Document:

EXHIBIT 10.4

                                 AMENDMENT NO. 1

         AMENDMENT NO. 1 dated as of March 31, 2005 ("Amendment") among TAL
INTERNATIONAL GROUP, INC., a Delaware corporation (the "Company"), the lenders
party hereto (the "Lenders") and TRANSAMERICA ACCOUNTS HOLDING CORPORATION, as
Agent for the Lenders (the "Agent"), and amends the Credit Agreement dated as of
November 3, 2004 (as amended, restated, supplemented or otherwise modified from
time to time, the "Credit Agreement") among the Company, the Lenders and the
Agent.

                  WHEREAS, the Company and the Lenders desire to make certain
amendments to the Credit Agreement, as more fully set forth herein.

                  NOW THEREFORE, in consideration of the above premises and the
mutual covenants, conditions, and provisions hereinafter set forth, the parties
hereto agree as follows:

                  Section 1. DEFINITIONS; CONSTRUCTION. Terms defined in the
Credit Agreement and not otherwise defined herein are used herein as therein
defined. Unless the context of this Amendment clearly requires otherwise,
references to the plural include the singular, references to the singular
include the plural, the part includes the whole, the terms "include" and
"including" are not limiting, and the term "or" has the inclusive meaning
represented by the phrase "and/or".

                  Section 2. AMENDMENT TO SECTION 1.1 OF THE CREDIT AGREEMENT.
Effective as of the date of this Amendment, the defined term "ELIGIBLE ASSIGNEE"
appearing in Section 1.1 of the Credit Agreement hereby is amended and restated
as follows:

                  "ELIGIBLE ASSIGNEE" means (a) if the effective date of the
         proposed assignment or participation of the Interim Loan, an Interim
         Note or any interest therein or herein is prior to the first
         anniversary of the Closing Date, (i) any Lender or any Affiliate of any
         Lender, or (ii) with respect to all other Persons, any Person to which
         the Company has given its prior written consent to an assignment or
         sale of a participation to such Person (such consent not to be
         unreasonably withheld or delayed); and (b) if the effective date of the
         proposed assignment or participation of the Interim Loan, a Interim
         Note or any interest therein or herein is on or after the first
         anniversary of the Closing Date, any Person, so long as such assignment
         is consummated in accordance with Law.

                  Section 3. AMENDMENT TO SECTION 10.2 OF THE CREDIT AGREEMENT.
Effective as of the date of this Amendment, Section 10.2 of the Credit Agreement
hereby is amended by inserting the following new subsection 10.2.E at the end of
such Section:

                  "E. In connection with any proposed assignment or
         participation by any Lender of its Interim Loan or its Interim Loan
         Commitment, (a) such Lender shall deliver written notice to the Company
         of such proposed assignment or participation prior to such Lender's
         commencement of any discussions or negotiations with any prospective
         assignee or participant; provided, that the provisions of this
         subsection (a) shall apply only prior to the earlier of (i) the time
         that the Company files a registration statement with the Commission or
         (ii) the time that the Company becomes subject to the reporting

         requirements of Section 13 or 15(d) of the Exchange Act and (b) the
         Company agrees, so long as such Person agrees to be bound by the
         provisions of Section 10.22 hereof as if it were an original signatory
         hereto and as long as such Person is an Eligible Assignee, (i) to
         provide to the prospective assignee or participant all information
         reasonably requested by any such Person with respect to the business,
         results of operations, properties, assets or financial condition of the
         Company and its Subsidiaries and (ii) to make available the senior
         officers and representatives of the Company and its Subsidiaries for
         such meetings as any such Person may reasonably request from time to
         time during normal business hours."

                  Section 4. AGREEMENT IN RESPECT OF SECTION 5.1(A)(1).
Effective as of the date of this Amendment, the Lenders and the Company hereby
agree that the Company shall deliver to the Agent the quarterly and annual
financial information required by Section 5.1(a)(1) of the Credit Agreement for
the Company's fiscal quarter and fiscal year ending December 31, 2004 on or
prior to May 15, 2005, and such deliveries shall fulfill the Company's
obligations under such Section 5.1(a)(1) in respect of the Company's fiscal
quarter and fiscal year ending December 31, 2004.

                  Section 5. CONDITIONS PRECEDENT TO AMENDMENT. The satisfaction
of each of the following, unless waived by the Lenders, in their sole
discretion, shall constitute conditions precedent to the effectiveness of this
Amendment:

                  (a) No injunction, writ, restraining order, or other order of
         any nature prohibiting, directly or indirectly, the consummation of the
         transactions contemplated herein shall have been issued and remain in
         force by any governmental authority against the Company.

                  Section 6. REPRESENTATIONS AND WARRANTIES. To induce the
Lenders to enter into this Amendment, the Company represents and warrants to the
Lenders that:

                  (a) Authority. The execution and delivery by the Company of
         this Amendment and the performance by the Company of its obligations
         under this Amendment (i) are within its corporate power and authority,
         (ii) have been duly authorized by all necessary corporate proceedings,
         (iii) do not conflict with or result in any breach or contravention of
         any material provision of applicable law, statute, rule or regulation
         to which the Company is subject or any judgment, order, writ,
         injunction, license or permit by which the Company is bound so as to
         materially adversely affect the assets, business or any activity of the
         Company, (iv) do not conflict with any provision of the certificate of
         incorporation or bylaws of the Company or any indenture, mortgage, deed
         of trust, credit agreement, loan agreement, or any other material
         agreement, contract or instrument binding upon the Company, (v) do not
         require any waivers, consents or approvals by any of its creditors
         which have not been obtained, or (vi) do not require any material
         approval which has not been obtained.

                  (b) Enforceability of Obligations. This Amendment and the
         Credit Agreement, as amended hereby, constitute the legal, valid and
         binding obligations of the Company enforceable against the Company in
         accordance with its terms, except to the

                                       2

         extent that the enforceability thereof may be limited by applicable
         bankruptcy, insolvency, fraudulent convenyance, reorganization,
         moratorium or other similar laws generally affecting creditors' rights
         and by equitable principles (regardless of whether enforcement is
         sought in equity or at law).

                  (c) No Event of Default. No Event of Default or Default has
         occurred and is continuing.

                  Section 7.        REFERENCE TO AND EFFECT ON LOAN DOCUMENTS.
                                    -----------------------------------------

                  (a) Upon the effectiveness of this Amendment, on and after the
         date hereof, each reference in the Credit Agreement to "this
         Agreement", "hereunder", "hereof" or words of like import, and each
         reference in the other Loan Documents to the Credit Agreement, shall
         mean and be a reference to the Credit Agreement as amended hereby;

                  (b) Except as expressly set forth herein, this Amendment shall
         not by implication or otherwise limit, impair, constitute a waiver of,
         or otherwise affect the rights and remedies of the Company, the Lenders
         or the Agent under the Credit Agreement or any other Loan Document, and
         shall not alter, modify, amend or in any way affect any of the terms,
         conditions, obligations, covenants or agreements contained in the
         Credit Agreement or any other Loan Document, all of which are ratified
         and affirmed in all respects and shall continue in full force and
         effect.

                  (c) Nothing herein shall be deemed to entitle the Company, the
         Lenders or the Agent to a waiver, amendment, modification or other
         change of any of the terms, conditions, obligations, covenants or
         agreements contained in the Credit Agreement or any other Loan Document
         in similar or differing circumstances.

                  (d) This Amendment shall be a Loan Document for all purposes.

                  Section 8. BENEFITS OF AMENDMENT. The terms and provisions of
this Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns to the extent contemplated by
the Credit Agreement.

                  Section 9. INTERPRETATION. The Article and Section headings
used in this Amendment are for convenience of reference only and shall not
affect the construction hereof.

                  Section 10. EXECUTION IN COUNTERPARTS. This Amendment may be
executed in any number of counterparts, each of which counterparts, when so
executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same Amendment.
Faxed signatures of this Amendment shall be binding for all purposes.

                  Section 11. SEVERABILITY. If any provision of this Amendment
shall be held to be invalid, illegal or unenforceable under applicable law in
any jurisdiction, such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability, which shall not affect any other
provisions hereof or the validity, legality and enforceability of such provision
in any other jurisdiction.

                                       3

                  Section 12. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

                  Section 13. EXPENSES. The Company agrees to pay the reasonable
and documented fees, expenses and disbursements of Gibson, Dunn & Crutcher LLP,
special counsel for the Agent, incurred in connection with the preparation,
negotiation, execution and delivery of this Amendment.

                  Section 14. NO COURSE OF DEALING. The execution and delivery
of this Amendment shall not establish a course of dealing among the Lenders and
the Agent, on the one hand, and the Company, on the other, or in any other way
obligate the Lenders to hereafter provide any further amendments, waivers, or
consents of any kind to the Company.

                  Section 15. ARM'S LENGTH AGREEMENT. Each of the parties to
this Amendment agrees and acknowledges that this Amendment has been negotiated
in good faith, at arm's length, and not by any means forbidden by law.

                  Section 16. ENTIRE AGREEMENT. This Amendment together with all
other instruments, agreements, and certificates executed by the parties in
connection herewith or with reference thereto, embody the entire understanding
and agreement between the parties hereto and thereto with respect to the subject
matter hereof and thereof and supercede all prior agreements, understandings,
and inducements, whether express or implied, oral or written.

                           [Signature page to follow.]

                                       4

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be executed and delivered as of the date first above written.

                               TAL INTERNATIONAL GROUP, INC.

                               By:   /s/ A. Richard Caputo, Jr.
                                   -----------------------------------
                               Name:  A. Richard Caputo, Jr.
                               Title: Vice President

                               TRANSAMERICA ACCOUNTS HOLDING
                               CORPORATION, AS AGENT AND SOLE LENDER

                               By:   /s/ Vincent Hillery
                                   -----------------------------------
                               Name:  Vincent Hillery
                               Title: Executive Vice PresidentEXHIBIT 10.5

                                 AMENDMENT NO. 2

         AMENDMENT NO. 2 dated as of May 14, 2005 ("Amendment") among TAL
INTERNATIONAL GROUP, INC., a Delaware corporation (the "Company"), the lenders
party hereto (the "Lenders") and TRANSAMERICA ACCOUNTS HOLDING CORPORATION, as
Agent for the Lenders (the "Agent"), and amends the Credit Agreement dated as of
November 3, 2004 (as amended by Amendment No. 1 dated as of March 31, 2005 and
as further amended, restated, supplemented or otherwise modified from time to
time, the "Credit Agreement") among the Company, the Lenders and the Agent.

                  WHEREAS, the Company and the Lenders desire to make certain
amendments to the Credit Agreement, as more fully set forth herein.

                  NOW THEREFORE, in consideration of the above premises and the
mutual covenants, conditions, and provisions hereinafter set forth, the parties
hereto agree as follows:

                  Section 1. DEFINITIONS; CONSTRUCTION. Terms defined in the
Credit Agreement and not otherwise defined herein are used herein as therein
defined. Unless the context of this Amendment clearly requires otherwise,
references to the plural include the singular, references to the singular
include the plural, the part includes the whole, the terms "include" and
"including" are not limiting, and the term "or" has the inclusive meaning
represented by the phrase "and/or".

                  Section 2. AGREEMENT IN RESPECT OF SECTION 5.1(A)(1).
         Effective as of the date of this Amendment, the Lenders and the Company
         hereby agree that the Company shall deliver to the Agent the quarterly
         and annual financial information required by Section 5.1(a)(1) of the
         Credit Agreement for the Company's fiscal quarter and fiscal year
         ending December 31, 2004 and its fiscal quarter ending March 31, 2005,
         in each case on or prior to June 30, 2005, and such deliveries shall
         fulfill the Company's obligations under such Section 5.1(a)(1) in
         respect of the Company's fiscal quarter and fiscal year ending December
         31, 2004 and its fiscal quarter ending March 31, 2005.

                  Section 3. CONDITIONS PRECEDENT TO AMENDMENT. The satisfaction
of each of the following, unless waived by the Lenders, in their sole
discretion, shall constitute conditions precedent to the effectiveness of this
Amendment:

                  (a) No injunction, writ, restraining order, or other order of
         any nature prohibiting, directly or indirectly, the consummation of the
         transactions contemplated herein shall have been issued and remain in
         force by any governmental authority against the Company.

                  Section 4. REPRESENTATIONS AND WARRANTIES. To induce the
Lenders to enter into this Amendment, the Company represents and warrants to the
Lenders that:

                  (a) Authority. The execution and delivery by the Company of
         this Amendment and the performance by the Company of its obligations
         under this Amendment (i) are within its corporate power and authority,
         (ii) have been duly

         authorized by all necessary corporate proceedings, (iii) do not
         conflict with or result in any breach or contravention of any material
         provision of applicable law, statute, rule or regulation to which the
         Company is subject or any judgment, order, writ, injunction, license or
         permit by which the Company is bound so as to materially adversely
         affect the assets, business or any activity of the Company, (iv) do not
         conflict with any provision of the certificate of incorporation or
         bylaws of the Company or any indenture, mortgage, deed of trust, credit
         agreement, loan agreement, or any other material agreement, contract or
         instrument binding upon the Company, (v) do not require any waivers,
         consents or approvals by any of its creditors which have not been
         obtained, or (vi) do not require any material approval which has not
         been obtained.

                  (b) Enforceability of Obligations. This Amendment and the
         Credit Agreement, as amended hereby, constitute the legal, valid and
         binding obligations of the Company enforceable against the Company in
         accordance with its terms, except to the extent that the enforceability
         thereof may be limited by applicable bankruptcy, insolvency, fraudulent
         convenyance, reorganization, moratorium or other similar laws generally
         affecting creditors' rights and by equitable principles (regardless of
         whether enforcement is sought in equity or at law).

                  (c) No Event of Default. No Event of Default or Default has
         occurred and is continuing.

                  Section 5. REFERENCE TO AND EFFECT ON LOAN DOCUMENTS.

                  (a) Upon the effectiveness of this Amendment, on and after the
         date hereof, each reference in the Credit Agreement to "this
         Agreement", "hereunder", "hereof" or words of like import, and each
         reference in the other Loan Documents to the Credit Agreement, shall
         mean and be a reference to the Credit Agreement as amended hereby;

                  (b) Except as expressly set forth herein, this Amendment shall
         not by implication or otherwise limit, impair, constitute a waiver of,
         or otherwise affect the rights and remedies of the Company, the Lenders
         or the Agent under the Credit Agreement or any other Loan Document, and
         shall not alter, modify, amend or in any way affect any of the terms,
         conditions, obligations, covenants or agreements contained in the
         Credit Agreement or any other Loan Document, all of which are ratified
         and affirmed in all respects and shall continue in full force and
         effect.

                  (c) Nothing herein shall be deemed to entitle the Company, the
         Lenders or the Agent to a waiver, amendment, modification or other
         change of any of the terms, conditions, obligations, covenants or
         agreements contained in the Credit Agreement or any other Loan Document
         in similar or differing circumstances.

                  (d) This Amendment shall be a Loan Document for all purposes.

                  Section 6. BENEFITS OF AMENDMENT. The terms and provisions of
this Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns to the extent contemplated by
the Credit Agreement.

                                       2

                  Section 7. INTERPRETATION. The Article and Section headings
used in this Amendment are for convenience of reference only and shall not
affect the construction hereof.

                  Section 8. EXECUTION IN COUNTERPARTS. This Amendment may be
executed in any number of counterparts, each of which counterparts, when so
executed and delivered, shall be deemed to be an original and all of which
counterparts, taken together, shall constitute but one and the same Amendment.
Faxed signatures of this Amendment shall be binding for all purposes.

                  Section 9. SEVERABILITY. If any provision of this Amendment
shall be held to be invalid, illegal or unenforceable under applicable law in
any jurisdiction, such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability, which shall not affect any other
provisions hereof or the validity, legality and enforceability of such provision
in any other jurisdiction.

                  Section 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW.

                  Section 11. EXPENSES. The Company agrees to pay the reasonable
and documented fees, expenses and disbursements of Gibson, Dunn & Crutcher LLP,
special counsel for the Agent, incurred in connection with the preparation,
negotiation, execution and delivery of this Amendment.

                  Section 12. NO COURSE OF DEALING. The execution and delivery
of this Amendment shall not establish a course of dealing among the Lenders and
the Agent, on the one hand, and the Company, on the other, or in any other way
obligate the Lenders to hereafter provide any further amendments, waivers, or
consents of any kind to the Company.

                  Section 13. ARM'S LENGTH AGREEMENT. Each of the parties to
this Amendment agrees and acknowledges that this Amendment has been negotiated
in good faith, at arm's length, and not by any means forbidden by law.

                  Section 14. ENTIRE AGREEMENT. This Amendment together with all
other instruments, agreements, and certificates executed by the parties in
connection herewith or with reference thereto, embody the entire understanding
and agreement between the parties hereto and thereto with respect to the subject
matter hereof and thereof and supercede all prior agreements, understandings,
and inducements, whether express or implied, oral or written.

                           [Signature page to follow.]

                                       3

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be executed and delivered as of the date first above written.

                                     TAL INTERNATIONAL GROUP, INC.

                                     By:    /s/ A. Richard Caputo, Jr.
                                           -----------------------------
                                     Name:   A. Richard Caputo, Jr.
                                     Title:  Vice President

                                     TRANSAMERICA ACCOUNTS HOLDING
                                     CORPORATION, AS AGENT AND SOLE LENDER

                                     By:    /s/ Vincent Hillery
                                           -----------------------------
                                     Name:   Vincent Hillery
                                     Title:  Executive Vice President

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