Document:

Exhibit 10.23 

AMENDED AND RESTATED
EMPLOYMENT AGREEMENT  

        AMENDED
AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) by and among CIT Group Inc. a Delaware
corporation (the “Company”) and Jeffrey M. Peek (the “Executive”) dated as of the 10th
day of December, 2007. 

        WHEREAS,
the Company desires to continue to employ the Executive in accordance with the following
terms and conditions, and the Executive desires to be so employed. 

        WHEREAS,
the Company and the Executive desire to comply with Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), and the rules and regulations promulgated
thereunder, and have amended this Agreement to comply with Section 409A of the Code. 

        NOW,
THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 

        1.
Effective Date. The “Effective Date” shall mean September 3, 2006.  

        2.
Term. The Company hereby agrees to employ the Executive, and the Executive hereby agrees
to be employed by the Company subject to the terms and conditions of this Agreement, for
the period of thirty-six (36) months commencing on the Effective Date (the “Term”). This
Employment Agreement and the Term may be extended for one (1) or more additional periods
by written agreement signed by the parties hereto at any time prior to the end of the
term in effect. The Company or the Executive, as applicable, shall give notice no later
than thirty (30) days before the end of the Term (or extended term) of its or his intent
not to extend the Agreement.  

        3.
Terms of Employment.  

        (a)
Position and Duties.  

                (i)
During the Term the Executive shall serve as Chairman and Chief Executive Officer with
such authority, duties and responsibilities as are commensurate with such positions and
as may be consistent with such positions, reporting directly to the Board of Directors of
the Company (the “Board”). Executive’s services shall be performed in Livingston, New
Jersey and/or New York, New York. 

                (ii)
During the Term, and excluding any periods of vacation and sick leave to which the
Executive is entitled, the Executive agrees to devote substantially all of his attention
and time during normal business hours to the business and affairs of the Company and, to
the extent necessary to discharge the responsibilities assigned to the Executive
hereunder, to use the Executive’s reasonable best efforts to perform faithfully and
efficiently such responsibilities. During the Term, it shall not be a violation of this
Agreement for the Executive to serve on civic or charitable boards or committees, or
manage personal investments, or, with the prior permission of the Board, serve on
corporate boards, so long as such activities do not significantly interfere with the
performance of the Executive’s responsibilities as an employee of the Company in
accordance with this Agreement. 

 
	 	
	 

        (b)
Compensation.  

                (i)
Base Salary. During the Term, the Executive shall receive an annual
base salary (“Annual Base Salary”). Initially, the Annual Base Salary
shall be $800,000.00. Thereafter, the Annual Base Salary shall be
reviewed at the time that the salaries of all of the executive officers
of the Company are reviewed. Any increase in Annual Base Salary shall
not serve to limit or reduce any other obligation to the Executive
under this Agreement. Annual Base Salary shall not be reduced after
any such increase or otherwise and the term Annual Base Salary
as utilized in this Agreement shall refer to Annual Base
Salary as so increased. Annual Base Salary shall be payable as
earned during the Term at such time and in such manner
consistent with the Company’s payroll practices for other
senior executives, unless otherwise deferred in accordance
with the terms of the CIT Group Inc. Deferred Compensation
Plan, as amended (the “DCP”).  

                (ii)
Annual Bonus. For each calendar year ending during the Term, the
Executive shall be entitled to an annual cash bonus pursuant to the
Company’s incentive plans and programs (“Annual Bonus”). Performance
targets and criteria for payment of the Annual Bonus shall be
established by the Compensation Committee of the Board pursuant to EPS,
ROE, Net Income and other guidelines promulgated in good faith after
consulting with the Executive. The Target Bonus, as used herein, shall
be not less than 200 percent of the Executive’s Base Salary.
Annual Bonuses shall be paid not later than March 15 of the
calendar year following the calendar year to which they
relate, unless otherwise deferred in accordance with the terms
of the DCP.  

                (iii)
Incentive Awards. During the Term, the Executive shall be eligible to
participate in annual and long-term incentive plans applicable to the
senior-most executives of the Company. Performance targets and criteria
for any awards shall be determined in good faith by the Compensation
Committee of the Board after consulting with the Executive.  

                (iv)
Other Benefits. During the Term, the Executive shall be entitled to
participate in all employee pension, welfare, perquisites, fringe
benefit, and other benefit plans, practices, policies and programs
generally applicable to the senior most executives of the Company in
substantially comparable positions as the Executive at a level
appropriate to his position. In addition, the Executive shall be
entitled to participate in any supplemental and/or excess retirement
plans available to similarly situated executives of the
Company, and in the Company’s Executive Retirement Plan, and
retiree medical and life insurance plans existing on the
Effective Date, at economic levels at least equal to the
levels of the senior-most executives of the Company.  

                (v)
Expense Reimbursement. During the Term, the Executive shall be entitled
to receive prompt reimbursement for all expenses incurred by the
Executive in accordance with the Company’s expense reimbursement
policies. Reimbursement shall be made as soon as practicable after a
request for reimbursement is received by the Company, but in no event
later than the last day of the calendar year next following
the calendar year in which such expense was incurred.  

 
	 	
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                (vi)
Vacation. During the Term, the Executive shall be entitled to paid
vacation in accordance
with the plans, policies, programs and practices of the Company as in effect with respect
to the senior executives of the Company.  

                (vii)
Additional Benefits. In addition to the benefits described above, the
Company shall
provide the following additional benefits to the Executive during the Term:  

	  	
(A)
Financial Planning. The Company shall reimburse the                   Executive for up to
$25,000 annually for tax advice, financial                   counseling and for
accounting fees incurred by the Executive. 

	  	
(B)
Car and Driver. The Executive shall be entitled to the use                   of a car
owned by the Company and the services of a driver                   employed by the
Company. 

	  	
(C)
Air Travel. When traveling on Company business, the                   Executive shall be
authorized for security reasons to travel                   on the Company’s corporate
aircraft. When traveling for                   personal reasons, the Executive shall be
authorized to travel                   on the Company’s corporate aircraft if the
Company’s security                   provider determines the Executive’s use of the
Company’s                   corporate aircraft is necessary for security reasons. The
cost                   of the Executive’s personal travel on the Company’s corporate
                  aircraft shall be imputed to the Executive as income. 

                Reimbursement
of financial planning expenses shall be made as soon as practicable after the request for
reimbursement is submitted, but in no event later than the last day of the calendar year
next following the calendar year in which such expense was incurred. Additionally,
neither the provision of in-kind benefits nor the reimbursement of expenses in any one
calendar year shall affect the level or amount of in-kind benefits to be provided, or the
expenses eligible for reimbursement, in any other calendar year. The Executive’s right to
reimbursement or in-kind benefits under this Section 3(b)(vii) is not subject to
liquidation or exchange for another benefit. 

        4.
Termination of Employment. For purposes of this Agreement, the terms “terminate,”
“terminated” and “termination” mean a termination of the Executive’s employment that
constitutes a “separation from service” within the meaning of the default rules of
Section 409A of the Code.  

        (a)
Death or Disability. The Executive’s employment shall terminate automatically upon the
Executive’s death during the Term. If the Company determines in good faith that the
Disability of the Executive has occurred during the Term (pursuant to the definition of
Disability set forth below), it may give to the Executive written notice in accordance
with Section 12(a) of this Agreement of its intention to terminate the Executive’s
employment. In such event, the Executive’s employment with the Company shall terminate
effective on the 30th day after receipt of such notice by the Executive (the “Disability
Effective Date”), provided that, within the 30 days after such receipt, the Executive
shall not have returned to full-time performance of the Executive’s duties. For purposes
of this Agreement, “Disability” shall mean the absence of the Executive from the
Executive’s duties with the Company on a full-time basis for 180 consecutive business
days as a result of incapacity due to mental or physical illness which is determined to
be  

 
	 	
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total and permanent by a physician
selected by the Company or its insurers and acceptable to the Executive or the
Executive’s legal representative. 

        (b)
Cause. The Company may terminate the Executive’s employment during the Term for Cause.
For purposes of this Agreement, “Cause” shall mean:  

                (i)
the willful and continued failure of the Executive to perform substantially the
Executive’s duties with the Company or one of its affiliates (other than any such failure
resulting from incapacity due to physical or mental illness), after a written demand for
substantial performance is delivered to the Executive by the Board, which specifically
identifies the manner in which the Board believes that the Executive has not
substantially performed the Executive’s duties, or 

                (ii)
the willful engaging by the Executive in illegal conduct or gross misconduct which is
materially and demonstrably injurious to the Company or its affiliates, or 

                (iii)
conviction of a felony or guilty or nolo contendere plea by the Executive with respect
thereto; or 

                (iv)
a material breach of Section 8 of this Agreement. 

For purposes of this provision, no
act or failure to act on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable
belief that the Executive’s action or omission was in the best interests of the Company.
Any act, or failure to act, based upon express authority given pursuant to a resolution
duly adopted by the Board with respect to such act or omission or upon the instructions
of the Board or based upon the advice of counsel for the Company shall be conclusively
presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Company. 

        (c)
Good Reason. The Executive’s employment may be terminated by the Executive for Good
Reason. For purposes of this Agreement, “Good Reason” shall mean in the absence of a
written consent of the Executive:  

                (i)
the assignment to the Executive of any duties materially inconsistent with the
Executive’s position (including status, offices, titles and reporting requirements),
authority, duties or responsibilities as contemplated by Section 3(a) of this Agreement
(provided that a promotion shall not be Good Reason), or any other action by the Company
which results in a material diminution in such position, authority, duties or
responsibilities, excluding for this purpose an action not taken in bad faith and which
is remedied by the Company promptly after receipt of notice thereof given by the
Executive; or 

                (ii)
any material failure by the Company to comply with any of the provisions of Section 3(b)
of this Agreement, other than failure not occurring in bad faith and which is remedied by
the Company promptly after receipt of notice thereof given by the Executive; or 

                (iii)
the Company’s requiring the Executive to be based at any office or location more than 50
miles from that provided in Section 3(a)(i) hereof; or 

 
	 	
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                (iv)
any purported termination by the Company of the Executive’s employment otherwise than as
expressly permitted by this Agreement; or 

                (v)
the failure of the Company to offer to renew this Agreement on the terms and conditions
(including payment of Annual Base Salary and participation in incentive plan and benefit
programs) at least as favorable as in the final full calendar year of this Agreement,
unless, at the time of a failure to renew this Employment Agreement, the Executive has
reached the age of 65 and can be lawfully required to retire; or 

                (vi)
any failure by the Company to comply with and satisfy Section 10(b) of this Agreement. 

        (d)
Notice of Termination. Any termination by the Company for Cause, or by the Executive for
Good Reason, shall be communicated by Notice of Termination to the other party hereto
given in accordance with Section 12(a) of this Agreement. For purposes of this Agreement,
a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon; (ii) to the extent applicable, sets
forth in reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive’s employment under the provision so indicated; and (iii) if
the Date of Termination (as defined below) is other than the date of receipt of such
notice, specifies the termination date (which date shall be not more than thirty days
after the giving of such notice). The failure by the Executive or the Company to set
forth in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason or Cause shall not waive any right of the Executive or the
Company, respectively, hereunder or preclude the Executive or the Company, respectively,
from asserting such fact or circumstance in enforcing the Executive’s or the Company’s
rights hereunder.  

        (e)
Date of Termination. “Date of Termination” means (i) if the Executive’s employment is
terminated by the Company for Cause, or by the Executive for Good Reason, the date of
receipt of the Notice of Termination or any later date specified therein within 30 days
of such notice, as the case may be; (ii) if the Executive’s employment is terminated by
the Company other than for Cause or Disability, the Date of Termination shall be the date
on which the Company notifies the Executive of such termination; and (iii) if the
Executive’s employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability Effective Date,
as the case may be.  

        5.
Obligations of the Company upon Termination.  

        (a)
Good Reason or Without Cause. If, during the Term, the Company shall terminate the
Executive’s employment other than for Cause or the Executive shall terminate employment
for Good Reason:  

                (i)
the Company shall pay to the Executive in cash the aggregate of the following amounts: 

                (A)
in a lump sum within 10 days after the Date of Termination the sum of (1) the Executive’s
Annual Base Salary through the Date of Termination to the extent not theretofore paid,
and (2) the product of (x) the Severance Bonus defined below and (y) a fraction, the  

 
	 	
5	 

numerator of which is the number of
days in the calendar year in which the Date of Termination occurs through the Date of
Termination, and the denominator of which is 365, in each case to the extent not
theretofore paid. For purposes of this Agreement, the term “Severance Bonus” means the
greater of (I) the Executive’s average Annual Bonus over the two calendar years preceding
the Date of Termination and (II) the Executive’s Target Bonus; and 

                (B)
the amount equal to the product of (x) 3 and (y) the sum of (I) the Executive’s Annual
Base Salary and (II) the Severance Bonus, which shall be paid in accordance with
Executive’s normal payroll periods immediately prior to the Date of Termination in equal
installments for a period of 3 years, subject to compliance with Section 8 of this
Agreement. 

                (ii)
all restrictions on restricted stock held by the Executive shall lapse and all
outstanding unvested stock options, stock appreciation rights, tandem options, tandem
stock appreciation rights, performance shares, performance units, or any similar equity
share or unit held by the Executive shall vest immediately, and the Executive shall have
a period of two (2) years from the Date of Termination to exercise any outstanding stock
options, except that with respect to outstanding options granted to the Executive during
2003 and 2004 and any stock options granted to the Executive after the Effective Date,
the Executive shall have a period of five (5) years from the Date of Termination to
exercise them (provided that any such extension of the post-termination exercise period
shall not extend the maximum term during which any such option may be exercised beyond
the earlier of its original expiration date or 10 years from the original date of grant);
and 

                (iii)
subject to compliance with Section 8, continued benefit coverage which permits the
Executive to continue to receive, for three (3) years from the Date of Termination, at
the Company’s expense, life insurance and medical, dental and disability benefits at
least comparable to those provided by the Company on the Date of Termination, provided
that the Executive shall not receive such life insurance, medical, dental or disability
benefits, respectively, if the Executive obtains other employment that provides for such
benefit(s); provided further that to the extent necessary to avoid the imposition of
additional taxes, penalties or interest under Section 409A of the Code, the Company shall
reimburse medical and dental care expenses not later than the last day of the calendar
year next following the calendar year in which such expenses are incurred; and 

                (iv)
to the extent not theretofore paid or provided, the Company shall timely pay or provide
to the Executive any other amounts or benefits required to be paid or provided or which
the Executive is eligible to receive under any plan, program, policy or practice or
contract or agreement of the Company and its affiliates (other than any severance plan,
program, policy or practice) in accordance with the terms and normal procedures of each
such plan, program, policy or practice; and 

                (v)
to the extent permitted by applicable law, the Executive shall be credited with two
additional years of age and service credit under all relevant Company retirement plans
(including qualified, supplemental and excess plans, including without limitation the
Company’s Executive Retirement Plan, and, for the purpose of clarity, to the extent the
Executive is a participant in the cash balance arrangement under the Company’s Retirement
Plan, the cash balance account will be increased as if the Executive had received two
additional years of  

 
	 	
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contributions based upon the
Executive’s compensation as of the Date of Termination); provided that the payment
provisions (or the Executive’s elections, if applicable) under the applicable Company
nonqualified retirement plan will apply for purposes of determining the time and form of
payment of the retirement benefits resulting from the crediting of the Executive with an
additional two years of age and service credit hereunder; and 

                (vi)
the Company shall provide the Executive with outplacement services, not to exceed a
reasonable cost, until the Executive accepts new employment; provided that outplacement
services shall not be provided to Executive beyond the last day of the second calendar
year following the calendar year which contains the Executive’s Date of Termination. 

Notwithstanding anything herein to
the contrary, in the event of the Executive’s termination of employment under the
circumstances described in Section 4(c)(v) hereof, it is expressly understood that
payment of the amounts described in this Section 5(a) in such circumstances shall only be
made upon the actual termination of the Executive’s employment with the Company during
the Term. 

        (b)
Cause and Without Good Reason. If the Executive’s employment shall be terminated for
Cause or the Executive terminates his employment without Good Reason during the Term,
this Agreement shall terminate without further obligations to the Executive other than
the obligation to pay or provide to the Executive an amount equal to the amount described
in clause (1) of Section 5(a)(i)(A) above and timely payment or provision of the benefits
set forth in Section 5(a)(iv) above, in each case to the extent theretofore unpaid.  

        (c)
Death. If the Executive’s employment is terminated by reason of the Executive’s death
during the Term, this Agreement shall terminate without further obligations to the
Executive’s legal representatives under this Agreement, other than for (i) payment of a
lump sum cash amount equal to the Executive’s Annual Base Salary as in effect at the time
of the Executive’s death, (ii) payment of the amount set forth in Section 5(a)(i)(A)
above; and (iii) timely payment or provision of the benefits set forth in Section
5(a)(iv) above. In addition, all restrictions on restricted stock held by the Executive
shall lapse and all outstanding unvested stock options, stock appreciation rights, tandem
options, tandem stock appreciation rights, performance shares, performance units, or any
similar equity share or unit held by the Executive shall vest immediately. The payments
provided for in subsections (i) and (ii) of this Section 5(c) shall be paid to the
Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of
the Date of Termination.  

        (d)
Disability. If the Executive’s employment is terminated by reason of the Executive’s
Disability, this Agreement shall terminate without further obligations to the Executive,
other than for (i) payment of a cash amount equal to the Executive’s Annual Base Salary
as in effect at the time of the Executive’s Disability, which shall be paid in equal
installments over 12 months in accordance with Executive’s normal payroll periods in
effect immediately prior to the Date of Termination, (ii) payment of the amount set forth
in Section 5(a)(i)(A) above (payable to the Executive in a lump sum in cash within 10
days of the Date of Termination); and (iii) timely payment or provision of the benefits
set forth in Section 5(a)(iv) above. In addition, all restrictions on restricted stock
held by the Executive shall lapse and all outstanding unvested stock options, stock
appreciation rights, tandem options, tandem stock  

 
	 	
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appreciation rights, performance
shares, performance units, or any similar equity share or unit held by the Executive
shall vest immediately. To the extent permitted by applicable law and in accordance with
the Company’s Long-Term Disability plan, the Executive shall continue to accrue age and
service credit through retirement for purposes of the Company’s qualified and
nonqualified retirement plans. 

        (e)
Retirement. If the Executive’s employment is terminated by reason of his retirement under
the terms of the applicable Company retirement plan during the Term, this Agreement shall
terminate without further obligations to the Executive other than for (i) payment of the
amount set forth in Section 5(a)(i)(A) above (payable to the Executive in a lump sum in
cash within 30 days of the Date of Termination) and (ii) timely payment or provision of
the benefits set forth in Section 5(a)(iv) above.  

        (f)
Non-exclusivity of Rights. Except as specifically provided, nothing in this Agreement
shall prevent or limit the Executive’s continuing or future participation in any plan,
program, policy or practice provided by the Company or any of its affiliates and for
which the Executive may qualify, nor, subject to Section 12(e), shall anything herein
limit or otherwise affect such rights as the Executive may have under any contract or
agreement with the Company or its affiliates. Amounts which are vested benefits or which
the Executive is otherwise entitled to receive under any plan, policy, practice or
program of, or any contract or agreement with, the Company or its affiliates at or
subsequent to the Date of Termination shall be payable in accordance with such plan,
policy, practice or program or contract or agreement except as explicitly modified by
this Agreement. As used in this Agreement, the terms “affiliated companies” and
“affiliates” shall include any company controlled by, controlling or under common control
with the Company.  

        6.
Full Settlement. The Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which the
Company may have against the Executive or others. In no event shall the Executive be
obligated to seek other employment or take any other action by way of mitigation of the
amounts payable to the Executive under any of the provisions of this Agreement and, such
amounts shall not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay, to the full extent permitted by law, all legal fees and expenses
which the Executive may reasonably incur as a result of any contest (regardless of the
outcome thereof) by the Company, the Executive or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any guarantee
of performance thereof (including as a result of any contest by the Executive about the
amount of any payment pursuant to this Agreement), plus in each case interest on any
delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of
the Code, if the Executive prevails on any material claim made by the Executive and
disputed by the Company under this Agreement; provided that the Executive’s costs and
expenses shall be reimbursed not later than the last day of the calendar year following
the calendar year in which the costs and expenses were incurred.  

        7.
Certain Additional Payments by the Company. If at any time for any reason any payment or
distribution (a “Payment”) by the Company or any other person or entity to or for the
benefit of the Executive is determined to be a “parachute payment” (within the meaning of  

 
	 	
8	 

Section 280G(b)(2) of the Code),
whether paid or copayable or distributed or distributable pursuant to the terms of this
Agreement or otherwise in connection with or arising out of his employment with the
Company or a change in ownership or excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), within a reasonable period of time after such determination is reached the
Company shall pay to the Executive an additional payment (the “Gross-Up Payment”) in an
amount such that the net amount retained by the Executive, after deduction of any Excise
Tax on such Payment and any federal, state or local income or employment tax or other
taxes and Excise Tax on the Gross-Up Payment, shall equal the amount of such Payment
(including any interest or penalties with respect to any of the foregoing). All
determinations concerning the application of the foregoing shall be made by a nationally
recognized firm of independent accountants (together with legal counsel of its choosing),
selected by the Company after consultation with the Executive (which may be the Company’s
independent auditors), whose determination shall be conclusive and binding on all
parties. The fees and expenses of such accountants and counsel shall be borne by the
Company. If the accounting firm determines that no Excise Tax is payable by the
Executive, it shall furnish the Executive with an opinion that the Executive has
substantial authority not to report any Excise Tax on his Federal income tax return. In
the event the Internal Revenue Service assesses the Executive an amount of Excise Tax in
excess of that determined in accordance with the foregoing, the Company shall pay to the
Executive an additional Gross-Up Payment, calculated as described above in respect of
such excess Excise Tax, including a Gross-Up Payment in respect of any interest or
penalties imposed by the Internal Revenue Service with respect to such excess Excise Tax.
Gross-Up Payments (including any additional Gross-Up Payments) shall be paid not later
than the last day of the calendar year following the calendar year in which the Executive
remits the Excise Tax to the proper authority. 

        8.
Confidentiality and Competitive Activity.  

        (a)
The Executive acknowledges that he has acquired and will continue to acquire during the
Term confidential information regarding the business of the Company and its respective
affiliates. Accordingly, the Executive agrees that, without the written consent of the
Board, he will not, at any time, disclose to any unauthorized person or otherwise use any
such confidential information. For this purpose, confidential information means nonpublic
information concerning the financial data, business strategies, product development (and
proprietary product data), customer lists, marketing plans, and other proprietary
information concerning the Company and its respective affiliates, except for specific
items which have become publicly available other than as a result of the Executive’s
breach of this agreement. Notwithstanding the foregoing, nothing herein shall prevent
Executive from responding to lawful subpoenas or court orders without the Company’s prior
written consent; provided, that the Executive shall have given the Company prior written
notice of any such subpoena or court order promptly following receipt thereof. 

        (b)
During the time that the Executive is employed by the Company under this Agreement and
for one year after the Date of Termination (two years in the case of a termination by the
Executive without Good Reason or by the Company for Cause), the Executive will not,
without the written consent of the Board, directly or indirectly (A) knowingly engage or
be interested in (as owner, partner, stockholder, employee, director, officer, agent,
consultant or otherwise), with or without compensation, any business in the United States
which is in  

 
	 	
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competition with any line of
business actively being conducted on the Date of Termination by the Company, unless such
line of business accounts for less than ten percent (10%) of the gross revenues of the
Company as of the Date of Termination, and (B) disparage or publicly criticize the
Company or any of its affiliates. Nothing herein, however, will prohibit the Executive
from acquiring or holding not more than one percent of any class of publicly traded
securities of any such business; provided that such securities entitle the Executive to
not more than one percent of the total outstanding votes entitled to be cast by
securityholders of such business in matters on which such securityholders are entitled to
vote.  

        (c)
During the time that the Executive is employed by the Company under this Agreement and
then for two years after the Date of Termination of the employment of the Executive for
any reason, the Executive will not, without the written consent of the Board, directly or
indirectly, hire any person who was employed by the Company or any of its subsidiaries or
affiliates (other than persons employed in a clerical or other non-professional position)
within the six-month period preceding the date of such hiring, or solicit, entice,
persuade or induce any person or entity doing business with the Company and its
respective affiliates, to terminate such relationship or to refrain from extending or
renewing the same. 

        (d)
The Executive hereby acknowledges that the provisions of this Section 8 are reasonable
and necessary for the protection of the Company and its respective affiliates. In
addition, he further acknowledges that the Company and its respective affiliates will be
irrevocably damaged if such covenants are not specifically enforced. Accordingly, the
Executive agrees that, in addition to any other relief to which the Company may be
entitled, the Company will be entitled to seek and obtain injunctive relief (without the
requirement of any bond) from a court of competent jurisdiction for the purposes of
restraining him from an actual or threatened breach of such covenants. In addition, and
without limiting the Company’s other remedies, in the event of any breach by the
Executive of such covenants, the Company will have no obligation to pay any of the
amounts that continue to remain payable to the Executive after the date of such breach
under Section 5 hereof. 

        9.
Change of Control.  

        (a)
Contract Extension. In the event of a Change of Control during the Term, the Term shall
be extended to the second anniversary of the Change of Control (such two year period, the
“Change of Control Extension Period”).  

        (b)
Payment of Severance. If the Executive’s employment is terminated without Cause or by the
Executive for Good Reason during the Change of Control Extension Period, the Executive
will receive the compensation and benefits already required under the provisions of this
Agreement; provided that the payments set forth in Section 5(a)(i)(B) shall be payable in
a lump sum within 30 days after the Date of Termination, if the Change of Control is also
a “change in control event” within the meaning of the default rules of the final
regulations promulgated under Section 409A(a)(2)(A)(v) of the Code, and if the Change of
Control is not a “change in control event” within the meaning of the default rules of the
final regulations promulgated under Section 409A(a)(2)(A)(v) of the Code, the payments
contemplated by Section 5(a)(i)(B) shall be made in payroll installments in the manner
contemplated by such section.  

 
	 	
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        (c)
Change of Control Defined. For purposes of this Agreement, a “Change of Control” shall be
deemed to have occurred if:  

                (i)
any “Person” (as defined below) becomes the “Beneficial Owner” (as defined below),
directly or indirectly, of securities of the Company representing thirty-five percent
(35%) or more of the combined voting power of the Company’s then outstanding securities;
or 

                (ii)
the following individuals cease for any reason to constitute a majority of the number of
directors then serving: individuals who, on the Effective Date, constitute the Board and
any new director (other than a director whose initial assumption of office is in
connection with an actual or threatened election contest, including, but not limited to,
a consent solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s
stockholders was approved or recommended by a vote of at least a majority of the
directors then still in office who either were directors on the Effective Date or whose
appointment, election or nomination for election was previously so approved or recommend;
or 

                (iii)
there is consummated a merger or consolidation of the Company or any subsidiary with any
other corporation, other than (A) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof), in
combination with the ownership of any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any Subsidiary of the Company, more than fifty
percent (50%) of the combined voting power of the securities of the Company or such
surviving entity or any parent thereof outstanding immediately after such merger or
consolidation, or (B) a merger or consolidation effected to implement a recapitalization
of the Company (or similar transaction) in which no Person is or becomes the Beneficial
Owner, directly or indirectly, of securities of the Company representing thirty-five
percent (35%) or more of the combined voting power of the Company’s then outstanding
securities; or 

                (iv)
the stockholders of the Company approve a plan of complete liquidation or dissolution of
the Company or there is consummated an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets, other than a sale or
disposition by the Company of all or substantially all of the Company’s assets to an
entity, more than fifty percent (50%) of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially the same
proportions as their ownership of the Company immediately prior to such sale. 

                For
this purpose, (A) “Person” shall mean any person, entity or “group” within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder (the “Exchange Act”) except that
such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or
other fiduciary holding securities under an employee benefit plan of the Company or any
of its affiliates, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, (iv) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their ownership of
stock of the Company, or (v) a person or  

 
	 	
11	 

group as used in Rule 13d-1(b) under
the Exchange Act; and (B) “Beneficial Owner” shall have the meaning set forth in Rule
13d-3 under the Exchange Act. 

        10.
Successors.  

        (a)
This Agreement is personal to the Executive and without the prior written consent of the
Company shall not be assignable by the Executive otherwise than by will or the laws of
descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by the Executive’s legal representatives. This Agreement shall inure to the benefit of
and be binding upon the Company and its successors and assigns. 

        (b)
The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of
the Company to assume expressly and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company
as hereinbefore defined and any successor to its business and/or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or otherwise. 

        11.
Representations. Executive expressly represents and warrants to the Company that as of
the date of his signing this Agreement that he is not a party to any contract or
agreement which will or may restrict in any way his ability to perform his duties and
responsibilities under this Agreement, and that he will not after the date of signing
this Agreement become a party to any contract or agreement which will or may restrict in
any way his ability to perform this duties under this Agreement, and that the performance
of his duties for the Company will not breach any agreements with former employers.  

        12.
Miscellaneous.  

        (a)
This Agreement shall be governed by and construed in accordance with the laws of the
State of New York without reference to principles of conflict of laws. The parties hereto
irrevocably agree to submit to the jurisdiction and venue of the courts of the States of
New York or New Jersey, in any action or proceeding brought with respect to or in
connection with this Agreement. The captions of this Agreement are not part of the
provisions hereof and shall have no force or effect. This Agreement may not be amended or
modified otherwise than by a written agreement executed by the parties hereto or their
respective successors and legal representatives. All notices and other communications
hereunder shall be in writing and shall be given by hand delivery to the other party or
by registered or certified mail, return receipt requested, postage prepaid, addressed as
follows: 

	  	
If
to the Executive: 

	  	
At
the most recent home address on file for the Executive at the Company; 

	  	
If
to the Company: 

	  	
1
CIT Drive                   
Livingston, New Jersey 07039                   
Attention:
General Counsel 

 
	 	
12	 

or to such other address as either
party shall have furnished to the other in writing in accordance herewith. Notice and
communications shall be effective when actually received by the addressee. 

        (b)
The invalidity or unenforceability of any provision of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement. 

        (c)
The Company may withhold from any amounts payable under this Agreement such Federal,
state, or local taxes as shall be required to be withheld pursuant to any applicable law
or regulation. 

        (d)
The Executive’s or the Company’s failure to insist upon strict compliance with any
provision of this Agreement or the failure to assert any right the Executive or the
Company may have hereunder, including, without limitation, the right of the Executive to
terminate employment for Good Reason pursuant to Section 4 of this Agreement, shall not
be deemed to be a waiver of such provision or right or any other provision or right of
this Agreement. 

        (e)
From and after the Effective Date, this Agreement shall supersede any term sheet,
employment, severance or change of control agreement between the parties or severance or
change of control plan, program or policy of the Company covering the Executive with
respect to the subject matter except as expressly provided herein. 

        (f)
Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary, (i) if
at the time of the Executive’s termination of employment with the Company the Executive
is a “specified employee” within the meaning of Section 409A of the Code, as determined
under the Company’s established methodology for determining specified employees, then,
solely to the extent necessary to avoid the imposition of additional taxes, penalties or
interest under Section 409A of the Code, any payments to the Executive hereunder which
provide for the deferral of compensation, within the meaning of Section 409A of the Code,
and which are scheduled to be made as a result of the Executive’s termination of
employment during the period beginning on the date of the Executive’s Date of Termination
and ending on the six-month anniversary of such date shall be delayed and not paid to the
Participant until the first business day following such sixth month anniversary date, at
which time such delayed amounts will be paid to the Executive in a cash lump sum (the
“Catch-up Amount”). If payment of an amount is delayed as a result of this Section 12(f),
such amount shall be increased with interest from the date on which such amount would
otherwise have been paid to the Executive but for this Section 12(f) to the day prior to
the date the Catch-up Amount is paid. The rate of interest shall be the short term
federal rate applicable under Section 7872(f)(2)(A) of the Code for the month in which
occurs the date of the Executive’s Date of Termination. Such interest shall be paid at
the same time that the Catch-up Amount is paid. If the Executive dies on or after the
date of the Executive’s Date of Termination and prior to the payment of the Catch-up
Amount, any amount delayed pursuant to this Section 12(f) shall be paid to the
Executive’s estate or beneficiary, as the case may be, together with interest, within 30
days following the Executive’s death. Notwithstanding the foregoing, neither the Company
nor any of its employees or  

 
	 	
13	 

representatives shall have any
liability to the Executive with respect to the application of this Section 12(f). 

        (g)
Attorneys Fees. The Company shall reimburse the Executive’s reasonable attorneys fees
incurred in connection with the negotiation of this Agreement in an amount not to exceed
$10,000.  

 
	 	
14	 

        IN
WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the
authorization from its Board of Directors and the Company have caused these presents to
be executed in its name on its behalf, all as of the day and year first above written. 

	  	 	/s/Jeffrey M. Peek
      

    
	 	 	Jeffrey M. Peek
	 	 	 
	 	 	CIT GROUP INC.
	 	 	 
	 	By:	/s/ Robert J. Ingato
      

    
	 	 	
      Robert  J. Ingato 

                                                     Executive Vice President, General 

                                                Counsel & Secretary 

      

 

	 	
15Exhibit 10.29 

October 16, 2007 

CIT Group Inc.

  505 Fifth Avenue

  New
York, NY 10017

  Attention: 

Ladies and Gentlemen: 

        Each
  of Morgan Stanley & Co. Incorporated (“Morgan Stanley”) and Citigroup
  Global Markets Inc. (“Citi”) is pleased to commit, severally and not
  jointly, to purchase up to $40,000,000 of common stock, par value $.01 per share
  (“Common Stock”), of CIT Group Inc. (the “Company”),
  subject to and on the terms and conditions set forth herein. You may, in your
  sole discretion, designate one or more dates upon at least ten days advance
  written notice on which Morgan Stanley or Citi is to purchase such shares of
  Common Stock (each, a “Purchase Date”) during the period commencing
  on the date hereof and ending at the close of business on September 30, 2008
  but excluding the fourteen-day period immediately preceding the date you publicly
  issue any quarterly or annual earnings release (the “Commitment Period”),
  provided that, as of the relevant Purchase Date, a Trigger Event (as defined
  in the First Supplemental Indenture (the “Supplemental Indenture”)
  dated as of January 31, 2007 between the Company and The Bank of New York, as
  trustee) or a restriction on the Company’s ability to declare and pay dividends
  (as set forth in Section 5 of the certificates of designations (the “Certificates
  of Designations”) for the Company’s 6.350% non-cumulative preferred
  stock, Series A and non-cumulative preferred stock, Series B) either (a) exists
  or (b) is reasonably expected to exist on the next succeeding Interest Payment
  Date (as defined in the Supplemental Indenture) or Dividend Payment Date (as
  defined in the Certificates of Designations), as the case may be. 

        At
  5:00 p.m. Eastern Time on the third scheduled trading day prior to any Purchase
  Date, the Company and Morgan Stanley and/or Citi, as the case may be, will enter
  into an underwriting agreement (the “Underwriting Agreement”)
  substantially in the form attached hereto as Annex A with respect to the shares
  of Common Stock to be purchased on such Purchase Date; provided that the Company,
  Morgan Stanley or Citi may decline to enter into such Underwriting Agreement
  if (1) it reasonably believes that doing so would result in any violation of
  applicable law or regulation, including, without limitation, the rules of the
  New York Stock Exchange or (2) the aggregate market value of the outstanding
  Common Stock of the Company (based on the closing price of the Common Stock
  on the New York Stock Exchange on the third scheduled trading day immediately
  preceding such Purchase Date) is less than $850,000,000, in either of which
  case Morgan Stanley or Citi shall not be obligated to purchase such shares of
  Common Stock. Once Morgan Stanley or Citi enters into one or more Underwriting
  Agreements with respect to any shares of Common Stock pursuant hereto, its commitment
  hereunder shall be reduced by an amount equal to the aggregate Purchase Price
  (as defined below) of the shares of Common Stock sold to it pursuant to such
  Underwriting Agreements and its obligation to purchase such shares of Common
  Stock shall be subject to the terms and conditions set forth in such Underwriting
  Agreements. 

 

	 	 	 

        The
  purchase price per share of Common Stock to be paid by Morgan Stanley or Citi
  to the Company (the “Purchase Price”) pursuant to any such
  Underwriting Agreement shall be equal to an amount from and including 95% to
  100% (as the Company and Morgan Stanley or Citi shall agree in such Underwriting
  Agreement), of the lesser of (1) the volume weighted average price (“VWAP”)
  of the Common Stock, as calculated for the period beginning at 3:00 p.m. Eastern
  Time and concluding at 4:00 p.m. Eastern Time on the third scheduled trading
  day immediately preceding the applicable Purchase Date on the New York Stock
  Exchange, as reported by Bloomberg Financial LP (using the CIT Equity AQR function)
  and (2) the closing price of the Common Stock on the New York Stock Exchange
  on the third scheduled trading day immediately preceding the applicable Purchase
  Date. 

        If
the Company is unable to effect a registered public offering during the Commitment
Period, each of Morgan Stanley and Citi will, upon the Company’s request, severally
and not jointly, use its reasonable best efforts to assist the Company in arranging a
private placement of up to $40,000,000 of Common Stock (less the aggregate Purchase Price
of any shares of Common Stock previously purchased under any Underwriting Agreements).
 In the event any such private placement is consummated, Morgan Stanley or Citi’s
commitment hereunder shall be reduced by an amount equal to the aggregate purchase price
of the shares of Common Stock issued in such private placement. Morgan Stanley and Citi’s
obligation under this paragraph shall be subject to the Company having first entered into
a customary engagement letter (a “Placement Agency Agreement”) with Morgan
Stanley or Citi engaging it to act as a placement agent in connection with such proposed
private placement and shall terminate at the end of the Commitment Period. 

        Nothing
contained herein shall restrict the ability of the Company to issue and sell shares to
Morgan Stanley or Citi or any other underwriter or third party on terms more advantageous
to the Company than those contained herein. 

        In
consideration of its commitment hereunder, you agree to pay to each of Morgan Stanley and
Citi, for its own account, a nonrefundable fee of $200,000, such fee to be due and
payable within one business day of your acceptance of this letter.  Your obligation to
pay the foregoing fee will not be subject to counterclaim or setoff for, or be otherwise
affected by, any claim or dispute you may have. 

        You
  agree to indemnify and hold harmless Morgan Stanley, Citi and each director,
  officer, employee and affiliate thereof (each an “Indemnified Person”)
  from and against any and all actions, suits, proceedings (including any investigations
  or inquiries), claims, losses, damages, liabilities or expenses of any kind
  or nature whatsoever which may be incurred by or asserted against or involve
  any such Indemnified Person as a result of or arising out of or in any way related
  to or resulting from this letter, the transactions contemplated by this letter,
  or in any way arise from any use or intended use of this letter or the proceeds
  of the issuances of Common Stock contemplated by this letter, and you agree
  to reimburse each Indemnified Person upon demand for any legal or other out-of-pocket
  expenses incurred in connection with investigating, defending or preparing to
  defend any such action, suit, proceeding (including any inquiry or investigation)
  or claim (whether or not Morgan Stanley, Citi or any such other Indemnified
  Person is a party to any action or proceeding out of which any such expenses
  arise) (collectively, an “Action”); provided, however,
  that you shall not have to indemnify any Indemnified Person 

 

	 	 	 

against any loss, claim, damage,
expense or liability to the extent finally determined by a court of competent
jurisdiction to have resulted directly and primarily from the gross negligence or willful
misconduct of such Indemnified Person.  This letter is issued for your benefit only and
no other person or entity may rely hereon. Neither Morgan Stanley nor Citi shall be
responsible or liable to you or any other person for consequential damages which may be
alleged as a result of this letter. Notwithstanding the foregoing, if the actions, suits,
proceedings, claims, losses, damages, liabilities or expenses relate to the shares of
Common Stock purchased under any Underwriting Agreement or placed pursuant to any
Placement Agency Agreement, the rights and obligations of you and the Indemnified Persons
with respect to indemnification shall be governed by the indemnification provisions of
such Underwriting Agreement or Placement Agency Agreement. 

        In
connection with all aspects of each transaction contemplated by this letter, you
acknowledge and agree, and acknowledge your affiliates’ understanding, that: (i) our
purchase commitment described in this letter is an arm’s-length commercial
transaction between you and your affiliates, on the one hand, and Morgan Stanley or Citi,
on the other hand, and you are capable of evaluating and understanding and understand and
accept the terms, risks and conditions of the transactions contemplated by this letter;
(ii) in connection with each transaction contemplated hereby and the process leading to
such transaction, Morgan Stanley or Citi is and has been acting solely as a principal and
is not acting as an agent or fiduciary, for you or any of your affiliates, stockholders,
creditors or employees or any other party; (iii) neither Morgan Stanley nor Citi has
assumed and will not assume an advisory or fiduciary responsibility in your or your
affiliates’ favor with respect to any of the transactions contemplated hereby or the
process leading thereto (irrespective of whether Morgan Stanley or Citi has advised or is
currently advising you or your affiliates on other matters) and neither Morgan Stanley
nor Citi has any obligation to you or your affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth in this letter; (iv)
Morgan Stanley or Citi and their respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from yours and your affiliates and
neither Morgan Stanley nor Citi has any obligation to disclose any of such interests by
virtue of any fiduciary or advisory relationship; and (v) neither Morgan Stanley nor Citi
has provided any legal, accounting, regulatory or tax advice with respect to any of the
transactions contemplated hereby and you have consulted your own legal, accounting,
regulatory and tax advisors to the extent you have deemed appropriate.  You hereby waive
and release, to the fullest extent permitted by law, any claims that you may have against
Morgan Stanley or Citi with respect to any breach or alleged breach of fiduciary duty. 

        If
the letter is not accepted by you as provided in the immediately succeeding paragraph,
you are to immediately return this letter (and any copies hereof) to the undersigned.
This letter may be executed in any number of counterparts, and by the different parties
hereto on separate counterparts, each of which counterpart shall be an original, but all
of which shall together constitute one and the same instrument. 

        If
you are in agreement with the foregoing, please sign and return to Morgan Stanley and
Citi (including by way of facsimile transmission) the enclosed copy of this letter, no
later than noon, New York time, on October 16, 2007.  Our commitment set forth in this
letter shall terminate at the time and on the date referenced in the immediately
preceding sentence unless this letter is executed and returned by you as provided in such
sentence. 

 

	 	 	 

        This
letter shall be governed by, and construed in accordance with the laws of the State of
New York, and any right to trial by jury with respect to any claim, action, suit or
proceeding arising out of or contemplated by this letter is hereby waived.  The parties
hereto hereby submit to the non-exclusive jurisdiction of the federal and New York State
courts located in the City of New York in connection with any dispute related to this
letter or any matters contemplated hereby or thereby.  Delivery of an executed
counterpart of a signature page to this Commitment Letter by telecopier shall be
effective as delivery of a manually executed counterpart of this Commitment Letter. 

 

	 	 	 

 

	 		VERY TRULY YOURS,
	 		
	 		BY: MORGAN
      STANLEY &
      CO. INCORPORATED
	 		
	 		
      By: Kenneth G. Pott 

    
	 		
      

    
	 		        Name:
       Kenneth G. Pott
	 		        Title:
         Managing Director
	 		
	 		BY: CITIGROUP
      GLOBAL MARKETS INC.
      
	 		
	 		By:
	 		
      

    
	 		        Name:
      
	 		        Title:
      

Agreed to and Accepted this

  16th day of October, 2007 

CIT GROUP INC. 

		
	By:	
	
      

    	
	     Title:
    	
		

   

   

	 	 	 

 

	 		VERY TRULY YOURS,
	 		
	 		BY: MORGAN
      STANLEY &
      CO. INCORPORATED
	 		
	 		
      By: 

    
	 		
      

    
	 		        Name:
       
	 		        Title:
         
	 		
	 		BY: CITIGROUP
      GLOBAL MARKETS INC.
      
	 		
	 		By:  (ILLEGIBLE)
	 		
      

    
	 		        Name:
      (ILLEGIBLE) 
	 		        Title:
        Director 

Agreed to and Accepted this

  16th day of October, 2007 

CIT GROUP INC. 

		
	By:	
	
      

    	
	     Title:
    	
		

  

   

	 	 	 

 

	 		VERY TRULY YOURS,
	 		
	 		BY: MORGAN
      STANLEY &
      CO. INCORPORATED
	 		
	 		
      By: 

    
	 		
      

    
	 		        Name:
       
	 		        Title:
         
	 		
	 		BY: CITIGROUP
      GLOBAL MARKETS INC.
      
	 		
	 		By: 
	 		
      

    
	 		        Name:
      
	 		        Title:
         

Agreed to and Accepted this

  16th day of October, 2007 

CIT GROUP INC. 

		
	By: /s/ Glenn A. Votek	
	
      

    	
	     Title:
    	
		

  

	 	 	 

 

 

Annex A 

CIT GROUP INC. 

Common Stock 

Underwriting Agreement 

[Date]

MORGAN
  STANLEY & CO. INCORPORATED

  CITIGROUP GLOBAL MARKETS
  INC.

                As
  Representatives of the several Underwriters named in Schedule I hereto

  c/o Morgan Stanley & Co. Incorporated

  1585 Broadway

  New York, New York 10036 

Ladies and Gentlemen: 

CIT Group Inc., a corporation
  organized under the laws of Delaware (the “Company”), proposes to
  sell to you [                   
  ] shares of its common stock, par value $0.01 per share (“Common Stock”).
  

To the extent there are no
additional Underwriters listed on Schedule I other than you, the term Representatives as
used herein shall mean you, as Underwriters, and the terms Representatives and
Underwriters shall mean either the singular or plural as the context requires. Any
reference herein to the Registration Statement, the Base Prospectus, any Preliminary
Prospectus or the Final Prospectus shall be deemed to refer to and include the documents
incorporated by reference therein pursuant to Item 12 of Form S-3 which were filed under
the Exchange Act on or before the Effective Date of the Registration Statement or the
issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus, as
the case may be; and any reference herein to the terms “amend,” “amendment” or
“supplement” with respect to the Registration Statement, the Base Prospectus,
any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and
include the filing of any document under the Exchange Act after the Effective Date of the
Registration Statement or the issue date of the Base Prospectus, any Preliminary
Prospectus or the Final Prospectus, as the case may be, deemed to be incorporated therein
by reference. Certain terms used herein are defined in Section 20 hereof. 

                        1.
  Representations and Warranties. The Company represents and warrants to
  each Underwriter as of the date hereof, as of the Closing Date referred to in
  Section 3 hereof and as of each Date of Delivery (if any) referred to in Section
  2(b) hereof, as set forth below in this Section 1.  

                         (a)
  The Company meets the requirements for use of Form S-3 under the Act and has
  prepared and filed with the Commission an automatic shelf registration statement
  (as defined in Rule 405) (File number 333-          
  ) on Form S-3, including a related Base Prospectus, for 

 
	 	
	 

registration under the Act of the
offering and sale of the Shares. No notice of objection of the Commission to the use of
the Registration Statement or any post-effective amendment thereto pursuant to Rule
401(g)(2) under the Securities Act has been received by the Company. No order suspending
the effectiveness of the Registration Statement has been issued by the Commission and no
proceeding for that purpose or pursuant to Section 8A of the Securities Act against the
Company or related to the offering has been initiated or threatened by the Commission.
Such Registration Statement, including any amendments thereto filed prior to the
Applicable Time, became effective upon filing. The Company has filed with the Commission,
pursuant to Rule 424(b), the Preliminary Prospectus relating to the Shares, which has
previously been furnished to you. The Company will file with the Commission the Final
Prospectus relating to the Shares in accordance with Rule 424(b). As filed, the Final
Prospectus shall contain all information required by the Act and the rules thereunder,
and, except to the extent the Representatives shall agree in writing to a modification,
shall be in all substantive respects in the form furnished to you prior to the Applicable
Time or, to the extent not completed at the Applicable Time, shall contain only such
specific additional information and other changes (beyond that contained in the Base
Prospectus and the Preliminary Prospectus) as the Company has advised you, prior to the
Applicable Time, will be included or made therein. The Registration Statement, at the
Applicable Time, meets the requirements set forth in Rule 415(a)(1)(x). 

                        (b)
  (i) On each Effective Date, the Registration Statement did, (ii) at the Applicable
  Time, the Preliminary Prospectus filed pursuant to Rule 424(b) did, and (iii)
  when the Final Prospectus is first filed in accordance with Rule 424(b) and
  on the Closing Date, the Final Prospectus (and any supplement thereto) will,
  comply in all material respects with the applicable requirements of the Act
  and the Exchange Act and the respective rules thereunder; on each Effective
  Date and at the Applicable Time, the Registration Statement did not and will
  not contain any untrue statement of a material fact or omit to state any material
  fact required to be stated therein or necessary in order to make the statements
  therein not misleading; on the date of filing of the Base Prospectus, and as
  of its date and on the Closing Date, the Final Prospectus (together with any
  supplement thereto) will not include any untrue statement of a material fact
  or omit to state a material fact necessary in order to make the statements therein,
  in the light of the circumstances under which they were made, not misleading;
  provided, however, that the Company makes no representations or warranties
  as to (i) that part of the Registration Statement which shall constitute the
  Statement of Eligibility (Form T-1) under the Trust Indenture Act of the Trustee
  or (ii) the information contained in or omitted from the Registration Statement,
  the Preliminary Prospectus or the Final Prospectus (or any supplement thereto)
  in reliance upon and in conformity with information furnished in writing to
  the Company by or on behalf of any Underwriter through the Representatives specifically
  for inclusion in the Registration Statement or the Final Prospectus (or any
  supplement thereto), it being understood and agreed that the only such information
  furnished by or on behalf of any Underwriter consists of the information described
  as such in Section 8 hereof.  

                        (c)
  At the Applicable Time, the Disclosure Package did not contain any untrue statement
  of a material fact or omit to state any material fact necessary in order to
  make the statements therein, in the light of the circumstances under which they
  were made, not 

 
	 	
2	 

misleading. The preceding sentence
does not apply to statements in or omissions from the Disclosure Package based upon and
in conformity with written information furnished to the Company by any Underwriter
through the Representatives specifically for use therein, it being understood and agreed
that the only such information furnished by or on behalf of any Underwriter consists of
the information described as such in Section 8 hereof. 

                        (d)
  The documents incorporated by reference in the Preliminary Prospectus, the Final
  Prospectus and the Registration Statement, when they became effective or were
  filed with the Commission, as the case may be, conformed in all material respects
  to the requirements of the Act or the Exchange Act and the respective rules
  thereunder, as applicable, and none of the documents contained an untrue statement
  of a material fact or omitted to state a material fact required to be stated
  therein or necessary to make the statements therein not misleading. Any further
  documents so filed and incorporated by reference in the Preliminary Prospectus,
  the Final Prospectus and the Registration Statement or any further amendment
  or supplement thereto, when such documents become effective or are filed with
  the Commission, as the case may be, will conform in all material respects to
  the requirements of the Act or the Exchange Act, as applicable, and will not
  contain an untrue statement of a material fact or omit to state a material fact
  required to be stated therein or necessary to make the statements therein not
  misleading. 

                        (e)
  (i) At the time of filing the Registration Statement, (ii) at the time of the
  most recent amendment thereto for the purposes of complying with Section 10(a)(3)
  of the Act (whether such amendment was by post-effective amendment, incorporated
  report filed pursuant to Sections 13 or 15(d) of the Exchange Act or form of
  prospectus), (iii) at the time the Company or any person acting on its behalf
  (within the meaning, for this clause only, of Rule 163(c)) made any offer relating
  to the Shares in reliance on the exemption in Rule 163, and (iv) at the Applicable
  Time, the Company was a “well-known seasoned issuer” as defined in
  Rule 405. The Company agrees to pay the fees required by the Commission relating
  to the Shares within the time required by Rule 456(b)(1) without regard to the
  proviso therein and otherwise in accordance with Rules 456(b) and 457(r). 

                        (f)
  (i) At the earliest time after the filing of the Registration Statement that
  the Company or another offering participant made a bona fide offer (within the
  meaning of Rule 164(h)(2)) of the Shares and (ii) as of the Applicable Time,
  the Company was not and is not an Ineligible Issuer (as defined in Rule 405),
  without taking account of any determination by the Commission pursuant to Rule
  405 that it is not necessary that the Company be considered an Ineligible Issuer.
  

                        (g)
  Each Issuer Free Writing Prospectus, including, without limitation, the final
  term sheet prepared and filed pursuant to Section 5(b) hereto, does not and
  will not include any information that conflicted, conflicts or will conflict
  with the information contained in the Registration Statement, including any
  document incorporated therein and any prospectus supplement deemed to be a part
  thereof that has not been superseded or modified. The foregoing sentence does
  not apply to statements in or omissions from any Issuer Free Writing Prospectus
  based upon and in conformity with written information furnished to the Company
  by any Underwriter through the Representatives specifically for use therein,
  it being understood and 

 
	 	
3	 

agreed that the only such
information furnished by or on behalf of any Underwriter consists of the information
described as such in Section 8 hereof. 

                        (h)
  The consolidated historical financial statements and schedules of the Company
  and its consolidated subsidiaries included or incorporated by reference in the
  Preliminary Prospectus, the Final Prospectus and the Registration Statement
  present fairly in all material respects the consolidated financial condition,
  results of operations and cash flows of the Company as of the dates and for
  the periods indicated and have been prepared in conformity with generally accepted
  accounting principles applied on a consistent basis throughout the periods presented
  (except as otherwise noted in such statements or schedules). The selected financial
  data set forth under the caption “Selected Consolidated Financial Information
  of CIT Group Inc.” in the Disclosure Package and the Final Prospectus fairly
  present, on the basis stated in the Disclosure Package and the Final Prospectus,
  the information included therein. 

                        (i)
  The authorized, issued and outstanding capital stock of the Company is as set
  forth in the Disclosure Package and the Final Prospectus in the column entitled
  “Actual” under the caption “Capitalization” (except for
  subsequent issuances, if any, pursuant to this Agreement, pursuant to employee
  benefit plans, pursuant to the exercise of convertible securities or options
  outstanding on the date hereof or pursuant to any dividend reinvestment plan),
  and all of the shares of issued and outstanding capital stock set forth thereunder
  have been duly authorized and validly issued and are fully paid and non-assessable.
  None of the outstanding shares of capital stock of the Company was issued in
  violation of the preemptive or other similar rights of any securityholder of
  the Company. 

                        (j)
  The Common Stock conforms in all material respects to all statements relating
  thereto contained or incorporated by reference in the Disclosure Package and
  the Final Prospectus. The shares of Common Stock outstanding prior to the issuance
  of the Shares have been duly authorized and are validly issued, fully paid and
  non-assessable. The Shares have been duly authorized and, when issued and delivered
  in accordance with the terms of this Agreement, will be validly issued, fully
  paid and non-assessable, and the issuance of such Shares will not be subject
  to any preemptive or similar rights of any securityholder of the Company 

                        (k)
  Neither the Company nor any of its affiliates, as such term is defined in Rule
  501(b) under the Act (each, an “Affiliate”), has taken, nor will the
  Company or any Affiliate take, directly or indirectly, any action which is designed
  to or which has constituted or which would be expected to cause or result in
  stabilization or manipulation of the price of any security of the Company to
  facilitate the sale or resale of the Shares. 

                        Any
  certificate signed by any officer of the Company and delivered to the Representatives
  or counsel for the Underwriters in connection with the offering of the Shares
  shall be deemed a representation and warranty by the Company as to matters covered
  thereby, to each Underwriter. 

                        2.
  Purchase and Sale. Subject to the terms and conditions and in reliance
  upon the representations and warranties herein set forth, the Company agrees
  to sell to each Underwriter, and each Underwriter agrees, severally and not
  jointly, to purchase from the  

 
	 	
4	 

 
Company, at $[               
  ] per Share the respective numbers of Shares set forth opposite such Underwriter’s
  name in Schedule I hereto. 

                        3.
  Delivery and Payment. Delivery of and payment for the Shares shall be
  made on [     ] at 10:00 a.m. at the offices of Davis Polk & Wardwell, 450 Lexington
  Avenue, New York, NY 10017, or at such time on such later date not more than
  three Business Days after the foregoing date as the Representatives shall designate,
  which date and time may be postponed by agreement between the Representatives
  and the Company or as provided in Section 9 hereof (such date and time of delivery
  and payment for the Shares being herein called the “Closing Date”).
   

        Delivery
of the Shares shall be made to the Representatives for the respective accounts of the
several Underwriters against payment by the several Underwriters through the
Representatives of the purchase price thereof to or upon the order of the Company by wire
transfer payable in same-day funds to the account specified by the Company. Delivery of
the Shares shall be made through the facilities of The Depository Trust Company unless
the Representatives shall otherwise instruct. 

                        4.
  Offering by Underwriters. It is understood that the several Underwriters
  propose to offer the Shares for sale to the public as set forth in the Final
  Prospectus.  

                        5.
  Agreements. The Company agrees with the several Underwriters as follows:
   

                        (a)
  Prior to the termination of the offering of the Shares, the Company will not
  file any amendment of the Registration Statement or supplement (including the
  Final Prospectus or any Preliminary Prospectus) to the Base Prospectus unless
  the Company has furnished you a copy for your review prior to filing and will
  not file any such proposed amendment or supplement to which you reasonably object.
  The Company will cause the Final Prospectus, properly completed, and any supplement
  thereto to be filed in a form approved by the Representatives with the Commission
  pursuant to the applicable paragraph of Rule 424(b) within the time period prescribed
  and will provide evidence satisfactory to the Representatives of such timely
  filing. The Company will promptly advise the Representatives (i) when the Final
  Prospectus, and any supplement thereto, shall have been filed (if required)
  with the Commission pursuant to Rule 424(b), (ii) when, prior to termination
  of the offering of the Shares, any amendment to the Registration Statement shall
  have been filed or become effective, (iii) of any request by the Commission
  or its staff for any amendment of the Registration Statement or for any supplement
  to the Final Prospectus or for any additional information, (iv) of the issuance
  by the Commission of any stop order suspending the effectiveness of the Registration
  Statement or of any notice objecting to its use or the institution or threatening
  of any proceeding for that purpose and (v) of the receipt by the Company of
  any notification with respect to the suspension of the qualification of the
  Shares for sale in any jurisdiction or the institution or threatening of any
  proceeding for such purpose. The Company will use its best efforts to prevent
  the issuance of any stop order or the occurrence of any such suspension or objection
  to the use of the Registration Statement and, upon such issuance, suspension
  or notice of objection, to obtain as soon as possible the withdrawal of such
  stop order or relief from such suspension or objection, 

 
	 	
5	 

including, if necessary, by filing
an amendment                   to the Registration Statement or a new registration
statement                   and using its best efforts to have such amendment or new
                  registration statement declared effective as soon as
                  practicable. 

                        (b)
  Upon the request of the Underwriters, to prepare a final term sheet, substantially
  in the form of Exhibit A hereto, containing solely a description of the Shares
  and the offering thereof, in a final form approved by the Representatives and
  to file such term sheet pursuant to Rule 433(d) within the time required by
  such Rule. 

                        (c)
  If, at any time prior to the filing of the Final Prospectus pursuant to Rule
  424(b), any event occurs as a result of which the Disclosure Package would include
  any untrue statement of a material fact or omit to state any material fact necessary
  to make the statements therein in the light of the circumstances under which
  they were made at such time not misleading, the Company will (i) notify promptly
  the Representatives so that any use of the Disclosure Package may cease until
  it is amended or supplemented; (ii) amend or supplement the Disclosure Package
  to correct such statement or omission; and (iii) supply any amendment or supplement
  to you in such quantities as you may reasonably request. 

                        (d)
  If at any time when the Final Prospectus relating to the Shares is required
  to be delivered under the Act (including in circumstances where such requirement
  may be satisfied pursuant to Rule 172), any event occurs as a result of which
  the Final Prospectus, as then amended or supplemented, would include any untrue
  statement of a material fact or omit to state any material fact necessary to
  make the statements therein, in the light of the circumstances under which they
  were made at such time, not misleading, or if it should be necessary to amend
  the Registration Statement, the Company will file a new registration statement
  or supplement the Final Prospectus to comply with the Act or the Exchange Act
  or the respective rules thereunder, including in connection with the delivery
  of the Final Prospectus, the Company will promptly (i) notify the Representatives
  of any such event; (ii) prepare and file with the Commission, subject to the
  requirements of paragraph (a) of this Section 5, an amendment or supplement
  or new registration statement that will correct such statement or omission or
  effect such compliance; (iii) use its best efforts to have any amendment to
  the Registration Statement or new registration statement declared effective
  as soon as practicable in order to avoid any disruption in use of the Final
  Prospectus; and (iv) supply any supplemented or amended Final Prospectus to
  the several Underwriters and counsel for the Underwriters without charge in
  such quantities as they may reasonably request. 

                        (e)
  The Company will file such reports pursuant to the Exchange Act and the rules
  and regulations thereunder, as are necessary in order to make generally available
  to its security holders as soon as practicable an earning statement within the
  meaning of Rule 158 under the Act for the purposes of, and to provide the benefits
  contemplated by the last paragraph of Section 11(a) of the Act. 

                        (f)
  The Company will furnish to the Representatives and counsel for the Underwriters,
  without charge, conformed copies of the Registration Statement (including exhibits
  thereto) and to each other Underwriter a copy of the Registration Statement
  (without 

 
	 	
6	 

exhibits thereto) and, so long as
delivery of a                   prospectus by an Underwriter or dealer may be required by
the                   Act (including in circumstances where such requirement may be
                  satisfied pursuant to Rule 172), as many copies of each
                  Preliminary Prospectus, the Final Prospectus and each Issuer
                  Free Writing Prospectus and any supplement thereto as the
                  Representatives may reasonably request. The Company will pay
                  the expenses of printing or other production of all documents
                  relating to the offering. 

                        (g)
  The Company will arrange, if necessary, for the qualification of the Shares
  for sale under the laws of such jurisdictions as the Representatives may designate
  upon consultation with the Company, will maintain such qualifications in effect
  so long as required for the sale of the Shares and will pay any fee of the Financial
  Industry Regulatory Authority, Inc., in connection with its review of the offering;
  provided that in no event shall the Company be obligated to qualify to do business
  in any jurisdiction where it is not now so qualified or to take any action that
  would subject it to service of process in suits, other than those arising out
  of the offering or sale of the Shares, in any jurisdiction where it is not now
  so subject. 

                        (h)
  The Company represents and agrees that, unless it has obtained or will obtain
  the prior consent of the Representatives, and each Underwriter, severally and
  not jointly, agrees with the Company that, unless it has obtained or will obtain,
  as the case may be, the prior consent of the Company, it has not made and will
  not make any offer relating to the Shares that would constitute an Issuer Free
  Writing Prospectus or that would otherwise constitute a Free Writing Prospectus
  required to be filed by the Company with the Commission or retained by the Company
  under Rule 433, other than a Free Writing Prospectus that contains information
  in the final term sheet prepared and filed pursuant to Section 5(b) hereto;
  provided that the prior consent of the parties hereto shall be deemed to have
  been given in respect of any Free Writing Prospectus included in Schedule II
  hereto. Any such free writing prospectus that the parties hereto have agreed
  to use, prior to the use thereof, is hereinafter referred to as a “Permitted
  Free Writing Prospectus.” The Company agrees that it has treated and will
  treat, as the case may be, each Permitted Free Writing Prospectus as an “issuer
  free writing prospectus,” as defined in Rule 433, and it has complied and
  will comply, as the case may be, with the requirements of Rule 433 applicable
  to any Permitted Free Writing Prospectus, including timely Commission filing
  where required, legending and record keeping. The Company consents to the use
  by any Underwriter of a free writing prospectus that contains only (i) information
  describing the preliminary terms of the Shares or their offering or (ii) information
  that describes the final terms of the Shares or their offering and that is included
  in the final term sheet of the Company contemplated by Section 5(b). 

                        (i)
  The Company agrees to pay the costs and expenses relating to the following matters:
  (i) the issuance of the Shares and the fees of the transfer agent; (ii) the
  preparation, printing or reproduction of the Final Prospectus and each amendment
  or supplement to either of them; (iii) the printing (or reproduction) and delivery
  (including postage, air freight charges and charges for counting and packaging)
  of such copies of the Final Prospectus, and all amendments or supplements to
  either of them, as may, in each case, be reasonably requested for use in connection
  with the offering and sale of the Shares; (iv) the preparation, printing, authentication,
  issuance and delivery of certificates for the Shares; (v) any stamp or transfer
  

 
	 	
7	 

taxes in connection with the
original                   issuance and sale of the Shares; (vi) the printing (or
                  reproduction) and delivery of this Agreement, any blue sky
                  memorandum and all other agreements or documents printed (or
                  reproduced) and delivered in connection with the offering of
                  the Shares; (vii) any registration or qualification of the
                  Shares for offer and sale under the securities or blue sky
                  laws of the several states, and any other jurisdictions as the
                  Representatives may designate pursuant to Section 5(f)
                  (including filing fees and the reasonable fees and expenses of
                  counsel for the Underwriters relating to such registration and
                  qualification), provided that the Company shall not be
                  responsible for the fees and disbursements of more than one
                  law firm (other than local counsel) for all the Underwriters
                  in connection with the transactions contemplated by this
                  clause (vii), including the preparation of a blue sky
                  memorandum; (viii) the transportation and other expenses
                  incurred by or on behalf of Company representatives in
                  connection with presentations to prospective purchasers of the
                  Shares; (ix) the fees and expenses of the accountants for the
                  Company and the fees and expenses of counsel (including local
                  and special counsel) for the Company; and (x) all other costs
                  and expenses incident to the performance by the Company of its
                  obligations hereunder. It is understood, however, that, except
                  as provided in this Section 5 and Section 6 of this Agreement,
                  the Underwriters will pay all of their own costs and expenses,
                  including the costs and expenses of their counsel. 

                        (j)
  During a period of 60 days after the date of the Preliminary Prospectus, the
  Company will not, without the prior written consent of the Representatives,
  directly or indirectly (i) pledge, sell, or contract to sell, grant any option
  for the sale of, hedge or otherwise dispose of any shares of Common Stock, (ii)
  sell any option or contract to purchase any shares of Common Stock, (iii) purchase
  any option or contract to sell any shares of Common Stock, (iv) grant any option
  or contract to sell any shares of Common Stock, (v) file a registration statement
  for any shares of Common Stock or (vi) lend or otherwise dispose of or transfer
  any shares of Common Stock. The foregoing sentence applies to shares of Common
  Stock and to securities convertible into or exchangeable or exercisable for
  or repayable with shares of Common Stock, but does not apply to (A) the Shares
  to be sold hereunder, (B) shares of Common Stock issued by the Company upon
  exercise of options or warrants outstanding on the date of this Agreement, or
  (C) the issuance of any Common Stock or options pursuant to employee benefit
  plans existing on the date hereof. 

                        (k)
  The Company will use its best efforts to have the Shares listed on the New York
  Stock Exchange (the “NYSE”), including, but not limited to, a filing
  of a supplemental listing application with the NYSE. 

                        6.
  Conditions to the Obligations of the Underwriters. The obligations of
  the Underwriters to purchase the Shares shall be subject to the accuracy of
  the representations and warranties on the part of the Company contained herein
  at the Applicable Time and the Closing Date, to the accuracy of the statements
  of the Company made in any certificates pursuant to the provisions hereof, to
  the performance by the Company of its obligations hereunder and to the following
  additional conditions:  

 
	 	8 	 

  

                        (a)
  The Final Prospectus, and any supplement thereto, has been filed in the manner
  and within the time period required by Rule 424(b); the final term sheet contemplated
  by Section 5(b) hereto, and any other material required to be filed by the Company
  pursuant to Rule 433(d) under the Act, shall have been filed with the Commission
  within the applicable time periods prescribed for such filings by Rule 433;
  the Company has paid the fees required by the Commission relating to the Shares
  within the time required by Rule 456(b)(1) without regard to the proviso therein
  and otherwise in accordance with Rules 456(b) and 457(r); and no stop order
  suspending the effectiveness of the Registration Statement or any notice objecting
  to its use shall have been issued and no proceedings for that purpose shall
  have been instituted or threatened. 

                        (b)
  The Company shall have requested and caused Shearman & Sterling LLP, counsel
  for the Company, to furnish to the Representatives an opinion, dated the Closing
  Date and addressed to the Representatives, in form and substance satisfactory
  to the Representatives, to the effect set forth in Exhibit B hereto. 

                        (c)
  The Company shall have requested and caused Eric Mandelbaum, Deputy General
  Counsel of the Company, to furnish to the Representatives an opinion, dated
  the Closing Date and addressed to the Representatives, in form and substance
  satisfactory to the Representatives, to the effect set forth in Exhibit C hereto
  and subject to usual and customary qualifications, limitations and assumptions.
  

                        (d)
  The Representatives shall have received from Wilmer Cutler Pickering Hale and
  Dorr LLP, counsel to the Underwriters, such opinion or opinions, dated the Closing
  Date and addressed to the Representatives, with respect to the issuance and
  sale of the Shares, the Registration Statement, the Disclosure Package, the
  Final Prospectus (together with any supplement thereto) and other related matters
  as the Representatives may reasonably require, and the Company shall have furnished
  to such counsel such documents as they request for the purpose of enabling them
  to pass upon such matters. 

                        (e)
  The Company shall have furnished to the Representatives a certificate, signed
  by the principal financial or accounting officer of the Company, dated the Closing
  Date, to the effect that the signers of such certificate have carefully examined
  the Registration Statement, the Final Prospectus, the Disclosure Package and
  any amendments or supplements thereto and this Agreement and that: 

	  	        (i)
      the representations and warranties of the Company in this Agreement are
      true and correct on and as of the Closing Date with the same effect as if
      made on the Closing Date, and the Company has complied with all the agreements
      and satisfied all the conditions on its part to be performed or satisfied
      hereunder at or prior to the Closing Date; and  

	  	        (ii)
      no stop order suspending the effectiveness of the Registration Statement
      or any notice objecting to its use has been issued and no proceedings for
      that purpose have been instituted or, to the Company’s knowledge, threatened,
      and  

 
	 	
9	 

  

	  	        (iii)
      since the date of the most recent financial statements included or incorporated
      by reference in the Final Prospectus (exclusive of any supplement thereto),
      there has been no material adverse change in the condition (financial or
      otherwise), earnings, business or properties of the Company and the Company’s
      subsidiaries, taken as a whole, whether or not arising from transactions
      in the ordinary course of business, except as set forth in or contemplated
      in the Disclosure Package and the Final Prospectus (exclusive of any supplement
      thereto).  

                        (f)
  On the date hereof, the Company shall have requested and caused PricewaterhouseCoopers
  LLP to furnish to the Representatives a letter dated the date hereof, in form
  and substance satisfactory to the Representatives, together with signed or reproduced
  copies of such letter for each of the other Underwriters, containing statements
  and information of the type ordinarily included in accountants’ “comfort
  letters” to underwriters with respect to the financial statements and certain
  financial information of the Company and its subsidiaries included or incorporated
  by reference in the Disclosure Package and the Final Prospectus. 

                        (g)
  On the Closing Date, the Company shall have requested and caused PricewaterhouseCoopers
  LLP to furnish to the Representatives a letter dated the Closing Date, affirming
  the statements made in the comfort letter referred to in Section 6(f). 

                        (h)
  Subsequent to the Applicable Time or, if earlier, the dates as of which information
  is given in the Registration Statement (exclusive of any amendment thereof),
  the Disclosure Package (exclusive of any supplement thereto) and the Final Prospectus
  (exclusive of any supplement thereto), there shall not have been (i) any change
  or decrease in the amounts specified in the letter referred to in paragraph
  (f) of this Section 6; or (ii) any change, or any development involving a prospective
  change, in or affecting the business, properties, financial condition or results
  of operations of the Company and its subsidiaries, taken as a whole, whether
  or not arising from transactions in the ordinary course of business, except
  as set forth in or contemplated in the Disclosure Package and the Final Prospectus
  (exclusive of any supplement thereto), the effect of which, in any case referred
  to in clause (i) or (ii) above, is, in the sole judgment of the Representatives,
  so material and adverse as to make it impractical or inadvisable to proceed
  with the offering or delivery of the Shares as contemplated by the Registration
  Statement (exclusive of any amendment thereof), the Disclosure Package and the
  Final Prospectus (exclusive of any supplement thereto). 

                        (i)
  Subsequent to the Applicable Time, there shall not have been any decrease in
  the rating of any of the Company’s debt securities by any “nationally
  recognized statistical rating organization” (as defined for purposes of
  Rule 436(g) under the Act) or any notice given of any intended or potential
  decrease in any such rating or of a possible change in any such rating that
  does not indicate the direction of the possible change. 

                        (j)
  Prior to the Closing Date, the Company shall have furnished to the Representatives
  such further information, certificates and documents as the Representatives
  may reasonably request. 

 
	 	
10	 

 
                        If
  any of the conditions specified in this Section 6 shall not have been fulfilled
  when and as provided in this Agreement, or if any of the opinions and certificates
  mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory
  in form and substance to the Representatives and counsel for the Underwriters,
  this Agreement and all obligations of the Underwriters hereunder may be canceled
  at, or at any time prior to, the Closing Date by the Representatives. Notice
  of such cancellation shall be given to the Company in writing or by telephone
  or facsimile confirmed in writing. 

                        The
  documents required to be delivered by this Section 6 will be delivered at the
  office of Davis Polk & Wardwell, counsel for the Underwriters, at 450 Lexington
  Avenue, New York, N.Y. 10017, on the Closing Date. 

                        7.
  Reimbursement of Underwriters’ Expenses. If the sale of the Shares
  provided for herein is not consummated because any condition to the obligations
  of the Underwriters set forth in Section 6 hereof is not satisfied, because
  of any termination pursuant to Section 10 hereof or because of any refusal,
  inability or failure on the part of the Company to perform any agreement herein
  or comply with any provision hereof other than by reason of a default by any
  of the Underwriters, the Company will reimburse the Underwriters severally through
  the Representatives on demand for all out-of-pocket expenses (including reasonable
  fees and disbursements of counsel) that shall have been incurred by them in
  connection with the proposed purchase and sale of the Shares.  

                        8.
  Indemnification and Contribution. (a) The Company agrees to indemnify,
  defend and hold harmless each Underwriter and any person who controls such Underwriter
  within the meaning of Section 15 of the Act or Section 20 of the Exchange Act
  from and against any loss, expense, liability or claim (including the reasonable
  cost of investigation) which, jointly or severally, such Underwriter or any
  such controlling person may incur under the Act or otherwise, insofar as such
  loss, expense, liability or claim arises out of or is based upon any untrue
  statement or alleged untrue statement of a material fact contained in the Registration
  Statement, the Disclosure Package, the Preliminary Prospectus, the Final Prospectus
  or any amendment or supplement thereto, or arises out of or is based upon any
  omission or alleged omission to state therein a material fact required to be
  stated therein or necessary to make the statements therein (in the case of the
  Disclosure Package, the Preliminary Prospectus or the Final Prospectus, in light
  of the circumstances under which they were made) not misleading, except insofar
  as any such loss, expense, liability or claim arises out of or is based upon
  any alleged untrue statement of a material fact contained (i) therein in conformity
  with information furnished in writing by or on behalf of any Underwriter by
  the Representatives to the Company expressly for use in any of such documents
  or (ii) in the Form T-1 Statement of Eligibility under the Trust Indenture Act
  of the Trustee or arises out of or is based upon any alleged omission to state
  therein a material fact in connection with such information required to be stated
  therein or necessary to make such information not misleading. The Company’s
  agreement to indemnify each Underwriter or any such controlling person as aforesaid
  is expressly conditioned upon the Company being notified of the action in connection
  therewith brought against an Underwriter or such controlling person by letter
  or telegram or facsimile transmission addressed to the Company with reasonable
  promptness after the first legal process which discloses the nature of the liability
   

 
	 	
11	 

or claim shall have been served upon
an Underwriter or such controlling person (or after such Underwriter or such controlling
person shall have received notice of such service upon any agent designated by such
Underwriter or such controlling person), but failure so to notify the Company shall not
relieve the Company from any liability which it may have to an Underwriter or to such
controlling person otherwise than on account of the indemnity agreement contained in this
Section 8. 

                        The
  Company shall assume the defense of any suit brought to enforce any such liability
  or claim, including the employment of counsel satisfactory to such Underwriter
  or such controlling person and the payment of all expenses. The Underwriter
  or such controlling person against whom such suit is brought shall have the
  right to employ one separate counsel in any such suit and participate in the
  defense thereof, but the fees and expenses of such counsel shall be at the expense
  of the Underwriter or the expense of such controlling person unless (i) the
  employment of such counsel has been specifically authorized by the Company or
  (ii) the named parties to any such suit (including any impleaded parties) include
  such Underwriter or such controlling person and the Company and such Underwriter
  or such controlling person shall have been advised by such counsel that there
  may be one or more legal defenses available to it which are different from or
  additional to those available to the Company, in which case the Company shall
  not have the right to assume the defense of such action on the behalf of such
  Underwriter or on the behalf of such controlling person, it being understood,
  however, that the Company shall not, in connection with any one such action
  or separate but substantially similar or related actions in the same jurisdiction
  arising out of the same general allegations or circumstances, be liable for
  the reasonable fees and expenses of more than one separate firm of attorneys
  (and any required local counsel) for such Underwriter and such controlling persons,
  which firm (and local counsel, if any) shall be designated in writing by the
  Underwriter. The Company shall not be liable for any settlement of any such
  action effected without its consent (which will not be unreasonably withheld
  or delayed) unless such settlement includes an unconditional release of the
  Company from all liability arising out of such loss, expense, liability or claim.
  

                        The
  Company agrees to notify each Underwriter with reasonable promptness of the
  commencement of any litigation or proceedings against the Company or any of
  its officers or directors in connection with the issue and sale of the Shares
  or with the Registration Statement, the Disclosure Package, the Preliminary
  Prospectus or the Final Prospectus. 

                        (b)
  The Underwriters represent and warrant that the information furnished in writing
  to the Company expressly for use with reference to the Underwriters in the Registration
  Statement, the Preliminary Prospectus or the Final Prospectus does not contain
  any untrue statement of a material fact and does not omit to state a material
  fact in connection with such information required to be stated in the Registration
  Statement, the Preliminary Prospectus or the Final Prospectus or necessary to
  make such information (in the case of the Preliminary Prospectus or the Final
  Prospectus, in light of the circumstances under which such information was provided)
  not misleading. 

                        Each
  Underwriter severally agrees to indemnify, defend and hold harmless the Company,
  its directors and officers and any person who controls the Company within the
  

 
	 	
12	 

meaning of Section 15 of the Act or
Section 20 of the Exchange Act from and against any loss, expense, liability or claim
(including the reasonable cost of investigation) which, jointly or severally, the Company
or any other indemnified person may incur under the Act or otherwise, insofar as such
loss, expense, liability or claim arises out of or is based upon any untrue statement or
alleged untrue statement of a material fact contained in the Registration Statement, the
Disclosure Package, the Preliminary Prospectus, the Final Prospectus or any amendment or
supplement thereto which is in reliance on and in conformity with information furnished
in writing by or on behalf of the Underwriters to the Company expressly for use with
reference to the Underwriters, or arises out of or is based upon any omission or alleged
omission to state a material fact in connection with such information required to be
stated in any of such documents or necessary to make such information (in the case of the
Disclosure Package, the Preliminary Prospectus or the Final Prospectus, in light of the
circumstances under which such information was provided) not misleading. The Company
acknowledges that the statements set forth [in the last paragraph of the cover page of
the Preliminary Prospectus and the Final Prospectus regarding delivery of the Shares and,
under the heading “Underwriting” in the Preliminary Prospectus and the Final
Prospectus (in each case not including the Base Prospectus), (i) the list of Underwriters
and their respective participation in the sale of the Shares in the Preliminary
Prospectus and the Final Prospectus (in each case not including the Base Prospectus) and
(ii) the paragraphs related to market making, stabilization, syndicate covering
transactions and penalty bids in any Preliminary Prospectus and the Final Prospectus (in
each case not including the Base Prospectus)], constitute the only information furnished
in writing by or on behalf of the several Underwriters for inclusion in any Preliminary
Prospectus or the Final Prospectus. Each Underwriter’s agreement to indemnify the
Company and any other indemnified person as aforesaid is expressly conditioned upon such
Underwriter being notified of the action in connection therewith brought against the
Company or any other indemnified person by letter, telegram, or facsimile transmission
addressed to it at its address furnished to the Company for the purpose, with reasonable
promptness after the first legal process which discloses the nature of the liability or
claim shall have been served upon the Company or any other indemnified person (or after
the Company or any such person shall have received notice of such service on any agent
designated by the Company or any such person), but failure so to notify an Underwriter
shall not relieve such Underwriter from any liability which it may have to the Company or
any other indemnified person otherwise than on account of the indemnity agreement
contained in this Section 8. 

                        Each
  Underwriter shall assume the defense of any suit brought to enforce any such
  liability or claim, including the employment of counsel satisfactory to the
  Company or such other person and the payment of all expenses. The Company or
  other indemnified person against whom such suit is brought shall have the right
  to employ separate counsel in any such suit and participate in the defense thereof,
  but the fees and expenses of such counsel shall be at the expense of the Company
  or such other indemnified person unless (i) the employment of such counsel has
  been specifically authorized by such Underwriter or (ii) the named parties to
  any suit (including any impleaded parties) include the Company or such other
  indemnified person and such Underwriter, and the Company or such other indemnified
  person shall have been advised by such counsel that there may be one or more
  legal defenses available to it which are different from or additional to those
  available to the Underwriter, in which case the Underwriter shall not 

 
	 	
13	 

have the right to assume the defense
of such action on behalf of the Company or such other indemnified person, it being
understood, however, that such Underwriter shall not, in connection with any one such
action or separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (and any
required local counsel) for the Company and such person, which firm (and local counsel,
if any) shall be designated in writing by the Company. An Underwriter shall not be liable
for any settlement of any such action effected without its consent (which will not be
unreasonably withheld or delayed) unless such settlement includes an unconditional
release of such Underwriter from all liability arising out of such loss, expense,
liability or claim. 

                        (c)
  If the indemnification provided for in this Agreement is unavailable to or insufficient
  to hold harmless an indemnified party under subsections (a) and (b) above for
  any reason other than as specified therein in respect of any losses, expenses,
  liabilities or claims referred to therein, then each applicable indemnifying
  party, in lieu of indemnifying such indemnified party, shall contribute to the
  amount paid or payable by such indemnified party as a result of such losses,
  expenses, liabilities or claims (i) in such proportion as is appropriate to
  reflect the relative benefits received by the Company on the one hand and the
  Underwriters on the other hand from the offering of the Shares; or (ii) if the
  allocation provided in clause (i) above is not permitted by applicable law,
  in such proportion as is appropriate to reflect not only the relative benefits
  referred to in clause (i) above but also the relative fault of the Company on
  the one hand and of the Underwriters on the other hand in connection with the
  statements or omissions which resulted in such losses, expenses, liabilities
  or claims, as well as any other relevant equitable considerations. The relative
  benefits received by the Company on the one hand and the Underwriters on the
  other hand shall be deemed to be in the same proportion as the total net proceeds
  (before deducting expenses) to the Company from the sale of the Shares bears
  to the total underwriting fees received by the Underwriters, in each case as
  set forth on the cover page of the Final Prospectus. The relative fault of the
  Company on the one hand and of the Underwriters on the other hand shall be determined
  by reference to, among other things, whether the untrue statement 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 Company or by the Underwriters
  and the parties’relative intent, knowledge, access to information and opportunity
  to correct or prevent such statement or omission. The amount paid or payable
  by a party as a result of the losses, claims, damages and liabilities referred
  to above shall be deemed to include any legal or other fees or expenses reasonably
  incurred by such party in connection with investigating or defending any claim
  or action. 

                        The
  Company and the Underwriters agree that it would not be just and equitable if
  contribution pursuant to this Agreement were determined by pro rata allocation
  (even if the Underwriters were treated as one entity for such purpose) or by
  any other method of allocation which does not take account of the equitable
  considerations referred to in the immediately preceding paragraph. Notwithstanding
  the provisions of this Agreement, each Underwriter shall not be required to
  contribute any amount in excess of the amount by which the total price at which
  the Shares placed by such Underwriter exceeds the amount of the damages which
  such Underwriter has otherwise been required to pay by reason of an untrue or
  alleged untrue 

 
	 	
14	 

statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. Each Underwriter’s obligation in this subsection
(c) to contribute is several and not joint, in the same proportion which the amount of
the Shares which were distributed to the public by such Underwriter bears to the total
amount of such Shares distributed to the public through all of the Underwriters pursuant
to this Agreement. 

                        The
  obligations of the Company and the Underwriters under this Section 8 shall be
  in addition to any liability that the Company or the Underwriters may otherwise
  have. 

                        9.
  Default by an Underwriter. If any one or more Underwriters shall fail
  to purchase and pay for any of the Shares agreed to be purchased by such Underwriter
  hereunder and such failure to purchase shall constitute a default in the performance
  of its or their obligations under this Agreement, the remaining Underwriters
  shall be obligated severally to take up and pay for (in the respective proportions
  which the number of Shares set forth opposite their names in Schedule I hereto
  bears to the aggregate number of Shares set forth opposite the names of all
  the remaining Underwriters) the Shares which the defaulting Underwriter or Underwriters
  agreed but failed to purchase; provided, however, that in the event that the
  aggregate number of Shares which the defaulting Underwriter or Underwriters
  agreed but failed to purchase shall exceed 10% of the aggregate number of Shares
  set forth in Schedule I hereto, the remaining Underwriters shall have the right
  to purchase all, but shall not be under any obligation to purchase any, of the
  Shares, and if such nondefaulting Underwriters do not purchase all the Shares,
  this Agreement will terminate without liability to any nondefaulting Underwriter
  or the Company. In the event of a default by any Underwriter as set forth in
  this Section 9, the Closing Date shall be postponed for such period, not exceeding
  five Business Days, as the Representatives shall determine in order that the
  required changes in the Registration Statement and the Final Prospectus or in
  any other documents or arrangements may be effected. Nothing contained in this
  Agreement shall relieve any defaulting Underwriter of its liability, if any,
  to the Company or any nondefaulting Underwriter for damages occasioned by its
  default hereunder.  

                        10.
  Termination. This Agreement shall be subject to termination in the absolute
  discretion of the Representatives, by notice given to the Company prior to delivery
  of and payment for the Shares, if at any time prior to such time (i) trading
  in the Company’s Common Stock shall have been suspended by the Commission
  or the NYSE or trading in securities generally on the NYSE shall have been suspended
  or limited or minimum prices shall have been established on such exchange; (ii)
  a banking moratorium shall have been declared either by U.S. federal or New
  York State authorities; or (iii) there shall have occurred any outbreak or escalation
  of hostilities, declaration by the United States of a national emergency or
  war or other calamity or crisis the effect of which on financial markets is
  such as to make it, in the sole judgment of the Representatives, impractical
  or inadvisable to proceed with the offering or delivery of the Shares as contemplated
  by any Preliminary Prospectus or the Final Prospectus (exclusive of any supplement
  thereto).  

 
	 	
15	 

 
                        11.
  Representations and Indemnities to Survive. The respective agreements,
  representations, warranties, indemnities and other statements of the Company
  or its officers and of the Underwriters set forth in or made pursuant to this
  Agreement will remain in full force and effect, regardless of any investigation
  made by or on behalf of the Underwriters, the Company or any of the indemnified
  persons referred to in Section 8 hereof, and will survive delivery of and payment
  for the Shares. The provisions of Sections 7, 8 and the final sentence of Section
  9 hereof shall survive the termination or cancellation of this Agreement. 

                        12.
  Notices. All communications hereunder will be in writing and effective
  only on receipt, and, if sent to the Representatives, will be mailed, delivered
  or telefaxed to Morgan Stanley & Co. Incorporated, 1585 Broadway, New York,
  New York 10036, Attention: Equity Syndicate Desk, with a copy to the Legal Department
  or, if sent to the Company, will be mailed, delivered or telefaxed to (973)
  740-5148 and confirmed to it at 1 CIT Drive, Livingston, New Jersey 07039, attention
  of the Legal Department.  

                        13.
  Successors. This Agreement will inure to the benefit of and be binding
  upon the parties hereto and their respective successors and the indemnified
  persons referred to in Section 8 hereof and their respective successors, and
  no other person will have any right or obligation hereunder.  

                        14.
  No Fiduciary Duty. The Company hereby acknowledges that (a) each of the
  Underwriters has been retained solely as an underwriter of the Shares and not
  as an advisor to, or agent of, the Company or any other person, and (b) the
  engagement of each of the Underwriters, in connection with the issuance and
  sale of the Shares, is as an independent contractor and not in any other capacity,
  including as a fiduciary. Furthermore, the Company and each of the Underwriters
  agree that it is solely responsible for making its own independent judgments
  with respect to the issuance and sale of the Shares.  

                        15.
  Integration. This Agreement supersedes all prior agreements and understandings
  (whether written or oral) between the Company and the Underwriters, or any of
  them, with respect to the subject matter hereof.  

                        16.
  Applicable Law. This Agreement will be governed by and construed in accordance
  with the laws of the State of New York applicable to contracts made and to be
  performed within the State of New York.  

                        17.
  Waiver of Jury Trial. The Company and the Underwriters 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
  Agreement or the transactions contemplated hereby.  

                        18.
  Counterparts. This Agreement may be signed in one or more counterparts,
  each of which shall constitute an original and all of which together shall constitute
  one and the same agreement.  

 
	 	
16	 

 
                        19.
  Headings. The section headings used herein are for convenience only and
  shall not affect the construction hereof.  

                        20.
  Definitions. The terms that follow, when used in this Agreement, shall
  have the meanings indicated.  

                        “Act”
  and “Securities Act” shall mean the Securities Act of 1933, as amended,
  and the rules and regulations of the Commission promulgated thereunder. 

                        “Applicable
  Time” means [•] [a.m./p.m.] (New York City time) on the date of this
  Agreement. 

                        “Base
  Prospectus” shall mean the base prospectus referred to in paragraph 1(a)
  above contained in the Registration Statement at the Applicable Time. 

                        “Business
  Day” shall mean any day other than a Saturday, a Sunday or a legal holiday
  or a day on which banking institutions or trust companies are authorized or
  obligated by law to close in The City of New York. 

                        “Commission”
  shall mean the Securities and Exchange Commission. 

                        “Disclosure
  Package” shall mean (i) the Base Prospectus, (ii) the Preliminary Prospectus
  used most recently prior to the Applicable Time, (iii) the Issuer Free Writing
  Prospectuses, if any, identified in Schedule II hereto, (iv) the final term
  sheet prepared and filed pursuant to Section 5(b) hereto, if any, and (v) any
  other Free Writing Prospectus that the parties hereto shall hereafter expressly
  agree in writing to treat as part of the Disclosure Package. 

                        “Effective
  Date” shall mean each date and time that the Registration Statement and
  any post-effective amendment or amendments thereto became or become effective.
  

                        “Exchange
  Act” shall mean the Securities Exchange Act of 1934, as amended, and the
  rules and regulations of the Commission promulgated thereunder. 

                        “Final
  Prospectus” shall mean the prospectus supplement relating to the Shares
  that was first filed pursuant to Rule 424(b) after the Applicable Time, together
  with the Base Prospectus. 

                        “Free
  Writing Prospectus” shall mean a free writing prospectus, as defined in
  Rule 405. 

                        “Investment
  Company Act” shall mean the U.S. Investment Company Act of 1940, as amended,
  and the rules and regulations of the Commission promulgated thereunder. 

                        “Issuer
  Free Writing Prospectus” shall mean an issuer free writing prospectus,
  as defined in Rule 433. 

 
	 	
17	 

 
                        “Preliminary
  Prospectus” shall mean any preliminary prospectus supplement to the Base
  Prospectus referred to in paragraph 1(a) above which is used prior to the filing
  of the Final Prospectus, together with the Base Prospectus. 

                        “Registration
  Statement” shall mean the registration statement referred to in paragraph
  1(a) above, including exhibits and financial statements and any prospectus supplement
  relating to the Shares that is filed with the Commission pursuant to Rule 424(b)
  and deemed part of such registration statement pursuant to Rule 430A or Rule
  430B, as amended on each Effective Date and, in the event any post-effective
  amendment thereto becomes effective prior to the Closing Date, shall also mean
  such registration statement as so amended. 

                        “Rule
  158”, “Rule 163”, “Rule 164”, “Rule 172”,
  “Rule 405”, “Rule 415”, “Rule 424”, “Rule
  430A”, “Rule 430B” and “Rule 433” refer to such rules
  under the Act. 

                        “Trust
  Indenture Act” shall mean the Trust Indenture Act of 1939, as amended and
  the rules and regulations of the Commission promulgated thereunder. 

                        “Well-Known
  Seasoned Issuer” shall mean a well-known seasoned issuer, as defined in
  Rule 405. 

 
	 	
18	 

 
                        If
  the foregoing is in accordance with your understanding of our agreement, please
  sign and return to us the enclosed duplicate hereof, whereupon this letter and
  your acceptance shall represent a binding agreement among the Company and the
  several Underwriters. 

	 		Very truly yours,
	 		
	 		CIT Group Inc. 
	 		
	 		By:
      

    
	 		Name:   Glenn A. Votek

      Title:     Executive Vice President & Treasurer
    
	 		

 

    

	 	
19	 

The foregoing Agreement is hereby

confirmed and accepted as of the
date first above written. 

By: MORGAN
  STANLEY & CO.
  INCORPORATED 

  

  

  

	By:
      

    
	     Name:   

           Title:    
	

  

By: CITIGROUP
  GLOBAL MARKETS INC.
  

  

  

	By:
      

    
	     Name:   

           Title:    
	 

For themselves and as
Representatives of
the other several Underwriters
named in Schedule I to the
foregoing
Agreement. 

 
	 	
20	 

SCHEDULE
  I 

	Underwriters
      

    		
      Number of Shares to be

        Purchased
        

      

    
	Morgan Stanley & Co. Incorporated		
	Citigroup Global Markets Inc.		
			
	  		
	Total		

 

	 	
21	 

SCHEDULE II 

Schedule of Free
Writing Prospectuses included in the Disclosure Package 

Pricing Term Sheet, attached as
Exhibit A hereto. 

 
	 	
	 

EXHIBIT A 

Filed pursuant to Rule
433
Registration
Statement No. 333-131159 

  

  
   

[To come] 

 
	 	
	 

EXHIBIT B 

Form of Opinion of
Shearman & Sterling LLP 

	1.  	  	The
Company is a corporation duly incorporated, validly existing and in          good
standing under the laws of the State of Delaware with corporate          power and
authority under such laws to conduct its business as          described in the Disclosure
Package and the Final Prospectus. 

	2.  	  	The
Company (a) has the corporate power to execute, deliver and perform          its
obligations under the Underwriting Agreement and (b) has taken all          corporate
action necessary to authorize the execution, delivery and          performance of its
obligations under the Underwriting Agreement. 

	3.  	  	The
Underwriting Agreement has been duly authorized, executed and          delivered by the
Company. 

	4.  	  	The
statements in the Disclosure Package and the Final Prospectus under          the caption
“Description of Capital Stock”, insofar as such statements          constitute
summaries of the instruments or documents referred to          therein, fairly summarize
in all material respects the instruments or          documents referred to therein. 

	5.  	  	The
execution and delivery by the Company of the Underwriting Agreement do not, and the
performance by          the Company of its obligations thereunder and the consummation of
the transactions contemplated thereby          will not, (a) result in a violation of the
Company’s certificate of incorporation or by-laws, (b) result          in a
violation of Generally Applicable Law or (c) result in a breach of, a default under or
the          acceleration of (or entitle any party to accelerate) the maturity of any
obligation of the Company          under, or result in or require the creation of any
lien upon or security interest in any property of the          Company pursuant to the
terms of, any document or contract filed as an exhibit, pursuant to Items
         601(b)(4) or 601(b)(10) of Regulation S-K under the Act, to (i) the Company’s
most recently filed annual          report on Form 10-K or the Company’s quarterly
reports on Form 10-Q for the quarterly periods ended          [                ],
respectively, and (ii) the Company’s Current Reports on Form 8-K filed with the
         Commission on [
                                                                            ]. 

	6.  	  	The
Company is not required to register as an investment company under          the
Investment Company Act of 1940, as amended. 

	7.  	  	No
authorization, approval or other action by, and no notice to or          filing with, any
United States federal or New York governmental          authority or regulatory body is
required for the due execution,          delivery or performance by the Company of the
Underwriting Agreement,          except as may be required under the state securities or
“blue sky” laws          of any jurisdiction in the United States in connection
with the offer          and sale of the Shares and the listing of the Shares on the New
York          Stock Exchange. 

 
	 	
	 

 
	8.  	  	To
our knowledge, as of the date hereof, no stop order suspending the          effectiveness
of the Registration Statement has been issued under the          Act, and no proceedings
for such purpose have been initiated or          threatened by the Commission. 

	9.  	  	The
descriptions of U.S. federal income tax consequences set forth          under “Material
U.S. Federal Income Tax Considerations” in the          Disclosure Package and the
Final Prospectus, insofar as such          descriptions constitute statements of U.S.
federal income tax law or          legal conclusions and subject to the limitations and
conditions          described herein, are accurate in all material respects. 

	10.  	  	In
our opinion, (a) each of the documents incorporated by reference in the Final Prospectus
(other than          the financial statements and other financial or statistical data
contained or incorporated by reference          therein or omitted therefrom, as to which
we express no opinion), at the time it was filed with the          Commission, appears on
its face to have been appropriately responsive in all material respects to the
         requirements of the Exchange Act, and the applicable rules and regulations of
the Commission thereunder,          and (b) each of the Registration Statement and the
Final Prospectus (other than the financial statements          and other financial or
statistical data contained or incorporated by reference therein or omitted
         therefrom and the Trustee’s Statement of Eligibility on Form T-1, as to
which we express no opinion)          appears on its face to be appropriately responsive
in all material respects to the requirements of the          Act and the applicable rules
and regulations of the Commission thereunder. 

	11.  	  	No
facts came to our attention which gave us reason to believe that (i) the Registration
Statement          (other than the financial statements and other financial or
statistical data contained or incorporated          by reference therein or omitted
therefrom and the Trustee’s Statement of Eligibility on Form T-1, as to
         which we have not been requested to comment), as of the date of the filing of
the Company’s annual          report on Form 10-K for the year ended December 31,
200[ ] or as of the date of the Underwriting          Agreement, contained an untrue
statement of a material fact or omitted to state a material fact required          to be
stated therein or necessary to make the statements therein not misleading, (ii) the
Disclosure          Package (other than the financial statements and other financial or
statistical data contained or          incorporated by reference therein or omitted
therefrom, as to which we have not been requested to          comment), as of [•]
[a.m./p.m.] (Eastern Time) on[         ] (the “Applicable Time ”), contained or
         contains an untrue statement of a material fact or omitted or omits to state a
material fact necessary          in order to make the statements therein, in the light of
the circumstances under which they were made,          not misleading, or (iii) the Final
Prospectus (other than the financial statements and other financial          or
statistical data contained or incorporated by reference therein or omitted therefrom, as
to which we          have not been requested to comment), as of its date, and as of the
date hereof, contained or contains an          untrue statement of a material fact or
omitted or omits to state a material fact necessary in order to          make the
statements therein, in the light of the circumstances under which they were made, not
         misleading. 

 
	 	
	 

EXHIBIT C 

Form of Opinion of CIT
Group Inc.’s Assistant General Counsel 

        1.
The Company is duly qualified or licensed and in good standing (or other comparable
status) as a foreign corporation in each jurisdiction where its business requires such
qualification or licensing, except where the failure to be so qualified, licensed or in
good standing (or to have such other comparable status) would not have a material adverse
effect on the business, operations, assets or financial condition of the Company. 

        2.
The Company and each of its subsidiaries listed on Schedule I hereto is validly existing
and in good standing as a corporation or other business entity under the laws of its
jurisdiction of incorporation or organization, has the corporate or other business entity
power to transact the business in which it is engaged, is duly qualified and in good
standing (or other comparable status) as a foreign corporation or other business entity
in each of the several states and jurisdictions where its business requires such
qualification and is duly licensed to carry on such business in each of the several
states and jurisdictions where its business requires such licensing and where the failure
to be so qualified or licensed would have a material adverse effect on the consolidated
financial position and results of operations of the Company. 

        3.
To my knowledge there are no legal or governmental proceedings required to be described
in the Registration Statement, Disclosure Package or the Final Prospectus which are not
described as required, or any contracts or documents of a character required to be
described in the Registration Statement, Disclosure Package or the Final Prospectus or to
be filed as exhibits thereto which are not described or filed as required. 

        4.
The authorized capitalization of the Company is as set forth in the Registration
Statement, Disclosure Package and the Final Prospectus, and the shares of issued and
outstanding capital stock set forth thereunder have been duly authorized and validly
issued and are fully paid and non-assessable. To my knowledge, none of the outstanding
shares of capital stock of the Company was issued in violation of the preemptive or other
similar rights of any securityholder of the Company. 

        5.
The Shares have been duly authorized and, when issued and delivered by the Company to the
purchasers thereof against consideration therefor in accordance with the terms of this
Agreement, will be validly issued, fully paid and non-assessable, and to my knowledge,
the issuance of such Shares will not be subject to any preemptive or similar rights of
any securityholder of the Company.

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