Document:

Unassociated Document

    THIS
      INSTRUMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE
      IN
      THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AND
      INTERCREDITOR AGREEMENT DATED AS OF AUGUST 2, 2006 (AS AMENDED BY THE FIRST
      AMENDMENT THERETO DATED AUGUST 23, 2007 AND THE SECOND AMENDMENT THERETO DATED
      AS OF AUGUST 23, 2008, THE "SUBORDINATION
      AGREEMENT")
      AMONG
      LAMINAR DIRECT CAPITAL, L.L.C. (AS SUCCESSOR TO LAMINAR DIRECT CAPITAL L.P.)
      L.P., PAC-VAN, INC. (THE "COMPANY")
      AND
      LASALLE BANK NATIONAL ASSOCIATION (TOGETHER WITH ITS SUCCESSORS AND ASSIGNS,
      THE
      "SENIOR
      AGENT"),
      TO
      THE INDEBTEDNESS (INCLUDING INTEREST) OWED BY THE COMPANY PURSUANT TO THAT
      CERTAIN AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF AUGUST 23, 2007 AMONG
      THE COMPANY, THE SENIOR AGENT AND THE SENIOR LENDERS FROM TIME TO TIME PARTY
      THERETO (THE "LOAN
      AGREEMENT"),
      AND
      THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT) AS SUCH LOAN
      AGREEMENT AND OTHER LOAN DOCUMENTS MAY BE AMENDED, RESTATED, SUPPLEMENTED OR
      OTHERWISE MODIFIED FROM TIME TO TIME AND TO INDEBTEDNESS REFINANCING THE
      INDEBTEDNESS THEREUNDER AS CONTEMPLATED BY THE SUBORDINATION AGREEMENT; AND
      EACH
      HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO
      BE
      BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT.

     

    AMENDED
      AND RESTATED

    PLEDGE
      AGREEMENT

    

    This
      AMENDED AND RESTATED PLEDGE AGREEMENT dated as of October 1 ,
      2008
      (the "Pledge
      Agreement")
      is
      executed by GFN
      NORTH AMERICA CORP.,
      a
      Delaware corporation (the "Assignor"),
      to
      and for the benefit of LAMINAR
      DIRECT CAPITAL, L.L.C.,
      a
      Delaware limited liability company, as the collateral agent (the "Agent")
      for
      all the Lenders party to the Investment Agreement (as hereafter defined).
      Capitalized terms used but not defined herein shall have the meanings assigned
      in the Investment Agreement.

     

    R
      E C I T
      A L S:

    

    A. The
      Lenders have made certain financial accommodations to Pac-Van, Inc., an Indiana
      corporation (the "Borrower"),
      arising under and pursuant to that certain Investment Agreement made and entered
      into as of August 2, 2006, among the Borrower (as successor in interest to
      PVI
      Acquisition Corporation, an Indiana corporation), Mobile Office Acquisition
      Corp., a Delaware corporation ("MOAC"),
      the
      Lenders from time to time party thereto and the Agent (as successor to Laminar
      Direct Capital L.P.) (as amended by the First Amendment to Investment Agreement
      and Waiver dated as of August 23, 2007 and the Second Amendment to Investment
      Agreement dated as of August 23, 2008, the "Original
      Investment Agreement")
      and as
      evidenced by the Notes.

    

    B. In
      connection with the transactions contemplated by the Original Investment
      Agreement, and as a condition precedent to the effectiveness of the Original
      Investment Agreement and the obligations of the Lenders to make financial
      accommodations, to the Borrower thereunder, the Lenders required that MOAC,
      which as of the date thereof was the sole shareholder of the Borrower, (i)
      execute and deliver to the Agent, for the ratable benefit of the Lenders, that
      certain Continuing Unconditional Guaranty dated as of August 2, 2006 (the
      "Original
      Subdebt Parent Guaranty")
      and
      (ii) enter into that certain Pledge Agreement dated as of August 2, 2006, for
      the ratable benefit of the Lenders and the affiliates of the Lenders
      (collectively, the "Affiliates"),
      in
      order to secure the obligations and performance of MOAC under the Original
      Subdebt Parent Guaranty and of the Borrower under the Original Investment
      Agreement and the Notes.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    C. Pursuant
      to the Parent Merger Agreement, MOAC has agreed to consummate a merger (the
      "Parent
      Merger")
      with
      the Assignor in which the Assignor will be the surviving corporation and as
      a
      result of which the Assignor shall (i) assume all of the obligations and
      liabilities of MOAC, including becoming a party to and assuming all of the
      obligations of MOAC under the Original Subdebt Parent Pledge Agreement and
      the
      other Loan Documents and (ii) acquire of the assets of MOAC, including all
      of
      the issued and outstanding Capital Stock of the Borrower.

    

    D. In
      connection with the transactions contemplated by the Parent Merger Agreement,
      (i) the parties to the Original Investment Agreement have agreed to amend and
      restate the Original Investment Agreement in the form of that certain Amended
      and Restated Investment Agreement dated as of the date hereof by and among
      the
      Borrower, the Guarantor, the Lenders from time to time party thereto and the
      Agent (as from time to time amended, modified, extended, renewed, refinanced,
      or
      restated, the "Investment
      Agreement")
      and
      (ii) the Lenders have required the Assignor to amend and restate the Original
      Subdebt Parent Guaranty in the form of that certain Amended and Restated
      Continuing Unconditional Guaranty dated as of the date hereof (as from time
      to
      time amended, modified, extended, renewed, refinanced, or restated, the
      "Subdebt
      Parent Guaranty").

    

    E. In
      connection with the transactions contemplated by the Parent Merger Agreement,
      and as a condition to the Agent's and the Lenders' consent to the Parent Merger,
      entering into the Investment Agreement and continued the extension of credit
      by
      the Lenders to the Borrower under the Investment Agreement and the Notes, the
      Lenders require that the Assignor affirm its obligations under the Original
      Pledge Agreement to secure, for the ratable benefit of the Lenders and the
      Affiliates, the obligations and performance of the Assignor under the Subdebt
      Parent Guaranty and of the Borrower under the Investment Agreement and
      the Notes,
      and in connection therewith the parties wish to fully amend and restate the
      Original Subdebt Parent Pledge Agreement in the form of this Pledge
      Agreement.

    

    F. This
      Pledge Agreement is given in replacement of and in substitution for the Original
      Subdebt Parent Pledge Agreement.

    

    NOW,
      THEREFORE, for and in consideration of the foregoing premises, which are hereby
      incorporated herein as true, and the mutual promises and agreements contained
      herein, the Assignor and the Agent hereby agree as follows:

    

    A
      G R E E
      M E N T S:

    

    1. PLEDGE
      AND GRANT OF SECURITY INTEREST.
      To
      secure the Secured Obligations, the Assignor hereby assigns and grants to the
      Agent, for its own benefit as agent for the Lenders and the benefit of the
      Lenders, as a secured party and a secured creditor under the Uniform Commercial
      Code as enacted in, and in effect from time to time in, the State of New York
      (the "UCC"),
      a
      continuing security interest in, and a right of set off against, any and all
      right, title and interest of the Assignor in and to all shares of stock and
      other equity securities of Borrower now or hereinafter owned by Assignor along
      with all substitutions or replacements thereof, all additions to, income,
      interest and dividends thereon and all proceeds thereof (collectively, the
      "Pledged
      Collateral").

    

    2. OBLIGATIONS.
      The
      obligations secured by this Pledge Agreement (the "Secured
      Obligations")
      are
      (i) all
      of
      the Subdebt Obligations and
      (ii)
      all costs and expenses incurred in connection with enforcement and collection
      of
      the Subdebt Obligations, including reasonable attorneys' fees.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    3. AGREEMENTS
      OF PARTIES.
      As long
      as any Secured Obligations remain outstanding, the Assignor hereby agrees with
      the Agent as follows:

    

    (a) The
      Agent
      shall have full and irrevocable right, power and authority to (i) collect,
      withdraw or receipt for all amounts due or to become due and payable upon or
      out
      of the Pledged Collateral, to execute any withdrawal receipts respecting the
      Pledged Collateral, and to endorse the name of the Assignor on any or all
      treasury bills or commercial paper given in payment thereof, and (ii) at
      the Agent's discretion, take any other action, including, without limitation,
      the transfer of the Pledged Collateral into the Agent's own name or the name
      of
      the Agent's nominee, which the Agent may deem necessary or appropriate to
      preserve or protect its and the Lenders' interest in the Pledged
      Collateral.

    

    (b) The
      Agent
      shall be deemed to have exercised reasonable care in the custody and
      preservation of the Pledged Collateral and in protecting any rights with respect
      to the Pledged Collateral against prior parties, if the Agent takes such action
      for that purpose as the Assignor shall request in writing, but failure of the
      Agent to comply with any such request shall not of itself be deemed a failure
      to
      exercise reasonable care, provided, however, that in any event the Agent's
      responsibility for the safekeeping of the Pledged Collateral shall not extend
      to
      matters beyond the control of the Agent, including, without limitation, acts
      of
      God, war, insurrection, riot, governmental actions or acts of any corporate
      or
      other depository.

    

    4. REPRESENTATIONS
      AND WARRANTIES.
      The
      Assignor further represents, warrants and agrees:

    

    (a) The
      shares of the Capital Stock of the Borrower constituting Pledged Collateral
      are
      duly authorized and validly issued, are fully paid and non-assessable and are
      not subject to the preemptive rights of any Person. The Assignor is the owner
      of
      the Pledged Collateral and grants the security interest herein in consideration
      of the extension of credit to the Borrower by the Lenders.

    

    (b) The
      Pledged Collateral is genuine and in all respects what it purports to
      be.

    

    (c) The
      Assignor is a corporation duly
      organized, existing and in good standing under the laws of the State of
      Delaware, with full and adequate power to carry on and conduct its business
      as
      presently conducted, and is duly licensed or qualified in all foreign
      jurisdictions wherein the nature of its activities require such qualification
      or
      licensing.

    

    (d) The
      Assignor's state issued organizational identification number is 4570538. The
      exact legal name of the Assignor is as set forth in the preamble of this
      Agreement, and the Assignor currently does not conduct, nor has it during the
      last five (5) years conducted, business under any other name or trade name.
      The
      Assignor will not change its name, its organizational identification number,
      if
      it has one, its type of organization, its jurisdiction of organization or other
      legal structure.

    

    (e) The
      Assignor has full power and authority to enter into this Pledge Agreement and
      no
      other consents of any other persons are required to be obtained in connection
      with the execution, delivery, performance, validity or enforceability of this
      Pledge Agreement.

    

    (f) All
      necessary and appropriate action has been taken on the part of the Assignor
      to
      authorize the execution and delivery of this Pledge Agreement. This Pledge
      Agreement is a valid and binding agreement and contract of the Assignor in
      accordance with its terms. No basis presently exists for any claim against
      either the Agent or any Lender under this Pledge Agreement or with respect
      to
      the enforcement thereof, and this Pledge Agreement is subject to no defenses
      of
      any kind.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (g) The
      execution, delivery and performance by the Assignor of this Pledge Agreement
      and
      any other documents or instruments to be executed and delivered by the Assignor
      in connection therewith is valid, binding and enforceable against the Assignor,
      and shall not: (i) violate or contravene the articles of incorporation or
      bylaws or any existing law or regulation or any order, writ, injunction or
      decree of any court or governmental authority, or (ii) conflict with, be
      inconsistent with, or result in any breach or default of any of the terms,
      covenants, conditions, or provisions of any indenture, mortgage, deed of trust,
      instrument, document, agreement or contract of any kind to which the Assignor
      is
      a party, or by which the Assignor or any of its property
      or assets may be bound, and, except for as required by the Loan Documents,
      will
      not result in the creation or imposition of any security interest in any
      properties pursuant to the provisions of any such mortgage, indenture, contract
      or other agreement.

    

    (h) The
      nature and transaction of the business and operations of the Assignor, and
      the
      use of its properties
      and assets will not materially violate or conflict with any applicable law,
      statute, ordinance, rule, regulation or order of any kind.

    

    (i) No
      condition, circumstance, document, restriction, litigation or proceeding (or
      to
      the best knowledge of Assignor, threatened litigation or proceeding or basis
      therefor) exists which could adversely affect the validity or priority of the
      liens and security interests granted the Agent, for its own benefit and for
      the
      ratable benefit of the Lenders, hereunder, which could materially adversely
      affect the ability of the Assignor to perform the obligations under this Pledge
      Agreement, which would constitute a default hereunder or thereunder or which
      would constitute such a default with the giving of notice or lapse of time
      or
      both.

    

    (j) Upon
      delivery of the duly executed Pledge Agreement, the Agent, for its own benefit
      and as agent for the Lenders and their Affiliates, shall have a valid lien
      and
      security interest in the Pledged Collateral, free and clear of all other, and
      subject to no pledges, hypothecation, mortgages, security interest, charges
      or
      other encumbrances, except in favor of the Agent, for its own benefit and as
      agent for the Lenders and their Affiliates and as otherwise permitted by the
      Investment Agreement.

    

    (k) In
      case
      of failure by the Assignor to pay any fees, assessments, charges or taxes
      arising with respect to the Collateral, the Agent shall have the right, but
      shall not be obligated, to effect such insurance or pay such fees, assessments,
      charges or taxes as the case may be, and, in that event, the cost thereof shall
      be payable by the Assignor to the Agent immediately upon demand, together with
      interest at the per annum rate of two percent plus the Prime Rate (as
      hereinafter defined), from the date of disbursement by the Agent to the date
      of
      payment by the Assignor. As used herein, "Prime Rate" shall mean the floating
      per annum rate of interest which at any time, and from time to time, shall
      be
      most recently announced by LaSalle National Bank as its Prime Rate, which is
      not
      intended to be the lowest or most favorable rate of interest at any one time.
      The effective date of any change in the Prime Rate shall for purposes hereof
      be
      the date the Prime Rate is changed by the LaSalle National Bank (or any
      applicable successor thereto). The Agent shall not be obligated to give notice
      of any change in the Prime Rate. The Prime Rate shall be computed on the basis
      of a year consisting of 360 days and shall be paid for the actual number of
      days
      elapsed.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    5. COVENANTS.
      Until
      the Secured Obligations have been satisfied and discharged in full, the Assignor
      covenants to and agrees with the Agent as follows:

    

    (a) The
      Assignor shall not (i) sell, assign, deliver, convey or otherwise dispose of
      or
      transfer, or create, grant, incur or permit to exist any pledge, mortgage,
      lien,
      security interest, charge or other encumbrance whatsoever (except in favor
      of
      the Agent, for its own benefit and for the ratable benefit of the Lenders and
      their Affiliates or as otherwise permitted under the Investment Agreement)
      in or
      with respect to the Collateral or any interest therein, or (ii) not make or
      consent to any amendment or other modification or waiver with respect to any
      of
      the Pledged Collateral of Debtor or enter into any agreement or allow to exist
      any restriction with respect to any of the Pledged Collateral of Debtor other
      than pursuant hereto or as may be permitted under the Investment
      Agreement

    

    (b) If,
      at
      any time hereafter, the Assignor receives or is entitled to receive into its
      possession any payments, checks, instruments, chattel paper, dividends on
      account of or in respect of the Collateral, or any other collateral or proceeds
      thereof, such Assignor shall accept such Collateral as the Agent's agent, in
      trust for the Agent without commingling such Collateral with any other property
      of the Assignor and except as otherwise permitted by the Investment Agreement
      shall, upon receipt, immediately deliver such Collateral to the Agent in the
      exact form so received, with any necessary endorsement of the Assignor or stock
      powers executed by the Assignor in blank.

    

    (c) The
      Assignor will, at all times and from time to time, defend the Collateral against
      any and all claims of any person or party whose claims are adverse to the
      claims, rights or interest of the Agent, and the Assignor shall indemnify and
      hold the Agent and the Lenders harmless from any and all such adverse claims.
      The Assignor shall bear all risk of loss, damage and diminution in value with
      respect to the Collateral, and the Assignor agrees that the Agent shall have
      no
      liability or obligation to the Assignor with respect to, and is hereby released
      by the Assignor from any of, the foregoing.

    

    (d) At
      any
      time and from time to time after the occurrence of an Event of Default (as
      hereinafter defined) or a default under any of the Secured Obligations which
      is
      continuing uncured and unwaived, the Assignor shall, upon request of the Agent,
      execute and deliver to the Agent any proxies, stock powers or assignments with
      respect to the Collateral or endorse any instruments or chattel paper with
      respect to the Collateral as so requested.

    

    (e) The
      Assignor hereby (i) appoints the Agent as its proxy and attorney-in-fact,
      (ii) authorizes the Agent to take any action for and on behalf of the
      Assignor which is required of the Assignor hereunder, and
      (iii) acknowledges that the constitution and appointment of such proxy and
      attorney-in-fact are coupled with an interest and are irrevocable.

    

    (f) The
      Assignor will promptly execute and deliver at its expense all further
      instruments and documents and take all further action that may be necessary
      and
      desirable or that the Agent may reasonably request in order to (i) perfect
      and
      protect the security interest created hereby in the Pledged Collateral of
      Assignor (including, without limitation, any and all action necessary to satisfy
      the Agent that the Agent has obtained a perfected security interest in all
      Pledged Collateral); (ii) enable the Agent to exercise and enforce its rights
      and remedies hereunder in respect of the Pledged Collateral; and (iii) otherwise
      effect the purposes of this Pledge Agreement, including, without limitation
      and
      if requested by the Agent, delivering to the Agent irrevocable proxies in
      respect of the Pledged Collateral.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    6. EVENTS
      OF DEFAULT.
      The
      Assignor shall be in default under this Pledge Agreement upon the occurrence
      of
      any one or more of the following events or conditions (an "Event
      of Default"):

    

    (a) nonpayment
      of any of the Secured Obligations when due, whether by acceleration or otherwise
      and such nonpayment continues beyond any applicable grace period;

    

    (b) the
      Assignor shall default in the performance or fail to perform any promise,
      covenant or agreement to be performed by the Assignor hereunder or under any
      other agreement now existing or hereafter entered into between the Assignor
      and
      the Agent, or the Borrower shall default in the performance or fail to perform
      any promise, covenant or agreement to be performed by the Borrower under any
      other agreement now existing or hereafter entered into between the Borrower
      and
      the Agent or any or the Lenders;

    

    (c) any
      misrepresentation or breach of any warranty by the Assignor in this Pledge
      Agreement, in connection with the Collateral or in any other agreement entered
      into between the Assignor and the Agent, or
      by the
      Borrower in the Investment Agreement;

    

    (d) the
      dissolution of the Assignor  or
      the
      Borrower;

    

    (e) the
      Assignor or the Borrower shall make an assignment for the benefit of creditors,
      fail to pay, or admit in writing its inability to pay its debts as they mature;
      or a trustee for any substantial part of the assets of the Assignor or the
      Borrower is applied for or appointed,
      and
      in
      the case of such trustee being appointed in a proceeding brought against the
      Assignor or the Borrower, (i)  such party, by any action or failure to act,
      indicates its approval of, consent to or acquiescence therein, or (ii) an
      order shall be entered approving the petition in such proceedings and such
      order
      is not vacated, stayed on appeal or otherwise shall not have ceased to continue
      in effect within thirty (30) days after the entry thereof;

    

    (f) any
      proceeding shall be commenced by or against the Assignor or the Borrower under
      any bankruptcy, receivership, insolvency, reorganization, readjustment of debt,
      dissolution or liquidation law or statute of the United States, any state or
      any
      foreign jurisdiction,
      and
      in
      the case of any such proceeding being instituted against the Assignor or the
      Borrower, (i)  such party, by any action or failure to act indicates its
      approval of, consent to or acquiescence therein, or (ii) an order shall be
      entered approving the petition in such proceedings and such order is not
      vacated, stayed on appeal or otherwise shall not have ceased to continue in
      effect within thirty (30) days after the entry thereof;

    

    (g) the
      entry
      of any judgment, levy, attachment, garnishment or other process against the
      Assignor or the Borrower, or the creation or filing of any lien or encumbrance
      upon the Collateral or the making of any levy, judicial seizure, or attachment
      thereof or thereon;

    

    (h) the
      failure of the Assignor to do any act necessary to preserve and maintain the
      value and collectability of any of the Collateral; or

    

    (i) the
      Agent
      in good faith deems itself and/or the Lenders insecure.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    7. RIGHTS
      AND REMEDIES OF ADMINSTRATIVE
      AGENT
      UPON
      DEFAULT.
      The
      rights and remedies provided herein and in any other agreements between the
      Assignor and the Agent are cumulative and are in addition to and not exclusive
      of the rights and remedies of a secured party under UCC and any other rights
      or
      remedies provided by applicable law. Upon the happening or occurrence of an
      Event of Default, and at any time thereafter and from time to time, the Agent,
      for the ratable benefit of the Lenders and their Affiliates, shall have all
      of
      the rights and remedies of a secured party under the UCC, as well as the
      following rights and remedies:

    

    (a) The
      Agent
      may exercise any or all voting rights as to any or all of the
      Collateral.

    

    (b) The
      Agent
      may collect any and all money due or to become due and enforce in the Assignor's
      name all rights with respect to the Collateral.

    

    (c) The
      Agent
      may take immediate possession of the Collateral.

    

    (d) Without
      demand, notice or advertisement, all of which are hereby expressly waived to
      the
      extent permitted by applicable law, the Agent may sell, pledge, transfer or
      otherwise dispose of, or enter into an agreement with respect to the foregoing,
      or otherwise realize on any of the Collateral, or any part thereof, at any
      broker's board or on any exchange or at public or private sale or sales, held
      at
      such place or places in the City of Indianapolis or otherwise, and at such
      time
      or times within ordinary business hours, for a purchase price or prices in
      cash
      or, without assuming any credit risk or thereby discharging the Secured
      Obligations to the extent of said purchase price until paid in cash and
      reserving the right to resell the Collateral upon the failure of said purchaser
      to so pay the purchase price therefor, upon credit or future delivery, and
      upon
      such other terms and conditions as the Agent deems satisfactory, and, if
      required by law, as set forth in any applicable notice. The Agent shall not
      be
      obligated to make any such sale pursuant to any such applicable notice required
      by law. The Agent may, without notice or publication, adjourn any such sale
      or
      cause the same to be adjourned from time to time by announcement at the time
      and
      place fixed for the sale, and such sale maybe made at any time or place to
      which
      the same may be so adjourned. The Agent, for its own account, may purchase
      any
      or all of the Collateral at any public sale and, in lieu of payment of the
      purchase price therefor, may set off or apply the purchase price against the
      Secured Obligations. The Agent is authorized, at any sale, if it deems it
      advisable so to do, to restrict the prospective bidders or purchasers to
      financially reputable persons who will represent and agree that they are
      purchasing for their own account, for investment, and not with a view to the
      distribution or sale of any of the Collateral. Upon any such sale, the Agent
      shall have the right to deliver, assign, and transfer to the purchaser thereof,
      including the Agent, that portion of the Collateral so sold. Each purchaser,
      including the Agent, at any sale shall hold the property sold absolutely free
      from any claim or right of whatsoever kind, including any equity or right of
      redemption of the Assignor, and the Assignor hereby specifically waives and
      releases all rights of redemption, stay or appraisal which it has or may have
      under any rule or law or statute now existing or hereafter adopted. The Agent,
      however, instead of exercising the power of disposition herein conferred upon
      it, may proceed by a suit or suits at law or in equity to foreclose the pledge
      and sell the Collateral, or any portion thereof, under a judgment or decree
      of a
      court or courts of competent jurisdiction. After deducting from the proceeds
      of
      the foregoing sale or other disposition of said Collateral, all expenses
      incurred by the Agent in connection therewith (including reasonable attorneys
      fees), the Agent shall apply such proceeds towards the satisfaction of the
      Secured Obligations, in such order of application as Agent may, from time to
      time elect, and shall account to the Assignor for any surplus of such
      proceeds.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    8. NO
      DUTY CONCERNING COLLECTION ON COLLATERAL.
      The
      Agent shall not be liable for its failure to give notice to the Assignor of
      a
      default under this Pledge Agreement or under any other agreement between the
      Assignor and the Agent. The Agent shall not be liable for its failure to use
      diligence to collect any amount payable in respect to the Collateral, but shall
      be liable only to account to the Assignor for what the Agent may actually
      collect or receive thereon.

    

    9. FURTHER
      ASSURANCES.
      The
      Assignor hereby irrevocably authorizes the Agent at any time and from time
      to
      time to file in any jurisdiction any initial UCC financing statements and/or
      amendments thereto naming the Agent, as agent, as Secured Party, and the
      Assignor, as Debtor, that (a) describe the Collateral, and (b) contain
      any other information required by part 5 of Article 9 of the UCC for the
      sufficiency or filing office acceptance of any financing statement or amendment,
      and which shall evidence the Agent's perfection of a security interest on the
      ratable behalf of the Lenders in such Collateral as security for the Secured
      Obligations. The Assignor, upon demand, shall furnish to the Agent such further
      information, execute and deliver such other documents and do all such other
      acts
      and things as the Agent may at any time, or from time to time, reasonably
      request as being necessary or appropriate to establish and maintain a perfected
      first security interest in the Collateral or to otherwise evidence, document
      or
      conclude the transactions contemplated hereby. The Assignor shall pay all costs
      and expenses of filing such financing statements, of all searches of records,
      wherever filing or recording or searching of records is deemed by the Agent
      to
      be necessary and desirable, or otherwise incurred by the Agent or its agents
      in
      carrying out the provisions of this Assignment. A photographic, carbon or other
      reproduction of this Assignment shall be sufficient as a financing
      statement.

    

    10. ASCERTAINING
      MATURITIES, CALLS, ETC.
      Without
      limiting the foregoing, it is specifically understood and agreed that the Agent
      shall have no responsibility for ascertaining any maturities, calls,
      conversations, exchanges, offers, tenders, or similar matters relating to any
      of
      the Collateral or for informing the Assignor with respect to any of such matters
      (irrespective of whether the Agent actually has, or may be deemed to have,
      knowledge thereof). The foregoing provisions of this section shall be fully
      applicable to all securities or similar property held in pledge hereunder,
      irrespective of whether the Agent may have exercised any right to have such
      securities or similar property registered in its name or in the name of a
      nominee.

    

    11. WAIVER
      OF DEFENSES.
      No
      renewal or extension of the time of payment of the Secured Obligations; no
      release or surrender of, or failure to perfect or enforce any security interest
      for the Secured Obligations; no release of any person primarily or secondarily
      liable on the Secured Obligations (including any maker, endorser, or guarantor);
      no delay in enforcement of payment of the Secured Obligations; and no delay
      or
      omission in exercising any right or power with respect of the Secured
      Obligations or any security agreement securing the Secured Obligations shall
      affect the rights of the Agent in the Collateral. The Assignor hereby waives
      presentment, protest, demand, notice of dishonor or default, notice of any
      loans
      made, extensions granted, or other action taken in reliance hereon and all
      demands and notices of any kind in connection with the Secured
      Obligations.

    

    12. WAIVER
      OF ASSIGNOR'S SUBROGATION RIGHTS.
      In case
      of any bankruptcy, reorganization, debt arrangement or other proceeding under
      any bankruptcy or insolvency law, or any dissolution, liquidation or
      receivership proceeding is instituted by or against the Borrower or the
      Assignor, all Secured Obligations then existing shall, without notice to anyone,
      immediately become due or accrued and be payable, jointly and severally, from
      the Assignor. If bankruptcy or reorganization proceedings at any time are
      instituted by or against the Borrower under the United States Bankruptcy Code,
      the Assignor hereby: (a) expressly and irrevocably waives, to the fullest
      extent possible, on behalf of himself and his heirs and administrators
      (including any surety) and any other person, any and all rights at law or in
      equity to subrogation, to reimbursement, to exoneration, to contribution, to
      indemnification, to set off or to any other rights that could accrue to a surety
      against a principal, to a guarantor against a maker or obligor, to an
      accommodation party against the party accommodated, to a holder or transferee
      against a maker, or to the holder of a claim against any person, and which
      the
      Assignor may have or hereafter acquire against any person in connection with
      or
      as a result of the Assignor's execution, delivery and/or performance of this
      Pledge Agreement, or any other documents to which the Assignor is a party or
      otherwise; (b) expressly and irrevocably waives any "claim" (as such term
      is defined in the United States Bankruptcy Code) of any kind against the
      Borrower, and further agrees that he shall not have or assert any such rights
      against any person (including any surety), either directly or as an attempted
      set off to any action commenced against the Assignor by the Agent, the Lenders
      or any other person; and (c) acknowledges and agrees that (i) this
      waiver is intended to benefit the Agent and the Lenders and shall not limit
      or
      otherwise effect the Assignor's liability hereunder or the enforceability of
      this Pledge Agreement, (ii) the Borrower and its successors and assigns and
      the Lenders and their successors and assigns are intended third party
      beneficiaries of this waiver, and (iii) the agreements set forth in this
      section and the Agent's and the Lenders' rights under this section shall survive
      payment in full of the Secured Obligations.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    13. WAIVER
      BY AGENT OR LENDER.
      No
      course of dealing between the Assignor and the Agent or any Lender, nor any
      failure to exercise, nor any delay in exercising any right, remedy, power or
      privilege of the Agent or any Lender hereunder, under the Notes or under any
      other agreement entered into between the Assignor and the Agent or any Lender,
      shall operate as a waiver thereof. No waiver by the Agent or any Lender of
      any
      Event of Default or any right or remedy hereunder, under the Investment
      Agreement or
      under
      any document or agreement shall constitute a waiver of any other event of
      default, right or remedy of the Agent or such Lender, nor of the same event
      of
      default, right or remedy on a future occasion.

    

    14. GOVERNING
      LAW; SEVERABILITY.
      This
      Pledge Agreement shall be governed by and construed in accordance with the
      laws
      of the State of New York. Wherever possible each provision of this Pledge
      Agreement shall be interpreted in such manner as to be effective and valid
      under
      applicable law, but if any provision of this Pledge Agreement shall be
      prohibited by or invalid under such law, such provision shall be ineffective
      to
      the extent of such prohibition or invalidity, without invalidating the remainder
      of such provision or the remaining provisions of this Pledge
      Agreement.

    

    15. SUCCESSORS
      AND ASSIGNS.
      This
      Pledge Agreement and all rights and liabilities hereunder and in and to any
      and
      all Collateral shall inure to the benefit of the Agent, for its own benefit
      and
      for the ratable benefit of the Lenders, and their successors and assigns, and
      shall be binding on the Assignor, its successors
      and assigns.

    

    16. NOTICE.
      Any
      notice of any sale, lease, other disposition, or other intended action by the
      Agent shall be deemed reasonable if in writing, addressed to the Assignor at
      the
      address set forth above, or any other address designated in a written notice
      by
      the Assignor previously received by the Agent and deposited, first class postage
      prepaid, in the United States mails five (5) days in advance of the intended
      disposition or other intended action, provided, however, that the foregoing
      shall not preclude the fact that failure to give such notice or notice by other
      means may be reasonable under the particular circumstances
      involved.

    

    17. DURATION
      AND EFFECT.
      This
      Pledge Agreement shall remain and continue in full force and effect
      (notwithstanding, without limitation, the dissolution of the Assignor or the
      Borrower) from the date hereof until all of the Secured Obligations have been
      fully and completely paid, satisfied and discharged. Thereupon, this Pledge
      Agreement shall terminate and the Agent shall release any Collateral still
      held
      by it which has not been sold or otherwise disposed of in accordance with
      Section 7 hereof and applied toward the satisfaction of the Secured Obligations
      hereunder, and the Agent shall, unless otherwise required to deliver such
      Collateral to the Senior Agent in accordance with the terms of the Intercreditor
      Agreement, deliver any such Collateral to the Assignor, together with any
      necessary stock powers or assignment executed by the Agent in blank, at the
      Assignor's expense. The Assignor acknowledges that this Pledge Agreement is
      and
      shall be effective upon execution by the Assignor and delivery to and acceptance
      hereof by the Agent, and it shall not be necessary for the Agent to execute
      any
      acceptance hereof or otherwise to signify or express its acceptance hereof
      to
      the Assignor.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    18. CONTROL
      COLLATERAL HELD BY CONTROL AGENT.
      Notwithstanding any provision to the contrary herein, any Collateral that
      constitutes Control Collateral (as defined in the Intercreditor Agreement)
      that
      is held by the Agent, for the benefit of the Lenders, hereunder shall be deemed
      to be held by the Control Agent (as defined in the Intercreditor Agreement)
      in
      accordance with the Intercreditor Agreement.

    

    19. INTERCREDITOR
      PROVISION.
      Notwithstanding anything herein to the contrary, the lien and security interest
      granted to the Agent pursuant to this Pledge Agreement and the exercise of
      any
      right or remedy by the Agent hereunder are subject to the Intercreditor
      Agreement, as the same may be amended, supplemented, modified or replaced from
      time to time. In the event of any conflict between the terms of this Pledge
      Agreement and the Intercreditor Agreement, the terms of the Intercreditor
      Agreement shall govern.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	ASSIGNOR:
	 	 
	 	
              GFN
                NORTH AMERICA CORP.,

              a
                Delaware corporation 

            
	 	 	 
	 	By:	/s/
              John O. Johnson
	 	Name:	John
              O. Johnson
	 	Title:	Chief
              Operating Officer

    

    
       

      
        	 	AGENT:
	 	 
	 	
                LAMINAR
                  DIRECT CAPITAL L.L.C.,

                in
                  its capacity as Collateral Agent

              
	 	 	 
	 	By:	/s/
                Brandon Baer
	 	Name:	Brandon
                Baer
	 	Title:	Authorized
                Secretary

      

       

    

    
      
        
        

      

      
        11THIS
      INSTRUMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE
      IN
      THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AND
      INTERCREDITOR AGREEMENT DATED AS OF AUGUST 2, 2006 (AS AMENDED BY THE FIRST
      AMENDMENT THERETO DATED AUGUST 23, 2007 AND THE SECOND AMENDMENT THERETO DATED
      AS OF AUGUST 23, 2008, THE "SUBORDINATION
      AGREEMENT")
      AMONG
      LAMINAR DIRECT CAPITAL, L.L.C. (AS SUCCESSOR TO LAMINAR DIRECT CAPITAL L.P.)
      L.P., PAC-VAN, INC. (THE "COMPANY")
      AND
      LASALLE BANK NATIONAL ASSOCIATION (TOGETHER WITH ITS SUCCESSORS AND ASSIGNS,
      THE
      "SENIOR
      AGENT"),
      TO
      THE INDEBTEDNESS (INCLUDING INTEREST) OWED BY THE COMPANY PURSUANT TO THAT
      CERTAIN AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF AUGUST 23, 2007 AMONG
      THE COMPANY, THE SENIOR AGENT AND THE SENIOR LENDERS FROM TIME TO TIME PARTY
      THERETO (THE "LOAN
      AGREEMENT"),
      AND
      THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT) AS SUCH LOAN
      AGREEMENT AND OTHER LOAN DOCUMENTS MAY BE AMENDED, RESTATED, SUPPLEMENTED OR
      OTHERWISE MODIFIED FROM TIME TO TIME AND TO INDEBTEDNESS REFINANCING THE
      INDEBTEDNESS THEREUNDER AS CONTEMPLATED BY THE SUBORDINATION AGREEMENT; AND
      EACH
      HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO
      BE
      BOUND BY THE PROVISIONS OF THE SUBORDINATION AGREEMENT.

    

    AMENDED
      AND RESTATED 

    CONTINUING
      UNCONDITIONAL GUARANTY

    

    This
      AMENDED AND RESTATED CONTINUING UNCONDITIONAL GUARANTY dated as of October
      1,
      2008 (the "Guaranty"),
      is
      executed by GFN
      NORTH AMERICA CORP, Delaware
      corporation (the "Guarantor"),
      to
      and for the benefit of LAMINAR
      DIRECT CAPITAL, L.L.C., a
      Delaware limited liability company, in its capacity as collateral agent (the
      "Agent")
      for
      the Lenders under the Investment Agreement (as hereinafter defined), whose
      address is 10000 Memorial Dr., Suite 500 Houston, Texas 70024, and the Lenders
      party to the Investment Agreement. Capitalized terms used but not defined herein
      shall have the meanings assigned in the Investment Agreement.

     

    WHEREAS,
      the Lenders have made certain financial accommodations to Pac-Van, Inc., an
      Indiana corporation (the "Borrower"),
      whose
      address is 2995 South Harding Street, Indianapolis, Indiana 46225, arising
      under
      and pursuant to that certain Investment Agreement made and entered into as
      of
      August 2, 2006, among the Borrower (as successor in interest to PVI Acquisition
      Corporation, an Indiana corporation), Mobile Office Acquisition Corp., a
      Delaware corporation ("MOAC"),
      the
      Lenders from time to time party thereto and the Agent (as successor to Laminar
      Direct Capital L.P.) (as amended by the First Amendment to Investment Agreement
      and Waiver dated as of August 23, 2007 and the Second Amendment to Investment
      Agreement dated as of August 23, 2008, the "Original
      Investment Agreement")
      and as
      evidenced by the Notes;

    

    WHEREAS,
      in connection with the transactions contemplated by the Original Investment
      Agreement and as a condition precedent to the effectiveness of the Original
      Investment Agreement and the obligations of the Lenders to make the financial
      accommodations to the Borrower thereunder, the Lenders required that MOAC,
      which
      as of the date thereof was the sole shareholder of the Borrower, execute and
      deliver to the Agent, for the ratable benefit of the lenders, that certain
      Continuing Unconditional Guaranty dated as of August 2, 2006 (the "Original
      Subdebt Parent Guaranty");
      

    

    WHEREAS,
      Pursuant to the Parent Merger Agreement, MOAC has agreed to consummate a merger
      (the "Parent
      Merger")
      with
      the Guarantor in which the Guarantor will be the surviving corporation and
      as a
      result of which the Guarantor shall (i) assume all of the obligations and
      liabilities of MOAC, including becoming a party to and assuming all of the
      obligations of MOAC under the Original Subdebt Parent Guaranty and the other
      Loan Documents and (ii) acquire all of the assets of MOAC, including all of
      the
      issued and outstanding Capital Stock of the Borrower.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
      in connection with the transactions contemplated by the Parent Merger Agreement,
      the parties to the Original Investment Agreement have agreed to amend and
      restate the Original Investment Agreement in the form of that certain Amended
      and Restated Investment Agreement dated as of the date hereof by and among
      the
      Borrower, the Guarantor, the Lenders from time to time party thereto and the
      Agent (as from time to time amended, modified, extended, renewed, refinanced,
      or
      restated, the "Investment
      Agreement");
      

    

    WHEREAS,
      as a result of the Parent Merger, the Guarantor has become the parent of the
      Borrower, and desires the Lenders to consent to the Parent Merger and to
      continue to extend credit to the Borrower pursuant to the Investment
      Agreement;

    

    WHEREAS,
      the extension or continued extension of credit, as aforesaid, by the Lenders
      is
      necessary and desirable to the conduct and operation of the business of the
      Borrower and will inure to the financial benefit of the Guarantor;

    

    WHEREAS,
      in connection with the transactions contemplated by the Parent Merger Agreement,
      and as a condition precedent to the Agent's and the Lenders' consent to the
      Parent Merger, entering into the Investment Agreement and continued extension
      and continuation of credit by the Lenders to the Borrower under the Investment
      Agreement and the Notes, the Lenders require that Guarantor affirm its
      obligations under the Original Parent Guaranty for the ratable benefit of the
      Lenders, and in connection therewith the parties wish to fully amend and restate
      the Original Subdebt Parent Guaranty in the form of this Guaranty and
 

    

    WHEREAS,
      this Guaranty is given in replacement of and in substitution for the Original
      Subdebt Parent Guaranty.

    

    NOW,
      THEREFORE, FOR VALUE RECEIVED, it is agreed that the preceding provisions and
      recitals are an integral part hereof and that this Guaranty shall be construed
      in light thereof, and in consideration of advances, credit or other financial
      accommodation heretofore afforded, concurrently herewith being afforded or
      hereafter to be afforded to the Borrower by the Lenders, the Guarantor hereby
      unconditionally and absolutely guarantees to the Lenders or other person paying
      or incurring the same, irrespective of the validity, regularity or
      enforceability of any instrument, writing, arrangement or credit agreement
      relating to or the subject of any such financial accommodation, the prompt
      payment in full of: (a) the Subdebt Obligations in full when due (whether stated
      at maturity, as a mandatory prepayment, by acceleration or otherwise, strictly
      in accordance with the terms thereof, plus
      (b) all
      costs, legal expenses and attorneys’ and paralegals’ fees of every kind
      (including those costs, expenses and fees of attorneys and paralegals who may
      be
      employees of the Lenders, their respective parent or affiliates), paid or
      incurred by the Lenders in endeavoring to collect all or any part of the Subdebt
      Obligations, or in enforcing their rights in connection with any collateral
      therefor, or in enforcing this Guaranty, or in defending against any defense,
      counterclaim, setoff or crossclaim based on any act of commission or omission
      by
      the Lenders with respect to the foregoing indebtedness, any collateral therefor,
      or in connection with any Repayment Claim (as hereinafter defined),
      plus
      (c)
      interest on the foregoing from and after demand from the Agent to the Guarantor
      for payment of the foregoing, at a floating per annum rate of interest equal
      to
      four percent (4.00%) over the Prime Rate (as hereinafter defined) (collectively,
      the "Guaranteed
      Debt").
      In
      addition, the Guarantor hereby unconditionally and absolutely guarantees to
      the
      Lenders the prompt, full and faithful performance and discharge by the Borrower
      of each of the terms, conditions, agreements, representations and warranties
      on
      the part of the Borrower contained in any agreement, or in any modification
      or
      addenda thereto or substitution thereof in connection with any of the Guaranteed
      Debt.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    As
      used
      herein, "Prime Rate" shall mean the floating per annum rate of interest which
      at
      any time, and from time to time, shall be most recently announced by LaSalle
      Bank National Association as its Prime Rate, which is not intended to be the
      lowest or most favorable rate of interest at any one time. The effective date
      of
      any change in the Prime Rate shall for purposes hereof be the date the Prime
      Rate is changed by LaSalle Bank National Association. The Agent shall not be
      obligated to give notice of any change in the Prime Rate. The Prime Rate shall
      be computed on the basis of a year consisting of 360 days and shall be paid
      for
      the actual number of days elapsed.

    

    Guarantor
      hereby represents and warrants to the Agent and each Lender that Guarantor
      has
      not engaged in any activities other than acting as a holding company for the
      Borrower and transactions incidental thereto and holds no assets other than
      all
      of the issued and outstanding capital stock of the Borrower.

     

    Guarantor
      shall not, directly or indirectly, (i) enter into any agreement (including
      any
      agreement for incurrence or assumption of debt, any purchase, sale, lease or
      exchange of any property or the rendering of any service), between itself and
      any other Person (as defined in the Investment Agreement), other than the
      Holdback Note, the Loan
      Documents to which it is a party, the Senior Transaction Documents to which
      it
      is a party or
      as
      otherwise approved by Agent in writing (collectively, the "Guarantor
      Documents"),
      (ii)
      engage in any business or conduct any activity (including the making of any
      investment or payment) or transfer any of its assets, other than the making
      of
      investments in the Borrower existing on the date hereof, the performance of
      its
      obligations under the Guarantor Documents in accordance with the terms thereof
      and the performance of ministerial activities and the payment of taxes and
      administrative fees or (iii) consolidate or merge with or into any other Person
      other than pursuant to the Parent Merger. Guarantor shall preserve, renew and
      keep its existence in full force and effect. The provisions of this paragraph
      shall not preclude Guarantor from engaging in any other activities reasonably
      incidental to its investment in the Borrower.

     

    In
      case
      of any bankruptcy, reorganization, debt arrangement or other proceeding under
      any bankruptcy or insolvency law, any dissolution, liquidation or receivership
      proceeding is instituted by or against either the Borrower or the Guarantor,
      or
      any default by the Guarantor of any of the covenants, terms and conditions
      set
      forth herein, all of the Guaranteed Debt shall, without notice to anyone,
      immediately become due or accrued and shall be payable by the Guarantor. The
      Guarantor hereby expressly and irrevocably: (a) waives, to the fullest extent
      possible, on behalf of itself and its successors and assigns (including any
      surety) and any other person, any and all rights at law or in equity to
      subrogation, reimbursement, exoneration, contribution, indemnification, set
      off
      or to any other rights that could accrue to a surety against a principal, a
      guarantor against a maker or obligor, an accommodation party against the party
      accommodated, a holder or transferee against a maker, or to the holder of a
      claim against any person, and which the Guarantor may have or hereafter acquire
      against any person in connection with or as a result of the Guarantor’s
      execution, delivery and/or performance of this Guaranty, or any other documents
      to which the Guarantor is a party or otherwise; (b) waives any "claim" (as
      such
      term is defined in the United States Bankruptcy Code) of any kind against the
      Borrower, and further agrees that it shall not have or assert any such rights
      against any person (including any surety), either directly or as an attempted
      set off to any action commenced against the Guarantor by the Lenders or any
      other person; and (c) acknowledges and agrees (i) that foregoing waivers are
      intended to benefit the Lenders and shall not limit or otherwise affect the
      Guarantor’s liability hereunder or the enforceability of this Guaranty, (ii)
      that the Borrower and its successors and assigns are intended third party
      beneficiaries of the foregoing waivers, and (iii) the agreements set forth
      in
      this paragraph and the Lenders’ rights under this paragraph shall survive
      payment in full of the Guaranteed Debt.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Subject
      to the terms of the Intercreditor Agreement (as defined in the Investment
      Agreement), (a) all
      dividends or other payments received by the Lenders on account of the Guaranteed
      Debt, from whatever source derived, shall be taken and applied by the Agent
      toward the payment of the Guaranteed Debt and in such order of application
      as
      the Agent may, in its sole discretion, from time to time elect
      and (b)
      the
      Agent
      shall have the exclusive right to determine how, when and what application
      of
      payments and credits, if any, whether derived from the Borrower or any other
      source, shall be made on the Guaranteed Debt and such determination shall be
      conclusive upon the Guarantor.

    

    This
      Guaranty shall in all respects be continuing, absolute and unconditional, and
      shall remain in full force and effect with respect to the Guarantor until:
      (i)
      written notice from the Agent to the Guarantor by United States certified mail
      of its discontinuance as to the Guarantor; or (ii) until all Guaranteed Debt
      created or existing before receipt of either such notice shall have been fully
      paid. In the event of the dissolution of the Guarantor, this Guaranty shall
      continue as to all of the Guaranteed Debt theretofore incurred by the Borrower
      even though the Guaranteed Debt is renewed or the time of maturity of the
      Borrower’s obligations is extended without the consent of the successors or
      assigns of the Guarantor.

    

    No
      compromise, settlement, release or discharge of, or indulgence with respect
      to,
      or failure, neglect or omission to enforce or exercise any right against any
      other guarantor shall release or discharge the Guarantor.

    

    The
      Guarantor’s liability under this Guaranty shall in no way be modified, affected,
      impaired, reduced, released or discharged by any of the following (any or all
      of
      which may be done or omitted by the Lenders in their sole discretion, without
      notice to anyone and irrespective of whether the Guaranteed Debt shall be
      increased or decreased thereby): (a) any acceptance by the Lenders of any new
      or
      renewal note or notes of the Borrower, or of any security or collateral for,
      or
      other guarantors or obligors upon, any of the Guaranteed Debt; (b) any
      compromise, settlement, surrender, release, discharge, renewal, refinancing,
      extension, alteration, exchange, sale, pledge or election with respect to the
      Guaranteed Debt, or any note by the Borrower, or with respect to any collateral
      under Section 1111 or take any action under Section 364, or any other section
      of
      the United States Bankruptcy Code, now existing or hereafter amended, or other
      disposition of, or substitution for, or indulgence with respect to, or failure,
      neglect or omission to realize upon, or to enforce or exercise any liens or
      rights of appropriation or other rights with respect to, the Guaranteed Debt
      or
      any security or collateral therefor or any claims against any person or persons
      primarily or secondarily liable thereon; (c) any failure, neglect or omission
      to
      perfect, protect, secure or insure any of the foregoing security interests,
      liens, or encumbrances of the properties or interests in properties subject
      thereto; (d) the granting of credit from time to time by the Lenders to the
      Borrower in excess of the amount, if any, to which the right of recovery under
      this Guaranty is limited (which is hereby expressly authorized); (e) any change
      in the Borrower’s name or the merger of the Borrower into another
      corporation
      effective as of the date hereof);
      (f) any
      act of commission or omission of any kind or at any time upon the part of the
      Lenders with respect to any matter whatsoever, other than the execution and
      delivery by the Agent to the Guarantor of an express written release or
      cancellation of this Guaranty; or (g) the payment in full of the Guaranteed
      Debt. The Guarantor hereby consents to all acts of commission or omission of
      the
      Lenders set forth above and agrees that the standards of good faith, diligence,
      reasonableness and care shall be measured, determined and governed solely by
      the
      terms and provisions hereof.

    

    In
      order
      to hold the Guarantor liable hereunder, there shall be no obligation on the
      part
      of the Lenders, at any time, to resort for payment from the Borrower or to
      anyone else, or to any collateral, security, property, liens or other rights
      and
      remedies whatsoever, all of which are hereby expressly waived by the
      Guarantor.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
      Guarantor hereby expressly waives diligence in collection or protection,
      presentment, demand or protest or in giving notice to anyone of the protest,
      dishonor, default, or nonpayment or of the creation or existence of any of
      the
      Guaranteed Debt or of any security or collateral therefor or of the acceptance
      of this Guaranty or of extension of credit or indulgences hereunder or of any
      other matters or things whatsoever relating hereto.

    

    The
      Guarantor waives any and all defenses, claims and discharges of the Borrower,
      or
      any other obligor, pertaining to the Guaranteed Debt, except the defense of
      discharge by payment in full. Without limiting the generality of the foregoing,
      the Guarantor will not assert, plead or enforce against the Lenders any defense
      of waiver, release, discharge in bankruptcy, statute of limitations, res
      judicata, statute of frauds, anti-deficiency statute, fraud, incapacity,
      minority, usury, illegality or unenforceability which may be available to the
      Borrower or any other person liable in respect of any of the Guaranteed Debt,
      or
      any setoff available against the Lenders to the Borrower or any such other
      person, whether or not on account of a related transaction. The Guarantor
      expressly agrees that the Guarantor shall be and remain liable for any
      deficiency remaining after foreclosure of any mortgage or security interest
      securing the Guaranteed Debt, whether or not the liability of the Borrower
      or
      any other obligor for such deficiency is discharged pursuant to statute or
      judicial decision.

    

    To
      secure
      payment of the Guaranteed Debt, MOAC entered into a Pledge Agreement dated
      as of
      August 2, 2006 in favor of the Agent. In continuation of such security, and
      in
      replacement of such Pledge Agreement, Guarantor has executed an Amended and
      Restated Pledge Agreement of even date herewith in favor of Agent, and the
      Guarantor thereby and hereby grants to the Lenders a security interest in all
      property of the Guarantor delivered concurrently herewith or which is now,
      or at
      any time hereafter in transit to, or in the possession, custody, or control
      of
      the Lenders, and all proceeds of all such property. The Guarantor agrees that
      the Lenders shall have the rights and remedies of a secured party under the
      Uniform Commercial Code in effect in New York from time to time, with respect
      to
      all of the aforesaid property, including, without limitation thereof, the right
      to sell or otherwise dispose of any such property. The Lenders may, without
      demand or notice of any kind to anyone, apply or set off any balances, credits,
      deposits, accounts, moneys or other indebtedness at any time credited by or
      due
      from the Lenders to the Guarantor against the amounts due hereunder and in
      such
      order of application as the Lenders may from time to time elect. Any
      notification of intended disposition of any property required by law shall
      be
      deemed reasonably and properly given if given in the manner provided by the
      applicable statute. The Guarantor hereby assigns and transfers to the Lenders
      any and all cash, negotiable instruments, documents of title, chattel paper,
      securities, certificates of deposit, deposit accounts other cash equivalents
      and
      other assets of the Guarantor in the possession or control of the Lenders for
      any purpose.

    

    THE
      GUARANTOR WAIVES EVERY DEFENSE, CAUSE OF ACTION, COUNTERCLAIM OR SETOFF WHICH
      THE GUARANTOR MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY THE LENDERS
      IN
      ENFORCING THIS GUARANTY. AS FURTHER SECURITY, ANY AND ALL DEBTS AND LIABILITIES
      NOW OR HEREAFTER ARISING AND OWING TO THE GUARANTOR BY THE BORROWER, OR TO
      ANY
      OTHER PARTY LIABLE TO THE LENDERS FOR THE GUARANTEED DEBT, ARE HEREBY
      SUBORDINATED TO THE LENDERS’ CLAIMS AND ARE HEREBY ASSIGNED TO THE LENDERS. THE
      GUARANTOR HEREBY AGREES THAT THE GUARANTOR MAY BE JOINED AS A PARTY DEFENDANT
      IN
      ANY LEGAL PROCEEDING (INCLUDING, BUT NOT LIMITED TO, A FORECLOSURE PROCEEDING)
      INSTITUTED BY THE LENDERS AGAINST THE BORROWER. THE GUARANTOR AND THE LENDERS,
      AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL, EACH
      KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE IRREVOCABLY THE RIGHT TO TRIAL
      BY
      JURY WITH RESPECT TO ANY SUCH LEGAL PROCEEDING IN WHICH THE GUARANTOR AND THE
      LENDERS ARE ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE
      LENDERS GRANTING ANY FINANCIAL ACCOMMODATION TO THE BORROWER AND ACCEPTING
      THIS
      GUARANTY.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Should
      a
      claim (a "Repayment
      Claim")
      be
      made upon the Lenders at any time for repayment of any amount received by the
      Lenders in payment of the Guaranteed Debt, or any part thereof, whether received
      from the Borrower, the Guarantor pursuant hereto, or received by the Lenders
      as
      the proceeds of collateral, by reason of: (i) any judgment, decree or order
      of
      any court or administrative body having jurisdiction over the Lenders or any
      of
      its property; or (ii) any settlement or compromise of any such Repayment Claim
      effected by the Lenders, in their sole discretion, with the claimant (including
      the Borrower), the Guarantor shall remain liable to the Lenders for the amount
      so repaid to the same extent as if such amount had never originally been
      received by the Lenders, notwithstanding any termination hereof or the
      cancellation of any note or other instrument evidencing any of the Guaranteed
      Debt.

    

    The
      Lenders may, without notice to anyone, sell or assign the Guaranteed Debt,
      or
      any part thereof, or grant participations therein, and in any such event each
      and every immediate or remote assignee or holder of, or participant in, all
      or
      any of the Guaranteed Debt shall have the right to enforce this Guaranty, by
      suit or otherwise for the benefit of such assignee, holder, or participant,
      as
      fully as if herein by name specifically given such right herein, but the Agent
      shall have an unimpaired right, prior and superior to that of any such assignee,
      holder or participant, to enforce this Guaranty for the benefit of the Lenders,
      as to any part of the Guaranteed Debt retained by the Lenders.

    

    Unless
      and until all of the Guaranteed Debt has been paid in full, no release or
      discharge of any other person, whether primarily or secondarily liable for
      and
      obligated with respect to the Guaranteed Debt, or the institution of bankruptcy,
      receivership, insolvency, reorganization, dissolution or liquidation proceedings
      by or against the Guarantor or any other person primarily or secondarily liable
      for and obligated with respect to the Guaranteed Debt, or the entry of any
      restraining or other order in any such proceedings, shall release or discharge
      the Guarantor, or any other guarantor of the indebtedness, or any other person,
      firm or corporation liable to the Lenders for the Guaranteed Debt.

    

    All
      references herein to the Borrower and to the Guarantor, respectively, shall
      be
      deemed to include any successors or assigns, whether immediate or remote, to
      such corporation.

    

    If
      this
      Guaranty contains any blanks when executed by the Guarantor, the Agent is hereby
      authorized, without notice to the Guarantor, to complete any such blanks
      according to the terms upon which this Guaranty is executed by the Guarantor
      and
      is accepted by the Agent.

    

    This
      Guaranty has been delivered to the Agent at its offices in Houston, Texas and
      the rights, remedies and liabilities of the parties shall be construed and
      determined in accordance with the laws of the State of New York.

    

    TO
      INDUCE
      THE LENDERS TO GRANT FINANCIAL ACCOMMODATIONS TO THE BORROWER, THE GUARANTOR
      IRREVOCABLY AGREES THAT ALL ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT
      OR IN CONSEQUENCE OF THIS GUARANTY SHALL BE INSTITUTED AND LITIGATED ONLY IN
      COURTS HAVING SITUS IN THE CITY OF NEW YORK, NEW YORK. THE GUARANTOR HEREBY
      CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT
      LOCATED AND HAVING ITS SITUS IN NEW YORK, NEW YORK, AND WAIVES ANY OBJECTION
      BASED ON FORUM NON CONVENIENS. THE GUARANTOR HEREBY WAIVES PERSONAL SERVICE
      OF
      ANY AND ALL PROCESS, AND CONSENTS TO THE SERVICE OF PROCESS BY CERTIFIED MAIL,
      RETURN RECEIPT REQUESTED, DIRECTED TO THE GUARANTOR AT THE ADDRESS INDICATED
      IN
      THE AGENT’S RECORDS IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF
      COURT OR OTHERWISE. FURTHERMORE, THE GUARANTOR WAIVES ALL NOTICES AND DEMANDS
      IN
      CONNECTION WITH THE ENFORCEMENT OF THE LENDERS’ RIGHTS HEREUNDER, AND HEREBY
      CONSENTS TO, AND WAIVES NOTICE OF THE RELEASE, WITH OR WITHOUT CONSIDERATION,
      OF
      THE BORROWER OR ANY OTHER PERSON RESPONSIBLE FOR PAYMENT OF THE GUARANTEED
      DEBT,
      OR OF ANY COLLATERAL THEREFOR.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Wherever
      possible each provision of this Guaranty shall be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Guaranty shall be prohibited by or invalid under such law, such provision shall
      be ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provision or the remaining provisions of
      this
      Guaranty.

    

    It
      is
      agreed that the Guarantor’s liability is independent of any other guaranties at
      any time in effect with respect to all or any part of the Guaranteed Debt,
      and
      that the Guarantor’s liability hereunder may be enforced regardless of the
      existence of any such other guaranties.

    

    No
      delay
      on the part of the Agent in the exercise of any right or remedy shall operate
      as
      a waiver thereof, and no single or partial exercise by the Agent of any right
      or
      remedy shall preclude other or further exercise thereof, or the exercise of
      any
      other right or remedy. No modification, termination, discharge or waiver of
      any
      of the provisions hereof shall be binding upon the Agent, except as expressly
      set forth in a writing duly signed and delivered on behalf of the
      Agent.

    

    The
      execution, delivery and performance of this Guaranty by the Guarantor are within
      the corporate powers of the Guarantor, have been duly authorized by all
      necessary corporate action on the part of the Guarantor and do not and will
      not
      (i) require any consent or approval of the board of directors or
      stockholders of
      the
      Guarantor which has not been obtained, (ii) violate any provision of the
      articles of incorporation or bylaws of the Guarantor or of any law, rule,
      regulation, order, writ, judgment, injunction, decree, determination or award
      presently in effect having applicability to the Guarantor; (iii) require the
      consent or approval of, or filing or registration with, any governmental body,
      agency or authority, (iv)
      result in a breach of or constitute a default under, or (v)
      result
      in
      the imposition of any lien, charge or encumbrance upon any property of the
      Guarantor pursuant to, any indenture or other agreement or instrument under
      which the Guarantor is a party or by which it or any of its properties may
      be
      bound or affected
      other
      than liens, charges and encumbrances arising under the Loan
      Documents.
      The
      officer or officers executing
      and delivering this Guarantor for and on behalf of the Guarantor, is/are duly
      authorized to so act. The Lenders, in extending financial accommodations to
      the
      Borrower, are expressly acting and relying upon the aforesaid representations
      and warranties.

    

    This
      Guaranty: (i) is valid, binding and enforceable in accordance with its
      provisions, and no conditions exist to the legal effectiveness of this Guaranty
      as to the Guarantor; (ii) contains the entire agreement between the Guarantor
      and the Lenders; (iii) is the final expression of their intentions; and (iv)
      supersedes all negotiations, representations, warranties, commitments, offers,
      contracts (of any kind or nature, whether oral or written) prior to or
      contemporaneous with the execution hereof. No prior or contemporaneous
      representations, warranties, understandings, offers or agreements of any kind
      or
      nature, whether oral or written, have been made by the Lenders or relied upon
      by
      the Guarantor in connection with the execution hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    The
      term
      "Guarantor" as used herein shall mean all parties signing this Guaranty, and
      the
      provisions hereof shall be binding upon the Guarantor, and each one of them,
      and
      all such parties, their respective successors and assigns shall be jointly
      and
      severally obligated hereunder. This Guaranty shall inure to the benefit of
      the
      Lenders and their successors and assigns.

    

    IN
      WITNESS WHEREOF, the Guarantor has executed and delivered this Continuing
      Unconditional Guaranty as of the date set forth above.

    

      
        	
                GFN
                  NORTH AMERICA CORP.,

              
	
                a
                  Delaware corporation

              
	 	 
	
                By:

              	
                /s/
                  John O. Johnson

              
	
                Name:

              	
                John
                  O. Johnson

              
	
                Title:

              	
                Chief
                  Operating Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]