ALLSTATE LIFE GLOBAL FUNDING $5,000,000,000 SECURED MEDIUM TERM NOTE PROGRAM DISTRIBUTION AGREEMENT

                                                                Exhibit 1.1


                          ALLSTATE LIFE GLOBAL FUNDING

                                 $5,000,000,000

                        SECURED MEDIUM TERM NOTE PROGRAM

                             DISTRIBUTION AGREEMENT


                                                    [            ], 2006


Merrill Lynch, Pierce, Fenner & Smith
         Incorporated
A.G. Edwards & Sons, Inc.
Banc of America Securities LLC
Barclays Capital Inc.
Bear, Stearns & Co. Inc.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
Greenwich Capital Markets, Inc.
J.P. Morgan Securities Inc.
Lehman Brothers Inc.
Morgan Stanley & Co. Incorporated
UBS Securities LLC
Wachovia Capital Markets, LLC


Ladies and Gentlemen:


     Allstate  Life  Global  Funding,   a  Delaware   statutory  trust  ("Global
Funding"),  formed  pursuant  to a Trust  Agreement,  dated  June 24,  2002,  as
amended,  restated  or modified  from time to time (the  "Global  Funding  Trust
Agreement"),  between Wilmington Trust Company, as Delaware trustee (the "Global
Funding Delaware Trustee"), and AMACAR Pacific Corp., as trust beneficial owner,
in connection  with the Allstate Life Global  Funding  Secured  Medium Term Note
Program (the  "Institutional  Program")  and the Allstate  Life(R)  CoreNotes(R)
Program (the "Retail Program" and, together with the Institutional  Program, the
"Programs"),  confirms its agreement with Merrill Lynch, Pierce,  Fenner & Smith
Incorporated  and each other  institution  named on Schedule 1 hereto (each,  an
"Agent")  with respect to the issue and sale,  from time to time by separate and
distinct  Delaware  statutory  trusts  formed and  beneficially  owned by Global
Funding (each, an "Issuing Trust" and,  collectively,  the "Issuing Trusts"), of
notes due between  nine months and thirty  years from the date of issuance  (the
"Notes").  As of the date


------------------------
Allstate Life(R) is a registered service mark of Allstate Insurance Company.
CoreNotes(R) is a registered service mark of Merrill Lynch & Co.

<PAGE>

hereof,  the Issuing  Trusts are  authorized  to issue  collectively  up to U.S.
$5,000,000,000  aggregate  initial offering price of Notes (or its equivalent as
determined in Section 4(s)).

     From time to time, upon the formation of a new Issuing Trust, in connection
with the offer  and sale of Notes by such  Issuing  Trust,  upon  execution  and
delivery by such Issuing Trust and the  applicable  Agent or Agents of the terms
agreement (the "Terms  Agreement") set forth in Part E of the series  instrument
to be executed by Global Funding, such Issuing Trust and the applicable Agent or
Agents, among others (the "Series Instrument"),  such Issuing Trust shall become
a party hereto in relation to its Notes (the time of such execution and delivery
referred to herein as such Issuing Trust's "Trust Effective Time"), with all the
authority,  rights,  powers,  duties and  obligations  of an Issuing Trust as if
originally  named  as an  Issuing  Trust  hereunder.  Any  agreement,  covenant,
acknowledgment,  representation  or warranty made by an Issuing Trust  hereunder
shall be deemed to have been made by each Issuing  Trust at its Trust  Effective
Time and at the Applicable  Time (as defined in the applicable  Terms  Agreement
for such Issuing Trust, the "Applicable  Time") unless another time or times are
specified  herein,  in which case such  specified  time or times  shall  instead
apply.

     The Notes of each Issuing Trust will be issued pursuant to an indenture, as
amended or  modified  from time to time,  which will adopt and  incorporate  the
standard   indenture  terms  (each,  an  "Indenture"  and,   collectively,   the
"Indentures")  between the relevant Issuing Trust and J.P. Morgan Trust Company,
National  Association,  as indenture  trustee (the  "Indenture  Trustee").  Each
Issuing Trust shall issue only one series of Notes.

     Each Issuing Trust will  immediately  use the proceeds from the sale of its
Notes to purchase a funding  note (each a "Funding  Note") from Global  Funding.
Each  Funding  Note will be issued  pursuant  to a funding  note  indenture,  as
amended or  modified  from time to time,  which will adopt and  incorporate  the
standard funding note indenture terms (each, a "Funding Note Indenture") between
Global  Funding and J.P.  Morgan Trust  Company,  National  Association,  as the
funding note indenture  trustee (the "Funding Note Indenture  Trustee").  Global
Funding  will  immediately  use the net proceeds  received  from the sale of the
Funding  Note  to  purchase  one  or  more  funding   agreements  (the  "Funding
Agreement(s)") issued by Allstate Life Insurance Company, an Illinois stock life
insurance  company  (the  "Company").  Global  Funding will  immediately  assign
absolutely to, and deposit into the relevant Issuing Trust, the relevant Funding
Agreement(s) and the relevant Funding Note will be surrendered. The Notes of the
Issuing Trust will be secured by the relevant Funding Agreement(s).  The Issuing
Trust will immediately collaterally assign, and grant a first priority perfected
security interest in, the Funding  Agreement(s) to the Indenture Trustee for the
benefit of the holders of the Notes of the Issuing  Trust  pursuant to the terms
of the Indenture.  In connection  with the sale of its Notes,  the Issuing Trust
will  prepare a Pricing  Supplement  (the  "Pricing  Supplement")  including  or
incorporating by reference a description of the terms of the Notes and the terms
of the offering.

     The Agents include those institutions named from time to time in Schedule 1
hereto and any  institution  appointed as an Agent pursuant to Section 20 below.
If any  institution is appointed as an Agent only with respect to the Notes of a
particular  Issuing Trust,  such institution shall only be an Agent with respect
to Notes of such Issuing Trust.

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<PAGE>

     This  Agreement  specifies  the terms and  conditions on which Notes may be
sold by an Issuing  Trust (i) to one or more Agents as  principal  for resale to
investors,  (ii) directly to investors  through the applicable Agent as an agent
of such Issuing Trust in  soliciting  offers for the purchase of Notes and (iii)
to such other  investors in compliance  with all applicable  securities  laws as
such Issuing Trust may determine from time to time.

     The Company has  registered  shares of its common stock with the Securities
and Exchange  Commission  (the  "Commission")  pursuant to Section  12(g) of the
Securities  Exchange Act of 1934, as amended (the "1934 Act"),  on Form 10 under
the  1934  Act.  Pursuant  to  Rule  429 of the  rules  and  regulations  of the
Commission  under  the  Securities  Act of  1933,  as  amended  (the  "1933  Act
Regulations"), the Company and Global Funding have filed with the Commission (i)
a  registration  statement  on  Form  S-3  (No.  333-129157)  and  pre-effective
amendment No. 1 thereto under the  Securities Act of 1933, as amended (the "1933
Act"), for the registration of the Funding Agreement(s),  the Funding Notes, and
the Notes,  and the offering thereof in accordance with Rule 415 of the 1933 Act
Regulations;  (ii) the related  prospectus  dated [ ], 2006  covering  the Notes
offered  under the  Programs  (the  "Base  Prospectus");  (iii)  the  prospectus
supplement to the Base Prospectus,  dated [ ], 2006,  covering the Notes offered
under the Institutional Program (the "Institutional  Prospectus  Supplement" and
together with the Base Prospectus,  the "Institutional  Base  Prospectus");  and
(iv) the prospectus supplement to the Base Prospectus, dated [ ], 2006, covering
the Notes offered under the Retail Program (the "Retail  Prospectus  Supplement"
and,  together with the Base  Prospectus,  the "Retail Base  Prospectus").  Such
registration  statement  (as so  amended,  if  applicable),  is also  the  first
post-effective  amendment to registration statement on Form S-3 (No. 333-125937)
filed by the Company and Global Funding. The registration  statement on Form S-3
(No.  333-129157) (as so amended,  if applicable) has been declared effective by
the Commission, and the form of Indenture and the form of Funding Note Indenture
have been duly qualified  under the Trust Indenture Act of 1939, as amended (the
"1939 Act"),  and the Company and Global Funding have filed such  post-effective
amendments  thereto as may be required prior to the acceptance by Global Funding
and any  Issuing  Trust of any  offer  for the  purchase  of Notes and each such
post-effective  amendment has been declared  effective by the  Commission.  Such
registration  statement  on Form S-3 (No.  333-129157),  at any  relevant  time,
including the  amendments  thereto to such time,  the exhibits and any schedules
thereto at such time, the documents  incorporated by reference  therein pursuant
to Item 12 of Form  S-3  under  the  1933  Act at such  time  and the  documents
otherwise  deemed  to be a part  thereof  or  included  therein  by the 1933 Act
Regulations  is  referred  to herein  as the  "Registration  Statement".  If the
Company or Global  Funding file a  registration  statement  with the  Commission
pursuant  to  Rule  462(b)  of  the  1933  Act  Regulations  (the  "Rule  462(b)
Registration  Statement"),  then,  after  such  filing,  all  references  to the
"Registration  Statement"  shall  also be  deemed  to  include  the Rule  462(b)
Registration Statement.  With respect to the offering of a series of Notes under
the Institutional  Program, the Institutional Base Prospectus,  and with respect
to the offering of a series of Notes under the Retail  Program,  the Retail Base
Prospectus,  in each case  including  the  Pricing  Supplement  relating  to the
offering  of such series of Notes,  in the form first filed with the  Commission
pursuant to Rule 424(b) of the 1933 Act  Regulations  (or in the form first made
available to the applicable  Agent(s) by the Company and the applicable  Issuing
Trust to meet  requests  of  purchasers  pursuant to Rule 173 under the 1933 Act
Regulations),  are referred to herein as the "Prospectus." The term "preliminary
prospectus"  means any preliminary  form of the Prospectus.  For all purposes of
this Agreement,  the term "free writing prospectus" has

                                       3
<PAGE>

the  meaning set forth in Rule 405 under the 1933 Act  Regulations  and the term
"Time of Sale  Prospectus"  means (i) with  respect to the offer and sale of any
series  of  Notes  under  the  Institutional  Program,  the  Institutional  Base
Prospectus  and (ii) with  respect  to the offer and sale of any series of Notes
under the Retail Program,  the Retail Base Prospectus in each case as amended or
supplemented from time to time,  together with any other preliminary  prospectus
relating to the offer and sale of such series of Notes,  any Pricing  Supplement
relating to the offer and sale of such series of Notes filed with the Commission
prior to the  Applicable  Time and each free writing  prospectus  (including any
final term sheet  relating to such series of Notes)  attached as, or  identified
in,  Exhibit A to the  applicable  Terms  Agreement  and any  other  information
identified in Exhibit A to the applicable Terms Agreement. All references to the
"Registration Statement", the "Institutional Base Prospectus",  the "Retail Base
Prospectus", any "preliminary prospectus", the "Time of Sale Prospectus" and the
"Prospectus"  shall also be deemed to include  all  amendments  and  supplements
thereto and all documents  incorporated  by reference  therein.  For purposes of
this  Agreement,  all  references to the  Registration  Statement,  Time of Sale
Prospectus,  Prospectus,  any preliminary prospectus or free writing prospectus,
or to any  amendment or  supplement  thereto shall be deemed to include any copy
filed with the Commission  pursuant to its Electronic Data  Gathering,  Analysis
and Retrieval system ("EDGAR").

     All references in this Agreement to financial  statements and schedules and
other information which is "disclosed",  "contained", "included" or "stated" (or
other  references of like import) in the  Registration  Statement,  Time of Sale
Prospectus,  Prospectus,  any preliminary  prospectus or free writing prospectus
shall be deemed to include all such financial statements and schedules and other
information  which is  incorporated  by reference in or otherwise  deemed by the
1933 Act Regulations to be a part of or included in the Registration  Statement,
Time of Sale Prospectus,  Prospectus, any preliminary prospectus or free writing
prospectus,  as the  case  may be;  and all  references  in  this  Agreement  to
amendments  or  supplements  to  the  Registration   Statement,   Time  of  Sale
Prospectus,  Institutional Base Prospectus, Retail Base Prospectus,  Prospectus,
any preliminary prospectus or free writing prospectus shall be deemed to include
all documents  subsequently  filed with the Commission  pursuant to the 1934 Act
which are  incorporated  by  reference  in or  otherwise  deemed by the 1933 Act
Regulations  to be part of or included in the  Registration  Statement,  Time of
Sale  Prospectus,   Institutional  Base  Prospectus,   Retail  Base  Prospectus,
Prospectus,  any preliminary prospectus or free writing prospectus,  as the case
may be.

SECTION 1. Appointment as Agent.

     (a) Appointment.  Subject to the terms and conditions stated herein, Global
Funding  and the  relevant  Issuing  Trust  hereby  agree that the Notes of such
Issuing  Trust will be sold to or through  the Agents  pursuant  to the terms of
this  Agreement.  Global Funding and the relevant  Issuing Trust agree that they
will not  appoint  any other  agents to act on an Issuing  Trust's  behalf or to
assist an Issuing Trust, in the placement of the Notes;  provided,  however that
with  respect to  transactions  in which the sales of Notes will be  targeted to
institutional  purchasers under the Institutional Program, Global Funding and an
Issuing  Trust may enter into  arrangements  with other  agent(s) not a party to
this  Agreement  provided that such agent(s)  enter into an agreement with terms
substantially  identical  to those  contained  herein.  Global  Funding and each
Issuing Trust agree that they hereby appoint only Merrill Lynch, Pierce,  Fenner
& Smith  Incorporated 

                                       4
<PAGE>

(the  "Purchasing  Agent") to act on an Issuing  Trust's  behalf or to assist an
Issuing Trust in connection with transactions in which the sale of Notes will be
targeted to retail  purchasers  under the Retail  Program.  For purposes of this
Agreement, all references to any Agent shall be deemed to include the Purchasing
Agent.

     (b) Sale of  Notes.  Each  Issuing  Trust  shall  not sell or  approve  the
solicitation  of offers  for the  purchase  of Notes in excess of the  aggregate
initial  offering  price  of  Notes  registered  pursuant  to  the  Registration
Statement.  The Agents shall have no responsibility for maintaining records with
respect to the aggregate  initial  offering price of Notes sold, or of otherwise
monitoring the availability of Notes for sale, under the Registration Statement.

     (c)  Purchases as  Principal.  The Agents shall not have any  obligation to
purchase Notes issued through any Issuing Trust as principal. However, absent an
agreement by and between Global Funding and the relevant  Issuing Trust,  on the
one hand, and an Agent, on the other hand, for such Agent to act as an agent for
the relevant Issuing Trust, such Agent shall be deemed to be acting as principal
in connection with any offering of Notes by such Issuing Trust. Accordingly, the
Agents,  individually or in a syndicate, may agree from time to time to purchase
Notes from an Issuing Trust as principal  for resale to investors  determined by
such  Agents.  Any  purchase  of  Notes  from an  Issuing  Trust  by an Agent as
principal shall be made in accordance with Section 3(a) hereof.

     (d)  Solicitations  as Agent.  If agreed upon between an Agent,  on the one
hand,  and Global  Funding and an Issuing  Trust,  on the other hand,  then such
Agent,  acting  solely as an agent for such Issuing  Trust and not as principal,
will solicit  offers for the purchase of Notes.  Such Agent will  communicate to
such Issuing Trust, orally, each offer for the purchase of Notes solicited by it
on an agency  basis other than those offers  rejected by such Agent.  Such Agent
shall have the right,  in its  discretion  reasonably  exercised,  to reject any
offer for the  purchase of Notes,  in whole or in part,  and any such  rejection
shall not be deemed a breach of its  agreement  contained  herein.  Such Issuing
Trust may accept or reject any offer for the  purchase of Notes,  in whole or in
part. Such Agent shall make  reasonable  efforts to assist such Issuing Trust in
obtaining  performance by each  purchaser  whose offer for the purchase of Notes
has been  solicited by it on an agency basis and accepted by such Issuing Trust.
Such Agent shall not have any  liability to such Issuing Trust in the event that
any such purchase is not consummated for any reason. If such Issuing Trust shall
default on its  obligation to deliver Notes to a purchaser  whose offer has been
solicited by an Agent on an agency  basis and  accepted by such  Issuing  Trust,
then (i) such  Issuing  Trust shall hold such Agent  harmless  against any loss,
claim or damage  arising  from or as a result of such  default  by such  Issuing
Trust and (ii) the Issuing Trust shall be  responsible  to pay to such Agent any
commission to which such Agent would otherwise be entitled absent such default.

     (e) Reliance.  Each Issuing Trust and Global Funding,  on the one hand, and
the Agents,  on the other hand,  agree that any Notes  purchased from an Issuing
Trust by one or more Agents as principal  shall be purchased,  and any Notes the
placement of which an Agent  arranges as an agent of such Issuing Trust shall be
placed by such Agent, in reliance on the representations,  warranties, covenants
and agreements of Global Funding and such Issuing Trust contained  herein and on
the terms and conditions and in the manner provided herein.

                                       5
<PAGE>

SECTION 2. Representations and Warranties.

     (a)  Representations  and  Warranties  of Global  Funding.  Global  Funding
represents  and warrants to each Agent as of the date hereof,  to the applicable
Agent(s)  as of the  Applicable  Time for the  relevant  Issuing  Trust,  to the
applicable  Agent(s) as of the date of each  delivery of Notes  (whether to such
Agent as  principal  or  through  such  Agent as  agent)  (the date of each such
delivery is referred to herein as a "Settlement  Date"), to each Agent as of any
time the Time of Sale Prospectus  shall be amended or  supplemented  and to each
Agent as of any time that the Registration  Statement or the Prospectus shall be
amended or  supplemented  (each of the times  referenced  above is  referred  to
herein as a "Global Funding Representation Date"), as follows:

          (i) Due Formation and Good Standing of Global Funding.  Global Funding
     is a statutory trust, duly formed under Delaware law pursuant to the Global
     Funding Trust  Agreement and the filing of a certificate  of trust with the
     Delaware Secretary of State, which is validly existing and in good standing
     as a statutory trust under the laws of the State of Delaware.

          (ii) Registration Statement,  Preliminary  Prospectuses,  Time of Sale
     Prospectus,  and  Prospectus;  Filing  Status.  Global  Funding  meets  the
     requirements  for use of Form S-3  under  the 1933  Act;  the  Registration
     Statement  has  become  effective  under  the  1933  Act and no stop  order
     suspending the effectiveness of the Registration  Statement has been issued
     under the 1933 Act and no proceedings for that purpose have been instituted
     or are pending or, to the knowledge of Global Funding,  are contemplated by
     the  Commission,  and  any  request  on  the  part  of the  Commission  for
     additional  information  has been complied  with; the form of Indenture has
     been duly qualified  under the 1939 Act; the form of Funding Note Indenture
     has been duly qualified  under the 1939 Act; at the  respective  times that
     each part of the Registration Statement became effective and at each Global
     Funding  Representation Date, the Registration  Statement complied and will
     comply in all material  respects with the  requirements of the 1933 Act and
     the 1933 Act Regulations, the 1934 Act and the rules and regulations of the
     Commission under the 1934 Act (the "1934 Act Regulations") and the 1939 Act
     and the rules and  regulations  of the  Commission  under the 1939 Act (the
     "1939  Act  Regulations")  and did not  and  will  not  contain  an  untrue
     statement of a material  fact or omit to state a material  fact required to
     be  stated  therein  or  necessary  to  make  the  statements  therein  not
     misleading; each preliminary prospectus and Prospectus filed as part of the
     Registration  Statement  as  originally  filed or as part of any  amendment
     thereto,  or filed  pursuant  to Rule 424 under  the 1933 Act  Regulations,
     complied  when so filed in all material  respects with the 1933 Act and the
     1933  Act  Regulations;  each  preliminary  prospectus  and the  Prospectus
     delivered to an Agent for use in connection  with the offering of Notes are
     identical in all material respects to any electronically transmitted copies
     thereof filed with the Commission  pursuant to EDGAR,  except to the extent
     permitted by  Regulation  S-T;  and at the date hereof,  at the date of the
     Base Prospectus and each amendment or supplement thereto and at each Global
     Funding  Representation Date, neither the Base Prospectus nor any amendment
     or  supplement  thereto  included or will include an untrue  statement of a
     material fact or omitted or will omit to state a material fact necessary in
     order to make the  statements  therein,  in the light of the  circumstances
     under which they were made,  not  misleading.  The Time of Sale  Prospectus
     does not, and at the Applicable

                                       6
<PAGE>

     Time and at the applicable Settlement Date, the Time of Sale Prospectus, as
     then amended or  supplemented by Global  Funding,  if applicable,  will not
     contain any untrue statement of a material fact or omit to state a material
     fact  necessary  to  make  the  statements  therein,  in the  light  of the
     circumstances  under  which  they  were  made,  not  misleading;  provided,
     however,  that the  representations and warranties in this subsection shall
     not  apply  to  (i)  statements  in  or  omissions  from  the  Registration
     Statement,  the  Base  Prospectus,  the  Time  of  Sale  Prospectus  or the
     Prospectus  made  in  reliance  upon  and in  conformity  with  information
     furnished to Global Funding in writing by the applicable  Agents concerning
     such  Agents  expressly  for use in the  Registration  Statement,  the Base
     Prospectus, the Time of Sale Prospectus or the Prospectus or (ii) the parts
     of the Registration Statement which constitute the Statement of Eligibility
     and Qualification  (Form T-1) of the Indenture Trustee and the Funding Note
     Indenture Trustee under the 1939 Act.

          (iii)  Incorporated   Documents;   1934  Act  Filings.  The  documents
     incorporated  or deemed to be incorporated by reference in the Time of Sale
     Prospectus or the Base Prospectus, as amended or supplemented,  at the time
     they were or  hereafter  are filed with the  Commission,  complied and will
     comply in all material  respects with the  requirements of the 1934 Act and
     the 1934 Act Regulations and, when read together with the other information
     in the Time of Sale Prospectus or the Base Prospectus,  at the date hereof,
     at the date of the Time of Sale  Prospectus or the Base  Prospectus  and at
     each Global  Funding  Representation  Date, did not and will not include an
     untrue  statement  of a  material  fact or omit to  state a  material  fact
     necessary  in order to make the  statements  therein,  in the  light of the
     circumstances  under which they were made,  not  misleading.  Any  reports,
     filings or other  documents,  exhibits or schedules filed by Global Funding
     and each  Issuing  Trust  pursuant  to the 1934 Act comply in all  material
     respects  with  the   requirements  of  the  1934  Act  and  the  1934  Act
     Regulations.

          (iv) Free Writing  Prospectuses.  At the time of initial filing of the
     Registration Statement, at the earliest time thereafter that Global Funding
     or another offering  participant made a bona fide offer (within the meaning
     of Rule  164(h)(2)  of the 1933 Act  Regulations)  of any Notes and at each
     Global Funding  Representation  Date,  Global Funding was not and is not an
     "ineligible  issuer,"  as defined in Rule 405 of the 1933 Act  Regulations.
     Any free  writing  prospectus  that  Global  Funding  is  required  to file
     pursuant to Rule 433(d) under the 1933 Act  Regulations  has been,  or will
     be, filed with the Commission in accordance  with the  requirements  of the
     1933 Act and the 1933 Act  Regulations.  Each free writing  prospectus that
     Global Funding has filed,  or is required to file,  pursuant to Rule 433(d)
     under the 1933 Act  Regulations  or that was prepared by or on behalf of or
     used by Global  Funding  complies or will comply in all  material  respects
     with the requirements of the applicable 1933 Act  Regulations.  Except with
     respect  to  the  offering  of  any  series  of  Notes,  the  free  writing
     prospectuses  attached as, or identified  in,  Exhibit A to the  applicable
     Terms  Agreement,  Global Funding and the Issuing Trusts have not prepared,
     used or  referred  to,  and will  not,  without  the prior  consent  of the
     applicable Agents, prepare, use or refer to, any free writing prospectus or
     any  other  marketing  materials  other  than  the  preliminary  prospectus
     relating  to or to be used in  connection  with  any  offer  or sale of the
     Notes. No free writing prospectus used in

                                       7
<PAGE>

     connection with the offering of a series of Notes will conflict with either
     the Registration Statement or the Base Prospectus.

          (v) Independent Registered Public Accounting Firm. The accounting firm
     which  certified  the financial  statements  and any  supporting  schedules
     thereto included in the Registration Statement and the Base Prospectus,  as
     amended or supplemented,  is an independent  registered  public  accounting
     firm to the extent required by the 1933 Act and the 1933 Act Regulations.

          (vi) Global Funding Financial Statements.  The consolidated  financial
     statements  of Global  Funding,  if any,  included  in any report or filing
     under the 1934 Act,  together with the related  schedules and notes present
     fairly the consolidated  financial  position of Global Funding at the dates
     indicated  to the  extent  required  under  the 1934  Act;  such  financial
     statements  have  been  prepared  in  conformity  with  generally  accepted
     accounting principles ("GAAP") applied on a consistent basis throughout the
     periods  involved;  the  supporting  schedules,  if any,  present fairly in
     accordance  with GAAP the information  required to be stated  therein;  the
     selected financial data and the summary financial  information  included in
     the Registration  Statement and the Time of Sale Prospectus  present fairly
     the information shown therein.

          (vii) No  Material  Changes.  Since the  respective  dates as of which
     information  is given in the  Registration  Statement  and the Time of Sale
     Prospectus, except as otherwise stated therein, (1) there has been no event
     or  occurrence  that  would  result  in a  material  adverse  effect on the
     condition  (financial or  otherwise)  of Global  Funding or on the power or
     ability of Global Funding to perform its obligations  under this Agreement,
     the Global Funding Trust Agreement,  any Funding Note or the Administrative
     Services Agreement (the "Global Funding Administration  Agreement"),  dated
     June 24, 2002, as amended,  restated or modified from time to time, between
     the Global  Funding  Delaware  Trustee,  on behalf of Global  Funding,  and
     AMACAR   Pacific   Corp.,   as    administrator    (the   "Global   Funding
     Administrator"), or to consummate the transactions to be performed by it as
     contemplated  in the Time of Sale  Prospectus (a "Global  Funding  Material
     Adverse  Effect") and (2) there have been no  transactions  entered into by
     Global Funding, other than those in the ordinary course of business,  which
     are material with respect to Global Funding.

          (viii) Authorization of this Agreement, each Funding Agreement, Global
     Funding Trust  Agreement,  Global  Funding  Administration  Agreement,  the
     Funding Note Indenture and the Funding Notes.  This  Agreement,  the Global
     Funding Trust  Agreement and Global Funding  Administration  Agreement have
     been, and each Funding Note  Indenture,  Funding Note and relevant  Funding
     Agreement  will be,  duly  authorized,  executed  and  delivered  by Global
     Funding and this Agreement,  each relevant  Funding  Agreement,  the Global
     Funding Trust Agreement,  the Global Funding Administration  Agreement, the
     Funding  Note  Indenture  and the  Funding  Notes  will each be a valid and
     legally  binding  agreement of Global  Funding  enforceable  against Global
     Funding in accordance with its terms, as applicable,  except as enforcement
     thereof  may  be  limited  by   bankruptcy,   insolvency,   reorganization,
     moratorium or other similar laws  affecting the  enforcement  of creditors'
     rights generally or by general equitable principles  (regardless

                                       8
<PAGE>

     of whether  enforcement is considered in a proceeding in equity or at law),
     and except  further as enforcement  thereof may be limited by  requirements
     that a claim with  respect to any Funding Note that is payable in a foreign
     or  composite  currency  (or a foreign or  composite  currency  judgment in
     respect of such claim) be converted into U.S. dollars at a rate of exchange
     prevailing  on  a  date  determined   pursuant  to  applicable  law  or  by
     governmental  authority to limit,  delay or prohibit the making of payments
     outside the United States. The holder of the Funding Notes will be entitled
     to the benefits of the Funding Note Indenture.

          (ix)  Absence of  Defaults  and  Conflicts.  Global  Funding is not in
     violation of its  certificate of trust or in default in the  performance or
     observance of any obligation, agreement, covenant or condition contained in
     any contract, indenture, mortgage, loan or credit agreement, note, lease or
     other  agreement or  instrument  to which  Global  Funding is a party or by
     which it may be bound or to which any of the  property  or assets of Global
     Funding is subject  (the  "Global  Funding  Agreements  and  Instruments"),
     except for such  violations  or defaults  that would not result in a Global
     Funding   Material  Adverse  Effect;   and  the  execution,   delivery  and
     performance  of this  Agreement,  the Global Funding Trust  Agreement,  the
     Funding  Agreement(s),  Global  Funding  Administration  Agreement and each
     Funding Note and any other  agreement or instrument  entered into or issued
     or to be entered into or issued by Global  Funding in  connection  with the
     transactions contemplated by the Time of Sale Prospectus (collectively, the
     "Global Funding Program  Documents"),  the consummation of the transactions
     contemplated  in the Time of Sale  Prospectus  (including  the issuance and
     sale of the Notes by an Issuing Trust and the use of proceeds  therefrom as
     described  in the Time of Sale  Prospectus)  and the  compliance  by Global
     Funding with its  obligations  hereunder and under Global  Funding  Program
     Documents, have been duly authorized by all necessary action and do not and
     will not,  whether  with or without  the giving of notice or the passage of
     time or both,  conflict with or constitute a breach of, or default or event
     or  condition  which  gives  the  holder of any  note,  debenture  or other
     evidence of indebtedness (or any person acting on such holder's behalf) the
     right to  require  the  repurchase,  redemption  or  repayment  of all or a
     portion of such  indebtedness  by Global  Funding  under,  or result in the
     creation or imposition of any lien,  charge or encumbrance upon any assets,
     properties or operations  of any Issuing Trust or Global  Funding  pursuant
     to, any Global  Funding  Agreements and  Instruments,  nor will such action
     result in any  violation  of Global  Funding's  certificate  of trust,  the
     Global Funding Trust Agreement or Global Funding  Administration  Agreement
     which may  reasonably  be expected to result in a Global  Funding  Material
     Adverse Effect and Global  Funding is not in default in the  performance or
     observance of any applicable  law,  statute,  rule,  regulation,  judgment,
     order,  writ or decree of any  government,  government  instrumentality  or
     court, domestic or foreign,  having jurisdiction over Global Funding or any
     of its assets,  properties or  operations,  except for such defaults  which
     would not  reasonably  be expected to result in a Global  Funding  Material
     Adverse Effect.

          (x)  Absence of  Proceedings.  There is no action,  suit,  proceeding,
     inquiry or  investigation  before or  brought by any court or  governmental
     agency or body,  domestic or foreign,  now pending,  or to the knowledge of
     Global  Funding  threatened,  against or affecting  Global Funding which is
     required  to be  disclosed  in the  Registration  Statement  and  the  Base
     Prospectus,  as amended or supplemented (other than as stated therein),  or

                                       9
<PAGE>

     which may  reasonably  be expected to result in a Global  Funding  Material
     Adverse  Effect;  and the  aggregate of all pending  legal or  governmental
     proceedings  to which  Global  Funding  is a party  or of which  any of its
     assets,  properties or operations is the subject which are not described in
     the  Registration  Statement  and  the  Base  Prospectus,   as  amended  or
     supplemented,  including  ordinary  routine  litigation  incidental  to the
     business,  may not  reasonably  be expected  to result in a Global  Funding
     Material Adverse Effect.

          (xi) Possession of Licenses and Permits. Global Funding possesses such
     permits,   licenses,   approvals,   consents   and   other   authorizations
     (collectively,  "Governmental Licenses") issued by the appropriate federal,
     state, local or foreign regulatory  agencies or bodies necessary to conduct
     the business now operated by it; Global  Funding is in compliance  with the
     terms and conditions of all such  Governmental  Licenses,  except where the
     failure so to comply  would not,  singly or in the  aggregate,  result in a
     Global Funding  Material Adverse Effect;  all of the Governmental  Licenses
     are valid and in full force and effect, except where the invalidity of such
     Governmental Licenses or the failure of such Governmental Licenses to be in
     full force and effect would not result in a Global Funding Material Adverse
     Effect. Except as set forth in the Time of Sale Prospectus,  Global Funding
     has not received any notice of  proceedings  relating to the  revocation or
     modification  of any such  Governmental  Licenses  which,  singly or in the
     aggregate,  if the subject of an unfavorable  decision,  ruling or finding,
     would result in a Global Funding Material Adverse Effect.

          (xii) No  Filings,  Regulatory  Approvals  etc.  No  filing  with,  or
     approval,  authorization,  consent, license,  registration,  qualification,
     order or decree of, any court or governmental authority or agency, domestic
     or foreign,  is necessary or required for the due authorization,  execution
     and delivery by Global Funding of Global Funding  Program  Documents or for
     the  performance  by Global  Funding of the  transactions  contemplated  in
     Global Funding Program Documents, except such as have been previously made,
     obtained or rendered, as applicable.

          (xiii) Investment  Company Act. Neither Global Funding nor any Issuing
     Trust  is,  and upon any sale of  Funding  Notes  and the  Notes as  herein
     contemplated and the application of the net proceeds therefrom as described
     in the Time of Sale Prospectus,  will not be an "investment company" within
     the meaning of the  Investment  Company Act of 1940,  as amended (the "1940
     Act").

          (xiv)  Ratings.  The  Programs