That is the transmission hydraulic pump, it appears that it is cavitating, pump could be worn, could be sucking air (small leak), whatever it is loosing its prime, others may suggest other causes.
Wombat
Thank you guys. That brings me to the next question...it appears the pump has pretty easy access. It sounds like if there is a problem it's probably right there in that area and wouldn't be a difficult repair. Would you shy away from the dozer because of that?
Problem is not neccessarily located at/with the transmission pump. Air leaking into the suction line at any hose connectors or leaking seals means belly pan off, fluids drained and refilled. I'd want the issue resolved before a deal is concluded or at least compensation in the price to have the work done.
I should have disclosed it was at an auction so it was as is. Update: it sold for $17,000. I thought the pony would have scared away more people but guess not.
Undercarriage must have been great for that price