182,000,000 aggregate principal amount of the Class A-1 Notes, $105,000,000
aggregate principal amount of Class A-2a Notes, $122,000,000 aggregate principal
amount of the Class A-2b Notes and $199,671,000 aggregate principal amount of
Class A-3 Notes to or upon the written order of the Depositor pursuant to Section 2.01 of the
Sale and Servicing Agreement and issue the Certificates with an initial
Certificate Balance of $33,387,349 to or upon the written order of the Depositor
pursuant to Section
2.01 of the Sale and Servicing Agreement;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

    (vi) to
enter into and perform its obligations under any interest rate protection
agreement or agreements relating to the Notes between the Issuing Entity and one
or more Swap Counterparties, including any confirmations, evidencing the
transactions thereunder (including the Interest Rate Swap Agreement);
and

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

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

     

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

     

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

     

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

     

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

     

    (b) The
Depositor is duly qualified to do business as a foreign corporation in good
standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the failure to so qualify or to obtain such license or
approval would render any Receivable unenforceable that would otherwise be
enforceable by the Depositor, the Servicer or the Owner Trustee.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    ARTICLE
III

     

    CERTIFICATES AND TRANSFER OF
INTERESTS

     

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

     

    Section
3.02. 
Form of
Certificates.  The Certificates shall be issued in an original
Certificate Balance of $33,387,349 to or upon the written order of the
Depositor.  The Certificates shall be executed on behalf of the Trust
by manual or facsimile signature of a Trust Officer of the Owner
Trustee.  The Certificates bearing the manual or facsimile signatures
of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Trust, shall, when duly
authenticated pursuant to Section 3.03, be
validly issued and entitled to the benefits of this Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior
to the authentication and delivery of the Certificates or did not hold such
offices at the date of authentication and delivery of the
Certificates.

     

    
      
        
        

      

      
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    Section
3.03. 
Authentication of the
Certificates.  Concurrently with the initial sale of the
Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner
Trustee shall cause the Certificates in a principal amount equal to the initial
Certificate Balance to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by its Chairman
of the Board, its President, any Vice President, its Treasurer, its Secretary or
any Assistant Treasurer, without further corporate action by the
Depositor.  The Certificates shall not entitle their holder to any
benefit under this Agreement, or be valid for any purpose, unless there shall
appear on the Certificates a certificate of authentication substantially in the
form set forth in Exhibit A executed by the Owner Trustee or the Owner
Trustee's authentication agent, by manual signature; such authentication shall
constitute conclusive evidence that the Certificates shall have been duly
authenticated and delivered hereunder. The Certificates shall be dated the date
of their authentication.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    Section
3.08. 
Maintenance of Office or
Agency.  The Owner Trustee shall maintain in the Borough of
Manhattan, in the City of New York, an office or offices or agency or agencies
where notices and demands to or upon the Owner Trustee in respect of the
Certificates and the Basic Documents may be served.  The Owner Trustee
initially designates BNYM (Delaware), c/o The Bank of New York, 101 Barclay
Street, New York, New York 10007 as its principal corporate trust office for
such purposes. The Owner Trustee shall give prompt written notice to the
Depositor and the Administrator of any change in the location of the Certificate
Register or any such office or agency. 

     

    Section
3.09. 
Appointment of Paying
Agents.  The Paying Agent shall make distributions to the
Certificateholders from the Certificate Distribution Account pursuant to Section 5.02 and
shall report the amounts of such distributions to the Owner
Trustee.  Any Paying Agent shall have the revocable power to withdraw
funds from the Certificate Distribution Account for the purpose of making the
distributions referred to above.  The Owner Trustee may revoke such
power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect.  The Paying Agent shall
initially be BNYM (Delaware), and any co-paying agent chosen by BNYM (Delaware)
and acceptable to the Owner Trustee.  BNYM (Delaware) shall be
permitted to resign as Paying Agent upon 30 days' written notice to the Owner
Trustee and the Administrator.  In the event that BNYM (Delaware)
shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor
to act as Paying Agent (which shall be a bank or trust company).  The
Owner Trustee shall cause such successor Paying Agent or any additional Paying
Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee
an instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Owner Trustee that as Paying Agent, such successor Paying
Agent or additional Paying Agent will hold all sums, if any, held by it for
payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to the
Certificateholders.  The Paying Agent shall return all unclaimed funds
to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Owner Trustee.  The
provisions of Sections 7.01,
7.03, 7.04 and 8.01 shall apply to
the Owner Trustee also in its role as Paying Agent, for so long as the Owner
Trustee shall act as Paying Agent and, to the extent applicable, to any other
paying agent appointed hereunder.  Any reference in this Agreement to
the Paying Agent shall include any co-paying agent unless the context requires
otherwise.

     

    
      
        
        

      

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

     

    ARTICLE
IV

     

    ACTIONS BY OWNER
TRUSTEE

     

    Section
4.01. 
Prior Notice to
Certificateholders with Respect to Certain Matters.  With
respect to the following matters, the Owner Trustee shall not take action unless
at least 30 days before the taking of such action, the Owner Trustee shall have
notified the Certificateholders in writing of the proposed action and the
Certificateholders shall not have notified the Owner Trustee in writing prior to
the 30th day after such notice is given that the Certificateholders evidencing
more than 50% of the Certificate Balance have withheld consent or provided
alternative direction: 

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

    Section
4.02. 
Action By the
Certificateholders with Respect to Certain Matters.  The Owner
Trustee shall not have the power, except upon the direction of
Certificateholders evidencing more than 50% of the Certificate Balance, to (a)
remove the Administrator under the Administration Agreement pursuant to
Section 8 thereof, (b) appoint a successor Administrator pursuant to
Section 8 of the Administration Agreement, (c) remove the Servicer under
the Sale and Servicing Agreement pursuant to Section 8.01 thereof or (d)
except as expressly provided in the Basic Documents, sell the Receivables after
the termination of the Indenture.  The Owner Trustee shall take the
actions referred to in the preceding sentence only upon written instructions
signed by Certificateholders evidencing Percentage Interests aggregating more
than 50%.

     

    Section
4.03. 
Action By Certificateholders
with Respect to Bankruptcy. The Owner Trustee shall not have the power to
commence a voluntary proceeding in bankruptcy relating to the Trust without the
prior approval of the Certificateholders and the delivery to the Owner Trustee
by Certificateholders evidencing more than 50% of the Certificate Balance of a
certificate certifying that such Certificateholders reasonably believe that the
Trust is insolvent.

     

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

     

    ARTICLE
V

     

    APPLICATION OF TRUST FUNDS;
CERTAIN DUTIES

     

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

     

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

     

    
      
        
        

      

      
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    Section
5.02. 
Application of Trust
Funds.  

     

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

     

    (b) On
each Distribution Date, the Administrator shall send to the Certificateholders
the statement provided to the Administrator by the Servicer pursuant to Section 4.09 of
the Sale and Servicing Agreement on such Distribution Date.

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
5.05. 
Accounting and Report to the
Noteholders, the Certificateholders, the Internal Revenue Service and
Others.  The Owner Trustee shall (a) maintain (or cause to be
maintained) the books of the Trust on a fiscal year basis ending December 31,
(or such other period as may be required by applicable law), with the first year
being a short year ending December 31, 2008, and on the accrual method of
accounting, (b) deliver to the Certificateholders, as may be required by the
Code and applicable Treasury Regulations, such information as may be required to
enable the Certificateholders to prepare their federal and state income tax
returns, and make such elections as may from time to time be required or
appropriate under any applicable state or federal statute or rule or regulation
thereunder so as to maintain the Trust's characterization as a disregarded
entity for federal income tax purposes and (c) collect or cause to be collected
any withholding tax as described in and in accordance with Section 5.02(c)
with respect to distributions from the Trust.

     

    ARTICLE
VI

     

    AUTHORITY AND DUTIES OF
OWNER TRUSTEE

     

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

     

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

     

    Section
6.03. 
Action Upon
Instruction.  

     

    (a) Subject
to Article IV,
Certificateholders evidencing more than 50% of the Certificate Balance may, by
written instruction, direct the Owner Trustee in the management of the
Trust.  Such direction may be exercised at any time by written
instruction of the Certificateholders pursuant to Article IV.

     

    
      
        
        

      

      
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    (b) The
Owner Trustee shall not be required to take any action hereunder or under any
Basic Document if the Owner Trustee shall have reasonably determined, or shall
have been advised by counsel, that such action is likely to result in liability
on the part of the Owner Trustee or is contrary to the terms hereof or of any
Basic Document or is otherwise contrary to law.

     

    (c) Whenever
the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any Basic Document, the
Owner Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Certificateholders requesting instruction as to
the course of action to be adopted, and to the extent the Owner Trustee acts in
good faith in accordance with any written instruction given by
Certificateholders evidencing more than 50% of the Certificate Balance, the
Owner Trustee shall not be liable on account of such action to any
Person.  If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of time
as reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from
taking such action, not inconsistent with this Agreement or the Basic Documents,
as it shall deem to be in the best interest of the Certificateholders, and shall
have no liability to any Person for such action or inaction.

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    ARTICLE
VII

     

    CONCERNING THE OWNER
TRUSTEE

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

    (c) Neither
the execution nor the delivery by it of this Agreement, nor the consummation by
it of the transactions contemplated hereby nor compliance by it with any of the
terms or provisions hereof will contravene any federal or Delaware law,
governmental rule or regulation governing the banking or trust powers of the
Owner Trustee or any judgment or order binding on it, or constitute any default
under its charter documents or by-laws or any indenture, mortgage, contract,
agreement or instrument to which it is a party or by which any of its properties
may be bound.

     

    Section
7.04. 
Reliance; Advice of
Counsel.  

     

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

     

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

     

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

     

    
      
        
        

      

      
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    Section
7.06. 
Owner Trustee Not Liable for
the Certificates, Notes or Receivables.  The recitals contained
herein and in the Certificates (other than the signature and counter-signature
of the Owner Trustee on the Certificates and its representations and warranties
in Section 7.03 and
in Article XII) shall not be taken as the statements of the Owner Trustee and
the Owner Trustee assumes no responsibility for the correctness
thereof.  The Owner Trustee makes no representations as to the
validity or sufficiency of this Agreement, or of the Certificates (other than
the signature and countersignature of the Owner Trustee on the Certificates), or
the Notes or of any other Basic Document or of any Receivable or related
documents.  The Owner Trustee shall at no time have any responsibility
or liability for or with respect to the legality, validity and enforceability of
any Receivable, or the perfection and priority of any security interest created
by any Receivable in any Financed Equipment or the maintenance of any such
perfection and priority, or for or with respect to the sufficiency of the Owner
Trust Estate or its ability to generate the payments to be distributed to the
Certificateholders under this Agreement or the Noteholders under the Indenture
or the Swap Counterparty under the Interest Rate Swap Agreement, including: the
existence, condition and ownership of any Financed Equipment; the existence and
enforceability of any insurance thereon; the existence and contents of any
Receivable on any computer or other record thereof; the validity of the
assignment of any Receivable to the Trust or of any intervening assignment; the
completeness of any Receivable; the performance or enforcement of any
Receivable; the compliance by the Depositor or the Servicer with any warranty or
representation made under any Basic Document or in any related document or the
accuracy of any such warranty or representation or any action of the
Administrator, the Indenture Trustee or the Servicer or any subservicer taken in
the name of the Owner Trustee.

     

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

     

    ARTICLE
VIII

     

    COMPENSATION OF OWNER
TRUSTEE

     

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

     

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

     

    
      
        
        

      

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

     

    ARTICLE
IX

     

    TERMINATION OF TRUST
AGREEMENT

     

    Section
9.01. 
Termination of Trust
Agreement.  

     

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

     

    (b) Neither
the Depositor nor any Certificateholder shall be entitled to revoke or terminate
the Trust.

     

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

     

    
      
        
        

      

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

     

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

     

    ARTICLE
X

    SUCCESSOR OWNER TRUSTEES AND
ADDITIONAL OWNER TRUSTEES

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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    (iii) the
Depositor and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee.

     

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

     

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

     

    ARTICLE
XI

     

    MISCELLANEOUS

     

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

     

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

     

    
      
        
        

      

      
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    Notwithstanding
the foregoing, no amendment to this Agreement shall materially and adversely
affect the rights or obligations of the Swap Counterparty under this Agreement
unless the Swap Counterparty shall have consented in writing to such amendment
(and such consent shall be deemed to have been given if the Swap Counterparty
does not object in writing within ten (10) Business Days after receipt of a
written request for such consent).

     

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

     

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

     

    No
amendment to this Agreement shall affect the rights or duties of the
Administrator without the consent of the Administrator.

     

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

     

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

     

    Section
11.02. 
No Legal Title to Owner
Trust Estate in the Owner.  No Certificateholder shall have
legal title to any part of the Owner Trust Estate.  The
Certificateholders shall be entitled to receive distributions with respect to
their ownership interest therein only in accordance with Articles V and
IX.  No
transfer, by operation of law or otherwise, of any right, title, and interest of
a Certificateholder to and in its ownership interest in the Trust shall operate
to terminate this Agreement or the trusts hereunder or entitle any transferee to
an accounting or to the transfer to it of legal title to any part of the Owner
Trust Estate.

     

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

     

    Section
11.04. 
Notices.  (a)
 Unless otherwise expressly specified or permitted by the terms hereof, all
notices shall be in writing and shall be deemed given upon receipt by the
intended recipient if to the Owner Trustee, addressed to the Corporate Trust
Office; if to the Depositor, addressed to Caterpillar Financial Funding
Corporation, 4040 S. Eastern Avenue, Suite 344, Las Vegas, Nevada 89119; if to
the Administrator, 2120 West End Avenue, Nashville, Tennessee 37203-0001 or, as
to each party, at such other address as shall be designated by such party in a
written notice to each other party.

     

    
      
        
        

      

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

     

    Section
11.05. 
Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

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

     

    Section
11.12. 
Certificate Transfer
Restrictions.  

     

    (a) The
Certificates may not be acquired by or for the account of (i) an employee
benefit plan (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA")) that is subject to the provisions of
Title I of ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code)
that is subject to Section 4975 of the Code, or (iii) any entity whose
underlying assets include "plan assets" by reason of any such plan's investment
in the entity and the application of U.S. Department of Labor (the "DOL")
Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan
Asset Regulation") (excluding any investment company that is registered under
the Investment Company Act of 1940, as amended) (each, a "Benefit Plan
Investor"), except as provided in the following sentence.  By
accepting and holding a Certificate, each Certificateholder shall be deemed to
have represented, warranted and covenanted that (A) it is not a Benefit Plan
Investor, and that no assets of any Benefit Plan Investor were used to acquire
the Certificate, or (B) it is an insurance company acting on behalf of its
general account, and (i) on the date it acquires the Certificate, less than 25%
of the assets of such general account constitute Plan Assets and (ii) if at any
time during any calendar quarter after the initial acquisition of the
Certificate, 25% or more of the assets of such general account constitute "plan
assets" (as defined in the Plan Asset Regulation) and no exemption or exception
from the prohibited transaction rules applies to the continued holding of the
Certificate under Section 401(c) of ERISA and final regulations thereunder or an
exemption or regulation issued by the DOL under ERISA, then such insurance
company will dispose of the Certificates then held in its general account by the
end of the next following calendar quarter, and shall deliver to the Owner
Trustee at the time of acquisition of the Certificates a duly executed
Certificateholder Certification in the form set forth in Exhibit
C.

     

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

     

    Section
11.13. 
Depositor Payment
Obligation.  The Depositor shall be responsible for payment of
the Administrator's fees under the Administration Agreement (to the extent not
paid pursuant to Section 5.05 of
the Sale and Servicing Agreement) and shall reimburse the Administrator for all
expenses and liabilities of the Administrator incurred thereunder.

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

     

    ARTICLE
XII

     

    REGULATION AB
COMPLIANCE

     

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

     

    Section
12.02. 
Additional Representation
and Warranty of the Owner Trustee.   The Owner Trustee
hereby represents and warrants to the Issuing Entity and to the Depositor that
the information set  forth under the caption "Formation of the Issuing
Entity – The Owner Trustee" in the Preliminary Prospectus Supplement dated April
22, 2008 and the final Prospectus Supplement dated April 22, 2008 relating to
the Notes (i) does not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading and (ii) includes all information required to be
included therein with respect to the Owner Trustee under Regulation
AB.

     

    Section
12.03. 
Information to Be Provided
by the Owner Trustee.    For the purpose of
satisfying the reporting obligations of the Issuing Entity under the Exchange
Act with respect to the Notes, for so long as the Issuing Entity is required to
file reports under the Exchange Act with respect to the Notes, the Owner Trustee
shall (i) notify the Issuing Entity and the Depositor in writing of (A) any
material litigation or governmental proceedings pending against the Owner
Trustee, (B) any affiliations or relationships that develop following the
date hereof between the Owner Trustee and any Transaction Party that are
required to be disclosed under Item 1119(a) of Regulation AB, and (C) any change
in control or sale of substantially all the assets of the Owner Trustee, and
(ii) provide to the Issuing Entity and the Depositor a written description of
such litigation proceedings, affiliations, relationships or corporate
changes.

     

    [Signature
Page Follows]

    
      
         

      

      
        27 

        
          

        

      

      
         

      

    

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

     

    BNYM
(DELAWARE),

     

    not
in its individual capacity but solely as Owner Trustee,

     

    By:
/s/ Kristine K.
Gullo                                                                      

    Name: Kristine
K. Gullo

    Title:    Vice
President

     

    CATERPILLAR
FINANCIAL FUNDING CORPORATION, as Depositor,

     

    By:/s/ David A.
Kacynski                                                                      

    Name: David
A. Kacynski

    Title:    Treasurer

    
      
        
           Amended
and Restated Trust Agreement

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

     

    FORM OF
CERTIFICATE

     

    
      	
              Number

              R-1

            	 
      	
               

              $33,387,349

            

    

    

     

    SEE
REVERSE FOR CERTAIN DEFINITIONS

     

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

     

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

     

    THIS
CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF (i) AN EMPLOYEE BENEFIT
PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED ("ERISA")) THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF
ERISA, (ii) A PLAN (AS DEFINED IN SECTION 4975(e)(1) OF THE CODE) THAT IS
SUBJECT TO SECTION 4975 OF THE CODE, OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS
INCLUDE "PLAN ASSETS" BY REASON OF ANY SUCH PLAN'S INVESTMENT IN THE ENTITY AND
THE APPLICATION OF U.S. DEPARTMENT OF LABOR (THE "DOL") REGULATION SECTION
2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE "PLAN ASSET REGULATION")
(EXCLUDING ANY INVESTMENT COMPANY THAT IS REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940, AS AMENDED) (EACH, A "BENEFIT PLAN INVESTOR"), EXCEPT AS
PROVIDED IN THE FOLLOWING SENTENCE.  BY ACCEPTING AND HOLDING THIS
CERTIFICATE, THE HOLDER THEREOF SHALL BE DEEMED TO HAVE REPRESENTED, WARRANTED
AND COVENANTED THAT (A) IT IS NOT A BENEFIT PLAN INVESTOR, AND THAT NO ASSETS OF
ANY BENEFIT PLAN INVESTOR WERE USED TO ACQUIRE THIS CERTIFICATE, OR (B) IT IS AN
INSURANCE COMPANY ACTING ON BEHALF OF ITS GENERAL ACCOUNT, AND (i) ON THE DATE
IT ACQUIRES THIS CERTIFICATE, LESS THAN 25% OF THE ASSETS OF SUCH GENERAL
ACCOUNT CONSTITUTE PLAN ASSETS AND (ii) IF AT ANY TIME DURING ANY CALENDAR
QUARTER AFTER THE INITIAL ACQUISITION OF THIS CERTIFICATE, 25% OR MORE OF THE
ASSETS OF SUCH GENERAL ACCOUNT CONSTITUTE "PLAN ASSETS" (AS DEFINED IN THE PLAN
ASSET REGULATION) AND NO EXEMPTION OR EXCEPTION FROM THE PROHIBITED TRANSACTION
RULES APPLIES TO THE CONTINUED HOLDING OF THIS CERTIFICATE UNDER SECTION 401(c)
OF ERISA AND FINAL REGULATIONS THEREUNDER OR AN EXEMPTION OR REGULATION ISSUED
BY THE DOL UNDER ERISA, THEN SUCH INSURANCE COMPANY WILL DISPOSE OF THIS
CERTIFICATE BY THE END OF THE NEXT FOLLOWING CALENDAR QUARTER, AND SHALL DELIVER
TO THE OWNER TRUSTEE AT THE TIME OF ACQUISITION OF THIS CERTIFICATE A DULY
EXECUTED CERTIFICATEHOLDER CERTIFICATION IN THE FORM SET FORTH IN EXHIBIT C TO
THE TRUST AGREEMENT REFERRED TO HEREIN.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      
        
        

         

      

      
        A-2 

        
          

        

      

      
         

      

    

    CATERPILLAR
FINANCIAL ASSET TRUST 2008-A

     

    ASSET
BACKED CERTIFICATE

     

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

     

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

     

    THIS
CERTIFIES THAT ______________________________________ is the registered holder
of ______________________________________ DOLLARS ($__) nonassessable,
fully-paid, undivided beneficial interest in Caterpillar Financial Asset Trust
2008-A (the "Trust") formed by Caterpillar Financial Funding Corporation, a
Nevada corporation (the "Depositor").

     

    The
Trust was created in connection with an Amended and Restated Trust Agreement,
dated as of April 29, 2008 (the "Trust Agreement"), between the Depositor and
BNYM (Delaware), as trustee (the "Owner Trustee"), a summary of certain of the
pertinent provisions of which is set forth below.  To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them in the Trust Agreement or the Sale and Servicing Agreement,
dated as of April 1, 2008 (the "Sale and Servicing Agreement"), among the Trust,
the Depositor and Caterpillar Financial Services Corporation, as servicer (the
"Servicer"), as applicable.

     

    This
Certificate is the duly authorized Certificate designated as the "Asset Backed
Certificate" (herein called the "Certificate").  Also issued under the
Indenture, dated as of April 1, 2008, between the Trust and U.S. Bank National
Association, as trustee (the "Indenture Trustee"), are Notes designated as
"Class A-1 3.00500% Asset Backed Notes" (the "Class A-1 Notes"), "Class A-2a
4.09% Asset Backed Notes" (the "Class A-2a Notes"), "Class A-2b Floating Rate
Asset Backed Notes" (the "Class A-2b Notes" and, together with the Class A-2a
Notes, the "Class A-2 Notes") and "Class A-3 4.94% Asset Backed Notes" (the
"Class A-3 Notes" and, together with the Class A-1 Notes and the Class A-2
Notes, the "Notes"). This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound.  The property of the Trust
includes a pool of retail installment sale contracts and finance leases secured
by new and used equipment (the "Receivables"), all monies received on or after
April 1, 2008 from payments on the Receivables, security interests in the
equipment financed thereby and certain other cross-collateralized equipment,
certain bank accounts and the proceeds thereof, proceeds from claims on certain
insurance policies and certain other rights under the Trust Agreement and the
Sale and Servicing Agreement, all right, title, and interest of the Depositor in
and to the Purchase Agreement dated as of April 1, 2008 between Caterpillar
Financial Services Corporation and the Depositor and all proceeds of the
foregoing.  The holder of this Certificate acknowledges and agrees
that its rights to receive distributions in respect of this Certificate are
subordinated to the rights of the Noteholders as described in the Sale and
Servicing Agreement and the Indenture.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    Under
the Trust Agreement, there will be distributed on the 25th day of each month or,
if such day is not a Business Day, the next Business Day (the "Distribution
Date"), commencing on May 27, 2008 to the Person in whose name this Certificate
is registered at the close of business on the last calendar day of the month
preceding the month in which such Distribution Date occurs (the "Record Date")
the amount to be distributed to the Certificateholder on such Distribution
Date.

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

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

     

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

     

    This
Certificate may not be acquired by or for the account of (i) an employee benefit
plan (as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended ("ERISA")) that is subject to the provisions of Title I of
ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code) that is
subject to Section 4975 of the Code, or (iii) any entity whose underlying assets
include "plan assets" by reason of any such plan's investment in the entity and
the application of U.S. Department of Labor (the "DOL") Regulation Section
2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Asset Regulation")
(excluding any investment company that is registered under the Investment
Company Act of 1940, as amended) (each, a "Benefit Plan Investor"), except as
provided in the following sentence.  By accepting and holding this
Certificate, the holder thereof shall be deemed to have represented, warranted
and covenanted that (A) it is not a Benefit Plan Investor, and that no assets of
any Benefit Plan Investor were used to acquire this Certificate, or (B) it is an
insurance company acting on behalf of its general account, and (i) on the date
it acquires this Certificate, less than 25% of the assets of such general
account constitute Plan Assets and (ii) if at any time during any calendar
quarter after the initial acquisition of this Certificate, 25% or more of the
assets of such general account constitute "plan assets" (as defined in the Plan
Asset Regulation) and no exemption or exception from the prohibited transaction
rules applies to the continued holding of this Certificate under Section 401(c)
of ERISA and final regulations thereunder or an exemption or regulation issued
by the DOL under ERISA, then such insurance company will dispose of this
Certificate by the end of the next following calendar quarter, and shall deliver
to the Owner Trustee at the time of acquisition of this Certificate a duly
executed Certificateholder Certification in the form set forth in Exhibit C to the
Trust Agreement.

     

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

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

     

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

     

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

     

    
      
        
           

        

         

      

      
        A-6

        
          

        

      

      
         

      

    

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

     

    
      	
               
      

            	
              CATERPILLAR
      FINANCIAL ASSET TRUST 2008-A,

            

    

     

    
      	
               
      

            	
              By:  BNYM
      (DELAWARE), as Owner Trustee

            

    

     

    

    

    Dated:  __________                                                      By:________________________________________

                                                                                         
Name:     

                                                                                         
Title:

     

     

    CERTIFICATE
OF AUTHENTICATION

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

     

    
      	
              BNYM
      (DELAWARE), as Owner Trustee

            	
              or

            	
              BNYM
      (DELAWARE), as Owner Trustee

            
	 
      	 
      	
              ByBNYM
      (DELAWARE), as Authenticating Agent

            
	
              By: _____________________________________                         

                     Authorized
    Signatory

            	 
      	
              By: ___________________________________                        

                    Authorized
  Signatory

            

    

    

     

    
      
        
        

         

      

      
        A-7

        
          

        

      

      
         

      

    

    ASSIGNMENT

     

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

     

    PLEASE
INSERT SOCIAL SECURITY

    OR
OTHER IDENTIFYING NUMBER

    OF
ASSIGNEE

     

    

     

    ____________________________________________________________________________

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

     

    

     

    ____________________________________________________________________________

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

     

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

     

    

     

    

     

    Dated:                                                                _________________________________________*

    Signature Guaranteed:

     

    

     

    _________________________________________*

     

    

     

    ____________________

     

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

     

    
      
        
        

         

      

      
        A-8

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    

     

    CERTIFICATE OF TRUST
OF

    CATERPILLAR FINANCIAL ASSET
TRUST 2008-A

     

    THIS
Certificate of Trust of Caterpillar Financial Asset Trust 2008-A (the "Trust")
is being duly executed and filed on behalf of the Trust by the undersigned, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C. § 3801 et seq.) (the "Act").

     

    Name.  The
name of the statutory trust formed by this Certificate of Trust is Caterpillar
Financial Asset Trust 2008-A.

     

    Delaware
Trustee.  The name and business address of the trustee of the Trust in
the State of Delaware are BNYM (Delaware), 100 White Clay Center, Route 273,
Newark, Delaware 19711 Attention: Corporate Trust Administration.

     

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

     

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

     

     

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

     

    

     

    

     

    By:_________________________________

    Name:

    Title:

    
      
        
        

         

      

      
        B-1

        
          

        

      

      
         

      

    

    EXHIBIT
C

     

    CERTIFICATEHOLDER
CERTIFICATION

     

    This
Certificateholder Certification ("Certification") is delivered pursuant to Section 11.12(b) of
Caterpillar Financial Asset Trust 2008-A Amended and Restated Trust Agreement,
dated as of April 29, 2008 (the "Trust Agreement"), between Caterpillar
Financial Funding Corporation and BNYM (Delaware), as Owner Trustee, in
connection with the acquisition of, transfer to or possession by the
undersigned, whether as beneficial owner (the "Beneficial Owner"), or nominee on
behalf of the Beneficial Owner, of the Caterpillar Financial Asset Trust 2008-A
Asset Backed Certificate (the "Certificate").  Capitalized terms used
but not defined in this Certification have the respective meanings given them in
the Trust Agreement.

     

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

     

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

     

    Part
I - Complete Either A or B

     

    A.           Individual
as Beneficial Owner

     

    
      	
               
      

            	
              1.

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

            

    

     

    
      	
               
      

            	
              2.

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

            

    

     

    _____________________________________________

     

    _____________________________________________

     

    _____________________________________________;
and

     

    
      	
               
      

            	
              3.

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

            

    

     

    B.           Corporate,
Partnership or other Entity as Beneficial Owner

     

    
      	
               
      

            	
              1.

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

            

    

     

    
      
        
           

        

         

      

      
        C-1

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              2.

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

            

    

     

    
      	
               
      

            	
              _________________________________________;
      and

            

    

     

    
      	
               
      

            	
              3.

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

            

    

     

    Part
II - Nominees

     

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

     

    _________
an IRS Form W-9

     

    _________
a form such as this or substantially similar

     

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

     

    Part
III - Declaration

     

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

     

    
      
        
        

         

      

      
        C-2

        
          

        

      

      
         

      

    

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

     

    ________________________________________________________________

    Name

     

    ________________________________________________________________

    Title (if applicable)

     

    ________________________________________________________________

    Signature and Date

     

    

     

    
      	
              *NOTE:

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

            

    

     

    

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

     

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

     

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

     

    OR

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        C-3

        
          

        

      

      
        
        

      

    

    ________________________________________________________________

    Name

     

    ________________________________________________________________

    Title (if applicable)

     

    ________________________________________________________________

    Signature and Date

     

    
      	
              *NOTE:

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

            

    

     

    

    
      
        
           

        

         

      

      
        C-4ex4_3.htm

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

                                                                                                                                         

    Exhibit
4.3

     

    

    
      

      

    

     

     

    SALE
AND SERVICING AGREEMENT

     

     

    among

     

     

    CATERPILLAR
FINANCIAL ASSET TRUST 2008-A

     

     

    Issuing
Entity

     

     

    CATERPILLAR
FINANCIAL FUNDING CORPORATION

     

     

    Depositor

     

     

    and

     

     

    CATERPILLAR
FINANCIAL SERVICES CORPORATION

     

     

    Servicer

     

     

    Dated
as of April 1, 2008

     

    

     

    
      

      

    

     

                                                                                                                                         

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          TABLE
OF CONTENTS

          

           Page

           

           

        

      

    

    

    

    
      	
              ARTICLE I

            	
              DEFINITIONS

            	 

    

     

    
      	
               
      

            	
              SECTION
      1.01.  Definitions

            

    

     

    
      	
               
      

            	
              SECTION
      1.02.  Other Definitional
Provisions

            

    

     

    
      	
              ARTICLE
      II

            	
              CONVEYANCE
      OF RECEIVABLES

            	 

    

     

    
      	
               
      

            	
              SECTION
      2.01.  Conveyance of
Receivables

            

    

     

    
      	
               
      

            	
              SECTION
      2.02.  Closing

            

    

     

    
      	
               
      

            	
              SECTION
      2.03.  Books and Records

            

    

     

    
      	
              ARTICLE III

            	
              THE
      RECEIVABLES

            

    

     

    
      	
               
      

            	
              SECTION
      3.01.  Representations and Warranties of
  Depositor

            

    

     

    
      	
               
      

            	
              SECTION
      3.02.  Repurchase by Depositor or CFSC Upon
  Breach

            

    

     

    
      	
               
      

            	
              SECTION
      3.03.  Custody of Receivable
Files

            

    

     

    
      	
               
      

            	
              SECTION
      3.04.  Duties of Servicer

            

    

     

    
      	
              ARTICLE IV

            	
              ADMINISTRATION
      AND SERVICING OF RECEIVABLES

            

    

     

    
      	
               
      

            	
              SECTION
      4.01.  Duties of Servicer

            

    

     

    
      	
               
      

            	
              SECTION
      4.02.  Collection of Receivable
Payments

            

    

     

    
      	
               
      

            	
              SECTION
      4.03.  Realization upon
Receivables

            

    

     

    
      	
               
      

            	
              SECTION
      4.04.  Physical Damage
Insurance

            

    

     

    
      	
               
      

            	
              SECTION
      4.05.  Maintenance of Security Interests in Financed
      Equipment

            

    

     

    
      	
               
      

            	
              SECTION
      4.06.  Covenants of Servicer

            

    

     

    
      	
               
      

            	
              SECTION
      4.07.  Purchase by Servicer of Receivables upon
  Breach

            

    

     

    
      	
               
      

            	
              SECTION
      4.08.  Servicing Fee

            

    

     

    
      	
               
      

            	
              SECTION
      4.09.  Servicer Report

            

    

     

    
      	
               
      

            	
              SECTION
      4.10.  Annual Statement as to Compliance; Notice of
      Default

            

    

     

    
      	
               
      

            	
              SECTION
      4.11.  Annual Independent Certified Public Accountants'
      Attestation

            

    

     

    
      	
               
      

            	
              SECTION
      4.12.  Servicer Expenses

            

    

     

    
      	
               
      

            	
              SECTION
      4.13.  Reports to the
Commission

            

    

     

    
      	
              ARTICLE V

            	
              DISTRIBUTIONS;
      RESERVE ACCOUNT; CERTIFICATEHOLDER AND NOTEHOLDER
    INFORMATION

            

    

     

    
      	
               
      

            	
              SECTION
      5.01.  Establishment of Trust
Accounts

            

    

     

     

    
      
        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              SECTION
      5.02.  Interest Rate Swap
Agreement

            

    

     

    
      	
               
      

            	
               

            	
              SECTION
      5.03.  Collections

            	 

    

     

    
      	
               
      

            	
              SECTION
      5.04.  Additional Deposits

            

    

     

    
      	
               
      

            	
              SECTION
      5.05.  Distributions

            

    

     

    
      	
               
      

            	
              SECTION
      5.06.  Reserve Account

            

    

     

    
      	
               
      

            	
              SECTION
      5.07.  Certificateholder and Noteholder
  Information

            

    

     

    
      	
               
      

            	
              SECTION
      5.08.  Net Deposits

            

    

     

    
      	
               
      

            	
              SECTION
      5.09.  Tax Monitoring.

            

    

     

    
      	
              ARTICLE VI

            	
              THE
      DEPOSITOR

            

    

     

    
      	
               
      

            	
              SECTION
      6.01.  Representations of
Depositor

            

    

     

    
      	
               
      

            	
              SECTION
      6.02.  Liability of Depositor;
Indemnities

            

    

     

    
      	
               
      

            	
              SECTION
      6.03.  Merger or Consolidation of, or Assumption of the Obligations
      of, Depositor

            

    

     

    
      	
               
      

            	
              SECTION
      6.04.  Limitation on Liability of Depositor and
  Others

            

    

     

    
      	
               
      

            	
              SECTION
      6.05.  Depositor May Own the Certificate or
  Notes

            

    

     

    
      	
              ARTICLE VII 

            	
              THE
      SERVICER

            

    

     

    
      	
               
      

            	
              SECTION
      7.01.  Representations of
Servicer

            

    

     

    
      	
               
      

            	
              SECTION
      7.02.  Indemnities of Servicer

            

    

     

    
      	
               
      

            	
              SECTION
      7.03.  Merger or Consolidation of, or Assumption of the Obligations
      of, Servicer

            

    

     

    
      	
               
      

            	
              SECTION
      7.04.  Limitation on Liability of Servicer and
  Others

            

    

     

    
      	
               
      

            	
              SECTION
      7.05.  CFSC Not To Resign as
Servicer

            

    

     

    
      	
              ARTICLE VIII

            	
              DEFAULT

            

    

     

    
      	
               
      

            	
              SECTION
      8.01.  Servicer Default

            

    

     

    
      	
               
      

            	
              SECTION
      8.02.  Appointment of Successor
Servicer

            

    

     

    
      	
               
      

            	
              SECTION
      8.03.  Notification to Noteholders and
    Certificateholders

            

    

     

    
      	
               
      

            	
              SECTION
      8.04.  Waiver of Past Defaults

            

    

     

    
      	
              ARTICLE IX 

            	
              TERMINATION

            

    

     

    
      	
               
      

            	
              SECTION
      9.01.  Optional Purchase of All Receivables; Trust
      Termination

            

    

     

    
      	
              ARTICLE X

            	
              MISCELLANEOUS
      PROVISIONS

            

    

     

    
      	
               
      

            	
              SECTION
      10.01.  Amendment

            

    

     

    
      	
               
      

            	
              SECTION
      10.02.  Protection of Title to
Trust

            

    

     

     

    
      
        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              SECTION
      10.03.  Notices

            

    

     

    
      	
               
      

            	
              SECTION
      10.04.  Assignment

            

    

     

    
      	
               
      

            	
              SECTION
      10.05.  Limitations on Rights of
Others

            

    

     

    
      	
               
      

            	
              SECTION
      10.06.  Severability

            

    

     

    
      	
               
      

            	
              SECTION
      10.07.  Separate Counterparts

            

    

     

    
      	
               
      

            	
              SECTION
      10.08.  Headings

            

    

     

    
      	
               
      

            	
              SECTION
      10.09.  Governing Law

            

    

     

    
      	
               
      

            	
              SECTION
      10.10.  Assignment to Indenture
Trustee

            

    

     

    
      	
               
      

            	
              SECTION
      10.11.  Nonpetition Covenants

            

    

     

    
      	
               
      

            	
              SECTION
      10.12.  Limitation of Liability of Owner Trustee and Indenture
      Trustee

            

    

     

    

    SCHEDULE
A -      Schedule of Receivables A-1

    SCHEDULE
B -      Location of Receivable Files B-1

    SCHEDULE
C -      Servicer Report C-1

    SCHEDULE
D -      Trustee Instructions D-1

    

    
      
        
          
            	 
      	
                  	 
      

          

          

        

         

      

      
        -iii- 

        
          

        

      

      
         

      

    

    SALE
AND SERVICING AGREEMENT dated as of April 1, 2008, among CATERPILLAR FINANCIAL
ASSET TRUST 2008-A, a Delaware statutory trust, CATERPILLAR FINANCIAL FUNDING
CORPORATION, a Nevada corporation, and CATERPILLAR FINANCIAL SERVICES
CORPORATION, a Delaware corporation.

     

    WHEREAS
the Issuing Entity (as defined below) desires to purchase a portfolio of
receivables arising in connection with (i) retail installment sale
contracts for the purchase of machinery or equipment and (ii) equipment finance
lease contracts for the lease of machinery or equipment, in each case acquired
or originated by CFSC (as defined below) in the ordinary course of its
business;

     

    WHEREAS
the Depositor (as defined below) has purchased such portfolio of receivables
from CFSC and desires to sell such portfolio of receivables to the Issuing
Entity; and

     

    WHEREAS
CFSC desires to service such receivables.

     

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

     

    ARTICLE
I

     

    DEFINITIONS

     

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

     

    "Additional Servicing
Compensation" means, with respect to any Receivable, any late fees,
extension fees and other administrative fees or similar charges allowed by
applicable law with respect to such Receivable.

     

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

     

    "Administration Fee"
means the fee payable to the Administrator pursuant to Section 3 of the
Administration Agreement.

     

    "Administrator" means
the administrator under the Administration Agreement.

     

    "Affiliate" has the
meaning specified in the Indenture.

     

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

     

    "Amount Financed"
means with respect to a Receivable related to a Lease, the original Net
Investment with respect to such Lease, and with respect to a Receivable related
to an Installment Sales Contract, the sum of the amount advanced under the
Receivable toward the purchase price of the related Financed Equipment, plus any
related costs.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "APR" or "Annual Percentage
Rate" with respect to any Receivable related to an Installment Sales
Contract means the annual percentage rate of interest of such Receivable as set
forth on the Schedule of Receivables for such Receivable and with respect to any
Receivable related to a Lease, the Implicit Interest Rate.

     

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

     

    "Business Day" means
any day other than a Saturday, a Sunday or a day on which banking institutions
or trust companies in New York, New York, Nashville, Tennessee, Las Vegas,
Nevada, Chicago, Illinois, St. Paul, Minnesota or Wilmington, Delaware are
authorized or obligated by law, regulation or executive order to remain
closed.

     

    "Caterpillar" means
Caterpillar Inc., a Delaware corporation, and its successors.

     

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

     

    "Certificate Balance"
means, on the Closing Date, $33,387,349 and, thereafter, $33,387,349 reduced by
all amounts allocable to principal previously distributed to the
Certificateholders pursuant to Section 5.02(a) of the Trust
Agreement.

     

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

     

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

     

    "Certificate Pool
Factor" means 1.0000000 as of the Closing Date, and as of the close of
business on any Distribution Date thereafter a seven-digit decimal figure equal
to the Certificate Balance as of such date (after giving effect to reductions of
the Certificate Balance on such date) divided by the Certificate Balance at the
Closing Date.

     

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

     

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

     

    "Class A-1 Note Final
Scheduled Distribution Date" means the Distribution Date occurring in
April 2009.

     

    "Class A-1 Note Interest
Rate" has the meaning specified in the Indenture.

     

    "Class A-1 Note Pool
Factor" means 1.0000000 as of the Closing Date, and as of the close of
business on any Distribution Date thereafter means a seven digit decimal figure
equal to the Outstanding Principal Amount of the Class A-1 Notes as of such
date (after giving effect to payments in reduction of the principal amount of
the Class A-1 Notes on such date) divided by the original Outstanding
Principal Amount of the Class A-1 Notes.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    "Class A-1 Notes"
has the meaning specified in the Indenture.

     

    "Class A-2 Note Final
Scheduled Distribution Date" means the Distribution Date occurring in
December 2010.

     

    "Class A-2 Notes"
means the Class A-2a Notes and the Class A-2b Notes, collectively.

     

    "Class A-2a Note
Interest Rate" has the meaning specified in the Indenture.

     

    "Class A-2a Note Pool
Factor" means 1.0000000 as of the Closing Date and as of the close of
business on any Distribution Date thereafter means a seven digit decimal figure
equal to the Outstanding Principal Amount of the Class A-2a Notes as of
such date (after giving effect to payments in reduction of the principal amount
of the Class A-2a Notes on such date) divided by the original Outstanding
Principal Amount of the Class A-2a Notes.

     

    "Class A-2b Note
Interest Rate" has the meaning specified in the Indenture.

     

    "Class A-2b Note Pool
Factor" means 1.0000000 as of the Closing Date and as of the close of
business on any Distribution Date thereafter means a seven digit decimal figure
equal to the Outstanding Principal Amount of the Class A-2b Notes as of
such date (after giving effect to payments in reduction of the principal amount
of the Class A-2b Notes on such date) divided by the original Outstanding
Principal Amount of the Class A-2b Notes.

     

    "Class A-3 Note Final
Scheduled Distribution Date" means the Distribution Date occurring in
April 2014.

     

    "Class A-3 Notes"
has the meaning specified in the Indenture.

     

    "Class A-3 Note Interest
Rate" has the meaning specified in the Indenture.

     

    "Class A-3 Note Pool
Factor" means 1.0000000 as of the Closing Date and, as of the close of
business on any Distribution Date thereafter means a seven digit decimal figure
equal to the Outstanding Principal Amount of the Class A-3 Notes as of such
date (after giving effect to payments in reduction of the principal amount of
the Class A-3 Notes on such date) divided by the original Outstanding
Principal Amount of the Class A-3 Notes.

     

    "Class of Notes" means
all Notes included in Class A-1 Notes, all Notes included in Class A-2
Notes or all Notes included in Class A-3 Notes, whichever is
appropriate.

     

    "Closing Date" means
April 29, 2008.

     

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

     

    "Collection Account"
means the account designated as such, established and maintained pursuant to
Section 5.01 (a)(i).

     

    "Collection Period"
means, with respect to the first Distribution Date, the calendar month of April
2008 and, with respect to each subsequent Distribution Date, the immediately
preceding calendar month.  Any amount stated "as of the close of
business on the last day of a Collection Period" shall give effect to the
following calculations as determined as of the end of the day on such last day:
(i) all applications of collections and (ii) all distributions to be made on the
following Distribution Date.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    "Commission" means the
Securities and Exchange Commission, and its successors.

     

    "Contract" means an
Installment Sales Contract or a Lease, as applicable, and shall include all
documents relating to an amendment or modification of such
Contract.

     

    "Contract Balance" of
a Receivable, as of the close of business on the last day of a Collection Period
or as of the Cut-off Date, as applicable, means the Amount Financed minus the
sum of (i) that portion of all Scheduled Payments paid on or prior to such day
allocable to principal using the actuarial method, (ii) any payment of the
Purchase Amount with respect to such Receivable purchased by the Servicer or
repurchased by CFSC or the Depositor and allocable to principal and (iii) any
prepayment in full or any partial prepayments (including any Liquidation
Proceeds) applied to reduce the Contract Balance of such Receivable, in each
case plus accrued and unpaid interest.  With respect to each Lease,
the Servicer shall allocate all Scheduled Payments thereon between "principal"
and "interest" based upon each such Lease's Implicit Interest Rate.

     

    "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 the date of the execution of this Agreement 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 of the Indenture,
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 Servicer, the Owner Trustee 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
Servicer, the Owner Trustee and the Depositor); provided that for purposes of
Section 3.02 of the Indenture, the address of any such office shall be in the
Borough of Manhattan in the City of New York.

     

    "Cross-Collateralized
Equipment" means, with respect to any Contract, an item of machinery or
equipment, other than the related Financed Equipment, which also secures an
Obligor's indebtedness or obligations under the respective Receivable in
addition to the related Financed Equipment.

     

    "Cumulative Realized
Losses" means, with respect to any Collection Period, the percentage
equivalent of a fraction equal to all Realized Losses during the period since
the Cut-off Date through the end of such Collection Period divided by the
Initial Pool Balance.

     

    "Cut-off Date" means
April 1, 2008.

     

    "Dealer" means each
Caterpillar dealer who sold an item of Financed Equipment relating to a
Receivable.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    "Dealer Receivable"
means a Receivable originated by a Dealer and acquired by CFSC from such
Dealer.

     

    "Depositor" means
Caterpillar Financial Funding Corporation, a Nevada corporation, and its
successors in interest to the extent permitted hereunder.

     

    "Determination Date"
means, with respect to any Distribution Date, the fifth Business Day prior to
such Distribution Date.

     

    "Discount Factor"
means 7.29% per annum.

     

    "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.

     

    "Eligible Institution"
means (a) the corporate trust department of the Indenture Trustee, the Owner
Trustee, BNYM (Delaware), as long as it is paying agent under the Trust
Agreement or U.S. Bank National Association, so long as it is a paying agent
under the Indenture, or (b) a depository institution organized under the laws of
the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank) (i)(A) which has either (1)
a long-term unsecured debt rating of "AAA" or better by Standard & Poor's
and "Aaa" or better by Moody's or (2) a short-term unsecured debt rating or a
certificate of deposit rating of "A-1+" by Standard & Poor's and "Prime-1"
or better by Moody's, or any other long-term, short-term or certificate of
deposit rating acceptable to the Rating Agencies and (B) whose deposits are
insured by the FDIC or (ii)(A) the parent of which has a long-term or short-term
unsecured debt rating acceptable to the Rating Agencies and (B) whose deposits
are insured by the FDIC.  If so qualified, the Indenture Trustee, the
Owner Trustee, BNYM (Delaware) or U.S. Bank National Association may be
considered an Eligible Institution for the purposes of clause (b) of this
definition.

     

    "Eligible Investments"
mean the following (other than any issued by CFSC, the holder of the
Certificates or any of their respective Affiliates):

     

    (a)   direct
obligations of, and obligations fully guaranteed as to timely payment by, the
United States of America;

     

    (b) 
 demand
deposits, time deposits or certificates of deposit of any depository institution
incorporated under the laws of the United States of America or any state thereof
(or any domestic branch of a foreign bank) and subject to supervision and
examination by federal or state banking or depository institution authorities;
provided, however, that at the
time of the investment or contractual commitment to invest therein, the
commercial paper or other short-term unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other than
such depository institution) thereof shall have a credit rating from each Rating
Agency in the highest investment category granted thereby;

     

    (c) 
 commercial
paper having, at the time of the investment or contractual commitment to invest
therein, a rating from each Rating Agency in the highest investment category
granted thereby;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (d) 
 investments
in money market funds having a rating from each Rating Agency in the highest
investment category granted thereby (including any such funds for which the
Indenture Trustee or the Owner Trustee or any of their respective Affiliates is
investment manager or advisor);

     

    (e) 
 investments
in common trust funds having a rating from each Rating Agency in the highest
investment category granted thereby maintained and operated by Eligible
Institutions (including the Indenture Trustee or the Owner
Trustee);

     

    (f) 
 bankers'
acceptances issued by any depository institution or trust company referred to in
clause (b) above;

     

    (g) 
 repurchase
obligations with respect to any security that is a direct obligation of, or
fully guaranteed by, the United States of America or any agency or
instrumentality thereof the obligations of which are backed by the full faith
and credit of the United States of America, in either case entered into with (i)
a depository institution (acting as principal) described in clause (b) or (ii) a
depository institution the deposits of which are insured by FDIC;
or

     

    (h) 
 any
other investment that is permitted by each of the Rating Agencies.

     

    "Eligible Securities
Account" means either (a) a segregated account with an Eligible
Institution or (b) a segregated trust account with the corporate trust
department of a depository institution organized under the laws of the United
States of America or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as such
depository institution shall have a senior unsecured rating of at least
investment grade from each Rating Agency in one of its generic rating
categories.

     

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

     

    "FDIC" means the
Federal Deposit Insurance Corporation, and its successors.

     

    "Final Scheduled Distribution
Date" means any of the Class A-1 Note Final Scheduled Distribution
Date, the Class A-2 Note Final Scheduled Distribution Date or the
Class A-3 Note Final Scheduled Distribution Date.

     

    "Financed Equipment"
means an item of machinery or equipment, together with all accessions thereto,
which was purchased or refinanced, in the case of an Installment Sales Contract
or leased, in the case of a Lease, by an Obligor pursuant to the terms of the
related Contract, and in either case which secures such related Obligor's
indebtedness or obligations under the respective Receivable.

     

    "First Priority Principal
Distribution Amount" means, with respect to any Distribution Date, an
amount, not less than zero, equal to the excess, if any, of (i) the Outstanding
Principal Amount of all Notes as of the preceding Distribution Date (after
giving effect to any principal payments made on the Notes on such preceding
Distribution Date) over (ii) the Note Value at the end of the Collection Period
preceding such Distribution Date; provided, however, that the
First Priority Principal Distribution Amount shall not be less than the
aggregate of (i) on and after the Class A-1 Note Final Scheduled
Distribution Date, the amount that is necessary to reduce the Outstanding
Principal Amount of the Class A-1 Notes to zero, (ii) on and after the
Class A-2 Note Final Scheduled Distribution Date, the amount that is
necessary to reduce the Outstanding Principal Amount of the Class A-2 Notes
to zero and (iii) on and after the Class A-3 Note Final Scheduled
Distribution Date, the amount that is necessary to reduce the Outstanding
Principal Amount of the Class A-3 Notes to zero.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

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

     

    "Holder" or "Noteholder" has the
meaning specified in the Indenture.

     

    "Implicit Interest
Rate" means with respect to any Receivable related to a Lease, the rate
set forth with respect to such Receivable on the Schedule of
Receivables.

     

    "Indenture" means the
Indenture, dated as of April 1, 2008, between the Issuing Entity and the
Indenture Trustee, 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, in its
capacity as indenture trustee under the Indenture, its successors in interest
and any successor indenture trustee under the Indenture.

     

    "Initial Note Value"
means the Note Value as of the Cut-off Date, which is $642,058,349.

     

    "Initial Pool Balance"
means the Pool Balance as of the Cut-off Date, which is
$648,365,308.

     

    "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.

     

    "Insolvency Event"
means, with respect to a specified Person, (i) the entry of a decree or order
for relief by a court having jurisdiction in the premises in respect of such
Person or any substantial part of its property in an involuntary case under any
applicable 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 such Person or for any substantial
part of its property, or ordering the winding-up or liquidation of such Person's
affairs, and such decree or order shall remain unstayed and in effect for a
period of 90 consecutive days; or (ii) the commencement by such Person 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 such Person to
the entry of an order for relief in an involuntary case under any such law, or
the consent by such Person to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the
making by such Person of any general assignment for the benefit of creditors, or
the failure by such Person generally to pay its debts as such debts become due,
or the taking of action by such Person in furtherance of any of the
foregoing.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    "Installment Sales
Contract" means, with respect to any applicable Receivable, the related
fixed rate retail installment sale contract for the purchase of machinery or
equipment.

     

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

     

    "Investment Earnings"
means, with respect to any Distribution Date, the investment earnings (net of
losses and investment expenses) on amounts on deposit in the Trust
Accounts.

     

    "Issuing Entity" means
Caterpillar Financial Asset Trust 2008-A, a Delaware statutory trust, and its
successors.

     

    "Lease" means, with
respect to any applicable Receivable, the related equipment finance lease
contract.

     

    "Lien" means a
security interest, lien, charge, pledge, equity or encumbrance of any kind with
respect to any Receivable other than mechanics' liens and any liens which attach
to such Receivable by operation of law as a result of any act or omission by the
related Obligor.

     

    "Liquidated
Receivable" means any Receivable which has been liquidated by the
Servicer through the sale or other disposition of the related Financed
Equipment.

     

    "Liquidation Proceeds"
means, with respect to any Liquidated Receivable, the monies collected in
respect thereof, from whatever source (including the proceeds of insurance
policies with respect to the related Financed Equipment or Obligor on a
Liquidated Receivable), net of the sum of any amounts expended by the Servicer
in connection with such liquidation and any amounts required by law or the
applicable Contract to be remitted to the Obligor on such Liquidated Receivable,
excluding (i) Recoveries and (ii) monies collected in respect of any Liquidated
Receivable in excess of the Contract Balance therefor.

     

    "Moody's" means
Moody's Investors Service, Inc., or its successor.

     

    "Net APR" means, with
respect to any Receivable, the APR therefor less the Servicing Fee
Rate.

     

    "Net Excess Spread"
means, with respect to any Distribution Date on or prior to the Distribution
Date on which the amount on deposit in the Reserve Account equals the Specified
Reserve Account Balance, the Total Available Amount reduced by (i) the Servicing
Fee and all unpaid Servicing Fees from prior Collection Periods, (ii) the
Administration Fee and all unpaid Administration Fees from prior Collection
Periods, (iii) any Net Swap Payment, (iv) any Senior Swap Termination Payment,
(v) the Noteholders' Interest Distributable Amount and (vi) the difference
between (A) the Note Value at the end of the second preceding Collection Period,
or in the case of the initial Distribution Date, the Initial Note Value, and (B)
the Note Value at the end of the preceding Collection Period.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    "Net Investment" with
respect to a Lease, means the present value of the sum of (i) Scheduled
Payments due thereunder and (ii) the residual payment amount at the end of the
Lease term, discounted at the Implicit Interest Rate for such
Lease.

     

    "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 Payments.

     

    "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 Payments) which shall be deposited into the Collection
Account.

     

    "New York UCC" means
the New York Uniform Commercial Code.

     

    "Note Register" and
"Note
Registrar" have the meanings specified in the Indenture.

     

    "Note Value" means, at
any time, the present value of the unpaid Scheduled Payments on the Receivables
(including all lease residual payments on the Leases), discounted on a monthly
basis at the Discount Factor.  For purposes of calculating Note Value
for any (i) delinquent Receivable that has not had the Financed Equipment
by which it is secured repossessed and which is not a Liquidated Receivable or a
180-Day Receivable, the amount of any delinquent payments will be assumed to be
received in the next Collection Period and all other payments which have not yet
become due will be assumed to be received as originally scheduled,
(ii) Receivable that has had the Financed Equipment by which it is secured
repossessed but which has not yet become a Liquidated Receivable or a 180-Day
Receivable, the outstanding Contract Balance of that Receivable will be assumed
to be received in the next Collection Period and it will be assumed that no
other payments will be received on that Receivable, (iii) Liquidated
Receivable, it will be assumed that no payments will be received on that
Receivable and (iv) 180-Day Receivable, the aggregate amount of unpaid
Scheduled Payments of such 180-Day Receivable will be reduced by the Write Down
Amount, if any, calculated during the preceding Collection Period and all
remaining Scheduled Payments will be assumed to be received as originally
scheduled.

     

    "Noteholders" has the
meaning specified in the Indenture.

     

    "Noteholders' Interest
Carryover Shortfall" means, with respect to any Distribution Date, the
sum of (i) the excess, if any, of (A) the sum of (1) the
Noteholders' Monthly Interest Distributable Amount for the preceding
Distribution Date and (2) any outstanding Noteholders' Interest Carryover
Shortfall on such preceding Distribution Date, over (B) the amount in
respect of interest that is actually distributed to the Noteholders on such
preceding Distribution Date, and (ii) interest on the amount of interest
due but not paid to Noteholders on the preceding Distribution Date, to the
extent permitted by law, at the Class A-1 Note Interest Rate, the
Class A-2a Note Interest Rate, the Class A-2b Note Interest Rate and
the Class A-3 Note Interest Rate, as applicable, from and including such
preceding Distribution Date (or, in the case of the initial Distribution Date,
from and including the Closing Date) to, but excluding, the current Distribution
Date.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    "Noteholders' Interest
Distributable Amount" means, with respect to any Distribution Date, the
sum of (i) the Noteholders' Monthly Interest Distributable Amount for such
Distribution Date and (ii) the Noteholders' Interest Carryover Shortfall for
such Distribution Date.

     

    "Noteholders' Monthly
Interest Distributable Amount" means, with respect to any Distribution
Date, an amount equal to the aggregate amount of interest accrued on the
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes and
the Class A-3 Notes at the Class A-1 Note Interest Rate, the
Class A-2a Note Interest Rate and the Class A-2b Note Interest Rate,
the Class A-3 Note Interest Rate, respectively, with respect to the
Class A-1 Notes and the Class A-2b Notes, from and including the preceding
Distribution Date (or, in the case of the initial Distribution Date, from and
including the Closing Date), to but excluding such Distribution Date (based on 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, from and including the 25th day of
the month preceding 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 (in each case based on a 360-day year
of twelve 30-day months).

     

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

     

    "Obligor" on a
Receivable means (i) the purchaser, co-purchasers or lessees of the Financed
Equipment and (ii) any other Person, including the related Dealer, who owes
payments under the Receivable.

     

    "Officers'
Certificate" means a certificate signed by (i) the chairman of the board,
the president, the vice chairman of the board, the executive vice president, any
vice president, a treasurer or any assistant treasurer and (ii) the controller
(or chief accounting officer) or a secretary or assistant secretary, in each
case of the Depositor or the Servicer, as appropriate.

     

    "180-Day Receivable"
means, as of the last day of any Collection Period, any Receivable as to which
(i) a Scheduled Payment is more than 180 days past its due date, as specified in
the related Contract, and (ii) the Servicer has determined its estimated value
in accordance with its servicing standards.

     

    "Opinion of Counsel"
means one or more written opinions of counsel who may be an employee of or
counsel to the Depositor, CFSC or the Servicer, which counsel shall be
acceptable to the Indenture Trustee, the Owner Trustee or the Rating Agencies,
as applicable.

     

    "Original Contract"
means with respect to each Receivable, a related Contract that satisfies the
following conditions:

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (a)        (i)         Such
Contract states as part of its terms:

     

    "Although
multiple counterparts of this document may be signed, only the counterpart
accepted, acknowledged and certified by CFSC on the signature page thereof as
the original will constitute original chattel paper."; and

     

    
      	
               
      

            	
              (ii)

            	
              CFSC
      has accepted, acknowledged and certified one originally executed copy or
      version of such Contract (and no other) by stamping on the signature page
      thereon the following legend and executing the same where indicated (which
      execution will be effected in red by use of a stamp containing a replica
      of an authorized signatory of
CFSC):

            

    

     

    ACCEPTED,
ACKNOWLEDGED AND CERTIFIED BY CATERPILLAR FINANCIAL SERVICES CORPORATION AS THE
ORIGINAL.

    By: ______________________________________                                                               

    Title: _____________________________________;
or

     

    
      	
               
      

            	
              (b)

            	
              Such
      Contract is in "snap-set" or other form for which only one original may be
      produced.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Contract is a Dealer Receivable and the Dealer has represented and
      warranted to CFSC that such Contract is the original and only contract
      executed in connection with the related Financed
  Equipment.

            

    

     

    "Outstanding" has the
meaning specified in the Indenture.

     

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

     

    "Over 60-day Delinquency
Percentage" means, for any Distribution Date, the percentage equivalent
of a fraction equal to the aggregate Contract Balance of all Receivables for
which a Scheduled Payment was more than 60 days past its related due date (as
specified in the related Contract) as of the end of the preceding Collection
Period, divided by the Pool Balance on such Distribution Date.

     

    "Owner Trust Estate"
has the meaning specified in the Trust Agreement.

     

    "Owner Trustee" means
BNYM (Delaware), a Delaware banking corporation, in its capacity as owner
trustee under the Trust Agreement, its successors in interest and any successor
Owner Trustee under the Trust Agreement.

     

    "Pool Balance" means,
at any time, the aggregate of the Contract Balances of the Receivables at the
end of the preceding Collection Period, after giving effect to (i) all payments
received from Obligors and Purchase Amounts remitted by CFSC, the Depositor or
the Servicer, as the case may be, for such Collection Period, (ii) Liquidation
Proceeds received with respect to any Liquidated Receivables received during
such Collection Period and (iii) all Realized Losses on Liquidated Receivables
and 180 Day Receivables for that Collection Period.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    "Pool Factor" means
1.0000000 as of the Cut-off Date and, as of the close of business on the last
day of a Collection Period thereafter means a seven digit decimal figure equal
to the Pool Balance as of such date divided by the Initial Pool
Balance.

     

    "Principal Distribution
Account" means the administrative subaccount within the Collection
Account established by the Indenture Trustee pursuant to Section
5.01(a)(i).

     

    "Principal Distribution
Amount" means, with respect to any Distribution Date, the sum of the
First Priority Principal Distribution Amount and the Regular Principal
Distribution Amount for such Distribution Date.

     

    "Purchase Agreement"
means the Purchase Agreement, dated as of April 1, 2008, between the Depositor
and CFSC, as the same may be amended, modified or supplemented from time to
time.

     

    "Purchase Amount"
means, with respect to an Installment Sales Contract or a Lease, the Contract
Balance calculated as of the close of business on the last day of a Collection
Period, required to prepay in full the respective Receivable under the terms
thereof, in each case plus interest at the related APR to the end of the month
during which the Installment Sales Contract or Lease became a Purchased
Receivable.

     

    "Purchased Receivable"
means a Receivable (i) purchased as of the close of business on the last day of
a Collection Period by the Servicer pursuant to Section 4.07, (ii)
repurchased as of the last day of a Collection Period by the Depositor or CSFC
pursuant to Section
3.02, or (iii) purchased by the Servicer pursuant to Section
9.01.

     

    "Rating Agencies"
means Moody's and Standard & Poor's.  If no such organization or
successor is in existence, "Rating Agency" shall be a nationally recognized
statistical rating organization or other comparable Person designated by the
Depositor, notice of which designation shall be given to the Indenture Trustee,
the Owner Trustee and the Servicer.

     

    "Rating Agency
Condition" means, with respect to any action, that each Rating Agency
shall have been given 10 days' (or such shorter period as is acceptable to each
Rating Agency) prior notice thereof and that each Rating Agency shall have
notified the Depositor, the Servicer, the Owner Trustee and the Indenture
Trustee in writing that such action will not result in a reduction or withdrawal
of the then current rating of any Class of Notes.

     

    "Realized Loss" means,
for any Distribution Date, the sum of (i) with respect to any Receivable that
became a Liquidated Receivable during the related Collection Period, the excess,
if any, of (a) the Contract Balance of such Liquidated Receivable minus the
Write Down Amount for such Receivable, if any, over (b) the Liquidation Proceeds
for that Liquidated Receivable for that Collection Period to the extent
allocable to principal and (ii) the Write Down Amount, if any, calculated during
the related Collection Period, with respect to each 180-Day
Receivable.

     

    "Receivable" means any
Contract listed on the Schedule of Receivables.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    "Receivable File"
means (a) with respect to each Receivable (other than a Dealer Receivable), the
Original Contract related to such Receivable and (b) with respect to each Dealer
Receivable, the Original Contract related to such Receivable and any documents
used to assign such Dealer Receivable and the related Dealer's security interest
in the related Transaction Equipment to CFSC.

     

    "Recoveries" means,
with respect to any Liquidated Receivable, (a) monies collected in respect
thereof, from whatever source, but after (i) such Receivable became a Liquidated
Receivable and (ii) the proceeds from the sale or other disposition of the
related Financed Equipment have been received by the Servicer for deposit in the
Collection Account, net of (b) the sum of any amounts expended by the Servicer
for the account of the Obligor and any amounts required by law or the applicable
Contract to be remitted to the Obligor.

     

    "Regular Principal
Distribution Amount" means, with respect to any Distribution Date, an
amount, not less than zero, equal to (i) the excess of (A) the sum of the
Outstanding Principal Amount of all Notes and the Certificate Balance as of the
preceding Distribution Date (in each case, after giving effect to any principal
payments made on the Notes and Certificates on such preceding Distribution Date)
over (B) the Note Value at the end of the Collection Period preceding such
Distribution Date, minus (ii) the First Priority Principal Distribution Amount
for such Distribution 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.

     

    "Reserve Account"
means the account designated as such, established and maintained pursuant to
Section
5.01(a)(ii).

     

    "Reserve Account Initial
Deposit" means the initial deposit to the Reserve Account by the Issuing
Entity on the Closing Date of $8,025,729.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    "Schedule of
Receivables" means the schedule of Receivables (which schedule may be in
the form of microfiche) attached as Schedule A.

     

    "Scheduled Payment" on
a Receivable means the scheduled periodic payment required to be made by the
Obligor.

     

    "Securities" means,
collectively, the Notes and the Certificate.

     

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

     

    "Securities
Intermediary" has the meaning specified in Section 5.01(c)(ii)(B) and
initially means U.S. Bank National Association.

     

    "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, and each successor to CFSC (in the same
capacity) pursuant to Section 7.03 or 8.02.

     

    "Servicer Default"
means an event specified in Section
8.01.

     

    "Servicer Report"
means an Officers' Certificate of the Servicer delivered pursuant to Section 4.09,
substantially in the form of Schedule C or in such
other form that is acceptable to the Indenture Trustee, the Owner Trustee and
the Servicer.

     

    "Servicing Fee" means
the fee payable to the Servicer for services rendered during the respective
Collection Period, determined pursuant to Section
4.08.

     

    "Servicing Fee Rate"
means 1.0% per annum.

     

    "Specified Reserve Account
Balance" means, with respect to any Distribution Date, an amount equal to
the lesser of (i) the Outstanding Principal Amount of the Notes and
(ii) 1.65% of the Initial Note Value; provided, however, that the
percentage specified in clause (ii) of this definition of Specified Reserve
Account Balance may be reduced as follows:

     

    
      	
              ·  

            	
              if
      on the Distribution Date in October 2009, (i) Cumulative Realized
      Losses for the related Collection Period are less than 0.65% and
      (ii) the Three Month Rolling Over 60-Day Delinquency Percentage
      for such Distribution Date is less than 5.00%, the percentage specified in
      clause (ii) of this definition of Specified Reserve Account Balance will
      be 1.325% for the October 2009 Distribution Date and each subsequent
      Distribution Date, subject to any further reduction in accordance with the
      terms of this definition;

            

    

     

    
      	
              ·  

            	
              if
      on the Distribution Date in April 2010, (i) the percentage then specified
      in clause (ii) of this definition of Specified Reserve Account Balance is
      1.65%, (ii) Cumulative Realized Losses for the related Collection Period
      are less than 1.00% and (iii) the Three Month Rolling Over 60-Day
      Delinquency Percentage for such Distribution Date is less than 6.00%, the
      percentage then specified in clause (ii) of this definition of Specified
      Reserve Account Balance will be reduced by 0.65% for the April 2010
      Distribution Date and each subsequent Distribution
  Date;

            

    

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
      	
              ·  

            	
              if
      on the Distribution Date in April 2010, (i) the percentage then specified
      in clause (ii) of this definition of Specified Reserve Account Balance is
      1.325%, (ii) Cumulative Realized Losses for the related Collection Period
      are less than 1.00% and (iii) the Three Month Rolling Over 60-Day
      Delinquency Percentage for such Distribution Date is less than 6.00%, the
      percentage then specified in clause (ii) of this definition of Specified
      Reserve Account Balance will be reduced by 0.325% for the April 2010
      Distribution Date and each subsequent Distribution Date;
    and

            

    

     

    
      	
              ·  

            	
              if
      on the Distribution Date in October 2010, (i) the percentage then
      specified in clause (ii) of this definition of Specified Reserve Account
      Balance is 1.325% or greater, (ii) Cumulative Realized Losses for the
      related Collection Period are less than 1.20% and (iii) the Three Month
      Rolling Over 60-Day Delinquency Percentage for such Distribution Date is
      less than 7.00%, the percentage then specified in clause (ii) of this
      definition of Specified Reserve Account Balance will be reduced by 0.325%
      for the October 2010 Distribution Date and each subsequent Distribution
      Date.

            

    

     

    provided, further, that on and
after the date on which the Depositor eliminates the Reserve Account in
accordance with the provisions of Section 5.06(e), the Specified Reserve Account
Balance shall be zero.

     

    "Standard &
Poor's" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., or its successors.

     

    "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).

     

    "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 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.

     

    "Three Month Rolling Over
60-Day Delinquency Percentage" means, for any Distribution Date, the
average of the Over 60-day Delinquency Percentages for that Distribution Date
and the two immediately preceding Distribution Dates.

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    "Total Available
Amount" means, for each Distribution Date, the sum of the aggregate
collections in respect of Receivables (including any Liquidation Proceeds, any
Purchase Amounts paid by the Depositor, CFSC or the Servicer and any amounts
received from Dealers with respect to Receivables) received during the related
Collection Period, Investment Earnings on the Trust Accounts during such
Collection Period and any Net Swap Receipt for such Distribution Date but shall
not include any payments or proceeds (including any Liquidation Proceeds and any
amounts received from Dealers with respect to Receivables) of (i) any
Receivables the Purchase Amount of which has been included in the Total
Available Amount in a prior Collection Period, (ii) any Liquidated Receivable
after and to the extent of the reassignment of such Liquidated Receivable by the
Trust to the Depositor in accordance with Section 4.02 and (iii) any Additional
Servicing Compensation.

     

    "Total Distribution
Amount" means, with respect to any Distribution Date, the sum of
(i) the Total Available Amount for such Distribution Date and (ii) the
amount, if any withdrawn from the Reserve Account and deposited into the
Collection Account on such Distribution Date pursuant to Section 5.06(b) on such
Distribution Date.

     

    "Total Required
Payment" means, for each Distribution Date, the amounts payable pursuant
to Section 5.05(b)(i) through 5.05(b)(v).

     

    "Transaction
Equipment" means, collectively, the Financed Equipment and, if
applicable, the Cross-Collateralized Equipment.

     

    "Transfer Date" means,
with respect to any Distribution Date, the Business Day preceding such
Distribution Date.

     

    "Trust" means the
Issuing Entity.

     

    "Trust Account
Property" means the Trust Accounts, all investment property, instruments,
money and other property credited to or on deposit in any Trust Account from
time to time, including the Reserve Account Initial Deposit, and all proceeds of
the foregoing.

     

    "Trust Accounts" has
the meaning specified in Section
5.01(b).

     

    "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 Officer" means,
in the case of (a) the Indenture Trustee, any officer within the Corporate Trust
Office of the Indenture Trustee, including any Vice President, Assistant Vice
President, Trust Officer, Secretary, Assistant Secretary or any other officer of
the Indenture Trustee customarily performing functions similar to those
performed by any of the above designated officers and also, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject, and (b)
the Owner Trustee, any officer in the Corporate Trustee Administration
Department of the Owner Trustee with direct responsibility for the
administration of the Trust Agreement and the Basic Documents on behalf of the
Owner Trustee.

     

     

    
      
        
        

      

      
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    "Write Down Amount"
means, for any 180-Day Receivable, the excess of (i) the Contract Balance of
such 180-Day Receivable as of the last day of the Collection Period during which
a Scheduled Payment on such Receivable became more than 180 days past its due
date, as specified in the related Contract, over (ii) the estimated value of the
Receivable, as determined by the Servicer in accordance with its servicing
standards, to the extent allocable to principal in the same manner as a payment
in such amount would be.

     

    SECTION 1.02.
 Other Definitional
Provisions.  

     

    (a)
 Capitalized
terms used herein and not otherwise defined herein have the meanings assigned to
them in the Indenture.

     

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

     

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

     

    (d)
 The
words "hereof," "herein," "hereunder," and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement; Section, Schedule and Exhibit references
contained in this Agreement are references to Sections, Schedules and Exhibits
in or to this Agreement unless otherwise specified; the term "including" shall
mean "including without limitation"; and the term "or" is not
exclusive.  Terms used herein that are defined in the New York UCC and
not otherwise defined herein shall have the meanings set forth in the New York
UCC, unless the contract requires otherwise.

     

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

     

    ARTICLE
II

         

    CONVEYANCE
OF RECEIVABLES

     

    SECTION
2.01.   Conveyance of
Receivables.  In consideration of the Issuing Entity's delivery
to or upon the order of the Depositor of (i) Class A-1 Notes with an
aggregate Outstanding Principal Amount of $182,000,000, (ii) Class A-2a
Notes with an aggregate Outstanding Principal Amount of $105,000,000, (iii)
Class A-2b Notes with an aggregate Outstanding Principal Amount of
$122,000,000, (iv) Class A-3 Notes with an aggregate Outstanding Principal
Amount of $199,671,000 and (v) the Certificates with a Certificate Balance
of $33,387,349, the Depositor does hereby sell, transfer, assign, set over and
otherwise convey to the Issuing Entity, without recourse (subject to the
obligations herein), all right, title and interest, whether now owned or
hereafter acquired, of the Depositor in and to the following:

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    (a)
 the
Receivables, and all monies (including accrued interest) due thereunder on or
after the Cut-off Date;

     

    (b)
 the Trust
Account Property;

     

    (c)
 the
security interests in the Transaction Equipment granted by Obligors pursuant to
the Receivables, the Transaction Equipment, and all Liquidation
Proceeds;

     

    (d) all
proceeds of repossessed or returned Transaction Equipment;

     

    (e) all
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;

     

    (f)  the
Purchase Agreement, including the right of the Depositor to cause CFSC to
repurchase Receivables from the Depositor as provided therein;

     

    (g) all
proceeds from recourse to, or other payments by, Dealers on
Receivables;

     

    (h) cash
in the amount of the Reserve Account Initial Deposit; and

     

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

     

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

     

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

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    SECTION 2.02. 
 Closing.

     

    The
conveyance of the Receivables and the other property described in Section 2.01
shall take place on the Closing Date, simultaneously with the closing of the
transactions contemplated by the Purchase Agreement, the underwriting agreement
relating to the Notes and the other Basic Documents.  Upon the
delivery to or upon the order of the Depositor of the Notes and the Certificate,
the ownership of each Receivable and the contents of the related Receivable File
is vested in the Issuing Entity, subject only to the lien of the
Indenture.

     

    SECTION 2.03. 
 Books and
Records.

     

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

     

     

          

    ARTICLE
III

     

    THE
RECEIVABLES

     

    SECTION 3.01. 
 Representations and
Warranties of Depositor.  The Depositor hereby makes the
following representations and warranties as to the Receivables on which the
Issuing Entity is deemed to have relied in acquiring the
Receivables.  Such representations and warranties speak as of the
execution and delivery of this Agreement, but shall survive the sale, transfer
and assignment of the Receivables to the Issuing Entity and the grant of a
security interest therein  to the Indenture Trustee pursuant to the
Indenture.

     

    (a)  Title.  It
is the intention of the Depositor that the transfer and assignment herein
contemplated constitute a sale of the Receivables from the Depositor to the
Issuing Entity and that the beneficial interest in and title to such Receivables
not be part of the debtor's estate in the event of the filing of a bankruptcy
petition by or against the Depositor under any bankruptcy law.  No
Receivable has been sold, transferred, assigned or pledged by the Depositor to
any Person other than the Issuing Entity.  Immediately prior to the
transfer and assignment herein contemplated, the Depositor owns and has good and
marketable title to the Receivables free and clear of any Lien, claim or
encumbrance of any Person and, immediately upon the transfer thereof, the
Issuing Entity shall have good and marketable title to each such Receivable,
free and clear of all Liens and rights of others; and the transfer has been
perfected under the UCC.

     

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

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    (c) 
Security
Interest.  This Agreement creates a valid and continuing
security interest (as defined in the UCC) in the Receivables and the proceeds
thereof in favor of the Issuing Entity, which security interest is prior to all
other Liens, and is enforceable as such against creditors of and purchasers from
the Depositor.

     

                           
(d)    Characterization
of Receivables.  The Receivables constitute "tangible chattel
paper" within the meaning of the UCC.

     

    (e) 
All
Actions Taken.  On the Closing Date all original executed
copies of each Contract that constitute or evidence the Receivables shall be
deemed to have been delivered to the Servicer, in its capacity as custodian, for
all purposes hereunder.  The Depositor has caused or will have caused,
within 10 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 Receivables
granted to the Issuing Entity hereunder.  All actions necessary in any
jurisdiction to be taken to give (i) the Issuing Entity a first priority
perfected ownership or security interest in the Receivables (exclusive of
Receivables for which a governmental entity is the Obligor) and (ii) the
Indenture Trustee a first priority perfected security interest therein (including
UCC filings with the Nevada Secretary of State)
have been taken or will be taken within 10 days of the Closing
Date.

     

    (f) 
Possession
of Receivable Files.  All of the Receivable Files have been or
will be delivered to the Servicer as custodian on or prior to the Closing
Date.

     

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

     

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

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    SECTION
3.02.   Repurchase
by Depositor or CFSC Upon Breach.  

     

    (a) 
The
Depositor, the Servicer or the Owner Trustee, as the case may be, shall inform
the other parties to this Agreement, CFSC and the Indenture Trustee promptly, in
writing, upon the discovery of any breach of the Depositor's representations and
warranties made pursuant to Section
3.01 or any breach of CFSC's representations and warranties made pursuant
to Section 3.02(b) of the Purchase Agreement.  Unless any such breach
shall have been cured by the last day of the second month following the month of
the discovery thereof by the Depositor or receipt by the Depositor of written
notice from the Owner Trustee or the Servicer of such breach, the Depositor
shall be obligated, and, if necessary, the Depositor or the Owner Trustee shall
enforce the obligation of CFSC, if any, under Section 6.02(a)(i) of the Purchase
Agreement, to repurchase any Receivable materially and adversely affected by any
such breach as of such last day (or, at the Depositor's option, as of the last
day of the first month following the month of the
discovery).

     

    (b) 
In
consideration of the repurchase of the Receivable, the Depositor shall remit the
Purchase Amount with respect to such Receivable in the manner specified in Section
5.04; provided,
however,
that the obligation of the Depositor to repurchase any Receivable arising solely
as a result of a breach of CFSC's representations and warranties pursuant to
Section 3.02(b) of the Purchase Agreement is subject to the receipt by the
Depositor of the Purchase Amount from CFSC.  Subject to the provisions
of Section
6.02, the sole remedy of the Issuing Entity, the Owner Trustee, the
Indenture Trustee, the Noteholders or the Certificateholders with respect to a
breach of representations and warranties pursuant to Section
3.01, Section 3.02(b) of the Purchase Agreement and the agreement
contained in this Section shall be to require the Depositor to repurchase
Receivables pursuant to this Section, subject to the conditions contained
herein, or to enforce CFSC's obligation, if any, to the Depositor to repurchase
such Receivables pursuant to the Purchase Agreement.  The Owner
Trustee shall have no duty to conduct any affirmative investigation as to the
occurrence of any condition requiring the repurchase of any Receivable pursuant
to this Section.

     

    SECTION
3.03.   Custody
of Receivable Files.  To assure uniform quality in servicing
the Receivables and to reduce administrative costs, the Depositor and the
Issuing Entity, as their interests may appear, hereby revocably appoint the
Servicer, and the Servicer hereby accepts such appointment, to act for the
benefit of the Issuing Entity and the Indenture Trustee as custodian of the
documents described in the definition of Receivable File, which are hereby
constructively delivered to the Indenture Trustee, as pledgee of the Issuing
Entity.

     

    SECTION
3.04.   Duties
of Servicer.

     

    (a) 
Receivable
Files.  The Servicer, in its capacity as custodian, shall hold
the Receivable Files for the benefit of the Issuing Entity and the Indenture
Trustee and maintain such accurate and complete accounts, records and computer
systems pertaining to each Receivable File as shall enable itself and the
Issuing Entity to comply with this Agreement.  The Depositor will
cause the Servicer, in its capacity as custodian, to deliver a written
acknowledgment that the Servicer, in its capacity as custodian, is holding the
Receivable Files solely on behalf and for the benefit of the Issuing Entity and
the Indenture Trustee.  In performing its duties as custodian, the
Servicer shall act with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to the receivable files
relating to all comparable receivables that the Servicer services for itself or
others. The Servicer shall conduct, or cause to be conducted, periodic audits of
the related accounts, records and computer systems, in such a manner as shall
enable the Issuing Entity or the Indenture Trustee to verify the accuracy of the
Servicer's record keeping.  The Servicer shall promptly report to the
Issuing Entity and the Indenture Trustee any failure on its part to hold the
Receivable Files or maintain its accounts, records and computer systems as
herein provided and promptly take appropriate action to remedy any such failure.
Nothing herein shall be deemed to require an initial review or any periodic
review by the Issuing Entity, the Owner Trustee or the Indenture Trustee of the
Receivable Files.  Within 30 days from the Closing Date, the Servicer
shall cause the Receivable Files to be removed from the State of Tennessee and
delivered to the address listed in Schedule
B.

     

    
      
         

      

      
        21

        
          
 

      

      
         

      

    

    (b) 
Maintenance
of and Access to Records.  The Servicer shall maintain each
Receivable File at its office located at 4040 S. Eastern Ave Suite 342, Las
Vegas Nevada 89119, or at such other offices in the State of Nevada as the
Servicer shall designate from time to time after giving the Issuing Entity, the
Depositor, each Rating Agency and the Indenture Trustee prior written notice.
The Servicer shall notify the Owner Trustee and the Indenture Trustee of any
change in the location of its principal place of business in writing not later
than 90 days after any such change.  The Servicer shall make available
to the Owner Trustee and the Indenture Trustee, or their respective duly
authorized representatives, attorneys or auditors, a list of locations of the
Receivable Files and the related accounts, records and computer systems
maintained by the Servicer at such times as the Owner Trustee or the Indenture
Trustee shall instruct.  The Indenture Trustee shall have access to
such accounts, records and computer systems.

     

    (c) 
Safekeeping.  The
Servicer shall hold, or cause to be held, on behalf of the Issuing Entity (i)
all file stamped copies of UCC financing statements evidencing the security
interest of the Issuing Entity in Transaction Equipment and (ii) the Receivable
Files and any other documents that CFSC or the Depositor shall keep on file, in
accordance with its customary procedures, relating to a Receivable, an Obligor
or Transaction Equipment, and shall maintain such accurate and complete records
pertaining to each Receivable as shall enable the Issuing Entity to comply with
this Agreement.  Upon instruction from the Indenture Trustee, the
Servicer shall release any such UCC filing or other document to the Indenture
Trustee, the Indenture Trustee's agent, or the Indenture Trustee's designee, as
the case may be, at such place or places as the Indenture Trustee may designate,
as soon as practicable.

     

    (d) 
Indemnification.  The
Servicer, as custodian, shall indemnify the Issuing Entity, the Owner Trustee
and the Indenture Trustee for any and all liabilities, obligations, losses,
damages, payments, costs, or expenses of any kind whatsoever that may be imposed
on, incurred or asserted against the Issuing Entity, the Owner Trustee or the
Indenture Trustee as the result of any act or omission in any way relating to
the maintenance and custody by the Servicer, as custodian, of the Receivable
Files; provided,
however,
that the Servicer shall not be liable for any portion of any such amount
resulting from the willful misfeasance, bad faith or negligence of the Issuing
Entity, the Owner Trustee or the Indenture Trustee.

     

    (e) 
Term
of Appointment as Custodian.  The Servicer's appointment as
custodian shall continue in full force and effect until terminated pursuant to
this Section
3.04(e) or until this Agreement shall be terminated.  If the
Servicer shall resign as Servicer under Section 7.05 or if all of the rights and
obligations of the Servicer shall have been terminated under Section 8.01, the
appointment of the Servicer as custodian may be terminated by the Indenture
Trustee or by the Holders of Notes evidencing not less than 25% of the
Outstanding Principal Amount of the Notes, or if no Notes are Outstanding,
either the Owner Trustee or the Certificateholders, in the same manner as the
Indenture Trustee or such Holders may terminate the rights and obligations of
the Servicer under Section 8.01.  As
soon as practicable after any termination of such appointment, the Servicer
shall, at its expense, deliver and/or electronically communicate the Receivable
Files to the Issuing Entity or the Issuing Entity's agent at such place or
places as the Issuing Entity may reasonably
designate.  Notwithstanding the termination of the Servicer as
custodian, the Issuing Entity agrees that upon any such termination, the Issuing
Entity shall provide, or cause its agent to provide, access to the Receivable
Files to the Servicer for the purpose of carrying out its duties and
responsibilities with respect to the servicing of the Receivables
hereunder.

     

    
      
         

      

      
        22

        
          
 

      

      
         

      

    

    (f) 
Release
of Receivable Files. From time to time, the Servicer, as custodian, is
hereby authorized to remove the Receivable File related to any Receivable or the
specific documents identified in such request by the Servicer from the address
listed in Schedule
B.  The Servicer shall return the Receivable File, or such
other documents which have been removed by the Servicer, to the address listed
in Schedule
B when Servicer's need therefor no longer exists, unless the Receivable
shall be satisfied in full or liquidated.  The Servicer shall return a
Receivable File removed by it within 30 days of such removal and if such
Receivable File has not been returned to the address listed in Schedule
B within such 30 day period, the Servicer shall repurchase the related
Receivable pursuant to Section
4.07.

     

     

    ARTICLE
IV

    ADMINISTRATION
AND SERVICING OF RECEIVABLES

     

    SECTION
4.01.  Duties
of Servicer.  The Issuing Entity hereby engages the Servicer
and the Servicer hereby agrees to manage, service, administer and make
collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable receivables that it services for itself
or others.  The Servicer's duties shall include calculating, billing,
collection and posting of all payments, responding to inquiries of Obligors on
such Receivables, investigating delinquencies, reporting tax information to
Obligors (to the extent required under the related Contracts), accounting for
collections, and furnishing servicer reports to the Owner Trustee and the
Indenture Trustee with respect to distributions.  Subject to the
provisions of Section
4.02, the Servicer shall follow its customary standards, policies and
procedures in performing its duties as Servicer.  Without limiting the
generality of the foregoing, the Servicer is authorized and empowered to execute
and deliver, on behalf of itself, the Issuing Entity, the Owner Trustee, the
Indenture Trustee, the Certificateholders and the Noteholders or any of them,
any and all instruments of satisfaction or cancellation, or partial or full
release or discharge, and all other comparable instruments, with respect to such
Receivables or to the Transaction Equipment securing such
Receivables.  If the Servicer shall commence a legal proceeding to
enforce a Receivable, the Issuing Entity (in the case of a Receivable other than
a Purchased Receivable) shall thereupon be deemed to have automatically
assigned, solely for the purpose of collection, such Receivable to the
Servicer.  If in any enforcement suit or legal proceeding it shall be
held that the Servicer may not enforce a Receivable on the ground that it shall
not be a real party in interest or a holder entitled to enforce such Receivable,
the Owner Trustee shall, at the Servicer's expense and direction, take steps to
enforce such Receivable, including bringing suit in its name or the name of the
Issuing Entity, the Indenture Trustee, the Certificateholders or the
Noteholders.  The Owner Trustee shall, upon the written request of the
Servicer, furnish the Servicer with any powers of attorney and other documents
reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder.  The Servicer shall
prepare, execute or cause to be executed and deliver all certificates or other
documents required to be delivered by the Issuing Entity pursuant to the
Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated
thereunder.  The Servicer shall determine the estimated value of any
Receivable as to which a Scheduled Payment is more than 180 days past its due
date as of the last day of a Collection Period during or prior to the
immediately following Collection Period.

     

    
      
         

      

      
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    SECTION
4.02.   Collection
of Receivable Payments.  

     

    (a) 
The
Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same shall become
due and shall follow such collection procedures as it follows with respect to
all comparable machinery receivables that it services for itself or
others.  The Servicer shall not reduce the principal balance of,
reduce the APR of, reduce the aggregate amount of Scheduled Payments or the
amount of any Scheduled Payment due under any Receivable, release or modify the
security interest in the Financed Equipment securing such Receivable, or
otherwise amend or modify a Receivable in a manner that would have a material
adverse effect on the interests of the Noteholders.  Notwithstanding
the foregoing, the Servicer may grant extensions on a Receivable; provided,
however,
that if the Servicer extends the due date of any Scheduled Payment to a date
beyond the Class A-3 Note Final Scheduled Distribution Date, it shall promptly
purchase the Receivable from the Issuing Entity in accordance with the terms of
Section
4.07.  To the extent not otherwise required by applicable law
or the applicable Contract, the Servicer shall allocate payments made by or on
behalf of the Obligor with respect to the Receivables first to any overdue
Scheduled Payment (including taxes and miscellaneous billables), second to the
current Scheduled Payment (including taxes and miscellaneous billables) and
third to late fees.  The Servicer may in its discretion waive any
other amounts of Additional Servicing Compensation that may be collected in the
ordinary course of servicing a Receivable.  Notwithstanding anything
in this Agreement to the contrary, in the event that a Receivable becomes a
Liquidated Receivable, any Recoveries relating thereto shall be paid to the
Depositor and such Liquidated Receivable shall be assigned by the Issuing Entity
to the Depositor.

     

    (b) 
Notwithstanding
anything in this Agreement to the contrary (but subject to the immediately
succeeding sentence), the Servicer may refinance any Receivable only if (i) the
related Obligor executes a new installment sales contract or lease and (ii) the
proceeds of such refinancing are used to pre-pay all obligations in full of such
Obligor under such Receivable (which amount shall be applied in accordance with
Section
5.03).  The new receivable created by the refinancing shall not
be property of the Issuing Entity.  The parties hereto intend that the
Servicer will not refinance a Receivable pursuant to this Section
4.02(b) in order to provide direct or indirect assurance to the
Depositor, the Indenture Trustee, the Owner Trustee, the Noteholders or the
Certificateholders, as applicable, against loss by reason of the bankruptcy or
insolvency (or other credit condition) of, or default by, the Obligor on, or the
uncollectability of, any Receivable.

     

    
      
         

      

      
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    SECTION
4.03.   Realization
upon Receivables.  On behalf of the Issuing Entity, the
Servicer shall use its best efforts, consistent with its customary servicing
procedures, to repossess or otherwise realize upon the Transaction Equipment
securing any Receivable as to which the Servicer shall have determined eventual
payment in full is unlikely or, with respect to Financed Equipment relating to
any Lease, as to which the related Obligor has returned the Financed
Equipment.  The Servicer shall follow such customary and usual
practices and procedures as it shall deem necessary or advisable in its
servicing of comparable receivables, which may include selling the Transaction
Equipment at public or private sale.  The foregoing shall be subject
to the provision that, in any case in which any item of Transaction Equipment
shall have suffered damage, the Servicer shall not expend funds in connection
with the repair or the repossession of such Transaction Equipment unless it
shall determine in its discretion that such repair or repossession will increase
the Liquidation Proceeds by an amount greater than the amount of such
expenses.

     

    SECTION
4.04.   Physical
Damage Insurance.  The Servicer shall, in accordance with its
customary servicing procedures, require that each Obligor shall have obtained
physical damage insurance covering the Transaction Equipment as of the execution
of the Receivable.

     

    SECTION
4.05.   Maintenance
of Security Interests in Financed Equipment.  The Servicer
shall, in accordance with its customary servicing procedures, take such steps as
are necessary to maintain perfection of the security interest created by each
Receivable (including each Receivable on which a governmental entity is the
Obligor) in the related Financed Equipment.  The Servicer is hereby
authorized to take such steps as are necessary to re-perfect such security
interest or to maintain such perfected security interest on behalf of the
Issuing Entity and the Indenture Trustee in the event of the relocation of the
Obligor, or for any other reason.

     

    SECTION
4.06.   Covenants
of Servicer.  The Servicer shall not:  (i) release
the Transaction Equipment securing any Receivable from the security interest
granted by such Receivable in whole or in part or modify such security interest
except (A) in accordance with Section
4.03 or (B) in the event of payment in full by the Obligor
thereunder;  (ii) impair the rights of the Issuing Entity, the
Indenture Trustee, the Certificateholders or the Noteholders in any Receivable;
or (iii) modify or refinance a Receivable except in accordance with the terms of
Section 4.02.

     

    SECTION
4.07.   Purchase
by Servicer of Receivables upon Breach.  The Servicer or the
Owner Trustee shall inform the other party and the Indenture Trustee, the
Depositor and CFSC promptly, in writing, upon the discovery of any breach
pursuant to Section
3.04(f), 4.02,
4.05
or 4.06.  Unless
the breach shall have been cured by the last day of the second month following
such discovery (or, at the Servicer's election, the last day of the first
following month), the Servicer shall purchase any Receivable materially and
adversely affected by such breach.  If the Servicer takes any action
pursuant to Section
4.02 that impairs the rights of the Issuing Entity, the Indenture
Trustee, the Certificateholders or the Noteholders in any Receivable or as
otherwise provided in Section
4.02, the Servicer shall purchase such Receivable.  In
consideration of the purchase of any such Receivable pursuant to either of the
two preceding sentences, the Servicer shall remit the Purchase Amount in the
manner specified in Section
5.04.  Subject to Section
7.02, the sole remedy of the Issuing Entity, the Owner Trustee, the
Indenture Trustee, the Certificateholders or the Noteholders with respect to a
breach pursuant to Section
3.04(f), 4.02,
4.05
or 4.06
shall be to require the Servicer to purchase Receivables pursuant to this
Section.  The Owner Trustee shall have no duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the
purchase of any Receivable pursuant to this Section.  The parties
hereto intend that the Servicer will not intentionally breach or cause a breach
pursuant to Section
3.04(f),
4.02,
4.05
or 4.06
in order to provide direct or indirect assurance to the Depositor, the Indenture
Trustee, the Owner Trustee, the Noteholders or the Certificateholders, as
applicable, against loss by reason of the bankruptcy or insolvency (or other
credit condition) of, or default by, the Obligor on, or the uncollectability of,
any Receivable.

     

    
      
         

      

      
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    SECTION
4.08.   Servicing
Fee.  On each Distribution Date, the Servicer shall be entitled
to receive the Servicing Fee in respect of the immediately preceding Collection
Period equal to the product of (a) one-twelfth of the Servicing Fee Rate and (b)
the Note Value as of the first day of such preceding Collection
Period.  The Servicer shall also be entitled to any Additional
Servicing Compensation with respect to Receivables, collected (from whatever
source) on the Receivables, which Additional Servicing Compensation shall be
paid to the Servicer pursuant to Section
5.08.  

     

    SECTION
4.09.   Servicer
Report.  On each Determination Date, the Servicer shall deliver
to the Administrator, the Owner Trustee, the Paying Agent as defined in the
Trust Agreement, the Indenture Trustee and the Depositor, with a copy to the
Rating Agencies, a Servicer Report containing all information necessary to make
the distributions pursuant to Sections
5.05, 5.06
and 5.07
for the Collection Period preceding the date of such Servicer
Report.  The Servicer Report shall be substantially in the form of
Schedule C (or such other form as is acceptable to the Indenture Trustee,
the Owner Trustee and the Servicer).  Neither the Owner Trustee nor
the Indenture Trustee shall be required to determine, confirm or recalculate the
information contained in the Servicer Report.  Receivables to be
purchased by the Servicer or to be repurchased by the Depositor or CSFC shall be
identified by the Servicer by account number with respect to such Receivable as
specified in Schedule
A.

     

    SECTION
4.10.   Annual
Statement as to Compliance; Notice of
Default.  

     

    (a) 
The
Servicer shall deliver to each of the Owner Trustee, the Indenture Trustee and
the Rating Agencies, on or before the earlier of (1) April 30 of each year
(commencing April 30, 2009) or (2) with respect to any calendar year during
which the Issuing Entity's Annual Report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the
Commission, the date on which the Annual Report on Form 10-K is required to be
filed in accordance with the Exchange Act and the rules and regulations of the
Commission, a servicer compliance statement, signed by an authorized officer of
the Servicer, as described in Item 1123 of Regulation AB, to the effect
that:

     

    
      
         

      

      
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    (i)
 A review
of the Servicer's activities during the preceding 12-month period ended December
31 (or in the case of the initial statement, the period from the Closing Date to
December 31) and of its performance under this Agreement has been made under
such officer's supervision; and

     

    (ii)
 To the
best of such officer's knowledge, based on such review, the Servicer has
fulfilled all of its obligations under this Agreement in all material respects
throughout the reporting period or, if there has been a failure to fulfill any
such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof.

     

    (b) 
The
Servicer shall use commercially reasonable efforts to obtain from all other
parties participating in the servicing function any additional certifications
required under Item 1123 of Regulation AB to the extent required to be included
in the Issuing Entity's Annual Report on Form 10-K; provided,
however,
that a failure to obtain such certifications shall not be a breach of the
Servicer's duties hereunder if any such party fails to deliver such a
certification.

     

    (c) 
The
Indenture Trustee shall send a copy of such certificate and the accountants'
attestation referred to in Section
4.11 to the Rating Agencies.  A copy of such certificate and
the accountants' attestation referred to in Section
4.11 may be obtained by any Certificateholder by a request in writing to
the Owner Trustee at its address in Section
10.03.

     

    (d) 
The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee and the
Rating Agencies, promptly after having obtained knowledge thereof, but in no
event later than five Business Days thereafter, written notice in an Officers'
Certificate of any event which with the giving of notice or lapse of time, or
both, would become a Servicer Default under Section
8.01(a) or (b).

     

    SECTION
4.11.   Annual
Independent Certified Public Accountants' Attestation.  In
order to confirm that the servicing of the Receivables has been conducted in
compliance with the terms of this Agreement and to comply with the applicable
provisions of Regulation AB, the Servicer shall deliver or shall cause a firm of
independent certified public accountants, which may also render other services
to the Servicer, the Depositor or CFSC, to deliver to the Owner Trustee and the
Indenture Trustee on or before the earlier of (a) April 30 of each year
(commencing April 30, 2009) or (b) with respect to any calendar year during
which the Issuing Entity's Annual Report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the
Commission, the date on which the Annual Report on Form 10-K is required to be
filed in accordance with the Exchange Act and the rules and regulations of the
Commission, the attestation required under Item 1122(b) of Regulation
AB.

     

    SECTION
4.12.   Servicer
Expenses.  The Servicer shall be required to pay all expenses
incurred by it in connection with its activities hereunder, including fees and
disbursements of independent accountants, taxes imposed on the Servicer and
expenses incurred in connection with distributions and reports to the Owner
Trustee, the Indenture Trustee, the Certificateholders and the
Noteholders.

     

    
      
         

      

      
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    SECTION
4.13.   Reports
to the Commission.

     

    (a) 
The
Servicer shall cause to be filed with the Commission any periodic reports
required to be filed by the Issuing Entity under the provisions of the Exchange
Act, and the rules and regulations of the Commission thereunder including,
without limitation, reports on Form 10-K, Form 10-D and Form 8-K.  The
Depositor shall, at its expense, cooperate in any reasonable request made by the
Servicer in connection with such filings.

     

    (b) 
Any Form
10-K filed with the Commission in connection with this Section 4.13 shall
include, with respect to the Notes:

     

    (i)
 A
certification, signed by the senior officer in charge of the servicing functions
of the Servicer, in the form required or permitted by the Commission (the "Form
10-K Certification"), in compliance with Rules 13a-14 and 15d-14 under the
Exchange Act and any additional directives of the
Commission.

     

    (ii)
 A report
regarding its assessment of compliance during the preceding calendar year with
all applicable servicing criteria set forth in Item 1122(d) of Regulation
AB with respect to transactions involving the Servicer that are backed by the
same types of assets as those backing the Notes, as well as similar reports on
assessment of compliance received from other parties participating in the
servicing function as required by Item 1122(a) of Regulation
AB.

     

    (iii)
 With
respect to each assessment report described immediately above, a report by a
registered public accounting firm that attests to, and reports on, the
assessment made by the asserting party, as set forth in relevant Commission
regulations, as described in Regulation 1122(b) of Regulation AB and Section
4.11.

     

    (iv)
 The
servicer compliance statement required to be delivered pursuant Section
4.10.

     

    (c) 
 The
Servicer shall use commercially reasonable efforts to obtain from all other
parties participating in the servicing function any required assessment report
and related accountants' attestation to the extent required to be included in
the Issuing Entity's Annual Report on Form 10-K; provided,
however,
that a failure to obtain such certifications shall not be a breach of the
Servicer's duties hereunder if any such party fails to deliver such a report or
attestation.

     

     

    ARTICLE
V

     

    DISTRIBUTIONS;
RESERVE ACCOUNT;

    CERTIFICATEHOLDER
AND NOTEHOLDER INFORMATION

     

    SECTION
5.01.   Establishment
of Trust Accounts.

     

    (a)
(i)   The
Servicer, for the benefit of the Noteholders, each Swap Counterparty and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Securities Account (the "Collection Account"), which is U.S.
Bank National Association Account # 123072001 as of the Closing Date. The
Indenture Trustee shall establish and maintain an administrative subaccount
within the Collection Account for the benefit of the Noteholders, each Swap
Counterparty and the Certificateholders (the "Principal Distribution Account"),
which is U.S. Bank National Association Account # 123072002 as of the Closing
Date.

     

    
      
         

      

      
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    (ii)
 The
Servicer, for the benefit of the Noteholders, each Swap Counterparty and the
Certificateholders, shall establish and maintain in the name of the Indenture
Trustee an Eligible Securities Account (the "Reserve Account"), which is U.S.
Bank National Association Account # 123072003 as of the Closing
Date.

     

    (b) 
Funds on
deposit in the Collection Account (including the Principal Distribution Account)
and the Reserve Account (collectively, the "Trust Accounts") shall be invested
by the Indenture Trustee in Eligible Investments selected by the Servicer; provided,
however,
it is understood and agreed that the Indenture Trustee shall not be liable for
any loss arising from such investment in Eligible Investments (other than losses
from nonpayment of investments in obligations of the institution acting as
Indenture Trustee).  All such Eligible Investments shall be held by
the Indenture Trustee for the benefit of the applicable Noteholders, each Swap
Counterparty and, if applicable, the Certificateholders. Other than as permitted
by the Rating Agencies, funds credited to or on deposit in the Trust Accounts
shall be invested in Eligible Investments that will mature so that such funds
will be available at the close of business on the Transfer Date preceding the
immediately following Distribution Date; provided,
however,
that funds credited to or on deposit in Trust Accounts may be invested in
Eligible Investments of the Indenture Trustee which may mature so that such
funds will be available on the Distribution Date.  Funds credited to
or deposited in a Trust Account on a Transfer Date which immediately precedes a
Distribution Date upon the maturity of any Eligible Investments are not required
to be invested overnight, but if so invested, such investments must meet the
conditions of the immediately preceding sentence.

     

    (c) (i) The
Trust Accounts shall be under the control of the Indenture
Trustee.  If, at any time, any of the Trust Accounts ceases to be an
Eligible Securities Account, the Indenture Trustee (or the Servicer on its
behalf) shall within 10 Business Days (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency may consent) establish a new Trust
Account as an Eligible Securities Account and shall transfer any cash or any
investments to such new Trust Account.  So long as U.S. Bank National
Association is an Eligible Institution, any Trust Account may be maintained with
it as an Eligible Securities Account.

     

    (ii)           With
respect to the Trust Account Property, the Indenture Trustee and U.S. Bank
National Association, as Securities Intermediary, agree, and each subsequent
Securities Intermediary shall agree, by its acceptance hereof,
that:

     

    (A)  any
Trust Account Property held in securities accounts shall be held solely in the
Eligible Securities Accounts; and each such Eligible Securities Account shall be
subject to the control of the Indenture Trustee, and the Indenture Trustee shall
have sole signature authority with respect thereto;

     

    
      
         

      

      
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    (B)  all
Trust Account Property shall be delivered to the Indenture Trustee by causing
the financial institution then maintaining the related Trust Account (each such
institution being referred to herein as a "Securities Intermediary") to indicate
by book-entry that the financial asset related to such Trust Account Property
has been credited to such Trust Account.  Each Trust Account shall
only be established at a financial institution which agrees (i) to comply with
entitlement orders with respect to such Trust Account issued by the Indenture
Trustee without further consent of the Depositor, the Servicer or the Issuing
Entity and (ii) that each item of property credited to such Trust Account shall
be treated as a financial asset, and the Securities Intermediary does hereby
agree to the foregoing; and

     

    (C)  Upon
release of the lien of the Indenture Trustee under the Indenture in accordance
with the terms thereof, each of the Trust Accounts shall be put in the name of
the Issuing Entity and the Issuing Entity shall have all rights granted to the
Indenture Trustee pursuant to this Agreement.

     

    (iii)           The
Servicer shall have the power, revocable by the Indenture Trustee or by the
Owner Trustee with the consent of the Indenture Trustee, to instruct the
Indenture Trustee to make withdrawals and payments from the Trust Accounts for
the purpose of permitting the Servicer or the Owner Trustee to carry out its
respective duties hereunder or permitting the Indenture Trustee to carry out its
duties under the Indenture.

     

    (iv)           The
Indenture Trustee is hereby authorized to execute purchase and sales directed by
the Servicer through the facilities of its own trading or capital markets
operations.  The Indenture Trustee shall send statements to the
Servicer and the Issuing Entity monthly reflecting activity for each account
created hereunder for the preceding month.  Although the Issuing
Entity recognizes that it may obtain a broker confirmation at no additional
cost, the Issuing Entity hereby agrees that confirmations of investments are not
required to be issued by the Indenture Trustee for each month in which a monthly
statement is rendered.  No statement need be rendered pursuant to the
provision hereof if no activity occurred in the account for such
month.

     

    SECTION
5.02.   Interest
Rate Swap Agreement.  On the Closing Date, the Issuing Entity
shall enter into the Initial Interest Rate Swap Agreement with the Initial Swap
Counterparty. The Servicer shall cause the Issuing Entity to enter into a
Replacement Interest Rate Swap Agreement if required pursuant to Section 6.14(c)
of the Indenture.

     

    SECTION
5.03.   Collections.  Subject
to Section
5.04, the Servicer shall remit to the Collection Account (i) all payments
by or on behalf of the Obligors with respect to the Receivables (other than
Purchased Receivables) and (ii) all Liquidation Proceeds, in each case as
collected during each Collection Period within two Business Days of receipt and
identification thereof. Notwithstanding the foregoing, if (i) CFSC is the
Servicer, (ii) a Servicer Default shall not have occurred and be continuing and
(iii) CFSC maintains a short-term rating of at least "A-1" by Standard &
Poor's and "Prime-1" by Moody's, the Servicer may remit such collections with
respect to each Collection Period to the Collection Account on or before the
second Business Day prior to the following Distribution Date. For purposes of
this Article V, the phrase "payments by or on behalf of Obligors" shall mean
payments made with respect to the Receivables by Persons other than the Servicer
or CFSC.

     

    
      
         

      

      
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    SECTION
5.04.   Additional
Deposits.  

     

    (a) 
The
Servicer and the Depositor shall deposit or cause to be deposited in the
Collection Account the Purchase Amounts with respect to Purchased Receivables as
set forth in the immediately following sentence, and the Servicer shall deposit
in the Collection Account all amounts to be paid under Section
9.01 as set forth therein.  The Servicer and the Depositor will
deposit the Purchase Amount with respect to each Purchased Receivable when such
obligations are due, unless, with respect to Purchase Amounts to be remitted by
the Servicer, the Servicer shall be permitted to make deposits monthly prior to
each Distribution Date pursuant to Section
5.03, in which case such deposits shall be made in accordance with such
Section.  The Servicer shall account for Purchase Amounts paid by
itself, CFSC, or the Depositor separately.

     

    (b) 
By its
acknowledgement of this Agreement, the Indenture Trustee agrees that on each
Distribution Date it will withdraw all Investment Earnings credited to the
Reserve Account since the preceding Distribution Date (or in the case of the
initial Distribution Date, the Indenture Trustee will withdraw all Investment
Earnings credited to Reserve Account since the Closing Date) and deposit such
Investment Earnings in the Collection Account in accordance with Section
8.03(a) of the Indenture.

     

    SECTION
5.05.   Distributions.  

     

    (a) 
On each
Determination Date, the Servicer shall calculate all amounts required to
determine the amounts, if any, to be remitted to the Noteholders, the Swap
Counterparty and the Certificateholders.

     

    (b)   
On the
second Business Day prior to each Distribution Date, the Servicer shall instruct
the Indenture Trustee, which instruction shall be in the form of Schedule
D (or such other form that is acceptable to the Indenture Trustee and the
Servicer), to make the following deposits and distributions for receipt by the
Servicer, the Noteholders, or for deposit in the applicable Trust Account or
Certificate Distribution Account by 11:00 A.M. (New York time) on such following
Distribution Date to the extent of the Total Distribution Amount on deposit in
the Collection Account (and any funds are to be distributed pursuant to Section
6.14(d) of the Indenture), in the following order of
priority:

     

    (i)
 to the
Servicer, the Servicing Fee and all unpaid Servicing Fees from prior Collection
Periods;

     

    (ii)
 to the
Administrator under the Administration Agreement, the Administration Fee and all
unpaid Administration Fees from prior Collection Periods;

     

    
      
         

      

      
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    (iii)
 to the
Swap Counterparty, any Net Swap Payment owed on such Distribution
Date;

     

    (iv)
 to the
Noteholders and the Swap Counterparty, pro rata the Noteholders' Interest
Distributable Amount and any Senior Swap Termination Payment owed on such
Distribution Date, respectively;

     

    (v)
 to the
Principal Distribution Account, the First Priority Principal Distribution
Amount, if any;

     

    (vi)
 to the
Reserve Account, an amount equal to the excess of the Specified Reserve Account
Balance over the amount on deposit in the Reserve Account on such Distribution
Date; provided,
that,
on or prior to the Distribution Date on which the amount on deposit in the
Reserve Account equals the Specified Reserve Account Balance, the amount
deposited in the Reserve Account pursuant to this clause (vi) shall not exceed
the Net Excess Spread for the applicable Distribution Date;

     

    (vii)
 to the
Principal Distribution Account, the Regular Principal Distribution
Amount;

     

    (viii)
 pro rata,
to the Indenture Trustee under the Indenture, all unpaid Indenture Trustee's
fees and expenses, and to the Issuing Entity, the amount of any state taxes
payable by the Issuing Entity;

     

    (xi)
 to the
Swap Counterparty, any Subordinated Swap Termination Payments owed on such
Distribution Date; and

     

    (x)
 to the
Certificate Distribution Account, the remaining Total Distribution
Amount.

     

    (c) 
On the
second Business Day prior to each Distribution Date, the Servicer shall instruct
the Indenture Trustee, which instruction shall be in the form of Schedule
D (or such other form that is acceptable to the Indenture Trustee and the
Servicer), to make the following distributions from the Principal Distribution
Account by 11:00 A.M. (New York time) on such following Distribution Date in the
following order of priority:

     

    (i)
 to the
Class A-1 Noteholders in reduction of the Outstanding Principal Amount of
the Class A-1 Notes until the Outstanding Principal Amount thereof has been
reduced to zero;

     

    (ii)
 to the
Class A-2 Noteholders in reduction of the Outstanding Principal Amount of
the Class A-2 Notes until the Outstanding Principal Amount thereof has been
reduced to zero;

     

    (iii)
 to the
Class A-3 Noteholders in reduction of the Outstanding Principal Amount of
the Class A-3 Notes until the Outstanding Principal Amount thereof has been
reduced to zero; and

     

    
      
         

      

      
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    (iv)
 to the
Certificate Distribution Account, any funds remaining on deposit in the
Principal Distribution Account.

     

    (d) 
Notwithstanding
anything in this Section
5.05 to the contrary, if an Event of Default under the Indenture occurs
and the maturities of the Notes are accelerated pursuant to Section
5.02 of the Indenture, all amounts on deposit in the Collection Account
shall be applied in accordance with Section
5.04(b) or 5.04(c)
of the Indenture.

     

    SECTION
5.06.   Reserve
Account.  

     

    (a) 
On the
Closing Date, the Issuing Entity shall deposit the Reserve Account Initial
Deposit into the Reserve Account using the cash supplied to it pursuant to
Section 2.01(h).  The Servicer shall determine the Specified
Reserve Account Balance for each Distribution Date.

     

    (b) 
On each
Determination Date, the Servicer shall determine if the Total Required Payment
exceeds the Total Available Amount for the related Distribution Date, and if
such an excess exists the Servicer shall instruct the Indenture Trustee to
withdraw from the Reserve Account on the related Distribution Date, to the
extent of funds available therein after any withdrawal from the Reserve Account
pursuant to Section
5.04(b), an amount equal to such excess and deposit such funds into the
Collection Account for inclusion as part of the Total Distribution Amount for
distribution on such Distribution Date in accordance with the priorities set
forth in Section
5.05(b).

     

    (c) 
On each
Determination Date, the Servicer shall determine if the amount on deposit in the
Reserve Account (after taking into account any deposits thereto pursuant to
Sections
5.05(b) and any withdrawals therefrom pursuant to Sections
5.04(b) or 5.06(b))
is greater than the Specified Reserve Account Balance for such Distribution Date
(which shall be calculated to give effect to the reduction in the Outstanding
Principal Amount of the Notes to result from payments to Noteholders pursuant to
Section
5.05(c) on such Distribution Date) and the Servicer shall instruct the
Indenture Trustee to deposit such amounts in the Certificate Distribution
Account.

     

    (d) 
Notwithstanding
anything in this Section
5.06 to the contrary, if an Event of Default under the Indenture occurs
and the maturities of the Notes are accelerated pursuant to Section
5.02 of the Indenture, amounts on deposit in the Reserve Account shall be
applied by the Indenture Trustee in accordance with Section
5.04(b) or 5.04(c)
of the Indenture.

     

    (e) 
Upon
satisfaction of the Rating Agency Condition, the Depositor may eliminate the
Reserve Account and replace it with an alternative
arrangement.

     

    SECTION
5.07.   Certificateholder
and Noteholder Information. On each Distribution Date, the Indenture
Trustee shall forward or make available to each Noteholder of record and the
Administrator shall forward to each Certificateholder of record pursuant to the
Trust Agreement the Servicer Report delivered by the Servicer pursuant to
Section 4.09.  Such Servicer Report shall set forth at least the
following information as to the Notes (separately stating such information as to
the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes
and the Class A-3 Notes) and the Certificates, to the extent
applicable:

     

    
      
         

      

      
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    (i) 
 the
amount to be deposited to the Principal Distribution Account and the amounts to
be paid to the Noteholders and the Certificateholders
therefrom;

     

    (ii) 
 the
Noteholders' Interest Distributable Amount and the amounts paid to the
Noteholders in respect thereof;

     

    (iii) 
 the Pool
Balance as of the close of business on the last day of the preceding Collection
Period;

     

    (iv) 
 the Note
Value as of the close of business on the last day of the preceding Collection
Period;

     

    (v) 
 the
Outstanding Principal Amount of each class of the Notes, the Class A-1 Note
Pool Factor, the Class A-2a Note Pool Factor, the Class A-2b Note Pool
Factor, the Class A-3 Note Pool Factor and the Certificate Balance, in each
case as of the close of business on the last day of the preceding Collection
Period, after giving effect to payments allocated to principal reported under
(i) above;

     

    (vi) 
 the
amount of the Servicing Fee paid to the Servicer with respect to the related
Collection Period;

     

    (vii) 
 the
amount of the Administration Fee paid to the Administrator with respect to the
preceding Collection Period;

     

    (viii) 
 the
aggregate amount of the Purchase Amounts for Purchased Receivables with respect
to the related Collection Period paid by each of CFSC, the Depositor, and the
Servicer (accounted for separately);

     

    (ix) 
 the
amount of Realized Losses, if any, for the related Collection
Period;

     

    (x) 
 the
amount of Cumulative Realized Losses with respect to the related Collection
Period;

     

    (xi) 
 the
balance of the Reserve Account on such Distribution Date, after giving effect to
withdrawals made on such Distribution Date;

     

    (xii) 
 the
Specified Reserve Account Balance for such Distribution
Date;

     

    (xiii)
 the
amount, if any, to be withdrawn from the Reserve Account and deposited into the
Collection Account on such Distribution Date pursuant to Section 5.06(b);

     

    (xiv) 
 the
amount, if any, to be withdrawn from the Reserve Account and deposited to the
Certificate Distribution Account pursuant to Section
5.06(c);

     

    (xv) 
 the
amount of any Net Swap Payment or any Net Swap Receipt for such Distribution
Date;

     

    
      
         

      

      
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    (xvi) 
 the
amount of any Senior Swap Termination Payment or Subordinated Swap Termination
Payment paid by the Issuing Entity on such Distribution
Date;

     

    (xvii) 
 the
amount of any Swap Termination Payment paid by the Swap Counterparty on such
Distribution Date;

     

    (xviii)  the
aggregate amount to be deposited to the Certificate Distribution Account
pursuant to Section 5.05(c);

     

    (xix) 
 the
amount, if any, to be distributed to the Certificateholders pursuant to Section 5.02(a)
of the Trust Agreement; and

     

    (xx)  
 the
Certificate Balance for such Distribution Date .

     

    Each
amount set forth pursuant to paragraph (i), (ii) or (iv) above shall be
expressed as a dollar amount per $1,000 of original principal balance of a
Note.

     

    The
Indenture Trustee shall only be required to provide to the Noteholders the
information furnished to it by the Servicer.  The Indenture Trustee
shall not be required to determine, confirm or recompute any such
information.

     

    SECTION
5.08.   Net
Deposits.  As an administrative convenience, so long as CFSC is
the Servicer and the Administrator, if the Servicer is permitted to remit
collections monthly rather than within two Business Days of their receipt and
identification pursuant to Section
5.03, the Servicer will be permitted to make the deposit of collections
on the Receivables and Purchase Amounts for or with respect to the Collection
Period net of distributions to be made to the Servicer or the Administrator with
respect to such Collection Period (including any Additional Servicing
Compensation and the Servicing Fee to the extent of amounts available for
payment thereof), and the Servicer shall pay amounts owing to the Administrator
directly; provided, that if the Servicer is required to remit collections within
two Business Days, the Servicer shall be paid the Additional Servicing
Compensation by means of the Servicer making the deposit of such collections net
of the Additional Servicing Compensation and deposits of such amounts may not be
made net of the Servicing Fee.  The Servicer, however, will account to
the Owner Trustee, the Indenture Trustee, the Noteholders and the
Certificateholders as if the Servicing Fee and Administration Fee were paid
individually.

     

    SECTION
5.09.   Tax
Monitoring.  The Servicer shall monitor whether any state taxes
are payable by the Issuing Entity and shall notify the Indenture Trustee of the
amount and due date of such taxes in a timely manner. 

     

    ARTICLE
VI

     

    THE
DEPOSITOR

     

    SECTION
6.01.   Representations
of Depositor.  The Depositor makes the following
representations on which the Issuing Entity is deemed to have relied in
acquiring the Receivables.  The representations speak as of the
execution and delivery of this Agreement and shall survive the sale of the
Receivables to the Issuing Entity and the grant of a security interest therein
to the Indenture Trustee pursuant to the Indenture.

     

    
      
         

      

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

     

    (b) 
Due
Qualification.  The Depositor is duly qualified to do business
as a foreign corporation in good standing, and has obtained all necessary
licenses and approvals, in all jurisdictions in which the failure to so qualify
or to obtain any such license or approval would render any Receivable
unenforceable that would otherwise be enforceable by the Depositor or the
Issuing Entity.

     

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

     

    (d) 
Binding
Obligation.  This Agreement constitutes a legal, valid and
binding obligation of the Depositor enforceable in accordance with its terms,
except to the extent that such enforcement may be subject to bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect relating to creditors' rights generally, and the remedy of specific
performance and injunctive relief may be subject to certain equitable defenses
and to the discretion of the court before which any proceeding therefor may be
brought.

     

    (e) 
No
Violation.  The consummation by the Depositor of the
transactions contemplated by this Agreement and the fulfillment by the Depositor
of the terms hereof do not (i) conflict with, result in any breach of any
of the terms and provisions of, or constitute (with or without notice or lapse
of time) a default under, the articles of incorporation or by-laws of the
Depositor, or any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound; (ii) result in the creation
or imposition of any Lien upon any of its properties pursuant to the terms of
any such indenture, agreement or other instrument (other than pursuant to the
Basic Documents); or (iii) violate any law or, to the best of the
Depositor's knowledge, any order, rule or regulation applicable to the Depositor
of any court or of any federal or state regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Depositor or
its properties.

     

    (f) 
No
Proceedings.  There are no proceedings or investigations
pending, or to the Depositor's best knowledge, threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Depositor or its
properties:  (i) asserting the invalidity of this Agreement, the
Indenture, the Notes, the Certificates or any of the other Basic Documents,
(ii) seeking to prevent the issuance of the Notes or the Certificates or
the consummation of any of the transactions contemplated by this Agreement, the
Indenture or any of the other Basic Documents; (iii) seeking any
determination or ruling that might materially and adversely affect the
performance by the Depositor of its obligations under, or the validity or
enforceability of, this Agreement, the Indenture, the Notes, the Certificates or
any other of the Basic Documents or (iv) which might adversely affect the
federal or state income tax attributes of the Notes or the
Certificate.

     

    
      
         

      

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

     

    (a) 
The
Depositor shall indemnify, defend and hold harmless the Issuing Entity, the
Owner Trustee and the Indenture Trustee and their officers, directors and agents
from and against any taxes that may at any time be asserted against the Issuing
Entity, the Owner Trustee or the Indenture Trustee or their respective officers,
directors, and agents with respect to the sale of the Receivables to the Issuing
Entity or the issuance and original sale of the Certificates and the Notes,
including any sales, gross receipts, general corporation, tangible personal
property, privilege or license taxes (but, in the case of the Issuing Entity,
not including any taxes asserted with respect to ownership of the Receivables or
federal or other income taxes arising out of the transactions contemplated by
this Agreement) and costs and expenses in defending against the
same.

     

    (b) 
The
Depositor shall indemnify, defend and hold harmless the Issuing Entity, the
Owner Trustee and the Indenture Trustee and their officers, directors, and
agents from and against any loss, liability or expense incurred by reason of (i)
the Depositor's willful misfeasance, bad faith or negligence in the performance
of its duties under this Agreement, or by reason of reckless disregard of its
obligations and duties under this Agreement and (ii) the Depositor's or the
Issuing Entity's violation or alleged violation of federal or state securities
laws in connection with the offering and sale of the Notes and the
Certificates.

     

    Indemnification
under this Section shall survive the resignation or removal of the Owner Trustee
or the Indenture Trustee and the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of
litigation.  If the Depositor shall have made any indemnity payments
pursuant to this Section
6.02 and the Person to or on behalf of whom such payments are made
thereafter shall collect any of such amounts from others, such Person shall
promptly repay such amounts to the Depositor, without interest.

     

    SECTION
6.03.   Merger
or Consolidation of, or Assumption of the Obligations of,
Depositor.  Any Person (a) into which the Depositor may be
merged or consolidated, (b) which may result from any merger or consolidation to
which the Depositor shall be a party or (c) which may succeed to the properties
and assets of the Depositor substantially as a whole, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation
of the Depositor under this Agreement, shall be the successor to the Depositor
hereunder without the execution or filing of any document or any further act by
any of the parties to this Agreement; provided,
however,
that (i) immediately after giving effect to such transaction, no representation
or warranty made pursuant to Section
3.01 shall have been breached and no Servicer Default, and no event that,
after notice or lapse of time, or both, would become a Servicer Default shall
have occurred and be continuing, (ii) the Depositor shall have delivered to the
Owner Trustee and the Indenture Trustee an Officers' Certificate and an Opinion
of Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction
have been complied with, (iii) the Rating Agency Condition shall have been
satisfied with respect to such transaction and (iv) the Depositor shall have
delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel
either (A) stating that, in the opinion of such counsel, all actions necessary
to perfect the interests of the Issuing Entity and the Indenture Trustee have
been taken, including that all financing statements and continuation statements
and amendments thereto have been authorized and filed that are necessary fully
to preserve and protect the interest of the Issuing Entity and Indenture
Trustee, respectively, in the Receivables and reciting the details of such
filings, or (B) stating that, in the opinion of such counsel, no such action
shall be necessary to preserve and protect such
interests.  Notwithstanding anything herein to the contrary, the
execution of the foregoing agreement of assumption and compliance with clauses
(i), (ii), (iii) and (iv) above shall be conditions to the consummation of the
transactions referred to in clause (a), (b) or (c) above.

     

    
      
         

      

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

     

    SECTION
6.05.   Depositor
May Own the Certificates or Notes.  The Depositor and any
Affiliate (other than CFSC) thereof may in its individual or any other capacity
become the owner or pledgee of the Certificates or Notes with the same rights as
it would have if it were not the Depositor or an Affiliate thereof, except as
expressly provided herein (including the definition of "Outstanding" contained
in each of the Indenture and the Trust Agreement) or in any Basic
Document.

     

     

    ARTICLE
VII

     

    THE
SERVICER

     

    SECTION
7.01.   Representations
of Servicer.  The Servicer makes the following representations
on which the Issuing Entity is deemed to have relied in acquiring the
Receivables.  The representations speak as of the execution and
delivery of the Agreement (or as of the date a Person (other than the Indenture
Trustee) becomes Servicer pursuant to Sections
7.03 and 8.02,
in the case of a successor to the Servicer) and shall survive the sale of the
Receivables to the Issuing Entity and the grant of a security interest therein
to the Indenture Trustee pursuant to the Indenture.

     

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

     

    
      
         

      

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

     

    (c) 
Binding
Obligation.  This Agreement constitutes a legal, valid and
binding obligation of the Servicer enforceable in accordance with its terms,
except that such enforcement may be subject to bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
relating to creditors' rights generally, and the remedy of specific performance
and injunctive relief may be subject to certain equitable defenses and to the
discretion of the court before which any proceeding therefor may be
brought.

     

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

     

    (e) 
No
Proceedings.  To the Servicer's best knowledge, there are no
proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Servicer or its properties: (i) asserting the
invalidity of this Agreement, the Indenture, the Notes, the Certificates or any
of the other Basic Documents; (ii) seeking to prevent the issuance of the Notes
or the Certificates or the consummation of any of the transactions contemplated
by this Agreement, the Indenture or any of the other Basic Documents; (iii)
seeking any determination or ruling that might materially and adversely affect
the performance by the Servicer of its obligations under, or the validity or
enforceability of, this Agreement, the Indenture, the Notes, the Certificates or
any of the other Basic Documents; or (iv) relating to the Servicer and which
might adversely affect the federal or state income tax attributes of the Notes
or the Certificates.

     

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

     

    
      
         

      

      
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    SECTION
7.02.   Indemnities
of Servicer.  The Servicer shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the
Servicer under this Agreement.

     

    (a) 
The
Servicer shall defend, indemnify and hold harmless the Issuing Entity, the Owner
Trustee, the Indenture Trustee, the Noteholders, the Certificateholders and the
Depositor and any of the officers, directors and agents of the Issuing Entity,
the Owner Trustee, the Indenture Trustee and the Depositor from and against any
and all costs, expenses, losses, damages, claims and liabilities, arising out of
or resulting from the use, ownership or operation by the Servicer or any
Affiliate (other than the Depositor or the Issuing Entity) thereof of any
Transaction Equipment.

     

    (b) 
The
Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner
Trustee, the Indenture Trustee, and the Depositor and their respective officers,
directors and agents from and against (i) any taxes that may at any time be
asserted against any such Person with respect to the transactions contemplated
herein, including any sales, gross receipts, general corporation, tangible
personal property, privilege or license taxes (but, in the case of the Issuing
Entity or the Depositor, not including any taxes asserted with respect to, and
as of the date of, the sale of the Receivables to the Issuing Entity or the
issuance and original sale of the Certificates and the Notes, or asserted with
respect to ownership of the Receivables, or Federal or other income taxes
arising out of distributions on the Certificates or the Notes) and (ii) costs
and expenses in defending against the same.

     

    (c) 
The
Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner
Trustee, the Indenture Trustee, the Depositor, the Certificateholders and the
Noteholders and any of the officers, directors and agents of the Issuing Entity,
the Owner Trustee, the Indenture Trustee and the Depositor from and against any
and all costs, expenses, losses, claims, damages and liabilities to the extent
that any such cost, expense, loss, claim, damage or liability arose out of, or
was imposed upon any such Person through, the negligence, willful misfeasance or
bad faith of the Servicer in the performance of its duties under this Agreement,
or by reason of reckless disregard of its obligations and duties under this
Agreement or on account of the failure of the Servicer to be qualified to do
business as a foreign corporation or to have obtained a license or approval in
any jurisdiction.

     

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

     

    
      
         

      

      
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    (e) 
The
Servicer shall pay any and all taxes levied or assessed upon all or any part of
the Owner Trust Estate, other than any taxes asserted with respect to, and as of
the date of, the sale of the Receivables to the Issuing Entity or the issuance
and original sale of the Certificates and the Notes, or Federal or other income
taxes imposed on the Issuing Entity because of its classification or
reclassification for tax purposes, or Federal or other income taxes arising out
of distributions on the Certificates or the Notes.

     

    For
purposes of this Section, in the event of the termination of the rights and
obligations of CFSC (or any successor thereto pursuant to Section
7.03) as Servicer pursuant to Section
8.01, or a resignation by such Servicer pursuant to this Agreement, such
Servicer shall be deemed to be the Servicer pending appointment of a successor
Servicer (other than the Indenture Trustee) pursuant to Section
8.02.

     

    Indemnification
under this Section shall survive the resignation or removal of the Owner Trustee
or the Indenture Trustee or the termination of this Agreement and shall include
reasonable fees and expenses of counsel and expenses of
litigation.  If the Servicer shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter collects any of such amounts from others, such Person shall
promptly repay such amounts to the Servicer, without interest.

     

    SECTION
7.03.   Merger
or Consolidation of, or Assumption of the Obligations of,
Servicer.  Any Person (a) (i) into which the Servicer may be
merged or consolidated, (ii) which may result from any merger or consolidation
to which the Servicer shall be a party, (iii) which may succeed to the
properties and assets of the Servicer substantially as a whole, or (iv) which is
a corporation 50% or more of the voting stock of which is owned, directly or
indirectly, by Caterpillar, and (b) in the case of any of (i), (ii), (iii) or
(iv), which has executed an agreement of assumption to perform every obligation
of the Servicer hereunder, shall be the successor to the Servicer under this
Agreement without further act on the part of any of the parties to this
Agreement; provided,
however,
that (w) immediately after giving effect to such transaction, no Servicer
Default, and no event which, after notice or lapse of time, or both, would
become a Servicer Default shall have occurred and be continuing, (x) the
Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an
Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with
this Section and that all conditions precedent provided for in this Agreement
relating to such transaction have been complied with, (y) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (z) the
Servicer shall have delivered to the Owner Trustee and the Indenture Trustee an
Opinion of Counsel either (A) stating that, in the opinion of such counsel, all
financing statements and continuation statements and amendments thereto have
been authorized and filed that are necessary fully to preserve and protect the
interest of the Owner Trustee and the Indenture Trustee, respectively, in the
Receivables and reciting the details of such filings or (B) stating that, in the
opinion of such counsel, no such action shall be necessary to preserve and
protect such interests.  Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and compliance
with clauses (w), (x), (y) and (z) above shall be conditions to the consummation
of the transactions referred to in clause (a) or (b) above.

     

    
      
         

      

      
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    SECTION
7.04.   Limitation
on Liability of Servicer and Others.  Neither the Servicer nor
any of the directors or officers or employees or agents of the Servicer shall be
under any liability to the Issuing Entity, the Noteholders or the
Certificateholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this Agreement
or for errors in judgment; provided,
however,
that this provision shall not protect the Servicer or any such person against
any liability that would otherwise be imposed by reason of willful misfeasance,
bad faith or negligence in the performance of duties or by reason of reckless
disregard of obligations and duties under this Agreement.  The
Servicer and any director or officer or employee or agent of the Servicer as the
case may be, may rely in good faith on any document of any kind prima facie
properly executed and submitted by any person respecting any matters arising
under this Agreement.

     

    Except as
provided in this Agreement, the Servicer shall not be under any obligation to
appear in, prosecute or defend any legal action that shall not be incidental to
its duties to service the Receivables in accordance with this Agreement, and
that in its opinion may involve it in any expense or liability; provided,
however,
that the Servicer may undertake any reasonable action that it may deem necessary
or desirable in respect of this Agreement and the other Basic Documents and the
rights and duties of the parties to this Agreement and the other Basic Documents
and the interests of the Certificateholders under this Agreement and the
Noteholders under the Indenture.

     

    SECTION
7.05.   CFSC
Not To Resign as Servicer.  Subject to the provisions of Section
7.03, CFSC shall not resign from the obligations and duties hereby
imposed on it as Servicer under this Agreement except upon determination that
the performance of its duties under this Agreement shall no longer be
permissible under applicable law (if it is also determined that such
determination may not be reversed).  Notice of any such determination
permitting the resignation of CFSC shall be communicated to the Owner Trustee
and the Indenture Trustee at the earliest practicable time (and, if such
communication is not in writing, shall be confirmed in writing at the earliest
practicable time) and any such determination shall be evidenced by an Opinion of
Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee
concurrently with or promptly after such notice.  No such resignation
shall become effective until the Indenture Trustee or a successor Servicer shall
have assumed the responsibilities and obligations of CFSC in accordance with
Section
8.02.

     

     

     

    ARTICLE
VIII

     

    DEFAULT

     

    SECTION
8.01.   Servicer
Default.  If any one of the following events (each, a "Servicer
Default") shall occur and be continuing:

     

    (a) 
any
failure by the Servicer (i) to deliver to the Indenture Trustee for deposit in
any of the Trust Accounts or the Certificate Distribution Account any required
payment or (ii) to direct the Indenture Trustee to make any required
distribution therefrom that shall continue unremedied for a period of three
Business Days after written notice of such failure is received by the Servicer
from the Owner Trustee or the Indenture Trustee or after discovery of such
failure by an officer of the Servicer;

     

    
      
         

      

      
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    (b) 
failure
on the part of the Servicer to duly observe or to perform in any material
respect any other covenants or agreements of the Servicer set forth in this
Agreement or any other Basic Document, which failure shall (i) materially and
adversely affect the rights of the Certificateholders or Noteholders and (ii)
continues unremedied for a period of 60 days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given
(A) to the Servicer by the Owner Trustee or the Indenture Trustee or (B) to the
Servicer and to the Owner Trustee and the Indenture Trustee by the Holders of
Notes evidencing not less than 25% of the Outstanding Principal Amount of the
Notes or by holders of Certificates evidencing not less than 25% of the
Certificate Balance; or

     

    (c) 
an
Insolvency Event occurs with respect to the Servicer;

     

    then, and
in each and every case, so long as the Servicer Default shall not have been
remedied, either the Indenture Trustee, or the Holders of Notes evidencing not
less than 25% of the Outstanding Principal Amount of the Notes, or if no Notes
are Outstanding, either the Owner Trustee or the holders of Certificates
evidencing not less than 25% of the Certificate Balance, by notice then given in
writing to the Servicer (and to the Indenture Trustee and the Owner Trustee if
given by the Noteholders) may terminate all the rights and obligations (other
than the obligations set forth in Section
7.02 hereof that accrued prior to such termination) of the Servicer under
this Agreement.  On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Notes, the Certificates or the Receivables or
otherwise, shall, without further action, pass to and be vested in the Indenture
Trustee or such successor Servicer as may be appointed under Section
8.02; and, without limitation, the Indenture Trustee and the Owner
Trustee are hereby authorized and empowered to execute and deliver, on behalf of
the predecessor Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the Receivables
and related documents, or otherwise.  The predecessor Servicer shall
cooperate with the successor Servicer, the Indenture Trustee and the Owner
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
successor Servicer for administration by it of all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, or shall thereafter be
received by it with respect to a Receivable.  All reasonable costs and
expenses (including reasonable attorneys' fees) incurred in connection (x) with
transferring the computer or other records to the successor Servicer in the form
requested and (y) amending this Agreement to reflect such succession as Servicer
pursuant to this Section shall be paid by the predecessor Servicer upon
presentation of reasonable documentation of such costs and
expenses.  Upon receipt of notice of the occurrence of a Servicer
Default, the Owner Trustee shall give notice thereof to the Rating
Agencies.

     

    SECTION
8.02.   Appointment
of Successor Servicer.  

     

    (a) 
Upon the
Servicer's receipt of notice of termination, pursuant to Section
8.01 or the Servicer's resignation in accordance with the terms of this
Agreement, the predecessor Servicer shall continue to perform its functions as
Servicer under this Agreement, in the case of termination, only until the date
specified in such termination notice or, if no such date is specified in a
notice of termination, until receipt of such notice and, in the case of
resignation, until the earlier of (x) the date 45 days from the delivery to the
Owner Trustee and the Indenture Trustee of written notice of such resignation
(or written confirmation of such notice) in accordance with the terms of this
Agreement and (y) the date upon which the predecessor Servicer shall become
unable to act as Servicer, as specified in the notice of resignation and
accompanying Opinion of Counsel.  In the event of the Servicer's
termination hereunder, the Indenture Trustee shall appoint a successor Servicer,
and the successor Servicer shall accept its appointment by a written assumption
in form acceptable to the Owner Trustee and the Indenture Trustee.  In
the event that a successor Servicer has not been appointed at the time when the
predecessor Servicer has ceased to act as Servicer in accordance with this
Section, pending the appointment of and acceptance by a successor Servicer, the
Indenture Trustee without further action shall automatically be appointed and
serve as the successor Servicer and the Indenture Trustee shall be entitled to
the Servicing Fee and the Additional Servicing
Compensation.  Notwithstanding the above, the Indenture Trustee shall,
if it shall be legally unable so to act, appoint or petition a court of
competent jurisdiction to appoint, any established institution who has
demonstrated its capability to service the Receivables to the satisfaction of
the Indenture Trustee, as the successor to the Servicer under this Agreement,
having a net worth of not less than $50,000,000 and whose regular business shall
include the servicing of receivables comparable with the Receivables, as the
successor to the Servicer under this Agreement.

     

    
      
         

      

      
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    The
Indenture Trustee, acting in its capacity as successor Servicer, and any
successor Servicer appointed by it, shall have no responsibility or obligation
(i) for any breach by any predecessor Servicer of any of its representations and
warranties, or (ii) any acts or omissions of CFSC or any other Servicer prior to
its termination.

     

    (b) 
Upon
appointment, the successor Servicer (including the Indenture Trustee acting as
successor servicer) shall be the successor in all respects to the predecessor
Servicer and shall be subject to all the responsibilities, duties and
liabilities arising thereafter relating thereto placed on the predecessor
Servicer and shall be entitled to the Servicing Fee and the Additional Servicing
Compensation and all the rights granted to the predecessor Servicer by the terms
and provisions of this Agreement.

     

    (c) 
Subject
to the Indenture Trustee's right to appoint a successor Servicer pursuant to
Section
8.02(a) after the Indenture Trustee has become the Servicer pending the
appointment of and acceptance by a successor Servicer, the Servicer may not
resign unless it is prohibited from serving as such by law.

     

    (d) 
Notwithstanding
any other provision of this Agreement, neither the Indenture Trustee nor any
successor Servicer shall be deemed in default, breach or violation of this
Agreement as a result of the failure of CFSC or any Servicer (i) to cooperate
with the Indenture Trustee or any successor Servicer pursuant to Section
8.01, (ii) to deliver funds required to be deposited to any Trust Account
or (iii) to deliver files or records relative to the Receivables as may be
requested by the Indenture Trustee or successor Servicer.

     

    SECTION
8.03.   Notification
to Noteholders and Certificateholders.  Upon any termination
of, or appointment of a successor to, the Servicer pursuant to this Article
VIII, the Owner Trustee shall give prompt written notice thereof to the
Certificateholders and the Indenture Trustee shall give prompt written notice
thereof to Noteholders and the Rating Agencies.

     

    
      
         

      

      
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    SECTION
8.04.   Waiver
of Past Defaults.  The Holders of Notes evidencing more than a
50% of the Outstanding Principal Amount of the Notes or, if no Notes are
Outstanding, the holders of Certificates evidencing more than 50% of the
Certificate Balance, may, on behalf of all Noteholders and the
Certificateholders, waive in writing any default by the Servicer in the
performance of its obligations hereunder and its consequences, except a default
in making any required deposits to or payments from any of the Trust Accounts in
accordance with this Agreement.  Upon any such waiver of a past
default, such default shall cease to exist, and any Servicer Default arising
therefrom shall be deemed to have been remedied for every purpose of this
Agreement.  No such waiver shall extend to any subsequent or other
default or impair any right consequent thereto.

     

    ARTICLE
IX

     

    TERMINATION

     

    SECTION
9.01.   Optional
Purchase of All Receivables; Trust Termination. 

     

    (a)    
If on the
last day of any Collection Period the Note Value is 10% or less of the Initial
Note Value the Servicer shall have the option to purchase the Owner Trust
Estate, other than the Trust Accounts, which purchase shall be effective as of
such last day by depositing in the Collection Account on or prior to the second
Business Day prior to the next succeeding Distribution Date an amount equal to
the aggregate Purchase Amount for the Receivables (including defaulted
Receivables but not including Liquidated Receivables) pursuant to Section 5.04;
provided,
however,
that the aggregate Purchase Amount for the Receivables, after payment of all
amounts due pursuant to Section
5.05(b)(i) on such next succeeding Distribution Date, is an amount at
least equal to the aggregate Redemption Price for the Class A-3 Notes; and
provided further that the Servicer shall not purchase the Owner Trust Estate if
the aggregate Purchase Amount exceeds the fair market value of the Owner Trust
Estate as determined by the Servicer in good faith.

     

    (b)    
Notice of
any termination of the Issuing Entity shall be given by the Servicer to the
Owner Trustee and the Indenture Trustee as soon as practicable after the
Servicer has received notice thereof.

     

    (c)    
Following
the satisfaction and discharge of the Indenture and the payment in full of the
principal of and interest on the Notes, the Certificateholders will succeed to
the rights of the Noteholders hereunder (other than the right to receive
payments under Section 5.06(b)),
and the Owner Trustee will succeed to the rights of, and assume the obligations
of, the Indenture Trustee pursuant to this Agreement.

     

    
      
         

      

      
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    ARTICLE
X

     

    MISCELLANEOUS
PROVISIONS

     

    SECTION
10.01.   Amendment.  The
Agreement may be amended by the Depositor, the Servicer and the Issuing Entity,
with the consent of the Indenture Trustee, but without the consent of any of the
Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions in
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided,
however,
that such amendment shall not, as evidenced by an Opinion of Counsel delivered
to the Owner Trustee and the Indenture Trustee, adversely affect in any material
respect the interests of any Noteholders or the Certificateholders or the
federal tax characterization of the Notes.

     

    This
Agreement may also be amended from time to time by the Depositor, the Servicer
and the Issuing Entity, with the consent of the Indenture Trustee, the consent
of the Holders of Notes evidencing at least a majority of the Outstanding
Principal Amount of the Notes and the consent of Certificateholders evidencing
more than 50% of the Certificate Balance, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders; provided,
however,
that no such amendment shall (a) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders or (b) reduce the aforesaid percentage of the Outstanding Principal
Amount of the Notes, the holders of which are required to consent to any such
amendment, without the consent of the Holders of all the Outstanding
Notes.

     

    Prior to
the execution of any such amendment or consent, the Servicer shall furnish
written notification of the substance of such amendment or consent to each of
the Rating Agencies.  Promptly after the execution of any such
amendment or consent without the consent of the Certificateholders, the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent to the Certificateholders.

     

    It shall
not be necessary for the consent of the Certificateholders or the Noteholders
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof.

     

    Prior to
the execution of any amendment to this Agreement, the Owner Trustee and the
Indenture Trustee shall be entitled to receive and rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and the Opinion of Counsel referred to in Section
10.02(i)(1).  The Owner Trustee and the Indenture Trustee may,
but shall not be obligated to, enter into any such amendment which affects the
Owner Trustee's or the Indenture Trustee's, as applicable, own rights, duties or
immunities under this Agreement or otherwise.

     

    
      
         

      

      
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    Notwithstanding
the foregoing, no amendment to this Agreement shall materially and adversely
affect the rights or obligations of the Swap Counterparty under this Agreement
unless the Swap Counterparty shall have consented in writing to such amendment
(and such consent shall be deemed to have been given if the Swap Counterparty
does not object in writing within ten (10) Business Days after receipt of a
written request for such consent).

     

    SECTION
10.02.   Protection
of Title to Trust.  

     

    (a) 
The
Depositor shall take all actions necessary to perfect, and maintain perfection
of, the interests of the Issuing Entity and the Indenture Trustee in the
Receivables.  In the event it is determined that the Indenture
Trustee's or the Issuing Entity's interests are no longer perfected, such
actions shall include but shall not be limited to the enforcement of Section
3.04 of this Agreement and of Section
6.02 of the Purchase Agreement.  In addition, without limiting
the rights of the Indenture Trustee or the Issuing Entity specified in the
immediately preceding sentence, the Depositor shall authorize and file such
financing statements and cause to be authorized and filed such continuation
statements, all in such manner and in such places as may be required by law
fully to perfect, maintain, and protect the interest of the Issuing Entity and
the interest of the Indenture Trustee in the Receivables and in the proceeds
thereof.  The Depositor shall deliver (or cause to be delivered) to
the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing
receipts for, any document filed as provided above, as soon as available
following such filing.

     

    (b) 
Neither
the Depositor nor the Servicer shall change its name or type or jurisdiction of
organization unless it shall have given the Owner Trustee and the Indenture
Trustee at least 30 days' prior written notice thereof and, if applicable, shall
have timely filed appropriate amendments to any and all previously filed
financing statements or continuation statements (so that the security interest
of the Issuing Entity or the Indenture Trustee in the Receivables is not
adversely affected).

     

    (c) 
The
Servicer shall at all times maintain each office from which it shall service
Receivables, and its principal executive office, within the United States of
America.

     

    (d) 
The
Servicer shall maintain accounts and records as to each Receivable accurately
and in sufficient detail to permit (i) the reader thereof to know at any time
the status of such Receivable, including payments and Recoveries made and
payments owing (and the nature of each) and (ii) reconciliation between payments
or Recoveries on (or with respect to) each Receivable and the amounts from time
to time deposited in the Collection Account in respect of such
Receivable.

     

    (e) 
The
Servicer shall maintain its computer systems so that, from and after the time of
sale under this Agreement of the Receivables, the Servicer's master computer
records (including any backup archives) that refer to a Receivable shall
indicate clearly the interest of the Issuing Entity (which interest has been
acquired from the Depositor) and the Indenture Trustee in such Receivable and
that such Receivable is owned by the Issuing Entity and a security interest
therein has been granted to the Indenture Trustee.  Indication of the
Issuing Entity's interest (which interest has been acquired from the Depositor)
and the Indenture Trustee's interest in a Receivable shall be deleted from or
modified on the Servicer's computer systems when, and only when, the related
Receivable shall have been paid in full or repurchased.

     

    
      
         

      

      
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    (f) 
If at any
time the Depositor or the Servicer shall propose to sell, grant a security
interest in, or otherwise transfer any interest in receivables comparable with
the Receivables, to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable,
shall indicate clearly that such Receivable has been sold and is owned by the
Issuing Entity and a security interest therein has been granted to the Indenture
Trustee.

     

    (g) 
The
Servicer shall permit the Indenture Trustee and its agents at any time during
normal business hours to inspect, audit and make copies of and abstracts from
the Servicer's records regarding any Receivable.

     

    (h) 
Upon
request, the Servicer shall furnish to the Owner Trustee or to the Indenture
Trustee, within five Business Days, a list of all Receivables (by contract
number and name of Obligor) then held as part of the Collateral, together with a
reconciliation of such list to the Schedule of Receivables and to each of the
Servicer Reports furnished before such request indicating removal of Receivables
from the Collateral.

     

    (i) 
The
Depositor shall deliver to the Owner Trustee and the Indenture
Trustee:

     

    (1)
 promptly
after the execution and delivery of this Agreement and of each amendment
thereto, an Opinion of Counsel either (A) stating that, in the opinion of such
counsel, all actions have been taken that are necessary fully to perfect the
interests of the Issuing Entity and the Indenture Trustee in the Receivables,
and reciting the details of such action or referring to prior Opinions of
Counsel in which such details are given, or (B) stating that, in the opinion of
such counsel, no such action shall be necessary to perfect such interest;
and

     

    (2)
 within
120 days after the beginning of each calendar year beginning with the first
calendar year beginning more than three months after the Cut-off Date, an
Opinion of Counsel, dated as of a date during such 120-day period, either (A)
stating that, in the opinion of such counsel, all actions have been taken, and,
if applicable, all financing statements and continuation statements have been
authorized and filed, that are necessary fully to perfect the interests of the
Issuing Entity and the Indenture Trustee in the Receivables and reciting the
details of such filings or referring to prior Opinions of Counsel in which such
details are given, or (B) stating that, in the opinion of such counsel, no such
action shall be necessary to perfect such interest.

     

    Each
Opinion of Counsel referred to in clause (1) or (2) above shall specify any
action necessary (as of the date of such opinion) to be taken in the following
year to perfect such interest.

     

    
      
         

      

      
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    (j) 
The
Depositor shall, to the extent required by applicable law, cause the Notes to be
registered with the Commission pursuant to Section 12(b) or Section 12(g) of the
Exchange Act within the time periods specified in such
sections.

     

    SECTION
10.03.   Notices.  All
demands, notices and communications upon or to the Depositor, the Servicer, the
Issuing Entity, the Owner Trustee, the Indenture Trustee or the Rating Agencies
under this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, and shall be deemed to have been duly
given upon receipt (a) in the case of the Depositor, to Caterpillar Financial
Funding Corporation, 4040 S. Eastern Avenue, Suite 344, Las Vegas, Nevada 89119,
(702-735-2514), (b) in the case of the Servicer, to Caterpillar Financial
Services Corporation, 2120 West End Avenue, Nashville, TN  37203-0001
(615-341-1000), (c) in the case of the Issuing Entity or the Owner Trustee, at
the "Corporate Trust Office" (as defined in the Trust Agreement), with a copy to
the Administrator, to 2120 West End Avenue, Nashville, Tennessee 37203-0001
(615-341-1000), (d) in the case of the Indenture Trustee, at the Corporate Trust
Office, (e) in the case of Moody's, to Moody's Investors Service, Inc., ABS/RMBS
Monitoring Department, 25th Floor, 7 World Trade Center, 250 Greenwich Street,
New York, NY 10007 and (f) in the case of Standard & Poor's, to 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.

     

    SECTION
10.04.   Assignment.  Notwithstanding
anything to the contrary contained herein, except as provided in Sections
6.03 and 7.03
and as provided in the provisions of this Agreement concerning the resignation
of the Servicer, this Agreement may not be assigned by the Depositor or the
Servicer.

     

    SECTION
10.05.   Limitations
on Rights of Others.  The provisions of this Agreement are
solely for the benefit of the Depositor, the Servicer, the Issuing Entity, the
Owner Trustee, the Certificateholders, the Indenture Trustee and the
Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

     

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

     

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

     

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

     

    
      
         

      

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

     

    SECTION
10.10.   Assignment
to Indenture Trustee.  The Depositor hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest by
the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders of all right, title and interest of the Issuing
Entity in, to and under the Receivables and the other property constituting the
Owner Trust Estate or the assignment of any or all of the Issuing Entity's
rights and obligations hereunder to the Indenture Trustee.

     

    SECTION
10.11.   Nonpetition
Covenants.  

     

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

     

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

     

    SECTION
10.12.   Limitation
of Liability of Owner Trustee and Indenture
Trustee.  

     

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

     

    
      
         

      

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

     

     

     

    [Signature
Page Follows]

    
      
         

      

      
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    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective officers 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 on behalf of the Issuing
  Entity,

            

    

     

           
By: /s/ Kristine K.
Gullo                                                                                     

           
Name: Kristine K. Gullo

            Title:    Vice
President

    

    

    CATERPILLAR
FINANCIAL FUNDING

      CORPORATION,
as Depositor,

     

            By:
/s/ David A.
Kacynski                                                                                     

    Name: David A.
Kacynski

    Title:    Treasurer

    

    

    CATERPILLAR
FINANCIAL SERVICES

      CORPORATION,
as Servicer

    

           
By: /s/ James A.
Duensing                                                                                     

            Name:
James A. Duensing

     Title:   Executive
Vice President and Chief Financial Officer

    

    Acknowledged
and Accepted:

    U.S.
BANK NATIONAL ASSOCIATION,

      not
in its individual capacity but only as

      Indenture
Trustee and

      Securities
Intermediary

    

    

    

    By: /s/ Melissa A.
Rosal                                                                

    Name:  Melissa A.
Rosal

    Title:     Vice
President

    

    Acknowledged
and Accepted:

    BNYM
(DELAWARE),

      not
in its individual capacity but solely

      as
Owner Trustee of the Issuing Entity,

     

    By: /s/ Kristine K.
Gullo                                                                

    Name: Kristine K.
Gullo

    Title:    Vice
President

    

    

    

    

    

    
      
        
           Sale
and Servicing Agreement

        

         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
A

     

    SCHEDULE OF
RECEIVABLES

     

    

    

     

    
      
        
        

         

      

      
        A-1 

        
          

        

      

      
         

      

    

    SCHEDULE
B

     

    LOCATION OF RECEIVABLE
FILES

     

    4040
S. Eastern Ave Suite 342

    Las
Vegas Nevada  89119

    

     

    

     

    

    
      
        
        

         

      

      
        B-1 

        
          

        

      

      
         

      

    

    SCHEDULE
C

     

    SERVICER
REPORT

     

    The
undersigned hereby certify that (i) they are, respectively, a duly elected
[title] and [title] of Caterpillar Financial Services Corporation and (ii) this
Servicer Report complies with the requirements of, and is being delivered
pursuant to, Section 4.09 and Section 5.07 of the Sale and Servicing Agreement
(the "Sale and Servicing Agreement") dated as of April 1, 2008 between
Caterpillar Financial Asset Trust 2008-A, Caterpillar Financial Funding
Corporation and Caterpillar Financial Services Corporation.

     

    Dated:  _____________________________              _________________________________________                                                

    Name:

    Title

     

     

                                                                                                                   
_______________________________________________

    Name:

    Title:

    

     

    
      
        
        

         

      

      
        C-1 

        
          

        

      

      
         

      

    

    
      	
              Caterpillar Financial Asset Trust
      2008-A

            	 
      	 
      
	
              SERVICER
      REPORT

            	 
      	 
      
	 
      	 
      	 
      
	
              Record
      Date

            	 
      	 
      
	
              Distribution
      Date

            	 
      	 
      
	
              Transaction
      Month

            	
              1

            	 
      
	 
      	 
      	 
      
	
              Collection
      Period Month Begin

            	 
      	 
      
	
              Collection
      Period Month End

            	 
      	 
      
	
              Previous
      Payment Date (or Closing Date)

            	 
      	 
      
	
              Actual
      Days in Accrual Period

            	
              ___

            	 
      
	 
      	 
      	 
      
	
              ORIGINAL
      DEAL PARAMETERS

            	 
      	 
      
	
              Initial
      Note Value

            	 
      	 
      
	
              Initial
      Aggregate Contract Balance

            	 
      	 
      
	
              Number
      of Contracts

            	 
      	 
      
	
              Weighted
      Average Annual Percentage Rate

            	 
      	 
      
	
              Weighted
      Average Remaining Term

            	 
      	 
      
	
              Annual
      Servicing Fee Rate

            	 
      	 
      
	
              Reserve
      Account Initial Deposit

            	 
      	 
      
	
              Specified
      Reserve Account Balance

            	 
      	 
      
	
              Class
      A-1 Note Original Principal Balance

            	 
      	 
      
	
              Class
      A-1 Note Rate

            	 
      	 
      
	
              Class
      A-1 Note Final Scheduled Distribution Date

            	 
      	 
      
	
              Class
      A-1 CUSIP Number

            	 
      	 
      
	
              Class
      A-2a Note Original Principal Balance

            	 
      	 
      
	
              Class
      A-2b Note Original Principal Balance

            	 
      	 
      
	
              Class
      A-2a Note Rate

            	 
      	 
      
	
              Class
      A-2b Note Rate

            	 
      	 
      
	
              Class
      A-2 Note Final Scheduled Distribution Date

            	 
      	 
      
	
              Class
      A-2a CUSIP Number

            	 
      	 
      
	
              Class
      A-2b CUSIP Number

            	 
      	 
      
	
              Class
      A-3 Note Original Principal Balance

            	 
      	 
      
	
              Class
      A-3 Note Rate

            	 
      	 
      
	
              Class
      A-3 Note Final Scheduled Distribution Date

            	 
      	 
      
	
              Class
      A-3 CUSIP Number

            	 
      	 
      
	
              Certificate
      Balance

            	 
      	 
      
	 
      	 
      	 
      
	
              INPUTS
      FROM PREVIOUS PERIOD SERVICER REPORT

            	 
      	 
      
	
              Note
      Value

            	 
      	 
      
	
              Aggregate
      Contract Balance

            	 
      	 
      
	
              Number
      of Contracts

            	 
      	 
      
	
              Weighted
      Average Annual Percentage Rate

            	 
      	 
      
	
              Weighted
      Average Remaining Term

            	 
      	 
      
	
              Reserve
      Account Balance

            	 
      	 
      
	
              Class
      A-1 Note Outstanding Principal Balance

            	 
      	 
      
	
              Class
      A-1 Note Interest Shortfall

            	 
      	 
      
	
              Class
      A-2a Note Outstanding Principal Balance

            	 
      	 
      
	
              Class
      A-2a Note Interest Shortfall

            	 
      	 
      
	
              Class
      A-2b Note Outstanding Principal Balance

            	 
      	 
      
	
              Class
      A-2b Note Interest Shortfall

            	 
      	 
      
	
              Class
      A-3 Note Outstanding Principal Balance

            	 
      	 
      
	
              Class
      A-3 Note Interest Shortfall

            	 
      	 
      
	
              Servicing
      Fee Shortfall

            	 
      	 
      
	 
      	 
      	 
      
	
              CURRENT
      COLLECTION PERIOD ACTIVITY

            	 
      	 
      
	
              Total
      Interest Collections

            	 
      	 
      
	
              Total
      Principal Collections

            	 
      	 
      
	
              Residual
      Collections

            	 
      	 
      
	
              Warranty
      Repurchases Contracts

            	 
      	 
      
	
              Administrative
      Repurchases

            	 
      	 
      
	
              Liquidation
      Proceeds

            	 
      	 
      
	
              Reserve
      Account Reinvestment Income

            	 
      	 
      
	
              Total
      Available Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Beginning
      Note Value

            	 
      	 
      
	
              Ending
      Note Value

            	 
      	 
      
	
              Beginning
      Aggregate Contract Balance

            	 
      	 
      
	
              Ending
      Aggregate Contract Balance

            	 
      	 
      
	
              Number
      of Contracts at Beginning of Period

            	 
      	 
      
	
              Number
      of Contracts at End of Period

            	 
      	 
      
	
              Weighted
      Average Annual Percentage Rate

            	 
      	 
      
	
              Weighted
      Average Remaining Term

            	 
      	 
      
	
              Cumulative
      Prepayment Rate

            	 
      	 
      
	
              Aggregate
      Scheduled Amounts 31-60 days past due

            	 
      	 
      
	
              Aggregate
      Scheduled Amounts 61-90 days past due

            	 
      	 
      
	
              Aggregate
      Scheduled Amounts 91-120 days past due

            	 
      	 
      
	
              Aggregate
      Scheduled Amounts 121 days or more past due

            	 
      	 
      
	
              Net
      Losses on Liquidated Receivables this Period

            	 
      	 
      
	
              Repossessed
      Equipment not Sold or Reassigned (Beginning)

            	 
      	 
      
	
              Repossessed
      Equipment not Sold or Reassigned (End)

            	 
      	 
      
	 
      	 
      	 
      
	
              CALCULATION
      OF DISTRIBUTABLE AMOUNTS

            	 
      	 
      
	
              Servicing
      Fee Due

            	 
      	 
      
	
              Is
      CFSC or Affiliate Servicer (Yes / No)?

            	 
      	 
      
	
              Has
      Reserve Account Reached the Specified Reserve Account Balance (Yes /
      No)?

            	 
      	 
      
	 
      	 
      	 
      
	
              Administration
      Fee

            	 
      	 
      
	
              Amount
      of Net Swap Payment or Net Swap Receipt, if any,

            	 
      	 
      
	
              Amount
      of Senior Swap Termination Payment paid by Issuing Entity

            	 
      	 
      
	
              Amount
      of Subordinated Swap Termination Payment paid by Issuing
      Entity

            	 
      	 
      
	
              Class
      A-1 Noteholders' Monthly Interest Distributable Amount

            	 
      	 
      
	
              Class
      A-1 Noteholders' Interest Carryover Shortfall

            	 
      	 
      
	
              Class
      A-1 Noteholders' Interest Distributable Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Class
      A-2a Noteholders' Monthly Interest Distributable Amount

            	 
      	 
      
	
              Class
      A-2a Noteholders' Interest Carryover Shortfall

            	 
      	 
      
	
              Class
      A-2a Noteholders' Interest Distributable Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Class
      A-2b Noteholders' Monthly Interest Distributable Amount

            	 
      	 
      
	
              Class
      A-2b Noteholders' Interest Carryover Shortfall

            	 
      	 
      
	
              Class
      A-2b Noteholders' Interest Distributable Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Class
      A-3 Noteholders' Monthly Interest Distributable Amount

            	 
      	 
      
	
              Class
      A-3 Noteholders' Interest Carryover Shortfall

            	 
      	 
      
	
              Class
      A-3 Noteholders' Interest Distributable Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Noteholders'
      Monthly Interest Distributable Amount

            	 
      	 
      
	
              Noteholders'
      Interest Carryover Shortfall

            	 
      	 
      
	
              Noteholders'
      Interest Distributable Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              First
      Priority Principal Distribution Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Regular
      Principal Distribution Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Net
      Excess Spread Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Total
      Required Payment

            	 
      	 
      
	 
      	 
      	 
      
	
              Draw
      from Reserve Account

            	 
      	 
      
	 
      	 
      	 
      
	
              Total
      Distribution Amount

            	 
      	 
      
	 
      	 
      	 
      
	
              Excess
      Cash flow deposited to Certificate Distribution Account

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              DISTRIBUTIONS
      FROM COLLECTION ACCOUNT

            	 
      	 
      
	
              1.   Servicing
      Fee

            	 
      	 
      
	
              2.   Administration
      Fee

            	 
      	 
      
	
              3.   Net
      Swap Payment, if any

            	 
      	 
      
	
              4.   Pro
      Rata (a) Noteholders' Interest Distributable Amount to Noteholders and (b)
      Senior Swap Termination Payment to Swap Counterparty

            	 
      	 
      
	
              5.   First
      Priority Principal Distribution Amount to Principal Distribution
      Account

            	 
      	 
      
	
              6.   Deposit
      to Reserve Account

            	 
      	 
      
	
              7.   Regular
      Principal Distribution Amount to Principal Distribution
      Account

            	 
      	 
      
	
              8.  Pro
      rata, (a) Indenture Trustee Fees and (b) State taxes

            	 
      	 
      
	
              9.  Subordinated
      Swap Termination Payment, if any

            	 
      	 
      
	
              10.  Deposit
      to Certificate Distribution Account

            	 
      	 
      
	 
      	 
      	 
      
	
              DISTRIBUTIONS
      FROM PRINCIPAL DISTRIBUTION ACCOUNT

            	 
      	 
      
	
              1.   Principal
      to Class A-1 Noteholders

            	 
      	 
      
	
              2.   Principal
      to Class A-2 Noteholders

            	 
      	 
      
	
              a.   Principal
      to Class A-2a Noteholders

            	 
      	 
      
	
              b.   Principal
      to Class A-2b Noteholders

            	 
      	 
      
	
              3.   Principal
      to Class A-3 Noteholders

            	 
      	 
      
	
              4.   Deposit
      to Certificate Distribution Account

            	 
      	 
      
	 
      	 
      	 
      
	
              RECONCILIATION
      OF RESERVE ACCOUNT

            	 
      	 
      
	
              Beginning
      Reserve Account Balance

            	 
      	 
      
	
              Draw
      from Reserve Account to cover shortfalls

            	 
      	 
      
	
              Interim
      Specified Reserve Account Balance

            	 
      	 
      
	
              Deposit
      to Reserve Account Needed

            	 
      	 
      
	
              Deposit
      to Reserve Account from Collection Account

            	 
      	 
      
	
              Specified
      Reserve Account Balance

            	 
      	 
      
	
              Reserve
      Account Release deposited into Certificate Distribution
      Account

            	 
      	 
      
	
              Ending
      Reserve Account Balance

            	 
      	 
      
	 
      	 
      	 
      
	
              SUMMARY
      OF DISTRIBUTIONS

            	 
      	 
      
	
              Servicing
      Fee Paid to Servicer

            	 
      	 
      
	
              Servicing
      Fee Shortfall

            	 
      	 
      
	
              Administration
      Fee

            	 
      	 
      
	
              Net
      Swap Payment, if any

            	 
      	 
      
	
              Senior
      Swap Termination Payment, if any

            	 
      	 
      
	
              Class
      A-1 Interest Paid

            	 
      	 
      
	
              Class
      A-1 Interest Shortfall

            	 
      	 
      
	
              Class
      A-1 Principal Paid

            	 
      	 
      
	
              Ending
      Class A-1 Principal Balance

            	 
      	 
      
	 
      	 
      	 
      
	
              Class
      A-2a Interest Paid

            	 
      	 
      
	
              Class
      A-2a Interest Shortfall

            	 
      	 
      
	
              Class
      A-2a Principal Paid

            	 
      	 
      
	
              Ending
      Class A-2a Principal Balance

            	 
      	 
      
	 
      	 
      	 
      
	
              Class
      A-2b Interest Paid

            	 
      	 
      
	
              Class
      A-2b Interest Shortfall

            	 
      	 
      
	
              Class
      A-2b Principal Paid

            	 
      	 
      
	
              Ending
      Class A-2b Principal Balance

            	 
      	 
      
	 
      	 
      	 
      
	
              Class
      A-3 Interest Paid

            	 
      	 
      
	
              Class
      A-3 Interest Shortfall

            	 
      	 
      
	
              Class
      A-3 Principal Paid

            	 
      	 
      
	
              Ending
      Class A-3 Principal Balance

            	 
      	 
      
	 
      	 
      	 
      
	
              Subordinated
      Swap Termination Payment, if any

            	 
      	 
      
	 
      	 
      	 
      
	
              Deposit
      to Certificate Distribution Account

            	 
      	 
      
	 
      	 
      	 
      
	
              CERTIFICATEHOLDER
      INFORMATION

            	 
      	 
      
	 
      	 
      	 
      
	
              ORIGINAL
      DEAL PARAMETERS

              Certificate
      Balance

               

              INPUTS
      FROM PREVIOUS PERIOD STATEMENT TO CERTIFICATEHOLDER

              Certificate
      Balance

              Certificate
      Pool Factor

            	 
      	 
      
	 
      	 
      	 
      
	
              CALCULATION
      OF DISTRIBUTABLE AMOUNTS

            	 
      	 
      
	
              Deposit
      to Certificate Distribution Account from Collection Account
      plus

            	 
      	 
      
	
              Deposit
      to Certificate Distribution Account from Principal Distribution
      Account

            	 
      	 
      
	
              Deposit
      to Certificate Distribution Account from Reserve Account

            	 
      	 
      
	
              Total
      Deposit to Certificate Distribution Account

            	 
      	 
      
	 
      	 
      	 
      
	
              DISTRIBUTIONS
      FROM CERTIFICATE DISTRIBUTION ACCOUNT

            	 
      	 
      
	
              1.  Amounts
      paid to Certificateholders

            	 
      	 
      
	
              2.  Amount
      of Principal being paid on Certificate

            	 
      	 
      
	
                   per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
              SUMMARY
      OF DISTRIBUTIONS

            	 
      	 
      
	
              Certificates
      Principal Paid

            	 
      	 
      
	
              Ending
      Certificates Principal Balance

            	 
      	 
      
	
              Certificate
      Pool Factor

            	 
      	 
      
	 
      	 
      	 
      
	
              Remaining
      amounts to the Certificateholder

            	 
      	 
      
	 
      	 
      	 
      
	
              NOTEHOLDER
      INFORMATION

            	 
      	 
      
	 
      	 
      	 
      
	
              (i)
      Amount of principal being paid on Notes

            	 
      	 
      
	 
      	 
      	 
      
	
                  (a)
      Class A-1 Notes (CUSIP No. 14911T AA3)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (b)
      Class A-2a Notes (CUSIP No. 14911T AB1)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (c)
      Class A-2b Notes (CUSIP No. 14911T AE5)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (d)
      Class A-3 Notes (CUSIP No. 14911T AC9)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (e)
      Total

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              (ii) Amount of interest
      being paid on Notes

            	 
      	 
      
	 
      	 
      	 
      
	
                  (a)
      Class A-1 Notes (CUSIP No. 14911T AA3)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (b)
      Class A-2a Notes (CUSIP No. 14911T AB1)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (c)
      Class A-2b Notes (CUSIP No. 14911T
      AE5)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (d)
      Class A-3 Notes (CUSIP No. 14911T AC9)

            	 
      	 
      
	
                        per
      $1,000 original principal balance

            	 
      	 
      
	 
      	 
      	 
      
	
                  (e)
      Total

            	 
      	 
      
	 
      	 
      	 
      
	
              (iii)
      (a) Aggregate Contract Balance at beginning of related collection
      period

            	 
      	 
      
	
                     (b)
      Aggregate Contract Balance at end of related collection
    period

            	 
      	 
      
	
                     (c)
      Note Value at beginning of related collection period

            	 
      	 
      
	
                     (d)
      Note Value at end of related collection period

            	 
      	 
      
	 
      	 
      	 
      
	
              (iv)
      Before and after giving effect to distributions on this Distribution
      Date

            	 
      	 
      
	 
      	 
      	 
      
	
                    (a)
      (1) outstanding principal amount of Class A-1 Notes

            	 
      	 
      
	
                          (2)
      outstanding principal amount of Class A-1 Notes

            	 
      	 
      
	
                          (3)
      Class A-1 Note Pool Factor

            	 
      	 
      
	
                          (4)
      Class A-1 Note Pool Factor

            	 
      	 
      
	 
      	 
      	 
      
	
                    (b)
      (1) outstanding principal amount of Class A-2 Notes

            	 
      	 
      
	
                          (2)
      outstanding principal amount of Class A-2 Notes

            	 
      	 
      
	
                          (3)
      outstanding principal amount of Class A-2a Notes

            	 
      	 
      
	
                          (4)
      outstanding principal amount of Class A-2a Notes

            	 
      	 
      
	
                          (5)
      Class A-2a Note Pool Factor

            	 
      	 
      
	
                          (6)
      Class A-2a Note Pool Factor

            	 
      	 
      
	
                          (7)
      outstanding principal amount of Class A-2b Notes

            	 
      	 
      
	
                          (8)
      outstanding principal amount of Class A-2b Notes

            	 
      	 
      
	
                          (9)
      Class A-2b Note Pool Factor

            	 
      	 
      
	
                          (10)
      Class A-2b Note Pool Factor

            	 
      	 
      
	 
      	 
      	 
      
	
                    (c)
      (1) outstanding principal amount of Class A-3 Notes

            	 
      	 
      
	
                          (2)
      outstanding principal amount of Class A-3 Notes

            	 
      	 
      
	
                          (3)
      Class A-3 Note Pool Factor

            	 
      	 
      
	
                          (4)
      Class A-3 Note Pool Factor

            	 
      	 
      
	 
      	 
      	 
      
	
              (v)
      Amount of Servicing Fee paid

            	 
      	 
      
	 
      	 
      	 
      
	
              (vi)
      Amount of Administration Fee being paid

            	 
      	 
      
	 
      	 
      	 
      
	
              (vii)
      Amount of Net Swap Payment

            	 
      	 
      
	 
      	 
      	 
      
	
              (viii)
      Amount of Swap Termination Payments paid by the Issuing
    Entity

            	 
      	 
      
	 
      	 
      	 
      
	
              (ix)
      Other expenses being paid

            	 
      	 
      
	 
      	 
      	 
      
	
              (x)  Cumulative
      Prepayment Rate for the related Collection Period

            	 
      	 
      
	 
      	 
      	 
      
	
              (xi)
      Three-Month Rolling Over 60-Day Delinquency Percentage

            	 
      	 
      
	 
      	 
      	 
      
	
              (xii)
      Aggregate Amount of Realized Losses for the related Collection
      Period

            	 
      	 
      
	 
      	 
      	 
      
	
              (xiii)
      Aggregate amount of Cumulative Realized Losses through the related
      Collection period

            	 
      	 
      
	 
      	 
      	 
      
	
              (xiv)
      Aggregate Purchase Amounts for the related Collection
    Period

            	 
      	 
      
	 
      	 
      	 
      
	
              (xv)
      (a) Balance of Reserve Account at beginning of related Collection
      Period

            	 
      	 
      
	
                      (b)
      Balance of Reserve Account at end of related Collection
    Period

            	 
      	 
      
	 
      	 
      	 
      
	
              (xvi)
      Specified Reserve Account Balance at end of related Collection
      Period

            	 
      	 
      

    

    

    
      
        
        

         

      

      
        C-2 

        
          

        

      

      
         

      

    

    SCHEDULE
D

     

    TRUSTEE
INSTRUCTIONS

     

    The
undersigned hereby certify that (i) they are, respectively, a duly elected
[title] and [title] of Caterpillar Financial Services Corporation and (ii) Exhibit A hereto
complies with the requirements of, and is being delivered pursuant to, Section 5.05(b) of
the Sale and Servicing Agreement (the "Sale and Servicing Agreement") dated as
of April 1, 2008 between Caterpillar Financial Asset Trust 2008-A, Caterpillar
Financial Funding Corporation and Caterpillar Financial Services
Corporation.

     

    

     

    Dated: ________________________________         _________________________________________                                            

    Name:

    Title:

    
                                                                                                               
_______________________________________________

    Name:

    Title:

    
      
        
           

        

         

      

      
        D-1 

        
          

        

      

      
         

      

    

    EXHIBIT
A

    TO
SCHEDULE D

    

    
      	
              TRUSTEE
      INSTRUCTIONS

            	 
      	 
      
	
               

              Attn:  Melissa
      Rosal, Vice President

            	 
      	 
      
	
                         U.S.
      Bank National Association

            	 
      	 
      
	
                         Fax:  (312)
      325-8905

            	 
      	 
      
	 
      	 
      	 
      
	
              Re:  Caterpillar
      Financial Asset Trust 2008-A,   Account
      #[______]

            	 
      	 
      
	 
      	 
      	 
      
	
              Please
      make the following distributions from the above referenced
      account:

            	 
      	 
      
	 
      	 
      	 
      
	
              (i
      )      Payment of Servicing Fee (including
      any previously unpaid Servicing  Fees) to Servicer pursuant to
      Section 5.05 (b)(i ):

            	 
      	 
      
	 
      	 
      	 
      
	
              (ii)      to
      the Administrator under the Administration Agreement, the

            	 
      	 
      
	
              Administration
      Fee (including any previously unpaid Administration Fees) pursuant to
      Section 5.05(b)(ii):

            	 
      	 
      
	 
      	 
      	 
      
	
              (iii)     to
      the Swap Counterparty, any Net Swap Payment pursuant to Section
      5.05(b)(iii):

            	 
      	 
      
	 
      	 
      	 
      
	
              (iv)     Noteholders'
      Interest Distributable Amount to be remitted to the Noteholders pursuant
      to Section 5.05(b) (iv):

            	 
      	 
      
	 
      	 
      	 
      
	
              (v)      to
      the Swap Counterparty, any Senior Swap Termination Payment pursuant to
      Section 5.05(b)(iv):

            	 
      	 
      
	 
      	 
      	 
      
	
              (vi)    Amount
      of First Priority Principal Distribution Amount to be deposited to the
      Principal Distribution Account pursuant to Section 5.05 (b) (v)
      :

            	 
      	 
      
	 
      	 
      	 
      
	
              (vii)  Deposit
      to Reserve Account pursuant to Section 5.05 (b)(vi):

            	 
      	 
      
	 
      	 
      	 
      
	
              (viii)    Amount
      of the Regular Principal Distribution to be deposited to the Principal
      Distribution Account pursuant to Section 5.05(b)(vii):

            	 
      	 
      
	 
      	 
      	 
      
	
              (ix)    to
      the Indenture Trustee under the Indenture, all unpaid Indenture Trustee
      fees and expenses pursuant to Section 5.05(b)( ix):

            	 
      	 
      
	 
      	 
      	 
      
	
              (x)    to
      the Issuing Entity under Section 5.05(b)(ix), the amount of any State
      taxes payable by the Issuing Entity:

            	 
      	 
      
	 
      	 
      	 
      
	
              (xi)    to
      the Swap Counterparty, any Subordinated Swap Termination Payment, pursuant
      to Section 5.05(b)(x):

            	 
      	 
      
	 
      	 
      	 
      
	
              (xii)  The
      amount to be deposited to the Certificate Distribution Account pursuant to
      Section 5.05 (b) (xi) for distribution to the holders of the
      Certificates:

            	 
      	 
      
	 
      	 
      	 
      
	
              (xiv)    Amount
      to be distributed from the Principal Distribution Account to each Class of
      Noteholders, and to the holders of the Certificates:

            	 
      	 
      
	 
      	 
      	 
      
	
              (xv)   Amount
      to be withdrawn from the Reserve Account and deposited to the Collection
      Account pursuant to Section 5.06(b); and

            	 
      	 
      
	 
      	 
      	 
      
	
              (xvi)    Amount
      to be withdrawn from the Reserve Account and deposited to the Certificate
      Distribution Account pursuant to Section 5.06(c):

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Wire
      instructions for Certificate Distribution Account:

            	 
      	 
      
	 
      	 
      	 
      
	
              The
      Bank of New York

            	 
      	 
      
	
                          New
      York, NY

            	 
      	 
      
	
                          ABA#
      021 000 018

              Account
      GLA#111565

               

            	 
      	 
      
	
                          FOR
      FURTHER CREDIT TO:

            	 
      	 
      
	
                          TAS
      Account # [__________]

            	 
      	 
      
	
                          Reference:  Cat
      Financial 2008-A Certificate Distribution Account

            	 
      	 
      
	
                          Attention:  Cynthia
      Davis Tel: (312) 827-8553

                                                                    Fax:
      (312) 827-8563

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

    

    

    
      
        
           

        

         

      

      
        D-2

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"}]]