Exhibit 10.1

 

June 30, 2004

 

Pacer International, Inc.

2300 Clayton Road, Suite 1200

Concord, California 94520

 

                                Re: Master Lease Agreement dated as of April 16,
2003, as amended

 

Ladies/Gentlemen:

 

This will confirm the collateral understanding which has been reached between us
with respect to the above-referenced Master Lease Agreement (as amended, the
“Master Lease”), between LaSalle National Leasing Corporation, as lessor, and
Pacer International, Inc., as lessee. Capitalized terms used herein without
definition shall have the meaning given them in the Lease.

 

In consideration of the sum of Ten Dollars ($10.00) in hand paid, and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

 

Rider Nos. 1 and 2 attached to the Master Lease shall be applicable solely with
respect to the Equipment described on Equipment Schedules executed before the
date hereof.

 

Rider Nos. 3, 4, 5 and 6 attached hereto, applicable solely with respect to the
Equipment described on Equipment Schedules designated as Series C, are
incorporated in the Master Lease as fully as if originally attached thereto.

 

The Master Lease is hereby amended as follows:

 

  (a) The fourth line of Section 1 of the Master Lease is amended by inserting
“Renewal Term (as such term is defined in Rider No. 4) and any further renewal
pursuant to Section B(2) of Rider No. 4 (if applicable)” before “the Build-Down
Period”.

 

  (b) Section 8(a)(3)(i)(C) of the Lease is hereby deleted in its entirety and
replaced with the following:

 

“the then current Standards of the Institute of International Container Lessors
(“IICL”), and in compliance with all applicable laws, and”

 

  (c) Section 9(b)(x) of the Master Lease is hereby amended to replace the words
“this Section 11” with the words “this Section 9.”

 

  (d) The last sentence of Section 11(d) of the Master Lease is hereby deleted
in its entirety and replaced with the following:

 

“Upon such passage of title, Lessee will transfer to Lessor, free and clear of
all liens other than Liens created by or through Lessor, all Lessee’s right,
title and interest in and to the replaced Equipment”

 

4. With respect to the Equipment described on Equipment Schedules designated as
Series C, the Master Lease is hereby amended as follows:

 

  (a) Section 7 of the Master Lease is hereby amended to add the following
sentence to the end thereof:

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, LESSEE WAIVES (a) ANY AND ALL RIGHTS
AND REMEDIES CONFERRED UPON A LESSEE BY

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ARTICLE 2A OF THE UCC AND (b) ANY RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE
OR OTHERWISE TO RECOVER INCIDENTAL OR CONSEQUENTIAL DAMAGES FROM LESSOR FOR ANY
BREACH OF WARRANTY OR FOR ANY OTHER REASON OR TO SET OFF OR DEDUCT ALL OR ANY
PART OF ANY CLAIMED DAMAGES RESULTING FROM LESSOR’S DEFAULT, IF ANY, UNDER THE
RELATED LEASE.

 

  (b) Any and all references in the Master Lease to Rider No. 1 are hereby be
deemed to be references to Rider No. 4, and any and all references in the Master
Lease to Rider No. 2 are hereby be deemed to be references to Rider No. 6.

 

  (c) Section 8(a)(1) of the Master Lease is hereby further amended to add the
following to the end thereof:

 

“(provided further that the Equipment is used in the transportation of property
within or to and from the United States)”

 

  5. Except as expressly set forth herein, the terms and conditions of the
Master Lease remain unmodified and in full force and effect.

 

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If the foregoing accurately sets forth our understanding with respect to the
subject matter hereof, please sign and return the enclosed copy of this letter
and it will constitute an amendment of the Master Lease pursuant to Section
19(a) thereof.

 

LASALLE NATIONAL LEASING CORPORATION

By:

 

/s/ James A. Vlk

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Name:

 

James A. Vlk

Title:

 

First Vice President

 

AGREED:

 

PACER INTERNATIONAL, INC.

 

By:

 

/s/ J.B. Doherty

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Name:

 

J.B. Doherty

Title:

 

Treasurer