INTERPOOL INC
EX-10.58
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>interpool-ex1058_111004.htm
<DESCRIPTION>EX-10.58
<TEXT>
<HTML>
<HEAD>
<TITLE>Ex-10.58</TITLE>
</HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=3><B>EXECUTION</B></FONT></P>
<BR>
<BR>



<P ALIGN=CENTER><FONT SIZE=3><B>AMENDED AND RESTATED CREDIT AGREEMENT</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>Dated as of<BR>
November 1, 2004</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>among</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>INTERPOOL CONTAINER FUNDING, SRL,<BR>
as the Borrower</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>INTERPOOL, INC.,<BR>
as the Parent Guarantor</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>FORTIS BANK (NEDERLAND) N.V.,<BR>
as the Agent</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>and</B></FONT></P>
<BR>
<BR>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>THE LENDERS NAMED HEREIN</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>TABLE OF CONTENTS</B></FONT></P>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT><BR>
<BR>
SECTION 1.</TD>
<TD WIDTH=75%><BR>
<BR>
DEFINITIONS; RULES OF INTERPRETATION.
</TD>
<TD WIDTH=5% ALIGN=LEFT><B><U>Page</U></B><BR>
<BR>
1</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 1.1
</TD>
<TD WIDTH=75%>
Definitions
</TD>
<TD WIDTH=5% ALIGN=LEFT>1
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 1.2
</TD>
<TD WIDTH=75%>
Rules of Interpretation
</TD>
<TD WIDTH=5% ALIGN=LEFT>33
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 2. </TD>
<TD WIDTH=75%>
THE CREDIT LOAN.
</TD>
<TD WIDTH=5% ALIGN=LEFT>34</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.1
</TD>
<TD WIDTH=75%>
Commitments to Make Credit Loans
</TD>
<TD WIDTH=5% ALIGN=LEFT>34
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.2
</TD>
<TD WIDTH=75%>The Notes

</TD>
<TD WIDTH=5% ALIGN=LEFT>35
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.3
</TD>
<TD WIDTH=75%>
Principal Payments on the Notes
</TD>
<TD WIDTH=5% ALIGN=LEFT>35
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.4
</TD>
<TD WIDTH=75%>Interest on the Credit Loan

</TD>
<TD WIDTH=5% ALIGN=LEFT>36
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.5
</TD>
<TD WIDTH=75%>
Revolving Credit Facility
</TD>
<TD WIDTH=5% ALIGN=LEFT>37
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.6
</TD>
<TD WIDTH=75%>Fees

</TD>
<TD WIDTH=5% ALIGN=LEFT>37
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.7
</TD>
<TD WIDTH=75%>
Prepayments
</TD>
<TD WIDTH=5% ALIGN=LEFT>37
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.8
</TD>
<TD WIDTH=75%>Illegality or Impossibility

</TD>
<TD WIDTH=5% ALIGN=LEFT>38
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.9
</TD>
<TD WIDTH=75%>
Additional Costs and Expenses; Reserve Charge; Capital Requirements
</TD>
<TD WIDTH=5% ALIGN=LEFT>39
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.10
</TD>
<TD WIDTH=75%>
The Aunt's or Lender's Certificates
</TD>
<TD WIDTH=5% ALIGN=LEFT>40
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.11
</TD>
<TD WIDTH=75%>
Pro Rata Treatment
</TD>
<TD WIDTH=5% ALIGN=LEFT>41
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.12
</TD>
<TD WIDTH=75%>
Funding of Credit Loans
</TD>
<TD WIDTH=5% ALIGN=LEFT>41
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.13
</TD>
<TD WIDTH=75%>
Obligations Several
</TD>
<TD WIDTH=5% ALIGN=LEFT>41
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.14
</TD>
<TD WIDTH=75%>
Replacement of an Affected Lender
</TD>
<TD WIDTH=5% ALIGN=LEFT>41
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.15
</TD>
<TD WIDTH=75%>
Form and Terms of Payment
</TD>
<TD WIDTH=5% ALIGN=LEFT>41
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.16
</TD>
<TD WIDTH=75%>Funding Losses

</TD>
<TD WIDTH=5% ALIGN=LEFT>42
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.17
</TD>
<TD WIDTH=75%>
Payments Free and Clear of Taxes
</TD>
<TD WIDTH=5% ALIGN=LEFT>42
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.18
</TD>
<TD WIDTH=75%>
Trust Account
</TD>
<TD WIDTH=5% ALIGN=LEFT>43
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.19
</TD>
<TD WIDTH=75%>
Restricted Cash Account
</TD>
<TD WIDTH=5% ALIGN=LEFT>47
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 2.20
</TD>
<TD WIDTH=75%>Investments

</TD>
<TD WIDTH=5% ALIGN=LEFT>48
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 3. </TD>
<TD WIDTH=75%>
REPRESENTATIONS AND WARRANTIES.
</TD>
<TD WIDTH=5% ALIGN=LEFT>48</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.1
</TD>
<TD WIDTH=75%>
Corporate Existence and Good Standing, Etc
</TD>
<TD WIDTH=5% ALIGN=LEFT>48
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.2
</TD>
<TD WIDTH=75%>
Corporate Power; Consents; Absence of Conflict with Other Agreements, Etc
</TD>
<TD WIDTH=5% ALIGN=LEFT>49
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.3
</TD>
<TD WIDTH=75%>
Title to Properties
</TD>
<TD WIDTH=5% ALIGN=LEFT>49
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.4
</TD>
<TD WIDTH=75%>
Financial Statements
</TD>
<TD WIDTH=5% ALIGN=LEFT>49
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.5
</TD>
<TD WIDTH=75%>
No Material Changes, Etc
</TD>
<TD WIDTH=5% ALIGN=LEFT>50
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.6
</TD>
<TD WIDTH=75%>
Litigation
</TD>
<TD WIDTH=5% ALIGN=LEFT>50
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.7
</TD>
<TD WIDTH=75%>
No Materially Adverse Contracts, Etc
</TD>
<TD WIDTH=5% ALIGN=LEFT>50
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.8
</TD>
<TD WIDTH=75%>
Compliance with Other Instruments Laws, Etc.
</TD>
<TD WIDTH=5% ALIGN=LEFT>50
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.9
</TD>
<TD WIDTH=75%>
Tax Status
</TD>
<TD WIDTH=5% ALIGN=LEFT>50
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.10
</TD>
<TD WIDTH=75%>
Compliance with ERISA
</TD>
<TD WIDTH=5% ALIGN=LEFT>51
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.11
</TD>
<TD WIDTH=75%>
Environmental Matters
</TD>
<TD WIDTH=5% ALIGN=LEFT>51
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.12
</TD>
<TD WIDTH=75%>
No Default
</TD>
<TD WIDTH=5% ALIGN=LEFT>52
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.13
</TD>
<TD WIDTH=75%>
Patents, Copyrights, Permits, Trademarks, Licenses and Leases
</TD>
<TD WIDTH=5% ALIGN=LEFT>52
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.14
</TD>
<TD WIDTH=75%>
Use of Proceeds
</TD>
<TD WIDTH=5% ALIGN=LEFT>52
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.15
</TD>
<TD WIDTH=75%>
Capitalization
</TD>
<TD WIDTH=5% ALIGN=LEFT>53
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.16
</TD>
<TD WIDTH=75%>
Subsidiaries
</TD>
<TD WIDTH=5% ALIGN=LEFT>53
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.17
</TD>
<TD WIDTH=75%>
Holding Company and Investment Company Acts
</TD>
<TD WIDTH=5% ALIGN=LEFT>53
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.18
</TD>
<TD WIDTH=75%>
Pension Plans
</TD>
<TD WIDTH=5% ALIGN=LEFT>53
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.19
</TD>
<TD WIDTH=75%>
Disclosure
</TD>
<TD WIDTH=5% ALIGN=LEFT>53
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.20
</TD>
<TD WIDTH=75%>
Title to Lease and Container
</TD>
<TD WIDTH=5% ALIGN=LEFT>53
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.21
</TD>
<TD WIDTH=75%>
 First Lien
</TD>
<TD WIDTH=5% ALIGN=LEFT>54
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.22
</TD>
<TD WIDTH=75%>
Survival of Representations and Warranties, Etc.
</TD>
<TD WIDTH=5% ALIGN=LEFT>54
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.23
</TD>
<TD WIDTH=75%>Waiver of Immunity

</TD>
<TD WIDTH=5% ALIGN=LEFT>54
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.24
</TD>
<TD WIDTH=75%>
Eligible Leases; Eligible Container
</TD>
<TD WIDTH=5% ALIGN=LEFT>54
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.25
</TD>
<TD WIDTH=75%>
 Borrowing for Own Benefit
</TD>
<TD WIDTH=5% ALIGN=LEFT>54
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.26
</TD>
<TD WIDTH=75%>
Forbearance Agreements
</TD>
<TD WIDTH=5% ALIGN=LEFT>54
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 3.27
</TD>
<TD WIDTH=75%>
Foreign Assets Control Regulations
</TD>
<TD WIDTH=5% ALIGN=LEFT>55
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 4.  </TD>
<TD WIDTH=75%>
CONDITIONS TO CLOSING.
</TD>
<TD WIDTH=5% ALIGN=LEFT>55</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.1
</TD>
<TD WIDTH=75%>
Request for Funds
</TD>
<TD WIDTH=5% ALIGN=LEFT>55
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.2
</TD>
<TD WIDTH=75%>
Representations and Warranties
</TD>
<TD WIDTH=5% ALIGN=LEFT>55
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.3
</TD>
<TD WIDTH=75%>Performance; No Default

</TD>
<TD WIDTH=5% ALIGN=LEFT>55
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.4
</TD>
<TD WIDTH=75%>
Delivery of Officer's Certificate
</TD>
<TD WIDTH=5% ALIGN=LEFT>56
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.5
</TD>
<TD WIDTH=75%>
Legality Consents
</TD>
<TD WIDTH=5% ALIGN=LEFT>56
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.6
</TD>
<TD WIDTH=75%>
Delivery of Loan Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>56
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.7
</TD>
<TD WIDTH=75%>
Delivery of Charter and Other Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>56
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.8
</TD>
<TD WIDTH=75%>
Opinions of the Borrower's, Parent Guarantor's and Seller's Counsel
</TD>
<TD WIDTH=5% ALIGN=LEFT>56
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.9
</TD>
<TD WIDTH=75%>
Security Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.10
</TD>
<TD WIDTH=75%>
Proceedings and Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.11
</TD>
<TD WIDTH=75%>
Compliance Certificate
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.12
</TD>
<TD WIDTH=75%>
No Material Adverse Changes, Etc.
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.13
</TD>
<TD WIDTH=75%>
Evidence of Insurance
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.14
</TD>
<TD WIDTH=75%>
Litigation
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.15
</TD>
<TD WIDTH=75%>
Fees
</TD>
<TD WIDTH=5% ALIGN=LEFT>57
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.16
</TD>
<TD WIDTH=75%>
[Reserved]
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.17
</TD>
<TD WIDTH=75%>
No Defaults; Absence of Material Adverse Change
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.18
</TD>
<TD WIDTH=75%>
Cash Flow Projections
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.19
</TD>
<TD WIDTH=75%>
Availability of Funding
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.20
</TD>
<TD WIDTH=75%>
Due Diligence Review
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.21
</TD>
<TD WIDTH=75%>
Officer Certificate
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.22
</TD>
<TD WIDTH=75%>Eligible Leases

</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.23
</TD>
<TD WIDTH=75%>
Solvency Certificate
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT> Section 4.24
</TD>
<TD WIDTH=75%>
CAI Notice of Assignment
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.25
</TD>
<TD WIDTH=75%>
Release of Lien on PNC Lockbox Account
</TD>
<TD WIDTH=5% ALIGN=LEFT>58
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 4.26
</TD>
<TD WIDTH=75%>
Sources and Uses
</TD>
<TD WIDTH=5% ALIGN=LEFT>59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 5. </TD>
<TD WIDTH=75%>
CONDITIONS TO SUBSEQUENT FUNDINGS.
</TD>
<TD WIDTH=5% ALIGN=LEFT>59</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 5.1
</TD>
<TD WIDTH=75%>
Representations and Warranties
</TD>
<TD WIDTH=5% ALIGN=LEFT>59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 5.2
</TD>
<TD WIDTH=75%>
Performance; No Default
</TD>
<TD WIDTH=5% ALIGN=LEFT>59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 5.3
</TD>
<TD WIDTH=75%>
Compliance Certificate
</TD>
<TD WIDTH=5% ALIGN=LEFT>59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 5.4
</TD>
<TD WIDTH=75%>
Security Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 5.5
</TD>
<TD WIDTH=75%>
 [Reserved]
</TD>
<TD WIDTH=5% ALIGN=LEFT>59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 5.6
</TD>
<TD WIDTH=75%>
 Copies of Purchase Documentation, Invoices, Bills of Sale and Other Title<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT><BR>
59
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 6. </TD>
<TD WIDTH=75%>
AFFIRMATIVE COVENANTS.
</TD>
<TD WIDTH=5% ALIGN=LEFT>60</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT> Section 6.1
</TD>
<TD WIDTH=75%>Punctual Payment

</TD>
<TD WIDTH=5% ALIGN=LEFT>60
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.2
</TD>
<TD WIDTH=75%>
Location of Office
</TD>
<TD WIDTH=5% ALIGN=LEFT>60
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.3
</TD>
<TD WIDTH=75%>
Records and Accounts; Collateral Tracking System
</TD>
<TD WIDTH=5% ALIGN=LEFT>60
</TD>
</TR>
</TABLE>
<BR>
              .
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.4
</TD>
<TD WIDTH=75%>
Financial Statements, Certificates and Information
</TD>
<TD WIDTH=5% ALIGN=LEFT>60
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.5
</TD>
<TD WIDTH=75%>
Business and Corporate Existence
</TD>
<TD WIDTH=5% ALIGN=LEFT>62
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.6
</TD>
<TD WIDTH=75%>
Payment of Taxes
</TD>
<TD WIDTH=5% ALIGN=LEFT>62
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.7
</TD>
<TD WIDTH=75%>
Maintenance of Property
</TD>
<TD WIDTH=5% ALIGN=LEFT>62
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.8
</TD>
<TD WIDTH=75%>
Insurance
</TD>
<TD WIDTH=5% ALIGN=LEFT>63
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.9
</TD>
<TD WIDTH=75%>
Inspection of Properties and Books
</TD>
<TD WIDTH=5% ALIGN=LEFT>64
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.10
</TD>
<TD WIDTH=75%>
 Licenses and Permits
</TD>
<TD WIDTH=5% ALIGN=LEFT>64
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.11
</TD>
<TD WIDTH=75%>
Notice of Material Claims and Litigation
</TD>
<TD WIDTH=5% ALIGN=LEFT>64
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.12
</TD>
<TD WIDTH=75%>
Further Assurances
</TD>
<TD WIDTH=5% ALIGN=LEFT>65
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.13
</TD>
<TD WIDTH=75%>
Pension Plans
</TD>
<TD WIDTH=5% ALIGN=LEFT>65
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.14
</TD>
<TD WIDTH=75%>
Environmental and Safety Matters
</TD>
<TD WIDTH=5% ALIGN=LEFT>65
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.15
</TD>
<TD WIDTH=75%>
Payment of Wages
</TD>
<TD WIDTH=5% ALIGN=LEFT>66
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.16
</TD>
<TD WIDTH=75%>
 Notice of Default
</TD>
<TD WIDTH=5% ALIGN=LEFT>67
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.17
</TD>
<TD WIDTH=75%>
 OFAC
</TD>
<TD WIDTH=5% ALIGN=LEFT>67
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.18
</TD>
<TD WIDTH=75%>
Possession of Eligible Container
</TD>
<TD WIDTH=5% ALIGN=LEFT>67
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.19
</TD>
<TD WIDTH=75%>
Interest Rate Hedge Agreements
</TD>
<TD WIDTH=5% ALIGN=LEFT>67
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.20
</TD>
<TD WIDTH=75%>
UNIDROIT Convention
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.21
</TD>
<TD WIDTH=75%>
Separate Identity
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.22
</TD>
<TD WIDTH=75%>
Investment Company
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.23
</TD>
<TD WIDTH=75%>
 United States Tax Election
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.24
</TD>
<TD WIDTH=75%>
Independent Quotaholder
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.25
</TD>
<TD WIDTH=75%>
Monthly Cash Flow Projection
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.26
</TD>
<TD WIDTH=75%>
Lender Meetings
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 6.27
</TD>
<TD WIDTH=75%>
Intercreditor Agreement
</TD>
<TD WIDTH=5% ALIGN=LEFT>70
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 7.</TD>
<TD WIDTH=75%>
NEGATIVE COVENANTS.
</TD>
<TD WIDTH=5% ALIGN=LEFT>71</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.1
</TD>
<TD WIDTH=75%>
 Liens
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.2
</TD>
<TD WIDTH=75%>
 Maximum Funded Debt to Tangible Net Worth
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.3
</TD>
<TD WIDTH=75%>
Minimum Tangible Net Worth
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.4
</TD>
<TD WIDTH=75%>
Fixed Charge Coverage Ratio
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.5
</TD>
<TD WIDTH=75%>
Additional Financial Covenants
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.6
</TD>
<TD WIDTH=75%>
Distributions
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.7
</TD>
<TD WIDTH=75%>
 Merger, Consolidation or Sale of Assets, Etc.
</TD>
<TD WIDTH=5% ALIGN=LEFT>71
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.8
</TD>
<TD WIDTH=75%>
 Reserved
</TD>
<TD WIDTH=5% ALIGN=LEFT>72
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.9
</TD>
<TD WIDTH=75%>
ERISA
</TD>
<TD WIDTH=5% ALIGN=LEFT>72
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.10
</TD>
<TD WIDTH=75%>
Public Utility Holding Company
</TD>
<TD WIDTH=5% ALIGN=LEFT>73
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.11
</TD>
<TD WIDTH=75%>
Transactions with Affiliates
</TD>
<TD WIDTH=5% ALIGN=LEFT>73
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.12
</TD>
<TD WIDTH=75%>
Dispositions of Collateral
</TD>
<TD WIDTH=5% ALIGN=LEFT>73
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.13
</TD>
<TD WIDTH=75%>
Other Indebtedness
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.14
</TD>
<TD WIDTH=75%>
Charter Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.15
</TD>
<TD WIDTH=75%>
Capital Expenditures
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.16
</TD>
<TD WIDTH=75%>
Permitted Activities
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.17
</TD>
<TD WIDTH=75%>
United States Tax Election
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.18
</TD>
<TD WIDTH=75%>
Amendment to or Waiver of Loan Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 7.19
</TD>
<TD WIDTH=75%>
CAI Agreement
</TD>
<TD WIDTH=5% ALIGN=LEFT>74
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 8. </TD>
<TD WIDTH=75%>
EVENTS OF DEFAULT.
</TD>
<TD WIDTH=5% ALIGN=LEFT>74</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>SECTION 9.<BR>
<BR>
SECTION 10.
</TD>
<TD WIDTH=75%>
REMEDIES. <BR>
<BR>
NOTICE AND WAIVERS OF DEFAULT.
</TD>
<TD WIDTH=5% ALIGN=LEFT>78<BR>
<BR>
80</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 10.1
</TD>
<TD WIDTH=75%>
Notice of Default
</TD>
<TD WIDTH=5% ALIGN=LEFT>80
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 10.2
</TD>
<TD WIDTH=75%>
Waivers of Default
</TD>
<TD WIDTH=5% ALIGN=LEFT>81
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>
SECTION 11.<BR>
           <BR>
SECTION 12.<BR>
           <BR>
SECTION 13.
</TD>
<TD WIDTH=75%>
SET OFF. <BR>
<BR>
SECURITY AND DISCHARGE.<BR>
<BR>
THE AGENT.
</TD>
<TD WIDTH=5% ALIGN=LEFT>
81<BR>
<BR>
82<BR>
<BR>
82</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.1
</TD>
<TD WIDTH=75%>
Appointment
</TD>
<TD WIDTH=5% ALIGN=LEFT>82
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.2
</TD>
<TD WIDTH=75%>
 Delegation of Duties
</TD>
<TD WIDTH=5% ALIGN=LEFT>83
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.3
</TD>
<TD WIDTH=75%>
Exculpatory Provisions
</TD>
<TD WIDTH=5% ALIGN=LEFT>83
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.4
</TD>
<TD WIDTH=75%>
Reliance by Agent
</TD>
<TD WIDTH=5% ALIGN=LEFT>83
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.5
</TD>
<TD WIDTH=75%>
Notice of Default
</TD>
<TD WIDTH=5% ALIGN=LEFT>84
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.6
</TD>
<TD WIDTH=75%>
Non-Reliance on Agent and Other Lenders
</TD>
<TD WIDTH=5% ALIGN=LEFT>84
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.7
</TD>
<TD WIDTH=75%>
Indemnification
</TD>
<TD WIDTH=5% ALIGN=LEFT>
84</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.8
</TD>
<TD WIDTH=75%>
Failure to Act
</TD>
<TD WIDTH=5% ALIGN=LEFT>85
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.9
</TD>
<TD WIDTH=75%>
The Agent in Its Individual Capacity
</TD>
<TD WIDTH=5% ALIGN=LEFT>86
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.10
</TD>
<TD WIDTH=75%>
Successor Agent
</TD>
<TD WIDTH=5% ALIGN=LEFT>86
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.11
</TD>
<TD WIDTH=75%>
Exercise of Remedies Under Security Documents
</TD>
<TD WIDTH=5% ALIGN=LEFT>86
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.12
</TD>
<TD WIDTH=75%>
Standard of Care
</TD>
<TD WIDTH=5% ALIGN=LEFT>86
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.13
</TD>
<TD WIDTH=75%>
Dealing with the Lenders
</TD>
<TD WIDTH=5% ALIGN=LEFT>86
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Section 13.14
</TD>
<TD WIDTH=75%>
Duties Not to be Increased
</TD>
<TD WIDTH=5% ALIGN=LEFT>87
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>
SECTION 14. <BR>
            <BR>
SECTION 15. <BR>
            <BR>
SECTION 16. <BR>
            <BR>
SECTION 17. <BR>
            <BR>
SECTION 18. <BR>
            <BR>
SECTION 19. <BR>
            <BR>
SECTION 20. <BR>
            <BR>
SECTION 21. <BR>
            <BR>
SECTION 22. <BR>
<BR>
SECTION 23. <BR>
            <BR>
SECTION 24. </TD>
<TD WIDTH=75%>
EXPENSES AND INDEMNITIES.<BR>
<BR>
SURVIVAL OF COVENANTS, ETC.<BR>
<BR>
PARTIES IN INTEREST; SUCCESSORS AND ASSIGNS.<BR>
<BR>
NOTICES, ETC. <BR>
<BR>
MISCELLANEOUS. <BR>
<BR>
ENTIRE AGREEMENT, ETC. <BR>
<BR>
CONSENTS, AMENDMENTS, WAIVERS, ETC. <BR>
<BR>
WAIVER OF JURY TRIAL. <BR>
<BR>
SUBMISSION TO JURISDICTION; WAIVERS. <BR>
<BR>
ACKNOWLEDGEMENTS. <BR>
<BR>
CONFIDENTIALITY.
</TD>
<TD WIDTH=5% ALIGN=LEFT>
87<BR>
<BR>
87<BR>
<BR>
88<BR>
<BR>
90<BR>
<BR>
91<BR>
<BR>
91<BR>
<BR>
91<BR>
<BR>
92<BR>
<BR>
92<BR>
<BR>
93<BR>
<BR>
94</TD>
</TR>
</TABLE>
<BR>
<P ALIGN=CENTER><FONT SIZE=3><B>EXHIBITS AND SCHEDULES</B></FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=20% ALIGN=LEFT>
Exhibit A    <BR>
Exhibit B    <BR>
Exhibit C    <BR>
Exhibit D    <BR>
Exhibit E-1  <BR>
Exhibit E-2  <BR>
Exhibit F    <BR>
Exhibit G    <BR>
Exhibit H    <BR>
Exhibit I    <BR>
Exhibit J    <BR>
Exhibit K    <BR>
Exhibit L    <BR>
<BR>
Schedule 3.10<BR>
Schedule 3.26<BR>
Schedule 4   <BR>
Schedule 5
</TD>
<TD WIDTH=80%>
Form of Note<BR>
[Reserved]<BR>
Form of Borrowing Notice<BR>
Form of CAI Notice of Assignment <BR>
Form of Opinion of Borrower Counsel <BR>
Form of Opinion of Seller/ Servicer Counsel <BR>
Form of Opinion of Parent Guarantor Counsel <BR>
Form of Servicing Agreement<BR>
Form of Compliance Certificate <BR>
Form of Assignment and Acceptance <BR>
Form of Security Agreement<BR>
Form of Parent Guaranty<BR>
Form of Contribution and Sale Agreement<BR>
<BR>
Subsidiaries of Parent Company<BR>
Forbearance Agreements Terminating Prior to December 31, 2004<BR>
Funding Commitments of Lender and Payment Instructions<BR>
Post Revolving Period Advance Rate
</TD>
</TR>
</TABLE>


<P ALIGN=CENTER><FONT SIZE=3><B>AMENDED AND RESTATED CREDIT AGREEMENT</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
AMENDED AND RESTATED CREDIT AGREEMENT (as amended, modified or supplemented in
accordance with the terms hereof, the "Agreement"), dated as of
November 1, 2004, is among INTERPOOL CONTAINER FUNDING, SRL, a society with
restricted liability organized under the Societies with Restricted Liabilities
Act, 1995-7 (together with its successors and permitted assigns, the
<I>Borrower), </I>INTERPOOL, INC., a corporation organized under the laws of the
State of Delaware (together with its successors and permitted assigns, the
<I>Parent Guarantor), </I>the banks and other financial institutions whose
signatures appear at the end of this Agreement or that join this Agreement as
Lender parties from time to time (each individually, a <I>Lender </I>and
collectively, the <I>Lenders) </I>and FORTIS BANK (NEDERLAND) N.V., a company
organized under the laws of the Kingdom of The Netherlands, as administrative
agent for the Lenders and as "representative" (as referred to in the
UCC) (in such capacity, the <I>Agent).</I> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties hereto have previously entered into the Credit Agreement (as
amended, modified or supplemented prior to the date hereof, the "Original
Credit Agreement"), dated as of March 5, 2004; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the parties hereto wish to amend and restate the Original Credit Agreement in
its entirety as of the Restatement Date; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Lenders wish to continue a facility which provides for revolving credit
loans to the Borrower for the purposes set forth in <I><U>Section 2.1</U>
</I>with the maximum principal amount of outstanding at any one time not to
exceed the Aggregate Commitments in effect from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, IT IS HEREBY DECLARED AND AGREED AS FOLLOWS:</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>DEFINITIONS; RULES OF INTERPRETATION</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 1.1</B>
<B><U>Definitions</U></B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following terms shall have the meanings
respectively assigned to them below in this <I><U>Section 1</U></I><U></U> or in
the provisions of this Agreement referred to below: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2003
Form 10K</I>. The Annual Report on Form 10-K for the year ended December 31,
2003 with respect to the Parent Guarantor and its Subsidiaries. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Additional
Container</I>. This term shall have the meaning set forth in the Contribution
and Sale Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Affiliate</I>. With respect to any specified Person, any other Person (i)
which directly or indirectly controls, or whose directors or officers directly
or indirectly control, or is controlled by, or is under common control with,
such specified Person, (ii) which beneficially owns or holds, or whose directors
or officers beneficially own or hold, 5% or more of any class of the Voting
Stock (or, in the case of an entity that is not a corporation, 5% of the Equity
Interest) of such specified Person, or (iii) 5% or more of the Voting Stock (or,
in the case of an entity that is not a corporation, 5% of the equity interest)
of which is owned or held by such specified Person. The term "control" means the
possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the
ownership of Voting Stock, by contract, or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the
foregoing.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agent</I>. Fortis Bank (Nederland) N.V., a company organized under the laws
of the Kingdom of The Netherlands, acting in the capacity of administrative
agent and as "representative" (as referred to in the UCC) for itself and the
other Lenders under this Agreement, and any other banking institution succeeding
to and for the time being acting in such capacity.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agent Fee</I>. The amount set forth in the Agent Fee Letter.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agent Fee Letter</I>. The Agent Fee Letter, dated as of November 1, 2004,
among the Borrower, the Parent Guarantor and the Agent.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregate
Finance Lease Value</I>. As of any date of determination, an amount equal to the
sum of the Finance Lease Values of all Eligible Leases then subject to the Lien
created by the Security Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregate
Commitments</I>. As of any date of determination, an amount equal to the sum of
the Commitment Amounts in effect from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregate
Maximum Guaranteed Payment</I>. This term shall have the meaning set forth in
the Parent Guaranty. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregate
Net Book Value</I>. As of any date of determination, an amount equal to the sum
of the then Net Book Values of all Eligible Containers not then subject to a
Finance Lease. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregate
Note Principal Balance</I>. As of any date of determination, an amount equal to
the sum of the then unpaid principal balances of all Notes. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agent</I>. Fortis Bank (Nederland) N.V., a company organized under the laws
of the Kingdom of The Netherlands, acting in the capacity of administrative
agent for itself and the other Lenders under this Agreement, and any other
banking institution succeeding to and for the time being acting in such
capacity.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agreement</I>. This Amended and Restated Credit Agreement, together with all
Exhibits and Schedules hereto, as originally executed, or if amended or
supplemented from time to time, as so amended or supplemented.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applicable
Law</I>. With reference to any Person, all laws, statutes, regulations,
ordinances, treaties, judgments, decrees, injunctions, writs and orders of any
court, governmental agency or authority and rules, regulations, orders,
directives, licenses and permits of any Governmental Authority applicable to
such Person or its property or in respect of its operations. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Applicable
Margin</I>. With respect to each Note for each Interest Period, one of the
following amounts: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(A)</TD>
<TD WIDTH=90%>
one and one half percent (1.5%) per annum for each Interest Period in which the
long-term unsecured indebtedness of the Parent Guarantor is rated at least
"BBB-" by S&amp;P on the first day of such Interest Period (regardless of the then
level of the Parent Guarantor's ratio of Funded Debt to Tangible Net Worth);
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(B) </TD>
<TD WIDTH=90%>
one and three quarters percent (1.75%) per annum for each Interest Period in
which either one of the following conditions existed as of the first day of such
Interest Period: (i) the long-term unsecured indebtedness of the Parent
Guarantor is rated at least "BB+" (but less than "BBB-") by S&amp;P, or (ii) the
Parent Guarantor's ratio of (x) Funded Debt to (y) Tangible Net Worth is equal
to or less than 3.0 to 1.0; or
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(C) </TD>
<TD WIDTH=90%>
two percent (2%) per annum at all times not covered by (A) or (B).
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>Notwithstanding the foregoing, the following modifications to
the amount set forth in clauses (A), (B) and (C) shall apply: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all of the
amounts set forth in clauses (A), (B) and (C) shall increase by three quarters
of one percent (.75) so long as an Early Amortization Event is continuing except
that no such increase will occur if the only Early Amortization Event then in
effect are the types set forth in clauses (a), (h) or (i) of the definition of
such term;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
for purposes of measuring the ratio of Funded Debt to Tangible Net Worth
described in clause (B) above, the effects of any single sale, or series of
related sales of assets, in excess of Fifty Million Dollars ($50,000,000) shall
be excluded from such calculation; and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Agent is unable, despite its commercially reasonable efforts, to complete
a "successful syndication" of Commitments and the Credit Loans, then all of the
amounts referred to in clauses (A), (B) and (C) shall increase to the lesser of
(i) two percent (2%) per annum and (ii) the rate at which the Commitments and
the Credit Loans can be placed by the Agent using its commercially reasonable
efforts. For the purposes of this paragraph, a "successful syndication" means
that the Agent shall reduce its participation in the Commitments and the Credit
Loans to a final hold of not more than One Hundred Twenty-Five Million Dollars
($125,000,000.00).</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Asset
Base</I>. As of the date of determination, an amount equal to the sum of (1) the
product of (i) seventy-five percent (75%) and (ii) the sum of (A) the then
Aggregate Net Book Value and (B) the then Aggregate Finance Lease Value, plus
(2) 100% of all cash and Eligible Investments then on deposit in the Restricted
Cash Account. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Asset
Base Deficiency. As </I>of any Payment Date, the excess (if any) of (i)
Aggregate Note Principal Balance (calculated after giving effect to all Credit
Loans and principal payments actually paid on such Payment Date), over (ii) the
Asset Base. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Authorized
Officer</I>. Any person holding the title of Chairman, Chief Executive Officer,
President, Chief Financial Officer, Controller or Treasurer (or other authorized
officer performing the functions thereof). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Availability</I>. With respect to any Lender as of any date of determination,
an amount equal to the lesser of (i) its then Unused Commitment and (ii) the
product of (x) the Commitment Percentage of such Lender and (y) the Asset Base
(calculated after giving effect to the addition of the Eligible Containers
and/or Eligible Leases to be acquired with the proceeds of such Credit Loan).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Borrower</I>. Interpool Container Funding, SRL, a society with restricted
liability organized under the laws of Barbados, and its successors and permitted
assigns.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Borrower
Expenses</I>. An amount equal to overhead and all other costs, expenses and
liabilities of the Borrower (other than (i) Direct Operating Expenses and (ii)
any Servicing Fee) payable during such Collection Period (including costs and
expenses permitted to be paid to or by the Servicer in connection with the
conduct of the Borrower&#146;s business), in each case determined on a cash
basis, including, but not limited to, the following: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;administration expenses;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(B) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
accounting and audit expenses of the Borrower, and tax preparation, filing and
audit expenses of the Borrower;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(C) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
premiums for liability, casualty, fidelity, directors and officers and other
insurance;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(D) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
directors' fees and expenses, including fees and expenses of the director
services provider;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(E) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
legal fees and expenses;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(F) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
other professional fees;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(G) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
taxes (including personal or other property taxes and all sales, value added,
use and similar taxes but excluding any such amounts that are included as an
operating expense); and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=90%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(H) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
taxes imposed in respect of any and all issuances of equity interests, stock
exchange listing fees, registrar and transfer expenses and trustee's fees with
respect to any outstanding securities of the Borrower.
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>Notwithstanding the foregoing, Borrower Expenses shall not
include (i) depreciation or amortization on the Containers and (ii) payments of
principal, interest and premium, if any, on or with respect to the Notes.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Borrowing
Notice</I>. A request for funding of a Credit Loan substantially in the form of
<U>Exhibit C</U> hereto and accompanied by all of the following: (i) the most
recently delivered Servicer Report, (ii) an Asset Base Certificate, (iii) a
Compliance Certificate and (iv) a report demonstrating compliance with the
Hedging Requirements. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Business
Day</I>. Any day other than (i) a Saturday, Sunday, legal holiday or other day
on which banks in Rotterdam, The Netherlands or New York, New York are required
or permitted by law to close, or (ii) for purposes of determining the Eurodollar
Rate applicable to an Interest Period or any notice in respect of the foregoing,
a day in which dealings in Dollars are not transacted in London, England. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         <I>CAI</I>.  Container Applications International, Inc., a Nevada corporation.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CAI
Agreement</I>. To the extent that it relates to the Containers, the Operating
and Administration Agreement, dated as of April 29, 1998, between CAI, and
Interpool Limited, as such agreement may be amended, modified or supplemented
from time to time in accordance with its terms and the terms of the Loan
Documents. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CAI
Agreement Restructuring</I>. CAI implements a lockbox arrangement or other
arrangement acceptable to the Agent that limits CAI&#146;s access to lease
proceeds relating to the Borrower containers (other than for the payment of
Direct Operating Expense) pending distribution of such funds to the Borrower. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CAI
Servicer Default</I>. A Servicer Default of the type described in Section
7.01(xvi) of the Servicing Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capitalized
Leases</I>. Any lease agreement pursuant to which the Parent Guarantor or any of
its Subsidiaries is the lessee and the lessee&#146;s obligations under which are
required to be reflected as liabilities on a balance sheet prepared in
accordance with GAAP. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capitalized
Lease Obligations</I>. All obligations of the Parent Guarantor and its
Subsidiaries under Capitalized Leases, as reflected on a balance sheet prepared
in accordance with GAAP. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Cash Collateral Account</I>. As defined in <U>Section 9(h)</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash
Equivalents</I>. Any of the following: (a) marketable direct obligations issued
by, or unconditionally guaranteed by, the United States government or issued by
any agency thereof and backed by the full faith and credit of the United States,
in each case maturing within twelve months from the date of acquisition; (b)
certificates of deposit and eurodollar time deposits with maturities of twelve
months or less from the date of acquisition and overnight bank deposits of any
Lender or of any commercial bank having capital and surplus in excess of
$300,000,000 or, so long as such investments do not exceed Two Million Dollars
($2,000,000), Yardville National Bank; (c) commercial paper of a domestic issuer
rated at least A-1 by S&amp;P or P-1 by Moody&#146;s, or carrying an equivalent
rating by a nationally recognized rating agency, if both of the two named rating
agencies cease publishing ratings of commercial paper issuers generally, and
maturing within twelve months from the date of acquisition; (d) repurchase
obligations of any commercial bank satisfying the requirements of clause (b) of
this definition, having a term of not more than seven (7) days, with respect to
securities issued or fully guaranteed or insured by the United States
government; (e) securities with maturities of twelve months or less from the
date of acquisition issued or fully guaranteed by any state, commonwealth or
territory of the United States, by any political subdivision or taxing authority
of any such state, commonwealth or territory or by any foreign government, the
securities of which state, commonwealth, territory, political subdivision,
taxing authority or foreign government (as the case may be) are rated at least A
by S&amp;P or A by Moody&#146;s; (f) securities with maturities of twelve months
or less from the date of acquisition backed by standby letters of credit issued
by any commercial bank satisfying the requirements of clause (b) of this
definition; or (g) shares of money market mutual or similar funds which invest
exclusively in assets satisfying the requirements of clauses (a) through (f) of
this definition). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Casualty Item</I>. Any Eligible Container that has become the subject of an
Event of Loss.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Change of Control</I>. Either of the following:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to the Parent Guarantor and without the prior written consent of
the Majority Lenders, if, (i) with the exception of the following owners,
members of their immediate family and related entities, (A) Martin Tuchman,
presently acting as the Chief Executive Officer of the Guarantor, (B) Raoul J.
Witteveen, and (C) Warren Serenbetz, any Person, or two or more Persons acting
in concert, shall have acquired beneficial ownership, directly or indirectly, of
more than 50% of the combined economic or voting interests in the Parent
Guarantor (other than those persons referred to in clauses (A), (B) and (C)
above), or (ii) any Person referred to in the foregoing clause (i), or two or
more such Persons acting in concert, shall have acquired by contract or
otherwise, or shall have entered into a contract or arrangement that, upon
consummation, will result in its or their acquisition of the power to exercise,
directly or indirectly, a controlling influence over the composition of the
board of directors or other similar management body of the Parent Guarantor, or
otherwise over the management or policies of the Parent Guarantor;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to Interpool Limited and without the prior written consent of the
Majority Lenders, if, (i) with the exception of Interpool, Inc, any Person, or
two or more Persons acting in concert, shall have acquired beneficial ownership,
directly or indirectly, of more than 50% of the combined economic or voting
interests in Interpool Limited, or (ii) any Person referred to in the foregoing
clause (i), or two or more such Persons acting in concert, shall have acquired
by contract or otherwise, or shall have entered into a contract or arrangement
that, upon consummation, will result in its or their acquisition of the power to
exercise, directly or indirectly, a controlling influence over the composition
of the board of directors or other similar management body of Interpool Limited,
or otherwise over the management or policies of Interpool Limited; or</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with respect to the Borrower, if Interpool Limited shall for any reason cease to
own all of the issued and outstanding Voting Stock of the Borrower or otherwise
cease to have a controlling influence over the composition of the board of
directors of the Borrower or otherwise over the management or policies of the
Borrower.</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Closing Date</I>. March 5, 2004.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Code</I>. The United States Internal Revenue Code of 1986 and the rules and
regulations promulgated hereunder, in each case, as amended from time to
time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Collateral</I>. This term shall have the meaning set forth in the Security
Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Collection
Period</I>. With respect to any Payment Date or Transfer Date, as applicable,
the period from the first day of the calendar month immediately preceding the
month in which such Payment Date or Transfer Date, as applicable, occurs through
the last day of such immediately preceding calendar month. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Commitment(s)</I>. Subject to the terms and conditions of this Agreement, the
agreement of a Lender to make Credit Loans to the Borrower pursuant to Section
2.1.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Commitment
Amount(s)</I>. The maximum amount of each Lender&#146;s Commitment set forth
opposite such Lender&#146;s name from time to time in <U>Schedule 4</U>,<U>
</U>as the same may be amended and/or modified from time to time pursuant to
Section 2.2. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Commitment Fee</I>. This term shall have the meaning set forth in Section
2.6(b).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Commitment Percentage(s)</I>. The percentage set forth opposite each Lender's
name from time to time in <U>Schedule 4</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Competitor</I>. Any Person engaged, or having an Affiliate engaged, as an
active trade or business, in the container leasing industry; provided, however,
that in no event shall any insurance company, bank, bank holding company,
savings institution or trust company, fraternal benefit society, pension,
retirement or profit sharing trust or fund, or any collateralized bond
obligation fund or similar fund (or any trustee of any such fund) or any holder
of any obligations of any such fund (solely as a result of being such a holder)
be deemed to be a Competitor.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance Certificate</I>. As defined in <U>Section 6.4(d)</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Concentration Limits</I>. As of any date of determination, all of the
following:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(1)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Specialized. Containers shall not exceed
twenty percent (20%) of the Aggregate Net Book Value;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(2)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all 20', 40' and 40 foot high cube reefer
containers shall not exceed twenty percent (20%) of the Aggregate Net Book
Value;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(3)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Containers then subject to a Lease under
which rentals are payable less frequently than monthly shall not exceed ten
percent (10%) of the Aggregate Net Book Value;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(4)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Containers then subject to a Lease for
which rentals are payable in a currency other than U.S. Dollars and for which a
currency hedging agreement is not in effect shall not exceed five percent (5%)
of the Aggregate Net Book Value;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(5)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Containers then subject to a Lease under
which the Lessee is not an intermodal transportation company shall not exceed
five percent (5%) of the Aggregate Net Book Value;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(6)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Containers then subject to a Lease with
any single Lessee (including Affiliates of such Lessee of which the Borrower or
the Servicer has actual knowledge) shall not represent more than sixteen percent
(16%) of the Aggregate Net Book Value; provided, however, if a merger of Lessees
results in a breach of this clause, then this Concentration Limit shall be
complied with so long as no additional Containers are leased to such Lessees
after the date of the merger until such time as such Lessees are then again in
compliance with this clause;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(7)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Containers then on lease to any fifteen
(15) Lessees shall not exceed sixty-five percent (65%) of the Aggregate Net Book
Value; provided, however, if a merger of Lessees results in a breach of this
clause, then this Concentration Limit shall be complied with so long as no
additional Containers are leased to such Lessees after the date of the merger
until such time as such Lessees are then again in compliance with this clause;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(8)</TD>
<TD WIDTH=90%>
The sum of the Net Book Values of all Containers for which CAI is the
sub-servicer, or another acceptable third-party servicer, shall not exceed
thirty-five percent (35%) of the Aggregate Net Book Value;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(9)</TD>
<TD WIDTH=90%>
The Aggregate Finance Lease Value shall not exceed fifty percent (50%) of the
Asset Base;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(10)</TD>
<TD WIDTH=90%>
The sum of Contract Payments discounted pursuant to the definition of Finance
Lease Value of all Containers with respect to which (a) the lessee has provided
the Servicer with notice of an Event of Loss with respect to such Container, (b)
the related Lease allows the Lessee to make Contract Payments on its regularly
scheduled basis despite the occurrence of an Event of Loss, and (c) the Lessee
exercises such right to continue to make Contract Payments despite such Event of
Loss shall not exceed two percent (2%) of the Asset Base.
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>The Concentration Limits
set forth in any sublimit set forth in clauses (1) through (10) above shall be
determined without duplication of excess amounts in another sub-limit. Any
Containers which fall outside any of clauses (1) - (8) of the above
Concentration Limits shall not be classified as Eligible Containers, and any
Finance Leases which fall outside any of clause (9) through (10) of the above
Concentration Limits shall not be classified as Eligible Leases. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Consolidated</I>. As applied to any term used in this Agreement, the relevant
figures for the Parent Guarantor and its Subsidiaries on a consolidated basis
determined in accordance with generally accepted accounting principles.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contract
Payment. </I>With respect to any Finance Lease and any Collection Period, the
minimum monthly or other periodic contractual payment to be made by the related
Lessee for the use of the related Containers in accordance with the terms of
such Finance Lease. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Container</I>. All of the containers (including Additional Containers and
Substitute Containers) owned or acquired by the Borrower from time to time in
accordance with the terms of the Loan Documents.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Container
Transfer Certificate</I>. This term shall have the meaning set forth in the
Contribution and Sale Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contribution
and Sale Agreement</I>. The Amended and Restated Contribution and Sale
Agreement, dated as of November 1, 2004 and substantially in the form of
<U>Exhibit L</U> hereto, pursuant to which the Seller conveyed to the Borrower
the Container, the Leases and the other assets identified therein. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Controlled
Group. </I>All trades or businesses (whether or not incorporated) under common
control that, together with the Borrower, are treated as a single employer under
Section 414(b) or 414(c) of the Code or Section 4001 of ERISA. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conversion
Date. </I>The earliest to occur of (i) October 31, 2006 (as such date may be
extended from time to time in accordance with the terms hereof), (ii) the date
on which either an Early Amortization Event or an Event of Default initially
occurs and (iii) the date on which a Refinancing Event occurs. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Corporation</I>. Any or all of the following, as the context may require,
corporations, limited partnerships, limited liability companies, limited
liability partnerships, joint stock associations and business trusts.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparty
Collateral Account</I>. This term shall have the meaning set forth in Section
6.19(f) as and when such account has been established. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit
Loan(s). </I>Each advance of funds made by a Lender to the Borrower in
accordance with the terms of this Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current
Maturities. </I>As of any date of determination, the sum of all current
maturities of long-term Indebtedness and, without duplication of the foregoing,
Capitalized Lease Obligations, appearing on the consolidated balance sheet of
the Parent Guarantor and its Subsidiaries in accordance with GAAP. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cut-Off
Date. </I>With respect to any Transfer Date, the last day of the immediately
preceding Collection Period (for example, if the Transfer Date is to be the last
Business Day of October, then the Cut-Off Date shall be the last day of
September). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Default(s)</I>. As defined in <U>Section 8</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Default
Level Advance Rate</I>. One of the following amounts: (i) during the Revolving
Credit Period, eighty-five percent (85%), and (ii) for each Payment Date
occurring on or after the Conversion Date, an amount equal to the Post Revolving
Period Targeted Advance Rate for such Payment Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Default
Level Asset Base Deficiency</I>. As of any date of determination the excess (if
any) of (i)<I> </I>the Aggregate Note Principal Balance, over (ii) an amount
equal to the sum of (1) the product of (i) Default Level Advance Rate and (ii)
the sum of (A) the then Aggregate Net Book Value and (B) the then Aggregate
Finance Lease Value, plus (2) 100% of all cash and Eligible Investments then on
deposit in the Restricted Cash Account. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Default
Rate</I>. An interest rate per annum equal to the sum of (i) two percent (2%)
per annum, plus (ii) the rate of interest then in effect on such Note (inclusive
of the Applicable Margin). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Defaulted
Lease</I>. Any lease in which the Agent, for the benefit of the Lenders, has a
security interest and for which (A) a rental or other payment (or a portion
thereof) owing thereunder is more than 120 days delinquent (measured from its
contractual due date), or (B) the related Lessee is in default under any other
provision of such lease not dealt with in clause (A) and any applicable grace
and/or cure period set forth in such lease has expired and the Servicer has in
accordance with its normal procedures declared such lease to be in default, or
(C) the Servicer has otherwise determined that the remaining amounts owing by
the Lessee under such lease are expected to be uncollectible. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Derivatives
Obligations</I>. All obligations of any Person in respect of any
rate swap transaction, basis swap, forward rate transaction, commodity swap,
commodity option, equity swap or equity index swap, equity option or equity
index option, bond option, interest rate option, foreign exchange transaction,
cap transaction, floor transaction, collar transaction, currency swap
transaction, cross-currency rate swap transaction, currency option or any other
similar transaction (including any option with respect to any of the
foregoing transactions) or any combination of the foregoing transactions. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Designated
Early Amortization Amount</I>. For any Payment Date on which a Designated Early
Amortization Event is continuing, an amount equal to the product of (i) a
fraction the numerator of which is the sum of the then Net Book Values of all
Eligible Containers for which CAI is the sub-manager and the denominator of
which is the then Aggregate Net Book Value and (ii) the Distributable Cash Flow
remaining after the payments made in clauses (i) through (vii) of Part (II) of
Section 2.18(b) have been paid. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Designated
Early Amortization Events</I>. Those events or conditions set forth in clauses
(h) or (i) of the definition of the term "Early Amortization Event". </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Determination Date</I>. The third (3rd) Business Day prior to each Payment
Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Direct
Operating Expenses</I>. All direct expenses and costs, calculated on an accrual
basis in accordance with GAAP, incurred in connection with the ownership, use
and/or operation of the Containers, including but not limited to: (i) agency
costs and expenses; (ii) depot fees, handling, and storage costs and expenses;
(iii) survey, maintenance and repair expenses (including the actual or estimated
cost of repairs to be made pursuant to a damage protection plan); (iv)
repositioning expense; (v) the cost of inspecting, marking and remarking such
Containers; (vi) third-party fees for bankruptcy recovery; (vii) legal fees
incurred in connection with enforcing rights under the leases of such Containers
or repossessing<SUB>. </SUB>such Containers; (viii) insurance expense; (ix)
taxes, levies, duties, charges, assessments, fees, penalties, deductions or
withholdings assessed, charged or imposed upon or against such Containers,
including but limited to ad valorem, gross receipts and/or other property taxes
imposed against such Containers or against the revenues generated by such
Containers; (x) expenses, liabilities, claims and costs (including without
limitation reasonable attorneys&#146; fees) incurred by the Servicer or made
against the Servicer by any third party arising directly or indirectly (whether
wholly or in part) out of the state, condition, operation, use, storage,
possession, repair, maintenance or transportation of such Containers; (xi)
expenses and costs (including legal fees) of pursuing claims against
manufacturers or sellers of such Containers; and (xii) non-recoverable sales and
value-added taxes on such expenses and costs; provided, however, that in no
event shall any Borrower Expense be considered a Direct Operating Expense. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Disposition
Fee</I>. For any Payment Date, a fee payable to the Servicer, solely with
respect to Containers sold by the Servicer to a third party for a net cash Sales
Proceeds that exceeds an amount equal to seventy-five percent (75%) of the then
Net Book Values of the related Containers, in an amount equal to five percent
(5%) of Sales Proceeds (exclusive of repair allowances) actually received by, or
on behalf of, the Borrower during the related Collection Period. The Servicer
will not receive a Disposition Fee with respect to a container for which an
Event of Loss has occurred. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Distributable Cash Flow</I>. This term shall have the meaning set forth in
Section 2.18(b) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Distributions</I>. For any period of measurement with respect to any
Corporation, any of the following: (a) the declaration or payment of any
dividend or distribution on or in respect of shares of any class of capital
stock or other ownership interests of such Corporation, except dividends payable
solely in shares of such Corporation's common stock or other ownership interests
having rights similar to common stock; and (b) any other loan, dividend or
distribution for any purpose from such Corporation (however characterized) to or
for the benefit of any or all of its shareholders, whether paid on or in respect
of shares of any class of the capital stock or other ownership interests of such
Corporation or otherwise.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dollars
</I>and<I> $. </I>Dollars or such coin or currency of the United States of
America as at the time of payment shall be legal funds for the payment of public
and private debts in the United States of America. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Early Amortization Event</I>. The occurrence or existence of any of the
following events or conditions:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(a)</TD>
<TD WIDTH=90%>
The Weighted Average Age of all Eligible Containers and Containers subject to
Finance Leases is eight (8) years or more;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(b)</TD>
<TD WIDTH=90%>
The EBIT Ratio of the Borrower, determined as of the end of the most recent
fiscal quarter, is less than 1.1 to 1;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(c)</TD>
<TD WIDTH=90%>
A Servicer Default (other than a CAI Servicer Default) occurs;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(d)</TD>
<TD WIDTH=90%>
An Asset Base Deficiency exists and continues unremedied for ten (10) Business
Days;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(e)</TD>
<TD WIDTH=90%>
The Borrower fails to pay on any Payment Date the full amount of the Scheduled
Principal Payment due on such Payment Date and, if such failure results solely
from an administrative failure (by a Person other than the Borrower or any of
its Affiliates) in wiring such payment, such failure continues unremedied for
two (2) Business Days;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(f)</TD>
<TD WIDTH=90%>
The occurrence of an Event of Default;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(g)</TD>
<TD WIDTH=90%>
Failure of the Servicer to achieve (such determination to be made in the
reasonable judgment of the Servicer) the milestones described below by the dates
described below in upgrading or replacing the Servicer's existing information
systems:
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT>(i)</TD>
<TD WIDTH=85%>
<U>By March 31, 2005</U>:
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=85%>
the finance lease accounting system, Flexxperts, will be installed and fully
operational. The data will be converted from the old system to the new system.
The system will recognize finance lease revenue from lease contracts on a unit
by unit basis. The system will supply the general ledger with the finance lease
income data.
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=85%>
Interpool Limited will have developed a formal project plan for the
implementation of the new asset management and lease tracking system. It will
set forth the timeline and identify significant milestones necessary to complete
the construction and implementation of the system.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT>(ii)</TD>
<TD WIDTH=85%>
<U>By October 31, 2005</U>:
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(1)</TD>
<TD WIDTH=80%>
The contract administration system will be installed and fully operational. The
system will contain contract profile data including account number, customer
address, contract rates, fees, equipment type, lease start and end dates.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(2)</TD>
<TD WIDTH=80%>
The account receivable system will be installed and fully operational. The
accounts receivable system will take data from the billing system and produce
various aging reports. It will allow for the posting of cash and produce various
cash receipts reports.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(h)</TD>
<TD WIDTH=90%>
For so long as CAI is the subservicer of any of the Containers, the failure to
complete either of the following by October 31, 2005: (i) a CAI Agreement
Restructuring, or (ii) if clause (i) is not achieved, terminating CAI as a
subservicer of the Containers;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(i)</TD>
<TD WIDTH=90%>
For so long as CAI is the subservicer of any of the Containers, the occurrence
of a CAI Servicer Default unless the Agent shall have elected not to terminate
CAI as a subservicer as the result of such occurrence; and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(j)</TD>
<TD WIDTH=90%>
Two or more of Martin Tuchman, James Walsh, Art Burns and Richard W. Gross
(together with any replacement or substitute key servicer approved in writing by
the Agent, the "Key Officers") resign, are removed or no longer serve in their
respective offices as Key Officers of the Guarantor, and a replacement
reasonably satisfactory to the Agent has not assumed their responsibilities
within one hundred twenty days (120).
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>An Early Amortization Event
of the type described in clauses (h) and (i) above shall be cured upon (x)
termination of CAI as a subservicer with respect to all of the Containers, and
(y) the effective transfer of the servicing of such Containers to a replacement
servicer reasonably acceptable to the Agent and the Majority Lenders. All other
Early Amortization Events shall continue in effect until waived in accordance
with Section 20. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Earnings
Available for Fixed Charges. </I>For any rolling four quarter period, the sum of
Fixed Charges for such period plus Net Income for such period before income
taxes plus interest expenses for such period relating to (A) the Parent
Guarantor&#146;s 9-7/8% Junior Subordinated Deferrable Interest Debentures due
2027 and the related 9-7/8% Capital Securities of Interpool Capital on the
consolidated balance sheet of the Parent Guarantor and its Consolidated
Subsidiaries, and (B) the 9.25% Convertible Redeemable Junior Subordinated
Debentures due 2022 on the consolidated balance sheet of the Parent Guarantor
and its Consolidated Subsidiaries and (C) any future subordinated debt of Parent
Guarantor and its Consolidated Subsidiaries. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>EBIT</I>. For any fiscal period, Net Income before Interest Expense and
taxes, including gains and losses from the sale of assets and foreign exchange
transactions, determined in accordance with GAAP.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>EBIT
Ratio. </I>With respect to the Borrower as of the last day of each fiscal
quarter, the ratio of (a) EBIT of the Borrower for the four fiscal quarters then
ended to (b) Interest Expense of the Borrower for the four fiscal quarters then
ended. For the first three fiscal quarters of the Borrower following the Closing
Date, the EBIT ratio will be calculated by including the EBIT of Borrower and
Interest Expense of Borrower for the fiscal quarters which have been completed
since the Closing Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligible
Container. As </I>of any date of determination any Container which, when
considered with all other Eligible Containers owned by the Borrower, shall
comply with all of the following requirements; <I>provided, however, </I>that
the provisions of clause (10) shall be applied to a Container only on the date
on which the Borrower acquired such Container: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(1) </TD>
<TD WIDTH=95%>
The Container substantially conforms to the standard specifications used by the
Servicer for containers purchased for its own account, for that category of
container and applicable industry standards including, without limitation, The
Customs Convention on Containers, The International Convention for Safe
Containers and the International Organization for Standardization;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(2)</TD>
<TD WIDTH=95%>
The Container shall comply with all of the Concentration Limits other than
clause (9) of the definition thereof;
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(3)</TD>
<TD WIDTH=95%>
To Servicer's or Borrower's knowledge, such Container is not then the subject of
an Event of Loss (or an event which, with notice and/or lapse of time, would
constitute an Event of Loss);
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(4)</TD>
<TD WIDTH=95%>
The Seller shall have had good and marketable title to such Container as of the
related Transfer Date and, at all times thereafter, the Borrower holds legal,
beneficial and marketable title thereto;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(5)</TD>
<TD WIDTH=95%>
Such Container is not subject to any Liens except Permitted Liens;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(6)</TD>
<TD WIDTH=95%>
The conveyance of such Container and the Related Assets from the Seller to the
Borrower does not violate any agreement to which the Seller is a party or by
which it and/or its properties are bound;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(7)</TD>
<TD WIDTH=95%>
No consent or approval from the Lessee or other Person is required to transfer
such Container or the Related Assets from the Seller to the Borrower except for
any such consents or approvals that have been obtained;
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(8)</TD>
<TD WIDTH=95%>
The Seller shall have taken all necessary actions to transfer title to such
Container and the Related Assets from each Seller to the Borrower;
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(9)</TD>
<TD WIDTH=95%>
Such Container was not subject to any adverse selection procedures by the Seller
or the Servicer in selecting such containers to be transferred to the Borrower;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(10)</TD>
<TD WIDTH=95%>
Solely on the Transfer Date occurring after the Restatement Date of such
Container, at least 95% (measured on a Net Book Value basis) of all Containers
included in the tranche of Containers conveyed on such Transfer Date will be
subject to either a Term Lease or a Finance Lease;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(11)</TD>
<TD WIDTH=95%>
Such Container is not then on lease to a Prohibited Person or used in a
Prohibited Jurisdiction.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(12)</TD>
<TD WIDTH=95%>
Such Container is not then subject to a Defaulted Lease or a Finance Lease.
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(13)</TD>
<TD WIDTH=95%>
The Agent, for the benefit of the Lenders, has a first priority, perfected
security interest in such Container; and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>(14)</TD>
<TD WIDTH=95%>
The purchase price paid by the Seller to the manufacturer thereof did not exceed
the then fair market value of such Container.
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligible
Interest Rate Hedge Provider</I>. Fortis<I> </I>Bank (Nederland) N.V. or such
other bank or other financial institution (or any party providing credit support
on such Person&#146;s behalf) that at the time of execution and delivery of the
related Interest Rate Hedge Agreement, has (x) a long-term senior unsecured debt
rating of at least (1) "AA-" from S&amp;P and "Aa3" from
Moody&#146;s or (2) "AA-" from S&amp;P and "Al" from
Moody&#146;s or (3) "A+" from S&amp;P and "Aa3" from
Moody&#146;s and (y) a short-term unsecured debt rating of "Al" from
S&amp;P and "P1" from Moody&#146;s or is otherwise approved by the
Agent. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Eligible Investments</I>. One or more of the following:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
direct obligations of, and obligations fully guaranteed as to the timely payment
of principal and interest by, the United States or obligations of any agency or
instrumentality thereof when such obligations are backed by the full faith and
credit of the United States;
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
certificates of deposit and bankers' acceptances (which shall each have an
original maturity of not more than three hundred sixty-five (365) days) of any
United States depository institution or trust company incorporated under the
laws of the United States or any State and subject to supervision and
examination by federal and/or State authorities, provided that the long-term
unsecured senior debt obligations of such depository institution or trust
company at the date of acquisition thereof have been rated at least "A-1" by S&amp;P
and "P-1" by Moody's or which is otherwise acceptable to the Agent;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
commercial paper (having original maturities of not more than two hundred
seventy (270) days) of any corporation incorporated under the laws of the United
States or any State thereof which on the date of acquisition has been rated at
least "A-1" by S&amp;P and "P-1" by Moody's or which is otherwise acceptable to the
Agent;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any money market fund that invests solely in Eligible Investments;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
eurodollar deposits (which shall each have an original maturity of not more than
three hundred sixty-five (365) days) of any depository institution or trust
company, provided that the long-term unsecured senior debt obligations of such
depository institution or trust company at the date of acquisition thereof have
been rated at least "A-1" by S&amp;P and "P-1" by Moody's or which is otherwise
acceptable to the Agent; and</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other obligations or securities that are acceptable to the Agent.
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eligible
Leases</I>. Any<I> </I>Finance Lease that as of any date of determination meets
all of the following characteristics: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(i) </TD>
<TD WIDTH=90%>
<U>Defaulted Lease</U>.  Such Finance Lease is not a Defaulted Lease;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(ii)</TD>
<TD WIDTH=90%>
<U>Delinquencies</U>. No rental payment owing pursuant to the terms of such
Finance Lease is more than sixty (60) days delinquent (measured from its
contractual due date) as of such date of determination;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iii)</TD>
<TD WIDTH=90%>
<U>Valid Contracts</U>. Such Finance Lease is a legal, valid and binding full
recourse payment obligation of the related Lessee enforceable in accordance with
its terms (except as may be limited by applicable insolvency, bankruptcy,
moratorium, reorganization, or other similar laws affecting enforceability of
creditors' rights generally and the availability of equitable remedies) and is
in full force and effect and such Finance Lease has not been satisfied,
subordinated or rescinded;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iv)</TD>
<TD WIDTH=90%>
<U>Absolute Obligations</U>. The related Lessee's obligations under such Finance
Lease are "hell or high water" obligations that are, among other
characteristics, non-cancelable, unconditional and not subject to any right of
set-off, rescission, counterclaim, off-set, reduction or recoupment during the
non-cancelable term of such Finance Lease;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(v)</TD>
<TD WIDTH=90%>
<U>Taxes; Maintenance; Insurance</U>. Such Finance Lease contains provisions
requiring the related Lessee to pay all sales, use, excise, rental, property or
similar taxes imposed on or with respect to the Container and to assume all risk
of loss or malfunction of the related Container and such Lease requires the
related Lessee, at its own expense, to maintain the Container in good and
workable order and to obtain and maintain liability insurance and physical
damage insurance on the Container subject thereto;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(vi)</TD>
<TD WIDTH=90%>
<U>No Violation</U>. Neither (i) the transfer, assignment and contribution by
the Seller to the Borrower of its right, title and interest in and to such
Finance Lease and the related Container nor (ii) the pledge of Borrower's right,
title and interest in and to such Finance Lease and the related Container, will
violate the terms or provisions of such Finance Lease or any other agreement to
which the Seller is a party or by which it is bound;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(vii)</TD>
<TD WIDTH=90%>
<U>No Amendment</U>. Such Finance Lease has not been amended prior to the
Closing Date or Substitution Date, as appropriate, such that the amount of any
Contract Payment owing pursuant to the terms of such Finance Lease has been
decreased, or any other obligations of the Lessee under such Finance Lease have
been diminished, due to the related Lessee's financial inability to make such
payments;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(viii)</TD>
<TD WIDTH=90%>
<U>Insolvency</U>. The related Lessee is not subject to bankruptcy or other
insolvency proceedings;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(ix)</TD>
<TD WIDTH=90%>
<U>U.S. Dollars</U>. All payments owing under such Finance Lease are required to
be made in Dollars, or, if not in Dollars, then in compliance with Concentration
Limit clause (4);
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(x)</TD>
<TD WIDTH=90%>
<U>Acceleration</U>. Such Finance Lease provides for the acceleration of all
rental payments thereunder upon default by the Lessee;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(xi)</TD>
<TD WIDTH=90%>
<U>Event of Loss</U>. Such Finance Lease requires that in the event of an
Event of Loss, the related Lessee must take one of the following actions: (a)
restore or repair the affected Container to good repair, condition and working
order; (b) replace the Container with like equipment of the same or later model
in good repair, condition and working order; (c) make a lump sum payment in an
amount that is not less than the then Finance Lease Value of the Casualty Item;
or (d) continue to make Contract Payments on its regularly scheduled basis
despite the occurrence of an Event of Loss, subject in the case of clause (d) to
Concentration Limit clause (10);
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(xii)</TD>
<TD WIDTH=90%>
<U>Partial Pledges</U>. Except as previously disclosed in writing by the
Borrower to the Agent, no portion of such Finance Lease or the Container subject
to such Finance Lease has been pledged to a third party;
</TD>
</TR>
</TABLE>
<BR>



<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(xiii) </TD>
<TD WIDTH=90%>
<U>Approved by Agent</U>. Such Finance Lease shall have been approved in writing
by the Agent;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(xiv)</TD>
<TD WIDTH=90%>
<U>Good Title and First Lien</U>. The Borrower shall have good and marketable
title to such Finance Lease and the Agent shall have a perfected security
interest in the Borrower's rights in such Finance Lease; and
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(xv)</TD>
<TD WIDTH=90%>
<U>Concentration Limits</U>. Such Finance Lease shall comply with clauses (9)
and (10) of the definition of Concentration Limits.
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Environmental Laws</I>. Any and all United States federal, state, local and
foreign laws, statutes, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or other governmental
restrictions relating to fines, orders, injunctions, penalties, damages,
contribution, cost recovery compensation, losses or injuries resulting from the
Release or threatened Release of Hazardous Materials or to the generation,
storage, transportation, or disposal of Hazardous Materials, in any manner
applicable to the Parent Guarantor or any of its Subsidiaries or any of their
respective properties, including the Comprehensive Environmental Response,
Compensation, and Liability Act (42 U.S.C.&sect;9601 et seq.), the Hazardous
Material Transportation Act (49 U.S.C.&sect;1801 et seq.), the Solid Waste Disposal
Act (42 U.S.C.&sect;6901 et seq.), the Federal Water Pollution Control Act (33
U.S.C.&sect;1251 et seq.), the Clean Air Act (42 U.S.C.&sect;7401 et seq., the Toxic
Substances Control Act (15 U.S.C.&sect;2601 et seq., the Occupational Safety and
Health Act (29 U.S.C.&sect;651 et seq. and the Emergency Planning and Community
Right-to-Know Act (42 U.S.C.&sect;11001 et seq.), each as amended or supplemented,
and any analogous future or present local, state and federal or foreign statutes
and rules and regulations promulgated pursuant thereto, each as in effect on the
date of determination.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity
Interests</I>. With respect to any Person, any and all shares, partnership,
membership, trust and other interests, participations or other equivalents
(however designated) of equity ownership interests of such Person. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>ERISA</I>. The United States Employee Retirement Income Security Act of 1974,
and the rules and regulations thereunder, collectively, as the same may be
amended from time to time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eurodollar
Rate</I>. With respect to any Interest Period, an interest rate per annum
determined pursuant to the following formula: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=15% ALIGN=LEFT>Eurodollar Rate = </TD>
<TD WIDTH=80%>
<U>Interbank Offered Rate</U><BR>
1-Eurodollar Reserve Percentage
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>The Eurodollar Rate shall
be adjusted automatically as of the effective date of any change in the
Eurodollar Reserve Percentage. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eurodollar
Rate Basis. </I>Any Credit Loan for which the rate of interest applicable
thereto is being determined by reference to the Eurodollar Rate. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eurodollar
Reserve Percentage. </I>For any day, that percentage (expressed as a decimal)
which is in effect from time to time under Regulation D of the Board of
Governors of the Federal Reserve System, as such regulation may be amended from
time to time or any successor regulation, as the maximum reserve requirement
(including any basic, supplemental, emergency, special, or marginal reserves)
applicable with respect to Eurocurrency liabilities as that term is defined in
Regulation D (or against any other category of liabilities that includes
deposits by reference to which the interest rate of Credit Loans on Eurodollar
Rate Basis is determined), whether or not any Lender has any Eurocurrency
liabilities subject to such reserve requirement at that time. Credit Loans on a
Eurodollar Rate Basis shall be deemed to constitute Eurocurrency liabilities and
as such shall be deemed subject to reserve requirements without benefits of
credits for proration, exceptions or offsets that may be available from time to
time to any Lender. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Event of Default</I>. As defined in <U>Section 8</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Event of Loss</I>. With respect to any Container as of any date of
determination, any of the following events or conditions</FONT></P>:

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(1)</TD>
<TD WIDTH=85%>
total loss or destruction thereof;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(ii)</TD>
<TD WIDTH=85%>
theft or disappearance thereof without recovery within sixty (60) days after
such theft or disappearance becomes known to the Borrower;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iii)</TD>
<TD WIDTH=85%>
damage rendering such Container unfit for normal use and, in the judgment of the
Borrower, beyond repair at reasonable cost;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(iv)</TD>
<TD WIDTH=85%>
any condemnation, seizure, forced sale or other taking of title to or use of any
such Container;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(v)</TD>
<TD WIDTH=85%>
if such Container is then subject to the terms of a Lease, such item of
Container shall have been deemed under the terms of such Lease to have suffered
an Event of Loss (or an equivalent term); or
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(vi)</TD>
<TD WIDTH=85%>
it is then located in a Prohibited Jurisdiction.
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Excluded
Amounts. </I>All of the following: (i) any payments received from a Lessee in
connection with any late charges, taxes, fees or other charges imposed by any
Governmental Authority, (ii) any indemnity payments made by a Lessee or payments
made for the benefit of any Person pursuant to a liability insurance policy or
(iii) any payments collected from a Lessee for the benefit of the originator or
vendor which relate to maintenance payments pursuant to the related Lease or
maintenance agreement, as applicable. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Facility
Fee Letter. </I>The Facility Fee Letter, dated as of November 1, 2004, among the
Agent, the Borrower and the Parent Guarantor as such agreement may be amended,
modified or supplemented. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fair
Market Value. </I>With respect to a Container, an amount equal to the value that
would be obtained in an arm&#146;s length transaction between an informed and
willing purchaser under no compulsion to buy and an informed and willing seller
under no compulsion to sell. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Final
Maturity Date. </I>The Payment Date occurring in the sixty-sixth
(66<SUP>th</SUP>) month after the Conversion Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Finance
Lease. </I>Any Lease of a Container which provides the Lessee with the right or
option to purchase such Container at the expiration of the term of the Lease for
a nominal price or which otherwise satisfies the criteria for classification as
a "direct financing lease" as determined in accordance with GAAP, on
the books and records of the Borrower. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Finance
Lease Value. </I>With respect to each Finance Lease as of any date of
determination, an amount in Dollars equal to the present value of the remaining
Contract Payments becoming due under such Finance Lease after such date of
determination, discounted monthly at one-twelfth of (x) for the Finance Leases
owned by the Borrower on the Restatement Date, nine percent (9%) per annum and
(y) for the Finance Leases acquired by the Borrower after the Restatement Date,
the greater of (a) nine percent (9%) and (b) the sum of (I) the fixed rate
payable under the Interest Rate Hedge Agreement related to such Finance Lease
and (II) four percent (4%); <I>provided, however, </I>that (i) the Finance Lease
Value of any Defaulted Lease or a Finance Lease that is repurchased or required
to be repurchased by the Seller or the Servicer shall be equal to zero, and (ii)
with respect to any Contract Payment that remains unpaid for more than 60 days
after its contractual due date, such Contract Payment shall be deemed to be zero
for purposes of calculating the Finance Lease Value of such Finance Lease. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial
Statement Restatement. </I>The restatement by the Parent Guarantor of its
Consolidated financial statements for 2001 and 2000 and for the first three
quarters of 2002. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fixed
Charges. </I>For any rolling four quarter period, the sum of interest expense;
excluding interest expense for such period with respect to (A) the Parent
Guarantor&#146;s 9-7/8% Junior Subordinated Deferrable Interest Debentures due
2027 and the related 9-7/8% Capital Securities of Interpool Capital on the
consolidated balance sheet of the Parent Guarantor and its Consolidated
Subsidiaries, and (B) the amount representing the 9.25% Convertible Redeemable
Junior Subordinated Debentures due 2022 on the consolidated balance sheet of the
Parent Guarantor and its Consolidated Subsidiaries and (C) any future
subordinated debt of Parent Guarantor and its Consolidated Subsidiaries), plus
obligations of Parent Guarantor and its Consolidated Subsidiaries as a lessee
for lease rentals on long term leases for such period. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Funding
Date. </I>Each date which a Credit Loan is made to Borrower in accordance with
the terms of this Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Funded
Debt. </I>All indebtedness for borrowed money with recourse to Parent Guarantor
and its Consolidated Subsidiaries, or any of them, including purchase money
mortgages, capitalized leases, conditional sales contracts and similar title
retention debt instruments, (excluding any current maturities portion of such
indebtedness that becomes due within 12 months from the date of calculation
thereof). The calculation of Funded Debt shall include all Funded Debt of Parent
Guarantor and its Consolidated Subsidiaries which appears in financial
statements, plus any liabilities which would otherwise be classified as Funded
Debt of any other Person (if such Person was a Consolidated Subsidiary), which
has been guaranteed by Parent Guarantor and its Consolidated Subsidiaries or any
of them, either jointly or severally. Funded Debt shall exclude (A) the amount
representing the Parent Guarantor&#146;s 9-7/8% Junior Subordinated Deferrable
Interest Debentures due 2027 and the related 9-7/8% Capital Securities of
Interpool Capital on the consolidated balance sheet of the Parent Guarantor and
its Consolidated Subsidiaries as of the most recently ended fiscal quarter for
which financial statements are available, (B) the amount representing the 9.25%
Convertible Redeemable Junior Subordinated Debentures due 2022 on the
consolidated balance sheet of the Parent Guarantor and its Consolidated
Subsidiaries as of the most recently ended fiscal quarter for which financial
statements are available and (C) any future subordinated debt of Parent
Guarantor and its Consolidated Subsidiaries. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Funding Losses</I>. As defined in <U>Section 2.16</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Generally
Accepted Accounting Principles </I>or <I>GAAP</I>. Accounting principles which
are (i) consistent with the principles promulgated or adopted from time to time
by the Financial Accounting Standards Board and its predecessors, (ii) generally
accepted in the United States of America, and (iii) such that a certified public
accountant would, insofar as the use of accounting principles is pertinent, be
in a position to deliver an unqualified opinion as to financial statements in
which such principles have been properly applied. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governmental
Authority. </I>Any government or political subdivision or any agency, authority,
bureau, central bank, commission, department or instrumentality of either, or
any court, tribunal, grand jury or arbitrator, in each case whether foreign or
domestic. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Gross Lease Revenues</I>. As defined in the Servicing Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Guarantees</I>. By any Person means all obligations (other than endorsements
in the ordinary course of business of negotiable instruments for deposit or
collection) of such Person guaranteeing, or in effect guaranteeing, any
Indebtedness, dividend or other obligation of any other Person (the primary
obligor) in any manner, whether directly or indirectly, including all
obligations incurred through an agreement, contingent or otherwise, by such
Person: (a) to purchase such Indebtedness or obligation or any property or
assets constituting security therefor, (b) to advance or supply funds (i) for
the purchase or payment of such Indebtedness or obligation, or (ii) to maintain
working capital or any other balance sheet condition or otherwise to advance or
to make available funds for the purchase or payment of such Indebtedness or
obligation, (c) to lease property or to purchase securities or other property or
services primarily for the purpose of assuring the owner of such Indebtedness or
obligation of the ability of the primary obligor to make payment of the
Indebtedness or obligation, or (d) otherwise to assure the owner of the
Indebtedness or obligation of the primary obligor against loss in respect
thereof. For the purposes of all computations made under this Agreement, a
Guaranty in respect of any Indebtedness for borrowed money shall be deemed to be
Indebtedness equal to the principal amount of such Indebtedness for borrowed
money which has been guaranteed, and a Guaranty in respect of any other
obligation or liability or any dividend shall be deemed to be Indebtedness equal
to the maximum aggregate amount of such obligation, liability or dividend.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hazardous
Material. </I>Any (a) oil, petroleum or petroleum derived substance, any
drilling fluids, produced waters and other wastes associated with the
exploration, development or production of crude oil, any flammable substances or
explosives, any radioactive materials, any hazardous wastes or substances, any
toxic wastes or substances or any other materials or pollutants which (i) pose a
hazard to any property of the Parent Guarantor or any of its Subsidiaries or to
Persons on or about such property or (ii) cause such property to be in violation
of any Environmental Laws, (b) asbestos in any form which is or could become
friable, urea formaldehyde foam insulation, electrical equipment which contains
any oil or electric fluid containing levels of polychlorinated biphenyls in
excess of fifty parts per million; (c) any chemical, material or substance
defined as or included in the definition of "hazardous substances,"
"hazardous wastes," "hazardous materials," "extremely
hazardous waste," restricted hazardous waste," or "toxic
substances" or words of similar import under any applicable local, state or
federal law or under the rules and regulations adopted or publications
promulgated pursuant thereto, including Environmental Laws, and (d) any other
chemical, material or substance, exposure to which is prohibited, limited or
regulated by any Governmental Authority having jurisdiction over the Parent
Guarantor or any of its Subsidiaries or any of their respective properties. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Hedging Requirements</I>. As defined in Section 6.14(d) hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Indebtedness</I>. For any Person, all obligations, contingent or otherwise,
that in accordance with Generally Accepted Accounting Principles should be
classified on such Person's balance sheet as liabilities, or to which reference
should be made by footnotes thereto, including in any event and whether so
classified, all: (a) obligations created, issued or incurred by such Person for
borrowed money (whether by loan, the issuance and sale of debt securities or the
sale of property to another Person subject to an agreement, contingent or
otherwise, to repurchase such property from such Person); (b) obligations of
such Person to pay the deferred purchase or acquisition price of property or
services, other than trade accounts payable (other than for borrowed money)
arising, and accrued expenses incurred, in the ordinary course of business so
long as such trade accounts payable are payable within 90 days of the date the
respective goods are delivered or the respective services are rendered; (c)
indebtedness of others secured by a Lien on the property of such Person, whether
or not the respective indebtedness so secured has been assumed by such Person;
(d) obligations of such Person in respect of letters of credit or similar
instruments issued or accepted by banks and other financial institutions for the
account of such Person; (e) Capitalized Lease Obligations of such Person; (f)
the net amount of any mark to market exposure under Derivatives Obligations of
such Person; (g) without duplication, obligations of such Person under
Guarantees of Indebtedness of others; and (h) all preferred stock issued by such
Person and required by the terms thereof to be redeemed, or for which mandatory
sinking fund payments are due, by a fixed date (but only to the extent such
fixed date occurs prior to June 30, 2010).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Indemnified Party</I>. As defined in <U>Section 6.14(d)</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent
Accountant. </I>Any nationally or regionally recognized accounting firm, that is
reasonably acceptable to the Agent and that is independent with respect to the
Parent Guarantor and its Subsidiaries within the meaning of the Securities Act
of 1933, as amended, and the applicable published rules and regulations
thereunder. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent
Person. </I>A Person who at the date of appointment possesses the following
qualifications: (a) has prior experience as a shareholder for a company, the
corporate instruments of which require the unanimous consent of all shareholders
thereof before such company could consent to the institution of bankruptcy or
insolvency proceedings against it or could file a petition seeking relief under
any applicable law; and (b) is an entity that provides, in the ordinary course
of its business, advisory, management or placement services to issuers of
securitization or structured finance instruments, agreements or securities;
<I>provided </I>always that such Person at the date of appointment as
shareholder, or at any time in the preceding five years, or during such
person&#146;s tenure shall not be: (i) an employee, director, shareholder,
manager, partner or officer of Parent Guarantor or an Affiliate thereof; (ii) a
customer or supplier of Parent Guarantor or an Affiliate thereof; (iii) a
beneficial owner at the time of such appointment as an independent shareholder,
or at any time thereafter while serving as an independent shareholder, of more
than 2% of the voting securities of Parent Guarantor or an Affiliate thereof;
(iv) affiliated with a significant customer, supplier or creditor of Parent
Guarantor or an Affiliate thereof; (v) a party to any significant personal
service contracts with Parent Guarantor or an affiliate thereof; or (vi) a
member of the immediate family of a person described in (i) or (ii) above. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Initial
Lease. </I>Each of (i) the lease agreements that are set forth on <U>Schedule
4</U> to the Security Agreement, (ii) the CAI Agreement and (iii) the Management
Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Insolvency
Law. </I>The Bankruptcy Code, any state insolvency scheme or any similar
Applicable Law in Barbados or in any other applicable jurisdiction. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interbank
Offered Rate. </I>For any Interest Period therefor, the rate per annum (rounded
upwards, if necessary, to the nearest 1/100 of 1%) appearing on Telerate Page
3750 (or any successor page) as the London interbank offered rate for deposits
in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to
the first day of such Interest Period for a term comparable to such Interest
Period. If for any reason such rate is not available, the term "Interbank
Offered Rate" means, for any Credit Loan for any Interest Period therefor,
the rate (rounded upward, if necessary, to the nearest one hundred-thousandth of
a percentage point), determined on the basis of the offered rates for deposits
in Dollars for a period of one month which are offered by four major banks as
selected by the Agent, in the London interbank market at approximately 11:00
a.m. London time, on the day that is two (2) Business Days preceding the first
day of such Interest Period. The principal London office of each of such four
major London banks will be requested to provide a quotation of its Dollar
deposit offered rate. If at least two such quotations are provided, the rate for
that date will be the arithmetic mean of the quotations. If fewer than two
quotations are provided as requested, the rate for that date will be determined
on the basis of the rates quoted for loans in Dollars to leading European banks
(as selected by the Agent) for a period of one month offered by major banks in
New York City at approximately 11:00 a.m. New York City time, on the day that is
two Business Days preceding the first day of such Interest Period. In the event
that the Agent is unable to obtain any such quotation as provided above, it will
be deemed that the Eurodollar Rate for such Credit Loan cannot be determined. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Intercreditor
Agreement. </I>An intercreditor agreement to be entered into among Borrower,
Interpool Limited, the Parent Guarantor, the collateral agent named therein, the
Agent and such other managed equipment owners and managed equipment lenders
named therein in form and substance satisfactory to the Agent as such agreement
may be amended, modified or supplemented. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
Expense. </I>For any period, the aggregate amount of net interest expense as
shown for such period on the income statement of the Borrower. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
Period. </I>With respect of any Payment Date, (x) the period commencing on (and
including) the immediately preceding Payment Date (or, in the case of the first
Interest Period, the Restatement Date) to (but excluding) such Payment Date or
(y) such other period as the Borrower and the Agent shall agree. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
Rate Hedge Agreement. </I>An ISDA interest rate cap agreement, ISDA interest
rate swap agreement, ISDA interest rate ceiling agreement, ISDA interest rate
floor agreement or any combination of the foregoing or other similar agreement,
in each case in form and substance including any schedules and confirmations
prepared and delivered in connection therewith, pursuant to which recourse by
the Interest Rate Hedge Provider to the Borrower is limited to the Collateral
and the Distributable Cash Flow which pursuant to the terms of this Agreement is
available for such purpose. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
Rate Hedge Provider. </I>Any counterparty to an Interest Rate Hedge Agreement or
other cap, collar or other hedging instrument permitted to be entered into
pursuant to this Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
Rate Hedge Provider Minimum Rating Downgrade Event. </I>Unless waived in writing
by the Agent (acting at the direction of the Majority Lenders and the Borrower),
the Interest Rate Hedge Provider&#146;s (or any party providing credit support
on its behalf) rating with respect its unsecured and unsubordinated debt,
deposit or letter of credit obligations are rated as set forth in the table
below: </FONT></P>

<PRE>
   -----------------------------------------------------------------------------------------
                         Rating of Interest Rate Hedge Provider
   -----------------------------------------------------------------------------------------
    Interest Rate Hedge Provider only has a     Interest Rate Hedge Provider has both a
   -----------------------------------------------------------------------------------------
                long-term rating                long-term rating and a short-term rating
   -----------------------------------------------------------------------------------------
        S&amp;P                 Moody's                 S&amp;P                  Moody's
   -----------------------------------------------------------------------------------------
    Long-term of "A"      Long-term of "A1"      Long-term of "A-"     Long-term of "A2"
    or lower              and on watch or        or lower or Short-    and on watch or
                          lower                  term of "A2"  or      lower or short-term
                                                 lower                 of "P1" and on watch
                                                                       or lower
   -----------------------------------------------------------------------------------------
</PRE>
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest
Rate Hedge Provider Required Rating Downgrade Event. </I>Unless waived in
writing by the Agent (acting at the direction of the Majority Lenders and the
Borrower), the Interest Rate Hedge Provider&#146;s (or any party providing
credit support on its behalf) rating with respect its unsecured and
unsubordinated debt, deposit or letter of credit obligations are rated as set
forth in the table below: </FONT></P>

<PRE>
   ----------------------------------------------------------------------------------------
                          Rating of Interest Rate Hedge Provider
   ----------------------------------------------------------------------------------------
   Interest Rate Hedge Provider only has a     Interest Rate Hedge Provider has both a
   ----------------------------------------------------------------------------------------
               long-term rating                long-term rating and a short-term rating
   ----------------------------------------------------------------------------------------
       S&amp;P                 Moody's                 S&amp;P                  Moody's
   ----------------------------------------------------------------------------------------
     Long-term of         Long-term of "A3"      Long-term of          Long-term of
     "BBB+" or lower      and on watch or        "BBB+" or lower       "Baa1" and on
                          lower                                        watch or lower or
                                                                       short-term of "P2"
                                                                       and on watch or
                                                                       lower
   ----------------------------------------------------------------------------------------
</PRE>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Interpool Limited</I>. Interpool Limited, a company organized under the laws
of Barbados and its successors and permitted assigns.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investment</I>. The purchase or acquisition of any share of capital stock,
partnership or limited liability company interest, evidence of indebtedness or
other equity security of any other Person; any loan, advance or extension of
credit to, or contribution to the capital of, any other Person, other than
extensions of credit resulting from the sale of goods (where the Borrower
retains title to, or a security interest in, any Container sold) or rendering of
services in the ordinary course of the Borrower's business; any real estate held
for sale or investment; any commodities futures contracts held other than in
connection with bona fide hedging transactions; any other investment in any
other Person; and the making of any commitment or acquisition of any option to
make any such Investment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Key Officer</I>. As defined in the definition of Early Amortization Event.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Law</I>. Any law (including common law), constitution, statute, treaty,
convention, regulation, rule, ordinance, order, injunction, writ, decree or
award of any Governmental Authority.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lease
</I>or <I>Lease Agreement. </I>All leases or contracts for use or hire of a
Container (other than the CAI Agreement) by a Lessee and the Borrower (or one of
its Affiliates acting as agent for the Borrower) as lessor, but only to the
extent such lease or contract relates to a Container. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lease
Proceeds</I>. All rents, fees, lease payments and other amounts due or collected
under the Leases in respect of the Containers. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Lender(s)</I>. Individually, each of the banks or financial institutions
signatory hereto or which may provide additional commitments and become a party
to this Agreement as a Lender hereunder, as set forth in Schedule 4, as it may
be amended from time to time, and each of their respective successors and
permitted assigns and collectively, all such banks or other financial
institutions and their respective successors and permitted assigns.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Lessee</I>. A person that is contractually obligated to make rental and other
payments under a Lease, including any guarantor of such obligations.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Lien</I>. Any mortgage, pledge, security interest, lien or other charge or
encumbrance, including the lien or retained security title of a conditional
vendor, upon or with respect to any property or assets.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Loan
Documents. </I>This Agreement, the Notes, the Security Agreement, the Parent
Guaranty, the Contribution and Sale Agreement, the Servicing Agreement, the
Structuring Fee Letter, the Agent Fee Letter, the Facility Fee Letter, the
Interest Rate Hedge Agreements (upon execution thereof), the Intercreditor
Agreement (upon execution thereof) and the CAI notice of assignment. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Lockbox Account</I>. As defined in the Servicing Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Majority Lenders</I>. Lenders which, individually or in the aggregate,
represent more than seventy-five percent (75%) of the then Aggregate Note
Principal Balance.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Management
Agreement. </I>Means, to the extent it relates to the Containers, that certain
letter agreement, dated February 12, 2004, by and between Interpool Limited and
CAI, as amended, modified or otherwise supplemented from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Materially
Adverse Effect. </I>Any act, omission, event or undertaking which would, singly
or in the aggregate, have a materially adverse effect upon (a) the business,
assets, properties, liabilities, condition (financial or otherwise), or results
of operations of the Parent Guarantor and its Subsidiaries, taken as a whole, or
of the Borrower considered individually, (b) upon the respective ability of the
Parent Guarantor or any of its Subsidiaries to perform any obligations under
this Agreement or under any other Loan Document to which it is a party, or (c)
the legality, validity, binding effect or enforceability or the ability of the
Agent to enforce any rights or remedies under or in connection with any Loan
Document; in any case, whether resulting from any single act, omission,
situation, status, event, or undertaking, together with other such acts,
omissions situations, statuses, events, or undertakings. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Moody's</I>. Moody's Investors Service, Inc. and any successors thereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net
Book Value. </I>With respect to any Eligible Container that is not subject to a
Finance Lease, the Original Equipment Cost of such Container less accumulated
depreciation calculated based on (i) straight-line depreciation over 15 years
with a remaining residual value of 15% of the Original Equipment Cost at the end
of such period, or (ii) any other depreciation method used by the Servicer which
is more conservative than the depreciation policy outlined in clause (i) (i.e.
more conservative policy in terms of greater annual depreciation or a lower
remaining residual value). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net
Operating Income or "NOI."</I> For the containers owned by the
Borrower for any period of time, the Gross Lease Revenues received with respect
to such containers minus the Direct Operating Expenses incurred with respect to
such containers. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Net
Income. </I>For any fiscal period of the any Person, the consolidated net income
of such Person and its Subsidiaries for such period determined in accordance
with Generally Accepted Accounting Principles. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Note</I>. A note, substantially in the form of Exhibit A hereto, executed by
the Borrower to evidence a Credit Loan made hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Note
Interest Payment. </I>For each Payment Date and each Note, an amount equal to
the product of (i) the unpaid principal balance of such Note on the first day of
the Interest Period ending on the day prior to such Payment Date, (ii) an
interest rate per annum equal to the sum of (x) the Eurodollar Rate for such
Interest Period and (y) the Applicable Margin for such Interest Period, and
(iii) a fraction, the numerator of which is equal to the actual number of days
in such Interest Period and the denominator of which is equal to 360. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Obligations</I>. All indebtedness, obligations and liabilities of the
Borrower to the Agent, and/or the Lenders existing on the date of this Agreement
or arising thereafter, whether direct or indirect, joint or several, absolute or
contingent, matured or unmatured, liquidated or unliquidated, secured or
unsecured, arising by contract, operation of law or otherwise under or in
connection with this Agreement or any other Loan Documents.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Officers&#146;
Certificate. </I>A certificate signed on behalf of a Corporation by its Chairman
of the Board, President or Executive Vice President and by its Chief Financial
Officer, Treasurer, Controller, Secretary or Assistant Secretary. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Opinion
of Counsel. </I>A written opinion of counsel, who, unless otherwise specified,
may be counsel employed internally by the Parent Guarantor or the Servicer, in
each case reasonably acceptable to the Person or Persons to whom such Opinion of
Counsel is to be delivered. The counsel rendering such opinion may rely (i) as
to factual matters, on a certificate of a Person whose duties relate to the
matters being certified, and (ii) insofar as the opinion relates to local law
matters, upon opinions of local counsel. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Original
Equipment Cost. </I>With respect to any container, an amount equal to the sum of
(i) the vendor&#146;s or manufacturer&#146;s invoice price, plus (ii) reasonable
and customary out-of-pocket direct costs related to inspection, transport and
initial positioning necessary to put such Container in its initial service;
provided, however, that, in no event shall the amounts described in clause (ii)
include any allocated overhead expenses of the Servicer. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Parent Guarantor</I>. Interpool, Inc., a corporation organized under the laws
of the State of Delaware, and its successors and permitted assigns.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Parent
Guaranty. </I>The Amended and Restated Parent Guaranty of the Parent Guarantor,
dated as of November 1, 2004 and substantially in the form of <I><U>Exhibit
K</U></I><U></U>, pursuant to which the Parent Guarantor has unconditionally
guaranteed, the payment, subject to the aggregate limitation set forth therein,
and performance of the Obligations, as the same may be amended, supplemented,
restated, replaced or otherwise modified from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         <I>Participant(s)</I>.  As defined in <U>Section 16(f)</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment
Date. </I>The twentieth (20<SUP>th</SUP>) day of each month, provided that if
such day is not a Business Day, then the next succeeding Business Day or if such
day would fall in the succeeding calendar month, the preceding Business Day. The
initial Payment Date shall be November 20, 2004 for the payment of the Note
Interest Payment only. Otherwise, the initial Payment Date shall be December 20,
2004. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>PBGC</I>. The Pension Benefit Guaranty Corporation created by ERISA or any
governmental authority succeeding to any or all of the functions of the Pension
Benefit Guaranty Corporation.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Permitted
Liens. </I>With respect to any item of Collateral, any or all of the following:
(i) with respect to a Container, Liens for taxes not yet delinquent or which are
being contested in good faith by appropriate proceedings and for the payment of
which adequate reserves are maintained; (ii) with respect to a Container,
carriers&#146;, warehousemen&#146;s, mechanics, or other like Liens arising in
the ordinary course of business and relating to amounts not yet due or which
shall not have been overdue for a period of more than sixty (60) days or which
are being contested in good faith by appropriate proceedings and for the payment
of which adequate reserves are maintained; provided, however, in no event shall
any such contest result in the loss of the affected Container; (iii) with
respect to a Container, Leases entered into in the ordinary course of business
providing for the leasing of such Container; (iv) with respect to any Container
then on lease to a Lessee, any purchase option in favor of such Lessee that is
set forth in such Lease; and (v) Liens created by the Security Agreement or any
other Loan Document; provided that any proceedings of the type described in
clauses (i) and (ii) above could not (A) reasonably be expected to subject the
Agent or any Lender to any civil or criminal penalty or liability or (B) involve
any significant risk of material loss, sale or forfeiture of all, or any
material portion of, the Collateral. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Person</I>. An individual, any partnership, a corporation, a joint venture, a
trust, an unincorporated organization, or a government or any agency or
political subdivision thereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Plan</I>. At any time, an employee pension or other benefit plan that is
subject to Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code and is either (a) maintained by the Borrower or any
member of the Controlled Group for employees of the Borrower or any member of
the Controlled Group, or (b) if such Plan is established, maintained pursuant to
a collective bargaining agreement or any other arrangement under which more than
one employer makes contributions and to which the Borrower or any member of the
Controlled Group is then making or accruing an obligation to make contributions
or has within the preceding five Plan years made contributions.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Post
Revolving Period Targeted Advance Rate. </I>For each Payment Date occurring on
or after the Conversion Date, the percentage set forth opposite such Payment
Date in <U>Schedule 5 </U>hereto under the column titled "Post Revolving
Period Targeted Advance Rate". </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Proceeds</I>. The meaning assigned to such term under the UCC.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prohibited
Jurisdiction. </I>Any country or jurisdiction, from time to time, that is
subject of a prohibition order (or any similar order or directive), sanctions or
restrictions promulgated or administered by the Office of Foreign Assets Control
of the United States Treasury Department. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prohibited
Person. </I>Any Person appearing on the Specially Designated Nationals List
compiled and disseminated by the Office of Foreign Assets Control of the United
States Treasury Department, as the same may be amended from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Refinancing
Event. </I>Placement of the Notes into the asset backed securities term market
or the bank market, or Notes receive an "AAA" rating by S&amp;P as the
result of the Borrower having obtained external credit enhancement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
         <I>Register</I>.  As defined in <U>Section 16(d)</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Related
Assets. </I>With respect to any Container, all of the following: (i) all of
Seller&#146;s right, title and interest in and to, but none of its obligations
under, any agreement between a Seller and the manufacturer of each such
Container pursuant to which such Seller acquired a transferred container from
such manufacturer, and all amendments, additions and supplements hereafter made
with respect thereto, (ii) all of Seller&#146;s right, title and interest in and
to any Lease which such Container is subject to on such Transfer Date, including
all lease revenues accrued on or after the Cut-Off Date, (iii) all right, title
and interest of such Seller in and to all payments, proceeds and other amounts
which have accrued but have not been paid, and (iv) all payments, proceeds and
income of the foregoing or related thereto. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Release</I>. Any release, spill, emission, leaking, pumping, injection,
deposit, disposal, discharge, dispersal, leaching, or migration in, by, from or
related to any real property (including all buildings, fixtures or other
improvements located thereon) or personal property owned, leased or operated by
the Parent Guarantor or any of its Subsidiaries into the indoor or outdoor
environment, including the movement of any Hazardous Material through air, soil,
surface water, groundwater or property.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restatement
Late. </I>November 1, 2004, the Business Day on which all of the conditions
precedent set forth in Section 4 have been satisfied or waived and the initial
Credit Loans have been made by the Lenders. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted
Cash Account. </I>The account designated as such established in accordance with
Section 2.19 hereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted
Cash Amount. </I>As of any Payment Date, the amount required to be deposited or
maintained in the Restricted Cash Account, which shall be equal to one of the
following amounts: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(A)</TD>
<TD WIDTH=90%>
if the EBIT Ratio for two most recently completed calendar quarters exceeds 1.40
to 1, zero; or
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(B)</TD>
<TD WIDTH=90%>
if the EBIT Ratio is less than or equal to 1.40 to 1 for two most recently
completed calendar quarters; the product of (i) four (4), (ii) one-twelfth,
(iii) the annual rate of interest payable on all Notes then outstanding, and
(iv) the Aggregate Note Principal Balances as of such Payment Date, which
principal balances shall be calculated after giving effect to all advances of
principal and principal payments made on such Payment Date.
</TD>
</TR>
</TABLE>
<BR>


<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revolving
Credit Facility. </I>The Third Amended and Restated Senior Loan and Security
Agreement, dated December 19, 1997, by and among Interpool, Inc., Interpool
Limited, Interpool Finance Corp., Trac Lease, Inc., PNC Bank National
Association, as agent, syndication agent and lender, Fleet National Bank, as
documentation agent and lender, and each lender party thereto, as the same may
be amended, restated, supplemented and otherwise modified from time to time. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revolving
Credit Period. </I>The period commencing on the Closing Date and ending on the
Conversion Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>S&amp;P</I>. Standard and Poor's Ratings Service, a division of The
McGraw-Hill Companies, and any successor thereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sales
Proceeds. </I>The proceeds of all Containers that are being sold by the Borrower
in their ordinary course of business. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Scheduled
Principal Payment. </I>For any Payment Date occurring on or after the Conversion
Date, an amount equal to the product of (i) the Aggregate Note Principal Balance
on the Conversion Date and (ii) .0151515, as such product shall be adjusted
pursuant to the provisions of Section 2.7(a) hereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security
Agreement. </I>The Amended and Restated Security Agreement, dated as of November
1, 2004 and substantially in the form of <U>Exhibit J</U> hereto, pursuant to
which the Borrower has granted to the Agent, for the benefit of the Lenders, as
security for the Obligations, a continuing first priority security interest in
all of the assets of the Borrower. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security
Documents. </I>The Security Agreement, the UCC Financing Statements, the
Statement of Charge filed with the Corporate Affairs Registry in Barbados and
the Parent Guaranty. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Seller</I>. Interpool Limited, a company organized under the laws of
Barbados, and its successors and permitted assigns.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Servicer</I>. The Person performing the duties of the Servicer under the
Servicing Agreement; initially, Interpool Limited, a company organized under the
laws of Barbados, and its successors and permitted assigns.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Servicer
Advance. </I>Any advance of funds made by the Servicer with respect to
delinquent Contract Payments in accordance with the terms of <I>Section 4.05
</I>of the Servicing Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Servicer
Default. </I>Any of the events or conditions set forth in Section 7.01 of the
Servicing Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Servicing
Agreement. </I>The Amended and Restated Servicing Agreement, dated as of
November 1, 2004 and substantially in the form of <U>Exhibit G</U> hereto,
pursuant to which the Servicer agrees to manage and service, on behalf of the
Borrower, the Eligible Containers, the Eligible Leases and the Related Assets. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Servicing Fee</I>. This term shall have the meaning set forth in the
Servicing Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Servicing
Fee Arrearage. </I>For any Payment Date, an amount equal to the excess, if any,
of (i) the sum of the Servicing Fee due and payable to the Servicer on all prior
Payment Dates, over (ii) the aggregate amount of Servicing Fees actually paid to
the Servicer on all prior Payment Dates. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Specialized
Containers</I>. All types of containers, other than Standard Dry Cargo
Containers and refrigerated containers, including, but not limited to open top,
flat rack, tank and cellular palletwide containers. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Stamping Lease</I>. This term shall have the meaning set forth in the
Security Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Standard Dry Cargo Container</I>. Any of the following types of containers:
(i) a twenty foot (20') dry cargo container, (ii) a forty foot (40') dry cargo
container or (iii) a forty foot (40') high cube container.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Structuring
Fee Letter. </I>The Structuring Fee Letter, dated as of November l, 2004, among
the Agent, the Borrower and the Parent Guarantor as such agreement may be
amended, modified or supplemented. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Subsidiary</I>. The Borrower and any other present or future Corporation a
majority of whose Voting Stock shall at the time be owned directly or indirectly
or can otherwise be controlled by the Parent Guarantor and/or by one or more of
the Subsidiaries of the Parent Guarantor.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Substitute
Container. </I>This term shall have the meaning set forth in the Contribution
and Sale Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Substitute
Lease. </I>This term shall have the meaning set forth in the Contribution and
Sale Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Substitution
Date. </I>With respect to Substitute Container and/or a Substitute Lease, the
Business Day on which such Substitute Container and/or Substitute Lease are
acquired by the Borrower in accordance with the provisions of the Loan
Documents. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tangible
Net Worth. </I>As of any date of determination the amount equal to (A) the
amount of stockholders equity of the Parent Guarantor and its Consolidated
Subsidiaries appearing in the consolidated financial statements of the Parent
Guarantor and its Consolidated Subsidiaries as of the most recently ended fiscal
quarter for which financial statements are available and prepared in accordance
with GAAP, less (B) trademarks, goodwill, covenants not to compete and all other
assets classified as intangible assets determined in accordance with GAAP, plus
(C) the amount representing the Parent Guarantor&#146;s 9-7/8% Junior
Subordinated Deferrable Interest Debentures due 2007 and the related 9-7/8%
Capital Securities of Interpool Capital on the consolidated balance sheet of the
Parent Guarantor and its Consolidated Subsidiaries as of the most recently ended
fiscal quarter for which financial statements are available, plus (D) the amount
representing the 9.25% Convertible Redeemable Junior Subordinated Debentures due
2022 on the consolidated balance sheet of the Parent Guarantor and its
Consolidated Subsidiaries as of the most recently ended fiscal quarter for which
financial statements are available plus, (E) any future subordinated debt of
Parent Guarantor and its Consolidated Subsidiaries, plus (or minus) (F) any
adjustments to the accounts of the Parent Guarantor, both positive and negative,
that results from SFAS 133/138. In this regard, "SFAS 133/138" means,
Statement of Financial Accounting Standards No. 133 &#150; "Accounting for
Derivative Instruments and Hedging Activities" and Statement of Financial
Accounting Standards No. 138 &#150; "Accounting for Certain Derivative
Instruments and Certain Hedging Activities, an amendment to FASB Statement No.
133" issued by the Financial Accounting Standard Board, as such
pronouncement may be amended from time to time in accordance with its terms. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Taxes</I>. Any and all present or future taxes, levies, imposts, duties,
fees, assessments, deductions, withholdings or other charges of whatever nature,
including gross receipts, excise, property, sales, transfer, license, payroll,
social security and franchise taxes now or hereafter imposed or levied by the
United States of America, or any state, local or foreign government or by any
department, agency or other political subdivision or taxing authority thereof
and all interest, penalties, additions to tax or similar liabilities with
respect thereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Term
Lease. </I>A Lease, other than a Finance Lease, having an initial term (measured
from the commencement date of such lease) of thirty-six (36) months or greater. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Transfer Date</I>: As defined in the Contribution and Sale
Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Trust Account</I>. The account designated as such that is established in
accordance with the provisions of Section 2.18 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unused
Commitment. </I>With respect to any Lender as of any date of determination, the
excess of (i) the Commitment then in effect for such Lender, over (ii) the then
unpaid principal balance of the Note owned by such Lender as of such date of
determination, after giving effect to all principal payments to be received by
such Lender on such date of determination. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UCC</I>
or <I>Uniform Commercial Code. </I>The Uniform Commercial Code as the same may
be in effect in the State of New York on the date hereof; <I>provided, however,
</I>that in the event that by reason of mandatory provisions of law, any or all
of the attachment, perfection or priority of Agent&#146;s security interest in
any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, the term UCC shall mean the
Uniform Commercial Code as in effect in such other jurisdiction for purposes of
the provisions hereof relating to such attachment, perfection of priority and
for purposes of definitions related to such provisions. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UCC
Financing Statements. </I>UCC Financing Statements naming (i) the Borrower as
debtor, the Agent, as secured party, and the Collateral as the collateral, and
(ii) the Seller, as seller/debtor, the Borrower, as purchaser/secured party, the
Agent, as assignee of secured party, and the assets that are the subject of the
Contribution and Sale Agreement, as collateral, in each case, filed or to be
filed in the office of the Secretary of State of the States of New Jersey, the
Recorder of Deeds for the District of Columbia and other locations from time to
time with respect to the Collateral. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Voting
Stock</I>. With respect to any Corporation, its capital stock of any class
having ordinary voting power for the election of the members of the board of
directors or other governing body of such Corporation (other than stock having
such power only by reason of the happening of a contingency). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Weighted
Average Age. </I>As of any date of determination shall be equal to the quotient
of (A) the sum for each Eligible Container and each Container subject to an
Eligible Lease of the product of (i) the age of such Eligible Container and each
Container subject to a Finance Lease and (ii) the then Net Book Value of such
Eligible Container and the Net Book Value of such Container subject to an
Eligible Lease, divided by (B) the then Aggregate Net Book Value determined by
including the Net Book Values of Containers subject to Eligible Leases. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Rules of Interpretation</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All terms in
this Agreement, the Exhibits and Schedules hereto shall have the same defined
meanings when used in any other Loan Documents, unless the context shall require
otherwise.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as
otherwise expressly provided herein, all financial and accounting terms not
specifically defined or specified herein shall have the meanings generally
attributed to such terms under Generally Accepted Accounting Principles,
including applicable statements and interpretations issued by the Financial
Accounting Standards Board and bulletins, opinions, interpretations and
statements issued by the American Institute of Certified Public Accountants or
its committees, and all financial and accounting calculations referred to herein
shall, to the extent applicable, be made in accordance with Generally Accepted
Accounting Principles, and by reference to the most recently delivered financial
statements of the Parent Guarantor furnished in accordance with Section 6.4
hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All personal
pronouns used in this Agreement, whether used in the masculine, feminine or
neuter gender, shall include all other genders; the singular shall include the
plural, and the plural shall include the singular.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words
"hereof," "herein" and "hereunder" and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provisions of this Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preamble
hereto is part of this Agreement. Titles of Sections in this Agreement are for
convenience only, do not constitute part of this Agreement and neither limit nor
amplify the provisions of this Agreement, and all references in this Agreement
to Sections, Subsections, paragraphs, clauses, subclauses, Schedules or Exhibits
shall refer to the corresponding Section, Subsection, paragraph, clause,
subclause, Schedule or Exhibit attached to this Agreement, unless specific
reference is made to the articles, sections or other subdivisions or divisions
of such Schedule or Exhibit to or in another document or instrument.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each definition
of a Loan Document or other document in this Agreement shall include such
document as amended, modified, supplemented, restated, renewed or extended from
time to time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except where
specifically restricted, reference to a party in a Loan Document includes that
party and its successors and assigns permitted hereunder or under such Loan
Document.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise
specifically stated, whenever a time is referred to in this Agreement or in any
other Loan Document, such time shall be the local time in the city in which the
head office of the Agent is located.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any list in this
Agreement of one or more items preceded by the words "include" or "including"
shall not be deemed limited to the stated items but shall be deemed without
limitation.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever this
Agreement makes reference to a party's knowledge, such knowledge shall refer to
the actual knowledge of an Authorized Officer of such party, without having made
a special inquiry.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise
stated in this Agreement, in the computation of a period of time from a
specified date to a later specified date, the word "from" means "from and
including" and the word "to" and "until" means "to but excluding".</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>THE CREDIT LOAN</U>.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Commitments
to Make Credit Loans</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Commitments</U>.
Subject to the terms and conditions of this Agreement and in reliance upon the
representations, warranties and covenants set forth herein, each Lender shall
make available to the Borrower on the Restatement Date its Commitment in the
Commitment Amount set forth opposite the name of such Lender on Schedule 4
hereto.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Evidence of
Credit Loans</U>. During the Revolving Credit Period, each of the Notes shall be a
revolving note with a maximum principal amount equal to the then current
Commitment of the related Lender.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Funding of
Credit Loans</U>. On any Business Day requested by the Borrower and presuming that
the Borrower shall have satisfied all applicable conditions precedent set forth
in Sections 4 and 5 hereof, each Lender shall, subject to the terms and
conditions of this Agreement, deposit with the account designated by the
Borrower by wire transfer of same day funds not later than 4:00 p.m. (Amsterdam
time) an amount equal to its pro rata share of the requested Credit Loan;
provided, however, that each Credit Loan by each Lender shall be for an amount
(A) not less than the lesser of (x) its then Unused Commitment and (y) such
Lender's pro rata share of Five Hundred Thousand Dollars ($500,000), and (B) not
greater than the then Availability of such Lender.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Request for
Credit Loan</U>. Each Borrowing Notice shall be submitted in writing to the Agent by
no later than 4:00 p.m. (Amsterdam time) on the third (3rd) Business Day prior
to the date of the requested Credit Loan, and the Agent shall promptly provide
each Lender with a copy of each such Borrowing Notice accompanied by all of the
attachments set forth in the definition thereof. Such notice shall include a
calculation of the Asset Base (calculated to include any Eligible Containers
and/or Eligible Leases to be acquired with the proceeds of such Credit Loan).
Each Borrowing Notice shall constitute a reaffirmation by Borrower that (1) no
Default, Event of Default, Early Amortization Event or Servicer Default has
occurred and is continuing and no event or condition has occurred or is existing
that with the giving of notice or the passage of time or both would constitute
an Early Amortization Event or a Servicer Default and (2) the representations
and warranties of the Borrower, the Servicer and the Guarantor contained in the
Loan Documents are true, correct and complete in all material respects to the
same extent as though made on and as of the date of the request, except to the
extent such representations and warranties specifically relate to an earlier
date, in which event such representations and warranties shall be true, correct
and complete in all material respects as of such earlier date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A Borrowing
Notice, once delivered to the Agent, shall be irrevocable and binding on the
Borrower. If any Credit Loan requested by the Borrower is not made or
effectuated on the specified Funding Date, for any reason whatsoever related to
a default or nonperformance by the Borrower, the Borrower shall pay Funding
Losses. In connection with any Credit Loan or any Funding Date, all of the
Lenders may, in their collective and absolute discretion, grant the Borrower
extensions and/or waivers in fulfilling its obligations under this Section 2.1
and in fulfilling the conditions set forth in Section 5 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Obligations of
Lenders Several</U>. The failure of any Lender to make a Credit Loan hereunder shall
not relieve any other Lender of its obligation to make a Credit Loan on such
funding date, but no Lender shall be responsible for the failure of any other
Lender to make the Credit Loan to be made by such other Lender on such funding
date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Extension of the
Revolving Credit Period</U>. The Borrower may, within 60 days, but no later than 45
days, prior to the date set forth in item (i) of the definition of Conversion
Date (or such shorter period, as has been approved by the Lenders), by written
notice to each Lender request the extension of the Revolving Credit Period for
an additional period of up to 364 days from the date on which the renewal is
approved. Each of the Lenders shall make a determination, in its sole discretion
and after a full credit review, within 30 days of its receipt of the Borrower's
request, as to whether or not it will agree to extend the Revolving Credit
Period; provided, however, that the failure of any Lender to make a timely
response to the Borrower's request for extension of the Revolving Credit Period
shall be deemed to constitute a refusal by such Lender to extend the Revolving
Credit Period. The Revolving Credit Period shall only be extended upon the
consent of 100% of the Lenders. Any such renewal shall become effective only
upon written confirmation to the Borrower by each Lender of its agreement to so
renew and upon receipt by each Lender of a renewal fee in an amount as shall be
determined at such time.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.2</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>The Notes</U></B>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the
Borrower to repay the Credit Loans and to pay interest thereon and other sums
which may become payable with respect thereto shall be evidenced by separate
promissory notes (collectively the <I>Notes, </I>and singly, a <I>Note) </I>of
the Borrower, substantially in the form of <I><U>Exhibit A</U>,
</I>appropriately completed in accordance with the provisions of this
<I><U>Section 2.2</U>.</I> Each Note shall evidence the Borrower&#146;s
obligations in respect of the Credit Loans and shall be denominated in an amount
up to the Lender&#146;s Commitment Amount, however, such Note shall be payable
in the aggregate principal amount of all Credit Loans at any time advanced by
the payee Lender that remain unpaid. Each Lender shall endorse on its Note, or
enter in a record pertaining thereto, all Credit Loans and repayments thereof,
<I>provided </I>that the failure by any Lender to make any such notation shall
not affect the unconditional obligation of the Borrower to pay all amounts due
under the Note held by such Lender as and when payments with respect to the
Credit Loan are due. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Principal Payments on the Notes</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment
Date occurring during the Revolving Credit Period, the Borrower shall pay to the
Agent on behalf of each Lender in accordance with the priority of payments set
forth in subpart (I) of Section 2.18(b) a principal payment on its Note in an
amount equal to its pro rata share of the Asset Base Deficiency (if
any).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment
Date occurring after the Revolving Credit Period has expired or been terminated
and on which no Early Amortization Event is continuing, the Borrower shall pay
to the Agent on behalf of each Lender a principal payment on its Note in an
amount equal to its pro rata share of the Scheduled Principal Payment for such
Payment Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment
Date on which an Early Amortization Event is then continuing, all of the
remaining available Distributable Cash Flow, in accordance with the priority of
payments set forth in subpart (I) of Section 2.18(b), will be used to repay the
principal balance of the Notes; provided, however, that if only a Designated
Early Amortization Event is then continuing, then, so long as no other Early
Amortization Event is then continuing, only the Designated Early Amortization
Amount will be used to repay the Note, which amount shall be in addition to the
Scheduled Principal Payment payable on such date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The unpaid
principal balance of, and all accrued interest and other amounts owing on, or
with respect to, the Notes shall be payable in full on the earlier to occur of
(x) the Final Maturity Date and (y) the date on which the Note(s) have been
declared due and payable in accordance with the provisions of Section 9
hereof.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest
on the Credit Loan</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest will be
paid on each Note on each Payment Date in an amount equal to the Note Interest
Payment for the Interest Period ended on the day prior to such Payment
Date.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In no event
shall the interest charged with respect to a Note exceed the maximum amount
permitted by Applicable Law. If at any time the interest rate charged with
respect to a Note exceeds the maximum rate permitted by Applicable Law, the rate
of interest to accrue pursuant to such Note shall be limited to the maximum rate
permitted by Applicable Law, but any subsequent reductions in Eurodollar Rate
shall not reduce the interest to accrue on such Note below the maximum amount
permitted by Applicable Law until the total amount of interest accrued on such
Note equals the amount of interest that would have accrued if a varying rate per
annum equal to the interest rate had at all times been in effect. If the total
amount of interest paid or accrued on the Note under the foregoing provisions is
less than the total amount of interest that would have accrued if the interest
rate had at all times been in effect, the Borrower agrees to pay to the affected
Lender(s) an amount equal to the difference between (a) the lesser of (i) the
amount of interest that would have accrued if the maximum rate permitted by
Applicable Law had at all times been in effect, or (ii) the amount of interest
that would have accrued if the interest rate had at all times been in effect,
and (b) the amount of interest accrued in accordance with the other provisions
of this Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All computations
of interest hereunder shall be made on the basis of a year composed of 360 days
and calculated for the actual number days that elapse. Each overdue amount
payable to the Agent or the Lenders under this Agreement or any Note, whether of
principal, interest, Funding Losses, or otherwise, shall, to the extent
permitted by applicable law, bear interest from the due date thereof to the date
such amount is paid in full (whether before or after judgment) at the Default
Rate from time to time in effect, compounded daily and payable by the Borrower
upon demand by the Agent or any Lender at any time and from time to
time.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Revolving Credit Facility</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
facility evidenced by this Agreement is a revolving credit facility.
Accordingly, the Borrower will, subject to compliance with the terms of this
Agreement and prior to the occurrence of the Conversion Date have the right to
reborrow any amounts repaid to the Lenders in accordance with the terms of this
Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.6</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Fees</U></B><U></U>.At the times and in the amounts set forth in the
Structuring Fee Letter, the Borrower shall pay to the Agent the "Structuring
Fee" described therein. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the times and
in the amounts set forth in the Facility Fee Letter, the Borrower shall pay to
the Agent the "Facility Fee" described therein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment
Date occurring on or prior to the Conversion Date, the Borrower shall pay to
each Lender a commitment fee (the "Commitment Fee") in an amount equal to the
product of (i) forty-five hundredths of one percent (0.45%), (ii) the average
Unused Commitment of such Lender for the Interest Period ended on the
immediately preceding day, and (iii) a fraction the numerator of which is the
actual number of days in the Interest Period referred to in clause (ii) above,
and the denominator of which is 360.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At the times and
in the amounts set forth in the Agent Fee Letter, the Borrower shall pay the
Agent Fee to the Agent in accordance with the priority of payments set forth in
Section 2.18 hereof.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prepayments</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voluntary
Prepayment</U>. Upon not less than thirty (30) days' prior written notice to the
Agent, the Borrower may, on any Payment Date prepay, in whole or in part, the
then unpaid principal amount of all of the Notes. In connection with any
prepayment made in accordance with the provisions of this Section 2.7(a), the
Borrower shall be required to pay, contemporaneously with such prepayment, an
amount equal to the sum of (i) accrued interest on the principal balance being
prepaid calculated through the date of such prepayment, and (ii) any Funding
Losses incurred as the result of such prepayment. Any such voluntary prepayment
made subsequent to the Conversion Date shall be used to reduce all future
Scheduled Principal Payments in equal amounts.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Mandatory
Payments for Asset Base Deficiency</U>. On each Payment Date, the Borrower shall
make a mandatory payment of the Notes in an amount equal to the Asset Base
Deficiency; provided, however, that the failure to make such payment shall not
in itself constitute an Event of Default.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Mandatory
Prepayment for Servicer Default</U>. Upon the occurrence of a Servicer Default
(unless otherwise waived in accordance with the Servicing Agreement and except
for a CAI Servicer Default), the Borrower shall be required to make a mandatory
prepayment of the Notes in an amount equal to the then remaining Aggregate
Maximum Guaranteed Payment (and payment to the Agent by the Guarantor shall be
deemed to be a prepayment by the Borrower). In connection with any prepayment
made in accordance with the provisions of this <I>Section 2.7(c)</I>, the Borrower
shall be required to pay, contemporaneously with such prepayment, an amount
equal to the sum of (i) accrued interest on the principal balance being prepaid,
calculated through the date of such prepayment, and (ii) any Funding Losses
incurred as the result of such prepayment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Voluntary
Prepayment Related to Certain Events of Default</U>. Upon the occurrence of an Event
of Default of the type set forth in Section 8(m), the Borrower may prepay in
whole (but not in part) the then unpaid principal amount of all of the Notes. In
connection with any prepayment made in accordance with the provisions of this
Section 2.7(d), the Borrower shall be required to pay, contemporaneously with
such prepayment, an amount equal to the sum of (i) accrued interest on the
principal balance being prepaid calculated through the date of such prepayment,
and (ii) any Funding Losses incurred as the result of such prepayment</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.8</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Illegality or Impossibility</U></B>.(a) Notwithstanding any other provision of this
Agreement, if on any date: (a) the introduction of, change in, or change in the
interpretation by any central bank or other Governmental Authority of, any Law
or regulation applicable to any Lender shall make it unlawful, or any central
bank or other governmental authority having jurisdiction thereof shall assert
that it is unlawful for any Lender to permit a Credit Loan to be loaned on a
Eurodollar Rate Basis in accordance with the provisions hereof, or (b) if any
Lender shall reasonably determine that: (i) by reason of circumstances affecting
the Eurodollar interbank market, adequate and reasonable methods do not exist
for ascertaining the Eurodollar Rate which would otherwise be applicable during
any Interest Period, (ii) deposits of Dollars in the relevant amount and for the
relevant Interest Period are not available to such Lender in the Eurodollar
interbank market, or (iii) the Eurodollar Rate does not or will not accurately
reflect the cost to such Lender of maintaining any Credit <SUB>.</SUB>Loan on a
Eurodollar Rate Basis during any Interest Period, then such affected Lender
shall promptly give facsimile or other written notice of such determination to
the Agent, and the Agent shall promptly give facsimile or other written notice
of such determination to the Borrower (which notice shall be conclusive and
binding upon the Borrower) and to the other Lenders. Upon such notification by
the Agent, the obligation of the affected Lender(s) to lend or maintain any
Credit Loan on the applicable Eurodollar Rate Basis shall be suspended until the
affected Lender determines that such circumstances no longer exist. Upon such
notification and suspension by the Agent, the Borrower shall have the option to
prepay immediately the affected Credit Loans in full without penalty or premium;
<I>provided, however, </I>that the Borrower shall pay all of the following: (i)
any Funding Losses, (ii) accrued interest on the principal balance being
prepaid, calculated through the date of such prepayment and (iii) any additional
amounts or fees payable to each of the Lenders pursuant to the terms of this
Agreement. If the Borrower shall not exercise its option to prepay immediately
then, unless any such Law, regulation or other authority requires otherwise, any
existing Credit Loan shall continue to bear interest at the applicable
Eurodollar Rate Basis until the succeeding Payment Date, and thereafter, shall
bear interest at the sum of (A) the Applicable Margin plus (B) the lower of (x)
the Lender&#146;s cost of funds and (y) the prime or base rate of interest
announced by from time to time by Citibank, N.A. If such Law, regulation,
interpretation or other authority requires any existing Credit Loan bearing
interest on a Eurodollar Rate Basis to be converted prior to the succeeding
Payment Date, the Borrower shall pay to the Agent on demand any required Funding
Losses. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender will
make reasonable efforts and will take reasonable actions (including, without
limitation, the designation of a different lending office for the Credit Loan if
such efforts and/or actions will avoid the need for, or reduce the amount of,
such compensation and will not, in the sole opinion of such Lender, be,
disadvantageous to such Lender.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Additional Costs and Expenses; Reserve Charge;
Capital Requirements</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding
any other provision of this Agreement, if after the date hereof the enactment
of, change in or change in the interpretation of any Law (which expression, as
used herein, includes statutes, rules and regulations thereunder and
interpretations thereof by any competent court or by any governmental or other
regulatory body or official charged with the administration or interpretation
thereof, and requests, directives, instructions and notices at any time or from
time to time hereafter made upon or otherwise issued to any Lender by any
central bank or other fiscal, monetary or other authority, whether or not having
the force of law) shall: (i) subject any Lender to any tax, levy, impost, duty,
charge, fee, deduction or withholding of any nature with respect to this
Agreement or with respect to maintaining any Credit Loan on a Eurodollar Rate
Basis (except for Taxes on the overall net income of such Lender or any
franchise Taxes in lieu thereof); or (ii) materially change the basis of
taxation of payments to any Lender of the principal of, interest or any other
amounts payable by the Borrower while a Credit Loan is on a Eurodollar Rate
Basis; or (iii) impose or increase or render applicable any special deposit or
reserve or similar requirements against assets held by, or deposits in or for
the respective accounts of, or loans (including the Credit Loan) made by any
Lender; or (iv) impose on any Lender any other conditions or requirements with
respect to this Agreement, and the result of any of the foregoing is: (A) to
increase the cost to such Lender of maintaining a Credit Loan on a Eurodollar
Rate Basis; or (B) to reduce the amount of principal, interest or other amount
payable to such Lender hereunder; or (C) to require such Lender to make any
payment or to forego any interest or other sum payable hereunder, the amount of
which payment or foregone interest or other sum is calculated by reference to
the gross amount of any sum receivable or deemed received by the Agent from the
Borrower hereunder, then, and in each such case, the Borrower shall, on the
Payment Date following demand made by the Agent (following notice thereof from
the affected Lender to the Agent) at any time and from time to time as often as
the occasion therefor may arise, pay to the Agent in accordance with the
priority of payments set forth in Section 2.18 hereof such additional amounts as
will be sufficient, in the reasonable judgment of the affected Lender, to
compensate such Lender for such additional costs, reduction, payment or foregone
interest or other amount; provided, however, that if an affected Lender fails to
notify the Borrower of such additional costs, reductions, foregone interest or
other amounts within ninety (90) days after such Lender obtains actual notice
that such amounts have been or will be incurred, then such Lender should only be
entitled to payment of such costs, reductions or other amounts incurred from and
after the date 90 days prior to the date on which the affected Lender gives such
notice, and provided further that, in lieu of paying such additional fee, the
Borrower shall have the option to prepay immediately the Credit Loan of the
affected Lender in full (together with accrued interest thereon) without penalty
or premium except for (i) any Funding Losses that may become due and payable as
a consequence of such prepayment, (ii) accrued interest on the principal balance
being prepaid, calculated through the date of such prepayment, and (iii) any
additional amounts or fees payable to each of the Lenders pursuant to the
provisions of this Section 2.9(a) that were not eliminated by virtue of such
prepayment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender
shall have determined that: (i) the adoption of or change after the date hereof
in any Law, rule, regulation or guideline regarding capital requirements for
banks or bank holding companies, or any change, after the date hereof in the
interpretation or administration thereof by any Governmental Authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or (ii) compliance by such Lender or its parent bank holding company
with any guideline, request or directive of such entity issued after the date
hereof regarding capital adequacy (whether or not having the force of law) has
or would have the effect of reducing the return on such Lender's or such holding
company's capital as a consequence of any Credit Loan made by such Lender
pursuant to the terms of this Agreement to a level below that which such Lender
could have achieved (taking into consideration such Lender's policies with
respect to capital adequacy immediately before such adoption, change or
compliance and assuming that such Lender's capital was fully utilized prior to
such adoption, change or compliance) but for such adoption, change or
compliance, then (A) such Lender shall promptly after its determination of such
occurrence give notice thereof to the Agent, and thereafter the Agent shall
promptly give notice thereof to the Borrower; and (B) the Borrower shall, on the
Payment Date following demand therefore from the Agent, pay to the Agent in
accordance with the priority of payments set forth in Section 2.18 hereof for
the respective account(s) of the affected Lender(s), as an additional fee such
amount as each affected Lender(s) shall have certified to the Agent to be the
amount that will compensate it for such reduction, provided that in lieu of
paying such additional fee, the Borrower shall have the option to prepay
immediately the Credit Loan in full (together with accrued interest thereon)
without penalty or premium except for (i) any Funding Losses that may become due
and payable as a consequence of such prepayment, (ii) accrued interest on the
principal balance being prepaid, calculated through the date of such prepayment
and (iii) any additional amounts or fees payable to each of the Lenders pursuant
to the provisions of this Section 2.9(b) that were not eliminated by virtue of
such prepayment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.10</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>The Agent&#146;s or Lender&#146;s Certificates</U></B>. A
certificate signed by the Agent or any Lender setting forth any additional
amount required to be paid by the Borrower to the Agent pursuant to the
provisions of any of <I><U>Sections 2.8</U></I><U></U>,<U> <I>2.9</I></U> or
<I><U>2.17</U></I><U></U> shall be delivered by the Agent to the Borrower in
connection with each demand made at any time upon the Borrower under any of such
sections. Each such certificate shall set forth the nature of the occurrence
giving rise to such compensation, the additional amount or amounts to be paid to
it hereunder and the method by which such amounts were determined, which may
include any reasonable averaging and attribution methods. Each such certificate
shall absent manifest error, be deemed true and correct evidence of the
additional amount required to be paid by the Borrower to the Agent. A claim by
the Agent for all or any part of any additional amount required to be paid by
the Borrower pursuant to the provisions of any of <I><U>Sections
2.8</U></I><U></U>,<U> <I>2.9</I></U> or <I><U>2.17</U></I><U></U> may be made
before and/or after the end of the Interest Period to which such claim relates
or during which such claim has arisen and before and/or after any repayment or
prepayment of any amount owed hereunder to which such claim relates. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.11</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Pro Rata Treatment</U></B>. Except as expressly set forth herein,
principal and interest payments and amounts received in payment of the Notes for
any reason and from any source shall be applied <I>pro rata</I> among the
Lenders in accordance with the proportion of then unpaid Credit Loans made by
each Lender to the Aggregate Note Principal Balance. All other payments received
by the Agent from, or on behalf of, the Borrower hereunder shall, unless
specifically attributable to the Agent or a Lender or otherwise provided herein,
be applied on a <I>pro rata </I>basis among the Lenders based upon the
proportion of outstanding Credit Loans of each Lender to the Aggregate Note
Principal Balance. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.12</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Funding of Credit Loans</U></B>. Notwithstanding any provision of
this Agreement to the contrary, each Lender shall be entitled to fund and
maintain its funding of all or any part of the Credit Loan in any manner it sees
fit, it being understood, however, that for purposes of this Agreement, all
determinations hereunder shall be made as if such Lender had actually funded and
maintained each Credit Loan made on or converted to a Eurodollar Rate Basis
during the Interest Period for such Credit Loan through the purchase of deposits
having a term corresponding to such Interest Period and bearing an interest rate
equal to the applicable Eurodollar Rate in the case of a Credit Loan made on a
Eurodollar Rate Basis. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.13</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Obligations Several</U></B>. The rights and obligations of each Lender
hereunder shall be several and not joint, and no Lender&#146;s obligation to
lend shall be affected by any other Lender&#146;s failure to make any Credit
Loan. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.14</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Replacement of an Affected Lender</U></B>. If no Default or Event
of Default then exists or is continuing and if (i) as the result of the
application of <I><U>Section 2.8</U>, </I>the obligation of one or more (but not
all) of the Lenders to permit a Credit Loan to be loaned in a Eurodollar Rate
Basis is suspended for more than thirty (30) days, (ii) as the result of the
application of <I><U>Section 2.9</U></I><U></U>,<I> </I>one or more (but not
all) of Lenders which has caused the Agent to notify the Borrower of increased
capital requirements and the affected Lender(s) are unable to agree on an
adjustment to the compensation payable to such Lender within the specified 30
day period, or (ii) the Borrower must make a payment pursuant to <I><U>Section
</U></I><U>2.17</U> with respect to such Lender, then, in each such case, during
a period of thirty (30) days thereafter, the Borrower, by notice to the Agent,
may elect to cause such affected Lender to assign its interest hereunder and in
its Credit Loans to one or more of the other Lenders (if any such Lender so
desires to accept such an assignment), or to another<SUP>.</SUP> financial
institution selected by the Borrower and acceptable to the Agent, any such
assignment to be effected in accordance with <I><U>Section 16</U>.</I> </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.15</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Form and Terms of Payment</U></B>. All payments made by the
Borrower hereunder in respect of the Credit Loan, including principal, interest,
Funding Losses, and any other obligations of the Borrower, shall be made to the
Agent in accordance with the instructions set forth on <U>Schedule 4</U> hereto
or such other account as the Agent shall specify. Promptly upon receipt of each
such payment, the Agent shall distribute all such amounts to the appropriate
Lenders. All payments shall, be made in immediately available and freely
transferable funds. Any payment due hereunder or under any other Loan Document
that falls due on a day that is not a Business Day shall be rescheduled to the
next succeeding Business Day and interest and fees shall continue to accrue to
such next succeeding Business Day, unless with respect to a loan on a Eurodollar
Rate Basis such Business Day falls in another calendar month, in which case the
date for such payment shall be the immediately preceding Business Day. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.16</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><U>Funding Losses</U></B>. The Borrower shall compensate the Lenders,
upon request (which request shall set forth in reasonable detail the basis for
requesting such amounts), for all losses, expenses and liabilities (including
any swap breakage costs, loss or cost (including interest paid) in liquidating
or employing deposits required to fund or maintain a Credit Loan on a Eurodollar
Rate Basis and any interest paid by the Lenders to lenders of funds borrowed by
them to make or carry a Credit Loan on a Eurodollar Rate Basis) which the
Lenders may sustain: (a) if for any reason a Credit Loan does not occur on a
date specified therefor in a Borrowing Notice due to an act of omission of the
Borrower; (b) if any repayment (including repayments following acceleration of
the Obligations due to an Event of Default) or continuation of any Credit Loan
occurs for any reason on a date which is not the last day of an Interest Period
applicable thereto; (c) if any prepayment of any Credit Loan is not made on any
date specified in a notice of prepayment given by the Borrower; or (d) as a
consequence of any failure by the Borrower to repay a Credit Loan when required
by the terms of this Agreement or the Notes (collectively, <I>Funding Losses).
</I>The Borrower shall pay such amount upon presentation by the affected Lenders
of a certificate pursuant to <I><U>Section 2.10</U></I><U></U> setting forth the
amount and such calculation thereof pursuant hereto. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Payments Free and Clear of
Taxes</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All payments of
principal, interest, fees and other amounts under this Agreement, the Notes or
any other Loan Document or otherwise paid or payable to Agent (as used in this
<I><U>Section 2.17</U>, Payments</I>) shall be made free and clear of, and without deduction
by reason of, Taxes, all of which shall be paid by the Borrower for its own
account not later than the date when due. If the Borrower is required by law or
regulation to deduct or withhold any Taxes from any Payment, it shall: (a) make
such deduction or withholding; (b) pay the amount so deducted or withheld to the
appropriate taxing authority not later than the date when due; (c) deliver to
Agent, promptly and in any event within fifteen (15) days after the date on
which such Taxes become due, original tax receipts and other evidence
satisfactory to Agent of the payment when due of the full amount of such Taxes;
and (d) pay to Agent or the affected Lender forthwith upon any request by Agent
therefor from time to time, such additional amounts as may be necessary so that
each Lender receives, free and clear of all Taxes, the full amount of such
Payment stated to be due under this Agreement, the Notes or any other Loan
Document as if no such deduction or withholding had been made. The Borrower
agrees to indemnify each Lender and the Agent for the full amount of Taxes paid
by such Lender or the Agent, as the case may be, and any liability (including
penalties, interest and expenses) arising therefrom or with respect thereto
(except for Taxes on the overall net income of such Lender or the Agent or any
franchise Taxes in lieu thereof) without duplication of any amounts paid by the
Borrower pursuant to<U> <I>Section 2.9(a)</I></U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From time to
time, if requested in writing by the Borrower or the Agent, each Lender listed
on the signature pages hereof, and on or prior to the date on which it becomes a
Lender in the case of each other Lender, organized under the laws of a
jurisdiction outside the United States (but only so long as such Lender remains
lawfully able to do so), shall provide the Borrower and the Agent with (i)
United States Internal Revenue Service (IRS) Form W-8BEN or W-8ECI or any
successor form prescribed by the IRS, certifying that such Lender is entitled to
benefits under an income tax treaty to which the United States is a party which
reduces the rate of withholding tax on payments of interest or certifying that
the income receivable pursuant to this Agreement is effectively connected with
the conduct of a trade or business in the United States, and (ii) any other form
or certificate required by any taxing authority (including any certificate
required by Sections 871(h) and 881(c) of the Code), certifying that such Lender
is entitled to an exemption from or a reduced rate of tax on payments pursuant
to this Agreement or any of the other Loan Documents.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For any period
with respect to which a Lender has failed to provide the Borrower and the Agent
with the appropriate form pursuant to Section 2.17(b) (unless such failure is
due to a change in treaty, law, or regulation occurring subsequent to the date
on which a form originally was required to be provided), such Lender shall not
be entitled to any "gross-up" of Taxes or indemnification under Section 2.17(a)
with respect to Taxes imposed by the United States; provided, however, that
should a Lender, which is otherwise exempt from or subject to a reduced rate of
withholding tax, become subject to Taxes because of its failure to deliver a
form required hereunder, the Borrower shall take such steps as such Lender shall
reasonably request to assist such Lender to recover such Taxes.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Trust Account</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On or prior to
the Closing Date, the Borrower established the Trust Account with Fortis Bank
(Nederland) N.V., which account shall be titled in the name of, the Agent, for
the benefit of the Lenders. The Trust Account shall be under the "control" (as
defined in the UCC) of the Agent for the benefit of the Lenders. The Borrower
has caused and shall cause the Servicer to deposit in the Trust Account all
Gross Lease Revenue at the times required pursuant to the terms of the Servicing
Agreement. The Borrower has not established and shall not establish any
additional accounts or change the location of the Trust Account without the
prior written consent of the Agent in each instance.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment
Date, the Agent, based on the Servicer Report, shall distribute an amount equal
to the sum of (1) all Gross Lease Revenue deposited into the Trust Account
during the related Collection Period, (2) all payments received by the Borrower
since the immediately preceding Payment Date pursuant to all Interest Rate Hedge
Agreements then in effect, (3) any Servicer Advances funded with respect to such
Payment Date, (4) all amounts transferred from the Restricted Cash Account in
accordance with the terms of this Agreement, (5) any capital contributions
received by the Borrower during the related Collection Period, and (6) any
earnings on investments in the Trust Account credited during the related
Collection Period (the sum of (1), (2), (3), (4), (5) and (6), the
"Distributable Cash Flow"), to the following Persons in the following order of
priority, with no payment being made toward any item unless and until all prior
items have been fully satisfied:</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, if neither an Early
Amortization Event nor an Event of Default shall have occurred and then be
continuing:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the Agent, the Agent Fee then due and payable;
</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at any time that Interpool Limited (or an Affiliate) is not the Servicer, to
such replacement Servicer or to such other Person(s) as the Servicer shall
direct, any unpaid Direct Operating Expenses incurred with respect to the
Containers and not reimbursed by the applicable Lessee; provided, however, that,
the aggregate amount payable pursuant to this clause (i) on any Payment Date
shall not exceed an amount equal to five percent (5%) of the aggregate amount of
all Gross Lease Revenues deposited into the Trust Account during the immediately
preceding Collection Period;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer by wire transfer of immediately available funds, an amount equal
to the sum of (x) Servicing Fee Arrearage, (y) Servicing Fee and (z) Disposition
Fee;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer, by wire transfer of immediately available funds, in
reimbursement of any unpaid Servicer Advances pursuant to the terms of the
Servicing Agreement;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Persons entitled thereto, any Borrower Expenses then due and payable,
provided, that the aggregate amount paid pursuant to this clause (v) in any
calendar year shall not exceed $100,000;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
) to each Interest Rate Hedge Provider, any scheduled payments (other than
termination or breakage payments) owing by the Borrower pursuant to all Interest
Rate Hedge Agreements then in effect;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Lender, on a pro rata basis, by wire transfer of immediately available
funds (to the account that the Lender has designated to the Agent in writing on
or prior to the Business Day immediately preceding such Payment Date), an amount
equal to the sum of (x) the Note Interest Payment for such Payment Date and any
unpaid Note Interest Payments from all prior Payment Dates and (y) any
Commitment Fees for such Payment Date and any unpaid Commitment Fees from all
prior Payment Dates;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
on a <I>pari passu</I> basis, (A) to the Lenders, to repay the principal
balance of the Notes, one of the following amounts:
</TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(1)</TD>
<TD WIDTH=90%>
so long as the Revolving Credit Period is continuing, the Asset Base Deficiency
(if any);
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>(2)</TD>
<TD WIDTH=90%>
if the Revolving Credit Period has terminated, the Scheduled Principal Payment
for such Payment Date;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
and (B) to each Interest Rate Hedge Provider, all termination and other amounts
then payable by the Borrower under all Interest Rate Hedge Agreements then in
effect (to the extent not paid pursuant to clause (vi) above;
</TD>
</TR>
</TABLE>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Lender, all other amounts payable to the Lenders pursuant to the terms
of this Agreement (including any expense, reimburse and indemnification payments
owing by the Borrower amounts payable pursuant to Sections 2.8, 2.9, 2.16, 2.17
and 14 hereof) or any other Loan Documents;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Restricted Cash Account, the amount necessary to make the balance on
deposit therein equal to the Restricted Cash Amount;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any expense, reimbursement and indemnification payments owed by the Borrower to
its officers and directors pursuant to the terms of this Agreement or any other
Loan Document;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer, any expense, reimbursement and indemnification payments owing
by the Borrower to the Servicer pursuant to the terms of the Servicing
Agreement; and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Borrower or its designee, any remaining Distributable Cash Flow.
</TD>
</TR>
</TABLE>
<BR>


<P ALIGN=LEFT><FONT SIZE=3>(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On each Payment Date, if an Early
Amortization Event shall have occurred and then be continuing but no Event of
Default has occurred and is continuing:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Agent, any Agent Fee then due and payable;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at any time that Interpool Limited (or an Affiliate) is not the Servicer, to
such replacement Servicer or to such other Person(s) as the Servicer shall
direct, any unpaid Direct Operating Expenses incurred with respect to the
Container and not reimbursed by the applicable Lessee; provided, however, that,
the aggregate amount payable pursuant to this clause (i) on any Payment Date
shall not exceed an amount equal to five percent (5%) of the aggregate amount of
all Gross Lease Receivables deposited into the Trust Account during the
immediately preceding Collection Period;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer by wire transfer of immediately available funds, an amount equal
to the sum of (x) Servicing Fee Arrearage, (y) Servicing Fee and (z) Disposition
Fees;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer, by wire transfer of immediately available funds, in
reimbursement of any unpaid Servicer Advances pursuant to the terms of the
Servicing Agreement;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Persons entitled thereto, any Borrower Expenses then due and payable,
provided, that the aggregate amount paid pursuant to this clause (v) in any
calendar year shall not exceed $100,000;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Interest Rate Hedge Provider, any scheduled payments (other than
termination or breakage payments) owing by the Borrower pursuant to all Interest
Rate Hedge Agreements then in effect;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Lender, on a pro rata basis, by wire transfer of immediately available
funds (to the account that the Lender has designated to the Agent in writing on
or prior to the Business Day immediately preceding such Payment Date), an amount
equal to the sum of (x) the Note Interest Payment for such Payment Date and any
unpaid Note Interest Payments from all prior Payment Dates and (y) any
Commitment Fees for such Payment Date and any unpaid Commitment Fees from all
prior Payment Dates;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
on a <I>pari passu</I> basis, (A) to the Lenders, the Aggregate Note Principal
Balance until the principal balance of the Notes are repaid in full; provided,
however, that if only a Designated Early Amortization Event is then continuing,
then the amount payable pursuant to this clause (A) shall be limited to the sum
of (x) the Scheduled Principal Payment for such Payment Date and (y) the
Designated Early Amortization Amount; and (B) to each Interest Rate Hedge
Provider, all termination and other amounts then payable by the Borrower under
all Interest Rate Hedge, Agreements then in effect (to the extent not paid
pursuant to clause (vi) above;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Lender, all other amounts payable to the Lenders pursuant to the terms
of this Agreement (including any expense, reimburse and indemnification payments
owing by the Borrower amounts payable pursuant to Sections 2.8, 2.9, 2.16, 2.17
and 14 hereof) or any other Loan Documents;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any expense, reimbursement and indemnification payments owed by the Borrower to
its officer and director pursuant to the terms of this Agreement or any other
Loan Document; and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Borrower or its designee, any remaining Distributable Cash Flow.
</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>(III) On each Payment Date, if an Event of Default shall have occurred and then
be continuing with respect to any Series of Notes:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Agent, any Agent Fee then due and payable;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at any time that Interpool Limited (or an Affiliate) is not the Servicer, to
such replacement Servicer or to such other Person(s) as the Servicer shall
direct, any unpaid Direct Operating Expenses incurred with respect to the
Container and not reimbursed by the applicable Lessee; provided, however, that,
the aggregate amount payable pursuant to this clause (ii) on any Payment Date
shall not exceed an amount equal to five percent (5%) of the aggregate amount of
all Gross Lease Revenues deposited into the Trust Account during the immediately
preceding Collection Period;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer by wire transfer of immediately available funds, an amount equal
to the sum of (x) Servicing Fee Arrearage, (y) Servicing Fee and (z) Disposition
Fee;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Servicer, by wire transfer of immediately available funds, in
reimbursement of any unpaid Servicer Advances pursuant to the terms of the
Servicing Agreement;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Persons entitled thereto, any Borrower Expenses then due and payable,
provided, that the aggregate amount paid pursuant to this clause (v) in any
calendar year shall not exceed $100,000;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Interest Rate Hedge Provider, any payments (other than termination or
breakage payments) owing by the Borrower pursuant to all Interest Rate Hedge
Agreements then in effect;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Lender, on a pro rata basis, by wire transfer of immediately available
funds (to the account that the Lender has designated to the Agent in writing on
or prior to the Business Day immediately preceding such Payment Date), an amount
equal to the sum of (x) the Note Interest Payment for such Payment Date and any
unpaid Note Interest Payments from all prior Payment Dates and (y) any
Commitment Fees for such Payment Date and any unpaid Commitment Fees from all
prior Payment Dates;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
on a pari passu basis, (A) to the Lenders, the Aggregate Note Principal Balance
until the principal balance of the Notes are repaid in full; and (B) to each
Interest Rate Hedge Provider, all termination and other amounts then payable by
the Borrower under all Interest Rate Hedge Agreements then in effect (to the
extent not paid pursuant to clause (vi) above;
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to each Lender, all other amounts payable to the Lenders pursuant to the terms
of this Agreement (including any expense, reimburse and indemnification payments
owing by the Borrower amounts payable pursuant to Sections 2.8, 2.9, 2.16, 2.17
and 14 hereof) or any other Loan Documents;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any expense, reimbursement and indemnification payments owed by the Borrower to
its officers and directors pursuant to the terms of this Agreement or any other
Loan Document; and
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the Borrower or its designee, any remaining Distributable Cash Flow.
</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>If the amounts to be distributed on any Payment Date are not
sufficient to make payment in full to the Lenders with respect to any of the
clauses described in Section 2.18(b) above, then payments to Lenders pursuant to
any such clause will be allocated among such Lenders on a <I>pro rata basis
</I>based on the amount payable to each such Lender pursuant to each such
clause. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2.19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted Cash Account</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agent shall establish and maintain in its name an account which shall be
designated the restricted cash account (the "Restricted Cash Account") and which
shall be held by the Agent for the benefit of itself and the Lenders pursuant to
this Agreement. Any and all moneys remitted by the Borrower, or the Servicer on
its behalf, to the Restricted Cash Account from the Trust Account, together with
any Eligible Investments in which such moneys are or will be invested or
reinvested, shall be held in the Restricted Cash Account. No amounts shall be
required to be deposited in the Restricted Cash Account on the Closing Date.
Thereafter, amounts shall be deposited into the Restricted Cash Account in
accordance with Section 2.18(b) hereof. Any and all moneys remitted by the Agent
to the Restricted Cash Account shall be invested in Eligible Investments in
accordance with this Agreement and shall be distributed in accordance with this
Section 2.19.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On each Determination Date, the Agent shall, in accordance with the Servicer
Report, withdraw from the Restricted Cash Account and deposit into the Trust
Account an amount equal to the excess, if any, of (A) the Note Interest Payment
over (B) amounts then on deposit in the Trust Account (determined after giving
effect to all other deposits to the Trust Account on or prior to such
Determination Date).</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On each Payment Date, the Agent shall apply and deposit in the Trust Account
for distribution in accordance with Section 2.18(b) of this Agreement, the
excess, if any, of (A) amounts then on deposit in the Restricted Cash Account
(after giving effect to any withdrawals therefrom on such Payment Date) over (B)
the Restricted Cash Amount.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On earliest to occur of an Early Amortization Event, an Event of Default or
the Final Maturity Date, any remaining funds in the Restricted Cash Account
shall be deposited in the Trust Account and, be distributed in accordance with
Section 2.18(b) of this Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 2.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investments</U></B>. The Agent may, at its election, invest any
cash deposited in the Trust Account and Restricted Cash Account in Eligible
Investments. Each Eligible Investment (including reinvestment of the income and
proceeds of Eligible Investments) shall, if uncertificated, be registered in the
name of the Agent for the benefit of the Lenders or if certificated be delivered
to the Agent, and be held to its maturity and shall mature not later than the
Business Day immediately preceding the next succeeding Payment Date. Any
earnings on Eligible Investments in the Trust Account and Restricted Cash
Account shall be retained in each such account and be distributed in accordance
with the terms of this Agreement. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 3.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REPRESENTATIONS AND
WARRANTIES</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Parent Guarantor and the Borrower, severally as to itself, represents to
the Agent and each of the Lenders that as of the Closing Date and each date of
subsequent funding: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate Existence and Good Standing, Etc.</U></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
and its respective Subsidiaries are Corporations validly organized and existing
and in good standing under the laws of the jurisdictions in which they are
organized, and each has the requisite organizational power to own its property
and conduct its business as presently conducted by it; and</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all jurisdictions where it or any of its Subsidiaries owns real property
or maintains plants or warehouses, it is either qualified to do business and in
good standing or such qualification can readily be obtained without substantial
penalty; and the failure to qualify in jurisdictions where the Parent Guarantor
or any Subsidiary have not done so will have no Materially Adverse Effect.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate Power; Consents; Absence of Conflict with Other
Agreements, Etc.</U></B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The execution, delivery and performance of the Loan Documents by it and the
borrowings and transactions contemplated hereby and thereby:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
are within their respective organization powers and have been duly
authorized by all necessary organization action;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
do not require any approval or consent of, or filing with, any governmental
agency or authority, and do not and will not contravene any provision of Law or
the terms of their respective charter documents or bylaws or any amendment
thereof; and</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
will not conflict with or result in any material breach or contravention
of or default under, or the creation of any Lien under, any indenture,
agreement, lease, instrument or undertaking to which the Borrower or the Parent
Guarantor is a party or by which any of them or any of their properties are
bound.</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the Loan Documents executed by it is, and will be, a valid and
legally binding obligation of the Borrower or the Parent Guarantor, as the case
may be, enforceable in accordance with their respective terms.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement and the other Loan Documents have been duly executed and
delivered by the Borrower and the Parent Guarantor, as the case may be.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title to Properties</U></B>. The Parent Guarantor and each of its
Subsidiaries own all of its respective assets reflected as such in the
consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at
December 31, 2003. Neither the Parent Guarantor nor the Borrower is insolvent
(as defined in Section 101 (29) of Title 11 of the United States Code or any
other applicable Insolvency Law) and will not be rendered so insolvent as a
result of the transactions contemplated hereby or referred to herein. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements</U></B>. The Agent and the Lenders have been
furnished with the 2003 Form 10-K and the Parent Guarantor&#146;s Consolidated
balance sheet as of December 31, 2003, and its consolidated statements of
income, retained earnings and cash flows for the fiscal year then ended, and
related footnotes, audited by KPMG LLP. Such financial statements have been
prepared in accordance with GAAP applied on a consistent basis throughout the
periods specified and present fairly the financial positions of the Parent
Guarantor and its Subsidiaries as of such date and the results of their
respective operations for the year then ended. There are no liabilities,
contingent or otherwise, known to the Parent Guarantor, not disclosed in such
financial statements or footnotes that involve a material amount. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Material Changes, Etc</U></B>. There have occurred no changes in the
condition (financial or otherwise), operations, assets, income, or business of
the Parent Guarantor and its Subsidiaries as shown on or reflected in the 2003
Form 10-K and the Consolidated balance sheet of the Parent Guarantor and its
Subsidiaries as at December 31, 2003, or the Consolidated statements of income
and cash flows for the fiscal year then ended, the effect of which, individually
or in the aggregate, could reasonably be expected to have a Materially Adverse
Effect on the Parent Guarantor and its Subsidiaries taken as a whole. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U></B>. Except for those matters disclosed in the
financial statements provided to the Agent under Section 6.4 hereof, there are
no actions, suits, proceedings or investigations of any kind pending or, to its
knowledge, threatened, against it or any of its Subsidiaries before any court,
tribunal or administrative agency or board which, if determined adversely, could
reasonably be expected to, either in any case or in the aggregate, have a
Materially Adverse Effect, or materially impair its ability to carry on their
businesses substantially as now conducted, or result in any substantial
liability not adequately covered by insurance, or which question the validity of
this Agreement, the Notes or any other Loan Document or any action taken or to
be taken pursuant hereto or thereto. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Materially Adverse Contracts, Etc</U></B>. Neither it nor any of its
Subsidiaries is subject to any charter, corporate or other legal restriction, or
any judgment, decree, order, rule or regulation which, in the judgment of its
officers, has or could reasonably be expected to have in the future a Materially
Adverse Effect. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Other Instruments Laws, Etc</U></B>. Neither it nor
any of its Subsidiaries is violating any provision of its respective charter
documents or bylaws or any agreement or instrument by which it or any of its
properties may be bound or any decree, order, judgment, or, to the knowledge of
its officers, any statute, license, rule or regulation, in a manner which could
result in the imposition of substantial penalties or which could have a
Materially Adverse Effect. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax Status</U></B>.&#160;&#160;(a)&#160;&#160;The Parent Guarantor
and its Subsidiaries (i) other than as set forth in the 2003 Form 10-K, made or
filed all Tax returns, reports and declarations required by any jurisdiction to
which any of them are subject, (ii) paid all Taxes and other governmental
assessments and charges that are material in amount and required to be paid,
except those being contested in good faith, by appropriate proceedings
diligently pursued, and (iii) set aside on their books provisions reasonably
adequate for the payment of all Taxes for periods subsequent to the periods to
which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due from the Parent Guarantor or any of its
Subsidiaries by the taxing authority of any jurisdiction, and the officers of
the Borrower and the Parent Guarantor know of no basis for any such claim. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Borrower has made all filings necessary in order to elect pursuant to
Section 301.7701-3 of the Code to be either classified as a partnership or
disregarded as an entity separate from Interpool Limited.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with ERISA</U></B>. To the extent required, the Parent
Guarantor, its Subsidiaries and each member of the Controlled Group have
fulfilled their obligations under the minimum funding standards of ERISA and the
Code with respect to each Plan and are in compliance in all material respects
with the applicable provision of ERISA and the Code, and have not incurred any
liability to the PBGC or a Plan under Title IV of ERISA; and no "prohibited
transaction" or "reportable event" (as such terms are defined in
ERISA) has occurred with respect to any Plan which could reasonably be expected
to result in material liability for excise taxes. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.11
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental Matters</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the extent required, the Parent Guarantor and its Subsidiaries have
obtained all material permits, licenses and other authorizations which are
required under all Environmental Laws, except to the extent failure to have any
such permit, license or authorization would not have a Materially Adverse
Effect. The Parent Guarantor and its Subsidiaries are in compliance in all
material respects with the terms and conditions of all such permits, licenses
and authorizations, and are also in compliance in all material respects with all
other limitations, restrictions, conditions, standards, prohibitions,
requirements, obligations, schedules and timetables contained in any applicable
Environmental Law or in any regulation, code, plan, order, decree, judgment,
injunction, notice or demand letter issued, entered, promulgated or approved
thereunder, except to the extent failure to comply would not have a Material
Adverse Effect on the business, financial condition or operations of the Parent
Guarantor and its Subsidiaries.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No notice, notification, demand, request for information, citation, summons
or order has been issued, no complaint has been filed, no penalty has been
assessed and no investigation or review is pending or, to the knowledge of the
Parent Guarantor, threatened by any governmental or other entity with respect to
any alleged failure by the Parent Guarantor and its Subsidiaries to have any
permit, license or authorization required in connection with the conduct of its
business or with respect to any Environmental Laws, including Environmental Laws
relating to the generation, treatment, storage, recycling, transportation,
disposal or release of any Hazardous Materials.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the best of the Parent Guarantor's knowledge, no material oral or written
notification of a release of a Hazardous Material has been filed by or on behalf
of the Parent Guarantor or its Subsidiaries and no property now or previously
owned, leased or used by the Borrower is listed or proposed for listing on the
National Priorities List under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, or on any similar state list
of sites requiring investigation or clean-up.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the best of the Parent Guarantor's knowledge, there are no Liens or
encumbrances arising under or pursuant to any Environmental Laws on any of the
real property or properties owned, leased or used by the Parent Guarantor or its
Subsidiaries other than Liens, if any, that do not materially detract from the
value of the property or materially impair the use thereof in the operation of
the business of the Parent Guarantor and its Subsidiaries or have a Materially
Adverse Effect and no governmental actions have been taken or are in process
which could subject any of such properties to such Liens or encumbrances or, as
a result of which the Parent Guarantor or its Subsidiaries would be required to
place any notice or restriction relating to the presence of Hazardous Materials
at any property owned by it in any deed to such property.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Parent Guarantor and its Subsidiaries nor, to the best knowledge
of the Parent Guarantor, any previous owner, tenant, occupant or user of any
property owned, leased or used by the Parent Guarantor and its Subsidiaries has
(i) engaged in or permitted any operations or activities upon or any use or
occupancy of such property, or any portion thereof, for the purpose of or in any
way involving the handling, manufacture, treatment, storage, use, generation,
release, discharge, refining, dumping or disposal (whether legal or illegal,
accidental or intentional) of any Hazardous Materials on, under, in or about
such property, except to the extent commonly used in day-to-day operations of
such property and in such case only in compliance with all Environmental Laws,
or (ii) transported any Hazardous Materials to, from or across such property
except to the extent commonly used in day-to-day operations of such property
and, in such case, in compliance in all material respects with, all
Environmental Laws; nor to the best knowledge of the Parent Guarantor and its
Subsidiaries have any Hazardous Materials migrated from other properties upon,
about or beneath such property, nor, to the best knowledge of the Parent
Guarantor and its Subsidiaries, are any Hazardous Materials presently
constructed, deposited, stored or otherwise located on, under, in or about such
property except to the extent commonly used in day-to-day operations of such
property and, in such case, in compliance in all material respects with, all
Environmental Laws.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.12
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Default</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Default or Event of Default has occurred and is continuing under this
Agreement or any other Loan Document including, without limitation, the Parent
Guaranty. No Servicer Default has occurred and is continuing under the Servicing
Agreement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Parent Company nor any of its Subsidiaries is in default under
any Indebtedness except for any default that arises out of the Financial
Statement Restatement which default is the subject of a forbearance or waiver
agreement described in Section 3.26 hereof.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.13
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Patents, Copyrights, Permits, Trademarks, Licenses and
Leases</U></B>. The Parent Guarantor and its Subsidiaries each has rights
with respect to all of their respective material patents, trademarks, permits,
service marks, trade names, copyrights and licenses, and shall have obtained
assignments of all leases, necessary for the present conduct of its business,
the absence of which would result in a Materially Adverse Effect. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Use of Proceeds</U>.</B> The Borrower will use proceeds of the Credit
Loans made hereunder only as follows: (i) in the case of the initial Credit Loan
to be made on the Restatement Date, in accordance with the statement of sources
and uses provided pursuant to Section 4.26 hereof, and (ii) in the case of all
other Credit Loans, to purchase additional Eligible Containers having an
aggregate Original Equipment Cost not to exceed One Hundred Fifty Million
Dollars, and for other corporate purposes. The Borrower is the ultimate
beneficiary of this Agreement and the Credit Loan to be received hereunder. No
portion of any Credit Loan is to be used, for the "purpose of purchasing or
carrying" any "margin stock" as such terms are used in
Regulations U and X of the Board of Governors of the Federal Reserve System, as
amended and the Borrower is not engaged in the business of extending credit to
others for such purpose. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.15
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U></B>. Interpool Limited owns 100% of the issued
and outstanding Voting Stock of the Borrower, free and clear of all Liens. The
Borrower has not issued or granted any options or rights with respect to the
issuance of its respective capital stock which is presently outstanding. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.16
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U></B>. The Borrower has no Subsidiaries. The Parent
Guarantor has no Subsidiaries other than the Borrower and the Persons set forth
on <U>Schedule 3.16</U> hereto. All shares of the Borrower have been validly
issued and are fully paid and nonassessable, and no rights to subscribe to any
additional shares have been granted, and no options, warrants or similar rights
are outstanding. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.17
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holding Company and Investment Company
Acts</U></B>. None of the Borrower nor the Parent Guarantor nor any of its
Subsidiaries is a "holding company" or a "subsidiary company" of a "holding
company" or an "affiliate" of a "holding company", as such terms are defined in
the Public Utility Holding Company Act of 1935; nor is it a "registered
investment company", or an "affiliated company" or a "principal underwriter" of
a "registered investment company", as such terms are defined in the Investment
Company Act of 1940, as amended. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.18
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pension Plans</U></B>. The funding by the Parent Guarantor and its
Subsidiaries, of any Guaranteed Pension Plan (as defined in ERISA) complies with
the minimum funding standards of Section 302 of ERISA and Section 412 of the
Code, as amended. The Parent Guarantor and its Subsidiaries have made all
contributions to each Multiemployer Plan (as defined in ERISA) required pursuant
to any applicable collective bargaining agreement. No material Reportable Event
(as defined in ERISA) has occurred with respect to any Guaranteed Pension Plan;
the Parent Guarantor and its Subsidiaries have not incurred any material
liability as a result of a complete or partial withdrawal, as defined in ERISA,
from any Multiemployer Plan; and no steps have been taken to terminate any
Guaranteed Pension Plan. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure</U>.</B> This Agreement and all certificates furnished to the
Agent and the Lenders by or on behalf of the Borrower, the Parent Guarantor or
any of its Subsidiaries to the Agent and the Lenders in connection herewith do
not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements contained herein and therein not
misleading. There is no fact known to any of the Borrower, the Parent Guarantor
or any of its Subsidiaries which has or is expected to have a Materially Adverse
Effect, except as has been disclosed previously to the Agent in writing. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title to Lease and Container</U></B>. With respect to each Lease
and each Container that becomes subject to the lien of the Security Agreement,
the Borrower will have good and valid legal and beneficial title to, and shall
be the lawful owner of, all such Leases and Containers, free and clear of all
Liens whatsoever, except for Permitted Liens. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.21
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>First Lien</U></B>. Upon the completion of the actions specified in
<U>Schedule 1 </U>to the Security Agreement, the Security Agreement will create
a legal, valid and perfected first Lien on and first priority security interest
in all of the Collateral described therein and any Proceeds thereof, as security
for the Obligations, free and clear of all other Liens whatsoever except
Permitted Liens not of record. No security agreement, financing statement,
equivalent security or lien instrument or continuation statement covering all or
any part of the Collateral which has been signed by the Borrower or which the
Borrower has authorized any other Person to sign or file or record, is on file
or of record with any public office, except such as may have been filed by or on
behalf of the Borrower in favor of the Agent pursuant to the Loan Documents. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.22
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival of Representations and Warranties, Etc</U></B>. All
statements contained in any certificate delivered by or on behalf of the
Borrower and the Parent Guarantor pursuant to or in connection with this
Agreement or any of the Loan Documents (including any such representation or
warranty made or in connection with any amendment thereto) shall constitute
representations and warranties made under this Agreement. All representations
and warranties made under this Agreement shall survive, and not be waived by,
the execution and delivery of this Agreement or any other Loan Document, any
investigation or inquiry by the Agent or the Lenders, or by making any Credit
Loan under this Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.23
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Immunity</U></B>. To the extent that the Borrower, Parent
Guarantor or any of their respective properties is or becomes entitled at any
time to any immunity on the grounds of sovereignty or otherwise from any legal
actions, suits or proceedings, from set-off or counterclaim, from the
jurisdiction or judgment of any competent court, from service of process, from
execution of a judgment, from attachment prior to judgment, from attachment in
aid of execution, or from execution prior to judgment, or other legal process in
any jurisdiction, each of the Borrower and the Parent Guarantor, for itself and
its successors and assigns and its property, does hereby irrevocably and
unconditionally waive, and agrees not to plead or claim, any such immunity with
respect to its obligations, liabilities or any other matter under or arising out
of or in connection with this Agreement, and each of the other Loan Documents or
the subject matter hereof or thereof, subject, in each case, to the provisions
of each of the Loan Documents and mandatory requirements of applicable law.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.24
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligible Leases; Eligible Container</U></B>.
Each of the Initial Leases set forth on Exhibit A-1 to the Contribution and Sale
Agreement was an Eligible Lease on the Closing Date. Each of the Leases set
forth on Exhibit B-1 to the Contribution and Sale Agreement is an Eligible Lease
on the Restatement Date. Each Container set forth on Exhibit A-4 to the
Contribution and Sale Agreement complied with the definition of the term
"Eligible Container" on the Closing Date. Each Container set forth on
Exhibit B-4 to the Contribution and Sale Agreement complied with the definition
of the term "Eligible Container" on the Restatement Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.25
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Borrowing for Own Benefit</U></B>. The Borrower confirms that the
Credit Loans will be used for the purposes set forth in Section 3.14 hereof, and
the use of such Credit Loans will comply with all applicable laws, including
money laundering laws. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Forbearance Agreements</U>.</B></FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as set forth in Schedule 3.26 hereto, the Parent Guarantor and its
Subsidiaries have obtained written forbearance or waiver agreements from all
applicable lessors and lenders with respect to any defaults arising out of the
Financial Statement Restatement and each such waiver or forbearance agreement
provides for a waiver or forbearance period extending through December 31,
2004.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Parent Guarantor reasonably believes that the
Parent Guarantor and its Subsidiaries will be able to comply from the Closing
Date to December 31, 2004 with all of the terms and conditions contained in each
of the forbearance and waiver agreements which relate to, or otherwise arising
out of, the Financial Statement Restatement.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 3.27
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign Assets Control Regulations</U></B>.None
of the requesting or borrowing of any Credit Loan or the use of the proceeds of
such will violate the Trading With the Enemy Act (50 U.S.C. &#167; 1 et seq., as
amended) (the &#147;Trading With the Enemy Act&#148;) or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) (the &#147;Foreign Assets Control
Regulations&#148;) or any enabling legislation or executive order relating
thereto (which for the avoidance of doubt shall include, but shall not be
limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support
Terrorism (66 Fed. Reg. 49079 (2001)) (the &#147;Executive Order&#148;) and (b)
the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). Furthermore,
none of the Borrower or its Affiliates (a) is or will become a &#147;blocked
person&#148; as described in the Executive Order, the Trading With the Enemy Act
or the Foreign Assets Control Regulations or (b) engages or will engage in any
dealings or transactions, or be otherwise associated, with any such
&#147;blocked person&#148;. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 4.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>CONDITIONS TO CLOSING</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligation of the Lenders to advance the Credit Loan on the Restatement Date
under this Agreement shall be subject to the prior or simultaneous satisfaction
of the following conditions precedent: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Request for Funds</U></B>. The Borrower shall
have given to the Agent (i) a completed Borrowing Notice, substantially in the
form of <U>Exhibit C</U> hereto accompanied by the attachments specified in the
definition thereof, and (ii) a flow of funds memorandum setting forth the
payment instructions with respect to the proceeds of the Credit Loan.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties</U></B>. The
representations and warranties of the Borrower, the Parent Guarantor, the Seller
and the Servicer contained in <I><U>Section 3</U> </I>and the other Loan
Documents in connection herewith on or after the date hereof shall have been
materially correct when made and shall be deemed to be repeated at and as of the
Restatement Date, and such representations and warranties shall be materially
correct at and as of such Restatement Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance; No Default</U></B>. Each of the
Borrower, the Seller, the Servicer and the Parent Guarantor shall have performed
and complied in all material respects with all terms and conditions herein or in
the other Loan Documents required to be performed or complied with by it prior
to or at the time of the Restatement Date, and the consummation of the
transactions on the Restatement Date shall not result in (i) a Default or an
Event of Default or (ii) a Servicer Default. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Officer&#146;s Certificate</U></B>.
The Agent and each of the Lenders shall have received an Officer&#146;s
Certificate dated as of the Restatement Date, in form and substance reasonably
satisfactory to the Agent, in which the Borrower shall represent and warrant to
the Lenders that the conditions precedent set forth in <I><U>Sections
4.2</U></I> and <I><U>4.3</U></I> were satisfied at and as of the Restatement
Date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legality; Consents</U></B>. The making of the
Credit Loan shall not contravene any Law, regulation, decree or order binding on
the Borrower and all necessary consents in connection with the transactions
contemplated in this Agreement and all other Loan Documents and all instruments
incidental hereto and thereto have been obtained and the Agent, on behalf of
each of the Lenders, shall have received all such certified or copies of all
such instruments and documents as the Agent shall have reasonably requested.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Loan Documents</U></B>. Each of the
Loan Documents shall have been duly and properly authorized, executed and
delivered by the respective parties thereto and shall be in full force and
effect on and as of the Restatement Date. Executed original counterparts of each
of the Loan Documents, as executed and delivered by the respective parties
thereto, shall have been delivered to the Agent. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Charter and Other
Documents</U></B>. The Agent, on behalf of the Lenders, shall have received from
each of the Borrower, the Seller, the Servicer and the Parent Guarantor copies,
certified by the respective Authorized Officer or assistant secretary of each to
be true and complete as of the Restatement Date, of each of (a) its charter or
other incorporation documents as in effect on such date, (b) its by-laws (if
applicable) as in effect on such date, (c) resolutions authorizing its execution
and delivery of each of the Loan Documents to which it is a party, its
performance of all of its agreements and obligations under each of such
documents and the borrowings and other transactions contemplated by this
Agreement, and (d) an incumbency certificate giving the name and bearing a
specimen signature of each individual who shall be authorized to sign, in its
name and on its behalf, each of the Loan Documents to which it is a party, to
make application for the Credit Loan, and to give notices and to take other
action on its behalf under the Loan Documents to which it is a party.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Opinions of the Borrower&#146;s, Parent
Guarantor&#146;s and Seller&#146;s Counsel</U></B>. The Agent and the
Lenders, shall have received from Moore &amp; Van Allen PLLC, U.S. counsel to
the Borrower, the Seller, the Servicer and the Parent Guarantor, a favorable
opinion, substantially in the form of <I><U>Exhibit E</U></I>, from Lex
Caribe, Barbados counsel to the Borrower, the Seller, the Servicer and the
Parent Guarantor, a favorable opinion, substantially in the form of
<I><U>Exhibit F</U></I>, each opinion addressed to the Agent and the
Lenders and dated the Restatement Date. Such opinion letters shall also state
that (i) the Borrower is not an entity taxable as a corporation under U.S.
federal tax law, and (ii) in the event of the bankruptcy of any of the Seller,
the Servicer or the Parent Guarantor under either the United States Bankruptcy
Code or The Companies Act of Barbados, (A) the Borrower will not be
&#147;substantively consolidated&#148; with any of the Seller, the Servicer or
the Parent Guarantor and (B) the transfer of the Leases and Substitute Leases
and Containers and Substitute Containers by the Seller to the Borrower on each
Transfer Date pursuant to the terms of the Contribution and Sale Agreement will
not be recharacterized as a loan secured by such equipment and leases.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security Documents</U></B>. Subject only to the
execution of this Agreement, the application or delivery of the proceeds of the
Credit Loan hereunder, and the release of a Lien to be discharged with the
proceeds of the Credit Loan, the Security Documents and the UCC Financing
Statements and other documents in respect thereto as necessary to enable the
Agent to perfect a legal, valid and enforceable first-priority security interest
in all of the Collateral, shall have been duly executed by the Borrower and the
Parent Guarantor, as the case may be, and duly filed or recorded, as applicable,
in all appropriate fling offices or other locations necessary for the perfection
of such security interests, subject only to Permitted Liens not of record, and
all other actions necessary for the perfection of such interests shall have been
completed to the satisfaction of the Agent and its counsel. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proceedings and Documents</U></B>. All
proceedings in connection with the transactions contemplated by this Agreement
and all documents incident thereto shall be reasonably satisfactory in substance
and in form to the Lenders and the Agent and the Agent&#146;s special counsel,
and the Agent, on behalf of the Lenders, and such counsel shall have received
all information and such counterpart originals or certified or other copies of
such documents as the Lenders, the Agent or such counsel may reasonably request.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.11
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance Certificate</U></B>. The Agent and
each of the Lenders shall have received a Certificate, substantially in the form
of <U>Exhibit H</U> (a <I>Compliance Certificate), </I>duly executed by an
Authorized Officer of the Borrower. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.12
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Material Adverse Changes, Etc</U></B>. No
event shall have occurred or shall result after giving effect to the funding
contemplated hereunder that may cause a Materially Adverse Effect. There shall
not have occurred any material adverse change, including in governmental
regulations, and other Laws or policies, affecting any of the Parent Guarantor,
the Servicer or the Borrower. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.13
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Evidence of Insurance</U></B>. Evidence of
insurance maintained by, or on behalf of, the Borrower evidencing compliance
with the requirements of <I><U>Section 6.8</U></I>, and naming the Agent as loss payee (with
respect to casualty insurance) and the Agent and each Lender as an additional
insured (with respect to liability insurance), and stating that such insurance
shall not be canceled or revised without at least 30 days&#146; prior written
notice by the insurer to the Agent. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U></B>. As of the date of the
Restatement Date except for those matters disclosed in the financial statements
provided to the Agent pursuant to <I><U>Section 6.4</U></I>, there shall
be no actions, suits or proceedings pending or, to either the Parent
Guarantor&#146;s or its Subsidiaries&#146; knowledge, threatened against either
the Parent Guarantor or its Subsidiaries or which could reasonably be expected
to have a Materially Adverse Effect, except for those actions, suits or
proceedings that are disclosed in the 2003 Form 10K. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 4.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees</U>.</B> The Borrower shall have paid the
fee referred to in Section 2.6.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 4.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]</B>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.17
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No Defaults; Absence of Material Adverse
Change</U></B>. (a)&#160;&#160;No Default, Event of Default, Early Amortization
Event, Guarantor Event of Default or Servicer Default shall have occurred and
then be continuing or would result from the execution and delivery of the Loan
Documents. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No material and adverse change in the financial
condition or business prospects of any of the Parent Guarantor, the Borrower or
any of their respective Subsidiaries shall have occurred.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.18
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cash Flow Projections</U></B>. The Agent and
each Lender have received copies of the projections prepared by, or on behalf
of, the Parent Guarantor and its Subsidiaries setting forth in reasonable detail
the consolidated expected cash receipts and expenditures (including repayment of
Indebtedness) of the Parent Guarantor and its Subsidiaries for each month in
calendar year 2005 and the projected available cash balance of the Parent
Guarantor and its Subsidiaries at the end of each month in calendar year 2005.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Availability of Funding</U></B>. No event or
condition shall exist which, in the reasonable opinion of the Agent or any
Lender, makes it illegal or impractical for any Lender to enter into commitments
or Credit Loans denominated in Dollars or to purchase Dollar denominated
commitments reasonably necessary to make or maintain its commitments herein.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Due Diligence Review</U></B>. The Agent shall
have completed its due diligence review of the container management system
utilized by the Servicer. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.21
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Officer Certificate</U></B>. A certificate
signed by an Authorized Officer of each of the Parent Guarantor and the Borrower
to the effect that the Borrower has good title to the Collateral, free and clear
of all Liens other than Permitted Liens not of record. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.22
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligible Leases</U></B>. The Agent, on behalf
of the Lender, shall have received (i) the original counterpart of each Lease
(other than the Stamping Leases) that constitutes &#147;chattel paper&#148;, and
(ii) a photocopy of the original counterpart of each Stamping Lease marked with
the legend set forth in Section 4.8 of the Security Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.23
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Solvency Certificate</U></B>. The chief
financial officer or acting chief financial officer of each of the Parent
Guarantor, the Seller and the Borrower shall have delivered to the Agent a
certificate certifying as to the solvency of each such entity. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.24
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CAI Notice of Assignment</U></B>. The Agent
shall have received an originally executed Notice of Assignment from CAI,
substantially in the form of <U>Exhibit D</U> hereto. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.25
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Release of Lien on PNC Lockbox Account</U></B>.
The Agent shall have received a payoff letter or other evidence reasonably
satisfactory to it that (i) the Lien of PNC Bank in the Lockbox Account has been
released or subordinated or (ii) the Servicer has established a separate lockbox
account into which the Servicer has directed the Lessees on the Leases to remit
Lease Payments and no Person shall have a Lien on such new lockbox accounts.
</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
request by the Borrower for a Credit Loan shall constitute a representation and
warranty by the Borrower that each of the conditions set forth in Sections 5.1,
5.2, 5.3 and 5.4 shall be satisfied at the time of such Funding. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 4.26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sources and Uses</U></B>. The Parent Guarantor
shall have provided the Agent with a statement showing the sources and uses of
funds on the Restatement Date. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>CONDITIONS TO SUBSEQUENT FUNDINGS</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
obligations of each Lender to make a Credit Loan after the Restatement Date
shall be subject to the satisfaction prior to or at and as of each Funding Date
of the following conditions precedent: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 5.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties</U></B>. Each of
the representations and warranties of the Parent Guarantor, the Servicer and the
Borrower contained in this Agreement or in any document or instrument delivered
pursuant to or in connection with this Agreement shall be true as of the date as
of which they were made and shall also be true at and as of the time of the
funding, with the same effect as if made at and as of that time (except to the
extent of changes resulting from transactions contemplated or permitted by this
Agreement and changes occurring in the ordinary course of business which singly
or in the aggregate shall not have a Materially Adverse Effect and except to the
extent that such representations and warranties relate expressly to an earlier
date). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 5.2
&nbsp;&nbsp;&nbsp;&nbsp;<U>Performance; No Default</U></B>. At the time of the
funding, the Revolving Credit Period shall not have expired and there shall
exist no Default, Event of Default, Early Amortization Event, Guarantor Event of
Default or a Servicer Default, nor shall the making of such Funding result in a
Default, Event of Default, Early Amortization Event, Guarantor Event of Default
or a Servicer Default. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 5.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance Certificate</U></B>. The Agent shall
have received (i) a Borrowing Notice at the times and in the form required
pursuant to Section 2.1 hereof and (ii) a Certificate, substantially in the form
of <U>Exhibit </U>H (a <I>Compliance Certificate), </I>duly executed by an
Authorized Officer of the Borrower showing in reasonable detail that the
Aggregate Note Principal Balance (after giving effect to the requesting Credit
Loan) shall not exceed the Asset Base. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 5.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security Documents</U></B>. Subject only to the
release of a Lien to be discharged with the proceeds of such Credit Loan (for
which the Agent shall have received a payout letter), all actions shall have
been taken to enable the Agent to perfect a legal, valid and enforceable
first-priority security interest in all of the Eligible Leases and/or Eligible
Containers to be acquired with the proceeds of such Credit Loan. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 5.5 [<U>Reserved</U>].</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 5.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Copies of Purchase Documentation, Invoices,
Bills of Sale and Other Title Documents</U></B>. With respect to any Containers
for which the manufacturer thereof is owed any payment thereon, the Agent shall
have received (A) copies of purchase documentation, invoices, conditional bills
of sale and/or releases with respect to (i) that portion of the Eligible
Containers for which the Lenders will pay the purchase price therefore directly
to the applicable manufacturer, (B) such other documentation as the Agent or any
Lender may request to establish the then Fair Market Value and Net Book Value of
each such Container, (C) wire transfer directions for each of the manufacturers
of the Containers setting forth the locations to which the Agent and the Lenders
should remit payment of the invoices referred to in clause (A), and (D) written
authorization from the Borrower to remit all or a portion of the Credit Loan
proceeds in satisfaction of the unpaid invoices referred to in clause (A) above.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>AFFIRMATIVE COVENANTS</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Parent Guarantor and the Borrower (except as expressly noted below)
covenant and agree that, so long as any amounts are owing with respect to the
Notes or otherwise pursuant to this Agreement, the Parent Guarantor and the
Borrower shall, to the extent applicable, cause each of their Subsidiaries to: </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Punctual Payment</U></B>. Duly and punctually
pay or cause to be paid the principal and interest on the Notes and all fees and
other amounts from time to time owing hereunder, all in accordance with the
terms of this Agreement and the Notes. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Location of Office</U></B>. Maintain its chief
executive office and principal place of business at (A) in the case of the
Parent Guarantor, 211 College Road East, Princeton, New Jersey 08540, and (B) in
the case of the Borrower, Worthing Corporate Center, Worthing Main Road, Christ
Church, Barbados, or, in either case, at such other address as the Borrower
shall designate in a notice to the Agent at least sixty (60) days prior to the
effective date of such relocation. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Records and Accounts; Collateral Tracking
System</U></B>. (a)&#160;&#160;Keep true consolidated records and books of
account in which full, true and correct entries will be made in accordance with
generally accepted accounting principles and maintain adequate accounts and
reserves for all taxes (including income taxes), all depreciation, depletion,
obsolescence and amortization of its properties, all contingencies, and all
other reserves; and (b) maintain computerized systems capable of tracking the
Eligible Leases, Eligible Containers and Gross Lease Revenues on a per unit
basis, enabling the Parent Guarantor, the Servicer and the Borrower at all times
to identify the same by owner and lender/lienholder. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements, Certificates
and Information</U>.</B> Furnish to the Agent:</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Quarterly Reports on Form 10-Q for the Parent Guarantor and its
Consolidated Subsidiaries for the quarters ended June 30, 2004 and September 30,
2004 in each case, by not later than December 31, 2004;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Commencing with the fiscal year ending December 31, 2004, as soon as practicable
and, in any event, within one hundred twenty (120) days after the end of each
subsequent fiscal year (or, with respect to CAI, upon the request of the Agent,
but only so long as CAI is subservicer of any of the Containers) of each of CAI,
the Parent Guarantor and the Borrower, consolidated balance sheets of each of
CAI, the Parent Guarantor, the Borrower and their Subsidiaries, as at the end of
such fiscal year, and consolidated statements of income, cash flows and retained
earnings of each of CAI, the Parent Guarantor, the Borrower and its Subsidiaries
for the fiscal year then ended, each setting forth in comparative form the
figures for the previous fiscal year, all in reasonable detail, prepared in
accordance with generally accepted accounting principles consistently applied,
accompanied by, in the case of CAI and the Parent Guarantor, a report and
opinion of KPMG LLP (or such other independent certified public accountants of
nationally recognized standing as are reasonably acceptable to the Lenders),
which report and opinion shall have been prepared in accordance with generally
accepted auditing standards and shall be unqualified as to "going concern"
status, scope of audit or conformity with GAAP;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Commencing with the fiscal year ending December 31, 2004, as soon as
practicable and, in any event, within sixty (60) days after the end of each of
the first three fiscal quarters in each fiscal year (or, with respect to CAI,
upon the request of the Agent, but only so long as CAI is subservicer of any of
the Containers) of CAI, the Parent Guarantor and the Borrower consolidated
balance sheets of CAI, the Parent Guarantor, the Borrower and their Subsidiaries
as at the end of such fiscal quarter, and consolidated statements of income and
reconciliation of surplus of CAI, the Parent Guarantor, the Borrower and their
Subsidiaries for the portion of the fiscal year then ended, all in reasonable
detail, prepared in accordance with generally accepted accounting principles
consistently applied, except for the lack of footnotes thereto, and certified by
the principal financial or principal accounting officer of CAI, the Parent
Guarantor or the Borrower, as the case may be, but subject to normal, recurring
year-end adjustments;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Concurrently with the delivery of each financial statement pursuant to
paragraphs (a), (b) and (c) of this <I><U>Section 6.4</U></I>, a certificate substantially in
the form of Exhibit H (a <I>Compliance Certificate</I>), signed on behalf of the
Borrower by its principal financial or principal accounting officer;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Promptly upon receipt thereof, copies of all management letters of substance
and other reports of substance which are submitted to the Borrower or the Parent
Guarantor by their accountants in connection with any annual or interim audit of
the books of the Borrower or the Parent Guarantor made by such accountants;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Promptly upon their becoming available, copies of such other financial
statements and reports, if any, as the Borrower and/or the Parent Guarantor may
be required to publicly file with the Securities and Exchange Commission or any
similar or corresponding governmental commission, department or agency
substituted therefor, or any similar or corresponding governmental commission,
department, board, bureau, or agency, federal or state;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If and when the Borrower and/or the Parent Guarantor gives or is required to
give notice to the PBGC of any "Reportable Event" (as defined in Section 4043 of
ERISA) with respect to any Plan that might constitute grounds for a termination
of such Plan under Title IV of ERISA, or knows that any member of the Controlled
Group or the plan administrator of any Plan has given or is required to give
notice of any such Reportable Event, a copy of the notice of such Reportable
Event given or required to be given to the PBGC;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately upon becoming aware of the existence of any condition or event
that constitutes a Default or a Servicer Default, written notice thereof
specifying the nature and duration thereof and the action being or proposed to
be taken with respect thereto; and</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With reasonable promptness, such other data as the Agent or any of the
Lenders may reasonably request.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Business and Corporate Existence</U></B>. Keep
in full force and effect its corporate existence and all rights, licenses,
leases and franchises reasonably necessary to the conduct of its business and
comply with (a) all applicable laws and regulations wherever its business is
conducted, (b) the provisions of its charter documents or by-laws, and (c) all
agreements and instruments by which it or any of its properties may be bound and
all applicable decrees, orders and judgments, in each case in such manner that a
Materially Adverse Effect will not result. The Borrower will comply with its
obligations set forth in Section 5.9 of the Security Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Taxes</U></B>. Promptly pay and
discharge all lawful taxes, assessments and governmental charges or levies
imposed upon them or upon their income or profit or upon any property, real,
personal or mixed, belonging to them, <I>provided </I>that neither the Parent
Guarantor nor any of its Subsidiaries shall be required to pay any such tax,
assessment, charge or levy if the same shall not at the time be due and payable
or can be paid thereafter without penalty or if the validity thereof shall
currently be contested in good faith by appropriate proceedings diligently
pursued and if the Parent Guarantor or such Subsidiary, as the case may be,
shall have set aside on its books reserves deemed by it adequate with respect to
such tax, assessment, charge or levy. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maintenance of Property</U>.</B>
The Borrower shall:</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
keep, or cause to be kept, all of its Containers in good repair and working
order (but in no event in less than the condition as is customary in the
container leasing industry), and make, or cause to be made, all needful and
proper repairs, replacements, additions and improvements thereto as are
necessary for the conduct of its business, and in order to maintain the
Containers in accordance with manufacturer's instructions and in as good an
operating condition as when originally delivered, reasonable wear and tear and
causes beyond the Borrower's control excepted;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at all times use, or cause to be used, the Container in accordance with good
operating practices and shall at all times comply with all loading limitations,
handling procedures and operating instructions prescribed by the manufacturer
and the Agent or any Lender, which include but are not limited to the latest
applicable regulations and recommendations of the International Organization of
Standardization as well as any applicable local regulations, and prevent usage
which may damage or shorten the life of the Container including, without
limitation, excessive impact and unbalanced loading;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
not knowingly use the Containers for storage of transportation of contraband
or of goods which may damage the Container including, without limitation,
unprotected corrosive substances, poorly secured materials, or bulk commodities
which may corrode, oxidize, severely dent, puncture, contaminate, stain or
damage the Containers;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
cause the Containers to be identified by appropriate lettering and
numbering, which the Borrower agrees not to change or obliterate, except at the
written request of the Agent or any Lender; the Borrower may, however, add other
markings as may be requested by a Lessee in accordance with the terms of the
related Lease;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
comply, or cause to be complied, with the International Convention for Safe
Containers (CSC) in all respects including, without limitation, plating,
maintenance, examination, re-examination and marking with re-examination dates
of such Container, such examination, or re-examination, shall be performed in
accordance with the rules and regulations for the Safety Approval of Cargo
Containers of the United States Department of Transportation.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U></B>. (a)&#160;&#160;Promptly
effect and maintain, or cause to be effected and maintained by each Lessee, with
financially sound and reputable companies satisfactory to the Agent or
consistent with the Servicing Standard, by such Lessee pursuant to a
self-insurance program, insurance policies: (i) insuring such Containers against
loss by fire, explosion, theft or such other casualties as are usually insured
against companies engaged in the same or a similar business and with coverage,
and with respect to any Container in an amount at least equal to the Net Book
Value or Finance Lease Value, as applicable, of such Container, and (ii)
insuring the Borrower against liability for personal injury and property damage
liability, caused by, or relating to, such Container or its use, with such
levels of coverage and deductibles that are customary with industry standards.
The Agent and the Lenders reserve the right (but shall not have the obligation)
to obtain (i) at Borrower&#146;s expense, insurance with respect to any or all
of the foregoing risks if the Borrower shall fail to obtain such coverage in the
specified amounts, and (ii) at the Lender&#146;s expense, additional insurance
on its own behalf with respect to any or all of the foregoing risks (or any
other risk). All insurance maintained by the Borrower for loss or damage of the
Containers shall provide that losses, if any, shall be payable to Agent or its
designee as sole loss payee and Borrower shall utilize its best efforts to have
all checks relating to any such losses delivered promptly to Agent or such other
person designated by the Agent. The Agent and each Lender shall be named as an
additional insured with respect to all such liability insurance maintained by,
or on behalf of, the Borrower. Borrower shall pay the premiums with respect to
all such insurance and deliver to Agent evidence satisfactory to Agent of such
insurance coverage. Borrower shall cause to be provided to Agent, not less than
fifteen (15) days prior to the scheduled expiration or lapse of such insurance
coverage, evidence satisfactory to Agent of renewal or replacement coverage.
Each insurer shall agree, by endorsement upon the policy or policies issued by
it or by independent instrument furnished to Agent, that (i) it will give each
additional insured and the loss payee thirty (30) days&#146; prior written
notice of the effective date of any material alteration, cancellation or
non-renewal of such policy; (ii) the interest of any named additional insurance
or loss payee other than Borrower shall not be invalidated by any actions,
inactions, breach of warranty or conditions or negligence of Borrower or any
other person with respect to such policy or policies and (iii) it will permit
the Agent and/or the Lender(s) to make payments to effect the continuation of
coverage upon notice of cancellation due to nonpayment of premium. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Maintain with financially sound and reputable insurance companies insurance
on all other properties and assets in at least such amounts and against at least
such risks as are usually insured against in the same general area as that in
which the Borrower is located and by companies engaged in the same or similar
businesses.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Inspection of Properties and Books</U></B>.
(a)&#160;&#160;Permit the Agent or any Lender, or any of their designated
representatives or agents, at any reasonable time during business hours and at
reasonable intervals of time, and upon reasonable prior written notice (or, if a
Default, a Servicer Default, Early Amortization Event (other than as a result of
clauses (h) and (i) thereof) or an Event of Default shall have occurred and then
be continuing, at any time and without prior notice), to (a) visit, inspect and
appraise the Containers (subject to any lessee&#146;s right to quiet enjoyment
therein) and properties of the Borrower and the Parent Guarantor; (b) examine
and make copies of and take abstracts from the books and records of the Borrower
and the Parent Guarantor, including Container purchase orders and purchase
agreements; and (c) discuss the affairs, finances and accounts of the Borrower
and the Parent Guarantor with their appropriate officers, employees and
accountants. The Borrower shall pay for the reasonable out-of-pocket cost and
expense (including, inter alia, travel) of the Agent in conducting (i) one (1)
such inspection per calendar year, so long as no Default, Servicer Default,
Early Amortization Event or Event of Default has occurred or is then continuing
and (ii) all such inspections, if a Default, a Servicer Default, Early
Amortization Event or an Event of Default has occurred and is then continuing.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Licenses and Permits</U></B>. Cause all
Containers which, under applicable Law, is required to be registered, to be
properly registered in the name of the Borrower. If at any time while any of the
Notes are outstanding, any authorization, consent, approval, permit or license
from any Governmental Authority shall become necessary or required in order that
the Borrower may fulfill any of its obligations hereunder, the Borrower shall
immediately take or cause to be taken all steps reasonably necessary to obtain
such authorization, consent, approval, permit or license and furnish the Agent
with evidence thereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.11
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Material Claims and
Litigation</U></B>. Promptly notify the Agent and each Lender of the
commencement of any claims (other than claims under a policy of insurance in
amounts which, together with any interest accrued thereon, do not exceed the
face value of such policy), actions, suits, proceedings or investigations of any
kind pending or threatened against the Parent Guarantor or any of its
Subsidiaries before any court, tribunal or administrative-agency or board in an
amount in excess of $3,000,000, or which, if adversely determined, would be
reasonably likely, either in any case or in the aggregate, to have a Material
Adverse Effect or materially impair the right of the Parent Guarantor and its
Subsidiaries considered as a whole, or the Borrower considered individually, to
carry on their respective businesses substantially as now conducted, or which
question the validity of this Agreement, any Note or the Security Documents or
any action taken or to be taken pursuant hereto or thereto. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.12
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances</U></B>. Cooperate with the
Agent and the Lenders and take such further actions and execute such further
instruments and agreements as the Agent may reasonably request to carry out to
the Lenders&#146; satisfaction the transactions contemplated by this Agreement.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 6.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pension Plans</U>.</B> To the extent
applicable, the Parent Guarantor and its Subsidiaries shall:</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fund any Guaranteed Pension Plan as required by the provisions of Section
302 of ERISA and Section 412 of the Code, and make all contributions to a
Multiemployer Plan required pursuant to any applicable collective bargaining
agreement.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furnish promptly to the Agent a copy of any notice of termination of a
Guaranteed Pension Plan required to be sent to the PBGC and a copy of any report
or demand sent or received by or with respect to a Guaranteed Pension Plan
pursuant toss.ss.4041, 4041A, 4042, 4043, 4062, 4063, 4065, 4066 or 4068 of
ERISA or under subtitle E of Title IV of ERISA.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furnish promptly to the Agent a copy of all Forms 5500, Forms 5500-C and/or
Forms 5500-R relating to a Guaranteed Pension Plan, together with all
attachments thereto, including any actuarial statement relating to a Guaranteed
Pension Plan required to be submitted underss.103 (d) of ERISA.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cause any Guaranteed Pension Plan to pay all benefits when due.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Furnish the Agent with copies of any request for waiver from the funding
standards or extension of the amortization periods required by Section 303 and
304 of ERISA or Section 412 of the Code, with respect to any Guaranteed Pension
Plan no later than the date on which the request is submitted to the Department
of Labor or the United States Internal Revenue Service, as the case may be.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Promptly notify the Agent of any "complete withdrawal", "partial withdrawal"
or "reorganization" with respect to any Multiemployer Plan as such terms are
defined in ERISA.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to any Guaranteed Pension Plan, promptly notify the Agent upon
the occurrence of any "Reportable Event" as defined in ERISA.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Environmental and Safety Matters</U>.</B></FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately report to Agent and each Lender upon becoming aware thereof (a)
the introduction of any Hazardous Material onto any facility owned or operated
by the Parent Guarantor or its Subsidiaries or any if the introduction thereof
reasonably could be expected to have a Materially Adverse Effect and (b) the
initiation of any action, suit, proceeding, investigation or regulatory action
against the Parent Guarantor or any of its Subsidiary or in connection with any
such facility relating to any Release of Hazardous Materials if such could
reasonably be expected to have a Materially Adverse Effect.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Immediately deliver to Agent and each Lender copies of (a) all reports
(other than routine reports regularly submitted in the ordinary course of
business) submitted to any Governmental Authority by the Parent Guarantor or any
of its Subsidiaries in connection with either the presence of Hazardous
Materials at any facility owned or operated by the Parent Guarantor or any of
its Subsidiaries or any other environmental matter relating to such facility,
and (b) all reports, notices, and correspondence transmitted to the Parent
Guarantor or its Subsidiaries by any Governmental Authority in connection with
either the presence of any Hazardous Materials at or near any such facility or
any other environmental matter relating to such facility.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except for Hazardous Materials that the Parent Guarantor or its Subsidiaries
uses or stores or that a lessee of the Parent Guarantor or its Subsidiaries
uses, stores or transports in the ordinary course of its business and in
compliance with all applicable Laws, keep all of its properties or assets free
of Hazardous Materials. The Parent Guarantor and its Subsidiaries shall comply
with and use its best efforts to ensure compliance by all tenants and subtenants
with all Environmental Laws and all Laws relating to occupational safety or
health and shall obtain and comply with, and use its best efforts to ensure that
all tenants and subtenants obtain and comply with, any and all approvals,
registrations or permits required thereunder. The Parent Guarantor and its
Subsidiaries shall conduct and complete all investigations, studies, sampling
and testing, and all remedial, removal, and other action necessary to clean up
and remove all Hazardous Materials, on, from or affecting any of its properties
or assets as required by all applicable Laws, except as such laws, ordinances,
rules, regulations, orders or directives may be contested by the Parent
Guarantor and its Subsidiaries in good faith by appropriate proceedings and for
which adequate reserves have been established in conformity with generally
accepted accounting principles.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Defend, indemnify, and hold harmless the Agent, each Lender and each of
their respective directors, officers, employees, affiliates, representatives and
agents (each an <I>Indemnified Party</I>) from and against any and all penalties,
fines, liabilities, damages, costs, or expenses of whatever kind or nature
asserted against such Indemnified Party (unless resulting from the gross
negligence or willful misconduct of an Indemnified Party), arising out of, or in
any way related to: (a) the Release or threatened Release of any Hazardous
Materials on, at or from any property at any time owned, operated or occupied by
the Parent Guarantor or its Subsidiaries; (b) any personal injury (including
wrongful death) or property damage (real or personal) arising out of or related
to such Hazardous Materials; (c) any lawsuit brought or threatened, settlement
reached, or government order relating to such Hazardous Materials, and/or (d)
any violation of Laws which are based upon or in any way related to such
Hazardous Materials or to any environmental matter, including reasonable
attorney and consultant fees, investigation and laboratory fees, court costs,
and litigation expenses actually incurred.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.15
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment of Wages</U></B>. Comply at all times
with the United States Fair Labor Standards Act, as amended, including the
provisions of such Act relating to the payment of minimum and overtime wages as
the same may become due from time to time, if and to the extent that
non-compliance could reasonably be expected to have a Materially Adverse Effect.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.16
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Default</U></B>. Promptly, upon
becoming aware thereof, give written notice to the Agent of: (a) the occurrence
of any Default, Servicer Default or Event of Default, (b) any litigation or
proceeding affecting the Parent Guarantor or any of its Subsidiaries or any of
their properties or assets which, if adversely determined, might have a
Materially Adverse Effect, (c) any dispute between the Parent Guarantor or any
of its Subsidiaries and any Governmental Authority that would be reasonably
expected to materially interfere with their normal business operations, and (d)
any Materially Adverse Effect. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.17
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>OFAC</U></B>. The Borrower shall ensure that no
item of Container pledged as Collateral pursuant to the terms of the Security
Agreement shall be traded, located, operated or used, directly or indirectly, in
a Prohibited Jurisdiction or by a Prohibited Person, and no Lessee or any
sublessee shall be a Prohibited Person or organized in a Prohibited
Jurisdiction. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.18
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Possession of Eligible Container</U></B>. The
Borrower will at all times maintain possession of the Eligible Containers,
except (i) for such time as such Eligible Containers is in the possession of a
Lessee pursuant to the terms of a Lease, or (ii) for temporary delivery thereof
to depot owners and other Persons for repairs and maintenance made in the
ordinary course of business. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest Rate Hedge Agreements</U></B>. Within
ninety (90) days after the Restatement Date, the Borrower will enter into and
thereafter maintain (or will cause to be entered into and maintained) Interest
Rate Hedge Agreements with Eligible Interest Rate Hedge Providers to hedge its
exposure to Finance Leases and Term Leases. The notional balances of any
Interest Rate Hedge Agreements entered into with respect to Finance Leases shall
amortize in a manner consistent with the remaining rental payment on such
Finance Leases. The notional balance of all Interest Rate Hedge Agreements
entered into with respect to Term Leases shall amortize at an annual rate
reasonably consistent with the depreciation rate associated with the Containers
then subject to such Term Leases. The required notional balances of such
Interest Rate Hedge Agreements shall be as follows (the &#147;Hedging
Requirements&#148;): </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with respect to Finance Leases, at least ninety
percent (90%) and not more than one hundred percent (100%) of the portion of the
Aggregate Note Principal Balance which finances the Finance Leases. The portion
of the Aggregate Note Principal Balance which finances the Finance Leases is
determined by the product of (A) the sum of the Aggregate Finance Lease Value
and (B) 75.00%;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with respect to Term Leases, at least seventy percent (70%) and not more than
one hundred percent (100%) of the portion of the Aggregate Note Principal
Balance which finances the Term Leases. The portion of the Aggregate Note
Principal Balance which finances the Term Leases is determined by the product of
(A) the sum of the Aggregate Net Book Value and (B) 75.00%.</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the Restatement Date, upon the acquisition of additional Finance
Leases and Term Leases, then, within thirty (30) days after the date of such
acquisition, the Borrower shall enter into additional Interest Rate Hedge
Agreements in a notional amount such that, after giving effect thereto, the
Hedging Requirements will be satisfied.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Borrower, or Servicer on behalf of Borrower, fails to maintain the
Hedging Requirements, the Agent shall have the right, in its sole discretion to
direct the Agent, to enter into Interest Rate Hedge Agreements, caps or collars
on the Borrower's behalf. In the event the Agent enters into an Interest Rate
Hedge Agreement on the Borrower's behalf, the Agent shall promptly send a copy
of any such agreement to the Borrower and may provide the Agent and Servicer
with a written direction to deposit in the Trust Account certain amounts to
purchase, or reimburse the Agent or a third party for purchase, such Interest
Rate Hedge Agreement.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As additional security hereunder, the Borrower hereby assigns to the Agent
all right, title and interest of the Borrower under each Interest Rate Hedge
Agreement, including, but not limited to, all present and future amounts payable
by an Interest Rate Hedge Provider to the Borrower under or in connection with
such Interest Rate Hedge Agreement. The Borrower acknowledges that, as a result
of such assignment, the Borrower may not, without the prior written consent of
the Agent, exercise any rights under any Interest Rate Hedge Agreement that
could reasonably be expected to have a materially adverse effect on the rights
of the Agent and Lender's hereunder, as assignee of the Borrower's rights under
such Interest Rate Hedge Agreement; provided that nothing herein shall have the
effect of releasing the Borrower from any of its obligations under an Interest
Rate Hedge Agreement or be construed as requiring the consent of the Agent, any
Lender or third party beneficiary hereunder for the performance of the
Borrower's obligations thereunder.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Borrower shall enter into each Interest Rate Hedge Agreement only with
an Eligible Interest Rate Hedge Provider. Each Interest Rate Hedge Agreement
shall provide that if the Eligible Interest Rate Hedge Provider or any party
providing credit support on its behalf suffers an Interest Rate Hedge Provider
Minimum Rating Downgrade Event, the Interest Rate Hedge Provider will be
required to post, within ten (10) Business Days of such Interest Rate Hedge
Provider Minimum Rating Downgrade Event, collateral set forth in the applicable
Interest Rate Hedge Agreement and execute a "Credit Support Annex" in connection
therewith. Failure to post collateral within such time shall constitute a
termination event under the terms of the applicable Interest Rate Hedge
Agreement. Such Interest Rate Hedge Provider may transfer (at its own cost),
with the cooperation of the Borrower and the Servicer, all of its rights and
obligations under its Interest Rate Hedge Agreement to an Eligible Interest Rate
Hedge Provider in accordance with the terms of its Interest Rate Hedge
Agreement. Each Interest Rate Hedge Agreement shall also provide that if the
Interest Rate Hedge Provider (or any party providing credit support identified
in the Interest Rate Hedge Agreement or any credit support annex thereto on its
behalf) suffers an Interest Rate Hedge Provider Required Rating Downgrade Event,
such Interest Rate Hedge Provider will be required to transfer (at its own cost)
all of its rights and obligations under its Interest Rate Hedge Agreement to an
Eligible Interest Rate Hedge Provider not later than thirty (30) Business Days
after the occurrence of the Interest Rate Hedge Provider Required Rating
Downgrade Event. Upon the occurrence of an Interest Rate Hedge Provider Required
Rating Downgrade Event, the Agent shall have the right to direct the Borrower to
terminate the applicable Interest Rate Hedge Agreement. The Borrower may, with
the prior written consent of the Agent, or shall, at the direction of the
Administrative Agent, terminate the Interest Rate Hedge Agreement and
simultaneously enter into a replacement Interest Rate Hedge Agreement in the
event the Interest Rate Hedge Provider fails to post collateral or transfer its
rights and interests under the Interest Rate Hedge Agreement in accordance with
the terms of the Interest Rate Hedge Agreement.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agent shall, promptly after any downgrade for which .the Interest Rate
Hedge Provider is required to post collateral, establish a single segregated
trust account (with separate subaccounts for each financial institution acting
as an Interest Rate Hedge Provider) in the name of the Agent (collectively, the
"Counterparty Collateral Account"), which shall be held in trust in the name of
the Agent for the benefit of itself and the Lenders and over which the Agent
shall have exclusive control and the sole right of withdrawal. Notwithstanding
anything to the contrary in this section, investment earnings on amounts held in
the Counterparty Collateral Account shall be remitted to the applicable Interest
Rate Hedge Provider upon its written request and its representation that the
request is in accordance with the terms of the applicable Interest Rate Hedge
Agreement. The Agent shall deposit all collateral received from an Interest Rate
Hedge Provider under an Interest Rate Hedge Agreement in the Counterparty
Collateral Account. Any and all funds at any time on deposit in, or otherwise
held to the credit of, the Counterparty Collateral Account shall be held in
trust by the Agent for the benefit of the secured parties under this Agreement.
The only permitted withdrawal from or application of funds on deposit in, or
otherwise to the credit of the Counterparty Collateral Account shall be (i) for
application to obligations of the applicable Interest Rate Hedge Provider to the
Borrower under its Interest Rate Hedge Agreement, if such Interest Rate Hedge
Agreement becomes subject to early termination, or (ii) to return collateral or
investment earnings to such Interest Rate Hedge Provider when and as required by
such Interest Rate Hedge Agreement. The Agent shall take all actions necessary
to return collateral to any Interest Rate Hedge Provider as described in the
preceding sentence including, without limitation, issuance of entitlement orders
to any Securities Intermediary (as defined in the UCC). No actions taken under
this Section 6.19 shall be at the expense of the Agent.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All payments received from an Interest Rate Hedge Provider shall be
deposited by the Borrower directly into the Trust Account and distributed in
accordance with Section 2.18(b) hereof.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any notional reductions shall be effected over all outstanding transactions
under Interest Rate Hedge Agreements then in effect on a pro rata basis pursuant
to the terms of the Interest Rate Hedge Agreements.</FONT></P>

<P><FONT SIZE=3>Notwithstanding anything to the contrary contained herein,
Fortis Bank (Nederland) N.V. on behalf of itself and its Affiliates hereby
agrees that any Interest Rate Hedge Agreement entered into by such Person with
respect hereto shall be fully assignable by the Borrower upon the termination of
the Security Agreement and the lien created thereunder; <I>provided, however,
</I>that, after giving effect to such assignment, all of the following
conditions shall be satisfied: (i) the Interest Rate Hedge Provider shall be
secured by the Containers and Related Assets, (ii) the amount of collateral
supporting the obligations to the Interest Rate Hedge Provider shall not be
materially less than the amount of collateral hereunder, (iii) the priority of
payments (whether in a securitization or a secured lending facility) to the
Interest Rate Hedge Provider (both in terms of scheduled payments and
termination payments) shall be on substantially the same terms as the priority
of payments provided for hereunder and (iv) the Interest Rate Hedge
Provider&#146;s rights and remedies under any successor transaction document
shall not be materially less than the rights and remedies granted hereunder.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.20
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>UNIDROIT Convention</U></B>. The Borrower shall
comply with the terms and provisions of the UNIDROIT Convention on International
Interests in Mobile Goods or any other internationally recognized system for
recording interests in or liens against shipping containers at the time that
such convention is adopted by the container leasing industry. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.21
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Separate Identity</U></B>. The Borrower will be
operated, or will cause itself to be operated, so that the Borrower will not be
substantively consolidated with the Parent Guarantor, the Seller, the Servicer
or any of their Affiliates. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.22
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment Company</U></B>. The Borrower will conduct its
operations in a manner which will not subject it to registration as an
&#147;investment company&#148; under the Investment Company Act of 1940, as
amended. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.23
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>United States Tax Election</U></B>. The
Borrower shall make an election pursuant to Section 301.7701-3 of the Code to be
either classified as a partnership or disregarded as an entity separate from its
owner. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.24
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Independent Quotaholder</U></B>. All of the
common quotas of the Borrower will be owned by an Independent Person.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.25
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Monthly Cash Flow Projection</U></B>. Until such time as all of the
financial statements referred to in <I><U>Section 6.4(a) </U></I>have
been filed, as soon as practicable and, in any event, not later than the
twentieth day of each month, commencing December 20, 2004, an updated cash flow
projection, consistent in form and substance to the report provided pursuant to
Section 4.18 hereof, prepared on a rolling basis for the next succeeding
thirteen-week period, and a separate report, consistent in form and substance to
such reports previously provided to the Agent, comparing the actual cash flow
for the immediately prior calendar month to the projected cash flow for such
month set forth in the initial cash flow projection. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.26
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lender Meetings</U></B>. One or more senior
officers of the Parent Guarantor shall conduct on or about the sixtieth
(60<SUP>th</SUP>) day after the end of each calendar quarter an inperson meeting
with the Agent and the Lenders to discuss and review the results of operations
and other material events; provided, however, that the Agent and those Lenders
who are available (in the case of the Lenders either in-person or
telephonically) shall be present at such meeting and provided, further that the
Agent may postpone such meeting at its sole discretion to a reasonably
acceptable future date. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 6.27
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intercreditor Agreement</U></B>. Within sixty
days (60) days after the Restatement Date, the Borrower, the Parent Guarantor,
Interpool Limited, the collateral agent named therein and the Agent shall enter
into the Intercreditor Agreement in form and substance satisfactory to the
Agent, the Borrower and the Parent Guarantor. Borrower and Parent Guarantor
shall use their commercially reasonable efforts to cause each lender to Parent
Guarantor, Interpool Limited and their Affiliates to join the Intercreditor
Agreement entered into by the Borrower, the Parent Guarantor and the Agent.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION
7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NEGATIVE COVENANTS</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the Borrower and the Parent Guarantor (except as expressly set forth below)
severally covenant and agree that, so long as any amounts are owing with respect
to the Notes or otherwise pursuant to this Agreement, the Borrower and the
Parent Guarantor shall not and, to the extent expressly set forth below, shall
not permit any of their Subsidiaries, except with the prior written consent of
the Agent in each instance to: </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liens</U>.</B> Create, incur, assume or permit
to exist any Liens on the Collateral, except Permitted Liens.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maximum Funded Debt to Tangible Net
Worth</U></B>. At the end of each fiscal quarter (measured on the basis of the
most recent financial statements delivered pursuant to Section 6.4 hereof),
permit the ratio of the Parent Guarantor&#146;s (i) Funded Debt to (ii) Tangible
Net Worth, to exceed the ratio of 4.0 to l. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minimum Tangible Net Worth</U></B>. At the end of any fiscal
quarter (measured on the basis of the most recent financial statements delivered
pursuant to Section 6.4 hereof), permit the Parent Guarantor&#146;s Tangible Net
Worth to be less than Three Hundred Million Dollars ($300,000,000). </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fixed Charge Coverage Ratio</U></B>. At the end
of any fiscal quarter (measured on the basis of the most recent financial
statements delivered pursuant to Section 6.4 hereof), permit the Parent
Guarantor&#146;s ratio of (A) for the rolling four quarter period ending on the
last day of such quarter, the sum of (i) Earnings Available for Fixed Charges,
plus (ii) depreciation to (B) Fixed Charges for such period, to be less than 1.5
to l. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Financial Covenants</U></B>. If on
or after the Closing Date, the Parent Guarantor or any of its Subsidiaries
either incur additional Indebtedness, or amend the documentation for any
Indebtedness outstanding on the Closing Date (including any amendments or
modifications affected through any of the forbearance or waiver agreements
executed, or to be executed, with respect to the Financial Statement
Restatement), so as to either (i) incorporate additional financial covenants, or
(ii) amend covenants of the type set forth in Section 7.2, 7.3 or 7.4 hereof in
such a way as to make such covenant more restrictive, then the Borrower shall
promptly (but in no event later than ten (10) Business Days thereafter) notify
the Agent and each Lender of such occurrence. If the Majority Lenders so elect,
then such revised and/or financial covenants shall automatically be incorporated
by reference into this Agreement without the need for further action by any
party whatsoever. Thereupon, the Agent and each Lender shall have a separate and
independent right to enforce such revised and/or additional financial covenants.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Distributions</U></B>. The Borrower shall not make any
Distributions if a Default, Servicer Default (other than a CAI Default), an
Early Amortization Event or Event of Default has occurred and is continuing or
would occur after giving effect to such Distribution. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.7
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Merger, Consolidation or Sale of Assets,
Etc</U></B>. (a) None of the Borrower, the Parent Guarantor or any Subsidiary of
the Parent Guarantor shall become a party to any merger or consolidation, or
take any action looking to the dissolution or liquidation provided that so long
as no Default or Event of Default shall have occurred and be continuing or would
not result as a result thereof: (A) the merger or consolidation of a Subsidiary
(other than the Borrower) into the Parent Guarantor, or (B) the merger of any
Subsidiary (other than the Borrower) into any other Subsidiary (other than the
Borrower) or (C) any consolidation or merger of the Parent Guarantor for which
all of the following conditions precedent are satisfied: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Parent Guarantor is not the surviving
entity the person formed by such consolidation or merger (each such corporation
and each such person or entity being hereinafter called a "Successor") shall
execute and deliver to the Agent and each Lender (x) an agreement in form and
substance reasonably satisfactory to the Lessor containing an assumption by such
Successor of the due and punctual performance of each covenant and condition of
the Parent Guarantor under this Agreement and the Parent Guaranty and (y) an
opinion of counsel as to the due execution, delivery and enforceability of such
agreement;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such
transaction, no Default or Event of Default (including no breach of the
financial covenants set forth in Section 7.2, 7.3, 7.4 or 7.5 hereof) shall have
occurred and be continuing, and the Successor shall have delivered an officer's
certificate to such effect;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the relevant Successor is, in the reasonable
opinion of each of the Lenders, at least of the same creditworthiness as the
Parent Guarantor immediately prior to such merger or consolidation and, if not,
such Successor provides each of the Lenders with alternative security acceptable
to each of the Lenders; and</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to such merger or
consolidation, the Successor complies with the then single obligor credit
limitation for each of the Lenders.</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Borrower shall not sell, lease or otherwise dispose of its assets except
for (i) sales and dispositions made in accordance with the provisions of Section
7.12 hereof and (ii) leases of Container entered into the ordinary course of
business; provided, however, that the lease of all, or substantially all, of the
Container by the Borrower to an Affiliate of the Parent Guarantor or to a single
Lessee will not comply with this clause (ii). So long as CAI is Subservicer, the
Parent Guarantor and its Subsidiaries shall not dispose of its investment in CAI
as in effect on the Restatement Date without the prior written consent of the
Agent, such consent not to be unreasonably withheld. Notwithstanding the
foregoing, nothing in this Agreement shall prevent the Parent Guarantor or any
Subsidiary from selling or disposing of investments (other than the stock of or
other ownership interests in CAI), including, securities which are "margin
securities" or "margin stock", as such terms are used in Regulations U and X of
the Board of Governors of the Federal Reserve System, for fair value in bona
fide transactions.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ERISA</U></B>. Permit any Plan maintained by it
to (a) engage in any &#147;prohibited transaction&#148; (as defined in Section
4975 of the Code) which could reasonably be expected to result in material
liability for excise taxes or fiduciary liability under Section 406 of ERISA,
(b) incur any &#147;accumulated funding deficiency&#148; (as defined in Section
302 of ERISA) whether or not waived, or (c) terminate any Plan in a manner that
could result in the imposition of a Lien or encumbrance on the assets of the
Parent Guarantor or any of its Subsidiaries pursuant to Section 4068 of ERISA.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public Utility Holding Company</U></B>.
Directly or indirectly own, control or hold with power to vote any &#147;voting
security&#148; of an &#147;electric utility company&#148; or a &#147;gas utility
company&#148; or of a &#147;holding company&#148; holding any &#147;voting
security&#148; of either the foregoing, as such terms are defined in the Public
Utility Holding Company Act of 1935. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.11
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transactions with Affiliates</U></B>. The
Borrower will not enter into or permit to exist, directly or indirectly, any
transaction with any Affiliate of the Parent Guarantor or any Subsidiary
thereof, except for transactions made on fair and reasonable terms which are no
more favorable to such Affiliate than would be obtained in a comparable
arm&#146;s-length transaction with a person that is not an Affiliate.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.12
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dispositions of Collateral</U>.</B> The Borrower shall not
sell, transfer, exchange or otherwise dispose of any of the Collateral, except: </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in connection with a sale pursuant to Section 8 hereof;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in connection with a repurchase or substitution
pursuant to Sections 3.03, 3.04 or 3.05 of the Contribution Agreement;</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales of Containers for sales proceeds of not less
than the sum of the Net Book Values of the Containers that were sold, regardless
of whether an Early Amortization Event, a Default or an Event of Default is then
continuing or whether such sales are considered to have been made in the
ordinary course of business; provided that, (x) the proceeds of such disposition
are deposited into the Trust Account, and (y) after giving effect to such sale
or disposition, the Aggregate Note Principal Balance will not exceed the Asset
Base (calculated after giving effect to all principal payments made in
connection with such sale);</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales of Containers in the ordinary course of
business (including any such sales resulting from the sell/repair decision of
the Servicer) regardless of the sales proceeds realized from such sales so long
as a Default, Event of Default or Early Amortization Event is not then
continuing or would result from such sale of Containers; provided that, (x) the
proceeds of such disposition are deposited into the Trust Account, and (y) after
giving effect to such sale or disposition, the Aggregate Note Principal Balance
will not exceed the Asset Base (calculated after giving effect to all principal
payments made in connection with such sale);</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if an Early Amortization Event is then continuing
or would result from such sale of Containers, sales of Containers in the normal
course of business (including any such sales resulting from the sell/repair
decision of the Servicer) so long as the sum of the Net Book Values of all
Containers that were sold for less than Net Book Value during the four (4)
immediately preceding Collection Periods shall not exceed an amount equal to the
product of (x) five percent (5%) and (y) an amount equal to the quotient of (i)
the sum of the aggregate Net Book Values as of the last day of each of the four
(4) immediately preceding Collection Periods, divided by (ii) four (4); provided
that, (x) the proceeds of such disposition are deposited into the Trust Account,
and (y) after giving effect to such sale or disposition, the Aggregate Note
Principal Balance will not exceed the Asset Base; and</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sales, transfers or exchanges for which the Agent
shall have given prior written consent.</TD>
</TR>
</TABLE>
<BR>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.13
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Indebtedness</U></B>. The Borrower shall
not contract for, create, incur, assume or suffer to exist any Indebtedness
except (i) any Notes issued pursuant to this Agreement, (ii) obligations
incurred pursuant to the terms of the Loan Documents, (iii) trade payables and
expense accruals incurred in the ordinary course and which are incidental to the
purposes permitted pursuant to the Borrower&#146;s charter documents and (iv)
Interest Rate Hedge Agreements required or permitted pursuant to the terms of
Section 6.19 hereof. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.14
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Charter Documents</U></B>. The Borrower will
not amend or modify its memorandum of association or by-laws without the prior
written consent of the Agent, acting at the direction of the Majority Lenders,
in each instance. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.15
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital Expenditures</U></B>. The Borrower will
not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (both realty and personalty), except for capital improvements to
the containers in the ordinary course of its business and in accordance with the
Servicing Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.16
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Permitted Activities</U></B>. The Borrower will
not engage in any activity or enter into any transaction except as permitted
under its articles of organization as in effect on the date on which this
Agreement is executed. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.17
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>United States Tax Election</U></B>. The
Borrower shall not elect to be classified as an association under Section
301.7701-3 of the Code. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.18
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment to or Waiver of Loan
Documents</U></B>. The Borrower will not amend, modify or waive any of its
rights under the provisions of any Loan Document without the prior written
consent of the Agent in each instance. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 7.19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CAI Agreement</U></B>. So long as CAI is a
Subservicer of any of the Containers, the Borrower shall not amend, modify or
waive any provision of the CAI Agreement without the prior written consent of
the Agent in each instance, such consent not to be unreasonably withheld or
delayed. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>EVENTS OF DEFAULT</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence and continuation of any of the following events shall be <I>Events of
Default </I>(or, if the giving of notice or lapse of time or both is required,
then prior to such notice and/or lapse of time, the occurrence of such events
shall be <I>Defaults):</I> </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Borrower shall default in the payment of (A) on any Payment Date of
the Note Interest Payment payable on such date (after giving effect to any draws
on the Restricted Cash Account), or (B) payment on the Final Maturity Date of
the then unpaid principal balance of any Notes, and, if such failure results
solely from an administrative failure (other than by the Borrower) in wiring
such payments, such condition continues unremedied for two (2) Business Days; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Parent Guarantor or the Borrower, as the case may be, shall default in
the performance of or compliance with any of the covenants or agreements
contained in <I><U>Section 6.21</U>, <U>Section 6.24</U>, <U>Section 7.1</U></I>
(for Liens in respect of Collateral representing 2% or more of the Asset Base),
Section 7.2, Section 7.3, Section 7.4, Section 7.6, Section 7.7, Section 7.12,
Section 7.13 or Section 7.14; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Parent Guarantor or the Borrower shall default in any material respect in
the performance of or compliance with any term contained in <I><U>Section
6.8</U>, <U>Section 6.22</U>, <U>Section 6.27</U>, <U>Section 7.1</U></I>
(except as otherwise provided for in this Section 8), <I><U>Section 7.10</U>, <U>Section 7.11</U></I>
or <I><U>Section 7.16</U></I> and such default shall not have been remedied within ten (10)
Business Days after notice thereof shall have been given to the Borrower by the
Agent or any Lender; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Parent Guarantor or the Borrower shall default in the performance of,
or breach of or compliance with, any term contained herein (other than those
expressly referred to in this <I><U>Section 8</U></I>), or in any of the other Loan Documents
which could reasonably be expected to materially and adversely affect the Agent
or the Lenders, and such default, if capable of cure, shall not have been
remedied within thirty (30) days after the earlier to occur of (A) the date on
which an officer of the Parent Guarantor or the Borrower has actual knowledge
thereof and (B) the date on which notice thereof shall have been sent to the
Borrower by the Agent or any Lender; <I>provided, however</I>, that an additional
thirty (30) days grace period shall be available for defaults already subject to
remedial action during the initial grace period; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if any representation or warranty made by any of the Parent Guarantor or the
Borrower herein or in any other Loan Documents or in any other certificates,
documents or agreements executed in connection with the transactions
contemplated by this Agreement shall prove to have been false or incorrect in
any material respect on the date when made or deemed to have been made which
could reasonably be expected to materially and adversely affects the Agent or
the Lenders and, if such breach is capable of cure, such inaccuracy continues
unremedied for a period of thirty (30) days after the earlier to occur of (A)
the date that any officer of the Parent Guarantor or the Borrower, as the case
may be, has knowledge of such inaccuracy or (B) the date on which written notice
thereof requiring the same to be remedied shall have been given to the Parent
Guarantor or the Borrower, as the case may be, by the Agent or any Lender;
<I>provided, however</I>, that an additional thirty (30) day grace period shall be
available for defaults already subject to remedial action during the initial
grace period; provided, further, that the representations and warranties set
forth in <I>Sections 3.1, 3.2, 3.3, 3.12, 3.15, 3.20 and 3.21</I> of this Agreement
shall not have the benefit of the thirty (30) day cure set forth above; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the occurrence of either of the following:</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%></TD>
<TD WIDTH=5%>(A)</TD>
<TD WIDTH=80%>(i) a default by the Parent Guarantor has occurred and is continuing due to
failure to make any payment when due (beyond the applicable grace period with
respect thereto, if any) with respect to Indebtedness which, individually or in
the aggregate, exceeds Five Million Dollars ($5,000,000), (ii) the Parent
Guarantor shall have notice or actual knowledge of such default and (iii) either
(A) the holder(s) of such Indebtedness have exercised remedies against the
obligor (including limiting borrowings or advances) or have caused the Parent
Guarantor to retain or employ a restructuring or crisis manager or specialist
(other than the Parent Guarantor's independent public accountants or financial
advisors) or (B) such default shall not have been (x) cured or (y) temporarily
waived by the applicable holder(s) of such Indebtedness within twenty (20)
Business Days after the later of such default or the expiration of any
applicable grace period and, in any event, with respect to any waiver, such
default shall not have been permanently waived within ninety (90) days after the
later of such default or the expiration of any applicable grace period; or</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15%></TD>
<TD WIDTH=5%>(B)</TD>
<TD WIDTH=80%>(i) any default by the Parent Guarantor has occurred and is continuing with
respect to the observance or performance (beyond the applicable grace period
with respect thereto, if any) of any agreement or covenant relating to
Indebtedness, which individually or in the aggregate, exceed Twenty-Five Million
Dollars ($25,000,000) or contained in any instrument or agreement evidencing,
securing or relating thereto or any other event or condition shall occur or
condition exist, the effect of which default or other event or condition is to
cause, or permit, the holder or holders of such Indebtedness (or trustee or
agent on behalf of such holders) to cause such Indebtedness to become due prior
to its stated maturity, (ii) the Parent Guarantor shall have notice or actual
knowledge of such default and (iii) either (A) the holder(s) of such
Indebtedness have exercised remedies against the Parent Guarantor (including
limiting borrowings or advances for more than fifteen (15) Business Days) or
have caused the Parent Guarantor to retain or employ a restructuring or crisis
manager or specialist (other than the Parent Guarantor's independent public
accountants or financial advisors), or B) such default shall not have been (x)
cured or (y) temporarily waived by the applicable holder(s) of such Indebtedness
within sixty (60) days after the later of such default or the expiration of any
applicable grace period and, in any event, with respect to any waiver, such
default shall not have been permanently waived within ninety (90) days after the
later of such default or the expiration of any applicable grace period; or</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Borrower or the Parent Guarantor shall (i) fail to pay its debts
generally as the same shall become due, or (ii) apply for or consent to the
appointment of, or the taking of possession by, a receiver, custodian, trustee,
liquidator or similar official of itself or of all or a substantial part of its
property, (iii) be generally not paying its debts as such debts become due, (iv)
make a general assignment for the benefit of its creditors, (v) commence a
voluntary case under the Federal Bankruptcy Code (as now or hereafter in
effect), (vi) take any action or commence any case or proceeding under any law
relating to bankruptcy, insolvency, reorganization, winding-up or composition or
adjustment of debts, or any other law providing for the relief of debtors, (vii)
fail to contest in a timely or appropriate manner, or acquiesce in writing to,
any petition filed against it in an involuntary case under the Federal
Bankruptcy Code or other law, (viii) take any action under the laws of its
jurisdiction of incorporation or organization similar to any of the foregoing,
or (ix) take any corporate action for the purpose of effecting any of the
foregoing; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if a proceeding or case shall be commenced, without the application or
consent of the Borrower or the Parent Guarantor in any court of competent
jurisdiction, seeking (i) the liquidation, reorganization, dissolution, winding
up, or composition or readjustment of its debts, (ii) the appointment of a
trustee, receiver, custodian, liquidator or the like of it or of all or any
substantial part of its assets, or (iii) similar relief in respect of it, under
any law relating to bankruptcy, insolvency, reorganization, winding-up or
composition or adjustment of debts or any other law providing for the relief of
debtors, and such proceeding or case shall continue undismissed, or unstayed and
in effect, for a period of thirty (30) days; or if an order for relief shall be
entered in an involuntary case under the Federal Bankruptcy Code, against the
Parent Guarantor or the Borrower; or if action under the laws of the
jurisdiction of incorporation or organization of the Parent Guarantor or any of
its Subsidiaries similar to any of the foregoing shall be taken with respect to
the Borrower or any such Subsidiary and shall continue unstayed and in effect
for any period of sixty (60) days; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if a judgment or order for the payment of money shall be entered against the
Parent Guarantor or any of its Subsidiaries (including the Borrower) by any
court, or if a warrant of attachment or execution or similar process shall be
issued or levied against property of the Parent Guarantor or any such
Subsidiary, that in the aggregate exceeds $5,000,000 in value and such judgment,
order, warrant or process shall continue undischarged, unsatisfied or unstayed
for sixty (60) days; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Parent Guarantor or any member of the Controlled Group shall fail to
pay when due an amount or amounts aggregating in excess of $3,000,000 that it
shall have become liable to pay to the PBGC or to a Plan under Title IV of
ERISA; or if notice of intent to terminate a Plan or Plans in a "distress
situation" under Section 4041(c) of ERISA shall be filed under Title IV of ERISA
by the Parent Guarantor, any member of the Controlled Group, any plan
administrator or any combination of the foregoing; or if any of such Persons
files a notice of intent to terminate a Plan or Plans pursuant to a "standard"
termination that qualifies as such due to an agreement by the Borrower of any
member of the Controlled Group to contribute additional amounts to such Plan or
Plans; or if the PBGC shall institute proceedings under Title IV of ERISA to
terminate or to cause a trustee to be appointed to administer any such, Plan or
Plans or a proceeding shall be instituted by a fiduciary of any such Plan or
Plans against the Parent Guarantor and such proceedings shall not have been
dismissed within thirty (30) days thereafter; or if a condition shall exist by
reason of which the PBGC would be entitled to obtain a decree adjudicating that
any such Plan or Plans must be terminated; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if any of the Loan Documents shall for any reason cease to be in full force
and effect in all material respects; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Change of Control of the Servicer shall occur, without the consent of the
Agent and the Majority Lenders; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all of the following shall have occurred: (A) a Servicer Default shall have
occurred; (B) the Agent, acting at the direction of the Majority Lenders, shall
have elected to terminate the Servicer; and (C) a replacement servicer shall
have not assumed (or have been prohibited from assuming the obligations of the
Servicer), despite the commercially reasonable efforts of the Agent to locate
and qualify a replacement Servicer, the obligations of the Servicer within one
hundred twenty (120) days thereafter; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Borrower is required to register as an "investment company" within the
meaning of the Investment Company Act of 1940, as amended; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a Default Level Asset Base Deficiency continues unremedied for thirty (30)
days; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a default in the payment of any Agent Fees then due and payable, and the
continuation of such default for more than three (3) Business Days after such
amounts shall have become due and payable; or</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the failure of the Agent to have a first priority perfected security
interest in the Collateral (excluding Permitted Liens) for an amount in excess
of $500,000, unless cured or waived by the Agent within fifteen (15) days.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>REMEDIES</U>.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the occurrence of an Event of Default of a kind described in <I><U>Sections
8(g)</U></I> and <I><U>(h)</U></I>, any unused Commitments shall automatically
terminate and the then unpaid principal balance of, and accrued interest on, all
Notes and all other amounts then payable hereunder, if not already due, shall
immediately become and be due and payable, all without demand or notice to the
Borrower or other formalities, all of which are hereby expressly waived by the
Borrower.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the occurrence of an Event of Default which is not of a kind described
in <I><U>Sections 8(g)</U></I> and <I><U>(h)</U></I>, the Agent may, with the
consent of the Majority Lenders, or shall, upon the request of the Majority
Lenders, by notice to the Borrower, terminate any unused Commitments and declare
the then unpaid principal balance of, and accrued interest on, all Notes and all
other amounts owing to the Lenders and the Agent under this Agreement and the
other Loan Documents to be due and payable forthwith.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event the maturity of the Credit Loan shall have been accelerated
pursuant to the foregoing <I><U>Sections 9(a)</U></I> or <I><U>9(b)</U></I>,
the Borrower will cause the Gross Lease Revenue paid from and after such time to
be paid directly to the Agent under the Security Agreement, for the benefit of
the Lenders and the Agent.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the other limitations contained in this <I><U>Section 9</U></I> concerning the
exercise of remedies, any Lender or the Agent may proceed to protect its rights
by action at law, suit in equity or by any other appropriate measures, whether
for specific performance of any covenant or agreement contained herein or in any
other Loan Document and if the then unpaid principal balance of, and accrued
interest on, all Notes and shall have become due, by declaration or otherwise,
to proceed to enforce the payment thereof or to enforce any other legal or
equitable right of such Person.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the consent of the Majority Lenders, the Agent may, or, upon the
request of the Majority Lenders, the Agent shall, subject in each case to
<I><U>Section 13.7</U></I>, proceed to enforce the rights of the Lenders and/or the Agent, and
the Lenders may direct the Agent to enforce the provisions of the Loan Documents
authorizing the sale or disposition of all or any of the property included in
the Collateral and, in its discretion, to exercise all or any of the other legal
or equitable rights or remedies which the Agent may have when the Agent shall
have become entitled to exercise remedies pursuant to the Loan Documents.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Agent shall exercise any or all available remedies pursuant to the
terms of any Loan Document, all moneys received by the Agent from the exercise
of such remedies and any other moneys at the time in the possession of the Agent
and available for distribution to the Lenders and/or the Agent shall be applied
by the Agent in the following manner:</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>first</U>, in or toward the payment of amounts owing to the Agent (excluding
any amounts payable to Fortis Bank (Nederland) N.V. in its capacity as a Lender)
for its fees and other amounts due to the Agent at the date of distribution for
which it is entitled to reimbursement or indemnification pursuant to this
Agreement; </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>second</U>, in or toward
the reimbursement of amounts expended by each of the Lenders in accordance with
the provisions of Section 13.7 of this Agreement; and </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>third</U>, in or toward
the payment of the amounts set forth in clause (III) of Section 2.18(b)
hereof.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement and each other Loan Document may be enforced against the
Borrower and the Parent Guarantor by the Agent as agent of each of the Lenders,
if so instructed, without the necessity of joining any or all of them as parties
in the enforcement proceedings.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All of the amounts to be paid to the Agent by the Borrower pursuant to
<I><U>Section 9(c)</U></I> and all interest and other amounts accrued thereon, shall be held
as cash security in a cash collateral account (the "<I><U>Cash Collateral Account</U></I>"),
to be applied upon the Agent's becoming entitled to exercise remedies pursuant
to any of the Loan Documents, for the benefit of the Lenders and the Agent,
against the Obligations in such manner as shall be provided in <I><U>Section 9(f)</U></I> of
this Agreement or in such other provisions of this Agreement as may be
applicable or as the Agent shall otherwise, with the consent of the Majority
Lenders, determine. The Cash Collateral Account shall be maintained in the name
of, and under the sole dominion and control of, the Agent, and the Borrower
hereby pledges to the Agent, for the benefit of the Lenders, and grants to the
Agent, for the benefit of the Lenders a security interest in, as security for
the Obligations, any such Cash Collateral Account and all amounts from time to
time held therein, including all interest and other amounts accrued thereon.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a separate stipulation independent from anything else herein contained,
the Agent is hereby authorized, without notice to or any consent of the Borrower
and without prejudice to any other right or remedy which the Agent might have
from time to time or at any time or times while an Event of Default exists,
without restrictions, to debit all or any of the Cash Collateral Account and
appropriate, set-off or apply all or any part of the sums standing to the credit
thereto towards the payment or discharge of any of the Obligations in accordance
with the provisions of Section 9(f) hereof, and for the purposes of such
appropriation or application, to transfer the whole or any part of the sums
standing to the credit of the Cash Collateral Account to any of the offices of
the Agent in any country whatsoever.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The arrangements regarding all of or any part of the Cash Collateral Account
shall not constitute a debt of the Agent due or payable to the Borrower and,
accordingly, the Borrower shall at no time be entitled to withdraw any sum
standing to its credit in the Cash Collateral Account until all of the
Obligations have been paid in full.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agent shall be permitted to invest from time to time any amounts on
deposit in the Cash Collateral Account in certificates of deposit of prime
commercial banks (having a maturity of fewer than 30 days). Upon the request of
the Borrower, such amounts may be invested in other securities issued by any
commercial bank acceptable to Majority Lenders in the ordinary course of its
business; <I>provided</I> that all actions shall have been taken, and all such
documents in form and substance reasonably satisfactory to the Agent, including
an opinion of counsel, shall have been delivered to the Agent as it, in its sole
discretion, shall deem reasonably necessary or advisable in order to assure the
Agent that it, on behalf of the Lenders, shall have a duly perfected,
first-priority lien, charge and security interest in and to such securities and
the proceeds thereof.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>NOTICE AND WAIVERS OF DEFAULT</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 10.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Default</U>.</B> If any Lender shall
give any notice or take any other action in respect of a claimed Default
(whether or not constituting an Event of Default) under this Agreement, the
Borrower shall forthwith give written notice thereof to the Agent, describing
the notice or action and the nature of the claimed Default. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 10.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waivers of Default</U>.</B> Any Default or
Event of Default may be waived as provided in <I>Section 20. </I>The Agent shall
notify the Borrower in writing of any waiver granted hereunder. Any Default or
Event of Default so waived shall be deemed to have been cured and to be not
continuing and to not have occurred for purposes of the Loan Documents, and upon
such waiver the Borrower, and each of the Lenders shall be restored to their
respective positions prior to the existence of the Default or Event of Default,
whether or not acceleration of the maturity of the Notes shall have occurred
pursuant to <I>Section 9. </I>No such waiver shall extend to or affect any
subsequent or other Default or Event of Default or impair any rights consequent
thereon. Notwithstanding anything in this <I>Section 10 </I>to the contrary, the
Agent and the Lenders shall not be in any way obligated or required to grant any
waiver and the decision to grant any waiver shall be in the sole discretion of
the Lenders. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SET OFF</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to, and not in limitation of, any rights granted by applicable law, and
regardless of the adequacy of any collateral, during the continuance of an Event
of Default, any deposits or other sums credited by or due from any Lender to the
Parent Guarantor or the Borrower may, without notice to the Parent Guarantor or
the Borrower (which is hereby expressly waived), be set off against any and all
liabilities, direct or indirect, absolute or contingent, due or to become due,
now existing or hereafter rising, of the Parent Guarantor or the Borrower to
such Lender. Each Lender agrees with the other Lenders that if an amount to be
set off is to be applied to any Indebtedness of the Parent Guarantor or the
Borrower to any such Lender, whether Indebtedness evidenced by any of the Notes
or due under this Agreement or otherwise arising, such amount shall be applied
ratably to all such indebtedness (except to the extent not permitted by the
terms of any agreement or instrument evidencing the same). Each Lender further
agrees with the other Lenders that if such Lender shall both (a) receive from
either the Parent Guarantor or the Borrower or from any other source whatsoever,
whether by voluntary payment, exercise of the right of set-off, counterclaim,
cross action, or enforcement of any claim evidenced by the Notes, this Agreement
or any other Loan Document, or by proof thereof in bankruptcy, reorganization,
liquidation, receivership or similar proceedings, or otherwise, and (b) retain
and apply to the payment of the amounts owing with respect to the Notes or of
any amounts due to any such Lender under this Agreement or any other Loan
Document any amount which is in excess of its ratable portion of the payments
received by all of the Lenders, then such Lender shall make such disposition and
arrangements with the other Lenders with respect to such excess, either by way
of distribution until the amount of such excess has been exhausted, assignment
of claims, subrogation or otherwise, as shall result in each such Lender
receiving in respect of its Notes and the amounts due any such Lender under this
Agreement or any other Loan Document its ratable share of all such payments. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything contained in this Section 11, any set-off rights exercisable by the
Agent or any Lender hereunder against the Parent Guarantor or any of its
property shall be subject to the Aggregate Maximum Guaranteed Payment (as such
term is defined in the Parent Guaranty). </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION
12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SECURITY AND DISCHARGE</U>.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Obligations shall be secured by the Parent Guaranty and the Security
Agreement. The execution and delivery of the Parent Guaranty and each of the
Security Documents shall constitute a condition precedent to the execution and
delivery of this Agreement.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Full Discharge</U>.</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon payment in full of the principal of and interest on all Notes issued
hereunder and all other amounts owing to the Agent, the Lender or to any person
under this Credit Agreement and all Commitments shall have been terminated, this
Credit Agreement and the Security Agreement shall be discharged and the security
interest of the Agent in the Containers and the Related Assets shall be
terminated.</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%></TD>
<TD WIDTH=95%>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the discharge of this Credit Agreement and the release
of the Collateral, the Agent shall, at the expense of the Borrower, promptly
after request therefor by the Borrower, remit to the Borrower the then remaining
items of the Collateral and execute and deliver to the Borrower or authorize the
filing by the Borrower of any financing statements prepared by the Borrower
evidencing such discharge and release.</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Partial Discharge</U>. Upon any prepayment of the Notes in accordance with this
Credit Agreement, at the request of the Borrower, the Agent shall remit to the
Borrower appropriate documentation evidencing the partial release of Collateral,
so long as (w) the requested release would not give rise to a Default, an Early
Amortization Event, a Servicer Default or an Event of Default, (x) the requested
release would not result in an Asset Base Deficiency, (y) a Default, an Early
Amortization Event, a Servicer Default or an Event of Default is not then
continuing and (z) the Borrower shall use no adverse selection procedures in
selecting the Collateral to be released, and the Agent shall authorize the
filing by the Borrower of any financing statements prepared by the Borrower
evidencing such partial discharge and release.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 13.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>THE AGENT</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Appointment</U>.</B> Each Lender hereby
irrevocably designates and appoints Fortis Bank (Nederland) N.V. as the Agent
for such Person under this Agreement; and each of the other Loan Documents, and
each Lender hereby irrevocably authorizes Fortis Bank (Nederland) N.V., as the
Agent for such Lender, to execute the Loan Documents and to take such action on
its behalf under the provisions of the Loan Documents and to exercise such
powers and perform such duties as are expressly delegated to the Agent by the
terms thereof, together with such other powers as are reasonably incidental
thereto including, without limitation, the receipt from a Lender and remittance
to the Borrower of any Credit Loan to be advanced by such Credit Lender in
accordance with the provisions of Section 2.1 hereof. Notwithstanding any
provision to the contrary elsewhere in this Agreement or any other Loan
Document, the Agent shall not have any duties or responsibilities except those
expressly set forth herein or therein, or any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Agent. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delegation of Duties</U>.</B> The Agent may
execute any of its duties under this Agreement or the other Loan Documents by or
through agents or attorneys-in-fact and shall be entitled to advice of counsel
concerning all matters pertaining to such duties. The Agent shall not be
responsible for the negligence or misconduct of any agents or attorneys-in-fact
selected by it in good faith. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.3
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exculpatory Provisions</U>.</B> Neither the Agent nor
any shareholders, officers, directors, employees, agents, attorneys-in-fact or
affiliates of the Agent shall be (a) liable for any action lawfully taken or
omitted to be taken by it or such Person under or in connection with this
Agreement or any other Loan Document (except for its or such Person&#146;s own
gross negligence or willful misconduct or, in the case of the Agent, simple
negligence in the handling of money or funds received by the Agent in accordance
with the terms of the Loan Documents), or (b) responsible in any manner to any
of the Lenders for any recitals, statements, representations or warranties made
by the Parent Guarantor or the Borrower or any officer thereof contained in this
Agreement or any other Loan Document, or by any party in any certificate,
report, statement or other document referred to or provided for in, or received
by the Agent under or in connection with, this Agreement or any other Loan
Document, or for the value, validity, effectiveness, genuineness, enforceability
or sufficiency of this Agreement or any other Loan Document, or for any failure
of the Borrower or the Parent Guarantor to perform its obligations hereunder or
thereunder. The Agent shall not be under any obligation to any Lender to
ascertain or to inquire as to the observance or performance of any of the
agreements contained or conditions of, this Agreement or any Loan Document or to
inspect the properties, books or records of the Borrower. The Agent shall not be
required to initiate or conduct any litigation or collection proceedings
hereunder, and shall not be responsible for any action taken or omitted to be
taken by it hereunder or under any other document or instrument referred to or
provided for herein or in connection herewith, except for its own gross
negligence or willful misconduct. The Agent shall not be deemed to have
fiduciary obligation to any of the Lenders. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.4
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reliance by Agent</U>.</B> The Agent shall be
entitled to rely, and shall be fully protected in relying, on any writing,
resolution, notice, consent, certificate, affidavit, letter, cablegram,
telegram, telecopy, telex or teletype message, statement, order or other
document or conversation believed by it to be genuine and correct and to have
been signed, sent or made by the proper Person or Persons and upon advice and
statements of all counsel (including counsel to the Borrower and/or Parent
Guarantor to the extent such counsel so comments in writing), Independent
Accountants and other experts selected by the Agent. The Agent may deem and
treat the named payee of any Note as the owner thereof for all purposes unless a
written notice of assignment, negotiation or transfer thereof shall have been
filed with the Agent. The Agent shall be fully justified in failing or refusing
to take action under this Agreement or any other Loan Document unless it shall
first receive such advice or concurrence of the Majority Lenders as it deems
appropriate or it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by reason
of taking or continuing to take any such action. The Agent shall in all cases,
be fully protected in acting, or in refraining from acting, under this Agreement
and the other Loan Documents in accordance with a request of the Majority
Lenders (or such other percentage of the Lenders as required by the provisions
of this Agreement), and such request and any action taken or failure to act
pursuant thereto shall be binding upon all Lenders and all future holders of the
Notes. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.5
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice of Default</U>.</B> The Agent shall not
be deemed to have knowledge or notice of the occurrence of any Default or Event
of Default hereunder unless the Agent has received notice from a Lender or the
Borrower referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a &#147;notice of default.&#148; In the
event that the Agent receives such a notice, the Agent shall give notice thereof
to the Lenders and consult with the Lenders with respect the action to be taken.
The Agent shall take such action with respect to such Default or Event of
Default as shall be reasonably directed by the Majority Lenders, <I>provided
</I>that unless and until the Agent shall have received such directions, the
Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Lenders. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.6
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Reliance on Agent and Other
Lenders</U>. </B>Each Lender expressly acknowledges that neither the
Agent nor any officers, directors, employees, agents, attorneys-infact or
affiliates of the Agent has made any representations or warranties to it and
that no action by the Agent hereinafter taken, including any review of the
affairs of the Borrower or the Parent Guarantor shall be deemed to constitute
any representation or warranty by the Agent to any Lender. Each Lender
represents to the Agent that it has, independently and without reliance upon the
Agent or any other Lender, and based on such documents and information as it has
deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and
credit-worthiness of the Borrower and the Parent Guarantor and made its own
decision to make its Credit Loans hereunder and enter into this Agreement. Each
Lender also represents that it will, independently and without reliance upon the
Agent or any other Lender, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking, or directing, any action under
this Agreement or any other Loan Document, and to make such investigation as it
deems necessary to inform itself as to the business, operations, property,
financial and other condition and credit-worthiness of the Borrower. Except for
notices, reports and other documents expressly required to be furnished to the
Lenders by the Agent hereunder, the Agent shall not have any duty or
responsibility to provide any Lender with any credit or other information
concerning the business, operations, property, financial and other condition or
credit-worthiness of the Borrower which may come into the possession, of the
Agent or any officers, directors, employees, agents, attorneys-in-fact or
affiliates of the Agent. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U>.</B></FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Lenders agree to indemnify the Agent in its capacity as such (to the
extent not reimbursed by the Borrower and without limiting the obligation of the
Borrower to do so), ratably according to the principal balances of their
respective Notes, from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
of any kind whatsoever which may at any time (including without limitation at
any time following the payment of the Notes) be imposed on, incurred by or
asserted against the Agent (including any Lender) in any way relating to or
arising out of this Agreement, or any documents contemplated by or referred to
herein, and the transactions contemplated hereby or thereby or any action taken
or omitted by the Agent under or in connection with any of the foregoing,
<I>provided</I> that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements resulting from the Agent's gross negligence or
willful misconduct or, in the case of the handling of money or funds received by
the Agent in accordance with the terms of the Loan Documents, simple negligence.
The agreements in this subsection shall survive the payment of the Notes and all
other amounts payable hereunder.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agent shall not be required to expend any of its own money to make up
the full amount of any Credit Loan requested by the Borrower hereunder, or
otherwise or incur any expense as a consequence of the failure of any Lender to
make available to the Agent any Credit Loan which the Lenders have become
obliged to make hereunder. If such a failure should occur and the Agent shall
nevertheless have advanced money of its own or incur expense in order to make up
the full amount of any such Credit Loan, it shall be deemed to have done so at
the request of any Lender, which is in default, unless such Lender shall have
previously notified the Agent that it should not make such an advance or incur
such an expense to make good such failure, and in the absence of such prior
notice, such Lender shall be obliged to pay to the Agent on demand the amount
expended by the Agent out of its own funds plus any costs incurred by the Agent
to carry such funds while such Lender is in default to the Agent hereunder, all
of which shall constitute a loan by the Agent to such Lender which shall bear
interest from the date of the advance by the Agent at its cost of funds plus the
Applicable Margin from day to day on the Credit Loan with respect to which the
advance or expenditure was made. During the continuance of any such default as
between the Agent and such Lender, and notwithstanding anything elsewhere herein
to the contrary expressed or implied, the principal amount of indebtedness in
respect of Credit Loans made by such Lender in default shall be deemed to be
reduced, so long as the default continues, by the amount not remitted by it to
the Agent to make up such Lender's share of the amount of such Credit Loan and
such principal amount and interest thereon shall be deemed assigned to and
collectible by the Agent for its own account for application against the amount
of its claim under the preceding sentence.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that the Agent does not receive from any Lender a payment which
such Lender is required by the terms hereof to make to the Agent and the Agent
has made the amount thereof available to the Borrower, as the intended recipient
thereof, if the Borrower repays the Agent the amount made available to it, the
Borrower shall be subrogated to the Agent's right to recover such amount from
any Lender which failed to make such required payment.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.8
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failure to Act</U>.</B> Except for action
expressly required of the Agent hereunder, the Agent shall in all cases be fully
justified in failing or refusing to act hereunder unless it shall receive
further assurances to its satisfaction from the Lenders of their indemnification
obligations under <I>Section 13.7 </I>against any and all liability and expense
that may be incurred by it by reason of taking or continuing to take any such
action. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.9
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>The Agent in Its Individual Capacity</U>.
</B>The Agent and its Affiliates may make loans to, accept deposits from and
generally engage in any kind of business with the Borrower, and its Affiliates
as though Fortis Bank (Nederland) N.V. were not the Agent hereunder and Fortis
Bank (Nederland) N.V. (any such successor) and its Affiliates may accept fees
and other consideration from tote Borrower for services in connection with this
Agreement or otherwise without having to account for the same to the Lenders.
With respect to its Credit Loans made or renewed by it, and any Note issued to
it, the Agent shall have the same rights and powers under this Agreement as any
Lender and may exercise the same as though it were not the Agent, and the terms
&#147;Lender&#148; and &#147;Lenders&#148; shall include the Agent in its
individual capacity. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Successor Agent</U>. </B>The Agent may voluntarily
resign as Agent upon thirty (30) days&#146; notice to the Lenders and the
Borrower, or shall resign upon the written request of the Majority Lenders, with
such written request also being provided to the Borrower. If the Agent shall
resign as Agent under this Agreement, then the Majority Lenders shall appoint
from among the Lenders a successor agent which successor agent, whereupon such
successor agent shall succeed to the rights, powers and duties of the resigning
Agent, and the term &#147;Agent&#148; shall mean such successor agent effective
upon its appointment, and the former Agent&#146;s rights, powers and duties as
Agent shall be terminated, without any other or further act or deed on the part
of such former Agent or any of the parties to this Agreement, or any holders of
the Notes. If a successor Agent is not appointed before the end of such thirty
(30) day notice period, the resigning Agent shall continue to serve as Agent
hereunder for a limited period of time beyond such thirty (30) day notice
period; <I>provided </I>that the Borrower and the Lenders diligently attempt to
identify and appoint a successor Agent. After any retiring Agent&#146;s
resignation hereunder as Agent, the provisions of this <I><U>Section
13</U></I> shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was the Agent under this Agreement. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section 13.11
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise of Remedies Under Security
Documents</U>. </B>Unless the Agent shall have determined that immediate action
is desirable in order to protect the interests of the Lenders, the Agent shall
consult with the Lenders before exercising any remedies under the Security
Documents and shall (subject to receiving indemnification pursuant to
<I><U>Section 13.7)</U></I> take such actions with respect thereto as
shall be reasonably directed by the Majority Lenders. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 13.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Standard of Care</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
performing its duties and functions hereunder, the Agent will exercise the same
degree of care which it normally exercises in making and handling loans in which
it alone is interested, but it does not assume further responsibility. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 13.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dealing with the Lenders</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agent may at all times deal solely with the several Lenders for all purposes of
this Agreement and the protection, enforcement and collection of the Notes,
including the acceptance and reliance upon any certificate, consent or other
document of such Lenders and the division of payments in accordance with the
terms of this Agreement, notwithstanding possession by the Agent of actual
knowledge that any Lender has sold a participation in Credit Loans made or to be
made by it hereunder to another Person. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Section 13.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties Not to be Increased</U>.</B></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
duties and liabilities of the Agent shall not be increased without the written
consent of the Agent. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION
14.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>EXPENSES AND INDEMNITIES</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether
or not the transactions contemplated hereby shall be consummated, the Borrower
agrees to pay: (a) the cost of producing and reproducing this Agreement and
other instruments mentioned herein; (b) the reasonable fees, expenses and
disbursements of the Agent and its counsel (as well as any outside counsel for
the Lenders) incurred in connection with the preparation of this Agreement and
other instruments mentioned herein, each funding hereunder, and all amendments,
modifications, approvals, consents or waivers hereto or hereunder, and (c) all
reasonable out-of-pocket expenses (including attorneys&#146; fees and costs)
incurred by the Agent and by each Lender in connection with (i) the enforcement
of this Agreement, the Loan Documents and the Notes against the Borrower and/or
the Parent Guarantor or the administration thereof after the occurrence and
during the continuance of a Default or Event of Default, and (ii) in connection
with any workout, amendment or waiver requested by the Borrower or Parent
Guarantor, litigation, proceeding or dispute (other than one between two or more
Lenders and other than one in which the Borrower commences proceedings against
the Lenders or any Lender and prevails therein), whether arising hereunder or
otherwise, in any way related to the Agent&#146;s or any Lender&#146;s
relationship with the Borrower hereunder. The amount of all such expenses shall,
if not paid within 30 days of receipt of invoice, until paid, bear interest at
the rate applicable to principal hereunder (including any Default Rate) and be
an obligation secured by any collateral. After the occurrence and during the
continuance of an Event of Default, the Borrower shall pay the costs of any
field audit examinations that the Agent in its discretion may conduct. The
Borrower further agrees to indemnify and hold harmless the Indemnified Parties
from and against any and all damages, losses, settlement payments, obligations,
liabilities, claims, actions or causes of action, and reasonable costs and
expenses incurred, suffered, sustained or required to be paid by an Indemnified
Party by reason of or resulting from any litigation, proceeding or dispute
commenced or threatened against the Agent, or any Lender arising out of the
transactions contemplated hereby unless such damages, losses, settlement
payments, obligations or liabilities were caused by the gross negligence or
willful misconduct of the indemnified party. In any investigation, proceeding or
litigation, or the preparation therefor, the Agent and each Lender shall be
entitled to select its own counsel and, in addition to the foregoing indemnity,
the Borrower agrees to pay promptly the reasonable fees and expenses of such
counsel. The covenants of this <I><U>Section 14</U></I> shall survive
payment or satisfaction of payment of amounts owing with respect to the Notes. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION
15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SURVIVAL OF COVENANTS, ETC.</U></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
covenants, agreements, representations and warranties made herein, in the other
Loan Documents and in any certificates or other papers delivered by or on behalf
of the Borrower and the Parent Guarantor, pursuant hereto shall survive the
making by each Lender of Credit Loans, as herein contemplated and shall continue
in full force and effect so long as amount due under this Agreement or the Notes
remains outstanding and unpaid. Notwithstanding anything in this Agreement or
implied by law to the contrary, the indemnification agreements of the Borrower
set forth in <I><U>Section 2</U></I><U></U> of this Agreement shall survive the
payment of amounts due under this Agreement or the Notes. All statements of fact
relating to the Borrower contained in any certificate or other paper delivered
to the Agent or to any Lender at any time after the date hereof by or on behalf
of the Borrower pursuant hereto or in connection with the transactions
contemplated hereby shall constitute representations and warranties by the
Borrower and the Parent Guarantor hereunder. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 16.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>PARTIES IN
INTEREST; SUCCESSORS AND ASSIGNS</U>.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whenever in this Agreement any of the parties hereto is referred to, such
reference shall be deemed to include the successors and assigns of such party;
and all covenants, promises and agreements by or on behalf of the Borrower, the
Parent Guarantor, and the Servicer, or the Lenders and the Agent shall bind and
inure to the benefit of their respective successors and assigns.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any Lender may (i) assign to one or more Affiliates of the Lender all or a
portion, or (ii) assign to one or more other assignees that is not a Competitor
(each, an "<I>Assignee</I>") all or a portion (not less than $25,000,000 original
principal amount, or if less than $25,000,000, such Lender's entire Credit
Loan), in each case, of its interests, rights and obligations under this
Agreement and the other Loan Documents, including all or a portion of such
Lender's Credit Loan(s), at the time made by or owing to it, <I>provided</I> that (i)
the parties to each such assignment shall execute and deliver to the Agent an
instrument of assignment and acceptance substantially in the form of <I><U>Exhibit I</U></I>
(an <I>Assignment and Acceptance</I>); <I>(ii)</I> there shall be no increased costs, expenses
or taxes incurred by the Borrower as a result of such assignment; and (iii)
after giving effect to such assignment the assigning Lender shall retain (if it
retains any portion) a minimum of $25,000,000 original principal amount of its
interests, rights, and obligations under this Agreement and the other Loan
Documents. Upon acceptance and recording in the Register pursuant to paragraph
(d) of this <I><U>Section 16</U></I>, from and after the effective date specified in each
Assignment and Acceptance: (i) the Assignee (if not already a Lender hereunder)
shall be a party hereto and, to the extent provided in such Assignment and
Acceptance, have the same rights and obligations as a Lender under this
Agreement, and the terms "Lender" and "Lenders" thereafter shall include such
Assignee, and (ii) the assigning Lender shall be released from any future
obligations under this Agreement with respect to the interest assigned, <I>provided</I>
that in the case of an Assignment and Acceptance covering all or the remaining
portion of a Lender's rights and obligations under this Agreement, such Lender
shall continue to be entitled to the benefits of the indemnification provisions
of <I><U>Sections 2 and 14</U></I> hereof, as well as to any fees or amounts accrued for its
account hereunder and not yet paid and shall continue to be responsible for
obligations and liabilities incurred prior to such assignment. The Borrower
shall upon request of the Assignee and delivery of the assigning Lender's Note
execute new Notes in appropriate denominations and class to evidence the Credit
Loans after an assignment and shall deliver such new Notes to the Assignee and
the assigning Lender (to the extent it retains any portion of the Credit Loans)
in exchange for the return of the Notes that previously evidenced such Credit
Loans.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
[Section intentionally omitted]</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Agent shall maintain a copy of each Assignment and Acceptance delivered
to it and a register for the recordation of the names and addresses of the
Assignees, and the principal amount of the Credit Loans owing to each Assignee
from time to time (the <I>Register</I>). The entries in the Register shall be
conclusive in the absence of manifest error and the Borrower, each Lender, and
any Assignees may treat each person whose name is recorded in the Register as an
Assignee for all purposes of this Agreement. The Register shall be available for
inspection by the Borrower, the Parent Guarantor, -the Lenders, and any
Assignee, at any reasonable time upon reasonable prior notice.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, pursuant to this <I><U>Section 16</U></I>, any interest in this Agreement is assigned
to any Assignee that is not incorporated or organized under the laws of the
United States or a state thereof, such Assignee shall agree that, if requested
in writing by the Borrower or the Agent, it shall deliver to the Borrower and
the Agent: (i) two valid, duly completed copies of United States Internal
Revenue Service (IRS) Form W-8BEN or W-8ECI or 4224 or successor applicable
form, as the case may be, certifying in each case that such Assignee is entitled
to receive payments made under this Agreement and the Notes without deduction or
withholding of any United States federal income taxes, and (ii) a valid, duly
completed IRS Form W-8BEN or W-8ECI or successor applicable form, as the case
may be, to establish an exemption from United States backup withholding tax.
Each Assignee which delivers to the Agent a Form W-8BEN or W-8ECI pursuant to
the preceding sentence further undertakes to deliver to the Borrower and the
Agent two copies of the Form W-8BEN or W-8ECI, or successor applicable forms, or
other manner of certification, as the case may be, on or before the date that
any such form expires or becomes obsolete or otherwise is required to be
resubmitted as a condition to obtaining an exemption from withholding tax or
after the occurrence of any event requiring a change in the most recent form
previously delivered by it to the Borrower and the Agent, and such extensions or
renewals thereof as may reasonably be requested by the Borrower or the Agent,
certifying in the case of a Form W-8BEN or W-8ECI that such Assignee is entitled
to receive payments made under this Agreement and the Notes without deduction or
withholding of any United States federal income taxes, unless any change in
treaty, law or regulation or official interpretation thereof has occurred prior
to the date on which any such delivery would otherwise be required which renders
all such forms inapplicable or which would prevent such Assignee from duly
completing and delivering any such letter or form with respect to it and such
Assignee advises the Agent that it is not capable of receiving payments without
any deduction or withholding of United States federal income tax, and in the
case of a Form W-8BEN or W-8EC1; establishing an exemption from United States
backup withholding tax.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Lender may sell to one or more Persons, so long as such Person is not a
Competitor (each, a <I>Participant</I>) a participation of such Lender's interests,
rights and obligations under this Agreement and the other Loan Documents
(including all or a portion of the Credit Loan(s)), <I>provided</I> that: (i) such
Lender shall remain solely responsible for the performance of its obligations
under this Agreement, (ii) such Participant shall be entitled to the benefit of
the indemnification and cost protection provisions in <I><U>Section 2</U></I> and the right to
set off contained in <I><U>Section 11</U></I>; and (iii) the Borrower, the Agent and the
Lenders shall continue to deal solely and directly with such selling Lender in
connection with its rights and obligations under this Agreement. All amounts
payable by the Borrower hereunder shall be determined as if that Lender had not
sold such participation. At any time or from time to time, upon written request
to a Lender by the Borrower, such Lender shall provide the Borrower a written
statement of whether it has sold any participation in its interests, rights and
obligations hereunder and, if so, the amount of such participation sold and the
identity of the purchaser or purchasers.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding anything else to the contrary contained herein, no
participation or assignment shall, without the consent of the Borrower, require
the Borrower to (i) register or qualify the Credit Loans, the Notes or any
assignments thereof or participation therein under the Securities Act of 1933,
as amended, or the Blue Sky law of any state or (ii) indemnify any Assignee or
Participant against (or protect, defend or keep any such Person harmless from)
any indemnification or cost protection claim pursuant to the provisions of
<I><U>Sections 2.8, 2.9, 2.16, 2.17 or 14</U></I> in excess of the amount that would have been
payable by the Borrower had the assignment or participation, as the case may be,
not occurred.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Borrower shall not assign or delegate any of its rights and duties
hereunder.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any Lender, Assignee or Participant may at any time pledge or assign all or
any portion of its rights under this Agreement to a Federal Reserve Bank.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Lender may assign, or sell a participation interest in, any of its rights
under this Agreement, the Notes, or any other Loan Document to the Borrower or
any of the Borrower's Affiliates.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 17.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NOTICES, ETC.</U></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided herein, all notices and other communications
made or required to be given pursuant to this Agreement, the Notes, the Security
Agreement, Parent Guaranty or the Pledge Agreement must be in writing shall be
deemed to have been given: when delivered by hand, two Business Days after being
properly deposited in the mails postage prepaid, when sent by telex, answer-back
received, or fax transmission, or the next Business Day after being delivered to
the telegraph company or overnight courier, addressed to such party at its
address indicated below (or at such other address as any party may from time to
time specify by notice to the other parties): </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%></TD>
<TD WIDTH=5%>(a)</TD>
<TD WIDTH=45%>If to the Borrower, at:</TD>
<TD WIDTH=40%>c/o Interpool Limited<BR>
211 College Road East<BR>
Princeton, New Jersey 08540<BR>
Attention: Chief Financial Officer<BR>
Telephone: (609) 452-8900<BR>
Facsimile: (609) 452-8211</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%></TD>
<TD WIDTH=5%>(b)</TD>
<TD WIDTH=45%>If to the Agent, at:</TD>
<TD WIDTH=40%>Fortis Bank (Nederland) N.V.<BR>
Coolsingel 93<BR>
P.O. Box 749<BR>
3000 AS Rotterdam<BR>
The Netherlands<BR>
Attention: Aviation and Intermodal<BR>
Finance Group<BR>
Telephone: 31 10 401 6014<BR>
Facsimile: 31 10 401 6343</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If to the Lenders, at the addresses set forth below their signature lines on
this Agreement; and</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%></TD>
<TD WIDTH=5%>(d)</TD>
<TD WIDTH=45%>If to the Parent Guarantor, at:</TD>
<TD WIDTH=40%>Interpool, Inc.<BR>
211 College Road East<BR>
Princeton, New Jersey 08540<BR>
Attention: Chief Financial Officer<BR>
Telephone: (609) 452-8900<BR>
Facsimile: (609) 452-8211</TD>
</TR>
</TABLE>
<BR>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 18.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MISCELLANEOUS</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the Notes shall be deemed to be contracts under the laws of the
State of New York and shall for all purposes be construed in accordance with and
governed by the laws of said State (including Section 5-1401 and 5-1402 of the
General Obligations Law, but otherwise without giving effect to any conflicts of
laws provisions contained therein). The rights and remedies herein expressed are
cumulative and not exclusive of any other rights which the Agent or any Lender
would otherwise have. Any instrument required by any of the provisions hereof to
be in the form annexed hereto as an exhibit shall be substantially in such form,
with such changes therefrom, if any, as may be approved by the Agent and the
Borrower. The invalidity or unenforceability of any one or more phrases, clauses
or sections of this Agreement shall not affect the validity or enforceability of
the remaining portions of it. The captions in this Agreement are for convenience
of reference only and shall not define or limit the provisions hereof. This
Agreement and any amendment hereof may be executed in several counterparts and
by each party on a separate counterpart, each of which when so executed and
delivered shall be an original, but all of which together shall constitute one
instrument. In proving this Agreement it shall not be necessary to produce or
account for more than one such counterpart signed by the party against whom
enforcement is sought. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION
19.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ENTIRE AGREEMENT, ETC.</U></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement, together with the other Loan Documents, expresses the entire
understanding of the parties with respect to the transactions contemplated
hereby. Neither this Agreement nor any term hereof may be changed, waived,
discharged or terminated orally or in writing, except as provided in
<I><U>Section 20</U>.</I> </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 20.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONSENTS,
AMENDMENTS, WAIVERS, ETC.</U></FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
amendment or waiver of any provision of this Agreement, the Notes or any other
Loan Document, nor consent to any departure by the Borrower therefrom, shall in
any event be effective unless the same shall be in writing and signed by the
Agent, the Majority Lenders and Borrower, and such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given. Notwithstanding the foregoing, no amendment, waiver or consent shall,
without the prior written consent of each Lender affected thereby, do any of the
following: (i) waive any of the conditions specified in <I><U>Sections
4</U></I>, or any Events of Default set forth in <I><U>Sections
8(g)</U></I> or <I><U>(h)</U></I>; (ii) subject any of the Lenders
to any additional obligations; (iii) reduce the principal of or interest owing
on any Note, or any fees or other amounts payable hereunder; (iv) postpone any
date fixed for any payment in respect of, or waive any default in the payment of
any, principal of or interest on any Credit Loans or any fees or other amounts
payable hereunder, (v) change the number of Lenders which shall be required for
the Lenders, or any of them, to take any action hereunder; (vi) amend
<I><U>Section 16(h)</U> </I>or this <I><U>Section 20</U>, (vii) </I>amend the
definition of any of the terms &#147;Majority Lenders&#148;, &#147;Fair Market
Value&#148;, &#147;Net Book Value&#148;, &#147;Finance Lease Value&#148;,
&#147;Eligible Container&#148;, &#147;Eligible Lease&#148; or any defined term
used in any of the foregoing definitions; (viii) release all or any substantial
part of the Collateral from the Lien of the Security Agreement except in
accordance with the provisions of Section 7.12 hereof; (ix) release either the
Borrower or the Parent Guarantor from its obligations hereunder or under any of
the other Loan Documents or (xi) permit the creation of any Lien on the
Collateral ranking prior to, or on parity with, the Lien created by the Security
Agreement. Notwithstanding the foregoing only the prior written consent of the
Agent shall be necessary for the approval of Key Officers. In addition, no
amendment, waiver or consent shall, unless in writing and signed by the Agent in
addition to the Lenders required to take such action, affect the rights or
duties of the Agent under this Agreement or any other Loan Document. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 21.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>WAIVER OF JURY TRIAL</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE
AGENT, THE LENDERS, THE BORROWER, AND THE PARENT GUARANTOR AGREE THAT NEITHER OF
THEM NOR ANY ASSIGNEE OR SUCCESSOR SHALL (A) SEEK A JURY TRIAL IN ANY LAWSUIT,
PROCEEDING, COUNTERCLAIM OR ANY OTHER ACTION BASED UPON, OR ARISING OUT OF, THIS
AGREEMENT, ANY LOAN DOCUMENT, ANY COLLATERAL OR THE DEALINGS OR THE RELATIONSHIP
BETWEEN OR AMONG ANY OF THEM, OR (B) SEEK TO CONSOLIDATE ANY SUCH ACTION WITH
ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THE
PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY DISCUSSED BY THE AGENT, THE
LENDERS, THE BORROWER, AND THE PARENT GUARANTOR, AND THESE PROVISIONS SHALL BE
SUBJECT TO NO EXCEPTIONS. NEITHER THE AGENT, ANY LENDER, THE BORROWER, NOR THE
PARENT GUARANTOR HAS AGREED WITH OR REPRESENTED TO ANY OTHER PARTY THAT THE
PROVISIONS OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES. </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 22.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>SUBMISSION TO JURISDICTION;
WAIVERS</U>.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE BORROWER AND THE PARENT GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY:</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SUBMIT FOR THEMSELVES AND THEIR PROPERTY IN ANY LEGAL ACTION OR PROCEEDING
RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR
FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE
NONEXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK
SITUATED IN NEW YORK COUNTY, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS FROM ANY THEREOF;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CONSENT THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS,
AND WAIVE ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT FORUM AND AGREE NOT TO PLEAD OR CLAIM THE SAME;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS UPON EACH OF THEM AND AGREE
THAT ALL SUCH SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY
SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE BORROWER OR THE
PARENT GUARANTOR AT THEIR ADDRESSES SET FORTH IN SECTION 17 OR AT SUCH OTHER
ADDRESS OF WHICH THE AGENT SHALL HAVE BEEN NOTIFIED PURSUANT THERETO AND THAT
SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON THE EARLIER OF ACTUAL
RECEIPT OR THREE BUSINESS DAYS AFTER THE SAME SHALL HAVE BEEN POSTED TO THE
BORROWER'S AND THE PARENT GUARANTOR'S ADDRESS AS SET FORTH IN SECTION 17;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WAIVE ANY BOND OR SECURITY WHICH MIGHT BE REQUIRED BY ANY COURT PRIOR TO
ALLOWING THE AGENT TO EXERCISE ANY REMEDIES SET FORTH HEREIN OR IN ANY OF THE
OTHER LOAN DOCUMENTS;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT OR OTHERWISE AFFECT
THE RIGHT OF THE AGENT TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR
THE PARENT GUARANTOR OR THEIR PROPERTY IN THE COURTS OF OTHER JURISDICTIONS;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE BORROWER APPOINTS AND DESIGNATES INTERPOOL, INC., HAVING AN ADDRESS AT
633 THIRD AVENUE, 27TH FLOOR, NEW YORK, NEW YORK 10017, ITS TRUE AND LAWFUL
ATTORNEY-IN-FACT AND DULY AUTHORIZED AGENT FOR THE LIMITED PURPOSE OF ACCEPTING
SERVICING OF LEGAL PROCESS AND THE BORROWER AGREES THAT SERVICE OF PROCESS UPON
SUCH PARTY SHALL CONSTITUTE PERSONAL SERVICE OF SUCH PROCESS ON THE BORROWER.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 23.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ACKNOWLEDGEMENTS</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower and the Parent Guarantor hereby acknowledges that: </FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
it has been advised by counsel in the negotiation, execution and delivery of
this Agreement and the other Loan Documents;</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no Lender has any fiduciary relationship with or fiduciary duty to the
Borrower and/or the Parent Guarantor arising out of or in connection with this
Agreement or any of the other documents, and the relationship between the
Lender, the Borrower, and the Parent Guarantor in connection herewith or
therewith is solely that of debtor and creditor; and</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no joint venture is created hereby or by any other documents or otherwise
exists by virtue of the transactions contemplated hereby between the Borrower,
the Parent Guarantor, and the Lender.</FONT></P>

<P ALIGN=LEFT><FONT SIZE=3><B>SECTION 24.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CONFIDENTIALITY</U>.</FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The confidentiality
provisions of Section 16 of the Parent Guaranty are hereby incorporated by
reference <I>mutatis mutandis</I>. </FONT></P>

<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duty authorized officers as of the day and year first written above. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50%></TD>
<TD WIDTH=50%><U>Borrower</U>:<BR>
INTERPOOL CONTAINER FUNDING, SRL<BR>
<BR>
<BR>
By: __________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title<BR>
<BR>
<BR>
<BR>
<U>Agent</U>:<BR>
FORTIS BANK (NEDERLAND) N.V., as<BR>
Administrative Agent<BR>
<BR>
<BR>
By: __________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title<BR>
<BR>
<BR>
<BR>
<U>Parent Guarantor</U>:<BR>
INTERPOOL, INC.<BR>
<BR>
<BR>
By: __________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Vice President and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer<BR>
<BR>
<BR>
<BR>
<U>Lenders</U>:<BR>
FORTIS BANK (NEDERLAND) N.V.<BR>
<BR>
<BR>
By: __________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: ______________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;______________________<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: _________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone: _________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: _________________________</TD>
</TR>
</TABLE>
<BR>

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