INTERPOOL INC
EX-10.57
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<TYPE>EX-10
<SEQUENCE>18
<FILENAME>interpool-ex1057_030906.htm
<DESCRIPTION>EX-10.57
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<P ALIGN=CENTER><FONT SIZE=3>AMENDMENT NO. 1<BR>
<BR>
To that certain<BR>
<BR>
NOTE PURCHASE AGREEMENT</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment No. 1, dated as of April ___, 2000 ("Amendment No. 1"), is
made by and between Container Applications International, Inc. (the
"Company"), a Nevada corporation having offices located at 3
Embarcadero Center, Suite 1850, San Francisco, California 94111-3834, and
Interpool, Inc. (the "Purchaser"), a Delaware corporation having
offices located at 211 College Road East, Princeton, New Jersey 08540.
</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Company and the Purchaser are parties to that certain Note Purchase
Agreement, dated as of April 30, 1998 (the "Note Purchase Agreement"),
pursuant to which the Company has sold and the Purchaser has purchased a Note in
the aggregate principal amount of Thirty-Three Million Six Hundred Fifty
Thousand Dollars ($33,650,000.00) under the terms and conditions set forth
therein; and </FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Company has requested that the Purchaser consent to amend certain
terms and provisions of the Note Purchase Agreement as set forth therein;</FONT></P>

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<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, the parties agree as follows: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1.&nbsp;&nbsp;&nbsp;Section 6.1(b)&#151;Consolidated Adjusted Tangible Net
Worth. Subject to the satisfaction of the conditions precedent set forth in
Section 3 hereof, Section 6.1(b) of the Note Purchase Agreement is hereby
deleted and replaced as follows:</FONT></P>

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<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
"(b)&nbsp;&nbsp;&nbsp;Consolidated Adjusted Tangible Net Worth. The
Company will not permit Consolidated Adjusted Tangible Net Worth at any time to
be less than the sum of (i) $40,000,000.00 plus (ii) fifty percent (50%) of
positive Consolidated Net Income for each fiscal quarter ending after April 1,
2000 (with no deductions for any quarter in which there is a net
loss)."</TD>
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<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp;&nbsp;&nbsp;Section 6.1(d)&#151;Interest Coverage. Subject to the
satisfaction of the conditions precedent set forth in Section 3 hereof, the
Periods and Ratios set forth in Section 6.1(d) of the Note Purchase Agreement
are hereby deleted and replaced as follows:</FONT></P>

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<TD WIDTH=30% ALIGN=LEFT></TD>
<TD WIDTH=35%>"<U>Period</U><BR>
<BR>
1/1/00-9/30/01<BR>
10/1/01-3/31/02<BR>
4/1/02-9/30/03<BR>
10/1/03 and thereafter</TD>
<TD WIDTH=35%><U>Ratio</U><BR>
<BR>
1.00:1.00.<BR>
1.05:1.00.<BR>
1.20:1.00.<BR>
1.40:1.00."</TD>
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<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp;&nbsp;&nbsp; Effectiveness. This Amendment No. 1 shall become effective
as of the date hereof upon the satisfaction of each of the following conditions
precedent:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp; Execution and delivery of a counterpart signature page to
this Amendment by each of the Company and the Purchaser.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp; Satisfaction of each of the conditions precedent set forth
in Section 4 of the Amendment No. 2 to that certain Fourth Restated Revolving
Credit and Term Loan Agreement, dated as of April __, 2000, by and among the
Company, the lending institutions referred to therein as Banks (the
"Banks"), Fleet National Bank (f/k/a BankBoston, N.A.), as
administrative agent for the Banks, and Union Bank of California, N.A., as
co-agent for the Banks.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp;&nbsp;&nbsp; Miscellaneous. This Amendment No. 1 may be executed in any
number of counterparts, but all such counterparts shall together constitute but
one instrument. In making proof of this Amendment No. 1 it shall not be
necessary to produce or account for more than one counterpart signed by each
party hereto by and against which enforcement is sought.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 as an
agreement under seal this _______ day of April, 2000. </FONT></P>

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<TD WIDTH=50% ALIGN=LEFT>Container Applications International, Inc.<BR>
<BR>
<BR>
By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
<TD WIDTH=50%>Interpool, Inc.<BR>
<BR>
<BR>
By:&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</TD>
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