AMENDMENT NO. 3

to that certain
NOTE PURCHASE AGREEMENT
dated as of April 30, 1998

This
AMENDMENT NO. 3 (this "Amendment"), dated as of June 27,
2002, is by and between CONTAINER APPLICATIONS INTERNATIONAL, INC., a Nevada corporation
(the "Company") and INTERPOOL, INC.,a Delaware
corporation ("Lender").Capitalized terms used herein
without definition shall have the respective meanings provided therefor in the Note
Purchase Agreement referred to below.

WHEREAS,
the Company and the Lender are parties to that certain Note Purchase Agreement, dated as
of April 30, 1998 (as amended, modified, supplemented or restated and in effect on the
date hereof, the "Note Purchase Agreement"), pursuant to
which the Lender, upon certain terms and conditions, has purchased a subordinated
promissory note from the Company;

WHEREAS,
the Company has requested that the Lender amend certain of the terms and provisions of the
Note Purchase Agreement as set forth herein; and

WHEREAS,
subject to the terms and provisions hereof the Lender has agreed to amend the Note
Purchase Agreement as hereinafter provided.

NOW
THEREFORE, the parties hereto hereby agree as follows:

§1. Amendments to Note
Purchase Agreement. Subject to the consent of the Administrative Agent
on behalf of the Lenders (as each such term is defined in the Bank Credit
Agreement), the Note Purchase Agreement is hereby amended as follows:

§1.1. Definitions. Section 1.1
of the Note Purchase Agreement is amended as follows:

(a) The following new definitions are hereby
added to such Section 1.1 in their appropriate places in the alphabetical order:

| | "Consolidated
EBITDAR" shall mean, with respect to any fiscal period of the Company and its
Subsidiaries, an amount equal to the sum of (a) Consolidated EBITDA for such fiscal period
plus (b) consolidated rental expense for such fiscal period as determined in accordance
with GAAP.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Synthetic
Lease" shall mean any lease of goods or other property, whether real or personal,
which is treated as an operating lease under GAAP and as a loan or financing for U.S.
income tax purposes.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

"Third
Amendment Effective Date" shall mean June 27, 2002.

(b) The definition of "Earnings Before
Interest and Taxes" is hereby deleted in its entirety.

(c) The following existing definitions are
hereby amended and restated in their entirety as follows:

| | "Bank
Credit Agreement" shall mean the Fifth Restated Revolving Credit and Term Loan
Agreement, dated as of June 27 2002, among the Company, Fleet National Bank (f/k/a
BankBoston, N.A.), as administrative agent, and the other lenders from time to time party
thereto and as it may be further amended, modified, supplemented or restated from time to
time with such consent, if any, of the Noteholders as is required under the Subordination
and Intercreditor Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Consolidated
EBITDA" shall mean, with respect to any fiscal period, an amount equal to the sum of
(a) Consolidated Net Income (or Deficit) of the Company and its Subsidiaries for such
fiscal period, plus (b) in each case to the extent deducted in the calculation of such
Person's Consolidated Net Income and without duplication, (i} depreciation and
amortization for such period, plus (ii) income tax expense for such period, plus (iii)
Consolidated Total Interest Expense paid or accrued during such period, plus (iv) other
noncash charges for such period, plus (v) principal payments received by the Company or
any of its Subsidiaries during such period with respect to Direct Finance Leases, all as
determined in accordance with GAAP.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Consolidated
Net Income (or Deficit)" shall mean, the consolidated net income (or deficit) of the
Company and its Subsidiaries, after deduction of all expenses, taxes, and other proper
charges, determined in accordance with GAAP, after eliminating therefrom all extraordinary
items of income or loss.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Consolidated
Operating Cash Flow" shall mean, with respect to any fiscal period of the Company and
its Subsidiaries, an amount equal to (i) Consolidated EBITDAR for such fiscal period minus
(ii) cash interest expense for such fiscal period minus (iii) cash income tax expense for
such period, in each case, as determined in accordance with GAAP.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Consolidated
Senior Debt" shall mean, at any time of determination, with respect to the Company
and its Subsidiaries, the sum, without duplication, of (a) the aggregate amount of
Indebtedness (excluding Subordinated Debt) of the Company and its Subsidiaries, on a
consolidated basis, relating to (i) the borrowing of money or the obtaining of credit,
including the issuance of notes or bonds, (ii) the deferred purchase price of assets
(other than trade payables incurred in the ordinary course of business), (iii) Capitalized
Leases, (iv) Rental Obligations, and (v) the maximum drawing amount of all letters of
credit outstanding plus (b) Indebtedness of the type referred to in clause (a) of another
Person guaranteed by the Company or any of its Subsidiaries.
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| | "Consolidated
Total Debt Service" shall mean, with respect to the Company and its Subsidiaries as
of any Computation Date, for the period specified in the applicable covenant ending on
such Computation Date (the "Test Period"), the sum, without duplication, of (a) any
and all scheduled repayments of principal made during the fiscal period to which such
Computation Date relates in respect of Debt that becomes due and payable or that are to
become due and payable during such fiscal period pursuant to any agreement or instrument
to which the Company or any of its Subsidiaries is a party relating to (i) the borrowing
of money or the obtaining of credit, including the issuance of notes or bonds, (ii) the
deferred purchase price of assets (other than trade payables incurred in the ordinary
course of business), (iii) in respect of any Synthetic Leases or Capitalized Leases, (iv)
in respect of any reimbursement obligations in respect of letters of credit due and
payable during such period, and (v) Debt of the type referred to above of another Person
guaranteed by the Company or any of its Subsidiaries plus (b) one tenth (1/10) of the
average daily outstanding amount of the Revolving Credit Loans during such fiscal period
plus (c) payments made during such period in respect of operating leases. Demand
obligations shall be deemed to be due and payable during any fiscal period during which
such obligations are outstanding.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | "Consolidated
Total Interest Expense" shall mean for any period, the aggeregate amount of interest
required to be paid or accrued by the Company and its Subsidiaries during such period on
all Debt of the Company and its Subsidiaries outstanding during all or any part of such
period, whether such interest was or is required to be reflected as an item of expense or
capitalized, including payments consisting of interest in respect of any Capitalized Lease
or any Synthetic Lease, and including commitment fees, agency fees, facility fees, balance
deficiency fees and similar fees or expenses in connection with the borrowing of money.
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| | "Debt"
shall mean, as to any Person and whether recourse is secured by or is otherwise available
against all or only a portion of the assets of such Person and whether or not contingent,
but without duplication:
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| | (a) every obligation of such Person for money borrowed,
| | -------------------------------------------------------

| | (b) every obligation of such Person evidenced by bonds,
debentures, notes or other similar instruments, including obligations incurred
in connection with the acquisition of property, assets or businesses,
          (c) every
reimbursement obligation of such Person with respect to letters of credit,
bankers' acceptances or similar facilities issued for the account of such
Person,
          (d) every obligation
of such Person issued or assumed as the deferred purchase price of property of
services (including securities repurchase agreements but excluding trade
accounts payable or accrued liabilities arising in the ordinary course of
business which are not overdue or which are being contested in good faith),
          (e) every obligation
of such Person under any Capitalized Lease,
          (f) every obligation
of such Person under any Synthetic Lease,
          (g) all sales by
such Person of (i) accounts or general intangibles for money due
or to become due, (ii) chattel paper, instruments or documents creating or
evidencing a right to payment of money or (iii) other receivables (collectively
"receivables"), whether pursuant to a purchase facility or otherwise,
other than in connection with the disposition of the business operations of such
Person relating thereto or a disposition of defaulted receivables for collection
and not as a financing arrangement, and together with any obligation of such
Person to pay any discount, interest, fees, indemnities, penalties, recourse,
expenses or other amounts in connection therewith,
          (h) every obligation
of such Person (an "equity related purchase obligation")
to purchase, redeem, retire or otherwise acquire for
value any shares of Capital Stock issued by such Person or any rights measured
by the value of such Capital Stock,
          (i) every obligation
of such Person under any forward contract, futures contract, swap, option or
other financing agreement or arrangement (including, without limitation, caps,
floors, collars and similar agreements), the value of which is dependent upon
interest rates, currency exchange rates, commodities or other indices (a
"derivative contract"),
          (j)
every obligation in respect of Indebtedness of any other entity (including any partnership
in which such Person is a general partner) to the extent that such Person is liable
therefor as a result of such Person's ownership interest in or other relationship
with such entity, except to the extent that the terms of such Indebtedness provide that
such Person is not liable therefor and such terms are enforceable under applicable law,
          (k) every
obligation, contingent or otherwise, of such Person guaranteeing, or having the
economic effect of guarantying or otherwise acting as surety for, any obligation
of a type described in any of clauses (a) through (j) (the "primary
obligation") of another Person (the "primary obligor"), in any
manner, whether directly or indirectly, and including, without limitation, any
obligation of such Person (i) to purchase or pay (or advance or supply funds for
the purchase of) any security for the payment of such primary obligation, (ii)
to purchase property, securities or services for the purpose of assuring the
payment of such primary obligation, or (iii) to maintain working capital, equity
capital or other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such primary obligation, and
          (l) all Rental
Obligations of such Person.
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| | The
"amount" or "principal amount" of any Debt at any time
of determination represented by (i) any Debt issued at a price that is less than the
principal amount at maturity thereof, shall be the amount of the liability in respect
thereof determined in accordance with GAAP, (ii) any Capitalized Lease shall be the
principal component of the aggregate of the rental obligation under such Capitalized Lease
payable over the term thereof that is not subject to termination by the lessee, (iii) any
sale of receivables shall be the amount of unrecovered capital or principal investment of
the purchaser (other than the Company or any of its wholly-owned Subsidiaries) thereof,
excluding amounts representative of yield or interest earned on such investment, (iv) any
Synthetic Lease shall be the stipulated loss value, termination value or other equivalent
amount, (v) any derivative contract shall be the maximum amount of any termination or loss
payment required to be paid by such Person if such derivative contract were, at the time
of determination, to be terminated by reason of any event of default or early termination
event thereunder, whether or not such event of default or early termination event has in
fact occurred, (vi) any equity related purchase obligation shall be the maximum fixed
redemption or purchase price thereof inclusive of any accrued and unpaid dividends to be
comprised in such redemption or purchase price, and (vii) any guaranty or other contingent
liability referred to in clause (k) shall be an amount equal to the stated or determinable
amount of the primary obligation in respect of which such guaranty or other contingent
obligation is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof (assuming such Person is required to perform thereunder) as
determined by such Person in good faith.
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| | "Maturity
Date" shall mean the thirteenth anniversary of the Funding Date.
| | --------------------------------------------------------------------------

| | "Permitted
Liens" shall mean: (i) liens in favor of the Company on all or part of the assets of
Subsidiaries of the Company securing indebtedness owing by Subsidiaries of the Company to
the Company; (ii) liens to secure taxes, assessments and other government charges in
respect of obligations not overdue or liens on properties to secure claims for labor,
material or supplies in respect of obligations not overdue; (iii) deposits or pledges made
in connection with, or to secure payment of, workmen's compensation, unemployment
insurance, old age pensions or other social security obligations; (iv) liens on properties
in respect of judgments or awards, the Debt with respect to which is permitted by Section
9.1(c) of the Bank Credit Agreement; (v) liens of carriers, warehousemen, mechanics and
materialmen, and other like liens on properties in existence less than 120 days from the
date of creation thereof in respect of obligations not overdue; (vi) encumbrances on real
estate consisting of easements, rights of way, zoning restrictions, restrictions on the
use of real property and defects and irregularities in the title thereto, landlord's
or lessor's liens under leases to which the Company or a Subsidiary of the Company
is a party, and other minor liens or encumbrances none of which interferes materially with
the use of the property affected in the ordinary conduct of the business of the Company
and its Subsidiaries, which defects do not individually or in the aggregate have a
materially adverse effect on the business of the Company individually or of the Company
and its Subsidiaries on a consolidated basis; (vii) liens listed on Schedule 9.2 to the
Bank Credit Agreement; (viii) security interests in or mortgages on real or personal
property acquired or leased after the Effective Date to secure Debt of the type and amount
permitted by Section 9.1(f) or Section 9.1(g) of the Bank Credit Agreement, and proceeds
thereof (including without limitation leases, accounts receivable, instruments and
documents) which security interests or mortgages cover only the real or personal property
so acquired or leased; (ix) liens on assets and property of the Company in favor of
Purchaser; (x) liens in favor of the Banks and the agent therefor under the Loan Documents
(as defined in the Bank Credit Agreement); (xi) liens consisting of the interest of
lessees under leases of containers where the Company is lessor; (xii) liens on the
property listed on Schedule 9.2 to the Bank Credit Agreement which are granted to secure
any refinancing or renewal of Debt permitted under Section 9.1 which refinancing or
renewal is permitted under Section 9.1(h) of the Bank Credit Agreement (subject to all the
provisos contained therein) provided, that (a) such liens encumber the same property (and
no additional assets or property of the company) as secured the Debt that was so
refinanced or renewed and (b) the aggregate amount of Debt secured by such property has not
increased as a result of such refinancing or renewal; and (xiii) the interests of lessors
in property leased to the Company or a Subsidiary of the Company under Section 9.1(f) or
9.1(g) of the Bank Credit Agreement.
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| | "Staff
Loan Program" shall mean a program administered by the Company pursuant
to which the Company makes loans to employees; provided, that the aggregate principal
amount of loans outstanding at any time under such program shall not exceed $1,500,000,
and that no more than an aggregate of $100,000 of which may be unsecured.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

§1.2. Time and Place of Payments;
Interest Rate; Payment of Principal and Interest under the Note. Section 2.3(c)
of the Note Purchase Agreement is hereby amended by deleting the reference to
"Section 2(b)(i)" in the first sentence thereof and replacing it with
"Section 3(b)".

§1.3 Prepayment.

(i) Section 2.6(a) of the Note Purchase
Agreement is hereby amended by inserting the words "Subject to the terms
and conditions of the Subordination and Intercreditor Agreement, the" at
the beginning of the first sentence thereof.

(ii) Section 2.6(b) of the Note Purchase
Agreement is hereby amended and restated in its entirety as follows:

| | "Mandatory
Prepayments. Unless prepaid in accordance with the terms hereof, Company shall pay
consecutive quarterly installments of principal with respect to the Note, without demand,
beginning on the thirty-third Quarterly Payment Date after the Funding Date and on each
Quarterly Payment Date thereafter through, and including, the Maturity Date. The amount of
such installment shall be equal to the remaining principal balance of the Note divided by
the number of remaining scheduled mandatory principal payments (including the prepayment
then to be made)."
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

§1.4. Financial Statements and Other
Information. Section 5.8(m) of the Note Purchase Agreement is hereby amended by
replacing the reference to "Section 8.4(i)" with the reference
"Section 8.4(k)".

§1.5. Consolidated
Adjusted Tangible Net Worth. Section 6.1(b) of the
Note Purchase Agreement is hereby deleted in its entirety.

§1.6. Interest Coverage.
Section 6.1(d) of the Note Purchase Agreement is hereby amended and
restated in its entirety as follows:

| | "(d) Interest Coverage. The Company
will not permit the ratio of (i) Consolidated EBITDA to (ii) Consolidated Total
Interest Expense for any period of four consecutive fiscal quarters ending
during any period set forth in the table below as measured on each Computation
Date, to be less than the ratio set forth site such period in such table:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Period                                 | Ratio    
|-------------------------------------- | ---------
|Third Amendment Effective Date through | 1.75:1.00
|March 31, 2003                        
|                                      
|April 1, 2003 and thereafter           | 2.00:1.00
|                                      

§1.7. Investments. Section 6.3(e)
of the Note Purchase Agreement is hereby amended by replacing the term
"Loan Program" with the term "Staff Loan Program".

§2. Representations and
Warranties. The Company hereby represents and warrants to the
Lender as follows:

| | (a)
Representations and Warranties in Note Purchase Agreement. The
representations and warranties of the Company contained in the Note Purchase
Agreement were true and correct in all material respects when made, and continue
to be true and correct in all material respects on the date hereof, except to
the extent that such representations expressly relate to an earlier date.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)
               Authority, Etc. The execution and delivery by the Company
               of this Amendment and the other documents delivered in connection herewith
               (collectively, the "Amendment Documents") and the performance by the
               Company of all of its agreements and obligations under the Amendment Documents
               (i) are within the corporate authority of the Company, (ii) have been duly
               authorized by all necessary corporate proceedings by the Company, (iii) do not
               conflict with or result in any breach or contravention of any provision of law,
               statute, rule or regulation to which the Company is subject or any judgment,
               order, writ, injunction, license or permit applicable to the Company, (iv) do
               not conflict with any provision of the corporate charter or by-laws of, or any
               agreement or other instrument binding upon, the Company, 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 constitute the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their respective terms.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)
               No Default. Immediately prior to and after giving effect to this
               Amendment, no Default or Event of Default exists under the Note Purchase
               Agreement or any Ancillary Document.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

§3.
          Affirmation of Company. The Company hereby affirms
          its absolute and unconditional promise to pay to the Lender all amounts due
          under the Note and the Note Purchase Agreement, at the times and in the amounts
          provided for therein. The Company further affirms and agrees that (i) the
          obligations of the Company to the Lender under the Note Purchase Agreement as
          amended hereby are secured by and entitled to the benefits of the Security
          Agreement, and (iii) all references to the term "Note Purchase
          Agreement" in the Security Agreement shall hereafter refer to the Note
          Purchase Agreement as amended hereby.

§4. Notice of Amendment to Bank Credit
Agreement. The Lender acknowledges that it has received notice of the proposed
Fifth Restated Revolving Credit Agreement to be entered into by and among the
Company, the Administrative Agent and the Lenders (as each such term is defined
in the Bank Credit Agreement), as such notice is contemplated by Section 7.4 of
the Note Purchase Agreement.

§5. Condition to Effectiveness.
This Amendment shall become effective upon receipt by each of the Lender and the
Administrative Agent of a fully-executed copy hereof.

§6. Miscellaneous Provisions.

| | (a)
               Except as otherwise expressly provided by this Amendment, all of the
               terms, conditions and provisions of the Note Purchase Agreement shall remain the
               same. It is declared and agreed by each of the parties hereto that the Note
               Purchase Agreement, as amended hereby, shall continue in full force and effect,
               and that this Amendment and the Note Purchase Agreement shall be read and
               construed as one instrument. Nothing contained in this Amendment (i) shall be
               construed to imply a willingness on the part of the Lender to grant any similar
               or other future amendment of any of the terms and conditions of the Note
               Purchase Agreement and (ii) shall in any way prejudice, impair or effect arty
               rights or remedies of the Lender under the Note Purchase Agreement.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)
               THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE IN THE STATE OF NEW YORK
               AND THE VALIDITY OF THIS AMENDMENT AND THE ENFORCEMENT HEREOF SHALL BE
               DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW
               YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)
               This Amendment may be executed in any number of counterparts, but all such
               counterparts shall together constitute but one instrument. 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.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)
               Headings or captions used in this Amendment are for convenience of reference
               only and shall not define or limit the provisions hereof.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e)
               This Amendment shall constitute one of the Ancillary Documents referred to in
               the Note Purchase Agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------

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

| | CONTAINER APPLICATIONS
INTERNATIONAL, INC.
By: 
       Name:
       Title:INTERPOOL, INC.
By: 
       Name:
       Title:
| | -------------------------------------------------------------------------------------------------------------------------

In
accordance with paragraph 19(a) of the Subordination and Intercreditor Agreement, the
undersigned, as Administrative Agent for the Lenders referred to in the Subordination and
Intercreditor Agreement, hereby consents to the amendments contemplated by § 1 of
this Amendment.

| | FLEET NATIONAL BANK, as
Administrative Agent for the Lenders
By: 
       Name:
       Title:
| | --------------------------------------------------------------------------------------------