Document:

EX-10.1

Exhibit 10.1

SEVERANCE AGREEMENT AND GENERAL RELEASE

(PLEASE READ CAREFULLY. THIS AGREEMENT AND GENERAL RELEASE HAS IMPORTANT LEGAL CONSEQUENCES.)

     This Severance Agreement and General Release (the “Agreement”) is between DealerTrack
Holdings, Inc. (the “Company” or “we”) and Robert Cox (“Employee” or “you”). The term “Company”
includes parents, subsidiaries or related companies, as well as their directors, officers,
shareholders, employees, agents, attorneys, and successors.

     WHEREAS, the Company and the Employee have entered into an Amended and Restated Senior
Executive Employment Agreement dated as of August 8, 2007 and amended by Amendment No. 1 to Amended
and Restated Executive Employment Agreement, dated December 31, 2008 (the “Employment Agreement”);
and

     WHEREAS, the Company has elected to terminate Employee’s employment without cause pursuant to
the Employment Agreement; and

     WHEREAS, for the consideration specified below, the Employee is willing to execute this
Agreement.

     NOW, THEREFORE, IT IS HEREBY AGREED THAT:

     1. Employee’s last date of employment with the Company shall be March 2, 2009 (the
“Termination Date”).

     2. Employee’s employment by the Company shall terminate on the Termination Date. Employee
hereby resigns as an officer, director, employee, member, manager and in any other capacity with
the Company and each of its affiliates effective as of the Termination Date and confirms that as of
the Termination Date he shall not hold any such position with the Company or any of its affiliates.
The Company hereby confirms that it and each of its affiliates accepts such resignation effective
as of the Termination Date. Employee agrees that following the Termination Date he shall have no
consulting relationship with the Company or any of its affiliates. Employee waives any right or
claim to reinstatement as an employee of the Company and any affiliate of the Company (if any) by
which he was previously employed. On or promptly following (and in all events within 30 days after
the Termination Date), the Company agrees to provide Employee with all amounts owed for his regular
and usual salary (including, but not limited to, any severance (other than the Severance Benefits
expressly provided for in, and subject to the terms of, this Agreement), overtime, bonus, accrued
vacation, commissions, or other wages), reimbursement of expenses, and usual benefits, and that all
payments due to Employee from the Company and its affiliates after the date of this Agreement shall
be determined under this Agreement. Except as otherwise provided in this Agreement, all benefits
and perquisites of employment will cease as of the Termination Date.

 

 

     3. Subject to the effective execution of the Reaffirmation of Agreement, the Company will pay
Employee the following (the “Severance Benefits”):

	 	(a)	 	On the first regular Company payday that is at least six months
following the Termination Date (or, the Employee’s death, if earlier), the
Company will pay you the sum of (i) a one-time cash lump sum severance payment,
in the amount of Two Hundred Eighty Eight Thousand Five Hundred ($288,500.00)
Dollars, representing one year of your base salary; and (ii) an additional
one-time cash severance payment in the amount of One Hundred Fifty Nine
Thousand Two Hundred Fifty Two ($159,252.00) Dollars, representing seventy five
(75%) percent of your target bonus for 2008 plus your target bonus for 2009,
pro rated for the number of days worked during the year of termination, each
less applicable federal, state, and local legally required deductions
(collectively, the “Payments”);and
	 
	 	(b)	 	the reimbursement of premiums in the amount of One Thousand
Four Hundred Eighty Seven ($1,487.00) Dollars per month otherwise payable by
Employee pursuant to COBRA for a period of up to twelve (12) months, or until
Employee no longer is eligible for COBRA continuation coverage, whichever is
earlier, which shall be paid following the Employee’s submission of proof of
his payment of such premiums, which proof of payment shall be submitted within
18 months of the Termination Date.
	 
	 	(c)	 	You shall have no duty to seek other employment and, in the
event you secure other employment, sums earned from that employment will not be
offset against sums due and/or paid to you hereunder, except as specifically
provided in paragraph 3(b) above.

     4. The Company and the Employee agree that as of the Termination Date, following Employee’s
effective execution of the Reaffirmation of Agreement, Employee’s options to purchase the Company’s
common stock will be vested and exercisable to the extent set forth on Schedule A attached hereto
(the “Vested Stock Options”). The Vested Stock Options shall remain exercisable in accordance with
their terms until the close of business on March 1, 2011. Additionally, all restrictions shall
lapse on the number of shares of restricted common stock set forth on Schedule A attached hereto.
Any and all other outstanding equity-based awards, shall be, and hereby are, terminated as of the
Termination Date and Employee shall have no further rights with respect thereto or in respect
thereof.

     5. Employee agrees that the execution of this Agreement is required by Section 5(d) of the
Employment Agreement and that Employee would not otherwise be entitled to the Severance Payments
except by executing this Agreement and the Reaffirmation of Agreement. Employee agrees and
acknowledges that he is entitled to no other payments or benefits beyond the Termination Date.

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     6. Employee acknowledges and agrees that the provisions of Sections 7, 8, 9 and 10 of the
Employment Agreement shall survive termination of Employee’s Agreement and are
hereby incorporated herein. By way of clarification, paragraph 9(a)(6) of Employee’s
Agreement is limited to business operated by the Company at the date of this Agreement.

     7. The parties agree that, other than the sections of the Employment Agreement specifically
referred to in this Agreement, they shall have no further obligations under the Employment
Agreement.

     8. Release. Employee, on behalf of himself, his descendants, dependents, heirs,
executors, administrators, assigns, and successors, and each of them, hereby covenants not to sue
and fully releases and discharges the Company and each of its parents, subsidiaries and affiliates,
past and present, as well as its and their trustees, directors, officers, members, managers,
partners, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and
successors, past and present, and each of them, hereinafter together and collectively referred to
as the “Releasees,” with respect to and from any and all claims, wages, demands, rights, liens,
agreements or contracts (written or oral), covenants, actions, suits, causes of action,
obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of
whatever kind or nature in law, equity or otherwise, whether now known or unknown, suspected or
unsuspected, and whether or not concealed or hidden (each, a “Claim”), which he now owns or holds
or he has at any time heretofore owned or held or may in the future hold as against any of said
Releasees (including, without limitation, any Claim arising out of or in any way connected with
Employee’s service as an officer, director, employee, member or manager of any Releasee, Employee’s
separation from his position as an officer, director, employee, manager and/or member, as
applicable, of any Releasee, or any other transactions, occurrences, acts or omissions or any loss,
damage or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any
act or omission by or on the part of said Releasees, or any of them, committed or omitted prior to
the date of this Agreement including, without limiting the generality of the foregoing, any Claim
under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967,
the Americans with Disabilities Act, the Family and Medical Leave Act of 1993, or any other
federal, state or local law, regulation, or ordinance, or any Claim for severance pay, bonus, sick
leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe
benefit, workers’ compensation or disability (the “Release”); provided, however, that the foregoing
release does not apply to any obligation of the Company to Employee pursuant to any of the
following: (1) any equity-based awards previously granted by the Company to Employee, to the extent
that such awards continue after the termination of Employee’s employment with the Company in
accordance with the applicable terms of such awards (and subject to any limited period in which to
exercise such awards following such termination of employment); (2) any right to indemnification
that Employee may have pursuant to the Bylaws of the Company, its Articles of Incorporation or
under any written indemnification agreement with the Company (or any corresponding provision of any
subsidiary or affiliate of the Company) or applicable state law with respect to any loss, damages
or expenses (including but not limited to attorneys’ fees to the extent otherwise provided) that
Employee may in the future incur with respect to her service as an employee, officer or director of
the Company or any of its subsidiaries or affiliates; (3) with respect to any rights that Employee
may have to

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insurance coverage for such losses, damages or expenses under any Company (or
subsidiary or affiliate) directors and officers liability insurance policy; (4) any rights to
continued medical or dental coverage that Employee may have under COBRA; (5) any rights to payment
of benefits
that Employee may have under the Company’s Employee’s Deferred Compensation Plan, or a
retirement plan sponsored or maintained by the Company that is intended to qualify under Section
401(a) of the Internal Revenue Code of 1986, as amended; (6) payment for any unused and accrued
paid time off as of the Termination Date; or (7) this Agreement or the enforcement your rights
hereunder.. In addition, this Release does not cover any Claim that cannot be so released as a
matter of applicable law. Employee acknowledges and agrees that he has received any and all leave
and other benefits that he has been and is entitled to pursuant to the Family and Medical Leave Act
of 1993. The Company represents that it does not have actual knowledge of any existing or
potential actions, causes of action, suits or claims whatsoever (upon any legal or equitable
theory, whether contractual, in tort, common law, statutory, federal, state, local or otherwise)
that it has or may have against you as of the date of this Agreement and acknowledges that you have
executed this Severance Agreement and General Release in reliance on that representation.

     9. ADEA Waiver. Employee expressly acknowledges and agrees that by entering into this
Agreement, he is waiving any and all rights or claims that he may have arising under the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”), which have arisen on or before the
date of execution of this Agreement. Employee further expressly acknowledges and agrees that:

          (a) In return for this Agreement, he will receive consideration beyond that which he was
already entitled to receive before entering into this Agreement;

          (b) He is hereby advised in writing by this Agreement to consult with an attorney before
signing this Agreement;

          (c) He has voluntarily chosen to enter into this Agreement and has not been forced or
pressured in any way to sign it;

          (d) He was given a copy of this Agreement on January 15, 2009 and informed that he had
forty-five (45) days within which to consider the Agreement and that if he wished to execute this
Agreement prior to expiration of such 45-day period, he should execute the Acknowledgement and
Waiver attached hereto as Exhibit A;

          (e) Nothing in this Agreement prevents or precludes Employee from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor does it impose any
condition precedent, penalties or costs from doing so, unless specifically authorized by federal
law; and

          (f) He was informed that he has seven (7) days following the date of execution of this
Agreement in which to revoke this Agreement, and this Agreement will become null and void if
Employee elects revocation during that time. Any revocation must be in writing

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and
must be
received by the Company during the seven-day revocation period. In the event that Employee
exercises his right of revocation, neither the Company nor Employee will have any obligations under
this Agreement.

          (g) He acknowledges that if he fails to return an executed copy of this Agreement within
45 days, the Company shall have no obligations under this Agreement.

     10. Employee warrants and represents that Employee has not heretofore assigned or transferred
to any person not a party to this Agreement any released matter or any part or portion thereof and
he shall defend, indemnify and hold the Company and each of its affiliates harmless from and
against any claim (including the payment of attorneys’ fees and costs actually incurred whether or
not litigation is commenced) based on or in connection with or arising out of any such assignment
or transfer made, purported or claimed.

     11. Reaffirmation of Agreement. On the Termination Date, the Employee hereby agrees
to reaffirm all of his agreements and obligations hereunder as set forth in this Agreement by
dating (as of the Termination Date) and executing on the signature spaces provided at the end of
this Agreement, pursuant to which the Employee shall have agreed to be bound to all the terms
hereunder as of, and applicable to the periods preceding and including, the Termination Date,
including, without limitation, his obligations with respect to the Release of Claims pursuant to
and in accordance with paragraph 8 of this Agreement (the “Reaffirmation of Agreement”). The
Employee further hereby acknowledges and agrees that the Company shall be entitled to, in addition
to any legal and/or equitable remedies available to the Company, the remedy of immediate and full
recovery from the Employee upon demand by the Company to same of all payments or benefits provided
to the Employee, or the withholding by the Company of such payments or benefits, as the case may
be, to the extent of, and upon, the Employee’s noncompliance with his requirement to effect the
Reaffirmation of Agreement in accordance with this paragraph 11.

     12. You agree that promptly after the Termination Date you will return to the Company any and
all identification cards, files, books, records, materials, equipment or documents in your
possession that were provided to or obtained by you in connection with your employment.

     13. It is understood and agreed that the you will not talk about, discuss or communicate with
anyone, orally or in writing, concerning the matter which is the subject of this Agreement except
you may: (i) discuss this Agreement with Employee’s spouse and children, (ii) review this
Agreement with Employee’s accountant in connection with the filing of tax returns, (iii) review
this Agreement with attorney(s) of your choice, and (iv) truthfully testify under oath pursuant to
a subpoena (in which event the subpoenaed party will provide the other with prompt notice of the
subpoena).

     14. You agree that you will not directly or indirectly interfere with the orderly business
operations of the Company and you will not directly or indirectly make any statement that will or
may have the effect of disparaging the Company, or which is or may be derogatory of

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the Company, or
which has or may have an adverse effect on the business or reputation of the Company. The Company
agrees to instruct its directors and executive officers to not directly or indirectly make any
statement that will or may have the effect of disparaging you, or which is or may be derogatory to
you, or which is or may have an adverse effect on your business reputation,
and the Company will take reasonable measures to cause its directors and executive officers to
not do so.

     15. You represent that you are not aware of any wrongdoing by the Company, or any liability
arising therefrom, and you expressly agree that this Agreement is not and shall not in any way be
deemed to constitute an admission or evidence of any breach of contract, wrongdoing or liability on
the part of the Company, nor of any violation of any federal, state or municipal statute,
regulation or principle of common law or equity.

     16. This Agreement embodies the entire agreement of the parties hereto respecting the matters
within its scope. This Agreement supersedes all prior agreements of the parties hereto on the
subject matter hereof, including, without limitation, the Employment Agreement, except for those
portions of the Employment Agreement that are expressly referenced in this Agreement. Any prior
negotiations, correspondence, agreements, proposals, or understandings relating to the subject
matter hereof shall be deemed to be merged into this Agreement and to the extent inconsistent
herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be
deemed to be of no force or effect. There are no representations, warranties, or agreements,
whether express or implied, or oral or written, with respect to the subject matter hereof, except
as set forth herein. Notwithstanding the foregoing, the Company’s rights under any
confidentiality, trade secret, proprietary information, inventions or similar agreement to which
Employee was a party or otherwise bound are not integrated into this Agreement and such rights of
the Company shall continue in effect.

     17. In the event that Employee fails to abide by any of the terms of this Agreement following
written notice of such failure by the Company and a reasonable opportunity to cure, the Company
may, in addition to any other remedies it may have, terminate any benefits or payments that are
subsequently due under this Agreement, without waiving the release granted herein.

     18. Employee acknowledges and agrees that the remedy at law available to the Company for
breach by Employee of any of Employee’s obligations under this Agreement, including but not limited
to Employee’s obligations under paragraphs 6, 13, and 14 of this Agreement, would be inadequate and
that damages flowing from such a breach may not readily be susceptible to being measured in
monetary terms. Accordingly, Employee acknowledges consents and agrees that, in addition to any
other rights or remedies which the Company may have at law, in equity or under this Agreement, upon
adequate proof of Employee’s violation of any such provision of this Agreement, the Company shall
be entitled to immediate injunctive relief and may obtain a temporary order restraining any
threatened or further breach, without the necessity of proof of actual damage or the posting of a
bond.

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     19. In any action brought to enforce any of the provisions of this Agreement, the parties
irrevocably consent to the jurisdiction of the state and federal courts covering Nassau County, New
York.

     20. This Agreement is made in the State of New York. This Agreement is to be interpreted
under the laws of the State of New York without regard to conflict of laws principles.

     21. EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS CAREFULLY READ THIS AGREEMENT AND THE ACCOMPANING
ATTACHMENT; THAT EMPLOYEE HAS HAD AT LEAST 45 DAYS IN WHICH TO CONSIDER AND RETURN THIS AGREEMENT;
THAT EMPLOYEE HAS CONSULTED WITH AN ATTORNEY OF EMPLOYEE’S CHOICE IN CONNECTION WITH THIS
AGREEMENT; THAT EMPLOYEE FULLY UNDERSTANDS THE TERMS, CONDITIONS, AND SIGNIFICANCE AND CONSEQUENCES
OF THIS AGREEMENT; AND THAT EMPLOYEE HAS EXECUTED THIS AGREEMENT KNOWINGLY AND VOLUNTARILY, AND OF
EMPLOYEE’S OWN FREE WILL.

     22. This Agreement shall inure to the benefit of and be binding upon the Company and its
respective successors and assigns and any such successor or assignee shall be deemed substituted
for the Company under the terms of this Agreement for all purposes. As used herein, “successor”
and “assignee” shall include any person, firm, corporation or other business entity which at any
time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly
acquires the ownership of the Company, acquires all or substantially all of the Company’s assets,
or to which the Company assigns this Agreement by operation of law or otherwise.

	 	 	 	 	 	 	 	 	 	 	 
	DEALERTRACK HOLDINGS, INC.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	Dated:	 	 	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Dated:	 	 	 	 
	 

	 	 

ROBERT COX
	 	 
	 	 	 	 

	 	 

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REAFFIRMATION OF AGREEMENT

(To be Executed by the Employee on the Final Employment Date)

On this Termination Date, March 2, 2009, I hereby agree to be bound to all the terms of this
Agreement as of, and applicable to the periods preceding and including, the Termination Date,
including, without limitation, my obligations with respect to the Release of Claims pursuant to
paragraph 8 of this Agreement.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	Dated:	 	 	 	 
	 

ROBERT COX

	 	 
	 	 	 	 

	 	 

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Schedule A

Stock Options

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Outstanding
	 	 	 	 	 	 	Exercisable
	 	 	 	 	 	 	as of
	    Grant	 	 	 	 	 	Termination
	     Date	 	Grant Price	 	Date
	01/24/2008

	 	$	24.500000	 	 	 	34,687	 
	08/08/2007

	 	$	38.980000	 	 	 	4,374	 
	02/06/2007

	 	$	28.730000	 	 	 	12,000	 
	01/27/2006

	 	$	20.680000	 	 	 	25,000	 
	05/26/2005

	 	$	12.920000	 	 	 	50,000	 
	08/18/2004

	 	$	2.800000	 	 	 	65,000	 
	05/03/2004

	 	$	2.800000	 	 	 	9,822	 
	05/03/2004

	 	$	2.800000	 	 	 	1,875	 
	05/03/2004

	 	$	2.800000	 	 	 	35,000	 
	01/30/2003

	 	$	2.800000	 	 	 	18,620	 
	01/16/2002

	 	$	3.120000	 	 	 	25,781	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	282,159	 
	 

	 	 	 	 	 	 	 	 

Restricted Common Stock

	 	 	 	 	 
	 	 	Shares
	 	 	Accelerated as
	 	 	of
	    Grant	 	Termination
	      Date	 	Date
	08/08/2007

	 	 	2,500	 
	02/06/2007

	 	 	6,000	 
	08/02/2006

	 	 	20,000	 
	01/27/2006

	 	 	3,000	 
	05/26/2005

	 	 	2,500	 
	 

	 	 	 	 
	 

	 	 	34,000	 
	 

	 	 	 	 

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EXHIBIT A

ACKNOWLEDGEMENT AND WAIVER

I, [       ], hereby acknowledge that I was given 45 days to consider the foregoing Severance
Agreement and General Release and voluntarily chose to sign said agreement prior to the expiration
of the 45-day period.

I declare under penalty of perjury under the laws of the state of New York, that the foregoing is
true and correct.

     EXECUTED this [___] day of [                    , 2009], at [                    ] County, New York.

                                                            

10EX-10.1

AMENDMENT NO. 4

TO CREDIT AGREEMENT

     AMENDMENT NO. 4 dated as of March 3, 2009 (this “Amendment”) to CREDIT AGREEMENT,
dated as of April 5, 2007 (as amended, modified or otherwise supplemented from time to time, the
“Credit Agreement”), among GENESIS ACQUISITION LIMITED (the “Borrower”), GENESIS
LEASE LIMITED (the “Manager”), the LENDERS party thereto (the “Lenders”), CITIBANK,
N.A. (the “Administrative Agent”) and DEUTSCHE BANK TRUST COMPANY AMERICAS (the
“Security Trustee” and the “Account Bank”).

W I T N E S S E T H :

     WHEREAS, each of the Borrower, the Manager, the Lenders, the Administrative Agent, the
Security Trustee and the Account Bank are party to the Credit Agreement;

     WHEREAS, the Administrative Agent, the Majority Lenders, the Borrower, the Manager, and
certain other parties to the Credit Agreement have agreed to amend the Credit Agreement in certain
respects as provided herein;

     NOW, THEREFORE, in consideration of the premises and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

     Section 1. Definitions. Unless otherwise defined or provided herein, capitalized
terms used herein have the meanings attributed thereto in the Credit Agreement.

     Section 2. Amendments; Agreements; Etc.

     (a) Amendments

     (i) The definition of “Applicable Margin” set forth in Section 1.1 is hereby amended
by adding one hundred (100) basis points to each of the rates set forth in the chart contained
therein so that such chart reads as follows:

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Applicable Margin	 	 	

Portfolio Composition

 	 
	 	 
Total Outstanding 

Principal Amount

 

	 	 	 
< 60% Tier 1 

Aircraft

 
	 	 	 
3 60% Tier 1 

Aircraft

 
	 	 	 
3 75% Tier 1 

Aircraft

 
	 
	 	
Less than $600,000,000

	 	 	 	
2.75%

 	 	 	 	 	
2.75%

 	 	 	 	 	
2.75%

 	 	 
	 	

$600,000,000 or 

greater but less than

$850,000,000

 

	 	 	 	
2.75%

 	 	 	 	 	
2.65%

 	 	 	 	 	
2.65%

 	 	 
	 	
$850,000,000 or greater

 

	 	 	 	
2.75%

 	 	 	 	 	
2.65%

 	 	 	 	 	
2.50%

 	 	 
	 

     (ii) The
following new defined term is hereby inserted in Section 1.1 in the proper
alphabetical order:

     ““Aircraft Income Event Quarter” means each fiscal quarter in which
each of the following is true: (a) the average daily Outstanding Principal Amount
during such fiscal quarter was $200,000,000 or greater and (b) the Borrower is
unable to meet the interest coverage ratio test set forth in Section 9.37 for such
fiscal quarter solely from income generated by Aircraft financed under this
Agreement.”.

     (iii) The following clause (c) shall be added to the end of Section 3.4:

     “ (c) notwithstanding (a) and (b) of Section 3.4, effective from the date of this Amendment
through the remainder of the then applicable fee accrual period and each fee accrual period
thereafter, 0.50% per annum on the unused amount of the Commitment Amount as may be adjusted from
time to time pursuant to Section 2.1(d), payable in arrears on each third Payment Date after the
Closing Date and on the Conversion Date, in each case, including the first day but excluding the
last day of any such fee accrual period, and, solely to the extent that the Outstanding Principal
Amount is less than $200,000,000 on September 30, 2009, then effective from September 30, 2009
through the remainder of the then applicable fee accrual period and each fee accrual period
thereafter the Commitment Fee shall be increased from 0.50% per annum to 0.75% per annum on the
unused amount of the Commitment Amount as may be adjusted from time to time pursuant to Section
2.1(d), payable in arrears on each third Payment Date after the Closing Date and on the Conversion
Date, in each case, including the first day but excluding the last day of any such fee accrual
period.”.

     (iv) The following proviso shall be added to the end of Section 6.2(g)(ii): “ ; and
provided, further, that with respect to any fiscal quarter of the Borrower after
the ICR Date, cash contributed to the Borrower by way of capital contributions during such fiscal
quarter or within the 30-day period specified in Section 12.1(b) after the end of such fiscal
quarter (other than cash contributed specifically in connection with any aircraft acquisition)
shall be deemed to be consolidated net income and included in EBITDA for the applicable fiscal
quarter identified

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by the Borrower in writing to the Administrative Agent for purposes of this Section
6.2(g)(ii); and provided, further, that, solely in the event that the average daily
Outstanding Principal Amount during the most recently completed fiscal quarter was $200,000,000 or
greater, the written consent of the Majority Lenders shall be required in order for the Borrower to
be able to satisfy the foregoing ratio of EBITDA to Interest Expense for such fiscal quarter by
including cash contributions to the Borrower in accordance with the second proviso to this Section
6.2(g)(ii)”.

     (v) Section 9.18(a)(xii) is hereby deleted in its entirety and replaced with the following:

          “(xii) within forty-five (45) days after the end of each fiscal quarter, a certificate of the
officer in charge of financial matters of the Genesis Group setting forth in reasonable detail the
calculations necessary to demonstrate the amount of EBITDA and Interest Expense as of the end of
such fiscal quarter;”.

     (vi) The “and” after Section 9.18(a)(xiii) is hereby deleted and the period at the end of
Section 9.18(a)(xiv) is hereby replaced with the following:

     “; and

     (xv) within ten (10) Business Days after the execution of a letter of intent related to an
Aircraft that is eligible to be financed under this Agreement, a summary of such letter of
intent.”.

     (vii) The following provisos shall be added to the end of Section 9.37: “ ; provided that
with respect to any fiscal quarter of the Borrower after the ICR Date, cash contributed to the
Borrower by way of capital contributions during such fiscal quarter or within the 30-day period
specified in Section 12.1(b) after the end of such fiscal quarter (other than cash contributed
specifically in connection with any aircraft acquisition) shall be deemed to be consolidated net
income and included in EBITDA for the applicable fiscal quarter identified by the Borrower in
writing to the Administrative Agent for purposes of this Section 9.37; and provided,
further, however, that solely for the purpose of calculating the interest coverage
ratio pursuant to this Section 9.37 for any Aircraft Income Event Quarter, cash contributed to the
Borrower in accordance with the first proviso to this Section 9.37 may be included in the
calculation of the interest coverage ratio pursuant to this Section 9.37 for such Aircraft Income
Event Quarter, but, unless otherwise consented to in writing by the Majority Lenders, cash
contributed to the Borrower in accordance with the first proviso to this Section 9.37 may not be
included in the calculation of the interest coverage ratio pursuant to this Section 9.37 with
respect to an immediately following Aircraft Income Event Quarter and each consecutive Aircraft
Income Event Quarter thereafter”.

     (b) Agreements

     (i) The parties hereto agree that the $2,000,000 contribution made by GLS on January 26 and
27, 2009 to the capital surplus maintained by the Borrower in accordance with the Bermuda Companies
Act 1981 and the Borrower’s allocation of such amount to the Collection Account shall be deemed
consolidated net income and such contribution shall have remedied its failure to observe the
interest coverage ratio tests contemplated by Section 9.37 and Section 6.2(g)(ii) for the fourth
quarter of 2008. Consequently, no Event of Default has occurred and no

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default or Event of Default is continuing solely by reason of the determination of EBITDA for
purposes of Sections 9.37 and 6.2(g)(ii) prior to the effectiveness of this Amendment.

     (ii) The Borrower agrees that (A) the Borrower’s cash balance as at December 31, 2008, being
$2,236,720, (B) all cash contributed to the Borrower pursuant to the provisos to Sections 9.37 and
6.2(g)(ii), each as amended, and (C) the cash contribution referred to in Section 2(b)(i) of this
Amendment shall be maintained in the Collection Account and may not be removed or withdrawn from
the Collection Account except for the payment of amounts owing by the Borrower which are described
in any of Sections 7.1(e)(i)(A) through 7.1(e)(i)(F) or, if applicable, Sections 7.1(e)(ii)(A)
through 7.1(e)(ii)(F) until such time as the Borrower has complied with the interest coverage ratio
tests as contemplated by Section 9.37 (and, to the extent that any further Advances are
contemplated under the Credit Agreement, by Section 6.2(g)(ii)) without taking into account cash
contributed to the Borrower to the extent contemplated by the relevant provisos to Sections 9.37
and 6.2(g)(ii), each as amended. The Borrower hereby undertakes to use commercially reasonable
efforts to ensure that any cash contributions contemplated by the provisos to Sections 9.37 and
6.2(g)(ii), each as amended, are received within the first ten Business Days of any such fiscal
quarter (beginning with the second quarter of 2009), provided, however, that the parties
understand and agree that this is without prejudice to the Borrower’s ability to count cash
contributions received later during the fiscal quarter or within the 30-day period specified in
Section 12.1(b) thereafter as net consolidated income to the extent provided in Sections 9.37 and
6.2(g)(ii).

     Section 3. Representations and Warranties. Each of the Borrower and the Manager
represents and warrants that this Amendment has been duly and validly executed and delivered by it
and constitutes its legal, valid and binding obligation, enforceable against it in accordance with
its terms, except as the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally
and to general principles of equity (regardless of whether enforceability is considered in a
proceeding in equity or at law).

     Section 4. Condition To Effectiveness. The amendments shall become effective upon
the receipt by the Administrative Agent of this Amendment executed by the Borrower, the Manager,
the Majority Lenders, the Security Trustee and the Account Bank and the payment by the Borrower to
each Lender who executes and delivers to the Administrative Agent its signature page to this
Amendment not later than 5:00 p.m. (Eastern Standard Time) on February 27, 2009 (or such later time
as the Borrower may agree) of an amendment fee in the amount of ten (10) basis points on such
Lender’s Commitment Amount. By their signatures below, the Administrative Agent and the Majority
Lenders hereby consent to this Amendment and direct the Security Trustee and Account Bank to
execute this Amendment.

     Section 5. Miscellaneous. Except as otherwise specified in this Amendment, the
Credit Agreement shall remain in all respects unchanged and in full force and effect. This
Amendment shall be governed by, and construed in accordance with, the law of the State of New York.
This Amendment may be executed by the parties hereto in separate counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts shall together constitute
but one and the same instrument.

4

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the day and year first above written.

	 	 	 	 	 
	 	GENESIS ACQUISITION LIMITED,

as Borrower

 	 
	 	By:  	/s/ John McMahon
 	 
	 	 	Name:  	John McMahon 	 
	 	 	Title:  	Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	GENESIS LEASE LIMITED,

as Manager

 	 
	 	By:  	/s/ John McMahon
 	 
	 	 	Name:  	John McMahon 	 
	 	 	Title:  	Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	CITIBANK, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Tony Golden
 	 
	 	 	Name:  	Tony Golden 	 
	 	 	Title:  	Managing Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	CITIBANK, N.A.,

as Lender

 	 
	 	By:  	/s/ Munawar Z. Noorani
 	 
	 	 	Name:  	Munawar Z. Noorani 	 
	 	 	Title:  	Managing Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as Lender

 	 
	 	By:  	/s/ Eric C. Blau
 	 
	 	 	Name:  	Eric C. Blau 	 
	 	 	Title:  	Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	VARIABLE FUNDING CAPITAL COMPANY LLC,

as Lender

By: Wachovia Capital Markets, LLC

as attorney-in-fact

 	 
	 	By:  	/s/ Douglas R. Wilson, Sr.
 	 
	 	 	Name:  	Douglas R. Wilson, Sr. 	 
	 	 	Title:  	Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Security Trustee and Account Bank

By: Deutsche Bank National Trust Company

 	 
	 	By:  	/s/ Susan Barstock
 	 
	 	 	Name:  	Susan Barstock 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                                              /s/ Michelle H.Y. Voon
 	 
	 	 	Name:  	Michelle H.Y. Voon 	 
	 	 	Title:  	Vice President 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	ALLIED IRISH BANKS, P.L.C.,

as Lender

 	 
	 	By:  	/s/ Grace Gilligan
 	 
	 	 	Name:  	Grace Gilligan 	 
	 	 	Title:  	Senior Manager 	 
	 
	 	 	 
	 	By:  	                       /s/ Colin Madden
 	 
	 	 	Name:  	Colin Madden 	 
	 	 	Title:  	Senior Manager 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	ALLIANCE & LEICESTER COMMERCIAL FINANCE plc,
	 	 	as Lender
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	/s/ Justin Patrick	 	 	/s/ Peter Walter
	 	 	 
	 

	 	Name:	Justin Patrick	 	 	Peter Walter
	 

	 	Title:	Senior Manager	 	 	Senior Manager

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	BANK OF SCOTLAND PLC,

as Lender

 	 
	 	By:  	/s/ Claire Mesmain
 	 
	 	 	Name:  	Claire Mesmain 	 
	 	 	Title:  	Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	BAYERISCHE HYPO- UND VEREINSBANK AG, LONDON BRANCH,

as Lender

 
	 	By:  	/s/ George Gierhart
 	 
	 	 	Name:  	George Gierhart 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                     /s/ Deborah Whiteford
 	 
	 	 	Name:  	Deborah Whiteford 	 
	 	 	Title:  	Vice President 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	LANDESBANK BADEN-WÜRTTEMBERG,

as Lender

 	 
	 	By:  	/s/ Thomas Leidenberger
 	 
	 	 	Name:  	Thomas Leidenberger 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	                      /s/ Patrick Wellnitz
 	 
	 	 	Name:  	Patrick Wellnitz 	 
	 	 	Title:  	Vice President 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	WESTLB AG, LONDON BRANCH,

as Lender

 	 
	 	By:  	/s/ Gavin V. Doyle
 	 
	 	 	Name:  	Gavin V. Doyle 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                      /s/ Shyam Sankar
 	 
	 	 	Name:  	Shyam Sankar 	 
	 	 	Title:  	Associate Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	BAYERISCHE LANDESBANK,

as Lender

 	 
	 	By:  	/s/ Christian Saur
 	 
	 	 	Name:  	Christian Saur 	 
	 	 	Title:  	First Vice President 	 
	 
	 	 	 
	 	By:  	                    /s/ Sabine Kruse
 	 
	 	 	Name:  	Sabine Kruse 	 
	 	 	Title:  	First Vice President 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	CALYON NEW YORK BRANCH,

as Lender

 	 
	 	By:  	/s/ Yevgeniya Levitin
 	 
	 	 	Name:  	Yevgeniya Levitin 	 
	 	 	Title:  	Director 	 
	 
	 	 	 
	 	By:  	                      /S/ Brian Bolotin
 	 
	 	 	Name:  	Brian Bolotin 	 
	 	 	Title:  	Managing Director 	 
	 

Amendment No. 4 to Credit Agreement

 

 

	 	 	 	 	 
	 	DEKABANK DEUTSCHE GIROZENTRALE,

as Lender

 	 
	 	By:  	/s/ Angelika Beyer
 	 
	 	 	Name:  	Angelika Beyer 	 
	 	 	Title:  	Executive Director 	 
	 
	 	 	 
	 	By:  	                  /s/ Carsten Grote
 	 
	 	 	Name:  	Carsten Grote 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Amendment No. 4 to Credit Agreement

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