Document:

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                                                                    EXHIBIT 10.4

                               CUSTODIAN AGREEMENT

                                      AMONG

                           ORIX CREDIT ALLIANCE, INC.,

                ORIX CREDIT ALLIANCE RECEIVABLES CORPORATION III,
                               AS TRUST DEPOSITOR,

                                       AND

                         HARRIS TRUST AND SAVINGS BANK,
                              AS INDENTURE TRUSTEE

                           DATED AS OF FEBRUARY   ,2000

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>

                                                                                        Page
                                                                                        ----
<S>                                                                                     <C>
1.          Appointment as Custodian; Acknowledgment of Receipt............................1

2.          Maintenance at Office..........................................................2

3.          Duties of Custodian............................................................2

4.          Instructions; Authority to Act.................................................3

5.          Indemnification by the Custodian...............................................3

6.          Advice of Counsel..............................................................4

7.          Effective Period, Termination and Amendment and Interpretive
            and Additional Provisions......................................................4

8.          Governing Law..................................................................4

9.          Notices........................................................................4

10.         Binding Effect.................................................................5
</TABLE>

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                               CUSTODIAN AGREEMENT

       Custodian Agreement, dated as of February    ,2000 (the "Custodian
Agreement") among ORIX CREDIT ALLIANCE, INC., a New York corporation ("OCAI"),
ORIX CREDIT ALLIANCE RECEIVABLES CORPORATION III, a Delaware corporation (the
"Trust Depositor") and HARRIS TRUST AND SAVINGS BANK, as Indenture Trustee (the
"Indenture Trustee").

       WHEREAS, OCAI and the Trust Depositor have entered into a Transfer
Agreement, dated as of the date hereof (the "OCAI Transfer Agreement") and OCAI,
the Trust Depositor, the Indenture Trustee and ORIX Credit Alliance Receivables
Trust 2000-A (the "Issuer") have entered into a Transfer and Servicing
Agreement, dated as of the date hereof (the "Agreement", the capitalized terms
defined therein being used herein with the same meaning as set forth therein or
in the Indenture); and

       WHEREAS, pursuant to the OCAI Transfer Agreement, OCAI shall sell,
transfer and assign to the Trust Depositor without recourse all of OCAI's right,
title and interest in and to the Contracts and related security interests, and
pursuant to the Agreement, the Trust Depositor shall simultaneously sell,
transfer and assign its right, title and interest in and to the Contracts and
related security interests to the Issuer; and

       WHEREAS, simultaneously with the purchase of the Contracts by the Issuer,
the Issuer is assigning the Contracts to and granting a security interest in and
a lien upon the Contracts and related security interests in favor of the
Indenture Trustee under the terms of the Indenture; and

       WHEREAS, in connection with such sales and the assignments, the Agreement
provides that the Indenture Trustee shall hold the Contract Files directly or
through a Custodian acting as agent of the Indenture Trustee under the Custodian
Agreement;

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

       1.     APPOINTMENT AS CUSTODIAN; ACKNOWLEDGMENT OF RECEIPT. Subject to
the terms and conditions hereof, the Indenture Trustee hereby revocably appoints
OCAI, and OCAI hereby accepts such appointment, to act as agent of the Indenture
Trustee as Custodian (the "Custodian") to maintain custody of the Contract Files
relating to the Contracts. In performing its duties hereunder, the Custodian
agrees to act with reasonable care, using that degree of skill and attention
that the Custodian
<PAGE>   4

exercises with respect to the contract files relating to all comparable
equipment contracts that the Custodian services for itself or others. The
Custodian hereby acknowledges receipt of the Contract File for each Contract
listed in the List of Contracts.

       2.     MAINTENANCE AT OFFICE. The Custodian agrees to maintain each
Contract File at its offices as shall be specified to the Trust Depositor, the
Issuer and the Indenture Trustee. The Custodian shall make available to the
Trust Depositor, the Issuer and the Indenture Trustee or their respective duly
authorized representatives, attorneys or auditors a list of locations of the
Contract Files and the related accounts, records and computer systems maintained
by the Custodian at such times as the Trust Depositor, the Issuer or the
Indenture Trustee shall instruct.

       3.     DUTIES OF CUSTODIAN.

       (a)    SAFEKEEPING. The Custodian shall hold the Contract Files on behalf
of the Indenture Trustee and shall maintain such accurate and complete accounts,
records and computer systems pertaining to each Contract File as will comply
with the terms and conditions of the Agreement. The Custodian shall at all times
maintain the original of each fully executed Contract and store such original
Contract in a fireproof vault. Within 60 days of the Closing Date (or Subsequent
Transfer Date, as the case may be), the Custodian shall deliver an Officer's
Certificate to the Owner Trustee and the Indenture Trustee certifying that as of
a date no earlier than the Closing Date (or Subsequent Transfer Date, as the
case may be) it has conducted an inventory of the Contract Files (which in the
case of Substitute Contracts, need be only of the Contract Files related to such
Substitute Contracts) and that there exists a Contract File for each Contract
and stating all exceptions to such statement, if any. The Custodian shall
conduct, or cause to be conducted, periodic (at least annually) physical
inspections of the Contract Files held by it under this Custodian Agreement, and
of the related accounts, records and computer systems, in such a manner as shall
enable the Trust Depositor and the Indenture Trustee to verify the accuracy of
the Custodian's inventory and record keeping. The Custodian shall promptly
report to the Trust Depositor, the Issuer, and the Indenture Trustee any failure
on its part to hold the Contract Files and maintain its accounts, records and
computer systems as herein provided and promptly take appropriate action to
remedy any such failure.

       (b)    ACCESS TO RECORDS. Subject only to the Custodian's security
requirements applicable to its own employees having access to similar records
held by the Custodian, the Custodian shall permit the Indenture Trustee or its
duly authorized representatives, attorneys or auditors to inspect the Contract
Files and the related accounts, records and computer systems maintained by the
Custodian pursuant hereto at such times as the Indenture Trustee may reasonably
request. The Custodian shall implement or maintain policies and procedures in
writing and signed by a Servicing

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Officer with respect to persons authorized to have access to the Contract Files
on the Custodian's premises and with respect to the receipting for Contract
Files taken from their storage area by an employee of the Custodian for purposes
of servicing or any other purposes.

       (c)    RELEASE OF DOCUMENTS. Upon instruction from the Indenture Trustee,
the Custodian shall release any Contract File 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 and upon the release and delivery of any such document in accordance
with the instructions of the Indenture Trustee, the Custodian shall be released
from any further liability and responsibilities under this Custodian Agreement
with respect to such documents unless and until such time as such document may
be returned to the Custodian.

       (d)    ADMINISTRATION; REPORTS. In general, the Custodian shall attend to
all non-discretionary details in connection with maintaining custody of the
Contract Files on behalf of the Indenture Trustee. In addition, the Custodian
shall assist the Indenture Trustee generally in the preparation of routine
reports to regulatory bodies, to the extent necessitated by the Custodian's
custody of the Contract Files.

       (e)    MAINTAINING THE ISSUER'S PERFECTED SECURITY INTEREST. The
Custodian will take all action necessary to maintain the perfection of the
Issuer's interest in the Contracts and the proceeds thereof. For all purposes of
Article Four of the Agreement, the Trustees shall be deemed to have possession
of the Contract Files for purposes of Section 9-305 of the Uniform Commercial
Code of the State in which the Contract Files are located.

       4.     INSTRUCTIONS; AUTHORITY TO ACT. The Custodian shall be deemed to
have received proper instructions with respect to the Contract Files upon its
receipt of written instructions signed by a Responsible Officer of the Indenture
Trustee. A certified copy of a bylaw or of a resolution of the Board of
Directors of the Indenture Trustee may be received and accepted by the Custodian
as conclusive evidence of the authority of any such officer to act and may be
considered as in full force and effect until receipt of written notice to the
contrary by the Indenture Trustee. Such instructions may be general or specific
in terms.

       5.     INDEMNIFICATION BY THE CUSTODIAN. The Custodian agrees to
indemnify the Trust Depositor, the Issuer and the Indenture Trustee and its
officers, directors, agents and employees for any and all liabilities,
obligations, losses, damages, payments, costs or expenses of any kind
whatsoever, including, without limitation, fees and expenses of counsel, that
may be imposed on, incurred by or asserted against the Trust Depositor, the
Issuer and the Indenture Trustee as the result of any act or omission

                                      -3-
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in any way relating to the maintenance and custody by the Custodian of the
Contract Files; provided, however, that the Custodian shall not be liable to the
Trust Depositor, the Issuer or the Indenture Trustee for any portion of any such
amount resulting from the willful misfeasance, bad faith or negligence of the
Trust Depositor, the Issuer or the Indenture Trustee. This Section 5 shall
survive the termination of the Custodian Agreement and the earlier removal or
resignation of the Indenture Trustee.

       6.     ADVICE OF COUNSEL. The Custodian, the Trust Depositor and the
Indenture Trustee further agree that the Custodian shall be entitled to rely and
act upon advice of counsel with respect to its performance hereunder and shall
be without liability for any action reasonably taken pursuant to such advice,
provided that such action is not in violation of applicable federal or state
law.

       7.     EFFECTIVE PERIOD, TERMINATION AND AMENDMENT AND INTERPRETIVE AND
ADDITIONAL PROVISIONS. This Custodian Agreement shall become effective as of the
Cutoff Date and shall continue in full force and effect until terminated
pursuant to this Section. If OCAI shall resign as Servicer in accordance with
the provisions of the Agreement or if all of the rights and obligations of any
Servicer shall have been terminated under Article Eight of the Agreement, the
appointment of OCAI as custodian shall be terminated by the Indenture Trustee or
by the Holders of Notes in the same manner as the Indenture Trustee or such
Holders may terminate the rights and obligations of the Servicer under Article
Eight of the Agreement. The Indenture Trustee may terminate OCAI's appointment
as custodian, with cause, at any time upon written notification to OCAI, and
without cause upon 30 days' prior written notification to OCAI and the Rating
Agencies. As soon as practicable after any termination of such appointment, OCAI
shall deliver the Contract Files to the Indenture Trustee or the Indenture
Trustee's agent at such place or places as the Indenture Trustee may reasonably
designate. If OCAI shall be terminated as custodian hereunder for any reason but
shall continue to serve as Servicer, the Indenture Trustee shall, or shall cause
its agent to, make the Contract Files available to OCAI during normal business
hours upon reasonable notice so as to permit OCAI to perform its obligations as
Servicer hereunder.

       8.     GOVERNING LAW. This Custodian Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

       9.     NOTICES. All demands, notices and communications hereunder 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 Custodian, at the following address: ORIX Credit Alliance, Inc., 300
Lighting Way, Secaucus, New Jersey 07096, Attn: Executive Vice
President-Finance, (b) in the case of the Indenture Trustee, at the following
address: Harris Trust and Savings Bank, 311 West Monroe Street, Chicago,
Illinois 60606, Attn: Indenture Trust Administration, Fax

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number: 312-293-4139 and (c) in the case of the Trust Depositor, at the
following address: ORIX Credit Alliance Receivables Corporation III, 300
Lighting Way, Secaucus, New Jersey 07096, Attn: President, or at such other
address as shall be designated by such party in a written notice to the other
party.

       10.    BINDING EFFECT. This Custodian Agreement shall be binding upon and
shall inure to the benefit of the Trust Depositor, the Indenture Trustee, the
Custodian and their respective successors and assigns.

                                      -5-
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       IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian
Agreement to be executed in its name and on its behalf by a duly authorized
officer as of the day and year first above written.

                           ORIX CREDIT ALLIANCE, INC.,
                           as Custodian

                           By:
                              -----------------------------------
                              Name: Joseph J. McDevitt, Jr.
                              Title: Executive Vice President

                           HARRIS TRUST AND SAVINGS BANK, not in
                           its individual capacity but solely as
                           Indenture Trustee

                           By:
                              ----------------------------------
                              Name: Robert D. Foltz
                              Title: Vice President

                           ORIX CREDIT ALLIANCE RECEIVABLES
                           CORPORATION III, as Trust Depositor

                           By:
                              ---------------------------------
                              Name: Joseph J. McDevitt, Jr.
                              Title: President

                                      -6-<PAGE>   1
                                                                    EXHIBIT 10.5

                             SUBORDINATION AGREEMENT

                                     BETWEEN

                           ORIX CREDIT ALLIANCE, INC.,
                                   AS SERVICER

                                       AND

                 ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A,
                                    AS ISSUER

                           DATED AS OF FEBRUARY    ,2000

<PAGE>   2

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                        Page
                                                                                        ----
<S>                                                                                     <C>
1.          Subordination of Security Interests............................................1

2.          Governing Law..................................................................2

3.          Term of Agreement..............................................................2

4.          Notices........................................................................2

5.          Binding Effect.................................................................2

6.          Limitation of Liability........................................................2
</TABLE>

<PAGE>   3

                             SUBORDINATION AGREEMENT

       Subordination Agreement, dated as of February    ,2000, between ORIX
CREDIT ALLIANCE, INC., a New York corporation ("OCAI" or the "Servicer") and
ORIX CREDIT ALLIANCE RECEIVABLES TRUST 2000-A, a Delaware business trust (the
"Issuer").

       WHEREAS, OCAI and the Issuer have entered into a Transfer and Servicing
Agreement, dated as of          ,2000 (the "Agreement"), among OCAI, the Issuer,
Harris Trust and Savings Bank (the "Indenture Trustee") and ORIX Credit Alliance
Receivables Corporation III (the "Trust Depositor") (the capitalized terms
defined therein being used herein with the same meaning as set forth therein);
and

       WHEREAS, pursuant to the Agreement, the Trust Depositor has assigned to
the Issuer certain Contracts secured by Financed Items and other collateral of
the Obligors (together, the "Collateral"); and

       WHEREAS, OCAI in the ordinary course of its equipment finance business
may, subsequent to entering into such Contracts, enter into additional financing
agreements with Obligors and pursuant thereto take a security interest in the
additional financed equipment ("Subsequently Financed Items"); and

       WHEREAS, the contracts resulting from such additional financing
agreements with Obligors may provide that in addition to the Subsequently
Financed Items, the Obligor grant OCAI a security interest in other equipment
owned by the Obligor, which could include the Collateral as well as the
Subsequently Financed Items; and

       WHEREAS, certain of the Contracts assigned to the Issuer by the Trust
Depositor may include Obligors entering into such additional financing
agreements with OCAI which could be secured by Collateral and Subsequently
Financed Items; and

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

       1.     SUBORDINATION OF SECURITY INTERESTS. OCAI's security interests in
the Collateral (other than the Subsequently Financed Items) shall be and hereby
are made junior in priority to all security interests of the Issuer in such
Collateral; the Issuer's security interests in the Subsequently Financed Items
shall be and hereby are made junior in priority to the security interests of
OCAI in such Collateral; provided, however, that the security interests of OCAI
and the Issuer in the Collateral other than the Financed Items
<PAGE>   4

or the Subsequently Financed Items shall be pari passu in right of payment and
equivalent in priority in proportion to the amounts owed by the Obligor if and
for so long as the value of the Financed Items securing a Contract shall be
determined, in accordance with OCAI's normal valuation procedures, to exceed at
least 120% of the Principal Balance of the Contract owned by the Issuer.

       2.     GOVERNING LAW. This Subordination Agreement shall be governed by,
and construed in accordance with, the laws of the State of New York.

       3.     TERM OF AGREEMENT. This Agreement shall continue in force until
all amounts due and payable with respect to the Contracts have been paid in
full, upon which event this Agreement shall automatically terminate. The
priorities specified herein are applicable irrespective of the time or order of
attachment or perfection of security interests or the time or order of filing of
financing statements or the giving or failure to give notice of the acquisition
or expected acquisition of purchase money or other security interests. Except as
herein specifically provided, priority shall be determined in accordance with
applicable law.

       4.     NOTICES. All demands, notices and communications hereunder 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 OCAI, at the following address: ORIX Credit Alliance, Inc., 300 Lighting
Way, Secaucus, New Jersey 07096, Attn: Executive Vice President-Finance, (b) in
the case of the Issuer, at the following address: c/o Bank of New York
(Delaware), 502 White Clay Center, P.O. Box 6973, Newark, Delaware 19714-6973,
Attn: Corporate Trust Administration, or at such other address as shall be
designated by such party in a written notice to the other party.

       5.     BINDING EFFECT. This Subordination Agreement shall be binding upon
and shall inure to the benefit of OCAI and the Issuer and their respective
successors and assigns.

       6.     LIMITATION OF LIABILITY. The Bank of New York (Delaware) acts on
behalf of the Issuer solely as Owner Trustee hereunder and not in its individual
capacity, and all Persons having any claim against the Trust by reason of the
transactions contemplated by this agreement or any other Transaction Document
shall look only to the Trust Estate under the Trust Agreement for payment or
satisfaction thereof. The Owner Trustee makes no representations as to the
validity or sufficiency of this agreement, any other Transaction Document or the
Notes, or of any Contract 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 Contract, or the perfection and priority of
any security interest created by any Contract in any Equipment or the
maintenance of any

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<PAGE>   5

such perfection and priority, or for or with respect to the sufficiency of the
Trust Estate under the Trust Agreement or its ability to generate the payments
to be distributed to the Certificateholder under the Trust Agreement or the
Noteholders under the Indenture, including, without limitation, the existence,
condition and ownership of any Equipment; the existence and enforceability of
any insurance thereon; the existence and contents of any Contract on any
computer or other record thereof; the validity of the assignment of any Contract
to the Trust or of any intervening assignment; the completeness of any Contract;
the performance or enforcement of any Contract; the compliance by the Issuer,
the Trust Depositor or the Servicer with any covenant, agreement or other
obligation or any warranty or representation made under any Transaction Document
or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or the
Servicer or any subservicer taken in the name of the Owner Trustee or the
Issuer.

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<PAGE>   6

       IN WITNESS WHEREOF, each of the parties hereto has caused this
Subordination Agreement to be executed in its name and on its behalf by a duly
authorized officer as of the day and year first above written.

                            ORIX CREDIT ALLIANCE, INC.,

                            By:
                               --------------------------------------
                               Name: Joseph J. McDevitt, Jr.
                               Title: Executive Vice President

                            ORIX CREDIT ALLIANCE RECEIVABLES
                            TRUST 2000-A

                            By THE BANK OF NEW YORK (DELAWARE), not in
                            its individual capacity but solely as Owner Trustee,

                            By:
                               --------------------------------------
                               Name: Cheryl Laser
                               Title: Assistant Vice President

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