Document:

Exhibit 10.1

EXECUTION COPY

	
 

	

	
 

	
ADMINISTRATION AGREEMENT

	
among

	
 

	
CIT EQUIPMENT COLLATERAL 2008-VT1

	
as Issuer,

	
 

	
CIT FINANCIAL USA, INC.,

	
as Administrator,

	
 

	
CIT FUNDING COMPANY, LLC,

	
as Depositor,

	
 

	
and

	
 

	
MANUFACTURERS AND TRADERS TRUST COMPANY

	
as Indenture Trustee

	
 

	
Dated as of April 1, 2008

	
 

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	

	
SECTION 1.

	
 

	
DUTIES OF
 THE ADMINISTRATOR

	
1

	
SECTION 2.

	
 

	
RECORDS

	
7

	
SECTION 3.

	
 

	
COMPENSATION

	
7

	
SECTION 4.

	
 

	
ADDITIONAL
 INFORMATION TO BE FURNISHED TO THE ISSUER

	
8

	
SECTION 5.

	
 

	
INDEPENDENCE
 OF THE ADMINISTRATOR

	
8

	
SECTION 6.

	
 

	
NO JOINT
 VENTURE

	
8

	
SECTION 7.

	
 

	
OTHER
 ACTIVITIES OF ADMINISTRATOR

	
8

	
SECTION 8.

	
 

	
TERM OF
 AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR

	
8

	
SECTION 9.

	
 

	
ACTION UPON
 TERMINATION, RESIGNATION OR REMOVAL

	
9

	
SECTION 10.

	
 

	
NOTICES

	
9

	
SECTION 11.

	
 

	
AMENDMENTS

	
11

	
SECTION 12.

	
 

	
SUCCESSORS
 AND ASSIGNS

	
11

	
SECTION 13.

	
 

	
GOVERNING
 LAW

	
11

	
SECTION 14.

	
 

	
HEADINGS

	
11

	
SECTION 15.

	
 

	
COUNTERPARTS

	
11

	
SECTION 16.

	
 

	
SEVERABILITY

	
12

	
SECTION 17.

	
 

	
NOT
 APPLICABLE TO CFUSA IN OTHER CAPACITIES

	
12

	
SECTION 18.

	
 

	
LIMITATION
 OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE

	
12

	
SECTION 19.

	
 

	
THIRD-PARTY
 BENEFICIARY

	
12

	
SECTION 20.

	
 

	
BANKRUPTCY
 PETITION

	
12

	
SECTION 21.

	
 

	
LIMITED
 RECOURSE

	
13

	
SECTION 22.

	
 

	
SURVIVABILITY

	
13

	
 

	
 

	
 

	
 

	
EXHIBIT A

	
 

	
FORM OF
 LIMITED POWER OF ATTORNEY

	
 

i

          This
Administration Agreement, dated as of April 1, 2008 (this “Agreement”), is
among CIT Equipment Collateral 2008-VT1 (the “Issuer”), CIT Financial USA, Inc.
(together with its successors and assigns, “CFUSA” and in its capacity as
administrator, the “Administrator”), CIT Funding Company, LLC (together with
its successors and assigns, the “Depositor”), and Manufacturers and Traders
Trust Company, not in its individual capacity but solely as Indenture Trustee
(together with its successors and assigns, the “Indenture Trustee”). 

W I T N E S S E T H:

          WHEREAS,
the Issuer is issuing 2.82620% Class A-1 Receivable-Backed Notes, 4.80% Class
A-2A Receivable-Backed Notes, the Floating Rate Class A-2B Receivable Backed
Notes, 6.59% Class A-3 Receivable-Backed Notes, 6.51% Class B Receivable-Backed
Notes, 7.00% Class C Receivable-Backed Notes, and 7.48% Class D
Receivable-Backed Notes, (collectively, the “Notes”) pursuant to the Indenture,
dated as of the date hereof (the “Indenture”), between the Issuer and the
Indenture Trustee (capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Indenture or in the Pooling and
Servicing Agreement, as defined in the Indenture); 

          WHEREAS,
the Issuer has entered into certain agreements in connection with the issuance
of the Notes and of certain beneficial ownership interests of the Issuer,
including (i) the Pooling and Servicing Agreement, (ii) the Indenture and (iii)
the other Transaction Documents to which the Issuer is a party; 

          WHEREAS,
pursuant to the Transaction Documents, the Issuer and the Owner Trustee are
required to perform certain duties in connection with (i) the Notes and the
Collateral therefor pledged pursuant to the Indenture and (ii) the beneficial
ownership interest in the Issuer evidenced by the Equity Certificate (the
registered holder of such interest being referred to herein as the “Owner”); 

          WHEREAS,
the Issuer desires to have the Administrator perform certain of the duties of
the Issuer and the Owner Trustee referred to in the preceding clause and to
provide such additional services consistent with the terms of this Agreement
and the Transaction Documents as the Issuer and the Owner Trustee may from time
to time request; and 

          WHEREAS,
the Administrator has the capacity to provide the services required hereby and
is willing to perform such services for the Issuer and the Owner Trustee on the
terms set forth herein. 

          NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows: 

          Section
1. Duties of the Administrator.  

               (a)
Duties with respect to the Transaction Documents. 

                    (i)
The Administrator agrees to perform all its duties as Administrator and the
duties of the Issuer and the Owner Trustee under the Transaction 

Documents. In
addition, the Administrator shall consult with the Owner Trustee regarding the
duties of the Issuer or the Owner Trustee under the Transaction Documents. The
Administrator shall monitor the performance of the Issuer and shall advise the
Owner Trustee when action is necessary to comply with the respective duties of
the Issuer and the Owner Trustee under the Transaction Documents. The
Administrator shall prepare for execution by the Issuer or shall cause the
preparation by other appropriate persons of, all such documents, reports,
filings, instruments, certificates and opinions that it shall be the duty of
the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the
Transaction Documents. In furtherance of the foregoing, the Administrator shall
take all appropriate action that the Issuer or the Owner Trustee is required to
take pursuant to the Indenture including, without limitation, such of the
foregoing as are required with respect to the following matters under the
Indenture (all section references in this Section 1(a)(i) are to sections of
the Indenture): 

                         (A)
the preparation of Issuer Orders directing the authentication of Notes and the
preparation of or obtaining of any other documents and instruments required for
execution and authentication of the Notes and delivery of the same to the
Indenture Trustee (Section 2.02); 

                         (B)
the duty to cause the Note Register to be kept and to give the Indenture
Trustee notice of any appointment of a new Note Registrar and the location, or
change in location, of the Note Register (Section 2.04); 

                         (C)
the notification of Noteholders of the final principal payment on their Notes
(Section 2.07(b)) or indication on the Monthly Servicer’s Report that the
Principal Amount is 0; 

                         (D)
the preparation, obtaining or filing of the instruments, opinions and
certificates and other documents required for the release of Collateral
(Section 2.12); 

                         (E)
the maintenance of an office or agency in New York, New York, or the
appointment of the Indenture Trustee as its agent therefor, for registration of
transfer or exchange of Notes, and the delivery of notice to the Indenture
Trustee of the location, and of any change in the location, of any such office
or agency (Section 3.02); 

                         (F)
the duty to cause newly appointed Paying Agents, if any, to deliver to the
Indenture Trustee the instrument specified in the Indenture regarding funds
held in trust (Section 3.03); 

                         (G)
the direction to a Paying Agent to pay to the Indenture Trustee all sums held
by such Paying Agent (Section 3.03); 

                         (H)
the preparation of and delivery to the Indenture Trustee of an Issuer Request
directing the Indenture Trustee to deposit in the Collection Account any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed after such
amount has become due and payable (Section 3.03); 

2

                         (I)
the obtaining and preservation of the Issuer’s qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of the Indenture, the Notes, the
Collateral and each other instrument and agreement included in the Collateral
(Section 3.04); 

                         (J)
the preparation of all supplements and amendments to the Indenture and all
financing statements, continuation statements, instruments of further assurance
and other instruments and the taking of such other action as is necessary or
advisable to protect the Collateral, other than as prepared by the Servicer
(Section 3.05); 

                         (K)
the identification to the Indenture Trustee in an Officer’s Certificate of a
Person with whom the Issuer has contracted to perform its duties under the
Indenture (Section 3.06(b)); 

                         (L)
the notification of the Indenture Trustee, the Swap Counterparty and each
Rating Agency of a Servicer Default under the Pooling and Servicing Agreement
(Sections 3.06(d) and 3.12); 

                         (M)
the notification of the Indenture Trustee of any termination of the Servicer’s
rights and powers under the Pooling and Servicing Agreement (Section 3.06(d)); 

                         (N)
the notification of the Indenture Trustee, the Swap Counterparty and each
Rating Agency of the appointment of a Successor Servicer under the Pooling and
Servicing Agreement (to the extent such party has not already been notified
pursuant to the Pooling and Servicing Agreement) (Section 3.06(d)); 

                         (O)
the delivery of certain statements as to compliance with the Indenture
(Sections 3.08(a)(F) and 3.08(b)(F)); 

                         (P)
the preparation and obtaining of documents and instruments required for the
release of the Issuer from its obligations under the Indenture (Section
3.09(b)); 

                         (Q)
the notification of the Indenture Trustee, the Swap Counterparty and each
Rating Agency of an Event of Default under the Indenture (Section 3.12); 

                         (R)
the monitoring of the Issuer’s obligations as to the satisfaction and discharge
of the Indenture and the preparation of an Officer’s Certificate and the
obtaining of the Opinion of Counsel and the Independent Certificate relating
thereto (Section 4.01); 

                         (S)
the compliance with any written directive of the Indenture Trustee with respect
to the sale of the Collateral in a commercially reasonable manner if an Event
of Default shall have occurred and be continuing (Section 5.04); 

3

                         (T)
the preparation and delivery to Noteholders and the Indenture Trustee of a
notice stating the record date, the payment date and the amount to be paid on
such record date (Section 5.06(b)); 

                         (U)
the preparation and delivery of notice to Noteholders and each Rating Agency of
the appointment of a successor Indenture Trustee (Section 6.08); 

                         (V)
the preparation of any written instruments required to confirm more fully the
authority of any co-trustee or separate trustee and any written instruments
necessary in connection with the resignation or removal of the Indenture
Trustee or any co-trustee or separate trustee (Sections 6.08 and 6.10); 

                         (W)
the notification of the Rating Agencies of any merger or consolidation
involving the Indenture Trustee (Section 6.09); 

                         (X)
the furnishing of the Indenture Trustee with the names and addresses of
Noteholders during any period when the Indenture Trustee is not the Note
Registrar (Section 7.01); 

                         (Y)
the filing of reports required by the Commission or under the TIA (Section
7.03); 

                         (Z)
the opening of one or more accounts in the Indenture Trustee’s name, the
preparation and delivery of Issuer Orders, Officer’s Certificates and Opinions
of Counsel and all other actions necessary with respect to investment and
reinvestment of funds in the Trust Accounts (Sections 8.02 and 8.03); 

                         
(AA) the preparation of an Issuer Request and Officer’s Certificate, if
necessary, for the release of the Collateral (Section 8.04(b)); 

                         (BB)
the preparation of Issuer Orders and the obtaining of Opinions of Counsel with
respect to the execution of supplemental indentures and the mailing to the
Noteholders of notices with respect to such supplemental indentures (Sections
9.01, 9.02 and 9.03); 

                         (CC)
the preparation, execution and delivery of new Notes conforming to any
supplemental indenture (Section 9.06); 

                         (DD)
the duty to notify Noteholders and the Swap Counterparty of redemption of the
Notes or to cause the Indenture Trustee to provide such notification (Section
10.02); 

                         (EE)
the preparation and delivery of all Officer’s Certificates and Independent
Certificates with respect to any requests by the Issuer to the Indenture
Trustee to take any action under the Indenture (Section 11.01(a)); 

4

                         (FF)
the preparation and delivery to Noteholders and the Indenture Trustee of any
agreements with respect to alternate payment and notice provisions (Section
11.06); and 

                         (GG)
the recording of the Indenture, if applicable (Section 11.14). 

                    
(ii) The Administrator agrees to: 

                         (A)
except as otherwise expressly provided in the Indenture or the Pooling and
Servicing Agreement, pay the Indenture Trustee’s fees and reimburse the
Indenture Trustee upon its request for all reasonable expenses, disbursements
and advances incurred or made by the Indenture Trustee in accordance with any
provision of the Transaction Documents (including the reasonable compensation,
expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence, bad faith, or
willful misconduct; 

                         (B)
indemnify the Owner Trustee (including in its individual capacity) and its
officers, directors, employees or agents for, and hold them harmless against,
any loss, liability or expense incurred without negligence, bad faith, or
willful misconduct on their part, arising out of or in connection with the
acceptance or administration of the transactions contemplated by the Trust
Agreement and this Agreement, including the reasonable costs and expenses of
defending themselves against any claim or liability in connection with the
exercise or performance of any of their powers or duties under the Trust
Agreement (the indemnities provided by this section shall include, without limitation,
an indemnity as described above with respect to the Depositor’s obligations in
favor of the Owner Trustee under Section 8.02 of the Trust Agreement to the
extent any such obligations to the Owner Trustee remain unpaid). 

                         (C)
perform the duties of the Administrator specified in Section 9.01(e) of the
Trust Agreement required to be performed in connection with the winding up of
the Issuer. 

               (b)
Additional Duties. 

                    (i)
In addition to the duties set forth in Section 1(a)(i), the Administrator shall
perform such calculations and shall prepare or shall cause the preparation by
other appropriate persons of, and shall execute on behalf of the Issuer or the
Owner Trustee, all such documents, reports, filings, instruments, certificates
and opinions that the Issuer or the Owner Trustee are required to prepare, file
or deliver pursuant to the Transaction Documents and Sections 5.01, 6.01 and
6.02 of the Trust Agreement, and, at the request of the Owner Trustee, shall
take all appropriate actions that the Issuer or the Owner Trustee are required
to take pursuant to the Transaction Documents. In furtherance thereof, the
Owner Trustee shall, on behalf of itself and of the Issuer, execute and deliver
to the Administrator and to each successor Administrator appointed pursuant to
the terms hereof, one or more powers of attorney substantially in the form of
Exhibit A hereto, appointing the Administrator the attorney-in-fact of the
Owner Trustee and the Issuer for the purpose of executing on behalf of the
Owner Trustee  

5

and the Issuer
all such documents, reports, filings, instruments, certificates and opinions.
Subject to Section 5 hereof, and in accordance with the directions of the
Issuer, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Transaction Documents) as are not covered by any of the
foregoing provisions and as are expressly requested by the Issuer and are
reasonably within the capability of the Administrator. 

                    (ii)
Notwithstanding anything in this Agreement or the Transaction Documents to the
contrary, the Administrator shall be responsible for promptly notifying the
Owner Trustee in the event that any withholding tax is imposed on the Trust’s
payments (or allocations of income) to the Owner as contemplated in Section
5.02 of the Trust Agreement. Any such notice shall specify the amount of any
withholding tax required to be withheld by the Owner Trustee pursuant to such
provision. 

                    (iii)
Notwithstanding anything in this Agreement or the Transaction Documents to the
contrary, the Administrator shall be responsible for performance of its duties
and the duties of the Trust set forth in Section 5.05 of the Trust Agreement
with respect to, among other things, accounting and reports to the Equity
Certificateholder; provided, however, that the Owner Trustee shall retain
responsibility for the distribution of information forms in its possession as
requested by the Equity Certificateholder or the Administrator and which are
necessary to enable the Trust to prepare its federal and state income tax
returns. 

                    (iv)
The Administrator shall satisfy its obligations with respect to clauses (ii)
and (iii) above by retaining, at the expense of the Trust, a firm of
independent public accountants (the “Accountants”) acceptable to the Owner
Trustee, which shall perform the obligations of the Administrator thereunder. 

                    (v)
The Administrator shall perform the duties of the Administrator specified in
Section 10.02 of the Trust Agreement required to be performed in connection
with the resignation or removal of the Owner Trustee and any other duties
expressly required to be performed by the Administrator under the Trust
Agreement. 

                    (vi)
The Administrator shall not direct the Owner Trustee to take or to refrain from
taking any action if such action or inaction: (A) would be contrary to any
obligation of the Trust or the Owner Trustee under this Agreement or any of the
other Transaction Documents, (B) to the actual knowledge of a Responsible
Officer of the Owner Trustee, would result in the Trust’s becoming taxable as a
corporation for federal, state or local income tax purposes or (C) would be
contrary to the purpose of the Trust. 

                    (vii)
Upon acceptance of appointment by a successor Owner Trustee pursuant to the
Trust Agreement, the Administrator shall mail notice thereof to the Equity
Certificateholder, the Indenture Trustee, the Noteholders, the Swap
Counteryparty and each Rating Agency. 

                    (viii)
In carrying out the foregoing duties or any of its other obligations under this
Agreement, the Administrator may enter into transactions or otherwise deal with
any of its Affiliates; provided, however, that the terms of any such
transactions or 

6

dealings shall
be in accordance with any directions received from the Issuer and shall be, in
the Administrator’s opinion, no less favorable to the Issuer than would be
available from unaffiliated parties. 

               (c)
Non-Ministerial Matters. 

                    (i)
With respect to matters that in the reasonable judgment of the Administrator
are non-ministerial, the Administrator shall not take any action unless within
a reasonable time before the taking of such action, the Administrator shall
have notified the Owner Trustee of the proposed action and the Owner Trustee
shall not have withheld consent or provided an alternative direction. For the
purpose of the preceding sentence, “non-ministerial matters” shall include,
without limitation: 

                         (A)
the amendment of or any supplement to the Indenture; 

                         (B)
the initiation of any claim or lawsuit by the Issuer and the compromise of any
action, claim or lawsuit brought by or against the Issuer (other than in connection
with the collection of the Contracts); 

                         (C)
the amendment, change or modification of any other Transaction Documents; 

                         (D)
the appointment of successor Note Registrars, successor Paying Agents and
successor Indenture Trustees pursuant to the Indenture or the appointment of
successor Administrators or a successor Servicer, or the consent to the
assignment by the Note Registrar, Paying Agent or Indenture Trustee of its
obligations under the Indenture; and 

                         (E)
the removal of the Indenture Trustee. 

                    (ii)
Notwithstanding anything to the contrary in this Agreement, the Administrator
shall not be obligated to, and shall not, (A) make any payments to the Noteholders
under the Transaction Documents, (B) sell the Collateral pursuant to Section
5.04(d) of the Indenture, (C) take any other action that the Issuer directs the
Administrator not to take on its behalf or (D) take any other action which may
be construed as having the effect of varying the terms of the investment of the
Noteholders or the Equity Certificateholder. 

          Section
2. Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Owner Trustee at any reasonable time during normal business hours. 

          Section
3. Compensation. As compensation for the performance of the
Administrator’s obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to a monthly fee
which shall be solely an obligation of the Servicer as contemplated in Section
5.19 of the Pooling and Servicing Agreement and which shall be in an amount as
shall be agreeable to the Depositor and the Administrator. 

7

          Section
4. Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request. 

          Section
5. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuer or the Owner Trustee with respect
to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in
any way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee. 

          Section
6. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others. 

          Section
7. Other Activities of Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in any other business or, in its
sole discretion, from acting in a similar capacity as an administrator for any
other Person or entity even though such Person or entity may engage in business
activities similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee. 

          Section
8. Term of Agreement; Resignation and Removal of Administrator. This
Agreement shall continue in force until the termination of the Trust Agreement,
upon which event this Agreement shall automatically terminate. 

               (a)
Subject to Section 8(d) and Section 8(e) hereof, the Administrator may resign
its duties hereunder by providing the Issuer with at least sixty (60) days’
prior written notice. 

               (b)
Subject to Section 8(d) and Section 8(e) hereof, the Issuer may remove the
Administrator with or without cause by providing the Administrator with at
least sixty (60) days’ prior written notice. 

               (c)
Subject to Section 8(d) and Section 8(e) hereof, at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator if any of the following events
shall occur: 

                    (i)
the Administrator shall default in the performance of any of its duties under
this Agreement and, after notice of such default, shall not cure such default
within ten (10) days (or, if such default cannot be cured in such time, shall
not give within ten (10) days such assurance of cure as shall be reasonably
satisfactory to the Issuer); or 

                    (ii)
an Insolvency Event shall occur with respect to the Administrator. 

8

          The
Administrator agrees that if any event specified in clause (ii) above shall
occur, it shall give written notice thereof to the Issuer and the Indenture
Trustee within seven (7) days after the occurrence of such event. 

               (d)
No resignation or removal of the Administrator pursuant to this Section shall
be effective until (i) a successor Administrator shall have been appointed by
the Issuer and (ii) such successor Administrator shall have agreed in writing
to be bound by the terms of this Agreement in the same manner as the
Administrator is bound hereunder. 

               (e)
The appointment of any successor Administrator shall be effective only after
the satisfaction of the Rating Agency Condition with respect to the proposed
appointment. 

               (f)
Subject to Section 8(d) and 8(e) hereof, the Administrator acknowledges that
upon the appointment of a Successor Servicer pursuant to the Pooling and
Servicing Agreement, the Administrator shall immediately resign. 

          Section
9. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8 or the
resignation or removal of the Administrator pursuant to Section 8(a), (b) or
(c) hereof respectively, the Administrator shall be entitled to be paid all
fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 8 hereof deliver to the Issuer all property and documents
of or relating to the Collateral then in the custody of the Administrator. In
the event of the resignation or removal of the Administrator pursuant to
Section 8(a), (b) or (c) hereof, respectively, the Administrator shall
reasonably cooperate with the Issuer and take all reasonable steps requested to
assist the Issuer in making an orderly transfer of the duties of the
Administrator. 

          Section
10. Notices. All notices, demands, certificates, requests and
communications hereunder (“notices”) shall be in writing and shall be effective
(a) upon receipt when sent through the U.S. mails, registered or certified mail,
return receipt requested, postage prepaid, with such receipt to be effective
the date of delivery indicated on the return receipt, or (b) one Business Day
after delivery to an overnight courier (specifying one (1) Business Day’s
delivery), or (c) on the date personally delivered to an Authorized Officer of
the party to which sent, or (d) on the date transmitted by legible telecopier
transmission with a confirmation of receipt, in all cases addressed to the
recipient as follows: 

	
 

	
 

	
(i)

	
If to the
 Administrator:

	
 

	
 

	
 

	
CIT
 Financial USA, Inc.

	
 

	
l CIT Drive

	
 

	
Livingston,
 New Jersey 07039

	
 

	
Attn:
 Treasury – Securitization

	
 

	
 

	
 

	
Fax No.:
 (973) 535-5900

	
 

	
Telephone
 No.: (973) 740-5058

9

	
 

	
 

	
(ii)

	
If to the
 Depositor:

	
 

	
 

	
 

	
CIT Funding
 Company, LLC

	
 

	
1 CIT Drive

	
 

	
Livingston,
 New Jersey 07039

	
 

	
Attn:
 Treasury – Securitization

	
 

	
 

	
 

	
Fax No.:
 (973) 535-5900

	
 

	
Telephone
 No.: (973) 740-5058

	
 

	
 

	
(iii)

	
If to the
 Indenture Trustee:

	
 

	
 

	
 

	
Manufacturers
 and Traders Trust Company

	
 

	
25 S.
 Charles Street, 16th Floor

	
 

	
Baltimore,
 Maryland 21201

	
 

	
Attn:
 Corporate Trust Services

	
 

	
 

	
 

	
Fax No.:
 (410) 244-4236

	
 

	
Telephone
 No.: (800) 624-4116

	
 

	
 

	
(iv)

	
If to the
 Issuer or the Owner Trustee:

	
 

	
 

	
 

	
Deutsche
 Bank Trust Company Delaware

	
 

	
c/o Deutsche
 Bank Trust Company Americas

	
 

	
Structure Finance
 Services

	
 

	
60 Wall
 Street 26th Floor, Mail Stop NYC60-2606

	
 

	
New York,
 New York 10005

	
 

	
Attn: Irene
 Siegel

	
 

	
 

	
 

	
Fax No.:
 (212) 553-2460

	
 

	
Telephone
 No.: (212) 250-2946

	
 

	
 

	
(v)

	
If to the
 Swap Counterparty:

	
 

	
 

	
 

	
5 The North
 Colonnade

	
 

	
Canary Wharf

	
 

	
London E14
 4BB, England

	
 

	
Attention:
 Swaps Documentation

	
 

	
 

	
 

	
Fax No.:
 0207-773-6857/6858

	
 

	
Telephone
 No.: 0207-773-6915/6904

	
 

	
 

	
 

	
with a copy
 to:

	
 

	
General
 Counsel’s Office

	
 

	
200 Park
 Avenue

	
 

	
New York, NY
 10166

10

Each party
hereto may, by notice given in accordance herewith to each of the other parties
hereto, designate any further or different address to which subsequent notices
shall be sent. 

          Section
11. Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the parties hereto, with the
written consent of the Owner Trustee but without the consent of the Noteholders
and the Equity Certificateholder; provided that such amendment will not
materially and adversely affect the interest of any Noteholder, the Swap
Counterparty or the Equity Certificateholder. Any modification to this
Agreement that would materially and adversely affect the interests of the
Noteholders and the Equity Certificateholder may not be effected without
satisfying the Rating Agency Condition. Promptly after the execution of any
amendment to this Agreement, the Administrator shall furnish written
notification of the substance of such amendment, together with a copy thereof,
to each Rating Agency. 

          Section
12. Successors and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuer, the Indenture Trustee and the Owner Trustee and subject to the
satisfaction of the Rating Agency Condition in respect thereof. An assignment
with such consent and satisfaction, if accepted by the assignee, shall bind the
assignee hereunder in the same manner as the Administrator is bound hereunder.
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of all or substantially all assets) to the Administrator; provided
that such successor organization executes and delivers to the Issuer, the Owner
Trustee and the Indenture Trustee an agreement, in form and substance
reasonably satisfactory to the Owner Trustee and the Indenture Trustee, in
which such corporation or other organization agrees to be bound hereunder by
the terms of said assignment in the same manner as the Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any successors
or assigns of the parties hereto. 

          Section
13. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

          Section
14. Headings. The section and subsection headings hereof have been
inserted for convenience of reference only and shall not be construed to affect
the meaning, construction or effect of this Agreement. 

          Section
15. Counterparts. This Agreement may be executed in several counterparts
including by telefax or electronic imaging transmission thereof (and by
different parties on separate counterparts), each of which shall be an original
and all of which shall constitute but one and the same agreement. 

11

          Section
16. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such
prohibition or unenforceability without invalidating 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. 

          Section
17. Not Applicable to CFUSA in Other Capacities. Nothing in this
Agreement shall affect any obligation CFUSA may have in any other capacity. 

          Section
18. Limitation of Liability of Owner Trustee and Indenture Trustee. 

               (a)
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by Deutsche Bank Trust Company Delaware, not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Deutsche Bank Trust Company Delaware, in its individual
capacity or any beneficial owner of the Issuer have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of the
Trust Agreement which apply to or extend to the benefit of the Owner Trustee. 

               (b)
Notwithstanding anything contained herein to the contrary, this Agreement has
been countersigned by Manufacturers and Traders Trust Company not in its
individual capacity but solely as Indenture Trustee and in no event shall
Manufacturers and Traders Trust Company have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any
duties or obligations of the Indenture Trustee hereunder, Manufacturers and
Traders Trust Company shall be subject to, and entitled to the benefits of, any
terms and provisions of the Indenture which apply to or extend to the benefit
of the Indenture Trustee. 

          Section
19. Third-party Beneficiary. The Owner Trustee and the Swap Counterparty
are third-party beneficiaries to this Agreement and are entitled to the rights
and benefits hereunder and may enforce the provisions hereof as if each was a
party hereto. 

          Section
20. Bankruptcy Petition. 

               (a)
The Indenture Trustee and the Administrator, by entering into this Agreement,
hereby covenant and agree that they will not at any time institute against the
Issuer or the Depositor or join in any institution against the Issuer or the
Depositor, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law. 

               (b)
The Indenture Trustee and the Administrator further covenant and agree that the
obligations of this Section 20 shall survive termination of this Agreement. 

12

          Section
21. Limited Recourse. 

               (a)
Each of the Indenture Trustee and the Administrator, by entering into this
Agreement, hereby covenants and agrees that it shall only have recourse against
the Issuer or the Depositor to the extent of the funds on hand and assets of
the Issuer or the Depositor, respectively and, with respect to the Issuer, any
such recourse shall extend only to amounts in excess of amounts necessary to
make payments on the Notes. 

               (b)
Each of the Indenture Trustee and the Administrator agree that the obligations
of this Section 21 shall survive termination of this Agreement. 

          Section
22. Survivability. The obligations of the Administrator described in
Section 1(a)(ii)(B) hereof shall survive termination of this Agreement. 

[Signature Page Follows]

13

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

	
 
	
 
	
 

	
 
	
CIT
  EQUIPMENT COLLATERAL 2008-VT1

	
 
	
 
	
 

	
 
	
By:
	
DEUTSCHE
  BANK TRUST COMPANY

	
 
	
 
	
DELAWARE, not
  in its individual

  capacity but solely as Owner Trustee

	
 
	
 
	
 

	
 
	
By:
	
/s/ Irene Siegel

	
 
	
 
	

	
 
	
 
	
Name: 
	Irene Siegel
	
 
	
 
	
Title: 
	Attorney-in-fact
	
 
	
 
	
 

	
 
	
By:
	
/s/ Aranka R. Paul

	
 
	
 
	

	
 
	
 
	
Name:
	Aranka R. Paul
	
 
	
 
	
Title: 
	Attorney-in-fact
	
 
	
 
	
 

	
 
	
CIT FUNDING COMPANY,
  LLC, as Depositor

	
 
	
 
	
 

	
 
	
By:
	
/s/ Usama F. Ashraf

	
 
	
 
	

	
 
	
 
	
Name:
	Usama F. Ashraf
	
 
	
 
	
Title:
	Senior Vice President and Assistant Treasurer
	
 
	
 
	
 

	
 
	
MANUFACTURERS
  AND TRADERS TRUST

  COMPANY, not in its individual capacity but

  solely as Indenture Trustee

	
 
	
 
	
 

	
 
	
By:
	
/s/ Dante M. Monakil

	
 
	
 
	

	
 
	
 
	
Name:
	Dante M. Monakil
	
 
	
 
	
Title: 
	Vice President
	
 
	
 
	
 

	
 
	
By:
	
/s/ David L. Williams

	
 
	
 
	

	
 
	
 
	
Name:
	David L. Williams
	
 
	
 
	
Title:
	Vice President
	
 
	
 
	
 

	
 
	
CIT
  FINANCIAL USA, INC., as Administrator

	
 
	
 
	
 

	
 
	
By:
	
/s/ Usama F. Ashraf

	
 
	
 
	

	
 
	
 
	
Name:
	Usama F. Ashraf
	
 
	
 
	
Title:
	Senior Vice President and Assistant Treasurer

EXHIBIT A

LIMITED POWER OF ATTORNEY

	
 

	
 

	
State of

	
)

	
 

	
) ss.:

	
County of

	
)

                    KNOW
ALL PERSONS BY THESE PRESENTS, that Deutsche Bank Trust Company Delaware, not
in its individual capacity but solely as owner trustee (the “Owner Trustee”) of
CIT Equipment Collateral 2008-VT1, a Delaware statutory trust (the “Trust”), by
and through its duly elected and authorized officer named below, on behalf of
the Trust as Issuer under the Administration Agreement, dated as of April 1,
2008 (the “Administration Agreement”), among the Trust, CIT Funding Company,
LLC, Manufacturers and Traders Trust Company, as Indenture Trustee, and CIT
Financial USA, Inc., as Administrator, does hereby nominate, constitute and
appoint CIT Financial USA, Inc., a Delaware corporation, each of its officers
from time to time and each of its employees authorized by it from time to time
to act hereunder, jointly and each of them severally, together or acting alone,
its true and lawful attorney-in-fact, for the Issuer in its name, place and
stead, in the sole discretion of such attorney-in-fact, to perform such
calculations and prepare or cause the preparation by other appropriate persons
of, and to execute on behalf of the Issuer, all such documents, reports,
filings, instruments, certificates and opinions that the Issuer or the Owner
Trustee is required to prepare, file or deliver pursuant to the Administration
Agreement or the Trust Agreement, and to take any and all other action, as such
attorney-in-fact may deem necessary or desirable in accordance with the
directions of the Owner Trustee or the Issuer and in connection with its duties
as Administrator or successor Administrator under the Administration Agreement.
Capitalized terms used herein that are not otherwise defined shall have the
meanings ascribed thereto in the Administration Agreement.

                    The
Issuer hereby ratifies and confirms the execution, delivery and performance
(whether before or after the date hereof) of the above-mentioned documents,
reports, filings, instruments, certificates and opinions, by the
attorney-in-fact and all that the attorney-in-fact shall lawfully do or cause
to be done by virtue hereof.

                    The
Issuer hereby agrees that no Person or other entity dealing with the
attorney-in-fact shall be bound to inquire into such attorney-in-fact’s power
and authority hereunder and any such Person or entity shall be fully protected
in relying on such power and authority.

                    This
Limited Power of Attorney may not be assigned without the prior written consent
of the Issuer. It is effective immediately and will continue until it is
revoked.

                    This
Limited Power of Attorney shall be governed and construed in accordance with
the laws of the State of New York without reference to principles of conflicts
of law.

A-1

                    Executed
as of this 1st day of April, 2008.

	
 

	
 

	
 

	
 

	
 

	
CIT
  EQUIPMENT COLLATERAL 2008-VT1

	
 

	
 

	
 

	
 

	
 

	
By:

	
DEUTSCHE
  BANK TRUST

  COMPANY DELAWARE, not in

  its individual capacity but solely as 

  Owner Trustee

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

A-2

CERTIFICATE OF ACKNOWLEDGMENT OF

NOTARY PUBLIC

	
 

	
 

	
State of

	
)

	
 

	
) ss.:

	
County of

	
)

                    On
[     ], 2008 before me,

	
 

	
 

	

	
 

	
 

	
                    [insert
  date]

	
[Here insert
  name and title of notary]

	
 

	
                    personally
  appeared

	
 

	
 

	
 

	

	
 

	
                    personally
  known to me, or

	
 

                    proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s)
is/are

subscribed to
the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ties), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of
which person(s) acted, executed the instrument.

                    WITNESS
my hand and official seal.

	
 

	
 

	
 

	
                    Signature

	
_____________________________________________________________

	
[SEAL]

	
 

	
 

	
 

A-3SPECIMEN 

	
EXHIBIT 4.1 

COMMON STOCK

COMMON STOCK

SAFE BULKERS, INC.

INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP Y7388L 10 3

THIS CERTIFIES THAT

IS THE RECORD HOLDER OF

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $0.001 PAR VALUE
PER SHARE, OF

SAFE BULKERS, INC.

transferable on the books of the Corporation in person or by duly authorized
attorney upon surrender of this Certificate properly
 endorsed. This Certificate is not valid
until countersigned by the Transfer Agent and registered by the Registrar.

Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

Dated:

SECRETARY

CHIEF EXECUTIVE OFFICER

SAFE BULKERS,
INC.

          The Corporation will furnish
without charge to each stockholder who so requests a statement of the
designations, powers, preferences and relative participating, optional or other
special rights of each class of stock or series thereof of the Corporation and
the qualifications, limitations or restrictions of such preferences and/or
rights. Such request may be made to the Secretary of the Corporation or the
Transfer Agent.

          THIS CERTIFICATE ALSO
EVIDENCES AND ENTITLES THE HOLDER HEREOF TO CERTAIN RIGHTS AS SET FORTH IN A
STOCKHOLDERS RIGHTS AGREEMENT BETWEEN SAFE BULKERS, INC. AND AMERICAN STOCK
TRANSFER & TRUST COMPANY, AS THE RIGHTS AGENT (THE “RIGHTS AGREEMENT”), THE
TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH
IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF SAFE BULKERS, INC. UNDER
CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL
BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO LONGER BE EVIDENCED BY THIS
CERTIFICATE. SAFE BULKERS, INC. WILL MAIL TO THE HOLDER OF THIS CERTIFICATE A
COPY OF THE RIGHTS AGREEMENT WITHOUT CHARGE AFTER RECEIPT OF A WRITTEN REQUEST
THEREFOR. UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS
ISSUED TO, OR HELD BY, ANY PERSON WHO IS, WAS OR BECOMES AN ACQUIRING PERSON OR
ANY AFFILIATE OR ASSOCIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS
AGREEMENT), WHETHER CURRENTLY HELD BY OR ON BEHALF OF SUCH PERSON OR BY ANY
SUBSEQUENT HOLDER, MAY BECOME NULL AND VOID.  

          The following abbreviations,
when used in the inscription on the face of this certificate, shall be
construed as though they were written out in full according to applicable laws
or regulations:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
TEN COM 

	
–

	
 as tenants in common

	
 

	
UNIF GIFT MIN ACT – _________________
 Custodian __________________ 

	
TEN ENT 

	
–

	
 as tenants by the
 entireties

	
 

	
 

	
            (Cust)

	
          (Minor)

	
JT TEN 

	
–

	
 as joint tenants with right
 of survivorship

	
 

	
 

	
under Uniform Gifts to
 Minors

	
 

	
 

	
 and not as tenants in
 common

	
 

	
 

	
Act
 ________________________________________ 

	
COM PROP 

	
–

	
 as community property

	
 

	
 

	
(State)

	
 

	
 

	
 UNIF
TRF MIN ACT – _________________ Custodian (until age __________)

	
 

	
 

	
 

	
          (Cust)

	
 

	
 

	
 

	
________________________ under Uniform Transfers

	
 

	
 

	
 

	
                (Minor) 

	
 

	
 

	
 

	
to Minors Act ________________________________

	
 

	
 

	
 

	
(State)

Additional abbreviations may
also be used though not in the above list.

          FOR
VALUE RECEIVED, ___________________________ hereby sell, assign and transfer
unto

	
 

	
 

	
 

	
PLEASE
 INSERT SOCIAL SECURITY OR OTHER

 IDENTIFYING NUMBER OF ASSIGNEE

	
 

	
 

	
 

	
 

	
 

	
 

	
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
 INCLUDING ZIP CODE, OF ASSIGNEE)

	
 

	
 

	
 

	
 

	
 

	

_________________________________________________________________________________________________________________ Shares

	
of the capital stock
represented by the within Certificate, and do hereby irrevocably constitute and
appoint

	
 

	
________________________________________________________________________________________________________________ Attorney

	
to transfer the said
stock on the books of the within named Corporation with full power of substitution
in the premises.

	
 

	
Dated
 _________________________________

	
 

	
 

	
 

	
 

	
 

	

	
 

	
NOTICE:   

	
THE SIGNATURE(S) TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME(S) AS WRITTEN UPON
THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATEVER.

	
 

	
 

	
 

	
Signature(s) Guaranteed

	
 

	
 

	
 

	
 

	
 

	
 

	
By

	
 

	
 

	 	

	
 

	
 

	
THE SIGNATURE(S) MUST BE
GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS
AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

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