Document:

Exhibit 10.1 † 

	 	 	 
	
          

        	 	Goldman Sachs International |
Peterborough Court | 133 Fleet Street | London EC4A 2BB | Tel 0207 774
1000

Registered in England no. 226395. Registered Office as above.
Authorised and regulated by the Financial Services Authority

EXECUTION
 COPY

AMENDED
 AND RESTATED CONFIRMATION

	 	 	 
	DATE:

	 	October 28, 2009
	 
	 	 
	TO:

	 	CIT Financial Ltd. (“Counterparty”)
	 
	 	 
	FROM:

	 	Goldman Sachs International (“GSI”)
	 
	 	 
	SUBJECT:

	 	Total Return Swap Facility
	 
	 	 
	REF.
 NO.:

	 	SDB925241547Y

The purpose
of this communication is to set forth the terms and conditions of the
above-referenced
Total Return Swap Facility entered into on the Trade Date specified
below in accordance with the
terms set forth in a Confirmation dated June 6, 2008 (the “Original
 Facility”) and amended and
restated as of the date hereof (the “Facility”) between GSI and
Counterparty. This communication
constitutes a “Confirmation” as referred to in the Master Agreement
specified below. This
communication (this “Confirmation” or this “Amended and
Restated Confirmation”) supersedes all
prior communications regarding the Original Facility and the Facility
(provided, for the avoidance
of doubt, that this sentence will not be deemed to alter or affect the
“Rescission of Notices”
provisions set forth below).

This
Confirmation is subject to, and incorporates, the 2006 ISDA Definitions
(the “2006
Definitions”) and the 2003 ISDA Credit Derivatives Definitions as
amended and supplemented by the
May 2003 Supplement to the ISDA Credit Derivatives Definitions
(together the “Credit Definitions”
and together with the 2006 Definitions, the “Definitions”), as
published by the International Swaps
and Derivatives Association, Inc. (“ISDA”). In the event of any
inconsistency between the 2006
Definitions and the Credit Definitions, the 2006 Definitions shall
govern.

This
Confirmation supplements, forms a part of, and is subject to, the 1992
form of ISDA Master
Agreement dated as of June 6, 2008 (including the Schedule and
Credit Support Annex thereto), as
amended or replaced from time to time (the “Master Agreement”)
between GSI and Counterparty. This
Confirmation will be read and construed as one with the executed Master
Agreement and all other
outstanding Confirmations between the parties, so that all such
Confirmations and the executed
Master Agreement constitute a single Agreement between the parties.

All
provisions contained in, or incorporated by reference into the Master
Agreement will govern
this Confirmation except as expressly modified herein. In the event of
any inconsistency between
this Confirmation and the Definitions the Master Agreement or another
Confirmation, as the case may
be, this Confirmation will prevail for the purpose of the Facility and
each Transaction to which
this Confirmation relates.

This
Confirmation evidences a separate total return swap transaction (each a “Transaction”)
 with
respect to each Reference Obligation specified in Annex A from time to
time as if the details
specified in Annex A with respect to that Reference Obligation were set
out in the Confirmation in
full. Each such Transaction will have a unique Transaction Reference
Number as is set out in Annex
A. The terms of the Facility and each particular Transaction to which
this Confirmation relates
are as follows:

Terms
Relating to the Facility

	 	 	 
	Total
 Return Payer

	 	GSI

 

			
	†  	 	Confidential portions of this agreement have been omitted and
filed separately with the
 Securities and Exchange Commission under a request for confidential
treatment. The portions of
 this agreement that have been omitted and filed separately with the
Securities and Exchange Commission
 are denoted by the use of an asterisk in this agreement.

1

	 	 	 
	Floating
 Rate Payer

	 	Counterparty
	 
	 	 
	Trade
 Date

	 	June 6, 2008
	 
	 	 
	Amendment
 Trade Date

	 	October 27, 2009
	 
	 	 
	Facility
 Commencement Date

	 	June 6, 2008
	 
	 	 
	Facility
 Amendment Date

	 	The date on or prior to
October 28, 2009, on which the Conditions to Effectiveness are
satisfied or effectively waived as described under
“Conditions to Facility Amendment Date Effectiveness” below. Except with
 respect to amendments herein which specifically refer to the
Amendment Trade Date, effectiveness of the amendments to the Original
Facility provided for under this Amended and Restated Confirmation,
including without limitation the obligation of Counterparty to pay the
Termination Fee and GSI’s Forbearance Agreement specified below, shall
become effective only on the Facility Amendment Date.
	 
	 	 
	Conditions
 to Facility
Amendment Date
Effectiveness

	 	Occurrence of the Facility Amendment
Date is subject to the conditions precedent that:

(i) the Amended and Restated Credit and Guaranty Agreement for up
to $3 billion, entered into by CIT Group Inc. and certain of its
subsidiaries as of July 29, 2009 and further amended on
August 3, 2009, August 31, 2009, and September 30, 2009,
with Barclays Bank PLC, as
administrative agent and collateral agent, and the lenders party thereto
 (the “Senior Credit Facility”) has been amended to
(A) expressly
permit the amendments effected by this Amended and Restated Confirmation
 and the Amended CIT Group Guaranty (including without limitation the
payment of the Termination Fee and the additional posting of collateral
required hereby), (B) expressly permit, as an exception to any
representation, warranty, affirmative or negative covenant obligation or
 event of default (in each case including, without limitation,
relating to restrictions on liens or indebtedness) of Counterparty or
any Credit Support Provider under the Senior Credit Facility or any
other Credit Document (as defined in the Senior Credit Facility), all
payments or Transfers of Posted Credit Support received by GSI pursuant
to the terms of the Master Agreement, this Facility or any Credit
Support Document, and the performance or incurrence of all obligations
of
Counterparty and each Credit Support Provider hereunder and thereunder
(including without limitation with respect to the Present Value
Facility Fee) including any liens, security interests or rights of
setoff in favor of GSI contemplated by the terms of the Master
Agreement,
this Facility or any Credit Support Document (such provision, the “TRS
 Lien Exception”) and (C) amend any other references in the
Senior
Credit Facility and other Credit Documents to the Original Facility
(and/or the Credit Support Documents with respect thereto) to refer
instead to this Amended and Restated Confirmation and to the Amended CIT
 Group Guaranty for all purposes under such Senior Credit Facility and
other Credit Documents (and, in the event that CIT Group Inc. and
certain of its subsidiaries enter into a further amendment of the Senior
Credit Facility, the foregoing condition shall apply, mutatis mutandis,
to the Senior Credit Facility as so amended);
	 
	 	 
	 

	 	(ii) GSI has received an opinion of
counsel, in substantially the same form as paragraphs 1 through 8 of the
 opinion of outside counsel to CIT
Group Inc.

2

	 	 	 
	 

	 	attached as Exhibit D to the
Senior Credit Facility, addressing each of the matters addressed in
relation to the “Transaction
Agreements” referred to therein in relation to this Amended and Restated
 Confirmation and the Amended CIT Group Guaranty, and the obligations
of Counterparty and each Credit Support Provider hereunder and
thereunder (provided that paragraphs 1, 2 and 4 shall apply only to CIT
Group
Inc. and the “Applicable Contracts” for such purpose shall also include
the Senior Credit Facility); and
	 
	 	 
	 

	 	(iii) GSI has evidence in form and
substance reasonably satisfactory to it of the authorization and
approval of this Amended and Restated
Confirmation and the Amended CIT Group Guaranty, in form and substance
reasonably satisfactory to GSI;
	 
	 	 
	 

	 	in each case on or prior to
October 28, 2009 ((i) through (iii) the “Conditions to
Effectiveness”). Any of the foregoing Conditions to
Effectiveness may be waived or extended by GSI in its sole and absolute
discretion (except that the Condition to Effectiveness in
(i) cannot
be waived by GSI), and if the Conditions to Effectiveness are not
satisfied on or prior to October 28, 2009, GSI shall have the right
 to
terminate the effectiveness of the amendments contemplated hereby, with
the result that: (a) all terms of the Original Facility shall
continue to apply and (b) any amendment to the terms of the
Original Facility which became effective as of the Amendment Trade Date
shall
thereafter cease to be effective.
	 
	 	 
	 

	 	For the avoidance of doubt, all terms
of the Original Facility (other than those amended as of the Amendment
Trade Date) shall continue to
apply prior to the Facility Amendment Date.
	 
	 	 
	 

	 	Counterparty covenants and agrees to
use its reasonable best efforts to cause the Conditions to Effectiveness
 to be satisfied as soon as
possible on or after the Amendment Trade Date and in any event not later
 than October 28, 2009.
	 
	 	 
	 

	 	If the Senior Credit Facility shall be
 replaced or refinanced in whole or in part by a new agreement or
facility on or prior to the Facility
Amendment Date, the foregoing covenant and the Conditions to
Effectiveness shall apply in relation to such new agreement or facility
as well
as, in the case of a partial replacement or refinancing, to the Senior
Credit Facility.
	 
	 	 
	Rescission
 of Notices

	 	Effective on the Facility Amendment
Date (but without prejudice to the effectiveness of such notices for any
 purpose prior to such date), the
following notices (including any correspondence or communications
relating to such notices the “Rescinded Notices”) shall each be
rescinded
and deemed of no further force and effect, whether for purposes of the
Original Facility or the Facility as amended hereby:

(a) Letter from Counterparty to GSI dated
October 8, 2009 and captioned “Portfolio Adjustment Notice”;

(b) Letter from GSI to Counterparty dated
October 15, 2009 and captioned “Notice of Exercise of Rights Under
Indemnity Letters”;

(c) Letter from Counterparty to GSI dated
October 16, 2009 and captioned “Portfolio Adjustment Notice”;

(d) Letter from GSI to Counterparty dated
October 16, 2009 (not captioned);

3

(e) Letter from GSI to Counterparty dated
October 21, 2009 and captioned “Notice of Breach of Indemnity
Letters”;

(f) Letter from Counterparty to GSI dated
October 22, 2009 (not captioned);

(g) Letter from GSI to Counterparty dated
October 23, 2009 (not captioned);

(h) Letter from Counterparty to GSI dated
October 23, 2009 (not captioned);

(i) Letter from GSI to Counterparty dated
October 24, 2009 (not captioned);

(j) Letter from Counterparty to GSI dated
October 27, 2009 captioned “Submission of Firm Bids for ROs To Be
Removed Pursuant to a Portfolio
Adjustment on October 30, 2009.”

(k) Letter from GSI to Counterparty dated
October 27, 2009 (not captioned).

	 	 	 
	 

	 	Rescission of the Rescinded Notices as
 set forth above shall not be construed to confirm, deny or prejudice in
 any respect any assertions or
statements of fact or law set forth in such Rescinded Notices, or
(except as set forth below in “Forbearance Agreement”) to prejudice the
rights of any person to reassert or deny any such assertions or
statements of fact or law on any subsequent date.
	 
	 	 
	Facility
 End Date

	 	The earliest of (i) the date
falling 20 years after the Facility Commencement Date and
(ii) an Optional Termination Date on which the
Counterparty has terminated this Facility.
	 
	 	 
	Optional
 Termination Date

	 	On any Business Day, Counterparty
shall have the option to early terminate this Facility on 10 Business
Days prior written notice to GSI upon
prior payment by Counterparty to GSI of the Present Value Facility Fee
calculated on the Maximum Aggregate Notional Amount as of such Optional
Termination Date.
	 
	 	 
	Portfolio

	 	The portfolio comprising each Eligible
 RO that is a Reference Obligation (“RO”) subject to a
Transaction, as set out in Annex A (as amended
from time to time to reflect Portfolio Adjustments).
	 
	 	 
	Eligible
 RO

	 	Any debt obligation which meets all of
 the following requirements as determined on the Effective Date of such
obligation, as determined by the
Calculation Agent:

	 	(i)	 	A bond that is capable of being settled in The Depository Trust
Company, Euroclear Bank S.A./N.V or Clearstream Banking, SA (or any
successor to any such entity);
	 
	 	(ii)	 	(a) Rated at least as high as [*] by each of Standard and
Poor’s (“S&P”) and Moody’s Investor Services (“Moody’s”),
 and not on
Creditwatch Negative or Watchlist Negative (or their respective
equivalents) and (b) such rating is a monitored rating subject to
periodic
update by the relevant agency;

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

4

	 	(iii)	 	If rated by Fitch Ratings Inc. (“Fitch”),
rated at least as high as [*] and not on Creditwatch Negative or
Watchlist Negative (or their
respective equivalents);
	 
	 	(iv)	 	Denominated in USD, GBP, CAD or EUR;
	 
	 	(v)	 	Are Asset Backed Securities that are backed predominately by
assets falling into one of the following categories: aircraft leases,
railcar
leases, other equipment loans or leases, student loans, commercial loans
 (including but not limited to CLOs), vendor finance obligations and
trade finance obligations;
	 
	 	(vi)	 	A legal final maturity of no more than 30 years from the
Effective Date;
	 
	 	(vii)	 	if the RO has a fixed rate of interest, the weighted average
life of such RO is less than 17 years (or such longer period
otherwise
agreed to by GSI acting in a reasonable manner);
	 
	 	(viii)	 	Counterparty and its Credit Support Providers have provided to
GSI such documentation in respect of such obligation as GSI shall have
reasonably requested (which shall include, without limitation, the
offering document, rating letters, a Tax Opinion and, if applicable, the
most recent Trustee/Servicer Report);
	 
	 	(ix)	 	The Reference Entity of such obligation is bankruptcy remote
from Counterparty, its Credit Support Providers and their respective
Affiliates, or other prior owner of the assets securitized through
issuance of the Reference Obligation, as evidenced by a True Sale and
Nonconsolidation Opinion satisfactory to GSI in its good faith
discretion or other circumstances satisfactory to GSI;
	 
	 	(x)	 	The issuer of the RO shall not be an affiliate of the
Counterparty or its Credit Support Providers for US bankruptcy law
purposes (as
reasonably determined by GSI);
	 
	 	(xi)	 	Application will have been made or required to be made on a
recognised stock exchange;
	 
	 	(xii)	 	Not registered pursuant to any registration statement with the
U.S. Securities and Exchange Commission;
	 
	 	(xiii)	 	Not issued by or guaranteed by any of (1) Counterparty or
its Credit Support Providers, (2) The Goldman Sachs Group, Inc., or
 (3) any
Affiliates of The Goldman Sachs Group, Inc.;
	 
	 	(xiv)	 	A bond that does not require a Holder to execute any agreement
prior to buying or selling such bond, qualifies for transfer in
accordance with the provisions of Regulation S and/or
Rule 144A under the Securities Act and is otherwise Transferable;
	 
	 	(xv)	 	Would not cause the Portfolio to violate any of the following
limits by aggregate Net USD Notional Amounts:

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

5

	 	a.	 	The sum of the Net USD Notional Amounts of ROs rated [*] by
each of S&P and Moody’s may be up to [*]% of the Maximum Aggregate
Notional
Amount, provided, however, that any RO rated [*] by each of S&P and
Moody’s but also rated by Fitch and rated lower than [*] by Fitch
shall be deemed for purposes of this test to be rated [*] by S&P and
 Moody’s;
	 
	 	b.	 	The sum of the Net USD Notional Amounts of ROs rated at least
[*] by each of S&P and Moody’s (excluding ROs that are rated [*])
may not
exceed (i) [*]% of the Maximum Aggregate Notional Amount minus
(ii) the sum of the Net USD Notional Amounts of ROs rated lower
than [*] by
either S&P or Moody’s, provided, however, that (x) any RO rated
 [*] by each of S&P and Moody’s but also rated by Fitch and rated
lower than
[*] by Fitch shall be deemed for purposes of this test to be rated [*]
by S&P and Moody’s and (y) any RO rated [*] by each of S&P
and Moody’s
but also rated by Fitch and rated lower than [*] by Fitch shall be
deemed for purposes of this test to be rated lower than [*] by S&P
and
Moody’s;
	 
	 	c.	 	The sum of the Net USD Notional Amounts of Qualifying [*]-Rated
ROs (excluding ROs that are rated [*] or [*]) may not exceed
(i) [*]% of
the Maximum Aggregate Notional Amount minus (ii) the sum of the Net
 USD Notional Amounts of ROs that are either (A) rated at least [*]
 by each
of S&P and Moody’s but are not Qualifying [*]-Rated ROs or
(B) rated lower than [*] by either S&P or Moody’s, provided,
however, that any RO
rated [*] by each of S&P and Moody’s but also rated by Fitch and
rated lower than [*] by Fitch shall be deemed for purposes of this test
to be
rated lower than [*] by S&P and Moody’s;
	 
	 	d.	 	The sum of the Net USD Notional Amounts of ROs that are either
(A) rated at least [*] by each of S&P and Moody’s but are not
Qualifying
[*]-Rated ROs or (B) rated lower than [*] by either S&P or
Moody’s may not exceed [*]% of the Maximum Aggregate Notional Amount,
provided,
however, that any RO rated [*] by each of S&P and Moody’s but also
rated by Fitch and rated lower than [*] by Fitch shall be deemed for
purposes of this test to be rated lower than [*] by S&P and Moody’s;
	 
	 	e.	 	The sum of the Net USD Notional Amounts of ROs which are
obligations secured by commercial loans may not exceed [*]% of the
Maximum
Aggregate Notional Amount;
	 
	 	f.	 	The sum of the Net USD Notional Amounts of ROs which are
obligations secured by equipment loans or leases (including aircraft
leases and
railcar leases), may not exceed [*]% of the Maximum Aggregate Notional
Amount;
	 
	 	g.	 	The sum of the Net USD Notional Amounts of ROs which are
obligations secured by aircraft leases or railcar leases may not
exceed [*]% of the
Maximum Aggregate Notional Amount;

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

6

	 	h.	 	The sum of the Net USD Notional Amounts of ROs which are
obligations secured by Private Student Loans may not exceed [*]% of the
Maximum
Aggregate Notional Amount;
	 
	 	i.	 	The sum of the Net USD Notional Amounts of ROs which are
secured by Guaranteed Student Loans may not exceed [*]% of the Maximum
Aggregate
Notional Amount;
	 
	 	j.	 	The sum of the Net USD Notional Amounts of ROs which are secured
 by assets other than commercial loans, equipment loans or leases
(including aircraft leases and railcar leases), Private Student Loans or
 Guaranteed Student Loans, and which are not identified in k. below,
may not in the aggregate exceed [*]% of the Maximum Aggregate Notional
Amount;
	 
	 	k.	 	The sum of the Net USD Notional Amounts of ROs agreed between
GSI and Counterparty pursuant to (xxiv) below shall not exceed such
percentage of the Maximum Aggregate Notional Amount as shall be
specified by GSI.

	 	 	 	For purposes of the foregoing tests:
	 
	 	 	 	(a) the ratings applied for both the new RO proposed to be
added to the Portfolio and the ratings for the existing ROs in the
Portfolio shall
be current ratings of such ROs as of the proposed Effective Date for the
 new RO;
	 
	 	 	 	(b) If any RO consists of more than one of the asset types
described in e. through j., the full Net USD Notional Amount of such RO
shall be
counted against each of the relevant percentage restrictions; and
	 
	 	 	 	(c) [*] means [*] (S&P), [*] (Moody’s) and [*] (Fitch);
 and [*] means [*] (S&P), [*] (Moody’s), and [*] (Fitch); and
[*] means [*] (S&P), [*] (Moody’s) and [*] (Fitch).

	 	(xvi)	 	Would not cause the Net USD Notional Amount of a single RO in
the Portfolio to exceed [*]% of the Maximum Aggregate Notional Amount;
	 
	 	(xvii)	 	Would not cause the aggregate Net USD Notional Amount of all ROs
 which are issued by a common issuer and have the same rating to exceed
a) to the extent the ROs are rated [*], $[*] or b) to the extent one
or more of such ROs are rated below [*], [*]% of the
Maximum Aggregate Notional Amount;
	 
	 	(xviii)	 	Would not cause the aggregate Net USD Notional Amount of all ROs
 which are secured predominantly by obligations of any one obligor or
group of affiliated obligors, to exceed [*]% of the Maximum Aggregate
Notional Amount;

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

7

	 	(xix)	 	Would not cause the total number of ROs to exceed 50;
	 
	 	(xx)	 	GSI owning the RO in an amount equal to the Net USD Notional
Amount would not violate any law, rule or regulation applicable to GSI;
	 
	 	(xxi)	 	In the case of a Counterparty Originated Asset, Counterparty has
 delivered to GSI an executed indemnity letter in a form acknowledged in
a letter agreement between GSI and Counterparty of even date herewith
(the “Indemnity Letter”);
	 
	 	(xxii)	 	The terms of such RO require delivery to holders of such RO of
Trustee/Servicer Reports providing information of a degree and with a
frequency which is customary in Rule 144A securitizations of the
same asset types;
	 
	 	(xxiii)	 	Is issued in registered form for U.S. federal income tax
purposes;
	 
	 	(xxiv)	 	If such RO was issued after the Facility Amendment Date, then
unless such RO is subject to backup servicing arrangements reasonably
acceptable to GSI, the terms of such RO provide for a majority of the
holders of such RO by principal amount to have the right to remove and
replace any servicer, collateral manager or other administrative service
 provider for the issuer of such RO at any time; and
	 
	 	(xxv)	 	Also includes any other obligation as GSI may agree from time to
 time following request from Counterparty.

	 	 	 
	 

	 	If it is determined after the
Effective Date that the RO failed to meet any of the foregoing
requirements as of the Effective Date and GSI
gives notice of such circumstance to Counterparty, a Removal Date shall
be deemed to occur in relation to such RO. Further, if after the
Effective Date Counterparty fails to deliver the most recently issued
Trustee/Servicer Report or Rating Agency Report with respect to an RO
within five Business Days of a request from GSI, at GSI’s sole option a
Removal Date may be deemed to occur in relation to such RO.
	 
	 	 
	 

	 	“Asset Backed Securities” means
 securities that are Not Contingent within the meaning of the Credit
Derivatives Definitions and are secured by
loans, leases, receivables or similar payment obligations or financial
assets which convert by their terms into cash within a finite period of
time, and without limitation of the foregoing shall exclude
(i) credit linked notes or other synthetic securities; i.e.
securities secured by
or representing credit swaps, total return swaps or other derivative
exposures, (ii) securities secured by equity instruments or
corporate
bonds and (iii) ABS CDOs, “CDO squareds” or other securities which
are themselves secured by Asset Backed Securities.
	 
	 	 
	 

	 	“Counterparty Originated Asset”
 means any RO with respect to which the Counterparty, its Credit Support
 Providers or any of their Affiliates
(i) is related as depositor, originator or transferor of the
receivables securitized in the RO or (ii) is a sponsor, servicer or
 administrator
thereto, (iii) is a holder of any beneficial interest in the issuer
 of the RO or (iv) has acted as an underwriter, arranger or
distributor of
such RO.

     

  

8

	 	 	 
	 

	 	“Guaranteed Student Loans”
means student loans originated under Title IV of the Higher Education
Act, no less than 95% of the loan principal
and interest of which are guaranteed and explicitly reinsured by the
United States Department of Education.
	 
	 	 
	 

	 	“Private Student Loans” means
student loans other than Guaranteed Student Loans.
	 
	 	 
	 

	 	“Qualifying [*]-Rated RO” means
 an RO that (i) is rated at least [*] by each of S&P and
Moody’s (where any RO rated [*] by each of S&P and
Moody’s but also rated by Fitch and rated lower than [*] by Fitch shall
be deemed for purposes of this test to be rated lower than [*] by
S&P
and Moody’s) and (ii) is either (A) not subordinated to any
other class or tranche of securities issued by the relevant Issuer or
(B)
subordinated only to a class or tranche of securities issued by the
relevant Issuer the entire principal amount of which is included as an
RO
in this Facility.
	 
	 	 
	 

	 	“Tax Opinion” means a legal
opinion of nationally recognized tax counsel that concludes that
(a) the RO will be treated as indebtedness for
U.S. federal income tax purposes and (b) the issuer of the RO will
not be treated as subject to U.S. federal tax.
	 
	 	 
	 

	 	“True Sale and Nonconsolidation
Opinion” means a legal opinion of Bingham McCutcheon LLP or other
counsel satisfactory to GSI in its good
faith discretion which concludes that (i) any assets purchased by
the Reference Entity in connection with the relevant securitization
would
not be considered to be part of the estate of any relevant Affiliate of
Counterparty (an “Originator Affiliate”) in a proceeding under
the
Bankruptcy Code and (ii) neither the Reference Entity nor any other
 special purpose entity organized in connection with the relevant
securitization would be substantively consolidated with any of
(A) Counterparty, (B) any Credit Support Providers of
Counterparty or (C) any
Originator Affiliate (other than a special purpose entity), in each case
 where the foregoing conclusions take account of the existence and
terms of this Facility and Counterparty’s Credit Support Documents.
	 
	 	 
	Maximum
 Aggregate Notional Amount

	 	From and including the Facility
Commencement Date to but excluding the Facility Amendment Date, USD
3,000,000,000. On and after the Facility
Amendment Date, USD 2,125,000,000, less cumulative amount of Swap
Amortization amounts determined on or prior to such date.
	 
	 	 
	Aggregate
 Notional Amount

	 	The sum on any day of the Net USD
Notional Amounts of each RO at the close of business on that day.
	 
	 	 
	Swap
 Amortization

	 	USD 212,500,000 with respect to each
anniversary of the Facility Commencement Date, beginning with the 11th anniversary
of the
Facility Commencement Date.
	 
	 	 
	Portfolio
 Adjustment

	 	(A) Counterparty may, by sending a
 Portfolio Adjustment Notice to GSI, designate any Business Day to
adjust the Portfolio (any such adjustment
a “Portfolio Adjustment”) by:

	 	(i)	 	designating a new Eligible RO for addition to the Portfolio; or

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

9

	 	(ii)	 	designating a RO for removal, in whole or in part, pursuant to a
 Removal Date; or
	 
	 	(iii)	 	combining (i) and (ii) to effect a substitution;

	 	 	 
	 

	 	provided that:
	 
	 	 
	 

	 	(a) no Potential Event of Default or
Event of Default has occurred and is continuing in relation to
Counterparty;
	 
	 	 
	 

	 	(b) the Aggregate Notional Amount does
 not exceed the Maximum Aggregate Notional Amount as a result of such
Portfolio Adjustment;
	 
	 	 
	 

	 	(c) each RO to be added is an Eligible
 RO;
	 
	 	 
	 

	 	(d) except as provided in (B)(i) and
(ii) of the next paragraph or otherwise with the consent of GSI in
its sole discretion, (I) no addition,
removal, substitution or other Portfolio Adjustment may occur on or
after the Facility Amendment Date until the Portfolio Adjustment Renewal
Date and (II) no removal, in whole or in part, or any Removal Date
in relation thereto may occur until on or after the Target Exposure
Date;
and
	 
	 	 
	 

	 	(e) there shall be no more than one
new RO (or four new ROs if (I) all such new ROs are issued by the
same issuer in a single securitization
documented pursuant to a single indenture or trust deed and
(II) the same collateral secures all such ROs) added to the
Portfolio in any
calendar week.
	 
	 	 
	 

	 	(B) In addition:
	 
	 	 
	 

	 	(i) If GSI has notified Counterparty
of a Re-Striking that would cause the Aggregate Notional Amount to
exceed the Maximum Aggregate Notional
Amount, then
	 
	 	 
	 

	 	(x)
prior to the Portfolio Adjustment Renewal Date, unless Counterparty has
notified GSI within three Business Days of receipt of GSI’s notice
of Re-Striking that Counterparty objects to such Re-Striking, in which
case such Re-Striking shall not occur, GSI will have the right to
designate one or more ROs for removal such that after giving effect to
such Portfolio Adjustment Notice, the Aggregate Notional Amount is less
than or equal to the Maximum Aggregate Notional Amount, and

	 
	 	 
	 

	 	(y) on
and after the Portfolio Adjustment Renewal Date, Counterparty, will be
required to designate one or more ROs for removal such that
after giving effect to such Portfolio Adjustment Notice, the Aggregate
Notional Amount is less than or equal to the Maximum Aggregate Notional
Amount,

	 
	 	 
	 

	 	where in each case the Removal Date in
 respect of any such RO shall be no more than 10 Business Days following
 the Re-Striking Date.
	 
	 	 
	 

	 	(ii) If Counterparty fails to
designate a Removal Date as required hereby, GSI may by sending a
Portfolio Adjustment Notice to Counterparty,
designate any Business Day to adjust the Portfolio (any such adjustment,
 also a “Portfolio Adjustment”) by designating one or more ROs
for
removal, in whole or in part,

10

	 	 	 
	 

	 	pursuant to a Removal Date such that
after giving effect to such Portfolio Adjustment
Notice, the Aggregate Notional Amount is less than or equal to the
Maximum Aggregate
Notional Amount.
	 
	 	 
	 

	 	“Exchange Offer Settlement Date”
 means the date on which the “Settlement Date” referred
to in the Offering Memorandum, Disclosure Statement And Solicitation Of
Acceptances Of A
Prepackaged Plan Of Reorganization describing the “CIT Group Inc. &
CIT Group Funding
Company of Delaware LLC Offers to Exchange Relating to Any and All of
Their Respective
Outstanding Notes Listed Below and Solicitation of Acceptances of a
Prepackaged Plan of
Reorganization“ dated October 1, 2009 as filed on October 2,
2009 with the United States
Securities and Exchange Commission, and as amended by (i) the
amendments to such
documents issued by CIT Group Inc. as of October 16, 2009 and filed
 with the United
States Securities and Exchange Commission on October 19, 2009 and
(ii) the amendments to
such documents issued by CIT Group Inc. as of October 23, 2009 and
filed with the United
States Securities and Exchange Commission on October 26, 2009 (the “Existing
 Exchange
Offer Terms”), and as further amended from time to time, provided,
however that no such
amendment, or any modification or waiver of the Existing Exchange Offer
Terms, would
adversely affect the Material Terms or otherwise constitute a TRS
Impairment (such
documents as so amended the “Exchange Offer”) has occurred in
accordance with the
Liquidity and Leverage Condition, Documentation Condition and the other
terms and
conditions of the Exchange Offer described in the section entitled
“Description of the
Offers  — Conditions to the Offers.”.
	 
	 	 
	 

	 	“Exchange Offer Trigger Date”
means the 30th
 day following the Exchange Offer
Settlement Date.
	 
	 	 
	 

	 	“Portfolio Adjustment Renewal Date”
 means the earlier of (i) the Exchange Offer Trigger
Date and (ii) the date on which the Plan of Reorganization is
confirmed by the relevant
bankruptcy court and has been consummated without any amendment,
modification or
supplement that adversely affects the Material Terms and is not approved
 by GSI, and CIT
Group Inc. (and any subsidiaries or affiliates thereof) have emerged
from bankruptcy
proceedings.
	 
	 	 
	Portfolio
 Adjustment 

Notice

	 	A notice provided at least fifteen
Business Days (or such lesser number of Business Days
as agreed between Counterparty and GSI) prior to the date of any
Portfolio Adjustment
revising Annex A to take account of any Portfolio Adjustment; provided,
however that the
date of any Portfolio Adjustment relating to the substitution of a new
Eligible RO for an
existing RO where the new and existing RO are the same obligation with
the same Notional
Amount (such Portfolio Adjustment a “Re-Striking Substitution”)
may be 2 Business Days
following the delivery of the related Portfolio Adjustment Notice.
	 
	 	 
	 

	 	A Portfolio Adjustment Notice provided
 by GSI as contemplated under Re-Striking Payments
shall be provided at least 2 Business Days prior to the Removal Date.
	 
	 	 
	Determination
 of
Initial FX Rate

	 	The Calculation Agent will determine
in a commercially reasonable manner the Initial FX
Rate for each RO not denominated in USD based on the Current FX Rate as
of the date
determined by the Calculation Agent after the date the Portfolio
Adjustment Notice is
received for such RO and at least two Business
Days prior to its Effective Date.

11

	 	 	 
	FX
 Rate

	 	With respect to a Specified Currency,
as of the Effective Date and at any time prior to
and including the initial Re-Striking Date, the Initial FX Rate; and
following the
initial Re-Striking Date, the Current FX Rate as of the immediately
preceding Re-Striking
Date.
	 
	 	 
	Current
 FX Rate

	 	With respect to a Specified Currency
as of any date, the spot rate of exchange between
the Specified Currency and USD as of such date, determined by the
Calculation Agent in a
commercially reasonable manner.
	 
	 	 
	Business
 Days

	 	For payment dates requiring payments
in USD, London and New York
	 
	 	 
	 

	 	For payment dates requiring payments
in CAD, Toronto and London
	 
	 	 
	 

	 	For payment dates requiring payments
in EUR, London and TARGET.
	 
	 	 
	 

	 	For payment dates requiring payments
in GBP, London and New York
	 
	 	 
	 

	 	For purposes of the Collateral
provisions, Portfolio Adjustment Notices and all other
purposes hereunder, London and New York.
	 
	 	 
	Business
 Day 

Convention

	 	Modified Following
	 
	 	 
	Calculation
 Agent

Facility Fee

	 	GSI
	 
	 	 
	Facility
 Fee

	 	On each Facility Fee Payment Date,
Counterparty shall pay to GSI a Facility Fee
determined as follows:
	 
	 	 
	 

	 	Facility Fee Notional Amount  ́ Facility Fee Rate  ́ (the actual number of days
within the relevant Facility Fee Period divided by 360)
	 
	 	 
	Facility
 Fee 

Notional Amount

	 	In respect of the Facility Fee Period
from and including the Facility Commencement Date
to but excluding the initial Facility Fee Payment Date, the higher of
(a) the Aggregate
Notional Amount and (b) zero. For the immediately following
Facility Fee Period, the
higher of (a) the Aggregate Notional Amount and (b) 50% of the
 Maximum Aggregate Notional
Amount. For each subsequent Facility Fee Period, the Maximum Aggregate
Notional Amount;
provided that for the Facility Fee Period which includes the Facility
Amendment Date, the
Facility Fee Notional Amount will be the sum of the values of the
Maximum Aggregate
Notional Amount during each day in such Facility Fee Period divided by
the number of days
included in such Facility Fee Period.
	 
	 	 
	Facility
 Fee Rate

	 	285 bps
	 
	 	 
	Facility
 Fee Period

	 	With respect to any Facility Fee
Payment Date, the period from (and including) the
immediately preceding Facility Fee Payment Date (or, in relation to the
initial Facility
Fee Period, the Facility Commencement Date) to (but excluding) such
Facility Fee Payment
Date (or, in relation to the final Facility Fee Period, the Facility End
 Date).

12

	 	 	 
	Facility
 Fee Payment 

Dates

	 	Quarterly on each three month
anniversary of the Facility Commencement Date and ending
on
the Facility End Date.
	 
	 	 
	Facility Amendment
Date
Payments;
Forbearance
Agreement
	 
	 	 
	Termination
 Fee

	 	On the Facility Amendment Date,
Counterparty will pay to GSI seven twenty-fourths
(29.1667%) of the Present Value Facility Fee (based on the Maximum
Aggregate Notional
Amount as of the day prior to the Facility Amendment Date) as determined
 by GSI on the
Facility Amendment Date, in consideration for GSI’s termination of the
Present Value
Facility Fee otherwise payable under the Original Facility in connection
 with the
reduction of the Maximum Aggregate Notional Amount from USD
3,000,000,000 to USD
2,125,000,000 (the “Termination Fee”).
	 
	 	 
	Forbearance
 Agreement

	 	In consideration for the payment of
the Termination Fee and the other amendments effected
hereby, GSI agrees (such agreement the “Forbearance Agreement”)
not to exercise (A) its
right to designate an Early Termination Date under the Master Agreement
or (B) its right
to defer or suspend payments or deliveries to Counterparty or CIT
Barbados under Section
2(a)(iii) of the Master Agreement or Paragraph 4(a) of the Credit
Support Annex or
otherwise (except as set forth in the provisions of this Confirmation
relating to the
Additional Collateralization Amount or as otherwise specifically
provided in this
Confirmation), in each case if (or in the case of (iii), (iv),
(v) and (vii) for so long
as):
	 
	 	 
	 

	 	(i) such right arises solely as a result of
(1) the announcement of or launch of
solicitation of the Exchange Offer and Plan of Reorganization for CIT
Group Inc., (2) the
Events of Default and/or Potential Events of Default alleged by GSI in
the Rescinded
Notices (without prejudice to the rights of GSI in relation to any
subsequent Event of
Default or Potential Event of Default in relation to the Indemnity
Letters), (3) the
filing of a voluntary Chapter 11 bankruptcy proceeding by CIT Group
 Inc. on or prior to
November 30, 2009, or (4) any actions, inactions, filings or
disclosures by CIT Group
Inc. pursuant thereto or to its overall restructuring process
(collectively, the
“Exchange/Plan Activities”);

	 
	 	 
	 

	 	(ii) such Chapter 11 proceeding occurs to effect
 the Plan of Reorganization;

	 
	 	 
	 

	 	(iii) no action is taken (whether by a court of
competent jurisdiction or by CIT Group
Inc., any affiliate of CIT Group Inc., any examiner or trustee or any
other person on
behalf of one of the foregoing) in connection with such Chapter 11
proceeding or
otherwise that is inconsistent with the Material Terms or which impairs
or restricts the
ability of Counterparty or any Credit Support Provider to perform its
respective
obligations under the Master Agreement and this Facility or
Counterparty’s Credit Support
Documents, as applicable, or otherwise prejudices, impairs, avoids,
objects to or
restricts any rights, claims or remedies of GSI under the

13

	 	 	 
	 

	 	Master Agreement, this Facility
or any Credit Support Document, including without limitation
(A) any action to propose or
accept any sale or transfer of all or substantially all of the assets of
 CIT Group Inc.
where the entity succeeding to such assets would not assume all of the
obligations of CIT
Group Inc. under the Amended CIT Group Guaranty or (B) any action
to (I) impair or
restrict the right of GSI to set off any First Total Return Termination
Payments or other
amounts otherwise payable by GSI hereunder against any amounts payable
by Counterparty
under the Master Agreement or this Facility, (II) subordinate
(including by means of
equitable subordination) any rights, claims or payment obligations of
GSI rights under
the Master Agreement, this Facility or any Credit Support Document in
relation hereto,
(III) use, or obtain credit secured by, the Posted Credit Support
received by
GSI
pursuant to the terms of the Master Agreement or any other any liens,
security interests
or rights of setoff in favor of GSI contemplated by the terms of the
Master Agreement,
this Facility or any Credit Support Document (whether or not adequate
protection is
deemed to exist with respect to such Posted Credit Support, liens,
security interests or
rights of setoff for purposes of Sections 363 or 364 of the
Bankruptcy Code), (IV)
challenge or avoid, or expressly reserve the right to challenge or avoid
 for any reason
any payments or Transfers of Posted Credit Support received by GSI or
any obligations
incurred by Counterparty or any Credit Support Provider under the Master
 Agreement, this
Facility or any Credit Support Document (including without limitation
the Termination
Fee), (V) recharacterize or challenge the validity or
enforceability of the Master
Agreement, this Facility or any Credit Support Document or any ROs
(including without
limitation any action to recharacterize any sale of assets to the issuer
 of any RO as a
secured financing, or to seek substantive consolidation of the issuer of
 any RO with any
Relevant Entity) or (VI) assert any claim against GSI arising from
the entry into, and
incurrence and performance of obligations under the Master Agreement,
this Facility or
any Credit Support Document (any such action in (A) or (B)(I)
through (VI) a “TRS
Impairment”), provided, however, that no provision in
the foregoing definition of TRS
Impairment shall require Counterparty to waive, release or relieve GSI
of GSI’s duty to
perform its obligations in accordance with the terms of the Master
Agreement, this
Facility or any Credit Support Document, or to waive or release any
rights, claims or
remedies arising under the Master Agreement, this Facility or any Credit
 Support Document
in relation to any breach by GSI or its Credit Support Provider of such
obligations;

	 
	 	 
	 

	 	

(iv) the Plan of Reorganization is not withdrawn, revoked or otherwise
abandoned;

	 
	 	 
	 

	 	(v) no amendment, modification or supplement to the
Plan of Reorganization that
adversely affects the Material Terms is included in, or incorporated
into, the Plan of
Reorganization without the prior written consent of GSI;

	 
	 	 
	 

	 	(vi) the Termination Fee is paid in full on the
Facility Amendment Date; and

14

	 	 	 
	 

	 	(vii) no TRS Conflicting Indebtedness (as defined
below) is incurred or entered into at
any time (the conditions in (i) through (vii) the “Forbearance
 Conditions”);

	 
	 	 
	 

	 	provided that if no Chapter 11
bankruptcy proceeding with respect to CIT Group Inc. has
occurred by November 30, 2009, the Forbearance Agreement will be of
 no further force and
effect.
	 
	 	 
	 

	 	For purposes of clause (B)(II) of the
definition of TRS Impairment neither (i) the
priority given to financing obtained under Section 364 of the
Bankruptcy Code nor (ii)
the granting of a lien or security interest, including any cash
management order entered
in the Chapter 11 proceeding in accordance with the Plan of
Reorganization and permitting
intercompany liens, shall be considered to effect a “subordination”,
provided that no
such priority, lien or security interest is senior to or conflicts with
or prejudices (a)
the rights of GSI in relation to any RO Haircut Amounts or Posted Credit
 Support received
by GSI pursuant to the terms of the Master Agreement, this Facility or
any Credit Support
Document, including any liens, security interests or rights of setoff in
 favor of GSI
contemplated by the terms of the Master Agreement, this Facility or any
Credit Support
Document (whether or not adequate protection is deemed to exist with
respect to GSI’s
Posted Credit Support, liens, security interests or rights of setoff for
 purposes of
Sections 363 or 364 of the Bankruptcy Code) or (b) the right
of GSI to receive
performance of any other obligations incurred by Counterparty or any
Credit Support
Provider under, the Master Agreement, this Facility or any Credit
Support Document or (c)
otherwise constitutes a TRS Impairment.
	 
	 	 
	 

	 	The Forbearance Agreement will be of
no further force and effect if Counterparty fails to
pay the Termination Fee in full on the Facility Amendment Date or if any
 of the
Forbearance Conditions fails or ceases to be satisfied at any time. The
Forbearance
Agreement will expire if the Plan of Reorganization is not confirmed by
the relevant
bankruptcy court (without any amendment, modification or supplement that
 adversely
affects the Material Terms and is not approved by GSI), on or before
June 30, 2010. In
no event shall GSI be restricted from exercising any otherwise
applicable right to
designate an Early Termination Date under the Master Agreement for any
reason after June
30, 2010.
	 
	 	 
	 

	 	The Forbearance Agreement
	 
	 	 
	 

	 	(X) does not restrict GSI’s right to designate an
Early Termination Date on grounds of

	 
	 	 
	 

	 	(i) any other Event of Default under the Master
Agreement, including without limitation

	 
	 	 
	 

	 	(A) the occurrence of any event described in
Section 5(a)(vii) of the Master Agreement in
relation to Counterparty or CIT Barbados, whether or not a bankruptcy of
 CIT Group Inc.
occurs in accordance with the Plan of Reorganization, provided that if
no event described
in Section 5(a)(vii) clause (1), (3), (4), (5), (6) or
(7) occurs with respect to
Counterparty or CIT Barbados, neither the Existing Exchange Offer

15

	 	 	 
	 

	 	Terms nor the filing of
a voluntary Chapter 11 bankruptcy proceeding with respect to CIT
Group Inc. in accordance
with the Plan of Reorganization shall, in and of itself, be construed to
 give rise to an
event described in Section 5(a)(vii) clause (2), (8) or
(9) in relation to Counterparty
or CIT Barbados; or

	 
	 	 
	 

	 	(B) the occurrence of any event described in
Section 5(a)(i) or Section 5(a)(iii) of the
Master Agreement in relation to Counterparty or any Credit Support
Provider as applicable
(even if such event arises during or is caused by the existence of a
Chapter 11
proceeding in accordance with the Plan of Reorganization), except that
no event described
in Section 5(a)(iii)(2) in relation to the Amended CIT Group
Guaranty shall be deemed to
arise from the existence of a Chapter 11 proceeding in accordance
with the Plan of
Reorganization so long as each of the Forbearance Conditions continues
to be met, or

	 
	 	 
	 

	 	
(ii) any Termination Event under the Master Agreement or this Facility;

	 
	 	 
	 

	 	provided, however, that the Forbearance
 Agreement shall restrict GSI’s right to designate
an Early Termination Date on grounds of (aa) an Event of Default
under (I) Section
5(a)(ii) solely to the extent that the relevant breach of agreement is a
 failure to
timely provide financials, (II) Section 5(a)(v) solely to the
extent that the relevant
default under the Specified Transaction is caused by the Exchange/Plan
Activities and
(III) Section 5(a)(vi) solely to the extent the default under
and acceleration of the
Specified Indebtedness is caused by the Exchange/Plan Activities or
(bb) any right to
designate an Early Termination Date in relation to the Master Agreement
that arises not
under the terms of this Confirmation or the Master Agreement but under
the terms of a
different contract or agreement that does not form a part of this
Confirmation or the
Master Agreement;

	 
	 	 
	 

	 	(Y) is without prejudice to any other rights and
remedies of GSI under the Master
Agreement or this Facility and

	 
	 	 
	 

	 	(Z) subject to clause (X)(bb) above, is without
prejudice to any rights or remedies of
GSI or any Affiliates of GSI under any other agreements with
Counterparty, Counterparty’s
Credit Support Providers and/or their Affiliates.

	 
	 	 
	 

	 	“Plan of Reorganization” means
the “prepackaged bankruptcy” plan of reorganization of CIT
Group Inc. that (1) will satisfy the requirements under
Section 1129 of the Bankruptcy
Code, (2) shall at a minimum include the following terms (the “Material
 Terms”): (i) the
Amended CIT Group Guaranty will be reinstated and not impaired in any
respect by CIT
Group Inc. and will be in full force and effect on the effective date of
 such plan of
reorganization; (ii) such plan of reorganization shall contain an
express waiver of the
rights of CIT Group Inc., the reorganized CIT Group Inc. and any of
their respective
affiliates to assert or take action to effect any TRS Impairment; and
(iii) such plan of
reorganization shall not otherwise have any provision effecting or in
furtherance of a
TRS Impairment and (3) is otherwise substantially in the form and
substance set forth in
Appendix C of the Exchange Offer, as may be amended from time to
time, without giving
effect to any amendment or modification that adversely affects the
Material Terms.

16

	 	 	 
	 

	 	“Relevant Entity” means in
relation to any RO, (i) Counterparty, (ii) any Credit Support
Provider of Counterparty, (iii) any seller of assets purchased by
the issuer of such RO
pursuant to the securitization of assets in connection with the issuance
 of such RO, (iv)
any servicer or collateral manager in relation to the issuer of such RO,
 (v) any entity
not otherwise included in (i) through (iv) with respect to
which an opinion of counsel
was delivered in connection with the issuance of the relevant RO that
such entity should
not be consolidated with the issuer of the RO or (vi) any other
entity where the
substantive consolidation of such entity with the issuer of the RO
would, as reasonably
determined by GS, prejudice the rights or holders of the RO or have a
material adverse
impact on such RO.
	 
	 	 
	Terms Relating to Each
Transaction
	 
	 	 
	1.
 General Terms
	 	 
	 
	 	 
	Terms
 Specified in

	 	The Following terms in relation to
each Transaction will be specified in Annex A:
	Annex
 A
	 	 

	 	§ 	 	Effective Date (subject to Condition to RO Effectiveness below)
	 
	 	§	 	Reference Obligation (“RO”)
	 
	 	§	 	Reference Entity
	 
	 	§	 	Guarantor or other credit support provider (if any)
	 
	 	§	 	Insurer (if any)
	 
	 	§	 	Specified Currency
	 
	 	§	 	Initial FX Rate
	 
	 	§	 	Initial Notional Amount (which will be an actual outstanding
principal amount of
the RO)
	 
	 	§	 	Offered Price (including accrued interest) (expressed as
percentage of principal
balance)
	 
	 	§	 	Initial Price (expressed as percentage of principal balance)
	 
	 	§	 	Floating Rate Period End Dates
	 
	 	§	 	Reference Obligation Coupon
	 
	 	§	 	Each credit rating of RO as at Effective Date
	 
	 	§	 	The Transaction Termination Date
	 
	 	§	 	Initial Haircut Percentage (which will be the Haircut Percentage
 applicable to
the RO on the Effective Date)

17

	 	 	 
	 

	 	The Transaction Termination Date
shall, if required by or assumed by counsel in
connection with the delivery of a True Sale and Non-Consolidation
Opinion, be a date
occurring not later than (i) for ROs for which the expected final
amortization based on
pricing speed, as determined by Counterparty (the “Expected
Amortization Date”) will
occur 5 years or more after the Effective Date for such RO, the
date on which 80% of the
number of days occurring between the Effective Date for such Transaction
 and the Expected
Amortization Date have lapsed, (ii) for ROs for which the Expected
Amortization Date will
occur more than one but less than five years after the Effective Date
for such RO, the
date occurring one year prior to the Expected Amortization Date and
(iii) for ROs for
which the Expected Amortization Date will occur one year or less from
the Effective Date
for such RO, the date on which 50% of the number of days occurring
between the Effective
Date for such Transaction and the Expected Amortization Date have
lapsed.
	 
	 	 
	Condition
 to RO
Effectiveness

	 	The Effective Date shall be subject to
 (A) the availability to GSI of a firm offer from
Counterparty or an unaffiliated third party designated by Counterparty
on which GSI or
its designee could execute the purchase of a principal amount of the RO
equal to the
Initial Notional Amount at the Offered Price for settlement on the
Effective Date, such
Offered Price (1) not to exceed the market value of the principal
amount of the RO
determined by the Calculation Agent in a commercially reasonable manner
and (2) unless a
Bid Failure Event occurs, to be greater than the applicable Initial
Haircut Percentage
and (B) receipt by GSI on or prior to such Effective Date of the
Initial Payment from CIT
Financial (Barbados) Srl (“CIT Barbados”) as required to be made
pursuant to a Guaranty
provided by CIT Barbados (the “Guaranty”) for application under
the Transaction. If a
Bid Failure Event occurs, the Effective Date shall occur at
Counterparty’s option and the
Offered Price shall be equal to zero.
	 
	 	 
	 

	 	For the avoidance of doubt, if an
Effective Date and Bid Failure Event occurs and the
Offered Price is zero, immediately upon the Effective Date, Counterparty
 shall at its
option, after giving the applicable notice described in this Agreement,
be entitled to
either (i) cause a Re-Striking Date to occur with respect to the
related RO such that (x)
Counterparty shall be entitled to receive a Net Re-Striking Gain Amount
calculated based
on the Current Price for such RO on the Effective Date and (y) CIT
Barbados shall be
required to pay a Net Re-Striking Haircut Addition Amount for such RO on
 the Effective
Date or (ii) receive the Market Related Amount in cash from GSI
with respect to the
related RO on the Effective Date under the terms of the Credit Support
Annex.
	 
	 	 
	 

	 	The initial Effective Date hereunder
shall also be subject to the condition precedent
that (i) counsel to CIT Barbados has provided GSI with an opinion
acceptable to GSI
confirming the perfection of GSI’s interest in any Initial Payment to be
 made by CIT
Barbados under the Guaranty from time to time and (ii) CIT Barbados
 has taken all
necessary steps required by GSI to perfect GSI’s interest in such
Initial Payment under
Barbados law.
	 
	 	 
	Initial
 Price

	 	From and including the Effective Date
to but excluding the first Re-Striking Date, (1)
Offered Price minus (2) Haircut Percentage (in each case as
of the Effective Date),
subject to a minimum of zero.

18

	 	 	 
	 

	 	From and including any Re-Striking
Date to but excluding the next Re-Striking Date, (1)
Current Price minus (2) Haircut Percentage (in each case as
of the Re-Striking Date
occurring at the beginning of such period), subject to a minimum of
zero.
	 
	 	 
	Bid
 Failure Event

	 	If prior to the Effective Date either
GSI gives notice to Counterparty, or Counterparty
gives notice to GSI, that GSI has not identified a firm bid for the RO
at the Offered
Price after the Condition to RO Effectiveness has been satisfied (for
settlement on the
Effective Date), then the Effective Date shall be five business days
after the effective
date of such notice. If prior to the second effective date either GSI
gives notice to
Counterparty, or Counterparty gives notice to GSI, that GSI has not
identified a firm bid
for the RO at the Offered Price (for settlement on such second effective
 date), then the
Effective Date shall be five business days after the effective date of
such notice. If
prior to the third effective date either GSI gives notice to
Counterparty, or
Counterparty gives notice to GSI, that GSI has not identified a firm bid
 for the RO at
the Offered Price (for settlement on such third effective date), then a
Bid Failure Event
has occurred. For the avoidance of doubt, GSI is not required to provide
 a bid for the
RO.
	 
	 	 
	Initial
 Payment

	 	CIT Barbados, as required pursuant to
the Guaranty, will make a payment to GSI on the
Effective Date for each RO calculated as follows:
	 
	 

	 	Initial Notional Amount
times Initial Haircut Percentage divided by FX Rate for
the
relevant RO; provided, however, that if there is a Bid Failure Event,
then the Initial
Payment will be zero.
	 
	 	 
	Notional
 Amount

	 	The Initial Notional Amount, as
reduced by each Terminated Notional Amount and Actual
Principal Repayment from time to time.
	 
	 	 
	Net
 USD Notional 

Amount

	 	On any day, the Notional Amount at the
 close of business (London time) on that day
multiplied by the related Initial Price divided by the related FX Rate
for that RO.
	 
	 	 
	Average
 Notional 

Amount

	 	With respect to any Floating Rate
Period, the sum of the Net USD Notional Amounts for
each day in that period divided by the actual number of days in that
period.
	 
	 	 
	Termination
 Date

	 	The earlier of: (i) the Facility
End Date, (ii) the Defaulted Termination Date, (iii) the
Transaction Termination Date or (iv) the date on which the Notional
 Amount of the
Transaction equals zero.
	 
	Removal
 Date

	 	The Business Day specified by
Counterparty or GSI for early termination, in whole or in
part, of an RO in accordance with a Portfolio Adjustment.

19

	 	 	 
	2.
 Effective Date
Exchange
	 	 
	 
	 	 
	Counterparty
 Exchange 

Amount

	 	On the Effective Date with respect to
an
RO, Counterparty shall pay to GSI an
amount in the Specified Currency with
respect to such RO equal to its Initial
Notional Amount multiplied by its Offered
Price.
	 
	 	 
	GSI
 Exchange Amount

	 	On the Effective Date with respect to
an
RO, GSI shall pay to Counterparty an
amount in USD with respect to such RO
equal to its Initial Notional Amount
multiplied by its Offered Price divided
by its Initial FX Rate.
	 
	 	 
	3.
 Haircut
	 	 
	 
	 	 
	Haircut
 Percentage

	 	The Haircut Percentage shall be the
percentage determined in accordance with the table
below by reference to the rating of the RO as of the relevant date. For
the avoidance of
doubt the Haircut Percentage applicable to an RO may change after the
Effective Date if
its applicable rating changes.

	 	 	 	 	
	 

	 	Rating                  	Percentage
	 
	 	 	
	 

	 	““AAA” FFELP Assets 	[*]% plus the Selected Percentage
	 

	 	“A” or better 	[*]% plus the Selected Percentage
	 

	 	“BBB” but less than “A” 	[*]% plus the Selected Percentage
	 

	 	Less than “BBB” 	[*]% plus the Selected Percentage

	 	 	 
	 

	 	provided that where the ratings of the
 relevant agencies differ, the lower of the ratings
shall apply.
	 
	 	 
	 

	 	As used above:
	 
	 	 
	 

	 	“A” or better” means that the RO is
rated at least A+/A by S&P and A1/A2 by Moody’s and,
if rated by Fitch, is rated at least A+/A by Fitch;

““BBB” but less than “A”” means that the RO is rated at least A-/
BBB+/BBB/BBB- by S&P
and A3/Baa1/Baa2/Baa3 by Moody’s and, if rated by Fitch, is rated at
least
A-/BBB+/BBB/BBB- by Fitch.
	 
	 	 
	 

	 	“Less than “BBB”” means that the RO is
 neither ““A” or better” nor ““BBB” but less than
“A””.
	 
	 	 
	 

	 	“AAA” FFELP Assets means that the RO
is a securitization where the securitized
receivables are exclusively comprised of Guaranteed Student Loans, and
is rated AAA by
S&P and Aaa by Moody’s and, if rated by Fitch, is rated at least AAA
 by Fitch.
	 
	 	 
	 

	 	“Selected Percentage” means
(x) in respect of any date prior to the seven year
anniversary of the Facility Commencement Date, zero and (y) in
respect of any date after
the seven year anniversary of the Facility Commencement Date, a figure
of between 0% and
10% selected by GSI; provided, however, that (i) the Selected
Percentage may not exceed
10%, (ii) the Selected Percentage may not be decreased from its
value on any prior date
and (iii) each incremental increase in the Selected Percentage
shall result in a
reduction of the Facility Fee Rate by 5 bps with effect from the date of
 such increase,
with the values of the Facility Fee corresponding to each possible value
 of the

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

20

	 	 	 
	 

	 	Selected Percentage as set forth
below.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Selected	 	Facility Fee	 	Selected	 	Facility Fee
	Percentage	 	Rate (bps)	 	Percentage	 	Rate (bps)
	 	0	%	 	 	285	 	 	 	6	%	 	 	255	 
	 	1	%	 	 	280	 	 	 	7	%	 	 	250	 
	 	2	%	 	 	275	 	 	 	8	%	 	 	245	 
	 	3	%	 	 	270	 	 	 	9	%	 	 	240	 
	 	4	%	 	 	265	 	 	 	10	%	 	 	235	 
	 	5	%	 	 	260	 	 	 	 	 	 	 	 	 

	 	 	 
	4. Total Return Payer
Payments
	 
	 	 
	Total
 Return Coupon 

Payments

	 	On each Total Return Coupon Payment
Date, GSI shall pay to
Counterparty (subject to “Floating Rate Payment and Total Return
Coupon Netting” below) an amount in the Specified Currency equal to
the Actual Coupon Payment on the related RO.
	 
	 	 
	Total
 Return Coupon 

Payment Dates

	 	With respect to an RO, the date
falling five Business Days following
each date on which the Holders of the RO receive an Actual Coupon
Payment.
	 
	 	 
	5. Floating Rate Payer
Payments
	 
	 	 
	Floating
 Rate Payments

	 	On each Floating Rate Payment Date,
Counterparty shall pay to GSI
(subject to “Floating Rate Payment and Total Return Coupon Netting”
below) an amount in USD equal to:
	 
	 	 
	 

	 	Average Notional Amount times
Floating Rate times Floating Rate Day

Count Fraction
	 
	 	 
	Floating
 Rate Period 

End Dates

	 	As specified in Annex A, and the
Termination Date.
	 
	 	 
	Floating
 Rate Payment 

Dates

	 	The date falling five Business Days
following each Floating Rate
Period End Date.
	 
	 	 
	Floating
 Rate

	 	USD-LIBOR-BBA (with a Designated
Maturity equal to the Floating Rate
Period) plus the Floating Rate Spread. Linear Interpolation shall
apply.
	 
	 	 
	Floating
 Rate Spread

	 	0 bps
	 
	 	 
	Floating
 Rate Period

	 	The period from, and including, the
prior Floating Rate Period End
Date or the Effective Date, as applicable, to, but excluding, the
current Floating Rate Period End Date.
	 
	 	 
	Floating
 Rate Day 

Count Fraction

	 	Actual/360
	 
	 	 
	Floating
 Rate Reset 

Dates

	 	The first day of each Floating Rate
Period
	 
	 	 
	Floating
 Rate Payment

	 	On each Total Return Coupon Payment
Date occurring during the Retained

21

	 	 	 
	and
 Total Return 

Coupon Netting

	 	Cash Flow Period, an amount equal to
the excess of (i) the
Adjusted RO Coupon with respect to the relevant RO and such Total
Return Coupon Payment Date over (ii) the Floating Rate Payment with
respect to the corresponding Transaction and the Floating Rate
Payment Date occurring on such Total Return Coupon Payment Date
shall be retained by GSI and credited to the Additional
Collateralization Amount (each such amount a “Retained Net RO Coupon
Amount”).
	 
	 	 
	Adjusted
 RO Coupon

	 	For each RO and any Total Return
Coupon Payment Date, the relevant
Actual Coupon Payment divided by Current FX Rate as
determined on
the date on which the Holders of the RO received such Actual Coupon
Payment.
	 
	 	 
	6. Principal Payments
	 
	 	 
	Floating
 Rate 

Principal Payments

	 	On each Principal Payment Date,
Counterparty shall pay to GSI
(subject to “Net RO Principal Gain Payments” below) an amount in USD
equal to:
	 
	 	 
	 

	 	(1) the amount of the Actual Principal
 Repayment on the related RO
times (2) Offered Price divided by (3) FX Rate.
	 
	 	 
	Amortized
 Net Notional
Amount

	 	For any Principal Payment Date, the
amount of the Actual Principal
Repayment on the related RO times Initial Price.
	 
	 	 
	First
 Total Return 

Principal Payments

	 	On each Principal Payment Date, GSI
shall pay to CIT Barbados an
amount in USD equal to (a) the Actual Principal Repayment on the
related RO times (b) the Initial Haircut Percentage divided
 by (c)
the FX Rate with respect to that RO; provided, however, that (i) on
each Principal Payment Date occurring during the Retained Cash Flow
Period, GSI shall retain and credit the aggregate of such amounts
determined with respect to all applicable ROs to the Additional
Collateralization Amount (each such amount a “Retained Haircut
Principal Amount”) and (ii) on each Principal Payment Date
occurring
on or after the Target Exposure Date, if the calculation of Facility
Exposure, taking into account the RO Haircut Amount(s) after giving
effect to the relevant Actual Principal Repayment for each RO for
which a Principal Payment Date is occurring on such date, results in
a Delivery Amount or Return Amount becoming due to GSI by
Counterparty, then GSI shall pay to CIT Barbados only the portion of
such amount that exceeds such Delivery Amount or Return Amount (and
with respect to the balance of such amount shall treat Counterparty
as having Transferred on such date Eligible Credit Support or Posted
Credit Support in the form of Cash with a Value equal to such
balance).
	 
	 	 
	Second
 Total Return 

Principal Payments

	 	On each Principal Payment Date, GSI
shall pay to Counterparty
(subject to “Net RO Principal Gain Payments” below) an amount in the
Specified Currency equal to the Actual Principal Repayment on the
related RO.
	 
	 	 
	Principal
 Payment Dates

	 	With respect to an RO, the date
falling five Business Days following
each date on which the Holders of the RO receive an Actual Principal
Repayment.
	 
	 	 
	Net
 RO Principal Gain
Payments

	 	On each Principal Payment Date
occurring during the Retained Cash
Flow Period, GSI shall retain and credit to the Additional
Collateralization Amount an amount in USD equal to the greater of
(a) zero and (b)(1) the aggregate of the Second Total Return
Principal Payments for such Principal Payment Date

22

	 	 	 
	 

	 	divided by
Current FX Rate minus (2) the aggregate of the Floating Rate
Principal Payments for such Principal Payment Date (each such amount
a “Retained RO Principal Gain Amount”).
	 
	 	 
	7. Termination Payments
	 
	 	 
	First
 Total Return 

Termination Payment

	 	On each Termination Payment Date and
on any Early Termination Date,
GSI shall pay to CIT Barbados with respect to each RO an amount in
USD equal to the Terminated Notional Amount times the Initial
Haircut Percentage divided by the FX Rate for that RO (the “Haircut
Terminatio
 Amount” and the aggregate of all such Haircut
Termination Amounts on any Termination Payment Date or Early
Termination Date the “Aggregate Haircut Termination Amount”);
provided that
	 
	 	 
	 

	 	(i) during the Retained Cash Flow
Period, on each Termination
Payment Date which is not an Early Termination Date, GSI shall
retain and credit the Aggregate Haircut Termination Amount to the
Additional Collateralization Amount (each such amount a “Retained
Haircut Termination Amount”),
	 
	 	 
	 

	 	(ii) on or after the Target Exposure
Date, if the calculation of
Facility Exposure, taking into account the RO Haircut Amount(s)
after giving effect to the relevant Terminated Notional Amount for
each RO for which a Termination Payment Date is occurring on such
date, results in a Delivery Amount or Return Amount becoming due to
GSI by Counterparty, then GSI shall pay to CIT Barbados only the
portion of such amount that exceeds such Delivery Amount or Return
Amount (and with respect to the balance of such amount shall treat
Counterparty as having Transferred on such date Eligible Credit
Support or Posted Credit Support in the form of Cash with a Value
equal to such balance) and
	 
	 	 
	 

	 	(iii) on any Early Termination Date
any Aggregate Haircut
Termination Amount otherwise payable to CIT Barbados shall be
subject to reduction and setoff for any amounts due and unpaid by
Counterparty under the Master Agreement in respect of an Early
Termination Date, and any amounts so reduced or setoff shall be
applied first to all payment obligations of Counterparty hereunder
other than any obligation to pay the Unpaid Fee Notional Amount and
thereafter to such obligation of Counterparty to pay the Unpaid Fee
Notional Amount.
	 
	 	 
	Second
 Total Return 

Termination Payment

	 	On each Termination Payment Date, GSI
shall pay to Counterparty
(subject to “Net RO Termination Gain Payments” below) an amount in
the Specified Currency equal to the Terminated Notional Amount times
Final Price.
	 
	 	 
	Floating
 Rate
Termination Payment

	 	On each Termination Payment Date,
Counterparty shall pay to GSI
(subject to “Net RO Termination Gain Payments” below) an amount in
USD equal to:
	 
	 	 
	 

	 	(A) Terminated Notional Amount times
 Initial Price divided by FX Rate
	 
	 	 
	 

	 	plus
	 
	 	 
	 

	 	(B) Terminated Notional Amount times
 Initial Haircut Percentage
divided by FX

23

	 	 	 
	 

	 	Rate.
	 
	 	 
	Net
 RO Termination
Gain Payments

	 	On each Termination Payment Date
occurring during the Retained Cash
Flow Period, GSI shall retain and credit to the Additional
Collateralization Amount an amount in USD equal to the greater of
(a) zero and (b)(1) the aggregate of the Second Total Return
Termination Payments for such Termination Payment Date divided by
Current FX Rate minus (2) the aggregate of the Floating Rate
Termination Payments for such Termination Payment Date (each such
amount a “Retained RO Termination Gain Amount”).
	 
	 	 
	Termination
 Payment
Date

	 	Each Removal Date, Defaulted
Termination Date, Transaction
Termination Date or Facility End Date, as applicable.
	 
	 	 
	8. Re-Striking Payments
	 
	 	 
	Trigger
 Threshold

	 	The “Trigger Threshold” shall be met
on any date on which the
absolute value of the MTM is in excess of 3% of the Aggregate
Notional Amount, where:
	 
	 	 
	 

	 	“MTM” shall equal the aggregate sum of
 the Market Related Amount for
each RO in the Portfolio.
	 
	 	 
	Re-Striking
 Date

	 	Each of (i) ten
(10) Business Days following the date upon which a
Trigger Threshold is met, (ii) the Facility Amendment Date, (iii)
any one or more dates during the Retained Cash Flow Period
designated as such by GSI from time to time (including any Valuation
Date under the Credit Support Annex designated as such by GSI as
described below) or (iv) the Effective Date of any Re-Striking
Substitution.
	 
	 	 
	Re-Striking

	 	On giving no less than 3 Business Days
 notice in writing to
Counterparty GSI may, with effect as of any Re-Striking Date, elect
to re-strike the Initial Price of one or more ROs in the Portfolio
as determined by GSI such that, had such adjustment been in effect
on the Re-Striking Date, the MTM would have been equal to zero (a
“Re-Striking”); provided, however, that no prior notice to
Counterparty by GSI shall be required for GSI to designate as a
Re-Striking Date any Valuation Date during the Retained Cash Flow
Period on which GSI would otherwise be required to Transfer Eligible
Credit Support to Counterparty. A Re-Striking shall also occur on
the Effective Date of any Re-Striking Substitution designated by
Counterparty pursuant to “Portfolio Adjustment Notice” above. If GSI
so elects or if Counterparty makes a Re-Striking Substitution:
	 
	 	 
	 

	 	(i) a Removal Date shall be deemed to
occur on the Re-Striking Date,
with respect to the Notional Amount of each RO for which a
Re-Striking occurs and the parties shall make the payments required
hereunder in connection with a Removal Date;
	 
	 	 
	 

	 	(ii) a new Effective Date shall be
deemed to occur on the
Re-Striking Date with respect to the Notional Amount of each RO for
which a Re-Striking occurs and the parties shall make the payments
required hereunder in connection with an Effective Date;
	 
	 	 
	 

	 	(iii) the Initial Price of each RO for
 which a Re-Striking occurs
shall, with effect

24

	 	 	 
	 

	 	from the Re-Striking Date, be reset to
 (1)
Current Price minus (2) Haircut Percentage (in each case as
of the
Re-Striking Date);
	 
	 	 
	 

	 	(iv) the Offered Price of each RO for
which a Re-Striking occurs
shall, with effect from the Re-Striking Date, be reset to the
Current Price as of the Re-Striking Date;
	 
	 	 
	 

	 	(v) the Initial FX Rate of each RO for
 which a Re-Striking occurs
shall, with effect from the Re-Striking Date, be reset to be equal
to the Current FX Rate as determined two Business Days prior to the
Re-Striking Date; and
	 
	 	 
	 

	 	(vi) the Initial Haircut Percentage of
 each RO for which a
Re-Striking occurs shall be reset to the Haircut Percentage on the
Re-Striking Date.
	 
	 	 
	 

	 	For the avoidance of doubt, on any
Re-Striking Date, by operation of
(and without duplication of) the Initial Payment, the Effective Date
Exchange provision of Paragraph 2 and the Termination Payment
provision of Paragraph 7, and with respect to each RO for which a
Re-Striking Date occurs on such date:
	 
	 	 
	 

	 	(1) GSI shall pay to CIT Barbados an
amount in USD equal to the
Notional Amount times the Initial Haircut Percentage for the
relevant RO before the Re-Striking Date for the relevant RO divided
by Initial FX Rate (each as determined before such Re-Striking);
	 
	 	 
	 

	 	(2) CIT Barbados shall pay to GSI an
amount in USD equal to the
Notional Amount times Initial Haircut Percentage divided by
 Initial
FX Rate (each as determined pursuant to such Re-Striking).
	 
	 	 
	 

	 	(3) Counterparty shall pay to GSI an
amount in the Specified
Currency equal to the Notional Amount for the relevant RO multiplied
by its Current Price (each as determined pursuant to such
Re-Striking).
	 
	 	 
	 

	 	(4) GSI shall pay to Counterparty an
amount in USD equal to the
Notional Amount for the relevant RO multiplied by the Current Price
divided by the Initial FX Rate for the relevant RO (each as
determined pursuant to such Re-Striking).
	 
	 	 
	 

	 	(5) GSI shall pay to Counterparty an
amount in the Specified
Currency equal to the Notional Amount of the relevant RO times
Current Price.
	 
	 	 
	 

	 	(6) Counterparty shall pay to GSI an
amount in USD equal to the
Notional Amount times (Initial Price plus Initial Haircut
Percentage) divided by Initial FX Rate (each as determined before
such Re-Striking).
	 
	 	 
	 

	 	Items (1) and (2) shall be
netted with respect to all ROs for which
a Re-Striking Date is occurring on such date and (i) if a net
amount
is payable by CIT Barbados to GSI (a “Net Re-Striking Haircut
Addition Amount”), CIT Barbados shall pay such Net Re-Striking
Haircut Addition Amount to GSI and (ii) if a net amount is payable
by GSI to CIT Barbados (a “Net Re-Striking

25

	 	 	 
	 

	 	Haircut Return Amount”), then
	 
	 	 
	 

	 	(A) on each Re-Striking Date occurring during the
Retained Cash Flow Period, GSI shall retain and credit such Net
Re-Striking Haircut Return
Amount to the Additional Collateralization Amount (each such amount a “Retained
 Net Re-Striking Haircut Return Amount”) and

	 
	 	 
	 

	 	(B) on each Re-Striking Date occurring on or after
the Target Exposure Date, GSI shall pay such Net Re-Striking Haircut
Return Amount to CIT
Barbados, provided that if the calculation of Facility Exposure, taking
into account the RO Haircut Amount for each RO after giving effect to
each Re-Striking occurring on such Re-Striking Date, results in a
Delivery Amount or Return Amount becoming due to GSI by Counterparty,
GSI
shall pay to CIT Barbados only the portion of such amount that exceeds
such Delivery Amount or Return Amount (and with respect to the balance
of such amount shall treat Counterparty as having Transferred on such
date Eligible Credit Support or Posted Credit Support in the form of
Cash with a Value equal to such balance).

	 
	 	 
	 

	 	Items (3), (4), (5) and
(6) shall be netted with respect to all ROs for which a Re-Striking
 Date is occurring on such date and (i) if a net
amount is payable by Counterparty to GSI (a “Net Re-Striking Loss
Amount”), Counterparty shall pay such Net Re-Striking Loss Amount to
 GSI and
(ii) if a net amount is payable by GSI to Counterparty (a “Net
Re-Striking Gain Amount”), then
	 
	 	 
	 

	 	(A) on each Re-Striking Date occurring during the
Retained Cash Flow Period, GSI shall retain and credit such Net
Re-Striking Gain Amount to
the Additional Collateralization Amount (each such amount a “Retained
 Net Re-Striking Gain Amount”)

	 
	 	 
	 

	 	and

	 
	 	 
	 

	 	(B) on each Re-Striking Date occurring on or after
the Target Exposure Date, GSI shall pay such Net Re-Striking Gain Amount
 to Counterparty,
provided that if the calculation of Facility Exposure, taking into
account the Market Related Amount for each RO after giving effect to the
each Re-Striking occurring on such Re-Striking Date, results in a
Delivery Amount or Return Amount becoming due to GSI by Counterparty,
GSI
shall pay to Counterparty only the portion of such amount that exceeds
such Delivery Amount or Return Amount (and with respect to the balance
of such amount shall treat Counterparty as having Transferred on such
date Eligible Credit Support or Posted Credit Support in the form of
Cash with a Value equal to such balance).

	 
	 	 
	 

	 	To the extent a Net Re-Striking Loss
Amount is payable to GSI on the Facility Amendment Date, Counterparty
authorizes GSI, and GSI agrees to
effect such payment by treating an amount of Posted Credit Support in
the form of cash posted by Counterparty under the Credit Support Annex
equal to (i) if the Net Re-Striking Loss Amount exceeds such posted
 cash, the amount of such posted cash or (ii) otherwise, the Net
Re-Striking Loss Amount, in each case, as being transferred on the
Facility Amendment Date as a payment by Counterparty to GSI, with the
effect that only any remaining shortfall amount will then be due from
Counterparty to GSI.

26

	 	 	 
	9. Credit Event
Termination
	 
	 	 
	Credit
 Event

	 	Failure to Pay; provided “Failure
to Pay” shall mean:
	 
	 	 
	 

	 	after the expiration of any applicable
 grace period (however defined under the terms of the RO), the
occurrence of a non-payment of a payment
of interest Scheduled to be Due or principal due on the RO on any date,
in accordance with the terms of such RO at the time of such failure.
The occurrence of a Failure to Pay shall be determined without regard to
 the effect of any provisions of the RO that permit or provide for the
limitation of payments of principal or interest in accordance with the
terms of the RO pursuant to an available funds cap or otherwise, that
provide for the capitalization or deferral of interest on the RO, or
that provide for the extinguishing or reduction of such payments of
principal or interest without a corresponding payment to Holders of the
RO.
	 
	 	 
	 

	 	Bankruptcy (as defined in the Credit
Definitions) of the Reference Entity or any Insurer and/or credit
support provider. For the avoidance of
doubt a “credit support provider” for the foregoing purpose is an
entity, if any, indicated as such in Annex A under the heading
“guarantor or
credit support provider” and does not refer to CIT Group Inc. or CIT
Barbados as “Credit Support Providers” for purposes of the Master
Agreement.
	 
	 	 
	 

	 	"Scheduled to be Due” means in
the case of an interest payment that such interest payment would accrue
during the related calculation period
for the RO using the Reference Obligation Coupon identified in Annex A
on the outstanding principal balance of the RO for such calculation
period, assuming for this purpose that sufficient funds are available
therefor in accordance with the terms of the RO.
	 
	 	 
	Credit
 Event Notice 

Requirement

	 	Notice of a Credit Event from GSI to
Counterparty shall be in the form on an irrevocable notice in writing of
 the occurrence of a Credit
Event. The notice shall:
	 
	 	 
	 

	 	(i) identify the Credit Event in
question and shall contain a description in reasonable detail of the
facts relevant to the determination that
a Credit Event has occurred, and
	 
	 	 
	 

	 	(ii) be accompanied with Publicly
Available Information (as defined in Sections 3.5(a) and
(c) of the Credit Definitions and for such purposes
the Specified Number of Public Sources shall be one and the RO is the
Obligation).
	 
	 	 
	 

	 	A Credit Event Notice shall be subject
 to the requirements regarding notices set forth in Section 1.10 of
 the Credit Definitions (except that
the giving of notice by telephone shall not be permitted) which,
together with the requirements set out above, shall be used to determine
whether a Credit Event Notice is “effective.”
	 
	 	 
	Trustee/Servicer
 Report

	 	Periodic statements or reports
regarding the RO provided to the Holders of the RO by the trustee,
servicer, sub-servicer, master servicer,
fiscal agent, paying agent or other similar entity responsible for
calculating payment amounts or providing reports pursuant to the
underlying
instruments of the RO.

27

	 	 	 
	Defaulted
 Termination 

Date

	 	10 Business Days after the Credit
Event Notification Date.
	 
	 	 
	Defaulted
 Termination 

Event

	 	Upon GSI notifying Counterparty of a
Credit Event in accordance with Credit Event Notice Requirement (“Credit
 Event Notification Date”), the
Transaction will terminate in whole on the Defaulted Termination Date.
	 
	 	 
	10. Breakage Payments
	 
	 	 
	LIBOR
 Breakage Payment 

Date:

	 	The occurrence of a (i) Removal
Date, (ii) Principal Payment Date, (iii) Defaulted Termination
 Date; or (iv) a Re-Striking Date, unless any
such date occurs on either (a) a Floating Rate Period End Date or
(b) the Facility End Date.
	 
	 	 
	LIBOR
 Breakage Payment:

	 	In the event, and only in the event,
that a LIBOR Breakage Payment Date occurs, Counterparty shall pay to GSI
 on each such LIBOR Breakage
Payment Date an amount equal to the LIBOR Breakage Payment Amount (if
positive) for such LIBOR Breakage Payment Date or GSI shall pay to
Counterparty an amount equal to the absolute value of the LIBOR Breakage
 Payment Amount (if negative) for such LIBOR Breakage Payment Date.
	 
	 	 
	LIBOR
 Breakage Payment 

Amount:

	 	With respect to each LIBOR Breakage
Payment Date, an amount calculated by the Calculation Agent according to
 the following formula (the “LIBOR
Breakage Payment Amount”):
	 
	 	 
	 

	 	With respect to a Principal Payment
Date:
	 
	 	 
	 

	 	(L1  — L2) x (D / 360) x Amortized Net
Notional Amount / FX Rate
	 
	 	 
	 

	 	With respect to a Removal Date or
Defaulted Termination Date:
	 
	 	 
	 

	 	(L1  — L2) x (D / 360) x Terminated
Notional Amount x Initial Price / FX Rate
	 
	 	 
	 

	 	With respect to a Re-Striking Date and
 any Net Re-Striking Loss Amount:
	 
	 	 
	 

	 	(L1  — L2) x (D / 360) x Net
Re-Striking Loss Amount
	 
	 	 
	 

	 	Where:  —
	 
	 	 
	 

	 	"L1” equals the current
Floating Rate (excluding the Floating Rate Spread) for the period ending
 on the next succeeding Floating Rate Period
End Date as set on the immediately previous Reset Date.
	 
	 	 
	 

	 	"L2” equals USD-LIBOR-BBA minus
 0.15%, with a Designated Maturity equal to “D” (as defined below) with
the Reset Date being the current LIBOR
Breakage Payment Date; provided, however, that if such Designated
Maturity shall be one week or less, one-week USD-LIBOR-BBA shall be
used.
If such Designated Maturity is longer than one week and there is no
USD-LIBOR-BBA published with such a Designated Maturity, Linear
Interpolation of the next shorter and next longer published Designated
Maturities of USD-LIBOR-BBA shall be used.
	 
	 	 
	 

	 	"D” equals the actual number of
 days remaining in the Calculation Period from, and including, the
current LIBOR Breakage Payment Date to, but
excluding, the next Floating Rate Period End Date.

28

	 	 	 
	11. Definitions
	 
	 	 
	Actual
 Coupon Payments

	 	All payments, including, without
limitation, interest and fees, if any, paid by or on behalf of the
Issuer in respect of an outstanding
principal balance of the applicable RO equal to the Notional Amount to a
 Holder (other than Final Price proceeds or Actual Principal
Repayments).
	 
	 	 
	Actual
 Principal 

Repayments

	 	In respect of any Principal Payment
Date, all payments on such date in respect of the reimbursement of
principal allocable to an outstanding
principal amount of the RO equal to the Notional Amount (as in effect
immediately prior to such Actual Principal Repayment) including, if
applicable to such date, principal payments on the maturity date and
makewhole or premium payments, if any, paid by or on behalf of the
Issuer
to a Holder. In no event shall a First Total Return Termination Payment,
 Second Total Return Termination Payment or a Floating Rate
Termination Payment be payable by either party in connection with an
Actual Principal Repayment.
	 
	 	 
	Additional
 

Collateralization
Amount

	 	On any date of determination after the
 Amendment Trade Date, the aggregate sum of the following amounts
determined on or prior to such date of
determination (but in the case of amounts determined on such date, only
after giving effect to the crediting of the relevant amount):
	 
	 	 
	 

	 	(i) USD 250,000,000 added on the Facility Amendment
Date plus

	 
	 	 
	 

	 	(ii) all Retained Net RO Coupon Amounts for which a
Total Return Coupon Payment Date has occurred, plus

	 
	 	 
	 

	 	(iii) all Retained Haircut Principal Amounts and
Retained RO Principal Gain Amounts for which a Principal Payment Date
has occurred, plus

	 
	 	 
	 

	 	(iv) all Retained Haircut Termination Amounts for
which a Termination Payment Date has occurred, plus

	 
	 	 
	 

	 	(v) all Retained RO Termination Gain Amounts for
which a Termination Payment Date has occurred, plus

	 
	 	 
	 

	 	(vi) without duplication of amounts in (iv) or
(v), all Retained Net Re-Striking Haircut Return Amounts and Retained
Net Re-Striking Gain
Amounts for which a Re-Striking Date has occurred, plus

	 
	 	 
	 

	 	(vii) all Retained CSA Interest Amounts for which the
 Transfer date specified in Paragraph 13 of the Credit Support
Annex has occurred, plus

	 
	 	 
	 

	 	(viii) all Retained Credit Support Amounts for which a
 Valuation Date has occurred.

	 
	 	 
	 

	 	On any date on which an amount is
credited by GSI to the Additional Collateralization Amount (x) in
the case of (i) above, such crediting
shall give rise to a Delivery Amount of USD 250,000,000 applicable to
Counterparty as of the Facility Amendment Date (in addition to any
Delivery Amount applicable to Counterparty on such date as a result of
any Market Related Amount), (y) in the case of (ii)-(vii) above,
Counterparty shall be treated as having Transferred to GSI Eligible
Credit Support in the form of cash in the amount of such credit for

29

	 	 	 
	 

	 	purposes of the Credit Support Annex
and GSI shall hold such amount as Posted Credit Support and (z) in
the case of (viii) above, GSI shall
continue to hold the relevant Retained Credit Support Amount as Posted
Credit Support.
	 
	 	 
	Final
 Price

	 	(1) With respect to a Termination
 Payment Date other than where Bid Disqualification Condition item
(iii) below would apply, the price
(expressed as a percentage) determined three Business Days prior to the
scheduled Termination Payment Date (the “Counterparty Bidding Date”)
o
 the basis of the firm bids, including accrued interest, (each a “Firm
 Bid”) for a principal amount of the RO equal to the Terminated
Notional Amount, for settlement on the scheduled Termination Payment
Date, obtained by the Calculation Agent on such Counterparty Bidding
Date
from Counterparty or Counterparty’s designee, where (i) the
Calculation Agent will give Counterparty notice of the Counterparty
Bidding Date
(unless the Termination Payment Date arises from a Removal Date notified
 by Counterparty or a Credit Event Notification Date) of its intention
to obtain Firm Bids pursuant to this provision and the applicable
deadline time for submission of a bid and (ii) Counterparty may,
but shall
not be obligated to, provide a Firm Bid or procure a Firm Bid from an
unaffiliated third party designated by Counterparty; provided, however,
that (A) if no Firm Bid is obtained for any portion of the entire
Terminated Notional Amount of the RO by the deadline time on the
Counterparty Bidding Date, then the Termination Payment Date shall be
postponed to the Business Day following the originally scheduled
Termination Payment Date and (B) if the party providing the Firm
Bid on the Counterparty Bidding Date fails to perform its obligation to
make
payment for the Terminated Notional Amount based on such Firm Bid on the
 scheduled Termination Payment Date, the Termination Payment Date
shall be postponed to the fourth Business Day following the originally
scheduled Termination Payment Date.
	 
	 	 
	 

	 	(2) With respect to a Termination
Payment Date where (x) Bid Disqualification item (iii) below
would apply or (y) the proviso in (1)(A) above
applies or (z) the proviso in (1)(B) above applies, the price
(expressed as a percentage) determined three Business Days prior to the
scheduled Termination Payment Date (in the case of (x)) or the postponed
 Termination Payment Date (in the case of (y) or (z)), as
applicable
(the “Alternative Bidding Date”) on the basis of the highest of
the Firm Bids for a principal amount of the RO equal to the Terminated
Notional Amount, for settlement on the Termination Payment Date,
obtained by the Calculation Agent on such Alternative Bidding Date;
where (i)
the Calculation Agent shall attempt to obtain a Firm Bid for the
Terminated Notional Amount of the RO from one or more Independent
Dealers,
(ii) except in the case of an Alternative Bidding Date occurring
due to the failure of the party providing the Firm Bid on the
Counterparty
Bidding Date to perform its obligation to make payment for the
Terminated Notional Amount as described in (1)(B) above (aa) the
Calculation
Agent will give Counterparty notice of its intention to obtain Firm Bids
 pursuant to this provision and the applicable deadline time for
submission of bids and (bb) Counterparty may, but shall not be
obligated to, provide a Firm Bid or procure a Firm Bid from an
unaffiliated
third party designated by Counterparty and (iv) if no Firm Bid is
obtained for any portion of the entire Terminated Notional Amount of the
Reference Obligation by the deadline time on the Bidding Date, then the
Final Price for such portion shall be deemed to be zero per cent.
	 
	 	 
	 

	 	Notwithstanding the foregoing, the
Calculation Agent shall be entitled to

30

	 	 	 
	 

	 	disregard as invalid any Firm Bid
submitted by any third party if, in the Calculation Agent’s commercially
 reasonable judgment,
	 
	 	 
	 

	 	(i)  either (x) such third party is
ineligible to accept assignment or transfer of the relevant RO or
portion thereof, as applicable,
substantially in accordance with the then-current market practice in the
 principal market for the RO, as reasonably determined by the
Calculation Agent, or (y) such third party would not, through the
exercise of its commercially reasonable efforts, be able to obtain any
consent required under any agreement or instrument governing or
otherwise relating to the RO to the assignment or transfer of the RO or
portion thereof, as applicable, to it;

	 
	 	 
	 

	 	(ii)  such Firm Bid is not bona fide,
including, without limitation, due to (x) the insolvency of the
bidder or (y) the inability, failure or
refusal of the bidder to settle the purchase of the RO or portion
thereof, as applicable, or otherwise settle transactions in the relevant
market or perform its obligations generally; or

	 
	 	 
	 

	 	(iii)  in connection with any Firm Bid
procured by Counterparty on any Counterparty Originated Asset (as
defined below), Counterparty is in
breach of the Indemnity Letter provided in connection with addition of
such RO or any other Potential Event of Default or Event of Default has
occurred and is continuing in relation to Counterparty.

	 
	 	 
	 

	 	(each of (i), (ii) or
(iii) a “Bid Disqualification Condition”).
	 
	 	 
	Holder

	 	A holder of a nominal amount of the RO
 equal to the Notional Amount
	 
	 	 
	Terminated
 Notional 

Amount

	 	In respect of each Termination Payment
 Date (i) in the case of a Termination Payment Date arising other
than from a Removal Date, the current
Notional Amount in full and (ii) in the case of a Termination
Payment Date arising from a Removal Date, the portion of the Notional
Amount
designated for removal by Counterparty in connection with such Removal
Date.
	 
	 	 
	Transaction
 

Termination Date

	 	As specified in Annex A.
	 
	 	 
	12.
 Other Terms
	 	 
	 
	 	 
	Collateral

	 	Credit Support Annex; provided that,
the component of a party’s Exposure attributable to this Facility and
each Transaction hereunder will be
the Facility Exposure as determined below.
	 
	 	 
	 

	 	“Market Related
Amount” means  [(Initial Price divided by FX Rate) minus
([Current Price minus Haircut Percentage] divided by
 Current FX Rate)]
times Notional Amount plus Accrued Floating Amount.
	 
	 	 
	 

	 	“Accrued Floating Amount” means
 the Floating Rate Payment accrued from (and including) the previous
Floating Rate Period End Date to (but
excluding) the date of calculation.
	 
	 	 
	 

	 	“Facility Exposure” means, as
of any date of determination (i) on or after the Amendment Trade
Date but prior to the Target Exposure Date, the
Ramp Up

31

	 	 	 
	 

	 	Advance Rate Exposure and (ii) on
 or after the Target Exposure Date, the Target Advance Rate Exposure.
	 
	 	 
	 

	 	“Ramp Up Advance Rate Exposure”
 means on any date of determination
	 
	 	 
	 

	 	     (a) the sum of
the Market Related Amounts calculated for each RO in the Portfolio as of
 such date of determination plus

	 
	 	 
	 

	 	     (b) the
Additional Collateralization Amount as of such date of determination
(after giving effect to any credits thereto occurring on such
date).

	 
	 	 
	 

	 	“Target Advance Rate Exposure”
means on any date of determination
	 
	 	 
	 

	 	     (a) the sum of
the Market Related Amounts calculated for each RO in the Portfolio as of
 such date of determination plus

	 
	 	 
	 

	 	     (b) (i) 75%
times (ii) the Present Value Facility Fee as of such date of
determination plus

	 
	 	 
	 

	 	     (c) the greater
of (x) zero and (y) (A) 25.5% times the Present Value Facility
 Fee as of such date of determination minus (B) the
aggregate of
the RO Haircut Amounts as of such date of determination for each RO
included in the Facility on such date.

	 
	 	 
	 

	 	“Target Exposure Date” means,
except as provided under “Designation of Target Exposure Date,” a date
designated as such by either party by
three Business Days’ prior written notice to the other, provided that
such notice is given on or after the first date after the Facility
Amendment Date on which the Net Target Advance Rate Exposure is zero or
less.
	 
	 	 
	 

	 	“Net Target Advance Rate Exposure”
 means on any date of determination (A) (i) 75% times (ii) the
 Present Value Facility Fee as of such date of
determination minus (B) the Additional Collateralization Amount as
of such date of determination (after giving effect to any credits to the
Additional Collateralization Amount occurring on such date).
	 
	 	 
	 

	 	“Retained Cash Flow Period”
means the period on or after the Amendment Trade Date but prior to the
Target Exposure Date.
	 
	 	 
	 

	 	“RO Haircut Amount” means for
each RO and on any date of determination, the product of
(A) Notional Amount times (B) Haircut Percentage
divided by (C) Current FX Rate.
	 
	 	 
	 

	 	“Current Price” means the bid
side market value of the RO (expressed as percentage of principal
balance) as determined by Calculation Agent in
its sole and absolute discretion. The parties are entitled to assume
that there has been no change in the Current Price, and rely on the
preceding notification, until such time as a new Current Price is
notified to the parties by the Calculation Agent.
	 
	 	 
	 

	 	If the Facility Exposure is a positive
 number, then such amount shall be deemed to be a positive Settlement
Amount for the purposes of
determining GSI’s Exposure in respect of the Transactions and a negative
 Settlement Amount for the purposes of determining Counterparty’s
Exposure in respect of the Transactions.

32

	 	 	 
	 
	 	 
	 

	 	If the Facility Exposure is a negative
 number, then such amount shall be deemed to be a negative Settlement
Amount for purposes of determining
GSI’s Exposure in respect of the Transactions and positive Settlement
Amount for the purposes of determining Counterparty’s Exposure in
respect of the Transactions; provided, however, that in the event that
the Facility Exposure is a negative amount which exceeds the Available
Maximum Aggregate Notional Amount, then the foregoing provisions of this
 paragraph shall not apply and the Available Maximum Aggregate
Notional Amount shall be deemed to be a negative Settlement Amount for
purposes of determining GSI’s Exposure in respect of all of the
Reference Obligations in the Portfolio and positive Settlement Amount
for the purposes of determining Counterparty’s Exposure in respect of
all of the Reference Obligations in the Portfolio.
	 
	 	 
	 

	 	“Available Maximum
Aggregate Notional Amount” means, on any date, Maximum
Aggregate Notional Amount minus Aggregate Notional Amount.
	 
	 	 
	 

	 	Notwithstanding the provisions of the
Credit Support Annex:
	 
	 	 
	 

	 	     (i) on any
Valuation Date during the Retained Cash Flow Period which is also a
Principal Payment Date or Termination Payment Date on which an
Actual Principal Payment or Terminated Notional Amount has been
determined in relation to an RO, Posted Credit Support having a Value
equal to
the greater of zero and

	 
	 	 
	 

	 	     (A) any positive
 Market Related Amount in relation to such RO on the immediately
preceding Valuation Date, based on the Notional Amount prior
to giving effect to the relevant Actual Principal Payment or
Terminated Notional Amount minus

	 
	 	 
	 

	 	     (B) any positive
 Market Related Amount in relation to such RO on such Valuation Date,
based on the Notional Amount after giving effect to the
relevant Actual Principal Payment or Terminated Notional Amount (and if
the Market Related Amount on such Valuation Date is negative or zero,
the amount in this clause (B) is zero),

	 
	 	 
	 

	 	     shall be retained by
GSI and credited to the Additional Collateralization Amount (each such
amount a “Retained Credit Support Amount”), and
any corresponding Delivery Amount or Return Amount applicable to GSI
shall be reduced accordingly;

	 
	 	 
	 

	 	     (ii) on any date
 during the Retained Cash Flow Period any Interest Amount otherwise
payable under Paragraph 6(d)(ii) of the Credit Support
Annex shall be retained by GSI and credited to the Additional
Collateralization Amount (any such amount a “Retained CSA Interest
Amount”); and

	 
	 	 
	 

	 	      (iii) on any
date on which the aggregate of the RO Haircut Amounts does not exceed
the Minimum Transfer Amount applicable to Delivery Amounts
by Counterparty under the Credit Support Annex, the Minimum Transfer
Amount applicable to Delivery Amounts by Counterparty shall be zero.

	 
	 	 
	 

	 	For the avoidance of doubt,
(i) the provisions in this Confirmation providing for

33

	 	 	 
	 
	 	 
	 

	 	GSI to retain and credit certain
amounts to the Additional
Collateralization Amount are in addition to and without limitation of
GSI’s right to retain and apply any net payments owed to Counterparty
under the Master Agreement or this Facility on any date to any Delivery
Amount actually applicable to Counterparty under the Credit Support
Annex on such date and (ii) the Transfer of Eligible Credit Support
 arising from any one or more credits to the Additional
Collateralization
Amount on any date is in addition to and not in limitation of any
Delivery Amount applicable to Counterparty under the Credit Support
Annex on
the same date by virtue of the calculation of Exposure prior to such
Transfer.
	 
	 	 
	 

	 	In the event that GSI receives written
 notice from Counterparty that Counterparty, acting in a commercially
reasonable manner, disputes the
Current Price as determined above (a “Dispute Notice”),
(i) the Current Price on the relevant date shall be the Current
Price determined by
the Calculation Agent; and (ii) Counterparty shall be entitled to
obtain an Independent Price on the Business Day following the date on
which
Counterparty satisfies its obligation to Transfer Eligible Credit
Support pursuant to Paragraph 3(a) of the Credit Support Annex.
	 
	 	 
	 

	 	If Counterparty obtains an Independent
 Price on the Business Day following the date on which it satisfies its
obligation pursuant to Paragraph
3(a) of the Credit Support Annex, the Current Price on such Business Day
 shall be the Independent Price so obtained, provided, however, that
if GSI reasonably believes, acting in good faith and in a commercially
reasonable manner, that such Independent Price does not reflect the
market value of the RO, GSI shall notify Counterparty and (i) the
Current Price on the relevant date shall be the Current Price determined
 by
the Calculation Agent; and (ii) Counterparty shall on the next
Business Day obtain a firm bid for the Notional Amount from at least one
Independent Dealer (an “Independent Bid”) and the Current Price
on such Business Day shall be such Independent Bid (subject to any Bid
Disqualification Condition).
	 
	 	 
	 

	 	If Counterparty does not obtain an
Independent Price on the next Business Day following a Dispute Notice,
or does not obtain an Independent
Bid on request by GSI, the Current Price on such Business Day shall be
the market bid price of the RO as determined by Calculation Agent as of
the date of such calculation.
	 
	 	 
	Exposure
 if Facility
Amendment Date Fails
to Occur

	 	For the avoidance of doubt, in the
event that the Facility Amendment Date does not occur pursuant to the
“Conditions to Facility Amendment
Date Effectiveness” set forth above, Exposure will be calculated
pursuant to the terms of the Original Facility, such that any amounts
credited to the Additional Collateralization Amount under
(ii) through (viii) of the definition thereof will no longer
be included in the
Exposure of GSI to Counterparty for purposes of the Credit Support
Annex.
	 
	 	 
	Independent
 Price

	 	The Independent Price shall be on any
date of determination the average of the market bid prices, including
accrued interest, relating to a
principal amount of the Reference Obligation equal to the Notional
Amount (the “Quote Size”) provided by at least two Independent
Dealers
nominated by Counterparty; provided that if at least two bids are not
available, then only one bid may be used, and if no bids are available,
then the Current Price on such Business Day shall be the market bid
price of the RO as determined by Calculation Agent as of the date of
such
calculation.

34

	 	 	 
	 

	 	“Independent Dealers” means
Bank of America, Bank of New York, Barclays Capital, BNP Paribas,
Citigroup, Credit Suisse, Deutsche Bank,
JPMorgan, Morgan Stanley, Royal Bank of Scotland, UBS, Wachovia, Wells
Fargo, the lead arrangers or underwriters in respect of the RO, any
Affiliate or successor of any of the foregoing and any other
unaffiliated third party designated by Counterparty and agreed to by
GSI.
	 
	 	 
	Designation
 of Target
Exposure Date

	 	Upon the reasonable request of
Counterparty from time to time, GSI shall include in any valuation or
exposure statement in relation to the
Facility that GSI may otherwise provide to Counterparty a calculation of
 the Additional Collateralization Amount. If on the basis of receipt
of such calculations or otherwise Counterparty concludes in good faith
that the Net Target Advance Rate Exposure is zero or less, Counterparty
may by written notice to GSI request GSI to designate the Target
Exposure Date (a “Target Exposure Date Request”). Within two
Business Days
of receiving such Target Exposure Date Request from Counterparty, GSI
shall by written notice to Counterparty, (i) advise Counterparty of
GSI’s determination as to whether the Net Target Advance Rate Exposure
is zero or less on the date of such notice and (ii) if GSI has
advised
that the Net Target Advance Rate Exposure is zero or less, the second
Business Day following such notice shall be the Target Exposure Date.
If after receiving a Target Exposure Date Request from Counterparty, GSI
 advises Counterparty that GSI has determined that the Net Target
Advance Rate Exposure is greater than zero, and Counterparty delivers
GSI a notice disputing such determination, Counterparty and GSI shall
consult with each other in good faith to resolve such dispute. Other
than in accordance with these procedures, GSI shall not be responsible
for ensuring that the Target Exposure Date has been designated when the
Net Target Advance Rate Exposure is zero or less.
	 
	 	 
	Payments
 on Early 

Termination

	 	Notwithstanding anything to the
contrary in the Master Agreement, upon the occurrence of an Early
Termination Date in respect of any
Transaction hereunder or under the Facility, then the Loss of the
parties in respect of each Transaction shall be determined for such
Transaction as equal to the Market Related Amount in relation thereto;
where if the Market Related Amount is a negative number, then such
amount shall be deemed to be a positive Loss of Counterparty and a
negative Loss of GSI in respect of the relevant Transaction and if the
Market Related Amount is a positive number, then such amount shall be
deemed to be a negative Loss of Counterparty and a positive Loss of GSI
in respect of the relevant Transaction; provided, however, that for
purposes of determination of Loss (i) the reference in the
definition of
Market Related Amount to “Current Price” shall be deemed to be a
reference to “Final Price,” (ii) the second Business Day following
the Early
Termination Date shall be treated as the Termination Payment Date solely
 for purposes of the definition of “Final Price” and (iii) for the
avoidance of doubt, the provisions set forth under “Collateral” (other
than the definitions of Market Related Amount and Accrued Floating
Amount) shall not apply.
	 
	 	 
	 

	 	In addition to the payments set out
above, so long as GSI is not the Defaulting Party or the sole Affected
Party, upon the occurrence of an
Early Termination Date in respect of any Transaction hereunder or under
the Facility, an amount equal to the Unpaid Fee Notional Amount as of
such Early Termination Date

35

	 	 	 
	 

	 	shall be deemed to be an additional
positive Loss of
GSI payable to GSI on such Early Termination Date. The parties agree
that the Unpaid Fee
Notional Amount represents a reasonable pre-estimate of GSI’s loss
resulting from the
occurrence of an Early Termination Date in respect of any Transaction
hereunder or under the
Facility and not a penalty.
	 
	 	 
	 

	 	“Accrued Facility Fee” shall
mean, as of any date of determination, any accrued but unpaid
Facility Fee as at that date.
	 
	 	 
	 

	 	“Unpaid Fee Notional Amount”
means in relation to any Early Termination Date the aggregate of
(i) the Accrued Facility Fee, (ii) the Present Value Facility
Fee and (iii) any unpaid
Termination Fee as of such Early Termination Date.
	 
	 	 
	 

	 	“Present Value Facility Fee”
shall mean, as of any date of determination, the present value
(as determined by the Calculation Agent) of the Facility Fee which would
 accrue from (and
including) that date to (and including) the date falling 20 years
after the Facility
Commencement Date, assuming no Optional Termination Date were to occur
and discounting each
scheduled Facility Fee amount from the relevant scheduled Facility Fee
Payment Date based on
the value of “USD-ISDA-Swap Rate” for a maturity equal to the period of
time from the date of
determination to such scheduled Facility Fee Payment Date, as determined
 by the Calculation
Agent.
	 
	 	 
	RO
 Conversion

	 	If the RO or any portion thereof is
irreversibly converted or exchanged into or for any
securities, obligations or other assets or property (“Exchange
Consideration”), or any
payment on the RO is paid in the form of any Exchange Consideration that
 is not cash,
thereafter such Exchange Consideration will constitute the RO or portion
 thereof and the
Calculation Agent shall in good faith adjust the terms of the related
Transaction as the
Calculation Agent determines appropriate to preserve the theoretical
value of such
Transaction to the parties immediately prior to such exchange or, if
such exchange results in
a change in value, the proportionate post-exchange value, and determine
the effective date of
such adjustments; provided, however, that if the Calculation Agent shall
 determine in good
faith that it is not possible to make such revisions, a Removal Date
shall be deemed to occur
in relation to such RO and the Transaction related to such RO shall be
terminated.
	 
	 	 
	Indemnity
 Letter 

Cross Default

	 	For the avoidance of doubt, any
failure of the Counterparty or any other party having
obligations under an Indemnity Letter (other than GSI) to comply with
its obligations
thereunder shall constitute a Potential Event of Default and, if not
cured within the time
period specified in the Schedule, an Event of Default, under
Section 5(a)(ii) of the Master
Agreement, with Counterparty as the Defaulting Party.
	 
	 	 
	TRS
 Conflicting 

Indebtedness

	 	It shall constitute an Event of
Default under Section 5(a)(ii) of the Master Agreement, with
Counterparty as the Defaulting Party, and without provision for cure, if
 the documentation in
relation to the Series A Notes contemplated by the Exchange Offer
and Plan of Reorganization
or any other secured indebtedness of Counterparty or any Credit Support
Provider from time to
time (“Other Secured Indebtedness”) contains any representation,
warranty, affirmative or

36

	 	 	 
	 

	 	negative covenant obligation or event
of default (in each case including, without limitation,
relating to restrictions on liens or indebtedness) applicable to
Counterparty or any Credit
Support Provider that both (i) would be violated or breached by the
 incurrence of or
performance by Counterparty or any Credit Support Provider of its
obligations under the
Master Agreement or this Facility or would conflict with the liens
granted to GSI hereunder
but for a TRS Lien Exception and (ii) fails to provide for a TRS
Lien Exception (such Other
Secured Indebtedness in such circumstance, “TRS Conflicting
Indebtedness”).
	 
	 	 
	Amended
 and Restated
Guaranty Provisions

	 	On or after the Facility Amendment
Date, any references in the Master Agreement or herein to
the Credit Support Document provided by CIT Group Inc. shall refer to
the Amended and
Restated Guaranty dated as of the Facility Amendment Date (the “Amended
 CIT Group Guaranty”).
	 
	 	 
	 

	 	Any failure by CIT Group Inc. to
comply with the provisions of the second subparagraph of
Paragraph 10 of the Amended CIT Group Guaranty shall be deemed to
constitute an Event of
Default under Section 5(a)(viii) (Merger Without Assumption) of the
 Master Agreement.
	 
	 	 
	Rating
 Agency Reports

	 	With respect to each Counterparty
Originated Asset, the servicer that is a party to the
Indemnity Letter has agreed under the Indemnity Letter (and with respect
 to each other RO,
Counterparty agrees) (a) to be responsible for and shall pay or
arrange for payment of the
annual fees of Moody’s and S&P and other costs of maintaining the
rating of each RO as a
monitored rating during the term of the Facility and (b) to deliver
 to GSI promptly from time
to time any S&P, Moody’s and Fitch reports regarding any ROs that
are available to holders of
the RO or to Counterparty or its Affiliates in any capacity as
originator, servicer,
administrator, manager or otherwise in connection with any Reference
Entity or RO (“Rating
Agency Reports”).

37

	 	 	 
	Special
 Reference 

Obligation 

Termination Events

	 	In the event that

(i) any of Counterparty or its Affiliates or the Reference Entity
fails to comply with any of
the covenants or operating procedures assumed or specified to be
performed by such parties in
a True Sale and Nonconsolidation Opinion as a premise for such opinion,
and such failure is
not cured within the cure period applicable to a Potential Event of
Default under Section
5(a)(ii) of the Schedule;
	 
	 	 
	 

	 	(ii) a change in law (including
application or interpretation of existing law) results in a
True Sale and Nonconsolidation Opinion becoming invalid under current
law as reasonably
demonstrated by GSI, and an updated True Sale and Nonconsolidation
Opinion taking account of
such change in law and otherwise satisfactory to GSI is not delivered to
 GSI within 30 days
of GSI’s request therefor;
	 
	 	 
	 

	 	(iii) a change in law (including
application or interpretation of law) would render a
Transaction under this Facility no longer to be subject to termination,
netting and closeout
without restriction from any automatic stay or similar restriction in an
 insolvency
proceeding under Canadian or U.S. law, as reasonably demonstrated by
GSI;
	 
	 	 
	 

	 	(iv) the rating of the RO ceases to be
 a monitored rating subject to periodic update by the
relevant agency;
	 
	 	 
	 

	 	(v) payments of interest in relation
to the RO become subject to withholding tax under
applicable law (unless fully compensated under a customary gross-up
provision); or
	 
	 	 
	 

	 	(vi) a Qualifying [*]-Rated RO ceases
to satisfy clause (ii) of the definition thereof, unless
such RO would be eligible to be included in one of the categories
identified in clause (xv)
a., b. or d. of the definition of Eligible RO and adding such RO to such
 category would not
cause the Portfolio to violate any of the limits set forth in such
clause (xv) a., b. or d.;
	 
	 	 
	 

	 	then GSI may designate a Removal Date
in respect of the relevant RO or Transaction.
	 
	 	 
	Governing
 Law

	 	This Confirmation and each Transaction
 documented hereby will be governed by, and construed
and enforced in accordance with, the law of the State of New York
(without reference to its
choice of law doctrine).
	 
	 	 
	13.
 Payment Details
	 	 
	 
	 	 
	Payments
 to GSI

	 	In accordance with GSI’s written
instructions as set forth below or as
otherwise delivered to Counterparty.
	 
	 	 
	GSI
 Payment Details

	 	Name of Bank: Citibank, N.A. New York
	 

	 	Account No.: 4061 6408

 

			
	*	 	Confidential treatment has been requested and the redacted
material has been filed separately with the Securities and Exchange
Commission.

38

	 	 	 
	 

	 	Fed. ABA No.: 021000089
	 
	 	 
	GSI
 Inquiries and Notices

	 	Goldman Sachs International
	 

	 	Attention: Credit Derivatives Middle
Office
	 

	 	Tel: 1 212 357 0167
	 

	 	Fax: 1 212 428 9189
	 
	 	 
	 

	 	With a copy to:
	 
	 	 
	 

	 	Email:
gs-sctabs-reporting@ny.email.gs.com
	 

	 	Fax: +1 212 428 3697
	 
	 	 
	 

	 	All correspondence shall include the
GS Reference Number: SDB925241547Y.
	 
	 	 
	Payments
 to Counterparty

	 	In accordance with Counterparty’s
written instructions as set forth below
or otherwise delivered to GSI. GSI shall make no payments without having
received (i) such written instructions and (ii) a fully
executed facsimile
copy of this Confirmation or other written acceptance of the terms
hereof.
	 
	 	 
	Counterparty
 Payment Details

	 	In accordance with Counterparty’s
written instructions as delivered to GSI.
	 
	 	 
	Payments
 to CIT Barbados

	 	In accordance with CIT Barbados’
written instructions as set forth below
or otherwise delivered to GSI. GSI shall make no payments without having
received (i) such written instructions and (ii) a fully
executed facsimile
copy of this Confirmation or other written acceptance of the terms
hereof.
	 
	 	 
	CIT
 Barbados Payment Details

	 	In accordance with CIT Barbados’
written instructions as delivered to GSI.

14.
Additional Acknowledgement and Agreements:

(a) Counterparty
 hereby represents to and acknowledges and agrees with GSI that:

(i)
(w) without limitation of Section 9.1 of the Credit
Derivatives Definitions, neither GSI nor
any of its Affiliates shall be under any obligation to hedge the
Transaction or to own or hold the
Reference Obligation or any securities of the Reference Entity or its
Affiliates, directly or
indirectly, as a result of any Transaction, and GSI and its Affiliates
may establish, maintain,
modify, terminate or re-establish any hedge position or any methodology
for hedging at any time
without regard to Counterparty;

     (x) Counterparty
 is not relying on any representation, warranty or statement by GSI or
any of
its Affiliates as to whether, at what times, in what manner or by what
method GSI or any of its
Affiliates may engage in any hedging activities;

     (y) if
 GSI does hedge the Transaction or GSI or any hedge counterparty does
own or hold the
Reference Obligation, directly or indirectly, as a result of any
Transaction, GSI and its
Affiliates and any such hedge counterparty may act with respect to such
Reference Obligation and
any other securities of the Reference Entity or its Affiliates in the
same manner as if the
Transaction did not exist and may originate, purchase, sell, hold or
trade, and may exercise or
fail to exercise voting, consensual, amendment or remedial rights in
respect of the Reference
Obligations or other obligations, securities or financial instruments
of, issued by or linked to
the
Reference Entity or its Affiliates in their sole and absolute
discretion, regardless of whether any
such action

39

might have
an adverse effect on the Reference Entity, the value of the Reference
Obligation or the position of the Counterparty to this Transaction or
otherwise; and

     (z) it
 has consulted with its own tax advisors to the extent that it has
deemed necessary, and
it has made its own decisions regarding entering into this Facility and
each Transaction based upon
its own judgment and upon any advice from such advisors as it has deemed
 necessary and not upon any
view expressed by GSI or any of its Affiliates or agents.

(ii) The
 Facility comprises a series of derivative Transactions and no such
Transaction is intended
by the parties to be a loan, nor is GSI required to provide a bid at any
 time in relation to any
RO;

(iii) The
 fair value of the assets of the Counterparty will exceed the debt and
liabilities,
subordinated, contingent and otherwise of the Counterparty and
Counterparty will not have
unreasonably small capital with which to conduct the business in which
it is engaged as such
business is now conducted and is proposed to be conducted.

(b) each
 party acknowledges and agrees that:

(i)
(A) the Master Agreement and each Transaction entered into under
this Confirmation is a “swap
agreement” and/or a “securities contract” within the meaning given to
such term under Section
101(53B) of the United States Bankruptcy Code of 1978, as amended (the “Bankruptcy
 Code”); (B) it
is a “swap participant” within the meaning given to such term under
Section 101(53C) of the
Bankruptcy Code and (C) all Transactions entered into hereunder
will constitute “eligible financial
contracts” for purposes of the Bankruptcy and Insolvency Act (Canada),
the Companies’ Creditors
Arrangement Act (Canada) and the Winding Up and Restructuring Act
(Canada);

(ii) Unless
 identified as an underwriter or arranger in an offering document
relating to an RO, GSI
and its Affiliates have played no role in structuring or arranging for
the issuance of any RO or in
negotiating or establishing the terms of such RO. Whether or not GSI or
its Affiliates are
identified as an underwriter or arranger in an offering document
relating to an RO, any and all
information that may be provided by GSI to Counterparty hereunder with
respect to any RO is not
being furnished by GSI in the capacity of an underwriter or dealer of
the RO in connection with
this Transaction and GSI accepts no responsibility or liability
therefor.

(iii) The
 contents of this Confirmation and the other agreements relating to the
Facility are
confidential and shall not be disclosed to any third party, and neither
party shall make any public
announcement relating to this Facility without consent of the other
party; except that disclosure
of this Confirmation and the terms of the Facility is permitted
(A) where required or appropriate
in response to any summons, subpoena, or otherwise in connection with
any litigation or regulatory
inquiry or to comply with any applicable law, order, regulation, ruling,
 or disclosure requirement,
including without limitation, any requirement of any regulatory body or
stock exchange where the
shares of such disclosing party are listed, as determined by the
disclosing party in good faith
following consultation with the other party hereto, (B) to
officers, directors, employees,
attorneys and advisors of the parties or their affiliates who are
subject to a duty of
confidentiality to the disclosing party or such affiliate, (C) to
rating agencies and (D) where the
information has otherwise become public (other than as a result of a
breach of this subparagraph
(b)(iii)). Notwithstanding the foregoing or any other provision in this
Confirmation or any other
document, GSI and Counterparty (and each employee, representative, or
other agent of GSI or
Counterparty) may each disclose to any and all persons, without
limitation of any kind, the U.S.
tax treatment and U.S. tax structure of the transaction and all
materials of any kind (including
opinions or other tax analyses) that are provided to them relating to
such U.S. tax treatment and
U.S. tax structure (as those terms are used in Treasury Regulations
under Sections 6011, 6111 and
6112 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)),
 other than any
information for which nondisclosure is reasonably necessary in order to
comply with applicable
securities laws. Without limitation of (iii)(A) above, Counterparty
agrees (A) to arrange for CIT
Group Inc. promptly to make disclosure of the terms of this Confirmation
 and the Facility in a
filing on Form 8-K pursuant
to the reporting provisions of the Securities Exchange Act of 1934, as
amended (the

40

“Exchange
 Act”) and as otherwise required under the provisions of the
Exchange Act, (B) to
afford GSI a reasonable opportunity to review the form of such
disclosure in advance, consistent
with the performance by CIT Group Inc. of its obligations referred to in
 (A), and (C) to cooperate
in good faith with any reasonable request by GSI to seek confidential
treatment from the Securities
and Exchange Commission for specific provisions of this Confirmation,
provided however, GSI shall
pay all reasonable fees (including reasonable legal fees) incurred in
connection with such request.

(iv) as
 of the Effective Date and so long as either party has or may have any
obligation under
any Transaction, it is not and will not be an “employee benefit plan”
(as defined in Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)),
 subject to Title I
of ERISA, a “plan” (as defined in Section 4975(e) of the Code), subject
to Section 4975 of the Code
or an entity whose underlying assets include the assets of any such plan
 by reason of 29 CFR
2510.3-101, Section 3(42) of ERISA or otherwise.

(c) CIT
 Barbados shall be an express third party beneficiary of the provisions
of this Facility
specifying payment obligations to CIT Barbados, provided that such
payment obligations shall be
subject to reduction and setoff on any date in respect of amounts due
and unpaid by Counterparty
hereunder.

(d) The
 parties agree to amend the definition of “Indemnifiable Tax” by adding
the following to
the end of the definition:

“Notwithstanding
 the foregoing, any Tax imposed by reason of a payment deemed made or
received
between Counterparty and an affiliate thereof, or between affiliates of
Counterparty, by reason of
this Facility or a Transaction hereunder, and related transactions,
shall be treated as (i) an
Indemnifiable Tax on a payment under this Agreement in the case of
payments made by Counterparty or
its affiliates to GSI and (ii) a Tax on a payment under this
Agreement which is not an
Indemnifiable Tax in the case of payments made by GSI to Counterparty or
 its affiliates.”

41

15.
Agreement as to Confirmation:

Counterparty
 hereby agrees (a) to check this Confirmation (Reference No
SDB925241547Y) carefully
and immediately upon receipt so that errors or discrepancies can be
promptly identified and
rectified and (b) to confirm that the foregoing correctly sets
forth the terms of the agreement
between GSI and Counterparty with respect to the Transactions to which
this Confirmation relates,
by manually signing this Confirmation and providing the other
information requested herein and
immediately returning an executed copy to Swap Administration, Goldman
Sachs International,
facsimile No +1 212 428 9189).

42

	 	 	 
	

	 	Goldman Sachs International |
Peterborough Court |133 Fleet Street | London EC4A 2BB | Tel 0207 774
1000

Registered in England no. 226395. Registered Office as above.
Authorised and regulated by the Financial Services Authority

GSI is very
pleased to have executed this Transaction (Reference
No. SDB925241547Y) with
Counterparty.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 	 	GOLDMAN SACHS
INTERNATIONAL	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Joseph J. McNeila
 

Joseph J. McNeila
	 	 
	 

	 	Title:
	 	Managing Director	 	 

	 	 	 	 	 
	Agreed To And Accepted By:	 	 
	CIT FINANCIAL LTD.	 	 
	By:

	 	                        /s/
 Usama Ashraf
 

	 	 
	 

	 	Name:   Usama Ashraf	 	 
	 

	 	Title:  Senior Vice
President	 	 

43

Annex A

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Offering	 	 	 	 	 	Floating	 	 	 	 
	 	 	 	 	 	 	Guarantor	 	 	 	 	 	 	 	 	 	 	 	 	 	Price	 	 	 	 	 	Rate	 	 	 	 
	 	 	 	 	 	 	or credit	 	 	 	 	 	 	 	Transaction	 	Initial	 	Par	 	(including	 	 	 	Reference	 	Period	 	 	 	Initial
	Transaction	 	Reference	 	Reference	 	support	 	Insurer,	 	Specified	 	Effective	 	Termination	 	Notional	 	Amount at	 	accrued	 	Initial	 	Obligation	 	End	 	CUSIP/	 	Haircut
	Number	 	Obligation	 	Entity	 	provider	 	if any	 	Currency	 	Date	 	Date	 	Amount	 	Issuance	 	interest)	 	Price	 	Coupon	 	Dates	 	ISIN	 	Percentage
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	 	 

44Exhibit 10.2

 EXECUTION VERSION

 SENIOR INTERCREDITOR AND SUBORDINATION AGREEMENT

  

  dated as of

  

  December 10, 2009,

  

  among

  

  BANK OF AMERICA, N.A.,

  

  as First Lien Credit Facility Representative and First Lien Agent,

  

  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  

  as Series A Representative and Series A Collateral Agent,

  

  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  

  as Series B Representative and Series B Collateral Agent,

  

  CIT GROUP FUNDING COMPANY OF DELAWARE LLC,

  

  as CIT Leasing Secured Party,

  

  and

  

  CIT GROUP INC. AND CERTAIN OF ITS SUBSIDIARIES,

  

  as Obligors

	THIS IS THE SENIOR INTERCREDITOR AGREEMENT REFERRED
      TO IN (A) THE SECOND AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT,
      DATED AS OF OCTOBER 28, 2009 (AS AMENDED, AMENDED AND RESTATED, SUPPLEMENTED
      AND OTHERWISE MODIFIED FROM TIME TO TIME) AMONG CIT GROUP INC., CERTAIN
      OF ITS SUBSIDIARIES PARTY THERETO, THE LENDERS PARTY THERETO AND BANK OF
      AMERICA, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, (B) THE SERIES
      A COLLATERAL AGREEMENT, DATED AS OF DECEMBER 10, 2009, AMONG CIT GROUP INC.,
      CERTAIN OF ITS SUBSIDIARIES PARTY THERETO AND DEUTSCHE BANK TRUST COMPANY
      AMERICAS, AS SERIES A PARENT COLLATERAL AGENT AND SERIES A SUBSIDIARY COLLATERAL
      AGENT, (C) THE SERIES B COLLATERAL AGREEMENT, DATED AS OF DECEMBER 10, 2009,
      AMONG CIT GROUP INC., CERTAIN OF ITS SUBSIDIARIES PARTY THERETO AND DEUTSCHE
      BANK TRUST COMPANY AMERICAS, AS SERIES B PARENT COLLATERAL AGENT AND SERIES
      B SUBSIDIARY COLLATERAL AGENT, (D) THE CIT LEASING COLLATERAL AGREEMENT,
      DATED AS OF DECEMBER 10, 2009 BETWEEN C.I.T. LEASING CORPORATION AND CIT
      GROUP FUNDING COMPANY OF DELAWARE LLC, AND (E) THE OTHER SECURITY DOCUMENTS
      REFERRED TO IN THE SECOND LIEN DOCUMENTS REFERRED TO HEREIN.

 

 Table of Contents

				
	  	  	  	 Page
	  
	  
	 SECTION 1.	 Definitions	 4
	  
	 1.1.	 Defined Terms	 4
	 1.2.	 Terms Generally	 15
	  
	 SECTION 2.	 Lien Priorities	 15
	  
	 2.1.	 Relative Priorities	 15
	 2.2.	 Prohibition on Contesting Liens	 16
	 2.3.	 No New Liens	 16
	 2.4.	 Similar Liens and Agreements	 17
	  
	 SECTION 3.	 Enforcement	 18
	  
	 3.1.	 Exercise of Remedies	 18
	 3.2.	 Actions Upon Breach	 21
	 3.3.	 First Lien Agent’s and the First Lien Claimholders’ Option to Cure	 22
	 3.4.	 Notice of Default	 22
	  
	 SECTION 4.	 Payments	 22
	  
	 4.1.	 Application of Proceeds	 22
	 4.2.	 Payment Turnover	 23
	 4.3.	 Payment Subordination	 23
	  
	 SECTION 5.	 Other Agreements	 26
	  
	 5.1.	 Releases	 26
	 5.2.	 Insurance	 27
	 5.3.	 Amendments to First Lien Documents and Second Lien Documents	 28
	 5.4.	 Gratuitous Bailee for Perfection	 32
	 5.5.	 When Discharge of First Lien Obligations Deemed to Not Have Occurred	 33
	  
	 SECTION 6.	 Insolvency Proceedings	 33
	  
	 6.1.	 Use of Cash Collateral and Financing Issues	 33
	 6.2.	 Sale of Collateral	 34
	 6.3.	 Relief from the Automatic Stay	 34
	 6.4.	 Adequate Protection	 35
	 6.5.	 No Waiver	 36
	 6.6.	 Avoidance Issues	 36
	 6.7.	 Reorganization Securities	 37
	 6.8.	 Post-Petition Interest	 37

 i

				
	 6.9.	 Waiver	 37
	 6.10.	 Separate Grants of Security and Separate Classification	 37
	 6.11.	 Effectiveness in Insolvency Proceedings	 38
	 6.12.	 Expense Claims	 38
	  
	 SECTION 7.	 Reliance; Waivers; Etc	 38
	  
	 7.1.	 No Reliance	 38
	 7.2.	 No Warranties or Liability	 39
	 7.3.	 No Waiver of Lien Priorities	 39
	 7.4.	 Obligations Unconditional	 41
	  
	 SECTION 8.	 Miscellaneous	 42
	  
	 8.1.	 Conflicts	 42
	 8.2.	 Effectiveness; Continuing Nature of this Agreement; Severability	 42
	 8.3.	 Amendments; Waivers	 43
	 8.4.	 Information Concerning Financial Condition of the First Lien Borrowers and	  
	  	 their Subsidiaries	 43
	 8.5.	 Subrogation	 44
	 8.6.	 Application of Payments	 44
	 8.7.	 SUBMISSION TO JURISDICTION; WAIVERS	 44
	 8.8.	 Notices	 46
	 8.9.	 Further Assurances	 46
	 8.10.	 APPLICABLE LAW	 46
	 8.11.	 Binding on Successors and Assigns	 46
	 8.12.	 Specific Performance	 47
	 8.13.	 Headings	 47
	 8.14.	 Counterparts	 47
	 8.15.	 Authorization	 47
	 8.16.	 Beneficiaries	 47
	 8.17.	 Provisions Solely to Define Relative Rights	 47
	 8.18.	 Pari Passu Obligations	 48

 ii

 SENIOR INTERCREDITOR AND SUBORDINATION AGREEMENT

      This SENIOR INTERCREDITOR AND SUBORDINATION AGREEMENT (“Agreement”), is dated as of December 10, 2009, and entered into by and among BANK OF AMERICA, N.A., as administrative agent under the First Lien Credit Agreement (together with its successors and assigns in such capacity or any replacement thereof in connection with a Refinancing (as defined below), the “First Lien Credit Facility Representative”), as parent collateral agent under the First Lien Collateral Agreement (together with its successors and assigns in such capacity or any replacement thereof in connection with a Refinancing, the “First Lien Parent Collateral Agent”) on behalf of the First Lien Claimholders and the Equal and Ratable Claimholders (each as defined below),
and as subsidiary collateral agent under the First Lien Collateral Agreement (together with its successors and assigns in such capacity or any replacement thereof
in connection with a Refinancing, the “First Lien Subsidiary Collateral Agent” and, together with the First Lien Parent Collateral Agent, the “First Lien Agent”) on behalf of the First Lien Claimholders, DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee under the Series A Indenture (together with its successors and assigns in each such capacity, the “Series A Representative”), as parent collateral agent on behalf of the holders of the Series A Obligations (as defined below) and the Equal and Ratable Claimholders (together with its successors and assigns in such capacity, the “Series A Parent Collateral Agent”), and as subsidiary collateral agent on behalf of the holders of the Series A Obligations (together with its successors and assigns in such capacity, the “Series
A Subsidiary Collateral Agent” and, together with the Series A Parent Collateral Agent, the “Series A Collateral Agent”), DEUTSCHE BANK
TRUST COMPANY AMERICAS, as trustee under the Series B Indenture (together with its successors and assigns in such capacity, the “Series B Representative”), as parent collateral agent on behalf of the holders of the Series B Obligations (as defined below) and the Equal and Ratable Claimholders (together with its successors and assigns in such capacity, the “Series B Parent Collateral Agent”), and as subsidiary collateral agent on behalf of the holders of the Series B Obligations (together with its successors and assigns in such capacity, the “Series B Subsidiary Collateral Agent” and, together with the Series B Parent Collateral Agreement, the “Series B Collateral Agent”), CIT GROUP FUNDING COMPANY OF DELAWARE LLC, solely in its capacity as secured party under the CIT Leasing
Collateral Agreement and not in its capacity as an Issuer or any other capacity (together with its successors and assigns in such capacity as secured party, the
“CIT Leasing Secured Party”; it being understood, that references to Obligors or Affiliates of any Obligor shall not be deemed to reference the CIT Leasing Secured Party acting in such capacity), and acknowledged and agreed to by the Obligors (as defined below). Capitalized terms used in this Agreement have the meanings assigned to them in Section 1 below.

 RECITALS

      WHEREAS, CIT Group Inc., a Delaware corporation (“CIT”), and certain of its Subsidiaries, the lenders party thereto, and Bank of America, N.A., as administrative agent and collateral agent, have entered into that Second Amended and Restated Credit and Guaranty Agreement dated as of October 28, 2009 (as amended by the First Amendment thereto, dated as of the date hereof, and as it may be further amended, amended and restated, supplemented, modified, replaced or Refinanced from time to time, the “First Lien Credit Agreement”);

      WHEREAS, CIT and certain of its Subsidiaries and Deutsche Bank Trust Company Americas, as trustee, have entered into an indenture dated as of December 10, 2009 (as amended, amended and restated, supplemented, modified, replaced or refinanced from time to time, the “Series A Indenture”), pursuant to which CIT has issued its 7.0% Series A Second-Priority Secured Notes due 2013 (the “2013 Series A Notes”), 7.0% Series A Second-Priority Secured Notes due 2014 (the “2014 Series A Notes”), 7.0% Series A Second-Priority Secured Notes due 2015 (the “2015 Series A Notes”), 7.0% Series A Second-Priority Secured Notes due 2016 (the “2016 Series A Notes”), and 7.0% Series A Second- Priority Secured Notes due 2017
(the “2017 Series A Notes”, and together with the 2013 Series A Notes, the 2014 Series A Notes, the 2015 Series A Notes, and the 2016 Series A
Notes, the “Series A Notes”);

      WHEREAS, CIT Group Funding Company of Delaware LLC, a Delaware limited liability company (“Delaware Funding”), CIT and certain other Subsidiaries of CIT and Deutsche Bank Trust Company Americas, as trustee, have entered into an indenture dated as of December 10, 2009 (as amended, amended and restated, supplemented, modified, replaced or refinanced from time to time, the “Series B Indenture”), pursuant to which Delaware Funding has issued its 10.25% Series B Second-Priority Secured Notes due 2013 (the “2013 Series B Notes”), 10.25% Series B Second-Priority Secured Notes due 2014 (the “2014 Series B Notes”), 10.25% Series B Second-Priority Secured Notes due 2015 (the “2015 Series B Notes”), 10.25% Series
B Second-Priority Secured Notes due 2016 (the “2016 Series B Notes”), and 10.25% Series B Second-Priority Secured Notes due 2017 (the
“2017 Series B Notes”, and together with the 2013 Series B Notes, the 2014 Series B Notes, the 2015 Series B Notes, and the 2016 Series B Notes, the “Series B Notes”; and the Series A Notes and Series B Notes collectively referred to herein as the “New Notes”);

      WHEREAS, C.I.T. Leasing Corporation (“CIT Leasing”) has previously entered into Support Agreements dated as of July 5, 2005 and November 1, 2006 in favor of Delaware Funding (collectively, as amended on the date hereof and as amended, amended and restated, supplemented, modified, replaced or refinanced from time to time, the “Support Agreements”);

      WHEREAS, (i) pursuant to the First Lien Credit Agreement, CIT and certain of the direct and indirect wholly owned domestic Subsidiaries of CIT (such current and future Subsidiaries of CIT providing a guaranty thereof, each a “Subsidiary Guarantor”) will from time to time guaranty the First Lien Obligations (the “First Lien Guaranty”), (ii) pursuant to the Series A Indenture the Subsidiary Guarantors will from

 2

 time to time guaranty the Series A Obligations (the “Series A Guaranty”) and (iii) pursuant to the Series B Indenture CIT and certain of the Subsidiary Guarantors will from time to time guaranty the Series B Obligations (the “Series B Guaranty”);

      WHEREAS, the obligations of the First Lien Borrowers under the First Lien Credit Agreement, and the obligations of CIT and the Subsidiary Guarantors under the First Lien Guaranty are secured on a first priority basis by liens on (a) substantially all the assets of the First Lien Borrowers and the Subsidiary Guarantors and (b) the Foreign Grantor Collateral pursuant to the terms of the First Lien Collateral Documents;

      WHEREAS, the obligations of CIT under the Series A Indenture and the obligations of the Subsidiary Guarantors under the Series A Guaranty, will be secured on a second priority basis by liens on substantially all the assets of CIT and the Subsidiary Guarantors and the Foreign Grantor Collateral pursuant to the terms of the Second Lien Collateral Documents;

      WHEREAS, the obligations of Delaware Funding under the Series B Indenture, and the obligations of CIT and the Subsidiary Guarantors under the Series B Guaranty, will be secured on a second priority basis by liens on substantially all the assets of CIT and such Subsidiary Guarantors and the Foreign Grantor Collateral, pursuant to the terms of the applicable Second Lien Collateral Documents;

      WHEREAS, the obligations of CIT Leasing under the Support Agreements will be secured on a second priority basis by liens on substantially all the assets of CIT Leasing pursuant to the terms of the CIT Leasing Collateral Agreement;

      WHEREAS, this Agreement is required by the Approved Restructuring Plan;

      WHEREAS, the First Lien Documents and the Second Lien Documents provide, among other things, that the parties thereto shall set forth in this Agreement their respective rights and remedies with respect to the Collateral; and

      WHEREAS, in order to induce the First Lien Credit Facility Representative, the First Lien Agent and the First Lien Claimholders to consent to the Obligors incurring the Second Lien Obligations, each of the Second Lien Notes Representatives and each Second Lien Agent, each on behalf of itself and the Second Lien Claimholders, has agreed to the intercreditor and other provisions set forth in this Agreement.

 AGREEMENT

      In consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 3

      SECTION 1. Definitions.

      1.1. Defined Terms. As used in the Agreement, the following terms shall have the following meanings:

      “Additional Second Lien Debt” has the meaning assigned in Section 5.3(f).

      “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise. Notwithstanding anything to the contrary herein, in no event shall any First Lien Claimholder or Second Lien Claimholder (other than the CIT Leasing Secured Party)
or any Person acquired or formed in connection with a workout, restructuring or foreclosure in the Ordinary Course of Business (as defined in the First Lien Credit
Agreement) which is in an industry other than the business of any Obligor) be considered an “Affiliate” of any Obligor.

      “Agreement” means this Senior Intercreditor and Subordination Agreement, as amended, restated, renewed, extended, supplemented or otherwise modified from time to time.

      “Approved Restructuring Plan” has the meaning set forth in the First Lien Credit Agreement.

      “Australian Guaranty” means the Guaranty dated as of March 5, 2004, as amended by the Guaranty Confirmation Agreement dated as of November 1, 2009, made by CIT in favor of and for the benefit of the holders of the CIT Australia Bonds.

      “Australian Guaranty Obligations” means the payment obligations of CIT under the Australian Guaranty.

      “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute.

      “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors.

      “Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close.

 4

      “Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.

      “CIT Australia Bonds” means (i) the A$150,000,000 aggregate principal amount of 6.0% fixed rate notes due March 3, 2011, issued by CIT Group (Australia) Limited on March 3, 2006 and guaranteed by CIT, and (ii) the A$150,000,000 aggregate principal amount of floating rate notes due March 3, 2011, issued by CIT Group (Australia) Limited on March 3, 2006 and guaranteed by CIT.

      “CIT Australia Bond Secured Party” has the meaning set forth in the First Lien Collateral Agreement.

      “CIT Leasing”
  has the meaning assigned to that term in the recitals.

      “CIT Leasing Collateral Agreement” means the Collateral Agreement dated as of December 10, 2009 between CIT Leasing and the CIT Leasing Secured Party, as amended, restated, renewed, extended, supplemented or otherwise modified from time to time.

      “CIT Leasing Documents” means the Support Agreements and each of the other agreements, documents and instruments providing for or evidencing any other CIT Leasing Support Obligations, and any other document or instrument executed or delivered at any time in connection with any CIT Leasing Support Obligations, including the Junior Intercreditor Agreement, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.

      “CIT Leasing Support Obligations” means, collectively, all Obligations due and payable under the Support Agreements and the other CIT Leasing Documents.

      “Collateral” means, collectively, all of the assets and property of any Grantor, whether real, personal or mixed, constituting both First Lien Collateral and Second Lien Collateral.

      “Comparable Second Lien Collateral Document” means, in relation to any Collateral subject to any Lien created under any First Lien Collateral Document, any Second Lien Document that creates a Lien on the same Collateral, granted by the same Grantor.

      “Defeasance Trust Payments” means payments made by a trust created in connection with the legal defeasance or covenant defeasance of the Series A Notes or Series B Notes pursuant to the terms of the Series A Indenture or the Series B Indenture so long as the applicable trust was created in compliance with all relevant conditions

 5

 specified in the Series A Indenture or the Series B Indenture, as applicable, at the time it was created.

      “DIP Financing”
  has the meaning assigned to that term in Section 6.1.

      “Discharge of First Lien Obligations” means, except to the extent otherwise expressly provided in Section 5.5:

           (a)
  indefeasible payment in full in cash of the principal of and interest (including
  interest accruing on or after the commencement of any Insolvency Proceeding,
  whether or not such interest would be allowed in such Insolvency Proceeding),
  on all Indebtedness outstanding under the First Lien Documents and constituting
  First Lien Obligations;

           (b)
  indefeasible payment in full in cash of all other First Lien Obligations that
  are due and payable or otherwise accrued and owing at or prior to the time such
  principal and interest are paid (other than any indemnification obligations
  for which no claim or demand for payment, whether oral or written, has been
  made at such time);

           (c)
  termination or expiration of all commitments, if any, to extend credit that
  would constitute First Lien Obligations; and

           (d)
  if applicable, termination or cash collateralization (in an amount and manner
  satisfactory to the First Lien Agent and the applicable issuing bank) of all
  letters of credit issued under the First Lien Documents and constituting First
  Lien Obligations.

      “Disposition”
  has the meaning assigned to that term in Section 5.1(b).

      “Enforcement Action” means the exercise of any rights or remedies against any Collateral, including any right to take possession or control of any Collateral under any lockbox agreement, account control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement, any right of set-off or recoupment and any enforcement, collection, execution, levy or foreclosure action or proceeding taken against any Collateral.

      “Equal and Ratable Claimholders” means, collectively, (i) for so long as the Australian Guaranty Obligations remain outstanding, the CIT Australia Bond Secured Party and (ii) for so long as the Long-Dated Bond Obligations remain outstanding, the Long-Dated Bond Secured Party.

      “Equal and Ratable Obligations” means, collectively, the Australian Guaranty Obligations and the Long-Dated Bond Obligations.

      “Event of Default” means “Event of Default” as defined in the First Lien Credit Agreement and/or “Event of Default” as defined in each Primary Second Lien Document.

 6

      “First Lien
  Agent” has the meaning assigned to that term in the recitals.

      “First Lien Borrowers” means the “Borrowers” under and as defined in the First Lien Credit Agreement.

      “First Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations at that time, including the First Lien Lenders, the agents under the First Lien Documents and the “Subsidiary Secured Parties” (as defined in the First Lien Collateral Agreement).

      “First Lien Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is purported to be granted as security for any First Lien Obligations.

      “First Lien Collateral Agreement” means the Second Amended and Restated Collateral Agreement dated as of October 28, 2009, as amended and supplemented by the First Lien Joinder Agreement and as otherwise amended, supplemented and modified through the date hereof, among the Grantors, the First Lien Parent Collateral Agent and the First Lien Subsidiary Collateral Agent, as the same may be further amended, amended and restated, supplemented, modified, replaced or refinanced from time to time.

      “First Lien Collateral Documents” means the “Collateral Documents” (as defined in the First Lien Credit Agreement), including the First Lien Collateral Agreement, and any other agreement, document or instrument pursuant to which a Lien is purported to be granted to secure any First Lien Obligations or under which rights or remedies with respect to such Liens are governed.

      “First Lien Credit Agreement” has the meaning assigned to that term in the recitals.

      “First Lien Documents” means the First Lien Credit Agreement and the other “Credit Documents” (as defined in the First Lien Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other First Lien Obligation, and any other document or instrument executed or delivered at any time in connection with any First Lien Obligations, including any intercreditor or joinder agreement among holders of First Lien Obligations, to the extent such are effective at the relevant time, as each may be amended, amended and restated, supplemented, modified, replaced or refinanced from time to time in accordance with the provisions of this Agreement.

      “First Lien
  Guaranty” has the meaning assigned to that term in the recitals.

      “First Lien Joinder Agreement” means that certain Joinder Agreement, dated as of December 10, 2009, among CIT, certain subsidiaries of CIT, the First Lien Parent Collateral Agent and the First Lien Subsidiary Collateral Agent, relating to the First Lien Collateral Agreement.

 7

      “First Lien Lenders” means the “Lenders” under and as defined in the First Lien Documents.

      “First Lien Non-Payment Default” means an “Event of Default” (as defined in the First Lien Documents) that does not constitute a First Lien Payment Default.

      “First Lien Obligations” means all Obligations outstanding under (i) the First Lien Credit Agreement (including any extension or Refinancing thereof), including the “Obligations” (as defined in the First Lien Credit Agreement), (ii) the other First Lien Documents, and (iii) all First Lien Guaranties, including fees, expenses, indemnities and other amounts payable from time to time pursuant to the First Lien Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding; provided that the aggregate principal or face amount, without duplication, of any letters of credit, loans, bonds, debentures, notes or similar instruments provided for under the First Lien Credit Agreement or any other First Lien Document (or any
Refinancing thereof) in excess of the Maximum First Lien Indebtedness Amount shall not constitute First Lien Obligations for purposes of this Agreement. “First Lien
Obligations” shall include (x) all interest accrued or accruing (or which would, absent commencement of an Insolvency Proceeding, accrue) in accordance with the rate specified in the relevant First Lien Document and (y) all fees, costs and charges incurred in connection with the First Lien Documents and provided for thereunder, in the case of each of clause (x) and clause (y) whether before or after commencement of an Insolvency Proceeding, and irrespective of whether any claim for such interest, fees, costs or charges is allowed as a claim in such Insolvency Proceeding.

      “First Lien Pari Passu Obligations” means the Equal and Ratable Obligations.

      “First Lien Payment Default” means an “Event of Default” (as defined in the First Lien Documents) that arises out of the failure to make any payment when due (whether at maturity, due to acceleration or otherwise) under any of the First Lien Documents.

      “Foreign Grantor” means, as of the date of this Agreement, each of CIT Holdings Canada ULC, CIT Financial (Barbados) Srl, CIT Group Holdings (UK) Limited and CIT Holdings No. 2 (Ireland).

      “Foreign Grantor Collateral” has the meaning set forth in the First Lien Collateral Agreement.

      “Governmental Authority” means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign state or government.

 8

      “Grantors” means each of CIT and the Subsidiary Guarantors, each Foreign Grantor and each other Person, in each case, that has executed and delivered, or may from time to time hereafter execute and deliver, a First Lien Collateral Document or a Second Lien Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof).

      “Indebtedness” means and includes all Obligations that constitute “Indebtedness” within the meaning of the First Lien Credit Agreement or any Primary Second Lien Document, as applicable.

      “Insolvency
  Proceeding” means:

           (a)
  any voluntary or involuntary case or proceeding under the Bankruptcy Code with
  respect to any Obligor;

           (b)
  any other voluntary or involuntary insolvency, reorganization or bankruptcy
  case or proceeding, or any receivership, liquidation, reorganization or other
  similar case or proceeding with respect to any Obligor or with respect to a
  material portion of their respective assets;

           (c)
  any liquidation, dissolution, reorganization or winding up of any Obligor whether
  voluntary or involuntary and whether or not involving insolvency or bankruptcy;
  or

           (d)
  any assignment for the benefit of creditors or any other marshalling of assets
  and liabilities of any Obligor.

      “Issuer” means (i) CIT, in its capacity as issuer of the Series A Notes and/or (ii) Delaware Funding, in its capacity as issuer of the Series B Notes.

      “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit A hereto.

      “Junior Claimholders” means the Second Lien Claimholders, other than the CIT Leasing Secured Party.

      “Junior Documents” means the Second Lien Documents, other than the CIT Leasing Documents.

      “Junior Intercreditor Agreement” means that certain junior intercreditor agreement of even date herewith entered into between the Series A Collateral Agent, the Series B Collateral Agent and the CIT Leasing Secured Party and acknowledged by CIT and each other Obligor on the date hereof, as amended, supplemented or otherwise modified from time to time.

      “Junior Obligations” means all Obligations outstanding under the Junior Documents (including any extension or Refinancing thereof or the inclusion of additional obligations permitted to be secured by a pari passu Lien), including fees, expenses,

 9

 indemnities and other amounts payable from time to time pursuant to the Junior Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding.

      “Lien” means any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) or any jurisdiction.

      “Long-Dated Bond Indenture” means the Indenture, dated as of January 20, 2006 between CIT, as issuer, and JPMorgan Chase Bank, N.A., as trustee, as supplemented by the First Supplemental Indenture, dated as of February 13, 2007, between CIT and The Bank of New York Mellon (formerly The Bank of New York), as successor trustee (the “Long-Dated Bond Trustee”), and as further supplemented by the Second Supplemental Indenture, dated as of October 23, 2007, the Third Supplemental Indenture, dated as of October 1, 2009 and the Fourth Supplemental Indenture, dated as of October 16, 2009.

      “Long-Dated Bond Obligations” means the obligations of CIT in respect of the payment of principal of, and interest on, any note, bond, debenture or other evidence of Indebtedness issued pursuant to the Long-Dated Bond Indenture and outstanding as of the date hereof, in each case, that is not exchanged or treated pursuant to the Approved Restructuring Plan.

      “Long-Dated
  Bond Secured Party” means the Long-Dated Bond Trustee.

      “Maximum First Lien Indebtedness Amount” means, at any date of determination (a) $7,600,000,000 less (b) (i) the aggregate amount of all repayments and prepayments of principal applied to any term loans constituting First Lien Obligations (for the avoidance of doubt, excluding First Lien Pari Passu Obligations) and (ii) the aggregate amount of all repayments and prepayments of any revolving loans or letters of credit constituting First Lien Obligations (for the avoidance of doubt, excluding First Lien Pari Passu Obligations), to the extent accompanied by a corresponding permanent reduction in the applicable commitment amount (excluding (A) reductions in sub-facility commitments not accompanied by a corresponding permanent reduction in the facility commitment amount and (B) repayments, prepayments and reductions under clause (b) as a result of, or in connection with, a Refinancing).

      “New First Lien Agent” has the meaning assigned to that term in Section 5.5.

      “New First Lien Debt Notice” has the meaning assigned to that term in Section 5.5.

 “     New Notes”
  has the meaning set forth in the recitals.

 10

      “Obligations” means all liabilities and obligations of every nature from time to time, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy, would have accrued on any Obligation, whether or not a claim is allowed for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise and whether primary, secondary, direct, indirect, contingent, fixed or otherwise (including obligations of performance).

      “Obligor” means any of (i) CIT, (ii) Delaware Funding, (iii) the First Lien Borrowers or the Issuers, as applicable, (iv) the Subsidiary Guarantors and (v) any other Person that now or hereafter is, or whose assets now or hereafter are, liable for all or any portion of the First Lien Obligations or the Second Lien Obligations, as applicable, including the Foreign Grantors.

      “Parent Collateral” means all of the assets and property of CIT, whether real, personal or mixed, with respect to which a Lien is purported to be granted pursuant to the First Lien Collateral Documents, the Series A Documents, or the Series B Documents, as applicable.

      “Payment Blockage Notice” has the meaning assigned to such term in Section 4.3(c).

      “Payment Blockage Period” has the meaning assigned to such term in Section 4.3(c).

      “Permitted Scheduled Payments” means regularly scheduled (but not more frequently than quarterly) payments of accrued and unpaid interest due and payable from time to time which Obligors are obligated to pay Junior Claimholders in accordance with the terms and conditions of the applicable Junior Documents.

      “Person” means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities.

      “Pledged Collateral” has the meaning assigned to that term in Section 5.4(a).

      “Post-Petition Interest” means interest, fees, expenses and other charges that pursuant to the First Lien Credit Agreement or the Primary Second Lien Documents, continue to accrue after the commencement of any Insolvency Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under the Bankruptcy Law or in any such Insolvency Proceeding.

      “Primary Second Lien Document” means the Series A Indenture, the Series B Indenture and/or the Support Agreements.

 11

      “Proceeds” means (a) all “proceeds” as defined in Article 9 of the UCC with respect to the Collateral, and (b) whatever is recoverable or recovered when Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily.

      “Recovery”
  has the meaning set forth in Section 6.6.

      “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness, directly or indirectly, in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

      “Second Lien Agent” means, collectively, the Series A Collateral Agent, the Series B Collateral Agent and, solely in respect of the Collateral of CIT Leasing and the CIT Leasing Support Obligations, the CIT Leasing Secured Party.

      “Second Lien Claimholders” means, at any relevant time, the holders of Second Lien Obligations at that time, including the Second Lien Noteholders, the CIT Leasing Secured Party and the trustees and agents under the Second Lien Documents.

      “Second Lien Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is purported to be granted as security for any Second Lien Obligations.

      “Second Lien Collateral Documents” means, collectively, the “Collateral Documents” or “Security Documents” (as defined in each Primary Second Lien Document), the CIT Leasing Collateral Agreement and any other agreement, document or instrument pursuant to which a Lien is purported to be granted securing any Second Lien Obligations or under which rights or remedies with respect to such Liens are governed.

      “Second Lien Documents” means, collectively, the Series A Documents, the Series B Documents and the CIT Leasing Documents.

      “Second Lien Grantor” means each Grantor that has or may from time to time hereafter execute and deliver a Second Lien Collateral Document as a “grantor” or “pledgor” (or the equivalent thereof).

      “Second Lien Guarantor” means each Subsidiary Guarantor that has or may from time to time hereafter execute and deliver a Series A Guaranty or Series B Guaranty and, in the case of the Series B Guaranty, CIT.

      “Second Lien Mortgages” means a collective reference to each aircraft mortgage and each mortgage, deed of trust and any other document or instrument under which any Lien on real property owned or leased by any Grantor is granted to secure any

 12

 Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed.

      “Second Lien Noteholders” means, collectively, the “Holders” under and as defined in the Series A Indenture and the Series B Indenture.

      “Second Lien Obligations” means, collectively, the Series A Obligations, the Series B Obligations and the CIT Leasing Support Obligations. “Second Lien Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency Proceeding, accrue) after commencement of an Insolvency Proceeding in accordance with the rate specified in the relevant Second Lien Document whether or not the claim for such interest is allowed as a claim in such Insolvency Proceeding.

      “Series A
  Collateral Agent” has the meaning set forth in the preamble.

      “Series A Documents” means the Series A Indenture, the Series A Notes, the “Security Documents” (as defined in the Series A Indenture) and each of the other agreements, documents and instruments providing for or evidencing any other Series A Obligation, and any other document or instrument executed or delivered at any time in connection with any Series A Obligations, including the Junior Intercreditor Agreement and any other intercreditor or joinder agreement among holders of Series A Obligations, to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.

      “Series A
  Guaranty” has the meaning set forth in the recitals. 

     “Series
  A Indenture” has the meaning set forth in the preamble. 

     “Series
  A Notes” has the meaning set forth in the recitals.

      “Series A Obligations” means, collectively, all Obligations outstanding under the Series A Indenture and the other Series A Documents. “Series A Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency Proceeding, accrue) after commencement of an Insolvency Proceeding in accordance with the rate specified in the relevant Second Lien Document whether or not the claim for such interest is allowed as a claim in such Insolvency Proceeding.

      “Series A Parent Collateral Agent” has the meaning set forth in the recitals.

      “Series A Subsidiary Collateral Agent” has the meaning set forth in the recitals.

      “Series B
  Collateral Agent” has the meaning set forth in the preamble.

 13

      “Series B Documents” means the Series B Indenture, the Series B Notes, the “Security Documents” (as defined in the Series B Indenture) and each of the other agreements, documents and instruments providing for or evidencing any other Series B Obligation, and any other document or instrument executed or delivered at any time in connection with any Series B Obligations, including the Junior Intercreditor Agreement and any other intercreditor or joinder agreement among holders of Series B Obligations, to the extent such are effective at the relevant time, as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement.

      “Series B
  Guaranty” has the meaning set forth in the recitals. 

     “Series
  B Indenture” has the meaning set forth in the recitals. 

     “Series
  B Notes” has the meaning set forth in the recitals.

      “Series B Obligations” means, collectively, all Obligations outstanding under the Series B Indenture and the other Series B Documents. “Series B Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency Proceeding, accrue) after commencement of an Insolvency Proceeding in accordance with the rate specified in the relevant Second Lien Document whether or not the claim for such interest is allowed as a claim in such Insolvency Proceeding.

      “Series B Parent Collateral Agent” has the meaning set forth in the recitals.

      “Series B Subsidiary Collateral Agent” has the meaning set forth in the recitals.

      “Standstill
  Period” has the meaning set forth in Section 3.1.

      “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association or other business entity of which more than fifty percent (50%) of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership
interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be
outstanding.

      “Subsidiary
  Guarantors” has the meaning set forth in the recitals.

      “Support Agreements” has the meaning assigned to that term in the recitals.

 14

      “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

      1.2. Terms Generally. The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise:

           (a)
  any definition of or reference to any agreement, instrument or other document
  herein shall be construed as referring to such agreement, instrument or other
  document as from time to time amended, restated, supplemented, modified, renewed
  or extended;

           (b)
  any reference herein to any Person shall be construed to include such Person’s
  permitted successors and assigns;

           (c)
  the words “herein,” “hereof” and “hereunder,”
  and words of similar import, shall be construed to refer to this Agreement in
  its entirety and not to any particular provision hereof;

           (d)
  all references herein to Sections shall be construed to refer to Sections of
  this Agreement; and

           (e)
  the words “asset” and “property” shall be construed to have
  the same meaning and effect and to refer to any and all tangible and intangible
  assets and properties, including cash, securities, accounts and contract rights.

      SECTION 2. Lien
  Priorities.

      2.1. Relative Priorities. (a) Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Second Lien Obligations granted on the Collateral or of any Liens securing the First Lien Obligations granted on the Collateral and notwithstanding any provision of the UCC, or any other applicable law or the Second Lien Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the First Lien Obligations or any other circumstance whatsoever, each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, hereby agrees that:

                (1)
  any Lien on the Collateral securing any First Lien Obligations now or hereafter
  held by or on behalf of the First Lien Agent or any First Lien Claimholders
  or any agent or trustee therefor, regardless of how acquired, whether by grant,
  possession, statute, operation of law, subrogation or otherwise, shall be senior
  in

 15

 all respects and prior to any Lien on the Collateral securing any Second Lien Obligations; and

                (2)
  any Lien on the Collateral securing any Second Lien Obligations now or hereafter
  held by or on behalf of any Second Lien Agent, any Second Lien Claimholders
  or any agent or trustee therefor regardless of how acquired, whether by grant,
  possession, statute, operation of law, subrogation or otherwise, shall be junior
  and subordinate in all respects to all Liens on the Collateral securing any
  First Lien Obligations.

 All Liens on the Collateral securing any First Lien Obligations shall be and remain senior in all respects and prior to all Liens on the Collateral securing any Second Lien Obligations for all purposes, whether or not such Liens securing any First Lien Obligations are subordinated to any Lien securing any other obligation of the First Lien Borrowers, the Issuers, any other Grantor or any other Person.

           (b)
  Notwithstanding the foregoing and any other provision to the contrary contained
  in this Agreement, all Liens on the Collateral securing any First Lien Obligations
  shall be and remain senior in all respects and prior to all Liens on the Collateral
  securing any Second Lien Obligations for all purposes, notwithstanding any failure
  of the First Lien Agent or the First Lien Claimholders to adequately perfect
  its security interests in the Collateral, the subordination of any Lien on the
  Collateral securing any First Lien Obligations to any Lien securing any other
  obligation of any Obligor, or the avoidance, invalidation or lapse of any Lien
  on the Collateral securing any First Lien Obligations.

      2.2. Prohibition on Contesting Liens. Each of the Second Lien Agents, for itself and on behalf of each of its applicable Second Lien Claimholders, and the First Lien Agent, for itself and on behalf of each First Lien Claimholder, agrees that it will not (and hereby waives any right to) contest or support, solicit or encourage any other Person in contesting, in any proceeding (including any Insolvency Proceeding), the priority, validity, perfection or enforceability of a Lien held by or on behalf of any of the First Lien Claimholders in the First Lien Collateral or by or on behalf of any of the Second Lien Claimholders in the Second Lien Collateral, as the case may be, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed
to prevent or impair the rights of the First Lien Agent (acting at the direction of the First Lien Credit Facility Representative) or any First Lien Claimholder to
enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the First Lien Obligations as provided in Sections 2.1 and 3.1.

      2.3. No New Liens.

           (a)
  Limitation on other Collateral for First Lien Claimholders. Each of CIT
  and each Grantor agrees not to grant any Lien on any of its assets, or permit
  any of its Subsidiaries to grant a Lien on any of its assets, in favor of the
  First Lien Agent or the First Lien Claimholders unless it, or such Subsidiary,
  has granted (or offered to grant with a reasonable opportunity for such Lien
  to be accepted) a corresponding Lien

 16

 on such assets in favor of each Second Lien Agent or the Second Lien Claimholders; provided, however, notwithstanding the foregoing, the failure of CIT or any Grantor to offer any Second Lien Agent or any Second Lien Claimholder a Lien on any assets of CIT or any Grantor or any of their respective Subsidiaries shall not prohibit the taking of a Lien on such assets by the First Lien Agent or the First Lien Claimholders; provided further for the avoidance of doubt that, with respect to the CIT Leasing Documents, CIT Leasing shall be the only applicable Grantor.

           (b)
  Limitation on other Collateral for Second Lien Claimholders. Until the
  date upon which the Discharge of First Lien Obligations shall have occurred,
  (i) each Second Lien Agent agrees that, after the date hereof, neither such
  Second Lien Agent nor any of its applicable Second Lien Claimholders shall acquire
  or hold any Lien on any assets of CIT or any Grantor or any of their respective
  Subsidiaries securing any Second Lien Obligations which assets are not also
  subject to the Lien of the First Lien Agent under the First Lien Collateral
  Documents, and (ii) CIT and each Grantor agrees not to grant any Lien on any
  of its assets, or permit any of its Subsidiaries to grant a Lien on any of its
  assets, in favor of any Second Lien Agent or any Second Lien Claimholders unless
  it, or such Subsidiary, has granted a corresponding Lien on such assets in favor
  of the First Lien Agent or the First Lien Claimholders. If, prior to the Discharge
  of First Lien Obligations, any Second Lien Agent or any Second Lien Claimholder
  shall (nonetheless whether in breach hereof) acquire any Lien on any assets
  of any Grantor or any of their respective Subsidiaries securing any Second Lien
  Obligations which assets are not also subject to the Lien of the First Lien
  Agent under the First Lien Collateral Documents, then such Second Lien Agent
  (or the relevant Second Lien Claimholder), shall without the need for any further
  consent of any other Person and notwithstanding anything to the contrary in
  any other Second Lien Document (x) hold and be deemed to have held such Lien
  and security interest for the benefit of the First Lien Agent as security for
  the First Lien Obligations, and (y) any Proceeds thereof shall be subject to
  Section 4.2.

      2.4. Similar Liens and Agreements. The parties hereto agree that it is their intention that the First Lien Collateral and the Second Lien Collateral be identical; provided that the Liens securing the CIT Leasing Support Obligations shall be limited to the Second Lien Collateral owned by CIT Leasing. In furtherance of the foregoing and of Section 8.9, the parties hereto agree, subject to the other provisions of this Agreement:

           (a)
  upon request by the First Lien Agent or any Second Lien Agent, reasonably to
  cooperate in good faith (and reasonably to direct their counsel to cooperate
  in good faith) from time to time in order to determine the specific items included
  in the First Lien Collateral and the Second Lien Collateral and the steps taken
  to perfect their respective Liens thereon and the identity of the respective
  parties obligated under the First Lien Documents and the Second Lien Documents;

           (b)
  that the documents and agreements creating or evidencing the First Lien Collateral
  and the Second Lien Collateral and guaranties for the First Lien Obligations
  and the Second Lien Obligations, subject to Section 5.3, shall be in all

 17

 material respects the same forms of documents other than with respect to the first lien and the second lien nature of the Obligations thereunder; and

           (c)
  in addition, to the extent any guaranty is entered into by any Obligor in respect
  of the Second Lien Obligations (whether or not the First Lien Agent or First
  Lien Claimholders have consented thereto), a guaranty by such Person shall be
  entered into in respect of the First Lien Obligations, and for all purposes
  hereunder such Person shall be deemed a guarantor of the First Lien Obligations
  and the Second Lien Obligations. Furthermore, to the extent any guaranty is
  entered into by any Obligor in respect of the First Lien Obligations (whether
  or not the Second Lien Agents or the Second Lien Claimholders have consented
  thereto), a guaranty by such Person shall be entered into in respect of the
  Second Lien Obligations (other than the CIT Leasing Support Obligations) and,
  for all purposes hereunder, such Person shall be deemed a guarantor of the Second
  Lien Obligations (other than the CIT Leasing Support Obligations) and the First
  Lien Obligations.

      SECTION 3. Enforcement.

      3.1. Exercise of
  Remedies.

           (a)
  Until the Discharge of First Lien Obligations has occurred, whether or not any
  Insolvency Proceeding has been commenced, the Second Lien Agents and the Second
  Lien Claimholders:

                (1)
  will not take any Enforcement Action with respect to any Lien held by it under
  the Second Lien Collateral Documents or any other Second Lien Document or otherwise;
  provided, however, that any Second Lien Agent may take Enforcement
  Action after a period of at least 180 days has elapsed since the later of: (i)
  the date on which a Second Lien Agent declared the existence of any Event of
  Default under any Second Lien Document and demanded the repayment of all the
  principal amount of the applicable Second Lien Obligations; and (ii) the date
  on which the First Lien Agent received notice from a Second Lien Agent of such
  a declaration of an Event of Default and demand for repayment (such 180 day
  period, the “Standstill Period”); provided, further,
  however, that notwithstanding anything herein to the contrary, in no
  event shall any Second Lien Agent or any Second Lien Claimholder take any Enforcement
  Action with respect to any Lien held by it under the Second Lien Collateral
  Documents or any other Second Lien Document or otherwise if, notwithstanding
  the expiration of the Standstill Period, (i) the First Lien Agent or First Lien
  Claimholders shall have commenced and are diligently pursuing Enforcement Action
  with respect to all or any material portion of the Collateral (prompt notice
  of such exercise to be given to the Second Lien Agents) or (ii) an Insolvency
  Proceeding shall have been commenced following the date of this Agreement; and
  provided, further, that in any Insolvency Proceeding, any Second
  Lien Agent or applicable Second Lien Claimholders may take any action expressly
  permitted by Section 3.1(c);

                (2)
  will not contest, protest or object to any Enforcement Action brought by the
  First Lien Agent or any First Lien Claimholder or

 18

 any other commercially reasonable exercise by the First Lien Agent or any First Lien Claimholder of any rights and remedies relating to the Collateral under the First Lien Documents or otherwise so long as the Liens granted to secure the Second Lien Obligations of the Second Lien Claimholders attach to the Proceeds thereof to the extent that such Proceeds are not applied to the First Lien Obligations, subject to the relative priorities described in Section 2; and

                (3)
  subject to their rights under clause (a)(1) above, will not contest, protest
  or object to the forbearance by the First Lien Agent or the First Lien Claimholders
  from bringing or pursuing any Enforcement Action so long as the Liens granted
  to secure the Second Lien Obligations of the Second Lien Claimholders attach
  to the Proceeds thereof to the extent that such Proceeds are not applied to
  the First Lien Obligations, subject to the relative priorities described in
  Section 2.

           (b)
  Until the Discharge of First Lien Obligations has occurred, whether or not any
  Insolvency Proceeding has been commenced, subject to Section 3.1(a)(1), the
  First Lien Agent and the First Lien Claimholders shall have the exclusive right
  to commence, and if applicable, maintain an Enforcement Action and, subject
  to Section 5.1, to make determinations regarding the release, disposition, or
  restrictions with respect to the Collateral without any consultation with or
  the consent of the Second Lien Agents or any Second Lien Claimholder; provided,
  that the Lien securing the Second Lien Obligations shall remain on the Proceeds
  of any such Collateral released or disposed of to the extent that such Proceeds
  are not applied to the First Lien Obligations, subject to the relative priorities
  described in Section 2 and the applicable release provisions of the Second Lien
  Documents. In exercising Enforcement Actions with respect to the Collateral,
  the First Lien Agent and the First Lien Claimholders may enforce the provisions
  of the First Lien Documents and exercise remedies thereunder, all in such order
  and in such manner as they may determine in the exercise of their sole discretion.
  Such exercise and enforcement shall include the rights of an agent appointed
  by them to sell or otherwise dispose of Collateral upon foreclosure, to incur
  expenses in connection with such sale or disposition, and to exercise all the
  rights and remedies of a secured creditor under the UCC and of a secured creditor
  under Bankruptcy Laws of any applicable jurisdiction.

           (c)
  Notwithstanding the foregoing, any Second Lien Agent and any Second Lien Claimholder
  may:

                (1)
  accelerate their respective Second Lien Obligations and deliver default notices,
  cease and desist letters and similar notices to CIT, any Issuer or any Obligor;

                (2)
  bid for and purchase, for cash consideration only, any Collateral in any foreclosure
  proceeding;

                (3)
  file a claim, including a proof of claim, or statement of interest with respect
  to the Second Lien Obligations in any Insolvency Proceeding;

 19

                (4)
  take any action (not adverse to the priority status of the Liens on the Collateral
  securing the First Lien Obligations, or the rights of any First Lien Agent or
  the First Lien Claimholders to exercise remedies in respect thereof) in order
  to create, perfect, preserve or protect its Lien on the Collateral;

                (5)
  file any necessary responsive or defensive pleadings in opposition to any motion,
  claim, adversary proceeding or other pleading made by any person objecting to
  or otherwise seeking the disallowance of the claims of the Second Lien Claimholders,
  including any claims secured by the Collateral, if any, in each case in accordance
  with the terms of this Agreement;

                (6)
  vote on any plan of reorganization, make filings and make any arguments and
  motions that are, in each case, in a manner not inconsistent with the vote of
  the First Lien Agent or the terms of this Agreement, with respect to the Second
  Lien Obligations and the Collateral; and

                (7)
  exercise any of its rights or remedies with respect to the Collateral after
  the termination of the Standstill Period to the extent permitted by Section
  3.1(a)(1).

      Each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, agrees that it will not take or receive any Collateral or any Proceeds of Collateral in connection with any Enforcement Action against any Collateral in its capacity as a creditor, unless and until the Discharge of First Lien Obligations has occurred, except in connection with any Enforcement Action expressly permitted by Section 3.1(a)(1) to the extent such Second Lien Agent and Second Lien Claimholders are permitted to retain the Proceeds thereof in accordance with Section 4.2 of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of First Lien Obligations has occurred, except as expressly provided in Sections 3.1(a), 6.4(b) and this Section
3.1(c), the sole right of the Second Lien Agents and the Second Lien Claimholders with respect to the Collateral is to hold a Lien on the Collateral pursuant to the
Second Lien Collateral Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of First Lien Obligations has occurred in accordance with the terms of the Second Lien Documents and applicable law.

      (d) Subject to Sections
  3.1(a) and (c) and Section 6.4(b):

                (1)
  each Second Lien Agent, for itself and on behalf of the applicable Second Lien
  Claimholders, agrees that such Second Lien Agent and the Second Lien Claimholders
  will not take any action that would hinder any exercise of remedies under the
  First Lien Documents or is otherwise prohibited hereunder, including any sale,
  lease, exchange, transfer or other disposition of the Collateral, whether by
  foreclosure or otherwise;

                (2)
  each Second Lien Agent, for itself and on behalf of the applicable Second Lien
  Claimholders, hereby waives any and all rights it or the

 20

 Second Lien Claimholders may have as a junior lien creditor or otherwise to object to the manner in which the First Lien Agent or the First Lien Claimholders seek to enforce or collect the First Lien Obligations or the Liens securing the First Lien Obligations granted in any of the First Lien Collateral undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of the First Lien Agent or First Lien Claimholders is adverse to the interest of the Second Lien Claimholders; and

                (3)
  each Second Lien Agent hereby acknowledges and agrees that no covenant, agreement
  or restriction as expressly provided in the Second Lien Collateral Documents
  or any other Second Lien Document (other than this Agreement) shall be deemed
  to restrict in any way the rights and remedies of the First Lien Agent or the
  First Lien Claimholders with respect to the Collateral as set forth in this
  Agreement and the First Lien Documents.

           (e)
  Except as specifically set forth in Sections 3.1(a) and (d) and in all cases
  subject to Sections 4.2 and 4.3, each Second Lien Agent and the Second Lien
  Claimholders may exercise rights and remedies as unsecured creditors of any
  Issuer or any other Obligor that has guarantied or granted Liens to secure the
  Second Lien Obligations in accordance with the terms of the Second Lien Documents
  and applicable law, including filing any pleadings, objections, motions or agreements
  which assert rights or interests available to unsecured creditors of such Obligors
  arising under any Insolvency Proceeding, the Bankruptcy Laws or applicable non-bankruptcy
  law; provided that in no event may any Second Lien Agent or Second Lien
  Claimholder file any involuntary petition for bankruptcy against CIT or any
  other Obligor; and provided, further, that any lawsuit filed to
  collect any Second Lien Obligations shall only seek a money judgment and shall
  not seek to enforce or impose any lien on any Collateral and if, notwithstanding
  the foregoing, any Second Lien Claimholder becomes a judgment lien creditor
  in respect of Collateral as a result of its permitted enforcement of its rights
  as an unsecured creditor with respect to the Second Lien Obligations, such judgment
  lien shall be subject to the terms of this Agreement for all purposes (including
  in relation to the First Lien Obligations) as the other Liens securing the Second
  Lien Obligations are subject to this Agreement.

      3.2. Actions Upon Breach. If any Second Lien Claimholder, in contravention of the terms of this Agreement, in any way takes, attempts to or threatens to take any Enforcement Action with respect to the Collateral, or fails to take any action required by this Agreement, this Agreement shall create an irrebutable presumption and admission by such Second Lien Claimholder that relief against such Second Lien Claimholder by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the First Lien Claimholders, it being understood and agreed by each Second Lien Agent on behalf of each applicable Second Lien Claimholder that (i) the First Lien Claimholders’ damages from its actions may at that time be difficult
to ascertain and may be irreparable, and (ii) each Second Lien Claimholder waives any defense that the Obligors and/or the First Lien Claimholders cannot demonstrate
damage and/or be made whole by the awarding of damages.

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      3.3. First Lien Agent’s and the First Lien Claimholders’ Option to Cure. The First Lien Agent (acting at the direction of the First Lien Credit Facility Representative) and the First Lien Claimholders shall have the right, but not the obligation, to cure for the account of any Issuer any default by such Issuer or other Obligor under any Second Lien Documents at any time prior to the expiry of the Standstill Period provided in Section 3.1 or during the applicable cure period provided for in any Second Lien Document if longer (and if a payment default on an unaccelerated basis). In no event shall First Lien Agent and the First Lien Claimholders by virtue of the payments of amounts, or performance of any obligation required to be paid or performed by such Issuer
or such other Obligor deemed to have assumed any obligation of such Issuer or Obligor to any Second Lien Claimholders or any other Person.

      3.4. Notice of Default. Each Second Lien Agent and each Second Lien Claimholder shall give to First Lien Agent on behalf of the First Lien Claimholders concurrently with the giving thereof to any Issuer or any other Obligor a copy of any written notice of any default under any Second Lien Documents or written notice of demand of payment from any Issuer. Promptly upon receipt thereof, CIT shall give each Second Lien Agent, on behalf of the applicable Second Lien Claimholders, a copy of any written notice received and delivered by any First Lien Borrower or any other Obligor sent by or to the First Lien Agent or the First Lien Claimholders at any time during the existence of an Event of Default under the First Lien Documents, stating the First Lien Agent and any First Lien
Claimholders’ intention to exercise any of their respective enforcement rights or remedies, including written notice pertaining to any foreclosure on any of the
Collateral or other judicial or non-judicial remedy in respect thereof and any legal process served or filed in connection therewith. Each Second Lien Agent and the applicable Second Lien Claimholders shall give the First Lien Agent, on behalf of the First Lien Claimholders, and concurrently with the giving thereof to any Issuer or any other Obligor any written notice sent by such Second Lien Agent or the applicable Second Lien Claimholders to any Issuer or any other Obligor at any time during the existence of an Event of Default under the Second Lien Documents, stating such Second Lien Agent’s or any Second Lien Claimholder’s intention to exercise any of their respective enforcement rights or remedies, including written notice pertaining to any foreclosure on any of the Collateral or other judicial or non-judicial remedy in
respect thereof and any legal process served or filed in connection therewith. Notwithstanding the foregoing, the failure of any party to give notice as required hereby
shall not affect the provisions of Section 2.1 hereof or the validity or effectiveness of any such notice as against any First Lien Borrower, any Issuer or any other Obligor. Each First Lien Borrower, each Issuer and each other Obligor, as applicable, hereby authorizes and consents to the Second Lien Agents and the Second Lien Claimholders sending any such notices.

      SECTION 4. Payments.

      4.1. Application of Proceeds. So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency Proceeding has been commenced following the date of this Agreement, Collateral or Proceeds thereof

 22

 received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies by the First Lien Agent or First Lien Claimholders shall be applied by the First Lien Agent to payment of the First Lien Obligations in such order as specified in the relevant First Lien Documents. Upon the Discharge of First Lien Obligations, the First Lien Agent shall deliver to the Series A Collateral Agent, on behalf of the Second Lien Agents, without recourse, representation or warranty any Collateral and Proceeds of Collateral held by it in the same form as received, with any necessary endorsements to be applied by the Second Lien Agents to the Second Lien Obligations in such order as specified in the Junior Intercreditor Agreement (or such other applicable Second Lien Document)
or as a court of competent jurisdiction may otherwise direct.

      4.2. Payment Turnover. (a) So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency Proceeding has been commenced, any Collateral or Proceeds thereof (including assets or Proceeds subject to Liens referred to in the final sentence of Section 2.3(b)) received by any Second Lien Agent or any Second Lien Claimholder in connection with any Enforcement Action in all cases shall be segregated and held in trust and forthwith paid over to the First Lien Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien Agent is hereby authorized to make any such endorsements as agent for any Second Lien Agent or any such
Second Lien Claimholders. This authorization is coupled with an interest and is irrevocable until the Discharge of First Lien Obligations shall have
occurred.

           (b)
  So long as the Discharge of First Lien Obligations has not occurred, if in any
  Insolvency Proceeding commenced following the date of this Agreement any Second
  Lien Agent or any Second Lien Claimholder shall receive any distribution of
  money or other property in respect of the Collateral, other than distributions
  expressly permitted pursuant to Section 6 hereof, such money or other property
  shall be segregated and held in trust and forthwith paid over to the First Lien
  Agent for the benefit of the First Lien Claimholders in the same form as received,
  with any necessary endorsements. Any Lien received by any Second Lien Agent
  or any Second Lien Claimholder in any Insolvency Proceeding shall be subject
  to the terms of this Agreement.

           (c)
  In the event CIT or any other Obligor shall receive any distribution of money
  that is required to be applied to the First Lien Obligations prior to the occurrence
  of the Discharge of First Lien Obligations, such money shall be applied to the
  payment in full of the First Lien Obligations on a pro rata basis as specified
  in the First Lien Documents prior to its application, if any, to the payment
  of the Second Lien Obligations.

      4.3. Payment Subordination.

           (a)
  Unless the Discharge of First Lien Obligations shall have occurred, upon any
  payment or distribution of the assets of any Obligor and not in

 23

 derogation or limitation of the lien subordination provided for elsewhere in this agreement (i) upon a total or partial liquidation or dissolution of any Obligor, (ii) in an Insolvency Proceeding; (iii) in an assignment for the benefit of creditors of any Obligor; or (iv) in any marshaling of any Obligor’s assets and liabilities, the First Lien Claimholders shall be entitled to receive such payments and distributions before the Junior Claimholders shall be entitled to receive any payment or distribution in respect of the Junior Obligations. Except as otherwise expressly provided in this Agreement, to the extent and in the manner hereinafter set forth in this Agreement, all of the Junior Claimholders’ rights to payment of the Junior Obligations and the obligations evidenced by the Junior Documents
are hereby subordinated to all of the First Lien Claimholders’ rights to payment by the Obligors of the First Lien Obligations, and Junior Claimholders shall not
accept or receive payments (including, without limitation, whether in cash or other property and whether received directly, indirectly or by set off, counterclaim or otherwise) from any Obligor or from the sale or other disposition of any Collateral prior to the Discharge of First Lien Obligations. All payments or distributions upon or with respect to the Junior Obligations which are received by Junior Claimholders, or any of them, contrary to the provisions of this Agreement shall be received and held in trust by the Junior Claimholders for the benefit of the First Lien Claimholders and shall be paid over to the First Lien Claimholders in the same form as so received (with any necessary endorsement) to be applied (in the case of cash) to, or held as collateral (in the case of non cash property or securities) for, the payment or performance
of the First Lien Obligations in accordance with the terms of the First Lien Documents. Nothing contained herein shall prohibit the Junior Claimholders from making
protective advances to protect the Collateral (and adding the amount thereof to the principal balance of the Junior Obligations) notwithstanding the existence of a default under the First Lien Obligations, or either of them, at such time.

           (b)
  Except as specifically permitted by Sections 3.1(a) and (c) and subject to the
  provisions of Sections 4.2 and 4.3(d), the Junior Claimholders shall not ask
  for, demand, sue for, take or receive from the Obligors, by setoff, counterclaim,
  recoupment or in any other manner, the whole or any part of any of the Junior
  Obligations, unless and until the Discharge of First Lien Obligations shall
  have occurred.

           (c)
  Notwithstanding the provisions of Sections 4.3(a), 4.3(b) and Section 6, except
  as otherwise provided in this Section 4.3(c), the Obligors may pay, and the
  Junior Claimholders may receive and retain Permitted Scheduled Payments, unless
  prior to any such Permitted Scheduled Payment (i) a First Lien Payment Default
  has occurred and is continuing or (ii) a First Lien Non-Payment Default has
  occurred and is continuing and, in the case of this clause (ii), the First Lien
  Credit Facility Representative has given to Obligors and the Series A Collateral
  Agent and the Series B Collateral Agent written notice thereof identifying the
  First Lien Non-Payment Default and invoking a payment blockage under this Agreement
  (such notice, a “Payment Blockage Notice”; any such period
  during which payments are blocked as described in this Section 4.3(c), a “Payment
  Blockage Period”), in either of which case no direct or indirect payment
  or distribution of any kind or character shall be made by the Obligors or any
  other Person on behalf of the Obligors (or received by the Junior Claimholders)
  on account of the Junior Obligations or any judgment related thereto, or on
  account of the

 24

 purchase or redemption or other acquisition of the Junior Obligations, unless and until the date such First Lien Payment Default or First Lien Non-Payment Default shall have been cured or waived in writing in accordance with the terms of the First Lien Documents. Immediately upon the expiration of any Payment Blockage Period as described in this Section 4.3(c), the Obligors may resume making (and the Junior Claimholders may receive and retain) any and all Permitted Scheduled Payments (including any Permitted Scheduled Payments missed during such period).

           (d)
  In the event that the Junior Claimholders shall have received any payment or
  distribution at a time when such payment or distribution was prohibited by the
  provisions of Section 4.3(a), (b), (c) or (d) hereof, then, and in such event,
  such payment or distribution shall be deemed to have been paid to the Junior
  Claimholders in trust for the benefit of the First Lien Claimholders, and shall
  be segregated and promptly paid over to the First Lien Agent on behalf of the
  First Lien Claimholders (with proper endorsements or assignments, if necessary)
  to the extent necessary to pay the First Lien Obligations. Any such payments
  or distributions so paid over to the First Lien Claimholders by the holders
  of the Junior Obligations in accordance with the foregoing sentence shall not
  constitute payments in respect of the Junior Obligations and will not reduce
  the outstanding amount of the Junior Obligations. To the extent there are any
  excess amounts paid over to the First Lien Claimholders after the Discharge
  of First Lien Obligations, such excess amounts shall be promptly remitted to
  the Series A Collateral Agent, on behalf of the Junior Claimholders, in the
  form received (with any necessary endorsements), without recourse, representation
  or warranty, which amounts shall constitute payments in respect of the Junior
  Obligations and will so reduce the outstanding amount of the Junior Obligations,
  or as a court of competent jurisdiction may otherwise direct; provided,
  that, to the extent of the amount of any such remittance received by it, each
  Junior Claimholder hereby indemnifies and holds harmless the First Lien Agent
  and the First Lien Claimholders from any and all claims, liabilities, damages
  and expenses suffered by the First Lien Agent or the First Lien Claimholders
  in connection with the making of any such remittance to the Junior Claimholders,
  but only to the extent of such Junior Claimholder’s pro rata share of such
  remittance received by the Junior Claimholders.

           (e)
  The provisions of this Section 4.3 shall not modify or limit in any way the
  application of Section 6 hereof.

           (f)
  The First Lien Agent agrees to give prompt written notice to the Obligors, the
  Series A Collateral Agent and the Series B Collateral Agent of any determination
  by the First Lien Agent that a First Lien Payment Default or First Lien Non-Payment
  Default that gave rise to a Payment Blockage Period has been cured or waived,
  though the failure to give such notice promptly or otherwise shall not affect
  the subordination effected by the terms of this Agreement or otherwise result
  in any liability of the First Lien Claimholders to the Obligors or the Junior
  Claimholders.

           (g)
  Notwithstanding anything contained herein to the contrary, Defeasance Trust
  Payments shall not be subordinated to the prior payment of any First Lien Obligations
  or subject to the restrictions set forth in this Section 4.3, and none of the

 25

 Junior Claimholders shall be obligated to pay over any such amount to any Obligor or any Senior Claimholder.

      SECTION 5. Other
  Agreements.

      5.1. Releases. (a) If in connection with any Enforcement Action by the First Lien Agent, the First Lien Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Collateral or releases CIT or any Subsidiary Guarantor from its obligations under its guaranty of the First Lien Obligations, then the Liens, if any, of each Second Lien Agent, for itself or for the benefit of the applicable Second Lien Claimholders, on such Collateral, and the obligations of CIT or such Subsidiary Guarantor under its guaranties of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. Each Second Lien Agent is authorized and directed by the applicable Second Lien Claimholders, for itself or on behalf
of such Second Lien Claimholders, to promptly execute and deliver to the First Lien Agent or CIT or such Subsidiary Guarantor such termination statements, releases
and other documents as the First Lien Agent or CIT or such Subsidiary Guarantor may request to effectively confirm such release (acceptance of the New Notes by the applicable Second Lien Claimholders on the date hereof to be conclusive evidence of such authorization and direction).

           (b)
  If in connection with any sale, lease, exchange, transfer or other disposition
  of any Collateral by any Grantor (collectively, a “Disposition”)
  other than in connection with an Enforcement Action (which shall be governed
  by Section 5.1(a) above), any other Disposition permitted under the terms of
  the First Lien Documents or consented to by the applicable First Lien Claimholders
  pursuant to the First Lien Documents, or any other release of the Lien of the
  First Lien Agent in any Collateral, the First Lien Agent, for itself or on behalf
  of any of the First Lien Claimholders, releases any of its Liens on any part
  of the Collateral, or releases CIT or any Subsidiary Guarantor from its obligations
  under its guaranty of the First Lien Obligations, in each case other than in
  connection with the Discharge of First Lien Obligations or a Refinancing of
  the First Lien Obligations, then the Liens, if any, of each Second Lien Agent,
  for itself or for the benefit of the applicable Second Lien Claimholders, on
  such Collateral, and the obligations of CIT or such Subsidiary Guarantor under
  its guaranty of the Second Lien Obligations, shall be automatically, unconditionally
  and simultaneously released. In addition, other than in connection with a refinancing
  in full or prepayment in full of the First Lien Obligations, in the event that
  any Second Lien Grantor or Second Lien Guarantor is released from its pledge
  or guaranty obligations with respect to the First Lien Obligations, such Second
  Lien Grantor or Second Lien Guarantor will be automatically released from its
  pledge or guaranty obligations with respect to the Second Lien Obligations.
  Each Second Lien Agent, for itself or on behalf of the applicable Second Lien
  Claimholders, promptly shall execute and deliver to the First Lien Agent, CIT
  or such Subsidiary Guarantor such termination statements, releases and other
  documents as the First Lien Agent or such Obligor may request to effectively
  confirm such release (acceptance of the New Notes by the applicable Second Lien
  Claimholders on the date hereof to be conclusive evidence of such authorization
  and direction).

 26

           (c)
  Until the Discharge of First Lien Obligations occurs, each Second Lien Agent,
  for itself and on behalf of the applicable Second Lien Claimholders, hereby
  irrevocably constitutes and appoints the First Lien Agent and any officer or
  agent of the First Lien Agent, with full power of substitution, as its true
  and lawful attorney-in-fact with full irrevocable power and authority in the
  place and stead of such Second Lien Agent or such holder or in the First Lien
  Agent’s own name, from time to time in the First Lien Agent’s discretion,
  for the limited purpose of carrying out the terms of this Section 5.1, to take
  any and all appropriate action and to execute any and all documents and instruments
  which may be necessary to accomplish the purposes of this Section 5.1, including
  any endorsements or other instruments of transfer or release.

           (d)
  Until the Discharge of First Lien Obligations occurs, to the extent that the
  First Lien Agent or the First Lien Claimholders (i) have released any Lien on
  Collateral or CIT or any Subsidiary Guarantor from its obligation under its
  guaranty and any such Liens or guaranty are later reinstated or (ii) obtain
  any new liens or additional guaranties from CIT or any Subsidiary Guarantor,
  then each Second Lien Agent, for itself and for the applicable Second Lien Claimholders,
  shall be granted a Lien on any such Collateral, subject to the lien subordination
  provisions of this Agreement, and an additional guaranty, as the case may be.

           (e)
  Until the Discharge of First Lien Obligations occurs, to the extent that the
  First Lien Agent or the First Lien Claimholders subordinate any of their Liens
  on any part of the Collateral or subordinate CIT or any Subsidiary Guarantor
  from its obligations under its guaranty of the First Lien Obligations, then
  the Liens, if any, of each Second Lien Agent, for itself and for the benefit
  of the applicable Second Lien Claimholders, on such Collateral, and the obligations
  of CIT or such Subsidiary Guarantor under its guaranties of the Second Lien
  Obligations, shall be automatically, unconditionally and simultaneously subordinated
  with the relative priorities described in Section 2.

      5.2. Insurance. To the extent required under the First Lien Documents or the Second Lien Documents, as applicable, the First Lien Agent and each Second Lien Agent shall be named as additional insureds and the First Lien Agent shall be named as loss payee (on behalf of the First Lien Agent, the First Lien Claimholders, the Second Lien Agents and the Second Lien Claimholders) under any insurance policies maintained from time to time by any Grantor, to the extent provided under the First Lien Documents or, following the Discharge of First Lien Obligations, the Second Lien Documents. Unless and until the Discharge of First Lien Obligations has occurred, the First Lien Agent and the First Lien Claimholders shall (to the extent provided under the First Lien Documents) have the
sole and exclusive right, to the extent provided under the First Lien Documents, to adjust settlement for any insurance policy covering the Collateral in the event of
any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of First Lien Obligations has occurred, and to the extent provided under the First Lien Documents, all Proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect to the Collateral shall be paid to the First Lien Agent for the benefit of the First Lien

 27

 Claimholders pursuant to the terms of the First Lien Documents and thereafter, to the extent no First Lien Obligations are outstanding, and to the extent provided under the Second Lien Documents, to the Second Lien Agents for the benefit of the Second Lien Claimholders pursuant to the terms of the Second Lien Collateral Documents and then, to the extent no Second Lien Obligations are outstanding or such payment of Proceeds is not required, to the owner of the subject property, or such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations has occurred, if any Second Lien Agent or any Second Lien Claimholder shall, at any time, receive any Proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such Proceeds over to the First Lien Agent in accordance with the terms of Section
4.

      5.3. Amendments to First Lien Documents and Second Lien Documents. (a) The First Lien Documents, other than this Agreement, may be amended, amended and restated, supplemented or otherwise modified in accordance with their terms and the First Lien Credit Agreement may be Refinanced, in each case without the consent of any Second Lien Agent or any Second Lien Claimholder; provided, however, that any New First Lien Agent shall comply with Section 5.5, and any such amendment, amendment and restatement, supplement, modification or Refinancing shall not, without the consent of the Second Lien Agents:

                (1)
  provide for a principal amount of, without duplication, letters of credit, loans,
  bonds, debentures, notes or similar Indebtedness in the aggregate in excess
  of the Maximum First Lien Indebtedness Amount plus capitalized interest accrued
  thereunder;

                (2)
  increase the interest rate or yield provisions applicable to the First Lien
  Obligations by more than 3.0% per annum in the aggregate (on a weighted average
  basis across the facilities thereunder) (excluding increases (A) resulting from
  increases in the underlying reference rate not caused by any amendment, supplement,
  modification or Refinancing of the First Lien Credit Agreement or (B) resulting
  from the accrual of interest at the Default Rate (as defined in the First Lien
  Credit Agreement as of the date hereof)) unless the interest rate or yield provisions
  applicable to the Second Lien Obligations shall concurrently be increased in
  the aggregate (on a weighted average basis across the facilities thereunder)
  to the extent by which the interest rate or yield provisions applicable to the
  First Lien Obligations are increased in the aggregate (on a weighted average
  basis across the facilities thereunder) in excess of 3.0% per annum; provided
  that the interest rate or yield provisions applicable to the First Lien
  Obligations may be amended to a fixed rate pursuant to an amendment, supplement,
  modification or Refinancing of the First Lien Credit Agreement so long as such
  fixed rate does not exceed a rate per annum equal to the sum of (i) the floating
  rate applicable to the First Lien Obligations (on a weighted average basis across
  the facilities thereunder) immediately prior to the effectiveness of such amendment,
  supplement, modification or Refinancing and (ii) the difference equal to (x)
  3.0% per annum minus (y) the aggregate percentage of any increases in the rate
  or yield provisions applicable to

 28

 the First Lien Obligations (on a weighted average basis across the facilities thereunder) (excluding increases (A) resulting from increases in the underlying reference rate not caused by any amendment, supplement, modification or Refinancing of the First Lien Credit Agreement or (B) resulting from the accrual of interest at the Default Rate (as defined in the First Lien Credit Agreement as of the date hereof)) effected since the date hereof; or

                (3)
  shorten the scheduled weighted average maturity of the First Lien Credit Agreement
  or any Refinancing thereof.

           (b)
  Without the prior written consent of the First Lien Agent, no Second Lien Document
  may be amended, amended and restated, supplemented or otherwise modified or
  entered into, in a manner that (i) shortens or accelerates the date or increases
  the amount of any required repayment, prepayment or redemption of the principal
  of any Indebtedness under any Primary Second Lien Document, (ii) increases the
  rate or shortens or accelerates the date for payment of the interest, premium
  (if any) or fees payable on any Second Lien Obligations or (iii) makes the covenants,
  events of default or remedies relating to any Second Lien Obligations more restrictive
  on any Obligor unless, in the case of covenants or remedies in the Second Lien
  Collateral Documents, effected in accordance with Section 5.3(e) hereof.

           (c)
  Each Obligor agrees that each Primary Second Lien Document (other than the Support
  Agreements) and each other Second Lien Document that is an intercreditor agreement
  or evidences Indebtedness shall include the following language (or language
  to similar effect approved by the First Lien Agent):

   “Notwithstanding anything herein to the contrary,
    the payment obligations hereunder are subject to the provisions of: (i) the
    Senior Intercreditor and Subordination Agreement, dated as of December 10,
    2009 (as amended, restated, supplemented or otherwise modified from time to
    time, the “Senior Intercreditor Agreement”), among, inter
    alia, Bank of America, N.A., as first lien agent (together with its successors
    and assigns), [Deutsche Bank Trust Company Americas, as agent for certain
    second lien claimholders (together with its successors and assigns, the “Series
    [A/B] Agent”)], [Deutsche Bank Trust Company Americas, agent for
    certain other second lien claimholders (together with its successor and assigns,
    the “Series [B/A] Agent”)], CIT Group Funding Company of
    Delaware LLC, and CIT Group Inc. and certain subsidiaries of CIT Group Inc.
    from time to time a party thereto (the “CIT Entities”); and
    (ii) the Junior Intercreditor Agreement, dated as of December 10, 2009 (as
    amended, restated, supplemented or otherwise modified from time to time, the
    “Junior Intercreditor Agreement”), among the Series A Agent,
    the Series B Agent, CIT Group Funding Company of Delaware LLC and the CIT
    Entities. In the event of any conflict between the terms of the Senior Intercreditor
    Agreement, the Junior Intercreditor Agreement and this Agreement, the terms
    of the Senior Intercreditor Agreement shall govern and control; and in the
    event

 29

   of any conflict between the terms of the Junior
    Intercreditor Agreement and this Agreement, the terms of the Junior Intercreditor
    Agreement shall govern and control.”

           (d)
  Each Obligor and the Second Lien Agent, on behalf of itself and each Second
  Lien Claimholder, agrees that each Second Lien Collateral Document pursuant
  to which a Lien is granted to secure the Second Lien Obligations or control
  is granted to perfect such Lien or that is an intercreditor agreement or collateral
  agency agreement shall include the following language (or language to similar
  effect approved by the First Lien Agent):

   “Notwithstanding anything herein to the contrary,
    the lien and security interest granted to Deutsche Bank Trust Company Americas,
    in its capacity as collateral agent (in such capacity and together with its
    successor and assigns, the “Second Lien Collateral Agent”),
    pursuant to this Agreement and the exercise of any right or remedy by the
    Second Lien Collateral Agent hereunder are subject to the provisions of: (i)
    the Senior Intercreditor and Subordination Agreement, dated as of December
    10, 2009 (as amended, restated, supplemented or otherwise modified from time
    to time, the “Senior Intercreditor Agreement”), among, inter
    alia, Bank of America, N.A., as first lien agent (together with its successors
    and assigns), the Second Lien Collateral Agent, Deutsche Bank Trust Company
    Americas, as agent for certain other second lien claimholders (together with
    its successor and assigns), CIT Group Funding Company of Delaware LLC, and
    CIT Group Inc. and certain subsidiaries of CIT Group Inc. from time to time
    a party thereto (the “CIT Entities”); and (ii) the Junior
    Intercreditor Agreement, dated as of December 10, 2009 (as amended, restated,
    supplemented or otherwise modified from time to time, the “Junior
    Intercreditor Agreement”), among the Second Lien Collateral Agent,
    Deutsche Bank Trust Company Americas, as agent for certain other second lien
    claimholders (together with its successors and assigns), CIT Group Funding
    Company of Delaware LLC and the CIT Entities. In the event of any conflict
    between the terms of the Senior Intercreditor Agreement, the Junior Intercreditor
    Agreement and this Agreement, the terms of the Senior Intercreditor Agreement
    shall govern and control; and in the event of any conflict between the terms
    of the Junior Intercreditor Agreement and this Agreement, the terms of the
    Junior Intercreditor Agreement shall govern and control.”

 In addition, each Obligor and the Second Lien Agent, on behalf of each Second Lien Claimholder, agrees that each Second Lien Mortgage covering any Collateral shall contain such other language as the First Lien Agent may reasonably request to reflect the subordination of such Second Lien Mortgage to the First Lien Collateral Document covering such Collateral.

 30

           (e)
  In the event any First Lien Agent or the First Lien Claimholders and the relevant
  Grantor enter into any amendment, waiver or consent in respect of any of the
  First Lien Collateral Documents for the purpose of adding to, or deleting from,
  or waiving or consenting to any departures from any provisions of, any First
  Lien Collateral Document or changing in any manner the rights of the First Lien
  Agent, such First Lien Claimholders, the First Lien Borrowers or the Issuers,
  as applicable, or any other Grantor thereunder, then such amendment, waiver
  or consent shall apply automatically to any comparable provision of the Comparable
  Second Lien Collateral Document without the consent of the Second Lien Agents
  or the Second Lien Claimholders and without any action by the Second Lien Agents,
  the First Lien Borrowers, the Issuers or any other Grantor, provided,
  that no such amendment, waiver or consent shall have the effect of:

                (1)
  removing or releasing assets subject to the Lien of the Second Lien Collateral
  Documents, except to the extent that a release of such Lien is permitted or
  required by Section 5.1 and provided that there is a corresponding release of
  the Liens securing the First Lien Obligations;

                (2)
  imposing duties on any Second Lien Agent without its consent; or

                (3)
  permitting other Liens on the Collateral not permitted under the terms of the
  Second Lien Documents or Section 6 hereof.

 The First Lien Agent shall use commercially reasonable efforts to give notice of such amendment, waiver or consent to the Second Lien Agents within ten Business Days after the effective date of such amendment, waiver or consent; provided that failure to timely deliver such notice shall not affect the automatic amendment, waiver or consent of such comparable provision of the Comparable Second Lien Collateral Document.

           (f)
  To the extent, and only to the extent, permitted by the First Lien Documents,
  the Second Lien Documents (including the Junior Intercreditor Agreement) and
  this Agreement, CIT, the other Issuers and the Subsidiary Guarantors may from
  time to time incur, issue or sell one or more series or classes of additional
  Second Lien Obligations (the “Additional Second Lien Debt”).
  The Additional Second Lien Debt and any guaranties delivered by CIT or the Subsidiary
  Guarantors in connection therewith (the “Additional Second Lien Guaranties”)
  shall be subordinated in right of payment to the First Lien Obligations to the
  same extent as the Second Lien Obligations and may be secured by the Second
  Lien Collateral Documents; provided that the administrative agent and
  the collateral agent or similar agents (the “Authorized Representatives”)
  in respect of the Additional Second Lien Debt shall deliver a Joinder Agreement
  to become parties to this Agreement, and shall become parties to the Junior
  Intercreditor Agreement, each in accordance with its terms. This Agreement may
  be amended from time to time pursuant to one or more Joinder Agreements without
  the consent of the First Lien Claimholders or the Second Lien Claimholders to
  add the Authorized Representatives of any applicable Additional Second Lien
  Debt.

 31

      5.4. Gratuitous Bailee for Perfection. (a) The First Lien Agent agrees to hold that part of the Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC (such Collateral being the “Pledged Collateral”) as collateral agent for the First Lien Claimholders and as gratuitous bailee for each Second Lien Agent (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(e) of the UCC) solely for the purpose of perfecting the security interest granted under the First Lien Documents and the Second Lien Documents, respectively, subject to the terms and
conditions of this Section 5.4. Solely with respect to any deposit accounts under the control (within the meaning of Section 9-104 of the UCC) of the First Lien Agent,
the First Lien Agent agrees to also hold control over such deposit accounts as gratuitous agent for each Second Lien Agent, subject to the terms and conditions of this Section 5.4. If, prior to the Discharge of First Lien Obligations, any Obligor that is required to deliver possession or control of any Pledged Collateral to a Second Lien Agent pursuant to the terms of any Second Lien Document delivers possession or control of such Pledged Collateral to the First Lien Agent, such Obligor shall be deemed to be in compliance with the applicable requirement under such Second Lien Document.

           (b)
  The First Lien Agent shall have no obligation whatsoever to the First Lien Claimholders,
  any Second Lien Agent or any Second Lien Claimholder to ensure that the Pledged
  Collateral is genuine or owned by any of the Grantors or that any Lien created
  under the First Lien Collateral Documents or Second Lien Collateral Documents
  is valid or perfected, or to preserve rights or benefits of any Person except
  as expressly set forth in this Section 5.4. The duties or responsibilities of
  the First Lien Agent under this Section 5.4 shall be limited solely to holding
  the Pledged Collateral delivered to it as bailee (and with respect to deposit
  accounts, agent) in accordance with this Section 5.4 and delivering the Pledged
  Collateral upon a Discharge of First Lien Obligations as provided in paragraph
  (d) below and the First Lien Agent shall have no obligation to follow or act
  upon any instructions or directions received from the Second Lien Agent or any
  Second Lien Claimholder.

           (c)
  The First Lien Agent shall not have by reason of the First Lien Collateral Documents,
  the Second Lien Collateral Documents, this Agreement or any other document a
  fiduciary relationship in respect of the First Lien Claimholders, any Second
  Lien Agent or any Second Lien Claimholder and each Second Lien Agent and each
  Second Lien Claimholder hereby waives and releases the First Lien Agent from
  all claims and liabilities arising pursuant to the First Lien Agent’s role
  under this Section 5.4 as gratuitous bailee and gratuitous agent with respect
  to the Pledged Collateral. It is understood and agreed that the interests of
  the First Lien Agent and the Second Lien Agents may differ and the First Lien
  Agent shall be fully entitled to deal with the Pledged Collateral in accordance
  with the terms of the First Lien Documents as if the Liens of any Second Lien
  Agent under the Second Lien Collateral Documents did not exist.

           (d)
  Upon the Discharge of First Lien Obligations under the First Lien Documents
  to which the First Lien Agent is a party, the First Lien Agent shall deliver
  without recourse, representation or warranty the remaining Pledged Collateral
  in

 32

 its possession (if any) together with any necessary endorsements (such endorsement shall be without recourse and without any representation or warranty), first, to any Second Lien Agent to the extent Second Lien Obligations remain outstanding, and second, to the First Lien Borrowers to the extent no First Lien Obligations or Second Lien Obligations remain outstanding (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). The First Lien Agent shall be entitled to rely upon information provided by any Second Lien Agent. The First Lien Agent further agrees to take all other action reasonably requested by any Second Lien Agent at the expense of the Second Lien Agents or the First Lien Borrowers in connection with any Second Lien Agent obtaining a first priority
interest in the Collateral or as a court of competent jurisdiction may otherwise direct.

      5.5. When Discharge of First Lien Obligations Deemed to Not Have Occurred. Upon receipt of a notice (the “New First Lien Debt Notice”) stating that the First Lien Borrowers (or any of them) have entered into a new First Lien Document (which notice shall include the identity of the new senior collateral agent, such agent, the “New First Lien Agent”) that Refinances some or all of the First Lien Credit Agreement or any new First Lien Document, the Second Lien Agents shall promptly enter into such documents and agreements (including amendments or supplements to this Agreement) as the applicable First Lien Borrowers or such New First Lien Agent shall reasonably request in order to provide to the New First Lien Agent the rights contemplated
hereby, in each case consistent in all material respects with the terms of this Agreement. The New First Lien Agent shall agree in a writing addressed to the Second Lien
Agents and the Second Lien Claimholders to be bound by the terms of this Agreement. If the new First Lien Obligations under the new First Lien Documents are secured by assets of the Grantors constituting Collateral that do not also secure the applicable Second Lien Obligations, then the Second Lien Obligations shall be secured at such time by a second priority Lien on such assets to the same extent provided in the Second Lien Collateral Documents and this Agreement.

      SECTION 6. Insolvency
  Proceedings.

      6.1. Use of Cash Collateral and Financing Issues. Until the Discharge of First Lien Obligations has occurred, if the First Lien Borrowers or any other Obligor shall be subject to any Insolvency Proceeding commencing after the date of this Agreement and the First Lien Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code), on which the First Lien Agent or any other creditor has a Lien or to permit any First Lien Borrower or any other Obligor to obtain financing, whether from the First Lien Claimholders or any other Person under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”), then each Second Lien Agent, on behalf of itself and the applicable
Second Lien Claimholders, agrees that it will (a) raise no objection to such Cash Collateral use or DIP Financing (and to the extent the Liens securing the First Lien
Obligations are subordinated to or pari passu with such DIP Financing, each Second Lien Agent will subordinate its Liens in the Collateral to (x) the Liens securing such DIP Financing (and all Obligations relating thereto), (y) any adequate protection provided to the First Lien

 33

 Agent or the First Lien Claimholders or (z) any “carve-out” agreed by the First Lien Agent or First Lien Claimholders) and (b) not request adequate protection or any other relief in connection therewith (except as expressly agreed by the First Lien Agent or to the extent permitted by Section 6.4); provided that the aggregate principal amount of the DIP Financing plus the aggregate outstanding principal amount of First Lien Obligations outstanding at such time (after giving effect to the application of the proceeds of any DIP Financing to refinance all or any portion of the First Lien Obligations) does not exceed the Maximum First Lien Indebtedness Amount plus $1,500,000,000 and, except to the extent set forth herein, and as otherwise subject to the terms of this Agreement, the Second Lien Agents and the Second Lien Claimholders retain the right to object to any ancillary agreements or arrangements regarding Cash Collateral use or the DIP
Financing that are materially adverse to their interests. Each Second Lien Agent on behalf of itself and the Second Lien Claimholders, agrees that no such Person shall provide to any Obligor any DIP Financing (or support any other Person in seeking to provide to any Obligor any such DIP Financing) to the extent that any Second Lien Claimholder would, in connection with such financing, be granted a new Lien on any of its existing Second Lien Collateral unless the First Lien Agent shall have expressly consented thereto in writing.

      6.2. Sale of Collateral. Except as otherwise permitted pursuant to Section 3.1(c), each Second Lien Agent on behalf of the applicable Second Lien Claimholders, agrees that it will raise no objection to or otherwise contest or oppose a sale or other disposition of any Collateral (and any post-petition assets subject to adequate protection Liens in favor of the First Lien Agent) free and clear of its Liens or other claims under Section 363 of the Bankruptcy Code if the requisite First Lien Claimholders have consented to such sale or disposition of such assets, so long as the interests of the Second Lien Claimholders in the Collateral (and any post-petition assets subject to adequate protection liens, if any, in favor of the Second Lien Agents) attach to the proceeds thereof (if sufficient to satisfy the First Lien Obligations and unless such Liens are intended to be released from such proceeds), subject to the terms of this Agreement,
and the motion to sell or dispose of such assets does not impair the rights of either the First Lien Claimholders or the Second Lien Claimholders under Section 363(k) of the Bankruptcy Code, subject to the terms of this Agreement.

      Notwithstanding the foregoing, each Second Lien Agent, on behalf of itself and the other Second Lien Claimholders, may raise objections to any such Disposition of Collateral that could be raised by any creditor of the Obligors whose claims were not secured by any Liens on the Collateral so long as such objections are not based on the Second Lien Claimholders’ status as secured creditors (for example, any objections based on rights afforded by Sections 363(e) and (f) of the Bankruptcy Code or any comparable provision of any Bankruptcy Law cannot be raised).

      6.3. Relief from the Automatic Stay. Until the Discharge of First Lien Obligations has occurred, each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency

 34

 Proceeding in respect of the Collateral, without the prior written consent of the First Lien Agent, unless a motion for adequate protection permitted under Section 6.4 has been denied by the Bankruptcy Court, and the Second Lien Claimholders shall otherwise remain subject to all applicable restrictions of this Agreement following the granting of such relief from the automatic stay.

      6.4. Adequate Protection.

           (a)
  Each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders,
  agrees that none of them shall contest (or support any other Person contesting):

                (1)
  any request by the First Lien Agent or the First Lien Claimholders for adequate
  protection or relief from the automatic stay; or

                (2)
  any objection by the First Lien Agent or the First Lien Claimholders to any
  motion, relief, action or proceeding based on the First Lien Agent or the First
  Lien Claimholders claiming a lack of adequate protection.

           (b)
  Notwithstanding the foregoing provisions in this Section 6.4, in any Insolvency
  Proceeding:

                (1)
  if the First Lien Claimholders (or any subset thereof) are granted adequate
  protection in the form of additional collateral in connection with any Cash
  Collateral use or DIP Financing, then each Second Lien Agent, on behalf of itself
  or any of the applicable Second Lien Claimholders, may seek or request (and
  the First Lien Claimholders may contest or object to) adequate protection in
  the form of a Lien on such additional collateral, which Lien will be subordinated
  to the Liens securing the First Lien Obligations and such Cash Collateral use
  or DIP Financing (and all Obligations relating thereto) on the same basis as
  the other Liens securing the Second Lien Obligations are so subordinated to
  the First Lien Obligations under this Agreement; and

                (2)
  The Second Lien Agents and Second Lien Claimholders shall only be permitted
  to seek or otherwise be granted any type of adequate protection with respect
  to their rights in the Collateral in any Insolvency Proceeding in the form of
  (A) additional collateral including replacement Liens on post-petition collateral;
  provided that, as adequate protection for the First Lien Obligations,
  the First Lien Agent, on behalf of the First Lien Claimholders, is also granted
  a senior Lien on such additional collateral; (B) replacement Liens on the Collateral;
  provided that, as adequate protection for the First Lien Obligations,
  the First Lien Agent, on behalf of the First Lien Claimholders, is also granted
  senior replacement Liens on the Collateral; (C) an administrative expense claim;
  provided that, as adequate protection for the First Lien Obligations,
  the First Lien Agent, on behalf of the First Lien Claimholders, is also granted
  an administrative expense claim which is senior and prior to the administrative
  expense claim of the Second Lien Agents and the Second Lien Claimholders; (D)
  cash payments with respect to interest on the Second Lien Obligations; provided
  either (1) as

 35

 adequate protection for the First Lien Obligations, the First Lien Agent, on behalf of the First Lien Claimholders, is also granted cash payments with respect to interest on the First Lien Obligations, or (2) such cash payments do not exceed an amount equal to the interest accruing on the principal amount of Second Lien Obligations outstanding on the date such relief is granted at the interest rate under the applicable Primary Second Lien Document and accruing from the date such Second Lien Agent is granted such relief; and (E) current payment of fees and expenses of advisors to the Second Lien Agents. Notwithstanding anything herein to the contrary, unless (x) the First Lien Claimholders shall be granted adequate protection in the same manner as the Second Lien Claimholders and (y) the adequate protection
granted to the Second Lien Claimholders is subordinated to the First Lien Claimholders’ adequate protection, the First Lien Claimholders shall not be deemed to
have consented to, and expressly retain their rights to object to the grant of adequate protection in the form of cash payments to the Second Lien Claimholders made pursuant to this Section 6.4(b); and provided, further that the First Lien Claimholders shall retain their right to object to the grant of adequate protection in the forms described in clause (D) or (E) above at any time.

           (c)
  Each Second Lien Agent, for itself and on behalf of the applicable Second Lien
  Claimholders, agrees that notice of a hearing to approve DIP Financing or use
  of Cash Collateral on an interim basis shall be adequate if delivered to such
  Second Lien Agent at least two calendar days in advance of such hearing and
  that notice of a hearing to approve DIP Financing or use of Cash Collateral
  on a final basis shall be adequate if delivered to such Second Lien Agent at
  least fifteen (15) calendar days in advance of such hearing.

      6.5. No Waiver. Subject to Sections 3.1(a), (c) and (d) and except as expressly set forth in Section 6.4(b), nothing contained herein shall prohibit or in any way limit the First Lien Agent or any First Lien Claimholder from objecting in any Insolvency Proceeding or otherwise to any action taken by any Second Lien Agent or any of the Second Lien Claimholders, including the seeking by any Second Lien Agent or any Second Lien Claimholders of adequate protection or relief from the automatic stay or the asserting by any Second Lien Agent or any Second Lien Claimholders of any of its rights and remedies under the Second Lien Documents or otherwise.

      6.6. Avoidance Issues. If any First Lien Claimholder is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any First Lien Borrower or any other Obligor any amount paid in respect of First Lien Obligations (a “Recovery”), then such First Lien Claimholders shall be entitled to a reinstatement of First Lien Obligations with respect to all such recovered amounts, and from and after the date of such reinstatement the Discharge of First Lien Obligations shall be deemed not to have occurred for all purposes hereunder. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or
otherwise affect the obligations of the parties hereto from such date of reinstatement. Collateral or proceeds thereof received by any Second Lien Agent or any
Second Lien Claimholder after a Discharge of First Lien Obligations and prior to the reinstatement of

 36

 such First Lien Obligations shall be delivered to the First Lien Agent upon such reinstatement in accordance with Section 4.2.

      6.7. Reorganization Securities. If, in any Insolvency Proceeding, debt obligations of the reorganized debtor secured by Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the extent the debt obligations distributed on account of the First Lien Obligations and on account of the Second Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations and the distribution of proceeds thereof.

      6.8. Post-Petition Interest. (a) Neither any Second Lien Agent nor any Second Lien Claimholder shall oppose or seek to challenge any claim by the First Lien Agent or any First Lien Claimholder for allowance in any Insolvency Proceeding of First Lien Obligations consisting of Post-Petition Interest to the extent of the value of any First Lien Claimholder’s Lien, without regard to the existence of the Lien of any Second Lien Agent on behalf of the applicable Second Lien Claimholders on the Collateral.

      (b) Neither the First Lien Agent nor any other First Lien Claimholder shall oppose or seek to challenge any claim by any Second Lien Agent or any Second Lien Claimholder for allowance in any Insolvency Proceeding of Second Lien Obligations consisting of Post-Petition Interest to the extent of the value of the Lien of the Second Lien Agents on behalf of the Second Lien Claimholders on the Collateral (after taking into account the value of the First Lien Obligations).

      6.9. Waiver. Each Second Lien Agent, for itself and on behalf of the applicable Second Lien Claimholders, waives any claim it may hereafter have against any First Lien Claimholder arising out of the election of any First Lien Claimholder of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the Collateral in any Insolvency Proceeding.

      6.10. Separate Grants of Security and Separate Classification. Each Second Lien Agent, for itself and on behalf of the applicable Second Lien Claimholders, and the First Lien Agent for itself and on behalf of the First Lien Claimholders, acknowledges and agrees that (i) the grants of Liens pursuant to the First Lien Collateral Documents and each class of Second Lien Collateral Documents constitute separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, each class of Second Lien Obligations is fundamentally different from the First Lien Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding. To further effectuate the intent of the parties as
provided in the immediately preceding sentence, if it is held that the claims of the First Lien Claimholders and the Second Lien Claimholders in respect of the
Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then each of the parties hereto hereby acknowledges and agrees that,

 37

 subject to Sections 2.1 and 4.1, all distributions shall be made as if the First Lien Obligations, on the one hand, and the Second Lien Obligations (taken as a whole), on the other hand, were separate classes of senior and junior secured claims against the Obligors in respect of the Collateral (with the effect being that, to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by the Second Lien Claimholders), the First Lien Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing (or that would be owing if there were such separate classes of senior and junior secured claims) in respect of Post-Petition Interest, including any additional interest
payable pursuant to the First Lien Credit Agreement, arising from or related to a default, which is disallowed as a claim in any Insolvency Proceeding) before
any distribution is made in respect of the claims held by the Second Lien Claimholders with respect to the Collateral, with each Second Lien Agent, for itself and on behalf of the applicable Second Lien Claimholders, hereby acknowledging and agreeing to turn over to the First Lien Agent, for itself and on behalf of the First Lien Claimholders, Collateral or Proceeds of Collateral otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Lien Claimholders. This Section 6.10 is intended solely to govern the relationship of the First Lien Agent and the First Lien Claimholders, on the one hand, and the Second Lien Claimholders and the Second Lien Agents, on the other hand, and nothing herein shall be deemed to modify or affect any comparable separate grant or separate classification terms agreed among the Second Lien Agents and the Second Lien Claimholders under the Junior
Intercreditor Agreement or otherwise.

      6.11. Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under Section 510(a) of the Bankruptcy Code, shall be effective before, during and after the commencement of an Insolvency Proceeding. All references in this Agreement to any Obligor shall include such Person as a debtor-in-possession and any receiver or trustee for such Person in any Insolvency Proceeding.

      6.12. Expense Claims. Neither any Second Lien Agent nor any Second Lien Claimholder will (i) contest the payment of fees, expenses or other amounts to the First Lien Agent or any First Lien Claimholder under Section 506(b) of the Bankruptcy Code or otherwise to the extent provided for in the First Lien Credit Agreement or (ii) assert or enforce, at any time prior to the Discharge of First Lien Obligations, any claim under Section 506(c) of the Bankruptcy Code senior to or on parity with the First Lien Obligations for costs or expenses of preserving or disposing of any Collateral.

      SECTION 7. Reliance;
  Waivers; Etc.

      7.1. No Reliance. Each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, acknowledges that it and such Second Lien Claimholders have, independently and without reliance on the First Lien Agent or any First Lien Claimholder, and based on documents and information deemed by them

 38

 appropriate, made their own decision to enter into each of the applicable Second Lien Documents and be bound by the terms of this Agreement and they will continue to make their own decision in taking or not taking any action under such Second Lien Documents or this Agreement.

      7.2. No Warranties or Liability. The First Lien Agent, on behalf of itself and the First Lien Claimholders under the First Lien Documents, acknowledges and agrees that each of the Second Lien Agents and the Second Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Second Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the Second Lien Claimholders will be entitled to manage and supervise their respective debt securities, loans and extensions of credit, as applicable, under the Second Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. Except as otherwise provided herein, each Second Lien Agent, on behalf of itself and the applicable Second Lien
Claimholders, acknowledges and agrees that the First Lien Agent and the First Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the First Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the First Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under their respective First Lien Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Second Lien Agents and the Second Lien Claimholders shall have no duty to the First Lien Agent or any of the First Lien Claimholders, and the First Lien Agent and the First Lien Claimholders shall have no duty to any Second Lien Agent or any of the Second Lien Claimholders, to act or refrain from acting in a manner which allows, or
results in, the occurrence or continuance of an Event of Default or default under any agreements with the First Lien Borrowers, the Issuers or any other Obligor (including the First Lien Documents and the Second Lien Documents), regardless of any knowledge thereof which they may have or be charged with.

      7.3. No Waiver of Lien Priorities. (a) No right of the First Lien Claimholders, the First Lien Agent, or any of them to enforce any provision of this Agreement or any First Lien Document (except as set forth in such documents) shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the First Lien Borrowers, the Issuers or any other Grantor or by any act or failure to act by any First Lien Claimholder or the First Lien Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the First Lien Documents (except as set forth in such documents) or any of the Second Lien Documents (except as set forth in such documents), regardless of any knowledge thereof which the First Lien Agent or the First Lien Claimholders, or any of them, may have or be otherwise charged with.

 39

           (b)
  Without in any way limiting the generality of the foregoing paragraph (but subject
  to the rights of the First Lien Borrowers, the Issuers and the other Obligors
  under the First Lien Documents and subject to the provisions of Section 5.3(a)),
  the First Lien Claimholders, the First Lien Agent and any of them may, at any
  time and from time to time in accordance with the First Lien Documents and/or
  applicable law, without the consent of, or notice to, any Second Lien Agent
  or any Second Lien Claimholders, without incurring any liabilities to any Second
  Lien Agent or any Second Lien Claimholders and without impairing or releasing
  the Lien priorities and other benefits provided in this Agreement (even if any
  right of subrogation or other right or remedy of the Second Lien Agents or any
  Second Lien Claimholders is affected, impaired or extinguished thereby) do any
  one or more of the following:

                (1)
  change the manner, place or terms of payment or change or extend the time of
  payment of, or amend, renew, exchange, increase or alter, the terms of any of
  the First Lien Obligations or any Lien on any First Lien Collateral or guaranty
  thereof or any liability of any First Lien Borrower or any other Obligor, or
  any liability incurred directly or indirectly in respect thereof (including
  any increase in or extension of the First Lien Obligations, without any restriction
  as to the tenor or terms of any such increase or extension) or otherwise amend,
  renew, exchange, extend, modify or supplement in any manner any Liens held by
  the First Lien Agent or any of the First Lien Claimholders, the First Lien Obligations
  or any of the First Lien Documents; provided that any such increase in
  the First Lien Obligations shall not increase the sum of the Indebtedness constituting
  principal under the First Lien Credit Agreement to an amount in excess of the
  Maximum First Lien Indebtedness Amount;

                (2)
  sell, exchange, release, surrender, realize upon, enforce or otherwise deal
  with in any manner and in any order any part of the First Lien Collateral or
  any liability of any First Lien Borrower or any other Obligor to the First Lien
  Claimholders or the First Lien Agent, or any liability incurred directly or
  indirectly in respect thereof;

                (3)
  settle or compromise any First Lien Obligation or any other liability of the
  First Lien Borrowers or any other Obligor or any security therefor or any liability
  incurred directly or indirectly in respect thereof and apply any sums by whomsoever
  paid and however realized to any liability (including the First Lien Obligations)
  in any manner or order; and

                (4)
  exercise or delay in or refrain from exercising any right or remedy against
  the First Lien Borrowers or any security or any other Obligor or any other Person,
  elect any remedy and otherwise deal freely with the First Lien Borrowers, any
  other Obligor or any First Lien Collateral and any security and any guarantor
  or any liability of the First Lien Borrowers or any other Obligor to the First
  Lien Claimholders or any liability incurred directly or indirectly in respect
  thereof.

           (c)
  Except as otherwise expressly provided herein, each Second Lien Agent, on behalf
  of itself and the applicable Second Lien Claimholders, also agrees that the
  First Lien Claimholders and the First Lien Agent shall have no liability to

 40

 any Second Lien Agent or any Second Lien Claimholders, and each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, hereby waives any claim against any First Lien Claimholder or the First Lien Agent, arising out of any and all actions which the First Lien Claimholders or the First Lien Agent may take or permit or omit to take with respect to:

                (1)
  the First Lien Documents;

                (2)
  the collection of the First Lien Obligations; or

                (3)
  the foreclosure upon, or sale, liquidation or other disposition of, any First
  Lien Collateral.

 Each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, agrees that the First Lien Claimholders and the First Lien Agent have no duty to them in respect of the maintenance or preservation of the First Lien Collateral, the First Lien Obligations or otherwise.

           (d)
  Each Second Lien Agent on behalf of itself and the applicable Second Lien Claimholders
  acknowledges that this Agreement shall constitute notice of the respective interests
  of the Second Lien Agents and the Second Lien Claimholders in the Collateral
  as provided by Section 9-611 of the UCC and each hereby waives any right to
  compel any marshaling of any of the Collateral. Until the Discharge of First
  Lien Obligations, each Second Lien Agent, on behalf of itself and the applicable
  Second Lien Claimholders, agrees not to assert and hereby waives, to the fullest
  extent permitted by law, any right to demand, request, plead or otherwise assert
  or otherwise claim the benefit of, any marshalling, appraisal, valuation or
  other similar right that may otherwise be available under applicable law with
  respect to the Collateral or any other similar rights a junior secured creditor
  may have under applicable law.

      7.4. Obligations Unconditional. All rights, interests, agreements and obligations of the First Lien Agent and the First Lien Claimholders and the Second Lien Agents and the Second Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of:

                (a)
  any lack of validity or enforceability of any First Lien Documents or any Second
  Lien Documents;

                (b)
  except as otherwise expressly set forth in this Agreement, any change in the
  time, manner or place of payment of, or in any other terms of, all or any of
  the First Lien Obligations or Second Lien Obligations, or any amendment or waiver
  or other modification, including any increase in the amount thereof, whether
  by course of conduct or otherwise, of the terms of any First Lien Document or
  any Second Lien Document;

                (c)
  except as otherwise expressly set forth in this Agreement, any exchange of any
  security interest in any Collateral or any other collateral;

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           (d)
  the commencement of any Insolvency Proceeding; or

           (e)
  any other circumstances which otherwise might constitute a defense available
  to, or a discharge of, any First Lien Borrower, any Issuer or any other Obligor
  in respect of the First Lien Agent, the First Lien Obligations, any First Lien
  Claimholder, any Second Lien Agent, the Second Lien Obligations or any Second
  Lien Claimholder in respect of this Agreement;

 provided, that nothing in this Agreement shall be construed or otherwise deemed to amend or modify the rights and obligations of any Obligor under the First Lien Documents or the Second Lien Documents. The rights, privileges and benefits of (i) the Series A Collateral Agent set forth in the Series A Indenture and (ii) the Series B Collateral Agent set forth in the Series B Indenture are hereby incorporated by reference.

      SECTION 8. Miscellaneous.

      8.1. Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the First Lien Documents, the Second Lien Documents or the Junior Intercreditor Agreement, the provisions of this Agreement shall govern and control.

      8.2. Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien and claim subordination and the First Lien Claimholders may continue, at any time and without notice to any Second Lien Agent or any Second Lien Claimholder subject to the Second Lien Documents, to extend credit and other financial accommodations and lend monies to or for the benefit of the First Lien Borrowers or any Obligor constituting First Lien Obligations in reliance hereof. Each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency Proceeding. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to a First Lien Borrower, an Issuer or any other Obligor shall include such Person as debtor and debtor-in-possession and any receiver or trustee for such First Lien Borrower, Issuer or other Obligor (as the case may be) in any Insolvency Proceeding. This Agreement shall terminate and be of no further force and effect:

           (a)
  with respect to the First Lien Agent, the First Lien Claimholders and the First
  Lien Obligations, upon the Discharge of First Lien Obligations, subject to Section
  6.6; and

           (b)
  with respect to the Second Lien Agents, the Second Lien Claimholders and the
  Second Lien Obligations, upon the later of (1) the date upon which

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 the obligations under such Primary Second Lien Document terminate if there are no other Second Lien Obligations outstanding on such date or (2) if there are other Second Lien Obligations outstanding on such date, the date upon which such Second Lien Obligations terminate or if all Second Lien Obligations (other than the CIT Leasing Support Obligations) become unsecured obligations as contemplated by the Second Lien Documents in the event of an upgrade to an investment grade credit rating.

      8.3. Amendments; Waivers. Subject to the last sentence of Section 5.3(f), no amendment, modification or waiver of any of the provisions of this Agreement by any Second Lien Agent or the First Lien Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time; provided, however, that, any amendment, modification or waiver of any provision of this Agreement shall not require the approval, consent or signature of the Series A
Representative, Series A Collateral Agent, Series B Representative or Series B Collateral Agent to the extent it is effected solely to implement the succession or
addition of a new First Lien Credit Facility Representative and/or First Lien Parent Collateral Agent and/or First Lien Subsidiary Collateral Agent in connection with a Refinancing of the First Lien Obligations in whole or in part. Notwithstanding the foregoing, neither CIT nor any of its Affiliates shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent any Obligor’s rights (individually or as a consolidated entity with its respective Subsidiaries) are directly affected.

      8.4. Information Concerning Financial Condition of the First Lien Borrowers and their Subsidiaries. The First Lien Agent and the First Lien Claimholders, on the one hand, and the Second Lien Claimholders and the Second Lien Agents, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of CIT and its Subsidiaries and all endorsers and/or guarantors of the First Lien Obligations or the Second Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations. The First Lien Agent and the First Lien Claimholders shall have no duty to advise any Second Lien Agent or any Second Lien Claimholder of information known to it or them regarding such
condition or any such circumstances or otherwise. In the event the First Lien Agent or any of the First Lien Claimholders, in its or their sole discretion, undertakes at
any time or from time to time to provide any such information to any Second Lien Agent or any Second Lien Claimholder, it or they shall be under no obligation:

           (a)
  to make, and the First Lien Agent and the First Lien Claimholders shall not
  make, any express or implied representation or warranty, including with respect
  to the accuracy, completeness, truthfulness or validity of any such information
  so provided;

 43

           (b)
  to provide any additional information or to provide any such information on
  any subsequent occasion;

           (c)
  to undertake any investigation; or

           (d)
  to disclose any information, which pursuant to accepted or reasonable commercial
  finance practices, such party wishes to maintain confidential or is otherwise
  required to maintain confidential.

      8.5. Subrogation. With respect to the value of any payments or distributions in cash, property or other assets that any of the Second Lien Claimholders or the Second Lien Agents pays over to the First Lien Agent or the First Lien Claimholders under the terms of this Agreement, the Second Lien Claimholders and the Second Lien Agents shall be subrogated to the rights of the First Lien Agent and the First Lien Claimholders; provided that, each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First Lien Obligations has occurred. Each First Lien Borrower and Issuer acknowledges and agrees that the value of any payments or distributions in cash, property or other assets received by the Second Lien Agents or the Second Lien Claimholders that are paid over to
or retained by the First Lien Agent or the First Lien Claimholders pursuant to this Agreement shall not reduce any of the Second Lien Obligations.

      8.6. Application of Payments. All payments received by the First Lien Agent or the First Lien Claimholders may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Obligations provided for in the First Lien Documents. Each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, assents to any extension or postponement of the time of payment of the First Lien Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security which may at any time secure any part of the First Lien Obligations and to the addition or release of any other Person primarily or secondarily liable therefor.

      8.7. SUBMISSION TO JURISDICTION; WAIVERS. (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:

                (1)
  ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE
  OF SUCH COURTS;

                (2)
  WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;

 44

                (3)
  AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT
  MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE
  APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8;

                (4)
  AGREES THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER
  PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY
  SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY
  RESPECT; AND

                (5)
  AGREES THAT EACH OF THE PARTIES HERETO RETAINS THE RIGHT TO SERVE PROCESS IN
  ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY OTHER
  PARTY IN ANY OTHER RELEVANT JURISDICTION.

           (b)
  ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT
  OR PROCEEDING SHALL BE EFFECTIVE AGAINST ANY PARTY IF GIVEN BY REGISTERED OR
  CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH
  REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE, IN EACH
  CASE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.

           (c)
  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A
  JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER.
  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
  THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF,
  INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER
  COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER
  IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS
  ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH
  WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY
  HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH
  ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
  RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE;
  MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN
  BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.7(c) AND
  EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
  SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO.

 45

 IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

           (d)
  EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN
  RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION
  WITH THIS AGREEMENT OR ANY OTHER FIRST LIEN LOAN DOCUMENT OR SECOND LIEN LOAN
  DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT
  OR ACTION OF ANY PARTY HERETO.

      8.8. Notices. All notices to the Second Lien Claimholders and the First Lien Claimholders permitted or required under this Agreement shall also be sent to the Second Lien Agents and the First Lien Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to the Second Lien Agents or the First Lien Agent, shall be sent to such Person’s address as set forth below its name on the signature pages hereto, or, as to each party, at such other address as may be designated by such party in a written notice to CIT and each other agent party hereto. Each notice hereunder shall be in writing and may be personally served, telexed or sent by telecopy or United States mail or courier service and shall
be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telecopy or telex, or three
Business Days after depositing it in the United States mail with postage prepaid and properly addressed.

      8.9. Further Assurances. The First Lien Agent, on behalf of itself and the First Lien Claimholders under the First Lien Documents, and each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders under the Second Lien Documents, and the Obligors agree that each of them shall take such further action and shall, at the expense of the Obligors, execute and deliver such additional documents and instruments (in recordable form, if requested) as the First Lien Agent or such Second Lien Agent may reasonably request to effectuate the terms of and the Lien and claim priorities contemplated by this Agreement, and in each case any such document or instrument shall be in form and substance reasonably satisfactory to the party being requested to execute and deliver the same.

      8.10. APPLICABLE LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

      8.11. Binding on
  Successors and Assigns.

      This Agreement shall be binding upon the First Lien Agent, the First Lien Claimholders, each Second Lien Agent, the Second Lien Claimholders and their respective successors and assigns. If either the First Lien Agent or any Second Lien Agent resigns or is replaced pursuant to the First Lien Credit Agreement or the applicable Second Lien Document, as applicable, its successor shall be deemed to be a party to this

 46

 Agreement and shall have all the rights of, and be subject to all the obligations of, this Agreement.

      8.12. Specific Performance. Each of the First Lien Agent and the Second Lien Agents may demand specific performance of this Agreement. The First Lien Agent, on behalf of itself and the First Lien Claimholders under the First Lien Documents, and each Second Lien Agent, on behalf of itself and the applicable Second Lien Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First Lien Agent or the First Lien Claimholders or any Second Lien Agent or the Second Lien Claimholders, as the case may be.

      8.13. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.

      8.14. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.

      8.15. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement.

      8.16. Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the First Lien Claimholders and the Second Lien Claimholders. Nothing in this Agreement shall impair, increase, expand or otherwise modify, as between the First Lien Borrowers and the other Obligors and the First Lien Agent and the First Lien Claimholders, or as between the Issuers and the other Obligors and each Second Lien Agent and the Second Lien Claimholders under the respective Second Lien Documents, the obligations of the applicable obligors and the other Obligors to pay principal, interest, fees and other amounts as provided in the First Lien Documents and the Second Lien Documents, respectively. The Second Lien Claimholders are deemed to have consented to the terms of this Agreement and to have directed the Second Lien
Agents to enter into this Agreement on their behalf.

      8.17. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the First Lien Agent and the First Lien Claimholders on the one hand and each Second Lien Agent and the Second Lien Claimholders (including the CIT Leasing Secured Party, acting in such capacity) on the other hand. Except as expressly provided for hereunder,

 47

 none of the First Lien Borrowers, any other Obligor or any other creditor thereof shall have any rights hereunder and neither the First Lien Borrowers nor any Obligor may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair, increase, expand or otherwise modify the obligations of the First Lien Borrowers, the Issuers or any other Obligor under the First Lien Documents or the Second Lien Documents, as applicable, to pay the First Lien Obligations and the Second Lien Obligations, as applicable, as and when the same shall become due and payable in accordance with their terms.

      8.18. Pari Passu
  Obligations.

           (a)
  [Reserved.]

           (b)
  In the case of Parent Collateral (i) the First Lien Parent Collateral Agent
  shall have all the rights and remedies hereunder, and all of the obligations
  hereunder, that the First Lien Subsidiary Collateral Agent has with respect
  to the First Lien Collateral which does not constitute Parent Collateral, (ii)
  the Series A Parent Collateral Agent shall have all the rights and remedies
  hereunder, and all of the obligations hereunder, that the Series A Subsidiary
  Collateral Agent has with respect to the Second Lien Collateral which does not
  constitute Parent Collateral and (iii) the Series B Parent Collateral Agent
  shall have all the rights and remedies hereunder, and all of the obligations
  hereunder, that the Series B Subsidiary Collateral Agent has with respect to
  the Second Lien Collateral which does not constitute Parent Collateral.

           (c)
  All references in this Agreement to “Collateral” shall, as applicable,
  also include the Parent Collateral.

           (d)
  If and to the extent that any of the First Lien Subsidiary Collateral Agent,
  the Series A Subsidiary Collateral Agent or the Series B Subsidiary Collateral
  Agent, as applicable, agrees to any amendment, waiver, modification, release,
  subordination or termination of its rights under any First Lien Document, Series
  A Document, or Series B Document, or with respect to any Parent Collateral,
  then, in the case of the First Lien Subsidiary Collateral Agent the First Lien
  Parent Collateral Agent (subject to the terms of the First Lien Collateral Agreement),
  in the case of the Series A Subsidiary Collateral Agent the Series A Parent
  Collateral Agent or in the case of the Series B Subsidiary Collateral Agent
  the Series B Parent Collateral Agent, shall likewise agree to such amendment,
  waiver, modification, release, subordination or termination. If and to the extent
  that the First Lien Subsidiary Collateral Agent, the Series A Subsidiary Collateral
  Agent or the Series B Subsidiary Collateral Agent, as applicable, directs the
  First Lien Parent Collateral Agent, the Series A Parent Collateral Agent or
  the Series B Parent Collateral Agent, respectively, to take any action with
  respect to any Parent Collateral (including the exercise of remedies) then,
  in the case of the First Lien Subsidiary Collateral Agent, the First Lien Parent
  Collateral Agent (subject to the terms of the First Lien Collateral Agreement),
  or in the case of the Series A Subsidiary Collateral Agent, the Series A Parent
  Collateral Agent, or in the case of the Series B Subsidiary Collateral Agent,
  the Series B Parent Collateral Agent, shall take such action with respect to
  the Parent Collateral.

 48

           (e)
  Each of the First Lien Parent Collateral Agent, the First Lien Subsidiary Collateral
  Agent, the Series A Subsidiary Collateral Agent, the Series A Parent Collateral
  Agent, the Series B Subsidiary Collateral Agent and the Series B Parent Collateral
  Agent hereby acknowledges and agrees that, solely with respect to the Parent
  Collateral or Proceeds thereof received in connection with the sale or other
  disposition of, or collection on, such Parent Collateral, and subject to the
  terms of the First Lien Collateral Agreement, upon the exercise of remedies
  by the First Lien Subsidiary Collateral Agent or First Lien Claimholders, the
  First Lien Subsidiary Collateral Agent shall, upon receipt of such Parent Collateral
  or Proceeds, immediately turn such Parent Collateral or Proceeds over to the
  First Lien Parent Collateral Agent. The First Lien Parent Collateral Agent shall
  apply such Parent Collateral or Proceeds thereof to payment of both the First
  Lien Obligations and the Equal and Ratable Obligations in accordance with the
  First Lien Collateral Agreement. Immediately upon the Discharge of First Lien
  Obligations and notice thereof delivered to the First Lien Agent and each Second
  Lien Agent by CIT, the provisions of this Section 8.18 shall immediately terminate
  and be of no further force and effect, and thereafter the terms of the Junior
  Intercreditor Agreement shall govern the rights of the Series A Parent Collateral
  Agent and the Series B Parent Collateral Agent with respect to the Parent Collateral
  and the Proceeds thereof.

           (f)
  This Section 8.18 is intended solely for the purpose of defining the rights
  of the First Lien Parent Collateral Agent, the Series A Parent Collateral Agent
  and the Series B Parent Collateral Agent with respect to the Parent Collateral
  or the Proceeds thereof. None of the Equal and Ratable Claimholders or other
  holders of Equal and Ratable Obligations shall have any rights under this Agreement,
  including, without limitation and for the avoidance of doubt, any rights to
  direct the First Lien Agent or any Second Lien Agent to take any action or any
  voting or consent rights in respect of any matter set forth in this Agreement.

 [Signature pages follow]

 49

      IN WITNESS WHEREOF, the parties hereto have executed this Senior Intercreditor and Subordination Agreement as of the date first written above.

		
	 	 BANK OF AMERICA, N.A.,
	 	 as First Lien Subsidiary Collateral
      Agent, First
	 	 Lien Parent Collateral Agent and
      First Lien
	 	 Credit Facility Representative
	 	  
	 	  
	     	 By:
	 	  	

	 	 	 Name:
	 	 	 Title:
	 	  
	 	 Notice Address:
	 	  
	 	 Bank of America, N.A.
	 	 1455 Market Street, 5th Floor
	 	 CA5-701-05-19
	 	 San Francisco, California 94103
	 	 Attention: Charles Graber
	 	 Tel: 415.436.3495
	 	 Fax: 415.503.5006
	 	 Email: charles.graber@bankofamerica.com

 [Signature page to Senior Intercreditor Agreement]

		
	 	 DEUTSCHE BANK TRUST COMPANY
	 	 AMERICAS,
	 	 as Series A Parent Collateral Agent,
      Series A
	 	 Subsidiary Collateral Agent and Series
      A
	 	 Representative
	 	  
	 	 By:
	 	 	

	 	 	 Name:
	 	 	 Title:
	 	  
	 	  
	 	 By:
	 	 	

	 	 	 Name:
	     	 	 Title:
	 	  
	 	 Notice Address:
	 	 Deutsche Bank Trust Company Americas
	 	 60 Wall Street
	 	 New York, NY 10005
	 	 Attn: TSS-ASFS
	 	 Tel: 212-250-2946
	 	 Fax: 212-553-2460
	 	 Email: Irene.siegel@db.com
	 	  
	 	  
	 	 DEUTSCHE BANK TRUST COMPANY
	 	 AMERICAS,
	 	 as Series B Parent Collateral Agent,
      Series B
	 	 Subsidiary Collateral Agent and Series
      B
	 	 Representative
	 	  
	 	 By:
	 	 	

	 	 	 Name:
	 	 	 Title:
	 	  
	 	 By:
	 	 	

	 	 	 Name:
	 	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

		
	 	 Notice Address:
	 	 Deutsche Bank Trust Company Americas
	    	 60 Wall Street
	 	 New York, NY 10005
	 	 Attn: TSS-ASFS
	 	 Tel: 212-250-2946
	 	 Fax: 212-553-2460
	 	 Email: Irene.siegel@db.com
	 	  
	 	  
	 	 CIT GROUP FUNDING COMPANY OF
	 	 DELAWARE LLC,
	 	 as CIT Leasing Secured Party
	 	  
	 	  
	 	 By:
	 	 	

	 	 	 Name:
	 	 	 Title:
	 	  
	 	 Notice Address:
	 	 1 CIT Drive, #2223-1
	 	 Livingston, NJ 07039
	 	 Attention: Glenn A. Votek, President
      &
	 	 Treasurer
	 	 Tel: 973-740-5724
	 	 Fax: 973-740-5750
	 	 Email: glenn.votek@cit.com

 [Signature page to Senior Intercreditor Agreement]

	
	 Acknowledged and Agreed to by:
	  
	 CIT GROUP INC.,
	 as First Lien Borrower and as Series
      A Issuer and as a Guarantor
	  
	  
	 By:
	 	

	   	 Name:
	 	 Title:
	  
	 Notice Address:
	 	 CIT Group Inc.
	 	 1 CIT Drive
	 	 Livingston, NJ 07039
	 	 Attention: Glenn Votek, Executive Vice President
      & Treasurer
	 	 Fax: (973) 740-5750
	 	 E-mail: glenn.votek@cit.com
	  
	 in each case, with a copy to:
	  
	 	 CIT Group Inc.
	 	 1 CIT Drive
	 	 Livingston, NJ 07039
	 	 Attention: General Counsel
	 	 Fax: (973) 740-5264
	 	 E-mail: robert.ingato@cit.com
	  
	 in each case, with a copy to:
	  
	 	 Skadden, Arps, Slate, Meagher & Flom LLP
	 	 Four Times Square
	 	 New York, NY 10036
	 	 Attention: Sarah Ward
	 	 Fax: 917-777-2126
	 	 E-mail: sarah.ward@skadden.com
	  
	  
	 CIT GROUP FUNDING COMPANY OF DELAWARE
      LLC,
	 as Series B Issuer
	  
	  
	 By:
	 	

	 	 Name:
	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

	
	 Other Borrowers:
	  
	 CIT CAPITAL USA INC.
	  
	 By:
	 	

	 	 Name:
	 	 Title:
	  
	 CIT HEALTHCARE LLC
	  
	 By:
	 	

	 	 Name:
	 	 Title:
	  
	 CIT LENDING SERVICES CORPORATION
	  
	 By:
	 	

	 	 Name:
	 	 Title:
	  
	 CIT LENDING SERVICES CORPORATION
      (ILLINOIS)
	  
	 By:
	   	

	 	 Name:
	 	 Title:
	  
	 THE CIT GROUP/COMMERCIAL SERVICES,
      INC.
	  
	 By:
	 	

	 	 Name:
	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

	
	 THE CIT GROUP/BUSINESS CREDIT,
      INC.
	  
	 By:
	 	

	 	 Name:
	 	 Title:
	  
	 C.I.T. LEASING CORPORATION
	  
	 By:
	 	

	   	 Name:
	 	 Title:
	  
	 THE CIT GROUP/EQUIPMENT FINANCING,
      INC.
	  
	 By:
	 	

	 	 Name:
	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

 Subsidiary Guarantors:

BAFFIN SHIPPING CO., INC.

C.I.T. LEASING CORPORATION

CAPITA COLOMBIA HOLDINGS CORP.

CAPITA CORPORATION

CAPITA INTERNATIONAL L.L.C.

CAPITA PREMIUM CORPORATION

CIT CAPITAL USA INC.

CIT CHINA 12, INC.

CIT CHINA 13, INC.

CIT CHINA 2, INC.

CIT CHINA 3, INC.

CIT COMMUNICATIONS FINANCE CORPORATION

CIT CREDIT FINANCE CORP.

CIT CREDIT GROUP USA INC.

CIT FINANCIAL LTD. OF PUERTO RICO

CIT FINANCIAL USA, INC.

CIT GROUP (NJ) LLC

CIT GROUP SF HOLDING CO., INC.

CIT HEALTHCARE LLC

CIT LENDING SERVICES CORPORATION

CIT LENDING SERVICES CORPORATION (ILLINOIS)

CIT LOAN CORPORATION (F/K/A THE CIT GROUP/CONSUMER FINANCE, INC.)

CIT REALTY LLC

CIT TECHNOLOGIES CORPORATION

CIT TECHNOLOGY FINANCING SERVICES, INC.

EDUCATION LOAN SERVICING CORPORATION

GFSC AIRCRAFT ACQUISITION FINANCING CORPORATION

HUDSON SHIPPING CO., INC.

NAMEKEEPERS LLC

OWNER-OPERATOR FINANCE COMPANY

STUDENT LOAN XPRESS, INC.

THE CIT GROUP/BC SECURITIES INVESTMENT, INC.

THE CIT GROUP/BUSINESS CREDIT, INC.

THE CIT GROUP/CAPITAL FINANCE, INC.

THE CIT GROUP/CAPITAL TRANSPORTATION, INC.

THE CIT GROUP/CMS SECURITIES INVESTMENT, INC.

THE CIT GROUP/COMMERCIAL SERVICES, INC.

THE CIT GROUP/COMMERCIAL SERVICES, INC. (VA.)

THE CIT GROUP/CORPORATE AVIATION, INC.

THE CIT GROUP/EQUIPMENT FINANCING, INC.

THE CIT GROUP/EQUITY INVESTMENTS, INC.

THE CIT GROUP/FACTORING ONE, INC.

THE CIT GROUP/FM SECURITIES INVESTMENT, INC.

 [Signature page to Senior Intercreditor Agreement]

 THE CIT GROUP/LSC SECURITIES INVESTMENT, INC.

THE CIT GROUP/SECURITIES INVESTMENT, INC.

THE CIT GROUP/VENTURE CAPITAL, INC.

WESTERN STAR FINANCE, INC.

		
	 By:
	 	

	 	 Name:
	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

	
	 THE CIT GROUP/CONSUMER FINANCE,
      INC. (NY)
	 THE CIT GROUP/CONSUMER FINANCE,
      INC. (TN)
	  
	 By:
	 	
      

    
	   	 Name:
	 	 Title:
	  
	 FRANCHISE PORTFOLIO 1, INC.
	 FRANCHISE PORTFOLIO 2, INC.
	  
	 By:
	 	
      

    
	 	 Name:
	 	 Title:
	  
	 CIT MIDDLE MARKET FUNDING COMPANY,
      LLC
	 CIT MIDDLE MARKET HOLDINGS, LLC
	 CMS FUNDING COMPANY LLC
	  
	 By:
	 	
      

    
	  	Name: 	Usama Ashraf
	  	Title: 	Senior Vice President and
	  	 	Assistant Treasurer
	  
	 CIT REAL ESTATE HOLDING CORPORATION
	  
	 By:
	 	
      

    
	 	 Name:
	 	 Title:
	  
	 EQUIPMENT ACCEPTANCE CORPORATION
	  
	 By:
	 	
      

    
	 	 Name:
	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

	
	 Other Grantors:
	  
	 CIT FINANCIAL (BARBADOS) SRL
	  
	 By:
	   	

	 	 Name:
	 	 Title:
	  
	 CIT HOLDINGS NO. 2 (IRELAND)
	  
	 By:
	 	

	 	 Name:
	 	 Title:
	  
	 CIT GROUP HOLDINGS (UK) LIMITED
	  
	 By:
	 	

	 	 Name:
	 	 Title:
	  
	 CIT HOLDINGS CANADA ULC
	  
	 By:
	 	

	 	 Name:
	 	 Title:

 [Signature page to Senior Intercreditor Agreement]

 Exhibit A

 FORM OF JOINDER AGREEMENT

      This JOINDER AGREEMENT, dated [mm/dd/yy] (this “Joinder Agreement”), is delivered pursuant to that certain Senior Intercreditor and Subordination Agreement, dated as of December 10, 2009 (as it may be amended, supplemented or otherwise modified from time to time, the “Senior Intercreditor Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among BANK OF AMERICA, N.A., as the First Lien Credit Facility Representative and the First Lien Agent, DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Series A Representative and the Series A Collateral Agent, DEUTSCHE BANK TRUST COMPANY AMERICAS, as the Series B Representative and the Series B Collateral Agent, CIT GROUP FUNDING COMPANY OF DELAWARE LLC, as the CIT Leasing Secured Party, and acknowledged and agreed by CIT Group, Inc. and certain of its Affiliates, as Obligors.

      WHEREAS, one or more of the Obligors has incurred [DESCRIBE NEW OBLIGATIONS] (the “New Second Lien Obligations”), pursuant to [DESCRIBE NEW DEBT INSTRUMENT] among [DEBTORS] and [TRUSTEE/AGENT], as [CAPACITY] (in such capacity, the “New Authorized Representative”) for the benefit of the holders of the New Second Lien Obligations (collectively with the New Authorized Representative, the “New Second Lien Claimholders”).

      WHEREAS, Section 5.3(f) of the Senior Intercreditor Agreement requires that the New Second Lien Obligations and any guaranties delivered by CIT or any Subsidiary Guarantors in connection therewith (the “New Second Lien Guaranties”) be subordinated in right of payment to the First Lien Obligations to the same extent as the existing Second Lien Obligations; and the parties hereto agree that in furtherance of such subordination, the rights of the New Second Lien Claimholders to enforce any Liens (if any) securing such New Second Lien Obligations and New Second Lien Guaranties or to otherwise take actions against the Grantors, Obligors or Collateral shall also be subject to the Senior Intercreditor Agreement in all respects to the same extent as the existing Second Lien Obligations thereunder.

      WHEREAS, in accordance with the foregoing, by execution and delivery hereof, by the New Authorized Representative, for itself and as agent for the New Second Lien Claimholders, (x) the New Authorized Representative becomes a party to, and is bound by the terms of, the Senior Intercreditor Agreement in the same capacity and to the same extent as the existing Second Lien Agents thereunder, and (y) the New Second Lien Claimholders become bound by the terms of, the Senior Intercreditor Agreement in the same capacity and to the same extent as the existing Second Lien Claimholders thereunder.

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

     Section 1 Agreements. (a) Pursuant to Section 5.3(f) of the Senior Intercreditor Agreement, the New Authorized Representative on behalf of the New Second Lien Claimholders, hereby certifies, acknowledges, agrees and confirms to the First Lien Agent, the

 Exhibit A-1

 First Lien Claimholders, the Second Lien Agents, the Second Lien Claimholders and the Obligors that, effective as of the date first written above, by its execution of this Joinder Agreement:

	     	 (1)      	 the New Authorized Representative has received
        a copy of the Senior Intercreditor Agreement, the First Lien Documents
        and the Second Lien Documents, and has reviewed and understands all of
        the terms and provisions thereof;

	 
	 	 (2)      	 the New Authorized Representative shall
        be a party to the Senior Intercreditor Agreement and shall be a “Second
        Lien Agent” as defined in and for all purposes of the Senior Intercreditor
        Agreement from and after the date hereof;

	 
	 	 (3)      	 the New Second Lien Claimholders shall be
        “Second Lien Claimholders” as defined in and for all purposes
        of the Senior Intercreditor Agreement from and after the date hereof;
        and

	 
	 	 (4)      	 the New Authorized Representative assumes
        and agrees to perform all applicable duties and obligations of a Second
        Lien Agent under the Senior Intercreditor Agreement and, together with
        each other New Second Lien Claimholder, from and after the date hereof
        it shall be fully bound by, and subject to, all of the covenants, terms,
        obligations (including, without limitation, all payment turnover and payment
        subordination obligations) and conditions of the Senior Intercreditor
        Agreement which are applicable to it in its capacity as a Second Lien
        Agent or a Second Lien Claimholder, as applicable, as though originally
        party thereto.

        (b) By their signature
    below, CIT and each other Obligor hereby represents and warrants to the First
    Lien Agents, the First Lien Claimholders, the Second Lien Agents and the Second
    Lien Claimholders that the New Second Lien Obligations and New Second Lien
    Guaranties are permitted by the First Lien Documents, the Second Lien Documents
    (including the Junior Intercreditor Agreement) and the Senior Intercreditor
    Agreement.

      Section 2 Ratification of Senior Intercreditor Agreement. Except as specifically amended by this Joinder Agreement, all of the terms and conditions of the Senior Intercreditor Agreement shall remain in full force and effect as in effect prior to the date hereof.

      Section 3 Conditions Precedent to Effectiveness. This Joinder Agreement shall not be effective until (a) the First Lien Agent shall have received all documents and instruments in respect of the New Second Lien Obligations reasonably requested by the First Lien Agent; and (b) this Joinder Agreement shall have been duly executed and delivered by the New Authorized Representative and acknowledged by CIT and each other Obligor.

      Section 4 Miscellaneous.

        (a) This Joinder
    Agreement may be executed in several counterparts and by each party on a separate
    counterpart, each of which when so executed and delivered shall be an original,
    and all of which together shall constitute one instrument.

 Exhibit A-2

        (b) This Joinder
    Agreement expresses the entire understanding of the parties with respect to
    the transactions contemplated hereby. No prior negotiations or discussions
    shall limit, modify, or otherwise affect the provisions hereof.

        (c) Any determination
    that any provision of this Joinder Agreement or any application hereof is
    invalid, illegal or unenforceable in any respect and in any instance shall
    not affect the validity, legality, or enforceability of such provision in
    any other instance, or the validity, legality or enforceability of any other
    provisions of this Joinder Agreement.

        (d) The New Authorized
    Representative represents and warrants that the New Authorized Representative
    is not relying on any representations or warranties of the First Lien Agent,
    any existing Second Lien Agent or any other Person or their counsel in entering
    into this Joinder Agreement.

        (e) This Joinder
    Agreement shall be deemed a First Lien Document and a Second Lien Document
    under the Senior Intercreditor Agreement.

        (f) THIS JOINDER
    AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
    GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS
    OF THE STATE OF NEW YORK.

	
	  	[NEW AUTHORIZED
      REPRESENTATIVE]:
	  
	 	 By:	   
	 	 	

	 	 Name:	 
	 	 	

	 	 Title:	 
	 	 	

	  
	  
	  
	  
	  	Notice Address:	 
	 	 

      

	 	

      

	 	

      

	 	 Attention:	 
	 	 	

	 	 Telephone:	 
	 	 	

	 	 Facsimile:	 
	 	 	

	 	 Email:	 
	 	   	

	
	 ACKNOWLEDGED AND AGREED
	 as of the date first above written:
	  
	  
	 CIT GROUP INC.:
	  
	 By:
	    	

	 Name:
	    	

	 Title:
	    	

	  
	 [ADD OTHER OBLIGORS]

 Exhibit A-3

 Exhibit A-4

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