Document:

Exhibit 10.1
	 

	 
		EXECUTION COPY
	 

	 
		REGISTRATION RIGHTS AGREEMENT
	 

	 
		This REGISTRATION RIGHTS AGREEMENT, dated as
		of June 27, 2007, is entered into by and among Care Investment Trust Inc., a
		Maryland corporation (the “Company”),
		CIT Real Estate Holding Corporation, a Delaware corporation
		(“CIT Holding”) and CIT Healthcare LLC, a Delaware limited
		liability company (“CIT
		Healthcare”).
	 

	 
		WHEREAS, CIT Holding has or is to receive
		Common Stock (as defined below) of the Company issued without registration
		under the Securities Act of 1933, as amended (the “Securities Act”), in connection with the contribution of the
		initial assets described in the Registration Statement on Form S-11 (File No.
		333-141634) (the “Asset
		Contribution”), as amended,
		related to the Company’s initial public offering; and 
	 

	 
		WHEREAS, CIT Healthcare may receive Common
		Stock pursuant to the Care Investment Trust Inc. Manager Equity Plan (the
		“Manager Equity
		Plan”) and the Management
		Agreement, dated the date hereof, between CIT Healthcare and the Company (the
		“Management
		Agreement”).
	 

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

	 
		Section 1. Certain
		Definitions.
	 

	 
		In addition to the terms defined elsewhere
		in this Agreement, the following terms, as used herein, shall have the
		following meanings:
	 

	 
		“Affiliate”
		of any Person means any other Person that directly, or indirectly through one
		or more intermediaries, controls, or is controlled by, or is under common
		control with, such Person. The term “control” (including the terms
		“controlled by” and “under common control with”) as used
		with respect to any Person means the possession, directly or indirectly through
		one or more intermediaries, of the power to direct or cause the direction of
		the management and policies of such Person, whether through the ownership of
		voting securities, by contract or otherwise.
	 

	 
		“Agreement”
		means this Registration Rights Agreement, including all amendments,
		modifications and supplements and any exhibits or schedules to any of the
		foregoing, and shall refer to this Registration Rights Agreement as the same
		may be in effect at the time such reference becomes operative.
	 

	 
		“Business Day” means any day other than Saturday, Sunday or a
		day on which commercial banks in New York, New York are directed or permitted
		to be closed.
	 

	 
		“Common Stock” means common stock, par value $0.001 per share,
		of the Company.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended.
	 

	 
		 
	 

	 
	 

	 

	 
		“Holder”
		means (i) CIT Healthcare as a holder of record of Registrable Common Stock (as
		defined below), (ii) CIT Holding as a holder of record of Registrable Common
		Stock (as defined below) and (iii) any Affiliate of CIT Healthcare or CIT
		Holding that is a partnership, limited liability company, corporation or
		similar entity and a direct or indirect transferee of such Registrable Common
		Stock from CIT Healthcare or CIT Holding. For purposes of this Agreement, the
		Company may deem and treat the registered holder of Registrable Common Stock as
		the Holder and absolute owner thereof, and the Company shall not be affected by
		any notice to the contrary.
	 

	 
		“Person”
		means any individual, sole proprietorship, partnership, limited liability
		company, joint venture, trust, incorporated organization, association,
		corporation, institution, public benefit corporation, government (whether
		federal, state, county, city, municipal or otherwise, including, without
		limitation, any instrumentality, division, agency, body or department thereof)
		or any other entity.
	 

	 
		“Prospectus”
		means the prospectus or prospectuses included in any Registration Statement
		(including without limitation, any prospectus subject to completion and a
		prospectus that includes any information previously omitted from a prospectus
		filed as part of an effective registration statement in reliance upon Rule 430A
		promulgated under the Securities Act and any term sheet filed pursuant to Rule
		434 under the Securities Act), as amended or supplemented by any prospectus
		supplement with respect to the terms of the offering of any portion of the
		Registrable Common Stock covered by such Registration Statement and by all
		other amendments and supplements to the prospectus, including post-effective
		amendments and all material incorporated by reference or deemed to be
		incorporated by reference in such prospectus or prospectuses.
	 

	 
		“Registrable Common Stock” means each of the shares of the Common Stock
		issued to (i) CIT Holding in connection with the Asset Contribution and (ii)
		CIT Healthcare pursuant to the Manager Equity Plan and the Management
		Agreement, upon original issuance thereof and at all times subsequent thereto,
		including upon the transfer thereof by the original Holder or any subsequent
		Holder and any securities issued in respect of such securities by reason of or
		in connection with any exchange for or replacement of such securities or any
		stock dividend, stock distribution, stock split, purchase in any rights
		offering or in connection with any combination of shares, recapitalization,
		merger or consolidation, or any other equity securities issued pursuant to any
		other pro rata distribution with respect to the Common Stock, until, in the
		case of any such securities, the earliest to occur of (i) the date on which it
		has been registered effectively pursuant to the Securities Act and disposed of
		in accordance with the Registration Statement relating to it or (ii) the date
		on which either it is distributed to the public pursuant to Rule 144 or is
		saleable pursuant to Rule 144(k) promulgated by the SEC pursuant to the
		Securities Act.
	 

	 
		“Registration Statement” means any registration statement of the Company
		filed with the SEC under the Securities Act which covers any of the Registrable
		Common Stock pursuant to the provisions of this Agreement, including the
		Prospectus, amendments and supplements to such Registration Statement,
		including post-effective amendments, all exhibits and all materials
		incorporated by reference or deemed to be incorporated by reference in such
		Registration Statement.
	 

	 
		 
	 

	 
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		“Rule 415”
		means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such
		Rule may be amended from time to time, or any similar Rule or regulation
		hereafter adopted by the SEC as a replacement thereto having substantially the
		same effect as such rule.
	 

	 
		“SEC” means
		the Securities and Exchange Commission.
	 

	 
		“underwritten registration or underwritten
		offering” means a registration in
		which securities of the Company are sold to underwriters for reoffering to the
		public.
	 

	 
		“Underwriting Agreement” means the Underwriting Agreement dated June 22,
		2007 by and among the Company, Credit Suisse Securities (USA) LLC and Merrill
		Lynch, Pierce, Fenner & Smith Incorporated, as representatives for the
		underwriters named on Schedule A of such Underwriting Agreement.
	 

	 
		Section 2. Demand
		Registrations.
	 

	 
		(a) Right to Request Registration. Subject to the terms of any lock-up agreement executed
		in connection with the Underwriting Agreement, from and after the date hereof,
		any Holder or Holders (“Initiating
		Holders”) may request registration
		under the Securities Act of all or part of the Registrable Common Stock
		(“Demand
		Registration”) at any time and
		from time to time.
	 

	 
		Within ten (10) Business Days after receipt
		of any such request for Demand Registration, the Company shall give written
		notice of such request to all other Holders of Registrable Common Stock, if
		any, and shall, subject to the provisions of Section 2(c) hereof, include in
		such registration all such Registrable Common Stock with respect to which the
		Company has received written requests for inclusion therein within twenty (20)
		Business Days after the receipt of the Company’s notice.
	 

	 
		(b) Priority on Demand Registrations. If the managing underwriters of a requested Demand
		Registration advise the Company in writing that in their opinion the shares of
		Registrable Common Stock proposed to be included in any such registration
		exceeds the number of securities that can be sold in such offering and/or that
		the number of shares of Registrable Common Stock proposed to be included in any
		such registration would materially adversely affect the price per share of the
		Company’s equity securities to be sold in such offering, the Company shall
		include in such registration only the number of shares of Registrable Common
		Stock that, in the opinion of such managing underwriters, can be sold. If the
		number of shares that can be sold is less than the number of shares of
		Registrable Common Stock proposed to be registered, the Company shall allocate
		the amount of Registrable Common Stock to be so sold among the Holders pro rata
		on the basis of Registrable Common Stock offered for such registration by each
		Holder electing to participate in such registration. If the number of shares
		that can be sold, as determined by the managing underwriters, exceeds the
		number of shares of Registrable Common Stock proposed to be sold, such excess
		shall be allocated pro rata among the other holders of Common Stock, if any,
		desiring to participate in such registration based on the amount of such Common
		Stock initially requested to be registered by such holders or as such holders
		may otherwise agree.
	 

	 
		 
	 

	 
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		(c) Restrictions on Demand Registrations. The Company shall not be obligated to effect any
		Demand Registration within six (6) months after the effective date of a
		previous Demand Registration or a previous registration under which the
		Initiating Holders had piggyback rights pursuant to Section 3 hereof wherein
		the Initiating Holders were permitted to register, and sold, at least 50% of
		the shares of Registrable Common Stock requested to be included therein. The
		Company may (i) postpone for up to ninety (90) days the filing or the
		effectiveness of a Registration Statement for a Demand Registration if, based
		on the good faith judgment of the Company’s board of directors, such
		postponement or withdrawal is necessary in order to avoid premature disclosure
		of a matter the board has determined would not be in the best interest of the
		Company to be disclosed at such time or (ii) postpone the filing of a Demand
		Registration in the event the Company shall be required to prepare audited
		financial statements as of a date other than its fiscal year and (unless the
		Holders requesting such registration agree to pay the expenses of such an
		audit); provided, however, that in no event shall the Company withdraw a
		Registration Statement under clause (i) after such Registration Statement has
		been declared effective; and provided, further, however, that in any of the
		events described in clause (i) or (ii) above, the Initiating Holders requesting
		such Demand Registration shall be entitled to withdraw such request. The
		Company shall provide written notice to the Initiating Holders requesting such
		Demand Registration of (x) any postponement or withdrawal of the filing or
		effectiveness of a Registration Statement pursuant to this Section 2(c), (y)
		the Company’s decision to file or seek effectiveness of such Registration
		Statement following such withdrawal or postponement and (z) the effectiveness
		of such Registration Statement.
	 

	 
		(d) Selection of Underwriters. If any of the Registrable Common Stock covered by a
		Demand Registration hereof is to be sold in an underwritten offering, the
		Initiating Holders shall have the right to select the managing underwriter(s)
		to administer the offering subject to the approval of the Company, which
		approval shall not be unreasonably withheld.
	 

	 
		(e) Effective Period of Demand Registrations. After any Demand Registration filed pursuant to this
		Agreement has become effective, the Company shall use its best efforts to keep
		such Demand Registration effective for a period equal to 180 days from the date
		on which the SEC declares such Demand Registration effective (or if such Demand
		Registration is not effective during any period within such 180 days, such
		180-day period shall be extended by the number of days during such period when
		such Demand Registration is not effective), or such shorter period that shall
		terminate when all of the Registrable Common Stock covered by such Demand
		Registration has been sold pursuant to such Demand Registration. If the Company
		shall withdraw or reduce the number of shares of Registrable Common Stock that
		is subject to any Demand Registration pursuant to subsection (b) of this
		Section 2 (a “Withdrawn Demand
		Registration”), the Initiating
		Holders of the Registrable Common Stock remaining unsold and originally covered
		by such Withdrawn Demand Registration shall be entitled to a replacement Demand
		Registration that (subject to the provisions of this Section 2) the Company
		shall use its best efforts to keep effective for a period commencing on the
		effective date of such Demand Registration and ending on the earlier to occur
		of the date (i) which is 180 days from the effective date of such Demand
		Registration and (ii) on which all of the Registrable Common Stock covered by
		such Demand Registration has been sold. Such additional Demand Registration
		otherwise shall be subject to all of the provisions of this Agreement.
	 

	 
		 
	 

	 
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		(f) Underwritten Offerings. Notwithstanding the foregoing, in no event shall the
		Company be obligated to effect more than one (1) underwritten offering
		hereunder in any single six (6) month period, with the first such period
		measured from the date of the first Demand Registration and ending on the same
		date during the six (6) months following such Demand Registration, whether or
		not a Business Day.
	 

	 
		Section 3. Piggyback
		Registrations.
	 

	 
		(a) Right to Piggyback. From and after the date hereof, whenever the Company
		proposes to register any of its common equity securities under the Securities
		Act (other than a registration statement on Form S-8 or on Form S-4 or any
		similar successor forms thereto), whether for its own account or for the
		account of one or more stockholders of the Company, and the registration form
		to be used may be used for any registration of Registrable Common Stock (a
		“Piggyback
		Registration”), the Company shall
		give prompt written notice (in any event within ten (10) business days after
		its receipt of notice of any exercise of other demand registration rights) to
		all Holders of its intention to effect such a registration and, subject to
		Sections 3(b) and 3(c), shall include in such registration all Registrable
		Common Stock with respect to which the Company has received written requests
		for inclusion therein within twenty (20) days after the receipt of the
		Company’s notice. The Company may postpone or withdraw the filing or the
		effectiveness of a Piggyback Registration at any time in its sole
		discretion.
	 

	 
		(b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary
		registration on behalf of the Company, and the managing underwriters advise the
		Company in writing that in their opinion the number of securities requested to
		be included in such registration exceeds the number that can be sold in such
		offering and/or that the number of shares of Registrable Common Stock proposed
		to be included in any such registration would adversely affect the price per
		share of the Company’s equity securities to be sold in such offering, the
		underwriting shall be allocated among the Company and all Holders pro rata on
		the basis of the Common Stock and Registrable Common Stock offered for such
		registration by the Company and each Holder, respectively, electing to
		participate in such registration.
	 

	 
		(c) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten
		secondary registration on behalf of a holder of the Company’s securities
		other than Registrable Common Stock (“Non-Holder Securities”), and the managing underwriters advise the
		Company in writing that in their opinion the number of securities requested to
		be included in such registration exceeds the number that can be sold in such
		offering and/or that the number of shares of Registrable Common Stock proposed
		to be included in any such registration would adversely affect the price per
		share of the Company’s equity securities to be sold in such offering, the
		underwriting shall be allocated among the holders of Non-Holder Securities and
		all Holders pro-rata on the basis of the Non-Holder Securities and Registrable
		Common Stock offered for such registration by the holder of Non-Holder
		Securities and each Holder, respectively, electing to participate in such
		registration.
	 

	 
		(d) Selection of Underwriters. If any Piggyback Registration is an underwritten
		primary offering, the Company shall have the right to select the managing
		underwriter or underwriters to administer any such offering.
	 

	 
		 
	 

	 
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		(e) Other Registrations. If the Company has previously filed a Registration
		Statement with respect to Registrable Common Stock pursuant to Section 2 hereof
		or pursuant to this Section 3, and if such previous registration has not been
		withdrawn or abandoned, the Company shall not be obligated to cause to become
		effective any other registration of any of its securities under the Securities
		Act, whether on its own behalf or at the request of any holder or holders of
		such securities, until a period of at least three (3) months has elapsed from
		the effective date of such previous registration.
	 

	 
		Section 4. Holdback Agreement.

	 

	 
		In connection with an underwritten primary
		or secondary offering to the public, each Holder agrees, subject to any
		exceptions that may be agreed upon at the time of such offering, not to sell or
		otherwise transfer or dispose of any shares of Registrable Common Stock (or
		other securities) of the Company held by them (other than Registrable Common
		Stock included in such offering in accordance with the terms hereof) for a
		period equal to the lesser of one hundred eighty (180) days following the
		effective date of a Registration Statement of the Company filed under the
		Securities Act or such shorter period as the managing underwriter shall agree
		to, provided that all other stockholders who own more than ten percent (10%) of
		the outstanding Common Stock of the Company and all officers and directors of
		the Company enter into similar agreements. Such agreement shall be in writing
		in form reasonably satisfactory to the Company and the managing underwriter.
		The Company may impose stop-transfer instructions with respect to the shares of
		Registrable Common Stock (or other securities) subject to the foregoing
		restriction until the end of said period.
	 

	 
		Section 5. Registration
		Procedures.
	 

	 
		Whenever the Holders request that any
		Registrable Common Stock be registered pursuant to this Agreement, the Company
		shall use its best efforts to effect and maintain the registration and the sale
		of such Registrable Common Stock in accordance with the intended methods of
		disposition thereof, and pursuant thereto the Company shall as expeditiously as
		possible:
	 

	 
		(a) prepare and file with the SEC a
		Registration Statement with respect to such Registrable Common Stock and use
		its best efforts to cause such Registration Statement to become effective as
		soon as practicable thereafter; and before filing a Registration Statement or
		Prospectus or any amendments or supplements thereto, furnish to the Holders of
		Registrable Common Stock covered by such Registration Statement and the
		underwriter or underwriters, if any, copies of all such documents proposed to
		be filed, including, if requested by such Holders, documents incorporated by
		reference in the Prospectus and, if requested by such Holders, the exhibits
		incorporated or deemed incorporated by reference, and such Holders shall have
		the opportunity to object to any information pertaining to such Holders that is
		contained therein and the Company will make the corrections reasonably
		requested by such Holders with respect to such information prior to filing any
		Registration Statement or amendment thereto or any Prospectus or any supplement
		thereto;
	 

	 
		(b) prepare and file with the SEC such
		amendments and supplements to such Registration Statement and the Prospectus
		used in connection therewith as may be necessary to keep such Registration
		Statement effective, in the case of Demand Registration, for a period
		not
	 

	 
		 
	 

	 
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		less than 180 days, or such shorter period
		as is necessary to complete the distribution of the securities covered by such
		Registration Statement and comply with the provisions of the Securities Act
		with respect to the disposition of all securities covered by such Registration
		Statement during such period in accordance with the intended methods of
		disposition by the sellers thereof set forth in such Registration
		Statement;
	 

	 
		(c) furnish to each seller of Registrable
		Common Stock (without charge) such number of copies of such Registration
		Statement, each amendment and supplement thereto, the Prospectus included in
		such Registration Statement (including each preliminary Prospectus) and such
		other documents as such seller may reasonably request in order to facilitate
		the disposition of the Registrable Common Stock owned by such seller, and the
		Company consents to the use of such Prospectus, including each preliminary
		Prospectus, by Holders of Registrable Common Stock, in connection with the
		offering and sale of Registrable Common Stock covered by any such
		Prospectus;
	 

	 
		(d) use its best efforts to register or
		qualify such Registrable Common Stock under such other securities or blue sky
		laws of such jurisdictions as any seller reasonably requests and do any and all
		other acts and things which may be reasonably necessary or advisable to enable
		such seller to consummate the disposition in such jurisdictions of the
		Registrable Common Stock owned by such seller (provided, that the Company will
		not be required to (i) qualify generally to do business in any jurisdiction
		where it would not otherwise be required to qualify but for this subparagraph
		(d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent
		to general service of process in any such jurisdiction);
	 

	 
		(e) notify each seller of such Registrable
		Common Stock, at any time when a Prospectus relating thereto is required to be
		delivered under the Securities Act, of the occurrence of any event as a result
		of which the Registration Statement, including the Prospectus contained
		therein, contains an untrue statement of a material fact or omits any fact
		required to be stated therein or necessary to make the statements therein not
		misleading, and, at the request of any such seller, the Company shall prepare a
		supplement or amendment to such Registration Statement so that, as thereafter
		delivered to the purchasers of such Registrable Common Stock, such Prospectus
		shall not contain an untrue statement of a material fact or omit to state any
		material fact necessary to make the statements therein not misleading;
	 

	 
		(f) in the case of an underwritten offering,
		enter into such customary agreements (including underwriting agreements in
		customary form) and take all such other actions as the Holders of a majority of
		number of shares of the Registrable Common Stock being sold or the
		underwriters, if any, reasonably request in order to expedite or facilitate the
		disposition of such Registrable Common Stock, (including making executive
		officers of the Company available to participate in, and cause them to
		cooperate with the underwriters in connection with, “road-show” and
		other customary marketing activities (including one-on-one meetings with
		prospective purchasers of the Registrable Common Stock), and cause to be
		delivered to the underwriters and the sellers, if any, opinions of counsel to
		the Company in customary form, covering such matters as are customarily covered
		by opinions for an underwritten public offering as the underwriters may request
		and addressed to the underwriters and the sellers;
	 

	 
		 
	 

	 
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		(g) subject to receipt of reasonably
		acceptable confidentiality agreements, make available, for inspection by
		representative of a seller of Registrable Common Stock, any underwriter
		participating in any disposition pursuant to such Registration Statement, and
		any attorney, accountant or other agent retained by any such seller or
		underwriter, all financial and other records, pertinent corporate documents and
		properties of the Company, and cause the Company’s officers, directors and
		independent accountants to supply all information reasonably requested by any
		such seller, underwriter, attorney, accountant or agent in connection with such
		Registration Statement;
	 

	 
		(h) to use its best efforts to cause all
		such Registrable Common Stock to be listed on each securities exchange on which
		securities of the same class issued by the Company are then listed or, if no
		such similar securities are then listed, on a national securities exchange
		selected by the Company;
	 

	 
		(i) provide a transfer agent and registrar
		for all such Registrable Common Stock not later than the effective date of such
		Registration Statement;
	 

	 
		(j) if requested, cause to be delivered,
		immediately prior to the effectiveness of the Registration Statement (and, in
		the case of an underwritten offering, at the time of delivery of any
		Registrable Common Stock sold pursuant thereto), letters from the
		Company’s independent certified public accountants addressed to each
		selling Holder (unless such selling Holder does not provide to such accountants
		the appropriate representation letter required by rules governing the
		accounting profession) and each underwriter, if any, stating that such
		accountants are independent public accountants within the meaning of the
		Securities Act and the applicable rules and regulations adopted by the SEC
		thereunder, and otherwise in customary form and covering such financial and
		accounting matters as are customarily covered by letters of the independent
		certified public accountants delivered in connection with primary or secondary
		underwritten public offerings, as the case may be;
	 

	 
		(k) make generally available to its
		stockholders a consolidated earnings statement (which need not be audited) for
		the 12 months (or, if applicable, such shorter period that the Company has been
		in existence) beginning after the effective date of a Registration Statement as
		soon as reasonably practicable after the end of such period, which earnings
		statement shall satisfy the requirements of an earning statement under Section
		11(a) of the Securities Act and Rule 158 thereunder;
	 

	 
		(l) cooperate with each selling Holder of
		Registrable Common Stock and each underwriter participating in the disposition
		of such Registrable Common Stock and their respective counsel in connection
		with any filings required to be made with the National Association of
		Securities Dealers, Inc. and make reasonably available its employees and
		personnel and otherwise provide reasonable assistance to the underwriters
		(taking into account the needs of the Company’s businesses and the
		requirements of the marketing process) in the marketing of Registrable Common
		Stock in any underwritten offering.
	 

	 
		(m) use its best efforts to prevent the
		issuance of any stop order or other suspension of effectiveness of a
		Registration Statement, or the suspension of the qualification of any of the
		Registrable Common Stock for sale in any jurisdiction and, if such an order or
		suspension is
	 

	 
		 
	 

	 
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		issued, to use reasonable efforts to obtain
		the withdrawal of such order or suspension at the earliest possible moment and
		to notify each seller of Registrable Common Stock being sold of the issuance of
		such order and the resolution thereof or its receipt of actual notice of the
		initiation or threat of any proceeding for such purpose.
	 

	 
		(n) promptly notify each seller of
		Registrable Common Stock and the underwriter or underwriters, if any:
	 

	 
		(i) when the Registration Statement,
		pre-effective amendment, the Prospectus or any Prospectus supplement or
		post-effective amendment to the Registration Statement has been filed and, with
		respect to the Registration Statement or any post-effective amendment, when the
		same has become effective;
	 

	 
		(ii) of any written request by the SEC for
		amendments or supplements to the Registration Statement or Prospectus;
	 

	 
		(iii) of the notification to the Company by
		the SEC of its initiation of any proceeding with respect to the issuance by the
		SEC of any stop order suspending the effectiveness of the Registration
		Statement; and
	 

	 
		(iv) of the receipt by the Company of any
		notification with respect to the suspension of the qualification of any
		Registrable Common Stock for sale under the applicable securities or blue sky
		laws of any jurisdiction.
	 

	 
		(o) At all times after the Company has filed
		a registration statement with the SEC pursuant to the requirements of either
		the Securities Act or the Exchange Act, the Company shall file all reports and
		other documents required to be filed by it under the Securities Act and the
		Exchange Act and the rules and regulations adopted by the SEC thereunder, and
		take such further action as any Holders may reasonably request, all to the
		extent required to enable such Holders to be eligible to sell Registrable
		Common Stock pursuant to Rule 144 (or any similar rule then in effect).
	 

	 
		(p) As a condition to being included in any
		Registration Statement, the Company may require each seller of Registrable
		Common Stock as to which any registration is being effected to furnish to the
		Company any other information regarding such seller and the distribution of
		such securities as the Company may from time to time reasonably request in
		writing.
	 

	 
		(q) Each seller of Registrable Common Stock
		agrees by having its stock treated as Registrable Common Stock hereunder that,
		upon notice of the happening of any event as a result of which the Prospectus
		included in such Registration Statement contains an untrue statement of a
		material fact or omits any material fact necessary to make the statements
		therein not misleading (a “Suspension Notice”), such seller will forthwith discontinue
		disposition of Registrable Common Stock until such seller is advised in writing
		by the Company that the use of the Prospectus may be resumed and is furnished
		with a supplemented or amended Prospectus as contemplated by Section 5(e)
		hereof, and, if so directed by the Company, such seller, at its option, either
		will destroy or deliver to the Company (at the Company’s expense) all
		copies, other than permanent file copies then in such seller’s possession,
		of the Prospectus covering such Registrable Common Stock current at the time of
		receipt of such notice; provided, however, that
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		such postponement of sales of Registrable
		Common Stock by the Holders shall not exceed thirty (30) days in the aggregate
		in any three-month period or ninety (90) days in the aggregate in any one year
		except as a result of a refusal by the SEC to declare any post-effective
		amendment to the Registration Statement effective after the Company has used
		all commercially reasonable efforts to cause such post-effective amendment to
		be declared effective, in which case the Company shall terminate the suspension
		of the use of the Registration Statement immediately following the effective
		date of the post-effective amendment. If the Company shall give any notice to
		suspend the disposition of Registrable Common Stock pursuant to a Prospectus,
		the Company shall extend the period of time during which the Company is
		required to maintain the Registration Statement effective pursuant to this
		Agreement by the number of days during the period from and including the date
		of the giving of such notice to and including the date such seller either is
		advised by the Company that the use of the Prospectus may be resumed or
		receives the copies of the supplemented or amended Prospectus contemplated by
		Section 6(e). In any event, the Company shall not be entitled to deliver more
		than three (3) Suspension Notices in any one year.
	 

	 
		Section 6. Registration
		Expenses.
	 

	 
		(a) All fees and expenses incident to the
		Company’s performance of or compliance with this Agreement, including,
		without limitation, all registration and filing fees, fees and expenses of
		compliance with securities or blue sky laws, listing application fees,
		printing, word processing, telephone, messenger and delivery expenses, transfer
		agent’s and registrar’s fees, cost of distributing Prospectuses in
		preliminary and final form as well as any supplements thereto, and fees and
		disbursements of counsel for the Company, one counsel retained by the Holders
		of Registrable Common Stock and all independent certified public accountants
		and other Persons retained by the Company (all such expenses being herein
		called “Registration
		Expenses”) (but not including any
		underwriting discounts or commissions attributable to the sale of Registrable
		Common Stock or fees and expenses of more than one counsel representing the
		Holders of Registrable Common Stock, which shall be borne by the Holders),
		shall be borne by the Company (whether or not any Registration Statement is
		declared effective or any of the transactions described herein is consummated).
		In addition, the Company shall pay its internal expenses, the expense of any
		annual audit or quarterly review, the expense of any liability insurance and
		the expenses and fees for listing the securities to be registered on each
		securities exchange on which they are to be listed.
	 

	 
		(b) In connection with each registration
		initiated hereunder (whether a Demand Registration or a Piggyback
		Registration), the Company shall reimburse the Holders covered by such
		registration or sale for the reasonable fees and disbursements of one law firm
		chosen by the Holders of a majority of the number of shares of Registrable
		Common Stock included in such registration sale.
	 

	 
		(c) The obligation of the Company to bear
		the expenses described in Section 6(a) and to reimburse the Holders for the
		expenses described in Section 6(b) shall apply irrespective of whether a
		registration, once properly demanded, if applicable, becomes effective, is
		withdrawn or suspended, is converted to another form of registration and
		irrespective of when any of the foregoing shall occur; provided, however, that
		Registration Expenses for any Registration Statement withdrawn solely at the
		request of a Holder of Registrable Common Stock (unless
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		withdrawn following postponement of filing
		by the Company in accordance with Section 2(c) (i) or (ii)) or any supplements
		or amendments to a Registration Statement or Prospectus resulting from a
		misstatement furnished to the Company by a Holder shall be borne by such
		Holder.
	 

	 
		Section 7. Indemnification.
	 

	 
		(a) The Company shall indemnify and hold
		harmless, to the fullest extent permitted by law, each Holder, its officers,
		directors and Affiliates, employees and agents of such Holder and each Person,
		if any, who controls such Holder (within the meaning of Section 15 of the
		Securities Act or Section 20 of the Exchange Act) from and against all losses,
		claims, damages, liabilities, judgments and expenses (including without
		limitation, the reasonable fees and other expenses incurred in connection with
		any suit, action, investigation or proceeding or any claim asserted) caused by,
		arising out of, in connection with or based upon, any untrue or alleged untrue
		statement of material fact contained in any Registration Statement, Prospectus
		(including any preliminary Prospectus) or any amendment thereof or supplement
		thereto or any omission or alleged omission of a material fact required to be
		stated therein or necessary to make the statements therein, in the case of the
		Prospectus in the light of the circumstances under which they were made, not
		misleading or any violation or alleged violation by the Company of the
		Securities Act, the Exchange Act or applicable “blue sky” laws,
		except insofar as the same are made in reliance and in conformity with
		information relating to such Holder furnished in writing to the Company by such
		Holder expressly for use therein or caused by such Holder’s failure to
		deliver to such Holder’s immediate purchaser a copy of the Prospectus or
		any amendments or supplements thereto (if the same was required by applicable
		law to be so delivered) after the Company has furnished such Holder with a
		sufficient number of copies of the same.
	 

	 
		(b) In connection with any Registration
		Statement in which a Holder of Registrable Common Stock is participating, each
		such Holder shall furnish to the Company in writing such information and
		affidavits as the Company reasonably requests for use in connection with any
		such Registration Statement or Prospectus and, shall indemnify, to the fullest
		extent permitted by law, the Company, its officers, directors, Affiliates, and
		each Person who “controls” the Company within the meaning of the
		Securities Act (excluding CIT Healthcare or CIT Holding, as the case may be, to
		the extent that CIT Healthcare or CIT Holding, as the case may be, is the
		Holder of the Registrable Common Stock), against all losses, claims, damages,
		liabilities and expenses arising out of or based upon any untrue or alleged
		untrue statement of material fact contained in the Registration Statement,
		Prospectus or preliminary Prospectus or any amendment thereof or supplement
		thereto or any omission or alleged omission of a material fact required to be
		stated therein or necessary to make the statements therein, in the case of the
		Prospectus in the light of the circumstances under which they were made, not
		misleading, but only to the extent that the same are made in reliance and in
		conformity with information relating to such Holder furnished in writing to the
		Company by such Holder expressly for use therein or caused by such
		Holder’s failure to deliver to such Holder’s immediate purchaser a
		copy of the Prospectus or any amendments or supplements thereto (if the same
		was required by applicable law to be so delivered) after the Company has
		furnished such Holder with a sufficient number of copies of the same; provided,
		however, that the obligation to indemnify shall be several, not joint and
		several, among such Holders and the liability of each such Holder shall be in
		proportion to and limited to the net amount received by such Holder from the
		sale of Registrable Common Stock pursuant to such Registration
		Statement.
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		(c) Any Person entitled to indemnification
		hereunder shall (i) give prompt written notice to the indemnifying party of any
		claim with respect to which it seeks indemnification and (ii) unless in such
		indemnified party’s reasonable judgment a conflict of interest between
		such indemnified and indemnifying parties may exist with respect to such claim,
		such indemnifying party shall assume the defense of such claim with counsel
		reasonably satisfactory to the indemnified party. If such defense is assumed,
		the indemnifying party shall not be subject to any liability for any settlement
		made by the indemnified party without its consent (but such consent will not be
		unreasonably withheld, conditioned or delayed). An indemnifying party who is
		not entitled to, or elects not to, assume the defense of a claim shall not be
		obligated to pay the fees and expenses of more than one counsel for each party
		indemnified by such indemnifying party with respect to such claim, unless in
		the reasonable judgment of any indemnified party there may be one or more legal
		or equitable defenses available to such indemnified party which are in addition
		to or may conflict with those available to another indemnified party with
		respect to such claim. Failure to give prompt written notice shall not release
		the indemnifying party from its obligations hereunder. No indemnifying party
		shall, without the prior written consent of the indemnified party, consent to
		entry of any judgment or enter into any settlement or other compromise (i)
		which does not include as an unconditional term thereof the giving by the
		claimant or plaintiff to such indemnified party of a release from all liability
		in respect to such claim or litigation or (ii) which includes any statement of
		admission of fault, culpability or failure to act by or on behalf of such
		indemnified party.
	 

	 
		(d) The indemnification provided for under
		this Agreement shall remain in full force and effect regardless of any
		investigation made by or on behalf of the indemnified party or any officer,
		director or controlling Person of such indemnified party and shall survive the
		transfer of securities or the termination of this agreement.
	 

	 
		(e) If the indemnification provided for in
		or pursuant to this Section 8 is unavailable, unenforceable or insufficient to
		hold harmless any indemnified Person in respect of any losses, claims, damages,
		liabilities or expenses referred to herein, then each applicable indemnifying
		party, in lieu of indemnifying such indemnified party, shall contribute to the
		amount paid or payable by such indemnified Person as a result of such losses,
		claims, damages, liabilities or expenses in such proportion as is appropriate
		to reflect the relative fault of the indemnifying party on the one hand and of
		the indemnified party on the other in connection with the statements or
		omissions which result in such losses, claims, damages, liabilities or expenses
		as well as any other relevant equitable considerations. The relative fault of
		the indemnifying party on the one hand and of the indemnified Person on the
		other shall be determined by reference to, among other things, whether the
		untrue or alleged untrue statement of a material fact or the omission or
		alleged omission to state a material fact relates to information supplied by
		the indemnifying party or by the indemnified party, and by such party’s
		relative intent, knowledge, access to information and opportunity to correct or
		prevent such statement or omission. In no event shall the liability of any
		selling Holder be greater in amount than the amount of net proceeds received by
		such Holder upon such sale or the amount for which such indemnifying party
		would have been obligated to pay by way of indemnification if the
		indemnification provided for under Section 8(a) or 8(b) hereof had been
		available under the circumstances. The indemnity and contribution agreements
		contained in this Section 7 are in addition to any liability which the
		indemnifying Persons may otherwise have to the indemnified Persons hereunder,
		under applicable law or at equity.
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Section 8. Participation in Underwritten
		Registrations.
	 

	 
		No Person may participate in any
		registration hereunder that is underwritten unless such Person (a) agrees to
		sell such Person’s securities on the basis provided in any underwriting
		arrangements approved by the Person or Persons entitled hereunder to approve
		such arrangements and (b) completes and executes all questionnaires, powers of
		attorney, indemnities, underwriting agreements, opinions and other documents
		required under the terms of such underwriting arrangements.
	 

	 
		Section 9. Rule 144.
	 

	 
		The Company covenants that it will file the
		reports required to be filed by it under the Securities Act and the Exchange
		Act and the rules and regulations adopted by the SEC thereunder in accordance
		with the requirements of the Securities Act and the Exchange Act, and it will
		take such further action as any Holder may reasonably request to make available
		adequate current public information with respect to the Company meeting the
		current public information requirements of Rule 144(c) under the Securities Act
		(to the extent such information is available), to the extent required to enable
		such Holder to sell Registrable Common Stock without registration under the
		Securities Act within the limitation of the exemptions provided by (i) Rule 144
		under the Securities Act, as such Rule may be amended from time to time, or
		(ii) any similar rule or regulation hereafter adopted by the SEC. Upon the
		request of any Holder, the Company will deliver to such Holder a written
		statement as to whether it has complied with such information and
		requirements.
	 

	 
		Section 10. Miscellaneous.
	 

	 
		(a) Notices. All
		notices, requests and other communications to any party hereunder shall be in
		writing (including facsimile or similar writing) and shall be given,
	 

	 
		If to the Company:
	 

	 
		Care Investment Trust Inc.
	 

	 
		c/o CIT Healthcare LLC
	 

	 
		505 Fifth Avenue, 6th
		Floor
	 

	 
		New York, New York 10017
	 

	 
		Attention: Chief Executive Officer
	 

	 
		Facsimile No.: (212) 771-9317
	 

	 
		If to CIT Healthcare:
	 

	 
		CIT Healthcare LLC
	 

	 
		505 Fifth Avenue, 6th Floor
	 

	 
		New York, New York 10017
	 

	 
		Attention: Chief Executive Officer
	 

	 
		Facsimile No.: (212) 771-9317
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		If to the CIT Holding:
	 

	 
		CIT Real Estate Holding Corporation
	 

	 
		c/o CIT Healthcare LLC
	 

	 
		505 Fifth Avenue, 6th
		Floor
	 

	 
		New York, New York 10017
	 

	 
		Attention: President
	 

	 
		Facsimile No.: (212) 771-9317
	 

	 
		If to a transferee Holder, to the address of
		such Holder set forth in the transfer documentation provided to the Company;
		
	 

	 
		or such other address or facsimile number as
		such party (or transferee) may hereafter specify for the purpose by notice to
		the other parties. Each such notice, request or other communication shall be
		effective (a) if given by facsimile, when such facsimile is transmitted to the
		facsimile number specified in this Section 10(a) and the appropriate facsimile
		confirmation is received or (b) if given by any other means, when delivered at
		the address specified in this Section.
	 

	 
		(b) No Waivers. No
		failure or delay by any party in exercising any right, power or privilege
		hereunder shall operate as a waiver thereof nor shall any single or partial
		exercise thereof preclude any other or further exercise thereof or the exercise
		of any other right, power or privilege. The rights and remedies herein provided
		shall be cumulative and not exclusive of any rights or remedies provided by
		law.
	 

	 
		(c) Expenses. Except
		as otherwise provided for herein or otherwise agreed to in writing by the
		parties, all costs and expenses incurred in connection with the preparation of
		this Agreement shall be paid by the Company.
	 

	 
		(d) Successors and Assigns. The provisions of this Agreement shall be binding upon
		and inure to the benefit of the parties hereto and their respective successors
		and assigns, it being understood that subsequent Holders of the Registrable
		Common Stock are intended third party beneficiaries hereof.
	 

	 
		(e) Governing Law.
		This Agreement and the rights and obligations of the parties under this
		Agreement shall be governed by, and construed and interpreted in accordance
		with, the law of the State of New York, without regard to principles of
		conflicts of law. Each of the parties hereto irrevocably submits to the
		exclusive jurisdiction of the courts of the State of New York and the United
		States District Court for any district within such state for the purpose of any
		action or judgment relating to or arising out of this Agreement or any of the
		transactions contemplated hereby and to the laying of venue in such
		court.
	 

	 
		(f) Jurisdiction.
		Any suit, action or proceeding seeking to enforce any provision of, or based on
		any matter arising out of or in connection with, this Agreement or the
		transactions contemplated hereby may be brought in any federal or state court
		located in the County and State of New York, and each of the parties hereby
		consents to the jurisdiction of such courts (and of the appropriate appellate
		courts therefrom) in any such suit, action or proceeding and irrevocably
		waives, to the fullest extent permitted by law, any objection which it may now
		or hereafter have to the laying of the venue of any such suit, action or
		proceeding in any such court or that any such suit, action or proceeding which
		is brought in any such court has been brought in an inconvenient forum. Process
		in any such suit, action or proceeding may be served on any party anywhere in
		the world, whether within or without the jurisdiction of any such court.
		Without
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		limiting the foregoing, each party agrees
		that service of process on such party as provided in Section 10(a) shall be
		deemed effective service of process on such party.
	 

	 
		(g) Waiver of Jury Trial.
	 

	 
		EACH OF THE PARTIES HERETO HEREBY
		IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
		ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
		HEREBY.
	 

	 
		(h) Counterparts; Effectiveness. This
		Agreement may be signed in any number of counterparts, each of which shall be
		an original, with the same effect as if the signatures thereto and hereto were
		upon the same instrument.
	 

	 
		(i) Entire Agreement. This Agreement
		constitutes the entire agreement between the parties with respect to the
		subject matter of this Agreement and supersedes all prior agreements and
		understandings, both oral and written, between the parties with respect to the
		transactions contemplated herein. No provision of this Agreement or any other
		agreement contemplated hereby is intended to confer on any Person other than
		the parties hereto any rights or remedies.
	 

	 
		(j) Captions. The captions herein are
		included for convenience of reference only and shall be ignored in the
		construction or interpretation hereof.
	 

	 
		(k) Severability. If any term,
		provision, covenant or restriction of this Agreement is held by a court of
		competent jurisdiction or other authority to be invalid, void or unenforceable,
		the remainder of the terms, provisions, covenants and restrictions of this
		Agreement shall remain in full force and effect and shall in no way be
		affected, impaired or invalidated so long as the economic or legal substance of
		the transactions contemplated hereby is not affected in any manner materially
		adverse to any party. Upon such a determination, the parties shall negotiate in
		good faith to modify this Agreement so as to effect the original intent of the
		parties as closely as possible in an acceptable manner in order that the
		transactions contemplated hereby be consummated as originally contemplated to
		the fullest extent possible.
	 

	 
		(l) Amendments. The provisions of
		this Agreement, including the provisions of this sentence, may not be amended,
		modified or supplemented, and waivers or consents to departures from the
		provisions hereof may not be given without the prior written consent of the
		Holders of a majority of the Registrable Common Stock; provided, further, that
		the consent or agreement of the Company shall be required with regard to any
		termination, amendment, modification or supplement of, or waivers or consents
		to departures from, the terms hereof, which affect the Company’s
		obligations hereunder.
	 

	 
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		BLANK]
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, this Registration Rights
		Agreement has been duly executed by each of the parties hereto as of the date
		first written above
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CARE INVESTMENT TRUST INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ F. Scott Kellman 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  F. Scott Kellman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  President and Chief Executive
				  Officer
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CIT HEALTHCARE LLC
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Flint D. Besecker 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Flint D. Besecker
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  President
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CIT REAL ESTATE HOLDING
				  CORPORATION
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Anne Beroza 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Anne Beroza
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  President
				

			 

 

	 
		 
	 

	 
		16Exhibit 10.2
	 

	 
		EXECUTION COPY
	 

	 
		
		  
		  

		
 
 

	 
		MANAGEMENT AGREEMENT
	 

	 
		by and between
	 

	 
		CARE INVESTMENT TRUST INC.
	 

	 
		and
	 

	 
		CIT HEALTHCARE LLC
	 

	 
		Dated as of June 27, 2007
	 

	 
		
		  
		  

		
 
 
 

	 
	 

	 

	 
		Table of Contents
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				  Section 1.
				

			 	
				
				   
				

			 	
				
				  Definitions
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  Section 2.
				

			 	
				
				   
				

			 	
				
				  Appointment and Duties of the
				  Manager
				

			 	
				
				   
				

			 	
				
				  5
				

			 
	
				
				  Section 3.
				

			 	
				
				   
				

			 	
				
				  Additional Activities of the
				  Manager
				

			 	
				
				   
				

			 	
				
				  11
				

			 
	
				
				  Section 4.
				

			 	
				
				   
				

			 	
				
				  Bank Accounts
				

			 	
				
				   
				

			 	
				
				  11
				

			 
	
				
				  Section 5.
				

			 	
				
				   
				

			 	
				
				  Records; Confidentiality
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  Section 6.
				

			 	
				
				   
				

			 	
				
				  Compensation
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  Section 7.
				

			 	
				
				   
				

			 	
				
				  Expenses of the Company
				

			 	
				
				   
				

			 	
				
				  15
				

			 
	
				
				  Section 8.
				

			 	
				
				   
				

			 	
				
				  Limits of the Manager’s
				  Responsibility
				

			 	
				
				   
				

			 	
				
				  19
				

			 
	
				
				  Section 9.
				

			 	
				
				   
				

			 	
				
				  No Joint Venture
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  Section 10.
				

			 	
				
				   
				

			 	
				
				  Term; Renewal
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  Section 11.
				

			 	
				
				   
				

			 	
				
				  Assignments
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  Section 12.
				

			 	
				
				   
				

			 	
				
				  Termination of the Manager for
				  Cause
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  Section 13.
				

			 	
				
				   
				

			 	
				
				  Action Upon Termination
				

			 	
				
				   
				

			 	
				
				  23
				

			 
	
				
				  Section 14.
				

			 	
				
				   
				

			 	
				
				  Release of Money or Other Property
				  Upon Written Request
				

			 	
				
				   
				

			 	
				
				  24
				

			 
	
				
				  Section 15.
				

			 	
				
				   
				

			 	
				
				  Representations and
				  Warranties
				

			 	
				
				   
				

			 	
				
				  24
				

			 
	
				
				  Section 16.
				

			 	
				
				   
				

			 	
				
				  Miscellaneous
				

			 	
				
				   
				

			 	
				
				  26
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		MANAGEMENT AGREEMENT, dated as of June 27,
		2007, by and between Care Investment Trust Inc., a Maryland corporation (the
		“Company”) and CIT Healthcare LLC, a Delaware limited
		liability company (the “Manager”).
	 

	 
		W I T N E
		S S E T H:
	 

	 
		WHEREAS, the Company is a newly formed
		corporation which intends to invest primarily in a diversified portfolio of
		healthcare-related commercial mortgage investments, commercial real estate and
		other related products and intends to qualify as a real estate investment trust
		for federal income tax purposes and will elect to receive the tax benefits
		accorded by Sections 856 through 860 of the Internal Revenue Code of 1986, as
		amended (the “Code”); and
	 

	 
		WHEREAS, the Company desires to retain the
		Manager to manage the business and investment affairs of the Company and its
		Subsidiaries and to perform services for the Company in the manner and on the
		terms set forth herein and the Manager wishes to be retained to provide such
		services.
	 

	 
		NOW THEREFORE, in consideration of the
		premises and agreements hereinafter set forth, the parties hereto hereby agree
		as follows:
	 

	 
			
				
				   
				

			 	
				
				  Section 1. Definitions.
				  (a) The following terms shall have the meanings set forth in this Section
				  1(a):
				

			 

 

	 
		“Affiliate”
		means (i) any Person directly or indirectly controlling, controlled by, or
		under common control with such other Person, (ii) any executive officer or
		general partner of such other Person, and (iii) any legal entity for which such
		Person acts as an executive officer or general partner.
	 

	 
		“Agreement”
		means this Management Agreement, as amended, supplemented or otherwise modified
		from time to time.
	 

	 
		“Automatic Renewal Term” has the meaning set forth in Section 10(b)
		hereof.
	 

	 
		“Base Management Fee” means the base management fee, calculated and
		payable monthly in arrears, in an amount equal to one-twelfth of 1.75% of
		Equity.
	 

	 
		“Board of Directors” means the board of directors of the
		Company.
	 

	 
		“Business Day” means any day except a Saturday, a Sunday or a
		day on which banking institutions in New York, New York are not required to be
		open.
	 

	 
		“Change in Control of the Manager” shall be deemed to have occurred: (a) if any
		Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
		the Exchange Act, or any successor provision), including any group for the
		purpose of acquiring, holding or disposing of securities (within the meaning of
		Rule 13d-5(b)(1) under the Exchange Act), other than CIT Group Inc.
		(“CIT Group”) or an Affiliate of CIT 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Group, in a single transaction or in a
		related series of transactions, becomes the beneficial owner, directly or
		indirectly, of securities of the Manager representing more than 50% of the
		aggregate voting power of all classes of the Manager’s then outstanding
		voting securities (provided,
		however, no change in the ownership of
		CIT Group shall be deemed to be a “Change of Control” for purposes of
		this Agreement) or (b) upon approval by all requisite parties of (i) a plan of
		merger, consolidation, share exchange, business combination or similar
		transaction between the Manager and an entity (other than an Affiliate of the
		Manager that executes this Agreement and agrees to bound by the provisions
		hereof), or (ii) a proposal with respect to the sale, lease, transfer, exchange
		or other disposal of all, or substantially all, of the Manager’s assets to
		an entity (other than an Affiliate of the Manager that executes this Agreement
		and agrees to be bound by the provisions hereof). 
	 

	 
		“Claim” has
		the meaning set forth in Section 8(c) hereof.
	 

	 
		“Closing Date” means the date of closing of the Initial Public
		Offering.
	 

	 
		“Code” has
		the meaning set forth in the Recitals.
	 

	 
		“Common Stock” means the common stock, par value $0.001, of the
		Company.
	 

	 
		“Company Confidential Information” has meaning set forth in Section 5(b)
		hereof.
	 

	 
		“Company Indemnified Party” has meaning set forth in Section 8(b)
		hereof.
	 

	 
		“Company
		Permitted Disclosure
		Parties” has the meaning set forth
		in Section 5(b) hereof.
	 

	 
		“Conduct
		Policies” has the meaning set
		forth in Section 2(k) hereof.
	 

	 
		“Confidential Information” has the meaning set forth in Section 5
		hereof.
	 

	 
		“Conflicts of Interest Policy” means the conflicts of interests policy for the
		Company with respect to the Manager, a copy of which is attached hereto as
		Exhibit A, as the same may be amended, restated, modified,
		supplemented or waived by the Board of Directors as specified therein.
	 

	 
		“Effective Termination Date” has the meaning set forth in Section 10(c)
		hereof.
	 

	 
		“Equity”
		means, for purposes of calculating the Base Management Fee, the month-end
		value, computed in accordance with GAAP, of the Company’s
		stockholders’ equity (including common stock and preferred stock),
		adjusted to exclude the effect of any unrealized gains, losses or other items
		that do not affect realized net income.
	 

	 
		“Exchange Act” means the Securities Exchange Act of 1934, as
		amended.
	 

	 
		“Funds From Operations” means net income (computed in accordance with
		GAAP), excluding gains (losses) from debt restructuring and gains (losses) from
		sales of 
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		property, plus depreciation and amortization
		on real estate assets and non-cash equity compensation expense, and after
		adjustments for unconsolidated partnerships and joint ventures; provided, that,
		for the purposes of determining the Incentive Fee, the foregoing calculation of
		Funds From Operations shall be adjusted to exclude one-time events pursuant to
		changes in GAAP and may be adjusted to exclude other non-cash charges after
		discussion between the Manager and the Independent Directors and approval by
		the majority of the Independent Directors in the case of non-cash
		charges.
	 

	 
		“GAAP” means
		generally accepted accounting principles in effect in the United States on the
		date such principles are applied.
	 

	 
		“Governing Instruments” means, with regard to any entity, the articles of
		incorporation or certificate of incorporation and bylaws in the case of a
		corporation, the partnership agreement in the case of a general or limited
		partnership or the certificate of formation and operating agreement in the case
		of a limited liability company, the trust instrument in the case of a trust, or
		similar governing documents in each case as amended.
	 

	 
		“Incentive Fee” means an incentive management fee calculated and
		payable each fiscal quarter in an amount, not less than zero, equal to the
		product of: (i) 25% of the dollar amount by which (a) Funds From Operations
		(after the Base Management Fee and before the Incentive Fee) of the Company for
		such quarter per share of Common Stock (based on the weighted average number of
		shares outstanding for such quarter), (b) plus the amount by which any capital
		gains realized during the quarter exceed any capital losses realized during the
		quarter exceed (c) an amount equal to (1) the weighted average of the price per
		share of Common Stock issued in the Initial Public Offering and the prices per
		share of Common Stock issued in any subsequent offerings by the Company
		multiplied by (2) the greater of (A) 2.25% and (B) 0.75% plus one-fourth of the
		Ten-Year U.S. Treasury Rate for such quarter, multiplied by (ii) the weighted
		average number of shares of Common Stock outstanding during such
		quarter.
	 

	 
		“Incentive Fee Computation Notice” has the meaning set forth in Section 6(e)
		hereof.
	 

	 
		“Indemnified Party” has the meaning set forth in Section 8(b)
		hereof.
	 

	 
		“Independent Director” means a member of the Board of Directors who is
		“independent” in accordance with the Company’s Governing
		Instruments and the rules of the NYSE or such other securities exchange on
		which the shares of Common Stock are listed.
	 

	 
		“Initial Public Offering” means the sale by the Company of shares in the
		initial public offering of the Company registered with the SEC (Registration
		Statement No. 333-141634).
	 

	 
		“Initial Term” has the meaning set forth in Section 10(a)
		hereof.
	 

	 
		“Investment Committee Charter” means the organizational document for the
		Company’s Investment Committee.
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		“Investment Company Act” means the Investment Company Act of 1940, as
		amended.
	 

	 
		“Investment
		Guidelines” means the Company’s investment guidelines, a
		copy of which is attached hereto as Exhibit B, as
		the same may be amended, restated, modified, supplemented or waived by the
		Board of Directors as specified therein.
	 

	 
		“Last Appraiser” has the meaning set forth in Section 6(h)
		hereof.
	 

	 
		“Losses” has
		the meaning set forth in Section 8(a) hereof.
	 

	 
		“Management Fee Payment” has the meaning set forth in Section 6(d)
		hereof.
	 

	 
		“Manager Indemnified Party” has the meaning set forth in Section 8(a)
		hereof.
	 

	 
		“Manager
		Permitted Disclosure
		Parties” has the meaning set forth
		in Section 5(a) hereof.
	 

	 
		“Notice of Proposal to Negotiate” has the meaning set forth in Section 10(c)
		hereof.
	 

	 
		“NYSE” means
		the New York Stock Exchange, Inc.
	 

	 
		“Person”
		means any natural person, corporation, partnership, association, limited
		liability company, estate, trust, joint venture, any federal, state, county or
		municipal government or any bureau, department or agency thereof or any other
		legal entity and any fiduciary acting in such capacity on behalf of the
		foregoing.
	 

	 
		“REIT” means
		a “real estate investment trust” as defined under the Code.
	 

	 
		“SEC” means
		the United States Securities and Exchange Commission.
	 

	 
		“Securities Act” means the Securities Act of 1933, as
		amended.
	 

	 
		“Subsidiary”
		means any subsidiary of the Company and any partnership, the general partner of
		which is the Company or any subsidiary of the Company, and any limited
		liability company, the managing member of which is the Company or any
		subsidiary of the Company.
	 

	 
		“Ten-Year U.S. Treasury Rate” means the arithmetic average of the weekly
		average yield to maturity for actively traded current coupon U.S. Treasury
		fixed interest rate securities (adjusted to constant maturities of ten years)
		published by the Federal Reserve Board in publication H.15, or any successor
		publication, during a calendar quarter, or, if such rate is not published by
		the Federal Reserve Board, any Federal Reserve Bank or agency or department of
		the federal government selected by the Company. If the Company determines in
		good faith that the Ten-Year U.S. Treasury Rate cannot be calculated as
		provided above, then the rate shall be the arithmetic average of the per annum
		average yields to maturities, based upon closing asked prices on each Business
		
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		Day during a quarter, for each actively
		traded marketable U.S. Treasury fixed interest rate security with a final
		maturity date not less than eight nor more than twelve years from the date of
		the closing asked prices as chosen and quoted for each Business Day in each
		such quarter in New York City by at least three recognized dealers in U.S.
		government securities selected by the Company.
	 

	 
		“Termination Fee” means a termination fee equal to the sum of the
		average annual Base Management Fee and the average annual Incentive Fee, both
		as earned by the Manager during the two years immediately preceding the most
		recently completed fiscal quarter prior to the date of termination, multiplied
		by three (3).
	 

	 
		“Termination Notice” has the meaning set forth in Section 10(c)
		hereof.
	 

	 
		“Valuation Notice” has the meaning set forth in Section 6(h)
		hereof.
	 

	 
		(b) As used herein, accounting terms
		relating to the Company and its Subsidiaries, if any, not defined in Section
		1(a) and accounting terms partly defined in Section 1(a), to the extent not
		defined, shall have the respective meanings given to them under United States
		generally accepted accounting principles.
	 

	 
		(c) The words “hereof,”
		“herein” and “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, and Section references are to this
		Agreement unless otherwise specified.
	 

	 
		(d) The meanings given to terms defined
		herein shall be equally applicable to both the singular and plural forms of
		such terms. The words include, includes and including shall be deemed to be
		followed by the phrase “without limitation.”
	 

	 
		Section 2. Appointment and Duties of the
		Manager. (a) The Company hereby
		appoints the Manager to manage the investments and day-to-day operations of the
		Company and its Subsidiaries, subject at all times to the further terms and
		conditions set forth in this Agreement and to the supervision and direction of,
		and such further limitations or parameters as may be imposed from time to time
		by, the Board of Directors. The Manager hereby agrees to use its commercially
		reasonable efforts to perform each of the duties set forth herein, provided
		that funds are made available by the Company for such purposes as set forth in
		Section 7 hereof. In performing its duties hereunder, the Manager also herby
		agrees to use its commercially reasonable efforts to comply, and to cause the
		personnel providing services to the Company to comply, with the Conflicts of
		Interest Policy, the Investment Guidelines and the Company’s Investment
		Committee Charter. The appointment of the Manager shall be exclusive to the
		Manager, except to the extent that the Manager elects, in its sole and absolute
		discretion, in accordance with the terms of this Agreement, to cause the duties
		of the Manager as set forth herein to be provided by third parties.
	 

	 
		(b) The Manager, in its capacity as manager
		of the investments and the day-to-day operations of the Company, at all times
		will be subject to the supervision and direction of the Board of Directors and
		will have only such functions and authority as the Board of Directors may
		delegate to it, including the functions and authority identified herein 

	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		and delegated to the Manager hereby. The
		Manager will be responsible for the day-to-day operations of the Company and
		will perform (or cause to be performed) such services and activities relating
		to the investments and operations of the Company as may be appropriate:
	 

	 
		(i) serving as the Company’s consultant
		with respect to the periodic review of investment criteria and parameters for
		investments, borrowings and operations (including the Investment Guidelines and
		Conflicts of Interest Policy, any modifications to which shall be approved by a
		majority of the Independent Directors) and other policies and recommendations
		with respect thereto for approval by the Board of Directors;
	 

	 
		(ii) making available to the Company the
		Manager’s knowledge and experience with respect to mortgage loans, real
		estate, real estate securities, other real estate-related assets and non-real
		estate related assets and real estate operating companies in the healthcare
		industry and otherwise;
	 

	 
		(iii) serving as the Company’s
		consultant with respect to the identification, investigation, evaluation,
		analysis, selection, purchase, origination, negotiation, structuring,
		monitoring and disposition of the Company’s investments, including the
		accumulation of assets for securitization;
	 

	 
		(iv) serving as the Company’s
		consultant with respect to decisions regarding any financings, securitizations,
		hedging activities or borrowings undertaken by the Company or its Subsidiaries,
		including (1) assisting the Company in developing criteria for debt and
		equity financing that is specifically tailored to the Company’s investment
		objectives, (2) advising the Company with respect to obtaining appropriate
		warehouse or other financings for its investments and (3) advising the Company
		with respect to and structuring long-term financing vehicles for the
		Company’s investments, and advising the Company with respect to offering
		and selling securities publicly or privately in connection with any such
		structured financing;
	 

	 
		(v) serving as the Company’s consultant
		with respect to arranging for the issuance of mortgage backed securities from
		pools of mortgage loans or mortgage backed securities owned by the
		Company;
	 

	 
		(vi) representing and making recommendations
		to the Company in connection with the purchase and finance and commitment to
		purchase and finance investments; 
	 

	 
		(vii) with respect to any prospective
		investment by the Company and any sale, exchange or other disposition of any
		investment by the Company, conducting negotiations on behalf of the Company
		with real estate brokers, sellers and purchasers and their respective agents,
		representatives and investment bankers and owners of privately and publicly
		held real estate companies;
	 

	 
		(viii) providing the Company with portfolio
		management, asset servicing and loan servicing, including enforcing rights,
		exercising remedies, granting consents, and taking other actions on behalf of
		the Company in respect of the Company’s investments;
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		(ix) conducting periodic on-site visits to
		properties to inspect the physical condition of the properties and to evaluate
		the performance of a tenant or operator of its duties;
	 

	 
		(x) reviewing, analyzing and commenting upon
		the operating budgets, capital budgets and leasing plans of properties;
	 

	 
		(xi) engaging and supervising, on behalf of
		the Company and at the Company’s expense, independent contractors that
		provide real estate, investment banking, mortgage brokerage, securities
		brokerage, appraisal, engineering, environmental, seismic, insurance, legal,
		accounting, transfer agent, registrar, leasing, master servicing, special
		servicing, due diligence and such other services as may be required relating to
		the Company’s operations or investments (or potential investments);

	 

	 
		(xii) coordinating and managing operations
		of any joint venture or co-investment interests held by the Company and
		conducting all matters with the joint venture or co-investment partners;

	 

	 
		(xiii) providing executive and
		administrative personnel, office space and office services required in
		rendering services to the Company;
	 

	 
		(xiv) performing and supervising the
		performance of administrative functions necessary in the management of the
		Company as may be agreed upon by the Manager and the Board of Directors,
		including the services in respect of any of the Company’s incentive plans,
		the collection of revenues and the payment of the Company’s debts and
		obligations and maintenance of appropriate information technology services to
		perform such administrative functions;
	 

	 
		(xv) communicating on behalf of the Company
		with the holders of any equity or debt securities of the Company as required to
		satisfy the reporting and other requirements of any governmental bodies or
		agencies or trading exchanges or markets and to maintain effective relations
		with such holders, including website maintenance, logo design, analyst
		presentations, investor conferences and annual meeting arrangements;
	 

	 
		(xvi) counseling the Company in connection
		with policy decisions to be made by the Board of Directors;
	 

	 
		(xvii) evaluating and recommending to the
		Company hedging strategies and engaging in hedging activities on behalf of the
		Company, consistent with such strategies, as so modified from time to time,
		with the Company’s qualification as a REIT and with the Investment
		Guidelines;
	 

	 
		(xviii) counseling the Company regarding the
		maintenance of its qualification as a REIT and monitoring compliance with the
		various REIT qualification tests and other rules set out in the Code and
		Treasury Regulations promulgated thereunder;
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		(xix) counseling the Company regarding the
		maintenance of its exemption from status as an investment company under the
		Investment Company Act and monitoring compliance with the requirements for
		maintaining such exemption;
	 

	 
		(xx) furnishing reports and statistical and
		economic research to the Company regarding the activities and services
		performed for the Company or its Subsidiaries, if any, by the Manager;
	 

	 
		(xxi) monitoring the operating performance
		of the Company’s investments and providing periodic reports with respect
		thereto to the Board of Directors, including comparative information with
		respect to such operating performance and budgeted or projected operating
		results;
	 

	 
		(xxii) investing and re-investing any monies
		and securities of the Company (including in short-term investments, payment of
		fees, costs and expenses, or payments of dividends or distributions to
		stockholders and partners of the Company) and advising the Company as to its
		capital structure and capital-raising activities;
	 

	 
		(xxiii) causing the Company to retain
		qualified accountants and legal counsel, as applicable, to (i) assist in
		developing appropriate accounting procedures, compliance procedures and testing
		systems with respect to financial reporting obligations and compliance with the
		provisions of the Code applicable to REITs and, if applicable, taxable REIT
		subsidiaries and (ii) conduct quarterly compliance reviews with respect
		thereto;
	 

	 
		(xxiv) causing the Company to qualify to do
		business in all jurisdictions in which such qualification is required and to
		obtain and maintain all appropriate licenses;
	 

	 
		(xxv) assisting the Company in complying
		with all regulatory requirements applicable to the Company in respect of its
		business activities, including preparing or causing to be prepared all
		financial statements required under applicable regulations and contractual
		undertakings and all reports and documents, if any, required under the Exchange
		Act and the Securities Act or by the NYSE;
	 

	 
		(xxvi) taking all necessary actions to
		enable the Company and its Subsidiaries to make required tax filings and
		reports, including soliciting stockholders for required information to the
		extent necessary under the Code and Treasury Regulations applicable to
		REITs;
	 

	 
		(xxvii) handling and resolving all claims,
		disputes or controversies (including all litigation, arbitration, settlement or
		other proceedings or negotiations) in which the Company may be involved or to
		which the Company may be subject arising out of the Company’s day-to-day
		operations other than with the Manager or its Affiliates;
	 

	 
		(xxviii) arranging marketing materials,
		advertising, industry group activities (such as conference participations and
		industry organization memberships) and other promotional efforts designed to
		promote the business of the Company;
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		(xxix) using commercially reasonable efforts
		to cause expenses incurred by or on behalf of the Company to be commercially
		reasonable or commercially customary and within any budgeted parameters or
		expense guidelines set by the Board of Directors from time to time;
	 

	 
		(xxx) performing such other services as may
		be required from time to time for the management and other activities relating
		to the assets of the Company as the Board of Directors shall reasonably request
		or the Manager shall deem appropriate under the particular circumstances;
		and
	 

	 
		(xxxi) using commercially reasonable efforts
		to cause the Company to comply with all applicable laws.
	 

	 
		(c) The Manager may retain, for and on
		behalf, and at the sole cost and expense, of the Company, such services of
		accountants, legal counsel, appraisers, insurers (including title insurers),
		surveyors, engineering, environmental and seismic consultants, insurance
		consultants and brokers, public relations and marketing consultants,
		information technology consultants, investment relations advisers, securities
		brokers, mortgage brokers, transfer agents, registrars, financial printers,
		developers, investment banks, financial advisors, internal audit service
		providers, banks and other lenders, consultants, agents, contractors, vendors,
		advisors and others as the Manager deems necessary or advisable in connection
		with the management and operations of the Company. In performing its duties
		under this Section 2, the Manager shall be entitled to rely reasonably on
		qualified experts and professionals (including accountants, legal counsel and
		other professional service providers) hired by the Manager at the
		Company’s sole cost and expense. The Manager shall use commercially
		reasonable efforts to cause expenses incurred by or on behalf of the Company to
		be commercially reasonable or commercially customary and within any budgeted
		parameters or expense guidelines set by the Board of Directors from time to
		time.
	 

	 
		(d) The Manager shall refrain from any
		action that, in its sole judgment made in good faith, (i) would adversely
		affect the qualification of the Company as a REIT under the Code or the
		Company’s status as an entity exempted from investment company status
		under the Investment Company Act, or (ii) would violate any law, rule or
		regulation of any governmental body or agency having jurisdiction over the
		Company or of any exchange on which the securities of the Company may be listed
		or that would otherwise not be permitted by the Company’s Governing
		Instruments. If the Manager is ordered to take any action by the Board of
		Directors, the Manager shall promptly notify the Board of Directors if it is
		the Manager’s judgment that such action would adversely affect such status
		or violate any such law, rule or regulation or the Governing Instruments.
		Notwithstanding the foregoing, the Manager, its directors, officers,
		stockholders and employees shall not be liable to the Company, the Board of
		Directors, or the Company’s stockholders for any act or omission by the
		Manager, its directors, officers, stockholders or employees except as provided
		in Section 8 of this Agreement.
	 

	 
		(e) The Company (including the Board of
		Directors) agrees to take all actions reasonably required to permit and enable
		the Manager to carry out its duties and obligations under this Agreement,
		including all steps reasonably necessary to allow the 
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		Manager to file any registration statement
		or other filing required to be made under the Securities Act, Exchange Act,
		NYSE, Code or other applicable law, rule or regulation on behalf of the Company
		in a timely manner. The Company further agrees to use commercially reasonable
		efforts to make available to the Manager all resources, information and
		materials reasonably requested by the Manager to enable the Manager to satisfy
		its obligations hereunder, including its obligations to deliver financial
		statements and any other information or reports with respect to the Company. If
		the Manager is not able to provide a service, or in the reasonable judgment of
		the Manager it is not prudent to provide a service, without the approval of the
		Board of Directors, as applicable, then the Manager shall be excused from
		providing such service (and shall not be in breach of this Agreement) until the
		applicable approval has been obtained.
	 

	 
		(f) Reporting Requirements. (i) As frequently as the Manager may deem reasonably
		necessary or advisable, or at the direction of the Board of Directors, the
		Manager shall prepare, or, at the sole cost and expense of the Company, cause
		to be prepared, with respect to any investment, reports and other information
		with respect to such investment as may be reasonably requested by the
		Company.
	 

	 
		(ii) The Manager shall prepare, or, at the
		sole cost and expense of the Company, cause to be prepared, all reports,
		financial or otherwise, with respect to the Company reasonably required by the
		Board of Directors in order for the Company to comply with its Governing
		Instruments, or any other materials required to be filed with any governmental
		body or agency, and shall prepare, or, at the sole cost and expense of the
		Company, cause to be prepared, all materials and data necessary to complete
		such reports and other materials, including an annual audit of the
		Company’s books of account by a nationally recognized independent
		accounting firm.
	 

	 
		(iii) The Manager shall prepare, or, at the
		sole cost and expense to the Company, cause to be prepared, regular reports for
		the Board of Directors to enable the Board of Directors to review the
		Company’s investments, portfolio composition and characteristics, credit
		quality, performance and compliance with the Investment Guidelines and policies
		approved by the Board of Directors, including reports on investments rejected
		by the Company’s investment committee that provide the reason for the
		rejection and whether the Manager has determined to make such
		investment.
	 

	 
		(g) Directors, officers, employees and
		agents of the Manager or Affiliates of the Manager may serve as directors,
		officers, agents, nominees or signatories for the Company, to the extent
		permitted by their Governing Instruments, as from time to time amended, or by
		any resolutions duly adopted by the Board of Directors pursuant to the
		Company’s Governing Instruments. When executing documents or otherwise
		acting in such capacities for the Company, such Persons shall indicate in what
		capacity they are executing on behalf of the Company. Without limiting the
		foregoing, but subject to Section 12 below, the Manager will provide the
		Company with a management team, including a Chief Executive Officer, Chief
		Financial Officer and Chief Investment Officer or similar positions, along with
		appropriate support personnel to provide the management services to be provided
		by the Manager to the Company hereunder, who shall devote such of their time to
		the management of 
	 

	 
		 
	 

	 
		 
	 

	 
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		the Company as necessary and appropriate,
		commensurate with the level of activity of the Company from time to time.
		
	 

	 
		(h) The Manager shall provide personnel for
		service on an investment or similar type of committee.
	 

	 
		(i) The Manager shall maintain reasonable
		and customary “errors and omissions” insurance coverage and other
		customary insurance coverage.
	 

	 
		(j) The Manager shall provide such internal
		audit, compliance and control services as may be required for the Company to
		comply with applicable law (including the Securities Act and Exchange Act),
		regulation (including SEC regulations) and the rules and requirements of the
		NYSE and as otherwise reasonably requested by the Company or its Board of
		Directors from time to time.
	 

	 
		(k) The Manager acknowledges receipt of the
		Company’s Code of Business Conduct and Ethics, Policy on Insider Trading
		and Communications Policy (collectively, the “Conduct
		Policies”) and agrees to require its employees who provide
		services to the Company to comply with such Conduct Policies in the performance
		of such services hereunder or such comparable policies as shall in substance
		hold employees of the Manager to at least the standards of conduct set forth in
		the Conduct Policies.
	 

	 
		Section 3. Additional Activities of the
		Manager. Except as provided in the last
		sentence of this Section 3 and subject to the provisions of Section 12(iii),
		the Conflicts of Interest Policy, the Investment Guidelines and the Investment
		Committee Charter, nothing in this Agreement shall (i) prevent the Manager or
		any of its Affiliates, officers, directors or employees, from engaging in other
		businesses or from rendering services of any kind to any other Person or
		entity, whether or not the investment objectives or policies of any such other
		Person or entity are similar to those of the Company or (ii) in any way bind or
		restrict the Manager or any of its Affiliates, officers, directors or employees
		from buying, selling or trading any securities or commodities for their own
		accounts or for the account of others for whom the Manager or any of its
		Affiliates, officers, directors or employees may be acting. While information
		and recommendations supplied to the Company shall, in the Manager’s
		reasonable and good faith judgment, be appropriate under the circumstances and
		in light of the investment objectives and policies of the Company, they may be
		different from the information and recommendations supplied by the Manager or
		any Affiliate of the Manager to others. The Company shall be entitled to
		equitable treatment under the circumstances in receiving information,
		recommendations and any other services, but the Company recognizes that it is
		not entitled to receive preferential treatment as compared with the treatment
		given by the Manager or any Affiliate of the Manager to others. The Company
		shall have the benefit of the Manager’s best judgment and effort in
		rendering services hereunder and, in furtherance of the foregoing, the Manager
		shall not undertake activities that, in its good faith judgment, will adversely
		affect the performance of its obligations under this Agreement.
	 

	 
		Section 4. Bank Accounts. At the direction of the Board of Directors, the Manager
		may establish and maintain one or more bank accounts in the name of the Company
		or any Subsidiary, and may collect and deposit into any such account or
		accounts, and disburse funds from any such account or accounts, under such
		terms and conditions as the Board of Directors 
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		may approve; and the Manager shall from time
		to time render appropriate accountings of such collections and payments to the
		Board of Directors and, upon request, to the auditors of the Company or any
		Subsidiary.
	 

	 
		Section 5. Records;
		Confidentiality. (a) The Manager shall
		maintain appropriate books of accounts and records relating to services
		performed hereunder, and such books of account and records shall be accessible
		for inspection by representatives of the Company or any Subsidiary at any time
		during normal business hours. The Manager shall keep confidential any and all
		non-public information, written or oral, obtained by it in connection with the
		services rendered hereunder (“Confidential Information”) and shall not use Confidential Information
		except in furtherance of its duties under this Agreement or disclose
		Confidential Information, in whole or in part, to any Person other than (i) to
		its Affiliates, officers, directors, employees, agents, representatives or
		advisors who need to know such Confidential Information for the purpose of
		rendering services hereunder, (ii) to appraisers, financing sources, advisors
		and others in the ordinary course of the Company’s business ((i) and (ii)
		collectively, “Manager
		Permitted Disclosure
		Parties”) , (iii) in connection
		with any governmental or regulatory filings of the Company or disclosure or
		presentations to Company investors, (iv) to governmental officials having
		jurisdiction over the Company, (v) as requested by law or legal process to
		which the Manager or any Person to whom disclosure is permitted hereunder is a
		party, or (vi) with the consent of the Company. The Manager agrees to inform
		each of its Manager Permitted Disclosure Parties of the non-public nature of
		the Confidential Information and to direct such Persons to treat such
		Confidential Information in accordance with the terms hereof. Nothing herein
		shall prevent the Manager from disclosing Confidential Information (i) upon the
		order of any court or administrative agency, (ii) upon the request or demand of
		any regulatory agency or authority, or pursuant to any law or regulation, (iii)
		to the extent reasonably required in connection with the exercise of any remedy
		hereunder, or (iv) to its legal counsel or independent auditors;
		provided, however that with respect to clauses (i) and (ii), it is agreed
		that the Manager will provide the Company with prompt written notice of such
		order, request or demand so that the Company may seek an appropriate protective
		order and/or waive the Manager’s compliance with the provisions of this
		Agreement. If, failing the entry of a protective order or the receipt of a
		waiver hereunder, the Manager is, in the opinion of counsel, required to
		disclose Confidential Information, the Manager may disclose only that portion
		of such information that its counsel advises is legally required without
		liability hereunder; provided, that the Manager agrees to exercise its best
		efforts to obtain reliable assurance that confidential treatment will be
		accorded such information. Notwithstanding anything herein to the contrary,
		each of the following shall be deemed to be excluded from provisions hereof:
		any Confidential Information that (A) is available to the public from a source
		other than the Manager, (B) is released in writing by the Company to the public
		or to persons who are not under similar obligation of confidentiality to the
		Company, or (C) is obtained by the Manager from a third-party without breach by
		such third-party of an obligation of confidence with respect to the
		Confidential Information disclosed. The provisions of this Agreement shall
		survive the expiration or earlier termination of this Agreement for a period of
		one year.
	 

	 
		(b) The Company shall keep confidential any
		and all non-public information regarding the Manager, written or oral, obtained
		by it in connection with its relationship with the Manager (the
		“Company Confidential
		Information”) and shall not use
		
	 

	 
		 
	 

	 
		 
	 

	 
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		Confidential Information except in
		furtherance of the terms of this Agreement or disclose Confidential
		Information, in whole or in part, to any Person other than (i) to its
		Affiliates, officers, directors, agents, representatives or advisors who need
		to know such Confidential Information (collectively, “Company
		Permitted Disclosure
		Parties”), (ii) as requested by
		law or legal process to which the Company or any Person to whom disclosure is
		permitted hereunder is a party, or (iii) with the consent of the Manager. The
		Company agrees to (i) inform each of its Company Permitted Disclosure Parties
		of the non-public nature of the Confidential Information and to direct such
		Persons to treat such Confidential Information in accordance with the terms
		hereof and (ii) not disclose any Confidential Information to its Company
		Permitted Disclosure Parties after the termination or nonrenewal of this
		Agreement in accordance with Section 10. Nothing herein shall prevent the
		Company from disclosing Confidential Information (i) upon the order of any
		court or administrative agency, (ii) upon the request or demand of any
		regulatory agency or authority, or pursuant to any law or regulation, (iii) to
		the extent reasonably required in connection with the exercise of any remedy
		hereunder, or (iv) to its legal counsel or independent auditors;
		provided, however that with respect to clauses (i) and (ii), it is agreed
		that the Company will provide the Manager with prompt written notice of such
		order, request or demand so that the Manager may seek an appropriate protective
		order and/or waive the Company’s compliance with the provisions of this
		Agreement. If, failing the entry of a protective order or the receipt of a
		waiver hereunder, the Company is, in the opinion of counsel, required to
		disclose Confidential Information, the Company may disclose only that portion
		of such information that its counsel advises is legally required without
		liability hereunder; provided, that the Company agrees to exercise its best
		efforts to obtain reliable assurance that confidential treatment will be
		accorded such information. Notwithstanding anything herein to the contrary,
		each of the following shall be deemed to be excluded from provisions hereof:
		any Confidential Information that (A) is available to the public from a source
		other than the Company, (B) is released in writing by the Manager to the public
		or to persons who are not under similar obligation of confidentiality to the
		Manager, or (C) is obtained by the Company from a third-party without breach by
		such third-party of an obligation of confidence with respect to the
		Confidential Information disclosed. For the avoidance of doubt, information
		about the systems, employees, policies, procedures and investment portfolio
		(other than investments in which the Company and Manager have co-invested) of
		the Manager shall be deemed to be included within the meaning of
		“Confidential Information” for purposes of the Company’s
		obligations pursuant to this Section 5(b).
	 

	 
		Section 6. Compensation. (a) For the services rendered under this Agreement,
		the Company shall pay to the Manager the Base Management Fee and the Incentive
		Fee. 
	 

	 
		(b) The parties acknowledge that the Base
		Management Fee is intended to compensate the Manager for the costs and expenses
		of its executive officers and employees (and certain related overhead not
		otherwise reimbursable under Section 7 below) incurred in providing to the
		Company the investment advisory services and certain general management
		services rendered under this Agreement.
	 

	 
		(c) The Manager will not receive any
		compensation for the period prior to the Closing Date other than expenses
		incurred and reimbursed pursuant to the provisions of Section 7
		hereunder.
	 

	 
		 
	 

	 
		 
	 

	 
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		(d) The Base Management Fee shall be payable
		in arrears in cash, in monthly installments commencing with the month in which
		this Agreement was executed (with such initial payment pro-rated based on the
		number of days during such month that this Agreement was in effect), and the
		Manager shall calculate each installment thereof, and deliver such calculation
		to the Board of Directors, within fifteen (15) Business Days following the last
		day of each calendar month. The Company shall pay the Manager each installment
		of the Base Management Fee (each, a “Management Fee Payment”) within five (5) Business Days after the date of
		delivery to the Board of Directors of such computations.
	 

	 
		(e) The Manager shall compute each
		installment of the Incentive Fee within 45 days after the end of the calendar
		quarter with respect to which such installment is payable. A copy of the
		computations made by the Manager to calculate such installment (the
		“Incentive Fee Computation
		Notice”) shall thereafter promptly
		be delivered to the Board of Directors and, upon such delivery, payment of such
		installment of the Incentive Fee shown therein shall be due and payable within
		ten (10) Business Days after the date of delivery to the Board of Directors of
		such computations.
	 

	 
		(f) The Manager may elect in the Incentive
		Fee Computation Notice to receive all or a portion of the Incentive Fee
		(subject to restrictions under securities laws and the NYSE and to the
		remaining provisions of this Section 6(f) and the provisions of Sections 6(g)
		and 6(h)) in shares of Common Stock and the remainder thereof shall be paid in
		cash. For purposes of this computation, Common Stock includes shares issued and
		outstanding (whether vested or unvested or forfeiture or non-forfeitable) and
		shares to be issued upon exercise of outstanding stock options (whether such
		options are exercisable or nonexercisable). The Manager’s receipt of
		shares of Common Stock in accordance herewith shall be subject to all
		applicable securities exchange rules and securities laws (including
		prohibitions on insider trading). All shares of Common Stock paid to the
		Manager as Incentive Fee will be fully vested upon issuance; provided, that
		the Manager agrees not to sell such shares of Common Stock for a period of one
		(1) year from the date the Incentive Fee being paid in Common Stock became due
		and payable. Notwithstanding such restriction and subject to compliance with
		all applicable securities laws (including prohibitions on insider trading), the
		Manager shall have the right to allocate such shares in its sole and absolute
		discretion to its officers, employees and other individuals who provide
		services to it at any time. In addition, the foregoing restrictions regarding
		the sale of such shares shall terminate upon termination or non-renewal of this
		Agreement.
	 

	 
		(g) Shares of Common Stock payable as the
		Incentive Fee shall be valued as follows:
	 

	 
		(i) if such shares are traded on a
		securities exchange, the value shall be deemed to be the closing price of the
		shares on such exchange on the Business Day prior to the issuance of such
		shares;
	 

	 
		(ii) if such shares are actively traded
		over-the-counter, the value shall be deemed to be the average of the closing
		bid or sales price, as applicable, on the Business Day prior to the issuance of
		such shares; and
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		(iii) if there is no active public market
		for such shares, the value shall be the fair market value thereof, as
		reasonably determined in good faith by the Board of Directors (including a
		majority of the Independent Directors) of the Company.
	 

	 
		(h) If at any time the Manager shall, in
		connection with a determination of fair market value made by the Board of
		Directors, (i) dispute such determination in good faith by more than five
		percent (5%), and (ii) such dispute cannot be resolved between the Independent
		Directors and the Manager within ten (10) Business Days after the Manager
		provides written notice to the Company of such dispute (the
		“Valuation Notice”), then the matter shall be resolved by an
		independent appraiser of recognized standing selected jointly by the
		Independent Directors and the Manager within not more than twenty (20) days
		after the Valuation Notice. In the event the Independent Directors and the
		Manager cannot agree with respect to such selection within the aforesaid twenty
		(20) day time-frame, the Independent Directors shall select one such
		independent appraiser and the Manager shall select one independent appraiser
		within five (5) Business Days after the expiration of the twenty (20) day
		period, with one additional such appraiser (the “Last Appraiser”) to be selected by the appraisers so designated
		within five (5) Business Days after their selection. Any valuation decision
		made by the Last Appraiser shall be deemed final and binding upon the Board of
		Directors and the Manager and shall be delivered to the Manager and the Company
		within not more than fifteen (15) days after the selection of the Last
		Appraiser. The expenses of the appraisal shall be paid by the party with the
		estimate which deviated the furthest from the final valuation decision made by
		the appraisers.
	 

	 
		Section 7.Expenses of the Company. (a) The Manager shall be responsible for employment
		expenses of the Manager’s employees (including the officers and directors
		of the Company who are also employees of the Manager), including salaries,
		bonus and other wages, payroll taxes and the cost of employee benefit plans of
		such personnel.
	 

	 
		(b) The Company shall pay all of its costs
		and expenses and shall reimburse the Manager or its Affiliates for expenses of
		the Manager and its Affiliates incurred on behalf of the Company, excepting
		only those expenses that are specifically the responsibility of the Manager
		pursuant to Section 7(a) of this Agreement. Without limiting the generality of
		the foregoing, it is specifically agreed that the following costs and expenses
		of the Company or any Subsidiary shall be paid by the Company and shall not be
		paid by the Manager or Affiliates of the Manager: 
	 

	 
		(i) all costs and expenses associated with
		the Company’s formation and capital raising activities of the Company and
		its Subsidiaries, if any, including the costs and expenses of the preparation
		of the Company’s registration statements, any and all costs and expenses
		of the Initial Public Offering of the Company, any subsequent offerings and any
		filing fees and costs of being a public company, including filings with the
		SEC, the National Association of Securities Dealers, Inc. and the NYSE (and any
		other exchange or over-the-counter market), among other such entities; 
	 

	 
		(ii) all costs and expenses in connection
		with the acquisition, disposition, development, protection, maintenance,
		financing, hedging, administration and ownership of the Company’s or any
		Subsidiary’s investment assets, including costs and expenses 
	 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		incurred in contracting with third parties,
		including Affiliates of the Manager, to provide such services, such as legal
		fees, accounting fees, consulting fees, trustee fees, appraisal fees, insurance
		premiums, commitment fees, brokerage fees, guaranty fees, ad valorem taxes,
		costs of foreclosure, maintenance, repair and improvement of property and
		premiums for insurance on property owned or leased by the Company or any
		Subsidiary; 
	 

	 
		(iii) all legal, audit, accounting,
		consulting, underwriting, brokerage, listing, filing, custodian, transfer
		agent, rating agency, registration and other fees and charges, printing,
		engraving and other expenses and taxes incurred in connection with the
		issuance, distribution, transfer, registration and stock exchange listing of
		the Company’s or any Subsidiary’s equity securities or debt
		securities; 
	 

	 
		(iv) all costs and expenses in connection
		with legal, accounting, due diligence, asset management, securitization,
		property management, leasing tasks and other services that outside
		professionals or outside consultants perform on behalf of the Company;
	 

	 
		(v) all expenses relating to communications
		to holders of equity securities or debt securities issued by the Company or any
		Subsidiary and the other third party services utilized in maintaining relations
		with holders of such securities and in complying with the continuous reporting
		and other requirements of governmental bodies or agencies (including the SEC),
		including any costs of computer services in connection with this function, the
		cost of printing and mailing certificates for such securities and proxy
		solicitation materials and reports to holders of the Company’s or any
		Subsidiary’s securities and the cost of any reports to third parties
		required under any indenture to which the Company or any Subsidiary is a party;
		
	 

	 
		(vi) all costs and expenses of money
		borrowed by the Company or its Subsidiaries, if any, including principal,
		interest and the costs associated with the establishment and maintenance of any
		credit facilities, warehouse loans, repurchase facilities and other
		indebtedness of the Company and its Subsidiaries, if any (including commitment
		fees, legal fees, closing and other costs); 
	 

	 
		(vii) all taxes and license fees applicable
		to the Company or any Subsidiary, including interest and penalties thereon;
		
	 

	 
		(viii) all fees paid to and expenses of
		third-party advisors and independent contractors, consultants, managers and
		other agents engaged by the Company or any Subsidiary or by the Manager for the
		account of the Company or any Subsidiary; 
	 

	 
		(ix) all insurance costs incurred by the
		Company or any Subsidiary, including any costs to obtain liability or other
		insurance to indemnify the Manager and underwriters of any securities of the
		Company; 
	 

	 
		(x) all costs and expenses relating to the
		acquisition of, and maintenance and upgrades to, the Company’s portfolio
		accounting systems;
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		(xi) all compensation and fees paid to
		directors of the Company or any Subsidiary (excluding those directors who are
		also officers or employees of the Manager), all expenses of directors of the
		Company or any Subsidiary (including those directors who are also employees of
		the Manager), the cost of directors and officers liability insurance and
		premiums for errors and omissions insurance, and any other insurance deemed
		necessary or advisable by the Board of Directors for the benefit of the Company
		and its directors and officers (including those directors who are also
		employees of the Manager); 
	 

	 
		(xii) all third-party legal, accounting and
		auditing fees and expenses and other similar services relating to the
		Company’s or any Subsidiary’s operations (including all quarterly and
		annual audit or tax fees and expenses); 
	 

	 
		(xiii) all third-party legal, expert and
		other fees and expenses relating to any actions, proceedings, lawsuits,
		demands, causes of action and claims, whether actual or threatened, made by or
		against the Company, or which the Company is authorized or obligated to pay
		under applicable law or its Governing Instruments or by the Board of Directors;
		
	 

	 
		(xiv) subject to Section 8 below, any
		judgment or settlement of pending or threatened proceedings (whether civil,
		criminal or otherwise) against the Company or any Subsidiary, or against any
		director or officer of the Company or any Subsidiary in his capacity as such
		for which the Company or any Subsidiary is required to indemnify such director
		or officer by any court or governmental agency, or settlement of pending or
		threatened proceedings;
	 

	 
		(xv) all travel and related expenses of the
		Company’s directors and officers and the Manager’s employees incurred
		in connection with attending meetings of the Board of Directors or holders of
		securities of the Company or any Subsidiary or performing other business
		activities that relate to the Company or any Subsidiary, including travel and
		expenses incurred in connection with the purchase, consideration for purchase,
		financing, refinancing, sale or other disposition of any investment or
		potential investment of the Company; provided, however, that the Company shall only be responsible for a
		proportionate share of such expenses, as determined by the Manager in good
		faith, where such expenses were not incurred solely for the benefit of the
		Company; 
	 

	 
		(xvi) all expenses of organizing, modifying
		or dissolving the Company or any Subsidiary and costs preparatory to entering
		into a business or activity, or of winding up or disposing of a business
		activity of the Company or its Subsidiaries, if any; 
	 

	 
		(xvii) all expenses relating to payments of
		dividends or interest or distributions in cash or any other form made or caused
		to be made by the Board of Directors to or on account of holders of the
		securities of the Company or any Subsidiary, including in connection with any
		dividend reinvestment plan; 
	 

	 
		 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		(xviii) all costs and expenses related to
		the design and maintenance of the Company’s web site or sites and
		associated with any computer software, hardware or information technology
		services that is used primarily for the Company; 
	 

	 
		(xix) costs and expenses incurred with
		respect to market information systems and publications, research publications
		and materials, and settlement, clearing and custodial fees and expenses;
		provided, however, that
		the Company shall only be responsible for a proportionate share of such
		expenses, as determined by the Manager in good faith, where such expenses were
		not incurred solely for the benefit of the Company;
	 

	 
		(xx) all expenses incurred on behalf of the
		Company in connection with servicing problem or delinquent loans, or special
		servicing;
	 

	 
		(xxi) the costs and expenses incurred with
		respect to administering the Company’s incentive plans;
	 

	 
		(xxii) all other expenses actually incurred
		by the Manager or its Affiliates or their respective officers, employees,
		representatives or agents, or any Affiliates thereof, which are reasonably
		necessary for the performance by the Manager of its duties and functions under
		this Agreement (including any fees or expenses relating to the Company’s
		compliance with all governmental and regulatory matters);
	 

	 
		(xxiii) rent (including disaster recovery
		facilities costs and expenses), telephone, utilities, office furniture,
		equipment, machinery and other office, internal and overhead expenses of the
		Manager and its Affiliates required for the Company’s operations;
		provided, however, that
		the Company shall only be responsible for a proportionate share of such
		expenses, as determined by the Manager in good faith, where such expenses were
		not incurred solely for the benefit of the Company; and
	 

	 
		(xxiv) all other expenses of the Company or
		any Subsidiary relating to the Company’s business and investment
		operations, including the costs and expenses of acquiring, owning, protecting,
		maintaining, developing and disposing of investments, that are not the
		responsibility of the Manager under Section 8(a) of this Agreement.
	 

	 
		(c) Costs and expenses incurred by the
		Manager on behalf of the Company shall be reimbursed monthly to the Manager.
		The Manager shall prepare a written statement in reasonable detail documenting
		the costs and expenses of the Company and those incurred by the Manager on
		behalf of the Company during each month, and shall deliver such written
		statement to the Company within thirty (30) days after the end of each month.
		The Company shall pay all amounts payable to the Manager pursuant to this
		Section 7(c) within ten (10) days after the receipt of the written statement
		without demand, deduction, offset or delay. Cost and expense reimbursement to
		the Manager shall be subject to adjustment at the end of each calendar year in
		connection with the annual audit of the Company. The Independent Directors
		shall, on an annual basis, review and approve the allocation of shared expenses
		between the Company and the Manager. The provisions of this Section 7 shall
		survive the expiration or earlier termination of this Agreement to the extent
		such expenses have previously been incurred or are incurred in connection with
		such expiration or termination.
	 

	 
		 
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
		Section 8. Limits of the Manager’s
		Responsibility. (a) The Manager assumes
		no responsibility under this Agreement other than to render the services called
		for hereunder in good faith and shall not be responsible for any action of the
		Board of Directors in following or declining to follow any advice or
		recommendations of the Manager, including as set forth in the Conflicts of
		Interest Policy, the Investment Guidelines and the Investment Committee
		Charter. The Manager and its Affiliates, and the directors, officers, employees
		and stockholders of the Manager and its Affiliates, will not be liable to the
		Company, any Subsidiary of the Company, the Board of Directors, or the
		Company’s stockholders for any acts or omissions by the Manager, its
		officers, employees or its Affiliates, performed in accordance with and
		pursuant to this Agreement, except by reason of acts constituting bad faith,
		willful misconduct, gross negligence or reckless disregard of their respective
		duties under this Agreement. The Company shall, to the full extent lawful,
		reimburse, indemnify and hold harmless the Manager, its Affiliates, and the
		directors, officers, employees and stockholders of the Manager and its
		Affiliates (each, a “Manager
		Indemnified Party”), of and from
		any and all expenses, losses, damages, liabilities, demands, charges and claims
		of any nature whatsoever (including reasonable attorneys’ fees)
		(collectively “Losses”),
		in respect of or arising from any acts or omissions of such Manager Indemnified
		Party performed in good faith under this Agreement and, in respect of any such
		Manager Indemnified Party, not constituting bad faith, willful misconduct,
		gross negligence or reckless disregard of duties of such Manager Indemnified
		Party under this Agreement. 
	 

	 
		(b) The Manager shall, to the full extent
		lawful, reimburse, indemnify and hold harmless the Company, and the directors,
		officers and stockholders of the Company and each Person, if any, controlling
		the Company (each, a “Company
		Indemnified Party”; a Manager
		Indemnified Party and a Company Indemnified Party are each sometimes
		hereinafter referred to as an “Indemnified Party”) of and from any and all Losses in respect of or
		arising from (i) any acts or omissions of the Manager constituting bad faith,
		willful misconduct, gross negligence or reckless disregard of duties of the
		Manager under this Agreement or (ii) any claims by the Manager’s employees
		relating to the terms and conditions of their employment by the Manager.

	 

	 
		(c) In case any such claim, suit, action or
		proceeding (a “Claim”) is
		brought against any Indemnified Party in respect of which indemnification may
		be sought by such Indemnified Party pursuant hereto, the Indemnified Party
		shall give prompt written notice thereof to the indemnifying party, which
		notice shall include all documents and information in the possession of or
		under the control of such Indemnified Party reasonably necessary for the
		evaluation and/or defense of such Claim and shall specifically state that
		indemnification for such Claim is being sought under this Section;
		provided, however, that the failure of the Indemnified Party to so notify
		the indemnifying party shall not limit or affect such Indemnified Party’s
		rights to be indemnified pursuant to this Section. Upon receipt of such notice
		of Claim (together with such documents and information from such Indemnified
		Party), the indemnifying party shall, at its sole cost and expense, in good
		faith defend any such Claim with counsel reasonably satisfactory to such
		Indemnified Party, which counsel may, without limiting the rights of such
		Indemnified Party pursuant to the next succeeding sentence of this Section,
		also represent the indemnifying party in such investigation, action or
		proceeding. In the alternative, such Indemnified Party may elect to conduct the
		defense of the Claim, if (i) such Indemnified Party reasonably determines that
		the conduct of its defense by the
	 

	 
		 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		indemnifying party could be materially
		prejudicial to its interests, (ii) the indemnifying party refuses to defend (or
		fails to give written notice to the Indemnified Party within ten (10) days of
		receipt of a notice of Claim that the indemnifying party assumes such defense),
		or (iii) the indemnifying party shall have failed, in such Indemnified
		Party’s reasonable judgment, to defend the Claim in good faith. The
		indemnifying party may settle any Claim against such Indemnified Party without
		such Indemnified Party’s consent, provided (i) such settlement is without
		any Losses whatsoever to such Indemnified Party, (ii) the settlement does not
		include or require any admission of liability or culpability by such
		Indemnified Party and (iii) the indemnifying party obtains an effective written
		release of liability for such Indemnified Party from the party to the Claim
		with whom such settlement is being made, which release must be reasonably
		acceptable to such Indemnified Party, and a dismissal with prejudice with
		respect to all claims made by the party against such Indemnified Party in
		connection with such Claim. The applicable Indemnified Party shall reasonably
		cooperate with the indemnifying party, at the indemnifying party’s sole
		cost and expense, in connection with the defense or settlement of any Claim in
		accordance with the terms hereof. If such Indemnified Party is entitled
		pursuant to this Section to elect to defend such Claim by counsel of its own
		choosing and so elects, then the indemnifying party shall be responsible for
		any good faith settlement of such Claim entered into by such Indemnified Party.
		Except as provided in the immediately preceding sentence, no Indemnified Party
		may pay or settle any Claim and seek reimbursement therefor under this
		Section.
	 

	 
		(d) The provisions of this Section 8 shall
		survive the expiration or earlier termination of this Agreement.
	 

	 
		Section 9. No Joint
		Venture. The Company and the Manager
		are not partners or joint venturers with each other and nothing herein shall be
		construed to make them such partners or joint venturers or impose any liability
		as such on either of them.
	 

	 
		Section 10. Term; Renewal.
	 

	 
		(a) Initial Term.
		This Agreement shall become effective on the Closing Date and shall continue in
		operation, unless terminated in accordance with the terms hereof, until June
		30, 2010 (the “Initial
		Term”).
	 

	 
		(b) Automatic Renewal Terms. After the Initial Term, this Agreement shall be deemed
		renewed automatically each year for an additional one-year period (an
		“Automatic Renewal
		Term”) unless the Company or the
		Manager elects not to renew this Agreement in accordance with this Section 10.
		
	 

	 
		(c) Nonrenewal of the Manager. Notwithstanding any other provision of this Agreement
		to the contrary, the Company may, in connection with the expiration of the
		Initial Term or any Automatic Renewal Term, decline to renew this Agreement
		upon the vote of at least a majority of the Independent Directors. If the
		Company elects not to renew this Agreement at the expiration of the Initial
		Term or any Automatic Renewal Term, the Company shall deliver to the Manager
		prior written notice (the “Termination Notice”) of the Company’s intention not to renew
		this Agreement based upon the terms set forth in this Section 10(c) not less
		than one hundred eighty (180) days prior to the expiration of the then existing
		term. If the 
	 

	 
		 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		Company so elects not to renew this
		Agreement, the Company shall designate the date (the “Effective Termination Date”), not less than one hundred eighty (180) days
		from the date of the notice, on which the Manager shall cease to provide
		services under this Agreement and this Agreement shall expire on such date. If
		the Company issues the Termination Notice, the Company shall be obligated to
		pay the Manager the Termination Fee within ninety (90) days of the Effective
		Termination Date. Notwithstanding the foregoing, if the Termination Notice
		specifies that the reason for termination arises from a decision made by a
		majority vote of the Independent Directors that the compensation payable to the
		Manager is unfair, the Manager shall have the right to renegotiate the
		compensation payable to Manager under this Agreement by delivering to the
		Company, not less than one hundred twenty (120) days prior to the pending
		Effective Termination Date, written notice (a “Notice of Proposal to Negotiate”) of its intention to renegotiate the compensation
		payable to Manager under this Agreement. Thereupon, the Company (represented by
		the Independent Directors) and the Manager shall endeavor to negotiate the
		compensation payable to the Manager under this Agreement in good faith.
		Provided that the Company and the Manager agree to the revised compensation
		payable to the Manager within sixty (60) days following the Company’s
		receipt of the Notice of Proposal to Negotiate, the Termination Notice from the
		Company shall be deemed of no force and effect, and this Agreement shall
		continue in full force and effect on the terms stated herein, except that the
		compensation payable to Manager under this Agreement shall be the revised
		compensation structure then agreed upon by the Company and the Manager. The
		Company and the Manager agree to execute and deliver an amendment to this
		Agreement setting forth such revised compensation structure promptly upon
		reaching an agreement regarding same. In the event that the Company and the
		Manager are unable to agree to a revised compensation structure during such
		sixty (60) day period, this Agreement shall expire on the Effective Termination
		Date and the Company shall be obligated to pay the Manager the Termination Fee
		within ninety (90) days of the Effective Termination Date.
	 

	 
		(d) No later than one hundred eighty (180)
		days prior to the expiration of the Initial Term or any Renewal Term, the
		Manager may deliver written notice to the Company informing it of the
		Manager’s intention to decline to renew this Agreement, whereupon this
		Agreement shall not be renewed and extended and this Agreement shall expire
		effective upon expiration of the then current term. In the event that the
		Manager declines to renew this Agreement, no Termination Fee shall be
		paid.
	 

	 
		(e) In the event of expiration or nonrenewal
		of this Agreement pursuant to this Section 10, the parties shall be without any
		further liability or obligation of each other, except as provided in Section 13
		of this Agreement and except for such obligations as expressly survive the
		expiration or termination of this Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
	 

	 

	 
		Section 11. Assignments. (a) This Agreement shall terminate automatically
		without payment of the Termination Fee in the event of its assignment, in whole
		or in part, by the Manager, unless such assignment is consented to in writing
		by the Company with the consent of a majority of the Independent Directors. Any
		such permitted assignment shall bind the assignee under this Agreement in the
		same manner as the Manager is bound. In addition, the assignee shall execute
		and deliver to the Company a counterpart of this Agreement naming such assignee
		as the Manager. Notwithstanding the foregoing, the Manager may (i) assign this
		Agreement to an Affiliate of the Manager that is a successor to the Manager by
		reason of a restructuring or other internal reorganization among the Manager
		and any one or more of its Affiliates without the consent of a majority of the
		Independent Directors and (ii) delegate to one or more of its Affiliates the
		performance of any of its responsibilities hereunder so long as it remains
		liable for any such Affiliate’s performance. Nothing contained in this
		Agreement shall preclude any pledge, hypothecation or other transfer of any
		amounts payable to the Manager under this Agreement.
	 

	 
		(b) The Company shall not assign this
		Agreement, in whole or in part, unless such assignment is consented to in
		writing by the Manager. Any such permitted assignment shall bind the assignee
		under this Agreement in the same manner as the Company is bound. In addition,
		the assignee shall execute and deliver to the Manager a counterpart of this
		Agreement.
	 

	 
		Section 12. Termination of the Manager
		for Cause. At the option of the Company
		and at any time during the term of this Agreement, this Agreement shall be and
		become terminated upon sixty (60) days’ written notice of termination from
		the Board of Directors to the Manager, without payment of the Termination Fee,
		if any of the following events shall occur, which shall be determined by a
		majority of the Board of Directors (including a majority of the Independent
		Directors):
	 

	 
		(i) the Manager shall commit any act of
		fraud, misappropriation of funds, or embezzlement against the Company in its
		corporate capacity (as distinguished from the acts of any employees of the
		Manager which are taken without the complicity of the board of directors or
		executive officers of the Manager) or shall be grossly negligent in the
		performance of its duties under this Agreement (including such action or
		inaction by the Manager which materially impairs the Company’s ability to
		conduct its business, but not including acts of any employees of the Manager
		which are taken without the knowledge of the Board of Directors or any of the
		Manager’s executive officers);
	 

	 
		(ii) the Manager shall commit a material
		breach of any provision of this Agreement (including the failure of the Manager
		to use commercially reasonable efforts to comply with the Company’s
		Conflicts of Interest Policy, Investment Guidelines and Investment Committee
		Charter); provided, that
		such default has continued uncured for a period of sixty (60) days after
		written notice thereof, which notice shall contain a request that the same be
		remedied;
	 

	 
		(iii) the Manager raises, sponsors, forms or
		advises any new investment fund, company or vehicle, including any REIT, that
		invests primarily in healthcare-related commercial mortgage loans or other
		commercial healthcare-related real estate loans, such 
	 

	 
		 
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
	 

	 

	 
		as mezzanine loans (but specifically
		excluding commercial mortgage-backed securities and other similar pass through
		securities) in the United States or healthcare-related properties in the United
		States;
	 

	 
		(iv) (A) the Manager shall commence any
		case, proceeding or other action (1) under any existing or future law of any
		jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
		reorganization or relief of debtors, seeking to have an order for relief
		entered with respect to it, or seeking to adjudicate it a bankrupt or
		insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
		liquidation, dissolution, composition or other relief with respect to it or its
		debts, or (2) seeking appointment of a receiver, trustee, custodian,
		conservator or other similar official for it or for all or any substantial part
		of its assets, or the Manager shall make a general assignment for the benefit
		of its creditors; or (B) there shall be commenced against the Manager any case,
		proceeding or other action of a nature referred to in clause (A) above which
		(1) results in the entry of an order for relief or any such adjudication or
		appointment or (2) remains undismissed, undischarged or unbonded for a period
		of ninety (90) days; or (C) the Manager shall take any action in furtherance
		of, or indicating its consent to, approval of, or acquiescence in, any of the
		acts set forth in clause (A) or (B) above; or (D) the Manager shall generally
		not, or shall be unable to, or shall admit in writing its inability to, pay its
		debts as they become due;
	 

	 
		(v) upon the conviction (including a plea of
		nolo contendere) of the Manager of a felony or the entry of any order
		or consent decree by any state or federal regulatory agency or authority, or
		the settlement by the Manager with any such regulatory agency or authority,
		whether or not such order, consent decree or settlement involves the admission
		or denial of liability, with respect to or arising out of any regulatory
		proceeding where the subject matter of the regulatory proceeding involves
		conduct of the Manager in the course of conducting its business as contemplated
		by this Agreement;
	 

	 
		(vi) upon a Change of Control in the
		Manager, provided that the Company exercises its right to terminate this
		Agreement within the six (6) months following such Change of Control; or

	 

	 
		(vii) upon the dissolution of the
		Manager.
	 

	 
		If any of the events specified above shall
		occur, the Manager shall give prompt written notice thereof to the Board of
		Directors.
	 

	 
		Section 13. Action Upon
		Termination. From and after the
		effective date of expiration or termination of this Agreement pursuant to
		Sections 10, 11, or 12 of this Agreement, the Manager shall not be entitled to
		compensation for further services hereunder, but shall be paid all compensation
		accruing to the date of termination and, if this Agreement is not renewed
		pursuant to Section 10, the Termination Fee. Upon any such termination, the
		Manager shall forthwith:
	 

	 
		(a) after deducting any accrued compensation
		and reimbursement for its expenses to which it is then entitled, pay over to
		the Company or a Subsidiary all money collected and held for the account of the
		Company or a Subsidiary pursuant to this Agreement;
	 

	 
		 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
	 

	 

	 
		(b) deliver to the Board of Directors a full
		accounting, including a statement showing all payments collected by it and a
		statement of all money held by it, covering the period following the date of
		the last accounting furnished to the Board of Directors with respect to the
		Company and any Subsidiaries; and
	 

	 
		(c) deliver to the Board of Directors all
		property and documents of the Company and any Subsidiaries then in the custody
		of the Manager.
	 

	 
		Section 14. Release of Money or Other
		Property Upon Written Request. 
	 

	 
		The Manager agrees that any money or other
		property of the Company (which such term, for the purposes of this Section,
		shall be deemed to include any and all of its Subsidiaries, if any) held by the
		Manager shall be held by the Manager as custodian for the Company, and the
		Manager’s records shall be appropriately and clearly marked to reflect the
		ownership of such money or other property by the Company. Upon the receipt by
		the Manager of a written request signed by a duly authorized officer of the
		Company requesting the Manager to release to the Company any money or other
		property then held by the Manager for the account of the Company under this
		Agreement, the Manager shall release such money or other property to the
		Company within a reasonable period of time, but in no event later than 60 days
		following such request. Upon delivery of such money or other property to the
		Company, the Manager shall not be liable to the Company, the Board of
		Directors, or the Company’s stockholders or partners for any acts or
		omissions by the Company in connection with the money or other property
		released to the Company in accordance with this Section. The Company shall
		indemnify the Manager, its directors, officers, stockholders, employees and
		agents against any and all expenses, losses, damages, liabilities, demands,
		charges and claims of any nature whatsoever, which arise in connection with the
		Manager’s release of such money or other property to the Company in
		accordance with the terms of this Section 14. Indemnification pursuant to this
		provision shall be in addition to any right of the Manager to indemnification
		under Section 8 of this Agreement.
	 

	 
		Section 15. Representations and
		Warranties. (a) The Company hereby
		represents and warrants to the Manager as follows:
	 

	 
		(i) The Company is duly organized, validly
		existing and in good standing under the laws of Maryland, has the corporate
		power and authority and the legal right to own and operate its assets, to lease
		any property it may operate as lessee and to conduct the business in which it
		is now engaged and is duly qualified as a foreign corporation and in good
		standing under the laws of each jurisdiction where its ownership or lease of
		property or the conduct of its business requires such qualification, except for
		failures to be so qualified, authorized or licensed that could not in the
		aggregate have a material adverse effect on the business operations, assets or
		financial condition of the Company and its Subsidiaries, if any, taken as a
		whole.
	 

	 
		(ii) The Company has the corporate power and
		authority and the legal right to make, deliver and perform this Agreement and
		all obligations required hereunder and has taken all necessary corporate action
		to authorize this Agreement on the terms and conditions hereof and the
		execution, delivery and performance of this Agreement and all 
	 

	 
		 
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 
	 

	 

	 
		obligations required hereunder. No consent
		of any other Person, including stockholders and creditors of the Company, and
		no license, permit, approval or authorization of, exemption by, notice or
		report to, or registration, filing or declaration with, any governmental
		authority, is required by the Company in connection with this Agreement or the
		execution, delivery, performance, validity or enforceability of this Agreement
		and all obligations required hereunder. This Agreement has been, and each
		instrument or document required hereunder will be, executed and delivered by a
		duly authorized officer of the Company, and this Agreement constitutes, and
		each instrument or document required hereunder when executed and delivered
		hereunder will constitute, the legally valid and binding obligation of the
		Company enforceable against the Company in accordance with its terms.
	 

	 
		(iii) The execution, delivery and
		performance of this Agreement and the documents or instruments required
		hereunder will not violate any provision of any existing law or regulation
		binding on the Company, or any order, judgment, award or decree of any court,
		arbitrator or governmental authority binding on the Company, or the Governing
		Instruments of, or any securities issued by the Company or of any mortgage,
		indenture, lease, contract or other agreement, instrument or undertaking to
		which the Company is a party or by which the Company or any of its assets may
		be bound, the violation of which would have a material adverse effect on the
		business operations, assets or financial condition of the Company and its
		Subsidiaries, if any, taken as a whole, and will not result in, or require, the
		creation or imposition of any lien or any of its property, assets or revenues
		pursuant to the provisions of any such mortgage, indenture, lease, contract or
		other agreement, instrument or undertaking.
	 

	 
		(b) The Manager hereby represents and
		warrants to the Company as follows:
	 

	 
		(i) The Manager is duly organized, validly
		existing and in good standing under the laws of Delaware, has the corporate
		power and authority and the legal right to own and operate its assets, to lease
		the property it operates as lessee and to conduct the business in which it is
		now engaged and is duly qualified as a foreign corporation and in good standing
		under the laws of each jurisdiction where its ownership or lease of property or
		the conduct of its business requires such qualification, except for failures to
		be so qualified, authorized or licensed that could not in the aggregate have a
		material adverse effect on the business operations, assets or financial
		condition of the Manager.
	 

	 
		(ii) The Manager has the corporate power and
		authority and the legal right to make, deliver and perform this Agreement and
		all obligations required hereunder and has taken all necessary corporate action
		to authorize this Agreement on the terms and conditions hereof and the
		execution, delivery and performance of this Agreement and all obligations
		required hereunder. No consent of any other Person, including members and
		creditors of the Manager, and no license, permit, approval or authorization of,
		exemption by, notice or report to, or registration, filing or declaration with,
		any governmental authority, is required by the Manager in connection with this
		Agreement or the execution, delivery, performance, validity or enforceability
		of this Agreement and all obligations required hereunder. This Agreement has
		been, and each instrument or document required 
	 

	 
		 
	 

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 
	 

	 

	 
		hereunder will be, executed and delivered by
		a duly authorized officer of the Manager, and this Agreement constitutes, and
		each instrument or document required hereunder when executed and delivered
		hereunder will constitute, the legally valid and binding obligation of the
		Manager enforceable against the Manager in accordance with its terms.
	 

	 
		(iii) The execution, delivery and
		performance of this Agreement and the documents or instruments required
		hereunder will not violate any provision of any existing law or regulation
		binding on the Manager, or any order, judgment, award or decree of any court,
		arbitrator or governmental authority binding on the Manager, or the Governing
		Instruments of, or any securities issued by the Manager or of any mortgage,
		indenture, lease, contract or other agreement, instrument or undertaking to
		which the Manager is a party or by which the Manager or any of its assets may
		be bound, the violation of which would have a material adverse effect on the
		business operations, assets or financial condition of the Manager, and will not
		result in, or require, the creation or imposition of any lien or any of its
		property, assets or revenues pursuant to the provisions of any such mortgage,
		indenture, lease, contract or other agreement, instrument or
		undertaking.
	 

	 
		Section 16. Miscellaneous. (a) Notices. All notices, requests and
		demands to or upon the respective parties hereto to be effective shall be in
		writing (including by telecopy), and, unless otherwise expressly provided
		herein, shall be deemed to have been duly given or made when delivered against
		receipt or upon actual receipt of (i) personal delivery, (ii) delivery by
		reputable overnight courier, (iii) delivery by facsimile transmission with
		telephonic confirmation or (iv) delivery by registered or certified mail,
		postage prepaid, return receipt requested, addressed as set forth below (or to
		such other address as may be hereafter notified by the respective parties
		hereto in accordance with this Section 16):
	 

	 
		 
	 

	 
			
				
				  The Company:
				

			 	
				
				   
				

			 	
				
				  Care Investment Trust
				  Inc.
 c/o CIT Healthcare LLC

				  505 Fifth Avenue

				  New York, New York 10017

				  Attention: Chief Executive Officer

				  Fax: (212) 771-9317
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  with a copy to:
				

			 	
				
				   
				

			 	
				
				  Skadden, Arps, Slate, Meagher &
				  Flom LLP
 4 Times Square

				  New York, New York 10036

				  Attention: David J. Goldschmidt, Esq.

				  Fax: (917) 777-3574
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  The Manager:
				

			 	
				
				   
				

			 	
				
				  CIT Healthcare LLC

				  505 Fifth Avenue

				  New York, New York 10017

				  Attention: Chief Executive Officer

				  Fax: (212) 771-9317
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	 	
				
				   
				

			 	 

 

	 
		 
	 

	 
		 
	 

	 
		26
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  with a copy to:
				

			 	
				
				   
				

			 	
				
				  CIT Healthcare LLC
				

				
				  505 Fifth Avenue

				  New York, New York 10017

				  Attention: Chief Legal Officer

				  Fax: (212) 771-9317
				

			 

 

	 
		(b) Binding Nature of Agreement; Successors and
		Assigns. This Agreement shall be
		binding upon and inure to the benefit of the parties hereto and their
		respective heirs, personal representatives, successors and assigns as provided
		herein.
	 

	 
		(c) No Third Party Beneficiaries. This Agreement is not intended to confer upon any
		person other than the parties any rights or remedies.
	 

	 
		(d) Integration.
		This Agreement contains the entire agreement and understanding among the
		parties hereto with respect to the subject matter hereof, and supersedes all
		prior and contemporaneous agreements, understandings, inducements and
		conditions, express or implied, oral or written, of any nature whatsoever with
		respect to the subject matter hereof. The express terms hereof control and
		supersede any course of performance and/or usage of the trade inconsistent with
		any of the terms hereof.
	 

	 
		(e) Amendments.
		Neither this Agreement nor any terms hereof may be amended, supplemented,
		modified or waived except in an instrument in writing executed by the parties
		hereto, which shall be approved by a majority of the Independent
		Directors.
	 

	 
		(F) GOVERNING LAW. THIS AGREEMENT AND THE
		RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED
		BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
		NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES
		HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE
		STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT FOR ANY DISTRICT WITHIN
		SUCH STATE FOR THE PURPOSE OF ANY ACTION OR JUDGMENT RELATING TO OR ARISING OUT
		OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY AND TO THE
		LAYING OF VENUE IN SUCH COURT.
	 

	 
		(g) WAIVER OF JURY TRIAL. EACH PARTY HERETO
		ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
		AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND,
		THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
		FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A
		TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF,
		UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
		CONTEMPLATED BY THIS AGREEMENT.
	 

	 
		(h) Survival of Representations and
		Warranties. All representations and
		warranties made hereunder, and in any document, certificate or statement
		delivered 
	 

	 
		 
	 

	 
		 
	 

	 
		27
	 

	 
		 
	 

	 
	 

	 

	 
		pursuant hereto or in connection herewith
		shall survive the execution and delivery of this Agreement.
	 

	 
		(i) No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
		the part of a party hereto, any right, remedy, power or privilege hereunder
		shall operate as a waiver thereof; nor shall any single or partial exercise of
		any right, remedy, power or privilege hereunder preclude any other or further
		exercise thereof or the exercise of any other right, remedy, power or
		privilege. The rights, remedies, powers and privileges herein provided are
		cumulative and not exclusive of any rights, remedies, powers and privileges
		provided by law.
	 

	 
		(j) Section Headings. The section and subsection headings in this Agreement
		are for convenience in reference only and shall not be deemed to alter or
		affect the interpretation of any provisions hereof.
	 

	 
		(k) Counterparts.
		This Agreement may be executed by the parties to this Agreement on any number
		of separate counterparts (including by telecopy), and all of said counterparts
		taken together shall be deemed to constitute one and the same
		instrument.
	 

	 
		(l) Severability.
		Any provision of this Agreement which 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.
	 

	 
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		28
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, each of the parties
		hereto have executed this Management Agreement as of the date first written
		above.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CARE INVESTMENT TRUST INC.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ F. Scott Kellman 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: F. Scott Kellman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:   Chief
				  Executive Officer and President
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CIT HEALTHCARE LLC
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Flint D. Besecker 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: Flint D. Besecker
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:   President
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 
	 

	 

	 
		Exhibit A
	 

	 
		Conflicts of Interest Policy
	 

	 
		Capitalized terms used but not defined
		herein shall have the meanings ascribed thereto in that certain Management
		Agreement, dated as of June 27, 2007, as may be amended from time to time (the
		“Management
		Agreement”), by and between Care
		Investment Trust Inc. (the “Company”)
		and CIT Healthcare LLC (the “Manager”).
	 

	 
		Special Provisions Relating to Allocation
		of Opportunities, Co-Investments and Certain Shared Services:
	 

	 
		1. The Company shall have the first right to
		invest in all assets originated by or presented to the Manager with one or more
		of the following characteristics, regardless of how such asset is originated or
		otherwise identified by the Manager, unless otherwise specified below: 
	 

	 	 	
			 
				(a)
			 

		  	
			 
				any mortgage loan, for 12 months
				following the Closing Date of the Initial Public Offering and, thereafter, any
				mortgage loan with a total principal amount over $75.0 million;
			 

		  
	 	
			 
				(b)
			 

		  	
			 
				any investment opportunity which
				constitutes equity or preferred equity;
			 

		  
	 	
			 
				(c)
			 

		  	
			 
				any investment opportunity which
				constitutes mezzanine loans or B Notes; and
			 

		  
	 	
			 
				(d)
			 

		  	
			 
				any investment that the Manager
				originates and elects to syndicate.
			 

		  

	 
		2. The Company shall also have the right to
		invest in any other mortgage or real estate related asset that the Manager
		elects not to invest in for any reason, including failure to satisfy the
		Manager’s investment criteria or concentration issues.
	 

	 
		3. The Company shall not purchase from, or
		co-invest (i.e., co-originate or co-purchase from an unaffiliated third party)
		with, the Manager unless (A) if the co-investment is made on a pari passu
		basis, the economic terms (exclusive of any administrative fees payable to the
		Manager as agent) shall be at least as favorable to the Company as to the
		Manager and (B) if the co-investment results in the Manager and the Company
		holding Debt Tranches (defined below) of different priorities, the terms of the
		Company’s Debt Tranche (defined below) comply with the following: (1) if
		purchased in the secondary market from an unaffiliated third party, the
		Company’s investment shall be upon such terms as are offered by such third
		party and (2) if purchased or part of a co-origination with the Manager, (y)
		the Company’s investment shall, if there is one or more third party
		participants in the Company’s Debt Tranche, be upon terms no less
		favorable than the most favored third party participant in the Company’s
		Debt Tranche and (z) the Company’s investment shall, if there are no other
		participants in the Company’s Debt Tranche, be upon then current market
		terms for similar investments purchased in arms length transactions as
		reasonably determined by the Manager based upon third party bids received or
		published market data; provided,
		however, in the event that third party bids or published
		market
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		 data is not available to the Manager, the
		Company’s investment be approved by a majority of the Independent
		Directors.
	 

	 
		4. In the event that (i) the Company shall
		invest in a loan (or portion of a loan) that is secured (directly or
		indirectly) by the same underlying real estate asset that secures a loan (or
		tranche or other portion of a loan) of a different priority held by the Manager
		or (ii) the Manager or the Company holds a preferred equity interest in a real
		estate asset that (directly or indirectly) secures a loan in which the other
		party hereto has an interest (each such loan, loan tranche or other loan
		portion, or preferred equity interest being a “Debt Tranche”), then, if each of the Manager and the Company
		holds a majority of its respective Debt Tranche, a majority of the Independent
		Directors may, upon the occurrence of (i) a material default in respect of the
		Debt Tranche in which the Company holds an interest (the “Company’s Debt Tranche”) or (ii) any request to amend, modify or waive
		any material term of the Company’s Debt Tranche in order to avoid a
		pending material default, retain a reputable independent third party special
		servicer or adviser to advise the Board of Directors with respect to all
		material rights, remedies, enforcement actions, amendments and requests for
		waivers or consents in respect of the Company’s Debt Tranche, and the cost
		of such servicer or adviser shall be deducted from any Base Management Fee
		payable to the Manager in respect of the Company’s Debt Tranche,
		provided, however, that
		such costs shall not exceed the lesser of the special servicer fee and the Base
		Management Fee allocable to the Equity allocable to such loan. 
	 

	 
		5. The Company shall not invest (i) in any
		loan secured (directly or indirectly) by a real estate asset in which the
		Manager has an equity interest (other than preferred equity) or (ii) in any
		equity interest (other than preferred equity) in any real estate asset which
		secures (directly or indirectly) any loan held by the Manager. 
	 

	 
		6. The legal department of the Manager shall
		provide legal services to the Company such as advice as to corporate governance
		matters, regulatory requirements, tax matters, litigation matters and such
		other matters as the Company or the Board of Directors may from time to time
		reasonably request, and in the provision of such legal services the Company,
		its officers and directors shall, to the extent permitted by applicable law, be
		entitled to all attorney-client privileges available under applicable law and
		all fiduciary obligations owed by attorneys to their clients under applicable
		law. Notwithstanding the foregoing, in order to mitigate possible conflicts of
		interest, the Company shall retain separate external counsel (i) by action of
		the Independent Directors, with respect to (1) any disputes between the Manager
		and Company arising under this Agreement or any other agreement between the
		Manager and Company, (2) any transaction of the kind described in Section 3,
		(3) any investment for which a majority of the Independent Directors has
		retained a special servicer or adviser in accordance with Section 4 and (4) any
		matter that a majority of the Independent Directors identifies as a situation
		where the dual representation of the Company and the Manager presents an actual
		or apparent conflict of interest; and (ii) at the option of the Manager,
		Company or any Independent Director, with respect to any other matter.
	 

	 
		This Conflicts of Interest Policy may be
		amended, restated, modified, supplemented or waived by the Manager and the
		Company (which approval must include a majority of the Independent Directors)
		without the approval of the Company’s stockholders.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Exhibit B
	 

	 
		Investment Guidelines
	 

	 
		Capitalized terms used but not defined
		herein shall have the meanings ascribed thereto in that certain Management
		Agreement, dated as of June 27, 2007, as may be amended from time to time (the
		“Management Agreement”), by and between Care Investment Trust Inc.
		(the “Company”) and CIT Healthcare LLC (the
		“Manager”).
	 

	 
		1. No investment shall be made that would
		cause the Company to fail to qualify as a REIT under the Code;
	 

	 
		2. No investment shall be made that would
		cause the Company to be regulated as an investment company under the Investment
		Company Act;
	 

	 
		3. The Company shall not invest more than
		20% of its Equity, determined as of the date of such investment, in any single
		asset (except with respect to the initial assets contributed by CIT Real Estate
		Holding Corporation to the Company in connection with the Initial Public
		Offering) and the Company shall not invest more than 40% of its Equity,
		determined as of the date of such investment, in projects controlled by a
		single borrower or group of affiliated borrowers that would form a consolidated
		group under GAAP;
	 

	 
		4. The Company shall generally maintain
		leverage not exceeding 80% of the total value of its investments;
	 

	 
		5. The Company shall maintain a portfolio of
		assets that are geographically diverse; 
	 

	 
		6. No investment shall be made that does not
		comply with the Conflicts of Interest Policy; and
	 

	 
		7. The Manager must seek the approval of a
		majority of the Independent Directors before engaging in any transaction that
		is in contravention of these Investment Guidelines.
	 

	 
		These Investment Guidelines may be amended,
		restated, modified, supplemented or waived by the Board of Directors (which
		must include a majority of the Independent Directors) without the approval of
		the Company’s stockholders.

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