Document:

ex10-1.htm

Exhibit 10.1

 

 

STRICTLY CONFIDENTIAL -SUBJECT TO
CONTRACT

 

 

AGREEMENT FOR EXCLUSIVE DEALING 

AND LETTER OF INTENT

 

This AGREEMENT FOR ECLUSIVE DEALING AND LETTER OF INTENT (the "LOI"), is effective October 11, 2009 (the "Effective Date"), between Hyperdynamics Corporation of One Sugar Creek Center Blvd, Suite 125, Sugar Land, Texas 77478, USA ("HDY") acting for itself and as agent for on behalf of SCS Corporation of One Sugar Creek Center Blvd,
Suite 125, Sugar Land, Texas 77478, USA ("SCS"), of the first part, and Dana Petroleum (E&P) Limited, of 17 Carden Place, Aberdeen AB10 1UR, Scotland, UK ("DANA"), of the second part. HDY and DANA may also be referred to herein individually as a "Party" or collectively as the "P arties".

 

Recitals:

 

WHEREAS, HDY owns, through its wholly owned and controlled subsidiary, SCS, certain rights pertaining to the Hydrocarbon Production Sharing Contract dated September 22, 2006 between the Republic of Guinea and SCS (the "PSC"); and

 

WHEREAS a Memorandum of Understanding in relation to the PSC has been entered into between the Republic of Guinea and SCS dated September II, 2009(the ''MoU'');and

 

WHEREAS, DANA possesses certain expertise and resources that it believes will be beneficial in the exploration and development of the area to which the PSC applies as may be varied pursuant to the MoU (the "Project"); and

 

WHEREAS, DANA wishes to evaluate its potential participation in the Project on an exclusive basis; and

 

WHEREAS, the Parties wish to record in this LOI certain binding and certain non-binding commercial terms and conditions on which the Parties have agreed to continue discussions and conduct further mutual evaluation and negotiations with the possibility of, but not the obligation to,
reaching binding definitive agreement(s) as to DANA's participation in the Project (the "Definitive Agreements").

 

NOW, THEREFORE, the Parties hereby agree as follows:

Article I Non-Binding Provisions

 

1.1 Non-Binding Nature of Provisions. The Parties have set out in Exhibit "A" attached hereto and incorporated herein their preliminary and non-binding understanding of certain commercial terms and conditions which may be addressed in the prospective Definitive Agreements. The Parties
agree that no provision of this LOI shall obligate either Party to enter into any Definitive Agreements, and that no commercial terms set out in Exhibit "A" attached hereto shall be legally binding in any way upon either Party. This LOI reflects only the preliminary understanding of the Parties with respect to the potential due diligence and negotiation with respect to a transaction regarding the Project, and is not intended to, shall not be construed to, and does not constitute an agreement of either Party to
(a) perform due diligence, negotiate, or consummate any transaction regarding the Project, or (b) enter into any Definitive Agreements with respect to the Project.

  

  

  

1.2. Further, the Parties expressly acknowledge and agree that this Article I of this LO!I (other than this Article 1.2), is not intended to be legally binding and that neither
Party shall have any obligation to the other with respect thereto unless and until both Parties execute mutually agreed and duly authorized Definitive Agreements. Further, it is understood that the Definitive Agreements contemplated in this LOI are subject to review and approval in accordance with the policies and procedures established by the each Party's respective board of directors for transactions of this nature.

 

1.3 It is envisaged that the Definitive Agreements will include (i) a sale and purchase agreement in respect of the transfer of the DANA Working Interest (as hereinafter defined) (the "SPA");

(ii) a deed of assignment of the PSC, validly transferring title to the DANA Working Interest to DANA (the "PSC Assignment") with all requisite governmental approvals; and (iii) a joint operating agreement based on the AIPN International Operating Agreement (the "JOA'). It is also
intended that, subsequent to execution of the Definitive Agreements, the Parties will enter into an amendment to, or restatement of, the PSC as required by, incorporating the relevant terms of, and superseding, the MoU (the ''PSC Amendment/Restatement' ). HDY will provide within seven (7) working days of the Effective Date an initial draft of the SPA, the PSC Assignment
and the JOA for review and evaluation by DANA. The Parties will work jointly in preparing the PSC Amendment/Restatement to the PSC. It is further envisaged that the Parties will work together in a cooperative fashion on all other technical, commercial and strategic matters and will attempt to incorporate such cooperation into the relevant provisions of the JOA and
the PSC Amendment/Restatement.

 

1.4 It is further envisaged that HDY/SCS shall enter into an agreement on substantially equivalent terms and conditions to those set forth herein with a major oil company with the technical
and financial capability to operate the project (the "Major") in relation to a working interest other than the DANA Working Interest, and that such Major shall also become a party to the JOA and assume the operatorship of the project in due course. In the event that HDY
/SCS is unable to secure the participation of a Major (as envisaged by Article 1.4), prior to 30 November 2009, or such later date as may be agreed in writing, HDY shall notify DANA accordingly in writing and DANA shall have the right, at its sole option, to notify HDY in writing that it is willing to accept the assignment of an increased DANA Working Interest of up to fifty percent
(50%) on the same terms and conditions, mutatis mutandis, as those set forth in this LOI, other than financial consideration (which shall be subject
to the mutual agreement of the Parties), and in addition, subject always to all necessary governmental and third party approvals, assume the operatorship of the PSC from SCS (the "DANA Option"). The DANA Option shall be built into the terms of the SPA.

Article II Binding Provisions

 

The following provisions shall be binding upon the Parties:

 

2.1. Exclusive Dealing. HDY agrees that it and its Affiliated Companies including, without limitation SCS, will negotiate exclusively with DANA with regard to the prospective acquisition by DANA of an undivided twenty three percent (23%) working interest in and under the PSC and the initial Contract Area (as such term is defined in the
PSC) (the "DANA Working Interest"), or, in the circumstances envisaged by Article 1.4, an increased DANA Working Interest of up to fifty percent (50%). More specifically, HDY shall, and shall procure that its Affiliated Companies including, without limitation, SCS shall: (i) not initiate, or otherwise participate in, directly or indirectly, a solicitation of any other offer or proposal for the sale,
assignment or transfer, directly or indirectly, through merger, consolidation or otherwise, of the DANA Working Interest, which means any interest in the PSC and/or

 

  

  

  

the Contract Area that is or would be inclusive of the DANA Working Interest; and (ii) cease negotiations and discussions with any other persons that have indicated an interest in, or have submitted an offer to acquire any interest in the DANA Working Interest or any interest in the
PSC and/or Contract Area that is or would be inclusive of the DANA Working Interest. The obligations of HDY and its Affiliated Companies including, without limitation, SCS, to deal exclusively with DANA herein will commence on the Effective Date and continue until the earlier to occur of the Termination Date or the Parties ' execution of mutually agreed and duly authorized Definitive Agreements.

 

2.2 Due Diligence: Obligation to Negotiate in Good Faith. During the time period commencing on the Effective Date and continuing until the earlier to occur of the Termination Date or the Parties' execution of mutually agreed and duly authorized Definitive Agreements, the Parties will conduct due diligence with respect to the prospective
transaction described herein, and shall negotiate in good faith regarding such prospective transaction.

 

2.3 Term of this LOI. Unless otherwise extended by mutual agreement in writing, this LOI shall terminate at midnight local time in Houston, Texas, on 31 December 2009, unless the mutually agreed and duly authorized Definitive Agreements have been entered into on or prior to such date, such date of termination being herein referred to as
the "Termination Date".

 

HDY may not unilaterally terminate this LOI prior to the Termination Date. If the LOI terminates as a result of Definitive Agreements not having been executed prior to the Termination Date , neither Party shall have any obligation or liability to the other except to the extent that,
prior to the Termination Date, a Party has breached any of the binding provisions of this LOI.

 

2.4 Confidentiality. The terms and conditions of the Confidentiality Agreement entered into by DANA and SCS on September 8, 2008 (the "CA"), are incorporated by reference into this LOI and shall apply with regard to all information exchanged or developed hereunder. Notwithstanding the foregoing , neither Party shall be prohibited from making
any disclosure if it is necessary to do so in order to comply with the applicable laws, rules, or regulations of any governmental entity, court, or stock exchange having jurisdiction over such Party or any of its Affiliated Companies (which term shall have the same meaning herein as defined in the CA.

 

2.5 DANA Participation Prior to Execution of Definitive Agreements. Notwithstanding any other provisions hereof, DANA shall be entitled to participate fully with HDY/SCS in the evaluation of technical data leading to direction and interpretation of geological and geophysical data during that period of the LOI prior to the execution of Definitive
Agreements and, furthermore, shall participate fully during such period in the preparation for negotiations with the Ministry of Mines, Energy and Hydraulics of the Republic of Guinea (the "Ministry") regarding the terms of the PSC Amendment/Restatement; shall be kept fully appraised of the progress of such negotiations; and, subject to Ministry consent, shall be entitled to participate in such negotiations. Such negotiations shall be commenced as soon as reasonably practicable following the Effective Date.

 

2.6 Press Releases. Neither Party may issue press releases, public communications or public statements regarding the existence or terms of this LOI and matters arising in relation hereto unless and until the other Party has been furnished with a copy of such statement in advance and has given written approval, which shall not be unreasonably
withheld and which shall be timely given, in no case exceeding twenty-four (24) hours. Notwithstanding the foregoing, neither Party shall be prohibited from making any disclosure if it is necessary to do so in order to comply with the applicable laws, rules, or regulations of any governmental entity, court, or stock exchange having jurisdiction over such Party or any of its Affiliated Companies.

 

  

  

  

2.7 Choice of Law. This LOI and the transactions contemplated herein, and any dispute pursuant hereto shall be subject to and construed in accordance with, and governed by, the laws of the State of Texas without reference to the conflict of laws principles thereof. Any dispute arising out of or relating to this LOI, including any question
regarding its existence, validity or termination, which cannot be amicably resolved by the Parties, shall be settled by arbitration in accordance with the Rules of Arbitration of the International Chamber of Commerce (ICC) by three arbitrators or, if both Parties agree, by a sole arbitrator, appointed in accordance with the said Rules. The arbitration proceedings shall be held in London, England and shall be conducted in the English language. Awards shall be reduced to writing, and shall be final and
binding on the Parties without the right of appeal. The Parties undertake to carry out the award without delay. Judgement upon the award may be entered in any court having jurisdiction. A dispute shall be deemed to have arisen when either Party notifies the other Party in writing to that effect.

 

2.8 Costs and Expenses. Each Party shall be liable for its own legal, accounting and other costs and expenses incurred by it in connection with the undertakings associated with this LOI, including, without limitation, the negotiation and execution of Definitive Agreements.

 

2.9 Counterparts. This LOI may be executed and delivered by the Parties (in original form or by facsimile or emailed pdf scan) in counterparts, each of which shall be deemed an original instrument, but all of which together shall constitute the same instrument, provided that this LOI shall not be effective until each Party has executed
and delivered a counterpart.

 

2.10 Entire Agreement. This LOI constitutes the entire understanding among the Parties with respect to the subject matter hereof, superseding all negotiations, prior discussions and prior agreements and understandings relating to such subject matter.

 

2.11 Amendments. This LOI may not be amended nor any rights hereunder waived except by written mutual agreement of the Parties.

 

2.12 Assignment. This LOI and the rights and obligations herein may not be assigned by a Party, in whole or in part, without the prior written consent of the other Party.

 

2.13 No Third party Beneficiaries. This LOI is intended to benefit only the Parties hereto and their respective permitted successors and assigns.

 

2.14 Notices. All notices and communications with respect to this LOI shall be in writing. Any communication or delivery hereunder shall be deemed to have been duly made and the receiving Party charged with notice (i) if personally delivered, when received, (ii) if
sent by telecopy or facsimile transmission, on the first business day on or after which such facsimile is successfully transmitted and received,(iii) if mailed, three businessdaysaftermailing,certifiedmail,returnreceiptrequested,or(iv)if sent by overnight courier, the first business day on or after such notice is sent by overnight courier.

 

All notices shall be addressed as follows:

 

If to DANA: Mr. John Downey" Manager International Business and New Ventures, 17 Carden Place, Aberdeen, AB10 1UR, Scotland, UK Telephone +44 1224 652 400, Facsimile: +44 1224 652 401.

 

If to HDY: Attn: Ray Leonard, Chief Executive Officer, Hyperdynamics Corporation, One Sugar Creek Center Blvd., Suite 125, Sugar Land, Texas 77478, USA Telephone + I 713.353.9400, Facsimile

+1713.353.9434.

  

  

  

Any Party may, by written notice so delivered to the other Party, change the address or individual to which delivery shall thereafter be made.

2.15 Compliance With U.S. and International Laws Governing Sanctions and Corrupt Practices. Each Party represents that, to the best of its knowledge and belief, it is not subject to economic or other sanctions imposed under the laws of the United States or treaties or conventions of the United Nations and is eligible to receive exports
from the United States under the laws of the United States.

 

[Execution Page Follows}

 

  

  

  

The Parties have executed this AGREEMENT FOR EXCLUSIVE DEALING AND LETTER OF INTENT as of the Effective Date.

 

HYPERDYNAMICS CORPORATION

By: /s/ Ray Leonard

Ray Leonard

Chief Executive Officer

 

DANA PETROLEUM (E&P) LIMITED

By: /s/ Stuart M. Paton

Stuart M. Paton

Technical & Commercial Director

 

  

  

  

EXHIBIT "A"

 

Essential Commercial Terms

 

This Exhibit sets forth certain essential business terms for a prospective transaction which is being considered by the Parties. These terms are set forth solely for the purpose of furthering discussions between the Parties, and is not intended to, and shall not be construed to, create any legally binding obligation enforceable against
either Party.

 

Agreements:  

 

SPA to be negotiated and executed by HDY, SCS and DANA (or its nominated Affiliated Company), in respect of the acquisition by DANA of the DANA Working Interest as more particularly described below.

PSC Assignment assigning the DANA Working Interest to DANA, such that DANA becomes a party to the PSC, to be negotiated and executed by SCS, DANA (or its nominated Affiliated Company),
any third parties to the PSC, and the Government of the Republic of Guinea, or such alternative means of effecting and documenting the transfer of the DANA Working Interest to DANA as may be mutually agreed in writing by HDY, SCS and DANA.

JOA (including Accounting Procedure) in respect of the PSC and Contract Area to be negotiated and executed by SCS, DANA (or its nominated Affiliated Company) and any third party co-venturers.

The foregoing agreements constitute the "Definitive Agreements".

PSC Amendment/Restatement, to be negotiated by SCS, DANA (or its nominated Affiliated Company), any third party co-venturers, and the Government of the Republic of Guinea incorporating, inter alia, the
relevant terms of, and superseding, the MoU, and to be executed by all parties to the PSC.

 

Assignor: SCS Corporation.

 

Assignee: DANA  Dana Petroleum (E&P) Limited (or its nominated Affiliated Company). As described in Article 1.4 above.

 

Option:  DANA Working Interest: An undivided twenty three percent (23%) working interest in the PSC and Contract Area to be assigned by the PSC Assignment contemporaneously with execution of the JOA, subject
to government and third party approvals and consents as required, which interest may be increased to up to a maximum of fifty percent (50%) pursuant to the DANA Option.

 

Contract Area:  Contract Area, as such term is defined in the PSC, it being understood and acknowledged that such Contract Area is subject to variation pursuant to the MoU.

 

Consideration:  US$20,000,000 payable as follows:

 

(i) US$5,000,000 payable, in cash, following execution of all Definitive Agreements and, where applicable, their entry into full legal effect pursuant to the laws of the Republic of Guinea.

(ii) US$15,000,000 payable, at DANA's sole option, in either cash or in new ordinary shares of UK£O.15 each in Dana Petroleum plc issued and allotted to HDY (or its stated nominees), to the value ofUS$15,000,000, such shares to be valued at the average mid point closing price for the five (5) trading days immediately preceding the day
on which the payment referred to above is made , such payment or share issue to be made following execution of the PSC Amendment/Restatement and its entry into full legal effect pursuant to the laws of the Republic of Guinea. Any shares so issued shall be issued by Dana Petroleum plc credited as fully paid and shall rank pari passu with the existing
ordinary shares in Dana Petroleum plc in all respects. No additional restrictions or encumbrances shall be applied to such shares by Dana Petroleum plc which would prevent their immediate sale by HOY on the open market.

In the event of exercise of the DANA Option, the sum payable pursuant to (ii) above shall be as may be mutually agreed by the Parties.

 

  

  

  

Right of First Refusal:  The right of first refusal applicable to SCS pursuant to Article 2.3 of the MoU shall be passed on to DANA pro rata to the DANA Working Interest.

 

Indemnity:  HDY/SCS shall indemnify and hold harmless DANA in respect of any and all claims and liabilities in respect of the period prior to the date of assignment to DANA of the DANA Working Interest.

 

Conditions Precedent:  All necessary approvals and consents by the Government of the Republic of Guinea and relevant third parties for the acquisition of the Working Interest by DANA including, without limitation, approval of the Definitive Agreements, the PSC Amendment/Restatement, and any and all other ancillary documents of transfer
and recordation.exv4w1

Exhibit 4.1

FOURTH SUPPLEMENTAL INDENTURE

     FOURTH Supplemental Indenture (this “Supplemental Indenture"), dated as of
October 16, 2009, among CIT Group Inc., a Delaware corporation (the “Issuer”), the entities listed
on Schedule A hereto (collectively, the “Guarantors”), and The Bank of New York Mellon (as
successor to JP Morgan Chase Bank, N.A.), as trustee under the Indenture referred to below (the
“Trustee”).

W I T N E S S E T H

     WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture, dated
as of January 20, 2006 (as supplemented by the first supplemental indenture, dated as of February
13, 2007, the second supplemental indenture, dated as of October 23, 2007, and the third
supplemental indenture, dated as of October 1, 2009) (as so supplemented, the “Indenture”),
providing for the issuance of certain of the Issuer’s outstanding notes;

     WHEREAS, the Indenture provides that under certain circumstances the Issuer may execute and
deliver to the Trustee a supplemental indenture;

     WHEREAS, pursuant to Section 9.1 of the Indenture, which does not require the consent of the
Holders, the Guarantors desire to enter into this Supplemental Indenture pursuant to which the
Guarantors shall fully and unconditionally guarantee all of the Issuer’s obligations under the
Indenture and all the notes with maturities on or after August 15, 2021 and on or prior to December
15, 2022, the Issuer’s 6.00% Notes due April 1, 2036 and the Issuer’s 2.83% Notes due April 2, 2036
that, in each case, are outstanding as of such date (the “Guaranteed Notes”) pursuant to the
Indenture on the terms and conditions set forth herein (and not any other series of notes, except
to the extent any guarantee has been previously provided);

     WHEREAS, the Guarantors’ obligations under the guarantees of the Guaranteed Notes will be
subordinated to their respective senior indebtedness; and

     WHEREAS, pursuant to Section 9.3 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Issuer, the
Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Guaranteed Notes as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture, except as set forth below:

     (a) “Guarantee” means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets,

 

 

goods, securities or services, to take or pay or to maintain financial statement conditions or
otherwise).

     (b) “Note Guarantee” means the Guarantee by each Guarantor of the Issuer’s obligations under
this Supplemental Indenture and the Guaranteed Notes, executed pursuant to the provisions of this
Supplemental Indenture.

     (c) “Senior Indebtedness” means, with respect to the Guaranteed Notes or any Note Guarantee,
all Indebtedness of the Guarantor outstanding at any time, except (a) the Guaranteed Notes, (b)
Indebtedness as to which, by the terms of the instrument creating or evidencing the same, it is
provided that such Indebtedness is subordinated to the Guaranteed Notes, or ranks pari passu with
the Guaranteed Notes that are subordinated to the Guaranteed Notes, (c) Indebtedness of the
Guarantor to an Affiliate of the Guarantor, (d) interest accruing after the filing of a petition
initiating any proceeding relating to the Guarantor referred to in Section 5.1(6) and (7) unless
such interest is an allowed claim enforceable against the Guarantor in a proceeding under federal
or state bankruptcy laws, (e) trade accounts payable, (f) any Indebtedness issued in violation of
the instrument creating the same and (g) any guarantee of any Indebtedness. The term
“Indebtedness,” when used in the definition of the term “Senior Indebtedness,” means all
obligations which, in accordance with generally accepted accounting principles, should be
classified as liabilities on a balance sheet.

     2. Guarantee. The Indenture as it relates to the Guaranteed Notes only is hereby amended to
add Article Sixteen as follows:

ARTICLE SIXTEEN

NOTE GUARANTEES

     Section 16.01. Guarantee

     (a) Subject to this Article Sixteen, each of the Guarantors hereby, as primary obligor and
not merely as surety, jointly and severally, fully and unconditionally guarantees to each Holder
of the Guaranteed Notes authenticated and delivered by the Trustee and to the Trustee and
its successors and assigns, irrespective of the validity and enforceability of this Indenture, the
Guaranteed Notes or the obligations of the Issuer hereunder or thereunder, that:

	 	(1)	 	the principal of, premium, if any, and interest on, the
Guaranteed Notes will be promptly paid in full when due, whether at
Maturity, by acceleration, redemption or otherwise, and interest on the overdue
principal of, premium, if any, and interest on the Guaranteed Notes,
if any, if lawful, and all other monetary obligations of the Issuer to the
Holders or the Trustee hereunder whether for payment of principal of or
interest on the Guaranteed Notes, expenses, indemnification or
otherwise, or thereunder will be punctually paid in full, all in accordance
with the terms hereof and thereof; and

 

 

	 	(2)	 	in case of any extension of time of payment or renewal of any
Guaranteed Notes or any of such other obligations, that same will be
punctually paid in full when due in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration or otherwise.

     Notwithstanding any other provision of this Indenture, the maximum aggregate liability of each
Guarantor under this Note Guarantee shall not exceed fifty thousand United States dollars (U.S.
$50,000) (the “Guaranteed Amount”).

     Failing payment when due of any amount so guaranteed for whatever reason, the Guarantors will
be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is
a guarantee of payment and not a guarantee of collection.

     Each Guarantor, pursuant to its Note Guarantee, also hereby agrees to pay any and all
reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Trustee or the Holders in enforcing any rights under its Note Guarantee.

     (b) The Guarantors hereby agree that (to the fullest extent permitted by law) their
obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Guaranteed Notes or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Guaranteed Notes with respect to any
provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of a Guarantor. Each Guarantor hereby waives (to the fullest extent
permitted by law) diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against
the Issuer, protest, notice and all demands whatsoever and covenants (except as otherwise provided
in Section 16.04 hereof) that the Note Guarantee will not be discharged except by complete
performance of the monetary obligations contained in the Guaranteed Notes and this
Indenture.

     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full
force and effect.

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of
all obligations guaranteed hereby. Each Guarantor further agrees (to the fullest extent permitted
by law) that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the
other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article Five of this Indenture for the purposes of the Note Guarantee, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as
provided in Article Five of this Indenture, such obligations (whether or not due and payable) will
forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The
Guarantors will have the right to

 

 

seek contribution from the Issuer or any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Note Guarantee.

     Section 16.02. Limitation on Guarantor Liability

     Each Guarantor, and by its acceptance of Guaranteed Notes, each Holder, hereby confirms that
it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a
fraudulent transfer or fraudulent conveyance for purposes of United States Bankruptcy Code as then
in effect, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the
foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of such Guarantor will be limited to the maximum amount that will, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are
relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article Sixteen, result in the obligations of such
Guarantor under its Note Guarantee not constituting a fraudulent transfer or fraudulent conveyance
under applicable law. Each Guarantor acknowledges that it will receive direct and indirect
benefits from the arrangements contemplated by the Supplemental Indenture and that its Note
Guarantee, and the waiver set forth in Section 16.01(b), are knowingly made in contemplation of
such benefits.

     Section 16.03. Delivery of Note Guarantee

     Neither the Issuer nor any Guarantor shall be required to make a notation on the Guaranteed
Notes to reflect any Note Guarantee or any such release, termination or discharge thereof.

     Section 16.04. Releases

     The Note Guarantee of a Guarantor will be released:

	 	(1)	 	in connection with any sale or other disposition of all or
substantially all of the assets of that Guarantor (including by way of merger
or consolidation) to a Person that is not (either before or after giving effect
to such transaction) the Issuer or any of its Subsidiaries;
	 
	 	(2)	 	in connection with any sale or other disposition of all of the
capital stock of that Guarantor to a Person that is not (either before or after
giving effect to such transaction) the Issuer or any of its Subsidiaries; and
	 
	 	(3)	 	upon defeasance of the Guaranteed Notes in accordance with
Article Four of this Indenture or satisfaction and discharge of this Indenture
in accordance with its terms, each Guarantor will be released and relieved of
any obligations under its Note Guarantee.

 

 

     Upon any such occurrence specified in this Section 16.04, the Trustee will execute any
documents reasonably required in order to evidence the release of any Guarantor from its
obligations under its Note Guarantee.

     Any Guarantor not released from its obligations under its Note Guarantee as provided in this
Section 16.04 will remain liable for the principal, if any, of and interest and premium on the
Guaranteed Notes and for the other obligations of any Guarantor up to the Guaranteed Amount under
this Indenture as provided in this Article Sixteen.

     3. Subordination. The Indenture as it relates to the Guaranteed Notes only is hereby amended
to add Article Seventeen as follows:

ARTICLE SEVENTEEN

SUBORDINATION OF SECURITIES

     Section 17.01 Agreement to Subordinate.

     Each Guarantor, for itself, its successors and assigns, covenants and agrees, and each Holder
of Guaranteed Notes issued under this Indenture and any indenture supplemental thereto by
such Holder’s acceptance thereof likewise covenants and agrees, that all Guaranteed Notes issued
pursuant to this Indenture shall be subject to the provisions of this Article Seventeen; and each
Holder of a Guaranteed Note, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.

     The payment by each Guarantor of the Note Guarantees on all Guaranteed Notes issued
under this Indenture shall, to the extent and in the manner hereinafter set forth, be subordinate
in right of payment to the prior payment in full of all such Guarantor’s obligations with respect
to the Senior Indebtedness with respect to such series, whether outstanding at the date of this
Indenture or thereafter incurred.

     Section 17.02 Default on Senior Indebtedness.

     In the event and during the continuation of any default by the Guarantor in the payment of
principal, premium, interest or any other amount due on any Senior Indebtedness, or in the event
that the maturity of any Senior Indebtedness has been accelerated because of a default, then, in
either case, no payment shall be made by any Guarantor with respect to the Note Guarantee on the
Guaranteed Notes until such Guarantor’s obligations with respect to the Senior
Indebtedness are paid in full.

     In the event that, notwithstanding the foregoing, any payment shall be received by the Trustee
when such payment is prohibited by the preceding paragraph of this Section 17.02, such payment
shall be held in trust for the benefit of, and shall be paid over or delivered to, the Holders of
such Senior Indebtedness or their respective representatives, or to the trustee or trustees under
any indenture or agreement pursuant to which any of such Senior Indebtedness may have been issued,
as their respective interests may appear, but only to the extent that the

 

 

Holders of such Senior Indebtedness (or their representative or representatives or a trustee)
notify the Trustee in writing within 120 days of such payment of the amounts then due and owing on
such Senior Indebtedness and only the amounts specified in such notice to the Trustee shall be paid
to the Holders of such Senior Indebtedness.

     Section 17.03 Liquidation; Dissolution; Bankruptcy.

     Upon any payment by any Guarantor or distribution of assets of any Guarantor of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution, winding-up,
liquidation or reorganization of any Guarantor, whether voluntary or involuntary, or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness shall
first be paid in full, payment thereof shall have been provided for in money in accordance with its
terms or the Guaranteed Amount shall have been delivered to the Trustee pursuant to the following
paragraph, before any payment is made by such Guarantor on account of any Note Guarantee on the
Guaranteed Notes; and upon any such dissolution, winding-up, liquidation or
reorganization, or in any such bankruptcy, insolvency, receivership or other proceeding, any
payment by any Guarantor, or distribution of assets of any Guarantor of any kind or character,
whether in cash, property or securities, which the Holders of the Guaranteed Notes or the
Trustee would be entitled to receive from such Guarantor, except for the provisions of this Article
Seventeen, shall be paid by such Guarantor or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making such payment or distribution to the extent not already paid
(including to the Trustee pursuant to the following paragraph), or by the Holders of the
Guaranteed Notes or by the Trustee under this Indenture if received by them or it,
directly to the Holders of such Senior Indebtedness (pro rata to such Holders on the basis of the
respective amounts of such Senior Indebtedness held by such Holders, as calculated by the
Guarantor) or their representative or representatives, or to the trustee or trustees under any
indenture or agreement pursuant to which any instruments evidencing such Senior Indebtedness may
have been issued, as their respective interests may appear, to the extent necessary to pay such
Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent
payment or distribution to or for the Holders of such Senior Indebtedness, before any payment or
distribution is made to the Holders of the Guaranteed Notes or to the Trustee.

     In the event that, notwithstanding the foregoing, any payment or distribution of assets of any
Guarantor of any kind or character, whether in cash, property or securities, prohibited by the
foregoing is made and, concurrently therewith, the Trustee shall have received an amount in cash
from the Guarantors equal to the Guaranteed Amount before all such Senior Indebtedness is paid in
full, or provision is made for such payment in money in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of and shall be paid over or delivered to the
Holders of such Senior Indebtedness or their representative or representatives, or to the trustee
or trustees under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, as calculated by the
Guarantor, for application to the payment of all such Senior Indebtedness remaining unpaid to the
extent necessary to pay such Senior Indebtedness in full in money in accordance with its terms,
after giving effect to any concurrent payment or distribution to or for the benefit of the Holders
of such Senior Indebtedness.

 

 

     For purposes of this Article Seventeen, the words “cash, property or securities” shall not be
deemed to include shares of stock of any Guarantor as reorganized or readjusted, or securities of
any Guarantor or any other corporation provided for by a plan of reorganization or readjustment,
the payment of which is subordinated at least to the extent provided in this Article Seventeen with
respect to the Guaranteed Notes to the payment of all Senior Indebtedness with respect to
the Guaranteed Notes.

     Section 17.04 Subrogation.

     Subject to the satisfaction in full of all obligations under the Note Guarantee pursuant to
the terms of this Indenture, the rights of the Holders of such Guaranteed Notes with respect to the
Note Guarantee shall be subrogated to the rights of the Holders of such Senior Indebtedness to
receive payments or distributions of cash, property or securities of the Guarantors applicable to
such Senior Indebtedness; and, for the purposes of such subrogation, no payments or distributions
to the Holders of such Senior Indebtedness of any cash, property or securities to which the Holders
of such Senior Indebtedness or the Trustee would be entitled except for the provisions of this
Article Seventeen, and no payment over pursuant to the provisions of this Article Seventeen to or
for the benefit of the Holders of such Senior Indebtedness by Holders of the Guaranteed
Notes or the Trustee, shall, as between such Guarantor, its creditors other than Holders of
such Senior Indebtedness, and the Holders of the Guaranteed Notes, be deemed to be a
payment by such Guarantor to or on account of such Senior Indebtedness. It is understood that the
provisions of this Article Seventeen are and are intended solely for the purposes of defining the
relative rights of the Holders of the Note Guarantees of the Guaranteed Notes, on the one
hand, and the Holders of the Senior Indebtedness with respect to the Note Guarantees of the
Guaranteed Notes on the other hand.

     Nothing contained in this Article Seventeen or elsewhere in this Indenture or in the
Guaranteed Notes is intended to or shall impair, as between each Guarantor, its creditors
other than the Holders of Senior Indebtedness with respect to the Guaranteed Notes, and
the Holders of the Guaranteed Notes, the obligation of such Guarantor, which is absolute
and unconditional, to pay to the Holders of the Guaranteed Notes pursuant to the Note
Guarantee as and when the same shall become due and payable in accordance with its terms, or is
intended to or shall affect the relative rights of the Holders of the Guaranteed Notes and
creditors of such Guarantor, other than the Holders of such Senior Indebtedness, nor shall anything
herein or therein prevent the Trustee or the Holder of any Guaranteed Note from exercising
all remedies otherwise permitted by applicable law upon default under this Indenture, subject to
the rights, if any, under this Article Seventeen of the Holders of such Senior Indebtedness in
respect of cash, property or securities of such Guarantor, as the case may be, received upon the
exercise of any such remedy.

     Upon any payment or distribution of assets of any Guarantor referred to in this Article
Seventeen, the Trustee, subject to the provisions of Article Eleven of this Indenture, and the
Holders of the Guaranteed Notes shall be entitled to conclusively rely upon any order or
decree made by any court of competent jurisdiction in which such dissolution, winding-up,
liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in
bankruptcy, liquidation trustee, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of the Guaranteed Notes, for the purposes of
ascertaining the Persons entitled to participate in such distribution, the Holders of Senior
Indebtedness with respect to the

 

 

Guaranteed Notes and other indebtedness of such Guarantor, as the case may be, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article Seventeen.

     Section 17.05 Trustee to Effectuate Subordination.

     Each Holder of Note Guarantees by such Holder’s acceptance thereof authorizes and directs the
Trustee on such Holder’s behalf to execute such document and to take such action as may be
necessary or appropriate to effectuate the subordination provided in this Article Seventeen and
appoints the Trustee such Holder’s attorney-in-fact for any and all such purposes.

     Section 17.06 Notice by the Guarantors.

     Each Guarantor shall give prompt written notice to a Responsible Officer of the Trustee of any
fact known to such Guarantor that would prohibit the making of any payment of monies to or by the
Trustee in respect of the Note Guarantees of Guaranteed Notes pursuant to the provisions
of this Article Seventeen. Notwithstanding the provisions of this Article Seventeen or any other
provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment of monies to or by the Trustee in respect
of the Note Guarantees of Guaranteed Notes pursuant to the provisions of this Article
Seventeen, unless and until a Responsible Officer of the Trustee shall have received written notice
thereof from the Guarantor or a Holder or Holders of Senior Indebtedness with respect to the
Guaranteed Notes or from any trustee therefor; and before the receipt of any such written
notice, the Trustee, subject to the provisions of Article Six of this Indenture, shall be entitled
in all respects to assume that no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 17.06 at least two Business
Days prior to the date upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the Note Guarantee on, any Guaranteed Note), then,
anything herein contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which they were received,
and shall not be affected by any notice to the contrary that may be received by it within two
Business Days prior to such date.

     The Trustee, subject to the provisions of Article Six of this Indenture, shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person representing himself to be
a Holder of Senior Indebtedness with respect to the Guaranteed Notes (or a trustee on
behalf of such Holder), to establish that such notice has been given by a Holder of such Senior
Indebtedness or a trustee on behalf of any such Holder or Holders. In the event that the Trustee
determines in good faith that further evidence is required with respect to the right of any Person
as a Holder of such Senior Indebtedness to participate in any payment or distribution pursuant to
this Article Seventeen, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the
extent to which such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article Seventeen, and, if such
evidence is not furnished, the Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

 

 

     Upon any payment or distribution of assets of any Guarantor referred to in this Article
Seventeen, the Trustee and the Holders of the Guaranteed Notes shall be entitled to rely upon any
order or decree entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding-up or similar case or
proceeding is pending, or a certificate of the trustee in bankruptcy, liquidating trustee,
custodian, receiver, assignee for the benefit of creditors, agent or other Person making such
payment or distribution, delivered to the Trustee or to the Holders of the Guaranteed
Notes, for the purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the Holders of Senior Indebtedness with respect to the Guaranteed Notes and other
indebtedness of the Guarantors, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article Seventeen.

     Section 17.07 Rights of the Trustee; Holders of Senior Indebtedness.

     The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article Seventeen in respect of any Senior Indebtedness with respect to the Guaranteed
Notes at any time held by it, to the same extent as any other Holder of such Senior
Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such
Holder.

     With respect to the Holders of Senior Indebtedness with respect to the Guaranteed
Notes, the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article Seventeen, and no implied covenants or
obligations with respect to the Holders of such Senior Indebtedness shall be read into this
Indenture against the Trustee. By virtue of this Article Seventeen, the Trustee shall not be deemed
to owe any fiduciary duty to the Holders of such Senior Indebtedness and, subject to the provisions
of Article Six of this Indenture, the Trustee shall not be liable to any Holder of such Senior
Indebtedness if it shall mistakenly or otherwise pay over or deliver to Holders of the
Guaranteed Notes, any Guarantor or any other Person money or assets to which any Holder of
such Senior Indebtedness shall be entitled.

     Nothing in this Article Seventeen shall apply to claims of, or payments to, the Trustee under
or pursuant to Section 11.01(a).

     Section 17.08 Subordination May Not Be Impaired.

     No right of any present or future Holder of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of any Guarantor, or by any act or failure to act, in good faith, by any such
Holder, or by any noncompliance by any Guarantor with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof that any such Holder may have or otherwise be
charged with.

     Without in any way limiting the generality of the foregoing paragraph, the Holders of Senior
Indebtedness with respect to the Guaranteed Notes may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders of Guaranteed Notes,
without incurring responsibility to such Holders and without impairing or releasing the
subordination provided in this Article Seventeen or the obligations hereunder of the Holders of the
Guaranteed 

 

 

Notes to the Holders of such Senior Indebtedness, do any one or more of the following: (i)
change the manner, place or terms of payment or extend the time of payment of, or renew or alter,
such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness
or any instrument evidencing the same or any agreement under which such Senior Indebtedness is
outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person liable in any manner for the
collection of such Senior Indebtedness; and (iv) exercise or refrain from exercising any rights
against the Guarantors and any other Person.

     4. No Recourse against Others. No past, present or future director, officer, employee,
incorporator, stockholder or agent of the Guarantors, as such, shall have any liability for any
obligations of the Issuer or any of the Guarantors under the Guaranteed Notes, any Note Guarantee,
the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of the Guaranteed Notes by accepting a
Guaranteed Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

     5. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     6. Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement.

     7. Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof.

     8. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Guarantors and the Issuer.

     9. Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE DEBT
SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

     10. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use

 

 

reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

     11. Consequential Damages. In no event shall the Trustee be responsible or liable for
special, indirect, or consequential loss or damage of any kind whatsoever (including, but not
limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

     12. Limitations. For avoidance of doubt, this Supplemental Indenture does not amend or
otherwise modify the third supplemental indenture dated as of October 1, 2009.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

	 	 	 	 	 
	 	CIT Group Inc.

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Name:  	Glenn A. Votek 	 
	 	 	Title:  	Executive Vice President & Treasurer 	 
	 
	 	The Bank of New York Mellon,

   as Trustee

 	 
	 	By:  	/s/ Larry O’Brien
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Baffin Shipping Co, Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	C.I.T. Leasing Corporation,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Capita Colombia Holdings Corp.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Capita Corporation,

   as Guarantor

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Capita International L.L.C.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Capita Premium Corporation,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Capital USA Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT China 12, Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT China 13, Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	CIT China 2, Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT China 3, Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Communications Finance Corporation,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Credit Finance Corp.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Credit Group USA Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Financial Ltd. of Puerto Rico,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	CIT Financial USA, Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Group (NJ) LLC,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Group SF Holding Co., Inc.,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Healthcare LLC,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Holdings, LLC,

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Lending Services Corporation,

   as Guarantor

 	 

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Lending Services Corporation (Illinois),

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Loan Corporation (f/k/a The CIT

Group/Consumer Finance, Inc.),

   as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Real Estate Holding Corporation,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Realty LLC,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	CIT Technologies Corporation,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	CIT Technology Financing Services, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Education Loan Servicing Corporation,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Equipment Acceptance Corporation,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Franchise Portfolio 1, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Franchise Portfolio 2, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	GFSC Aircraft Acquisition Financing

Corporation,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	Hudson Shipping Co., Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Namekeepers LLC,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Owner-Operator Finance Company,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Student Loan Xpress, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/BC Securities Investment, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Business Credit, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	The CIT Group/Capital Finance, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Capital Transportation, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/CmS Securities Investment, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Commercial Services, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Commercial Services, Inc.

(Va.),

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	The CIT Group/Consumer Finance, Inc. (NY),

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Consumer Finance, Inc. (TN),

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Corporate Aviation, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Equipment Financing, Inc.,

 as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Equity Investments, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Factoring One, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	The CIT Group/FM Securities Investment, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/LsC Securities Investment, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Securities Investment, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	The CIT Group/Venture Capital, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	Western Star Finance, Inc.,

    as Guarantor

 	 
	 	By:  	/s/ Glenn A. Votek
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 

Schedule A

Guarantors

	 	 	 	 	 
	NAME OF	 	 	 	ENTITY
	GUARANTOR	 	JURISD.	 	TYPE
	Baffin Shipping Co., Inc.

	 	Delaware
	 	CORP
	C.I.T. Leasing Corporation

	 	Delaware
	 	CORP
	Capita Colombia Holdings Corp.

	 	Delaware
	 	CORP
	Capita Corporation

	 	Delaware
	 	CORP
	Capita International L.L.C.

	 	Delaware
	 	LLC
	Capita Premium Corporation

	 	Delaware
	 	CORP
	CIT Capital USA Inc.

	 	Delaware
	 	CORP
	CIT China 12, Inc.

	 	Delaware
	 	CORP
	CIT China 13, Inc.

	 	Delaware
	 	CORP
	CIT China 2, Inc.

	 	Delaware
	 	CORP
	CIT China 3, Inc.

	 	Delaware
	 	CORP
	CIT Communications Finance Corporation

	 	Delaware
	 	CORP
	CIT Credit Finance Corp.

	 	Delaware
	 	CORP
	CIT Credit Group USA Inc.

	 	Delaware
	 	CORP
	CIT Financial Ltd. of Puerto Rico

	 	Delaware
	 	CORP
	CIT Financial USA, Inc.

	 	Delaware
	 	CORP
	CIT Group (NJ) LLC

	 	Delaware
	 	LLC
	CIT Group SF Holding Co., Inc.

	 	Delaware
	 	CORP
	CIT Healthcare LLC

	 	Delaware
	 	LLC
	CIT Holdings, LLC

	 	Delaware
	 	LLC
	CIT Lending Services Corporation

	 	Delaware
	 	CORP
	CIT Lending Services Corporation (Illinois)

	 	Delaware
	 	CORP
	CIT Loan Corporation (f/k/a The CIT
Group/Consumer Finance, Inc.)

	 	Delaware
	 	CORP
	CIT Real Estate Holding Corporation

	 	Delaware
	 	CORP
	CIT Realty LLC

	 	Delaware
	 	LLC
	CIT Technologies Corporation

	 	Michigan
	 	CORP
	CIT Technology Financing Services, Inc.

	 	Massachusetts
	 	CORP
	Education Loan Servicing Corporation

	 	Delaware
	 	CORP
	Equipment Acceptance Corporation

	 	New York
	 	CORP
	Franchise Portfolio 1, Inc.

	 	Delaware
	 	CORP
	Franchise Portfolio 2, Inc.

	 	Delaware
	 	CORP
	GFSC Aircraft Acquisition Financing Corporation

	 	Delaware
	 	CORP
	Hudson Shipping Co., Inc.

	 	Delaware
	 	CORP
	Namekeepers LLC

	 	Delaware
	 	LLC
	Owner-Operator Finance Company

	 	Delaware
	 	CORP
	Student Loan Xpress, Inc.

	 	Delaware
	 	CORP
	The CIT Group/BC Securities Investment, Inc.

	 	New Jersey
	 	CORP
	The CIT Group/Business Credit, Inc.

	 	New York
	 	CORP

 

 

	 	 	 	 	 
	NAME OF	 	 	 	ENTITY
	GUARANTOR	 	JURISD.	 	TYPE
	The CIT Group/Capital Finance, Inc.

	 	Delaware
	 	CORP
	The CIT Group/Capital Transportation, Inc.

	 	Delaware
	 	CORP
	The CIT Group/CmS Securities Investment, Inc.

	 	New Jersey
	 	CORP
	The CIT Group/Commercial Services, Inc.

	 	New York
	 	CORP
	The CIT Group/Commercial Services, Inc. (Va.)

	 	Delaware
	 	CORP
	The CIT Group/Consumer Finance, Inc. (NY)

	 	New York
	 	CORP
	The CIT Group/Consumer Finance, Inc. (TN)

	 	Delaware
	 	CORP
	The CIT Group/Corporate Aviation, Inc.

	 	Delaware
	 	CORP
	The CIT Group/Equipment Financing, Inc.

	 	Delaware
	 	CORP
	The CIT Group/Equity Investments, Inc.

	 	New Jersey
	 	CORP
	The CIT Group/Factoring One, Inc.

	 	New York
	 	CORP
	The CIT Group/FM Securities Investment, Inc.

	 	New Jersey
	 	CORP
	The CIT Group/LsC Securities Investment, Inc.

	 	New Jersey
	 	CORP
	The CIT Group/Securities Investment, Inc.

	 	Delaware
	 	CORP
	The CIT Group/Venture Capital, Inc.

	 	New Jersey
	 	CORP
	Western Star Finance, Inc.

	 	Delaware
	 	CORP

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]