Exhibit 10.2
EXECUTION COPY
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ADMINISTRATION AGREEMENT
among
CIT EQUIPMENT COLLATERAL 2004-VT1,
as Issuer,
CIT FINANCIAL USA, INC.,
as Administrator
NCT FUNDING COMPANY, L.L.C.,
as Trust Depositor,
and
JPMORGAN CHASE BANK,
as Indenture Trustee
Dated as of February 1, 2004
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TABLE OF CONTENTS
Page
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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...................7
Section 5. Independence of the Administrator......................................7
Section 6. No Joint Venture.......................................................7
Section 7. Other Activities of Administrator......................................7
Section 8. Term of Agreement; Resignation and Removal of Administrator............8
Section 9. Action upon Termination, Resignation or Removal........................8
Section 10. Notices................................................................9
Section 11. Amendments............................................................10
Section 12. Successors and Assigns................................................11
Section 13. Governing Law.........................................................11
Section 14. Headings..............................................................11
Section 15. Counterparts..........................................................11
Section 16. Severability..........................................................11
Section 17. Not Applicable to CFUSA in Other Capacities...........................11
Section 18. Limitation of Liability of Owner Trustee and Indenture Trustee........11
Section 19. Third-party Beneficiary...............................................12
Section 20. Survivability.........................................................12
EXHIBIT A LIMITED POWER OF ATTORNEY
i
This Administration Agreement, dated as of February 1, 2004 (this
"Agreement"), is among CIT Equipment Collateral 2004-VT1 (the "Issuer"), CIT
Financial USA, Inc. (together with its successors and assigns, "CFUSA" and in
its capacity as administrator, the "Administrator"), NCT Funding Company, L.L.C.
(together with its successors and assigns, the "Trust Depositor"), and JPMorgan
Chase Bank, not in its individual capacity but solely as Indenture Trustee
(together with its successors and assigns, the "Indenture Trustee").
WITNESSETH:
WHEREAS, the Issuer is issuing 1.12% Class A-1 Receivable-Backed Notes,
1.54% Class A-2 Receivable-Backed Notes, 2.20% Class A-3 Receivable-Backed
Notes, 2.70% Class A-4 Receivable-Backed Notes, 1.96% Class B Receivable-Backed
Notes, 2.10% Class C Receivable-Backed Notes, and 2.83% 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 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 (references are to Sections of the Indenture):
(A) 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);
(B) the notification of Noteholders of the final principal
payment on their Notes (Section 2.07(b)) or indicate on the Servicer Report that
the Principal Amount is 0;
(C) the preparation of or obtaining of the documents and
instruments required for execution and authentication of the Notes and delivery
of the same to the Indenture Trustee (Section 2.02);
(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 in New York, New York, or
the appointment of the Indenture Trustee as its agent therefor, for registration
of transfer or exchange of Notes (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 the Indenture Trustee to deposit monies
with Paying Agents, if any, other than the Indenture Trustee (Section 3.03);
(H) 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);
(I) the preparation of all supplements and amendments to the
Indenture and all financing statements, continuation statements, instruments of
further
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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);
(J) the delivery of certain statements as to compliance with
the Indenture (Sections 3.09);
(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 3.07(b));
(L) the notification of the Indenture Trustee and each
Rating Agency of a Servicer Default under the Pooling and Servicing Agreement;
(M) the preparation and obtaining of documents and
instruments required for the release of the Issuer from its obligations under
the Indenture (Section 3.10(b));
(N) 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);
(O) 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);
(P) the preparation and delivery of notice to Noteholders of
the removal of the Indenture Trustee and the appointment of a successor
Indenture Trustee (Section 6.08);
(Q) the preparation of any written instruments required to
confirm more fully the authority of any Delaware trustee, co-trustee or separate
trustee and any written instruments necessary in connection with the resignation
or removal of the Delaware Trustee, the Indenture Trustee or any co-trustee or
separate trustee (Sections 7A.02, 6.08 and 6.10);
(R) 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);
(S) the filing of reports required by the Commission or
under the TIA (Section 7.03);
(T) 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);
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(U) the preparation of an Issuer Request and Officer's
Certificate and the obtaining of an Opinion of Counsel and Independent
Certificates, if necessary, for the release of the Collateral (Sections 8.04 and
8.05);
(V) 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);
(W) the execution and delivery of new Notes conforming to
any supplemental indenture (Section 9.06);
(X) the duty to notify Noteholders of redemption of the
Notes or to cause the Indenture Trustee to provide such notification (Section
10.02);
(Y) the preparation and delivery of all Officer's
Certificates, Opinions of Counsel 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));
(Z) the preparation and delivery of Officer's Certificates
and the obtaining of Independent Certificates, if necessary, for the release of
property from the lien of the Indenture (Section 11.01(b));
(AA) the notification of the Rating Agencies, of any merger
or consolidation involving the Issuer, the Servicer, the Delaware Trustee, the
Owner Trustee or the Indenture Trustee and upon the failure of the Issuer, the
Delaware Trustee, the Owner Trustee or the Indenture Trustee to provide
notification;
(BB) 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
(CC) the recording of the Indenture, if applicable (Section
11.14).
(ii) The Administrator will:
(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 or bad faith;
(B) assume the Issuer's obligations set forth in Section
6.07 of the Indenture; and
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(C) indemnify the Delaware Trustee and the Owner Trustee
(including each 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 or bad faith 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 (and including without limitation, an indemnity as
described above with respect to the Trust Depositor's obligations in favor of
the Owner Trustee under Section 8.02 of the Trust Agreement).
(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 or
Section 5.03, Section 6.01 or Section 6.02 of the Trust Agreement, and at the
request of the Owner Trustee shall take all appropriate action 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 and the Issuer all such
documents, reports, filings, instruments, certificates and opinions. Subject to
Section 5, 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 5.04 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 the duties of the Owner Trustee and the Trust set forth in
Section 5.07 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 Owner or the
Administrator and which are necessary to enable the Trust to prepare its federal
and state income tax returns in its possession as requested by the Owner or the
Administrator.
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(iv) The Administrator shall satisfy its obligations with respect
to clauses (ii) and (iii) above by retaining, at the expense of the Trust
payable by the Administrator, 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 Delaware Trustee or
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, the Delaware
Trustee 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 or state income tax purposes or (C) would be contrary to the purpose
of the Trust.
(vii) Upon acceptance of appointment by a successor Delaware
Trustee or a successor Owner Trustee pursuant to the Trust Agreement, the
Administrator shall mail notice thereof to the Equity Certificateholder, the
Indenture Trustee, the Noteholders 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 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;
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(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 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 Trust Depositor and the Administrator.
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, the Delaware Trustee or
the Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer, the Delaware Trustee or the Owner Trustee.
Section 6. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and any of the Issuer, the Delaware Trustee 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 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
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person or entity may engage in business activities similar to those of the
Issuer, the Delaware Trustee, 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), 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), the Issuer may remove
the Administrator 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), 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.
The Administrator agrees that if any of the events 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), the Administrator acknowledges
that upon the appointment of a Successor Servicer pursuant to the Pooling and
Servicing Agreement, the Administrator shall immediately resign (subject to
Section 8(d) hereof).
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)
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
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termination pursuant to Section 8 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 (a), (b) or (c), respectively, the Administrator shall
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, 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.
▇ ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
Attn: Treasury - Securitization
Fax No.: (▇▇▇) ▇▇▇-▇▇▇▇
Tel. No.: (▇▇▇) ▇▇▇-▇▇▇▇
(ii) If to the Trust Depositor:
NCT Funding Company, L.L.C.
▇ ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Treasury - Securitization
Fax No.: (▇▇▇) ▇▇▇-▇▇▇▇
Tel. No.: (▇▇▇) ▇▇▇-▇▇▇▇
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(iii) If to the Indenture Trustee:
JPMorgan Chase Bank
▇ ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇
Attn: Institutional Trust Services / Global Debt - CIT Equipment
Collateral 2004-VT1
Fax No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
(iv) If to the Issuer or the Owner Trustee:
The Bank of New York
▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Attn: Corporate Trust Administration, CIT Equipment Collateral
2004-VT1
Fax No.: (▇▇▇) ▇▇▇-▇▇▇▇
Telephone No.: (▇▇▇) ▇▇▇-▇▇▇▇
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 and the Delaware Trustee but without the
consent of the Noteholders and the Equity Certificateholder, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Equity Certificateholder; provided that such amendment will
not, in the Opinion of Counsel satisfactory to the Indenture Trustee, materially
and adversely affect the interest of any Noteholder or the Equity
Certificateholder. This Agreement may also be amended by the parties hereto with
the written consent of the Owner Trustee and the Required Holders for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of
Noteholders or the Equity Certificateholder; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or accelerate
or delay the timing of, collections of payments on the Contracts or
distributions that are required to be made for the benefit of the Noteholders or
the Equity Certificateholder or (ii) reduce the aforesaid percentage of the
Noteholders and the Equity Certificateholder which are required to consent to
any such amendment, without the consent of the Noteholders of all outstanding
Notes and the Equity Certificate. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the permission of the Trust
Depositor, which permission shall not be unreasonably withheld. 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.
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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 Delaware Trustee, 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 Delaware Trustee, the Owner Trustee and the Indenture Trustee
an agreement, in form and substance reasonably satisfactory to the Delaware
Trustee, 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 GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK
(INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK) WITHOUT REGARD TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF, 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, each of which shall be an original and all of which shall
constitute but one and the same agreement.
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 The Bank of New York, not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer and in no
event shall The Bank of New York in its individual capacity, The Bank of New
York (Delaware) in its individual capacity or any
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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 and the Delaware Trustee shall each
be subject to, and entitled to the benefits of, the terms and provisions of the
Trust Agreement.
(b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by JPMorgan Chase Bank not in its individual
capacity but solely as Indenture Trustee and in no event shall JPMorgan Chase
Bank 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, JPMorgan Chase Bank shall be subject to, and
entitled to the benefits of, the terms and provisions of the Indenture.
Section 19. Third-party Beneficiary. Each of the Owner Trustee and the
Delaware Trustee is a third-party beneficiary to this Agreement and is entitled
to the rights and benefits hereunder and may enforce the provisions hereof as if
it were a party hereto.
Section 20. Survivability. The obligations of the Administrator described
in Section 1(a)(ii) hereof shall survive termination of this Agreement.
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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 2004-VT1
By: THE BANK OF NEW YORK, not in its
individual capacity but solely as
Owner Trustee
By:
-------------------------------------
Printed Name:
---------------------------
Title:
----------------------------------
NCT FUNDING COMPANY, L.L.C.
as Trust Depositor
By:
-------------------------------------
Printed Name:
---------------------------
Title:
----------------------------------
JPMORGAN CHASE BANK
not in its individual capacity but
solely as Indenture Trustee
By:
-------------------------------------
Printed Name:
---------------------------
Title:
----------------------------------
CIT FINANCIAL USA, INC., as Administrator
By:
-------------------------------------
Printed Name:
---------------------------
Title:
----------------------------------
13
EXHIBIT A
LIMITED POWER OF ATTORNEY
State of New York )
) SS.
County of New York )
KNOW ALL PERSONS BY THESE PRESENTS, that The Bank of New York, not in its
individual capacity but solely as owner trustee (the "Owner Trustee") of CIT
Equipment Collateral 2004-VT1, a Delaware statutory trust (the "Trust"), by and
through its duly elected and authorized officer named below, on behalf of itself
and on behalf of the Trust as Issuer under the Administration Agreement, dated
as of February 1, 2004 (the "Administration Agreement"), among the Trust, NCT
Funding Company, L.L.C., JPMorgan Chase Bank, 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 Owner Trustee and the Issuer in
their name, place and ▇▇▇▇▇, 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 or the Owner
Trustee, 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, 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 and the Owner Trustee hereby ratify and confirm 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 and the Owner Trustee hereby agree 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 of authority.
This Limited Power of Attorney may not be assigned without the prior
written consent of the Issuer and the Owner Trustee. 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.
Executed as of the 1st day of February, 2004.
THE BANK OF NEW YORK, not in its
individual capacity but solely as Owner
Trustee
By:
-------------------------------------
Printed Name:
---------------------------
Title:
----------------------------------
CIT EQUIPMENT COLLATERAL 2004-VT1
By: THE BANK OF NEW YORK, not in its
individual capacity but solely as
Owner Trustee
By:
-------------------------------------
Printed Name:
---------------------------
Title:
----------------------------------
2
CERTIFICATE OF ACKNOWLEDGMENT OF
NOTARY PUBLIC
State of New York )
) SS.
County of New York )
On [_______], 2004 [insert date] before me, ____________________________
_____________________________________ [Here insert name and title of notary]
personally appeared ______________________________________________________
o personally known to me, or
o 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]
------------------------------------------------
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