Document:

EXHIBIT 10.27

EXECUTION VERSION

GUARANTY

This GUARANTY (this “Guaranty”), dated as of July 19, 2007 by INTERPOOL CONTAINERS LIMITED, a company organized and existing under the laws of Barbados (“Guarantor”) in favor of ING CAPITAL LLC (the “Lender”).

WITNESSETH:

WHEREAS, Interpool, Inc., a Delaware corporation (the “Borrower”), and the Lender have entered into that certain Loan Agreement, dated as of July 19, 2007 (the “Loan Agreement”), pursuant to which the Lender has agreed to advance funds to Borrower; 

WHEREAS, Guarantor is an indirect, wholly-owned subsidiary of the Borrower;

WHEREAS, Guarantor will derive direct and indirect economic benefits from the making and continuation of the Loan and other financial accommodations provided to the Borrower pursuant to the Loan Agreement; and

WHEREAS, in order to induce the Lender to enter into the Loan Agreement and the other Loan Documents, Guarantor is willing irrevocably and unconditionally to guaranty the obligations of the Borrower under the Loan Documents; 

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained, and to induce the Lender to provide the Loan and other financial accommodations under the Loan Agreement, it is agreed as follows:

1. DEFINITIONS.

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States, Barbados or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

“Insolvency Proceeding” means, with respect to any Person, (a) any case, action or proceeding with respect to such Person before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in either case undertaken under Debtor Relief Laws.

Capitalized terms used herein shall have the meanings assigned to them in the Loan Agreement, unless otherwise defined herein. Unless otherwise expressly provided herein, the principles of construction set forth in Section 1.2 of the Loan Agreement shall apply to this Guaranty.

 

 

2. THE GUARANTY.

2.1 Guaranty of Guaranteed Obligations. Guarantor hereby unconditionally guarantees to the Lender and its successors, transferees and assigns, as primary obligor and not merely as surety, the prompt payment (whether at stated maturity, by acceleration or otherwise) and performance of the Obligations of the Borrower under the Loan Documents outstanding from time to time (hereinafter, the “Guaranteed Obligations”). Guarantor hereby agrees that, in the event the Borrower fails to pay or perform any of the Guaranteed Obligations when due in accordance with the Loan Documents for any reason whatsoever, the Guarantor will immediately pay or perform or cause to be paid or performed such Guaranteed Obligations, including
immediate payment to the Lender of the entire outstanding Guaranteed Obligations due and owing to the Lender at such time. 

Guarantor agrees that this Guaranty is a guaranty of payment and performance and not of collection, and that its obligations under this Guaranty shall be primary, absolute and unconditional, irrespective of, and unaffected by:

(a) the invalidity, irregularity or unenforceability (in whole or in part) of, or any future amendment of or change in any other Loan Document or any other agreement, document or instrument to which the Borrower and/or Guarantor is or may become a party;

(b) the absence of any action to enforce any other Loan Document or the waiver or consent by the Lender with respect to any of the provisions thereof;

(c) the existence, value or condition of, or failure to perfect the Lender’s Lien against, any Collateral for the Guaranteed Obligations or any action, or the absence of any action, by the Lender in respect thereof (including, without limitation, the release or substitution of any such security); 

(d) the insolvency of the Borrower or any other Person, or any Insolvency Proceeding with respect to the Borrower or any other Person or the Lender’s vote, claim, distribution, election, acceptance, action or inaction in any Insolvency Proceeding related to the Guaranteed Obligations; 

(e) the benefit of or right to assert any statute of limitations affecting Guarantor’s liability hereunder or the enforcement thereof to the extent permitted by law;

(f) any defense arising by reason of any lack of corporate or other authority or any other defense of the Borrower, the Guarantor or any other Person; 

(g) any defense based upon the Lender’s errors or omissions in the administration of the Guaranteed Obligations;

(h) any merger, acquisition, consolidation or change in structure or ownership of or involving the Borrower, the Guarantor or any other Person, or any sale, lease, transfer or other disposition of any or all of the assets or shares of the Borrower, the Guarantor or any other Person;

 

 

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(i) any claim, defense (other than the defense of prior performance), counterclaim or setoff that the Borrower, the Guarantor or any other Person may have or assert, including any defense of incapacity or lack of corporate or other authority to execute any of the Loan Documents or any failure by the Borrower to pay any fee or other amount payable by the Borrower to the Guarantor; 

(j) any other guarantee, whether by the Guarantor or any other Person, of all or any part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities of the Borrower to the Lender or any other collateral security furnished, whether by the Guarantor or any other Person, to secure all or any part of the Guaranteed Obligations or any other indebtedness, obligations or liabilities of the Borrower to the Lender; or

(k) any other action or circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor;

it being agreed by Guarantor and the Lender that Guarantor’s obligations under this Guaranty shall not be discharged except by the indefeasible payment and performance in full of the Guaranteed Obligations and the obligations hereunder. Guarantor shall be regarded, and shall be in the same position, as principal debtor with respect to the Guaranteed Obligations. 

This Guaranty is a separate obligation of Guarantor, independent of the obligations of Borrower under the Loan Agreement. A separate action may be bought to enforce this Guaranty whether or not Borrower is made a party to such action.

If acceleration of the time for payment of any Guaranteed Obligation is stayed by reason of any Insolvency Proceeding with respect to the Borrower or otherwise, the Guarantor agrees that, for purposes of this Guaranty, such Guaranteed Obligations shall nonetheless be payable by the Guarantor hereunder immediately upon demand by the Lender.

2.2 Method of Payment. Payment by Guarantor shall be made to Lender in immediately available funds to the account of the Lender specified in Article II of the Loan Agreement or to such other account as may be specified in writing from time to time by the Lender, and shall be credited and applied to the Guaranteed Obligations. Guarantor’s payment of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge the Guarantor’s liability for any portion of the Guaranteed Obligations remaining unsatisfied. 

2.3 Enforcement of Guaranty. In no event shall the Lender have any obligation (although it is entitled, at its option) to proceed against the Borrower or any Collateral pledged to secure the Guaranteed Obligations before seeking satisfaction from Guarantor, and the Lender may proceed, prior or subsequent to, or simultaneously with, the enforcement of the Lender’s rights hereunder, to exercise any right or remedy which it may have against any Collateral, as a result of any Lien it may have as security for all or any portion of the Guaranteed Obligations.

2.4 Waiver. In addition to the waivers contained in Section 2.1 hereof, Guarantor waives and agrees that it shall not at any time insist upon, plead or in any manner whatever claim 

 

 

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or take the benefit or advantage of, any appraisal, valuation, stay, extension, marshaling of assets or redemption laws, or exemption, whether now or at any time hereafter in force, which may delay, prevent or otherwise affect the performance by Guarantor of its Guaranteed Obligations under, or the enforcement by the Lender of, this Guaranty. Guarantor hereby waives diligence, presentment and demand (whether for non-payment or protest or of acceptance, maturity, extension of time, change in nature or form of the Guaranteed Obligations, acceptance of further security, release of further security, composition or agreement arrived at as to the amount of, or the terms of, the Guaranteed Obligations, notice of adverse change in Borrower’s financial condition or any other fact which might increase the risk to Guarantor) with respect to any of the Guaranteed Obligations or all other demands
whatsoever and waives the benefit of all provisions of law which are or might be in conflict with the terms of this Guaranty. Guarantor represents, warrants and agrees that, as of the date of this Guaranty, its obligations under this Guaranty are not subject to any offsets or defenses against the Lender or the Borrower. Guarantor further agrees that its obligations under this Guaranty shall not be subject to any counterclaims, offsets or defenses against the Lender or against the Borrower which may arise in the future. 

2.5 Benefit of Guaranty. The provisions of this Guaranty are for the benefit of the Lender and its successors, transferees and permitted assigns, and nothing herein contained shall impair, as between the Borrower and the Lender, the obligations of the Borrower under the Loan Documents. 

2.6 Modification of Guaranteed Obligations, Etc. Guarantor hereby acknowledges and agrees that the Lender may at any time or from time to time, with or without the consent of, or notice to, Guarantor, but subject to the terms of the Loan Documents:

(a) change or extend the manner, place or terms of payment of, or renew or alter all or any portion of, the Guaranteed Obligations;

(b) take any action under or in respect of the Loan Documents in the exercise of any right, remedy, power or privilege contained therein or available to it at law, equity or otherwise, or waive or refrain from exercising any such rights, remedies, powers or privileges;

(c) amend or modify, in any manner whatsoever, the Loan Documents;

(d) extend or waive the time for the Borrower’s performance of, or compliance with, any term, covenant or agreement on its part to be performed or observed under the Loan Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance;

(e) take and hold collateral security for the payment of the Guaranteed Obligations guaranteed hereby or sell, exchange, release, dispose of, or otherwise deal with, any property pledged, mortgaged or conveyed, or in which the Lender has been granted a Lien, to secure any obligations;

(f) release anyone who may be liable in any manner for the payment of any amounts owed by Guarantor or the Borrower to the Lender;

 

 

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(g) modify or terminate the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors of Guarantor or the Borrower are subordinated to the claims of the Lender; 

(h) apply any sums by whomever paid or however realized to any amounts owing by Guarantor or the Borrower to the Lender in such manner as the Lender shall determine in its discretion;

(i) request and accept other guaranties of the Guaranteed Obligations and any other indebtedness, obligations or liabilities of the Borrower to the Lender and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind, compromise or extend any such guarantee and may permit or consent to any such action or the result of any such action or request and accept any additional security for the Guaranteed Obligations and any other indebtedness, obligations or liabilities of the Borrower to the Lender and may, from time to time, in whole or in part, surrender, release, subordinate, modify, waive, rescind, compromise or extend any such security and may permit or consent to any such action or the result of any such action; and/or

(j) exercise, or waive or otherwise refrain from exercising, any other right, remedy, power or privilege (including the right to accelerate the maturity of the Loan and any power of sale) granted by any Loan Document or other security document or agreement, or otherwise available to the Lender, with respect to the Guaranteed Obligations or any of the Collateral, even if the exercise of such right, remedy, power or privilege affects or eliminates any right of subrogation or any other right of the Guarantor against the Borrower;

all as the Lender may deem advisable, and all without impairing, abridging, releasing or affecting this Guaranty. The Lender shall not incur any liability to Guarantor as a result thereof, and no such action shall impair or release the Guaranteed Obligations of Guarantor under this Guaranty.

2.7 Reinstatement. This Guaranty shall remain in full force and effect and continue to be effective should any petition be filed by or against the Borrower or Guarantor for liquidation or reorganization, should the Borrower or Guarantor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Borrower’s or Guarantor’s assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Guaranteed Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by the Lender, whether as a “voidable preference”, “fraudulent conveyance”, or otherwise,
all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Guaranteed Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

2.8 Deferral of Subrogation, Etc. Notwithstanding anything to the contrary in this Guaranty, or in any other Loan Document, Guarantor hereby:

 

 

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(a) subject to Section 7(h) hereof, expressly and irrevocably waives, on behalf of itself and its successors and assigns (including any surety) until the payment and performance in full of the Guaranteed Obligations and the obligations hereunder, any and all rights at law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to indemnification or to any other rights that could accrue to a surety against a principal, to a guarantor against a principal, to a guarantor against a maker or obligor, to an accommodation party against the party accommodated, to a holder or transferee against a maker, or to the holder of any claim against any Person, and which Guarantor may have or hereafter acquire against the Borrower in connection with or as a result of Guarantor’s execution, delivery and/or performance of this Guaranty, or any other documents to which
Guarantor is a party or otherwise; and

(b) acknowledges and agrees (i) that this waiver is intended to benefit the Lender and shall not limit or otherwise affect Guarantor’s liability hereunder or the enforceability of this Guaranty, and (ii) that the Lender and its respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in this Section 2.8 and their rights under this Section 2.8 shall survive payment in full of the Guaranteed Obligations.

Nothing in the foregoing is intended to act as a waiver solely as between Guarantor and the Borrower of any and all rights at law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to indemnification or to any other rights that could accrue to Guarantor against the Borrower.

2.9 Continuing Guaranty. This is a continuing Guaranty, and all extensions of credit and financial accommodations concurrently herewith or hereafter made by the Lender to Borrower and all indebtedness of Borrower now owned or hereafter acquired by the Lender in connection with the transactions contemplated under the Loan Documents shall be conclusively presumed to have been made or acquired in reliance hereon. 

3. REPRESENTATIONS AND WARRANTIES

The Guarantor represents and warrants to the Lender on the date of this Guaranty that:

(a) the Guarantor is a limited company duly formed under the laws of Barbados;

(b) the Guarantor has the power to enter into and perform, and has taken all necessary action (including the obtaining of any necessary consents) in order to authorize its entry into, and performance and delivery of, this Guaranty and the other Loans Documents to which it is a party, and its performance of the transactions contemplated by this Guaranty and the other Loan Documents to which it is a party;

(c) this Guaranty and the other Loan Documents to which the Guarantor is a party have been duly executed and delivered by the Guarantor, and constitute its legal, valid and binding obligation, enforceable in accordance with their respective terms, subject to the effect of 

 

 

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any applicable bankruptcy, moratorium, insolvency, reorganization or other similar law affecting the enforceability of creditors’ rights generally and to the effect of general principles of equity (whether considered in a proceeding at law or in equity);

(d) neither the execution and delivery of this Guaranty and the other Loan Documents to which the Guarantor is a party by the Guarantor, the performance of the Guarantor’s obligations hereunder and thereunder, nor consummation of the transactions contemplated hereby and thereby by the Guarantor, will conflict with or result in any violation of, the Guarantor’s organizational documents;

(e) neither the execution and delivery of this Guaranty or the other Loan Documents to which the Guarantor is a party by the Guarantor, the performance of the Guarantor’s obligations hereunder and thereunder, nor consummation of the transactions contemplated hereby and thereby by the Guarantor will (i) conflict with or result in any violation of any Applicable Law or will conflict with or result in any breach of, or constitute a default under, or will conflict with or result in any violation of, any indenture, mortgage, deed of trust or other instrument or agreement to which the Guarantor is a party or by which the Guarantor may be bound or to which any of the Guarantor’s property or assets may be subject, except in each case to the extent the same could not reasonably be expected to have a Material Adverse Effect or (ii) result in the creation or imposition of any
Lien upon any of the Guarantor’s property or assets (except for the Liens in favor of the Lender under the Loan Documents); 

(f) no consent or authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for (i) the due execution, delivery or performance by the Guarantor of this Guaranty and the other Loan Documents to which the Guarantor is a party or (ii) the grant of the security interest granted pursuant to the Security Agreement (except for the filings contemplated by the Security Agreement);

(g) no financial statements or other documentation furnished by the Guarantor to the Lender in connection with the transactions contemplated by the Loan Documents, contained (at the time of delivery thereof) any untrue statement of a material fact or omitted (at the time of delivery thereof) to state a material fact necessary in order to make the statements contained herein or therein not misleading in any material respect under the circumstances in which they were made at the time such statements were made (other than any information that was corrected or updated in writing to the Lender prior to the Closing Date), provided that any projections and pro forma financial information contained in the materials delivered to
the Lender are based upon good faith estimates and assumptions believed by management of the Guarantor to be reasonable at the time made, it being recognized by the Lender that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount;

(h) no action, suit, proceeding or investigation has been instituted or, to the Guarantor’s knowledge, threatened in writing against the Guarantor, except to the extent the same could not reasonably be expected to have a Material Adverse Effect;

 

 

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(i) the Guarantor has timely filed, or caused to be filed, all material tax returns and reports that it is required to file and has paid all material taxes, material assessments, utility charges, fees and other governmental charges it is required to pay to the extent due (other than those taxes that it is contesting in good faith and by appropriate proceedings and with respect to which it has set aside on its books adequate reserves in accordance with GAAP). The Guarantor has made adequate provisions in accordance with GAAP for all taxes not yet due and payable. The Guarantor is unaware of any likely, proposed or pending tax assessments, deficiencies or audits that could be reasonably expected to, individually or in the aggregate, result in a Material Adverse Effect;

(j) (i) the Collateral is free and clear of all Liens other than Liens created by the Security Agreement and Permitted Liens and (ii) the Security Agreement creates a valid security interest in the Collateral and such security interest will be, upon (A) the submission by Guarantor by registered letter of a duly executed notice pursuant to clause 2 of the Security Agreement and (B) the filing of two (2) fully executed counterpart originals of the Security Agreement (together with the statement of charge in respect thereof) with the Registrar of Corporate Affairs in accordance with the Companies Act of Barbados within twenty-eight (28) days of their respective execution, a first priority perfected security interest in the Collateral;

(k) (i) other than the existing obligations of the Guarantor under the Subordinated Notes (as disclosed in the pro forma balance sheet delivered to the Lender pursuant to Section 4.1(d) of the Loan Agreement) and its obligations under the Loan Documents to which it is a party, the Guarantor has no outstanding Debt or other material liabilities and (ii) the Guarantor has provided to the Lender true and correct copies of the Subordinated Notes; 

(l) the Guarantor is able to pay its debts as and when they become due from its own monies and will not become unable to do so as a consequence of its entry into this Guaranty or the other Loan Documents to which it is a party or the performance of the transactions effected by this Guaranty and the other Loan Documents to which it is a party. In entering into this Guaranty and the other Loan Documents to which it is a party and in performing the transactions contemplated hereunder and thereunder, the Guarantor is not making dispositions of property with intent to defraud creditors, and the dispositions of property effected by this Guaranty and the other Loan Documents to which it is a party are dispositions of estates or interests in property, or, as the case may be, payments or deposits made for valuable consideration and in good faith to Persons not
having, at the time of the dispositions, payments or deposits, notice of any intent to defraud creditors; 

(m) the senior management of the Guarantor (i) is aware of the transactions contemplated by this Guaranty and the other Loan Documents (the “Transactions”); (ii) is familiar with the purpose and effect of the Transactions; (iii) has approved the transactions set forth in this Guaranty and the other Loan Documents to which the Guarantor is a party; (iv) the Transactions have been approved by all required internal approval bodies of the Guarantor; and (v) has discussed the Transactions, including its United States federal income tax treatment, and the manner in which the Guarantor intends to account for the Transactions, with its own advisers and has not relied upon Lender in respect of the suitability of the Transactions; and

 

 

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(n) the Guarantor does not intend to treat any of the Transactions as a “reportable transaction” under Treas. Reg. Section 1.6011-4(b) for purposes of any United States federal income tax return.

4. COVENANTS.

The Guarantor hereby agrees that at all times, until the payment and performance in full of the Guaranteed Obligations and the obligations hereunder, the Guarantor shall:

(a) deliver or cause to be delivered to the Lender the annual unaudited consolidating balance sheet of the Guarantor as soon as available but in no event later than 120 days after the end of the fiscal year. All such financial statements shall be complete and correct in all material respects and shall be prepared in accordance with GAAP applied (except as approved by such accountants or officer, as the case may be, and disclosed in reasonable detail therein) consistently throughout the periods reflected therein and with prior periods;

(b) concurrently with the delivery of any financial statements pursuant to Section 4(a), deliver a certificate of a Responsible Officer of the Guarantor stating that, to the best of such Responsible Officer’s knowledge, during such period the Guarantor has observed or performed in all material respects all of its covenants and other agreements, and satisfied in all material respects every condition contained in this Guaranty or any other Loan Document to which the Guarantor is a party to be observed, performed or satisfied by it;

(c) promptly deliver such additional financial and other information as the Lender may from time to time reasonably request;

(d) comply with all laws applicable to it or to any of its properties or any part thereof, such compliance to include paying before the same become delinquent all taxes, assessments and governmental charges imposed upon it or upon its property, except in each case to the extent such failure to comply with such laws could not reasonably be expected to have a Material Adverse Effect;

(e) promptly after obtaining knowledge thereof, give notice to the Lender of (i) the occurrence of any Loan Event of Default or any event which is, or after notice or passage of time or both would reasonably likely be, a Loan Event of Default, (ii) any litigation, investigation or proceeding affecting the Guarantor that, if adversely determined, could reasonably be expected to have a Material Adverse Effect or (iii) any other development or event that has had or could reasonably be expected to have a Material Adverse Effect;

(f) (i) preserve, renew and keep in full force and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business, except to the extent the failure to take all such reasonable action could not reasonably be expected to have a Material Adverse Effect;

(g) maintain in effect at all times the types of insurance customarily maintained by an entity engaged in a business similar to the Guarantor;

 

 

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(h) maintain proper books of records and accounts in which full, true and correct entries in all material respects in accordance with GAAP shall be made of all dealings and transactions in relation to its business and activities and permit representatives of the Lender, at Lender’s sole cost and expense (unless a Default or Loan Event of Default has occurred and is continuing, in which case at Guarantor’s sole cost and expense), to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired; 

(i) not make any payment in contravention of or otherwise violate the terms of the Subordination Agreement;

(j) not create, incur, assume or suffer to exist any Debt other than under this Guaranty or the existing obligations on the Closing Date of the Guarantor under the Subordinated Notes (as disclosed in the pro forma balance sheet delivered to the Lender pursuant to Section 4.1(d) of the Loan Agreement);

(k) not create, assume or suffer to exist any Lien on any of the Collateral or any other property or assets of the Guarantor, except Liens created by the Security Agreement and Permitted Liens;

(l) not directly or indirectly (i) liquidate, wind up, terminate, reorganize or dissolve itself (or suffer any liquidation, winding up, termination, reorganization or dissolution) or otherwise wind up or dispose of all or substantially all of its property or business or (ii) acquire (in one transaction or a series of related transactions) any assets, property or business of any Person or otherwise merge or consolidate with or into any other Person;

(m) not directly or indirectly make or declare any dividend or other distribution (in cash, property or obligation) on, or other payment on account of, any interest in Guarantor, other than of cash credited to the Pledged Account (as defined in the Security Agreement) which is withdrawn therefrom from time to time by the Guarantor in accordance with the terms of the Security Agreement;

(n) not make any investment (whether by purchase of stocks, bonds, notes or other securities, loan, extension of credit, advance or otherwise), other than the investment in the IIM Investment Account;

(o) except as provided in this Guaranty and the other Loan Documents, not become liable as a surety, guarantor, accommodation, endorser or otherwise, for or upon the obligation of any other Person; 

(p) not sell, lease, assign, transfer or otherwise dispose of assets, whether now owned or hereafter acquired, other than interest income earned on the IIM Investment Account; 

(q) not consent to, or permit, (i) the termination or cancellation of the governing documents of the Guarantor or (ii) any amendment, supplement or modification of the governing documents of the Guarantor; and

 

 

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(r) the Guarantor will provide the Lender with written notice prior to filing any United States federal income tax return that treats any of the Transactions as a “reportable transaction” under Treas. Reg. Section 1.6011-4(b).

5. FURTHER ASSURANCES.

Guarantor agrees, upon the written request of the Lender, to execute and deliver to the Lender, from time to time, any additional instruments or documents reasonably considered necessary by the Lender to cause this Guaranty to be, become or remain valid and effective in accordance with its terms.

6. PAYMENTS FREE AND CLEAR OF TAXES. 

(a) Any payments made by the Guarantor under this Guaranty or any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any Non-Excluded Taxes. If any Non-Excluded Taxes or Other Taxes are required to be withheld from any amounts payable to the Lender hereunder, the amounts so payable to the Lender shall be increased to the extent necessary to yield to the Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Guaranty and the other Loan Documents.

(b) The Guarantor shall indemnify the Lender, within ten (10) days after written demand therefor, for the full amount of any Non-Excluded Taxes or Other Taxes paid by the Lender, on or with respect to any payment by or on account of any obligation of the Guarantor hereunder (including Non-Excluded Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable out-of-pocket expenses arising therefrom or with respect thereto, whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority and the Lender shall cooperate, at the Guarantor’s sole cost and expense, with the Guarantor with respect to any contest of such imposition or assertion; provided, however, that the Guarantor shall not be required to indemnify the Lender under this Section 6 for any liability arising as a result of Lender’s willful misconduct or gross negligence. A certificate as to the amount of such payment or liability delivered to the Guarantor by the Lender shall be conclusive absent manifest error. Whenever any Non-Excluded Taxes or Other Taxes are payable by the Guarantor, as promptly as possible thereafter the Guarantor shall send to the Lender a certified copy of an original official receipt received by the Guarantor showing payment thereof. If the Guarantor fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority or fails to remit to the Lender the required receipts or other required documentary evidence, the Guarantor shall indemnify the Lender for any incremental taxes, interest or penalties that may
become payable by the Lender as a result of any such failure. The agreements in this Section shall survive the termination of this Guaranty and the satisfaction of the obligations of the Borrower under the Loan Agreement and the other Loan Documents.

 

 

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7. OTHER TERMS.

(a) Amendments and Waivers. Neither this Guaranty nor any terms hereof may be amended, supplemented or modified without the consent of the Lender and the Guarantor. In the case of any waiver by the Lender of its rights hereunder, the Lender shall be restored to its former position and rights hereunder and any default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other default, or impair any right consequent thereon.

(b) Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile notice, when received, addressed as follows in the case of the Guarantor and the Lender, and as set forth in an administrative questionnaire delivered to the Lender, or to such other address as may be hereafter notified by the respective parties hereto:

 

	
                        Guarantor:
 	
                         
 	
                        Interpool Containers Ltd.
 211 College Road East
 Princeton, New Jersey 08540
 Attention: Chief Financial Officer 
 Facsimile: (609) 452-8211
 Telephone: (609) 452-8900
 
	
                        Lender:
 	
                         
 	
                        ING Capital LLC
 1325 Avenue of the Americas
 New York, NY 10019
 Attention: Head of Financial Engineering
 Facsimile: (646) 424-6077
 Telephone: (646) 424-7059
 

provided that any notice, request or demand to or upon the Lender shall not be effective until received.

Notices and other communications to the Lender hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Lender. The Lender or the Guarantor may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

(c) Limitation on Guaranteed Obligations. Notwithstanding any provision herein contained to the contrary, Guarantor’s liability hereunder shall be limited to an amount not to exceed as of any date of determination the amount, after giving effect to all of the Guarantor’s other contingent and fixed liabilities, which could be claimed by the Lender from the Guarantor under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer 

 

 

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Act, Uniform Fraudulent Conveyance Act or similar statute or common law or any similar law of any other jurisdiction.

(d) No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

(e) Survival of Representations and Warranties. All representations and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Guaranty and the making of the Loan; provided that all of the representations and warranties made hereunder shall terminate upon the payment and performance in full of the Guaranteed Obligations.

(f) Payment of Expenses. The Guarantor agrees (i) to pay or reimburse the Lender for all its out of pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Guaranty and any other documents prepared in connection with any such amendment, supplement or modification including the reasonable fees and disbursements of counsel to the Lender, with statements with respect to the foregoing to be submitted to the Borrower, (ii) to pay or reimburse the Lender for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Guaranty and any such other documents,
including the reasonable fees and disbursements of counsel to the Lender, and (iii) to pay, indemnify, and hold the Lender and its officers, directors, employees, affiliates, agents and controlling persons (each, an “Indemnitee”) harmless, from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and expenses (including reasonable attorneys’ fees and disbursements and other costs of investigation or defense, including those incurred upon any appeal) that may be instituted or asserted by any third party or by the Guarantor against or incurred by any such Indemnitee as the result of this Guaranty and the administration of this Guaranty and in connection with or arising out of the transactions contemplated hereunder and any actions or failures to act in connection therewith, including reasonable legal costs and expenses arising out of or incurred in
connection with disputes between the Lender and the Guarantor (all the foregoing in this clause (c), collectively, the “Indemnified Liabilities”); provided, that the Guarantor shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. All amounts due under this Section 7(f) shall be payable not later than ten (10) days after written demand therefor. The agreements in this Section 7(f) shall survive repayment of the Loan and all other amounts payable hereunder.

(g) Successors and Assigns. The provisions of this Guaranty shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Guarantor may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender (and any attempted 

 

 

13

 

assignment or transfer by the Guarantor without such consent shall be null and void) and (ii) the Lender may not assign or otherwise transfer its rights or obligations hereunder except in accordance with Section 9.6 of the Loan Agreement. In the event all or any part of the Guaranteed Obligations are transferred or assigned by the Lender to any Person or Persons in accordance with this subsection (g), any reference to “Lender” herein shall be deemed to refer equally to such Person or Persons.

(h) No Set-off. Each of Lender and Guarantor waives any and all rights it may have to set-off payment obligations owed to the other party against any payment obligations owed to it by such other party arising under this Guaranty or the other Loan Documents.

(i) Severability. Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

(j) Integration. This Guaranty and the other Loan Documents represent the entire agreement of the Guarantor and the Lender with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Lender or the Guarantor relative to the subject matter hereof not expressly set forth or referred to herein or therein.

(k) GOVERNING LAW. THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

(l) Submission To Jurisdiction; Waivers. The Guarantor hereby irrevocably and unconditionally:

(i) submits for itself and its property in any legal action or proceeding relating to this Guaranty or for recognition and enforcement of any judgment in respect thereof, to the non exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;

(ii) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

(iii) agrees that service of process in any such action or proceeding may be effected pursuant to Section 7(m) or by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Guarantor at its address set forth in Section 7(b) or at such other address of which the Lender shall have been notified pursuant thereto;

 

 

14

 

(iv) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

(v) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

(m) Process Agent. The Guarantor appoints Interpool, Inc., having an address at 633 3rd Avenue, 27th Floor, New York, New York 10017 (“Process Agent”), as process agent to receive, for it and on its behalf, service of process in any legal action or proceeding relating to this Guaranty or the other Loan Documents, it being agreed that (i) service upon the Process Agent shall constitute valid service upon the Guarantor and (ii) failure of the Process Agent to send a copy of any such process or otherwise to give notice to the Guarantor shall not affect the validity of such
service or any judgment in any action or proceeding based thereon. If (x) for any reason Process Agent is unable to act as such or (y) the Guarantor otherwise elects to replace Process Agent, the Guarantor will promptly notify the Lender and, simultaneously with the resignation or replacement of the existing Process Agent, appoint a substitute process agent acceptable to the Lender. 

(n) WAIVERS OF JURY TRIAL. THE GUARANTOR AND THE LENDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY AND FOR ANY COUNTERCLAIM THEREIN.

(o) Payment. All payments due hereunder shall be payable in U.S. Dollars in immediately available funds prior to 11:00 A.M., on the due date thereof to the following account: ING Capital LLC, JPMorgan Chase Bank New York, ABA No. 0210-0002-1, A/C of : ING Capital LLC Loan Agency Account, A/C No. 066-297-311 or such other account as the Lender may specify to the Guarantor from time to time. 

(p) Judgment Currency. If, for the purposes of obtaining judgment in, or enforcing the judgment of, any court with respect to this Guaranty, it is necessary for any Person to convert a sum due hereunder in U.S. Dollars into another currency (the “Judgment Currency”), the rate of exchange used shall be that at which in accordance with normal banking procedures such Person could purchase Dollars with the Judgment Currency on the Business Day preceding that on which final judgment is given or the order of enforcement made. The obligation of the Guarantor in respect of any sum due from it to any Person hereunder shall, notwithstanding any judgment or order of enforcement in such Judgment Currency, be discharged only
to the extent that on the Business Day following that on which final judgment is given or the order of enforcement made, such Person may in accordance with normal banking procedures purchase Dollars with the Judgment Currency; if the Dollars so purchased are less than the sum originally due to such Person in Dollars, the Guarantor agrees, as a separate obligation and notwithstanding any such judgment or order of enforcement, to indemnify such Person against such loss attributable to any of its obligations hereunder, and if the Dollars so purchased exceed the sum originally due from the Guarantor, in Dollars, such Person shall remit to the Guarantor such excess. Any additional amount due from the Guarantor under this Section 7(p) will be due as a 

 

 

15

 

separate debt and shall not be affected by judgment or order of enforcement being obtained for any other sums due under or in respect of this Guaranty or any other Loan Document. 

(q) Security. To secure payment and performance of the Guarantor’s obligations under this Guaranty, concurrently with the execution and delivery hereof, the Guarantor has entered into the Security Agreement pursuant to which the Guarantor has granted to the Lender a Lien on the Collateral.

 

16

 

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

  

	
                         
 	
                         
 	
                        INTERPOOL CONTAINERS LIMITED,
 as Guarantor
 
	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Randal Nardone
 
	
                         
 	
                         
 	
                         
 	
                        Name: Randal Nardone
 Title: Vice President
 

[Signature Page to Guaranty]\
	 

	 
		EXHIBIT 10.28
	 

	 
		SECOND AMENDED AND RESTATED CREDIT AND
		SECURITY AGREEMENT
	 

	 
		Dated July 19, 2007,
	 

	 
		by and among
	 

	 
		INTERPOOL, INC.,
	 

	 
		and
	 

	 
		TRAC LEASE, INC.,
	 

	 
		as the Borrowers,
	 

	 
		the Lenders referred to
		herein,
	 

	 
		and
	 

	 
		NATIONAL CITY BANK,
	 

	 
		as Agent
	 

	 
		 
	 

	 
	 

	 

	 
		Table of Contents
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  PAGE
				

			 
	
				
				  ARTICLE I DEFINITIONS 
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  Section 1.1
				

			 	
				
				   
				

			 	
				
				  Definitions
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  Section 1.2
				

			 	
				
				   
				

			 	
				
				  General
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  Section 1.3
				

			 	
				
				   
				

			 	
				
				  Other Definitions and
				  Provisions
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  ARTICLE II REVOLVING CREDIT
				  FACILITY
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  Section 2.1
				

			 	
				
				   
				

			 	
				
				  Loans
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  Section 2.2
				

			 	
				
				   
				

			 	
				
				  Procedure for Advances
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  Section 2.3
				

			 	
				
				   
				

			 	
				
				  Repayment of Loans
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  Section 2.4
				

			 	
				
				   
				

			 	
				
				  Notes
				

			 	
				
				   
				

			 	
				
				  32
				

			 
	
				
				  Section 2.5
				

			 	
				
				   
				

			 	
				
				  Permanent Reduction of the Aggregate
				  Commitment
				

			 	
				
				   
				

			 	
				
				  32
				

			 
	
				
				  Section 2.6
				

			 	
				
				   
				

			 	
				
				  Swing Line Loans
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  Section 2.7
				

			 	
				
				   
				

			 	
				
				  Termination of Credit
				  Facility
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  Section 2.8
				

			 	
				
				   
				

			 	
				
				  Use of Proceeds
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  Section 2.9
				

			 	
				
				   
				

			 	
				
				  Nature of Obligations
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  Section 2.10
				

			 	
				
				   
				

			 	
				
				  Incremental Commitment
				  Increase
				

			 	
				
				   
				

			 	
				
				  35
				

			 
	
				
				  ARTICLE III LETTER OF CREDIT
				  FACILITY 
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  Section 3.1
				

			 	
				
				   
				

			 	
				
				  L/C Commitment
				

			 	
				
				   
				

			 	
				
				  36
				

			 
	
				
				  Section 3.2
				

			 	
				
				   
				

			 	
				
				  Terms of Letters of Credit
				

			 	
				
				   
				

			 	
				
				  37
				

			 
	
				
				  Section 3.3
				

			 	
				
				   
				

			 	
				
				  Cash Collateral for Letters of
				  Credit
				

			 	
				
				   
				

			 	
				
				  37
				

			 
	
				
				  Section 3.4
				

			 	
				
				   
				

			 	
				
				  Procedure for Issuance of Letters of
				  Credit
				

			 	
				
				   
				

			 	
				
				  38
				

			 
	
				
				  Section 3.5
				

			 	
				
				   
				

			 	
				
				  Commissions and Other Charges
				

			 	
				
				   
				

			 	
				
				  38
				

			 
	
				
				  Section 3.6
				

			 	
				
				   
				

			 	
				
				  L/C Participations
				

			 	
				
				   
				

			 	
				
				  39
				

			 
	
				
				  Section 3.7
				

			 	
				
				   
				

			 	
				
				  Reimbursement Obligation of the
				  Borrowers
				

			 	
				
				   
				

			 	
				
				  40
				

			 
	
				
				  Section 3.8
				

			 	
				
				   
				

			 	
				
				  Obligations Absolute
				

			 	
				
				   
				

			 	
				
				  40
				

			 
	
				
				  Section 3.9
				

			 	
				
				   
				

			 	
				
				  General Terms of Documentary Letters
				  of Credit
				

			 	
				
				   
				

			 	
				
				  41
				

			 
	
				
				  Section 3.10
				

			 	
				
				   
				

			 	
				
				  Effect of Application
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  ARTICLE IV GENERAL LOAN PROVISIONS
				  
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  Section 4.1
				

			 	
				
				   
				

			 	
				
				  Interest
				

			 	
				
				   
				

			 	
				
				  42
				

			 
	
				
				  Section 4.2
				

			 	
				
				   
				

			 	
				
				  Notice and Manner of Conversion or
				  Continuation of Loans
				

			 	
				
				   
				

			 	
				
				  43
				

			 
	
				
				  Section 4.3
				

			 	
				
				   
				

			 	
				
				  Fees
				

			 	
				
				   
				

			 	
				
				  44
				

			 
	
				
				  Section 4.4
				

			 	
				
				   
				

			 	
				
				  Manner of Payment
				

			 	
				
				   
				

			 	
				
				  44
				

			 
	
				
				  Section 4.5
				

			 	
				
				   
				

			 	
				
				  Credit of Payments and
				  Proceeds
				

			 	
				
				   
				

			 	
				
				  45
				

			 
	
				
				  Section 4.6
				

			 	
				
				   
				

			 	
				
				  Adjustments
				

			 	
				
				   
				

			 	
				
				  45
				

			 
	
				
				  Section 4.7
				

			 	
				
				   
				

			 	
				
				  Nature of Obligations of Lenders
				  Regarding Extensions of Credit; Assumption by the Agent
				

			 	
				
				   
				

			 	
				
				  45
				

			 
	
				
				  Section 4.8
				

			 	
				
				   
				

			 	
				
				  Changed Circumstances
				

			 	
				
				   
				

			 	
				
				  46
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		i
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Section 4.9
				

			 	
				
				   
				

			 	
				
				  Indemnity
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  Section 4.10
				

			 	
				
				   
				

			 	
				
				  Capital Requirements
				

			 	
				
				   
				

			 	
				
				  48
				

			 
	
				
				  Section 4.11
				

			 	
				
				   
				

			 	
				
				  Taxes
				

			 	
				
				   
				

			 	
				
				  49
				

			 
	
				
				  Section 4.12
				

			 	
				
				   
				

			 	
				
				  Replacement of Lenders
				

			 	
				
				   
				

			 	
				
				  50
				

			 
	
				
				  ARTICLE V CLOSING, CONDITIONS OF
				  CLOSING AND BORROWING 
				

			 	
				
				   
				

			 	
				
				  52
				

			 
	
				
				  Section 5.1
				

			 	
				
				   
				

			 	
				
				  Closing
				

			 	
				
				   
				

			 	
				
				  52
				

			 
	
				
				  Section 5.2
				

			 	
				
				   
				

			 	
				
				  Conditions to Effectiveness to
				  Amendment and Restatement
				

			 	
				
				   
				

			 	
				
				  52
				

			 
	
				
				  Section 5.3
				

			 	
				
				   
				

			 	
				
				  Conditions to All Extensions of
				  Credit
				

			 	
				
				   
				

			 	
				
				  55
				

			 
	
				
				  ARTICLE VI COLLATERAL 
				

			 	
				
				   
				

			 	
				
				  55
				

			 
	
				
				  Section 6.1
				

			 	
				
				   
				

			 	
				
				  Grant of Security Interest
				

			 	
				
				   
				

			 	
				
				  55
				

			 
	
				
				  Section 6.2
				

			 	
				
				   
				

			 	
				
				  Collateral Documentation
				

			 	
				
				   
				

			 	
				
				  56
				

			 
	
				
				  Section 6.3
				

			 	
				
				   
				

			 	
				
				  Performance by the Agent
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  Section 6.4
				

			 	
				
				   
				

			 	
				
				  Litigation Respecting
				  Collateral
				

			 	
				
				   
				

			 	
				
				  57
				

			 
	
				
				  Section 6.5
				

			 	
				
				   
				

			 	
				
				  Power of Attorney
				

			 	
				
				   
				

			 	
				
				  58
				

			 
	
				
				  Section 6.6
				

			 	
				
				   
				

			 	
				
				  Certain Acknowledgments and Waivers
				  by the Borrowers
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  Section 6.7
				

			 	
				
				   
				

			 	
				
				  Partial Releases
				

			 	
				
				   
				

			 	
				
				  59
				

			 
	
				
				  Section 6.8
				

			 	
				
				   
				

			 	
				
				  Substitution of Collateral
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  Section 6.9
				

			 	
				
				   
				

			 	
				
				  Termination of Security
				  Interests
				

			 	
				
				   
				

			 	
				
				  60
				

			 
	
				
				  ARTICLE VII REPRESENTATIONS AND
				  WARRANTIES 
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 7.1
				

			 	
				
				   
				

			 	
				
				  Corporate Existence and Good
				  Standing, Etc.
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 7.2
				

			 	
				
				   
				

			 	
				
				  Corporate Power; Consents; Absence
				  of Conflict with Other Agreements, Etc.
				

			 	
				
				   
				

			 	
				
				  61
				

			 
	
				
				  Section 7.3
				

			 	
				
				   
				

			 	
				
				  Title to Properties
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.4
				

			 	
				
				   
				

			 	
				
				  Financial Statements
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.5
				

			 	
				
				   
				

			 	
				
				  No Materially Adverse Effect
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.6
				

			 	
				
				   
				

			 	
				
				  Litigation
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.7
				

			 	
				
				   
				

			 	
				
				  No Materially Adverse Contracts,
				  Etc
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.8
				

			 	
				
				   
				

			 	
				
				  Compliance with Other Instruments
				  Laws, Etc
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.9
				

			 	
				
				   
				

			 	
				
				  Tax Status
				

			 	
				
				   
				

			 	
				
				  62
				

			 
	
				
				  Section 7.10
				

			 	
				
				   
				

			 	
				
				  Compliance with ERISA
				

			 	
				
				   
				

			 	
				
				  63
				

			 
	
				
				  Section 7.11
				

			 	
				
				   
				

			 	
				
				  Environmental Matters
				

			 	
				
				   
				

			 	
				
				  63
				

			 
	
				
				  Section 7.12
				

			 	
				
				   
				

			 	
				
				  No Default
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  Section 7.13
				

			 	
				
				   
				

			 	
				
				  Patents, Copyrights, Permits,
				  Trademarks, Licenses and Leases
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  Section 7.14
				

			 	
				
				   
				

			 	
				
				  Use of Proceeds
				

			 	
				
				   
				

			 	
				
				  64
				

			 
	
				
				  Section 7.15
				

			 	
				
				   
				

			 	
				
				  Capitalization
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  Section 7.16
				

			 	
				
				   
				

			 	
				
				  Subsidiaries
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  Section 7.17
				

			 	
				
				   
				

			 	
				
				  Investment Company Acts
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  Section 7.18
				

			 	
				
				   
				

			 	
				
				  Pension Plans
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  Section 7.19
				

			 	
				
				   
				

			 	
				
				  Disclosure
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  Section 7.20
				

			 	
				
				   
				

			 	
				
				  Title to Pledged Assets
				

			 	
				
				   
				

			 	
				
				  65
				

			 
	
				
				  Section 7.21
				

			 	
				
				   
				

			 	
				
				  Survival of Representations and
				  Warranties, Etc
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  Section 7.22
				

			 	
				
				   
				

			 	
				
				  Eligible Finance Leases; Eligible
				  Equipment
				

			 	
				
				   
				

			 	
				
				  66
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		ii
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Section 7.23
				

			 	
				
				   
				

			 	
				
				  Foreign Assets Control
				  Regulations
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  ARTICLE VIII FINANCIAL INFORMATION
				  AND NOTICES 
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  Section 8.1
				

			 	
				
				   
				

			 	
				
				  Financial Statements and
				  Projections
				

			 	
				
				   
				

			 	
				
				  66
				

			 
	
				
				  Section 8.2
				

			 	
				
				   
				

			 	
				
				  Certificates
				

			 	
				
				   
				

			 	
				
				  67
				

			 
	
				
				  Section 8.3
				

			 	
				
				   
				

			 	
				
				  Other Reports
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  Section 8.4
				

			 	
				
				   
				

			 	
				
				  Notice of Litigation and Other
				  Matters
				

			 	
				
				   
				

			 	
				
				  68
				

			 
	
				
				  Section 8.5
				

			 	
				
				   
				

			 	
				
				  Accuracy of Information
				

			 	
				
				   
				

			 	
				
				  69
				

			 
	
				
				  ARTICLE IX AFFIRMATIVE COVENANTS
				  
				

			 	
				
				   
				

			 	
				
				  69
				

			 
	
				
				  Section 9.1
				

			 	
				
				   
				

			 	
				
				  Punctual Payment
				

			 	
				
				   
				

			 	
				
				  69
				

			 
	
				
				  Section 9.2
				

			 	
				
				   
				

			 	
				
				  Location of Office
				

			 	
				
				   
				

			 	
				
				  69
				

			 
	
				
				  Section 9.3
				

			 	
				
				   
				

			 	
				
				  Records and Accounts; Collateral
				  Tracking System
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  Section 9.4
				

			 	
				
				   
				

			 	
				
				  Business and Corporate
				  Existence
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  Section 9.5
				

			 	
				
				   
				

			 	
				
				  Payment of Taxes
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  Section 9.6
				

			 	
				
				   
				

			 	
				
				  Maintenance of Pledged Assets
				

			 	
				
				   
				

			 	
				
				  70
				

			 
	
				
				  Section 9.7
				

			 	
				
				   
				

			 	
				
				  Insurance
				

			 	
				
				   
				

			 	
				
				  71
				

			 
	
				
				  Section 9.8
				

			 	
				
				   
				

			 	
				
				  Inspection of Properties and
				  Books
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 9.9
				

			 	
				
				   
				

			 	
				
				  Licenses and Permits
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 9.10
				

			 	
				
				   
				

			 	
				
				  INTENTIONALLY LEFT BLANK
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 9.11
				

			 	
				
				   
				

			 	
				
				  Further Assurances
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 9.12
				

			 	
				
				   
				

			 	
				
				  Pension Plans
				

			 	
				
				   
				

			 	
				
				  72
				

			 
	
				
				  Section 9.13
				

			 	
				
				   
				

			 	
				
				  Environmental and Safety
				  Matters
				

			 	
				
				   
				

			 	
				
				  73
				

			 
	
				
				  Section 9.14
				

			 	
				
				   
				

			 	
				
				  Payment of Wages
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 9.15
				

			 	
				
				   
				

			 	
				
				  INTENTIONALLY LEFT BLANK
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 9.16
				

			 	
				
				   
				

			 	
				
				  OFAC
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 9.17
				

			 	
				
				   
				

			 	
				
				  Possession of Eligible
				  Equipment
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 9.18
				

			 	
				
				   
				

			 	
				
				  Lease Files
				

			 	
				
				   
				

			 	
				
				  74
				

			 
	
				
				  Section 9.19
				

			 	
				
				   
				

			 	
				
				  Investment Company
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  ARTICLE X FINANCIAL COVENANTS
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 10.1
				

			 	
				
				   
				

			 	
				
				  Maximum Funded Debt to Tangible Net
				  Worth Ratio
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 10.2
				

			 	
				
				   
				

			 	
				
				  Minimum Tangible Net Worth
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 10.3
				

			 	
				
				   
				

			 	
				
				  Fixed Charge Coverage Ratio
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 10.4
				

			 	
				
				   
				

			 	
				
				  Additional Covenants
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  ARTICLE XI NEGATIVE COVENANTS
				  
				

			 	
				
				   
				

			 	
				
				  75
				

			 
	
				
				  Section 11.1
				

			 	
				
				   
				

			 	
				
				  Liens
				

			 	
				
				   
				

			 	
				
				  76
				

			 
	
				
				  Section 11.2
				

			 	
				
				   
				

			 	
				
				  Distributions
				

			 	
				
				   
				

			 	
				
				  76
				

			 
	
				
				  Section 11.3
				

			 	
				
				   
				

			 	
				
				  Merger, Consolidation or Sale of
				  Assets, Etc
				

			 	
				
				   
				

			 	
				
				  76
				

			 
	
				
				  Section 11.4
				

			 	
				
				   
				

			 	
				
				  ERISA
				

			 	
				
				   
				

			 	
				
				  76
				

			 
	
				
				  Section 11.5
				

			 	
				
				   
				

			 	
				
				  Transactions with Affiliates
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  Section 11.6
				

			 	
				
				   
				

			 	
				
				  Dispositions of Collateral
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  Section 11.7
				

			 	
				
				   
				

			 	
				
				  Amendment to or Waiver of Loan
				  Documents
				

			 	
				
				   
				

			 	
				
				  77
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		iii
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  ARTICLE XII DEFAULTS AND REMEDIES
				  
				

			 	
				
				   
				

			 	
				
				  77
				

			 
	
				
				  Section 12.1
				

			 	
				
				   
				

			 	
				
				  Events of Default
				

			 	
				
				   
				

			 	
				
				  78
				

			 
	
				
				  Section 12.2
				

			 	
				
				   
				

			 	
				
				  Remedies
				

			 	
				
				   
				

			 	
				
				  80
				

			 
	
				
				  Section 12.3
				

			 	
				
				   
				

			 	
				
				  Rights and Remedies Cumulative;
				  Non-Waiver, etc
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  ARTICLE XIII THE AGENT 
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  Section 13.1
				

			 	
				
				   
				

			 	
				
				  Appointment
				

			 	
				
				   
				

			 	
				
				  83
				

			 
	
				
				  Section 13.2
				

			 	
				
				   
				

			 	
				
				  Delegation of Duties
				

			 	
				
				   
				

			 	
				
				  84
				

			 
	
				
				  Section 13.3
				

			 	
				
				   
				

			 	
				
				  Exculpatory Provisions
				

			 	
				
				   
				

			 	
				
				  84
				

			 
	
				
				  Section 13.4
				

			 	
				
				   
				

			 	
				
				  Reliance by the Agent
				

			 	
				
				   
				

			 	
				
				  84
				

			 
	
				
				  Section 13.5
				

			 	
				
				   
				

			 	
				
				  Notice of Default
				

			 	
				
				   
				

			 	
				
				  85
				

			 
	
				
				  Section 13.6
				

			 	
				
				   
				

			 	
				
				  Non-Reliance on the Agent and Other
				  Lenders
				

			 	
				
				   
				

			 	
				
				  85
				

			 
	
				
				  Section 13.7
				

			 	
				
				   
				

			 	
				
				  Indemnification
				

			 	
				
				   
				

			 	
				
				  85
				

			 
	
				
				  Section 13.8
				

			 	
				
				   
				

			 	
				
				  The Agent in Its Individual
				  Capacity
				

			 	
				
				   
				

			 	
				
				  86
				

			 
	
				
				  Section 13.9
				

			 	
				
				   
				

			 	
				
				  Resignation of the Agent; Successor
				  Agent
				

			 	
				
				   
				

			 	
				
				  86
				

			 
	
				
				  Section 13.10
				

			 	
				
				   
				

			 	
				
				  Quebec Security Agent
				

			 	
				
				   
				

			 	
				
				  86
				

			 
	
				
				  ARTICLE XIV MISCELLANEOUS 
				

			 	
				
				   
				

			 	
				
				  87
				

			 
	
				
				  Section 14.1
				

			 	
				
				   
				

			 	
				
				  Notices
				

			 	
				
				   
				

			 	
				
				  87
				

			 
	
				
				  Section 14.2
				

			 	
				
				   
				

			 	
				
				  Expenses; Indemnity
				

			 	
				
				   
				

			 	
				
				  88
				

			 
	
				
				  Section 14.3
				

			 	
				
				   
				

			 	
				
				  Set-off
				

			 	
				
				   
				

			 	
				
				  89
				

			 
	
				
				  Section 14.4
				

			 	
				
				   
				

			 	
				
				  Governing Law
				

			 	
				
				   
				

			 	
				
				  89
				

			 
	
				
				  Section 14.5
				

			 	
				
				   
				

			 	
				
				  Consent to Jurisdiction; Service of
				  Process
				

			 	
				
				   
				

			 	
				
				  89
				

			 
	
				
				  Section 14.6
				

			 	
				
				   
				

			 	
				
				  Waiver of Jury Trial; Preservation
				  of Remedies
				

			 	
				
				   
				

			 	
				
				  90
				

			 
	
				
				  Section 14.7
				

			 	
				
				   
				

			 	
				
				  Reversal of Payments
				

			 	
				
				   
				

			 	
				
				  91
				

			 
	
				
				  Section 14.8
				

			 	
				
				   
				

			 	
				
				  Injunctive Relief; Punitive
				  Damages
				

			 	
				
				   
				

			 	
				
				  91
				

			 
	
				
				  Section 14.9
				

			 	
				
				   
				

			 	
				
				  Accounting Matters
				

			 	
				
				   
				

			 	
				
				  91
				

			 
	
				
				  Section 14.10
				

			 	
				
				   
				

			 	
				
				  Successors and Assigns
				

			 	
				
				   
				

			 	
				
				  91
				

			 
	
				
				  Section 14.11
				

			 	
				
				   
				

			 	
				
				  Participations
				

			 	
				
				   
				

			 	
				
				  93
				

			 
	
				
				  Section 14.12
				

			 	
				
				   
				

			 	
				
				  Disclosure of Information;
				  Confidentiality
				

			 	
				
				   
				

			 	
				
				  94
				

			 
	
				
				  Section 14.13
				

			 	
				
				   
				

			 	
				
				  Amendments, Waivers and
				  Consents
				

			 	
				
				   
				

			 	
				
				  94
				

			 
	
				
				  Section 14.14
				

			 	
				
				   
				

			 	
				
				  Agreement Controls
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.15
				

			 	
				
				   
				

			 	
				
				  Covenants Independent
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.16
				

			 	
				
				   
				

			 	
				
				  Survival
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.17
				

			 	
				
				   
				

			 	
				
				  Counterparts
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.18
				

			 	
				
				   
				

			 	
				
				  Headings
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.19
				

			 	
				
				   
				

			 	
				
				  Severability
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.20
				

			 	
				
				   
				

			 	
				
				  Entirety
				

			 	
				
				   
				

			 	
				
				  95
				

			 
	
				
				  Section 14.21
				

			 	
				
				   
				

			 	
				
				  Termination
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  Section 14.22
				

			 	
				
				   
				

			 	
				
				  Payment of Borrowers’
				  Obligations
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  Section 14.23
				

			 	
				
				   
				

			 	
				
				  Powers of Attorney and
				  Authorizations Irrevocable
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  Section 14.24
				

			 	
				
				   
				

			 	
				
				  USA Patriot Act
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  Section 14.25
				

			 	
				
				   
				

			 	
				
				  Amendment and Restatement
				

			 	
				
				   
				

			 	
				
				  96
				

			 
	
				
				  Section 14.26
				

			 	
				
				   
				

			 	
				
				  SUBI Facility
				

			 	
				
				   
				

			 	
				
				  97
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		iv
	 

	 
		 
	 

	 
	 

	 

	 
		SCHEDULES
	 

	 
		 
	 

	 
			
				
				  Schedule 1
				

			 	
				
				   
				

			 	
				
				  Commitments
				

			 
	
				
				  Schedule 2
				

			 	
				
				   
				

			 	
				
				  Pledged Chassis
				

			 
	
				
				  Schedule 3
				

			 	
				
				   
				

			 	
				
				  Pledged Containers
				

			 
	
				
				  Schedule 4
				

			 	
				
				   
				

			 	
				
				  Pledged Gensets
				

			 

 

	 
		EXHIBITS
	 

	 
		 
	 

	 
			
				
				  Exhibit A-1
				

			 	
				
				   
				

			 	
				
				  Form of Revolving Credit Note
				

			 
	
				
				  Exhibit A-2
				

			 	
				
				   
				

			 	
				
				  Form of Swing Line Note
				

			 
	
				
				  Exhibit B
				

			 	
				
				   
				

			 	
				
				  Form of Notice of Borrowing
				

			 
	
				
				  Exhibit C 
				

			 	
				
				   
				

			 	
				
				  Form of Notice of Account
				  Designation
				

			 
	
				
				  Exhibit D 
				

			 	
				
				   
				

			 	
				
				  Form of Notice of Prepayment
				

			 
	
				
				  Exhibit E 
				

			 	
				
				   
				

			 	
				
				  Form of Notice of
				  Conversion/Continuation
				

			 
	
				
				  Exhibit F 
				

			 	
				
				   
				

			 	
				
				  Form of Officer’s Compliance
				  Certificate
				

			 
	
				
				  Exhibit G 
				

			 	
				
				   
				

			 	
				
				  Form of Borrowing Base
				  Certificate
				

			 
	
				
				  Exhibit H 
				

			 	
				
				   
				

			 	
				
				  Form of Assignment and
				  Acceptance
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		v
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
		 
	 

	 
		This SECOND AMENDED AND RESTATED CREDIT AND
		SECURITY AGREEMENT is dated July 19, 2007, by and among INTERPOOL, INC., a
		Delaware corporation (“Interpool”), and TRAC LEASE, INC., a Delaware
		corporation (“Trac”, and together with Interpool, each individually a
		“Borrower” and individually and collectively the
		“Borrowers”), the Lenders who are or may become a party to this
		Agreement and are listed on Schedule
		1 hereto, and NATIONAL CITY BANK, a
		national banking association, as administrative and collateral agent for the
		Lenders.
	 

	 
		BACKGROUND
	 

	 
		A. The Borrowers and Interpool Containers
		Limited, a corporation organized under the laws of Barbados (the “BA
		Borrower” and together with the Borrowers, the “Existing
		Borrowers”) have previously entered into an Amended and Restated Credit
		and Security Agreement dated May 11, 2007, with the Lenders and the Agent,
		providing for certain loans to and extensions of credit on their behalf (the
		“Existing Agreement”).
	 

	 
		B. The Existing Borrowers have now requested
		(and the Lenders have agreed) that the Existing Agreement be amended and
		restated in its entirety in accordance with the terms and provisions of this
		Agreement in order to, inter
		alia, (i) provide for additional assets
		to be included in the credit facility created under the Agreement, (ii) provide
		for a future credit facility pursuant to which certain assets shall be held by
		a Titling Trust (as defined herein) and (iii) remove and release BA Borrower as
		a Borrower from the Existing Agreement and the related loan documents.
	 

	 
		C. In consideration of the mutual covenants
		and agreements herein contained and of the loans, extensions of credit and
		commitments hereinafter referred to, the parties hereto agree that the Existing
		Agreement be hereby amended and restated in its entirety to read as
		follows:
	 

	 
		NOW, THEREFORE, for good and valuable
		consideration, the receipt and sufficiency of which are hereby acknowledged by
		the parties hereto, and intending to be legally bound hereby, such parties
		hereby agree as follows:
	 

	 
		ARTICLE I
	 

	 
		DEFINITIONS
	 

	 
		Section 1.1 Definitions. The
		following terms when used in this Agreement shall have the meanings assigned to
		them below:
	 

	 
		“Acquisition” means the transactions contemplated by the
		Acquisition Agreement.
	 

	 
		“Acquisition Agreement” means the Agreement and Plan of Merger by and
		among Interpool, Chariot Acquisition Holding LLC and Chariot Acquisition Sub
		Inc. dated as of April 20, 2007.
	 

	 
		“Additional Chassis” means Chassis (other than Substitute Chassis)
		which are pledged to the Agent, in accordance with the terms of this Agreement,
		after the date hereof.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		“Additional Containers” means Containers (other than Substitute
		Containers) which are pledged to the Agent, in accordance with the terms of
		this Agreement, after the date hereof.
	 

	 
		“Additional Equipment” means Equipment (other than Substitute Equipment)
		which is pledged to the Agent, in accordance with the terms of this Agreement,
		after the date hereof.
	 

	 
		“Additional Gensets” means Gensets (other than Substitute Gensets)
		which are pledged to the Agent, in accordance with the terms of this Agreement,
		after the date hereof.
	 

	 
		“Affiliate”
		means, with respect to any specified Person, any other Person (a) which
		directly or indirectly controls, or whose directors or officers directly or
		indirectly control, or is controlled by, or is under common control with, such
		specified Person, (b) which beneficially owns or holds, or whose directors or
		officers beneficially own or hold, 5% or more of any class of the Voting Stock
		(or, in the case of an entity that is not a Corporation, 5% of the Equity
		Interest) of such specified Person, or (c) 5% or more of the Voting Stock (or,
		in the case of an entity that is not a Corporation, 5% of the equity interest)
		of which is owned or held by such specified Person. The term
		“control” means the possession, directly or indirectly, of the power
		to direct or cause the direction of the management and policies of a Person,
		whether through the ownership of Voting Stock, by contract, or otherwise; and
		the terms “controlling” and “controlled” have meanings
		correlative to the foregoing.
	 

	 
		“Agent”
		means National City in its capacity as Agent hereunder, and any successor
		thereto appointed pursuant to Section
		13.9 hereof.
	 

	 
		“Agent’s Office” means the office of the Agent specified in or
		determined in accordance with the provisions of Section 14.1(c)
		hereof.
	 

	 
		“Aggregate Commitment” means the aggregate amount of the Lenders’
		Commitments hereunder, as such amount may be reduced, increased or modified at
		any time or from time to time pursuant to the terms hereof. On the Closing
		Date, the Aggregate Commitment shall be One Hundred Million Dollars
		($100,000,000).
	 

	 
		“Aggregate Finance Lease Value” means, as to any Borrower, as of any date of
		determination, an amount equal to the sum of the Finance Lease Values of all
		such Borrower’s Eligible Finance Leases.
	 

	 
		“Aggregate Net Book Value” means, as to any Borrower, as of any date of
		determination, an amount equal to the sum of the Net Book Values of all such
		Borrower’s Eligible Equipment not then subject to a Finance Lease.
	 

	 
		“Agreement”
		means this Amended and Restated Credit and Security Agreement including the
		schedules and exhibits attached hereto, as amended, supplemented, restated or
		otherwise modified.
	 

	 
		“Applicable Law” means all applicable provisions of constitutions,
		laws (including common laws), statutes, ordinances, rules, treaties,
		conventions, regulations, permits, licenses, approvals, interpretations and
		orders of courts or Governmental Authorities and all orders, injunctions,
		writs, awards and decrees of all courts and arbitrators.
	 

	 
		 
	 

	 
		 
	 

	 
		-2-
	 

	 
		 
	 

	 
	 

	 

	 
		“Applicable Margin” means one hundred basis points (1.00%). 
	 

	 
		“Application” means an application, in the form specified by
		the Issuing Lender from time to time, requesting the Issuing Lender to issue a
		Letter of Credit.
	 

	 
		“Assignment and Acceptance” shall have the meaning assigned thereto in
		Section 14.10 (b)(iii)
		hereof.
	 

	 
		“Base Rate”
		means, at any time, the higher of (a) the Prime Rate and (b) the sum of (i) the
		Federal Funds Rate plus (ii) 1/2 of 1%. Each change in the Base Rate shall take
		effect simultaneously with the corresponding change or changes in the Prime
		Rate or the Federal Funds Rate.
	 

	 
		“Base Rate Loan” means any Loan bearing interest at a rate based
		upon the Base Rate as provided in Section 4.1(a)
		hereof.
	 

	 
		“Borrower”
		means individually, and “Borrowers”
		means individually and collectively, Interpool, Inc., a Delaware corporation,
		and Trac Lease, Inc., a Delaware corporation, together with their successors
		and permitted assigns.
	 

	 
		“Borrowing Base” means, at any time, the sum, for the Borrowers,
		in aggregate, of (a) 90% of their then Aggregate Finance Lease Value,
		plus (b) 90% of their then Aggregate Net Book
		Value.
	 

	 
		“Borrowing Base Certificate” shall have the meaning assigned thereto in
		Section 8.2(b)
		hereof.
	 

	 
		“Business Day” means (a) for all purposes other than as set
		forth in clause (b) below, any day other than a Saturday, Sunday or legal
		holiday on which banks in Cleveland, Ohio and New York, New York are open for
		the conduct of their commercial banking business, and (b) with respect to all
		notices and determinations in connection with, and payments of principal and
		interest on, any LIBOR Rate Loan, any day that is a Business Day described in
		clause (a) and that is also a day for trading by and between banks in Dollar
		deposits in the London interbank market.
	 

	 
		“Canadian Chassis” means any Chassis that is registered in a
		province in Canada.
	 

	 
		“Capital Stock” means, with respect to any Person, all of the
		shares, interests, rights, participations or other equivalents (however
		designated) of capital stock of (or other ownership or profit interests or
		units in) such Person and all of the warrants, options or other rights for the
		purchase, acquisition or exchange from such Person of any of the foregoing
		(including through convertible securities).
	 

	 
		“Capitalized Lease Obligations” means all obligations of Interpool and its
		Consolidated Subsidiaries under Capitalized Leases, as reflected on
		Interpool’s Consolidated balance sheet. 
	 

	 
		 
	 

	 
		 
	 

	 
		-3-
	 

	 
		 
	 

	 
	 

	 

	 
		“Capitalized Leases” means any lease agreement pursuant to which
		Interpool or any of its Consolidated Subsidiaries is the lessee and the
		lessee’s obligations under which are required to be reflected as
		liabilities on Interpool’s Consolidated balance sheet.
	 

	 
		“Casualty Item” means any Eligible Equipment that has become the
		subject of an Event of Loss.
	 

	 
		“Casualty Payment” means, as to any Lease, any payment under such
		Lease, made in connection with an Event of Loss with respect to any Pledged
		Equipment subject to such Lease, that terminates all or a portion of the
		related Lessee’s obligation to make subsequent Lease Payments pursuant to
		the terms of such Lease.
	 

	 
		“Certificate of Title” means, as to any Chassis, the certificate of
		title, or other evidence of ownership, issued by the applicable Governmental
		Authority of the jurisdiction in which title to such Chassis and Liens thereon
		are registered. 
	 

	 
		“Change in Control” means (i) at any time prior to a Parent IPO, (x)
		Permitted Investors shall fail to own, directly or indirectly, beneficially and
		of record, 100% of the common Capital Stock of Parent (other than Management
		Equity), or (y) Parent shall fail to own, directly or indirectly, beneficially
		and of record, 100% of the common Capital Stock of the Borrowers (other than
		Management Equity); and (ii) at any time after a Parent IPO, (x) Permitted
		Investors fail to own, directly or indirectly, beneficially and of record, more
		of the common Capital Stock of Parent than any other “person” or
		“group” (as such terms are used in Section 13(d) of the Securities
		Exchange Act of 1934, as amended), or (y) Parent shall fail to own, directly or
		indirectly, beneficially and of record, 100% of the common Capital Stock of the
		Borrowers (other than Management Equity).
	 

	 
		“Chassis”
		means the supporting frame of a non-automotive vehicle designed to be hauled by
		road exclusive of any container or other housing attached thereon, together
		with all substitutions, repairs, replacements, non-severable appliances,
		instruments, accessories, furnishings, other equipment, additions, parts and
		improvements from time to time constituting a part thereof and all accessions
		thereto.
	 

	 
		“Closing Date” means the date of this Agreement or such later
		Business Day upon which each condition described in Sections 5.1 and 5.2 hereof shall be satisfied or waived in all respects in
		a manner acceptable to the Agent, in its sole discretion.
	 

	 
		“Code” means
		the United States Internal Revenue Code of 1986, and the rules and regulations
		thereunder, each as amended, supplemented or otherwise modified.
	 

	 
		“Collateral”
		has the meaning assigned thereto in Section 6.1
		hereof.
	 

	 
		“Commitment”
		means, as to any Lender, the obligation of such Lender to make Revolving Credit
		Loans to, to make or participate in Swing Line Loans to and to issue or
		participate in Letters of Credit issued for the account of the Borrowers
		hereunder in an aggregate principal or face amount at any time outstanding not
		to exceed the amount set forth opposite such Lender’s name on
		Schedule 1 hereto, as the same may be reduced or modified at any
		time or from time to time pursuant to the terms hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-4-
	 

	 
		 
	 

	 
	 

	 

	 
		“Commitment Percentage” means, as to any Lender at any time, the ratio of
		(a) the amount of the Commitment of such Lender to (b) the Aggregate Commitment
		of all of the Lenders.
	 

	 
		“Concentration Limits” means, as of any date of determination, all of
		the following: 
	 

	 
		(a) The sum of (i) the Net Book Values of,
		plus (ii) the Finance Lease Values relating to Containers
		shall not exceed $5,000,000; 
	 

	 
		(b) The sum of (i) the Net Book Values of,
		plus (ii) the Finance Lease Values relating to, all Untitled
		Chassis, shall not exceed $25,000,000; and
	 

	 
		(c) The sum of (i) the Net Book Values
		of, plus (ii) the Finance Lease Values relating to, all
		Chassis consisting of axles only shall not exceed $1,000,000.
	 

	 
		The Concentration Limits set forth in any
		sublimit set forth above shall be determined without duplication of excess
		amounts in another sublimit. Any Containers or Chassis which fall outside any
		of the above Concentration Limits shall not be classified as Eligible
		Containers or Eligible Chassis, as applicable.
	 

	 
		“Consolidated” means, with respect to any Person and any
		specified Subsidiaries of such Person, refers to the consolidation of financial
		statements of such Person and such Subsidiaries and of particular items in such
		financial statements in accordance with GAAP.
	 

	 
		“Container”
		means any dry cargo steel container which is and has been used solely in
		domestic United States service and is not designed for and has not been used in
		ocean going commerce, together with all substitutions, repairs, replacements,
		non-severable appliances, instruments, accessories, furnishings, other
		equipment, additions, parts and improvements from time to time constituting a
		part thereof and all accessions thereto, provided that Gensets are not
		Containers.
	 

	 
		“Contract Payment” means, with respect to any Lease, the minimum
		monthly or other periodic contractual rental payment required to be made
		thereunder for the use of the Pledged Equipment subject to such Lease.
	 

	 
		“Controlled Group” means all trades or businesses (whether or not
		incorporated) under common control that, together with any Borrower, are
		treated as a single employer under Section 414(b) or 414(c) of the Code or
		Section 4001 of ERISA.
	 

	 
		“Corporation” means any or all of the following, as the context
		may require, corporations, limited partnerships, limited liability companies,
		limited liability partnerships, joint stock associations and business trusts.
		
	 

	 
		“Credit Facility” means the collective reference to the Revolving
		Credit Facility, the L/C Facility and the Swing Line Facility.
	 

	 
		 
	 

	 
		 
	 

	 
		-5-
	 

	 
		 
	 

	 
	 

	 

	 
		“Custodian”
		means the Person performing the duties of the Custodian under the Custody
		Agreement; initially, U.S. Bank, National Association, a national banking
		association, and its successors and permitted assigns.
	 

	 
		“Custody Agreement” means that certain Custodial Agreement dated
		September 9, 2005, entered into among the Custodian, the Agent and the
		Borrowers, as such agreement may be amended, modified, supplemented or restated
		from time to time.
	 

	 
		“Default”
		means any of the events specified in Section 12.1
		hereof which with the passage of time, the giving of notice or any other
		condition, would constitute an Event of Default.
	 

	 
		“Defaulted Lease” means any Lease for which: (a) any Contract
		Payment (or portion more than 5% thereof) owing thereunder is more than 120
		days delinquent (measured from its contractual due date); (b) the related
		Lessee is in default under any other provision of such lease not dealt with in
		clause (a) and any applicable grace and/or cure period set forth in such lease
		has expired and a Borrower has in accordance with its normal procedures
		declared such lease to be in default; or (c) a Borrower has otherwise
		determined that the remaining amounts owing by the Lessee under such lease are
		expected to be uncollectible.
	 

	 
		“Derivatives Obligations” means all obligations of any Person in respect of
		any Hedging Agreement.
	 

	 
		“Distributions” means, for any period of measurement with respect
		to any Corporation, any of the following: (a) the declaration or payment of any
		dividend or distribution on or in respect of Capital Stock of such Corporation,
		except dividends payable solely in shares of such Corporation’s common
		stock or other ownership interests having rights similar to common stock; and
		(b) any other loan, dividend or distribution for any purpose from such
		Corporation (however characterized) to or for the benefit of any or all of its
		shareholders, whether paid on or in respect of shares of Capital Stock of such
		Corporation or otherwise.
	 

	 
		“Dollars”
		and “$” means Dollars or such coin or currency of the
		United States as at the time of payment shall be legal funds for the payment of
		public and private debts in the United States.
	 

	 
		“Earnings Available for Fixed Charges”
		means, for any rolling four quarter
		period, the sum of Fixed Charges for such period plus Net Income for such
		period before income taxes plus interest expenses for such period relating to
		any subordinated debt of Interpool and its Consolidated Subsidiaries.
	 

	 
		“Eligible Assignee” means, with respect to any assignment of the
		rights, interest and obligations of a Lender hereunder, a Person that is at the
		time of such assignment: (a) a commercial bank organized under the laws of the
		United States or any state thereof, having combined capital and surplus in
		excess of $500,000,000; (b) a commercial bank organized under the laws of any
		other country that is a member of the Organization of Economic Cooperation and
		Development, or a political subdivision of any such country, having combined
		capital and surplus in excess of $500,000,000; (c) a finance company, insurance
		company or other financial
	 

	 
		 
	 

	 
		 
	 

	 
		-6-
	 

	 
		 
	 

	 
	 

	 

	 
		institution which in the ordinary course of
		business extends credit of the type extended hereunder and that has total
		assets in excess of $1,000,000,000; (d) a Lender hereunder (whether as an
		original party to this Agreement or as the assignee of another Lender); (e) the
		successor (whether by transfer of assets, merger or otherwise) to all or
		substantially all of the commercial lending business of the assigning Lender;
		or (f) any other Person that has been approved in writing as an Eligible
		Assignee by the Agent (and, so long as no Default or Event of Default has
		occurred and is continuing, the Borrowers).
	 

	 
		“Eligible Chassis” means, as of any date of determination, any
		Pledged Chassis which complies with the covenants set forth in this Agreement
		and each of the following requirements:
	 

	 
		(a) Such Pledged Chassis substantially
		conforms to the standard specifications used by each of the Borrowers for
		Chassis purchased for their own account, for that category of Chassis and
		applicable industry standards, provided that, subject to the Concentration
		Limits, Pledged Chassis may include Chassis consisting of axles only, to the
		extent currently awaiting remanufacture;
	 

	 
		(b) To any Borrower’s knowledge, such
		Pledged Chassis is not then the subject of an Event of Loss (or an event which,
		with notice and/or lapse of time, would constitute an Event of Loss);
	 

	 
		(c) A Borrower has good and valid title to
		such Pledged Chassis, free and clear of all Liens other than Permitted Liens
		and such Pledged Chassis shall not have been sold, transferred, assigned or
		pledged by any Borrower to any Person other than the Agent;
	 

	 
		(d) The Agent has a first priority perfected
		security interest (or equivalent Lien under Canadian law, if applicable, as to
		Untitled Canadian Chassis) in such Pledged Chassis (other than any Untitled
		Chassis, if and to the extent a title registration is required for perfection),
		and any Lease and, to the extent a security interest can be perfected under
		Article 9 of the UCC, Related Assets with respect to such Pledged Chassis and
		any such Untitled Chassis (subject, in each case, only to Permitted
		Liens);
	 

	 
		(e) The pledge of such Pledged Chassis and
		the Related Assets from a Borrower, to the Agent does not violate any agreement
		to which any Borrower is a party or by which any Borrower and/or its properties
		are bound;
	 

	 
		(f) No consent or approval from the Lessee
		or other Person is required to pledge such Pledged Chassis or the Related
		Assets from any Borrower to the Agent except for any such consents or approvals
		that have been obtained;
	 

	 
		(g) Except for Untitled Chassis, such
		Pledged Chassis is titled (or, if such Chassis is a new Chassis purchased
		directly from the manufacturer or another seller, will be titled) under the
		laws of one of the states of the United States or registered under the laws of
		one of the provinces of Canada;
	 

	 
		(h) Following issuance thereof, the
		Certificate of Title for such Pledged Chassis (other than Untitled Chassis and
		Untitled Canadian Chassis) shall be held by the Custodian and
	 

	 
		 
	 

	 
		 
	 

	 
		-7-
	 

	 
		 
	 

	 
	 

	 

	 
		reflect a Borrower as the sole owner of such
		Pledged Chassis and the Agent as the sole secured party with respect to such
		Pledged Chassis;
	 

	 
		(i) Such Pledged Chassis was not subject to
		any adverse selection procedures by any Borrower in selecting such Pledged
		Chassis and its Related Assets to be Pledged Assets;
	 

	 
		(j) Each Lessee under any Lease of such
		Pledged Chassis is Solvent and is not an Affiliate of any Borrower;
	 

	 
		(k) Such Pledged Chassis is not then (i) on
		lease to a Prohibited Person, or (ii) used in a Prohibited Jurisdiction;
	 

	 
		(l) Such Pledged Chassis is located within
		the United States of America, Canada or Mexico;
	 

	 
		(m) Such Pledged Chassis is not then subject
		to a Defaulted Lease;
	 

	 
		(n) Such Pledged Chassis is not then subject
		to a Finance Lease;
	 

	 
		(o) The purchase price paid by the
		applicable Borrower to the manufacturer thereof did not exceed the then fair
		market value of such Pledged Chassis; 
	 

	 
		(p) Such Pledged Chassis is subject to no
		Liens other than Permitted Liens; and
	 

	 
		(q) Such Pledged Chassis complies with all
		of the Concentration Limits.
	 

	 
		provided that, (A) compliance with paragraph
		(d) above, with respect to perfection of the Agent’s security interest in
		such Chassis (other than any Untitled Chassis and any Untitled Canadian
		Chassis), is hereby waived for the first sixty (60) days during which such
		Chassis is pledged to the Agent as Collateral, so long as prior to the end of
		such period: (i) the Borrower has delivered the related Certificate of Title
		(or, if such Pledged Chassis is a Chassis purchased directly from the
		manufacturer or another seller, the necessary purchase documentation) and all
		other necessary documentation required by the applicable Governmental Authority
		to cause such Certificate of Title, upon issuance, to reflect a Borrower as the
		sole owner of, and the Agent as the sole secured party with respect to, such
		Chassis to the Filing Agent and has taken all other steps necessary for the
		Filing Agent to process an application for title in the appropriate
		jurisdiction with the such Governmental Authority; (ii) the Filing Agent has
		filed such application and has notified Interpool in writing (which notice may
		be made electronically and shall, in any case, specifically identify such
		Pledged Chassis) that it has done so (and a copy of such notice has been
		delivered to the Agent); (iii) such application has not been rejected or
		returned; and (iv) a collateral schedule indicating that such Chassis has been
		pledged to the Agent shall have been received by the Custodian, (B) compliance
		with paragraph (d) above, with respect to perfection of a security interest or
		equivalent Lien in any Untitled Canadian Chassis, is hereby waived for the
		first thirty (30) days during which such Untitled Canadian Chassis is pledged
		to the Agent as Collateral, so long as at the end of such period the Borrower
		has delivered to Agent filed copies of both a Canadian Personal Property
		Security Act filing and a UCC financing statement indicating such Canadian
		Chassis as collateral, the Borrower as the debtor and the Agent as the secured
		party, and (C) to the extent that more than five percent (5%)
	 

	 
		 
	 

	 
		 
	 

	 
		-8-
	 

	 
		 
	 

	 
	 

	 

	 
		of all Pledged Chassis are located in Mexico
		at any time, any such excess shall not be treated as Pledged Chassis for
		purposes of the calculation of the Borrowing Base.
	 

	 
		“Eligible Container” means, as of any date of determination, any
		Pledged Container which complies with the covenants set forth in this Agreement
		and each of the following requirements:
	 

	 
		(a) Such Pledged Container substantially
		conforms to the standard specifications used by each of the Borrowers for
		Container purchased for their own account, for that category of Container and
		applicable industry standards;
	 

	 
		(b) To any Borrower’s knowledge, such
		Pledged Container is not then the subject of an Event of Loss (or an event
		which, with notice and/or lapse of time, would constitute an Event of
		Loss);
	 

	 
		(c) A Borrower has good and valid title to
		such Pledged Container, free and clear of all Liens other than Permitted Liens
		and such Pledged Container shall not have been sold, transferred, assigned or
		pledged by any Borrower to any Person other than the Agent;
	 

	 
		(d) The Agent has a first priority perfected
		security interest in such Pledged Container and any Lease and, to the extent a
		security interest can be perfected by filing, Related Assets with respect to
		such Pledged Container (subject only to Permitted Liens);
	 

	 
		(e) The pledge of such Pledged Container and
		the Related Assets from a Borrower, to the Agent does not violate any agreement
		to which any Borrower is a party or by which any Borrower and/or its properties
		are bound;
	 

	 
		(f) No consent or approval from the Lessee
		or other Person is required to pledge such Pledged Container or the Related
		Assets from any Borrower to the Agent except for any such consents or approvals
		that have been obtained; 
	 

	 
		(g) Such Pledged Container is not subject to
		any titling or registration requirements under any Applicable Law;
	 

	 
		(h) Such Pledged Container was not subject
		to any adverse selection procedures by any Borrower in selecting such Pledged
		Container and its Related Assets to be Pledged Assets;
	 

	 
		(i) Each Lessee under any Lease of such
		Pledged Container is Solvent and is not an Affiliate of any Borrower;
	 

	 
		(j) Such Pledged Container is not then (i)
		on lease to a Prohibited Person, or (ii) used in a Prohibited
		Jurisdiction;
	 

	 
		(k) Such Pledged Container is not then
		subject to a Defaulted Lease;
	 

	 
		(l) Such Pledged Container is not then
		subject to a Finance Lease;
	 

	 
		 
	 

	 
		 
	 

	 
		-9-
	 

	 
		 
	 

	 
	 

	 

	 
		(m) The purchase price paid by the
		applicable Borrower to the manufacturer thereof did not exceed the then fair
		market value of such Pledged Container; 
	 

	 
		(n) Such Pledged Container is subject to no
		Liens other than Permitted Liens;
	 

	 
		(o) Such Pledged Container complies with all
		of the Concentration Limits; and
	 

	 
		(p) Such Pledged Container is located within
		the United States of America, Canada or Mexico.
	 

	 
		“Eligible Equipment” means Eligible Chassis, Eligible Containers and
		Eligible Gensets, as applicable.
	 

	 
		“Eligible Finance Leases” means any Finance Lease that, as of any date of
		determination, complies with the covenants set forth in this Agreement and each
		of the following requirements:
	 

	 
		(a) Such Finance Lease is not a Defaulted
		Lease;
	 

	 
		(b) No rental payment owing pursuant to the
		terms of such Finance Lease is more than ninety (90) days delinquent (measured
		from its contractual due date) as of such date of determination;
	 

	 
		(c) Such Finance Lease is a legal, valid and
		binding full recourse payment obligation of the related Lessee enforceable in
		accordance with its terms (except as may be limited by applicable insolvency,
		bankruptcy, moratorium, reorganization, or other similar laws affecting
		enforceability of creditors’ rights generally and the availability of
		equitable remedies) and is in full force and effect and such Finance Lease has
		not been satisfied, subordinated or rescinded;
	 

	 
		(d) The Lessee’s obligations under such
		Lease are “hell or high water” obligations that are, among other
		characteristics, non-cancelable, unconditional and not subject to any right of
		set-off, rescission, counterclaim, offset, reduction or recoupment except that,
		upon making of a Casualty Payment under such Lease, the obligation of the
		related Lessee to make Lease Payments thereunder may be reduced
		accordingly;
	 

	 
		(e) Each Lease contains provisions requiring
		the Lessee to pay all sales, use, excise, rental, property or similar taxes
		imposed on or with respect to the related Pledged Equipment and to assume all
		risk of loss, damage, or destruction of such Pledged Equipment, and each Lease
		requires the Lessee to maintain the related Pledged Equipment in good and
		workable order and to obtain and maintain, on such Pledged Equipment, liability
		insurance, physical damage insurance and, to the extent applicable, automobile
		liability insurance, and to name the lessor under the Lease as a loss payee and
		an additional insured with respect thereto (except as provided in Section 9.7
		hereof);
	 

	 
		(f) The pledge by a Borrower to the Agent of
		a security interest in such Finance Lease and the related Pledged Equipment
		will not violate the terms or provisions of such Finance Lease or any other
		agreement to which any Borrower is a party or by which they are bound;
	 

	 
		 
	 

	 
		 
	 

	 
		-10-
	 

	 
		 
	 

	 
	 

	 

	 
		(g) Such Finance Lease has not been amended
		prior to the Closing Date or Substitution Date, as appropriate, such that the
		amount of any Contract Payment owing pursuant to the terms of such Finance
		Lease has been decreased, or any other obligations of the Lessee under such
		Finance Lease have been diminished, due to the related Lessee’s financial
		inability to make such payments;
	 

	 
		(h) The related Lessee is Solvent and is not
		an Affiliate of any Borrower;
	 

	 
		(i) All payments owing under such Finance
		Lease are required to be made in Dollars;
	 

	 
		(j) Such Finance Lease provides for the
		acceleration of all rental payments thereunder upon default by the
		Lessee;
	 

	 
		(k) Such Finance Lease requires that in the
		event of an Event of Loss, the related Lessee must take one of the following
		actions: (i) restore or repair the affected Pledged Equipment to good repair,
		condition and working order; (ii) replace the Pledged Equipment with like
		equipment of the same or later model in good repair, condition and working
		order; (iii) make a lump sum payment in an amount that is not less than the
		then Finance Lease Value of the Casualty Item; or (iv) continue to make
		Contract Payments on its regularly scheduled basis despite the occurrence of an
		Event of Loss;
	 

	 
		(l) Such Finance Lease and the Pledged
		Equipment and Related Assets subject to such Finance Lease are not subject to
		any Liens other than Permitted Liens; 
	 

	 
		(m) The Agent has a first priority perfected
		security interest (or equivalent Lien under Canadian law, if applicable, as to
		Untitled Canadian Chassis) in such Finance Lease and the related Pledged
		Equipment (other than Untitled Chassis if and to the extent a title
		registration is required for perfection) and, to the extent to which a security
		interest can be perfected under Article 9 of the UCC or by filing, Related
		Assets with respect to such Finance Lease (subject only to Permitted
		Liens);
	 

	 
		(n) With respect to Pledged Chassis, each
		Pledged Chassis (other than Untitled Chassis) subject to such Finance Lease is
		titled (or, if such Chassis is a new Chassis purchased directly from the
		manufacturer or another seller, will be titled) under the laws of one of the
		states of the United States or registered under the laws or one of the
		provinces of Canada;
	 

	 
		(o) The Pledged Equipment subject to such
		Finance Lease is located within the United States of America, Canada or Mexico;
		and
	 

	 
		(p) With respect to Pledged Chassis,
		following issuance, the Certificate of Title for the related Pledged Chassis
		(other than Untitled Chassis and Untitled Canadian Chassis) shall be held by
		the Custodian and reflect a Borrower as the sole owner of such Pledged Chassis
		and the Agent as the sole secured party with respect to such Pledged
		Chassis;
	 

	 
		provided that, (A) compliance with paragraph
		(m) above, with respect to perfection of the Agent’s security interest in
		any Pledged Chassis (other than Untitled Chassis and Untitled Canadian
		Chassis), is hereby waived for the first sixty (60) days during which such
		Chassis is pledged to the Agent as Collateral, so long as prior to the end of
		such period: (i) the Borrower
	 

	 
		 
	 

	 
		 
	 

	 
		-11-
	 

	 
		 
	 

	 
	 

	 

	 
		has delivered the related Certificate of
		Title (or, if such Pledged Chassis is a Chassis purchased directly from the
		manufacturer or another seller, the necessary purchase documentation) and all
		other necessary documentation required by the applicable Governmental Authority
		to cause such Certificate of Title, upon issuance, to reflect a Borrower as the
		sole owner of, and the Agent as the sole secured party with respect to, such
		Chassis to the Filing Agent and has taken all other steps necessary for the
		Filing Agent to process an application for title in the appropriate
		jurisdiction with the such Governmental Authority; (ii) the Filing Agent has
		filed such application and has notified Interpool in writing (which notice may
		be made electronically and shall, in any case, specifically identify such
		Pledged Chassis) that it has done so (and a copy of such notice has been
		delivered to the Agent); (iii) such application has not been rejected or
		returned; and (iv) a collateral schedule indicating that such Chassis has been
		pledged to the Agent shall have been received by the Custodian, (B) compliance
		with paragraph (m) above, with respect to perfection of a security interest or
		equivalent Canadian Lien in any Untitled Canadian Chassis, is hereby waived for
		the first thirty (30) days during which such Untitled Canadian Chassis is
		pledged to the Agent as Collateral, so long as at the end of such period the
		Borrower has delivered to Agent filed copies of both a Canadian Personal
		Property Security Act filing and a UCC financing statement indicating such
		Canadian Chassis as collateral, the Borrower as the debtor and the Agent as the
		secured party, and (C) to the extent that more than five percent (5%) of all
		Pledged Chassis are located in Mexico at any time, any such excess shall not be
		treated as Pledged Chassis for purposes of the calculation of the Borrowing
		Base.
	 

	 
		“Eligible Genset” means, as of any date of determination, any
		Pledged Genset which complies with the covenants set forth in this Agreement
		and each of the following requirements: 
	 

	 
		(a) Such Pledged Genset substantially
		conforms to the standard specifications used by each of the Borrowers for
		Genset purchased for their own account, for that category of Genset and
		applicable industry standards;
	 

	 
		(b) To any Borrower’s knowledge, such
		Pledged Genset is not then the subject of an Event of Loss (or an event which,
		with notice and/or lapse of time, would constitute an Event of Loss);
	 

	 
		(c) A Borrower has good and valid title to
		such Pledged Genset, free and clear of all Liens other than Permitted Liens and
		such Pledged Genset shall not have been sold, transferred, assigned or pledged
		by any Borrower to any Person other than the Agent;
	 

	 
		(d) The Agent has a first priority perfected
		security interest in such Pledged Genset and any Lease and, to the extent a
		security interest can be perfected by filing, Related Assets with respect to
		such Pledged Genset (subject only to Permitted Liens);
	 

	 
		(e) The pledge of such Pledged Genset and
		the Related Assets from a Borrower, to the Agent does not violate any agreement
		to which any Borrower is a party or by which any Borrower and/or its properties
		are bound;
	 

	 
		(f) No consent or approval from the Lessee
		or other Person is required to pledge such Pledged Genset or the Related Assets
		from any Borrower to the Agent except for any such consents or approvals that
		have been obtained;
	 

	 
		 
	 

	 
		 
	 

	 
		-12-
	 

	 
		 
	 

	 
	 

	 

	 
		(g) Such Pledged Genset is not subject to
		any titling or registration requirements under any Applicable Law;
	 

	 
		(h) Such Pledged Genset was not subject to
		any adverse selection procedures by any Borrower in selecting such Pledged
		Genset and its Related Assets to be Pledged Assets;
	 

	 
		(i) Each Lessee under any Lease of such
		Pledged Genset is Solvent and is not an Affiliate of any Borrower;
	 

	 
		(j) Such Pledged Genset is not then (i) on
		lease to a Prohibited Person, or (ii) used in a Prohibited Jurisdiction;
	 

	 
		(k) Such Pledged Genset is not then subject
		to a Defaulted Lease;
	 

	 
		(l) Such Pledged Genset is not then subject
		to a Finance Lease;
	 

	 
		(m) The purchase price paid by the
		applicable Borrower to the manufacturer thereof did not exceed the then fair
		market value of such Pledged Genset;
	 

	 
		(n) Such Pledged Genset is subject to no
		Liens other than Permitted Liens; and
	 

	 
		(o) Such Pledged Genset is located within
		the United States of America or Canada.
	 

	 
		“Eligible Investments” means one or more of the following:
	 

	 
		(a) direct obligations of, and obligations
		fully guaranteed as to the timely payment of principal and interest by, the
		United States or obligations of any agency or instrumentality thereof when such
		obligations are backed by the full faith and credit of the United
		States;
	 

	 
		(b) certificates of deposit and
		bankers’ acceptances (which shall each have an original maturity of not
		more than three hundred sixty-five (365) days) of any United States depository
		institution or trust company incorporated under the laws of the United States
		or any State and subject to supervision and examination by federal and/or State
		authorities, provided that the long-term unsecured senior debt obligations of
		such depository institution or trust company at the date of acquisition thereof
		have been rated at least “A-1” by S&P and “P-1” by
		Moody’s or which is otherwise acceptable to the Agent;
	 

	 
		(c) commercial paper (having original
		maturities of not more than two hundred seventy (270) days) of any corporation
		incorporated under the laws of the United States or any State thereof which on
		the date of acquisition has been rated at least “A-1” by S&P and
		“P-1” by Moody’s or which is otherwise acceptable to the
		Agent;
	 

	 
		(d) any money market fund that invests
		solely in Eligible Investments;
	 

	 
		(e) eurodollar deposits (which shall each
		have an original maturity of not more than three hundred sixty-five (365) days)
		of any depository institution or trust company, provided that the long-term
		unsecured senior debt obligations of such depository institution or trust
		company
	 

	 
		 
	 

	 
		 
	 

	 
		-13-
	 

	 
		 
	 

	 
	 

	 

	 
		at the date of acquisition thereof have been
		rated at least “A-1” by S&P and “P-1” by Moody’s
		or which is otherwise acceptable to the Agent; and
	 

	 
		(f) other obligations or securities that are
		acceptable to the Agent.
	 

	 
		“Environmental Laws” means any and all United States federal, state,
		local and foreign laws, statutes, ordinances, rules, judgments, orders,
		decrees, permits, concessions, grants, franchises, licenses, agreements or
		other governmental restrictions relating to fines, orders, injunctions,
		penalties, damages, contribution, cost recovery compensation, losses or
		injuries resulting from the Release or threatened Release of Hazardous
		Materials or to the generation, storage, transportation, or disposal of
		Hazardous Materials, in any manner applicable to Interpool or any of its
		Subsidiaries or any of their respective properties, including the Comprehensive
		Environmental Response, Compensation, and Liability Act (42 U.S.C. §9601
		et seq.), the Hazardous Material Transportation Act (49 U.S.C. §1801 et
		seq.), the Solid Waste Disposal Act (42 U.S.C. §6901 et seq.), the Federal
		Water Pollution Control Act (33 U.S.C. §1251 et seq.), the Clean Air Act
		(42 U.S.C. §7401 et seq. , the Toxic Substances Control Act (15 U.S.C.
		§2601 et. seq. , the Occupational Safety and Health Act (29 U.S.C.
		§651 et. seq. and the Emergency Planning and Community Right-to-Know Act
		(42 U.S.C. § 11001 et. seq.), each as amended or supplemented, and any
		analogous future or present local, state and federal or foreign statutes and
		rules and regulations promulgated pursuant thereto, each as in effect on the
		date of determination.
	 

	 
		“Equipment”
		means, as applicable, any Chassis, Container or Genset.
	 

	 
		“Equity Interests” means, with respect to any Person, any and all
		shares, partnership, membership, trust and other interests, participations or
		other equivalents (however designated) of equity ownership interests of such
		Person.
	 

	 
		“ERISA”
		means the United States Employee Retirement Income Security Act of 1974, and
		the rules and regulations thereunder, collectively, as the same may be amended
		from time to time. 
	 

	 
		“ERISA Affiliate” means any Person who together with any Borrower
		is treated as a single employer within the meaning of Section 414(b), (c), (m)
		or (o) of the Code or Section 4001(b) of ERISA.
	 

	 
		“Eurodollar Reserve Percentage” means, for any day, the percentage (expressed as
		a decimal and rounded upwards, if necessary, to the next higher one-hundredth
		of one percent (1/100%)) which is in effect for such day as prescribed by the
		Federal Reserve Board (or any successor) for determining the maximum reserve
		requirement (including, without limitation, any basic, supplemental or
		emergency reserves) in respect of eurocurrency liabilities or any similar
		category of liabilities for a member bank of the Federal Reserve System in New
		York City.
	 

	 
		“Event of Default” means any of the events specified in
		Section 12.1 hereof, provided that any requirement for passage of
		time, giving of notice, or any other condition, has been satisfied.
	 

	 
		 
	 

	 
		 
	 

	 
		-14-
	 

	 
		 
	 

	 
	 

	 

	 
		“Event of Loss” means, with respect to any Pledged Equipment as
		of any date of determination, any of the following events or conditions:
	 

	 
		(a) total loss or destruction
		thereof;
	 

	 
		(b) theft or disappearance thereof without
		recovery within sixty (60) days after such theft or disappearance first becomes
		known to any Borrower;
	 

	 
		(c) damage rendering such Pledged Equipment
		unfit for normal use and, in the judgment of any Borrower, beyond repair at
		reasonable cost;
	 

	 
		(d) any condemnation, seizure, forced sale
		or other taking of title to or use of any such Pledged Equipment; 
	 

	 
		(e) if such Pledged Equipment is then
		subject to the terms of a Lease, such Pledged Equipment shall have been deemed
		under the terms of such Lease to have suffered an Event of Loss (or an
		equivalent term);
	 

	 
		(f) it is then located in a Prohibited
		Jurisdiction; or
	 

	 
		(g) if such Equipment is not then located
		within the United States of America, Canada or Mexico,
	 

	 
		provided, however, no Pledged Equipment
		shall be deemed to be subject to an Event of Loss for so long as the Lessee
		continues to pay any Lease Payments with respect to such Pledged Equipment
		without reduction or offset.
	 

	 
		“Existing Agreement” has the meaning set forth in the Background
		section of this Agreement.
	 

	 
		“Extensions of Credit” means, as to any Lender at any time, an amount
		equal to the sum of (a) the aggregate principal amount of all Revolving Credit
		Loans made by such Lender then outstanding, (b) such Lender’s Commitment
		Percentage of the L/C Obligations then outstanding, and (c) such Lender’s
		Commitment Percentage of the principal amount of the Swing Line Loans then
		outstanding. 
	 

	 
		“Federal Funds Rate” means, the rate per annum (rounded upwards, if
		necessary, to the next higher one-hundredth of one percent (1/100%))
		representing the daily effective federal funds rate as quoted by the Agent and
		confirmed in Federal Reserve Board Statistical Release H.15 (519) or any
		successor or substitute publication selected by the Agent. If, for any reason,
		such rate is not available, then Federal Funds Rate shall mean a daily rate
		which is determined, in the opinion of the Agent, to be the rate at which
		federal funds are being offered for sale in the national federal funds market
		at 9:00 a.m. (Cleveland time). Rates for weekends or holidays shall be the same
		as the rate for the most immediate preceding Business Day. 
	 

	 
		“Fee Letters” means those certain letter agreements executed by
		the Borrowers and the Agent dated June 21, 2007 (the “Agent Fee Letter”), and July 18, 2007 (the “Arrangement Fee Letter”), respectively, as may be amended, supplemented,
		modified or restated from time to time.
	 

	 
		 
	 

	 
		 
	 

	 
		-15-
	 

	 
		 
	 

	 
	 

	 

	 
		“Filing Agent” means a registered Maine titling agent, or such
		other registered titling agent from a state with respect to which the Borrowers
		have provided the Agent with an opinion of local counsel as to the method of
		perfection of the Agent’s security interest in Chassis under the UCC and
		motor vehicle laws of such state, both of which are to the satisfaction of the
		Agent (in its reasonable discretion). 
	 

	 
		“Finance Lease” means any Lease of Pledged Equipment which
		provides the Lessee with the right or option to purchase such Pledged Equipment
		at the expiration of the term of the Lease for a nominal price or which
		otherwise satisfies the criteria for classification as a “direct financing
		lease” as determined in accordance with GAAP, on the books and records of
		Interpool.
	 

	 
		“Finance Lease Value” means, with respect to each Finance Lease as of
		any date of determination, an amount in Dollars equal to the net present value
		of all remaining payments under such Finance Lease, discounted at the
		applicable Lease Rate for such Finance Lease.
	 

	 
		“Fiscal Year” means the fiscal year of the Borrowers.
	 

	 
		“Fixed Charges” means, for any rolling four quarter period, the
		sum of (i) interest expense (as determined in accordance with GAAP) excluding
		interest expense for such period with respect to any subordinated debt of
		Interpool and its Consolidated Subsidiaries) plus (ii) obligations of Interpool
		and its Consolidated Subsidiaries as a lessee for lease rentals on long term
		leases (as determined in accordance with GAAP) for such period.
	 

	 
		“Funded Debt” means all indebtedness for borrowed money with
		recourse to Interpool and its Consolidated Subsidiaries, or any of them,
		including purchase money mortgages, capitalized leases, conditional sales
		contracts and similar title retention debt instruments (excluding any current
		maturities portion of such indebtedness that becomes due within 12 months from
		the date of calculation thereof). The calculation of Funded Debt shall include
		all Funded Debt of Interpool and its Consolidated Subsidiaries which appears in
		Interpool’s consolidated financial statements, plus any liabilities which
		would otherwise be classified as Funded Debt of any other Person (if such
		Person was a Consolidated Subsidiary), which has been guaranteed by Interpool
		and its Consolidated Subsidiaries or any of them, either jointly or severally.
		“Funded Debt” shall exclude any subordinated debt of Interpool and
		its Consolidated Subsidiaries.
	 

	 
		“Funding”
		means Interpool Chassis Funding, LLC, a Delaware limited liability company, and
		its successors and permitted assigns.
	 

	 
		“GAAP” means
		accounting principles which are (a) consistent with the principles promulgated
		or adopted from time to time by the Financial Accounting Standards Board and
		its predecessors, (b) generally accepted in the United States of America, and
		(c) such that a certified public accountant would, insofar as the use of
		accounting principles is pertinent, be in a position to deliver an unqualified
		opinion as to financial statements in which such principles have been properly
		applied.
	 

	 
		“Genset”
		means any generator set consisting of an engine coupled to a generator and used
		as a source of electricity for refrigeration of a container of any kind.
	 

	 
		 
	 

	 
		 
	 

	 
		-16-
	 

	 
		 
	 

	 
	 

	 

	 
		“Governmental Authority” means any government or political subdivision or
		any agency, authority, bureau, central bank, commission, department or
		instrumentality of either, or any court, tribunal, grand jury or arbitrator, in
		each case whether foreign or domestic.
	 

	 
		“Guarantees”
		by any Person means all obligations (other than endorsements in the ordinary
		course of business of negotiable instruments for deposit or collection) of such
		Person guaranteeing, or in effect guaranteeing, any Indebtedness, dividend or
		other obligation of any other Person (the primary obligor) in any manner,
		whether directly or indirectly, including all obligations incurred through an
		agreement, contingent or otherwise, by such Person: (a) to purchase such
		Indebtedness or obligation or any property or assets constituting security
		therefor; (b) to advance or supply funds (i) for the purchase or
		payment of such Indebtedness or obligation, or (ii) to maintain working
		capital or any other balance sheet condition or otherwise to advance or to make
		available funds for the purchase or payment of such Indebtedness or obligation;
		(c) to lease property or to purchase securities or other property or
		services primarily for the purpose of assuring the owner of such Indebtedness
		or obligation of the ability of the primary obligor to make payment of the
		Indebtedness or obligation; or (d) otherwise to assure the owner of the
		Indebtedness or obligation of the primary obligor against loss in respect
		thereof. For the purposes of all computations made under this Agreement, a
		guaranty in respect of any Indebtedness for borrowed money shall be deemed to
		be Indebtedness equal to the principal amount of such Indebtedness for borrowed
		money which has been guaranteed, and a guaranty in respect of any other
		obligation or liability or any dividend shall be deemed to be Indebtedness
		equal to the maximum aggregate amount of such obligation, liability or
		dividend.
	 

	 
		“Hazardous Materials” means any: (a) oil, petroleum or petroleum
		derived substance, any drilling fluids, produced waters and other wastes
		associated with the exploration, development or production of crude oil, any
		flammable substances or explosives, any radioactive materials, any hazardous
		wastes or substances, any toxic wastes or substances or any other materials or
		pollutants which (i) pose a hazard to any property of Interpool or any of its
		Subsidiaries or to Persons on or about such property or (ii) cause such
		property to be in violation of any Environmental Laws; (b) asbestos in any form
		which is or could become friable, urea formaldehyde foam insulation, electrical
		equipment which contains any oil or electric fluid containing levels of
		polychlorinated biphenyls in excess of fifty parts per million; (c) any
		chemical, material or substance defined as or included in the definition of
		“hazardous substances,” “hazardous wastes,” “hazardous
		materials,” “extremely hazardous waste,” restricted hazardous
		waste,” or “toxic substances” or words of similar import under
		any applicable local, state or federal law or under the rules and regulations
		adopted or publications promulgated pursuant thereto, including Environmental
		Laws; or (d) any other chemical, material or substance, exposure to which is
		prohibited, limited or regulated by any Governmental Authority having
		jurisdiction over Interpool or any of its Subsidiaries or any of their
		respective properties.
	 

	 
		“Hedging Agreement” means any agreement with respect to an interest
		rate swap transaction, basis swap, forward rate transaction, commodity swap,
		commodity option, equity swap or equity index swap, equity option or equity
		index option, bond option, interest rate option, foreign exchange transaction,
		cap transaction, floor transaction, collar transaction, currency swap
		transaction, cross-currency rate swap transaction, currency option or any other
		similar transaction (including any option with respect to any of the foregoing
		transactions) or any combination of the foregoing transactions, all as amended,
		restated or otherwise modified.
	 

	 
		 
	 

	 
		 
	 

	 
		-17-
	 

	 
		 
	 

	 
	 

	 

	 
		“Indebtedness” means, for any Person, all obligations,
		contingent or otherwise, that in accordance with GAAP should be classified on
		such Person’s balance sheet as liabilities, or to which reference should
		be made by footnotes thereto, including in any event and whether so classified,
		all: (a) obligations created, issued or incurred by such Person for borrowed
		money (whether by loan, the issuance and sale of debt securities or the sale of
		property to another Person subject to an agreement, contingent or otherwise, to
		repurchase such property from such Person); (b) obligations of such Person to
		pay the deferred purchase or acquisition price of property or services, other
		than trade accounts payable (other than for borrowed money) arising, and
		accrued expenses incurred, in the ordinary course of business so long as such
		trade accounts payable are payable within 90 days of the date the respective
		goods are delivered or the respective services are rendered; (c) indebtedness
		of others secured by a Lien on the property of such Person, whether or not the
		respective indebtedness so secured has been assumed by such Person; (d)
		obligations of such Person in respect of letters of credit or similar
		instruments issued or accepted by banks and other financial institutions for
		the account of such Person; (e) Capitalized Lease Obligations of such Person;
		(f) the net amount of any mark to market exposure under Derivatives Obligations
		of such Person; (g) without duplication, obligations of such Person under
		Guarantees of Indebtedness of others; and (h) all preferred stock issued by
		such Person and required by the terms thereof to be redeemed, or for which
		mandatory sinking fund payments are due, by a fixed date (but only to the
		extent such fixed date occurs prior to September 9, 2011).
	 

	 
		“Insolvency Law” means the Bankruptcy Code, Title 11 of the United
		States Code, 11 U.S.C. §101 et seq., as amended from time to time, or any
		successor statute, any state insolvency scheme or any similar Applicable Law in
		any other applicable jurisdiction.
	 

	 
		“Intercreditor Agreement” means that certain Intercreditor and Lockbox
		Administration Agreement dated as of March 28, 2002, entered into among
		Interpool, JPMorgan Chase Bank, Bank of New York (as successor in interest to
		JP Morgan Chase Bank, in its capacity as Indenture Trustee), Wachovia Capital
		Markets, LLC (f/k/a First Union Securities, Inc.), Funding and various
		“Joined Parties” thereunder, including the Agent, as such agreement
		may be amended, modified, supplemented or restated from time to time.
	 

	 
		“Interest Period” shall have the meaning assigned thereto in
		Section 4.1(b) hereof.
	 

	 
		“Issuing Lender” means National City, in its capacity as issuer of
		any Letter of Credit, or any successor thereto. 
	 

	 
		“L/C Commitment” means the lesser of (a) Ten Million Dollars
		($10,000,000) and (b) the Aggregate Commitment.
	 

	 
		“L/C Facility” means the letter of credit facility established
		pursuant to Article III hereof.
	 

	 
		“L/C Obligations” means at any time, an amount equal to the sum of
		(a) the aggregate undrawn and unexpired amount of the then outstanding Letters
		of Credit and (b) the aggregate amount of Reimbursement Obligations which have
		not then been reimbursed pursuant to Section 3.7
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-18-
	 

	 
		 
	 

	 
	 

	 

	 
		“L/C Participants” means the collective reference to all the Lenders
		other than the Issuing Lender.
	 

	 
		“Lease”
		means a lease, sublease or contract (other than the Master Lease) for use or
		hire of or for any Pledged Equipment, together with any assignments thereof and
		any delivery and acceptance certificate therefor, any guaranties and
		amendments, addendums and other modifications thereto (including any Substitute
		Leases), but only to the extent such leases or contracts relate to such Pledged
		Equipment. 
	 

	 
		“Lease File”
		means, with respect to each item of Pledged Equipment:
	 

	 
		(a) if subject to a Lease, the original
		counterpart of the Lease that constitutes “chattel paper” for
		purposes of the UCC or, if the original counterpart is not available, a true
		and complete copy of the original executed Lease, or, for any Lease which does
		not constitute “chattel paper”, a true and complete copy of the
		originally executed lease; provided, however, for any Lease executed after the
		date of this Agreement, the Lease File shall contain an original counterpart or
		complete copy, as applicable, no later than thirty (30) days after such Lease
		is executed;
	 

	 
		(b) evidence or verification of an insurance
		policy covering such risks and amounts and otherwise complying with the
		requirements of the Servicing Standard and the related Lease for such Equipment
		(except where the related Lessee is self-insured in accordance with the terms
		of this Agreement);
	 

	 
		(c) any loan or security agreement relating
		to such Equipment or any Lease related thereto, together with originals of any
		notes, instruments or documents relating thereto;
	 

	 
		(d) each receipt of acceptance by the
		applicable Lessee of such Equipment, if any;
	 

	 
		(e) with respect to such Equipment, each
		guaranty of any related Lease, if any;
	 

	 
		(f) each UCC financing statement which
		relates to such Equipment or any related Lease or Related Assets, if
		any;
	 

	 
		(g) each amendment of any related Lease, if
		any; and
	 

	 
		(h) each assignment of any related Lease, if
		any.
	 

	 
		“Lease Payment” means, with respect to any Lease, any Contract
		Payment or other payment required to be paid by the related Lessee under such
		Lease.
	 

	 
		“Lease Rate”
		means, with respect to any Finance Lease, the applicable interest rate in such
		Finance Lease used to calculate the value of “Net Investment in Direct
		Financing Leases” set forth on Interpool’s balance sheet, as adjusted
		for purchase accounting.
	 

	 
		“Lender”
		means each Person executing this Agreement as a Lender set forth on the
		signature pages hereto and each Person that hereafter becomes a party to this
		Agreement as a Lender pursuant to Section 14.10
		hereof.
	 

	 
		 
	 

	 
		 
	 

	 
		-19-
	 

	 
		 
	 

	 
	 

	 

	 
		“Lending Office” means, with respect to any Lender, the office of
		such Lender maintaining such Lender’s Commitment Percentage of the
		Loans.
	 

	 
		“Lessee”
		means a Person that is contractually obligated to make rental and other
		payments under a Lease, including any guarantor of such obligations.
	 

	 
		“Letters of Credit” has the meaning assigned thereto in
		Section 3.1 hereof.
	 

	 
		“LIBOR”
		means the rate of interest per annum determined on the basis of the rate for
		deposits in Dollars, in amounts substantially equal to the amount of the LIBOR
		Rate Loan to which such LIBOR Rate will apply, for a period equal to the
		applicable Interest Period which appears on Reuters Screen LIBOR01 page at
		approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
		day of the applicable Interest Period (rounded upwards, if necessary, to the
		next higher one-hundredth of one percent (1/100%)). If, for any reason, such
		rate does not appear on Reuters Screen LIBOR01 page, then LIBOR shall be
		determined by the Agent to be the arithmetic average (rounded upwards, if
		necessary, to the next higher one-hundredth of one percent (1/100%)) of the
		rate per annum at which deposits in Dollars would be offered by first class
		banks in the London interbank market to the Agent at approximately 11:00 a.m.
		(London time) two (2) Business Days prior to the first day of the applicable
		Interest Period for a period equal to such Interest Period and in an amount
		substantially equal to the amount of the applicable LIBOR Rate Loan.
	 

	 
		“LIBOR Rate”
		means a rate per annum (rounded upwards, if necessary, to the next higher
		one-hundredth of one percent (1/100%)) determined by the Agent pursuant to the
		following formula:
	 

	 
		 
	 

	 
			
				
				   
				

				
				  LIBOR Rate = 
				

			 	
				
				   
				

			 	
				
				  LIBOR
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  1.00 -Eurodollar Reserve
				  Percentage
				

			 	
				
				   
				

			 

 

	 
		“LIBOR Rate Loan” means any Loan bearing interest at a rate based
		upon the LIBOR Rate as provided in Section 4.1(a)
		hereof.
	 

	 
		“Lien” means
		any mortgage, pledge, security interest, lien or other charge or encumbrance,
		including the lien or retained security title of a conditional vendor, upon or
		with respect to any property or assets. 
	 

	 
		“Loan”
		means, individually, any Revolving Credit Loan or Swing Line Loan and
		“Loans” means, collectively, all of such Loans.
	 

	 
		“Loan Documents” means, collectively, this Agreement, the Notes,
		the Custody Agreement, the Lockbox Agreement, the Intercreditor Agreement, the
		Master Lease, any Secured Hedging Agreement and each other document,
		instrument, certificate and agreement executed and delivered by any Borrower or
		any Subsidiary of any Borrower in connection with this Agreement or otherwise
		referred to herein or contemplated hereby, all as may be amended, supplemented,
		restated or otherwise modified from time to time.
	 

	 
		 
	 

	 
		 
	 

	 
		-20-
	 

	 
		 
	 

	 
	 

	 

	 
		“Lockbox Agreement” means that certain Lockbox Agreement dated as of
		March 28, 2002, entered into among Interpool, JPMorgan Chase Bank, Funding,
		Wachovia Capital Markets, LLC (f/k/a First Union Securities, Inc.), and various
		“Joined Parties” thereunder, including the Agent, as such agreement
		may be amended, modified, supplemented or restated from time to time.
	 

	 
		“Management Equity” means, with respect to any Person, common equity
		of such Person (or options or warrants to acquire such common equity or
		restricted units that are convertible into or exchangeable for such common
		equity) issued to employees of such Person.
	 

	 
		“Master Lease” means that certain Master Lease Agreement, dated
		as of September 9, 2005, between the Interpool and Trac, as may be amended,
		modified, supplemented or restated from time to time.
	 

	 
		“Materially Adverse Effect” means, any act, omission, event or undertaking
		which would, singly or in the aggregate, have a materially adverse effect upon
		(a) the business, assets, properties, liabilities, financial condition or
		operations of Interpool and its Subsidiaries, taken as a whole, or of any
		Borrower considered individually, (b) upon the respective ability of any
		Borrower to perform any obligations under this Agreement or under any other
		Loan Document to which it is a party, or (c) the validity or enforceability of
		this Agreement or any other Loan Document or the ability of the Agent to
		enforce any rights or remedies under or in connection with this Agreement or
		any other Loan Document; in any case, whether resulting from any single act,
		omission, situation, status, event, or undertaking, together with other such
		acts, omissions situations, statuses, events, or undertakings.
	 

	 
		“Moody’s” means Moody’s Investors Service, Inc.
	 

	 
		“National City” means National City Bank, a national banking
		association and its successors.
	 

	 
		“Net Book Value”
		means, (a) with respect to any
		Eligible Chassis, the Original Equipment Cost of such Chassis (or, in the case
		of remanufactured Chassis, the cost of the remanufacture in addition to the
		salvage value of the original Chassis) less accumulated depreciation calculated
		based on (i) straight-line depreciation over 22.5 years (or 17.5 years for
		remanufactured Chassis) with a remaining residual value of $2,600 at the end of
		such period, or (ii) any other depreciation method used by the Borrowers
		which is more conservative than the depreciation policy outlined in
		clause (a)(i)(i.e. more conservative policy in terms of greater annual
		depreciation or a lower remaining residual value) and of which the Agent has
		received prior written notice, (b) with respect to any Eligible Container,
		the Original Equipment Cost of such Container less accumulated depreciation
		calculated based on straight-line depreciation over for Containers, 10 years
		with a remaining residual value of 20% of the Original Equipment Cost at the
		end of such period, and (c) with respect to any Eligible Genset, the
		Original Equipment Cost of such Genset less accumulated depreciation calculated
		based on (i) straight-line depreciation over 17.5 years with a remaining
		residual value of $2,600; or (ii) any other depreciation method used by
		the Borrower which is more conservative than the depreciation policy outlined
		in clause (c)(i) (i.e. more conservative policy in terms of greater annual
		depreciation or a lower remaining residual value). Notwithstanding the
		foregoing, the Net Book 
	 

	 
		 
	 

	 
		 
	 

	 
		-21-
	 

	 
		 
	 

	 
	 

	 

	 
		Value of all Eligible Equipment owned by a
		Borrower on the effective date of the Acquisition may be calculated giving
		effect to “Purchase Accounting” adjustments in accordance with GAAP
		in connection with the Acquisition, provided that no such Net Book Value shall
		exceed the appraised value of the related Eligible Equipment set forth in the
		appraisal delivered pursuant to Section 5.2(g)(i) hereof. In addition, any item
		of used Equipment acquired for less than $2,600 shall not be subject to
		depreciation for a period of up to twelve months following its acquisition so
		long as such equipment is not in service. After such equipment has been
		remanufactured and placed in service it shall be depreciated as set forth above
		with respect to remanufactured Equipment. If such Equipment is not placed in
		service within twelve months of acquisition, it shall be deemed to have a Net
		Book Value of zero from twelve months after acquisition until placed in
		service.
	 

	 
		“Net Income”
		means, for any fiscal period of any Person, the consolidated net income of such
		Person and its Subsidiaries for such period determined in accordance with
		GAAP.
	 

	 
		 “Notes”
		means collectively the Revolving Credit Notes and the Swing Line Note and
		“Note” means any of such Notes.
	 

	 
		“Notice of Account Designation” shall have the meaning assigned thereto in
		Section 2.2(c) hereof.
	 

	 
		“Notice of Borrowing” shall have the meaning assigned thereto in
		Section 2.2(a) hereof.
	 

	 
		“Notice of Conversion/Continuation” shall have the meaning assigned thereto in
		Section 4.2 hereof.
	 

	 
		“Notice of Prepayment” shall have the meaning assigned thereto in
		Section 2.3(c) hereof.
	 

	 
		“Obligations” means, in each case, whether now in existence or
		hereafter arising: (a) the principal of and interest on (including, without
		limitation, interest accruing after the filing of any bankruptcy or similar
		petition) the Loans; (b) the L/C Obligations; (c) all Derivatives Obligations
		owing by any Borrower under any Secured Hedging Agreement; and (d) all other
		fees, expenses and commissions (including, without limitation, attorney’s
		fees), charges, indebtedness, loans, liabilities, financial accommodations,
		obligations, covenants and duties owing by the Borrowers to the Lenders or the
		Agent, of every kind, nature and description, direct or indirect, absolute or
		contingent, due or to become due, contractual or tortious, liquidated or
		unliquidated, that relate to any Note, any Letter of Credit or any of the other
		Loan Documents or either Fee Letter.
	 

	 
		“Officer’s Compliance Certificate” shall have the meaning assigned thereto in
		Section 8.2(a) hereof.
	 

	 
		“Original Equipment Cost” means, (a) with respect to any Chassis, an
		amount equal to the sum of (i) the vendor’s or manufacturer’s
		invoice price, including tires, plus (ii) reasonable and customary
		out-of-pocket direct costs related to inspection, transport and initial
		positioning necessary to put such Chassis in its initial service; provided,
		however, that, in no event shall the amounts described in clause (ii)
		include any allocated overhead expenses of the Borrowers, (b) with respect
		to any Container, an amount equal to the sum of (i) the vendor’s or
		manufacturer’s invoice price, plus (ii) reasonable and customary
		out-of-pocket direct costs 
	 

	 
		 
	 

	 
		 
	 

	 
		-22-
	 

	 
		 
	 

	 
	 

	 

	 
		related to inspection, transport and initial
		positioning necessary to put such Container in its initial service; provided,
		however, that, in no event shall the amounts described in clause (ii)
		include any allocated overhead expenses of the Borrowers, and (c) with respect
		to any Genset, an amount equal to the sum of (i) the vendor’s or
		manufacturer’s invoice price, plus (ii) reasonable and customary
		out-of-pocket direct costs related to inspection, transport and initial
		positioning necessary to put such Genset in its initial service; provided,
		however, that, in no event shall the amounts described in clause (ii)
		include any allocated overhead expenses of the Borrowers.
	 

	 
		“Other Taxes” shall have the meaning assigned thereto in
		Section 4.11(b) hereof.
	 

	 
		“Parent”
		means Seacastle Operating Company Ltd., a company organized under the laws of
		Bermuda.
	 

	 
		“Parent IPO”
		means the issuance by Parent or any direct or indirect parent of Parent of its
		Capital Stock in an underwritten primary public offering (other than a public
		offering pursuant to a registration statement on Form S-8) pursuant to an
		effective registration statement filed with the SEC in accordance with the
		Securities Act (whether alone or in connection with a secondary public
		offering).
	 

	 
		“Patriot Act” means the Uniting and Strengthening America by
		Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
		2001 (Public Law 107-56), and the rules and regulations thereunder, each as
		amended, supplemented or otherwise modified.
	 

	 
		“PBGC” means
		the Pension Benefit Guaranty Corporation created by ERISA or any Governmental
		Authority succeeding to any or all of the functions of the Pension Benefit
		Guaranty Corporation.
	 

	 
		“Permitted Investors” means, collectively, one or more investment funds
		managed and/or controlled by Fortress Investment Group LLC or any of its
		Affiliates.
	 

	 
		“Permitted Liens” means, with respect to any Collateral, any of the
		following: (a) Liens for taxes, assessments, levies, fees and other
		governmental and similar charges not yet delinquent or being contested in good
		faith and for amounts not past due; (b) mechanics’, warehousemens’,
		materialmens’, suppliers’, laborers’ or of like persons’
		Liens for amounts not past due; (c) Liens arising out of any judgment or award
		against any Lessee, lessee or sublessee of any Pledged Equipment; (d) Liens
		pursuant to any Loan Documents; (e) salvage rights of insurers; and (f) the
		standard and customary rights provided Lessees in the ordinary course of
		business with respect to Leases, including, without limitation, rights related
		to quiet enjoyment of the related Pledged Equipment and purchase of such
		Pledged Equipment at the end of the term of the related Lease; provided, however, such Permitted Liens pursuant to (a), (b) and (c) are
		being contested in good faith in appropriate proceedings and as to which
		adequate reserves in accordance with GAAP shall have been established, but only
		so long as enforcement of any such Lien has been stayed and so long as such
		proceedings could not subject any Borrower or the Agent to any civil or
		criminal penalty or liability or involve any material loss of value of, or risk
		of loss, sale or forfeiture of, any of the Collateral.
	 

	 
		 
	 

	 
		 
	 

	 
		-23-
	 

	 
		 
	 

	 
	 

	 

	 
		“Person”
		means a Corporation, an individual, a general partnership, association, trust,
		business trust, joint venture, joint stock company, pool, syndicate, sole
		proprietorship, unincorporated organization, Governmental Authority or any
		other form of entity or group thereof.
	 

	 
		“Plan”
		means, at any time, an employee pension or other benefit plan that is subject
		to Title IV of ERISA or subject to the minimum funding standards under Section
		412 of the Code and is either (a) maintained by any Borrower or any member of
		the Controlled Group for employees of any Borrower or any member of the
		Controlled Group, or (b) if such Plan is established, maintained pursuant to a
		collective bargaining agreement or any other arrangement under which more than
		one employer makes contributions and to which any Borrower or any member of the
		Controlled Group is then making or accruing an obligation to make contributions
		or has within the preceding five Plan years made contributions.
	 

	 
		“Pledged Assets” means the Master Lease, to the extent related to
		the Pledged Equipment, and all Pledged Chassis, Pledged Containers, Pledged
		Gensets, Leases and Related Assets.
	 

	 
		“Pledged Chassis” means all of the Chassis listed on
		Schedule 2 hereto, together with any Additional Chassis and
		Substitute Chassis pledged by a Borrower to the Agent from time to time, as
		evidenced by a revised Schedule
		2 delivered to the Agent and the
		Custodian.
	 

	 
		“Pledged Containers” means all of the Containers listed on
		Schedule 3 hereto, together with any Additional Containers and
		Substitute Containers pledged by a Borrower to the Agent from time to time, as
		evidenced by a revised Schedule
		3 delivered to the Agent.
	 

	 
		“Pledged Gensets” means all of the Gensets listed on
		Schedule 4 hereto, together with any Additional Gensets pledged by
		a Borrower to the Agent from time to time, as evidenced by a revised
		Schedule 4 delivered to the Agent.
	 

	 
		“Pledged Equipment” means, collectively, the Pledged Chassis, Pledged
		Containers and Pledged Gensets.
	 

	 
		“Prime Rate”
		means, at any time, the rate of interest per annum publicly announced from time
		to time by National City as its prime rate. Each change in the Prime Rate shall
		be effective as of the opening of business on the day such change in the Prime
		Rate occurs. The parties hereto acknowledge that the rate announced publicly by
		National City as its Prime Rate is an index or base rate and shall not
		necessarily be its lowest or best rate charged to its customers or other
		banks.
	 

	 
		“Prohibited Jurisdiction” means any country or jurisdiction, from time to
		time, that is subject of a prohibition order (or any similar order or
		directive), sanctions or restrictions promulgated or administered by the Office
		of Foreign Assets Control of the United States Treasury Department.
	 

	 
		“Prohibited Person” means any Person appearing on the Specially
		Designated Nationals List compiled and disseminated by the Office of Foreign
		Assets Control of the United States Treasury Department, as the same may be
		amended from time to time.
	 

	 
		 
	 

	 
		 
	 

	 
		-24-
	 

	 
		 
	 

	 
	 

	 

	 
		“Register”
		shall have the meaning assigned thereto in Section 14.10(d)
		hereof.
	 

	 
		“Reimbursement Obligation” means the obligation of the Borrowers to
		reimburse the Issuing Lender pursuant to Section 3.7
		hereof for amounts drawn under Letters of Credit. 
	 

	 
		“Related Assets” means, as to any Equipment: (a) all of any
		Borrower’s right, title and interest in, to and under, but not its
		obligations under, such Equipment and any Lease, to the extent relating to such
		Equipment, and all amendments, additions and supplements including, without
		limitation, schedules, summary schedules and sub-schedules made or hereafter
		made with respect thereto; (b) all income, payments and proceeds thereof,
		including, without limitation (i) the residual values of such Equipment to
		be realized through the exercise by Lessees of any purchase options under the
		Leases, the proceeds of sale of such Equipment to third parties, payments
		received from any other Person, either directly or indirectly, with respect to
		the residual value of the Equipment (including, without limitation, payments
		under any terminal rent adjustment clause) or payments under any physical
		damage insurance policy or residual value insurance policy and (ii) any
		Certificate of Title with respect thereto; (c) all of any Borrower’s
		rights (but not its obligations) under any agreements or other purchase
		documents with respect to the acquisition of any related Lease or such
		Equipment to the extent, but only to the extent, that such rights relate to
		such Lease or Equipment, including, without limitation, (i) the right to
		proceeds arising from all dealer repurchase obligations, if any, relating to
		any Lease or Equipment arising under any agreements with any dealer from which
		any Borrower or any Affiliate thereof acquired such Equipment, (ii) all
		warranty and indemnity provisions contained in or to be provided pursuant to
		purchase agreements that relate to such Equipment and all claims against the
		applicable manufacturer or distributor and (iii) any guaranty given in
		connection with any related Lease, together with all rights, powers,
		privileges, licenses, easements, options and other benefits of the beneficiary
		of the guaranty thereunder and any collateral given as security therefore, to
		the extent pertaining to such Lease; (d) any Borrower’s rights under any
		insurance policy to proceeds therefrom, including, without limitation, any
		physical damage insurance policy or commercial general liability insurance
		policy, any residual value insurance policy, any policy of comprehensive,
		collision, public liability, physical damage, personal liability, general
		liability, excess or umbrella liability, or other insurance policy maintained
		by any Borrower, any Lessee or any Affiliate of any such Person to the extent
		that any such policy covers or applies to any related Lease, such Equipment or
		the ability of any Lessee to make required payments with respect to the related
		Lease or such Equipment or any other Related Asset; (e) all monies due or to
		become due in payment of amounts payable under any Lease, to the extent related
		to the such Equipment; (f) the Lease File relating to such Equipment (including
		all agreements and other documents a part thereof); (g) any maintenance
		agreement or any agreement pursuant to which such Equipment or any related
		Lease was acquired from a third party or any Affiliate, to the extent
		specifically relating to such Lease; (h) any license or other certification of
		any Governmental Authority, including, without limitation, any federal highway
		act certification; and (i) all income, payments and proceeds of any of the
		foregoing, including, without limitation, all present and future claims,
		demands, causes of and choses in action in respect of any or all of the
		foregoing and all payments on or under and all proceeds of every kind and
		nature whatsoever in respect of any or all of the foregoing, including all
		proceeds of the conversion, voluntary or involuntary, into cash or other liquid
		property, all cash proceeds, accounts, accounts receivable, notes, drafts,
		acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
		condemnation awards, rights to payment of any and every kind and other forms of
		obligations 
	 

	 
		 
	 

	 
		 
	 

	 
		-25-
	 

	 
		 
	 

	 
	 

	 

	 
		and receivables, instruments and other
		property which at any time constitute all or part of or are included in the
		proceeds of any of the foregoing.
	 

	 
		“Release”
		means any release, spill, emission, leaking, pumping, injection, deposit,
		disposal, discharge, dispersal, leaching, or migration in, by, from or related
		to any real property (including all buildings, fixtures or other improvements
		located thereon) or personal property owned, leased or operated by Interpool or
		any of its Subsidiaries into the indoor or outdoor environment, including the
		movement of any Hazardous Material through air, soil, surface water,
		groundwater or property. 
	 

	 
		“Required Lenders” means, at any date, any combination of two or
		more Lenders having (a) more than 50% of the Commitments of all Lenders, or (b)
		if the Commitments have been terminated, more than 50% of the aggregate
		outstanding amount of the Loans.
	 

	 
		“Revolving Credit Facility” means the revolving credit facility established
		pursuant to Sections 2.1 through 2.5 hereof.
	 

	 
		“Revolving Credit Loan(s)” means any revolving loan made to the Borrowers
		pursuant to Section 2.1 hereof, and all such revolving loans collectively as
		the context requires.
	 

	 
		“Revolving Credit Notes” means the collective reference to the Revolving
		Credit Notes made by the Borrowers, payable to the order of each Lender,
		substantially in the form of Exhibit
		A-1 hereto, evidencing the Revolving
		Credit Facility, and any amendments and modifications thereto, any substitutes
		therefor, and any replacements, restatements, renewals or extension thereof, in
		whole or in part; “Note” means
		any of such Notes.
	 

	 
		“Revolving Credit Termination Date” means the earliest of the dates referred to in
		Section 2.7(a) hereof.
	 

	 
		“S&P”
		means Standard & Poor’s Ratings Services, a division of The
		McGraw-Hill Companies, Inc.
	 

	 
		“Secured Hedging Agreement” means any Hedging Agreement between any Borrower
		and a Lender, or an Affiliate of a Lender, which is entered into, in the
		ordinary course, for the purpose of securing any of the Loans.
	 

	 
		“Servicing Standard” means the degree of diligence, prudence, skill
		and care with which the Borrowers customarily service Chassis, Containers,
		Gensets, Leases and Related Assets, as applicable, held for their own account
		and, in any event, in a manner consistent with the customary and usual
		practices of other servicers of comparable contracts and equipment.
	 

	 
		“Solvent”
		means, as to any Person on any particular date, that any such Person (a) has
		capital sufficient to carry on its business and transactions and all business
		and transactions in which it is about to engage and is able to pay its debts as
		they mature, (b) owns property having a value, both at fair valuation and at
		present fair saleable value, greater than the amount required to pay its
		probable liabilities (including, without limitation, contingencies), and (c)
		does not believe that it will incur debts or liabilities beyond its ability to
		pay such debts or liabilities as they mature.
	 

	 
		 
	 

	 
		 
	 

	 
		-26-
	 

	 
		 
	 

	 
	 

	 

	 
		“SPV Borrower” means a to-be-formed bankruptcy remote entity
		wholly owned by Trac.
	 

	 
		“SUBI Certificate” means a “special unit of beneficial
		interest” certificate issued to the SPV Borrower by the Titling Trust and
		pledged to the Agent under the SUBI Credit Agreement.
	 

	 
		“SUBI Credit Agreement” means any agreement described in Section 14.26
		entered into by and among SPV Borrower, the lenders and agent referred to
		therein.
	 

	 
		“SUBI Facility” means any facility established pursuant to the
		SUBI Credit Agreement described in Section 14.26.
	 

	 
		“Subsidiary”
		means Trac and any other present or future Corporation a majority of whose
		Voting Stock shall at the time be owned directly or indirectly or can otherwise
		be controlled by Interpool and/or by one or more of the Subsidiaries of
		Interpool.
	 

	 
		“Substitute Chassis” means a Chassis substituted for a Pledged Chassis
		in accordance with Section 6.8 hereof.
	 

	 
		“Substitute Container” means a Container substituted for a Pledged
		Container in accordance with Section 6.8 hereof.
	 

	 
		“Substitute Equipment” means a Substitute Chassis, Substitute Container
		or Substitute Genset, as applicable. 
	 

	 
		“Substitute Genset” means a Genset substituted for a Pledged Genset
		in accordance with Section 6.8 hereof.
	 

	 
		“Substitute Lease” means a Lease for Pledged Equipment substituted
		in accordance with Section 6.8 hereof.
	 

	 
		“Substitution Date” means, with respect to any Substitute Equipment,
		the Business Day on which such Substitute Equipment becomes Pledged
		Equipment.
	 

	 
		“Swing Line Commitment” means the obligation of the Swing Line Lender to
		make Swing Line Loans to the Borrowers in a maximum principal amount not
		exceeding at any time the amount set forth opposite the Swing Line
		Lender’s name on Schedule
		1 hereto as the same may be reduced or
		modified at any time or from time to time pursuant to the terms hereof. On the
		Closing Date, the Swing Line Commitment shall be Five Million Dollars
		($5,000,000).
	 

	 
		“Swing Line Facility” means the swing line facility established under
		Section 2.6 hereof.
	 

	 
		“Swing Line Lender” means National City, in its capacity as swing
		line lender hereunder.
	 

	 
		“Swing Line Loan” means any swing line loan made by the Swing Line
		Lender to a Borrower pursuant to Section
		2.6 hereof, and all such swing line
		loans collectively as the context requires.
	 

	 
		 
	 

	 
		 
	 

	 
		-27-
	 

	 
		 
	 

	 
	 

	 

	 
		“Swing Line Note” means the Swing Line Notes made by the Borrowers
		payable to the order of the Swing Line Lender, substantially in the form of
		Exhibit A-2 hereto, evidencing the Swing Line Loans, and any
		amendments and modifications thereto, any substitutes therefor, and any
		replacements, restatements, renewals or extension thereof, in whole or in part.
		
	 

	 
		“Tangible Net Worth” means, as of any date of determination the amount
		equal to (A) the amount of stockholders’ equity of Interpool and its
		Consolidated Subsidiaries appearing in the consolidated financial statements of
		Interpool and its Consolidated Subsidiaries as of the most recently ended
		fiscal quarter for which financial statements are available and prepared in
		accordance with GAAP, less (B)
		trademarks, goodwill, covenants not to compete and all other assets classified
		as intangible assets determined in accordance with GAAP, plus (or minus)
		(C) any adjustments to the accounts of Interpool, both positive and negative,
		that results from SFAS 133/138. In this regard, “SFAS 133/138” means,
		Statement of Financial Accounting Standards No. 133 – “Accounting for
		Derivative Instruments and Hedging Activities” and Statement of Financial
		Accounting Standards No. 138 – “Accounting for Certain Derivative
		Instruments and Certain Hedging Activities, an amendment to FASB Statement No.
		133” issued by the Financial Accounting Standard Board, as such
		pronouncement may be amended from time to time in accordance with its terms.
		
	 

	 
		“Taxes”
		shall have the meaning assigned thereto in Section 4.11(a)
		hereof.
	 

	 
		“Termination Event” means the occurrence of any of the following: (a)
		a “Reportable Event” described in Section 4043 of ERISA; (b) the
		withdrawal of the Borrowers, any Subsidiary or any ERISA Affiliate from a
		Pension Plan during a plan year in which it was a “substantial
		employer” as defined in Section 4001(a)(2) of ERISA; (c) the termination
		of a Pension Plan, the filing of a notice of intent to terminate a Pension Plan
		or the treatment of a Pension Plan amendment as a termination under Section
		4041 of ERISA; (d) the institution of proceedings to terminate, or the
		appointment of a trustee with respect to, any Pension Plan by the PBGC; (e) any
		other event or condition which would constitute grounds under Section 4042(a)
		of ERISA for the termination of, or the appointment of a trustee to administer,
		any Pension Plan; (f) the partial or complete withdrawal of the Borrowers, any
		Subsidiary or any ERISA Affiliate from a Multiemployer Plan; (g) the imposition
		of a Lien pursuant to Section 412 of the Code or Section 302 of ERISA; (h) any
		event or condition which results in the reorganization or insolvency of a
		Multiemployer Plan under Sections 4241 or 4245 of ERISA; or (i) any event or
		condition which results in the termination of a Multiemployer Plan under
		Section 4041A of ERISA or the institution by PBGC of proceedings to terminate a
		Multiemployer Plan under Section 4042 of ERISA.
	 

	 
		“Titling Trust” means Interpool Titling Trust, a Delaware
		business trust created pursuant to an Amended and Restated Trust Agreement
		dated March 1, 2002, as may be amended, modified, supplemented or restated from
		time to time.
	 

	 
		“UCC” means
		the Uniform Commercial Code as the same may be in effect in the State of New
		York on the date hereof; provided, however, that in the event that by reason of
		mandatory provisions of law, any or all of the attachment, perfection or
		priority of Agent’s security interest in any Collateral is governed by the
		Uniform Commercial Code as in effect in a jurisdiction other than the State of
		New York, the term “UCC” shall mean the Uniform Commercial Code as in
		
	 

	 
		 
	 

	 
		 
	 

	 
		-28-
	 

	 
		 
	 

	 
	 

	 

	 
		effect in such other jurisdiction for
		purposes of the provisions hereof relating to such attachment, perfection of
		priority and for purposes of definitions related to such provisions.
	 

	 
		“Uniform Customs” means, in the case of (a) standby Letters of
		Credit, the International Standby Practices ISP98 (1998), International Chamber
		of Commerce Publication No. 590, as the same may be amended or revised from
		time to time, and (b) documentary Letters of Credit, the Uniform Customs and
		Practice for Documentary Credits, International Chamber of Commerce Publication
		No. 600, as the same may be amended or revised from time to time.
	 

	 
		“United States” means the United States of America.
	 

	 
		“Untitled Canadian Chassis” means any Canadian Chassis (i) not titled in the
		United States or (ii) titled in the United States, but as to which the titling
		documentation has been permanently lost or is otherwise incapable of being
		re-titled to reflect a Lien in favor of Agent.
	 

	 
		“Untitled Chassis” means any Chassis (other than any Untitled
		Canadian Chassis) as to which the titling documentation has been permanently
		lost or is otherwise incapable of being re-titled to reflect a Lien in favor of
		Agent.
	 

	 
		“Voting Stock” means, with respect to any Corporation, its
		capital stock of any class having ordinary voting power for the election of the
		members of the board of directors or other governing body of such Corporation
		(other than stock having such power only by reason of the happening of a
		contingency).
	 

	 
		Section 1.2 General. Unless
		otherwise specified, a reference in this Agreement to a particular section,
		subsection, Schedule or Exhibit is a reference to that section, subsection,
		Schedule or Exhibit of this Agreement. Wherever from the context it appears
		appropriate, each term stated in either the singular or plural shall include
		the singular and plural, and pronouns stated in the masculine, feminine or
		neuter gender shall include the masculine, the feminine and the neuter. Any
		reference herein to “Cleveland time” shall refer to the applicable
		time of day in Cleveland, Ohio.
	 

	 
		Section 1.3 Other Definitions and Provisions.
	 

	 
		(a) Use of Capitalized Terms. Unless otherwise defined therein, all capitalized
		terms defined in this Agreement shall have the defined meanings when used in
		this Agreement, the Notes and the other Loan Documents or any certificate,
		report or other document made or delivered pursuant to this Agreement.
	 

	 
		(b) Miscellaneous.
		The words hereof, herein and hereunder and words of similar import when used in
		this Agreement shall refer to this Agreement as a whole and not to any
		particular provision of this Agreement.
	 

	 
		ARTICLE II
	 

	 
		REVOLVING CREDIT
		FACILITY
	 

	 
		Section 2.1 Loans. Subject
		to the terms and conditions of this Agreement, each Lender severally agrees to
		make Revolving Credit Loans to the Borrowers from time to 
	 

	 
		 
	 

	 
		 
	 

	 
		-29-
	 

	 
		 
	 

	 
	 

	 

	 
		time from the Closing Date through the
		Revolving Credit Termination Date as requested by the Borrowers in accordance
		with the terms of Section
		2.2 hereof; provided, that:
		(a) the principal amount of outstanding Revolving Credit Loans (after giving
		effect to any amount requested) from any Lender to the Borrowers
		plus such Lender’s Commitment Percentage of outstanding
		L/C Obligations and Swing Line Loans shall not at any time exceed such
		Lender’s Commitment as set forth on Schedule 1
		hereto; and (b) the aggregate principal amount of all outstanding Loans (after
		giving effect to any amount requested) plus all
		outstanding L/C Obligations, in either case made to or issued in favor of the
		Borrowers, shall not exceed the lower of (i) the Borrowing Base and (ii) the
		Aggregate Commitment. Each Revolving Credit Loan by a Lender shall be in a
		principal amount equal to such Lender’s Commitment Percentage of the
		aggregate principal amount of Revolving Credit Loan requested on such occasion.
		Subject to the terms and conditions hereof, the Borrowers may borrow, repay and
		reborrow Revolving Credit Loans hereunder until the Revolving Credit
		Termination Date.
	 

	 
		Section 2.2 Procedure for Advances.
	 

	 
		(a) Requests for Borrowing. The Borrowers shall give the Agent irrevocable prior
		written notice in the form attached hereto as Exhibit B (a “Notice of
		Borrowing”) not later than 11:00 a.m. (Cleveland time) (i) on the same
		Business Day as each Base Rate Loan and Swing Line Loan and (ii) at least three
		(3) Business Days before each LIBOR Rate Loan, of its intention to borrow,
		specifying (A) the date of such borrowing, which shall be a Business Day, (B)
		the amount of such borrowing, which shall be in an amount equal to the amount
		of the Aggregate Commitment then available to the Borrowers, or if less, (x)
		with respect to Base Rate Loans, in an aggregate principal amount of $1,000,000
		or a whole multiple of $100,000 in excess thereof, (y) with respect to LIBOR
		Rate Loans, in an aggregate principal amount of $5,000,000 or a whole multiple
		of $100,000 in excess thereof and (z) and with respect to Swing Line Loans, in
		an aggregate principal amount of $500,000 or a whole multiple of $100,000 in
		excess thereof, (C) whether the Loans are to be LIBOR Rate Loans, Base Rate
		Loans, Swing Line Loans, or, if a combination thereof, the amount allocated to
		each and (D) in the case of a LIBOR Rate Loan, the duration of the Interest
		Period applicable thereto. Notices received after 11:00 a.m. (Cleveland time)
		shall be deemed received on the next Business Day. The Agent shall promptly
		notify the Lenders of each Notice of Borrowing.
	 

	 
		(b) Authority of the Company. Each Borrower hereby irrevocably authorizes and
		requests that Interpool execute all Notices of Borrowing, make all elections as
		to interest rates and take any other actions required of or permitted by the
		Borrowers under this Agreement, on its respective behalf, in each case, with
		the same force and effect as if such Borrower had executed such Notice of
		Borrowing, made such election or taken such other action itself. Any request,
		application, or other communication by Interpool may be relied on by the Agent
		and the Lenders, and any communication by the Agent and Lenders shall be made
		to Interpool, and shall be binding on each Borrower, jointly and severally, as
		fully as if such request, application or other communication were made directly
		by or to each such Borrower.
	 

	 
		(c) Disbursement of Loans. Not later than 2:00 p.m. (Cleveland time) on the
		proposed borrowing date: (i) each Lender will make available to the Agent, for
		the account of the Borrowers, at the office of the Agent in funds immediately
		available to the Agent, such Lender’s Commitment Percentage of the
		Revolving Credit Loans to be made on such borrowing date and 
	 

	 
		 
	 

	 
		 
	 

	 
		-30-
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) the Swing Line Lender will make
		available to the Borrowers, at the office of the Swing Line Lender in funds
		immediately available to the Borrowers, the Swing Line Loans to be made on such
		borrowing date. The Borrowers hereby irrevocably authorize the Agent to
		disburse the proceeds of each borrowing requested pursuant to this
		Section 2.2 in immediately available funds by crediting or wiring
		such proceeds to the deposit account of the Borrowers identified in the most
		recent notice substantially in the form of Exhibit C hereto (a “Notice of
		Account Designation”) delivered by the Borrowers to the Agent or may be
		otherwise agreed upon by the Borrowers and the Agent from time to time. Subject
		to Section 4.7 hereof, the Agent shall not be obligated to disburse
		the portion of the proceeds of any Revolving Credit Loan requested pursuant to
		this Section 2.2 to the extent that any Lender has not made available to
		the Agent its Commitment Percentage of such Loan. Revolving Credit Loans to be
		made for the purpose of refunding Swing Line Loans shall be made by the Lenders
		as provided in Section
		2.6 hereof.
	 

	 
		Section 2.3 Repayment of Loans. 
	 

	 
		(a) Repayment of Loans. The Borrowers shall repay the outstanding principal
		amount of (i) all Revolving Credit Loans in full on the Revolving Credit
		Termination Date and (ii) all Swing Line Loans on the earlier of demand or the
		Revolving Credit Termination Date, together with all accrued but unpaid
		interest thereon and fees, costs and expenses.
	 

	 
		(b) Mandatory Repayments.
	 

	 
		(i) If at any time: (A) the outstanding
		principal amount of all Loans exceeds the Aggregate Commitment less all
		outstanding L/C Obligations; or (B) the outstanding principal amount of all
		Loans made to the Borrowers exceeds the Borrowing Base less all outstanding L/C
		Obligations, then the Borrowers shall immediately, by payment to the Agent for
		the account of the Lenders, repay Loans and furnish cash collateral as provided
		herein for, or repay, the L/C Obligations, in an aggregate amount equal to such
		excess. The mandatory prepayments set forth in this Section 2.3(b)(i) (and Section
		2.3(b)(iii)) shall be applied:
		first to reduce principal amounts outstanding under the Swing
		Line Loans; second to pay
		any outstanding Reimbursement Obligations; third to reduce
		principal amounts outstanding under the Revolving Credit Loans; and
		fourth to provide cash collateral for any other L/C
		Obligations (such cash collateral shall be applied in accordance with
		Section 12.2(b) hereof). Each such repayment shall be accompanied by
		any amount required to be paid pursuant to Section 4.9
		hereof. In the case of a payment required under (B) above, the Borrowers may
		pledge Additional Equipment to the Agent and deliver a new Borrowing Base
		Certificate to Agent not later than the date such mandatory repayment is due,
		in which case the amount required to be repaid shall be calculated on the basis
		of the Borrowing Base after giving effect to the allocation of such Additional
		Equipment.
	 

	 
		(ii) If at any time the outstanding amount
		of all Swing Line Loans exceeds the Swing Line Commitment, then the Borrowers
		shall make a prepayment of all Swing Line Loans in the amount of such excess.
		Each such repayment shall be accompanied by any amount required to be paid
		pursuant to Section 4.9 hereof.
	 

	 
		(iii) The Borrowers shall make prepayments
		of the Loans, in accordance with the terms of Section 2.3(b)(i), in an amount equal to 100% of the amount of net
		
	 

	 
		 
	 

	 
		 
	 

	 
		-31-
	 

	 
		 
	 

	 
	 

	 

	 
		proceeds received by any Borrower from
		(A) all sales, transfers or other dispositions of Pledged Equipment and
		(B) all property or casualty insurance policies and/or any condemnation or
		similar payment in connection with the Pledged Equipment, if, after giving
		effect to such sale, transfer, disposition, casualty or condemnation, the
		aggregate principal amount of all outstanding Loans plus all
		outstanding L/C Obligations exceeds the lower of (x) the Borrowing Base and (y)
		the Aggregate Commitment.
	 

	 
		(c) Optional Repayments. The Borrowers may at any time and from time to time
		repay the Loans, in whole or in part, upon at least three (3) Business Days
		irrevocable notice to the Agent with respect to LIBOR Rate Loans and one (1)
		Business Day irrevocable notice with respect to Base Rate Loans, in the form
		attached hereto as Exhibit D (a “Notice of Prepayment”)
		specifying the date and amount of repayment and whether the repayment is of
		LIBOR Rate Loans or Base Rate Loans, or a combination thereof, and, if of a
		combination thereof, the amount allocable to each. Upon receipt of such notice,
		the Agent shall promptly notify each Lender. If any such notice is given, the
		amount specified in such notice shall be due and payable on the date set forth
		in such notice. Partial repayments shall be in an aggregate amount of
		$1,000,000 or a whole multiple of $100,000 in excess thereof. Each such
		repayment shall be accompanied by any amount required to be paid pursuant to
		Section 4.9 hereof.
	 

	 
		(d) Limitation on Repayment of LIBOR Rate
		Loans. The Borrowers may not repay any
		LIBOR Rate Loan on any day other than on the last day of the Interest Period
		applicable thereto unless such repayment is accompanied by any amount required
		to be paid pursuant to Section
		4.9 hereof.
	 

	 
		Section 2.4 Notes. 
	 

	 
		(a) Revolving Credit Notes. Each Lender’s Revolving Credit Loans and the
		obligation of the Borrowers to repay such Revolving Credit Loans shall be
		evidenced by a separate Revolving Credit Note executed by the Borrowers payable
		to the order of each Lender representing the Borrowers’ obligation to pay
		such Lender’s Commitment or, if less, the aggregate unpaid principal
		amount of all Revolving Credit Loans made and to be made by such Lender to the
		Borrowers hereunder, plus interest and all other fees, charges and other
		amounts due thereon. Each Revolving Credit Note shall be dated the date hereof
		and shall bear interest on the unpaid principal amount thereof at the
		applicable interest rate per annum specified in Section 4.1
		hereof 
	 

	 
		(b) Swing Line Note.
		The Swing Line Loans and the obligations of the Borrowers to repay such Swing
		Line Loans shall be evidenced by a Swing Line Note executed by Borrowers
		payable to the order of the Swing Line Lender representing the Borrowers’
		obligation to pay the Swing Line Lender’s Swing Line Commitment or, if
		less, the aggregate unpaid principal amount of all Swing Line Loans, plus
		interest on such principal amounts and all other fees, charges and other
		amounts due thereon. The Swing Line Note shall be dated the date hereof and
		shall bear interest on the unpaid principal amount thereof at the applicable
		interest rate per annum specified in Section 4.1
		hereof.
	 

	 
		Section 2.5 Permanent Reduction of the Aggregate
		Commitment.
	 

	 
		 
	 

	 
		 
	 

	 
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		(a) Voluntary Reduction. The Borrowers shall have the right at any time and
		from time to time, upon at least five (5) Business Days prior written notice to
		the Agent, to permanently reduce, without premium or penalty, (i) the Aggregate
		Commitment at any time or (ii) portions of the Aggregate Commitment, from time
		to time, in an aggregate principal amount not less than $5,000,000 or any whole
		multiple of $100,000 in excess thereof.
	 

	 
		(b) Application of Reductions. Each permanent reduction permitted or required
		pursuant to this Section
		2.5 shall be accompanied by a payment
		of principal sufficient to reduce the aggregate outstanding Extensions of
		Credit of the Lenders after such reduction to the Aggregate Commitment as so
		reduced and if the Aggregate Commitment as so reduced is less than the
		aggregate amount of all outstanding Letters of Credit, the Borrowers shall be
		required to deposit in a cash collateral account opened by the Agent an amount
		equal to the aggregate then undrawn and unexpired amount of such Letters of
		Credit. Any reduction of the Aggregate Commitment to zero shall be accompanied
		by payment of all outstanding Obligations under the Revolving Credit Facility
		(and furnishing of cash collateral satisfactory to the Agent for all L/C
		Obligations) and shall result in the termination of the Aggregate Commitment
		and Revolving Credit Facility. Such cash collateral shall be applied in
		accordance with Section
		12.2(b) hereof. If the reduction of the
		Aggregate Commitment requires the repayment of any LIBOR Rate Loan, such
		repayment shall be accompanied by any amount required to be paid pursuant to
		Section 4.9 hereof.
	 

	 
		(c) Release of Collateral. At the time any voluntary or mandatory repayment or
		permanent reduction is completed pursuant to Section 2.3 or
		this Section 2.5, or at any other time if the Borrowing Base exceeds all
		outstanding Extensions of Credit the Borrowers may request in writing, in
		accordance with the terms of this Agreement that the Agent release specific
		Pledged Equipment and Related Assets, and, so long as (i) no Default or Event
		of Default has occurred and is continuing, and (ii) the Borrowers make any
		prepayment required under Section
		2.3(b) in connection with such release,
		the Agent shall, at the sole expense of the Borrowers, release such assets to
		the Borrowers pursuant to Section 6.7 hereof.
	 

	 
		Section 2.6 Swing Line Loans.
	 

	 
		(a) Availability.
		Subject to the terms and conditions of this Agreement, the Swing Line Lender
		agrees to make Swing Line Loans to the Borrowers from time to time from the
		Closing Date through, but not including, the Revolving Credit Termination Date;
		provided, that the aggregate principal amount of all Swing Line Loans (after
		giving effect to any amount requested), shall not exceed the lesser of (i) the
		Aggregate Commitment less the sum of all outstanding Revolving Credit Loans and
		the L/C Obligations, (ii) the Borrowing Base less the sum of all outstanding
		Revolving Credit Loans and the L/C Obligations and (iii) the Swing Line
		Commitment.
	 

	 
		(b) Repayment. The
		Borrowers shall repay the outstanding principal amount of each Swing Line Loan
		on the earliest to occur of (i) the Revolving Credit Termination Date, (ii) the
		15th day of each month (or the first Business Day following such
		date if the 15th is not a Business Day), (iii) the last Business day
		of each month or (iv) demand; provided that (ii) and (iii) above shall only
		apply to Swing Line Loans which have been outstanding ten (10) or more Business
		Days.
	 

	 
		 
	 

	 
		 
	 

	 
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		(c) Refunding.
	 

	 
		(i) Swing Line Loans, to the extent not
		repaid when due under Section 2.6(b), shall be refunded by the Lenders on
		demand by the Swing Line Lender. Such refundings shall be made by the Lenders
		in accordance with their respective Commitment Percentages and shall thereafter
		be reflected as Revolving Credit Loans of the Lenders on the books and records
		of the Agent. Each Lender shall fund its respective Commitment Percentage of
		Revolving Credit Loans as required to repay Swing Line Loans outstanding to the
		Swing Line Lender upon demand by the Swing Line Lender but in no event later
		than 2:00 p.m. (Cleveland time) on the next succeeding Business Day after such
		demand is made. No Lender’s obligation to fund its respective Commitment
		Percentage of a Swing Line Loan shall be affected by any other Lender’s
		failure to fund its Commitment Percentage of a Swing Line Loan, nor shall any
		Lender’s Commitment Percentage be increased as a result of any such
		failure of any other Lender to fund its Commitment Percentage.
	 

	 
		(ii) The Borrowers shall pay to the Swing
		Line Lender on demand the amount of such Swing Line Loans to the extent amounts
		received from the Lenders are not sufficient to repay in full the outstanding
		Swing Line Loans requested or required to be refunded. In addition, the
		Borrowers hereby authorize the Agent to charge any account maintained with the
		Swing Line Lender (up to the amount available therein) in order to immediately
		pay the Swing Line Lender the amount of such Swing Line Loans to the extent
		amounts received from the Lenders are not sufficient to repay in full the
		outstanding Swing Line Loans requested or required to be refunded. If any
		portion of any such amount paid to the Swing Line Lender shall be recovered by
		or on behalf of the Borrowers from the Swing Line Lender in bankruptcy or
		otherwise, the loss of the amount so recovered shall be ratably shared among
		all the Lenders that have not reimbursed the Swing Line Lender pursuant to
		clause (i) above in accordance with their respective ratable share (unless the
		amounts so recovered by or on behalf of the Borrowers pertain to a Swing Line
		Loan extended after the occurrence and during the continuance of an Event of
		Default of which the Agent has received actual notice and which such Event of
		Default has not been waived by the Required Lenders or the Lenders, as
		applicable).
	 

	 
		(iii) Each Lender acknowledges and agrees
		that its obligation to refund Swing Line Loans in accordance with the terms of
		this Section 2.6(c) is absolute and unconditional and shall not be affected
		by any circumstance whatsoever, including, without limitation, non-satisfaction
		of the conditions set forth in Article
		V hereof. Further, each Lender agrees
		and acknowledges that if prior to the refunding of any outstanding Swing Line
		Loans pursuant to this Section
		2.6(c), one of the events described in
		Section 12.1(j) or Section 12.1(k) hereof shall have occurred, each Lender will, on the
		date the applicable Revolving Credit Loan would have been made pursuant to
		Section 2.6(c) hereof, purchase an undivided participating interest in
		the Swing Line Loan to be refunded in an amount equal to its Commitment
		Percentage of the aggregate amount of such Swing Line Loan. Each Lender will
		immediately transfer to the Swing Line Lender, in immediately available funds,
		the amount of its participation of any Swing Line Loan. Whenever, at any time
		after the Swing Line Lender has received from any Lender such Lender’s
		participating interest in a Swing Line Loan, the Swing Line Lender receives any
		payment on account thereof, the Swing Line Lender will distribute to such
		Lender its participating interest in such amount (appropriately adjusted, in
		the case of interest payments, to 
	 

	 
		 
	 

	 
		 
	 

	 
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		reflect the period of time during which such
		Lender’s participating interest was outstanding and funded). 
	 

	 
		Section 2.7 Termination of Credit Facility. 
	 

	 
		(a) Revolving Credit Facility. The Revolving Credit Facility shall terminate on the
		earliest of: (i) July 17, 2009; (ii) the date of termination by the
		Borrowers pursuant to Section
		2.5(c) hereof; or (iii) the date of
		termination by the Agent on behalf of the Lenders pursuant to Section 12.2(a)
		hereof.
	 

	 
		(b) Swing Line Facility. The Swing Line Commitment shall terminate on the
		Revolving Credit Termination Date.
	 

	 
		Section 2.8 Use of Proceeds.
		The Borrowers shall use the proceeds of the Extensions of Credit for working
		capital and general corporate requirements of the Borrowers (which may include
		the payment of fees and expenses incurred in connection with the transactions
		contemplated by this Agreement).
	 

	 
		Section 2.9 Nature of Obligations. All Loans, L/C Obligations, Extensions of Credit and
		other Obligations of any of the Borrowers arising under this Agreement and the
		other Loan Documents shall constitute general joint and several obligations of
		the Borrowers and shall be secured by all of the Collateral. 
	 

	 
		Section 2.10 Incremental Commitment Increase. Subject to the terms and conditions set forth below,
		prior to the Revolving Credit Termination Date, the total aggregate Commitment
		may be increased from time to time (each a “Commitment Increase”), at
		the request of the Borrowers and with the prior written consent of the Agent
		(such consent not to be unreasonably withheld), provided that the amount of
		Commitment Increases from time to time shall not exceed $25,000,000 in the
		aggregate. The Borrowers may request Commitment Increases and such requests
		shall be for a minimum of $1,000,000 (or increments of $1,000,000 in excess
		thereof). Any Commitment Increase shall be effectuated pursuant to the
		following procedures:
	 

	 
		(a) Not less than thirty (30) days prior to
		the proposed effective date of any Commitment Increase, the Borrowers shall
		notify the Agent in writing of their request for a Commitment Increase (an
		“Increase Request”), including the intended date and amount thereto.
		All other terms and conditions applicable to such Commitment Increase shall be
		the same as applicable to the Commitment in general. Each Increase Request
		shall be accompanied by (i) a certificate from the Borrowers certifying to the
		Agent that (A) no other approvals or consents from any Person are required by
		any such Person except to the extent they have been received and (B) no Default
		or Event of Default has occurred and is continuing, and (ii) financial
		projections in form and substance reasonably acceptable to the Agent and
		demonstrating compliance with the financial covenants set forth in Article X
		hereof throughout the term of this Agreement after giving effect to such
		Commitment Increase.
	 

	 
		(b) The Agent shall promptly notify existing
		Lenders of such request by the Borrowers and each such Lender shall have ten
		(10) Business Days in which to notify the Agent 
	 

	 
		 
	 

	 
		 
	 

	 
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		in writing of such Lender’s intent to
		participate in such increase (each an “Existing Participating
		Lender”), and the amount of such Commitment Increase such Existing
		Participating Lender is willing to commit to (which amount shall be allocated
		to each Existing Participating Lender according to their existing pro rata
		shares should there be an over-commitment) which notice shall be irrevocable
		once received by Agent. Notwithstanding the foregoing, in no event shall the
		Agent be obligated to agree to any Commitment Increase nor shall any Lender be
		obligated to participate in any Commitment Increase. Participation in any such
		Commitment Increase shall be completely optional and at the sole discretion of
		each Lender.
	 

	 
		(c) To the extent that the entire Commitment
		Increase requested by the Borrowers and consented to by Agent is not accepted
		by Existing Participating Lenders, the Borrowers may propose to Agent
		additional new lenders acceptable to Agent (“New Lenders”) who agree
		to commit to that portion of the Commitment Increase not accepted by Existing
		Participating Lenders. Thus, any Commitment Increase shall be effected by an
		increase in any one or more of the Existing Participating Lenders’
		Commitments, and/or by the addition of the Commitments of New Lender(s) (in
		each case, the “Participating Lenders”).
	 

	 
		(d) Notwithstanding the foregoing, (i) final
		allocation of each Commitment Increase shall be at the sole discretion of the
		Agent and the Borrowers; and each Participating Lender shall commit to an
		amount not less than $1,000,000, but shall accept any allocation amount
		designated by the Borrowers and the Agent that is equal to or less than its
		proposed portion of such Commitment Increase and (ii) during the first thirty
		(30) Business Days following the Closing Date, the Borrowers may request
		Commitment Increases adding New Lenders upon not less than five (5) Business
		Days prior written notice to the Agent, without being required to offer any
		portion of such Commitment Increase to any existing Lender.
	 

	 
		ARTICLE III 
	 

	 
		LETTER OF CREDIT
		FACILITY
	 

	 
		Section 3.1 L/C Commitment.
		Subject to the terms and conditions hereof, the Issuing Lender, in reliance on
		the agreements of the other Lenders set forth in Section 3.6(a)
		hereof, agrees to issue standby and documentary letters of credit
		(“Letters of Credit”) for the account of the Borrowers on any
		Business Day from the Closing Date through but not including the Revolving
		Credit Termination Date in such form as may be approved from time to time by
		the Issuing Lender; provided, that
		the Issuing Lender shall have no obligation to issue any Letter of Credit
		if:
	 

	 
		(a) there exists a Default or an Event of
		Default, or the issuance of such Letter of Credit would give rise to a Default
		or an Event of Default; or
	 

	 
		(b) after giving effect to such
		issuance:
	 

	 
		(i) the L/C Obligations would exceed the L/C
		Commitment;
	 

	 
		(ii) the L/C Obligations, plus the
		outstanding principal amount of Loans, would exceed either the Aggregate
		Commitment; 
	 

	 
		 
	 

	 
		 
	 

	 
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		(iii) such issuance would conflict with, or
		cause the Issuing Lender or any L/C Participant to exceed any limits imposed
		by, any Applicable Law. 
	 

	 
		References herein to “issue” and
		derivations thereof with respect to Letters of Credit shall also include
		extensions or modifications of any existing Letters of Credit, unless the
		context otherwise requires.
	 

	 
		Section 3.2 Terms of Letters of Credit. Subject, without limitation, to Section 3.1,
		each Letter of Credit shall: 
	 

	 
		(a) be denominated in Dollars in a minimum
		amount of $500,000; 
	 

	 
		(b) be issued to support obligations of the
		Borrowers, contingent or otherwise, incurred in the ordinary course of
		business; 
	 

	 
		(c) expire on a date which shall be no later
		than the earlier of: 
	 

	 
		(i) one (1) year from the date of issuance,
		in the case of standby Letters of Credit;
	 

	 
		(ii) one hundred eighty (180) days from the
		date of issuance, in the case of documentary Letters of Credit; or
	 

	 
		(iii) in all cases, subject to
		Section 3.3, five (5) Business Days prior to the Revolving Credit
		Termination Date; and 
	 

	 
		(d) be subject to the Uniform Customs and,
		to the extent not inconsistent therewith, the laws of the State of New
		York.
	 

	 
		Section 3.3 Cash Collateral for Letters of Credit.
	 

	 
		(a) Notwithstanding the provisions of
		Section 3.2 requiring that the final expiry of each Letter of
		Credit be before the Revolving Credit Termination Date, the Issuing Lender may
		issue, upon a Borrower’s request (if required by a proposed beneficiary),
		a Letter of Credit which by its terms may be extended beyond the Revolving
		Credit Termination Date. With respect to any such Letter of Credit issued
		hereunder, the Borrowers hereby agree that they will deliver on or before the
		Revolving Credit Termination Date collateral, of the type and in the amounts
		required by subparagraph (b) below and subject to subparagraph (c) below, in an
		amount equal to one hundred two percent (102%) of the outstanding undrawn
		amount of each such Letter of Credit.
	 

	 
		(b) On the Revolving Credit Termination Date
		or upon the occurrence of and during the continuance of an Event of Default,
		the Agent may require (and in the case of an Event of Default occurring under
		Section 12.1(j) or Section
		12.1(k) it shall be required
		automatically) that the Borrowers deliver to the Agent cash or U.S. Treasury
		Bills with maturities of not more than ninety (90) days from the date of
		delivery (discounted in accordance with customary banking practice to present
		value to determine amount) in an amount equal at all times to one hundred two
		percent (102%) of the outstanding undrawn amount of all Letters of 
	 

	 
		 
	 

	 
		 
	 

	 
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		Credit, such cash or U.S. Treasury Bills and
		all interest earned thereon to constitute cash collateral for all such Letters
		of Credit. At such time as such collateral is required to be and has not been
		deposited, the Agent shall be entitled to liquidate such of the other
		Collateral as is necessary or appropriate in its sole judgment so as to create
		such cash collateral.
	 

	 
		(c) Any cash collateral deposited under
		subparagraph (b) above, and all interest earned thereon, shall be held by the
		Agent and invested and reinvested at the expense and the written direction of
		the Borrowers, in Eligible Investments with maturities of no more than ninety
		(90) days from the date of investment.
	 

	 
		Section 3.4 Procedure for Issuance of Letters of
		Credit. The Borrowers may from time to
		time request that the Issuing Lender issue a Letter of Credit, or request that
		a Letter of Credit be amended or extended, by delivering to the Issuing Lender
		at the Agent’s Office an Application therefor, completed to the
		satisfaction of the Issuing Lender, and such other certificates, documents and
		other papers and information as the Issuing Lender may request. Upon receipt of
		any Application, the Issuing Lender shall process such Application and the
		certificates, documents and other papers and information delivered to it in
		connection therewith in accordance with its customary procedures and shall,
		subject to Section 3.1 and Article
		V hereof, promptly issue the Letter of
		Credit requested thereby (but in no event shall the Issuing Lender be required
		to issue any Letter of Credit earlier than three (3) Business Days after its
		receipt of the Application therefor and all such other certificates, documents
		and other papers and information relating thereto) by issuing the original of
		such Letter of Credit to the beneficiary thereof or as otherwise may be agreed
		by the Issuing Lender and the Borrowers. The Issuing Lender shall promptly
		furnish to the Borrowers a copy of such Letter of Credit and promptly notify
		each Lender of the issuance and upon request by any Lender, furnish to such
		Lender a copy of such Letter of Credit and the amount of such Lender’s
		Letter of Credit participation therein.
	 

	 
		Section 3.5 Commissions and Other Charges.
	 

	 
		(a) The Borrowers shall pay to the Agent,
		for the account of the Issuing Lender and the L/C Participants, a letter of
		credit fee with respect to each Letter of Credit in an amount equal to the
		Applicable Margin, as of the date such fee is payable, on a per annum basis
		multiplied by the average daily face amount of such Letter of Credit during the
		period for which the fee is paid. Such fee shall be payable quarterly in
		arrears on the last Business Day of each calendar quarter and on the Revolving
		Credit Termination Date, based on the actual number of days in the quarter and
		a year of 360 days. The Agent shall, promptly following its receipt thereof,
		distribute to the Issuing Lender and the L/C Participants all such fees
		received by the Agent in accordance with their respective Commitment
		Percentages. Upon the occurrence and during the continuance of an Event of
		Default, the foregoing fee shall be increased to the Applicable Margin plus two
		percent (2%) per annum.
	 

	 
		(b) In addition to the foregoing fee, the
		Borrowers shall pay the Issuing Lender a fronting fee of one-quarter of one
		percent (1/4%) on a per annum basis multiplied by the face amount, on the
		payment date, of each Letter of Credit. Such fee shall be payable annually in
		advance on the date of issuance and each anniversary thereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		(c) The Borrowers shall pay to the Issuing
		Lender upon request all normal costs of expenses of the Issuing Lender in
		connection with the issuance, transfer, extension, modification or other
		administration of any Letter of Credit.
	 

	 
		Section 3.6 L/C Participations.
	 

	 
		(a) The Issuing Lender irrevocably agrees to
		grant and hereby grants to each L/C Participant, and, to induce the Issuing
		Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably
		agrees to accept and purchase and hereby accepts and purchases from the Issuing
		Lender, on the terms and conditions hereinafter stated, for such L/C
		Participant’s own account and risk an undivided interest equal to such L/C
		Participant’s Commitment Percentage in the Issuing Lender’s
		obligations and rights under each Letter of Credit issued hereunder and the
		amount of each draft paid by the Issuing Lender thereunder. Each L/C
		Participant unconditionally and irrevocably agrees with the Issuing Lender
		that, if a draft is paid under any Letter of Credit for which the Issuing
		Lender is not reimbursed in full by the Borrowers in accordance with the terms
		of this Agreement, such L/C Participant shall pay to the Issuing Lender upon
		demand at the Issuing Lender’s address for notices specified herein an
		amount equal to such L/C Participant’s Commitment Percentage of the amount
		of such draft, or any part thereof, which is not so reimbursed.
	 

	 
		(b) Upon becoming aware of any amount
		required to be paid by any L/C Participant to the Issuing Lender pursuant to
		Section 3.6(a) hereof in respect of any unreimbursed portion of any
		payment made by the Issuing Lender under any Letter of Credit, the Issuing
		Lender shall notify each L/C Participant of the amount and due date of such
		required payment and such L/C Participant shall pay to the Issuing Lender the
		amount specified on the applicable due date. If any such amount is paid to the
		Issuing Lender after the date such payment is due, such L/C Participant shall
		pay to the Issuing Lender on demand, in addition to such amount, the product of
		(i) such amount, times (ii) the daily average Federal Funds Rate as determined
		by the Agent during the period from and including the date such payment is due
		to the date on which such payment is immediately available to the Issuing
		Lender, times (iii) a fraction the numerator of which is the number of days
		that elapse during such period and the denominator of which is 360. A
		certificate of the Issuing Lender with respect to any amounts owing under this
		Section 3.6(b) shall be conclusive in the absence of manifest error.
		With respect to payment to the Issuing Lender of the unreimbursed amounts
		described in this Section
		3.6(b), if the L/C Participants receive
		notice that any such payment is due (A) prior to 1:00 p.m. (Cleveland time) on
		any Business Day, such payment shall be due that Business Day, and (B) after
		1:00 p.m. (Cleveland time) on any Business Day, such payment shall be due on
		the following Business Day.
	 

	 
		(c) Whenever, at any time after the Issuing
		Lender has made payment under any Letter of Credit and has received from any
		L/C Participant its Commitment Percentage of such payment in accordance with
		this Section 3.6, the Issuing Lender receives any payment related to
		such Letter of Credit (whether directly from the Borrowers or otherwise, or any
		payment of interest on account thereof, the Issuing Lender will distribute to
		such L/C Participant its share thereof in accordance with its applicable
		Commitment Percentage; provided, that in the event that any such payment
		received by the Issuing Lender shall be required to be returned by 
	 

	 
		 
	 

	 
		 
	 

	 
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		the Issuing Lender, such L/C Participant
		shall return to the Issuing Lender the portion thereof previously distributed
		by the Issuing Lender to it.
	 

	 
		Section 3.7 Reimbursement Obligation of the
		Borrowers. The Borrowers agree to
		reimburse the Issuing Lender on each date on which the Issuing Lender notifies
		the Borrowers of the date and amount of a draft paid under any Letter of Credit
		for the amount of (a) such draft so paid or presented purporting to be drawn
		and (b) any taxes, fees, charges or other costs or expenses incurred by the
		Issuing Lender in connection with such payment. Each such payment shall be made
		to the Issuing Lender at its address for notices specified herein in lawful
		money of the United States and in immediately available funds. Interest shall
		be payable on any and all amounts remaining unpaid by the Borrowers under this
		Article III from the date such amounts are paid under the Letter of
		Credit (whether at stated maturity, by acceleration or otherwise) until payment
		in full at the rate which would be payable on any outstanding Base Rate Loans
		which were then overdue. If the Borrowers fail to timely reimburse the Issuing
		Lender on the date the Borrowers receive the notice referred to in this
		Section 3.7, the Borrowers shall be deemed to have timely given a
		Notice of Borrowing hereunder to the Agent requesting the Lenders to make a
		Base Rate Loan on such date in an amount equal to the amount of such drawing
		and, regardless of whether or not the conditions precedent specified in
		Article V hereof have been satisfied, the Lenders shall make Base
		Rate Loans in such amount, the proceeds of which shall be applied to reimburse
		the Issuing Lender for the amount of the related drawing and costs and
		expenses.
	 

	 
		Section 3.8 Obligations Absolute. The Borrowers’ obligations under this
		Article III (including, without limitation, the Reimbursement
		Obligation) shall be absolute and unconditional under any and all circumstances
		and irrespective of any set-off, counterclaim or defense to payment which any
		Borrower may have or have had against the Issuing Lender or any beneficiary of
		a Letter of Credit. The Borrowers also agree with the Issuing Lender that the
		Issuing Lender shall not be responsible for, and the Borrowers’
		Reimbursement Obligation under Section
		3.7 hereof shall not be affected by,
		among other things, the validity or genuineness of documents or of any
		endorsements thereon, even though such documents shall in fact prove to be
		invalid, fraudulent or forged, or any dispute between or among any Borrower and
		any beneficiary of any Letter of Credit or any other party to which such Letter
		of Credit may be transferred, or any claims whatsoever of any Borrower against
		any beneficiary of such Letter of Credit or any such transferee. The Borrowers
		assume all risks of the acts or omissions of the beneficiary of each Letter of
		Credit with respect to the use of the Letter of Credit or with respect to the
		beneficiary’s obligations to any Borrower. The Issuing Lender shall not be
		liable for any error, omission, interruption or delay in transmission, dispatch
		or delivery of any message or advice, however transmitted, in connection with
		any Letter of Credit, except for errors or omissions caused by the Issuing
		Lender’s gross negligence or willful misconduct. The Borrowers agree that
		any action taken or omitted by the Issuing Lender under or in connection with
		any Letter of Credit or the related drafts or documents, if done in the absence
		of gross negligence or willful misconduct and in accordance with the standards
		of care specified in the Uniform Customs and, to the extent not inconsistent
		therewith, the UCC shall be binding on the Borrowers and shall not result in
		any liability of the Issuing Lender to any Borrower. The responsibility of the
		Issuing Lender to the Borrowers in connection with any draft presented for
		payment under any Letter of Credit shall, in addition to any payment obligation
		expressly provided for in such Letter of Credit, be limited to determining that
		the documents (including
	 

	 
		 
	 

	 
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		each draft) delivered under such Letter of
		Credit in connection with such presentment are in conformity with such Letter
		of Credit. In furtherance and not in limitation of the foregoing, Agent may
		accept facially conforming documents without responsibility for further
		investigation, regardless of any notice or information to the contrary.
	 

	 
		Section 3.9 General Terms of Documentary Letters of
		Credit.
	 

	 
		(a) The Borrowers agree to procure or to
		cause the beneficiaries of each documentary Letter of Credit to procure
		promptly any necessary import and export or other licenses for the import or
		export or shipping of any goods referred to in or pursuant to a Letter of
		Credit and to comply and to cause the beneficiaries to comply with all foreign
		and domestic governmental regulations with respect to the shipment and
		warehousing of such goods or otherwise relating to or affecting such Letter of
		Credit, including, without limitation, governmental regulations pertaining to
		transactions involving designated foreign countries or their nationals, and to
		furnish such certificates in that respect as the Issuing Lender or the Agent
		may at any time reasonably require, and to keep such goods adequately covered
		by insurance in amounts, with carriers and for such risks as shall be customary
		in the industry and to cause the Issuing Lender’s interest to be endorsed
		on such insurance and to furnish bank at its request with reasonable evidence
		thereof. Should such insurance (or lack thereof) upon said goods for any reason
		not be reasonably satisfactory to the Issuing Lender or the Agent, the Issuing
		Lender or the Agent may (but is not obligated to) obtain, after notice, at the
		Borrowers’ expense, insurance satisfactory to the Issuing Lender or the
		Agent.
	 

	 
		(b) In connection with each documentary
		Letter of Credit, neither the Issuing Lender, nor any correspondent, nor any
		Lender shall be responsible for: (i) the existence, character, quality,
		quantity, condition, packing, value or delivery of the property purporting to
		be represented by documents; (ii) any difference in character, quality,
		condition or value of the property from that expressed in documents; (iii) the
		time, place, manner or order in which shipment of the property is made; (iv)
		partial or incomplete shipment referred to in such Letter of Credit; (v) the
		character, adequacy or responsibility of any insurer, or any other risk
		connected with insurance other than insurance procured by the Issuing Lender or
		the Agent; (vi) any deviation from instructions, delay, default or fraud by the
		beneficiary or anyone else in connection with the property or the shipping
		thereof; (vii) the solvency, responsibility or relationship to the property of
		any party issuing any documents in connection with the property; (viii) delay
		in arrival or failure to arrive of either the property or any of the documents
		relating thereto; (ix) delay in giving or failure to give notice of arrival or
		any other notice; (x) any breach of contract between the Letter of Credit
		beneficiaries and the Borrowers; (xi) any laws, customs, and regulations which
		may be effective in any jurisdiction where any negotiation and/or payment of
		such Letter of Credit occurs; (xii) failure of documents (other than documents
		required by the terms of the Letter of Credit) to accompany any draft at
		negotiation; or (xiii) failure of any entity to note the amount of any document
		or draft on the reverse of such Letter of Credit or to surrender or to take up
		such Letter of Credit or to forward documents other than documents required by
		the terms of the Letter of Credit. In connection with each Letter of Credit,
		the Issuing Lender shall not be responsible for any error, neglect or default
		of any of their correspondents. None of the above shall affect, impair or
		prevent the vesting of any of the Issuing Lender’s rights or powers
		hereunder. If a Letter of Credit provides that payment is to be made by the
		Issuing Lender’s correspondent, neither the Issuing Lender nor such
		correspondent 
	 

	 
		 
	 

	 
		 
	 

	 
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		shall be responsible for the failure of any
		of the documents specified in such Letter of Credit to come into the Issuing
		Lender’s hands, or for any delay in connection therewith, and the
		Borrowers’ obligation to make reimbursements shall not be affected by such
		failure or delay in the receipt of any such documents. 
	 

	 
		(c) To the extent not inconsistent with this
		Agreement, the Uniform Customs are hereby made a part of this Agreement with
		respect to obligations in connection with each documentary Letter of
		Credit.
	 

	 
		Section 3.10 Effect of Application. To the extent that any provision of any Application
		related to any Letter of Credit is inconsistent with the provisions of this
		Article III, the provisions of this Article III
		shall apply.
	 

	 
		ARTICLE IV
	 

	 
		GENERAL LOAN PROVISIONS
	 

	 
		Section 4.1 Interest.
	 

	 
		(a) Interest Rate Options. Subject to
		the provisions of this Section 4.1, at the election of the Borrowers,
		the aggregate principal balance of (i) the Revolving Credit Loans or any
		portion thereof shall bear interest at (A) the Base Rate and/or (B) the LIBOR
		Rate plus the Applicable Margin, and (ii) the Swing Line Loans shall bear
		interest at the Base Rate. The Borrowers shall select the rate of interest and
		Interest Period, if any, applicable to any Loan at the time a Notice of
		Borrowing is given pursuant to Section 2.2(a) hereof or at the time a
		Notice of Conversion/Continuation is given pursuant to Section 4.2
		hereof. Each Loan or portion thereof bearing interest based on the Base Rate
		shall be a “Base Rate Loan,” each Loan or portion thereof bearing
		interest based on the LIBOR Rate shall be a “LIBOR Rate Loan.” Any
		Revolving Credit Loan or any portion thereof as to which the Borrowers have not
		duly specified an interest rate as provided herein shall be deemed a Base Rate
		Loan.
	 

	 
		(b) Interest Periods. In connection
		with each LIBOR Rate Loan, the Borrowers, by giving notice at the times
		described in Section 4.1(a) hereof, shall elect an interest period
		(each, an “Interest Period”) to be applicable to such Loan, which
		Interest Period shall be a period of one (1), two (2), three (3), or six (6)
		months with respect to such Loan; provided that:
	 

	 
		(i) the Interest Period shall commence on
		the date of advance of or conversion to any LIBOR Rate Loan and, in the case of
		immediately successive Interest Periods, each successive Interest Period shall
		commence on the date on which the next preceding Interest Period
		expires;
	 

	 
		(ii) if any Interest Period would otherwise
		expire on a day that is not a Business Day, such Interest Period shall expire
		on the next succeeding Business Day; provided, that if any Interest Period with
		respect to a LIBOR Rate Loan would otherwise expire on a day that is not a
		Business Day but is a day of the month after which no further Business Day
		occurs in such month, such Interest Period shall expire on the next preceding
		Business Day;
	 

	 
		(iii) any Interest Period with respect to a
		LIBOR Rate Loan that begins on the last Business Day of a calendar month (or on
		a day for which there is no numerically 
	 

	 
		 
	 

	 
		 
	 

	 
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		corresponding day in the calendar month at
		the end of such Interest Period) shall end on the last Business Day of the
		relevant calendar month at the end of such Interest Period;
	 

	 
		(iv) no Interest Period shall extend beyond
		the Revolving Credit Termination Date; and
	 

	 
		(v) there shall be no more than ten (10)
		different Interest Periods applicable to LIBOR Rate Loans outstanding at any
		time.
	 

	 
		(c) Default Rate.
		Upon the occurrence and during the continuance of an Event of Default, (i) the
		Borrowers shall no longer have the option to request LIBOR Rate Loans, (ii) all
		outstanding LIBOR Rate Loans shall bear interest at a rate per annum two
		percent (2%) in excess of the rate then applicable to LIBOR Rate Loans until
		the end of the applicable Interest Period and thereafter at a rate equal to two
		percent (2%) in excess of the rate then applicable to Base Rate Loans, and
		(iii) all outstanding Base Rate Loans shall bear interest at a rate per annum
		equal to two percent (2%) in excess of the rate then applicable to Base Rate
		Loans. Interest shall continue to accrue on the Loans at the rates set forth
		above after the filing by or against the Borrowers of any petition seeking any
		relief in bankruptcy or under any act or law pertaining to insolvency or debtor
		relief, whether state, federal or foreign, as well as before and after any
		judgment.
	 

	 
		(d) Interest Payment and Computation. Interest on each Base Rate Loan shall be payable in
		arrears on the last Business Day of each calendar quarter; and interest on each
		LIBOR Rate Loan shall be payable on the last day of each Interest Period
		applicable thereto, and if such Interest Period extends over three (3) months,
		at the end of each three (3) month interval during such Interest Period.
		Interest on LIBOR Rate Loans and all fees payable hereunder shall be computed
		on the basis of a 360-day year and assessed for the actual number of days
		elapsed and interest on Base Rate Loans shall be computed on the basis of a 365
		or 366 day year, as applicable, and assessed for the actual number of days
		elapsed.
	 

	 
		(e) Maximum Rate. In
		no contingency or event whatsoever shall the aggregate of all amounts deemed
		interest charged or collected pursuant to the terms of this Agreement or any
		Loan Document exceed the highest rate permissible under any Applicable Law
		which a court of competent jurisdiction shall, in a final determination, deem
		applicable hereto. In the event that such a court determines that the Lenders
		have charged or received interest hereunder in excess of the highest applicable
		rate, the rate in effect hereunder shall automatically be reduced to the
		maximum rate permitted by Applicable Law and the Lenders shall, at the
		Agent’s option, (i) promptly refund to the Borrowers any interest received
		by Lenders in excess of the maximum lawful rate or (ii) apply such excess to
		the principal balance of the Obligations. It is the intent hereof that the
		Borrowers not pay or contract to pay, and that neither the Agent nor any Lender
		receive or contract to receive, directly or indirectly in any manner
		whatsoever, interest in excess of that which may be paid by the Borrowers under
		Applicable Law.
	 

	 
		Section 4.2 Notice and Manner of Conversion or Continuation of
		Loans. Provided that no Event of
		Default has occurred and is then continuing, the Borrowers shall have the
		option to (a) convert all or any portion of its outstanding Base Rate Loans in
		a principal 
	 

	 
		 
	 

	 
		 
	 

	 
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		amount equal to $1,000,000 or any whole
		multiple of $500,000 in excess thereof into one or more LIBOR Rate Loans and
		(b) upon the expiration of any Interest Period, (i) convert all or any part of
		its outstanding LIBOR Rate Loans in a principal amount equal to $5,000,000 or a
		whole multiple of $1,000,000 in excess thereof into Base Rate Loans and (ii)
		continue such LIBOR Rate Loans as LIBOR Rate Loans. Whenever the Borrowers
		desire to convert or continue Loans as provided above, the Borrowers shall give
		the Agent irrevocable prior written notice in the form attached hereto as
		Exhibit E (a “Notice of Conversion/Continuation”) not later than
		11:00 a.m. (Cleveland time) three (3) Business Days before the day on which a
		proposed conversion or continuation of such Loan is to be effective specifying
		(A) the Loans to be converted or continued, and, in the case of any LIBOR Rate
		Loan to be converted or continued, the last day of the Interest Period
		therefor, (B) the effective date of such conversion or continuation (which
		shall be a Business Day), (C) the principal amount of such Loans to be
		converted or continued, and (D) the Interest Period to be applicable to such
		converted or continued LIBOR Rate Loan. The Agent shall promptly notify the
		Lenders of such Notice of Conversion/Continuation.
	 

	 
		Section 4.3 Fees.
	 

	 
		(a) Commitment Fee.
		The Borrowers shall pay to the Agent, for the account of the Lenders, a
		non-refundable commitment fee in quarterly installments in arrears at a rate
		per annum of one quarter of one percent (0.25%) on the average daily unused
		portion of the Aggregate Commitment on the last Business Day of each calendar
		quarter and on the Revolving Credit Termination Date.
	 

	 
		(b) Agent’s and Other Fees. In order to compensate the Agent for structuring and
		syndicating the Loans and for its obligations hereunder, the Borrowers agree to
		pay (i) to the Agent, for its account, the fees set forth in the Agent Fee
		Letter, and (ii) on the Closing Date, the fees set forth in the Arrangement Fee
		Letter.
	 

	 
		Section 4.4 Manner of Payment. Each payment by the Borrowers on account of the
		principal of or interest on the Loans or of any fee, commission or other
		amounts (including, without limitation, the Reimbursement Obligation) payable
		to the Lenders under this Agreement or any Note shall be made not later than
		1:00 p.m. (Cleveland time) on the date specified for payment under this
		Agreement to the Agent at the Agent’s Office for the account of the
		Lenders (other than as set forth below) pro rata in accordance with their
		respective Commitment Percentages (except as specified below), in Dollars, in
		immediately available funds and shall be made without any set-off, counterclaim
		or deduction whatsoever. Any payment received after such time but before 2:00
		p.m. (Cleveland time) on such day shall be deemed a payment on such date for
		the purposes of Section
		12.1 hereof, but for all other purposes
		shall be deemed to have been made on the next succeeding Business Day. Any
		payment received after 2:00 p.m. (Cleveland time) shall be deemed to have been
		made on the next succeeding Business Day for all purposes. Upon receipt by the
		Agent of each such payment, the Agent shall distribute to each Lender at its
		address for notices set forth herein its pro rata share of such payment in
		accordance with such Lender’s Commitment Percentage (except as specified
		below) and shall wire advice of the amount of such credit to each Lender. Each
		payment to the Agent of the Issuing Lender’s fees or L/C
		Participants’ commissions shall be made in like manner, but for the
		account of the Issuing Lender or the L/C Participants, as the case may be. Each
		payment to the Agent of Agent’s fees or expenses shall be made for the
		account of the Agent, and any 
	 

	 
		 
	 

	 
		 
	 

	 
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		amount payable to any Lender under
		Sections 4.8, 4.9, 4.10, 4.11 or
		14.2 hereof shall be paid to the Agent
		for the account of the applicable Lender. Subject to Section 4.1(b)(ii) hereof, if any payment under this Agreement or any Loan
		Document shall be specified to be made upon a day which is not a Business Day,
		it shall be made on the next succeeding day which is a Business Day, and such
		extension of time shall in such case be included in computing any interest if
		payable along with such payment.
	 

	 
		Section 4.5 Credit of Payments and Proceeds. In the event that the Borrowers shall fail to pay any
		of the Obligations when due and the Obligations have been accelerated pursuant
		to Section 12.2 hereof, all payments received by the Lenders upon the
		Loans and other Obligations and all net proceeds from the enforcement of the
		Loans and other Obligations shall be applied first to all expenses then due and
		payable by the Borrowers hereunder, then to all indemnity obligations then due
		and payable by the Borrowers hereunder, then to all Agent’s and Issuing
		Lender’s fees then due and payable, then to all commitment and other fees
		and commissions then due and payable, then to accrued and unpaid interest on
		the Swing Line Loan to the Swing Line Lender, then to the principal amount
		outstanding, under the Swing Line Loan to the Swing Line Lender, then to
		accrued and unpaid interest on the Revolving Credit Loans, the Reimbursement
		Obligation and any termination payments due in respect of any Secured Hedging
		Agreement (pro rata in accordance with all such amounts due), then to the
		principal amount of the Revolving Credit Loans and Reimbursement Obligation
		(pro rata in accordance with all such amounts due) and then to the cash
		collateral account described in Section
		12.2(b) hereof to the extent of any L/C
		Obligations then outstanding, in that order.
	 

	 
		Section 4.6 Adjustments. If
		any Lender (a “Benefited Lender”) shall at any time receive any
		payment of all or part of the Obligations owing to it, or interest thereon, or
		if any Lender shall at any time receive any collateral in respect to the
		Obligations owing to it (whether voluntarily or involuntarily, by set-off or
		otherwise) in a greater proportion than any such payment to and collateral
		received by any other Lender, if any, in respect of the Obligations owing to
		such other Lender, or interest thereon, such Benefited Lender shall purchase
		for cash from the other Lenders such portion of each such other Lender’s
		Extensions of Credit, or shall provide such other Lenders with the benefits of
		any such collateral, or the proceeds thereof, as shall be necessary to cause
		such Benefited Lender to share the excess payment or benefits of such
		collateral or proceeds ratably with each of the Lenders; provided, that if all
		or any portion of such excess payment or benefits is thereafter recovered from
		such Benefited Lender, such purchase shall be rescinded, and the purchase price
		and benefits returned to the extent of such recovery, but without interest. The
		Borrowers agree that each Lender so purchasing a portion of another
		Lender’s Extensions of Credit may exercise all rights of payment
		(including, without limitation, rights of set-off) with respect to such portion
		as fully as if such Lender were the direct holder of such portion.
	 

	 
		Section 4.7 Nature of Obligations of Lenders Regarding Extensions of
		Credit; Assumption by the Agent. The
		obligations of the Lenders under this Agreement to make the Loans and issue or
		participate in Letters of Credit are several and are not joint or joint and
		several. Unless the Agent shall have received notice from a Lender prior to a
		proposed borrowing date that such Lender will not make available to the Agent
		such Lender’s ratable portion of the amount to be borrowed on such date
		(which notice shall not release such Lender of its obligations hereunder), the
		Agent may assume that such Lender has made such portion 
	 

	 
		 
	 

	 
		 
	 

	 
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		available to the Agent on the proposed
		borrowing date in accordance with Section 2.2(c)
		hereof, and the Agent may, in reliance upon such assumption, make available to
		the Borrowers on such date a corresponding amount. If such amount is made
		available to the Agent on a date after such borrowing date, such Lender shall
		pay to the Agent on demand an amount, until paid, equal to the product of (a)
		the amount not made available by such Lender in accordance with the terms
		hereof, times (b) the daily average Federal Funds Rate during such period as
		determined by the Agent, times (c) a fraction the numerator of which is the
		number of days that elapse from and including such borrowing date to the date
		on which such amount not made available by such Lender in accordance with the
		terms hereof shall have become immediately available to the Agent and the
		denominator of which is 360. A certificate of the Agent with respect to any
		amounts owing under this Section
		4.7 shall be conclusive, absent
		manifest error. If such Lender’s Commitment Percentage of such borrowing
		is not made available to the Agent by such Lender within three (3) Business
		Days of such borrowing date, the Agent shall be entitled to recover such amount
		made available by the Agent with interest thereon at the rate per annum
		applicable to Base Rate Loans hereunder, on demand, from the Borrowers. The
		failure of any Lender to make available its Commitment Percentage of any Loan
		requested by the Borrowers shall not relieve it or any other Lender of its
		obligation, if any, hereunder to make its Commitment Percentage of such Loan
		available on the borrowing date, but no Lender shall be responsible for the
		failure of any other Lender to make its Commitment Percentage of such Loan
		available on the borrowing date.
	 

	 
		Section 4.8 Changed Circumstances. 
	 

	 
		(a) Circumstances Affecting LIBOR Rate
		Availability. If with respect to any
		Interest Period the Agent or any Lender (after consultation with Agent) shall
		determine that, by reason of circumstances affecting the foreign exchange and
		interbank markets generally, deposits in Eurodollars in the applicable amounts
		are not being quoted via Telerate Page 3750 or offered to the Agent or such
		Lender for such Interest Period, then the Agent shall forthwith give notice
		thereof to the Borrowers. Thereafter, until the Agent notifies the Borrowers
		that such circumstances no longer exist, the obligation of the Lenders to make
		LIBOR Rate Loans and the right of the Borrowers to convert any Loan to or
		continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrowers
		shall repay in full (or cause to be repaid in full) the then outstanding
		principal amount of each such LIBOR Rate Loan, together with accrued interest
		thereon, on the last day of the then current Interest Period applicable to such
		LIBOR Rate Loan or convert the then outstanding principal amount of each such
		LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest
		Period.
	 

	 
		(b) Laws Affecting LIBOR Rate Availability. If, after the date hereof, the introduction of, or any
		change in, any Applicable Law or any change in the interpretation or
		administration thereof by any Governmental Authority, central bank or
		comparable agency charged with the interpretation or administration thereof, or
		compliance by any Lender (or any of their respective Lending Offices) with any
		request or directive (whether or not having the force of law) of any such
		Authority, central bank or comparable agency, shall make it unlawful or
		impossible for any of the Lenders (or any of their respective Lending Offices)
		to honor its obligations hereunder to make or maintain any LIBOR Rate Loan,
		such Lender shall promptly give notice thereof to the Agent and the Agent shall
		promptly give notice to the Borrowers and the other Lenders. Thereafter, until
		the Agent notifies the Borrowers that such circumstances no 
	 

	 
		 
	 

	 
		 
	 

	 
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		longer exist, (i) the obligations of the
		Lenders to make LIBOR Rate Loans, and the right of the Borrowers to convert any
		Loan or continue any Loan as a LIBOR Rate Loan shall be suspended and
		thereafter the Borrowers may select only Base Rate Loans hereunder, and (ii) if
		any of the Lenders may not lawfully continue to maintain a LIBOR Rate Loan to
		the end of the then current Interest Period applicable thereto as a LIBOR Rate
		Loan, the applicable LIBOR Rate Loan shall immediately be converted to a Base
		Rate Loan for the remainder of such Interest Period. Lenders shall determine
		the applicability of, and the amount due under, this Section 4.8(b)
		consistent with the manner in which they apply similar provisions and calculate
		similar amounts payable to them by other borrowers having in their credit
		agreements provisions comparable to this Section 4.8(b),
		and, if requested by the Borrowers, a certificate of any such Lender setting
		forth the basis for determining such amount or amounts necessary to compensate
		such Lender shall be forwarded to the Borrowers through the Agent and any such
		certificate shall be conclusively presumed to be correct save for manifest
		error.
	 

	 
		(c) Increased Costs.
		If, after the date hereof, the introduction of, or any change in, any
		Applicable Law, or in the interpretation or administration thereof by any
		Governmental Authority, central bank or comparable agency charged with the
		interpretation or administration thereof, or compliance by any of the Lenders
		(or any of their respective Lending Offices) with any request or directive
		(whether or not having the force of law) of such Authority, central bank or
		comparable agency:
	 

	 
		(i) shall subject any of the Lenders (or any
		of their respective Lending Offices) to any tax, duty or other charge with
		respect to any Loan, Note, Letter of Credit or Application or shall change the
		basis of taxation of payments to any of the Lenders (or any of their respective
		Lending Offices) of the principal of or interest on any Loan, Note, Letter of
		Credit or Application or any other amounts due under this Agreement in respect
		thereof (except for changes in the rate of tax on the overall net income of any
		of the Lenders or any of their respective Lending Offices imposed by the
		jurisdiction in which such Lender is organized or is or should be qualified to
		do business or such Lending Office is located); or
	 

	 
		(ii) shall impose, modify or deem applicable
		any reserve (including, without limitation, any imposed by the Board of
		Governors of the Federal Reserve System), special deposit, insurance or capital
		or similar requirement against assets of, deposits with or for the account of,
		or credit extended by any of the Lenders (or any of their respective Lending
		Offices) or shall impose on any of the Lenders (or any of their respective
		Lending Offices) or the foreign exchange and interbank markets any other
		condition affecting any LIBOR Rate Loan; and the result of any of the foregoing
		is to increase the costs to any of the Lenders of maintaining any LIBOR Rate
		Loan or issuing or participating in Letters of Credit or to reduce the yield or
		amount of any sum received or receivable by any of the Lenders under this
		Agreement or under the Notes in respect of a LIBOR Rate Loan or Letter of
		Credit or Application, then such Lender shall promptly notify the Agent, and
		the Agent shall promptly notify the Borrowers of such fact and demand
		compensation therefor and, within fifteen (15) days after such notice by the
		Agent, the Borrowers shall pay to such Lender such additional amount or amounts
		as will compensate such Lender or Lenders for such increased cost or reduction.
		The Agent will promptly notify the Borrowers of any event of which it has
		knowledge which will entitle such Lender to compensation pursuant to this
		Section 4.8(c); provided, that the Agent shall incur no liability
		whatsoever to the Lenders or the Borrowers in the event it fails to do so. If
		requested by the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Borrowers, a certificate of such Lender
		setting forth the basis for determining such amount or amounts necessary to
		compensate such Lender shall be forwarded to the Borrowers through the Agent
		and any such certificate shall be conclusively presumed to be correct save for
		manifest error. The amount of such compensation shall be determined, by the
		applicable Lender, based upon the assumption that such Lender funded its
		Commitment Percentage of the LIBOR Rate Loans in the London interbank market
		and using any reasonable attribution or averaging methods which such Lender
		deems appropriate and practical in its sole discretion. Lenders shall determine
		the applicability of, and the amount due under, this Section 4.8
		consistent with the manner in which they apply similar provisions and calculate
		similar amounts payable to them by other borrowers having in their credit
		agreements provisions comparable to this Section 4.8.
	 

	 
		Section 4.9 Indemnity. The
		Borrowers hereby indemnify each of the Lenders against any loss or expense
		which may arise or be attributable to each Lender’s obtaining, liquidating
		or employing deposits or other funds acquired to effect, fund or maintain any
		Loan (a) as a consequence of any failure by the Borrowers to make any payment
		when due of any amount due hereunder in connection with a LIBOR Rate Loan, (b)
		due to any failure of the Borrowers to borrow on a date specified therefor in a
		Notice of Borrowing or Notice of Continuation/Conversion or (c) due to any
		payment, prepayment or conversion of any LIBOR Rate Loan on a date other than
		the last day of the Interest Period therefor. The amount of such loss or
		expense shall be determined, in the applicable Lender’s sole discretion,
		based upon the assumption that such Lender funded its Commitment Percentage of
		the LIBOR Rate Loans in the London interbank market and using any reasonable
		attribution or averaging methods which such Lender deems appropriate and
		practical. A certificate of such Lender setting forth the basis for determining
		such amount or amounts necessary to compensate such Lender shall be forwarded
		to the Borrowers through the Agent and shall be conclusively presumed to be
		correct save for manifest error. Lenders shall determine the applicability of,
		and the amount due under, this Section
		4.9 consistent with the manner in which
		they apply similar provisions and calculate similar amounts payable to them by
		other borrowers having in their credit agreements provisions comparable to this
		Section 4.9. 
	 

	 
		Section 4.10 Capital Requirements. If either (a) the introduction of, or any change in,
		or in the interpretation of, any Applicable Law or (b) compliance with any
		guideline or request from any central bank or comparable agency or other
		Governmental Authority (whether or not having the force of law), has or would
		have the effect of reducing the rate of return on the capital of, or has
		affected or would affect the amount of capital required to be maintained by,
		any Lender or any corporation controlling such Lender as a consequence of, or
		with reference to the Commitments and other commitments of this type, below the
		rate which the Lender or such other corporation could have achieved but for
		such introduction, change or compliance, then within five (5) Business Days
		after written demand by any such Lender, the Borrowers shall pay to such Lender
		from time to time as specified by such Lender additional amounts sufficient to
		compensate such Lender or other corporation for such reduction. Lenders shall
		determine the applicability of, and the amount due under, this Section 4.10 consistent with the manner in which they apply similar
		provisions and calculate similar amounts payable to them by other borrowers
		having in their credit agreements provisions comparable to this Section 4.10,
		and, if requested by the Borrowers, a certificate of such Lender setting forth
		the basis for determining such amount or amounts necessary to compensate such
		Lender shall be forwarded to 
	 

	 
		 
	 

	 
		 
	 

	 
		-48-
	 

	 
		 
	 

	 
	 

	 

	 
		the Borrowers through the Agent and any such
		certificate shall be conclusively presumed to be correct save for manifest
		error.
	 

	 
		Section 4.11 Taxes. 
	 

	 
		(a) Payments Free and Clear. Any and all payments by the Borrowers hereunder or
		under any Note or Letter of Credit shall be made free and clear of and without
		deduction for any and all present or future taxes, levies, imposts, deductions,
		charges or withholding, and all liabilities with respect thereto, excluding,
		(i) in the case of each Lender and the Agent, income and franchise taxes
		imposed by the jurisdiction under the laws of which such Lender or the Agent
		(as the case may be) is organized or is or should be qualified to do business
		or any political subdivision thereof (excluding taxes imposed on the basis of
		net income) and (ii) in the case of each Lender, income and franchise taxes
		imposed by the jurisdiction of such Lender’s Lending Office or any
		political subdivision thereof (all such non-excluded taxes, levies, imposts,
		deductions, charges, withholdings and liabilities being hereinafter referred to
		as “Taxes”). If the Borrowers shall be required by law or applicable
		treaty to deduct and withhold any Taxes from or in respect of any sum payable
		hereunder or under any Note or Letter of Credit to any Lender or the Agent, (A)
		the sum payable shall be increased as may be necessary so that after making all
		required deductions and withholdings (including, without limitation, deductions
		and withholdings applicable to additional sums payable under this
		Section 4.11) such Lender or the Agent (as the case may be) receives
		an amount equal to the amount such party would have received had no such
		deductions been made, (B) the Borrowers shall make such deductions and
		withholdings, (C) the Borrowers shall pay the full amount deducted and withheld
		to the relevant taxing authority or other authority in accordance with
		Applicable Law, and (D) the Borrowers shall deliver to the Agent evidence of
		such payment to the relevant taxing authority or other authority in the manner
		provided in Section
		4.11(d) hereof.
	 

	 
		(b) Stamp and Other Taxes. In addition, the Borrowers shall pay any present or
		future stamp, registration, recordation or documentary taxes or any other
		similar fees or charges or excise or property taxes, levies of the United
		States or any state or political subdivision thereof or any applicable foreign
		jurisdiction which arise from any payment made hereunder or from the execution,
		delivery or registration of, or otherwise with respect to, this Agreement, the
		Loans, the Letters of Credit, the other Loan Documents, or the perfection of
		any rights or security interest in respect thereto (hereinafter referred to as
		“Other Taxes”).
	 

	 
		(c) Indemnity. The
		Borrowers shall indemnify each Lender and the Agent for the full amount of
		Taxes and Other Taxes (including, without limitation, any Taxes and Other Taxes
		imposed by any jurisdiction on amounts payable under this Section 4.11) paid by such
		Lender or the Agent (as the case may be) and any liability (including, without
		limitation, penalties, interest and expenses) arising therefrom or with respect
		thereto, whether or not such Taxes or Other Taxes were correctly or legally
		asserted. Such indemnification shall be made within thirty (30) days from the
		date such Lender or the Agent (as the case may be) makes written demand
		therefor. If requested by the Borrowers, a certificate of such Lender setting
		forth the basis for determining such amount or amounts necessary to compensate
		such Lender shall be forwarded to the Borrowers through the Agent and any such
		certificate shall be conclusively presumed to be correct save for manifest
		error. 
	 

	 
		 
	 

	 
		 
	 

	 
		-49-
	 

	 
		 
	 

	 
	 

	 

	 
		(d) Evidence of Payment. Within thirty (30) days after the date of any payment
		of Taxes or Other Taxes, the Borrowers shall furnish to the Agent, at its
		address referred to in Section
		14.1 hereof, the original or a
		certified copy of a receipt evidencing payment thereof or other evidence of
		payment satisfactory to the Agent.
	 

	 
		(e) Delivery of Tax Forms. Each Lender organized under the laws of a jurisdiction
		other than the United States or any state thereof shall deliver to the
		Borrowers, with a copy to the Agent, on the Closing Date or concurrently with
		the delivery of the relevant Assignment and Acceptance, as applicable, (i) two
		United States Internal Revenue Service Forms W-8ECI or Forms W-8BEN, as
		applicable (or successor forms), properly completed and certifying in each case
		that such Lender is entitled to a complete exemption from withholding or
		deduction for or on account of any United States federal income taxes, and (ii)
		an Internal Revenue Service Form W-8 or W-9 or successor applicable form, as
		the case may be, to establish an exemption from United States backup
		withholding taxes. Each such Lender further agrees to deliver to the Borrowers,
		with a copy to the Agent, a Form W-8ECI or W-8BEN and Form W-8 or W-9, or
		successor applicable forms or manner of certification, as the case may be, on
		or before the date that any such form expires or becomes obsolete or after the
		occurrence of any event requiring a change in the most recent form previously
		delivered by it to the Borrowers, certifying in the case of a Form W-8ECI or
		W-8BEN that such Lender is entitled to receive payments under this Agreement
		without deduction or withholding of any United States federal income taxes
		(unless in any such case an event (including, without limitation, any change in
		treaty, law or regulation) has occurred prior to the date on which any such
		delivery would otherwise be required which renders such forms inapplicable or
		the exemption to which such forms relate unavailable and such Lender notifies
		the Borrowers and the Agent that it is not entitled to receive payments without
		deduction or withholding of United States federal income taxes) and, in the
		case of a Form W-8 or W-9, establishing an exemption from United States backup
		withholding tax.
	 

	 
		(f) Survival.
		Without prejudice to the survival of any other agreement of the Borrowers
		hereunder, the agreements and obligations of each Borrower contained in this
		Section 4.11 shall survive the payment in full of the Obligations
		and the termination of the Commitments.
	 

	 
		Section 4.12 Replacement of Lenders. 
	 

	 
		Each Lender hereby severally agrees that if
		any Lender (an “Affected
		Lender”) (i) makes demand upon the
		Borrowers for (or if the Borrowers are otherwise required to pay) amounts
		pursuant to Sections 4.8, 4.10 or
		4.11 and the payment of such additional amounts are, and are
		likely to continue to be, materially more onerous in the reasonable judgment of
		the Borrowers than payment of such amounts with respect to the other Lenders,
		or (ii) does not consent (or fails to respond) to an amendment, modification or
		waiver to any provision of this Agreement or any other Loan Document requested
		by the Borrowers and approved by the Required Lenders, the Borrowers may,
		within 30 days of (x) receipt by the Borrowers of such demand or notice (or the
		occurrence of such other event causing the Borrowers to be required to pay such
		compensation) or (y) approval of such amendment, modification or waiver, give
		notice in writing to the Agent and such Affected Lender of its intention to
		replace such Affected Lender with the Eligible Assignee designated in such
		notice. Within 30 days of its receipt of such notice, such Affected 
	 

	 
		 
	 

	 
		 
	 

	 
		-50-
	 

	 
		 
	 

	 
	 

	 

	 
		Lender shall, subject to the payment of any
		amounts due pursuant to Section
		4.9 by the Borrowers, assign, in
		accordance with Section
		14.10, its Commitment, Loans, Notes,
		and other rights and obligations under this Agreement and all other Loan
		Documents (including Reimbursement Obligations, if applicable) to such
		designated financial institution; provided,
		however, that (i) such assignment shall be without recourse,
		representation or warranty (except as to (x) such Affected Lender’s then
		existing Commitment amount and the outstanding principal amount of Loans held
		by such Affected Lender, and (y) the absence of Liens arising by, through and
		under the Affected Lender) and shall be on terms and conditions reasonably
		satisfactory to such Affected Lender and such designated financial institution,
		(ii) the purchase price paid by such designated financial institution shall be
		in the amount of such Affected Lender’s Loans and its percentage of
		outstanding Reimbursement Obligations, together with all accrued and unpaid
		interest and fees in respect thereof, plus all other amounts (including the
		amounts demanded and not paid under Sections
		4.8, 4.9,
		4.10, and 4.11), owing to
		such Affected Lender hereunder and (iii) the Borrowers shall pay to such
		Affected Lender and the Agent all reasonable out-of-pocket expenses incurred by
		such Affected Lender and the Agent in connection with such assignment and
		assumption (including the assignment fee described in Section 14.10).
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE V
	 

	 
		CLOSING, CONDITIONS OF CLOSING AND
		BORROWING
	 

	 
		Section 5.1 Closing. The
		closing shall take place on July 19, 2007, or on such other date as the parties
		hereto shall mutually agree.
	 

	 
		Section 5.2 Conditions to Effectiveness to Amendment and
		Restatement. The obligation of the
		Lenders to close this Agreement and amend and restate the Existing Agreement,
		is subject to the satisfaction of each of the following conditions, including,
		without limitation, delivery of each of the documents described below, all in
		form and substance satisfactory to the Agent:
	 

	 
		(a) Executed Loan Documents. This Agreement and the Notes (executed by the
		Borrowers) shall have each been duly authorized, executed and delivered to the
		Agent by the parties thereto, shall be in full force and effect and no default
		shall exist thereunder, and the Borrowers shall have delivered original
		counterparts thereof to the Agent.
	 

	 
		(b) Closing Certificates; etc.
	 

	 
		(i) Certificate of the Secretary of each
		Borrower. The Agent shall have received
		a certificate of the secretary of each Borrower certifying as to the incumbency
		and genuineness of the signature of each officer of such Borrower executing
		Loan Documents to which it is a party and certifying that attached thereto is a
		true, correct and complete copy of (A) the charter or certificate of
		incorporation of such Borrower, and all amendments thereto, if any, certified
		as of a recent date by the Secretary of State of the State of Delaware,
		(B) the bylaws (if applicable) of such Borrower as in effect on the date
		of such certifications, (C) resolutions duly adopted by the Board of
		Directors of such Borrower authorizing the borrowings contemplated hereunder
		and the execution, delivery and performance of this Agreement and the other
		Loan Documents, and (D) an incumbency certificate giving the name and bearing a
		specimen signature of each individual who shall be authorized to sign, in its
		name and on its behalf, each of the Loan Documents to which it is a party, to
		make application for the Credit Loan, and to give notices and to take other
		action on its behalf under the Loan Documents to which it is a party.
	 

	 
		(ii) Certificates of Good Standing. The Agent shall have received certificates as of a
		recent date of the good standing of each Borrower under the laws of the State
		of Delaware, the State of New Jersey and the State of New York.
	 

	 
		(iii) Opinions of Counsel. The Agent shall have received favorable opinions of
		counsel to the Borrowers addressed to the Agent and the Lenders with respect to
		the Borrowers, the Loan Documents and such other matters as the Lenders shall
		reasonably request.
	 

	 
		(c) Collateral.
	 

	 
		(i) Filings and Recordings. With respect to all Pledged Assets other than Untitled
		Chassis and Untitled Canadian Chassis, all filings and recordations that are
		necessary to perfect the security interests of the Lenders in the Collateral
		shall have been received by the Agent and the Agent shall have received
		evidence satisfactory to the Agent that 
	 

	 
		 
	 

	 
		 
	 

	 
		-52-
	 

	 
		 
	 

	 
	 

	 

	 
		upon such filings and recordations such
		security interests constitute valid and perfected first priority Liens therein,
		including, without limitation, UCC-1 financing statements listing each Borrower
		as a debtor, the Agent as secured party and describing the Collateral. With
		respect to all Untitled Chassis and Canadian Chassis, all filings and
		recordations reasonably requested by Agent shall have been received by the
		Agent, including, without limitation, UCC-1 financing statements listing each
		Borrower as a debtor, the Agent as secured party and describing the Collateral
		and PPSA filings in Canada listing Trac as the debtor, the Agent as secured
		party and describing the Collateral.
	 

	 
		(ii) Lien Searches.
		The Agent shall have reviewed the results of any requested Lien searches
		(including, without limitation, searches as to judgments, pending litigation
		and tax matters) made against any Borrower under the applicable UCC (or
		applicable judicial docket) or other Applicable Law, indicating among other
		things that the Collateral is free and clear of any Lien except for Permitted
		Liens.
	 

	 
		(iii) Casualty and Liability Insurance. The Agent shall have received certificates of
		insurance, evidence of payment of all insurance premiums for the current policy
		year of each, and, if requested by the Agent, copies of insurance policies,
		evidencing customary levels of insurance (and deductibles) covering the
		Collateral and the Pledged Assets, with carriers reasonably acceptable to the
		Agent, and otherwise in form and substance customary in Borrowers’
		industry.
	 

	 
		(d) Consents; Defaults.
	 

	 
		(i) Governmental and Third Party Approvals. Each Borrower shall have obtained all necessary
		approvals, authorizations and consents of any Person and of all Governmental
		Authorities and courts having jurisdiction with respect to the Acquisition and
		the transactions contemplated by this Agreement and the other Loan
		Documents.
	 

	 
		(ii) No Injunction, Etc. No action, proceeding, investigation, regulation,
		legislation or litigation shall have been instituted, threatened or proposed
		before any Governmental Authority to enjoin, restrain, or prohibit, or to
		obtain damages in respect of, or which is related to or arises out of the
		Acquisition, this Agreement or the other Loan Documents or the consummation of
		the transactions contemplated hereby or thereby, or which, in the Agent’s
		sole discretion, would make it inadvisable to consummate the transactions
		contemplated by this Agreement and such other Loan Documents.
	 

	 
		(iii) No Event of Default. No Default or Event of Default shall have occurred and
		be continuing.
	 

	 
		(iv) No Materially Adverse Effect. No Materially Adverse Effect shall have occurred and
		be continuing since December 31, 2006, and no material disruption or material
		adverse change in the financial or capital markets has occurred that would have
		a material adverse effect on the market for loan syndications.
	 

	 
		(e) Payment at Closing. The Borrowers shall have paid the fees set forth or
		referenced in Section
		4.3 hereof and any other accrued and
		unpaid fees or commissions due 
	 

	 
		 
	 

	 
		 
	 

	 
		-53-
	 

	 
		 
	 

	 
	 

	 

	 
		hereunder (including, without limitation,
		legal fees and expenses) to the Agent and Lenders, and to any other Person such
		amount as may be due thereto in connection with the transactions contemplated
		hereby, including, without limitation, all taxes, fees and other charges in
		connection with the execution, delivery, recording, filing and registration of
		any of the Loan Documents.
	 

	 
		(f) Acquisition.
	 

	 
		(i) Acquisition Agreement. The Acquisition shall have been consummated and any
		amendments or modifications thereto, or side letters or related agreements
		entered into in connection with, the Acquisition Agreement shall have been
		delivered to Agent and Lenders.
	 

	 
		(ii) Indebtedness.
		The form and terms of all Indebtedness to be incurred by the Borrowers to
		finance, or otherwise in connection with, the Acquisition shall be reasonably
		satisfactory to Agent, and all credit agreements or similar documentation
		related thereto shall have been delivered to Agent and Lenders.
	 

	 
		(iii) Pro Forma Compliance. The Borrowers shall have delivered to Agent and
		Lenders an Officer’s Compliance Certificate dated as of the date of the
		closing, and calculated on a pro forma basis to give effect to the Acquisition
		as if the Acquisition had occurred on the first day of the reporting period
		covered by the Officer’s Compliance Certificate, and showing, in form and
		substance satisfactory to Agent, compliance with the covenants set forth in
		Article X hereof on such pro forma basis.
	 

	 
		(iv) Projections. The
		Borrowers shall have delivered to the Agent and Lenders three year projections
		giving effect to the Acquisition and related transactions, in form and
		substance (including assumptions used) satisfactory to Agent.
	 

	 
		(g) Appraisal and Borrowing Base.
	 

	 
		(i) Desktop Appraisal. Agent and Lenders shall have received an appraisal of
		the Collateral, as of a date within 30 days prior to the closing date, from an
		appraiser selected by Borrower and approved by Agent, which appraisal shall be
		in form and substance satisfactory to Agent, provided, however, that no
		physical inspection of the Collateral shall be required in order for the
		appraisal to be satisfactory to Agent.
	 

	 
		(ii) Borrowing Base Certificate. Borrowers shall have delivered a Borrowing Base
		Certificate to the Agent and Lenders dated as of the closing date and
		calculated giving effect to the appraisal described in (g)(i) above. 
	 

	 
		(h) Proceedings and Documents. All opinions, certificates and other instruments and
		all proceedings in connection with the transactions contemplated by this
		Agreement shall be satisfactory in form and substance to the Lenders. The
		Lenders shall have received copies of all other instruments and other evidence
		as the Lender may reasonably request, in form and substance satisfactory to the
		Lenders, with respect to the transactions contemplated by this Agreement and
		the taking of all actions in connection therewith.
	 

	 
		 
	 

	 
		 
	 

	 
		-54-
	 

	 
		 
	 

	 
	 

	 

	 
		Section 5.3 Conditions to All Extensions of Credit. The obligations of the Lenders to make any Extensions
		of Credit are subject to the satisfaction of the following conditions precedent
		on the relevant borrowing or issue date, as applicable:
	 

	 
		(a) Continuation of Representations and
		Warranties. The representations and
		warranties contained in Article VII hereof shall be true and correct on and as
		of such borrowing or issuance date with the same effect as if made on and as of
		such date; except for any representation and warranty made as of an earlier
		date, which representation and warranty shall remain true and correct as of
		such earlier date.
	 

	 
		(b) No Existing Default or Materially Adverse
		Effect. No Default, Event of Default or
		Materially Adverse Effect shall have occurred and be continuing hereunder (i)
		on the borrowing date with respect to such Loan or after giving effect to the
		Loans to be made on such date or (ii) or the issue date with respect to such
		Letter of Credit or after giving affect to such Letters of Credit on such
		date.
	 

	 
		(c) Officer’s Compliance Certificate; Borrowing Base
		Certificate; Additional Documents. The
		Agent shall have received the Officer’s Compliance Certificate and
		Borrowing Base Certificate most recently required under Sections 8.2(a) and (b), and each additional document, instrument, legal
		opinion or other item of information reasonably requested by it.
	 

	 
		(d) Collateral Documents. The Agent shall have received a copy of the Request
		for Application (as such term is defined in the Custody Agreement) delivered to
		the Filing Agent with respect to each Pledged Chassis identified on Schedule 2,
		and the Borrower shall have satisfied all delivery requirements set forth in
		the Custody Agreement.
	 

	 
		(e) Conditions. Each
		borrowing by the Borrowers or request for the issuance of a Letter of Credit
		shall constitute a representation and warranty by the Borrowers as of the date
		of such Loan or issuance of such Letter of Credit that the conditions of this
		Section 5.3 hereof have been satisfied.
	 

	 
		ARTICLE VI 
	 

	 
		COLLATERAL
	 

	 
		Section 6.1 Grant of Security Interest.
		Each Borrower hereby pledges, assigns,
		conveys, mortgages, transfers, charges, hypothecates, delivers and grants to
		the Agent a continuing security interest in and to any and all of (a) the
		personal property listed on Schedules 2, 3, and 4 hereto and (b) the Pledged
		Assets, whether now existing or hereafter acquired or created, whether owned
		beneficially or of record and whether owned individually, jointly or otherwise,
		together with the products and proceeds thereof, all collections, payments and
		other distributions and realizations with respect thereto, any and all other
		rights, powers, privileges, remedies and interests of the Borrowers therein;
		thereto or thereunder, and any and all renewals, substitutions, modifications
		and extensions of any and all of the items set forth above (the foregoing items
		will be referred to collectively as the “Collateral”),
		as security for the timely and full
		payment and satisfaction of the Obligations as and when due. However, items
		released in writing by the Agent from time to time from the Lien of this
		Agreement and the other Loan Documents shall no longer be considered to be
		“Collateral” hereunder.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 6.2 Collateral Documentation. 
	 

	 
		(a) The Borrowers shall have delivered to
		the Custodian the Certificates of Title to each Pledged Chassis (other than the
		Untitled Chassis and the Untitled Canadian Chassis, which shall be delivered
		with this Agreement if currently existing or shall be delivered promptly as
		hereafter received, acquired or created, pursuant to the terms of this
		Agreement and the Custody Agreement. The Agent in its sole and absolute
		discretion may at any time after the occurrence and during the continuance of
		an Event of Default, transfer or register any of the Collateral into the name
		of the Agent or its nominee(s) without any notice to any Borrower. In addition
		to the foregoing, the Borrowers shall deliver to the Agent or its designee such
		other assignments, pledges, deeds, mortgages, financing statements,
		attornments, estoppels, waivers, consents, recognitions, bailments, legal
		opinions and other instruments, documents and agreements as the Agent from time
		to time may request to further evidence, confirm, effect or perfect any
		mortgage or other security interest granted or required to be granted under
		this Agreement or any other Loan Document, each in such form and substance as
		may be acceptable to the Agent.
	 

	 
		(b) Each Borrower hereby irrevocably
		authorizes the Agent in its sole and absolute discretion to file any and all
		financing statements, modifications and continuations in respect of the
		Collateral and the transactions contemplated by this Agreement and the other
		Loan Documents in any jurisdiction and with any filing offices as the Agent may
		determine, in its sole discretion, are necessary or advisable to perfect the
		security interest granted herein (such financing statements may describe the
		collateral in the same manner as described in this Agreement or may contain an
		indication or description of collateral that describes such property in any
		other manner as the Agent may determine, in its sole discretion, is necessary
		or prudent to ensure the perfection of the security interest in the Collateral
		granted to the Agent in connection herewith). The Agent shall not be liable for
		any mistake in or failure to file any financing statement, modification or
		continuation.
	 

	 
		(c) Prior to receipt by the Custodian, each
		Certificate of Title (or, as to any Pledged Chassis purchased directly from the
		manufacturer or another seller, the necessary purchase documentation) shall be
		delivered to a Filing Agent with instruction to the Filing Agent to promptly
		apply for a revised (or new) Certificate of Title evidencing a Borrower as the
		sole owner and the Agent as the sole secured party and providing an address for
		the Custodian to which such issued Certificate of Title shall be
		delivered.
	 

	 
		(d) The Borrowers hereby covenant that
		Interpool and its Subsidiaries will duly perform all their obligations under
		the Lockbox Agreement and the Intercreditor Agreement and the Borrowers will
		direct all Lessees to make all Lease Payments to the “Lockbox” and
		the “Lockbox Account” (as such terms are defined in the Lockbox
		Agreement).
	 

	 
		(e) The Agent and each Lender acknowledge
		and agree that the Agent shall not exercise any rights it may have with respect
		to the Intercreditor Agreement or the Lockbox Agreement, including, without
		limitation, any right to direct the proceeds of the Pledged Assets or to modify
		the account into which proceeds of the Pledged Assets are deposited, unless and
		until an Event of Default under this Agreement shall have occurred and be
		continuing. 
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 6.3 Performance by the Agent. In
		the event the Borrowers fail to pay or
		otherwise perform or satisfy any of their obligations to others or under or in
		respect of any of the Collateral as required by this Agreement or any other
		Loan Document, the Agent shall have the right in its sole and absolute
		discretion (but shall be under no duty or obligation) to make any such payment
		or cause the performance or satisfaction of any other such obligation,
		including (without limitation) the payment of any tax, claim or insurance
		premium, the maintenance or defense of any part of the Collateral or the
		purchase or discharge of any Lien on any part of the Collateral. The Agent will
		endeavor to give the Borrowers prior notice (which may be by telephone or
		telecopy) of any such payment or action; provided, however, that the failure to give such notice shall not affect the
		validity of the payment or action or the reimbursement obligations of the
		Borrowers with respect thereto. The Borrowers shall pay or reimburse on demand
		any and all amounts advanced or expenses incurred by the Agent or its designee
		under this Section, which shall constitute additional Loans under (and secured
		by) this Agreement and shall bear interest at the rate applicable to the Loans.
		No payment made or action taken by the Agent or its designee shall be deemed or
		construed to be a waiver, cure or satisfaction of the underlying default, which
		default shall be deemed to be continuing until such time (if ever) as the
		Borrowers have, prior to the Revolving Credit Termination Date, (i) resumed the
		payment, performance and satisfaction required by this Agreement and the other
		Loan Documents and (ii) repaid all Loans advanced for such payments and
		actions, together with interest thereon, and paid all others to whom the Agent
		has requested direct payment respecting such payments and actions.
	 

	 
		Section 6.4 Litigation Respecting Collateral. 
	 

	 
		(a) In the event that any action, suit or
		other proceeding (whether or not purportedly on behalf of the Borrowers) at
		law, in equity, in arbitration or before any other Governmental Authority
		involving or affecting the Collateral which could reasonably be expected to
		result in a Materially Adverse Effect (a “Proceeding”) is contemplated
		by the Borrowers or is otherwise commenced by or against any party hereto, the
		Borrowers shall give the Agent prompt notice thereof. Within twenty (20)
		Business Days after its receipt of such notice, the Agent shall notify the
		Borrowers that either (i) the Agent will join in the Proceeding, (ii) a
		specified designee of the Agent will join in the Proceeding, or (iii) the
		Borrowers may prosecute the Proceeding without the participation of the Agent
		or its designee, which Proceeding in any event shall be conducted in accordance
		with the provisions of subsection (b) of this Section. In the event the Agent
		fails to respond to such notice of the Proceeding within that period, the Agent
		shall be deemed to have elected alternative (iii) above, without, however,
		waiving any other right, power, privilege, remedy or interest of the Agent
		under this Agreement, the other Loan Documents and Applicable Law.
	 

	 
		(b) If the Borrowers elect to commence a
		Proceeding or a Proceeding has otherwise commenced by or against any party
		hereto, the Borrowers shall cause the same to be prosecuted (A) in such a
		manner that all the rights of the Agent are preserved and protected to the
		fullest extent reasonably possible and (B) with counsel to the Borrowers that
		is acceptable to and represents both the Borrowers and the Agent. Subject to
		compliance by the Borrowers with the foregoing, (x) the Agent (if named as a
		party by someone other than the Borrowers) shall join in the Proceeding and
		take any other action reasonably requested by counsel to the Borrowers to
		facilitate the prosecution thereof, all at the sole cost and expense of the
		Borrowers, and (y) the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Proceeding may be prosecuted by the
		Borrowers in such manner as the Borrowers and their counsel reasonably deem
		appropriate. In any event, if the Agent determines at any time during the
		pendency of a Proceeding (after consultation with counsel to the Agent) that
		the interests of the Agent are at variance with the interests of the Borrowers,
		the Agent may appoint its own counsel (at the expense of the Borrowers) to
		represent the Agent in the Proceeding, and the Borrowers and their counsel
		shall cooperate with the Agent and its counsel to the fullest extent possible
		in that Proceeding.
	 

	 
		Section 6.5 Power of Attorney. With respect to the various assets and properties
		included or required to be included in the Collateral hereunder, the Borrowers
		hereby irrevocably make, constitute and appoint the Agent and the Agent ‘s
		executive officers (Vice President or above), and each of them, with full power
		of substitution, as the true and lawful attorney-in-fact of the Borrowers, with
		full power and authority from time to time in the name, place and stead of the
		Borrowers to: (a) take possession of and execute or endorse (to the Agent or
		otherwise) any one or more contracts, mortgages, deeds, pledges, assignments,
		instruments and other documents, and any one or more notes, checks, drafts,
		bills of exchange, money orders or other documents received in payment for or
		on account of those assets and properties; (b) receive, open and dispose of all
		mail and other deliveries to the Borrowers respecting the Collateral and
		request postal authorities and others to change the delivery address(es) for
		the Borrowers to such address(es) as the Agent may deem necessary or desirable;
		(c) demand, collect and receive any monies due on account of those assets and
		properties and give receipts and acquittances in connection therewith; (d)
		negotiate and compromise any claim, and commence, prosecute, defend, settle or
		withdraw any claims, suits or proceedings, pertaining to or arising out of
		those assets and properties; (e) pay any Indebtedness or other liability or
		perform any other obligation required to be paid or performed under this
		Agreement or any other Loan Document by the Borrowers or any other person
		(other than the Agent); (f) prepare and execute on behalf of the Borrowers any
		mortgage, financing statement or other evidence of a security interest
		contemplated by this Agreement, or any modification, refiling, continuation or
		extension thereof, (g) take any other action contemplated by this Agreement or
		any other Loan Document; and (h) sign, execute, acknowledge, swear to, verify,
		deliver, file, record and publish any one or more of the foregoing;
		provided, however, that the above-named attorneys-in-fact may exercise the
		powers set forth in subsections (a), (b), (c), (d), (e) and (g) of this Section
		only following the occurrence and during the continuance of an Event of
		Default, whether or not any reference to this Power of Attorney is made in that
		notice, and without regard to whether any other action has been taken by the
		Agent under this Agreement or any other Loan Document. This Power of Attorney
		is hereby declared to be irrevocable, with full power of substitution and
		coupled with an interest. This Power of Attorney shall survive the dissolution,
		reorganization or bankruptcy of the Borrowers and shall extend to and be
		binding upon the successors, assigns, heirs and legal representatives of the
		Borrowers. This Power of Attorney may be exercised (i) by any one of the
		above-named attorneys-in-fact, or by any substitute designated by any of those
		attorneys-in-fact, and (ii) by signing for the Borrowers individually on any
		document or instrument or by listing two or more of the persons, including the
		Borrowers, for whom any document or instrument is being signed and signing
		once, with a single signature by the attorney-in-fact or substitute being
		effective to exercise the Powers of Attorney of all persons so listed. A
		facsimile signature shall be effective if so affixed. The Agent shall not be
		liable for any failure to collect or enforce the payment of any of those assets
		and properties.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 6.6 Certain Acknowledgments and Waivers by the
		Borrowers. 
	 

	 
		(a) The Borrowers acknowledge and agree that
		the rights, powers, privileges, remedies and interests granted to or conferred
		upon the Agent in respect of any of the Collateral by this Agreement, the other
		Loan Documents and Applicable Law are purely discretionary and shall not, and
		shall not be deemed or construed to, impose upon the Agent any duty or other
		obligation (A) to sell, foreclose or otherwise realize upon any of the
		Collateral, (B) to protect or preserve any of the Collateral, (C) to perform or
		satisfy any obligation under or respecting any of the Collateral or the
		Borrowers, (D) to mitigate or otherwise reduce any damage or other loss, or (E)
		to otherwise exercise or enforce any such right, power, privilege, remedy or
		interest. Any sale, foreclosure or other realization upon any of the
		Collateral, or any other exercise or enforcement of any such right, power,
		privilege, remedy or interest, if undertaken by the Agent in its sole and
		absolute discretion, may be delayed, discontinued or otherwise not pursued or
		exhausted for any reason whatsoever (whether intentionally or otherwise).
		Without limiting the generality of the foregoing, the Borrowers hereby
		expressly waive each and every claim or defense, and agree that they will not
		assert or pursue (by action, suit, counterclaim or otherwise) any claim or
		defense, respecting (i) any settlement or compromise with any obligor or other
		third party under any Lease or Related Asset included in the Collateral,
		irrespective of any reduction in the potential proceeds therefrom, (ii) the
		selection or order of disposition of any Collateral (which may be at random or
		in any order(s) the Agent may select in its sole and absolute discretion),
		(iii) any private sale of any Collateral, whether or not any public market
		exists, (iv) the choice or timing of any sale date (which the Agent may select
		in its sole and absolute discretion), irrespective of whether greater sale
		proceeds would be realizable on a different sale date, (v) the adequacy of the
		sale price of any Collateral, (vi) any insufficiency of the proceeds to fully
		satisfy the Obligations, (vii) any sale of Collateral to the first person to
		receive an offer or make a bid, (viii) the selection of any purchaser of any
		Collateral, or (ix) any default by any purchaser of any Collateral. Neither the
		Agent nor any of its representatives shall incur any liability in connection
		with any sale of or other action taken respecting any Collateral in accordance
		with the provisions of this Agreement, any other Loan Document or Applicable
		Law (including the UCC’s requirement of commercial reasonableness).
	 

	 
		(b) The Borrowers hereby expressly waive the
		applicability of any and all Applicable Law that are or may be in conflict with
		the terms and provisions of this Agreement and the other Loan Documents now or
		at any time in the future to the extent waiver is not limited under Applicable
		Law, including (without limitation) those pertaining to notice (other than
		notices required by this Agreement or any other Loan Document), appraisal,
		valuation, stay, extension, moratorium, marshaling of assets, exemption and
		equity of redemption; provided, however, that the preceding provision is not
		intended to confer upon the Agent any right, power, privilege, remedy or
		interest not permissible under Applicable Law notwithstanding the foregoing
		waivers nor to waive any party’s duty of commercial reasonableness.
	 

	 
		Section 6.7 Partial Releases. The Agent from time to time shall release portions of
		the Collateral from the liens and security interests granted under this
		Agreement and the other Loan Documents qualifying for release in accordance
		with the terms of Section 2.5(c), 6.8 or 11.7 hereof, shall execute and deliver
		the documentation reasonably required to effect each such release (in such form
		and substance as may be acceptable to the Agent), and shall return the
		applicable instruments and other documents to the Borrowers or their designee,
		in each 
	 

	 
		 
	 

	 
		 
	 

	 
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		case subject to receipt of evidence and
		documentation in such form and substance as may be acceptable to the Agent that
		those terms and conditions have been satisfied; provided that no Event of
		Default or Default then exists or could result therefrom. Any and all actions
		under this Section shall be without any recourse to or representation or
		warranty by the Agent and shall be at the sole cost and expense of the
		Borrowers.
	 

	 
		Section 6.8 Substitution of
		Collateral.
	 

	 
		So long as no Event of Default has occurred
		and is continuing, any Borrower may pledge Equipment, together with the
		applicable Related Assets, to the Agent in exchange for Pledged Equipment,
		together with the applicable Related Assets, if:
	 

	 
		(a) As of the related Substitution Date, the
		Equipment then being transferred have an aggregate (i) Net Book Value, for any
		Eligible Equipment, and (ii) Finance Lease Value, for any Eligible Finance
		Lease, as applicable, such that after giving effect to the substitution of such
		Equipment and Lease, the Borrowing Base is not less than the aggregate
		Extensions of Credit;
	 

	 
		(b) as of the related Substitution Date for
		any Equipment, either (i) such Equipment then being transferred satisfies the
		definition of Eligible Equipment or (ii) the Lease related to such Equipment
		satisfies the definition of Eligible Finance Lease, as applicable; 
	 

	 
		(c) no Event of Loss has occurred with
		respect to any Equipment then being transferred and no Lease related to any
		such Equipment is a Defaulted Lease;
	 

	 
		(d) no Equipment, Leases or any Related
		Assets, then being pledged to the Agent was subject to (i) any adverse
		selection procedures by any Borrower in selecting such Equipment, Leases or
		other Related Assets or (ii) at the time of such transfer, any Lien other than
		a Permitted Lien; and
	 

	 
		(e) with respect to any Pledged Equipment,
		the Borrower shall comply with the terms and conditions of Section 6.2
		herof.
	 

	 
		Section 6.9 Termination of Security Interests. The security
		interests granted to the Agent hereunder shall terminate when all Commitments
		hereunder have been terminated and all of the Obligations have been
		indefeasibly paid and satisfied in full. Upon such complete payment and
		satisfaction: the Agent shall reassign, release and/or deliver to the Borrowers
		all Collateral then held by or at the direction of the Agent under the Loan
		Documents; and, if requested by the Borrowers, the Agent shall deliver to the
		Borrowers for filing in each office in which any financing statement, mortgage,
		or lease, or assignment thereof, relating to the Collateral, or any part
		thereof, shall have been filed, a termination statement under the UCC or an
		appropriate satisfaction, release, reconveyance or reassignment releasing the
		Agent’s interest therein, and any other instrument or document that the
		Borrowers deem reasonably necessary to evidence the termination of the
		Agent’s security interest; each in such form and substance as may be
		acceptable to the Agent. Any and all actions under this Section shall be
		without any recourse to or representation or warranty by the Agent and shall be
		at the sole cost and expense of the Borrowers.
	 

	 
		 
	 

	 
		 
	 

	 
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		ARTICLE VII
	 

	 
		REPRESENTATIONS AND
		WARRANTIES
	 

	 
		Each Borrower represents and warrants to the
		Agent and each of the Lenders that as of the Closing Date and each date of each
		Extension of Credit:
	 

	 
		Section 7.1 Corporate Existence and Good Standing,
		Etc.
	 

	 
		(a) It and its
		respective Subsidiaries are Corporations validly organized and existing and in
		good standing under the laws of the jurisdictions in which they are organized,
		and each has the requisite organizational power to own its property and conduct
		its business as presently conducted by it; and
	 

	 
		(b) In all
		jurisdictions where a Borrower or any of such Borrower’s Subsidiaries are
		required to be qualified to do business such Borrower and each such Subsidiary
		is either so qualified or such qualification can readily be obtained without
		substantial penalty; and the failure, individually or in the aggregate, to
		qualify in jurisdictions where such Borrower or any of such Borrower’s
		Subsidiaries have not done so could not, individually or in the aggregate,
		reasonably be expected to have a Materially Adverse Effect. 
	 

	 
		Section 7.2 Corporate Power; Consents; Absence of Conflict with
		Other Agreements, Etc.
	 

	 
		(a) The
		execution, delivery and performance of the Loan Documents by each Borrower and
		the borrowings and transactions contemplated hereby and thereby:
	 

	 
		(i) are within their respective organization
		powers and have been duly authorized by all necessary organization
		action;
	 

	 
		(ii) do not require any approval or consent
		of, or filing with, any governmental agency or authority, and do not and will
		not contravene any provision of Applicable Law or the terms of their respective
		charter documents or bylaws or any amendment thereof; and
	 

	 
		(iii) will not conflict with or result in
		any material breach or contravention of or default under, or the creation of
		any Lien under, any indenture, agreement, lease, instrument or undertaking to
		which any Borrower is a party or by which any of them or any of their
		properties are bound.
	 

	 
		(b) Each of the
		Loan Documents executed by a Borrower is, and will be, a valid and legally
		binding obligation of such Borrower, enforceable in accordance with their
		respective terms, subject to the effect of any applicable bankruptcy,
		moratorium, insolvency, reorganization or other similar law affecting the
		enforceability of creditors’ rights generally and to the effect of general
		principles of equity (whether considered in a proceeding at law or in
		equity).
	 

	 
		(c) This
		Agreement and the other Loan Documents have been duly executed and delivered by
		each Borrower thereto.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 7.3 Title to
		Properties. Interpool and each of its Subsidiaries own all of their
		respective assets reflected as such in Interpool’s Consolidated balance
		sheet as at December 31, 2006, except for dispositions of any assets since such
		date in the ordinary course of business. Each Borrower is Solvent and will not
		be rendered insolvent as a result of the transactions contemplated hereby or
		referred to herein, including the Acquisition and Indebtedness incurred in
		connection with the Acquisition.
	 

	 
		Section 7.4 Financial Statements. The Agent and the Lenders have been furnished with
		Interpool’s audited Consolidated balance sheet as of December 31, 2006,
		and its audited Consolidated statements of income, retained earnings and cash
		flows for the Fiscal Year then ended, and related footnotes. Such financial
		statements have been prepared in accordance with GAAP applied on a consistent
		basis throughout the periods specified and present fairly in all material
		respects the financial position of Interpool and its Subsidiaries as of such
		date and the results of their respective operations for the year then ended.
		There are no liabilities, contingent or otherwise, known to any Borrower, not
		disclosed in such financial statements or footnotes that involve a material
		amount.
	 

	 
		Section 7.5 No Materially Adverse Effect. There has not occurred and is continuing any event or
		circumstance which could reasonably be expected to have a Materially Adverse
		Effect.
	 

	 
		Section 7.6 Litigation.
		There are no actions, suits, proceedings or investigations of any kind pending
		or, to its knowledge, threatened, against Interpool or any of its Subsidiaries
		before any court, tribunal or administrative agency or board which, if
		determined adversely, individually or in the aggregate, could reasonably be
		expected to have a Materially Adverse Effect.
	 

	 
		Section 7.7 No Materially Adverse Contracts, Etc. Neither Interpool nor any of its Subsidiaries is
		subject to any charter, corporate or other legal restriction, or any judgment,
		decree, order, rule or regulation which, individually or in the aggregate, in
		the judgment of its officers, could reasonably be expected to have a Materially
		Adverse Effect.
	 

	 
		Section 7.8 Compliance with Other Instruments Laws,
		Etc. Neither Interpool nor any of its
		Subsidiaries are violating any provision of their respective charter documents
		or bylaws or any agreement or instrument by which they or any of their
		properties may be bound or any decree, order, judgment, or, to the knowledge of
		their officers, any statute, license, rule or regulation, in a manner which,
		individually or in the aggregate, could reasonably be expected to have a
		Materially Adverse Effect.
	 

	 
		Section 7.9 Tax Status.
		Interpool and its Subsidiaries (a) made or filed all tax returns, reports and
		declarations required by any jurisdiction to which any of them are subject, (b)
		paid all taxes and other governmental assessments and charges that are material
		in amount and required to be paid, except those being contested in good faith,
		by appropriate proceedings diligently pursued, and (c) set aside on their books
		provisions reasonably adequate for the payment of all taxes for periods
		subsequent to the periods to which such returns, reports or declarations apply.
		There are no unpaid taxes in any material amount claimed to be due from
	 

	 
		 
	 

	 
		 
	 

	 
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		Interpool or any of its Subsidiaries by the
		taxing authority of any jurisdiction, and the officers of the Borrowers know of
		no basis for any such claim.
	 

	 
		Section 7.10 Compliance with ERISA. Interpool and each of its Subsidiaries and each member
		of the Controlled Group have fulfilled their obligations under the minimum
		funding standards of ERISA and the Code with respect to each Plan and are in
		compliance in all material respects with the applicable provision of ERISA and
		the Code, and have not incurred any liability to the PBGC or a Plan under Title
		IV of ERISA; and no “prohibited transaction” or “reportable
		event” (as such terms are defined in ERISA) has occurred with respect to
		any Plan which could reasonably be expected to result in material liability for
		excise taxes.
	 

	 
		Section 7.11 Environmental Matters.
	 

	 
		(a) Interpool and
		each of its Subsidiaries have obtained all material permits, licenses and other
		authorizations which are required under all Environmental Laws, except to the
		extent failure to have any such permit, license or authorization, individually
		or in the aggregate, could not reasonably be expected to result in a Materially
		Adverse Effect. Interpool and each of its Subsidiaries are in compliance in all
		material respects with the terms and conditions of all such permits, licenses
		and authorizations, and are also in compliance in all material respects with
		all other limitations, restrictions, conditions, standards, prohibitions,
		requirements, obligations, schedules and timetables contained in any applicable
		Environmental Law or in any regulation, code, plan, order, decree, judgment,
		injunction, notice or demand letter issued, entered, promulgated or approved
		thereunder, except to the extent failure to comply, individually or in the
		aggregate, could not reasonably be expected to have a Materially Adverse Effect
		on the business, financial condition or operations of Interpool and its
		Subsidiaries.
	 

	 
		(b) No notice,
		notification, demand, request for information, citation, summons or order has
		been issued, no complaint has been filed, no penalty has been assessed and no
		investigation or review is pending or, to the knowledge of any Borrower,
		threatened by any governmental or other entity with respect to any alleged
		failure by Interpool or any of its Subsidiaries to have any permit, license or
		authorization required in connection with the conduct of its business or with
		respect to any Environmental Laws, including Environmental Laws relating to the
		generation, treatment, storage, recycling, transportation, disposal or release
		of any Hazardous Materials.
	 

	 
		(c) To the best
		of each Borrower’s knowledge, no material oral or written notification of
		a release of a Hazardous Material has been filed by or on behalf of Interpool
		or any of its Subsidiaries and no property now or previously owned, leased or
		used by Interpool or any of its Subsidiaries is listed or proposed for listing
		on the National Priorities List under the Comprehensive Environmental Response,
		Compensation and Liability Act of 1980, as amended, or on any similar state
		list of sites requiring investigation or clean-up. 
	 

	 
		(d) To the best
		of each Borrower’s knowledge, there are no Liens or encumbrances arising
		under or pursuant to any Environmental Laws on any of the real property or
		properties owned, leased or used by Interpool or any of its Subsidiaries other
		than Liens, if any, that do not materially detract from the value of the
		property or materially impair the use thereof in the operation of the business
		of Interpool and its Subsidiaries or have a Materially
	 

	 
		 
	 

	 
		 
	 

	 
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		Adverse Effect and no governmental actions
		have been taken or are in process which could subject any of such properties to
		such Liens or encumbrances or, as a result of which Interpool or any of its
		Subsidiaries would be required to place any notice or restriction relating to
		the presence of Hazardous Materials at any property owned by it in any deed to
		such property.
	 

	 
		(e) None of
		Interpool, any of its Subsidiaries, or, to the best knowledge of Interpool and
		each of its Subsidiaries, any previous owner, tenant, occupant or user of any
		property owned, leased or used by Interpool or any of its Subsidiaries has (i)
		engaged in or permitted any operations or activities upon or any use or
		occupancy of such property, or any portion thereof, for the purpose of or in
		any way involving the handling, manufacture, treatment, storage, use,
		generation, release, discharge, refining, dumping or disposal (whether legal or
		illegal, accidental or intentional) of any Hazardous Materials on, under, in or
		about such property, except to the extent commonly used in day-to-day
		operations of such property and in such case only in compliance with all
		Environmental Laws, or (ii) transported any Hazardous Materials to, from or
		across such property except to the extent commonly used in day-to-day
		operations of such property and, in such case, in compliance in all material
		respects with, all Environmental Laws; nor to the best knowledge of Interpool
		and each of its Subsidiaries have any Hazardous Materials migrated from other
		properties upon, about or beneath such property, nor, to the best knowledge of
		Interpool and each of its Subsidiaries, are any Hazardous Materials presently
		constructed, deposited, stored or otherwise located on, under, in or about such
		property except to the extent commonly used in day-to-day operations of such
		property and, in such case, in compliance in all material respects with, all
		Environmental Laws.
	 

	 
		Section 7.12 No Default.
	 

	 
		(a) No Default or
		Event of Default has occurred and is continuing under this Agreement or any
		other Loan Document. 
	 

	 
		(b) Neither
		Interpool nor any of its Subsidiaries are in default under any Indebtedness
		which default could reasonably be expected to result in an Event of Default
		under Section 12.1(g) or (h).
	 

	 
		Section 7.13 Patents, Copyrights, Permits, Trademarks, Licenses and
		Leases. Interpool and each of its
		Subsidiaries have rights with respect to all of their respective material
		patents, trademarks, permits, service marks, trade names, copyrights and
		licenses, and shall have obtained assignments of all leases, necessary for the
		present conduct of its business, except to the extent that the absence thereof,
		individually or in the aggregate, could not reasonably be expected to result in
		a Materially Adverse Effect.
	 

	 
		Section 7.14 Use of Proceeds.
		The Borrowers will use proceeds of the Extensions of Credit made hereunder in
		accordance with Section 2.8 hereof. No portion of any Credit Loan is to be
		used, for the “purpose of purchasing or carrying” any “margin
		stock” as such terms are used in Regulations T, U and X of the Board of
		Governors of the Federal Reserve System, as amended and the Borrowers are not
		engaged in the business of extending credit to others for such purpose.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 7.15 Capitalization.
		Interpool owns 100% of the issued and outstanding Voting Stock of Trac, free
		and clear of all Liens. Trac has not issued or granted any options or rights
		with respect to the issuance of its respective capital stock which is presently
		outstanding.
	 

	 
		Section 7.16 Subsidiaries.
		The Borrowers have no Subsidiaries that hold title to, own or lease any Chassis
		or Container other than: (a) a Borrower; (b) a special purpose entity formed by
		a Borrower (provided that any titling trust shall not be deemed a Subsidiary of
		any Borrower); (c) Interpool Containers, Inc., a Delaware corporation; (d) CTC
		Container Trading (U.K.) Limited, a corporation organized under the laws of the
		United Kingdom; (e) Interpool Limited, a corporation organized under the laws
		of Barbados; and (f) Interpool Containers Limited, a corporation organized
		under the laws of Barbados; provided that the Agent and the Lenders agree and
		acknowledge that Interpool Containers Limited intends to sell and transfer all
		of its Containers to a subsidiary of Container Leasing International LLC and
		such transaction will be consummated prior to or immediately after the
		consummation of the Acquisition (the “Carlisle Sale”).
	 

	 
		Section 7.17 Investment Company Acts. Neither Interpool, nor any of its Subsidiaries, is a
		“registered investment company”, or an “affiliated company”
		or a “principal underwriter” of a “registered investment
		company”, as such terms are defined in the Investment Company Act of 1940,
		as amended.
	 

	 
		Section 7.18 Pension Plans.
		The funding by Interpool, or any of its Subsidiaries, of any Guaranteed Pension
		Plan (as defined in ERISA) complies with the minimum funding standards of
		Section 302 of ERISA and Section 412 of the Code, as amended. Interpool and its
		Subsidiaries have made all contributions to each Multiemployer Plan (as defined
		in ERISA) required pursuant to any applicable collective bargaining agreement.
		No material Reportable Event (as defined in ERISA) has occurred with respect to
		any Guaranteed Pension Plan; Interpool and its Subsidiaries have not incurred
		any material liability as a result of a complete or partial withdrawal, as
		defined in ERISA, from any Multiemployer Plan; and no steps have been taken to
		terminate any Guaranteed Pension Plan.
	 

	 
		Section 7.19 Disclosure. This
		Agreement and all certificates furnished to the Agent and the Lenders by or on
		behalf of the Borrowers to the Agent and the Lenders in connection herewith do
		not contain any untrue statement of a material fact or omit to state a material
		fact necessary in order to make the statements contained herein and therein not
		misleading in any material respect, provided that any projections and pro forma
		financial information contained in the materials delivered to the Agent and/or
		the Lenders are based upon good faith estimates and assumptions believed by
		management of the Borrowers to be reasonable at the time made, it being
		recognized by the Agent and the Lenders that such financial information as it
		relates to future events is not to be viewed as fact and that actual results
		during the period or periods covered by such financial information may differ
		from the projected results set forth therein by a material amount.
	 

	 
		Section 7.20 Title to Pledged Assets. The Borrowers have good and valid legal and beneficial
		title to, and are the lawful owners of, all Pledged Assets, free and clear of
		all Liens whatsoever, except for Permitted Liens.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 7.21 Survival of Representations and Warranties,
		Etc. All statements contained in any
		certificate delivered by or on behalf of any Borrower pursuant to or in
		connection with this Agreement or any of the Loan Documents (including any such
		representation or warranty made or in connection with any amendment thereto)
		shall constitute representations and warranties made under this Agreement. All
		representations and warranties made under this Agreement shall survive, and not
		be waived by, the execution and delivery of this Agreement or any other Loan
		Document, any investigation or inquiry by the Agent or the Lenders, or by
		making any Extension of Credit under this Agreement.
	 

	 
		Section 7.22 Eligible Finance Leases; Eligible
		Equipment. Each Lease (a) constitutes
		“tangible chattel paper”, an “account” or a “general
		intangible” within the meaning of the UCC and (b) if a Finance Lease,
		complied with the definition of the term “Eligible Finance Lease” on
		the date such Finance Lease is pledged to the Agent hereunder. All Equipment
		described on Schedule 2, Schedule
		3 or Schedule 4 from
		time to time complied with the definition of the term “Eligible
		Chassis”, “Eligible Container” or “Eligible Genset”,
		as applicable, on the date such Equipment becomes a Pledged Asset. At the time
		any Additional Equipment or Substitute Equipment are pledged to the Agent
		hereunder, or any Pledged Equipment is released from the Collateral, the
		Borrowers shall deliver to the Agent, the Lenders and the Custodian a revised
		Schedule 2, Schedule
		3 or Schedule 4, as
		applicable, reflecting such additions, substitutions and/or releases.
	 

	 
		Section 7.23 Foreign
		Assets Control Regulations. None of the
		requesting or borrowing of any Extensions of Credit or the use of the proceeds
		thereof of such will violate the Trading With the Enemy Act (50 U.S.C. § 1
		et seq., as amended) (the “Trading With the Enemy Act”) or any of the
		foreign assets control regulations of the United States Treasury Department (31
		CFR, Subtitle B, Chapter V, as amended) (the “Foreign Assets Control
		Regulations”) or any enabling legislation or executive order relating
		thereto (which for the avoidance of doubt shall include, but shall not be
		limited to (a) Executive Order 13224 of September 21, 2001 Blocking Property
		and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
		Support Terrorism (66 Fed. Reg. 49079 (2001)) (the “Executive Order”)
		and (b) the Patriot Act. Furthermore, none of the Borrowers or their Affiliates
		(a) are or will become a “blocked person” as described in the
		Executive Order, the Trading With the Enemy Act or the Foreign Assets Control
		Regulations or (b) engage or will engage in any dealings or transactions, or be
		otherwise associated, with any such “blocked person”.
	 

	 
		ARTICLE VIII
	 

	 
		FINANCIAL INFORMATION AND
		NOTICES
	 

	 
		Until all the Obligations have been paid and
		satisfied in full and the Commitments terminated, unless consent has been
		obtained in the manner set forth in Section 14.13
		hereof, each Borrower will furnish, or cause to be furnished, to the Agent and
		the Lenders at their addresses as set forth on Schedule 1 hereto, or such other
		office as may be designated by in writing from time to time:
	 

	 
		Section 8.1 Financial Statements and
		Projections.
	 

	 
		 
	 

	 
		 
	 

	 
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		(a) Quarterly Financial Statements. As soon as practicable and in any event within (i)
		ninety (90) days after the end of the fiscal quarter ending September 30, 2007,
		and (ii) sixty (60) days after the end of each of the first three (3) fiscal
		quarters of each Fiscal Year thereafter, unaudited Consolidated balance sheets
		of Interpool and its Consolidated Subsidiaries, as of the close of such fiscal
		quarter and unaudited Consolidated statements of income, retained earnings and
		cash flows for the fiscal quarter then ended and that portion of the Fiscal
		Year then ended for Interpool and its Consolidated Subsidiaries, including,
		without limitation, the notes thereto, all in reasonable detail setting forth
		in comparative form the corresponding figures for the preceding Fiscal Year and
		prepared by the Borrowers in accordance with GAAP and, if applicable,
		containing disclosure of the effect on the financial position or results of
		operations of any change in the application of accounting principles and
		practices during the period, and certified by the chief financial officer of
		Interpool to present fairly in all material respects the financial condition of
		Interpool and its Consolidated Subsidiaries, and the results of operations of
		Interpool and its Consolidated Subsidiaries, for the periods then ended,
		subject to normal year end adjustments. Prior to the consummation of the
		Acquisition, delivery to the Agent and Lenders of Interpool’s filed Form
		10-Q for the applicable Fiscal Quarter shall satisfy the foregoing
		requirement.
	 

	 
		(b)
		Annual Financial
		Statements. As soon as practicable and
		in any event within one hundred twenty (120) days after the end of each Fiscal
		Year, audited Consolidated balance sheets of Interpool and its Consolidated
		Subsidiaries, as of the close of such Fiscal Year and audited Consolidated
		statements of income, retained earnings and cash flows of Interpool and its
		Consolidated Subsidiaries, for the Fiscal Year then ended, including, without
		limitation, the notes thereto, all in reasonable detail setting forth in
		comparative form the corresponding figures for the preceding Fiscal Year and
		prepared by an independent certified public accounting firm acceptable to the
		Agent in accordance with GAAP and, if applicable, containing disclosure of the
		effect on the financial position or results of operation of any change in the
		application of accounting principles and practices during the year, and
		accompanied by a report thereon by such certified public accountants that is
		not qualified with respect to scope limitations imposed by Interpool and its
		Consolidated Subsidiaries, or with respect to accounting principles followed by
		Interpool and its Consolidated Subsidiaries not in accordance with GAAP. Prior
		to the consummation of the Acquisition, delivery to the Agent of
		Interpool’s filed Form 10-K for the applicable Fiscal Year shall satisfy
		the foregoing requirement. 
	 

	 
		(c)
		Annual Financial Plan and
		Projections. As soon as practicable and
		in any event within thirty (30) days after the beginning of each Fiscal Year, a
		financial plan and projections for Interpool for the ensuing Fiscal Year, such
		plan and projections to be prepared in accordance with GAAP and to include a
		projected income statement, a statement of cash flows and balance sheet and the
		assumptions used to develop such projections.
	 

	 
		Section 8.2 Certificates.
	 

	 
		(a)
		Officer’s Compliance
		Certificate. At each time financial
		statements are delivered pursuant to Section 8.1(a)
		or Section 8.1(b) hereof and at such other times as the Agent shall
		reasonably request, a certificate of the chief financial officer of Interpool
		in the form of Exhibit F attached hereto (an “Officer’s Compliance
		Certificate”).
	 

	 
		 
	 

	 
		 
	 

	 
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		(b) Borrowing Base Certificate. Monthly, on the twentieth (20th) day of
		each month, and at such other times as the Agent shall reasonably request, a
		certificate of the chief financial officer or the treasurer of Interpool in the
		form of Exhibit G attached hereto (a “Borrowing Base
		Certificate”).
	 

	 
		Section 8.3 Other Reports.
	 

	 
		(a) Promptly upon
		receipt thereof, copies of all reports, if any, submitted to any Borrower or
		its Boards of Directors by its independent public accountants in connection
		with their auditing function, including, without limitation, any management
		letters or reports and any management responses thereto; 
	 

	 
		(b) Such other
		information regarding the operations, business affairs and financial condition
		of the Borrowers or the Collateral as the Agent or any Lender may reasonably
		request.
	 

	 
		Section 8.4 Notice of Litigation and Other Matters. Prompt (but in no event later than ten (10) days after
		an officer of Interpool or any of its Subsidiaries obtain knowledge thereof)
		telephonic and written notice of:
	 

	 
		(a) the
		commencement of all proceedings and investigations by or before any
		Governmental Authority and all actions and proceedings in any court or before
		any arbitrator against or involving Interpool or any of its Subsidiaries or any
		of their respective properties, assets or businesses which could reasonably be
		believed to create a potential liability or judgment in excess of $5,000,000
		(except to the extent to which Interpool has adequate insurance to cover such
		liability or judgment, as to which the insurer has not delivered a certificate
		denying coverage); or which, either individually or in the aggregate, if
		adversely determined, could be reasonably expected, to have a Materially
		Adverse Effect or materially impair the right of Interpool and its Subsidiaries
		considered as a whole, or the Borrowers considered individually, to carry on
		their respective businesses substantially as now conducted, or which question
		the validity of this Agreement, any Loan Document or any action taken or to be
		taken pursuant hereto or thereto.
	 

	 
		(b) any notice of
		any violation received by Interpool or any of its Subsidiaries from any
		Governmental Authority including, without limitation, any notice of violation
		of Environmental Laws which in any such case could reasonably be expected to
		have a Materially Adverse Effect;
	 

	 
		(c) any labor
		controversy that has resulted in, or threatens to result in, a strike or other
		work action against Interpool or any of its Subsidiaries;
	 

	 
		(d) any
		attachment, judgment, lien, levy or order exceeding $5,000,000 that may be
		assessed against Interpool or any of its Subsidiaries;
	 

	 
		(e) If and when any Borrower
		are required to give notice to the PBGC of any “Reportable Event” (as
		defined in Section 4043 of ERISA) with respect to any Plan that might
		constitute grounds for a termination of such Plan under Title IV of ERISA, or
		knows that any member of the Controlled Group or the plan administrator of any
		Plan has given or is required to
	 

	 
		 
	 

	 
		 
	 

	 
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		give notice of any such Reportable Event, a
		copy of the notice of such Reportable Event given or required to be given to
		the PBGC;
	 

	 
		(f) Upon becoming
		aware of the existence of any condition or event that constitutes a Default or
		an Event of Default, written notice thereof specifying the nature and duration
		thereof and the action being or proposed to be taken with respect thereto;
		
	 

	 
		(g) any Materially Adverse Effect;
	 

	 
		(h) any change in any law or regulation,
		including, without limitation, changes in tax laws and regulations, which could
		reasonably be expected to have (i) a material adverse impact on the ability of
		the Borrowers to perform their obligations under the Loan Documents or (ii) a
		Materially Adverse Effect;
	 

	 
		(i) the receipt
		of any notice from any Governmental Authority that Interpool or any of its
		Subsidiaries is disqualified, barred or suspended from bidding on or performing
		any contract or proposed contract; and
	 

	 
		(j) any notice of
		resignation, resignation or removal of any trustee under the Intercreditor
		Agreement or the Lockbox Agreement.
	 

	 
		Section 8.5 Accuracy of Information. All written information, reports, statements and other
		papers and data furnished by or on behalf of Interpool or any of its
		Subsidiaries to the Agent or any Lender (other than financial forecasts)
		whether pursuant to this Article VIII or any other provision of this Agreement
		shall be, at the time the same is so furnished, complete and correct in all
		material respects to the extent necessary to give the Agent or any Lender
		complete, true and accurate knowledge of the subject matter based on the
		Borrowers’ knowledge thereof.
	 

	 
		ARTICLE IX
	 

	 
		AFFIRMATIVE COVENANTS
	 

	 
		Each Borrower (except as expressly noted
		below) covenants and agrees that, until all of the Obligations have been paid
		and satisfied in full and the Commitments terminated, unless consent has been
		obtained in the manner set forth in Section 14.13 hereof, the Borrowers shall, and to the extent
		applicable, shall cause each of their Subsidiaries to:
	 

	 
		Section 9.1 Punctual Payment. Duly and punctually pay or cause to be paid the
		principal, interest and Reimbursement Obligations, with respect to each
		Extension of Credit, and all fees and other Obligations from time to time owing
		hereunder, all in accordance with the terms of this Agreement and the other
		Loan Documents.
	 

	 
		Section 9.2 Location of Office. Maintain each Borrower’s chief executive office
		and principal place of business at 211 College Road East, Princeton, New Jersey
		08540, or at such other address as the Borrowers shall designate in a notice to
		the Agent at least sixty (60) days prior to the effective date of such
		relocation.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 9.3 Records and Accounts; Collateral Tracking
		System. (a) Keep true consolidated
		records and books of account in which full, true and correct entries will be
		made in accordance with generally accepted accounting principles and maintain
		adequate accounts and reserves for all taxes (including income taxes), all
		depreciation, depletion, obsolescence and amortization of its properties, all
		contingencies, and all other reserves; and (b) maintain computerized systems
		capable of tracking the Eligible Finance Leases, Eligible Chassis, Eligible
		Containers, Eligible Gensets, Finance Lease Value and Net Book Value on a per
		Chassis, per Container or per Genset basis, as applicable, enabling the
		Borrowers at all times to identify the same by owner and
		lender/lienholder.
	 

	 
		Section 9.4 Business and Corporate Existence. Keep in full force and effect its corporate existence
		and all rights, licenses, leases and franchises reasonably necessary to the
		conduct of its business and comply with (a) all Applicable Laws, (b) the
		provisions of its charter and other organizational documents, and (c) all
		agreements and instruments by which it or any of its properties may be bound
		and all applicable decrees, orders and judgments, in each case in such manner
		that a Materially Adverse Effect could not reasonably be expected to result
		either individually or in the aggregate. Comply with all obligations set forth
		in the Loan Documents to which it is a party.
	 

	 
		Section 9.5 Payment of Taxes. Promptly pay and discharge all lawful taxes,
		assessments and governmental charges or levies imposed upon them or upon their
		income or profit or upon any property, real, personal or mixed, belonging to
		them, provided that neither Interpool nor any of its Subsidiaries shall be
		required to pay any such tax, assessment, charge or levy if the same shall not
		at the time be due and payable or can be paid thereafter without penalty or if
		the validity thereof shall currently be contested in good faith by appropriate
		proceedings diligently pursued and if Interpool or any such Subsidiary, as the
		case may be, shall have set aside on its books reserves deemed by it adequate
		with respect to such tax, assessment, charge or levy or if failure so to pay
		could not reasonably be expected to have a Material Adverse Effect. 
	 

	 
		Section 9.6 Maintenance of Pledged Assets. (a) Invoice and collect from each Lessee all Lease
		Payments required to be paid by such Lessee in such manner and to the same
		extent as the Borrowers do with respect to similar contracts held for their own
		account; (b) fulfill in all material respects all of the obligations of the
		Borrowers and any of the ongoing responsibilities (if any) of the lessor under
		a Lease and exercise in all material respects all rights of the Borrowers with
		respect to the Leases and the Pledged Equipment; (c) maintain with respect to
		each Lease and each item of Pledged Equipment, and with respect to each payment
		by each Lessee and compliance by each Lessee with the provisions of each Lease,
		complete and accurate records in such manner and to the same extent as the
		Borrowers do with respect to similar contracts and Equipment held for its own
		account; (d) execute, deliver, report and file any and all tax returns with
		respect to sales, use, personal property and other taxes (other than corporate
		income tax returns) and any and all notices, reports, licensing applications or
		other required filings required to be filed in any jurisdiction with respect to
		any Pledged Assets and any and all filings required with respect to the Pledged
		Assets; (e) apply for and maintain (or cause to be applied for and maintained)
		all licenses, permits, registrations, authorizations and other governmental
		items necessary for the Borrowers to acquire, hold and manage the Pledged
		Assets in each jurisdiction where the failure to maintain such licenses,
		permits, registrations, authorizations or governmental items could reasonably
		be expected to cause a Materially
	 

	 
		 
	 

	 
		 
	 

	 
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		Adverse Effect; (f) pay or cause to be paid
		all applicable taxes properly due and owing in connection with the Certificate
		of Title to each Pledged Chassis (excluding Untitled Chassis and Untitled
		Canadian Chassis); (g) enforce and negotiate the terms of any Lease in
		accordance with the terms of the Servicing Standard; (h) repossess and remarket
		any Pledged Equipment in accordance with the terms of the Servicing Standard;
		(i) negotiate and maintain the insurances required by the Servicing Standard;
		(j) investigate (at its own expense) the facts and circumstances surrounding
		each casualty or event of loss with respect to the Pledged Equipment, collect
		or arrange for payment from the appropriate Lessee or third party and process
		all payment requests under the insurance policies with respect to such Pledged
		Equipment; (k) institute and prosecute claims against the manufacturers of the
		Pledged Equipment as the Borrowers may consider advisable for breach of
		warranty, any defect in condition, design, operation or fitness or other
		non-conformity with the terms of manufacture; (l) in connection with its
		performance of the responsibilities and obligations, and exercise of rights,
		under a Lease as “lessor,” use commercially reasonable efforts to
		minimize any abatement, reduction, recoupment, setoff, defense or counterclaim
		by the related Lessee; (m) fully perform all obligations under the Leases for
		which the nonperformance of such obligations would create a setoff or
		counterclaim right by the applicable Lessee; and (n) maintain a Lease File with
		respect to each Pledged Equipment.
	 

	 
		Section 9.7 Insurance.
		
	 

	 
		(a) Require each Lessee to maintain
		insurance on each item of Equipment both (i) as required in the related Lease
		and (ii) in such forms and in such amounts as are customary in the industry,
		and review each such insurance policy to ensure that it comports with the terms
		of such Lease, including, but not limited to, causing the Lessee on each
		renewal date to name a Borrower as a loss payee and an additional insured under
		such insurance policy and requiring that the insurer under such insurance
		policy notify the Borrowers of any renewal, cancellation, termination or
		material alteration thereunder; provided that
		the Borrowers may permit a Lessee to be self-insured with regard to the
		liability insurance and/or the casualty insurance required under the Lease for
		so long as such Lessee maintains an investment grade rating with respect to its
		long-term unsecured debt obligations, or, with respect to any Lessee of
		Containers, so long as the Borrowers have determined, in accordance with their
		ordinary practices and adopted credit policies, to permit such Lessee of
		Containers to be self-insured in such regard. 
	 

	 
		(b) Have in effect, maintain and keep in
		force (i) a physical damage equipment insurance policy and (ii) a commercial
		general liability insurance policy, each in such forms and in such amounts, and
		with such insurers, as are customary in the industry, which and shall name a
		Borrower and the Agent as additional insureds (the “Additional
		Insureds”) as their interests shall appear. The physical damage equipment
		insurance policy shall provide that violations of the terms, conditions or
		warranties of such policy by an Additional Insured shall not invalidate the
		insurance thereunder insofar as the interests of the other Additional Insureds,
		loss payees and/or innocent mortgagees are concerned. The physical damage
		equipment insurance policy shall pay the “Insured Value” (as defined
		in the physical damage equipment insurance policy) of any item of Pledged
		Equipment (which shall in no event be less than the related Net Book Value of
		such Pledged Equipment) where a Lessee has failed to pay on behalf of the
		Additional Insureds any or all of such amount. 
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 9.8 Inspection
		of Properties and Books. Permit the
		Agent or any of its designated representatives or agents, at any reasonable
		time during business hours and at reasonable intervals of time, and upon
		reasonable prior written notice (or, if a Default or an Event of Default shall
		have occurred and then be continuing, at any time and without prior notice),
		to: (a) visit, inspect and appraise the Pledged Equipment (subject to any
		Lessee’s right to quiet enjoyment therein) and properties of the
		Borrowers; (b) examine and make copies of and take abstracts from the books and
		records of the Borrowers, including, without limitation, Lease Files and
		Pledged Equipment purchase orders and purchase agreements; and (c) discuss the
		affairs, finances and accounts of the Borrowers with their appropriate
		officers, employees and accountants. The Borrowers shall pay for the reasonable
		out-of-pocket cost and expense (including, inter alia,
		travel) of the Agent in conducting (i) one (1) such inspection per
		calendar year, so long as no Default or Event of Default has occurred or is
		then continuing, (ii) one (1) such appraisal of the Collateral during the term
		of the Credit Facility, so long as no Default or Event of Default has occurred
		or is then continuing, and (iii) all such inspections and appraisals, if a
		Default or an Event of Default has occurred and is then continuing. 
	 

	 
		Section 9.9 Licenses and Permits. Cause all Pledged Chassis (excluding Untitled Chassis
		and Untitled Canadian Chassis) which, under Applicable Law, are required to be
		registered, to be properly registered in the name of Trac. Cause any Pledged
		Containers which, under Applicable Law, are required to be registered, to be
		properly registered in the name of a Borrower. If at any time while any of the
		Obligations are outstanding or the Commitment (or any portion thereof) remains
		in effect, any authorization, consent, approval, permit or license from any
		Governmental Authority shall become necessary or required in order that a
		Borrower may fulfill any of its obligations hereunder, such Borrower shall
		immediately take or cause to be taken all steps reasonably necessary to obtain
		such authorization, consent, approval, permit or license and furnish the Agent
		with evidence thereof. 
	 

	 
		Section 9.10 INTENTIONALLY LEFT BLANK. 
	 

	 
		Section 9.11 Further Assurances. Cooperate with the Agent and take such further actions
		and execute such further instruments and agreements as the Agent may reasonably
		request to carry out to the Agent’s satisfaction the transactions
		contemplated by this Agreement.
	 

	 
		Section 9.12 Pension Plans.
		To the extent applicable:
	 

	 
		(a) Fund any
		Guaranteed Pension Plan as required by the provisions of Section 302 of ERISA
		and Section 412 of the Code, and make all contributions to a Multiemployer Plan
		required pursuant to any applicable collective bargaining agreement.
	 

	 
		(b) Furnish
		promptly to the Agent a copy of any notice of termination of a Guaranteed
		Pension Plan required to be sent to the PBGC and a copy of any report or demand
		sent or received by or with respect to a Guaranteed Pension Plan pursuant to
		§§4041, 4041A, 4042, 4043, 4062, 4063, 4065, 4066 or 4068 of ERISA or
		under subtitle E of Title IV of ERISA.
	 

	 
		(c) Furnish
		promptly to the Agent a copy of all Forms 5500, Forms 5500-C and/or Forms
		5500-R relating to a Guaranteed Pension Plan, together with all
		attachments
	 

	 
		 
	 

	 
		 
	 

	 
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		thereto, including any actuarial statement
		relating to a Guaranteed Pension Plan required to be submitted under § 103
		(d) of ERISA.
	 

	 
		(d) Cause any
		Guaranteed Pension Plan to pay all benefits when due.
	 

	 
		(e) Furnish the
		Agent with copies of any request for waiver from the funding standards or
		extension of the amortization periods required by Section 303 and 304 of ERISA
		or Section 412 of the Code, with respect to any Guaranteed Pension Plan no
		later than the date on which the request is submitted to the Department of
		Labor or the United States Internal Revenue Service, as the case may be.
	 

	 
		(f) Promptly
		notify the Agent of any “complete withdrawal”, “partial
		withdrawal” or “reorganization” with respect to any
		Multiemployer Plan as such terms are defined in ERISA.
	 

	 
		(g) With respect
		to any Guaranteed Pension Plan, promptly notify the Agent upon the occurrence
		of any “Reportable Event” as defined in ERISA.
	 

	 
		Section 9.13
		Environmental and Safety Matters.
	 

	 
		(a) Promptly
		report to Agent and each Lender upon becoming aware thereof (a) the
		introduction of any Hazardous Material onto any facility owned or operated by
		Interpool or any of its Subsidiaries or any if the introduction thereof,
		individually or in the aggregate, reasonably could be expected to have a
		Materially Adverse Effect and (b) the initiation of any action, suit,
		proceeding, investigation or regulatory action against Interpool or any of its
		Subsidiaries or in connection with any such facility relating to any Release of
		Hazardous Materials if, individually or in the aggregate, such could reasonably
		be expected to have a Materially Adverse Effect.
	 

	 
		(b) Promptly
		deliver to Agent and each Lender copies of (a) all reports (other than routine
		reports regularly submitted in the ordinary course of business) submitted to
		any Governmental Authority by Interpool or any of its Subsidiaries in
		connection with either the presence of Hazardous Materials at any facility
		owned or operated by Interpool or any of its Subsidiaries or any other
		environmental matter relating to such facility, and (b) all reports, notices,
		and correspondence transmitted to Interpool or any of its Subsidiaries by any
		Governmental Authority in connection with either the presence of any Hazardous
		Materials at or near any such facility or any other environmental matter
		relating to such facility.
	 

	 
		(c) Except for
		Hazardous Materials that Interpool or any of its Subsidiaries uses or stores or
		that a lessee of Interpool or any of its Subsidiaries uses, stores or
		transports in the ordinary course of its business and in compliance with all
		Applicable Laws, keep all of their properties or assets free of Hazardous
		Materials. Interpool and each of its Subsidiaries shall comply in all material
		respects with and use commercially reasonable efforts to ensure compliance by
		all tenants and subtenants with all Environmental Laws and all other Applicable
		Laws relating to occupational safety or health and shall obtain and comply
		with, and use commercially reasonable efforts to ensure that all tenants and
		subtenants obtain and comply in all material respects with, any and all
		approvals, registrations or permits required thereunder.
	 

	 
		 
	 

	 
		 
	 

	 
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		Interpool and each of its Subsidiaries shall
		conduct and complete all investigations, studies, sampling and testing, and all
		remedial, removal, and other action necessary to clean up and remove all
		Hazardous Materials, on, from or affecting any of their properties or assets as
		required by all Applicable Laws, except as such laws, ordinances, rules,
		regulations, orders or directives may be contested by Interpool and its
		Subsidiaries in good faith by appropriate proceedings and for which adequate
		reserves have been established in conformity with generally accepted accounting
		principles.
	 

	 
		(d) Defend,
		indemnify, and hold harmless the Agent, each Lender and each of their
		respective directors, officers, employees, affiliates, representatives and
		agents (each an “Indemnified Party”) from and against any and all
		penalties, fines, liabilities, damages, costs, or expenses of whatever kind or
		nature asserted against such Indemnified Party (unless resulting from the gross
		negligence or willful misconduct of an Indemnified Party), arising out of, or
		in any way related to: (a) the Release or threatened Release of any Hazardous
		Materials on, at or from any property at any time owned, operated or occupied
		by Interpool or any of its Subsidiaries; (b) any personal injury (including
		wrongful death) or property damage (real or personal) arising out of or related
		to such Hazardous Materials; (c) any lawsuit brought or threatened, settlement
		reached, or government order relating to such Hazardous Materials, and/or (d)
		any violation of Applicable Laws which are based upon or in any way related to
		such Hazardous Materials or to any environmental matter, including reasonable
		attorney and consultant fees, investigation and laboratory fees, court costs,
		and litigation expenses actually incurred.
	 

	 
		Section 9.14 Payment of Wages. Comply at all times with the United States Fair Labor
		Standards Act, as amended, including the provisions of such Act relating to the
		payment of minimum and overtime wages as the same may become due from time to
		time, if and to the extent that non-compliance could reasonably be expected to
		have a Materially Adverse Effect.
	 

	 
		Section 9.15 INTENTIONALLY LEFT BLANK. 
	 

	 
		Section 9.16 OFAC. No Pledged
		Equipment shall be traded, located, operated or used, directly or indirectly,
		in a Prohibited Jurisdiction or by a Prohibited Person, and no Lessee or any
		sublessee shall be a Prohibited Person or organized in a Prohibited
		Jurisdiction.
	 

	 
		Section 9.17 Possession of Eligible Equipment. The Borrowers will at all times maintain possession of
		the Pledged Equipment, except (i) for such time as such Pledged Equipment is in
		the possession of a Lessee pursuant to the terms of a Lease, or (ii) for
		temporary delivery thereof to depot owners and other Persons for repairs and
		maintenance made in the ordinary course of business.
	 

	 
		Section 9.18 Lease Files. The
		Borrowers will maintain a Lease File with respect to each item of Pledged
		Equipment and shall make such Lease Files available for inspection pursuant to
		Section 9.8 hereof.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 9.19 Investment Company. Each Borrower will conduct their operations in a
		manner which will not subject them to registration as an “investment
		company” under the Investment Company Act of 1940, as amended.
	 

	 
		ARTICLE X
	 

	 
		FINANCIAL COVENANTS
	 

	 
		Until all of the Obligations have been paid
		and satisfied in full and the Commitments terminated, unless consent has been
		obtained in the manner set forth in Section 14.13 hereof, the Borrowers shall not:
	 

	 
		Section 10.1 Maximum Funded Debt to Tangible Net Worth
		Ratio. At the end of each fiscal quarter (measured on the
		basis of the most recent financial statements delivered pursuant to
		Section 8.1 hereof), permit the ratio of (a) Funded Debt to (b) Tangible Net Worth, to
		exceed the ratio of 4.0 to 1.
	 

	 
		Section 10.2 Minimum Tangible Net Worth. At the end of any fiscal quarter (measured on the
		basis of the most recent financial statements delivered pursuant to
		Section 8.1 hereof), permit Tangible Net Worth to be less than
		Three Hundred Million Dollars ($300,000,000).
	 

	 
		Section 10.3 Fixed Charge Coverage Ratio. At the end of any fiscal quarter (measured on the
		basis of the most recent financial statements delivered pursuant to
		Section 8.1 hereof), permit the ratio of (a) for the rolling four
		quarter period ending on the last day of such quarter, the sum of (i) Earnings
		Available for Fixed Charges, plus (ii) depreciation to (b) Fixed Charges for
		such period, to be less than 1.5 to 1.
	 

	 
		Section 10.4 Additional Covenants. Incur, or permit any of its Subsidiaries to incur,
		additional Indebtedness, or, on or after the Closing Date, amend, or permit any
		of its Subsidiaries to amend, the documentation for any Indebtedness
		outstanding on the Closing Date, so as to either (i) require or incorporate
		additional financial covenants on any Borrower (beyond those set forth in this
		Agreement), or (ii) amend covenants of the type set forth in Section 10.1, 10.2
		or 10.3 hereof in such a way as to make any such covenant more restrictive
		(than provided for herein), unless the Borrowers shall promptly (but in no
		event later than ten (10) Business Days thereafter) notify the Agent and each
		Lender of such occurrence. If the Required Lenders so elect, then such revised
		and/or financial covenants shall automatically be incorporated by reference
		into this Agreement without the need for further action by any party
		whatsoever. Thereupon, the Agent and each Lender shall have a separate and
		independent right to enforce such revised and/or additional covenants.
	 

	 
		ARTICLE XI
	 

	 
		NEGATIVE COVENANTS
	 

	 
		Each Borrower (except as expressly set forth
		below) covenants and agrees that, so long as any Commitment has not been
		terminated or any Obligation is outstanding, the Borrowers shall not and, to
		the extent expressly set forth below, shall not permit any of their
		Subsidiaries, except with the prior written consent of the Agent in each
		instance to:
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 11.1 Liens. Create,
		incur, assume or permit to exist any Liens on the Collateral (including,
		without limitation, the Pledged Assets) except Permitted Liens.
	 

	 
		Section 11.2 Distributions.
		In the case of Interpool, declare any Distributions if any Event of Default of
		a type set forth in Section 12.1(a), (b), (f), (g), (h), (j), (k) or (l), has
		occurred and is continuing. 
	 

	 
		Section 11.3 Merger, Consolidation or Sale of Assets,
		Etc. Become a party to any merger or
		consolidation, or take any action to dissolve or liquidate a Borrower, provided
		that so long as no Default or Event of Default shall have occurred and be
		continuing or would result therefrom, the following shall be permitted: (A) the
		consummation of the Acquisition, (B) the merger or consolidation of a
		Subsidiary of any Borrower into Interpool, (C) the merger of any Subsidiary of
		any Borrower or any other Person into any other Subsidiary of any Borrower and
		(D) any consolidation or merger of Interpool for which all of the following
		conditions precedent are satisfied:
	 

	 
		(a) if Interpool
		is not the surviving entity the person formed by such consolidation or merger
		(each such corporation and each such person or entity being hereinafter called
		a “Successor”), the Successor shall execute and deliver to the Agent
		and each Lender (x) an agreement in form and substance satisfactory to the
		Agent and each Lender containing an assumption by such Successor of the due and
		punctual performance of each covenant and condition of Interpool under this
		Agreement and the other Loan Documents and (y) an opinion of counsel as to the
		due execution, delivery and enforceability of such agreement;
	 

	 
		(b) immediately
		after giving effect to such transaction, no Default or Event of Default
		(including no breach of the financial covenants set forth in Article X hereof)
		shall have occurred and be continuing, and the Successor shall have delivered
		an officer’s certificate to such effect;
	 

	 
		(c) if Interpool
		is not the surviving entity, the relevant Successor is, in the reasonable
		opinion of the Agent and each of the Lenders, at least of the same
		creditworthiness, with at least the same level of lease servicing experience,
		as Interpool immediately prior to such merger or consolidation and, if not,
		such Successor provides each of the Lenders with alternative security
		acceptable to each of the Lenders; and
	 

	 
		(d) after giving
		effect to such merger or consolidation, the Successor complies with the then
		single obligor credit limitation for each of the Lenders.
	 

	 
		Section 11.4 ERISA. Permit
		any Plan maintained by it to (a) engage in any “prohibited
		transaction” (as defined in Section 4975 of the Code) which could
		reasonably be expected to result in material liability for excise taxes or
		fiduciary liability under Section 406 of ERISA, (b) incur any “accumulated
		funding deficiency” (as defined in Section 302 of ERISA) whether or not
		waived, or (c) terminate any Plan in a manner that could result in the
		imposition of a Lien or encumbrance on the assets of Interpool or any of its
		Subsidiaries pursuant to Section 4068 of ERISA.
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 11.5 Transactions with Affiliates. Enter into or permit to exist, directly or indirectly,
		any transaction with any Affiliate of any Borrower with respect to or in
		connection with any of the Collateral, except for transactions made on fair and
		reasonable terms which are no more favorable to such Affiliate than would be
		obtained in a comparable arm’s-length transaction with a person that is
		not an Affiliate. Notwithstanding the foregoing, the Agent and the Lenders
		hereby approve the Carlisle Sale.
	 

	 
		Section 11.6 Dispositions of Collateral. The Borrowers shall not sell, transfer, exchange or
		otherwise dispose of any of the Pledged Equipment (and the Related Assets),
		except:
	 

	 
		(i) in connection with a sale permitted
		pursuant to Section 11.3 hereof; 
	 

	 
		(ii) in connection with a substitution
		pursuant to Section 6.8;
	 

	 
		(iii) sales and disposition of Pledged
		Equipment (and the Related Assets) for sales proceeds of not less than the sum
		of the Net Book Values of the Pledged Equipment that were sold, regardless of
		whether an Event of Default is then continuing or whether such sales are
		considered to have been made in the ordinary course of business; provided that,
		to the extent required by Section 2.3(b), the proceeds of such disposition are
		used to make any mandatory prepayment then required by Section 2.3(b) in
		accordance with such Section;
	 

	 
		(iv) sales of Pledged Equipment in the
		ordinary course of business (including any such sales resulting from the
		sell/repair decision of a Borrower) regardless of the sales proceeds realized
		from such sales so long as an Event of Default is not then continuing or would
		result from such sale of Pledged Equipment; provided that, to the extent
		required by Section 2.3(b), the proceeds of such disposition are used to make
		any mandatory prepayment then required by Section 2.3(b) in accordance with
		such Section; 
	 

	 
		(v) sales, transfers or exchanges of Pledged
		Equipment for which the Agent, acting at the direction of the Required Lenders,
		shall have given its prior written consent; and
	 

	 
		(vi) in connection with the Carlisle
		Sale.
	 

	 
		Section 11.7 Amendment to or Waiver of Loan Documents. Amend, modify or waive any of their rights under the
		provisions of the Intercreditor Agreement, the Lockbox Agreement or the Master
		Lease (regardless of whether such Loan Documents purport to allow amendment
		without Agent’s consent), without the prior written consent of the Agent;
		provided that the Agent’s consent shall not be required with regard to any
		waiver or consent provided by a Borrower in favor of another party under the
		Intercreditor Agreement or the Lockbox Agreement (to the extent enforcement of
		such waiver or consent is not also sought against the Agent). 
	 

	 
		ARTICLE
		XII
	 

	 
		DEFAULTS AND REMEDIES
	 

	 
		 
	 

	 
		 
	 

	 
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		Section 12.1 Events of Default. Each of the following shall constitute an Event of
		Default, whatever the reason for such event and whether it shall be voluntary
		or involuntary or be effected by operation of law or pursuant to any judgment
		or order of any court or any order, rule or regulation of any Governmental
		Authority or otherwise:
	 

	 
		(a)
		Default in Payment of Principal of Loans
		and Reimbursement Obligations. The
		Borrowers shall default in any payment of principal of any Loan or
		Reimbursement Obligation when and as due (whether at maturity, by reason of
		mandatory prepayment, acceleration or otherwise).
	 

	 
		(b)
		Other Payment Default. The Borrowers shall default in the payment when and as
		due (whether at maturity, by reason of mandatory prepayment, acceleration or
		otherwise) of interest on any Loan or Reimbursement Obligation or the payment
		of any other Obligation, and such default shall continue unremedied for three
		(3) Business Days.
	 

	 
		(c)
		Misrepresentation. Any representation or warranty made by the Borrowers
		herein or in any other Loan Documents or in any other certificates, documents
		or agreements executed in connection with the transactions contemplated by this
		Agreement shall prove to have been false or incorrect in any material respect
		on the date when made or deemed to have been made Lenders and, if such breach
		is capable of cure, such inaccuracy continues unremedied for a period of thirty
		(30) days after the date that any officer of any Borrower has knowledge of such
		inaccuracy.
	 

	 
		(d) Default in Performance of Certain
		Covenants. Any Borrower shall default in the performance of or
		compliance with any of the covenants or agreements contained in Sections
		10.1, 10.2,
		10.3, 11.1 (as to
		Liens on Collateral valued at 2% or more of the Borrowing Base),
		11.2 or 11.3
		hereof.
	 

	 
		(e) Default in Performance of Other Covenants and
		Conditions. Any Borrower shall default in the performance of, or
		breach of or compliance with, any term contained herein (other than those
		expressly referred to in this Section 12), or in any of the other Loan
		Documents which could reasonably be expected to materially and adversely affect
		the Agent or the Lenders, and such default, if capable of cure, shall not have
		been remedied within thirty (30) days after the date on which an officer of any
		Borrower has actual knowledge thereof. 
	 

	 
		(f) Hedging Agreement. Any termination payment shall be due by any Borrower
		under any Hedging Agreement and such amount is not paid within thirty (30)
		Business Days of the due date thereof.
	 

	 
		(g)
		Cross-Default. A default by any Borrower, or any Subsidiary of any
		Borrower, has occurred and is continuing due to failure to make any payment
		when due (beyond the applicable grace period with respect thereto, if any) with
		respect to Indebtedness which, individually or in the aggregate, exceeds Five
		Million Dollars ($5,000,000), any Borrower or Subsidiary shall have notice or
		actual knowledge of such default, and either (i) the holder(s) of such
		Indebtedness have exercised remedies against the obligor (including limiting
		borrowings or advances) or have caused any Borrower or Subsidiary to retain or
		employ a restructuring or crisis manager or specialist (other than
		Interpool’s independent public accountants or financial
	 

	 
		 
	 

	 
		 
	 

	 
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		advisors) or (ii) such default shall not
		have been (A) cured or (B) temporarily waived by the applicable holder(s) of
		such Indebtedness within twenty (20) Business Days after the later of such
		default or the expiration of any applicable grace period and, in any event,
		with respect to any waiver, such default shall not have been permanently waived
		within ninety (90) days after the later of such default or the expiration of
		any applicable grace period.
	 

	 
		(h)
		Other Cross-Defaults. A default by any Borrower, or any Subsidiary of any
		Borrower, has occurred and is continuing with respect to the observance or
		performance (beyond the applicable grace period with respect thereto, if any)
		of any agreement or covenant relating to Indebtedness, which individually or in
		the aggregate, exceed Twenty-Five Million Dollars ($25,000,000) or contained in
		any instrument or agreement evidencing, securing or relating thereto or any
		other event or condition shall occur or condition exist, the effect of which
		default or other event or condition is to cause, or permit, the holder or
		holders of such Indebtedness (or trustee or agent on behalf of such holders) to
		cause such Indebtedness to become due prior to its stated maturity, any
		Borrower or Subsidiary shall have notice or actual knowledge of such default,
		and either (i) the holder(s) of such Indebtedness have exercised remedies
		against such Borrower or Subsidiary (including limiting borrowings or advances
		for more than fifteen (15) Business Days) or have caused such Borrower or
		Subsidiary to retain or employ a restructuring or crisis manager or specialist
		(other than Interpool’s independent public accountants or financial
		advisors), or (ii) such default shall not have been (A) cured or (B)
		temporarily waived by the applicable holder(s) of such Indebtedness within
		sixty (60) days after the later of such default or the expiration of any
		applicable grace period and, in any event, with respect to any waiver, such
		default shall not have been permanently waived within ninety (90) days after
		the later of such default or the expiration of any applicable grace
		period.
	 

	 
		(i)
		Change in Control. If a Change in Control shall occur.
	 

	 
		(j)
		Voluntary Bankruptcy
		Proceeding. Any Borrower shall
		(i) commence a voluntary case under any Insolvency Law (as now or
		hereafter in effect), (ii) file a petition seeking to take advantage of any
		other laws, domestic or foreign, relating to bankruptcy, insolvency,
		reorganization, winding up or composition for adjustment of debts,
		(iii) consent to or fail to contest in a timely and appropriate manner any
		petition filed against it in an involuntary case under any such Insolvency Law
		or other law, (iv) apply for or consent to, or fail to contest in a timely and
		appropriate manner, the appointment of, or the taking of possession by, a
		receiver, custodian, trustee, or liquidator of itself or of a substantial part
		of its property, domestic or foreign, (v) admit in writing its inability to pay
		its debts as they become due, (vi) make a general assignment for the
		benefit of creditors, or (vii) take any corporate action for the purpose of
		authorizing any of the foregoing.
	 

	 
		(k)
		Involuntary Bankruptcy
		Proceeding. A case or other proceeding
		shall be commenced against any Borrower in any court of competent jurisdiction
		seeking (i) relief under any Insolvency Law (as now or hereafter in
		effect) or under any other laws, domestic or foreign, relating to bankruptcy,
		insolvency, reorganization, winding up or adjustment of debts, or (ii) the
		appointment of a trustee, receiver, custodian, liquidator or the like for such
		Borrower for all or any substantial part of their respective assets, domestic
		or foreign, and such case or proceeding shall continue without dismissal or
		stay for a period of sixty (60) consecutive days, or an order
	 

	 
		 
	 

	 
		 
	 

	 
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		granting the relief requested in such case
		or proceeding (including, without limitation, an order for relief under any
		Insolvency Law) shall be entered.
	 

	 
		(l)
		Failure of Agreements. Any provision of this Agreement or of any other Loan
		Document shall for any reason cease to be valid and binding on any Borrower and
		otherwise in full force and effect.
	 

	 
		(m) Termination Event. The occurrence of any of the following events: (i) any
		Borrower, any Subsidiary of any Borrower or any ERISA Affiliate fails to make
		full payment when due of all amounts which, under the provisions of any Pension
		Plan or Section 412 of the Code, such Borrower, Subsidiary or ERISA Affiliate
		is required to pay as contributions thereto, (ii) an accumulated funding
		deficiency in excess of $3,000,000 occurs or exists, whether or not waived,
		with respect to any Pension Plan, (iii) a Termination Event or (iv) any
		Borrower, any Subsidiary or any ERISA Affiliate as employers under one or more
		Multiemployer Plan makes a complete or partial withdrawal from any such
		Multiemployer Plan and the plan sponsor of such Multiemployer Plans notifies
		such withdrawing employer that such employer has incurred a withdrawal
		liability requiring payments in an amount exceeding $3,000,000.
	 

	 
		(n)
		Judgment. A judgment or order for the payment of money which
		causes the aggregate amount of all such judgments (except judgments covered by
		insurance, as to which the insurer has not delivered a certificate denying
		coverage) to exceed $5,000,000 shall be entered against any Borrower or any
		Subsidiary of any Borrower by any court and such judgment or order shall
		continue without discharge or stay for a period of thirty (30) days.
	 

	 
		(o)
		Attachments. Any assets of any Borrower shall be subject to
		attachments, levies, or garnishments pursuant to final, non-appealable judgment
		for amounts in excess of $5,000,000 in the which aggregate have not been
		dissolved or satisfied within thirty (30) days after service of notice thereof
		to such Borrower.
	 

	 
		Section 12.2 Remedies. Upon
		the occurrence of an Event of Default, with the consent of the Required
		Lenders, the Agent may, or upon the request of the Required Lenders, the Agent
		shall, by notice to the Borrowers:
	 

	 
		(a)
		Acceleration; Termination of
		Facilities. Declare the principal of
		and interest on the Loans, the Notes and the Reimbursement Obligations at the
		time outstanding, and all other amounts owed to the Lenders and to the Agent
		under this Agreement or any of the other Loan Documents (other than any Secured
		Hedging Agreement) (including, without limitation, all L/C Obligations, whether
		or not the beneficiaries of the then outstanding Letters of Credit shall have
		presented the documents required thereunder) and all other Obligations (other
		than Derivatives Obligations), to be forthwith due and payable, whereupon the
		same shall immediately become due and payable without presentment, demand,
		protest or other notice of any kind, all of which are expressly waived,
		anything in this Agreement or the other Loan Documents to the contrary
		notwithstanding, and terminate the Credit Facility and any right of the
		Borrowers to request borrowings or Letters of Credit thereunder; provided, that
		upon the occurrence of an Event of Default specified in Section 12.1(j)
		or Section 12.1(k)
		hereof, the
	 

	 
		 
	 

	 
		 
	 

	 
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		Credit Facility shall be automatically
		terminated and all Obligations (other than Derivatives Obligations) shall
		automatically become due and payable.
	 

	 
		(b)
		Letters of Credit. With respect to all Letters of Credit with respect to
		which presentment for honor shall not have occurred at the time of an
		acceleration pursuant to the preceding paragraph, the Borrowers shall deposit
		in a cash collateral account opened by the Agent cash collateral as required
		by Section 3.3 hereof. Amounts held in such cash collateral account
		shall be applied by the Agent to the payment of drafts drawn under such Letters
		of Credit, and the unused portion thereof after all such Letters of Credit
		shall have expired or been fully drawn upon, if any, shall be applied to repay
		the other Obligations. After all such Letters of Credit shall have expired or
		been fully drawn upon, the Reimbursement Obligation shall have been satisfied
		and all other Obligations shall have been paid in full, the balance, if any, in
		such cash collateral account shall be returned to the Borrowers.
	 

	 
		(c)
		Rights of the Agent to the Collateral,
		Deficiencies, Etc. 
	 

	 
		(i) If any Event of Default shall have
		occurred and is then continuing, the Agent may take (and/or may cause one or
		more of its designees to take) any or all of the following actions:
	 

	 
		(A) prohibit any Borrower from taking any
		action with respect to the Collateral otherwise permitted by this Agreement and
		the other Loan Document;
	 

	 
		(B) notify each of the mortgagors, obligors,
		lessees, issuers, custodians and other parties with respect to or interested in
		any item of the Collateral of the interest of the Agent therein or of any
		action proposed to be taken with respect thereto, and direct one or more of
		those parties to make all payments, distributions and proceeds otherwise
		payable to any Borrower with respect thereto directly to the Agent or its order
		until notified by the Agent that all the Obligations have been fully paid and
		satisfied;
	 

	 
		(C) receive and retain all payments,
		distributions and proceeds of any kind with respect to any and all of the
		Collateral;
	 

	 
		(D) direct any Borrower, the Custodian or
		any other holder of Collateral to assemble and deliver such Collateral to the
		Agent or its designee at such time(s) and place(s) as the Agent from time to
		time may specify (subject to any Lessee’s right to quiet enjoyment under
		any Lease which is not a Defaulted Lease), all without any risk or expense to
		the Agent; and enter any premises where any item of Collateral may be located,
		with or without permission or process of law but without breach of the peace,
		and seize and remove such Collateral or remain upon such premises and use or
		dispose of such Collateral as contemplated under this Agreement and the other
		Loan Documents;
	 

	 
		(E) request the judicial appointment of a
		receiver respecting the Collateral (excluding funds in the possession of the
		Agent and such other Collateral as the Agent may specify in its request) in any
		action, suit or proceeding in which claims are asserted against the Collateral
		by the Agent or its designee, irrespective of the solvency of any Borrower or
		any other person or the adequacy of any collateral, and without notice to or
		the approval of any
	 

	 
		 
	 

	 
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		Borrower, which receiver shall have the
		power to manufacture, operate, sell, lease or rent such items of Collateral
		pending the sale of all of the Collateral and to collect the rent, issues and
		profits therefrom, together with such other powers as may have been requested
		by the Agent, and shall apply the amounts received (net of all proper charges
		and expenses) to the Obligations as provided in this Agreement;
	 

	 
		(F) take any action with respect to the
		offer, sale, lease or other disposition, and delivery of the whole of, or from
		time to time any one or more items of, the Collateral, including, without
		limitation: (A) to sell, assign, lease or otherwise dispose of the whole of, or
		from time to time any part of, the Collateral, or offer, commit or agree to do
		so, in any established market or at any broker’s board, private sale or
		public auction or sale (with or without demand on any Borrower or any
		advertisement or other notice of the time, place or terms of sale except as
		required by law) for cash, credit or any other asset or property, for immediate
		or future delivery, and for such consideration and upon such terms and subject
		to such conditions as the Agent in its sole and absolute discretion may
		determine, and the Agent may purchase (the consideration for which may consist
		in whole or in part of cancellation of Indebtedness) or any other person may
		purchase the whole or any one or more items of the Collateral, and all items
		purchased shall be free and clear of any and all rights, powers, privileges,
		remedies and interests of any Borrower (whether individual, joint, several or
		otherwise), which any Borrower has expressly waived pursuant to Section 6.6
		hereof; (B) to postpone or adjourn any such auction, sale or other disposition,
		to cause the same to be postponed or adjourned from time to time to a
		subsequent time and place, or to abandon or cause the abandonment of the same,
		all without any advertisement or other notice thereof except as required by
		law; and (C) to carry out any agreement to sell any item or items of the
		Collateral in accordance with the terms and provisions of such agreement,
		notwithstanding that, after the Agent shall have entered into such an
		agreement, all the Obligations may have been paid and satisfied in full;
	 

	 
		(G) exercise any voting, consent,
		enforcement or other right, power, privilege, remedy or interest of any
		Borrower pertaining to any item of Collateral to the same extent as if the
		Agent were the outright owner thereof;
	 

	 
		(H) take possession of and thereafter deal
		with or use from time to time all or any part of the Collateral in all respects
		as if the Agent were the outright owner thereof, which shall include, without
		limitation, the right to manufacture, operate, sell, lease or rent items of
		Collateral, as well as to sell parts of the Collateral pending the sale of all
		of the Collateral, and to collect the rent, issues and profits
		therefrom;
	 

	 
		(I) transfer or cause the transfer of the
		ownership of all or any part of the Collateral to its own name or any designee
		and have such transfer recorded in any jurisdiction(s) and publicized in any
		manner deemed appropriate by the Agent; and
	 

	 
		(J) in addition to, and not by way of
		limitation of, any of the rights specified above, exercise or enforce any and
		all rights, powers, privileges, remedies and interests afforded to the Agent
		under this Agreement, the other Loan Documents and any and all provisions of
		Applicable Law (including, without limitation, the UCC), whether as a secured
		party or mortgagee in possession of collateral or otherwise.
	 

	 
		 
	 

	 
		-82-
	 

	 
		 
	 

	 
	 

	 

	 
		(ii) The Agent shall collect the cash
		proceeds received from any sale or other disposition or from any other source
		contemplated by subsection (a) above, and, after deducting all costs and
		expenses incurred by the Agent and any person designated by the Agent to take
		any of the actions enumerated in subsection (a) above in connection with such
		collection and sale or disposition (including attorneys’ disbursements,
		expenses and fees), the Agent shall apply the same in accordance with the terms
		and provisions of this Agreement unless the Agent shall elect (in its sole and
		absolute discretion) to retain the same as additional or substitute Collateral.
		In the event any funds remain after satisfaction in full of the Obligations,
		then the remainder shall be returned to the Borrowers, subject, however, to any
		other rights or interests the Agent may have therein under any other
		instrument, agreement or document or Applicable Law.
	 

	 
		(iii) If the amount of all proceeds received
		with respect to and in liquidation of the Collateral that shall be applied to
		payment of the Obligations shall be insufficient to pay and satisfy all of the
		Obligations in full, the Borrowers acknowledge and agree that they shall remain
		liable for any deficiency, together with interest thereon and costs of
		collection thereof (including attorneys’ disbursements, expenses and
		fees), in accordance with the terms and provisions of this Agreement and the
		other Loan Documents.
	 

	 
		(d) Rights of Collection. Exercise on behalf of the Lenders all of their other
		rights and remedies under this Agreement, the other Loan Documents and
		Applicable Law, in order to satisfy all of the Borrowers’
		Obligations.
	 

	 
		Section 12.3 Rights and Remedies Cumulative; Non-Waiver,
		etc. The enumeration of the rights and
		remedies of the Agent and the Lenders set forth in this Agreement is not
		intended to be exhaustive, and the exercise by the Agent and the Lenders of any
		right or remedy shall not preclude the exercise of any other rights or
		remedies, all of which shall be cumulative, and shall be in addition to any
		other right or remedy given hereunder or under the Loan Documents or that may
		now or hereafter exist in law or in equity or by suit or otherwise. No delay or
		failure to take action on the part of the Agent or any Lender in exercising any
		right, power or privilege shall operate as a waiver thereof, nor shall any
		single or partial exercise of any such right, power or privilege preclude other
		or further exercise thereof or the exercise of any other right, power or
		privilege or shall be construed to be a waiver of any Event of Default. No
		course of dealing between the Borrowers, the Agent and the Lenders or their
		respective agents or employees shall be effective to change, modify or
		discharge any provision of this Agreement or any of the other Loan Documents or
		to constitute a waiver of any Event of Default.
	 

	 
		ARTICLE XIII
	 

	 
		THE AGENT
	 

	 
		Section 13.1 Appointment.
		Each of the Lenders hereby irrevocably designates and appoints National City as
		Agent of such Lender under this Agreement and the other Loan Documents for the
		term hereof, and each such Lender irrevocably authorizes National City as Agent
		for such Lender, to take such action on its behalf under the provisions of this
		Agreement and the other Loan Documents and to exercise such powers and perform
		such duties as are expressly delegated to the Agent by the terms of this
		Agreement and such other Loan
	 

	 
		 
	 

	 
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		Documents, together with such other powers
		as are reasonably incidental thereto. Notwithstanding any provision to the
		contrary elsewhere in this Agreement or such other Loan Documents, the Agent
		shall not have any duties or responsibilities, except those expressly set forth
		herein and therein, or any fiduciary relationship with any Lender, and no
		implied covenants, functions, responsibilities, duties, obligations or
		liabilities shall be read into this Agreement or the other Loan Documents or
		otherwise exist against the Agent. Any reference to the Agent in this Article
		XIII shall be deemed to refer to the Agent solely in its capacity as Agent and
		not in its capacity as a Lender.
	 

	 
		Section 13.2 Delegation of Duties. The Agent may execute any of their respective duties
		under this Agreement and the other Loan Documents by or through agents or
		attorneys-in-fact and shall be entitled to advice of counsel concerning all
		matters pertaining to such duties. The Agent shall not be responsible for the
		negligence or misconduct of any agents or attorneys-in-fact selected by the
		Agent with reasonable care.
	 

	 
		Section 13.3 Exculpatory Provisions. Neither the Agent nor any of their officers,
		directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates
		shall be (a) liable for any action lawfully taken or omitted to be taken by it
		or such Person under or in connection with this Agreement or the other Loan
		Documents (except for actions occasioned solely by its or such Person’s
		own gross negligence or willful misconduct), or (b) responsible in any manner
		to any of the Lenders for any recitals, statements, representations or
		warranties made by any Borrower or any officer thereof contained in this
		Agreement or the other Loan Documents or in any certificate, report, statement
		or other document referred to or provided for in, or received by the Agent
		under or in connection with, this Agreement or the other Loan Documents or for
		the value, validity, effectiveness, genuineness, enforceability or sufficiency
		of this Agreement or the other Loan Documents or for any failure of any
		Borrower to perform its obligations hereunder or thereunder. The Agent shall
		not be under any obligation to any Lender to ascertain or to inquire as to the
		observance or performance of any of the agreements contained in, or conditions
		of, this Agreement, or to inspect the properties, books or records of any
		Borrower.
	 

	 
		Section 13.4 Reliance by the Agent. The Agent shall be entitled to rely, and shall be
		fully protected in relying, upon any note, writing, resolution, notice,
		consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex
		or teletype message, statement, order or other document or conversation
		believed by it to be genuine and correct and to have been signed, sent or made
		by the proper Person or Persons and upon advice and statements of legal counsel
		(including, without limitation, counsel to the Borrowers), independent
		accountants and other experts selected by the Agent. The Agent may deem and
		treat the payee of any Loan or Note as the owner thereof for all purposes
		unless such Loan or Note shall have been transferred in accordance with
		Section 14.10 hereof. The Agent shall be fully justified in failing
		or refusing to take any action under this Agreement and the other Loan
		Documents unless it shall first receive such advice or concurrence of the
		Required Lenders (or, when expressly required hereby or by the relevant other
		Loan Document, all the Lenders) as it deems appropriate or it shall first be
		indemnified to its satisfaction by the Lenders against any and all liability
		and expense which may be incurred by it by reason of taking or continuing to
		take any such action except for its own gross negligence or willful misconduct.
		The Agent shall in all cases be fully protected in acting, or in refraining
		from acting, under this Agreement and the other Loan Documents in
		accordance
	 

	 
		 
	 

	 
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		with a request of the Required Lenders (or,
		when expressly required hereby, all the Lenders), and such request and any
		action taken or failure to act pursuant thereto shall be binding upon all the
		Lenders and all future holders of any Loan or Note.
	 

	 
		Section 13.5 Notice of Default. The Agent shall not be deemed to have knowledge or
		notice of the occurrence of any Default or Event of Default hereunder unless it
		has received notice from a Lender or the Borrowers referring to this Agreement,
		describing such Default or Event of Default and stating that such notice is a
		notice of default. In the event that the Agent receives such a notice, it shall
		promptly give notice thereof to the Lenders. The Agent shall take such action
		with respect to such Default or Event of Default as shall be reasonably
		directed by the Required Lenders; provided that unless and until the Agent
		shall have received such directions, the Agent may (but shall not be obligated
		to) take such action, or refrain from taking such action, with respect to such
		Default or Event of Default as it shall deem advisable in the best interests of
		the Lenders, except to the extent that other provisions of this Agreement
		expressly require that any such action be taken or not be taken only with the
		consent and authorization or the request of the Lenders or Required Lenders, as
		applicable.
	 

	 
		Section 13.6 Non-Reliance on the Agent and Other
		Lenders. Each Lender expressly
		acknowledges that neither the Agent nor any of its respective officers,
		directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has
		made any representations or warranties to it and that no act by the Agent
		hereinafter taken, including, without limitation, any review of the affairs of
		the Borrowers, shall be deemed to constitute any representation or warranty by
		the Agent to any Lender. Each Lender represents to the Agent that it has,
		independently and without reliance upon the Agent or any other Lender, and
		based on such documents and information as it has deemed appropriate, made its
		own appraisal of and investigation into the business, operations, property,
		financial and other condition and creditworthiness of the Borrowers and made
		its own decision to make its Loans and issue or participate in Letters of
		Credit hereunder and enter into this Agreement. Each Lender also represents
		that it will, independently and without reliance upon the Agent or any other
		Lender, and based on such documents and information as it shall deem
		appropriate at the time, continue to make its own credit analysis, appraisals
		and decisions in taking or not taking action under this Agreement and the other
		Loan Documents, and to make such investigation as it deems necessary to inform
		itself as to the business, operations, property, financial and other condition
		and creditworthiness of the Borrowers. Except for notices, reports and other
		documents expressly required to be furnished to the Lenders by the Agent
		hereunder or by the other Loan Documents, the Agent shall not have any duty or
		responsibility to provide any Lender with any credit or other information
		concerning the business, operations, property, financial and other condition or
		creditworthiness of the Borrowers which may come into the possession of the
		Agent or any of its respective officers, directors, employees, agents,
		attorneys-in-fact, Subsidiaries or Affiliates.
	 

	 
		Section 13.7 Indemnification.
		The Lenders agree to indemnify the Agent in its capacity as such and (to the
		extent not reimbursed by the Borrowers and without limiting the obligation of
		the Borrowers to do so), ratably according to the respective amounts of their
		Commitment Percentages, from and against any and all liabilities, obligations,
		losses, damages, penalties, actions, judgments, suits, costs, expenses or
		disbursements of any kind whatsoever which may at any time (including, without
		limitation, at any time following the payment of the Notes or any Reimbursement
		Obligation) be imposed on, incurred by or asserted against the
	 

	 
		 
	 

	 
		-85-
	 

	 
		 
	 

	 
	 

	 

	 
		Agent in any way relating to or arising out
		of this Agreement or the other Loan Documents, or any documents contemplated by
		or referred to herein or therein or the transactions contemplated hereby or
		thereby or any action taken or omitted by the Agent under or in connection with
		any of the foregoing; provided that no Lender shall be liable for the payment
		of any portion of such liabilities, obligations, losses, damages, penalties,
		actions, judgments, suits, costs, expenses or disbursements resulting solely
		from the Agent’s bad faith, gross negligence or willful misconduct. The
		agreements in this Section
		13.7 shall survive the payment of the
		Loans, any Reimbursement Obligation and all other Obligations and amounts
		payable hereunder and under any Loan Document and the termination of this
		Agreement and the other Loan Documents.
	 

	 
		Section 13.8 The Agent in Its Individual Capacity. The Agent and its respective Subsidiaries and
		Affiliates may make loans to, accept deposits from and generally engage in any
		kind of business with the Borrowers as though the Agent were not an Agent
		hereunder. With respect to any Loans made or renewed by it and any Note issued
		to it and with respect to any Letter of Credit issued by it or participated in
		by it, the Agent shall have the same rights and powers under this Agreement and
		the other Loan Documents as any Lender and may exercise the same as though it
		were not an Agent, and the terms “Lender” and “Lenders”
		shall include the Agent in its individual capacity.
	 

	 
		Section 13.9 Resignation of the Agent; Successor
		Agent. Subject to the appointment and
		acceptance of a successor as provided below, the Agent may resign at any time
		by giving notice thereof to the Lenders and the Borrowers. Upon any such
		resignation, the Required Lenders shall have the right to appoint a successor
		Agent, which successor shall have minimum capital and surplus of at least
		$500,000,000. If no successor Agent shall have been so appointed by the
		Required Lenders and shall have accepted such appointment within thirty (30)
		days after the Agent’s giving of notice of resignation, then the Agent
		may, on behalf of the Lenders, appoint a successor Agent, which successor shall
		have minimum capital and surplus of at least $500,000,000. Upon the acceptance
		of any appointment as Agent hereunder by a successor Agent, such successor
		Agent shall thereupon succeed to and become vested with all rights, powers,
		privileges and duties of the retiring Agent, and the retiring Agent shall be
		discharged from its duties and obligations hereunder. After any retiring
		Agent’s resignation hereunder as Agent, the provisions of this
		Section 13.9 shall continue in effect for its benefit in respect of
		any actions taken or omitted to be taken by it while it was acting as
		Agent.
	 

	 
		Section 13.10 Quebec Security Agent. For the purposes of holding any security granted by
		the Borrowers pursuant to the laws of the Province of Quebec to secure payment
		of any bond issued by Borrowers, each Lender hereby irrevocably appoints and
		authorizes National City to act as the person holding the power of attorney
		(i.e. “fondé de pouvoir”) (in such capacity, the “Quebec
		Attorney”) of the Lenders as contemplated under Article 2692 of the Civil
		Code of Québec, and to enter into, to take and to hold on its behalf,
		and for its benefit, any hypothec, and to exercise such powers and duties that
		are conferred upon the Quebec Attorney under any hypothec. Moreover, without
		prejudice to such appointment and authorization to act as the person holding
		the power of attorney as aforesaid, each Lender hereby irrevocably appoints and
		authorizes National City (in such capacity, the “Quebec Custodian”)
		to act as agent and custodian for and on behalf of the Lenders to hold and be
		the sole registered holder of any bond which may be issued under any hypothec,
		the whole notwithstanding Section 32 of An Act respecting the special powers of
		legal persons (Quebec) or any other applicable law, and to
	 

	 
		 
	 

	 
		-86-
	 

	 
		 
	 

	 
	 

	 

	 
		execute all related documents. Each of the
		Quebec Attorney and the Quebec Custodian shall: (a) have the sole and exclusive
		right and authority to exercise, except as may be otherwise specifically
		restricted by the terms hereof, all rights and remedies given to the Attorney
		and the Quebec Custodian (as applicable) pursuant to any hypothec, bond,
		pledge, applicable laws or otherwise, (b) benefit from and be subject to all
		provisions hereof with respect to National City mutatis mutandis, including,
		without limitation, all such provisions with respect to the liability or
		responsibility to and indemnification by the Lenders, and (c) be entitled to
		delegate from time to time any of its powers or duties under any hypothec,
		bond, or pledge on such terms and conditions as it may determine from time to
		time. Any person who becomes a Lender shall, by its execution of an Assignment
		and Acceptance, be deemed to have consented to and confirmed: (i) the Quebec
		Attorney as the person holding the power of attorney as aforesaid and to have
		ratified, as of the date it becomes a Lender, all actions taken by the Quebec
		Attorney in such capacity, and (ii) the Quebec Custodian as the agent and
		custodian as aforesaid and to have ratified, as of the date it becomes a
		Lender, all actions taken by the Quebec Custodian in such capacity. The
		Substitution of the Agent pursuant to the provisions of this Article 13 shall
		also constitute the substitution of the Quebec Attorney and the Quebec
		Custodian.
	 

	 
		ARTICLE XIV 
	 

	 
		MISCELLANEOUS
	 

	 
		Section 14.1
		Notices.
	 

	 
		(a)
		Method of Communication. Except as otherwise provided in this Agreement, all
		notices and communications hereunder shall be in writing, or by telephone
		subsequently confirmed in writing. Any notice shall be effective if delivered
		by hand delivery or sent via telecopy, recognized overnight courier service or
		certified mail, return receipt requested, and shall be presumed to be received
		by a party hereto (i) on the date of delivery if delivered by hand or sent by
		telecopy or electronic mail, (ii) on the next Business Day if sent by
		recognized overnight courier service and (iii) on the third Business Day
		following the date sent by certified mail, return receipt requested. A
		telephonic notice to the Agent as understood by the Agent will be deemed to be
		the controlling and proper notice in the event of a discrepancy with or failure
		to receive a confirming written notice.
	 

	 
		(b)
		Addresses for Notices. Notices to any party shall be sent to it at the
		following addresses, or any other address as to which all the other parties are
		notified in writing.
	 

	 
		 
	 

	 
			
				
				  If to any Borrower:
				

			 	
				
				   
				

			 	
				
				  c/o Interpool, Inc.

				  211 College Road East

				  Princeton, NJ 085407

				  Attention: Chief Financial Officer

				  Telephone No.: (609) 452-8900

				  Telecopy No.: (609) 452-9286
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  With copies to:
				

			 	
				
				   
				

			 	
				
				  Fortress Investment Group
				  LLC
 1345 Avenue of the
				  Americas
 New York, New York
				  10015
 Attention: R. Nardone
				

			 

 

	 
		 
	 

	 
		-87-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  Telecopy: (212) 798-6120
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Skadden, Arps, Slate, Meagher &
				  Flom LLP
 333 West Wacker
				  Drive
 Chicago, Illinois
				  60606
 Attention: Nancy M.
				  Olson
 Telephone No. (312)
				  407-0532
 Telecopy No. (312)
				  407-8584
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Moore and Van Allen

				  100 North Tyron Street

				  Suite 4700
 Charlotte, NC 28202-4003

				  Attention: Paul Murphy

				  Telephone No.: (704) 331-3510

				  Telecopy No.: (704) 339-5810
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   If to Agent:
				

			 	
				
				   
				

			 	
				
				   National City Bank

				  One South Broad Street, 13th Floor

				  Philadelphia, PA 19107

				  Attention: Michael Labrum

				  Telephone No.: (267) 256-4081

				  Telecopy No.: (267) 256-4001
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   With copies to:
				

			 	
				
				   
				

			 	
				
				   Reed Smith LLP

				  2500 One Liberty Place

				  1650 Market Street

				  Philadelphia, PA 19103

				  Attention: James S. Lawlor

				  Telephone No.: (215) 851-8873

				  Telecopy No.: (215) 851-1420
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  If to any Lender:
				

			 	
				
				   
				

			 	
				
				  To the Address set forth on Schedule
				  1 hereto
				

			 

 

	 
		 (c)
		Agent’s Office. The Agent hereby designates its office located at the
		address set forth above, or any subsequent office which shall have been
		specified for such purpose by written notice to the Borrowers and Lenders, as
		the Agent’s Office referred to herein, to which payments due are to be
		made and at which Loans will be disbursed and Letters of Credit issued.
	 

	 
		Section 14.2 Expenses; Indemnity. The Borrowers will (a) pay all out-of-pocket expenses
		of the Agent in connection with (i) the preparation, execution and delivery of
		this Agreement and each other Loan Document, whenever the same shall be
		executed and delivered, including, without limitation, all out-of-pocket
		syndication and due diligence expenses and reasonable fees and disbursements of
		counsel for the Agent and (ii) the preparation, execution and delivery of any
		waiver, amendment or consent by the Agent or the Lenders relating to this
		Agreement or any other Loan Document, including, without limitation, reasonable
		fees and
	 

	 
		 
	 

	 
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		disbursements of counsel for the Agent, (b)
		pay all reasonable out-of-pocket expenses of the Agent and each Lender actually
		incurred in connection with the administration and enforcement of any rights
		and remedies of the Agent and Lenders under the Credit Facility, including,
		without limitation, consulting with appraisers, accountants, engineers,
		attorneys and other Persons concerning the nature, scope or value of any right
		or remedy of the Agent or any Lender hereunder or under any other Loan Document
		or any factual matters in connection therewith, which expenses shall include,
		without limitation, the reasonable fees and disbursements of such Persons, and
		(c) defend, indemnify and hold harmless the Agent and the Lenders, and their
		respective parents, Subsidiaries, Affiliates, employees, agents, officers and
		directors, from and against any losses, penalties, fines, liabilities,
		settlements, damages, costs and expenses, suffered by any such Person in
		connection with any claim, investigation, litigation or other proceeding
		(whether or not the Agent or any Lender is a party thereto) and the prosecution
		and defense thereof, arising out of or in any way connected with the Agreement,
		any other Loan Document or the Loans, including, without limitation, reasonable
		attorney’s and consultant’s fees, except to the extent that any of
		the foregoing directly result from the gross negligence or willful misconduct
		of the party seeking indemnification therefor.
	 

	 
		Section 14.3 Set-off. In
		addition to any rights now or hereafter granted under Applicable Law and not by
		way of limitation of any such rights, upon and after the occurrence of any
		Event of Default and during the continuance thereof, the Lenders and any
		assignee or participant of a Lender in accordance with Section 14.10
		hereof are hereby authorized by the Borrowers at any time or from time to time,
		without notice to the Borrowers or to any other Person, any such notice being
		hereby expressly waived, to set off and to appropriate and to apply any and all
		deposits (general or special, time or demand, including, without limitation,
		indebtedness evidenced by certificates of deposit, whether matured or
		unmatured) and any other indebtedness at any time held or owing by the Lenders,
		or any such assignee or participant to or for the credit or the account of any
		Borrower against and on account of the Obligations irrespective of whether or
		not (a) the Lenders shall have made any demand under this Agreement or any of
		the other Loan Documents or (b) the Agent shall have declared any or all of the
		Obligations to be due and payable as permitted by Section 12.2
		hereof and although such Obligations shall be contingent or unmatured.
	 

	 
		Section 14.4 Governing Law.
		EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN
		DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
		PERFORMANCE, THE LOAN DOCUMENTS AND THE OBLIGATIONS SHALL BE GOVERNED BY, AND
		CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
		NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW
		BUT OTHERWISE WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES CONTAINED
		THEREIN. 
	 

	 
		Section 14.5 Consent to
		Jurisdiction; Service of Process.
	 

	 
		(a) EACH BORROWER
		HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW
		YORK, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY
		CLAIMS OR DISPUTES BETWEEN THE BORROWERS, THE AGENT AND THE LENDERS PERTAINING
		TO 
	 

	 
		 
	 

	 
		-89-
	 

	 
		 
	 

	 
	 

	 

	 
		THIS AGREEMENT OR ANY OF THE OTHER LOAN
		DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
		OF THE OTHER LOAN DOCUMENTS; PROVIDED, THAT THE BORROWERS, THE AGENT AND THE
		LENDERS ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY
		A COURT LOCATED OUTSIDE OF NEW YORK CITY AND; PROVIDED, FURTHER THAT NOTHING IN
		THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE AGENT FROM BRINGING
		SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE
		COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT
		OR OTHER COURT ORDER IN FAVOR OF THE AGENT.
	 

	 
		(b) EACH BORROWER
		EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
		SUIT COMMENCED IN ANY SUCH COURT, AND EACH BORROWER HEREBY WAIVE ANY OBJECTION
		THAT SUCH BORROWER MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
		VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL
		OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH BORROWER
		HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS
		ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
		COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL
		ADDRESSED TO SUCH BORROWER AT THE ADDRESS SET FORTH IN SECTION 14.1 OF
		THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE
		EARLIER OF SUCH BORROWER’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER
		DEPOSIT IN THE UNITED STATES MAILS, PROPER POSTAGE PREPAID.
	 

	 
		Section 14.6 Waiver of Jury Trial; Preservation of
		Remedies.
	 

	 
		(a)
		Jury Trial. THE AGENT, EACH LENDER AND EACH BORROWER HEREBY
		IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY
		ACTION, CLAIM OR OTHER PROCEEDING ARISING OUT OF ANY DISPUTE, CLAIM OR
		CONTROVERSY ARISING OUT OF, CONNECTED WITH, OR RELATING TO THIS AGREEMENT, THE
		NOTES OR ANY OTHER LOAN DOCUMENT (“DISPUTE”) IN CONNECTION WITH THIS
		AGREEMENT, THE NOTES OR THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS
		HEREUNDER OR THEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND
		OBLIGATIONS.
	 

	 
		(b)
		Preservation of Certain
		Remedies. The parties hereto and the
		other Loan Documents preserve, without diminution, certain remedies that such
		Persons may employ or exercise freely, either alone, in conjunction with or
		during a Dispute. Each such Person shall have and hereby reserves the right to
		proceed in any court of proper jurisdiction or by self help to exercise or
		prosecute the following remedies: (i) all rights to foreclose against any real
		or personal property or other security by exercising a power of sale granted in
		the Loan Documents or under Applicable Law or by judicial foreclosure and sale,
		(ii) all rights of self help including, without limitation, peaceful occupation
		of property and collection of rents, set off, and peaceful possession of
		property, (iii) obtaining provisional or ancillary remedies including,
		without
	 

	 
		 
	 

	 
		-90-
	 

	 
		 
	 

	 
	 

	 

	 
		limitation, injunctive relief,
		sequestration, garnishment, attachment, appointment of receiver and in filing
		an involuntary bankruptcy proceeding, and (iv) when applicable, a judgment by
		confession of judgment. 
	 

	 
		Section 14.7 Reversal of Payments. To the extent the Borrowers make a payment or payments
		to the Agent for the ratable benefit of the Lenders or the Agent receives any
		payment or proceeds of the collateral which payments or proceeds or any part
		thereof are subsequently invalidated, declared to be fraudulent or
		preferential, set aside and/or required to be repaid to a trustee, receiver or
		any other party under any bankruptcy law, state or federal law, common law or
		equitable cause, then, to the extent of such payment or proceeds repaid, the
		Obligations or part thereof intended to be satisfied shall be revived and
		continued in full force and effect as if such payment or proceeds had not been
		received by the Agent.
	 

	 
		Section 14.8 Injunctive
		Relief; Punitive Damages.
	 

	 
		(a) The Borrowers
		recognize that, in the event the Borrowers fail to perform, observe or
		discharge any of their obligations or liabilities under this Agreement, any
		remedy of law may prove to be inadequate relief to the Lenders. Therefore, the
		Borrowers agree that the Lenders, at the Lenders’ option, shall be
		entitled to temporary and permanent injunctive relief in any such case without
		the necessity of proving actual damages.
	 

	 
		(b) The Agent,
		Lenders and the Borrowers hereby agree that no such Person shall have a remedy
		of punitive or exemplary damages against any other party to a Loan Document and
		each such Person hereby waives any right or claim to punitive or exemplary
		damages that they may now have or may arise in the future in connection with
		any Dispute.
	 

	 
		(c) The parties
		agree that they shall not have a remedy of punitive or exemplary damages
		against any other party in any Dispute and hereby waive any right or claim to
		punitive or exemplary damages they have now or which may arise in the future in
		connection with any Dispute.
	 

	 
		Section 14.9 Accounting Matters. All financial and accounting calculations,
		measurements and computations made for any purpose relating to this Agreement,
		including, without limitation, all computations utilized by any Borrower to
		determine compliance with any covenant contained herein, shall, except as
		otherwise expressly contemplated hereby or unless there is an express written
		direction by the Agent to the contrary agreed to by the Borrowers, be performed
		in accordance with GAAP as in effect on the Closing Date. In the event that
		changes in GAAP shall be mandated by the Financial Accounting Standards Board,
		or any similar accounting body of comparable standing, or shall be recommended
		by the Borrowers’ certified public accountants, to the extent that such
		changes would modify such accounting terms or the interpretation or computation
		thereof, such changes shall be followed in defining such accounting terms only
		from and after the date the Borrowers and the Lenders shall have amended this
		Agreement to the extent necessary to reflect any such changes in the financial
		covenants and other terms and conditions of this Agreement.
	 

	 
		Section 14.10 Successors
		and Assigns.
	 

	 
		 
	 

	 
		-91-
	 

	 
		 
	 

	 
	 

	 

	 
		(a) Benefit of Agreement. This Agreement shall be binding upon and inure to the
		benefit of the Borrowers, the Agent and the Lenders, all future holders of the
		Notes, and their respective successors and assigns, except that the Borrowers
		shall not assign or transfer any of their rights or obligations under this
		Agreement without the prior written consent of each Lender.
	 

	 
		(b)
		Assignment by Lenders. Each Lender may, with the consent of the Borrowers (so
		long as no Default or Event of Default has occurred and is continuing) and the
		consent of the Agent, which consents shall not be unreasonably withheld, assign
		to one or more Eligible Assignees all or a portion of its interests, rights and
		obligations under this Agreement (including, without limitation, all or a
		portion of the Extensions of Credit at the time owing to it and the Notes held
		by it), provided further that:
	 

	 
		(i) each such assignment shall be of a
		constant, and not a varying, percentage of all the assigning Lender’s
		rights and obligations under this Agreement;
	 

	 
		(ii) if less than all of the assigning
		Lender’s Commitment is to be assigned, the Commitment so assigned shall
		not be less than $5,000,000;
	 

	 
		(iii) the parties to each such assignment
		shall execute and deliver to the Agent, for its acceptance and recording in the
		Register, an Assignment and Acceptance in the form of Exhibit H attached hereto
		(an “Assignment and Acceptance”), together with any Note or Notes
		subject to such assignment;
	 

	 
		(iv) such assignment shall not, without the
		consent of the Borrowers, require the Borrowers to file a registration
		statement with the Securities and Exchange Commission or apply to or qualify
		the Loans or the Notes under the blue sky laws of any state;
	 

	 
		(v) the assigning Lender shall pay to the
		Agent an assignment fee of $3,500 upon the execution by such Lender of the
		Assignment and Acceptance; provided that no such fee shall be payable upon any
		assignment by a Lender to an Affiliate thereof; and
	 

	 
		(vi) nothing herein shall be construed to
		prohibit in any manner any Lender from pledging or assigning any Note to any
		Federal Reserve Bank in accordance with Applicable Law.
	 

	 
		Upon such execution, delivery, acceptance
		and recording, from and after the effective date specified in each Assignment
		and Acceptance, which effective date shall be at least five (5) Business Days
		after the execution thereof, (A) the assignee thereunder shall be a party
		hereto and, to the extent provided in such Assignment and Acceptance, have the
		rights and obligations of a Lender hereby and (B) the Lender thereunder shall,
		to the extent provided in such assignment, be released from its obligations
		under this Agreement.
	 

	 
		(c)
		Rights and Duties Upon
		Assignment. By executing and delivering
		an Assignment and Acceptance, the assigning Lender thereunder and the assignee
		thereunder confirm to and agree with each other and the other parties hereto as
		set forth in such Assignment and Acceptance.
	 

	 
		 
	 

	 
		-92-
	 

	 
		 
	 

	 
	 

	 

	 
		(d) Register. The
		Agent shall maintain a copy of each Assignment and Acceptance delivered to it
		and a register for the recordation of the names and addresses of the Lenders
		and the amount of the Extensions of Credit with respect to each Lender from
		time to time (the “Register”). The entries in the Register shall be
		conclusive, in the absence of manifest error, and the Borrowers, the Agent and
		the Lenders may treat each person whose name is recorded in the Register as a
		Lender hereunder for all purposes of this Agreement. The Register shall be
		available for inspection by the Borrowers or Lenders at any reasonable time and
		from time to time upon reasonable prior notice.
	 

	 
		(e)
		Issuance of New Notes. Upon its receipt of an Assignment and Acceptance
		executed by an assigning Lender and an Eligible Assignee together with any Note
		or Notes subject to such assignment and the written consent to such assignment,
		the Agent shall, if such Assignment and Acceptance has been completed and is
		substantially in the form of Exhibit H attached hereto:
	 

	 
		(i) accept such Assignment and
		Acceptance;
	 

	 
		(ii) record the information contained
		therein in the Register;
	 

	 
		(iii) give prompt notice thereof to the
		Lenders and the Borrowers; and
	 

	 
		(iv) promptly deliver a copy of such
		Assignment and Acceptance to the Borrowers.
	 

	 
		Within five (5) Business Days after receipt
		of notice, the Borrowers shall execute and deliver to the Agent, in exchange
		for the surrendered Note or Notes, a new Note or Notes to the order of such
		Eligible Assignee in amounts equal to the Commitment assumed by it pursuant to
		such Assignment and Acceptance and a new Note or Notes to the order of the
		assigning Lender in an amount equal to the Commitment retained by it hereunder.
		Such new Note or Notes shall be in an aggregate principal amount equal to the
		aggregate principal amount of such surrendered Note or Notes, shall be dated
		the effective date of such Assignment and Acceptance and shall otherwise be in
		substantially the form of the assigned Notes delivered to the assigning Lender.
		Each surrendered Note or Notes shall be canceled and returned to the
		Borrowers.
	 

	 
		Section 14.11 Participations.
		Each Lender may sell participations to one or more banks or other entities in
		all or a portion of its rights and obligations under this Agreement (including,
		without limitation, all or a portion of its Extensions of Credit and the Notes
		held by it); provided that:
	 

	 
		(a) each such
		participation shall be in an amount not less than $5,000,000;
	 

	 
		(b) such
		Lender’s obligations under this Agreement (including, without limitation,
		its Commitment) shall remain unchanged;
	 

	 
		(c) such Lender
		shall remain solely responsible to the other parties hereto for the performance
		of such obligations;
	 

	 
		 
	 

	 
		-93-
	 

	 
		 
	 

	 
	 

	 

	 
		(d) such Lender shall remain the holder of
		the Notes held by it for all purposes of this Agreement;
	 

	 
		(e) the
		Borrowers, the Agent and the other Lenders shall continue to deal solely and
		directly with such Lender in connection with such Lender’s rights and
		obligations under this Agreement;
	 

	 
		(f) such Lender
		shall not permit such participant the right to approve any waivers, amendments
		or other modifications to this Agreement or any other Loan Document other than
		waivers, amendments or modifications which would reduce the principal of or the
		interest rate on any Loan or Reimbursement Obligation, extend the term or
		increase the amount of the Commitment, reduce the amount of any fees to which
		such participant is entitled, extend any scheduled payment date for principal
		of any Loan or, except as expressly contemplated hereby or thereby, release
		substantially all of the Collateral; and
	 

	 
		(g) any such
		disposition shall not, without the consent of the Borrowers, require the
		Borrowers to file a registration statement with the Securities and Exchange
		Commission to apply to qualify the Loans or the Notes under the blue sky law of
		any state.
	 

	 
		Section 14.12 Disclosure of Information;
		Confidentiality. The Agent and the
		Lenders shall hold all non-public information with respect to the Borrowers
		obtained pursuant to the Loan Documents in accordance with their customary
		procedures for handling confidential information; provided that the Agent and
		Lenders may disclose any such information to the extent such disclosure is
		required by law or requested by any regulatory authority. Any Lender may, in
		connection with any assignment, proposed assignment, participation or proposed
		participation pursuant to Section
		14.10 or Section 14.11
		hereof, disclose to the assignee, participant, proposed assignee or proposed
		participant, any information relating to the Borrowers furnished to such Lender
		by or on behalf of the Borrowers; provided, that prior to any such disclosure,
		each such assignee, proposed assignee, participant or proposed participant
		shall agree with the Borrowers or such Lender to preserve the confidentiality
		of any confidential information relating to the Borrowers received from such
		Lender.
	 

	 
		Section 14.13
		Amendments, Waivers and
		Consents. Except as set forth below,
		any term, covenant, agreement or condition of this Agreement or any of the
		other Loan Documents (other than any Secured Hedging Agreement, the terms and
		conditions of which may be amended, modified or waived by the parties thereto)
		may be amended or waived by the Lenders, and any consent given by the Lenders,
		if, but only if, such amendment, waiver or consent is in writing signed by the
		Required Lenders (or by the Agent with the consent of the Required Lenders) and
		delivered to the Agent and, in the case of an amendment, signed by the
		Borrowers; provided, that no amendment, waiver or consent shall: (a) increase
		the amount or extend the time of the obligation of the Lenders to make Loans or
		issue or participate in Letters of Credit (including, without limitation,
		pursuant to Section 3.6 hereof), (b) extend the originally scheduled time or
		times of payment of the principal of any Loan or Reimbursement Obligation or
		the time or times of payment of interest on any Loan or Reimbursement
		Obligation, (c) reduce the rate of interest or fees payable on any Loan or
		Reimbursement Obligation, (d) reduce the principal amount of any Loan or
		Reimbursement Obligation, (e) permit any subordination of the principal or
		interest on any Loan or Reimbursement Obligation, (f) permit any assignment
		(other
	 

	 
		 
	 

	 
		-94-
	 

	 
		 
	 

	 
	 

	 

	 
		than as specifically permitted or
		contemplated in this Agreement) of any of the Borrowers’ rights and
		obligations hereunder, (g) release any material portion of the Collateral
		(other than as specifically permitted or contemplated in this Agreement), (h)
		amend the provisions of this Section
		14.13 or the definition of Required
		Lenders, or (i) waive the provisions of Section 5.2,
		without the prior written consent of each Lender. In addition, no amendment,
		waiver or consent to the provisions of (a) Article XIII hereof shall be made
		without the written consent of the Agent and (b) Article III hereof without the
		written consent of the Issuing
		Lender.
	 

	 
		Section 14.14
		Agreement Controls. In the event there is a conflict or inconsistency
		between this Agreement and any other Loan Document, the terms of this Agreement
		shall control.
	 

	 
		Section 14.15
		Covenants Independent. Each Borrower expressly acknowledges and agrees that
		each covenant contained in Articles IX, X or XI hereof shall be given
		independent effect. Accordingly, the Borrowers shall not engage in any
		transaction or other act otherwise permitted under any covenant contained in
		Articles IX, X or XI hereof if, before or after giving effect to such
		transaction or act, any Borrower shall or would be in breach of any other
		covenant contained in Articles IX, X or XI hereof.
	 

	 
		Section 14.16
		Survival. Notwithstanding any termination of this Agreement, the
		indemnities to which the Agent and the Lenders are entitled under the
		provisions of this Article XIV and any other provision of this Agreement and
		the Loan Documents shall continue in full force and effect and shall protect
		the Agent and the Lenders against events arising after such termination as well
		as before.
	 

	 
		Section 14.17
		Counterparts. This Agreement may be executed in any number of
		counterparts and by different parties hereto in separate counterparts, each of
		which when so executed shall be deemed to be an original and shall be binding
		upon all parties, their successors and assigns, and all of which taken together
		shall constitute one and the same agreement.
	 

	 
		Section 14.18
		Headings. Titles and captions of Articles, Sections and
		subsections in this Agreement are for convenience only, and neither limit nor
		amplify the provisions of this Agreement.
	 

	 
		Section 14.19 Severability.
		Any provision of this Agreement or any other Loan Document which is prohibited
		or unenforceable in any jurisdiction shall, as to such jurisdiction, be
		ineffective only to the extent of such prohibition or unenforceability without
		invalidating the remainder of such provision or the remaining provisions hereof
		or thereof or affecting the validity or enforceability of such provision in any
		other jurisdiction.
	 

	 
		Section 14.20 Entirety. This
		Agreement together with the other Loan Documents represents the entire
		agreement of the parties hereto and thereto, and supersedes all prior
		agreements and understandings, oral and written, if any, including any
		commitment letters or correspondence relating to the Loan Documents or the
		transactions contemplated herein or therein, except those obligations which
		survive under the Fee Letters.
	 

	 
		 
	 

	 
		-95-
	 

	 
		 
	 

	 
	 

	 

	 
		Section 14.21 Termination.
		This Agreement shall remain in effect from the Closing Date through and
		including the date upon which all Commitments have been terminated and all
		Obligations shall have been indefeasibly and irrevocably paid and satisfied in
		full. The Agent is hereby permitted to release all Liens on the Collateral in
		favor of the Agent, for the ratable benefit of itself and the Lenders, upon
		repayment in cash of the outstanding principal of and all accrued interest on
		the Loans, payment of all outstanding fees and expenses hereunder and the
		irrevocable termination of the Commitments. No termination of this Agreement
		shall affect the rights and obligations of the parties hereto arising prior to
		such termination.
	 

	 
		Section 14.22
		Payment of Borrowers’
		Obligations. The Borrowers’
		obligations under this Agreement and each of the Loan Documents shall be
		performed by the Borrowers at their sole cost and expense.
	 

	 
		Section 14.23
		Powers of Attorney and Authorizations
		Irrevocable. All powers of attorney and
		other authorizations granted to the Lenders, the Agent and any Persons
		designated by the Agent or any Lender pursuant to any provisions of this
		Agreement or any of the other Loan Documents shall be deemed coupled with an
		interest and shall be irrevocable so long as any of the Obligations remain
		unpaid or unsatisfied or any of the Commitments has not been terminated.
		
	 

	 
		Section 14.24 USA Patriot
		Act. Each Lender that is subject to the
		requirements of the Patriot Act hereby notifies each Borrower that pursuant to
		the requirements of the Patriot Act, it is required to obtain, verify and
		record information that identifies each Borrower, which information includes
		the name and address of each Borrower and other information that will allow
		such Lender to identify each Borrower in accordance with the Patriot Act, and
		each Borrower hereby agrees to deliver such information to the Lenders as may
		be requested.
	 

	 
		Section 14.25 Amendment and Restatement. The
		parties hereto agree that this Agreement amends and restates the Existing
		Agreement in its entirety and that all Loans and Letters of Credit outstanding
		under the Existing Agreement on the Closing Date shall be and be deemed to be
		Loans (of the same types and having the same Interest Periods) made and Letters
		of Credit issued under this Agreement, and shall thereafter be evidenced and
		governed by the terms and conditions of this Agreement. Each Borrower (a)
		represents and warrants that it has no defenses to the enforcement of the Loan
		Documents to which it is a party, (b) agrees that according to its terms, such
		Borrower’s obligations (and the security interests granted by such
		Borrower) under the Loan Documents to which it is a party will continue in full
		force and effect to secure the Obligations and such other amounts in accordance
		with the terms of the Loan Documents, and (c) acknowledges, represents,
		warrants and agrees that the liens and security interests granted by it
		pursuant to the Loan Documents to which it is a party are valid and subsisting
		and that each of the Loan Documents to which it is a party creates a valid,
		perfected Lien in favor of the Agent to secure the Obligations, covering and
		encumbering all collateral granted or purported to be granted by such Loan
		Document to which it is a party. Each of the Loan Documents remains in full
		force and effect as executed by the parties thereto, and nothing herein shall
		act as a waiver of any of the Agent’s or any Lender’s rights under
		any Loan Document, including the waiver of any Default or Event of Default, if
		any, however denominated.
	 

	 
		 
	 

	 
		-96-
	 

	 
		 
	 

	 
	 

	 

	 
		Section 14.26 SUBI Facility.
		At any time prior to the Revolving Credit Termination Date, at the written
		request of Interpool, and so long as no Default or Event of Default shall exist
		at such time, the Lenders and the Agent shall enter into the SUBI Credit
		Agreement, pursuant to which the Lenders shall make loans to the SPV Borrowers
		secured in part by the pledge of a SUBI Certificate evidencing an interest in
		Equipment constituting the SUBI Facility, provided however that such loans
		shall not exceed an amount equal to the Aggregate Commitment less the principal
		amounts outstanding of all Extensions of Credit. The sole recourse the Lenders
		shall have against the SPV Borrower (with respect to the obligations of the SPV
		Borrower) shall be the collateral pledged under the SUBI Credit Agreement;
		provided, however, Interpool shall guaranty the amounts owed by the SPV
		Borrower under the SUBI Credit Agreement. The Lenders shall not have recourse
		against the SPV Borrower or against the collateral pledged under the SUBI
		Credit Agreement with respect to the obligations of Interpool or Trac. In
		addition, the Lenders and the Agent agree that they will not initiate
		bankruptcy proceedings against the SPV Borrower. Borrower, Agent and each
		Lender agree that the terms and conditions of the SUBI Credit Agreement shall
		be substantially identical to those of this Agreement, subject to the terms of
		this Section 14.26 and any modifications necessary as the result of the change
		in the collateral, and otherwise reasonably acceptable to Agent, Lenders and
		the Borrowers.
	 

	 
		 
	 

	 
		-97-
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the parties hereto have
		caused this Second Amended and Restated Credit and Security Agreement to be
		executed under seal by their duly authorized officers, all as of the day and
		year first written above.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  INTERPOOL, INC.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ William A. Geoghan
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  William A. Geoghan
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Senior Vice President
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  TRAC LEASE, INC.
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ William A. Geoghan
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  William A. Geoghan
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Senior Vice President
				

			 

 

	 
		[Borrowers’ signature page to Second
		Amended and Restated Credit and Security Agreement]
	 

	 
		 
	 

	 
		-98-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  NATIONAL CITY BANK,

				  as Agent and as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Kenneth S. Jamison
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Kenneth S. Jamison
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Senior Vice President
				

			 

 

	 
		[Agent’s signature page to Second
		Amended and Restated Credit and Security Agreement]
	 

	 
		 
	 

	 
		-99-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK TRUST
				  COMPANY
 AMERICAS, as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Susan LeFevre
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Susan LeFevre
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Director
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Evelyn Thierry
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Evelyn Thierry
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		 [Lender signature page to Second Amended
		and Restated Credit and Security Agreement]
	 

	 
		 
	 

	 
		-100-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  BEAR STEARNS CORPORATE LENDING
				  INC.,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Victor Bulzacchelli
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Victor Bulzacchelli
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Vice President
				

			 

 

	 
		 [Lender signature page to Second Amended
		and Restated Credit and Security Agreement]
	 

	 
		 
	 

	 
		-101-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  LASALLE BANK NATIONAL
				  ASSOCIATION,
 as a Lender
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Gregory T. Gaschler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				  Gregory T. Gaschler
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				  Senior Vice President
				

			 

 

	 
		[Lender signature page to Second Amended
		and Restated Credit and Security Agreement]
	 

	 
		 
	 

	 
		-102-
	 

	 
		 
	 

	 
	 

	 

	 
		SCHEDULE 1
	 

	 
		Lenders and Commitments
	 

	 
		 
	 

	 
			
				
				  Lender
				

			 	
				
				   
				

			 	
				
				  Commitment 

				  Percentage
				

			 	
				
				   
				

			 	
				
				  Commitment
				

			 	
				
				   
				

			 
						
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  National City Bank
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  One South Broad Street, 14th
				  Floor
 Philadelphia, PA 19107

				  Attention: Kenneth Jamison

				  Telephone No.: 267-256-4086

				  Facsimile No.: 267-256-4001
				

			 	
				
				   
				

			 	
				
				  50%
				

			 	
				
				   
				

			 	
				
				  $50,000,000
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Agent Services

				  629 Euclid Ave.

				  Locator 01-3028

				  Cleveland, OH 44114

				  Facsimile No.: 216-222-0103
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Deutsche Bank Trust Company
				  Americas
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  60 Wall Street - 2nd
				  Floor
 New York, NY 10005

				  Attention: Omayra Laucella

				  Telephone No.: 212-250-6106

				  Facsimile No.: 212-797-5690
				

			 	
				
				   
				

			 	
				
				  17.5%
				

			 	
				
				   
				

			 	
				
				  $17,500,000
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Deutsche Bank Securities
				  Inc
 60 Wall Street - 44th
				  Floor
 New York, NY 10005

				  Attention: Craig Fuehrer

				  Telephone No.: 212-250-3878

				  Facsimile No.: 212-797-3231
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Bear Stearns Corporate Lending
				  Inc.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Loan Portfolio Management

				  383 Madison Avenue

				  New York, NY 10179

				  Attention: Randall Trombley, CFA

				  Telephone No.: 212-272-8871

				  Facsimile No.: 212-272-9184
				

			 	
				
				   
				

			 	
				
				  17.5%
				

			 	
				
				   
				

			 	
				
				  $17,500,000
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  LaSalle Bank National
				  Association
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  135 South LaSalle Street

				  Suite 842
 Chicago, IL 60603

				  Attention: Gregory T. Gaschler

				  Telephone No.: 312-904-7641

				  Facsimile No.: 312-904-2903
				

			 	
				
				   
				

			 	
				
				  15%
				

				
				   
				

			 	
				
				   
				

			 	
				
				  $15,000,000
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		-2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]