Document:

exv10w3

Exhibit 10.3

 

PURCHASE AND CONTRIBUTION

AGREEMENT

by and among

TRINITY RAIL LEASING WAREHOUSE TRUST,

TRINITY INDUSTRIES LEASING COMPANY

and

TRINITY RAIL LEASING 2010 LLC

Dated as of October 25, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	Section 1.1 General
	 	 	1	 
	Section 1.2 Specific Terms
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II CONVEYANCE OF THE RAILCARS AND LEASES
	 	 	4	 
	 
	 	 	 	 
	Section 2.1 Conveyance of the Railcars and Leases
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III CONDITIONS OF CONVEYANCE
	 	 	6	 
	 
	 	 	 	 
	Section 3.1 Conditions Precedent to Conveyance
	 	 	6	 
	Section 3.2 Conditions Precedent to All Conveyances
	 	 	7	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
	 	 	8	 
	 
	 	 	 	 
	Section 4.1 Representations and Warranties of TRLWT Seller—General
	 	 	8	 
	Section 4.2 Representations and Warranties of TILC Seller—General
	 	 	9	 
	Section 4.3 Representations and Warranties of Seller—Assets
	 	 	11	 
	Section 4.4 Representations and Warranties of the Purchaser
	 	 	13	 
	Section 4.5 Indemnification
	 	 	15	 
	Section 4.6 Special Indemnification by TILC regarding Exercise of Setoff by Customers
	 	 	16	 
	 
	 	 	 	 
	ARTICLE V COVENANTS OF SELLER
	 	 	17	 
	 
	 	 	 	 
	Section 5.1 Protection of Title of the Purchaser
	 	 	17	 
	Section 5.2 Other Liens or Interests
	 	 	18	 
	 
	 	 	 	 
	ARTICLE VI MISCELLANEOUS
	 	 	18	 
	 
	 	 	 	 
	Section 6.1 Amendment
	 	 	18	 
	Section 6.2 Notices
	 	 	18	 
	Section 6.3 Merger and Integration
	 	 	19	 
	Section 6.4 Severability of Provisions
	 	 	19	 
	Section 6.5 Governing Law
	 	 	19	 
	Section 6.6 Counterparts
	 	 	19	 
	Section 6.7 Binding Effect; Assignability
	 	 	19	 
	Section 6.8 Third Party Beneficiaries
	 	 	20	 
	Section 6.9 Term
	 	 	20	 
	 
	 	 	 	 
	EXHIBIT A FORM OF BILL OF SALE
	 	 	 	 
	EXHIBIT B FORM OF ASSIGNMENT AND ASSUMPTION
	 	 	 	 
	EXHIBIT C DELIVERY SCHEDULE ON THE CLOSING DATE
	 	 	 	 

 i 

 

 

PURCHASE AND CONTRIBUTION AGREEMENT

     THIS PURCHASE AND CONTRIBUTION AGREEMENT is made as of October 25, 2010 (this “Agreement”) by
and among TRINITY RAIL LEASING WAREHOUSE TRUST, a Delaware statutory trust (“TRLWT” or the “TRLWT
Seller”), TRINITY INDUSTRIES LEASING COMPANY, a Delaware corporation (“TILC” or the “TILC Seller”;
TRLWT and TILC are sometimes hereinafter collectively referred to as the “Sellers” or individually
as a “Seller”) and TRINITY RAIL LEASING 2010 LLC, a Delaware limited liability company (the
“Purchaser”).

W I T N E S S E T H:

     WHEREAS, the Purchaser has agreed to purchase from TRLWT from time to time, and TRLWT has
agreed to Sell (as hereinafter defined) to the Purchaser from time to time, certain of its
Railcars, related Leases and Related Assets (each as hereinafter defined) related thereto on the
terms set forth herein.

     WHEREAS, during the period prior to their sale hereunder, TILC has acted as manager and
servicing agent for TRLWT, pursuant to the TRLWT Management Agreement (as hereinafter defined),
with respect to the Railcars, related Leases and Related Assets that TRLWT may Sell from time to
time hereunder (TILC in such capacity, the “TRLWT Manager”).

     WHEREAS, TILC may also wish from time to time, in its individual capacity, to conduct a
Sale/Contribution (as hereinafter defined) of certain of its Railcars, related Leases and Related
Assets and the Purchaser may wish to purchase from and accept such contribution to the capital of
the Purchaser on the terms set forth herein.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter
contained, and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Purchaser and each Seller, intending to be legally bound, hereby agree as
follows:

ARTICLE I

DEFINITIONS

     Section 1.1 General. The specific terms defined in this Article include the plural as
well as the singular. Words herein importing a gender include the other gender. References herein
to “writing” include printing, typing, lithography, and other means of reproducing words in visible
form. References to agreements and other contractual instruments include all subsequent amendments
thereto or changes therein entered into in accordance with their respective terms. References
herein to Persons include their successors and assigns permitted hereunder or under the Indenture
(as defined herein). The terms “include” or “including” mean “include without limitation” or
“including without limitation”. The words “herein”, “hereof” and “hereunder” and other words of
similar import refer to this Agreement as a whole and not to any particular Article, Section or
other subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise
specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement.
Capitalized terms used herein, including in the Recitals, but not

 

 

defined herein shall have the respective meanings assigned to such terms in the Indenture (as
defined herein).

     Section 1.2 Specific Terms. Whenever used in this Agreement, the following words and
phrases, unless the context otherwise requires, shall have the following meanings:

     “Appraised Value” means the appraised value of a Railcar as set forth in the Appraisal
thereof.

     “Assignment and Assumption” means an Assignment and Assumption executed by the
applicable Seller, with countersignature block set forth thereon for execution by the Purchaser,
substantially in the form of Exhibit B attached hereto.

     “Bill of Sale” means a Bill of Sale executed by the applicable Seller substantially in
the form of Exhibit A attached hereto.

     “Contribution” has the meaning set forth in Section 2.1(a).

     “Convey” means to Sell and/or conduct a Sale/Contribution of Railcars, related Leases
and Related Assets hereunder.

     “Conveyance” means, collectively, a Sale and/or Sale/Contribution of Railcars, related
Leases and Related Assets by a Seller to the Purchaser.

     “Delivery Schedule” means a schedule, substantially in the form of the initial
schedule delivered on the Closing Date and attached as Exhibit C hereto, in each case duly executed
and delivered by a Seller to the Purchaser on a Delivery Date, which shall identify the Railcars to
be Conveyed on such Delivery Date and identify each Lease relating to any such Railcar.

     “Excluded Amounts” has the meaning set forth in Section 4.5(a).

     “Indemnified Person” has the meaning set forth in Section 4.5(a).

     “Indenture” means the Indenture between the Issuer and the Indenture Trustee dated as
of the date hereof.

     “Purchase Price” means, with respect to any Railcars, related Leases and Related
Assets conveyed to Purchaser from time to time pursuant hereto, an amount equal to the aggregate
Appraised Value of the Railcars so Conveyed.

     “Purchaser” has the meaning specified in the Preamble.

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     “Related Assets” means, with respect to any Railcar or Lease that is Conveyed
hereunder on any Delivery Date, all of the applicable Seller’s right, title and interest in and to
the following (as applicable):

          (a) with respect to such Railcar, (i) all licenses, manufacturer’s warranties and other
warranties, Supporting Obligations, Payment Intangibles, Chattel Paper, General Intangibles and all
other rights and obligations related to such Railcar, (ii) all Railroad Mileage Credits allocable
to such Railcar and any payments in respect of such credits accruing on or after the applicable
Delivery Date, (iii) all tort claims or any other claims of any kind or nature related to such
Railcar and any payments in respect of such claims, (iv) all Marks attaching to such Railcar
(including as evidenced by any SUBI Certificate issued by the Marks Company), it being understood
that the Marks are owned by the Marks Company and are not being conveyed hereby, and (v) all other
payments owing by any Person (including any railroads or similar entities) in respect of or
attributable to such Railcar or the use, loss, damage, casualty, condemnation of such Railcar or
the Marks associated therewith, in each case whether arising by contract, operation of law, course
of dealing, industry practice or otherwise; and

          (b) with respect to such Lease, all Supporting Obligations, Payment Intangibles, Chattel
Paper, General Intangibles and all other rights and obligations related to any such Lease,
including, without limitation, (i) all rights, powers, privileges, options and other benefits of
the applicable Seller to receive moneys and other property due and to become due under or pursuant
to such Lease, including, without limitation, all rights, powers, privileges, options and other
benefits to receive and collect rental payments, income, revenues, profits and other amounts,
payments, tenders or security (including any cash collateral) from any other party thereto,
(ii) all rights, powers, privileges, options and other benefits of the applicable Seller to receive
proceeds of any casualty insurance, condemnation award, indemnity, warranty or guaranty with
respect to such Lease, (iii) all claims for damages arising out of or for breach of or default
under such Lease and (iv) the rights, powers, privileges, options and other benefits of the
applicable Seller to perform under such Lease, to compel performance and otherwise exercise all
remedies thereunder and to terminate any such Lease.

     “Sale” means, with respect to any Person, the sale, transfer, assignment or other
conveyance, of the assets or property in question by such Person, and “Sell” means that
such Person sells, transfers, assigns or otherwise conveys the assets or property in question.

     “Sale/Contribution” has the meaning specified in Section 2.1(a).

     “TRLWT Management Agreement” means the Second Amendment and Restatement, dated as of
May 29, 2009, of the Operation, Maintenance, Servicing and Remarketing Agreement dated as of
June 27, 2002 between TRLWT and TILC, as manager thereunder.

     “TRLWT Manager” has the meaning specified in the Recitals.

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ARTICLE II

CONVEYANCE OF THE RAILCARS AND LEASES

     Section 2.1 Conveyance of the Railcars and Leases.

          (a) Subject to the terms and conditions of this Agreement, on and after the date of this
Agreement,

          (i) TRLWT Seller hereby agrees to Sell to the Purchaser, without recourse (except to
the extent specifically provided herein or in the applicable Bill of Sale and Assignment and
Assumption), all right, title and interest of TRLWT Seller in and to (A) certain Railcars
and related Leases as identified from time to time on a Delivery Schedule delivered by TRLWT
Seller in accordance with this Agreement and (B) all Related Assets with respect thereto,
and

          (ii) TILC Seller hereby agrees to Sell to the Purchaser, without recourse (except to
the extent specifically provided herein or in the applicable Bill of Sale and Assignment and
Assumption), all right, title and interest of TILC Seller in and to (A) certain Railcars and
related Leases as identified from time to time on a Delivery Schedule delivered by TILC
Seller in accordance with this Agreement and (B) all Related Assets with respect thereto,
provided, that to the extent that the portion of the Purchase Price for such sale paid by
the Purchaser to TILC Seller in cash is less than the total dollar amount of the Purchase
Price, the balance shall be deemed to have been contributed (a “Contribution”) by TILC
Seller as capital to the Purchaser (such transaction in the aggregate, a
“Sale/Contribution”),

          (b) The Purchaser in each case hereby agrees to purchase, acquire, accept and assume
(including by an assumption of the obligations of the “lessor” under such Leases), all right, title
and interest of each such Seller in and to such Railcars, related Leases and Related Assets. Each
Seller hereby acknowledges that each Conveyance by it to the Purchaser hereunder is absolute and
irrevocable, without reservation or retention of any interest whatsoever by such Seller.

          (c) The Sales of Railcars, related Leases and Related Assets by TRLWT Seller to the Purchaser
and the Sales or Sales/Contributions (as the case may be) of Railcars, related Leases and Related
Assets by TILC Seller to the Purchaser pursuant to this Agreement are intended to be absolute
assignments (free and clear of any Encumbrances) of all of the applicable Seller’s right, title and
interest in, to and under such Railcars, related Leases and Related Assets for all purposes and,
except to the extent specifically provided herein or in the applicable Bill of Sale and Assignment
and Assumption, without recourse.

          (d) It is the intention of each Seller and the Purchaser (i) that all Conveyances of Railcars,
related Leases and Related Assets be true sales and/or contributions, as applicable, constituting
absolute assignments and “true sales” for bankruptcy law purposes by the applicable Seller to the
Purchaser, that are absolute and irrevocable and that provide the Purchaser with the full benefits
of ownership of the assets so Conveyed and (ii) that the Railcars, related Leases and

4

 

Related Assets that are Conveyed to the Purchaser pursuant to this Agreement shall not be part
of the applicable Seller’s estate in the event of the filing of a bankruptcy petition by or against
such Seller under any bankruptcy or similar law. Neither any Seller nor the Purchaser intends that
(x) the transactions contemplated hereunder be, or for any purpose be characterized as, loans from
the Purchaser to the applicable Seller or (y) any Conveyance of Railcars, related Leases and/or
Related Assets by any Seller to the Purchaser be deemed a grant of a security interest in the
assets so Conveyed by such Seller to the Purchaser to secure a debt or other obligation of such
Seller (except in the limited circumstance contemplated in subsection (e) immediately below).

          (e) In the event that any Conveyances pursuant to this Agreement are deemed to be a secured
financing (or are otherwise determined not to be absolute assignments of all of the applicable
Seller’s right, title and interest in, to and under the Railcars, related Leases and Related Assets
so Conveyed, or purportedly so Conveyed hereunder), then (i) the applicable Seller shall be deemed
hereunder to have granted to the Purchaser, and such Seller does hereby grant to the Purchaser, a
security interest in all of such Seller’s right, title and interest in, to and under such Railcars,
related Leases and Related Assets so Conveyed or purported to be Conveyed, securing the purported
repayment obligation presumably deemed to exist in respect of such deemed secured financing, and
(ii) this Agreement shall constitute a security agreement under applicable law.

          (f) The Sellers shall on the Closing Date, and either or both the TRLWT Seller and/or the TILC
Seller shall, as the case may be, on any other Delivery Date, deliver to the Purchaser a Delivery
Schedule identifying the Railcars and Leases to be Conveyed by such Seller to the Purchaser on such
date.

          (g) The price paid for Railcars, related Leases and Related Assets which are Conveyed
hereunder shall be the Purchase Price with respect thereto. Such Purchase Price shall be paid

          (i) in the case of TRLWT Seller, by means of the Purchaser’s immediate cash payment in
the full amount of the Purchase Price to TRLWT Seller by wire transfer on the Closing Date
(or other Delivery Date) in respect of which TRLWT Seller has delivered a Delivery Schedule,
and

          (ii) in the case of TILC Seller, by means of the Purchaser’s immediate cash payment of
the portion of the Purchase Price that the Purchaser has available to it for such purpose
(including from net proceeds derived from its issuance of the Equipment Notes on such
Delivery Date, or from Net Disposition Proceeds held in the Mandatory Replacement Account or
the Optional Reinvestment Account), to TILC Seller by wire transfer on the Closing Date (or
other applicable Delivery Date) in respect of which TILC Seller has delivered a Delivery
Schedule, with the Contributed remainder of such Purchase Price to be reflected by means of
proper accounting entries being entered upon the accounts and records of TILC Seller and
Purchaser,

with such wire transfers in each case to be made to an account designated by the applicable Seller
to the Purchaser on or before the applicable Delivery Date.

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          (h) On and after each Delivery Date and related Purchase Price payment as aforesaid, the
Purchaser shall own the Railcars, related Leases and Related Assets Conveyed to the Purchaser on
such date, and the applicable Seller shall not take any action inconsistent with such ownership and
shall not claim any ownership interest in such assets.

          (i) Until the occurrence of a Manager Termination Event and the replacement of TILC as Manager
pursuant to the terms of the Management Agreement, TILC, as Manager, shall conduct the
administration, management and collection of the Railcars, related Leases and Related Assets
Conveyed to Purchaser pursuant hereto and shall take, or cause to be taken, all such actions as may
be necessary or advisable to administer, manage and collect such Conveyed Railcars, related Leases
and Related Assets, from time to time, all in accordance with the terms of the Management
Agreement.

          (j) On each Delivery Date, the applicable Seller shall deliver or cause to be delivered to the
Purchaser (or to an assignee thereof, as directed by the Purchaser) each item required on such date
to be delivered by such Seller and any Chattel Paper representing or evidencing the Leases being
Conveyed on such Delivery Date.

ARTICLE III

CONDITIONS OF CONVEYANCE

     Section 3.1 Conditions Precedent to Conveyance. Each Conveyance hereunder is subject
to the condition precedent that the Purchaser shall have received, and the Indenture Trustee shall
have received copies of, all of the following on or before the applicable Delivery Date, in form
and substance satisfactory to the Purchaser:

          (i) a Delivery Schedule executed by the applicable Seller and setting forth the
Railcars and Leases to be Conveyed on the applicable Delivery Date pursuant to this
Agreement;

          (ii) a related Bill of Sale;

          (iii) a related Assignment and Assumption;

          (iv) an Appraisal of the Railcars to be conveyed, with such Appraisal dated no earlier
than 60 days prior to the applicable Delivery Date;

          (v) copies of proper UCC financing statements, accurately describing the Conveyed
Railcars and Leases and naming the applicable Seller as the “Debtor” and Purchaser as
“Secured Party”, or applicable filings with the STB or with the Registrar General of Canada,
or other similar instruments or documents, all in such manner and in such places as may be
required by law or as may be necessary or, in the opinion of the Purchaser or the Indenture
Trustee (acting at the direction of the Requisite Majority), desirable to perfect the
Purchaser’s interest in all Conveyed Railcars, related Leases and Related Assets;

6

 

          (vi) copies of proper UCC financing statement terminations or partial terminations, STB
or Registrar General of Canada filings, accurately describing the Conveyed Railcars and
Leases, or other similar instruments or documents, in form and substance sufficient for
filing under applicable law of any and all jurisdictions as may be necessary to effect or
evidence a release or termination of any pre-existing Encumbrance evidenced by an existing
filing of record against the Conveyed Railcars, related Leases and Related Assets;

          (vii) in the case of a Delivery Date occurring in connection with the Closing Date, a
confirmation or written advice to similar effect from counsel to the Purchaser and addressed
to the Indenture Trustee, reasonably acceptable to the Indenture Trustee, that the
conveyance constitutes a true sale and that the Purchaser would not be consolidated in
connection with a bankruptcy of the applicable Seller; and

          (viii) in the case of a Delivery Date occurring in connection with the Closing Date,
such deliveries, and the satisfaction of such other conditions, as are set forth in the Note
Purchase Agreement (referred to in the definition of Purchaser in the Indenture) or
otherwise required for the issuance of the Equipment Notes.

     Section 3.2 Conditions Precedent to All Conveyances. The Conveyances to take place on
any Delivery Date hereunder shall be subject to the further conditions precedent that:

          (a) The following statements shall be true:

          (i) the representations and warranties of each applicable Seller contained in
Article IV shall be true and correct on and as of such Delivery Date, both before and after
giving effect to the Conveyance to take place on such Delivery Date and to the application
of proceeds therefrom, as though made on and as of such date; and

          (ii) such Seller shall be in compliance with all of its covenants and other agreements
set forth in this Agreement and the other Operative Agreements to which it is a party.

          (b) Purchaser shall have received a Delivery Schedule, dated the date of the applicable
Delivery Date, executed by the applicable Seller, listing the Railcars and Leases being Conveyed on
such date.

          (c) The applicable Seller shall have taken such other action, including delivery of approvals,
consents, opinions, documents and instruments to the Purchaser, as the Purchaser or the Indenture
Trustee (acting at the direction of the Requisite Majority) may reasonably request.

          (d) The applicable Seller shall have taken all steps necessary under all applicable law in
order to Convey to the Purchaser the Railcars described on the applicable Delivery Schedules, all
Leases related to such Railcars and all Related Assets related to such Railcars and/or Leases, and
upon the Conveyance of such Railcars, related Leases and Related Assets from the applicable Seller
to the Purchaser pursuant to the terms hereof, the Purchaser will have acquired on such date good
and marketable title to and a valid and perfected ownership

7

 

interest in the Conveyed Railcars, related Leases and Related Assets, free and clear of any
Encumbrance (other than Permitted Encumbrances).

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     Section 4.1 Representations and Warranties of TRLWT Seller—General. TRLWT Seller
makes the following representations and warranties for the benefit of the Purchaser, the Indenture
Trustee, each Noteholder and each other Secured Party, on which the Purchaser relies in acquiring
the Railcars, related Leases and Related Assets Conveyed by TRLWT Seller hereunder. Such
representations are made as of the Closing Date, as of each other Delivery Date and at such other
times specified below.

          (a) TRLWT is a statutory trust duly organized, validly existing, and in good standing under
the laws of the State of Delaware, is duly licensed or qualified and in good standing in each
jurisdiction in which the failure to so qualify would have a material adverse effect on its ability
to carry on its business as now conducted or to execute, deliver and perform its obligations under
the TRLWT Agreements, has the power and authority to carry on its business as now conducted, and
has the requisite power and authority to execute, deliver and perform its obligations under the
TRLWT Agreements.

          (b) The TRLWT Agreements have been duly authorized by all necessary entity action by TRLWT,
and duly executed and delivered by TRLWT, and (assuming the due authorization, execution and
delivery by each other party thereto) constitute the legal, valid and binding obligations of TRLWT,
enforceable against TRLWT in accordance with their respective terms except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights
of creditors generally and by general principles of equity.

          (c) The execution, delivery and performance by TRLWT of each TRLWT Agreement and compliance by
TRLWT with all of the provisions thereof do not and will not contravene (i) any law or regulation,
or any order of any court or governmental authority or agency applicable to or binding on TRLWT or
any of its properties, or (ii) the provisions of, or constitute a default by TRLWT under, its
certificate of trust or trust agreement or (iii) any indenture, mortgage, contract or other
agreement or instrument to which TRLWT is a party or by which TRLWT or any of its properties may be
bound or affected.

          (d) There are no proceedings pending or, to the knowledge of TRLWT, threatened against TRLWT
in any court or before any governmental authority or arbitration board or tribunal.

          (e) TRLWT is not (x) in violation of any term of any charter instrument or operating agreement
or (y) in violation or breach of or in default under any other agreement or instrument to which it
is a party or by which it may be bound except, in the case of clause (y), where such violation
would not reasonably be expected to materially adversely affect TRLWT’s ability to perform its
obligations under the TRLWT Agreements or materially adversely affect its

8

 

financial condition or business. TRLWT is in compliance with all laws, ordinances,
governmental rules and regulations to which it is subject, the failure to comply with which would
have a material and adverse effect on its operations or condition, financial or otherwise, or would
impair the ability of TRLWT to perform its obligations under the TRLWT Agreements, and has obtained
all licenses, permits, franchises and other governmental authorizations material to the conduct of
its business.

          (f) No consent, approval or authorization of, or filing, registration or qualification with,
or the giving of notice to, any trustee or any holder of indebtedness of TRLWT or any governmental
authority on the part of TRLWT is required (x) in connection with the execution and delivery by
TRLWT of the TRLWT Agreements (other than as contemplated thereby), or (y) to be obtained in order
for TRLWT to perform its obligations thereunder in accordance with the terms thereof, other than in
the case of clause (y) those which are routine in nature and are not normally applied for prior to
the time they are required, and which TRLWT has no reason to believe will not be timely obtained.

          (g) The location of TRLWT (within the meaning of Article 9 of the UCC) is in the State of
Delaware. TRLWT has not been known by any name other than Trinity Rail Leasing Warehouse Trust and
Trinity Rail Leasing Trust II, and is not known by any trade names.

          (h) TRLWT is solvent and will not become insolvent after giving effect to any Conveyance
contemplated by this Agreement; after giving effect to each Conveyance contemplated by this
Agreement, TRLWT will have an adequate amount of capital to conduct its business in the foreseeable
future; and TRLWT does not intend to incur, nor believe that it has incurred, debts beyond its
ability to pay as they mature.

          (i) TRLWT will treat the transactions effected by this Agreement as sales of assets to the
Purchaser in accordance with U.S. GAAP. TRLWT’s financial records shall reflect that the Railcars
and Leases Conveyed hereunder have been Conveyed to the Purchaser, are no longer owned by TRLWT and
are not intended to be available to the creditors of TRLWT.

     Section 4.2 Representations and Warranties of TILC Seller—General. TILC Seller makes
the following representations and warranties for the benefit of the Purchaser, the Indenture
Trustee, each Noteholder and each other Secured Party, on which the Purchaser relies in acquiring
the Railcars, related Leases and Related Assets Conveyed by TILC Seller hereunder. Such
representations are made as of the Closing Date, as of each other Delivery Date and at such other
times specified below.

          (a) TILC is a corporation duly organized, validly existing, and in good standing under the
laws of the State of Delaware, is duly licensed or qualified and in good standing in each
jurisdiction in which the failure to so qualify would reasonably be expected to have a material
adverse effect on its ability to carry on its business as now conducted or as contemplated to be
conducted or to execute, deliver and perform its obligations under the TILC Agreements, has the
power and authority to carry on its business as now conducted and as contemplated to be conducted,
and has the requisite power and authority to execute, deliver and perform its obligations under the
TILC Agreements.

9

 

          (b) The TILC Agreements have been duly authorized by all necessary corporate action by TILC,
and duly executed and delivered by TILC, and (assuming the due authorization, execution and
delivery by each other party thereto) constitute the legal, valid and binding obligations of TILC,
enforceable against TILC in accordance with their respective terms except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights
of creditors generally and by general principles of equity.

          (c) The execution, delivery and performance by TILC of each TILC Agreement and compliance by
TILC with all of the provisions thereof do not and will not contravene or, in the case of clause
(iii), constitute (alone or with notice, or lapse of time or both) a default under or result in any
breach of, or result in the creation or imposition of any Encumbrance (other than pursuant to this
Agreement) upon any property of TILC pursuant to, (i) any law or regulation, or any order,
judgment, decree, determination or award of any court or governmental authority or agency
applicable to or binding on TILC or any of its properties, or (ii) the provisions of its
certificate of incorporation or bylaws or (iii) any indenture, mortgage, contract or other
agreement or instrument to which TILC is a party or by which TILC or any of its properties may be
bound or affected except, with respect to clause (iii), where such contravention, default or breach
would not reasonably be expected to materially adversely affect TILC’s ability to perform its
obligations under the TILC Agreements or materially adversely affect its financial condition or
business;

          (d) There are no proceedings pending or, to the knowledge of TILC, threatened against TILC in
any court or before any governmental authority or arbitration board or tribunal that, if adversely
determined, would reasonably be expected to materially adversely affect TILC’s ability to perform
its obligations under the TILC Agreements or materially adversely affect its financial condition or
business.

          (e) TILC is not (x) in violation of any term of any charter instrument or bylaw or (y) in
violation or breach of or in default under any other agreement or instrument to which it is a party
or by which it or any of its property may be bound except in the case of clause (y) where such
violation, breach or default would not reasonably be expected to materially adversely affect TILC’s
ability to perform its obligations under the TILC Agreements or materially adversely affect its
financial condition or business. TILC is in compliance with all laws, ordinances, governmental
rules, regulations, orders, judgments, decrees, determinations and awards to which it is subject,
the failure to comply with which would reasonably be expected to have a material and adverse effect
on its operations or condition, financial or otherwise, or would impair the ability of TILC to
perform its obligations under the TILC Agreements, and has obtained all required licenses, permits,
franchises and other governmental authorizations material to the conduct of its business.

          (f) No consent, approval or authorization of, or filing, registration or qualification with,
or the giving of notice to, any trustee or any holder of indebtedness of TILC or any governmental
authority on the part of TILC is required in the United States in connection with the execution and
delivery by TILC of the TILC Agreements (other than as contemplated thereby), or is required to be
obtained in order for TILC to perform its obligations thereunder in accordance with the terms
thereof, other than (i) as may be required under applicable laws, ordinances, governmental rules
and regulations to be obtained, given, accomplished or renewed

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at any time after the Closing Date or other applicable Delivery Date in connection with the
performance of its obligations under the TILC Agreements and which are routine in nature and are
not normally applied for prior to the time they are required, and which TILC has no reason to
believe will not be timely obtained, and (ii) as may have been previously obtained in accordance
with clause (i) immediately above.

          (g) The location of TILC (within the meaning of Article 9 of the UCC) is in the State of
Delaware. TILC has not been known by any name other than Trinity Industries Leasing Company, and
is not known by any trade names.

          (h) TILC is solvent and will not become insolvent after giving effect to any Conveyance
contemplated by this Agreement, and after giving effect to any Conveyances contemplated by this
Agreement, TILC will have an adequate amount of capital to conduct its business in the foreseeable
future, and TILC does not intend to incur, nor believe that it has incurred, debts beyond its
ability to pay as they mature.

          (i) TILC will treat the transactions effected by this Agreement as sales of assets to, and/or
contributions of assets to the capital of, the Purchaser in accordance with U.S. GAAP. TILC’s
financial records shall reflect that the Railcars and Leases Conveyed hereunder have been Conveyed
to the Purchaser, are no longer owned by TILC and are not intended to be available to the creditors
of TILC.

     Section 4.3 Representations and Warranties of Seller—Assets. The following
representations and warranties are made (i) with respect to each Delivery Date on which TRLWT is to
Convey assets to the Purchaser, by TILC, in its capacity as TRLWT Manager, with respect to each
representation expressed as a representation of TRLWT as “Seller”, and (ii) with respect to each
Delivery Date on which TILC is to Convey assets to the Purchaser, by TILC for its own account, and
in each case are made for the benefit of the Purchaser, the Indenture Trustee, each Noteholder and
each other Secured Party as of the date of any Delivery Schedule delivered by the applicable Seller
to the Purchaser and solely with respect to the Railcars and Leases that are referred to in such
Delivery Schedule and the Related Assets in respect of such Railcars and Leases.

          (a) To the best knowledge of the applicable Seller, no casualty event or other event that may
constitute a Total Loss or makes repair of the applicable Railcar uneconomic or renders such
Railcar unfit for commercial use or constitutes theft or disappearance of the applicable Railcar
has occurred with respect to a Railcar being Conveyed.

          (b) (i) The applicable Seller has, and the Bill of Sale to be delivered on the Delivery Date
shall convey to the Purchaser, all legal and beneficial title to the Railcars (and Related Assets
in respect of such Railcars) that are being Conveyed, free and clear of all Encumbrances (other
than Permitted Encumbrances of the type described in clauses (ii), (iii), (iv), (v) and (viii) of
the definition thereof), and such conveyance constitutes a valid and absolute transfer (each such
contribution or sale, as the case may be, constituting a “true sale” for bankruptcy law purposes)
of all right, title and interest of such Seller in, to and under the Railcars (and Related Assets
in respect of such Railcars) being Conveyed and will not be void or voidable under any applicable
law; (ii) such Seller has, and the Assignment and Assumption to

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be delivered on the Delivery Date shall assign to the Purchaser, all legal and beneficial
title to the Leases (and Related Assets in respect of such Leases) that are being Conveyed, free
and clear of all Encumbrances (other than Permitted Encumbrances of the type described in clauses
(ii), (iii), (iv), (v) and (viii) of the definition thereof), and such assignment constitutes a
valid and absolute transfer (each such contribution or sale, as the case may be, constituting a
“true sale” for bankruptcy law purposes) of all right, title and interest of such Seller in, to and
under the Leases (and Related Assets in respect of such Leases) being Conveyed and will not be void
or voidable under any applicable law; (iii) the Railcars being Conveyed on a Delivery Date are
subject to Leases to the extent required under the Indenture in respect of such Conveyance, and
(iv) all Leases relating to such Railcars are on rental and other terms that are no different,
taken as a whole, from those for similar Railcars in the rest of the TILC Fleet.

          (c) All sales, use or transfer taxes, if any, due and payable upon the Conveyance of the
Railcars, related Leases and Related Assets being Conveyed on the applicable Delivery Date will
have been paid or such transactions will then be exempt from any such taxes and the Seller (or
TRLWT Manager, in the case of TRLWT Seller) will cause any required forms or reports in connection
with such taxes to be filed in accordance with applicable laws and regulations.

          (d) The Railcars being Conveyed are substantially similar, in terms of objectively
identifiable characteristics that are relevant for purposes of the services to be performed by TILC
under the Management Agreement, to the equipment in the TILC Fleet.

          (e) In selecting the Railcars to be sold to the Purchaser, the applicable Seller has not
discriminated against the Purchaser in a negative fashion when such Railcars are compared with the
other railcars in the TILC Fleet.

          (f) The applicable Seller is not in default of its obligations as “lessor” (or other
comparable capacity) under any Lease, and, to the best of such Seller’s knowledge, there are (i) no
defaults existing as of the date of Conveyance by any Lessee under any Lease, except such defaults
that are not payment defaults (except to a de minimis extent (but giving effect to any applicable
grace periods)) and are not material defaults under the applicable Lease, and (ii) no claims or
liabilities arising as a result of the operation or use of any Railcar prior to the date hereof, as
to which the Purchaser would be or become liable, except for ongoing maintenance and other
obligations of the “lessor” provided for under full-service Leases, which obligations are required
to be performed by the Manager pursuant to the Management Agreement.

          (g) None of the Railcars being Conveyed are subject to a purchase option under the terms of
the related Lease except as described in the related Delivery Schedule, and each such purchase
option is a Permitted Purchase Option.

          (h) All written information provided by the applicable Seller or any Affiliate of such Seller
to the Appraiser with respect to the Railcars and Leases being Conveyed is true and correct in all
material respects. All written information provided by such Seller or any Affiliate of such Seller
to Deloitte & Touche LLP with respect to the Leases is true and correct in all material respects
and accurately reflects the terms of the Leases. To the extent the written

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information referred to in this clause (h) was provided to the Appraiser and Deloitte & Touche
LLP, in each case for their use in connection with their services rendered in connection with
Conveyances contemplated hereby, such entities have been provided with the same written information
(or relevant portions thereof).

          (i) None of the Leases contain any renewal or extension options except for such options that
are described in the Delivery Schedule.

          (j) All information provided in the applicable Delivery Schedule, including each
schedule thereto, is true and correct on and as of the related Delivery Date, including without
limitation, all information provided therein with respect to each Railcar purported to be covered
thereby and all information provided therein with respect to each Lease relating to any such
Railcar. All other information concerning the Railcars, related Leases and Related Assets covered
by the applicable Delivery Schedule that was provided to the Issuer or the Indenture Trustee prior
to the related Delivery Date was true and correct in all material respects as of the date it was so
provided.

          (k) No Default, Event of Default or Manager Termination Event has occurred and is continuing
on the Delivery Date, and no event that, with the giving of notice, the passage of time or both,
would constitute a Manager Termination Event has occurred and is continuing on the Delivery Date.

     Section 4.4 Representations and Warranties of the Purchaser. The Purchaser makes the
following representations and warranties for the benefit of each Seller, on which Seller relies in
Conveying Railcars, related Leases and Related Assets to the Purchaser hereunder. Such
representations are made as of the Closing Date and each other applicable Delivery Date.

          (a) Organization and Good Standing. The Purchaser has been duly organized and is
validly existing and in good standing as a limited liability company under the laws of the State of
Delaware, with the power and authority to own its properties and to conduct its business as such
properties are currently owned and such business is currently conducted, and had at all relevant
times, and has, full power, authority and legal right to acquire and own the Railcars and Leases
Conveyed hereunder.

          (b) Due Qualification. The Purchaser is duly qualified (except where the failure to
be so qualified would not have a material adverse effect on its ability to carry on its business as
now conducted or as contemplated to be conducted) to do business as a foreign limited liability
company in good standing, and has obtained all necessary licenses (except to the extent that such
failure to obtain such licenses is inconsequential) and approvals in all jurisdictions in which the
ownership or lease of its property or the conduct of its business requires such qualification,
licenses and/or approvals.

          (c) Power and Authority. The Purchaser has the power, authority and legal right to
execute and deliver this Agreement and to carry out the terms hereof and to acquire the Railcars
and Leases Conveyed hereunder; and the execution, delivery and performance of this Agreement and
all of the documents required pursuant hereto have been duly authorized by the Purchaser by all
necessary action.

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          (d) No Consent Required. The Purchaser is not required to obtain the consent of any
other Person, or any consent, license (except to the extent that such failure to obtain such
licenses is inconsequential), approval or authorization or registration or declaration with, any
governmental authority, bureau or agency in connection with the execution, delivery or performance
of this Agreement and the other Operative Agreements to which it is a party, except for such as
have been obtained, effected or made.

          (e) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms,
subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization,
conservatorship, receivership, liquidation or other similar laws affecting the enforcement of
creditors’ rights generally and general principles of equity.

          (f) No Violation. The execution, delivery and performance by the Purchaser of this
Agreement, the consummation of the transactions contemplated by this Agreement and the other
Operative Agreements to which it is a party and the fulfillment of the terms of this Agreement and
the other Operative Agreements to which it is a party do not and will not conflict with, result in
any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of
time) a default under, the organizational documents of the Purchaser, or conflict with or breach
any of the terms or provisions of, or constitute (with or without notice or lapse of time) a
default under, any indenture, agreement, mortgage, deed of trust or other instrument to which the
Purchaser is a party or by which the Purchaser is bound or to which any of its properties are
subject, or result in the creation or imposition of any lien upon any of its properties pursuant to
the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than
liens created hereunder or under the Indenture), or violate any law or any order, rule or
regulation, applicable to the Purchaser or its properties, of any federal or state regulatory body,
any court, administrative agency, or other governmental instrumentality having jurisdiction over
the Purchaser or any of its properties.

          (g) No Proceedings. There are no proceedings or investigations pending, or, to the
Purchaser’s knowledge, threatened against the Purchaser before any court, regulatory body,
administrative agency, or other tribunal or governmental instrumentality having jurisdiction over
the Purchaser or its properties: (i) asserting the invalidity of this Agreement or any of the
other Operative Agreements, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the other Operative Agreements, (iii) seeking any
determination or ruling that could have an adverse effect on the performance by the Purchaser of
its obligations under, or the validity or enforceability of, this Agreement or any of the other
Operative Agreements, (iv) that may have an adverse effect on the federal or state income tax
attributes of, or seek to impose any excise, franchise, transfer or similar tax upon, the transfer
and acquisition of the Railcars and Leases Conveyed hereunder or (v) that could have an adverse
effect on the Railcars and Leases Conveyed to the Purchaser hereunder.

          (h) Consideration. The Purchaser has given fair consideration and reasonably
equivalent value in exchange for the Conveyance of the Railcars, related Leases and Related Assets
being Conveyed hereunder.

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In the event of any breach of a representation and warranty made by the Purchaser hereunder, each
Seller covenants and agrees that such Seller will not take any action to pursue any remedy that it
may have hereunder, in law, in equity or otherwise, until a year and a day have passed since all
Outstanding Obligations under all other Operative Agreements have been paid in full. Each Seller
and the Purchaser agree that damages will not be an adequate remedy for a breach of this covenant
and that this covenant may be specifically enforced by the Purchaser or any third party beneficiary
described in Section 6.8.

     Section 4.5 Indemnification.

          (a) TILC Seller, or TRLWT Manager on behalf of TRLWT Seller, shall defend, indemnify and hold
harmless the Purchaser, the Manager, the Indenture Trustee, each Noteholder, each of their
respective Affiliates and each of the respective directors, officers, employees, successors and
permitted assigns, agents and servants of the foregoing (each an “Indemnified Person”) from and
against any and all costs, expenses, losses, obligations, penalties, liabilities, damages, actions,
or suits or claims of whatsoever kind or nature (whether or not on the basis of negligence, strict
or absolute liability or liability in tort), that may be imposed upon, incurred by, suffered by or
asserted against any Indemnified Person arising out of or resulting from any breach of such
Seller’s representations and warranties and covenants contained herein, except (A) those resulting
solely from any gross negligence, bad faith or willful misconduct of the particular Indemnified
Person claiming indemnification hereunder, (B) those in respect of taxes that are otherwise
addressed by the provisions of (and subject to the limitations of) subsection (c) of this Section
4.5 below, or (C) to the extent that providing such indemnity would constitute recourse for losses
due to the uncollectibility of sale proceeds (or any particular amount of sale proceeds) in respect
of a Railcar due to a diminution in market value of such Railcar, or of Lease or other third party
payments due to the insolvency, bankruptcy or financial inability to pay of the related Lessee or
other third party (the matters contemplated by clauses (A), (B) and (C) may be referred to
collectively as the “Excluded Amounts”).

          (b) TILC Seller, or TRLWT Manager on behalf of TRLWT Seller, will defend and indemnify and
hold harmless each Indemnified Person against any and all costs, expenses, losses, obligations,
penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether
or not on the basis of negligence, strict or absolute liability or liability in tort), that may be
imposed upon, incurred by, suffered by or asserted against such Indemnified Person, other than
Excluded Amounts, arising out of or resulting from any action taken by such Seller, other than in
accordance with this Agreement or the Indenture or other applicable Operative Agreement, in respect
of any portion of the Railcars, related Leases and Related Assets that are Conveyed hereunder.

          (c) TILC Seller, or TRLWT Manager on behalf of TRLWT Seller, agrees to pay, and shall defend,
indemnify and hold harmless each Indemnified Person from and against, any taxes (other than taxes
based upon the income of an Indemnified Person and taxes that would constitute Excluded Amounts)
that may at any time be asserted against any Indemnified Person with respect to the transactions
contemplated in this Agreement, including, without limitation, any sales, gross receipts, general
corporation, tangible or intangible personal property, privilege, or license taxes and costs and
expenses in defending against the same, arising by reason of the acts to be performed by such
Seller under this Agreement and imposed against such Person.

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Without limiting the foregoing, in the event that the Purchaser, the Manager or the Indenture
Trustee receives actual notice of any transfer taxes arising out of the Conveyance of any Railcar
or Lease from such Seller to the Purchaser under this Agreement, on written demand by such party,
or upon such Seller otherwise being given notice thereof, TILC Seller, or TRLWT Manager on behalf
of TRLWT Seller, as applicable, shall pay, and otherwise indemnify and hold harmless the applicable
Indemnified Person, the Manager and the Indenture Trustee harmless, on an After-Tax Basis, from and
against any and all such transfer taxes (it being understood that none of the Purchaser, the
Manager, the Indenture Trustee or any other Indemnified Person shall have any contractual
obligation to pay such transfer taxes).

          (d) TILC Seller, or TILC, as “Manager” under the TRLWT Management Agreement on behalf of TRLWT
Seller, shall defend, indemnify, and hold harmless each Indemnified Person from and against any and
all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or
claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute
liability or liability in tort), to the extent that any of the foregoing may be imposed upon,
incurred by, suffered by or asserted against such Indemnified Person (other than Excluded Amounts)
due to the negligence, willful misfeasance, or bad faith of the applicable Seller in the
performance of its duties under this Agreement or by reason of reckless disregard of such Seller’s
obligations and duties under this Agreement.

          (e) TILC Seller, or TRLWT Manager on behalf of TRLWT Seller, shall indemnify, defend and hold
harmless each Indemnified Person from and against any costs, expenses, losses, obligations,
penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether
or not on the basis of negligence, strict or absolute liability or liability in tort), that may be
imposed upon, incurred by, suffered by or asserted against such Indemnified Person, other than
Excluded Amounts, as a result of the failure of any Railcar or Lease Conveyed hereunder to comply
with all requirements of applicable law as of the Closing Date or other applicable Delivery Date.

     Indemnification under this Section 4.5 shall include reasonable fees and expenses of counsel
and expenses of litigation. The indemnity obligations hereunder shall be in addition to any
obligation that any Seller may otherwise have under applicable law or any other Operative
Agreement.

     Section 4.6 Special Indemnification by TILC regarding Exercise of Setoff by Customers.
TILC hereby agrees, for the benefit of the Indenture Trustee, the Noteholders and each other
Secured Party, that it will, within 45 days after the date on which it has knowledge that any
Lessee shall have reduced any payments made by such Lessee under any Lease in the Portfolio as a
result of or in connection with any setoff exercised by such Lessee (regardless of whether such
Lessee actually has any contractual, statutory or other right to exercise such setoff) with respect
to amounts owed or presumed owed to such Lessee pursuant to railcar leases that are not in the
Portfolio, and provided that the applicable Lessee shall not have made payments aggregating the
full amount payable by such Lessee under the applicable Lease prior to the end of such 45-day
period, deposit into the Collections Account an amount, in immediately available funds, equal to
the amount of such reduction.

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     Indemnification under this Section 4.6 shall include reasonable fees and expenses of counsel
and expenses of litigation. The indemnity obligations hereunder shall be in addition to any
obligation that TILC may otherwise have under applicable law or any other Operative Agreement.

ARTICLE V

COVENANTS OF SELLER

     Section 5.1 Protection of Title of the Purchaser.

          (a) On or prior to the date hereof, each Seller shall have filed or caused to be filed
financing statements, STB or Registrar General of Canada filings (each in form proper for filing in
the applicable jurisdiction) naming the Purchaser as purchaser or secured party, naming the
Indenture Trustee as assignee and describing the Railcars, related Leases and Related Assets
Conveyed by it to the Purchaser as collateral, with the office of the Secretary of State of the
State of Delaware and in such other locations as the Purchaser or the Indenture Trustee shall have
required. Without limiting the foregoing, each Seller hereby authorizes the Purchaser and/or any
assignee thereof to prepare and file any such UCC-1 financing statements. From time to time
thereafter, each Seller shall authorize and file such financing statements and cause to be
authorized and filed such continuation statements, all in such manner and in such places as may be
required by law (or deemed desirable by the Purchaser or any assignee thereof) to fully perfect,
preserve, maintain and protect the interest of the Purchaser under this Agreement, and the security
interest of the Indenture Trustee under the Indenture, in the Railcars, related Leases and Related
Assets that are Conveyed hereunder and in the proceeds thereof. Each Seller shall deliver (or
cause to be delivered) to the Purchaser and the Indenture Trustee file-stamped copies of, or filing
receipts for, any document filed as provided above, following such filing in accordance herewith.
In the event that a Seller fails to perform its obligations under this subsection, the Purchaser or
the Indenture Trustee may perform such obligations, at the expense of such Seller, and each Seller
hereby authorizes the Purchaser or the Indenture Trustee and grants to the Purchaser and the
Indenture Trustee an irrevocable power of attorney to take any and all steps in order to perform
such obligations in such Seller’s or in its own name, as applicable, and on behalf of such Seller,
as are necessary or desirable, in the determination of the Purchaser or Indenture Trustee or any
assignee thereof, with respect to performing such obligations.

          (b) On or prior to Closing Date and any other applicable Delivery Date hereunder, each Seller
shall take all steps necessary under all applicable law in order to transfer and assign to the
Purchaser the Railcars and Leases being Conveyed on such date to the Purchaser so that, upon the
Conveyance of such Railcar or Lease from such Seller to the Purchaser pursuant to the terms hereof
on the applicable Delivery Date, the Purchaser will have acquired good and marketable title to and
a valid and perfected ownership interest in such Railcars and Leases, free and clear of any
Encumbrance (other than Permitted Encumbrances). On or prior to the applicable Delivery Date
hereunder, each Seller shall cooperate with the Purchaser in order to take all steps required under
applicable law in order for the Purchaser to grant to the Indenture Trustee a first priority
perfected security interest in the Railcars and Leases being Conveyed to the Purchaser on such
Delivery Date and, from time to time thereafter, each

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Seller shall cooperate with the Purchaser in order to take all such actions as may be required
by applicable law (or deemed desirable by the Purchaser) to fully preserve, maintain and protect
the Purchaser’s ownership interest in, and the Indenture Trustee’s first priority perfected
security interest in the Railcars and Leases which have been Conveyed to the Purchaser hereunder.

          (c) A Seller shall not change its name, identity, jurisdiction of organization or corporate
structure in any manner that would or could make any financing statement or continuation statement
filed by Purchaser in accordance with this Agreement seriously misleading within the meaning of §
9-506 of the UCC (or any similar provision of the UCC), unless such Seller shall have given the
Purchaser, the Manager and the Indenture Trustee at least 30 days’ prior written notice thereof,
and shall promptly file and hereby authorizes the Purchaser or the Indenture Trustee to file
appropriate new financing statements or amendments to all previously filed financing statements and
continuation statements.

          (d) Each Seller shall give the Purchaser, the Manager and the Indenture Trustee at least 30
days’ prior written notice of any relocation of its jurisdiction of organization if, as a result of
such relocation, the applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new financing statement. Seller
shall at all times maintain its jurisdiction of organization, each office from which it manages or
purchases Railcars and Leases and its principal executive office within the United States of
America.

     Section 5.2 Other Liens or Interests. Except for the Conveyances hereunder, a Seller
will not sell, pledge, assign, transfer or otherwise convey to any other Person, or grant, create,
incur, assume or suffer to exist any Encumbrance on the Railcars and Leases Conveyed hereunder or
any interest therein (other than Permitted Encumbrances), and TILC Seller, or TRLWT Manager on
behalf of TRLWT Seller, shall defend the right, title, and interest of the Purchaser and the
Indenture Trustee in and to such Railcars and Leases against all Encumbrances or claims of
Encumbrances of third parties claiming through or under such Seller. To the extent that any
Railcar or Lease shall at any time secure any debt of the related Lessee to a Seller or any of its
affiliates, such Seller agrees that any security interest in its favor arising from such a
provision shall be subordinate to the interest of the Purchaser (and its further assignees) in such
Railcars and Leases.

ARTICLE VI

MISCELLANEOUS

     Section 6.1 Amendment. This Agreement may be amended by the Sellers and the Purchaser
only with the prior written consent of the Indenture Trustee (acting at the direction of the
Requisite Majority).

     Section 6.2 Notices. All demands, notices and communications to a Seller or the
Purchaser hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently
confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt
requested, and shall be deemed to have been given upon receipt (a) in the case of TRLWT Seller at
the following address: c/o Wilmington Trust Company, 1100 North Market Street,

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Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration Re: Trinity Rail
Leasing 2010 LLC, Facsimile No.: (302) 636-4140, with a copy to Trinity Industries Leasing
Company, 2525 Stemmons Freeway, Dallas, Texas 75207, Attention: Lance Davis, Director of Finance,
Facsimile No.: (214) 589-8271 or such other address as shall be designated by TRLWT Seller in a
written notice delivered to the Purchaser, (b) in the case of TILC Seller at the following address:
Trinity Industries Leasing Company, 2525 Stemmons Freeway, Dallas, Texas 75207, Attention: Lance
Davis, Director of Finance, Facsimile No.: (214) 589-8271, or such other address as shall be
designated by TILC Seller in a written notice delivered to the Purchaser, and (c) in the case of
the Purchaser at the following address: Trinity Rail Leasing 2010 LLC., c/o Trinity Industries
Leasing Company, as Manager, 2525 Stemmons Freeway, Dallas, Texas 75207, Attention: Lance Davis,
Director of Finance, Facsimile No.: (214) 589-8271, Confirmation No.: (214) 589-8735, with a copy
to Trinity Industries Leasing Company, 2525 Stemmons Freeway, Dallas, Texas 75207, Attention:
Legal Department, Facsimile No.: (214) 589-8824, Confirmation No.: (214) 631-4420, and with a
copy to the Indenture Trustee at the notice address provided for same in the Indenture, or such
other address as shall be designated by a party in a written notice delivered to the other party.

     Section 6.3 Merger and Integration. Except as specifically stated otherwise herein,
this Agreement and the other Operative Agreements set forth the entire understanding of the parties
relating to the subject matter hereof, and all prior understandings, written or oral, are
superseded by this Agreement and the other Operative Agreements. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

     Section 6.4 Severability of Provisions. If any one or more of the covenants,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

     Section 6.5 Governing Law. THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION
OF THE LAWS OF ANY OTHER JURISDICTION.

     Section 6.6 Counterparts. For the purpose of facilitating the execution of this
Agreement and for other purposes, this Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and all of which
counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart
of a signature page to this Agreement by facsimile or other electronic transmission shall be
effective as delivery of a manually executed counterpart of this Agreement.

     Section 6.7 Binding Effect; Assignability.

          (a) This Agreement shall be binding upon and inure to the benefit of each Seller, the
Purchaser and their respective successors and assigns; provided, however, that a Seller

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may not assign its rights or obligations hereunder or any interest herein without the prior
written consent of the Purchaser and the Indenture Trustee (acting at the direction of the
Requisite Majority). The Purchaser may assign as collateral security all of its rights hereunder
to the Indenture Trustee, and such assignee shall have all rights of the Purchaser under this
Agreement (as if such assignee were the Purchaser hereunder).

          (b) This Agreement shall create and constitute the continuing obligation of the parties hereto
in accordance with its terms, and shall remain in full force and effect until such time when all
Outstanding Obligations are paid in full; provided, however, that rights and remedies with respect
to any breach of any representation and warranty made by a Seller pursuant to Article IV hereof
shall be continuing and shall survive any termination of this Agreement.

     Section 6.8 Third Party Beneficiaries. Each of the parties hereto hereby acknowledges
that the Purchaser intends to assign as collateral security all of its rights under this Agreement
to the Indenture Trustee for the benefit of the Secured Parties under the Indenture, and each
Seller hereby consents to such assignment and agrees that upon such assignment, the Indenture
Trustee (for the benefit of the Secured Parties) shall be a third party beneficiary of this
Agreement and may exercise the rights of the Purchaser hereunder and shall be entitled to all of
the rights and benefits of the Purchaser hereunder to the same extent as if it were party hereto.

     In addition, whether or not otherwise expressly stated herein, all representations,
warranties, covenants and agreements of the Issuer, TRLWT and TILC (whether as a Seller or as TRLWT
Manager) in this Agreement or in any document delivered by any of them in connection with this
Agreement (including without limitation, in any Delivery Schedule), shall be for the express
benefit of the Indenture Trustee, each Noteholder and each other Secured Party as express third
party beneficiaries, and shall be enforceable by the Indenture Trustee (acting at the direction of
the Requisite Majority) as if such Person were a party hereto. Each of the Purchaser, TRLWT and
TILC hereby acknowledges and agrees that such representations, warranties, covenants and agreements
are relied upon by each Noteholder in purchasing the Equipment Notes issued under the Indenture.

     Section 6.9 Term. This Agreement shall commence as of the date of execution and
delivery hereof and shall continue in full force and effect until the payment in full of all
Outstanding Obligations.

[SIGNATURE PAGE FOLLOWS]

20

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day
and year first above written.

	 	 	 	 	 
	 	TRINITY RAIL LEASING WAREHOUSE TRUST

 	 
	 	By:  	/s/ Cary Lance Davis
 	 
	 	Name:  	Cary Lance Davis 	 
	 	Title:  	Vice President 	 
	 
	 	TRINITY INDUSTRIES LEASING COMPANY

 	 
	 	By:  	/s/ Cary Lance Davis
 	 
	 	Name:  	Cary Lance Davis 	 
	 	Title:  	Vice President 	 
	 
	 	TRINITY RAIL LEASING 2010 LLC

 	 
	 	By:  	TRINITY INDUSTRIES LEASING COMPANY, as sole member and manager
 	 
	 	 	 
	 	By:  	/s/ Cary Lance Davis
 	 
	 	Name:  	Cary Lance Davis 	 
	 	Title:  	Vice President 	 
	 

21exv10w4

Exhbit 10.4

$369,214,928

Trinity Rail Leasing 2010 LLC

Secured Railcar Equipment Notes, Series 2010-1

5.194% Series 2010-1 Notes

NOTE PURCHASE AGREEMENT

October 18, 2010

Credit Suisse Securities (USA) LLC

Lloyds TSB Bank plc

Credit Agricole Securities (USA) Inc.

Wells Fargo Securities, LLC

Rabo Securities USA, Inc.

c/o Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, N.Y. 10010-3629

Dear Sirs:

     1. Introductory. Trinity Rail Leasing 2010 LLC, a Delaware limited liability company (the
“Issuer”), proposes, subject to the terms and conditions stated herein, to issue and sell to Credit
Suisse Securities (USA) LLC (the “Initial Purchaser”) and the several initial purchasers named in
Schedule A hereto (the “Other Purchasers” and, together with the Initial Purchaser, the
“Purchasers”) U.S.$369,214,928 principal amount of its Series 2010-1 Secured Railcar Equipment
Notes (the “Offered Notes”) to be issued pursuant to an Indenture (the “Indenture”) to be dated as
of October 25, 2010, between the Issuer and Wilmington Trust Company as indenture trustee (the
“Trustee”). The United States Securities Act of 1933, as amended, is herein referred to as the
“Securities Act.” Capitalized terms used but not defined herein shall have the meanings given to
such terms in the Offering Circular (as defined below).

     2. Representations and Warranties of the Issuer, TILC, Trinity and TRLWT. Each of the
Issuer, Trinity Industries Leasing Company, a Delaware corporation (“TILC”) on behalf of itself and
as manager of Trinity Rail Leasing Warehouse Trust (“TRLWT”) and Trinity Industries, Inc., a
Delaware corporation (“Trinity”), jointly and severally, represents and warrants to, and agrees
with, the Purchasers that, as of the date hereof (unless otherwise indicated below):

          (a) The Issuer has prepared a preliminary offering circular dated October 4, 2010, and the
Issuer will prepare a final offering circular dated the date hereof, in each case relating to the
Offered Notes to be offered by the Purchasers. The preliminary offering circular (the

 

 

“Preliminary
Offering Circular”) and the final offering circular (the “Offering Circular”), together with any
General Use Issuer Free Writing Communication (as hereinafter defined) and
all amendments and supplements to such documents, are hereinafter collectively referred to as
the “Offering Document”.

     The Offering Document at a particular time means the Offering Document in the form actually
amended or supplemented and issued at that time. “Final Offering Document” means the Offering
Document that discloses the offering price and other final terms of the Offered Notes and is dated
as of the date of this Agreement (even if finalized and issued subsequent to the date of this
Agreement). “General Disclosure Package” means the Offering Document at the Applicable Time (as
hereinafter defined) considered together with the offering price on the cover page of the Offering
Circular and the statements under the caption “Description of the Offered Notes and the Indenture”
in the Offering Circular. “Applicable Time” means 4:00 p.m. (New York time) on the date of this
Agreement. As of the date of this Agreement, the Final Offering Document does not, and as of the
Closing Date will not, include any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. At the Applicable
Time neither (i) the General Disclosure Package, nor (ii) any individual Limited Use Issuer Free
Writing Communication (as hereinafter defined), when considered together with the General
Disclosure Package, included, nor as of the Closing Date will include, any untrue statement of a
material fact or omitted to state any material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The preceding two sentences do not apply to statements in or omissions from the
Offering Document, the General Disclosure Package or any Limited Use Issuer Free Writing
Communication based upon written information furnished to the Issuer, TILC or Trinity by the
Purchasers specifically for use therein, it being understood and agreed that the only such
information is that described as such in Section 8(b) hereof.

     “Free Writing Communication” means a written communication (as such term is defined in Rule
405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to
buy the Offered Notes and is made by means other than the Preliminary Offering Circular or the
Offering Circular. “Issuer Free Writing Communication” means a Free Writing Communication prepared
by or on behalf of the Issuer, TILC or Trinity or used or referred to by the Issuer, TILC or
Trinity, in the form retained in the records of the Issuer, TILC or Trinity. “General Use Issuer
Free Writing Communication” means any Issuer Free Writing Communication that is intended for
general distribution to prospective investors, as evidenced by its being specified in Schedule B to
this Agreement. “Limited Use Issuer Free Writing Communication” means any Issuer Free Writing
Communication that is not a General Use Issuer Free Writing Communication.

          (b) The Issuer has been duly formed and is an existing limited liability company in good
standing under the laws of the state of Delaware, with power and authority (as a limited liability
company and otherwise) to own its properties and conduct its business as described in the General
Disclosure Package or Additional Issuer Information; and the Issuer is duly qualified to do
business as a foreign limited liability company in good standing in all other jurisdictions in

-2-

 

which its ownership or lease of property or the conduct of its business requires such
qualification.

          (c) TRLWT has been duly formed and is an existing Delaware statutory trust in good standing
under the laws of the state of Delaware, with power and authority (as a statutory trust and
otherwise) to own its properties and conduct its business as described in the General Disclosure
Package; and TRLWT is duly qualified to do business as a statutory trust in good standing in all
other jurisdictions in which its ownership or lease of property or the conduct of its business
requires such qualification.

          (d) Each of TILC and Trinity has been duly incorporated and is an existing corporation in
good standing under the laws of the state of Delaware, with power and authority (as a corporation
and otherwise) to own its properties and conduct its business as described in the General
Disclosure Package; and each of TILC and Trinity is duly qualified to do business as a foreign
corporation in good standing in all other jurisdictions in which its ownership or lease of property
or the conduct of its business requires such qualification.

          (e) As of the Closing Date, the Indenture and each other Transaction Document (as defined in
Section 5(d)) will have been duly authorized, executed and delivered by the Issuer, TILC, TRLWT or
Trinity, as the case may be; the Offered Notes have been duly authorized by the Issuer, and when
the Offered Notes are duly authenticated by the Trustee in accordance with the Indenture and
delivered and paid for pursuant to this Agreement, the Offered Notes will have been duly executed,
authenticated, issued and delivered by the Issuer and each of the Indenture, each other Transaction
Document and the Offered Notes will conform to the description thereof contained in the Final
Offering Document and each of the Indenture and the other Transaction Documents (assuming the valid
execution and delivery thereof by the other parties thereto) and the Offered Notes will constitute
valid and legally binding obligations of the Issuer, TILC, TRLWT or Trinity, as the case may be,
enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

          (f) Except as contemplated by the Transaction Documents, no consent, approval, authorization,
order of, or filing with, any governmental agency or body or any court is required for the
consummation of the transactions contemplated by this Agreement or any Transaction Document in
connection with the issuance and sale of the Offered Notes.

          (g) The execution, delivery and performance of the Indenture, this Agreement and each other
Transaction Document and the issuance and sale of the Offered Notes and compliance with the terms
and provisions thereof by the Issuer, TILC, TRLWT or Trinity, as the case may be, will not result
in a breach or violation of any of the terms and provisions of, or constitute a default under, or
conflict with, (i) any statute, any rule, regulation or order of any governmental agency or body or
any court, domestic or foreign, having jurisdiction over the Issuer, TILC, TRLWT or Trinity or any
of their respective properties, or (ii) any agreement or instrument to which the Issuer, TILC,
TRLWT or Trinity is a party or by which the Issuer, TILC, TRLWT or Trinity is bound or to which any
of the properties of the Issuer, TILC, TRLWT or Trinity are subject, or the limited liability
company agreement or certificate of formation of the Issuer, the certificate of formation or
by-laws of TILC or Trinity or the trust agreement or the

-3-

 

certificate of incorporation of TRLWT.
The Issuer has full power and authority to sell the Offered Notes as contemplated by this
Agreement.

          (h) This Agreement has been duly authorized, executed and delivered by each of the Issuer,
TILC and Trinity.

          (i) Except as disclosed in the General Disclosure Package, the Issuer has good and marketable
title to all real properties and all other properties and assets owned by it, free from liens,
encumbrances and defects that would materially affect the value thereof or materially interfere
with the use made or to be made thereof by it; and except as disclosed in the General Disclosure
Package, the Issuer holds any leased real or personal property held by it under valid and
enforceable leases with no exceptions that would materially interfere with the use made or to be
made thereof by it.

          (j) Each of the Issuer, TILC, TRLWT and Trinity possesses all material certificates,
authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct
the business now operated by it and has not received any notice of proceedings relating to the
revocation or modification of any such certificate, authority or permit that, if determined
adversely to the Issuer, TILC, TRLWT or Trinity, as applicable, would individually or in the
aggregate have a material adverse effect on the condition (financial or other), business,
properties or results of operations of the Issuer, TILC, TRLWT or Trinity, as applicable, taken as
a whole (“Material Adverse Effect”).

          (k) Except as disclosed in the General Disclosure Package, none of the Issuer, TILC, TRLWT or
Trinity is in violation of any statute, any rule, regulation, decision or order of any governmental
agency or body or any court, domestic or foreign, relating to the use, disposal or release of
hazardous or toxic substances or relating to the protection or restoration of the environment or
human exposure to hazardous or toxic substances (collectively, “environmental laws”), nor owns or
operates any real property contaminated with any substance that is subject to any environmental
laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or
is subject to any claim relating to any environmental laws, which violation, contamination,
liability or claim would individually or in the aggregate have a Material Adverse Effect; and none
of the Issuer, TILC, TRLWT or Trinity is aware of any pending investigation which might lead to
such a claim.

          (l) Except as disclosed in the General Disclosure Package, there are no pending actions,
suits or proceedings against or affecting the Issuer, TILC, TRLWT, Trinity or their respective
properties that, if determined adversely to the Issuer, TILC, TRLWT or Trinity, would individually
or in the aggregate have a Material Adverse Effect, or would materially and adversely affect the
ability of the Issuer, TILC, TRLWT or Trinity to perform its obligations under the Indenture, this
Agreement, or any other Transaction Document to which it is a party, or which are otherwise
material in the context of the sale of the Offered Notes; and no such actions, suits or proceedings
are threatened or, to the Issuer’s, TILC’s or Trinity’s knowledge, contemplated.

          (m) Since June 30, 2010, there has been no material adverse change, nor any development or
event involving a prospective material adverse change, in the condition

-4-

 

(financial or other),
business, properties or results of operations of TILC, TRLWT or Trinity and Trinity’s subsidiaries
taken as a whole.

          (n) The Issuer is not an open-end investment company, unit investment trust or face-amount
certificate company that is or is required to be registered under Section 8 of the United States
Investment Company Act of 1940, as amended (the “Investment Company Act”); and the Issuer is not
and, after giving effect to the offering and sale of the Offered Notes and the application of the
proceeds thereof as described in the General Disclosure Package will not be, an “investment
company” as defined in the Investment Company Act.

          (o) No securities of the same class (within the meaning of Rule 144A(d)(3) under the
Securities Act) as the Offered Notes are listed on any national securities exchange registered
under Section 6 of the United States Securities Exchange Act of 1934, as amended (“Exchange Act”)
or quoted in a U.S. automated inter-dealer quotation system.

          (p) Assuming the representations of the Purchasers set forth in Section 4(a) and (b) are true
and accurate, the offer and sale of the Offered Notes in the manner contemplated by this Agreement
will be exempt from the registration requirements of the Securities Act, and it is not necessary to
qualify an indenture in respect of the Offered Notes under the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”).

          (q) None of the Issuer, TILC, TRLWT or Trinity, or any of their respective affiliates, or any
person acting on its or their behalf (other than the Purchasers, as to whom no such representation
is made) (i) has, within the six-month period prior to the date hereof, offered or sold in the
United States or to any U.S. person (as such terms are defined in Regulation S under the Securities
Act) the Offered Notes or any security of the same class or series as the Offered Notes or (ii) has
offered or will offer or sell the Offered Notes (A) in the United States by means of any form of
general solicitation or general advertising within the meaning of Rule 502(c) under the Securities
Act or (B) with respect to any such securities sold in reliance on Rule 903 of Regulation S
(“Regulation S”) under the Securities Act, by means of any directed selling efforts within the
meaning of Rule 902(c) of Regulation S. The Issuer, TILC, TRLWT, Trinity and their respective
affiliates and any person acting on its or their behalf (other than the Purchasers, as to whom no
such representation is made) have complied and will comply with the offering restrictions
requirement of Regulation S. None of the Issuer, TILC, TRLWT or Trinity has entered and none will
enter into any contractual arrangement with respect to the distribution of the Offered Notes except
for this Agreement.

          (r) The proceeds to the Issuer from the offering of the Offered Notes and the related
transactions will not be used to purchase or carry any security (except as contemplated in
Permitted Investments in respect of the Indenture Accounts).

          (s) There is no “substantial U.S. market interest” as defined in Rule 902(j) of Regulation S
in the Issuer’s debt securities.

          (t) Except as contemplated in the Engagement Letter (as defined below) and as disclosed in
the General Disclosure Package, there are no contracts, agreements or understandings between the
Issuer, TILC, TRLWT or Trinity and any person that would give rise

-5-

 

to a valid claim against the
Issuer, TILC, TRLWT, Trinity, or any Purchaser for a brokerage commission, finder’s fee or other
like payment.

          (u) At the time of execution and delivery of the Asset Transfer Agreement, (1) TRLWT and
TILC, as applicable, will own all right, title and interest in and to the initial Railcars to be
acquired by the Issuer from it pursuant thereto, together with the related Leases thereon and
certain other related assets specified therein free and clear of any lien, mortgage, pledge,
charge, encumbrance, adverse claim or other security interest (collectively, “Liens”), except to
the extent permitted in the Asset Transfer Agreement or the Indenture, as applicable, and except,
in the case of TRLWT, for security interests being released upon transfer to the Issuer, will not
have assigned to any person other than the Issuer any of its right, title or interest in such
Railcars and Leases, (2) TRLWT and TILC, as applicable, will have the power and authority to
transfer such Railcars, Leases and related assets to the Issuer and (3) upon execution and delivery
of the Asset Transfer Agreement and the consummation of the transactions contemplated thereby, the
Issuer will own such Railcars, Leases and related assets free of Liens other than Liens permitted
by the Asset Transfer Agreement or the Indenture, as applicable.

          (v) As of the Closing Date, each of the representations and warranties of the Issuer, TILC,
TRLWT or Trinity set forth in each of the Transaction Documents to which they are parties will be
true and correct in all material respects.

          (w) Any taxes, fees and other governmental charges that would be incurred by reason of the
execution and delivery of the Transaction Documents or the execution, delivery and sale of the
Offered Notes and that would be due and payable as of the Closing Date have been or will be paid
prior to the Closing Date.

          (x) None of the Issuer, Trinity, TILC or TRLWT, nor any of their respective subsidiaries nor,
to the knowledge of the Issuer, Trinity, TILC or TRLWT, any director, officer, agent or employee
acting on behalf of the Issuer, Trinity, TILC or TRLWT or any of their respective subsidiaries, has
violated or is in violation of, in any material respect, any provision of the Foreign Corrupt
Practices Act of 1977.

          (y) The operations of the Issuer, Trinity, TILC and TRLWT and their respective subsidiaries
are and have been conducted at all times in material compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator
involving the Issuer, Trinity, TILC, TRLWT or any of their respective subsidiaries with respect to
the Money Laundering Laws is pending or, to the knowledge of the Issuer, Trinity, TILC or TRLWT,
threatened.

          (z) None of the Issuer, Trinity, TILC or TRLWT, any of their respective subsidiaries or, to
the knowledge of the Issuer, Trinity, TILC or TRLWT, any director, officer, agent, employee or
affiliate of the Issuer, Trinity, TILC or TRLWT or any of their respective subsidiaries is
currently subject to any U.S. sanctions administered by the Office of Foreign

-6-

 

Assets Control of the
U.S. Department of the Treasury (“OFAC”); and none of the Issuer, Trinity, TILC or TRLWT will
directly or indirectly use the proceeds of the offering of the Offered Notes hereunder, or lend,
contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.

          (aa) The operations of the Issuer, Trinity, TILC and TRLWT and their respective subsidiaries
are and have been conducted at all times in material compliance with the USA Patriot Act of 2001,
as amended, and the rules and regulations thereunder.

          (bb) The Issuer and, prior to the formation of the Issuer, Trinity have complied, and as of
the Closing Date, the Issuer will comply, in all material respects with the representations,
certifications and covenants made to Standard & Poor’s Ratings Services, a Standard & Poor’s
Financial Services LLC business (the “Hired NRSRO”) in connection with the engagement of the Hired
NRSRO to issue and monitor a credit rating on the Offered Notes, including any representation
provided to the Hired NRSRO by the Issuer in connection with Rule 17g-5(a)(iii) of the Exchange Act
(“Rule 17g-5”), and has made accessible to any non-hired nationally recognized statistical rating
organization, as contemplated by Rule 17g-5, all information provided to the Hired NRSRO in
connection with the issuance and monitoring of the credit ratings on the Offered Notes in
accordance with Rule 17g-5. None of the Purchasers are responsible for compliance with Rule 17g-5
in connection with the issuance and monitoring of the credit ratings on the Offered Notes.

     3. Purchase, Sale and Delivery of Offered Notes. (a) On the basis of the representations,
warranties and agreements herein contained, but subject to the terms and conditions herein set
forth, the Issuer agrees to sell to the Purchasers, and the Purchasers agree, severally and not
jointly, to purchase from the Issuer, at a purchase price of 100% of the principal amount thereof,
the respective principal amounts of Offered Notes set forth opposite the names of the several
Purchasers in Schedule A hereto.

          (b) The Issuer will deliver against payment of the purchase price the Offered Notes to be
offered and sold by the Purchasers in reliance on Regulation S (the “Regulation S Notes”) in the
form of one or more permanent global notes in registered form without interest coupons (the
“Regulation S Global Notes”) which will be deposited with the Trustee as custodian for Cede & Co.,
as nominee of The Depository Trust Company (“DTC”) for the respective accounts of the DTC
participants for Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and
Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) and registered in the name of Cede
& Co., as nominee for DTC. The Issuer will deliver against payment of the purchase price the
Offered Notes to be purchased by the Purchasers hereunder and to be offered and sold by each
Purchaser in reliance on Rule 144A under the Securities Act (the “144A Notes”) in the form of one
permanent global note in definitive form without interest coupons (the “Restricted Global Note”)
deposited with the Trustee as custodian for DTC and registered in the name of Cede & Co., as
nominee for DTC. The Regulation S Global Notes and the Restricted Global Note shall be assigned
separate CUSIP numbers. The Global Notes shall include the legend regarding restrictions on
transfer set forth under “Transfer Restrictions” in the Final Offering Document. Until the
termination of the distribution compliance period (as defined in Regulation S) with respect to the
offering of the

-7-

 

Offered Notes, interests in the Regulation S Global Notes may only be held by the
DTC participants for Euroclear and Clearstream, Luxembourg. Interests in any permanent Global Notes
will be held only in book-entry form through Euroclear, Clearstream, Luxembourg or
DTC, as the case may be, except in the limited circumstances described in the Final Offering
Document.

     Payment for the Regulation S Notes and the 144A Notes shall be made by the Purchasers in
Federal (same day) funds by or wire transfer to an account at a bank acceptable to the Purchasers,
on October 25, 2010, or at such other time not later than seven full business days thereafter as
the Initial Purchaser and the Issuer determine, such time being herein referred to as the “Closing
Date”, against delivery to the Trustee as custodian for DTC of (i) the Regulation S Global Notes
representing all of the Regulation S Notes for the respective accounts of the DTC participants for
Euroclear and Clearstream, Luxembourg and (ii) the Restricted Global Note representing all of the
144A Notes. The Regulation S Global Notes and the Restricted Global Note will be made available for
checking at the office of Vedder Price P.C., 1633 Broadway, New York, New York 10019, at least 24
hours prior to the Closing Date.

          (c) The Issuer agrees to pay the Initial Purchaser for its own account all fees and expenses
as provided in Section 3 of the engagement letter, dated September 29, 2010, between TILC and the
Initial Purchaser (the “Engagement Letter”).

     4. Representations by Purchasers; Resale by Purchasers. (a) Each Purchaser severally
represents and warrants to the Issuer that it is an “accredited investor” within the meaning of
Regulation D under the Securities Act.

          (b) Each Purchaser severally acknowledges that the Offered Notes have not been registered
under the Securities Act and may not be offered or sold within the United States or to, or for the
account or benefit of, U.S. persons except in accordance with Regulation S or pursuant to an
exemption from the registration requirements of the Securities Act. Each Purchaser severally
represents and agrees that it has offered and sold the Offered Notes, and will offer and sell the
Offered Notes (i) as part of its distribution at any time and (ii) otherwise until 40 days after
the later of the commencement of the offering and the Closing Date, only in accordance with Rule
903 or Rule 144A under the Securities Act (“Rule 144A”). Accordingly, neither such Purchaser nor
its affiliates, nor any persons acting on its or their behalf, have engaged or will engage in any
directed selling efforts with respect to the Offered Notes, and such Purchaser, its affiliates and
all persons acting on its or their behalf have complied and will comply with the offering
restrictions requirement of Regulation S. Each Purchaser severally agrees that, at or prior to
confirmation of sale of the Offered Notes, other than a sale pursuant to Rule 144A, it will have
sent to each distributor, dealer or person receiving a selling concession, fee or other
remuneration that purchases the Offered Notes from it during the restricted period a confirmation
or notice to substantially the following effect:

“The Securities covered hereby have not been registered under the
U.S. Securities Act of 1933 (the “Securities Act”) and may not be
offered or sold within the United States or to, or for the account
or benefit of, U.S. persons (i) as part of their distribution at any
time or (ii) otherwise until 40 days after the later of the date of
the

-8-

 

commencement of the offering and the closing date, except in
either case in accordance with Regulation S (or Rule 144A if
available) under the Securities Act. Terms used above have the
meanings given to them by Regulation S.”

     Terms used in this subsection (b) have the meanings given to them by Regulation S.

          (c) Each Purchaser severally agrees that it and each of its affiliates has not entered and
will not enter into any contractual arrangement with respect to the distribution of the Offered
Notes except with the prior written consent of the Issuer.

          (d) Each Purchaser severally agrees that it and each of its affiliates will not offer or sell
the Offered Notes in the United States by means of any form of general solicitation or general
advertising within the meaning of Rule 502(c) under the Securities Act, including, but not limited
to (i) any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, or (ii) any seminar or meeting
whose attendees have been invited by any general solicitation or general advertising. Each
Purchaser severally agrees, with respect to resales made in reliance on Rule 144A of any of the
Offered Notes, to deliver either with the confirmation of such resale or otherwise prior to
settlement of such resale a notice to the effect that the resale of such Offered Notes has been
made in reliance upon the exemption from the registration requirements of the Securities Act
provided by Rule 144A.

          (e) Each Purchaser, severally but not jointly, represents and agrees that any communication
or delivery of information to the Hired NRSRO in connection with the issuance or monitoring of a
credit rating on the Offered Notes has been and will immediately be disclosed to the Issuer for the
purpose of allowing the Issuer to make accessible to any non-hired nationally recognized
statistical rating organization all information provided to the Hired NRSRO in connection with the
issuance and monitoring of the credit rating on the Offered Notes in accordance with Rule 17g-5.

          (f) Each Purchaser severally agrees that it and each of its affiliates will not communicate
or cause to be communicated the Offering Document in Canada or to any resident of Canada and
understands that any Canadian residents may not, directly or indirectly, purchase the Offered Notes
or any beneficial interest therein from any Purchaser.

          (g) Rabo Securities USA, Inc represents that it and each of its affiliates may make offers
and sales outside of the United States through affiliates outside of the United States, which are
acting as selling agents for Rabo Securities USA, Inc.

          (h) Lloyds TSB Bank plc represents and agrees that it is not a U.S. registered broker-dealer
and, therefore, to the extent that they intend to effect any sales of the Offered Notes in the
United States, they will do so through one or more U.S. registered broker-dealers as permitted by
the applicable laws and regulations.

          (i) Each Purchaser severally represents and agrees that (i) it has only communicated or
caused to be communicated and will only communicate or cause to be communicated any invitation or
inducement to engage in investment activity (within the meaning

-9-

 

of section 21 of the Financial
Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the issue or sale of
any Offered Notes in circumstances in which section 21(1) of
the FSMA does not apply to the Issuer; and (ii) it has complied and will comply with all
applicable provisions of the FSMA with respect to anything done by it in relation to the Offered
Notes in, from or otherwise involving the United Kingdom.

          (j) In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a “Relevant Member State”), that with effect from and including the
date on which the Prospectus Directive (as defined below) is implemented in that Member State (the
“Relevant Implementation Date”) each Purchaser severally represents and agrees that it has not made
and will not make an offer of any Offered Notes to the public in that Relevant Member State, other
than: (A) to legal entities which are authorized or regulated to operate in the financial markets
or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;
(B) to any legal entity which has two or more of: (1) an average of at least 250 employees during
the last financial year, (2) a total sheet of more than €43,000,000, and (3) an annual turnover of
more than €50,000,000, all as shown in its last annual or consolidated accounts; (C) to fewer than
100 natural or legal persons (other than qualified investors defined in the Prospectus Directive);
or (D) in any other circumstances falling within Article 3(2) of the Prospectus Directive;
provided, that no such offer of Offered Notes shall require the Issuer to publish a prospectus
pursuant to Article 3 of the Prospectus Directive.

     For the purposes of this provision, the expression “offer of Offered Notes to the public” in
relation to any Offered Notes in any Relevant Member State means the communication in any form and
by any means of sufficient information on the terms of the offer and the Offered Notes to be
offered so as to enable an investor to decide to purchase or subscribe the Offered Notes, as the
same may be varied in that Member State by any measure implementing the Prospectus Directive in
that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes
any relevant implementing measure in each Relevant Member State.

     5. Certain Agreements of the Issuer, TILC and Trinity. Each of the Issuer, TILC and Trinity
jointly and severally agrees with the Purchasers that:

          (a) The Issuer will advise the Initial Purchaser promptly of any proposal to amend or
supplement the Offering Document and will not effect such amendment or supplementation without the
Initial Purchaser’s consent. If, at any time following delivery of any document included in the
Offering Document or any Limited Use Issuer Free Writing Communication and prior to the completion
of the resale of the Offered Notes by the Purchasers, there occurs an event or development as a
result of which such document included or would include an untrue statement of a material fact or
omitted or would omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances prevailing at that subsequent time not misleading, or if it is
necessary at any such time to amend or supplement the Offering Document or any Limited Use Free
Writing Communication to comply with any applicable law, TILC promptly will notify the Initial
Purchaser of such event and promptly will prepare, at its own expense, an amendment or supplement
which will correct such statement or omission. Neither the Initial Purchaser’s consent to, nor the
delivery by the Purchasers to offerees or investors of, any such amendment or supplement shall
constitute a waiver of any of the conditions set forth in Section 7. The first sentence of this
subsection does

-10-

 

not apply to statements in or omissions from any document in the General Disclosure
Package or any Limited Use Issuer Free Writing Communication in reliance upon and in conformity
with
written information furnished to the Issuer, TILC, TRLWT or Trinity by any Purchaser through
the Initial Purchaser specifically for use therein, it being understood and agreed that the only
such information is that described as such in Sections 8(a) and 8(b) hereof.

          (b) The Issuer will furnish to the Initial Purchaser copies of each document comprising a
part of the Offering Document and each Limited Use Issuer Free Writing Communication, in each case
as soon as available and in such quantities as the Initial Purchaser requests, and the Issuer will
furnish to the Initial Purchaser on the date hereof three (3) copies of each document comprising a
part of the Offering Document and each Limited Use Issuer Free Writing Communication signed by a
duly authorized officer of the Issuer, one of which will include the independent accountants’
reports in the Offering Document manually signed by such independent accountants. At any time when
the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer will promptly
furnish or cause to be furnished to the Initial Purchaser (and, upon request, to each other
Purchaser) and, upon request of holders and prospective purchasers of the Offered Notes, to such
holders and purchasers, copies of the information (the “Additional Issuer Information”) required to
be delivered to holders and prospective purchasers of the Offered Notes in accordance with Rule
144A(d)(4) under the Securities Act (or any successor provision thereto) in order to permit
compliance with Rule 144A in connection with resales by such holders of the Offered Notes. TILC or
Trinity will pay the expenses of printing and distributing to the Purchasers all such documents.
Any Additional Issuer Information delivered to any holders and prospective purchasers of the
Offered Notes will not include any untrue statement of a material fact or omit to state any
material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

          (c) The Issuer or TILC, on its behalf, will arrange for the qualification of the Offered
Notes for sale and the determination of their eligibility for investment under the laws of such
jurisdictions in the United States as the Initial Purchaser designates and will continue such
qualifications in effect so long as required for the resale of the Offered Notes by the Purchasers,
provided that the Issuer will not be required to qualify as a foreign corporation or to file a
general consent to service of process in any such jurisdiction.

          (d) So long as the Offered Notes are outstanding, if not filed electronically with the
Securities and Exchange Commission (the “Commission”) or posted on the website of Trinity, the
Issuer or Trinity will furnish to the Initial Purchaser, as soon as practicable after the end of
each fiscal year, a copy of Trinity’s annual report to shareholders, and the Issuer or Trinity will
furnish to the Initial Purchaser (and, upon request, to each other Purchaser) (i) as soon as
available, a copy of each description of reports, notices or communications sent to securityholders
of Trinity or, if applicable, filed with foreign regulators or securities exchanges by Trinity,
(ii) as soon as available, copies of each report furnished to TILC or any of its affiliates, in the
case of the Issuer, and to its shareholders, in the case of Trinity, in either case pursuant to any
Operative Agreement (collectively, the “Transaction Documents”), by first class mail as soon as
practicable after such reports are furnished to TILC or any of its affiliates or the shareholders,
as the case may be, (iii) copies of each amendment to any of the Transaction Documents, (iv) copies
of all reports and other communications (financial or other) furnished to

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the Trustee under the
Indenture or to holders of the Offered Notes, and copies of any reports and financial statements,
if any, furnished to or filed with the Commission, any governmental or
regulatory authority or any national securities exchange, and (v) from time to time such other
information as any Purchasers may reasonably request relating to the Issuer, TILC, TRLWT, Trinity
or any of their respective affiliates, the Offered Notes and the Transaction Documents. Each of
TILC, the Issuer and Trinity shall make their officers, employees, independent accountants and
legal counsel reasonably available upon request by any Purchaser.

          (e) During the period of three (3) years after the Closing Date, the Issuer will, upon
request, furnish to the Initial Purchaser, each of the other Purchasers and any holder of Offered
Notes a copy of the restrictions on transfer applicable to the Offered Notes.

          (f) During the period of two (2) years after the Closing Date none of the Issuer, TILC, nor
Trinity will, or will permit any of its affiliates (as defined in Rule 144 under the Securities
Act) to, resell any of the Offered Notes that have been reacquired by any of them.

          (g) During the period of two (2) years after the Closing Date, the Issuer will not be or
become an open-end investment company, unit investment trust or face-amount certificate company
that is or is required to be registered under Section 8 of the Investment Company Act.

          (h) The Issuer, TILC or Trinity will pay all expenses incidental to the performance of their
respective obligations under this Agreement, including but not limited to: (i) all expenses in
connection with the execution, issue, authentication, packaging and initial delivery of the Offered
Notes, the preparation and printing of this Agreement, the Offered Notes, the documents comprising
any part of the Offering Document, each Limited Use Issuer Free Writing Communication and any other
document relating to the issuance, offer, sale and delivery of the Offered Notes; (ii) the cost of
any advertising approved by the Issuer, TILC or Trinity in connection with the issue of the Offered
Notes; (iii) any expenses (including fees and disbursements of counsel) incurred in connection with
qualification of the Offered Notes for sale under the laws of such jurisdictions in the United
States as the Initial Purchaser designates and the printing of memoranda relating thereto; (iv) any
fees charged by the Hired NRSRO for the rating of the Offered Notes; and (v) expenses incurred in
distributing the documents comprising any part of the Offering Document (including any amendments
and supplements thereto) and any Limited Use Issuer Free Writing Communications to the Purchasers
or to prospective purchasers of the Offered Notes. The Issuer, TILC and Trinity jointly and
severally will also pay or reimburse the Purchasers (to the extent incurred by them) for all travel
expenses of the Purchasers’, the Issuer’s, TILC’s, TRLWT’s and Trinity’s officers and employees and
any other expenses of the Purchasers, the Issuer, TILC, TRLWT or Trinity in connection with
attending or hosting meetings with prospective purchasers of the Offered Notes from the Purchasers.
In addition to the foregoing, but without duplication, the Issuer, TILC or Trinity will pay to the
Initial Purchaser on the Closing Date the amounts in respect of its costs and expenses as set forth
in Section 3 of the Engagement Letter as reimbursement of the Initial Purchaser’s other expenses.

          (i) In connection with the offering and the sale of the Offered Notes, until the Initial
Purchaser shall have notified the Issuer, TILC, Trinity and the other Purchasers of the completion
of the resale of the Offered Notes, none of the Issuer, TILC, TRLWT or Trinity or any of their
respective affiliates has or will, either alone or with one or more other persons,

-12-

 

bid for or
purchase for any account in which it or any of its affiliates has a beneficial interest any Offered
Notes or attempt to induce any person to purchase any Offered Notes; and none of the
Issuer, TILC, TRLWT or Trinity or any of their respective affiliates will make bids or
purchases for the purpose of creating actual, or apparent, active trading in, or of raising the
price of, the Offered Notes.

          (j) For a period of 180 days after the date of the initial offering of the Offered Notes by
the Purchasers, none of the Issuer, TILC, TRLWT or Trinity will offer, sell, contract to sell,
pledge or otherwise dispose of, directly or indirectly, or file with the Commission a registration
statement under the Securities Act relating to, any United States dollar-denominated asset-backed
securities issued, sponsored or guaranteed by the Issuer, TILC, TRLWT, Trinity or any of their
respective affiliates and having a maturity of more than one year from the date of issue, or
publicly disclose the intention to make any such offer, sale, pledge, disposition or filing,
without the prior written consent of the Initial Purchaser. None of the Issuer, TILC, TRLWT or
Trinity will at any time offer, sell, contract to sell, pledge or otherwise dispose of, directly or
indirectly, any securities under circumstances where such offer, sale, pledge, contract or
disposition would cause the exemption afforded by Section 4(2) of the Securities Act or the safe
harbor of Regulation S thereunder to cease to be applicable to the offer and sale of the Offered
Notes.

          (k) The Issuer, TILC and Trinity (the “Indemnitors”) jointly and severally will indemnify and
hold harmless the Purchasers against any documentary, stamp or similar issuance tax, including any
interest and penalties, on the creation, issuance and sale of the Offered Notes and on the
execution and delivery of this Agreement. All payments to be made by TILC, Trinity or the Issuer
hereunder shall be made without withholding or deduction for or on account of any present or future
taxes, duties or governmental charges whatsoever unless Trinity, TILC or the Issuer is compelled by
law to deduct or withhold such taxes, duties or charges. In that event, Trinity, TILC or the
Issuer, as applicable, shall pay such additional amounts as may be necessary in order that the net
amounts received after such withholding or deduction shall equal the amounts that would have been
received if no withholding or deduction had been made; provided that the Indemnitors will not be
required to indemnify or gross-up for such taxes and withholdings to the extent imposed as a result
of a failure of such Purchaser to provide any duly executed and completed form or document
described in the last sentence of this paragraph upon the execution of this Agreement or to be
delivered thereafter upon the reasonable request of its Indemnitors which evidences such
Purchaser’s entitlement to an exemption for such taxes and withholdings. Furthermore, the
Indemnitors hereby request that the each Purchaser hereby provide to them IRS Form W-9 or IRS Form
W-8BEN, W-8IMY or W-8ECI, whichever is applicable.

          (l) To the extent, if any, that the rating provided with respect to the Offered Notes by the
Hired NRSRO is conditional upon the furnishing of documents or the taking of any other action on or
prior to the Closing Date by the Issuer, TILC, TRLWT or Trinity, Trinity, TILC, TRLWT or the
Issuer, as the case may be, shall use its reasonable best efforts to furnish such documents and
take any other such action on or prior to the Closing Date.

     6. Free Writing Communications. (a) Each of the Issuer, TILC, TRLWT and Trinity,
jointly and severally, represents and agrees that, unless it obtains the prior consent of the
Initial

-13-

 

Purchaser, and each Purchaser represents and agrees that, unless it obtains the prior
consent of TILC and the Initial Purchaser, it has not made and will not make any offer relating to
the Offered
Notes that would constitute an Issuer Free Writing Communication. Any such Issuer Free
Writing Communication consented to by TILC and the Initial Purchaser is hereinafter referred to as
a “Permitted Free Writing Communication.”

          (b) To the extent it would be an Issuer Free Writing Communication, each of the Issuer, TILC
and Trinity consents to the use by the Initial Purchaser of a Free Writing Communication that (a)
contains only information describing the preliminary or final terms of the Offered Notes or the
offering thereof or (b) does not contain any material information about the Issuer, TILC, TRLWT or
Trinity or the securities of any of them that was provided by any of the Issuer, TILC, TRLWT and
Trinity or on behalf of any of them. Any such Free Writing Communication is a Permitted Free
Writing Communication for purposes of this Agreement.

     7. Conditions of the Obligations of the Purchasers. The obligations of the Purchasers to
purchase and pay for the Offered Notes will be subject to the accuracy of the representations and
warranties on the part of the Issuer, TILC and Trinity herein, to the accuracy of the statements of
officers of the Issuer, TILC and Trinity made pursuant to the provisions hereof, to the performance
by each of the Issuer, TILC and Trinity of its obligations hereunder and to the following
additional conditions precedent on or prior to the Closing Date:

          (a) The Purchasers shall have received from Deloitte LLP a letter or letters, dated as of the
date of the Preliminary Offering Circular and as of the Applicable Time, in form and substance
satisfactory to the Initial Purchaser and their counsel, stating in effect that they have performed
certain specified procedures, all of which have been agreed to by the Purchasers, as a result of
which they determined that certain information of an accounting, financial or statistical nature
set forth in the Preliminary Offering Circular and the final Offering Circular agrees with the
corresponding information included on or derived from a certain computer-generated railroad car
lease data file and related record layout, excluding any questions of legal interpretation.

          (b) Subsequent to the execution and delivery of this Agreement, there shall not have
occurred: (i) any change, or any development or event involving a prospective change, in the
condition (financial or other), business, properties or results of operations of the Issuer, TILC,
TRLWT or Trinity and its subsidiaries taken as one enterprise which, in the judgment of a majority
in interest of the Purchasers, including the Initial Purchaser or any of its affiliates, is
material and adverse and makes it impractical or inadvisable to proceed with completion of the
offering or the sale of and payment for the Offered Notes; (ii) any downgrading in the rating of
any debt securities of TILC or Trinity by any “nationally recognized statistical rating
organization” (as defined for purposes of Rule 436(g) under the Securities Act), or any public
announcement that any such organization has under surveillance or review its rating of any debt
securities of TILC or Trinity (other than an announcement with positive implications of a possible
upgrading, and no implication of a possible downgrading, of such rating) or any announcement by
such organization that the Issuer, Trinity or TILC has been placed on negative outlook; (iii) any
change in U.S. or international financial, political or economic conditions or currency exchange
rates or exchange controls as would, in the judgment of the majority in interest of the Purchasers
including the Initial Purchaser or any of its affiliates, be likely to prejudice materially the
success of the proposed issue, sale or distribution of the Offered Notes,

-14-

 

whether in the primary
market or in respect of dealings in the secondary market; (iv) any material suspension or material
limitation of trading in securities generally on the New York
Stock Exchange, or any setting of minimum prices for trading on such exchange; (v) any
suspension of trading of any securities of the Issuer, TILC or Trinity or any of its affiliates on
any exchange or in the over-the-counter market; (vi) any banking moratorium declared by U.S.
Federal or New York authorities; (vii) any major disruption of settlements of securities or
clearance services in the United States; or (viii) any attack on, outbreak or escalation of
hostilities or act of terrorism involving the United States, any declaration of war by Congress or
any other national or international calamity or emergency if, in the judgment of majority in
interest of the Purchasers including the Initial Purchaser or any of its affiliates, the effect of
any such attack, outbreak, escalation, act, declaration, calamity or emergency makes it impractical
or inadvisable to proceed with completion of the offering or sale of and payment for the Offered
Notes.

          (c) The Purchasers shall have received opinions, dated the Closing Date, of (i) Vedder Price
P.C., counsel for the Issuer, (ii) the Associate General Counsel and Secretary of Trinity, and
(iii) such other law firms acceptable to the Initial Purchaser and its counsel, to the effect that:

     (i) The Issuer has been duly formed and is an existing limited liability
company in good standing under the laws of the state of Delaware, with power and
authority (as a limited liability company and otherwise) to own its properties and
conduct its business as described in the General Disclosure Package or Additional
Issuer Information; and the Issuer is duly qualified to do business as a foreign
limited liability company in good standing in all other jurisdictions in which its
ownership or lease of property or the conduct of its business requires such
qualification;

     (ii) TRLWT has been duly formed and is an existing Delaware statutory trust in
good standing under the laws of the state of Delaware, with power and authority (as
a statutory trust and otherwise) to own its properties and conduct its business as
described in the General Disclosure Package; and TRLWT is duly qualified to do
business as a statutory trust in good standing in all other jurisdictions in which
its ownership or lease of property or the conduct of its business requires such
qualification;

     (iii) Each of TILC and Trinity has been duly incorporated and is an existing
corporation in good standing under the laws of the state of Delaware, with power and
authority (as a corporation and otherwise) to own its properties and conduct its
business as described in the General Disclosure Package; and each of TILC and
Trinity is duly qualified to do business as a foreign corporation in good standing
in all other jurisdictions in which its ownership or lease of property or the
conduct of its business requires such qualification;

     (iv) The Indenture and the other Transaction Documents have been duly
authorized, executed and delivered by the Issuer, TILC, TRLWT or Trinity, as
applicable; the Offered Notes have been duly authorized, executed,

-15-

 

authenticated,
issued and delivered and conform to the description thereof contained in the Final
Offering Document; and each Transaction Document with respect to which it is a
party, constitutes a valid and legally binding obligation of the Issuer, TILC,
TRLWT or Trinity, as applicable, enforceable against the Issuer, TILC, TRLWT or
Trinity, as applicable, in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles;

     (v) The Indenture creates a valid lien upon all of the Collateral (as defined
in the Indenture) as granted under the Indenture and subject to the lien thereof,
subject only to the exceptions referred to in the Indenture, and will create a
similar lien upon all properties and assets that become part of the Collateral after
the date of such opinion and required to be subjected to the lien of the Indenture,
subject only to the exceptions referred to in the Indenture; the Trustee for the
benefit of the holders of the holders of the Offered Notes from time to time will
have, upon the filing of certain financing statements, a perfected security interest
in the Collateral;

     (vi) Each of the Issuer, TILC, TRLWT and Trinity has been duly incorporated or
formed, and is an existing corporation, statutory trust or limited liability company
in good standing under the laws of the jurisdiction of its incorporation or
formation, as applicable, with power and authority (as a corporation and otherwise)
to own its properties and conduct its business as described in the General
Disclosure Package; and each of the Issuer, TILC, TRLWT and Trinity is duly
qualified to do business as a foreign corporation, statutory trust or limited
liability company in good standing in all other jurisdictions in which its ownership
or lease of property or the conduct of its business requires such qualification if
the failure to be so qualified would materially and adversely affect its ability to
perform its obligations under the Transaction Documents;

     (vii) The Issuer is not and, after giving effect to the offering and sale of
the Offered Notes and the application of the proceeds thereof as described in the
General Disclosure Package, will not be an “investment company” as defined in the
Investment Company Act;

     (viii) No consent, approval, authorization or order of, or filing with, any
governmental agency or body or any court is required for the consummation of the
transactions contemplated by this Agreement in connection with the issuance or sale
of the Offered Notes, except for security interest filings contemplated by the
Transaction Documents and except such as may be required under state securities laws
and except for the filing of a notice of sale on Form D as required by Rule 503 of
Regulation D of the Securities Act;

     (ix) There are no pending actions, suits or proceedings against or affecting
the Issuer, TILC, TRLWT, Trinity or any of their respective

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subsidiaries, or any of
their respective properties that, if determined adversely to the Issuer, TILC,
TRLWT, Trinity or any of their respective subsidiaries, would
individually or in the aggregate have a Material Adverse Effect, or would
materially and adversely affect the ability of the Issuer, TILC, TRLWT or Trinity to
perform their respective obligations under the Indenture, this Agreement, or any
other Transaction Document or which are otherwise material in the context of the
sale of the Offered Notes; and no such actions, suits or proceedings are threatened
or, to such counsel’s knowledge, contemplated;

     (x) The execution, delivery and performance of the Indenture, the other
Transaction Documents to which the Issuer, TILC, TRLWT or Trinity is a party, and
this Agreement and the issuance and sale of the Offered Notes and compliance with
the terms and provisions thereof will not result in a breach or violation of any of
the terms and provisions of, or constitute a default under, any statute, any rule,
regulation or order of any governmental agency or body or any court having
jurisdiction over the Issuer, TILC, TRLWT or Trinity or any of their properties, or
any agreement or instrument to which the Issuer, TILC, TRLWT or Trinity is a party
or by which the Issuer, TILC, TRLWT or Trinity is bound or to which any of the
properties of the Issuer, TILC, TRLWT or Trinity is subject, or the organizational
or formation documents of the Issuer, TILC, TRLWT or Trinity, and the Issuer has
full power and authority to authorize, issue and sell the Offered Notes as
contemplated by this Agreement;

     (xi) Such counsel have no reason to believe that the Final Offering Document,
or any amendment or supplement thereto, as of the Applicable Time and as of the
Closing Date, contained any untrue statement of a material fact or omitted to state
any material fact necessary to make the statements therein not misleading; and such
counsel have no reason to believe that the information specified in a schedule, if
any, to such counsel’s letter, which information, when taken together with the
Preliminary Offering Circular, will comprise the General Disclosure Package, as of
the Applicable Time and as of the Closing Date, contained any untrue statement of a
material fact or omitted to state any material fact necessary to make the statements
therein not misleading;

     (xii) This Agreement has been duly authorized, executed and delivered by each
of the Issuer, TILC, TRLWT and Trinity;

     (xiii) It is not necessary in connection with (i) the offer, sale and delivery
of the Offered Notes by the Issuer to the several Purchasers pursuant to this
Agreement, or (ii) the resales of the Offered Notes by the Purchasers in the manner
contemplated by this Agreement, to register the Offered Notes under the Securities
Act or to qualify an indenture in respect thereof under the Trust Indenture Act;

     (xiv) The statements in the Preliminary Offering Circular and the Offering
Circular under the captions “The Issuer”, “The Railcars”, “The Lessees”, “The
Leases”, “The Manager”, “Description of the Management Agreement”,

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“Description of
the Administrative Services Agreement”, “Description of the Asset Transfer
Agreement”, “Description of the Offered Notes and Indenture”
and “Description of the Parent Undertaking Agreement”, insofar as they purport
to summarize certain terms of the Offered Notes and the applicable Transaction
Documents, constitute a fair summary of the provisions purported to be summarized;

     (xv) The statements contained in the Preliminary Offering Circular and the
Offering Circular under the captions “ERISA Considerations” and “Certain United
States Federal Income Tax Considerations”, to the extent that they constitute
matters of federal law or legal conclusions with respect thereto, while not
purporting to discuss all possible consequences of investment in the Offered Notes,
are correct in all material respects with respect to those consequences or matters
that are discussed therein;

     (xvi) In the event of a bankruptcy proceeding of the Issuer under the
Bankruptcy Code, a court properly presented with the facts would hold that the
transfer of the Railcars and Leases from TILC to TRLWT and from TRLWT or TILC to the
Issuer and as contemplated by the Transaction Documents prior to such event would
constitute sales, and not secured loans, and that, accordingly, the Railcars and
Leases so transferred and the proceeds thereof would not constitute “property of the
estate” of the seller for purposes of Section 541 of the Bankruptcy Code and would
not as a result of such proceeding be subject to the automatic stay of Section
362(a) of the Bankruptcy Code; and

     (xvii) In the event of a bankruptcy proceeding of TILC or TRLWT under the
Bankruptcy Code, a court properly presented with the facts would not grant an order
substantively consolidating the assets and liabilities of the Issuer with those of
TILC or TRLWT.

          (d) The Purchasers shall have received from Mayer Brown LLP, counsel for the Purchasers, such
opinion or opinions, dated the Closing Date, with respect to the Final Offering Document and the
General Disclosure Package, the exemption from registration for the offer and sale of the Offered
Notes to the several Purchasers and the resales by the several Purchasers as contemplated hereby
and other related matters as the Initial Purchaser may require, and the Issuer shall have furnished
to such counsel such documents as they request for the purpose of enabling them to pass upon such
matters.

          (e) The Purchasers shall have received the opinion or opinions of Morris James LLP, special
counsel to the Trustee, dated the Closing Date, in form and substance reasonably satisfactory to
the Initial Purchaser.

          (f) The Purchasers shall have received a copy of each opinion provided to the Hired NRSRO in
connection with its rating of the Offered Notes, each of which shall state therein that the
Purchasers may rely thereon, in form and substance reasonably satisfactory to the Initial
Purchaser.

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          (g) The Purchasers shall have received a certificate, dated the Closing Date, of the
President or any Vice President and a principal financial or accounting officer of each of the
Issuer, Trinity and TILC (it being understood that a certificate of TILC in its capacity as
sole member and manager of the Issuer shall be sufficient for purposes of the Issuer’s compliance
with this requirement) in which such officers, to the best of their knowledge after reasonable
investigation, shall state that (i) the representations and warranties of the Issuer, TILC and
Trinity, as the case may be, in this Agreement are true and correct, that each of the Issuer, TILC
and Trinity has complied with all agreements and satisfied all conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date, and that, subsequent to the date
of the most recent financial statements of each of the Issuer, TILC and Trinity there has been no
material adverse change, nor any development or event involving a prospective material adverse
change, in the condition (financial or other), business, properties or results of operations of
each of the Issuer, TILC and Trinity and its subsidiaries taken as a whole except as described in
such certificate, (ii) nothing has come to their attention that would lead any of them to conclude
that the General Disclosure Package included any untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements therein,
under the circumstances in which they were made, not misleading and (iii) since the date of the
Offering Circular there shall not have been any change in the capital stock of Trinity or TILC or
the membership interests of the Issuer, or the long term debt of the Issuer, Trinity or TILC.

          (h) The Purchasers shall have received a letter, dated the date of this Agreement, of
Deloitte LLP which meets the requirements of subsection (a) of this Section, except that the
specified date referred to in such subsection will be a date not more than three (3) days prior to
the Closing Date for the purposes of this subsection.

          (i) On or before the Closing Date, this Agreement, the Offering Document and each Transaction
Document shall be satisfactory in form and substance to the Initial Purchaser, shall have been duly
executed and delivered by the parties thereto (except that the execution and delivery of the
documents referred to above (other than this Agreement) by a party hereto or thereto shall not be a
condition precedent to such party’s obligations hereunder), shall each be in full force and effect
and executed counterparts of each shall have been delivered to the Purchasers or their counsel on
or before the Closing Date.

          (j) Each of Trinity, TILC and the Issuer shall have delivered to the Purchasers a certificate
(it being understood that a certificate of TILC in its capacity as sole member and manager of the
Issuer shall be sufficient for purposes of the Issuer’s compliance with this requirement), dated
the Closing Date, of its secretary certifying its certificate of incorporation, limited liability
company agreement, bylaws or other organizational documents; board or similar resolutions
authorizing the execution, delivery and performance of the Transaction Documents to which it is a
party, as applicable; and the incumbency of all officers that signed any of the Transaction
Documents.

          (k) The Purchasers shall have received a certificate from a nationally recognized insurance
broker with respect to the public liability insurance required by Section 5.04(f) of the Indenture.

-19-

 

          (l) Any Transaction Documents which are required to be executed on or prior to the Closing
Date that have not been executed by the date of this Agreement will be subject to a
condition precedent that requires such agreements to be in form and substance satisfactory to
the Initial Purchaser.

          (m) (i) The Hired NRSRO shall have delivered to the Issuer and the Purchasers a final rating
letter setting forth a rating with respect to the Offered Notes of at least “A” and (ii) subsequent
to the execution and delivery of this Agreement the Hired NRSRO shall not have announced in writing
(which shall include, without limitation, any press release by such organization) that it has under
surveillance or review its rating of any of the Offered Notes (other than an announcement with
positive implications of a possible upgrading, and no implication of a possible downgrading, of
such rating).

          (n) On or prior to the Closing Date, DTC shall have approved as to form the “Regulation S
Temporary Global Note” and the “144A Book-Entry Note” as those terms are defined in the Indenture.

          (o) On or before the Closing Date the Issuer shall have caused the Indenture (or memorandum
thereof) delivered at the Closing Date, to be duly filed, recorded and deposited with the Surface
Transportation Board of the United States of America in conformity with 49 U.S.C. §11301 and with
the Registrar General of Canada pursuant to Section 90 of the Railway Act of Canada, and the Issuer
shall furnish the Purchasers with proof thereof.

          (p) On or before to the Closing Date, the Issuer shall have funded the Liquidity Reserve
Account in the amount required by the Transaction Documents.

     Documents described as being “in the agreed form” are documents which are in the form
reasonably satisfactory to the Initial Purchaser and Mayer Brown LLP.

     The Issuer and TILC will furnish the Purchasers with such conformed copies of such opinions,
certificates, letters and documents as the Purchasers reasonably request. The Initial Purchaser
may in its sole discretion waive, on behalf of any Purchaser, compliance with any conditions to the
obligations of such Purchaser hereunder.

     8. Indemnification and Contribution. (a) The Issuer, TILC and Trinity will jointly and
severally indemnify and hold harmless each Purchaser, its respective officers, partners, members,
directors and affiliates and each person, if any, who controls such Purchaser, within the meaning
of Section 15 of the Securities Act, against any losses, claims, damages or liabilities, joint or
several, to which the Purchasers may become subject, under the Securities Act or the Exchange Act
or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any breach of any of the representations, warranties and
covenants of the Issuer, TILC or Trinity contained herein or any untrue statement or alleged untrue
statement of any material fact contained in any document comprising a part of the Offering
Document, any Limited Use Issuer Free Writing Communication or any amendment or supplement thereto,
or any related preliminary offering circular or Additional Issuer Information, or arise out of or
are based upon the omission or alleged omission to state therein a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of

-20-

 

the
circumstances under which they were made, not misleading, including, without limitation, any
losses, claims, damages or liabilities arising out of or based upon the Issuer’s, TILC’s or
Trinity’s failure to perform its obligations under Section 5(a) of this Agreement, and will
reimburse the Purchasers for any legal or other expenses reasonably incurred by such Purchaser in
connection with investigating or defending any such loss, claim, damage, liability or action as
such expenses are incurred; provided, however, that none of the Issuer, TILC or Trinity will be
liable in any such case to the extent that any such loss, claim, damage or liability arises out of
or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission
from any of such documents in reliance upon and in conformity with written information furnished to
the Issuer, TILC or Trinity by any Purchaser through the Initial Purchaser specifically for use
therein, it being understood and agreed that the only such information consists of the information
described as such in subsection (b) below.

          (b) Each Purchaser will severally and not jointly indemnify and hold harmless the Issuer,
TILC and Trinity, their respective directors and officers and each person, if any, who controls the
Issuer, TILC or Trinity within the meaning of Section 15 of the Securities Act, against any losses,
claims, damages or liabilities to which the Issuer, TILC or Trinity may become subject, under the
Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in any document comprising a part of the
Offering Document, any Limited Use Issuer Free Writing Communication or any amendment or supplement
thereto, or any related preliminary offering circular, or arise out of or are based upon the
omission or the alleged omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading,
in each case to the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written
information furnished to the Issuer, TILC or Trinity by such Purchaser through the Initial
Purchaser specifically for use therein, and will reimburse any legal or other expenses reasonably
incurred by the Issuer, TILC or Trinity in connection with investigating or defending any such
loss, claim, damage, liability or action as such expenses are incurred, it being understood and
agreed that the only such information furnished by any Purchaser consists of the following
information in the Offering Document furnished on behalf of each Purchaser: under the caption “Plan
of Distribution”, the second sentence of the second paragraph, the third paragraph, fourth
paragraph, ninth paragraph, the second and third sentences of the tenth paragraph and the twelfth
paragraph thereunder; provided, however, that the Purchasers shall not be
liable for any losses, claims, damages or liabilities arising out of or based upon the Issuer’s,
TILC’s or Trinity’s failure to perform its obligations under Section 5(a) of this Agreement.

          (c) Each Other Purchaser will severally and not jointly indemnify and hold harmless the
Initial Purchaser, its respective officers, partners, members, directors and affiliates and each
person, if any, who controls the Initial Purchaser, within the meaning of Section 15 of the
Securities Act, against any losses, claims, damages or liabilities, joint or several, to which the
Initial Purchaser may become subject, under the Securities Act or the Exchange Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of
or are based upon any breach by such Other Purchaser of the covenants contained in Section 6(a) of
this Agreement, and will reimburse the Initial Purchaser for any legal or other

-21-

 

expenses reasonably
incurred by the Initial Purchaser in connection with investigating or defending any such loss,
claim, damage, liability or action as such expenses are incurred.

          (d) Promptly after receipt by an indemnified party under this Section of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under subsection (a), (b) or (c) above, notify the indemnifying
party of the commencement thereof; but the failure to notify the indemnifying party shall not
relieve it from any liability that it may have under subsection (a), (b) or (c) above except to the
extent that it has been materially prejudiced (through the forfeiture of substantive rights or
defenses) by such failure; and provided further that the failure to notify the indemnifying party
shall not relieve it from any liability that it may have to an indemnified party otherwise than
under subsection (a), (b) or (c) above. In case any such action is brought against any indemnified
party and it notifies the indemnifying party of the commencement thereof, the indemnifying party
will be entitled to participate therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party (who shall not, except with the consent of the indemnifying party, be
counsel to the indemnified party), and after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party will not be liable
to such indemnified party under this Section for any legal or other expenses subsequently incurred
by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation. No indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened action in respect of which such
indemnified party is or could have been a party and indemnity could have been sought hereunder by
such indemnified party unless such settlement includes (i) an unconditional release of such
indemnified party from all liability on any claims that are the subject matter of such action and
(ii) does not include a statement as to or an admission of fault, culpability or failure to act by
or on behalf of such indemnified party.

          (e) If the indemnification provided for in this Section is unavailable or insufficient to
hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party
shall contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities referred to in subsection (a) or (b) above (i) in such proportion as
is appropriate to reflect the relative benefits received by the Issuer, TILC, TRLWT and Trinity on
the one hand and the Purchasers on the other from the offering of the Offered Notes or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Issuer, TILC, TRLWT and Trinity on the one hand and the Purchasers on the
other in connection with the statements or omissions which resulted in such losses, claims, damages
or liabilities as well as any other relevant equitable considerations. The relative benefits
received by the Issuer, TILC, TRLWT and Trinity on the one hand and the Purchasers on the other
shall be deemed to be in the same proportion as the total net proceeds from the offering (before
deducting expenses) received by the Issuer bear to the total discounts, commissions and fees
received by the Purchasers from the Issuer under this Agreement. The relative fault shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuer, TILC, TRLWT, Trinity or the Purchasers and the parties’ relative intent,
knowledge, access to information and opportunity to

-22-

 

correct or prevent such untrue statement or
omission. The amount paid by an indemnified party as a result of the losses, claims, damages or
liabilities referred to in the first sentence of this subsection (e) shall be deemed to include any
legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any action or claim which
is the subject of this subsection (e). Notwithstanding the provisions of this subsection (e), no
Purchaser shall be required to contribute any amount in excess of the total discounts, commissions
and fees received by such Purchaser from the Issuer. The obligations of the Purchasers in this
subsection (e) to contribute are several in proportion to their respective purchase obligations and
not joint.

          (f) If the indemnification provided for in this Section is unavailable or insufficient to
hold harmless an indemnified party under subsection (c) above, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities referred to in subsection (c) above in such proportion as is
appropriate to reflect the relative fault of the applicable Other Purchaser on the one hand and the
Initial Purchaser on the other as well as any other relevant equitable considerations. The amount
paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to
in the first sentence of this subsection (f) shall be deemed to include any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating or defending any
action or claim which is the subject of this subsection (f).

          (g) The obligations of the Issuer, TILC and Trinity under this Section shall be in addition
to any liability which the Issuer, TILC or Trinity may otherwise have and shall extend, upon the
same terms and conditions, to each person, if any, who controls any Purchaser within the meaning of
the Securities Act or the Exchange Act; and the obligations of the Purchasers under this Section
shall be in addition to any liability which the such Purchaser may otherwise have and shall extend,
upon the same terms and conditions, to each person, if any, who controls the Issuer, TILC or
Trinity within the meaning of the Securities Act or the Exchange Act. The obligations of each Other
Purchaser under subsections (c) and (f) above shall be in addition to any liability which such
Other Purchaser may otherwise have and shall extend, upon the same terms and conditions, to each
person, if any, who controls the Initial Purchaser within the meaning of the Securities Act or the
Exchange Act.

     9. Default of Purchasers. If any Purchaser or Purchasers default in their obligations to
purchase Offered Notes hereunder and the aggregate principal amount of Offered Notes that such
defaulting Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the total
principal amount of the Offered Notes, the Initial Purchaser may make arrangements satisfactory to
the Issuer for the purchase of such Offered Notes by other persons, including any of the
Purchasers, but if no such arrangements are made by the Closing Date, the non-defaulting Purchasers
shall be obligated severally, in proportion to their respective commitments hereunder, to purchase
the Offered Notes that such defaulting Purchaser or Purchasers agreed but failed to purchase. If
any Purchaser or Purchasers so default and the aggregate principal amount of Offered Notes with
respect to which such default or defaults occur exceeds 10% of the total principal amount of
Offered Notes and arrangements satisfactory to the Initial Purchaser and the Issuer for the
purchase of such Offered Notes by other persons are not made within 36 hours after such default,
this Agreement will terminate without liability on the part of any non-defaulting Purchaser or the
Issuer, TILC or Trinity, except as provided in Section 10. As used in this Agreement, the

-23-

 

term
“Purchaser” includes any person substituted for a Purchaser under this Section. Nothing herein will
relieve a defaulting Purchaser from liability for its default.

     10. Survival of Certain Representations and Obligations. The respective indemnities,
agreements, representations, warranties and other statements of the Issuer, TILC, Trinity or their
respective officers and of the several Purchasers set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation, or statement as to the
results thereof, made by or on behalf of any Purchaser, the Issuer, TILC, Trinity or any of their
respective representatives, officers or directors or any controlling person, and will survive
delivery of and payment for the Offered Notes. If this Agreement is terminated pursuant to Section
9 or if for any reason the purchase of the Offered Notes by the Purchasers is not consummated, the
Issuer, TILC and Trinity shall remain responsible for the expenses to be paid or reimbursed by them
pursuant to Section 5 and the respective obligations of the Issuer, TILC, Trinity, and the
Purchasers pursuant to Section 8 shall remain in effect. Further, if the purchase of the Offered
Notes by the Purchasers is not consummated for any reason other than solely because of the
termination of this Agreement pursuant to Section 9, the Issuer, TILC or Trinity will reimburse the
Purchasers for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably
incurred by them in connection with the offering of the Offered Notes.

     11. Notices. All communications hereunder will be in writing and, if sent to the Purchasers
will be mailed, delivered or telegraphed and confirmed to the Purchasers, c/o Credit Suisse
Securities (USA) LLC, Eleven Madison Avenue, New York, N.Y. 10010-3629, Attention: Transactions
Advisory Group; if sent to the Issuer, TILC or Trinity, as the case may be, will be mailed,
delivered or telegraphed and confirmed to it at c/o Trinity Industries, Inc., 2525 Stemmons
Freeway, Dallas, Texas 75207, Attention: Vice President Leasing Operations Re: (TRL 2010);
provided, however, that any notice to the Purchasers pursuant to Section 8 will be mailed,
delivered or telegraphed and confirmed to such Purchaser.

     12. Successors. This Agreement will inure to the benefit of and be binding upon the parties
hereto and their respective successors and the controlling persons referred to in Section 8, and no
other person will have any right or obligation hereunder, except that holders of Offered Notes
shall be entitled to enforce the agreements for their benefit contained in the second and third
sentences of Section 5(b) hereof against the Issuer as if such holders were parties thereto.

     13. Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same Agreement.

     14. Absence of Fiduciary Relationship. Each of the Issuer, TILC and Trinity acknowledges and
agrees that:

          (a) The Purchasers have been retained solely to act as initial purchasers in connection with
the initial purchase, offering and resale of the Offered Notes and that no fiduciary, advisory or
agency relationship between any of the Issuer, TILC, TRLWT or Trinity or their respective
affiliates, stockholders, creditors or employees, on the one hand, and the Purchasers, on the other
hand, has been created in respect of any of the transactions

-24-

 

contemplated by this Agreement or the
Offering Document, irrespective of whether any Purchaser has advised or is advising the Issuer,
TILC, TRLWT or Trinity on other matters;

          (b) the purchase and sale of the Offered Notes pursuant to this Agreement, including the
determination of the offering price of the Offered Notes and any related discount and commissions,
is an arm’s-length commercial transaction among the Purchasers, the Issuer, TILC and Trinity and
the Issuer, TILC and Trinity are capable of evaluating and understanding, and do understand and
hereby accept, the terms, risks and conditions of the transactions contemplated by this Agreement;

          (c) the Issuer, TILC, TRLWT and Trinity have been advised that the Purchasers and their
affiliates are engaged in a broad range of transactions which may involve interests that differ
from those of the Issuer, TILC, TRLWT and Trinity and that no Purchaser has any obligation to
disclose such interests and transactions to any of the Issuer, TILC, TRLWT or Trinity by virtue of
any fiduciary, advisory or agency relationship; and

          (d) each of the Issuer, TILC or Trinity waives, to the fullest extent permitted by law, any
claims it may have against any Purchaser for breach of fiduciary duty or alleged breach of
fiduciary duty and agrees that no Purchaser shall have any liability (whether direct or indirect)
to any of the Issuer, TILC or Trinity in respect of such a fiduciary duty claim or to any person
asserting a fiduciary duty claim on behalf of or in right of any of the Issuer, TILC or Trinity,
including stockholders, employees or creditors of the Issuer, TILC or Trinity.

     15. Applicable Law. This Agreement shall be governed by, and construed in accordance with,
the laws of the state of New York without regard to principles of conflicts of laws.

     Each of the Issuer, TILC and Trinity hereby submits to the non-exclusive jurisdiction of the
Federal and state courts in the Borough of Manhattan in The City of New York in any suit or
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

     16. No Petition in Bankruptcy. Each Purchaser agrees that, prior to the date which is one
year and one day after the payment in full of all outstanding Offered Notes, such Purchaser will
not institute against, or join any other Person in instituting against, the Issuer an action in
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any state of the United States.

     17. Integration. As to the matters set forth in this Agreement, so long as this Agreement is
in full force and effect, the provisions herein shall supersede any and all prior agreements as to
such subject matter, including, but not limited to, the Engagement Letter.

-25-

 

     If the foregoing is in accordance with the Purchasers’ understanding of our agreement, kindly
sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement
between the Issuer, TILC, Trinity and the Initial Purchaser in accordance with its terms.

	 	 	 	 	 
	 	Very truly yours,

TRINITY RAIL LEASING 2010 LLC,

 	 
	 	By:  	TRINITY INDUSTRIES LEASING COMPANY, as sole member and manager
 	 
	 	 	 
	 	By:  	         /s/  Cary Lance Davis
 	 
	 	 	Name:  	Cary Lance Davis 	 
	 	 	Title:  	Vice President 	 
	 
	 	TRINITY INDUSTRIES LEASING COMPANY

 	 
	 	By:  	/s/  Cary Lance Davis
 	 
	 	 	Name:  	Cary Lance Davis 	 
	 	 	Title:  	Vice President 	 
	 
	 	TRINITY INDUSTRIES, INC.

 	 
	 	By:  	/s/  Gail Peck
 	 
	 	 	Name:  	Gail Peck 	 
	 	 	Title:  	Treasurer 	 

S-1

 

	 	 	 	 	 

The foregoing Purchase Agreement is hereby confirmed and accepted as of the date first above
written.

	 	 	 	 	 
	 	CREDIT SUISSE SECURITIES (USA) LLC

 	 
	 	By:  	/s/  Hari Raghavan
 	 
	 	 	Name:  	Hari Raghavan 	 
	 	 	Title:  	Director 	 

S-2

 

	 	 	 	 	 

The foregoing Purchase Agreement is hereby confirmed and accepted as of the date first above
written.

	 	 	 	 	 
	 	CREDIT AGRICOLE SECURITIES (USA) INC.

 	 
	 	By:  	/s/  Leo Burrell
 	 
	 	 	Name:  	Leo Burrell 	 
	 	 	Title:  	Managing Director 	 

S-3

 

	 	 	 	 	 

The foregoing Purchase Agreement is hereby confirmed and accepted as of the date first above
written.

	 	 	 	 	 
	 	LLOYDS TSB BANK plc

 	 
	 	By:  	/s/  James Walter
 	 
	 	 	Name:  	James Walter 	 
	 	 	Title:  	Director 	 

S-4

 

	 	 	 	 	 

The foregoing Purchase Agreement is hereby confirmed and accepted as of the date first above
written.

	 	 	 	 	 
	 	RABO SECURITIES USA, INC.

 	 
	 	By:  	/s/  Kenneth McGrory
 	 
	 	 	Name:  	Kenneth McGrory 	 
	 	 	Title:  	President 	 

S-5

 

	 	 	 	 	 

The foregoing Purchase Agreement is hereby confirmed and accepted as of the date first above
written.

	 	 	 	 	 
	 	WELLS FARGO SECURITIES, LLC.

 	 
	 	By:  	/s/  Kevin C. Ryan
 	 
	 	 	Name:  	Kevin C. Ryan 	 
	 	 	Title:  	Director 	 

S-6

 

	 	 	 	 	 

SCHEDULE A

	 	 	 	 	 
	 	 	Principal Amount of	 
	Purchaser	 	Offered Notes	 
	 
	 	 	 	 
	Credit Suisse Securities (USA) LLC
	 	$	349,214,928	 
	Lloyds TSB Bank plc
	 	$	5,000,000	 
	Credit Agricole Securities (USA) Inc.
	 	$	5,000,000	 
	Wells Fargo Securities, LLC
	 	$	5,000,000	 
	Rabo Securities USA, Inc.
	 	$	5,000,000	 
	 
	 	 	 	 
	Total
	 	$	369,214,928	 
	 
	 	 	 

 

 

SCHEDULE B

None.

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