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Exhibit 10.17

AMENDMENT TO THE TERM LOAN AGREEMENT

This AMENDMENT TO THE TERM LOAN AGREEMENT (this “Amendment”), dated as of March
11, 2011 (the “Amendment Effective Date”), is by and among CONTAINER
APPLICATIONS LIMITED, a corporation organized under the laws of Barbados having
its principal place of business at Suite 102, Bush Hill, Bay Street, St.
Michael, Barbados, West  Indies (“CAL” or the “Borrower”), CAI INTERNATIONAL,
INC., a Delaware corporation having its principal place of business at Steuart
Tower, 1 Market Plaza, Suite 900, San Francisco, CA 94105 (“CAI”) and the other
the Guarantors listed on the signature pages hereto (each a “Guarantor” and
collectively, the “Guarantors”), the lending institutions from time to time
listed on the signature pages hereto (the “Lenders”), ING BANK N.V., as
administrative agent for itself and the other Lenders (in such capacity, the
“Administrative Agent”), and ING BANK N.V., acting as Mandated Lead Arranger and
Physical Bookrunner).  Capitalized terms used herein without definition shall
have the respective meanings provided therefor in the Loan Agreement referred to
below.

WHEREAS, the Borrower, CAI, the Lenders and the Administrative Agent are parties
to that certain Term Loan Agreement, dated as of December 20, 2010 (as amended
by this Amendment and as may be further amended, restated, amended and restated,
supplemented and otherwise in effect from time to time, the “Loan Agreement”),
pursuant to which the Lenders, upon certain terms and conditions, have agreed to
make loans and otherwise extend credit to the Borrower;

WHEREAS, the Borrower request that the Administrative Agent and the Lenders
amend certain of the terms and provisions of the Loan Agreement as set forth
herein subject to the conditions set forth below; and

NOW THEREFORE, in consideration of the mutual agreements contained in the Loan
Agreement and herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:

§1.           Amendments to Loan Agreement.  Subject to the satisfaction of the
conditions precedent set forth in §4 below,

(a)           The Loan Agreement is hereby amended by deleting the definition of
“Principal Payment Amount” in Section 1.1 of the Loan Agreement and substituting
the following new definition in lieu thereof:

“Principal Payment Amount.  With respect to each Term Loan drawdown described
under Section 2.1(A) and (B) of the Loan Agreement, (A) for each Principal
Payment Date (other than the Maturity Date), an amount equal to the product of
(x) the quotient obtained by dividing 46.0% by the number of remaining scheduled
Principal Payment Dates, as of the Drawdown Date of such Term Loan, prior to the
Maturity Date with respect to such Term Loan and (y) the initial Principal
Balance of such Term Loan, and (B) on the Maturity Date, the then unpaid
Principal Balance of such Term Loan, in each case as such amounts in (A) and (B)
may be reduced from time to time pursuant to Section 3.2.4 hereof as a
consequence of any principal prepayments made hereunder.  The Principal Payment
Amount due on any Principal Payment Date is in addition to any prepayment
required pursuant to the provisions of Section 3.2 hereof.”

 
 

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(b)           The Loan Agreement is hereby amended by amending and restating
Section 2.9 of the Loan Agreement as follows:

“2.9           Change in Borrowing Base.  The Borrowing Base shall be calculated
(based on the application of the formula contained in the definition of
“Borrowing Base”) by the Borrower pursuant to a Borrowing Base Report delivered
to the Administrative Agent with each Loan Request and at such other intervals
as may be specified pursuant to §8.4(f) by reference to the Borrowing Base
Report most recently delivered to the Lenders and the Administrative Agent.  The
Administrative Agent shall give to the Borrower written notice of the amount of
the Borrowing Base determined by the Administrative Agent as a result of its
calculation thereof to the extent that the Administrative Agent’s calculation
thereof differs from that of the Borrower.  Prior to the time any such notice
becomes effective, the Borrowing Base shall be computed as it would have been
computed in the absence of such notice.”

(c)           The Loan Agreement is hereby amended by adding the following
phrase to the beginning of Section 3.2.3(d) of the Loan Agreement:

“except for the Eligible Containers substituted as set forth in Schedule
3.2.3(d) hereto,”

(d)           Schedule 3.2.3(d) is hereby added to the Loan Agreement in the
form of Schedule 3.2.3(d) attached to this Amendment.

§2.           Representations and Warranties.  As of the Amendment Effective
Date, each of the Borrower and the Guarantors, as the case may be, represents
and warrants to the Lenders and the Administrative Agent as follows:

(a)           Representations and Warranties in Loan Agreement.  The
representations and warranties of the Borrower contained in the Loan Agreement
were true and correct in all material respects when made, and continue to be
true and correct on the date hereof.

(b)           Authority, Etc.  The execution and delivery by each of the
Borrower and the Guarantors of this Amendment and the performance by each of the
Borrower and the Guarantors of all of its respective agreements and obligations
of this Amendment and the other documents delivered in connection therewith
(collectively, the “Amendment Documents”), the Loan Agreement as amended hereby
and the other Loan Documents (i) are within the corporate or company authority
of such Borrower or such Guarantor, (ii) have been duly authorized by all
necessary corporate or company proceedings by such Borrower and such Guarantor,
(iii) do not conflict with or result in any breach or contravention of any
provision of law, statute, rule or regulation to which such Borrower or such
Guarantor is subject or any judgment, order, writ, injunction, license or permit
applicable to such Borrower or such Guarantor, (iv) do not conflict with any
provision of the Governing Documents of, or any agreement or other instrument
binding upon, such Borrower or such Guarantor, and (v) do not require the
approval or consent of, or filing with, any Person other than those already
obtained.

(c)           Enforceability of Obligations. The Amendment Documents, the Loan
Agreement as amended hereby, and the other Loan Documents constitute the legal,
valid and binding obligations of such Borrower or such Guarantor, enforceable
against such Borrower or such Guarantor in accordance with their respective
terms.

(d)           No Default.  Immediately after giving effect to this Amendment, no
Default or Event of Default exists under the Loan Agreement or any other Loan
Document.

 
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§3.           Affirmation of Borrower and Guarantors.

(a)           The Borrower hereby affirms its absolute and unconditional promise
to pay to each Lender and the Administrative Agent the Term Loans, and all other
amounts due under the Term Notes, the Loan Agreement as amended hereby and the
other Loan Documents, at the times and in the amounts provided for therein.  The
Borrower confirms and agrees that (i) the obligations of the Borrower to the
Lenders and the Administrative Agent under the Loan Agreement as amended hereby
are secured by and entitled to the benefits of the Security Documents and (ii)
all references to the term "Loan Agreement" in the Security Documents and the
other Loan Documents shall hereafter refer to the Loan Agreement as amended
hereby.

(b)           Each of the undersigned Guarantors hereby acknowledges that it has
read and is aware of the provisions of this Amendment.  Each such Guarantor
hereby reaffirms its absolute and unconditional guaranty of the applicable
Borrower’s payment and performance of its obligations to the Lenders and the
Administrative Agent under the Loan Agreement as amended hereby.  Each Guarantor
hereby confirms and agrees that all references to the term "Loan Agreement" in
the Guaranty to which it is a party shall hereafter refer to the Loan Agreement
as amended hereby.

§4.           Conditions to Effectiveness.  The amendments provided for in this
Amendment shall take effect as of the Amendment Effective Date upon the
satisfaction of the following conditions precedent:

(a)           the Administrative Agent shall have received a counterpart
signature page to this Amendment, duly executed and delivered by each of the
Borrower, the Guarantors, the Lenders, and the Administrative Agent, and this
Amendment shall be in full force and effect;

(b)           the Administrative Agent shall have received Schedule 3.2.3(d)
(Exempt Eligible Containers) to the Loan Agreement, updated as of the Amendment
Effective Date;

(c)           the Administrative Agent shall have received an updated Perfection
Certificate for each of the Loan Parties;

(d)           the Administrative Agent shall have received any necessary
amendments and/or revisions to the Barbados Security Documents which are
required pursuant to the transactions contemplated by this Amendment;

(e)           the Administrative Agent shall have received a certificate of the
authorized officer of the Borrower and each Guarantor dated the Amendment
Effective Date certifying as to (i) no amendments, modifications or supplements
to the Governing Documents of the Borrower or any Guarantor since the last
delivery of such Governing Documents by such Loan Party to the Administrative
Agent and that such Governing Documents are in full force and effect or
attaching complete and certified copies of such Governing Documents including
any amendments, modifications or supplements thereto (including certifications
of such Governing Documents by the appropriate Governmental Authority of such
Person’s jurisdiction of formation or organization), (ii) all corporate or other
organizational actions taken by the Borrower and each of the Guarantors
authorizing the execution, delivery, and performance of this Amendment and the
other Amendment Documents and attaching copies of the board minutes and/or
resolutions relating to such authorization and (iii) the names, titles,
incumbency, and specimen signatures of the authorized officers of the Borrower
and each of the Guarantors authorized to sign this Amendment and the other
Amendment Documents on behalf of such Person;

(f)           a Borrowing Base Report, dated as of the date hereof, executed by
the Borrower; and

 
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(g)           there shall not have occurred (i) a Material Adverse Effect since
December 20, 2010 or (ii) a material adverse change in the facts and information
regarding the Borrower and Guarantors represented to date to the Administrative
Agent and the Lenders.

§5.           Satisfaction of Conditions.  Without limiting the generality of
the foregoing §4, for purposes of determining compliance with the conditions
specified in §4, each Lender that has signed this Amendment shall be deemed to
have consented to, approved or accepted, or to be satisfied with, each document
or other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Amendment Effective
Date justifying its objection thereto.

§6.           Miscellaneous Provisions.  This Amendment shall constitute one of
the Loan Documents referred to in the Loan Agreement.  Except as otherwise
expressly provided by this Amendment, all of the terms, conditions and
provisions of the Loan Agreement shall remain the same.  It is declared and
agreed by each of the parties hereto that the Loan Agreement, as amended hereby,
shall continue in full force and effect, and that this Amendment and the Loan
Agreement shall be read and construed as one instrument.  Nothing contained in
this Amendment shall be construed to imply a willingness on the part of the
Lenders or the Administrative Agent to grant any similar or other future
amendment of any of the terms and conditions of the Loan Agreement or the other
Loan Documents or shall in any way prejudice, impair or effect any rights or
remedies of the Lenders and the Administrative Agent under the Loan Agreement or
the other Loan Documents.  THIS AMENDMENT SHALL BE CONSTRUED ACCORDING TO AND
GOVERNED BY 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 (EXCLUDING
THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK
GENERAL OBLIGATIONS LAW §5-1401)).  This Amendment may be executed in any number
of counterparts, but all such counterparts shall together constitute but one
instrument.  Delivery of an executed signature page of this Amendment by
facsimile or electronic transmission shall be effective as delivery of a
manually executed counterpart thereof.  In making proof of this Amendment it
shall not be necessary to produce or account for more than one counterpart
signed by each party hereto by and against which enforcement hereof is
sought.  Headings or captions used in this Amendment are for convenience of
reference only and shall not define or limit the provisions hereof.  The
Borrower hereby agrees to pay to the Administrative Agent on demand all
reasonable costs and expenses incurred or sustained by the Administrative Agent
in connection with the preparation of this Amendment (including reasonable legal
fees and disbursements of the Administrative Agent’s Special Counsel).

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as an
agreement as of the date first written above.

  Borrower:         CONTAINER APPLICATIONS LIMITED              
By:
 
   
Name:  
   
Title:  

 
 

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Guarantors:
             
CAI INTERNATIONAL, INC.
             
By:
 
   
Name: 
   
Title:  

 

 
CONTAINER APPLICATIONS INTERNATIONAL (U.K.) LIMITED
       
By:
     
Name:  
   
Title:  

 

  CONTAINER APPLICATIONS INTERNATIONAL, LTD.              
By:
     
Name: 
   
Title:  

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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CONTAINER APPLICATIONS (MALAYSIA) SDN BDH
             
By:
     
Name:  
   
Title:  

 

 
SKY CONTAINER TRADING LIMITED
             
By:
     
Name:  
   
Title:  

 
SKY DOMESTIC CONTAINER LEASING LIMITED
             
By:
     
Name:  
   
Title:  

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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CAI CONSENT SWEDEN AB
             
By:
     
Name:  
   
Title: 

 

 
CAI INTERNATIONAL GMBH
             
By:
     
Name:  
   
Title:  

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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Lenders and Administrative Agent:
             
ING BANK N.V., as
 
Administrative Agent
             
By:
 
   
Name:
   
Title:

 
ING BANK N.V., as Lender
             
By:
 
   
Name:
   
Title:

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as Lender
             
By:
 
   
Name:
   
Title:
             
By:
 
   
Name:
   
Title:

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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DVB BANK S.E., as Lender
             
By:
 
   
Name:
   
Title:
             
By:
 
   
Name:
   
Title:

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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ABN AMRO BANK N.V., as Lender
             
By:
 
   
Name:
   
Title:
             
By:
 
   
Name:
   
Title:

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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CREDIT INDUSTRIEL ET COMMERCIAL, as Lender
             
By:
 
   
Name:
   
Title:
             
By:
 
   
Name:
   
Title:

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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UNION BANK, N.A., as Lender
             
By:
 
   
Name:
   
Title:
             
By:
 
   
Name:
   
Title:

 

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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COMERICA BANK, as Lender
             
By:
 
   
Name:
   
Title:
             
By:
 
   
Name:
   
Title:

Signature Page to Amendment to the Term Loan Agreement
 
 
 

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SCHEDULE 3.2.3(D)

[ATTACH SCHEDULE]
 

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