Exhibit 10.2
September 26, 2008
The Greenbrier Companies, Inc.
One Centerpointe Drive, Suite 200
Lake Oswego, OR 97035

Re:   Third Amendment to Amended and Restated Credit Agreement, dated as of
November 7, 2006 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the “Credit Agreement;” the terms defined
therein being used herein as therein defined), among The Greenbrier Companies,
Inc., an Oregon corporation (the “Company”), the Lenders from time to time party
thereto, and Bank of America, N.A., as U.S. Administrative Agent.

Ladies and Gentlemen:
The parties hereto agree that Section 9.10(a) of the Credit Agreement is hereby
amended to read as follows:
     (a) to release any Lien on any property granted to or held by such
Administrative Agent under any Loan Document (i) upon termination of the
Aggregate Commitments and payment in full of all Obligations (other than
contingent indemnification obligations) and the expiration or termination of all
Letters of Credit, (ii) that is transferred or to be transferred as part of or
in connection with any Disposition permitted hereunder or under any other Loan
Document, (iii) that is owned by a Person other than a Loan Party, including
vessels under construction for third parties pursuant to a contract, that are
held by a Loan Party as a bailee for such other Person, or (iv) subject to
Section 10.01, if approved, authorized or ratified in writing by the Required
Lenders;
All references in the Credit Agreement and the other Loan Documents to the
“Credit Agreement” shall be deemed to refer to the Credit Agreement as amended
hereby.
Except as modified hereby, all of the terms and provisions of the Credit
Agreement and the other Loan Documents shall remain in full force and effect.
This letter agreement shall become effective upon the execution hereof by the
Loan Parties, the Required Lenders and the Administrative Agents.
This letter agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument. Delivery of executed counterparts of this Agreement by
telecopy or pdf shall be effective as an original.

 

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This letter agreement shall be governed by and construed in accordance with the
laws of the State of Oregon.

            Sincerely,

BANK OF AMERICA, N.A., as U.S. Administrative Agent
      By   /s/ Tiffany Shin       Name:   Tiffany Shin       Title:   Assistant
Vice President    

THE GREENBRIER COMPANIES, INC.
THIRD AMENDMENT

 

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ACCEPTED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:

          BORROWER:   THE GREENBRIER COMPANIES, INC.,
an Oregon corporation
      By:   /s/ Mark J. Rittenbaum       Name  Mark J. Rittenbaum       Title:  
Executive Vice President and
Chief Financial Officer     SUBSIDIARY
GUARANTORS:  GUNDERSON LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Executive Vice President    

            GREENBRIER LEASING COMPANY, LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Executive Vice President       GREENBRIER RAILCAR, LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President       AUTOSTACK COMPANY, LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President       GUNDERSON RAIL SERVICES, LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President    

THE GREENBRIER COMPANIES, INC.
THIRD AMENDMENT

 

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            GUNDERSON MARINE, LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President       GREENBRIER-CONCARRIL, LLC,
a Delaware limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President       GREENBRIER LEASING LIMITED PARTNER, LLC,
a Delaware limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Principal Financial Accounting Officer       GREENBRIER MANAGEMENT
SERVICES, LLC,
a Delaware limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Executive Vice President       BRANDON RAILROAD LLC,
an Oregon limited liability company
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President       MERIDIAN RAIL HOLDINGS CORP.,
an Oregon corporation
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President and Treasurer       MERIDIAN RAIL ACQUISITION CORP.,
an Oregon corporation
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President and Treasurer    

THE GREENBRIER COMPANIES, INC.
THIRD AMENDMENT

 

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            MERIDIAN RAIL MEXICO CITY CORP.,
an Oregon corporation
      By:   /s/ Mark J. Rittenbaum       Name:   Mark J. Rittenbaum      
Title:   Vice President and Treasurer    

THE GREENBRIER COMPANIES, INC.
THIRD AMENDMENT

 

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ACCEPTED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:

          LENDERS:   BANK OF AMERICA, N.A.,
as a U.S. Lender and as U.S. L/C Issuer and U.S. Swing Line Lender
      By   /s/ Michael Snook       Name:   Michael Snook       Title:   Senior
Vice President       UNION BANK OF CALIFORNIA, N.A.,
U.S. Lender
      By           Name:           Title:           U.S. BANK NATIONAL
ASSOCIATION,
U.S. Lender
      By   /s/ Richard J. Ameny, Jr.       Name:   Richard J. Ameny, Jr.      
Title:   Vice President       KEYBANK NATIONAL ASSOCIATION,
U.S. Lender
      By   /s/ Chris Swindell       Name:   Chris Swindell       Title:   Senior
Vice President       BRANCH BANKING & TRUST COMPANY,
U.S. Lender
      By           Name:           Title:           CAYLON NEW YORK BRANCH,
U.S. Lender
      By           Name:           Title:        

THE GREENBRIER COMPANIES, INC.
THIRD AMENDMENT

 

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            CRÉDIT INDUSTRIEL et COMMERCIAL, NEW YORK BRANCH,
U.S. Lender
      By   /s/ Adrienne Molloy                  /s/ Alex Aupoix       Name:  
Adrienne Molloy                Alex Aupoix       Title:   Vice
President                    Vice President       COMERICA BANK,
U.S. Lender
      By:           Name:           Title:           SOVEREIGN BANK,
U.S. Lender
      By:           Name:           Title:           DVB BANK AG,
U.S. Lender
      By:           Name:           Title:                 By:           Name:  
        Title:           BANK OF THE WEST,
U.S. Lender
      By:   /s/ Brett German       Name:   Brett German       Title:   Vice
President    

THE GREENBRIER COMPANIES, INC.
THIRD AMENDMENT