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                                                                   Exhibit 10.20


                          AMENDED AND RESTATED GUARANTY

               This AMENDED AND RESTATED GUARANTY (as amended, modified or
supplemented prior to the date hereof, this "Amended and Restated Guaranty")
dated as of July 19, 2001 is made by THE CRONOS GROUP, a societe anonyme holding
organized and existing under the laws of the Grand Duchy of Luxembourg
("Guarantor"), in favor of FORTIS BANK (NEDERLAND) N.V., a Naamloze
Vennootschap, as agent (the "Agent"), on behalf of, and for the benefit of,
itself and the other holders of the notes (the "Notes") issued by Cronos Finance
(Bermuda) Limited ("Noteholders").

                                    RECITALS

               WHEREAS, Cronos Finance (Bermuda) Limited, a company organized
and existing under the laws of the Islands of Bermuda (the "Issuer"), the Agent
and the Noteholders have entered into a certain Amended and Restated Loan
Agreement, dated as of July 19, 2001 (as the same may from time to time be
amended, modified, supplemented or restated in accordance with its terms, the
"Loan Agreement"), pursuant to which the Noteholders have agreed to make loans
to the Issuer from time to time up to a specified aggregate principal amount;

               WHEREAS, pursuant to the terms of the guaranty dated as of July
30, 1999 (the "Original Guaranty"), the Guarantor agreed to guarantee, subject
to the terms set forth therein, (i) the obligations of the Issuer under the
notes issued pursuant to the terms of the loan agreement, dated as of July 30,
1999 (the "Original Agreement") and the other Transaction Documents and (ii) the
performance by each Seller and the Manager of their respective obligations
arising under any Transaction Document;

               WHEREAS, Guarantor is the direct or indirect parent of the
Issuer, each Seller and the Manager and will obtain substantial direct and
indirect benefit from the purchase of the Notes by the Noteholders and is
willing to affirm the continued effectiveness of its guaranty;

               NOW, THEREFORE, in consideration of the foregoing recitals and
other good consideration, the receipt and adequacy is hereby acknowledged, and
intending to be legally bound, the parties hereto do hereby agree as follows:

                                    AGREEMENT

                SECTION 1. DEFINITIONS. Unless otherwise defined in this
Guaranty, capitalized terms used herein shall have the meanings set forth in the
Loan Agreement.

               "SOLVENT": As to any Person at any time means, that (a) the fair
value of the property of such Person is greater than the amount of such Person's
liabilities (including disputed, contingent and unliquidated liabilities) as
such value is established and liabilities evaluated for purposes of Section
101(31) of Title 11 of the Bankruptcy Code or the Bermuda Bankruptcy Act, 1989,
as applicable; (b) the present fair saleable value of the property in an orderly
liquidation of such Person is not less than the amount that will be required to
pay the probable liability of such Person on its debts as they become absolute
and matured; (c) such Person is able to realize upon its property and pay its
debts and other liabilities (including

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                                      -2-

disputed, contingent and unliquidated liabilities) as they mature in the normal
course of business; (d) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person's ability to pay as
such debts and liabilities mature; and (e) such Person is not engaged in
business or a transaction, and is not about to engage in business or a
transaction, for which such Person's property would constitute unreasonably
small capital.

               SECTION 2.    ACKNOWLEDGMENT; GUARANTY.

               (a) Guarantor hereby consents to Issuer's issuance of the Notes
under the terms and conditions set forth in the Loan Agreement and the purchase
of the Notes by Noteholders pursuant to the terms of the Loan Agreement.
Guarantor hereby unconditionally, absolutely and irrevocably guarantees to the
Agent and the Noteholders (each, a "Guaranteed Party" and collectively, the
"Guaranteed Parties"): (i) the full and prompt payment when due of the principal
balance of the Notes and the indebtedness represented thereby, whether at the
stated maturity thereof or at such earlier date as may result from the
acceleration thereof as a result of the occurrence of an Event of Default (as
such term is defined in the Loan Agreement); (ii) the full and prompt payment
when due of interest on the outstanding principal balance of the Notes, whether
at the stated maturity date thereof or at such earlier date as may result from
the acceleration thereof following an Event of Default; (iii) the full and
prompt payment of an amount equal to any and all payments and other sums when
and as the same shall become due, required to be paid by the Issuer, each Seller
and the Manager to any Guaranteed Party under the terms of the Loan Agreement or
any other Transaction Document; and (iv) the full and prompt performance and
observance by the Issuer, any Seller or the Manager of all of their respective
obligations, covenants and agreements required to be performed and observed
pursuant to the terms of the Loan Agreement or any other Transaction Document
(items (i) through (iv) collectively, the "Guaranteed Obligations"); provided,
however, that, subject to the provisions of Section 15 hereof, the maximum
aggregate amount of funds paid by the Guarantor under this Guaranty (such
maximum aggregate amount, the "Aggregate Maximum Guaranteed Payment") throughout
the entire term of this Guaranty shall not exceed an amount equal to twenty-four
million dollars ($24,000,000).

               (b) The Agent, on behalf of the Noteholders, shall be entitled to
submit one or more claims under this Guaranty on the date on which any amount is
due under the Loan Agreement or any other Transaction Documents or on any date
thereafter on which such amount remains unpaid for an amount not to exceed an
amount equal to the difference of (x) the Aggregate Maximum Guaranteed Payment
and (y) the aggregate amount of all payments previously made by the Guarantor
under this Guaranty.

               (c) In order to secure the Guaranteed Obligations, subject to the
Aggregate Maximum Guaranteed Payment, and the performance of all of the
Guarantor's covenants and agreements in this Guaranty and all other Transaction
Documents, subject to the Aggregate Maximum Guaranteed Payment, the Guarantor:
(i) hereby assigns, conveys, mortgages, pledges, hypothecates and transfers to
Agent, for the benefit of Noteholders to the extent provided herein, a security
interest in and to all of the Guarantor's right, title and interest in, to and
under the Class C Note to the Agent, for the benefit of Noteholders; and (ii)
has pledged all of its shares of Cronos Holdings Investments (US) Inc. to the
Agent, on behalf of the Noteholders, pursuant to an Amended and Restated Stock
Pledge Agreement dated as of July 19, 2001, between The


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                                      -3-

Cronos Group and Fortis Bank (Nederland) N.V. (f/k/a MeesPierson N.V.), as
agent. Notwithstanding the foregoing, limitations on the Guarantor's liability
provided by the Aggregate Maximum Guaranteed Payment shall not apply to breach
of Guarantor's representations and warranties set forth in Sections 6(i), 6(j)
and 6(k) hereof.

               SECTION 3. GUARANTY UNCONDITIONAL. The obligations of Guarantor
hereunder are irrevocable, absolute and unconditional, irrespective of the
value, genuineness, regularity, validity or enforceability of the Guaranteed
Obligations or any other circumstance which might otherwise constitute a legal
or equitable discharge or defense of a surety or guarantor. No set-off,
abatement, recoupment, counterclaim, off-set, reduction or diminution of an
obligation, or any defense of any kind or nature (other than performance by
Guarantor of its obligations hereunder) which Guarantor has or may have with
respect to a claim under this Guaranty, shall be available hereunder to
Guarantor against the Agent or any Noteholder. The Guaranteed Obligations are
direct, unconditional and completely independent of the obligations of any other
Person or entity, and a separate cause of action or separate causes of action
may be brought and prosecuted against the Guarantor without the necessity of
joining any other party or previous proceeding with or exhausting any other
remedy against any other Person who might have become liable for the
indebtedness or of realizing upon any security held by or for the benefit of the
Agent.

               SECTION 4. PAYMENTS. All payments to be made by Guarantor to or
for the benefit of the Guaranteed Party hereunder shall be made in lawful money
of the United States of America, in immediately available funds for deposit into
the Trust Account and shall be accompanied by a notice from Guarantor stating
that such payments are made under this Guaranty.

                SECTION 5. REPRESENTATIONS AND WARRANTIES OF GUARANTOR.
Guarantor hereby represents and warrants to the Agent and the Noteholders as of
the Closing Date that:

               (a) The Guarantor is a societe anonyme duly organized, validly
existing and in good standing under the laws of Luxembourg, has the power to own
its assets and to engage in the activities in which it is now engaged and is
duly qualified and in good standing under the laws of each jurisdiction where
the conduct of its activities requires such qualification, if the failure to so
qualify would have a material adverse effect (a) on the financial condition of
the Guarantor, (b) the enforceability or effectiveness of this Guaranty or (c)
the transactions contemplated by the Loan Agreement and the other Transaction
Documents;

               (b) The Guarantor has full power, authority and legal right to
execute, deliver and perform this Guaranty and each other Transaction Document
to which it is a party (collectively, the "GUARANTOR DOCUMENTS") and has taken
all necessary action to authorize the execution, delivery and performance by it
of the Guarantor Documents. No consent, license, permit, approval or
authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any Governmental Authority or body or official is required for
the execution, delivery and performance by the Guarantor of the Guarantor
Documents which has not been obtained, made, given or accomplished. Each of the
Guarantor Documents has been duly executed and delivered by a duly authorized
representative of the Guarantor, and each such

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Guarantor Document constitutes the valid, legal and binding obligations of the
Guarantor, enforceable against the Guarantor in accordance with its terms;

               (c) The execution, delivery and performance by the Guarantor of
the Guarantor Documents will not violate any provision of any existing law or
regulation applicable to the Guarantor, or of any order, judgment, award or
decree of any court, arbitrator or governmental authority applicable to the
Guarantor or the organizational documents of the Guarantor or any mortgage,
indenture, lease, contract or other agreement, instrument or undertaking to
which the Guarantor is a party or by which the Guarantor or any of its assets
may be bound, and will not result in, or require, the creation or imposition of
any Lien on any of its property, assets or revenues pursuant to the provisions
of any such mortgage, indenture, lease, contract or other agreement, instrument
or undertaking;

               (d) No litigation, investigation or administrative proceeding of
or before any court, arbitrator or governmental authority is pending or, to the
Guarantor's knowledge, threatened against the Guarantor which if decided
adversely to the Guarantor, would materially affect the condition (financial or
otherwise), business or operations of the Guarantor, or the ability of the
Guarantor to perform its obligations under the Guarantor Documents;

               (e) All approvals, authorizations, consents, orders or other
actions of any person, corporation or other organization, or of any court
required in connection with the execution and delivery of the Guarantor
Documents by the Guarantor, have been or will be taken or obtained on or prior
to the Closing Date;

               (f) The consolidated balance sheet of the Guarantor at March 31,
2001 and the consolidated statements of income, retained earnings and cash flows
for the fiscal quarter then ended fairly present in all material respects,
subject to normal year-end audit adjustments and the absence of footnotes to
such statements, the financial condition of the Guarantor and the results of the
operations for the period ended on such date, all in accordance with generally
accepted accounting principles applied on a consistent basis.

               (g) Guarantor is Solvent as of the Closing Date and will be
Solvent after giving effect to the transactions contemplated by the Transaction
Documents. The incurrence of Guarantor's obligations under the Guarantor
Documents will not cause Guarantor: (i) to be left with unreasonably small
capital for any business or transaction in which Guarantor is presently engaged
or plans to be engaged; or (ii) to be unable to pay its debts as such debts
mature.

               (h) The Guarantor has good title to the Class C Note, free and
clear of all liens, claims and encumbrances.

               (i) The Guarantor is the owner of all of the issued and
outstanding shares of Cronos Holdings Investments (US) Inc., which in turn owns
all of the issued and outstanding shares of Cronos Capital Corp.

                (j) After giving effect to the transactions on the Closing Date,
Cronos Capital Corp. will not have any unpaid Indebtedness.

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               (k) This Guaranty creates in favor of the Agent a valid lien in
all of Guarantor's right, title and interest in and to the Class C Note, which
lien is prior to all liens, claims and encumbrances.

               SECTION 6. COVENANTS OF THE GUARANTOR. The Guarantor agrees that,
so long as this Guaranty shall remain in effect or any Outstanding Obligations
under the Loan Agreement shall be outstanding, it shall or, in the case of
paragraphs (h) and (i) below, it shall not, without the prior written consent of
the Agent and all of the Noteholders in each instance (which consent shall not
be unreasonably withheld or delayed):

               (a) Preservation of Properties; Enforcement of Rights. Materially
preserve and protect the usefulness and value of its properties and assets,
maintain the same in good repair, working order and condition, and from time to
time make, or cause to be made, all needed and proper repairs, renewals,
replacements, betterments and improvements thereto.

               (b) Payment of Debts. Pay its debts, liabilities and obligations
when due except those which are contested in good faith and for which the
Guarantor has maintained adequate reserves satisfactory to Agent; provided that
such contest shall not result in a material lien being placed on its properties
and assets or any part thereof or result in any of its properties and assets
being subject to loss or forfeiture.

               (c) Payment of Taxes and Claims. Prepare and timely file all tax
returns required to be filed by Guarantor and pay and discharge all taxes,
assessments and other governmental charges or levies imposed upon Guarantor or
in respect of any of its properties and assets before the same shall become in
default, as well as all lawful claims which, if unpaid, might become a material
lien or charge upon its properties and assets or any part thereof, except those
which are contested in good faith by the Guarantor and for which the Guarantor
has maintained adequate reserves satisfactory to the Agent; provided that such
contest shall not result in a material lien being placed on any of its
properties and assets or any part thereof being subject to forfeiture.

               (d) Notification of Event of Default. Give prompt written notice
to the Agent of (i) any Guarantor Event of Default hereunder or (to the extent
to which Guarantor has actual or constructive notice thereof) any Event of
Default under the Loan Agreement or a default under any other Transaction
Document or of any condition, event or act which with the giving of notice or
the passage of time, or both, would constitute a Guarantor Event of Default,
specifying the same and the steps being taken to remedy the same and (ii) any
default, event of default or any condition, event or act which, with the giving
of notice or the lapse of time, or both would constitute such a default or event
of default under any agreement or contract to which Guarantor is a party or by
which any of its property or assets is bound.

               (e) Existence. Keep in full effect its existence, rights and
franchises as a company under the laws of Luxembourg, and will obtain and
preserve its qualification as a foreign company in each jurisdiction in which
such qualification is necessary to protect the validity and enforceability of
this Guaranty.

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               (f) Notification of Litigation and Adverse Business Development.
Give immediate written notice to Agent of (a) any action, proceeding or
investigation pending or threatened against Guarantor before any court or
governmental instrumentality or other administrative agency which involves the
possibility of any judgment or liability which would result in any material
adverse change in the business, properties or assets of Guarantor, and (b) any
Materially Adverse Change in the financial condition, assets, liabilities,
business or operations of Guarantor.

                (g) Financial Statements. Deliver to the Agent and to the
Noteholders:

                    (1) Annual Statements -- within 120 days after the end of
each fiscal year of The Cronos Group, one copy of:

                        (i)  consolidated balance sheets of The Cronos Group and
                             its consolidated subsidiaries, at the end of such
                             fiscal year; and

                        (ii) consolidated statements of income, retained
                             earnings and cash flows of The Cronos Group and its
                             consolidated subsidiaries for the fiscal year then
                             ended, setting forth in each case in comparative
                             form the figures for the previous fiscal year, all
                             in reasonable detail and accompanied by an opinion
                             of a firm of independent certified public
                             accountants of recognized national standing,
                             stating that such financial statements present
                             fairly in all material respects the financial
                             condition of The Cronos Group and its consolidated
                             subsidiaries and have been prepared in accordance
                             with generally accepted accounting principles
                             consistently applied (except for changes in
                             application in which such accountants concur and
                             footnote), and that the examination of such
                             accountants in connection with such financial
                             statements has been made in accordance with
                             generally accepted auditing standards;

                    (2) Quarterly Statements -- within 60 days after the end of
each fiscal quarter of The Cronos Group, one copy of:

                        (i)  consolidated balance sheets of The Cronos Group and
                             its consolidated subsidiaries, at the end of such
                             fiscal quarter; and

                        (ii) consolidated statements of income, retained
                             earnings and cash flows of The Cronos Group and its
                             consolidated subsidiaries for the fiscal quarter
                             and that portion of the fiscal year then ended,
                             setting forth in each case in comparative form the
                             figures for the equivalent timeframe for the
                             previous year;

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                    (3) SEC and Other Reports -- promptly upon their becoming
available, one copy of each report (if any), definitive proxy statement,
registration statement (upon it becoming effective) and definitive prospectus
filed by The Cronos Group with or delivered to any securities exchange or the
Securities and Exchange Commission or any successor agency; and

                    (4) Requested Information -- with reasonable promptness, but
in any event within two calendar weeks of the date requested, (A) any data and
information so requested and (B) any other publicly available information with
respect to The Cronos Group, in each case as may be reasonably requested from
time to time by the Agent or any Noteholder.

               (h) Merger and Sale of Assets.

                   (1) Not merge, consolidate with or sell substantially all of
its assets to any other Person unless (i) all of the requirements set forth in
the immediately succeeding paragraph have been satisfied, and (ii) the surviving
entity, if not the Guarantor, is capable of performing all the obligations of
Guarantor hereunder, shall execute and deliver to the Agent, in form and
substance satisfactory to Agent, an instrument in writing expressly assuming all
the obligations of the Guarantor hereunder; provided, however that, except as
specifically set forth above, (x) any Person succeeding to the business of the
Guarantor shall be the successor of the Guarantor hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, (y) nothing
contained herein shall be deemed to release the Guarantor from any obligation in
the event that the Guarantor continues to exist after the consummation of such
transaction (other than if Guarantor continues to exist for the sole purpose of
winding up and dissolving and the surviving entity has taken all of the actions
and met all of the requirements of this Section 6(h)) and (z) the successor or
surviving Person to the Guarantor shall execute such agreement(s) evidencing
such succession and assumption as the Agent may request.

                   (2) The Guarantor shall provide prior written notice to the
Agent and each Noteholder of any merger, consolidation or succession pursuant to
this Section 6(h). Notwithstanding the permissive provisions of Section(h)(1)
and the giving of such notice, the Guarantor shall not merge or consolidate with
any other Person or permit any other Person to become a successor to the
Guarantor's business, unless (x) immediately after giving effect to such
transaction, the covenant made pursuant to Section 6(h)(1) shall not have been
breached (for purposes hereof, such covenant shall speak as of the date of the
consummation of such merger, consolidation, or succession) and no event that,
after notice or lapse of time, or both, would become a Guarantor Event of
Default, Potential Event of Default, Event of Default or Manager Default shall
have occurred and be continuing and (y) the Guarantor shall have delivered to
the Agent an Officer's Certificate stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section 6(h) and
that all conditions precedent, if any, provided for in this Guaranty relating to
such transaction have been complied with. In addition to the foregoing, if any
such merger, consolidation or succession of the Guarantor shall result in a
Change of Control of the Guarantor, then the Noteholders shall have the rights
set forth in the Loan Agreement.

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                                      -8-

               (i) Restrictions on Dividends. Until such time as the Solvency
Level of The Cronos Group, as computed based on the most recently available
financial statements delivered by the Guarantor pursuant to Section 6(g) hereof,
exceeds 30%, the Guarantor shall not declare or pay any dividend, in cash or in
kind. For purposes of this Section 6(i), "Solvency Level" shall mean a fraction
(expressed as a percentage) the numerator of which shall be an amount equal to
the Tangible Net Worth of The Cronos Group and the denominator of which shall be
equal to the total assets of The Cronos Group.

               (j) Covenants with respect to Cronos Holdings Investments (US)
Inc. and Cronos Capital Corp.

                   (i) The Guarantor shall (A) at all times maintain Cronos
               Holdings Investments (U.S.), Inc. as a direct wholly-owned
               subsidiary and (B) shall cause Cronos Holdings Investments
               (U.S.), Inc. to at all times maintain Cronos Capital Corp. as a
               direct wholly-owned subsidiary.

                   (ii) The Guarantor shall cause each of Cronos Holdings
               Investments (U.S.), Inc. and Cronos Capital Corp. (each, a
               "Company") to not seek dissolution or liquidation in whole or in
               part or reorganization of its business or affairs. In addition,
               the Guarantor shall cause each such Company to be operated in
               such a manner that it shall not be substantively consolidated
               with the trust estate of any other person in the event of the
               bankruptcy or insolvency of such Company or such other person.

                   (iii) The Guarantor shall not sell, assign, transfer, pledge
               or otherwise encumber its shareholdings in Cronos Holdings
               Investments (U.S.), Inc., and shall cause Cronos Holdings
               Investment (U.S.), Inc. to not assign, transfer, sell, pledge or
               otherwise encumber the shares of Cronos Capital Corp.

                   (iv) Notwithstanding any provision of law which otherwise
               empowers each Company, the Guarantor shall not permit either
               Cronos Holdings Investments (U.S.), Inc. or Cronos Capital Corp.
               to (i) consolidate or merge with or into any other person or
               dissolve or liquidate in whole or in part or transfer its
               properties and assets substantially as an entirety to any other
               person, (ii) hold itself out as being liable for the debts of any
               other person, (iii) act other than in its corporate name and
               through its duly authorized officers or agents, (iv) loan monies
               to or guarantee the Indebtedness of any Affiliate thereof, (v)
               commingle its funds or other assets with those of any other
               person, (vi) create, incur, assume, guarantee or in any manner
               become liable in respect of any funded Indebtedness, or (vii)
               take any other action or engage in any other activity that would
               be inconsistent with maintaining the separate legal identity of
               such Company.

               SECTION 7. GUARANTOR EVENTS OF DEFAULT. Any one or more of the
following events shall constitute a Guarantor Event of Default:

               (a) the Guarantor shall default in making payment when due of any
Guaranteed Obligation;

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               (b) breach by the Guarantor of any of the covenants set forth in
Section 6(g) (which breach of such Section 6(g) shall not have been cured within
10 days), Section 6(h) or Section 6(i) hereof;

               (c) default in the performance, or breach, of any covenant of the
Guarantor in any Transaction Document, (to the extent not otherwise addressed in
this Section 7) which breach materially and adversely affects the interest of
the Agent or any Noteholder and continues for a period of 30 days after the
earliest of (i) any Authorized Officer of the Guarantor, first acquiring
knowledge thereof, (ii) the Agent's giving written notice thereof to the
Guarantor, or (iii) any Noteholder giving written notice thereof to the
Guarantor and the Agent;

               (d) any representation or warranty of the Guarantor made in any
other Transaction Document shall prove to be incorrect in any material respect
as of the time when the same shall have been made which breach materially and
adversely affects the interest of the Agent or any Noteholder;

               (e) the entry of a decree or order for relief by a court having
jurisdiction in respect of the Guarantor in any involuntary case under any
applicable Insolvency Law, or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, or sequestrator
(or other similar official) for the Guarantor, or for any substantial part of
its properties, or ordering the winding up or liquidation of their respective
affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days;

               (f) the commencement by the Guarantor of a voluntary case under
any applicable Insolvency Law, or other similar law now or hereafter in effect,
or the consent by the Guarantor to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee or sequestrator (or other
similar official) of the Guarantor or any substantial part of their respective
properties, or the making by the Guarantor of any general assignment for the
benefit of creditors, or the failure by the Guarantor generally to pay its debts
as they become due, or the taking of any action by the Issuer in furtherance of
any such action; and
               (g) if any judgment against the Guarantor or any attachment,
execution, levy or restraining notice against its property in excess of
$1,000,000 remains unpaid, unstayed on appeal, undischarged, unbonded or
undismissed for a period of thirty (30) days;

               (h) if Guarantor shall default (as principal or guarantor or
other surety) in any payment of principal or interest on any obligation for
money borrowed (other than the Obligations) the aggregate principal balance of
which is in an amount equal to or greater than $350,000, or if any other default
under any material agreement after expiration of any applicable grace period
under which any such obligation is created or under any instrument securing or
evidencing such obligation, if the effect of such other default is to cause, or
permit the holder of such obligation to cause, such obligation to become due
prior to its stated maturity;

               (i) if the validity or enforceability of this Guaranty or any
other Guarantor Document is contested (by the Guarantor or any Affiliate
thereof) or if Guarantor or party to any other Guarantor Document denies
liability thereunder.

<PAGE>   10
                                      -10-


               SECTION 8. REMEDIES. In case an Event of Default shall have
occurred under Subsection 7(e), all of the Guaranteed Obligations shall
forthwith automatically be immediately due and payable, subject to the Aggregate
Maximum Guaranteed Payment, and the Agent shall have all the rights and remedies
set forth below in Subsections 8(b) through 8(e). In case any other Guarantor
Event of Default shall have occurred the Agent shall have the following rights
and remedies:

               (a) at any time thereafter and so long as such Guarantor Event of
Default shall be continuing, to declare all of the Guaranteed Obligations to be
immediately due and payable;

               (b) upon the occurrence of a Guarantor Event of Default, to
demand payment of an amount equal to the difference between (x) the Aggregate
Maximum Guaranteed Payment and (y) the aggregate amount of all payments
previously made by the Guarantor under this Guaranty;

               (c) to take any action at law or in equity to enforce payment,
performance and observance of the Guaranteed Obligations, or to recover damages
for breach thereof;

               (d) to exercise any and all rights under the Guaranty and each of
the other Transaction Documents;

               (e) to exercise any and all rights and remedies conferred upon
the Agent by applicable law; and

               (f) to exercise the right of setoff against any assets of the
Guarantor held by Agent.

               The Agent, in its sole discretion, shall have the right to
proceed first and directly against Guarantor under this Guaranty without
proceeding against or exhausting any other remedies which it may have and
without resorting to any other security held by the Agent under the other
Transaction Documents.

               SECTION 9. CONSENTS. Guarantor hereby consents that any or all of
the following actions may be taken or things done without notice to Guarantor
and without affecting the liability of Guarantor under this Guaranty:

               (a) The time for Issuer's, Seller's or Manager's performance of
or compliance with any of the obligations under the Loan Agreement or any
Transaction Document may be accelerated or extended or such performance or
compliance may be waived by the Agent, acting on behalf of and as directed by
the Noteholders (including, without limitation, the renewal, extension,
acceleration or other change in the time of payment, or other terms of, the
indebtedness, such as an increase or decrease in the rate of interest thereon);

               (b) Any of the acts referred to in the Transaction Documents may
be performed, upon default thereunder, by, or on behalf of Agent; and

               (c) The terms of any of the Guaranteed Obligations or any term or
condition in the Loan Agreement may be amended as provided for therein by Issuer
and the Agent for the

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                                      -11-


purpose of adding any provisions thereto or changing in any manner the rights or
obligations of Issuer or the Agent thereunder; provided, however, that no such
amendment shall, without Guarantor's consent, increase the limit on the
Guarantor's liability hereunder as provided in the Aggregate Maximum Guaranteed
Payment.

               SECTION 10. DUE DILIGENCE. Guarantor acknowledges, independently
of and without reliance on the Agent, Noteholders or any other party to the
Transaction Documents, that it is satisfied that the Issuer has the resources to
meet its obligations under the Transaction Documents and performed its own legal
review of this Guaranty, the Loan Agreement and all of the other Transaction
Documents and all related filings, and Guarantor is not relying on any of such
Persons with respect to any of the aforesaid items. Guarantor has established
adequate means of obtaining from Issuer, each Seller and the Manager on a
continuing basis financial and other information pertaining to its financial
condition. Guarantor agrees to keep adequately informed from such means of any
facts, events or circumstances which might in any way affect Guarantor's risks
hereunder, and Guarantor further agrees that neither the Agent nor any
Noteholder shall have any obligation to disclose to Guarantor information or
material with respect to Issuer, any Seller or the Manager acquired in the
course of each such person's respective relationships with those Persons.

               SECTION 11. TOLLING OF STATUTE OF LIMITATIONS. Guarantor agrees
that any payment or performance of any of the Guaranteed Obligations or other
acts which tolls any statute of limitations applicable to the Guaranteed
Obligations shall also toll the statute of limitations applicable to Guarantor's
liability under this Guaranty.

               SECTION 12. WAIVER. Guarantor hereby expressly waives diligence,
presentment, demand for payment, protest, benefit of any statute of limitations
affecting Issuer's liability under the Notes, the Loan Agreement or any other
Transaction Document or the enforcement of this Guaranty, discharge due to any
disability of Issuer, any Seller or the Manager, any defenses of Issuer, any
Seller or the Manager to its obligations under the Notes, the Loan Agreement or
any other Transaction Document which under the law has the effect of discharging
such Person from the Guaranteed Obligations as to which this Guaranty is sought
to be enforced, the benefit of any act or omission by any Person which directly
or indirectly results in or aids the discharge of Issuer from any of the
Guaranteed Obligations by operation of law or otherwise, all notices whatsoever,
including, without limitation, notice of acceptance of this Guaranty and the
incurring of the Guaranteed Obligations, and any requirement that the Agent
exhaust any right, power or remedy or proceed against Issuer, the Collateral or
any other guarantor of, or any other Person liable for, any of the Guaranteed
Obligations, or any portion thereof. Guarantor specifically agrees that it will
not be necessary or required, and Guarantor shall not be entitled to require,
that the Agent file suit or proceed to assert or obtain a claim for personal
judgment against Issuer, any Seller or the Manager, as applicable for the
Guaranteed Obligations or to make any effort at collection or enforcement of the
Guaranteed Obligations from Issuer or file suit or proceed to obtain or assert a
claim for personal judgment against Guarantor or any other guarantor or other
party liable for the Guaranteed Obligations or make any effort at collection of
the Guaranteed Obligations from any such party or exercise or assert any other
right or remedy to which the Agent is or may be entitled in connection with the
Guaranteed Obligations or guaranty relating thereto or assert or file any claim
against the assets of Issuer, before or as a condition of enforcing the
liability of Guarantor under this Guaranty.

<PAGE>   12
                                      -12-


               SECTION 13. CERTAIN RIGHTS. In pursuing their respective rights
under this Guaranty, neither the Agent nor any Noteholders need (i) join
Guarantor in any suit against the Issuer, any Seller or the Manager, as the case
may be, nor (ii) join the Issuer, any Seller or the Manager, as the case may be,
in any suit against Guarantor or any Affiliate of the Guarantor.

               SECTION 14. CONTINUING GUARANTY. This Guaranty shall be a
continuing guaranty and any other guarantors of all or a portion of the
Guaranteed Obligations may be released without affecting the liability of
Guarantor hereunder.

               SECTION 15. INDEMNITY. In addition to and without limiting or
impairing in any manner whatsoever Guarantor's other obligations under this
Guaranty or any other document executed and delivered by Guarantor to a
Noteholder or the Agent, Guarantor agrees to indemnify the Agent and each
Noteholder, from and against any and all reasonable costs, expenses, losses and
liabilities relating to the enforcement of claims under this Guaranty
(including, without limitation, enforcement of this Guaranty), except claims,
costs, expenses, losses or liabilities resulting from such Noteholder's or
Agent's gross negligence or willful misconduct. The amount of the indemnities
payable by the Guarantor pursuant to this Section 15 shall not be subject to the
limitation on payments set forth in Section 2 of this Guaranty.

               SECTION 16. NOTICE. All notices and other communications provided
for hereunder shall be in writing or telex: if to Guarantor, at its address at
16 Allee Marconi L-2120 Luxembourg, Attention: Chief Financial Officer, Fax #
352-453-147, copy to Cronos Containers Limited at Orchard Lea, Winkfield Lane,
Winkfield Windsor, Berkshire SL4 4RU, England, if to the Agent, at the address
set forth in Section 1107 of the Loan Agreement, and if to any Noteholder, at
the respective addresses set forth in the Note Register. All such notices and
communications shall be sent in the manner, and shall be effective on the dates,
set forth in Section 1207 of the Loan Agreement.

               SECTION 17. REINSTATEMENT. Notwithstanding any provision in the
Loan Agreement, the Notes or any other Transaction Document to the contrary, the
liability of Guarantor hereunder shall be reinstated and revived and the rights
of each Guaranteed Party shall continue if and to the extent that for any reason
any payment by or on behalf of Issuer, any Seller or the Manager, as the case
may be, is rescinded or must be otherwise restored by a Guaranteed Party,
whether as a result of any proceedings in bankruptcy or reorganization or
otherwise, all as though such amount had not been paid. The determination as to
whether any such payment must be rescinded or restored shall be made by such
Guaranteed Party in its sole discretion; provided, however, that if any
Guaranteed Party chooses to contest any such matter at the request of Guarantor,
Guarantor agrees to indemnify and hold harmless any such Guaranteed Party from
all costs and expenses (including, without limitation, attorneys' fees) related
to such request.

               SECTION 18. NO WAIVER, AMENDMENTS, ETC. No failure on the part of
any Guaranteed Party to exercise, no delay in exercising and no course of
dealing with respect to, any right hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right hereunder preclude any
other or further exercise thereof or the exercise of any other right. The
remedies herein provided are cumulative and not exclusive of any remedies
provided by law. This Guaranty may not be amended or modified except by written
agreement executed by

<PAGE>   13
                                      -13-


each of the Guarantor, the Agent and each Noteholder and no consent or waiver
hereunder shall be valid unless in writing and executed in accordance with the
provisions of this Guaranty.

               SECTION 19. COMPROMISE AND SETTLEMENT. No compromise, settlement,
release, renewal, extension, indulgence, change in, waiver or modification of
any of the Guaranteed Obligations or the release or discharge of Issuer, any
Seller or Manager, as the case may be, from the performance of any of the
Guaranteed Obligations shall release or discharge Guarantor from this Guaranty.

               SECTION 20. INSOLVENCY. The voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all the assets
and liabilities, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, or other proceeding affecting any Issuer,
any Seller, the Manager or the Guarantor or the disaffirmance of Notes, the Loan
Agreement or any Transaction Document, or Guarantor's obligations hereunder in
any such proceeding shall not release or discharge Guarantor from this Guaranty.

               SECTION 21. EXPENSES. In addition to its guaranty hereunder of
the Guaranteed Obligations, Guarantor hereby agrees to pay all reasonable costs
and expenses, including, without limitation, attorneys' fees, paid or incurred
by the Agent and each Noteholder in collecting or enforcing any or all of the
Guaranteed Obligations or in connection with the enforcement of this Guaranty.

               SECTION 22. ENTIRE AGREEMENT. This Guaranty and all documents
mentioned or contemplated herein constitute and contain the entire agreement of
the parties and supersede any and all prior and contemporaneous agreements,
negotiations, correspondence, understandings and communications between the
parties, whether written or oral, respecting the subject matter hereof.

               SECTION 23. SEVERABILITY. If any provision of this Guaranty is
held to be unenforceable for any reason, it shall be adjusted, if possible,
rather than voided in order to achieve the intent of the parties to the extent
possible. In any event, all other provisions of this Guaranty shall be deemed
valid and enforceable to the fullest extent possible.

               SECTION 24. SUBORDINATION OF INDEBTEDNESS. Any indebtedness or
other obligation of Issuer, any Seller or Manager now or hereafter held by or
owing to Guarantor is hereby subordinated in time and right of payment of the
Guaranteed Obligations to the Guaranteed Parties; and any such indebtedness to
Guarantor is assigned to the Guaranteed Parties, as collateral security for this
Guaranty and the Guaranteed Obligations, and if any the Guaranteed Parties so
requests, shall be collected, enforced and received by Guarantor in trust for
the Guaranteed Parties, and be paid over to the Guaranteed Parties, but without
reducing or affecting in any manner the liability of Guarantor under the other
provisions of this Guaranty. Any notes now or hereafter evidencing any such
indebtedness to Guarantor shall be marked with a legend that the same are
subject to this Guaranty and shall be delivered to the Agent. Guarantor will,
and the Agent is hereby authorized, in the name of Guarantor from time to time,
to execute and file financing statements and continuation statements and execute
such other documents and take such other action as the Agent deems necessary or
appropriate to perfect, preserve and enforce the rights of the Guaranteed
Parties hereunder.

<PAGE>   14
                                      -14-


               SECTION 25. GOVERNING LAW. This Guaranty shall be governed by,
and construed in accordance with, the laws of the State of New York without
giving effect to the conflict of laws principles thereof.

               SECTION 26. ACTIONS BY NOTEHOLDERS. Subject to the limitations
and subordination set forth in the Loan Agreement, each Noteholder shall have
the power to enforce this Guaranty against Guarantor to the full extent of
Guarantor's obligations hereunder.

               SECTION 27. CONSENT TO JURISDICTION. Guarantor hereby irrevocably
consents to the non-exclusive personal jurisdiction of the State and Federal
courts located in the Southern District of New York, in any action, claim or
other proceeding arising out of any dispute in connection with this Guaranty,
any rights or obligations hereunder or thereunder or the performance of such
rights and obligations. Guarantor hereby irrevocably consents to the service of
a summons and complaint and other process in any action, claim or proceeding
brought by any Noteholder in connection with this Guaranty, any rights or
obligations hereunder or thereunder or the performance of such rights and
obligations, on behalf of itself or its property, in the manner specified in
Section 16 above. Nothing in this Section 27 shall affect the right of any
Noteholder to serve legal process in any other manner permitted by applicable
law or affect the right of any Noteholder to bring any action or proceeding
against Guarantor or its properties in the courts of any other jurisdictions.

               SECTION 28. TERMINATION OF GUARANTY. This Guaranty shall
terminate upon payment in full of the Guaranteed Obligations in full; provided,
however, this Section shall not affect the obligations of Guarantor pursuant to
Section 15 of this Guaranty.

               SECTION 29. WAIVER OF JURY TRIAL. GUARANTOR HEREBY IRREVOCABLY
WAIVES ITS RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER
PROCEEDING ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY
RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS
AND OBLIGATIONS.

               SECTION 30. WAIVER OF SPECIFIC RIGHTS. GUARANTOR HEREBY
IRREVOCABLY WAIVES AND RELEASES:

               (a) ANY AND ALL RIGHTS IT MAY HAVE AT ANY TIME (WHETHER ARISING
DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW, CONTRACT OR OTHERWISE) TO REQUIRE
THE MARSHALING OF ANY ASSETS OF ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY
BE, WHICH RIGHT OF MARSHALING MIGHT OTHERWISE ARISE FROM ANY SUCH PAYMENTS MADE
OR OBLIGATIONS PERFORMED;

               (b) UNTIL SUCH TIME AS THE GUARANTEED OBLIGATION ARE PAID IN FULL
AND ALL RIGHTS THAT WOULD RESULT IN GUARANTOR BEING DEEMED A "CREDITOR" OF
ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY BE, UNDER THE UNITED STATES
BANKRUPTCY CODE, ON ACCOUNT OF PAYMENTS MADE OR OBLIGATIONS PERFORMED BY
GUARANTOR TO THE

<PAGE>   15
                                      -15-


EXTENT SUCH CHARACTERIZATION MATERIALLY IMPAIRS THE RIGHT OF ANY GUARANTEED
PARTY HEREUNDER; AND

               (c) ANY CLAIM, RIGHT OR REMEDY WHICH GUARANTOR MAY NOW HAVE OR
HEREAFTER ACQUIRE AGAINST ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY BE,
THAT ARISES HEREUNDER AND/OR FROM THE PERFORMANCE BY GUARANTOR HEREUNDER
INCLUDING, WITHOUT LIMITATION, ANY CLAIM, REMEDY OR RIGHT OF SUBROGATION,
REIMBURSEMENT, EXONERATION, CONTRIBUTION, INDEMNIFICATION, OR PARTICIPATION IN
ANY CLAIM, RIGHT OR REMEDY OF ANY GUARANTEED PARTY AGAINST ISSUER, ANY SELLER OR
MANAGER, AS THE CASE MAY BE, OR ANY COLLATERAL SECURITY WHICH ANY GUARANTEED
PARTY NOW HAS OR MAY HEREAFTER ACQUIRE, WHETHER OR NOT SUCH CLAIM, RIGHT OR
REMEDY ARISES IN EQUITY, UNDER CONTRACT, BY STATUTE, UNDER COMMON LAW OR
OTHERWISE.

               (d) ANY RIGHT TO ASSERT A COUNTERCLAIM IN ANY ACTION OR
PROCEEDING BROUGHT AGAINST IT BY THE AGENT OR ANY LENDER.

               SECTION 31. GENERAL INTERPRETIVE PRINCIPLES. For purposes of this
Guaranty except as otherwise expressly provided or unless the context otherwise
requires:

               (a) the terms defined in this Guaranty have the meanings assigned
to them in this Guaranty and include the plural as well as the singular, and the
use of any gender herein shall be deemed to include the other gender;

               (b) accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles as in effect on the date hereof;

               (c) references herein to "Articles", "Sections", "Subsections",
"paragraphs", and other subdivisions without reference to a document are to
designated Articles, Sections, Subsections, paragraphs and other subdivisions of
this Guaranty;

               (d) a reference to a Subsection without further reference to a
Section is a reference to such Subsection as contained in the same Section in
which the reference appears, and this rule shall also apply to paragraphs and
other subdivisions;

               (e) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Guaranty as a whole and not to any particular
provision; and

               (f) the term "include" or "including" shall mean without
limitation by reason of enumeration.

               SECTION 32. FURTHER ASSURANCES. Guarantor agrees to do such
further acts and things and to execute and deliver such additional assignments,
agreements, powers and instruments as are required to carry into effect the
purposes of this Guaranty or to better assure and confirm unto the Agent or the
Noteholders their rights, powers and remedies hereunder.

<PAGE>   16
                                      -16-


               SECTION 33. COUNTERPARTS. This Guaranty may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which shall constitute one and the same
instrument.

               SECTION 34. WAIVER OF IMMUNITY. To the extent that any party
hereto or any of its property 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, such
party, 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 Guaranty, the other
Transaction Documents or the subject matter hereof or thereof, subject, in each
case, to the provisions of the Transaction Documents and mandatory requirements
of applicable law.

               SECTION 35. JUDGMENT CURRENCY. This is an international financing
transaction in accordance with which the specification of Dollars is of the
essence, and Dollars shall be the currency of account in the case of all
obligations under the Transaction Documents. The payment obligations of any
Person under the Transaction Documents shall not be discharged by an amount paid
in a currency, or in a place other than that specified with respect to such
obligations, whether pursuant to a judgment or otherwise, to the extent that the
amount so paid on prompt conversion to Dollars and transfer to the specified
place of payment under normal banking procedures does not yield the amount of
Dollars, in such place, due under the governing Transaction Documents. In the
event that any payment, whether pursuant to a judgment or otherwise, upon
conversion and transfer does not result in payment of such amount of Dollars in
the specified place of payment, the obligee of such payment shall have a
separate cause of action against the party making the same for the additional
amount necessary to yield the amount due and owing under such Transaction
Documents. If, for the purpose of obtaining a judgment in any court with respect
to any obligation of a party under any of the Transaction Documents or any of
the agreements contemplated thereby, it shall be necessary to convert to any
other currency any amount in Dollars due thereunder and a change shall occur
between the rate of exchange applied in making such conversion and the rate of
exchange prevailing on the date of payment of such judgment, the respective
judgment debtor agrees to pay such additional amounts (if any) as may be
necessary to insure that the amount paid on the date of payment is the amount in
such other currency which, when converted into Dollars and transferred to New
York, New York, in accordance with normal banking procedures will result in the
amount then due under the respective Transaction Document in Dollars. Any amount
due from the respective judgment debtor shall be due as a separate debt and
shall not be affected by or merged into any judgment being obtained for any
other sum due under or in respect of any Transaction Document. In no event,
however, shall the respective judgment debtor be required to pay a larger amount
in such other currency, at the rate of exchange in effect on the date of payment
than the amount of Dollars stated to be due under the respective Transaction
Document, so that in any event the obligations of the respective judgment debtor
under the Transaction Document will be effectively maintained as Dollar
obligations.

<PAGE>   17
                                      -17-


               SECTION 36. NO SUBROGATION. Notwithstanding any payments made by
the Guarantor hereunder, or any set-off or application of funds of the Guarantor
by the Agent or the Noteholders, the Guarantor waives, for so long as the
Guaranteed Obligations remain outstanding, any right that it may have to be
subrogated to any of the rights of the Agent or the Noteholders against any
Person or any right of offset held by the Agent for the payment of the
Guaranteed Obligations or to otherwise seek reimbursement, indemnity or
contribution or any other payment from the any Person.

               SECTION 37. SUCCESSORS AND ASSIGNS. This Guaranty shall be
binding upon the Guarantor and its permitted successors and assigns, and shall
inure to the benefit of the Agent and the Noteholders and their respective
successors and assigns. The Guarantor shall not assign its obligations hereunder
without the prior written consent of the Agent and the Majority of the Holders.

               SECTION 38. BENEFICIARIES. The Guarantor is issuing this Guaranty
for the sole and exclusive benefit of the Agent and the Noteholders.

               SECTION 39. EFFECT OF AMENDMENT. Notwithstanding that Amended and
Restated Guaranty is being amended and restated as of July 19, 2001, nothing
contained herein shall be deemed to cause a novation of the liabilities and
obligations pursuant to the Original Guaranty.

               SECTION 40. AFFIRMATION OF REVISED LOAN AGREEMENT. The Guarantor
hereby acknowledges that it has received and reviewed the Loan Agreement and
hereby consents to the changes set forth therein.

<PAGE>   18
                                      -18-


               IN WITNESS WHEREOF, Guarantor has executed and delivered this
Guaranty as of the date first written above.

                                            THE CRONOS GROUP

                                            By:  /s/ DENNIS J TIETZ

                                            Name:  Dennis J Tietz

                                            Title: Chief Executive Officer





APPROVED AND ACCEPTED



FORTIS BANK (NEDERLAND) N.V.,
as Agent and Noteholder

By:  /s/ MENNO VAN LACUM

Name: Menno van Lacum

Title: Senior Manager



By:  /s/ BIRGITTE KOOL

Name: Birgitte Kool

Title: Senior Manager



                                                                        GUARANTY