Document:

form8k02282013 Exhibit 4.2

Exhibit 4.2
GUARANTY
THIS GUARANTY dated as of  February 28, 2013, executed and delivered by each of the undersigned and the other Persons from time to time party hereto pursuant to Section 14  hereof (all of the undersigned, together with such other Persons each a “Guarantor” and collectively, the “Guarantors”) in favor of (a) JPMORGAN CHASE BANK, N.A., in its capacity as Administrative Agent (the “Agent”) for the Lenders under that certain Revolving Credit Agreement dated as of February 28, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP, a Delaware limited partnership (the “Borrower”), the financial institutions party thereto and their respective permitted assignees (the “Lenders”), the Agent, and the other parties thereto, and (b) the Lenders, the Issuing Bank and the Swingline Lender (the parties described in clause (b) together with the Agent are hereinafter referred to collectively as the “Credit Parties”).
WHEREAS, pursuant to the Credit Agreement, the Credit Parties have agreed to make available to the Borrower certain financial accommodations on the terms and conditions set forth in the Credit Agreement;
WHEREAS, Borrower is the owner, directly or indirectly, of 100% of the issued and outstanding Equity Interests in each Guarantor;
WHEREAS, the Borrower and each of the Guarantors, though separate legal entities, are mutually dependent upon each other in the conduct of their respective businesses as an integrated operation and have determined it to be in their mutual best interests to obtain financing from the Credit Parties through their collective efforts;
WHEREAS, each Guarantor acknowledges that it will receive direct and indirect benefits from the Credit Parties making such financial accommodations available to the Borrower under the Credit Agreement and, accordingly, each Guarantor is willing to guarantee the Borrower's obligations to the Credit Parties on the terms and conditions contained herein; and
WHEREAS, each Guarantor's execution and delivery of this Guaranty is a condition to the Credit Parties making, and continuing to make, such financial accommodations to the Borrower.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each Guarantor, each Guarantor agrees as follows:
Section 1.    Guaranty.  Each Guarantor hereby absolutely, irrevocably and unconditionally guaranties the due and punctual payment and performance when due and payable, whether at stated maturity, by acceleration or otherwise, of all of the following (collectively referred to as the “Guarantied Obligations”): (a) all Obligations, and liabilities of whatever nature, whether now existing or hereafter incurred, owing by the Borrower to any Credit Party under or in connection with the Credit Agreement and any other Loan Document, including without limitation, the repayment of all principal of the Revolving Loans, Swingline Loans and the reimbursement obligations under Section 2.06(e) of the Credit Agreement (the “Reimbursement Obligations”), and the payment of all interest, including, without limitation, interest accruing after the commencement of a proceeding under bankruptcy, insolvency, or similar laws of any jurisdiction at the rate or rates provided in the loan documents, fees, charges, expenses, indemnification, attorneys' fees and other amounts payable to any Credit Party thereunder or in connection therewith whether created directly or acquired by the Credit Parties by assignment or otherwise, whether matured or unmatured and whether 

absolute or contingent; (b) any and all extensions, renewals, modifications, amendments or substitutions of the foregoing; (c) all reasonable expenses, including, without limitation, reasonable attorneys' fees and disbursements, that are incurred by the Credit Parties in the enforcement of any of the foregoing or any obligation of such Guarantor hereunder; and (d) all other Obligations.
Section 2.    Guaranty of Payment and Not of Collection.  This Guaranty is a guaranty of payment and performance, and not of collection, and a debt of each Guarantor for its own account.  Accordingly, none of the Credit Parties shall be obligated or required before enforcing this Guaranty against any Guarantor: (a)  to pursue any right or remedy any of them may have against the Borrower, any other Guarantor or any other Person or commence any suit or other proceeding against the Borrower, any other Guarantor or any other Person in any court or other tribunal; (b) to make any claim in a liquidation or bankruptcy of the Borrower, any other Guarantor or any other Person; or (c) to make demand of the Borrower, any other Guarantor or any other Person or to enforce or seek to enforce or realize upon any collateral security held by a Credit Party which may secure any of the Guarantied Obligations.
Section 3.    Guaranty Absolute.  Each Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the documents evidencing the same, regardless of any applicable law now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Credit Parties with respect thereto.  The liability of each Guarantor under this Guaranty shall be absolute, irrevocable and unconditional in accordance with its terms and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever, including without limitation, the following (whether or not such Guarantor consents thereto or has notice thereof):
(a)  (i) any change in the amount, interest rate or due date or other term of any of the Obligations, (ii) any change in the time, place or manner of payment of all or any portion of the Obligations, (iii) any amendment or waiver of, or consent to the departure from or other indulgence with respect to, the Credit Agreement, any other Loan Document, or any other document or instrument evidencing or relating to any Guarantied Obligations, or (iv) any waiver, renewal, extension, addition, or supplement to, or deletion from, or any other action or inaction under or in respect of, the Credit Agreement, any of the other Loan Documents, or any other documents, instruments or agreements relating to the Guarantied Obligations or any other instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing;
(b)    any illegality, lack of validity or enforceability of the Credit Agreement, any of the other Loan Documents, or any other document, instrument or agreement referred to therein or evidencing any Guarantied Obligations or any assignment or transfer of any of the foregoing;
(c)    any furnishing to a Credit Party of any security for the Guarantied Obligations, or any sale, exchange, release or surrender of, or realization on, any collateral securing any of the Obligations;
(d)    any settlement or compromise of any of the Guarantied Obligations, any security therefor, or any liability of any other party with respect to the Guarantied Obligations, or any subordination of the payment of the Guarantied Obligations to the payment of any other liability of the Borrower or any other obligor;
(e)    any act or failure to act by the Borrower, any other obligor or any other Person which may adversely affect such Guarantor's subrogation rights, if any, against the Borrower to recover payments made under this Guaranty;

(f)    any nonperfection or impairment of any security interest or other Lien on any collateral, if any, securing in any way any of the Obligations;
(g)    any application of sums paid by the Borrower, any other Guarantor or any other Person with respect to the liabilities of the Credit Parties, regardless of what liabilities of the Borrower remain unpaid;
(h)    to the fullest extent permitted by law, any statute of limitations in any action hereunder or for the collection of the Notes or the Reimbursement Obligations or for the payment or performance of the Guarantied Obligations;
(i)    the incapacity or lack of authority of Borrower or any Guarantor or any other person or entity;
(j)    the dissolution or termination of existence of the Borrower, any Guarantor or any other Person;
(k)    the voluntary or involuntary liquidation, sale or other disposition of all or substantially all of the assets of the Borrower or any other Person;
(l)    the voluntary or involuntary receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, assignment, composition, or readjustment of, or any similar proceeding affecting, the Borrower or any Guarantor or any other person, or any of the Borrower's or any Guarantor's or any other Person's or entity's properties or assets;
(m)    the damage, destruction, condemnation, foreclosure or surrender of all or any part of any Property or any of the improvements located thereon;
(n)    the failure of a Credit Party to give notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any action or nonaction on the part of any other person whomsoever in connection with any Guarantied Obligation;
(o)    any failure or delay of a Credit Party to commence an action against the Borrower or any other Person, to assert or enforce any remedies against the Borrower under the Notes or the Loan Documents, or to realize upon any security;
(p)    any failure of any duty on the part of a Credit Party to disclose to any Guarantor any facts it may now or hereafter know regarding the Borrower, any other Person or the Properties or any of the improvements located thereon, whether such facts materially increase the risk to Guarantors or not;
(q)    failure to accept or give notice of acceptance of this Guaranty by the Credit Parties;
(r)    other than as expressly required hereunder, the failure to make or give notice of presentment and demand for payment of any of the indebtedness or performance of any of the Guarantied Obligations;
(s)    other than as expressly required hereunder, the failure to make or give protest and notice of dishonor or of default to Guarantors or to any other party with respect to the indebtedness or performance of the Guarantied Obligations;
(t)    except as otherwise specifically provided in this Guaranty, any and all other notices whatsoever to which Guarantors might otherwise be entitled;
(u)    any lack of diligence by the Credit Parties in collection, protection or realization upon any collateral securing the payment of the indebtedness or performance of the Guarantied Obligations;

(v)    the compromise, settlement, release or termination of any or all of the obligations of the Borrower under the Notes or the Loan Documents;
(w)    any transfer by the Borrower or any other Person of all or any part of the security encumbered by the Loan Documents;
(x)    claims or rights of set-off defense or counterclaim whatsoever, whether based in contract, tort, or any other theory, that any Guarantor may have provided, however, that the foregoing shall not be deemed a waiver of any Guarantor's right to assert any compulsory counterclaim, if such counterclaim is compelled under local law or rule of procedure, nor shall the foregoing be deemed a waiver of any Guarantor's right to assert any claim which would constitute a defense, setoff, counterclaim or crossclaim of any nature whatsoever against Agent or any Lender in any separate action or proceeding;
(y)    any law, regulation, decree or order of any jurisdiction or any event affecting any provision of the Guarantied Obligations; or
(z)    to the fullest extent permitted by law, any other legal, equitable or surety defenses whatsoever to which the Guarantors might otherwise be entitled or any other circumstances which might otherwise constitute a discharge of a Guarantor (other than indefeasible payment in full or as to a Guarantor, a release of such Guarantor pursuant to and as provided in the Credit Agreement or as approved by all of the Lenders), it being the intention that the obligations of the Guarantors hereunder are absolute, unconditional and irrevocable.
Section 4.    Action with Respect to Guarantied Obligations.  The Credit Parties may, at any time and from time to time, without the consent of, or notice to, any Guarantor, and without discharging any Guarantor from its obligations hereunder, take any and all actions described in Section 3 hereof and may otherwise: (a) amend, modify, alter or supplement the terms of any of the Obligations, including, but not limited to, extending or shortening the time of payment of any of the Obligations or changing the interest rate that may accrue on any of the Obligations; (b) amend, modify, alter or supplement the Credit Agreement or any other Loan Document; (c) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations; (d) release any other obligor or other Person liable in any manner for the payment or collection of the Guarantied Obligations; (e) exercise, or refrain from exercising, any rights against the Borrower, any other Guarantor or any other Person; and (f) apply any sum, by whomsoever paid or however realized, to the Guarantied Obligations in such order as the Agent shall elect.
Section 5.    Representations and Warranties.  Each Guarantor hereby makes to the Credit Parties all of the representations and warranties made by the Borrower expressly with respect to such Guarantor in the Credit Agreement and the other Loan Documents, as if the same were set forth herein in full.  In addition to making all of the representations and warranties made by the Borrower with respect to each Guarantor in the Credit Agreement, each  Guarantor represents and warrants that: (a) this Guaranty: (i) has been authorized by all necessary limited partnership or limited liability company action of such Guarantor; (ii) (A) does not conflict with or result in a breach of, or constitute a default under, any agreement or other instrument to which any Guarantor is a party; and (B) does not violate any applicable law applicable to such Guarantor; (iii) does not require approval from any Governmental Authority relating to any Guarantor; and (iv) is the legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms except to the extent that enforcement may be limited by applicable bankruptcy, insolvency and other similar laws affecting creditor's rights generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein may be limited by equitable principles generally; and (b) in executing and delivering this Guaranty, such Guarantor has (i) without reliance on the Credit Parties or any information received from the Credit Parties and based upon 

such documents and information it deems appropriate, made an independent investigation of the transactions contemplated hereby and the Borrower, the Borrower's business, assets, operations, prospects and condition, financial or otherwise, and any circumstances which may bear upon such transactions, the Borrower or the obligations and risks undertaken herein with respect to the Guarantied Obligations; (ii) adequate means to obtain from the Borrower on a continuing basis information concerning the Borrower; (iii) has full and complete access to the Credit Agreement and the other Loan Documents; and (iv) not relied and will not rely upon any representations or warranties of the Credit Parties not embodied herein or any acts heretofore or hereafter taken by the Credit Parties (including but not limited to any review by the Credit Parties of the affairs of the Borrower).  All representations and warranties made under this Guaranty shall be deemed to be made at and as of the date of this Guaranty, the Effective Date and the date of the occurrence of the making of any Loan, or the issuance of any Letter of Credit, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically permitted hereunder or under the Credit Agreement.
Section 6.    Covenants.  Each Guarantor will perform and comply with all covenants applicable to such Guarantor, or which the Borrower is required to cause such Guarantor to comply with under the terms of the Credit Agreement or any of the other Loan Documents as if the same were more fully set forth herein.
Section 7.    Waiver.  Each Guarantor, to the fullest extent permitted by applicable law, hereby waives, other than as expressly required hereunder or under the Credit Agreement, notice of acceptance hereof or any presentment, demand, protest or notice of any kind, and any other act or thing, or omission or delay to do any other act or thing, which in any manner or to any extent might vary the risk of such Guarantor or which otherwise might operate to discharge such Guarantor from its obligations hereunder.  The Guarantor also waives the right to require the Agent to proceed first against the Borrower upon the Guarantied Obligations before proceeding against the Guarantor hereunder.  
Section 8.    Reinstatement of Guarantied Obligations.  If a claim is ever made on a Credit Party for repayment or recovery of any amount or amounts received in payment or on account of any of the Guarantied Obligations, and such Credit Party repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body of competent jurisdiction, or (b) any settlement or compromise of any such claim effected by such Credit Party with any such claimant (including the Borrower or a trustee in bankruptcy for the Borrower), then and in such event each Guarantor agrees that any such judgment, decree, order, settlement or compromise shall be binding on it, notwithstanding any revocation hereof, any release herefrom (except for a release in connection with the sale or mortgage of an Eligible Unencumbered Asset of such Guarantor), or the cancellation of the Credit Agreement, any of the other Loan Documents, or any other instrument evidencing any liability of the Borrower, this Guaranty shall continue to be effective or be reinstated and such Guarantor shall be and remain liable to the Credit Parties for the amounts so repaid or recovered to the same extent as if such amount had never originally been paid to such Credit Party.
Section 9.    Avoidance.    Without limiting the generality of the foregoing provisions, each Guarantor, and by its acceptance of this Guaranty, the Agent, for the benefit of the Credit Parties, hereby confirm that the parties intend that this Guaranty not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law (as defined below), the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or foreign law to the extent applicable to this Guaranty.  In furtherance of that intention, the liabilities of each Guarantor under this Guaranty (the “Liabilities”) shall be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other 

person with respect to the Liabilities, result in the Liabilities of such Guarantor under this Guaranty not constituting a fraudulent transfer or conveyance.  For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal, state or foreign law for the relief of debtors.   This paragraph with respect to the maximum liability of each Guarantor is intended solely to preserve the rights of the Agent, for the benefit of the Credit Parties, to the maximum extent not subject to avoidance under applicable law, and no Guarantor nor any other person or entity shall have any right or claim under this paragraph with respect to such maximum liability, except to the extent necessary so that the obligations of the Guarantor hereunder shall not be rendered voidable under applicable law.  Each Guarantor agrees that the Guarantied Obligations may at any time and from time to time exceed the maximum liability of such Guarantor without impairing this Guaranty or affecting the rights and remedies of the Agent on behalf of the Credit Parties, hereunder, provided that, nothing in this sentence shall be construed to increase any Guarantor's obligations hereunder beyond its maximum liability

Section 10.    No Contest with Credit Parties; Subordination.  So long as any Guarantied Obligation remains unpaid or undischarged, no Guarantor will, by paying any sum recoverable hereunder (whether or not demanded by any Credit Party) or by any means or on any other ground, claim any set-off or counterclaim against the Borrower in respect of any liability of any Guarantor to the Borrower or, in proceedings under federal bankruptcy law or insolvency proceedings of any nature, prove in competition with any Credit Party in respect of any payment hereunder or be entitled to have the benefit of any counterclaim or proof of claim or dividend or payment by or on behalf of the Borrower or the benefit of any other security for any obligation hereby guaranteed which, now or hereafter, any Credit Party may hold or in which it may have any share.  For so long as the Obligations remain outstanding, each Guarantor hereby expressly waives any right of contribution from or indemnity against the Borrower, whether at law or in equity, arising from any payments made by such Guarantor pursuant to the terms of this Guaranty, and each Guarantor acknowledges that such Guarantor has no right whatsoever to proceed against the Borrower for reimbursement of any such payments.  For so long as the Obligations remain outstanding, in connection with the foregoing, each Guarantor expressly waives any and all rights of subrogation to the Credit Parties against the Borrower, and each Guarantor hereby waives any rights to enforce any remedy which a Credit Party may have against the Borrower and any rights to participate in any collateral for the Borrower's obligations under the Loan Documents.  Each Guarantor hereby subordinates any and all indebtedness of the Borrower now or hereafter owed to such Guarantor to all indebtedness of the Borrower to the Credit Parties, and agrees with the Credit Parties that (a) such Guarantor shall not demand or accept any payment from the Borrower on account of such indebtedness, (b) such Guarantor shall not claim any offset or other reduction of such Guarantor's obligations hereunder because of any such indebtedness, and (c) such Guarantor shall not take any action to obtain any interest in any of the security described in and encumbered by the Loan Documents because of any such indebtedness; provided, however, that, if a Credit Party so requests, such indebtedness shall be collected, enforced and received by such Guarantor as trustee for the Credit Parties and be paid over to the Credit Parties on account of the indebtedness of the Borrower to the Credit Parties, but without reducing or affecting in any manner the liability of such Guarantor under the other provisions of this Guaranty except to the extent the principal amount of such outstanding indebtedness shall have been reduced by such payment.
Section 11.    Payments Free and Clear.  All sums payable by each Guarantor hereunder, whether of principal, interest, fees, expenses, premiums or otherwise, shall be paid in full, without set-off or counterclaim.  Any and all payments by or on account of any obligation of any Guarantor hereunder shall be made without deduction or withholding for any Taxes except as provided in Section 2.17 of the Credit Agreement.  
Section 12.    Set-off.  In addition to any rights now or hereafter granted under any of the other Loan Documents or applicable law and not by way of limitation of any such rights, each Guarantor hereby authorizes 

the Credit Parties, at any time during the continuance of an Event of Default, to set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by such Credit Party or any affiliate of such Credit Party, to or for the credit or the account of such Guarantor held at any of the offices of the Agent or J.P. Morgan Securities LLC, against and on account of any of the Guarantied Obligations, although such obligations shall be contingent or unmatured.  Each Lender agrees to notify the applicable Guarantor of any such set-off and application made by such Lender, provided, however, that the failure to give such notice shall not affect the validity of such set-off and application.  
Section 13.    Business Failure, Bankruptcy or Insolvency.  In the event of the business failure of any Guarantor or if there shall be pending any bankruptcy or insolvency case or proceeding with respect to any Guarantor under federal bankruptcy law or any other applicable law or in connection with the insolvency of any Guarantor, or if a liquidator, receiver, or trustee shall have been appointed for any Guarantor or any Guarantor's properties or assets, the Credit Parties may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of such Person allowed in any proceedings relative to such Guarantor, or any of such Guarantor's properties or assets, and, irrespective of whether the indebtedness or other obligations of the Borrower guaranteed hereby shall then be due and payable, by declaration or otherwise, the Credit Parties shall be entitled and empowered to file and prove a claim for the whole amount of any sums or sums owing with respect to the indebtedness or other obligations of the Borrower guaranteed hereby, and to collect and receive any moneys or other property payable or deliverable on any such claim.  Each Guarantor covenants and agrees that upon the commencement of a voluntary or involuntary bankruptcy proceeding by or against the Borrower, such Guarantor shall not seek a supplemental stay or otherwise pursuant to 11 U.S.C. §105 or any other provision of the Bankruptcy Reform Act of 1978, as amended, or any other debtor relief law (whether statutory, common law, case law, or otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may be or become applicable, to stay, interdict, condition, reduce or inhibit the ability of the Credit Parties to enforce any rights of such Person against such Guarantor by virtue of this Guaranty or otherwise.  If a Credit Party is prevented under applicable law or otherwise from demanding or accelerating payment of any of the Guarantied Obligations by reason of any automatic stay or otherwise, the Credit Parties shall be entitled to receive from each Guarantor, upon demand therefor, the sums which otherwise would have been due had such demand or acceleration occurred.
SECTION 14.     ADDITIONAL GUARANTORS; RELEASE OF GUARANTORS.  SECTION 5.11 OF THE CREDIT AGREEMENT PROVIDES THAT CERTAIN SUBSIDIARIES MUST BECOME GUARANTORS BY, AMONG OTHER THINGS, EXECUTING AND DELIVERING TO AGENT A COPY OF THIS GUARANTY.  ANY SUBSIDIARY WHICH EXECUTES AND DELIVERS TO THE AGENT THIS GUARANTY SHALL BE A GUARANTOR FOR ALL PURPOSES HEREUNDER.  UNDER CERTAIN CIRCUMSTANCES DESCRIBED IN SECTION 5.10 OF THE CREDIT AGREEMENT, CERTAIN SUBSIDIARIES MAY OBTAIN FROM THE AGENT A WRITTEN RELEASE FROM THIS GUARANTY PURSUANT TO THE PROVISIONS OF SUCH SECTION, AND UPON OBTAINING SUCH WRITTEN RELEASE, ANY SUCH SUBSIDIARY SHALL NO LONGER BE A GUARANTOR HEREUNDER.  EACH OTHER GUARANTOR CONSENTS AND AGREES TO ANY SUCH RELEASE AND AGREES THAT NO SUCH RELEASE SHALL AFFECT ITS OBLIGATIONS HEREUNDER.
Section 15.    Information.  Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition of the Borrower and the other Guarantors, and of all other circumstances bearing upon the risk of nonpayment of any of the Guarantied Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Credit Parties shall have any duty whatsoever to advise any Guarantor of information regarding such circumstances or risks.

SECTION 16.  GOVERNING LAW.  TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES THERETO HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS GUARANTY.  THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-4101 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
Section 17.     WAIVER OF JURY TRIAL; ETC.
(a)    EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OTHER CREDIT PARTY WOULD BE BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES.  ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE CREDIT PARTIES AND EACH GUARANTOR HEREBY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWER, THE AGENT OR ANY OTHER CREDIT PARTY OF ANY KIND OR NATURE.  TO THE EXTENT THAT ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), SUCH GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTY.

(b)    EACH OF THE GUARANTORS, THE AGENT AND EACH OTHER CREDIT PARTY HEREBY IRREVOCABLY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT COURT LOCATED IN THE BOROUGH OF MANHATTAN IN NEW YORK, NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG ANY GUARANTOR, THE AGENT OR ANY OTHER CREDIT PARTY, PERTAINING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE LOANS, THE LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM.  EACH GUARANTOR AND EACH CREDIT PARTY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED IN SUCH COURTS.  EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT FORUM AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME.  THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY OTHER CREDIT PARTY OR THE ENFORCEMENT BY THE AGENT OR ANY OTHER CREDIT PARTY OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION.

(c)    THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS AND THE TERMINATION OF THIS GUARANTY.

Section 18.    Loan Accounts.  Each Credit Party may maintain books and accounts setting forth the amounts of principal, interest and other sums paid and payable with respect to the Guarantied Obligations, and in the case of any dispute relating to any of the outstanding amount, payment or receipt of any of the Guarantied Obligations or otherwise, the entries in such books and accounts shall be deemed prima facie evidence of the amounts and other matters set forth herein absent manifest error.  The failure of a Credit Party to maintain such books and accounts shall not in any way relieve or discharge any Guarantor of any of its obligations hereunder.
Section 19.    Waiver of Remedies.  No delay or failure on the part of a Credit Party in the exercise of any right or remedy it may have against any Guarantor hereunder or otherwise shall operate as a waiver thereof, and no single or partial exercise by a Credit Party of any such right or remedy shall preclude any other or further exercise thereof or the exercise of any other such right or remedy.  The remedies provided in this guaranty are not cumulative.  
Section 20.    Termination.  This Guaranty shall remain in full force and effect until indefeasible payment in full of the Guarantied Obligations, the cancellation of all Letters of Credit and the other Obligations and the termination or cancellation of the Credit Agreement in accordance with its terms, at which time this Guaranty shall automatically terminate and the Agent shall deliver evidence of such termination as such Guarantor may reasonably request.
Section 21.    Successors and Assigns.  Each reference herein to the Agent or the other Credit Parties shall be deemed to include such Person's respective successors and assigns (including, but not limited to, any holder of the Guarantied Obligations) in accordance with, and subject to, the terms and conditions of the Credit Agreement, in whose favor the provisions of this Guaranty also shall inure, and each reference herein to each Guarantor shall be deemed to include such Guarantor's permitted successors and assigns, upon whom this Guaranty also shall be binding.  The Lenders, the Issuing Bank and the Swingline Lender may, in accordance with, and subject to, the applicable provisions of the Credit Agreement, assign, transfer or sell any Guarantied Obligation, or grant or sell participations in any Guarantied Obligations, to any Person without the consent of, or notice to, any Guarantor and without releasing, discharging or modifying any Guarantor's obligations hereunder.  Each Guarantor hereby consents to the delivery by the Agent or any Lender to any permitted assignee or Participant (or any prospective assignee or Participant) of any financial or other information regarding the Borrower or any Guarantor.  No Guarantor may assign or transfer its obligations hereunder to any Person without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders have not so consented shall be null and void.
Section 22.    JOINT AND SEVERAL OBLIGATIONS.  THE OBLIGATIONS OF THE GUARANTORS HEREUNDER SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH GUARANTOR CONFIRMS THAT IT IS LIABLE FOR THE FULL AMOUNT OF THE “GUARANTIED OBLIGATIONS” AND ALL OF THE OBLIGATIONS AND LIABILITIES OF EACH OF THE OTHER GUARANTORS HEREUNDER.
Section 23.    Amendments.  This Guaranty may not be amended except in writing signed by the Required Lenders (or all of the Lenders if required under the terms of the Credit Agreement), the Agent and each Guarantor; provided that the consent of the Required Lenders shall not be required for the addition of any Guarantor pursuant to Section 14 hereof or the release of any Guarantor in accordance with Section 5.10 of the Credit Agreement.
Section 24.    Payments.  All payments to be made by any Guarantor pursuant to this Guaranty shall be made in Dollars, in immediately available funds to the Agent, not later than 3:00 p.m., New York City 

time, on the date of demand therefor; provided, however, that for any request received after 1:00 p.m., New York City time, such payment shall be made by 12:00 p.m., New York City time, on the following Business Day.
Section 25.    Expenses.  The Guarantors shall reimburse the Agent on demand for all costs, expenses and charges (including without limitation reasonable fees and charges of external legal counsel for the Agent and costs allocated by its internal legal department) incurred by the Agent in connection with the preparation, performance or enforcement of this Guaranty.  The obligations of the Guarantors under this Section shall survive the termination of this Guaranty.
Section 26.    Notices.  All notices and other communications provided for herein shall be in writing and shall be delivered by hand or nationally recognized overnight courier service, mailed by certified or registered mail or sent by telecopy (and confirmed by another form of permitted delivery) and shall be given (a) to each Guarantor at its address set forth below its signature hereto, (b) to the Agent, any Lender, the Issuing Bank or the Swingline Lender at its respective address for notices provided for in the Credit Agreement, or (c) as to each such party at such other address as such party shall designate in a written notice to the other parties.  Each such notice, request or other communication shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted; or (iii) if hand delivered, when delivered; provided, however, that any notice of a change of address for notices shall not be effective until received.
Section 27.    Severability.  In case any provision of this Guaranty shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 28.    Headings.  Section headings used in this Guaranty are for convenience only and shall not affect the construction of this Guaranty.
Section 29.    Limitation of Liability.  Neither the Agent, any other Credit Party nor any affiliate, officer, director, employee, attorney, or agent of such Persons, shall have any liability with respect to, and each Guarantor hereby waives, releases, and agrees not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by a Guarantor in connection with, arising out of, or in any way related to, this Guaranty or any of the other Loan Documents, or any of the transactions contemplated by this Guaranty, the Credit Agreement or any of the other Loan Documents.  Each Guarantor hereby waives, releases, and agrees not to sue the Agent, any other Credit Party or any of such Person's affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Guaranty, the Credit Agreement or any of the other Loan Documents, or any of the transactions contemplated by Credit Agreement or financed thereby.
Section 30.    Counterparts; Integration; Effectiveness.  This Guaranty may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Guaranty sets forth the entire understanding of the Guarantors and the Credit Parties relating to the guarantee of the Guarantied Obligations and constitutes the entire contract between the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Guaranty shall become effective when it shall have been executed and delivered by the Guarantors to the Agent.  Delivery of an executed signature page of this Guaranty by telecopy or other acceptable form of electronic transmission shall be effective as delivery of a manually executed signature page of this Guaranty.
Section 31.    Non-Recourse.  The provisions of Section 9.17 of the Credit Agreement are incorporated herein by reference and made a part of this Guaranty as if set forth herein in full.  

Section 32.    Definitions.  Capitalized terms used herein that are not otherwise defined herein shall have the meanings given them in the Credit Agreement.

[Signatures Begin on Next Page]

	
			
	DOLPHIN MALL ASSOCIATES LLC, as a Guarantor

	By:
	/s/ Simon Leopold
	 

	Name:
	Simon Leopold
	 

	Title:
	Authorized Signatory
	 

	 
	 
	 

	Address
	200 E. Long Lake Rd.
	 

	 
	Suite 300
	 

	 
	Bloomfield Hills, MI 48304
	 

	 
	 
	 

	 
	 
	 

	FAIRLANE TOWN CENTER LLC, as a Guarantor

	By:
	/s/ Simon Leopold
	 

	Name:
	Simon Leopold
	 

	Title:
	Authorized Signatory
	 

	 
	 
	 

	Address
	200 E. Long Lake Rd.
	 

	 
	Suite 300
	 

	 
	Bloomfield Hills, MI 48304
	 

	 
	 
	 

	 
	 
	 

	TWELVE OAKS MALL, as a Guarantor

	By:
	/s/ Simon Leopold
	 

	Name:
	Simon Leopold
	 

	Title:
	Authorized Signatory
	 

	 
	 
	 

	Address
	200 E. Long Lake Rd.
	 

	 
	Suite 300
	 

	 
	Bloomfield Hills, MI 48304
	 

	 
	 
	 

	
			
	WILLOW BEND SHOPPING CENTER LIMITED PARTNERSHIP, as a Guarantor

	By:
	/s/ Simon Leopold
	 

	Name:
	Simon Leopold
	 

	Title:
	Authorized Signatory
	 

	 
	 
	 

	Address
	200 E. Long Lake Rd.
	 

	 
	Suite 300
	 

	 
	Bloomfield Hills, MI 48304
	 

	 
	 
	 

	 
	 
	 

	
			
	JPMORGAN CHASE BANK, N.A., as 
Administrative Agent

	By:
	/s/ David C. Weislogel
	 

	Name:
	David C. WeislogelExhibit 10.36

 

CIT Group Inc.

Long-Term Incentive Plan

Restricted Stock Unit Award Agreement

Effective as of the “Date of
Award” (as such term is defined in the “Award Summary” that was delivered to the Participant by the
Company), this Award Agreement sets forth the grant of Restricted Stock Units (“RSUs”) by CIT Group Inc., a
Delaware corporation (the “Company”), to the Participant named in the Award Summary, pursuant to the provisions
of the Amended and Restated CIT Group Inc. Long-Term Incentive Plan (the “Plan”). This Award Agreement memorializes
the terms and conditions as approved by the Compensation Committee of the Board (the “Committee”). All capitalized
terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.

The parties hereto agree as follows:

(A)             
Grant of RSUs. The Company hereby grants to the Participant
the number of RSUs set forth in the Award Summary, effective as of the Date of Award and subject to the terms and conditions of
the Plan and this Award Agreement. Each RSU represents the unsecured right to receive one Share in the future following the vesting
of the RSU in accordance with this Award Agreement. The Participant shall not be required to pay any additional consideration for
the issuance of the Shares upon settlement of the RSUs.

(B)             
Vesting and Settlement of RSUs.

(1)             
Subject to the Participant’s continued employment with the Company
and/or its Affiliates (the “Company Group”) from the Date of Award until the applicable “Vesting Date”
(as defined in the Award Summary) and compliance with, and subject to, the terms and conditions of this Award Agreement, the RSUs
shall vest as set forth in the Award Summary.

(2)             
Each vested RSU shall be settled through the delivery of one Share
within thirty (30) days following the applicable Vesting Date (a “Settlement Date”), provided that any fractional
Share shall vest and be settled on the last Vesting Date and Settlement Date, respectively.

(3)             
The Shares delivered to the Participant on the applicable Settlement
Date (or such date determined in accordance with Section (C) or (D)) shall not be subject to transfer restrictions and shall be
fully paid, non-assessable and registered in the Participant’s name.

(4)             
If, after the Date of Award and prior to the applicable Vesting Date,
dividends with respect to Shares are declared or paid by the Company, the Participant shall be credited with, and entitled to receive,
dividend equivalents in an amount, without interest, equal to the cumulative dividends declared or paid on a Share, if any, during
such period multiplied by the number of unvested RSUs. Unless otherwise determined by the Committee, dividend equivalents paid
in cash shall not be reinvested in Shares and shall remain uninvested. The dividend equivalents credited in respect of vested RSUs
shall be paid in cash or Shares, as applicable, on the Settlement Date.

(5)             
Except for Participants who are tax residents of Canada, in the sole
discretion of the Committee and notwithstanding any other provision of this Award Agreement to the contrary, in lieu of the delivery
of Shares, the RSUs and any dividend equivalents payable in Shares may be settled through a payment in cash equal to the Fair Market
Value of the applicable number of Shares, determined on the applicable Vesting Date or, in the case of settlement in accordance
with Section (C)(1) or (D), the date of the Participant’s “Separation from Service” (within the meaning
of the Committee’s established methodology for determining “Separation from Service” for purposes of Section
409A (as defined below)) or the date of Disability, as applicable. Settlement under this Section (B)(5) shall be made at the time
specified under Sections (B)(2), (B)(4), (C)(1), (C)(2) or (D), as applicable.

(C)             
Separation from Service.

(1)             
If, after the Date of Award and prior to an applicable Settlement Date,
the Participant incurs a Disability (as defined below) or a Separation from Service from the Company Group due to death, each RSU,
to the extent unvested, shall vest immediately and shall settle through the delivery of one Share within thirty (30) days following
the Participant’s Disability or Separation from Service due to death. The Participant (or the Participant’s beneficiary
or legal representative, if applicable) shall also be entitled to receive all credited and unpaid dividend equivalents at the time
the RSUs are settled in accordance with this Section (C)(1). “Disability” shall have the same meaning as defined
in the Company’s applicable long-term disability plan or policy last in effect prior to the first date the Participant suffers
from such Disability; provided, however, for a Participant that is a US taxpayer at any time during the period the
RSUs vest and become settled hereunder and to the extent a “Disability” event does not also constitute a “Disability”
as defined in Section 409A, such Disability event shall not constitute a Disability for purposes of this Section (C)(1).

 

 

 

 

(2)             
If, after the Date of Award and prior to an applicable Settlement Date,
the Participant incurs a Separation from Service due to the Participant’s Retirement (as defined below) or initiated by the
Company and not involving circumstances that would otherwise constitute a Non-RIF Termination (as defined below), and , subject
to the terms and conditions of the Plan and this Award Agreement, including Section (L) below, the RSUs (and any credited and unpaid
dividend equivalents), to the extent unvested as of such Separation from Service, shall continue to vest and be settled on the
applicable Vesting Date and Settlement Date in accordance with Sections (B)(1) and (B)(2) above, unless such continued vesting
and settlement of RSUs (and dividend equivalents) following the Participant’s Separation from Service is prohibited or limited
by applicable law and/or regulation. “Retirement” is defined as either (i) the Participant’s election
to retire upon or after attaining his or her “Normal Retirement Age”; or (ii) the Participant’s election
to retire upon (A) completing at least a 10-year “Period of Benefit Service” and (B) having either (1) attained
age 55, or (2) incurred an “Eligible Termination” and, at the time of such “Eligible Termination,”
having attained age 54. The terms “Normal Retirement Age,” “Period of Benefit Service” and
“Eligible Termination” shall have the meaning as defined in the CIT Group Inc. Retirement Plan, effective January
1, 2007, as amended from time to time (the “Retirement Plan”). A “Non-RIF Termination” shall
have the meaning attributed to it in the Company’s Employee Severance Plan, as amended from time to time (the “Employee
Severance Plan”). The definitions of Retirement, Normal Retirement Age, Period of Benefit Service, Eligible Termination
and Non-RIF Termination are applicable irrespective of whether the Participant is eligible to participate in the Retirement Plan
and/or the Employee Severance Plan.

(3)             
If, prior to an applicable Vesting Date, the Participant’s employment
with the Company Group terminates for any reason other than as set forth in Section (C)(1), (C)(2) or (D), the unvested RSUs shall
be cancelled immediately and the Participant shall immediately forfeit any rights to, and shall not be entitled to receive any
payments with respect to, the RSUs including, without limitation, dividend equivalents pursuant to Section (B)(4).

(D)            
Change of Control. Notwithstanding any provision contained
in the Plan or this Award Agreement to the contrary, if, prior to an applicable Settlement Date, a Change of Control occurs and
within two years of such Change of Control the Participant incurs a Separation from Service (i) initiated by the Company and not
involving circumstances that would otherwise constitute a Non-RIF Termination or (ii) initiated by the Participant for “Good
Reason” (as defined below), the RSUs (and any credited and unpaid dividend equivalents), to the extent unvested, shall vest
upon such Separation from Service and be settled within thirty (30) days following such Separation from Service, unless such accelerated
vesting and settlement of RSUs (and dividend equivalents) following the Participant’s Separation from Service is prohibited
or limited by applicable law and/or regulation. “Good Reason” shall mean, without the Participant’s consent,
a material diminution of the Participant’s (x) base salary and incentive compensation opportunity (except in the event of
a compensation reduction applicable to the Participant and other employees of comparable rank and/or status) or (y) duties and
responsibilities (except a temporary reduction while the Participant is physically or mentally incapacitated or a modification
in the duties and/or responsibilities of the Participant and other employees of comparable rank and/or status following a Control
of Control), provided, that a Separation from Service for Good Reason shall not occur unless (A) the Participant has provided the
Company written notice specifying in detail the alleged condition of Good Reason within thirty (30) days of the occurrence of such
condition; (B) the Company has failed to cure such alleged condition within ninety (90) days following the Company’s receipt
of such written notice; and (C) if the Committee (or its designee) has determined that the Company has failed to cure such alleged
condition, the Participant initiates a Separation from Service within five (5) days following the end of such 90-day cure period.

(E)             
Transferability. The RSUs are not transferable other
than by last will and testament, by the laws of descent and distribution pursuant to a domestic relations order, or as otherwise
permitted under Section 12 of the Plan.

(F)             
Incorporation of Plan. The Plan includes terms and conditions
governing all Awards granted thereunder and is incorporated into this Award Agreement by reference unless specifically stated herein.
This Award Agreement and the rights of the Participant hereunder are subject to the terms and conditions of the Plan, as amended
from time to time and as supplemented by this Award Agreement, and to such rules and regulations as the Committee may adopt under
the Plan. If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the Plan’s terms
shall supersede and replace the conflicting terms of this Award Agreement.

(G)             
No Entitlements.

(1)            
Neither the Plan nor the Award Agreement confer on the
Participant any right or entitlement to receive compensation, including, without limitation, any base salary or incentive compensation,
in any specific amount for any future fiscal year (including, without limitation, any grants of future Awards under the Plan),
nor impact in any way the Company Group’s determination of the amount, if any, of the Participant’s base salary or
incentive compensation. This Award of RSUs made under this Award Agreement is completely independent of any other Awards or grants
and is made at the sole discretion of the Company. The RSUs do not constitute salary, wages, regular compensation, recurrent compensation,
pensionable compensation or contractual compensation for the year of grant or any prior or later years and shall not be included
in, nor have any effect on or be deemed earned in any respect, in connection with the determination of employment-related rights
or benefits under law or any employee benefit plan or similar arrangement provided by the Company Group (including, without limitation,
severance, termination of employment and pension benefits), unless otherwise specifically provided for under the terms of such
plan or arrangement or by the Company Group. The benefits provided pursuant to the RSUs are in no way secured, guaranteed or warranted
by the Company Group.

 

2

 

 

(2)             
The RSUs are awarded to the Participant by virtue of the Participant’s
employment with, and services performed for, the Company Group. The Plan or the Award Agreement does not constitute an employment
agreement. Nothing in the Plan or the Award Agreement shall modify the terms of the Participant’s employment, including,
without limitation, the Participant’s status as an “at will” employee of the Company Group, if applicable.

(3)             
Subject to any applicable employment agreement, the Company reserves
the right to change the terms and conditions of the Participant’s employment, including the division, subsidiary or department
in which the Participant is employed. None of the Plan or the Award Agreement, the grant of RSUs, nor any action taken or omitted
to be taken under the Plan or the Award Agreement shall be deemed to create or confer on the Participant any right to be retained
in the employ of the Company Group, or to interfere with or to limit in any way the right of the Company Group to terminate the
Participant’s employment at any time. Moreover, the Separation from Service provisions set forth in Section (C) or (D), as
applicable, only apply to the treatment of the RSUs in the specified circumstances and shall not otherwise affect the Participant’s
employment relationship. By accepting this Award Agreement, the Participant waives any and all rights to compensation or damages
in consequence of the termination of the Participant’s office or employment for any reason whatsoever to the extent such
rights arise or may arise from the Participant’s ceasing to have rights under, or be entitled to receive payment in respect
of, any unvested RSUs that are cancelled or forfeited as a result of such termination, or from the loss or diminution in value
of such rights or entitlements, including by reason of the operation of the terms of the Plan, this Award Agreement or the provisions
of any statute or law to taxation. This waiver applies whether or not such termination amounts to a wrongful discharge or unfair
dismissal.

(H)            
No Rights as a Stockholder. The Participant will
have no rights as a stockholder with respect to Shares covered by this Award Agreement (including voting rights) until the date
the Participant or his nominee becomes the holder of record of such Shares on an applicable Settlement Date or as provided in Section
(C) or (D), if applicable.

(I)             
Securities Representation. The grant of the RSUs and
issuance of Shares upon vesting of the RSUs shall be subject to, and in compliance with, all applicable requirements of federal,
state or foreign securities law. No Shares may be issued hereunder if the issuance of such Shares would constitute a violation
of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange
or market system upon which the Shares may then be listed. As a condition to the settlement of the RSUs, the Company may require
the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable
law or regulation.

The Shares are being issued to the
Participant and this Award Agreement is being made by the Company in reliance upon the following express representations and warranties
of the Participant. The Participant acknowledges, represents and warrants that:

(1)          He or
she has been advised that he or she may be an “affiliate” within the meaning of Rule 144 under the Securities Act of
1933, as amended (the “Act”), and in this connection the Company is relying in part on his or her representations
set forth in this section (I)(1); and

(2)          If he
or she is deemed an affiliate within the meaning of Rule 144 of the Act, the Shares must be held indefinitely unless an exemption
from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer
prospectus”) with regard to such Shares and the Company is under no obligation to register the Shares (or to file a “re-offer
prospectus”).

(3)          If he
or she is deemed an affiliate within the meaning of Rule 144 of the Act, he or she understands that the exemption from registration
under Rule 144 will not be available unless (i) a public trading market then exists for the Shares of the Company, (ii) adequate
information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any exemption
therefrom are complied with; and that any sale of the Shares may be made only in limited amounts in accordance with such terms
and conditions.

(J)             
Notices. Any notice or communication given hereunder
shall be in writing and shall be deemed to have been duly given when delivered in person or mailed by certified mail, postage and
fees prepaid, or internationally recognized express mail service, as follows:

If to the Company, to:

CIT Group Inc.

1 CIT Drive

Livingston, New Jersey 07039

Attention: Senior Vice President, Compensation and Benefits

If to the Participant, to the address on file with the Company
Group.

 

(K)             
Transfer of Personal Data. In order to facilitate
the administration of this Award, it will be necessary for the Company Group to collect, hold, and process certain personal information
about the Participant. As a condition of accepting this Award, the Participant authorizes, agrees and unambiguously consents to
the Company Group collecting, using, disclosing, holding and

 

3

 

 

                  
processing personal data and transferring such data to third parties
(collectively, the “Data Recipients”) for the primary purpose of the Participant’s participation in, and
the general administration of, the Plan and to the transmission by the Company Group of any personal data information related to
the RSUs awarded under this Award Agreement, as required in connection with the Participant’s participation in the Plan (including,
without limitation, the administration of the Plan) out of the Participant’s home country and including to countries with
less data protection than the data protection provided by the Participant’s home country. This authorization and consent
is freely given by the Participant. The Participant acknowledges that he/she has been informed that upon request, the Company will
provide the name or title and contact information for an officer or employee of the Company Group who is able to answer questions
about the collection, use and disclosure of personal data information.

(1)          The Data
Recipients will treat the Participant’s personal data as private and confidential and will not disclose such data for purposes
other than the management and administration of this Award and will take reasonable measures to keep the Participant’s personal
data private, confidential, accurate and current.

 

(2)          Where the
transfer is to a destination outside the country to which the Participant is employed, or outside the European Economic Area for
Participants employed by the Company Group in the United Kingdom or Ireland, the Company shall take reasonable steps to ensure
that the Participant’s personal data continues to be adequately protected and securely held. By accepting this Award, the
Participant acknowledges that personal information about the Participant may be transferred to a country that does not offer the
same level of data protection as the country in which the Participant is employed.

 

(L)                
Cancellation; Recoupment; Related Matters.

(1)             
In the event of a material restatement of the Company’s financial
statements, the Committee (or its designee) shall review those facts and circumstances underlying the restatement that the Committee
(or its designee) determines in its sole discretion as relevant (which may include, without limitation, the Participant’s
status and responsibility within the organization, any potential wrongdoing by the Participant and whether the restatement was
the result of negligence, intentional or gross misconduct or other conduct, including any acts or failures to act, detrimental
to the Company insofar as it caused material financial or reputational harm to the Company or its business activities), and the
Committee (or its designee), in its sole discretion, may direct the Company (i) to cancel any outstanding RSUs (whether or not
vested), and the Participant shall forfeit any rights to such cancelled RSUs and / or (ii) to recover from the Participant an amount
equal to the Fair Market Value (determined as of the Settlement Date) of the net number of Shares distributed to the Participant
pursuant to this Award Agreement within the 12 months immediately preceding the Committee’s determination. 

(2)              
In the event that the Committee (or its designee), in its sole discretion,
determines that this grant of RSUs was based, in whole or in part, on materially inaccurate financial or performance metrics for
any period preceding the granting of this Award, whether or not a financial restatement is required and whether or not the Participant
was responsible for the inaccuracy, then the Committee (or its designee), in its sole discretion, may direct the Company (i) to
cancel any outstanding RSUs (whether or not vested), and the Participant shall forfeit any rights to such cancelled RSUs, and /
or (ii) to recover from the Participant an amount equal to the Fair Market Value (determined as of the Settlement Date) of the
net number of Shares distributed to the Participant pursuant to this Award Agreement within the 12 months immediately preceding
the Committee’s determination.

(3)              
In the event that the Committee (or its designee), in its sole discretion,
determines at any time that the Participant has failed to comply with the Company’s risk policies or standards and/or failed
to properly identify, raise or assess, in a timely manner and as reasonably expected, risks and/or concerns with respect to risks
material to the Company or its business activities, then the Committee (or its designee), in its sole discretion, may direct the
Company (i) to cancel any outstanding RSUs (whether or not vested), and the Participant shall forfeit any rights to such cancelled
RSUs, and / or (ii) to recover from the Participant an amount equal to the Fair Market Value (determined as of the Settlement Date)
of the net number of Shares distributed to the Participant pursuant to this Award Agreement within the 12 months immediately preceding
the Committee’s determination.

(4)             
In the event that the Committee (or its designee), in its sole discretion,
determines at any time that the Participant has breached (i) any provisions relating to non-competition, non-solicitation, confidential
information or inventions or proprietary property in any employment agreement or other agreement in effect between the Participant
and the Company or an Affiliate or (ii) the provisions of Exhibit A during the Participant’s employment or the one
year period following the Participant’s Separation from Service from the Company Group, then the Committee (or its designee),
in its sole discretion, may direct the Company to cancel any then unvested RSUs, and the Participant shall forfeit any rights to
such unvested and cancelled RSUs.

(5)              
In the event the Committee (or its designee), in its sole discretion,
determines at any time that the Participant has engaged in “Detrimental Conduct” (as defined below) or violated any
of the Company Policies (as defined below) during the Participant’s employment, including if such determination is made following
the Participant’s termination of employment, then the Committee (or its designee), in its sole discretion, may direct the
Company (i) to cancel any outstanding RSUs (whether or not vested), and the Participant shall forfeit any rights to such cancelled
RSUs and / or (ii) to recover from the Participant an amount equal to the Fair Market Value (determined as of the Settlement Date)
of the net number of Shares distributed to the Participant pursuant to this Award Agreement within the 12 months 

 

4

 

 

                  
immediately preceding
the Committee’s determination. “Detrimental Conduct” shall mean: (i) any conduct that would constitute
“cause” under the Participant’s employment agreement or similar agreement with the Company or its Affiliates,
if any, or if the Participant’s employment has terminated and the Committee discovers thereafter that the Participant’s
employment could have been terminated for “cause” or as a Non-RIF Termination; (ii) the commission of a misdemeanor
involving moral turpitude or a felony; (iii) fraud, gross negligence, malfeasance or any act or failure to act that has caused
or may reasonably be expected to cause material injury to the Company Group; or (iv) a violation of
any federal or state securities or banking laws, any rules or regulations issued pursuant to such laws, or the rules and regulations
of any securities or exchange or association of which the Company or one of its Affiliates is a member. “Company Policies”
shall mean the Company policies in effect from time to time, including, without limitation, policies with respect to the
Company’s “Regulatory Credit Classifications” (as defined in the Company’s Annual Report on Form
10-K filed with the Securities Exchange Commission on February 29, 2012 (the “Form 10-K”)), and as amended from
time to time, and any credit risk policies in effect from time to time.

(6)             
Notwithstanding anything contained in the Plan or this Award Agreement
to the contrary, to the extent that the Company is required by law to include any additional recoupment, recovery or forfeiture
provisions to outstanding Awards, then such additional provisions shall also apply to this Award Agreement as if they had been
included as of the Date of Award and in the manner determined by the Committee in its sole discretion.

(7)             
The remedies provided for in this Award Agreement shall be cumulative
and not exclusive, and the Participant agrees and acknowledges that the enforcement by the Company of its rights hereunder shall
not in any manner impair, restrict or limit the right of the Company to seek injunctive and other equitable or legal relief under
applicable law or the terms of any other agreement between the Company and the Participant.

(M)             
Miscellaneous.

(1)             
It is expressly understood that the Committee is authorized to administer,
construe, and make all determinations necessary or appropriate to the administration of the Plan and this Award Agreement, all
of which shall be binding upon the Participant.

(2)             
The Board may at any time, or from time to time, terminate, amend,
modify or suspend the Plan, and the Board or the Committee may amend or modify this Award Agreement at any time; provided,
however, that, except as provided herein, no termination, amendment, modification or suspension shall materially and adversely
alter or impair the rights of the Participant under this Award Agreement, without the Participant’s written consent.

(3)             
This Award Agreement is intended to comply with, or be exempt from,
Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”), and accordingly,
to the maximum extent permitted, this Award Agreement shall be interpreted in a manner intended to be in compliance therewith.
In no event whatsoever shall the Company Group be liable for any additional tax, interest or penalty that may be imposed on the
Participant by Section 409A or any damages for failing to comply with Section 409A. If any provision of the Plan or the Award Agreement
would, in the sole discretion of the Committee, result or likely result in the imposition on the Participant, a beneficiary or
any other person of additional taxes or a penalty tax under Section 409A, the Committee may modify the terms of the Plan or the
Award Agreement, without the consent of the Participant, beneficiary or such other person, in the manner that the Committee, in
its sole discretion, may determine to be necessary or advisable to avoid the imposition of such penalty tax. Notwithstanding anything
to the contrary in the Plan or the Award Agreement, to the extent that the Participant is a “Specified Employee”
(within the meaning of the Committee’s established methodology for determining “Specified Employees” for
purposes of Section 409A), payment or distribution of any amounts with respect to the RSUs that are subject to Section 409A will
be made as soon as practicable following the first business day of the seventh month following the Participant’s Separation
from Service from the Company Group or, if earlier, the date of the Participant’s death. 

(4)             
Delivery of the Shares underlying the RSUs or payment in cash (if permitted
pursuant to Section (B)(5)) upon settlement is subject to the Participant satisfying all applicable federal, state, provincial,
local, domestic and foreign taxes and other statutory obligations (including, without limitation, the Participant’s FICA
obligation, National Insurance Contributions or Canada Pension Plan contributions, as applicable), provided, that any Participant
that is subject to tax regulation in the United Kingdom or Ireland shall also be subject to the provisions of Exhibit B
attached hereto, if applicable. The Company shall have the power and the right to (i) deduct or withhold from all amounts payable
to the Participant pursuant to the RSUs or otherwise, or (ii) require the Participant to remit to the Company, an amount sufficient
to satisfy any applicable taxes required by law. The Company may permit or require the Participant to satisfy, in whole or in part,
the tax obligations by withholding Shares that would otherwise be received upon settlement of the RSUs. 

(5)             
The Company may at any time place legends referencing any applicable
federal, state or foreign securities law restrictions on all certificates representing Shares issued pursuant to this Award Agreement.
The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing Shares
acquired pursuant to this Award Agreement in the possession of the Participant.

 

5

 

 

(6)             
This Award Agreement shall be subject to all applicable laws, rules,
guidelines and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required,
or the Committee determines are advisable, including but not limited to any applicable laws or the rules, codes or guidelines of
any statutory or regulatory body in any jurisdiction relating to the remuneration of any Participant (in each case as may be in
force from time to time). The Participant agrees to take all steps the Company determines are necessary to comply with all applicable
provisions of federal, state and foreign securities law in exercising his or her rights under this Award Agreement.

(7)             
Nothing in the Plan or this Agreement should be construed as providing
the Participant with financial, tax, legal or other advice with respect to the RSUs. The Company recommends that the Participant
consult with his or her financial, tax, legal and other advisors to provide advice in connection with the RSUs.

(8)             
All obligations of the Company under the Plan and this Award Agreement,
with respect to the Awards, shall be binding on any successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets
of the Company.

(9)             
To the extent not preempted by federal law, this Award Agreement shall
be governed by, and construed in accordance with, the laws of the State of Delaware.

(10)          
This Award Agreement may be executed in one or more counterparts, all
of which taken together shall constitute one contract.

(11)          
The Participant agrees that the Company may, to the extent permitted
by applicable law and as provided for in Section 17(g) of the Plan, retain for itself securities or funds otherwise payable to
the Participant pursuant to this Award Agreement, or any other Award Agreement under the Plan, to satisfy any obligation or debt
that the Participant owes the Company or its affiliates under any Award Agreement, the Plan or otherwise; provided that the Company
may not retain such funds or securities and set off such obligations or liabilities until such time as they would otherwise be
distributable to the Participant, and to the extent that Section 409A is applicable, such offset shall not exceed the maximum offset
then permitted under Section 409A.

(12)          
The Participant acknowledges that if he or she moves to another country
during the term of this Award Agreement, additional terms and conditions may apply and as provided for in Section 17(f) of the
Plan and the Company reserves the right to impose other requirements to the extent the Company determines it is necessary or advisable
in order to comply with local law or facilitate the administration of the Award Agreement. The Participant agrees to sign any additional
agreements or undertaking that may be necessary to accomplish the foregoing.

(13)          
The Participant acknowledges that he or she has reviewed the Company
Policies, understands the Company Policies and agrees to be subject to the Company Policies that are applicable to the Participant,
including, without limitation, the Regulatory Credit Classifications and any credit risk policies in effect from time to time.

(14)          
The Participant acknowledges that the Company is subject to certain
regulatory restrictions that may, under certain circumstances, prohibit the accelerated vesting and distribution of any unvested
RSUs as a result of, or following, a Participant’s Separation from Service.

(15)          
The Participant acknowledges that his or her participation in the Plan
as a result of this Award Agreement is further good and valuable consideration for the Participant’s obligations under any
non-competition, non-solicitation, confidentiality or similar agreement between the Participant and the Company.

(16)          
Neither this Award Agreement or the Shares that may be awarded hereunder
represent any right to the payment of earned wages, and the rights of the Participant with respect to any Shares remains fully
contingent and subject to the vesting and other terms and conditions of this Award Agreement.

(17)          
Any cash payment made pursuant to Section (B)(4) or (B)(5) of this
Award Agreement shall be calculated, where necessary, by reference to the prevailing U.S. dollar exchange rate on the proposed
payment date (as determined by the Committee in its sole discretion).

(N)            
Acceptance of Award. By accepting this Award of RSUs,
the Participant is agreeing to all of the terms contained in this Award Agreement, including the non-solicitation provision attached
hereto as Exhibit A and tax provisions attached hereto as Exhibit B (if applicable). The Participant may accept this
Award by indicating acceptance by e-mail or such other electronic means as the Company may designate in writing or by signing this
Award Agreement if the Company does not require acceptance by email or such other electronic means. If the Participant desires
to refuse the Award, the Participant must notify the Company in writing. Such notification should be sent to CIT Group Inc., Attention:
Senior Vice President, Compensation and Benefits, 1 CIT Drive, Livingston, New Jersey 07039, no later than thirty (30) days after
the Date of Award. If the Participant declines the Award, it will be cancelled as of the Date of Award.

 

6

 

 

IN WITNESS WHEREOF, this Award
Agreement (including any exhibits attached hereto) has been executed by the Company by one of its duly authorized officers as of
the Date of Award.

 

CIT Group Inc.

 

 

 

 

 

 

Accepted
and Agreed:

 

 

 

______________________           ______________________

Participant Name                            Date

 

 

 

 

 

7

 

 

EXHIBIT A

 

Non-Solicitation Provision

 

All capitalized terms
shall have the meanings ascribed to them in the Award Agreement, unless specifically set forth otherwise herein.

1.                  
Non-Solicitation of Customers and Clients. During employment
with the Company Group and for one year thereafter, the Participant shall not, directly or indirectly, (i) solicit for any
Competing Business any client of the Company Group or any specifically identified prospective client of the Company Group, or (ii)
cause a client or any specifically identified prospective client of the Company Group to terminate or diminish its business with
the Company Group. These restrictions shall apply only to clients of the Company Group or specifically identified prospective clients
of the Company Group which the Participant solicited, with which the Participant maintained a business relationship for the Company
Group, or about which the Participant obtained Confidential Information on behalf of the Company Group, in the last twenty-four
(24) months of employment with the Company Group. 

2.                  
Non-Solicitation of Employees. During employment with the Company
Group and for one year thereafter, the Participant shall not, directly or indirectly, (i) solicit, recruit, induce or otherwise
encourage any Company Group employees to end their employment with the Company Group or to engage in any Competing Business; or
(ii) hire or retain as an independent consultant/contractor, on behalf of any Competing Business, any person who was employed with
the Company Group within the preceding six months.

3.                  
Definitions.

(a)                
“Competing Business” means any person or entity
that competes with the Company Group in the sale, marketing, production, distribution, research or development of Competing Products
in the same markets.

(b)                
“Competing Products” means any product or service
in existence or under development that competes with any product or service of the Company Group about which the Participant obtained
Confidential Information or for which the Participant provided advisory services or had sales, origination, marketing, production,
distribution, research or development responsibilities in the last twenty-four (24) months of employment with the Company Group.

(c)                
"Confidential Information" means information in
print, audio, visual, digital, electronically-stored or any other form, which the Company Group has acquired and keeps confidential
or that is not otherwise known publicly or to the Company Group’s competitors, which includes but is not limited to the Company
Group’s trade secrets, business or marketing plans and strategies, prices and rates, financial data, personnel records, client
lists and contact information, client accounts, profit margins, analyses, research and developments, know how, methodologies, designs,
inventions, innovations, processes, security and proprietary technology.

 

8

 

 

EXHIBIT B

 

Applicable
Foreign Tax Provisions

All capitalized
terms shall have the meanings ascribed to them in the Award Agreement, unless specifically set forth otherwise herein.

United Kingdom:

 

The Participant shall also, if requested by the
Company, enter into any tax or National Insurance Contributions agreement or election the Company
deems necessary, including, without limitation, any election under Section 431 of the Income Tax (Earnings and Pensions) Act 2003
in respect of the acquisition of the RSUs or the Shares issued thereunder.

 

Ireland:

In a case where
the Company or an Affiliate or any other person (the “Relevant Person”) is obliged to (or would suffer a disadvantage
if they were not to) account for any tax (in any jurisdiction) by virtue of the receipt of any benefit under this Award Agreement
or the Plan (whether in cash or Shares) or for any pay related social insurance contributions that are payable or assessable (which,
unless the Committee determines otherwise when this Award was made, shall not include employer’s pay related social insurance
contributions in Ireland) (together, the “Tax Liability”), the Participant (or his personal representatives)
must either:

    (1)      make
a payment to the Relevant Person of an amount equal to the Tax Liability; or

    (2)      enter
into arrangements acceptable to the Relevant Person to secure that such a payment is made (whether by authorizing the sale of some
or all of the Shares on his or her behalf and the payment to the Relevant Person of the relevant amount out of the proceeds of
sale or otherwise);

and in this regard the Participant (or his or
her personal representatives) shall do all such things and execute such documents as the Relevant Person may reasonably require
in connection with the satisfaction of the Tax Liability.

 

9

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