Document:

Document

Exhibit 10.4.2

ASSET CONTRIBUTION AND PURCHASE AGREEMENT  
dated as of May 18, 2021   
between  
TRIP RAILCAR CO., LLC  
and  
TRIP RAIL HOLDINGS LLC

															
	ARTICLE I	DEFINITIONS	1
		Section 1.1		Definitions	1
		Section 1.2		UCC Terms	3
		Section 1.3		Interpretation	3
	ARTICLE II	CONTRIBUTION OF ASSETS; SALE AND PURCHASE OF ASSETS; ASSUMPTION OF ASSUMED OBLIGATIONS	3
		Section 2.1		Transferred Assets	3
		Section 2.2		Consideration	4
		Section 2.3		Agent to Hold Existing Leases	4
		Section 2.4		Assumed Obligations	4
		Section 2.5		TRIP Intent	4
		Section 2.6		Letter-of-Credit Rights	4
	ARTICLE III	REPRESENTATIONS AND WARRANTIES OF TRIP	5
		Section 3.1		Organization and Good Standing	5
		Section 3.2		Power; Authorization; Enforceable Obligations	5
		Section 3.3		No Conflicts	5
		Section 3.4		No Litigation Pending	6
		Section 3.5		No Violation of Authority or Applicable Law	6
		Section 3.6		Bulk Sales Notice	6
		Section 3.7		Title	6
		Section 3.8		Records	6
		Section 3.9		Transfer Taxes	7
		Section 3.10		No Restrictions on Transfer	7
		Section 3.11		Broker’s Fees	7
		Section 3.12		Railcars	7
		Section 3.13		Marks	7
		Section 3.14		Event of Loss	7
		Section 3.15		Solvency	7
		Section 3.16		Permits; etc.	8
		Section 3.17		Leases	8
		Section 3.18		Marks Company Interest	10
		Section 3.19		No Adverse Selection	10
		Section 3.20		Full Disclosure	10
	ARTICLE IV	COVENANTS OF TRIP	10
		Section 4.1		Implementing Agreement	10
		Section 4.2		Consents and Approvals	11
		Section 4.3		Notification of Breach	11
		Section 4.4		Taxes	11
		Section 4.5		Property Tax Reimbursement	11
		Section 4.6		Notice and Acknowledgements	11
		Section 4.7		Transfer of Transferred Assets	12

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		Section 4.8		No Bankruptcy Petition Against the Company	12
		Section 4.9		Substantive Consolidation	12
		Section 4.10		[Reserved]	13
		Section 4.11		Rescission of Transfer	13
	ARTICLE V	EFFECTIVENESS; DELIVERABLES	13
		Section 5.1		Effectiveness	14
		Section 5.2		Deliverables	14
	ARTICLE VI	INDEMNIFICATION	14
		Section 6.1		Indemnification	14
		Section 6.2		Right of Set Off	16
	ARTICLE VII	MISCELLANEOUS	16
		Section 7.1		Expenses	16
		Section 7.2		Notices and Other Communications	17
		Section 7.3		Effectiveness of Facsimile Documents and Signatures	17
		Section 7.4		Effect of Investigation	17
		Section 7.5		Waivers	17
		Section 7.6		Amendment	17
		Section 7.7		Assignment	18
		Section 7.8		Assignment to Collateral Agent	18
		Section 7.9		Further Assurances	18
		Section 7.10		Severability	18
		Section 7.11		Remedies Cumulative	18
		Section 7.12		Entire Understanding	18
		Section 7.13		Headings	18
		Section 7.14		Counterparts	18
		Section 7.15		Survival of Representations and Warranties	19
		Section 7.16		Governing Law; Submission to Jurisdiction	19
		Section 7.17		Waiver of Jury Trial	19

EXHIBITS

						
	EXHIBIT A	Bill of Sale and Assignment and Assumption Agreement

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ASSET CONTRIBUTION AND PURCHASE AGREEMENT
This ASSET CONTRIBUTION AND PURCHASE AGREEMENT, dated as of May 18, 2021, is between TRIP RAILCAR CO., LLC, a Delaware limited liability company (the “Company”), and TRIP RAIL HOLDINGS LLC, a Delaware limited liability company (“TRIP Holdings”).
RECITALS
TRIP Holdings is the direct owner of 100% of the membership interests of the Company.  TRIP Holdings desires to transfer and convey to the Company on the Transfer Date, and the Company desires to acquire from TRIP Holdings at such time, all of TRIP Holdings’ right, title and interest in certain Railcars (together with all assignable warranties, guaranties and Permits related thereto) and certain Leases, and all income, proceeds and reserves in connection therewith.  
The Company will acquire ownership of such Railcars and such Leases from TRIP Holdings by paying the purchase price therefor (as set forth in Exhibit A to the Bill of Sale, the “Purchase Price”), to be funded through a combination of funds received through a borrowing under the Loan Agreement (as defined below), retained earnings (if any) then available to the Company for such purpose, and a capital contribution by TRIP to the Company.
The Company executed the Term Loan Agreement, dated as of the date hereof (as amended, supplemented, amended and restated, extended, renewed or otherwise modified from time to time, the “Loan Agreement”), among the Company, as the Borrower, TRIP Holdings, Trinity Industries Leasing Company (“TILC”), as Servicer, Credit Suisse AG, Cayman Islands Branch and the other committed lenders and the conduit lenders from time to time parties thereto, as Lenders, Credit Suisse AG, New York Branch, as Agent (in such capacity, the “Agent”), and U.S. Bank National Association, as collateral agent (together with its successor or successors in such capacity, the “Collateral Agent”) and Depositary (the “Depositary”), whereby the Lenders have agreed to advance to the Company certain amounts in order for the Company to make purchases hereunder.  In connection with the financing of the Company’s purchase of certain Railcars and certain Leases under the Loan Agreement, the Company has executed and granted pursuant to a Security Agreement, dated as of the date hereof, a first priority Lien in such Railcars and such Leases and certain other Collateral (as defined in the Security Agreement).  TRIP Holdings agrees that all representations, warranties, covenants and agreements made by TRIP Holdings herein shall be for the benefit of the Company, the Lenders, the Agent and the Collateral Agent.
NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements herein contained, the parties agree as follows:
ARTICLE I
DEFINITIONS
Section 1.1  Definitions.  Capitalized terms used in this Agreement but not defined herein shall have the meaning assigned to such terms in the Loan Agreement.  
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Otherwise, terms defined herein shall have the following meanings and the definitions of such terms shall be equally applicable to the singular and plural forms of such terms:
“Agreement” means this Asset Contribution and Purchase Agreement, including all exhibits and schedules hereto, as it may be supplemented by the Bill of Sale and otherwise as amended, supplemented, amended and restated or modified from time to time.
“Assumed Obligations” has the meaning set forth in Section 2.4.
“Bill of Sale” means the bill of sale and assignment and assumption agreement substantially in the form of Exhibit A duly executed and delivered by TRIP Holdings in connection with the Company’s acquisition of Railcars and Leases from TRIP Holdings, and incorporated herein upon delivery thereof.
“Company” has the meaning set forth in the preamble.
“Indemnified Liabilities” has the meaning set forth in Section 6.1.
“Indemnitees” has the meaning set forth in Section 6.1.
“Letter-of-Credit Right” means a Letter-of-Credit Right as defined in the Security Agreement.
“Loan Agreement” has the meaning set forth in the preamble.
“Material Adverse Effect” means (i) any material adverse effect upon the operations, business, properties, condition (financial or otherwise) or prospects of TRIP Holdings or the Company (after taking into account any applicable insurance and any applicable indemnification (to the extent the provider of such insurance or indemnification has the financial ability to support its obligations with respect thereto and is not disputing or refusing to acknowledge the same)), (ii) a material adverse effect on the ability of the Company or TRIP Holdings to consummate the transactions contemplated hereby to occur on the Transfer Date, (iii) a material impairment of the ability of TRIP Holdings to perform any of its obligations under this Agreement or any other TRIP Holdings Agreement or (iv) a material impairment of the rights and benefits of the Company under this Agreement or any other TRIP Holdings Agreement.
“Supporting Obligation” means a Letter-of-Credit Right, guarantee or other secondary obligation supporting, or any Lien securing, the payment or performance of one or more receivables, accounts, chattel paper, general intangibles, documents, instruments or investment property.
“TILC” has the meaning set forth in the preamble.
“Transfer Date” means the date on which Railcars or Leases are transferred by TRIP Holdings to the Company pursuant to the terms of this Agreement.
“Transfer Taxes” has the meaning set forth in Section 3.9.
“Transferred Assets” has the meaning set forth in Section 2.1.
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“Transferred Leases” means the Leases listed on Exhibit B to the Bill of Sale delivered on the Transfer Date.
“Transferred Railcars” means the Railcars described in Exhibit A to the Bill of Sale delivered on the Transfer Date, together with any and all options, warranties, service contracts, program services, test rights, maintenance rights, support rights, improvement rights, indemnifications, guarantees and Permits in connection therewith.
“TRIP Holdings” has the meaning set forth in the preamble.
“TRIP Holdings Agreements” means this Agreement and the Bill of Sale.
“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.
Section 1.2    UCC Terms.  Unless otherwise defined herein or in the Loan Agreement or the context otherwise requires, uncapitalized terms used herein which are defined in the UCC have the respective meanings provided in the UCC.
Section 1.3    Interpretation.  The use of the masculine, feminine or neuter gender or the singular or plural form of words herein shall not limit any provision of this Agreement.  The use of the terms “including” or “include” shall in all cases herein mean “including, without limitation” or “include, without limitation,” respectively.  Reference to any Person includes such Person’s successors and assigns to the extent such successors and assigns are permitted by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually.  Reference to any agreement (including this Agreement), document or instrument means such agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof.  Reference to any Applicable Law means such Applicable Law as amended, modified, codified, replaced or re-enacted, in whole or in part, and in effect on the date hereof, including rules, regulations, enforcement procedures and any interpretations promulgated thereunder.  Underscored references to Articles, Sections, clauses, Exhibits or Schedules shall refer to those portions of this Agreement, and any underscored references to a clause shall, unless otherwise identified, refer to the appropriate clause within the same Section in which such reference occurs.  The use of the terms “hereunder”, “hereof”, “hereto” and words of similar import shall refer to this Agreement as a whole and not to any particular Article, Section or clause of or Exhibit or Schedule to this Agreement.
ARTICLE II
CONTRIBUTION OF ASSETS; SALE AND PURCHASE OF ASSETS; ASSUMPTION OF ASSUMED OBLIGATIONS
Section 2.1    Transferred Assets.  Subject to the terms and conditions of this Agreement, on the Transfer Date, TRIP Holdings shall sell, contribute, assign, convey, transfer and deliver to the Company, and the Company shall receive, accept and take assignment and delivery of (i) Transferred Railcars and (ii) Transferred Leases, and any and all Supporting Obligations, income, proceeds, rent and reserves related thereto and all other amounts payable but not yet (as of the Transfer Date) received in connection 
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therewith (including any and all income, rent and proceeds and all other such amounts due and owing but not yet received as of the Transfer Date (or which may become due and owing after the Transfer Date) whether or not relating to periods before or after the Transfer Date and all reserves, whether or not accrued to the Transfer Date) (collectively, the “Transferred Assets”).
Section 2.2      Consideration.  On the Transfer Date, in exchange for the transfer and conveyance of the Transferred Assets by TRIP Holdings, the Company shall pay to TRIP Holdings the Purchase Price of such Transferred Assets (to consist of an amount equal to the fair market value of the related Railcars based on the Independent Appraisal) to be funded through a borrowing under the Loan Agreement (and, if available, from any retained earnings), and to the extent the Purchase Price is not paid in cash the remainder of the consideration in the amount of the Purchase Price for the Transferred Assets acquired by the Company from TRIP Holdings on such Transfer Date will be deemed to have been funded through capital contributed by TRIP to the Company.
Section 2.3      Agent to Hold Leases.  Upon the Transfer Date, the Leases transferred on such date and related documentation shall be delivered by TRIP Holdings to TILC, as Servicer or its designee pursuant to the Loan Documents and shall be administered for the Company by TILC as Servicer under the Servicing Agreement, in each case subject to the security interest of the Collateral Agent for the benefit of the Lenders pursuant to the Security Agreement.
Section 2.4      Assumed Obligations.  The Company shall assume, and agree to pay, perform, fulfill and discharge, the obligations of TRIP Holdings under each Transferred Lease (and each warranty, guarantee and Permit related to such Leases or the Railcars that are subject to such Leases) which are required to be performed, and which accrue, after the Transfer Date (but expressly excluded from such assumption and agreement are any and all liabilities and obligations of TRIP Holdings required to be paid or performed or arising prior to the Transfer Date), to the extent such Leases, warranties, guaranties and Permits, and all rights of TRIP Holdings thereunder, are effectively assigned to the Company pursuant to Sections 2.1 and 2.2 (the “Assumed Obligations”).
Section 2.5      TRIP Holdings Intent.  It is the intention of TRIP Holdings that the transfer and assignment contemplated by this Agreement shall constitute a conveyance of ownership of the Transferred Assets from TRIP Holdings to the Company under applicable state law and that the beneficial interest in and title to the Transferred Assets shall not be part of TRIP Holdings’ estate in the event of the filing of a bankruptcy petition by or against TRIP Holdings under any bankruptcy law.  In the event that, notwithstanding the intent of TRIP Holdings, the transfer and assignment contemplated hereby is held not to be a conveyance of ownership, (i) this Agreement shall constitute a grant of a security interest in the property referred to in this Section by TRIP Holdings for the benefit of the Company to secure the deemed repayment obligation associated with the deemed borrowing by TRIP Holdings in such circumstance and (ii) such grant of security shall continue without any interruption or limitation.
Section 2.6      Letter-of-Credit Rights.  TRIP Holdings hereby assigns and conveys to the Company all of its beneficial interests in any letters of credit and all of its 
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Letter-of-Credit Rights relating to the Transferred Leases, whether now existing or created in the future and whether possessed by TRIP Holdings on the Transfer Date or acquired by TRIP Holdings at any time thereafter.
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF TRIP HOLDINGS
TRIP Holdings hereby makes the following representations and warranties for the benefit of the Lenders, the Agent, the Collateral Agent and the Company.  Such representations and warranties are made as of the Transfer Date, but shall survive such assignment, transfer and conveyance of the Transferred Assets to the Company and its successors and assigns.
Section 3.1      Organization and Good Standing.  TRIP Holdings is a limited liability company, duly incorporated, validly existing and in good standing under the laws of the State of Delaware, has all limited liability company powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted and is duly qualified as a foreign corporation, licensed and in good standing in each jurisdiction where qualification or licensing is required by the nature of its business or the character and location of its property, business or customers and in which the failure to so qualify or be licensed or be in good standing, as the case may be, in the aggregate, could have a Material Adverse Effect.
Section 3.2        Power; Authorization; Enforceable Obligations.  TRIP Holdings has the limited liability company or other necessary power and authority, and the legal right to execute, deliver and perform this Agreement and each other TRIP Holdings Agreement, and has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement and each other TRIP Holdings Agreement.  No consent or authorization of, filing with, notice to or other similar act by or in respect of, any Governmental Authority or any other Person is required to be obtained or made by or on behalf of TRIP Holdings in connection with the execution, delivery, performance, validity or enforceability of this Agreement and each other TRIP Holdings Agreement, except for (i) consents, authorizations, notices and filings disclosed in Schedule 5.02 to the Loan Agreement, all of which have been obtained or made and (ii) filings to perfect and maintain the perfection of Liens created by the Collateral Documents.  Each TRIP Holdings Agreement has been duly executed and delivered on behalf of TRIP Holdings.  Each TRIP Holdings Agreement constitutes a legal, valid and binding obligation of TRIP Holdings and is enforceable against TRIP Holdings in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by equitable principles of general applicability (regardless of whether enforcement is sought by proceedings in equity or at law).
Section 3.3        No Conflicts.  Neither the execution and delivery by TRIP Holdings of this Agreement or each other TRIP Holdings Agreement, nor the consummation of the transactions contemplated herein or therein, nor performance of and compliance with the terms and provisions hereof or thereof by TRIP Holdings, nor the exercise of remedies by the Company under this Agreement and each other TRIP 
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Holdings Agreement, will (i) violate or conflict with any provision of TRIP Holdings’ Organization Documents, (ii) violate, contravene or conflict with any Applicable Law, (iii) violate, contravene or conflict with any Contractual Obligation to which TRIP Holdings is a party or by which it may be bound, or (iv) result in or require the creation of any Lien upon or with respect to its properties (other than Liens created by the TRIP Holdings Agreements).
Section 3.4        No Litigation Pending.  There are no proceedings pending or, to the knowledge of TRIP Holdings, threatened against TRIP Holdings in any court or before any Governmental Authority or arbitration board or tribunal which would affect adversely the ability of TRIP Holdings to perform its obligations under this Agreement or any other TRIP Holdings Agreement, nor is TRIP Holdings in default with respect to any order of any court or Governmental Authority or arbitration board or tribunal, the default under which would adversely affect the ability of TRIP Holdings to perform its obligations under or the enforcement ability of, this Agreement or any other TRIP Holdings Agreement.
Section 3.5        No Violation of Authority or Applicable Law.  TRIP Holdings is not in violation of any term of any charter instrument, operating agreement or any other material agreement or instrument to which it is a party or by which it or its properties may be bound, except where non-compliance, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  TRIP Holdings is in compliance with all Applicable 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 TRIP Holdings to perform its obligations under this Agreement or the other TRIP Holdings Agreements, and has obtained all licenses, permits, franchises and other governmental authorizations material to the conduct of its business.
Section 3.6        Bulk Sales Notice.  TRIP Holdings has furnished all relevant parties with such notices required of it in a timely manner as are required under “bulk sale” laws of its state or any other relevant jurisdiction.
Section 3.7        Title.  TRIP Holdings has conveyed to the Company good and marketable title to the Transferred Railcars and the Transferred Leases, free and clear of all Liens (other than Permitted Liens), and such conveyance is not void or voidable under any Applicable Law.  All action necessary to convey to the Company all of TRIP Holdings’ right, title and interest in and to the Transferred Assets has been taken by TRIP Holdings.  After and as of such conveyance, the Company shall be sole owner of such Railcars and Leases.
Section 3.8        Records.  TRIP Holdings has caused its records to be marked to reflect the transfer of the Transferred Assets to the Company.  TRIP Holdings has transferred the Transferred Assets to the Company which are intended to constitute sales, absolute assignments and conveyances of ownership thereof, such that such Railcars and related Leases would not be property of TRIP Holdings’ estate in the event of a bankruptcy of TRIP Holdings.  The transfers are to be reflected on TRIP Holdings’ own balance sheet and other financial statements and/or internal records as transfers of ownership of such assts, consistent with GAAP (and for consolidated reporting purposes, TRIP Holdings’ financial statements will disclose, by footnote or otherwise, 
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that ownership of such assets has been transferred to the Company).  TRIP Holdings will respond to any third-party inquiry consistent with such characterization.
Section 3.9        Transfer Taxes.  The sales, transfers, assignments and conveyances contemplated by this Agreement are not subject to and will not result in any tax, fee or governmental charge payable by TRIP Holdings to any governmental entity as a result of such event (“Transfer Taxes”) other than Transfer Taxes which have been or will be paid by TRIP Holdings as due.  In the event that the Company receives actual notice of any Transfer Taxes arising out of such transfer, assignment and conveyance, on written demand by the Company, or upon TRIP Holdings’ otherwise being given notice thereof, TRIP Holdings shall pay, and otherwise indemnify and hold the Company, the Agent and the Lenders harmless, on an after-tax basis, from and against any and all such Transfer Taxes (it being understood that the Company, the Agent and the Lenders shall have no obligation to pay such Transfer Taxes).
Section 3.10       No Restrictions on Transfer.  On the Transfer Date, all Railcars listed on Exhibit A to the Bill of Sale are free and clear of any restrictions on the sale, assignment or transfer thereof by TRIP Holdings.
Section 3.11         Broker’s Fees.  No broker’s or finder’s or placement fee or commission is payable with respect to the transactions contemplated by this Agreement.
Section 3.12         Railcars.  As of the Transfer Date, each Transferred Railcar (A) conforms with the specifications contained in each applicable Independent Appraisal, (B) has a Fair Market Value which is equal to the amount set forth in the Funding Package, (C) is marked with the railroad equipment number (also known as the running number) as noted on Exhibit A of the Bill of Sale, (D) has not been refurbished, modified or substantially rebuilt, excluding normal repairs in the ordinary course of maintenance, (E) is in good order and repair, ordinary wear and tear excepted, (F) is in compliance with all Applicable Laws (including applicable Interchange Rules of the AAR) governing the use and maintenance thereof, (G) is in material compliance with manufacturer’s warranties (to the extent such warranties are or should be then available other than due to the passage of time), and (H) is an Eligible Railcar.
Section 3.13         Marks.  The railcar identification marks listed on Exhibit A to the Bill of Sale for each Railcar listed therein are the Marks used on such Railcars as of the Transfer Date, and each such Mark (to the extent constituting a Trinity Mark) is as of the Transfer Date owned of record by the Marks Company.
Section 3.14         Event of Loss.  As of the Transfer Date, TRIP Holdings has not received any notice of the occurrence of any Event of Loss, or any event which with the passage of time would constitute an Event of Loss, with respect to any Transferred Railcar.
Section 3.15         Solvency.  (i) Transfers of Transferred Railcars and Transferred Leases hereunder are made in good faith and not with the intent to hinder, delay or defraud any entity to which TRIP Holdings is or shall become indebted; and (ii) as of the time of such transfer, TRIP Holdings is Solvent, and TRIP Holdings will not cease to be Solvent as the result of such transfer.
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Section 3.16         Permits; etc.  TRIP Holdings possesses all Permits, concessions and consents of or from all Governmental Authorities and agencies the absence of which in the aggregate would have a Material Adverse Effect.
Section 3.17         Leases.  As of the Transfer Date,
(a)Each Transferred Lease provides for payment in Dollars.
(b)No default under any Transferred Lease has occurred which has been waived by any party thereto, and, to the best of TRIP Holdings’ knowledge, each party is in compliance with the terms of such Transferred Lease in all material respects.
(c)The Lessee under each Transferred Lease is (A) organized under the laws of the United States (or any state thereof or the District of Columbia), Canada (provincial or federal) or Mexico (state or federal) as a common carrier which is a “railroad” (as defined in the Bankruptcy Code), (B) a corporation, limited partnership or limited liability company (or analogous entity) organized under the laws of the United States (or any state thereof or the District of Columbia), Canada (provincial or federal) or Mexico (state or federal), or (C) a Lessee otherwise approved by the Agent in its sole discretion.
(d)All Applicable Laws in respect of each Transferred Lease have been complied with in all material respects and each Transferred Lease complies in all material respects with all Applicable Laws of the jurisdiction in which it was originated.
(e)Each Transferred Lease represents the legal, valid and binding obligation of the Lessee thereunder, enforceable against such Lessee in accordance with its terms (subject to bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting creditors’ rights generally or by equitable principles) and all parties to each Transferred Lease have the legal capacity to execute such Transferred Lease.
(f)Each Transferred Lease has not been satisfied, subordinated or rescinded and remains in full force and effect.
(g)No provision of any Transferred Lease has been waived, amended, or modified in any respect, except by instruments or documents, copies of which have been delivered to the Company and the Agent and, in any event, no Transferred Lease has been amended or modified since its origination to cure a non-payment thereunder, except as disclosed in accordance with Section 2.02(a) of the Loan Agreement.
(h)All payments under each Transferred Lease required to have been paid on or prior to the date hereof have been paid and the Lessee has not prepaid any payments for periods occurring after the date herein (except to the extent such amounts are being transferred to the Company hereunder).
(i)No proceedings or, to the best of TRIP Holdings’ knowledge, investigations, are pending, or have been threatened asserting the invalidity of any Transferred Lease, or seeking any determination or ruling that might adversely and materially affect the validity or enforceability of any Transferred Lease.
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(j)No Transferred Lease requires the consent of a Lessee that has not been obtained on or prior to the Transfer Date or contains any other restriction relating to the transfer or assignment of such Transferred Lease so as to adversely affect or prohibit the assignment of such Transferred Lease as contemplated hereby.
(k)With respect to any Transferred Lease for which TRIP Holdings collects maintenance payments, TRIP Holdings is not in default under any agreement with the applicable maintenance provider or the applicable Lessee related to maintenance payments due and owing on the Transfer Date to the applicable maintenance provider or the applicable Lessee, as the case may be.
(l)Any guarantees required at the time of origination of a Transferred Lease remain in full force and effect.
(m)The transfer and assignment to the Company of each Transferred Lease and TRIP Holdings’ right, title and interest in and to the subject Transferred Railcars will not violate the terms or provisions of such Transferred Lease or any other agreement to which TRIP Holdings then is a party or by which it is bound.
(n)Each Transferred Lease was originated or acquired by TRIP Holdings in the ordinary course of business.  The origination and collection practices used by TRIP Holdings with respect to each Transferred Lease have been legal in all respects except where the failure to do so would not result in a material adverse effect on the collectability of such Transferred Leases.
(o)The Company and the Agent have been notified in writing (which notice shall describe the terms of any purchase option under a Transferred Lease) at the time of delivery of the Request and Funding Package of any Transferred Leases that contain purchase options.  No Transferred Lease has been originated in or is subject to the laws of any jurisdiction whose laws would make the assignment and transfer thereof pursuant to the terms hereof unlawful.
(p)The Lessee under each Transferred Lease has accepted the subject Transferred Railcars and, after reasonable opportunity to inspect and test, has not notified TRIP Holdings of any defects thereof.
(q)No event has occurred or act or thing has been done or omitted to be done by TRIP Holdings pursuant to which or as a result of which any Transferred Lease can be terminated or the obligations of any such party thereunder would be rendered invalid, illegal or unenforceable.
(r)TRIP Holdings has, or has caused to be, delivered to the Company (or to the Servicer) true and complete copies of each Transferred Lease and any and all material ancillary documents pertaining thereto (including, but not limited to, all amendments, consents and evidence of commencement dates and expiration dates).
(s)Each Transferred Lease is for the Railcars identified therein and each such Railcar is or will become, concurrently with such Transferred Lease, a Transferred Asset.
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(t)Each Transferred Lease is on rental and other terms which are no different, taken as a whole, than those for similar railcars owned, leased or managed by TRIP Holdings.  Each Transferred Lease is substantially in the form of Exhibit J-1, J-2, J-3 or J-4 to the Loan Agreement, unless otherwise noted in the Funding Package and approved by the Agent.
(u)Each Transferred Lease is an Eligible Lease.
(v)Any letter of credit or Letter-of-Credit Right relating to each Transferred Lease names TRIP Holdings as the beneficiary of such letter of credit or Letter-of-Credit Right.
(w)Each Committed Lease is the subject of a binding agreement to lease and will constitute an Eligible Lease upon execution thereof.
Section 3.18         Marks Company Interest.  As of the Transfer Date, TRIP Holdings has caused the Marks Company Interests with respect to the Trinity Marks on each Transferred Railcar bearing a Trinity Mark to be issued to the Company by the Marks Company.
Section 3.19         No Adverse Selection.  In selecting Railcars and Leases to be transferred hereunder, TRIP Holdings has not selected Railcars and Leases in such a way which could reasonably be expected to be adverse to the interests of the Company, the Agent or the Lenders.
Section 3.20         Full Disclosure.  (a)  TRIP Holdings is not aware of any facts pertaining to the Transferred Railcars or the Transferred Leases which could reasonably be expected to result in a Material Adverse Effect which have not been disclosed to the Company and the Agent by TRIP Holdings in writing.
(b)No representation or warranty of TRIP Holdings in this Agreement, nor any statement or certificate furnished or to be furnished to the Company pursuant to this Agreement, or in connection with the transactions contemplated by this Agreement, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements contained herein or therein, in the light of the circumstances under which they were made, not misleading.
ARTICLE IV
COVENANTS OF TRIP HOLDINGS
TRIP Holdings hereby covenants and agrees for the benefit of the Company, the Agent and the Lenders to perform each of the following covenants.
Section 4.1          Implementing Agreement.  Subject to the terms and conditions hereof, TRIP Holdings shall take all action required of it to fulfill its obligations under the terms of this Agreement and shall otherwise use all commercially reasonable efforts to facilitate the consummation of the transactions contemplated hereby.  Except as otherwise expressly permitted hereby, TRIP Holdings agrees that it will not take any action that would have the effect of preventing or impairing TRIP Holdings’ performance of its obligations under this Agreement.
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Section 4.2            Consents and Approvals.  TRIP Holdings shall obtain all consents, approvals, certificates and other documents required in connection with the performance by it of its obligations under this Agreement and the other TRIP Holdings Agreements and the consummation by it of the transactions contemplated hereby and thereby, including all such consents and approvals required in connection with any of the Transferred Leases and Permits.  TRIP Holdings shall make, or cause to be made, all filings, notices, applications, statements and reports to all Governmental Authorities and other Persons that are required to be made prior to the Transfer Date by or on behalf of TRIP Holdings or any of its Affiliates pursuant to any Applicable Law or Transferred Lease in connection with this Agreement and the other TRIP Holdings Agreements and the transactions contemplated hereby and thereby and shall cooperate with the Company in making all such filings, notices, applications, statements and reports that are required to be made prior to the Transfer Date by or on behalf of the Company or any of its Affiliates pursuant to any Applicable Law in connection with this Agreement and the other TRIP Holdings Agreements and the transactions contemplated hereby and thereby.
Section 4.3            Notification of Breach.  TRIP Holdings will advise the Company and the Agent promptly, in reasonable detail, upon discovery of the occurrence of any breach by TRIP Holdings of any of its representations, warranties and covenants contained herein.
Section 4.4            Taxes.  TRIP Holdings shall promptly pay all Taxes required to be paid in connection with the sale and transfer of the Transferred Railcars and acknowledges that the Company shall have no responsibility with respect thereto.  TRIP Holdings shall promptly pay and discharge, or cause the payment and discharge of, all federal income taxes and other material taxes of TRIP Holdings which could leave a Lien on the Transferred Railcars when due and payable by TRIP Holdings, except such as may be contested in good faith by appropriate proceedings and for which an adequate reserve has been established and is maintained in accordance with GAAP.  TRIP Holdings shall promptly notify the Agent and the Lenders of any material challenge, contest or proceeding pending by or against TRIP Holdings before any taxing authority.
Section 4.5            Property Tax Reimbursement.  TRIP Holdings shall reimburse Company for property Taxes paid or to be paid by the Company for any period arising out of ownership of the Transferred Railcars prior to the Transfer Date.  TRIP Holdings shall make such reimbursement promptly upon payment by the Company of such Taxes.
Section 4.6            Notice and Acknowledgments.  TRIP Holdings will (i) upon the effectiveness of the Depository Agreement and establishment of the Collection Account thereunder as contemplated in Section 6.13 of the Loan Agreement, and thereafter on or prior to the Transfer Date with respect to each Transferred Lease, notify the applicable Lessee that all payments thereunder shall thereafter be made to the Collection Account and (ii) on or prior to the Transfer Date with respect to each Transferred Lease, deliver to the Agent executed and undated notices of assignment in the form attached as Schedule E-4 to the Loan Agreement.
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Section 4.7            Transfer of Transferred Assets.  TRIP Holdings understands that the Company intends to convey the Transferred Assets and its rights under this Agreement to the Agent on behalf of the Lenders pursuant to the Security Agreement.  TRIP Holdings agrees that any such assignee of the Company may exercise the rights of the Company hereunder and shall be entitled to all of the benefits of the Company hereunder to the extent provided for in such assignment.
Section 4.8            No Bankruptcy Petition Against the Company.  TRIP Holdings will not, prior to the date that is one year and one day after the payment in full of all amounts owing pursuant to the Transaction Documents, institute against the Company, or join any other Person in instituting against the Company, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of any applicable jurisdiction.  This Section 4.8 shall survive the termination of this Agreement.
Section 4.9            Substantive Consolidation.  TRIP Holdings will be operated in such a manner so that it would not be substantively consolidated with the Company, so that the separate existences of TRIP Holdings and the Company would not be disregarded in the event of a bankruptcy or insolvency of TRIP Holdings, and in such regard, among other things:
(a)TRIP Holdings will not be involved in the day-to-day management of the Company (although officers or employees of TRIP Holdings or its parent may serve as officers and/or directors of the Company);
(b)TRIP Holdings will maintain separate corporate records and books of account from the Company and otherwise will observe corporate formalities;
(c)TRIP Holdings will maintain its assets separately from the assets of the Company (including through the maintenance of a separate bank account), and TRIP Holdings’ assets, and records relating thereto, have not been, are not and will not be, commingled with those of the Company (except as may occur as a result of misdirected payments by Lessees);
(d)all of TRIP Holdings’ business correspondence and other communications will be conducted in TRIP Holdings’ own name and on its own respective stationery;
(e)TRIP Holdings will not act as an agent for the Company (except to the extent contemplated in the Transaction Documents);
(f)TRIP Holdings will not conduct any of the business of the Company in TRIP Holdings’ name;
(g)TRIP Holdings will not pay any liabilities of the Company, with the exception of certain fees prior to the Closing Date and as otherwise expressly provided in the Transaction Documents;
(h)TRIP Holdings will maintain an arm’s-length relationship with the Company;
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(i)TRIP Holdings will not assume or guarantee or become obligated for the debts of the Company or hold out its credit as being available to satisfy the obligations of the Company;
(j)TRIP Holdings will not acquire obligations of the Company;
(k)TRIP Holdings will allocate fairly and reasonably overhead or other expenses that are properly shared with the Company, including without limitation, shared office space;
(l)TRIP Holdings will identify and hold itself out as a separate and distinct entity from the Company;
(m)TRIP Holdings will correct any known misunderstanding regarding its separate identity from the Company;
(n)TRIP Holdings  will not identify the Company as a division or part of itself;
(o)TRIP Holdings will not enter into, or be a party to, any other transactions with the Company except in the ordinary course of its business and on terms which are intrinsically fair and are no less favorable to it than would be obtained in a comparable arm’s-length transaction with an unrelated third party; and
(p)TRIP Holdings will not pay the salaries of the Company employees, if any.
Section 4.10           [Reserved].
Section 4.11            TRIP Holdings Purchase Obligation.  Without limiting its rights to indemnification pursuant to Section 6.1, the Company shall have the right, at any time, to require TRIP Holdings to purchase any particular Transferred Railcars and the Transferred Leases effected hereunder if, as of the Transfer Date, any of TRIP Holdings’ representations, warranties, covenants or agreements contained in Article III with respect to the Transferred Railcars or the Transferred Leases are untrue or unperformed in any material respect (the “TRIP Purchase Obligation”).  The TRIP Purchase Obligation may also be exercised by the Agent.  Within thirty (30) days following notice by the Company or the Agent of its exercise of the TRIP Purchase Obligation under this Section 4.11, TRIP shall acquire the Transferred Assets subject of such TRIP Purchase Obligation from the Company for a purchase price equal to the Depreciated Appraised Value of such Transferred Assets, plus all costs and expenses, including, without limitation, interest, fees, and counsel expenses, incurred by the Company in connection with such Transferred Assets, by wire transfer in immediately available funds to the Collection Account and, upon receipt of such amounts in the Collection Account, the Company will transfer to TRIP the applicable Transferred Assets.
ARTICLE V
EFFECTIVENESS; DELIVERABLES
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Section 5.1            Effectiveness.  The effectiveness of this Agreement is contingent upon each of the representations and warranties contained herein being true and correct and the satisfaction of the conditions set forth in Section 4.01 of the Loan Agreement or the waiver thereof by the Lenders.
Section 5.2              Deliverables.  On the Transfer Date, TRIP Holdings shall deliver to the Company:
(a)a Bill of Sale covering each Transferred Railcar and each Transferred Lease;
(b)other instruments of transfer reasonably required by the Company to evidence the transfer of the Transferred Assets to the Company, duly executed by TRIP Holdings; and
(c)such other documents and instruments as may be required by any other provision of this Agreement or as may reasonably be required to consummate the transactions contemplated by this Agreement and the other TRIP Holdings Agreements, including, without limitation, such documents and instruments as may be required to be delivered to the Agent, the Lender or any designee thereof.
ARTICLE VI
INDEMNIFICATION
Section 6.1              Indemnification.  Whether or not the transactions contemplated hereby are consummated, TRIP Holdings agrees to indemnify, save and hold harmless the Company, the Agent, the Collateral Agent, each Lender, each Protected Party and their respective Affiliates, directors, officers, employees, counsel, agents and attorneys-in-fact (collectively the “Indemnitees”) from and against (and without duplication of amounts payable or the provisions which relate to such payment under the other provisions of the other TRIP Holdings Agreements):  (i) any breach of or inaccuracy in any representation or covenant made by TRIP Holdings in this Agreement or any other TRIP Holdings Agreement or in any certificate delivered pursuant thereto; (ii) any and all claims, demands, actions or causes of action that are asserted against any Indemnitee by any Person relating directly or indirectly to a claim, demand, action or cause of action that such Person asserts or may assert against TRIP Holdings, any Affiliate of TRIP Holdings or any of their respective officers or directors; (iii) any and all claims, demands, actions or causes of action that may at any time (including at any time following the effectiveness of this Agreement) be asserted or imposed against any Indemnitee, arising out of or relating to, any TRIP Holdings Agreement, any document contemplated hereby or thereby and payments made pursuant hereto or thereto or any transaction contemplated hereby or thereby or the exercise of rights and remedies hereunder or thereunder, any breach by TRIP Holdings of any TRIP Holdings Agreement, or the relationship of TRIP Holdings and the Company under this Agreement or any other TRIP Holdings Agreement; (iv) any administrative or investigative proceeding by any Governmental Authority arising out of or related to a claim, demand, action or cause of action described in clause (ii) or (iii) above; (v) any Environmental Liability relating to any Transferred Railcar or the use, operation or ownership thereof, whether by any Facility Party, any Lessee or any other Person; and 
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(vi) any and all liabilities (including liabilities under indemnities), losses, costs or expenses (including fees and disbursements of counsel) that any Indemnitee suffers or incurs as a result of the assertion of any foregoing claim, demand, action, cause of action or proceeding, or as a result of the preparation of any defense in connection with any foregoing claim, demand, action, cause of action or proceeding, in all cases, and whether or not an Indemnitee is a party to such claim, demand, action, cause of action, or Proceeding (all the foregoing, collectively, the “Indemnified Liabilities”).  THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT LIABILITY OR CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNITEE; provided that no Indemnitee shall be entitled to indemnification for any claim caused by its own gross negligence or willful misconduct; provided further, that no Indemnitee shall be entitled to indemnification for any claim arising solely out of (i) the bankruptcy, insolvency or other financial inability of one or more Lessees to make payments under a related Lease or (ii) the decline in market value of a Transferred Railcar, to the extent not attributable to the failure of a Facility Party to perform an obligation with respect to such Transferred Railcar under a Transaction Document.  In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 6.1 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by TRIP Holdings, its directors, shareholders or creditors or an Indemnitee or any other Person or any Indemnitee is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated.  TRIP Holdings agrees not to assert any claim against the Company, the Agent, the Collateral Agent, any of the Lenders, any of their respective Affiliates or any of their respective directors, officers, employees, attorneys, agents and advisers, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to this Agreement or any other TRIP Holdings Agreement, any of the transactions contemplated herein or therein.  Without prejudice to the survival of any other agreement of TRIP Holdings hereunder and under the other TRIP Holdings Agreements, the agreements and obligations of TRIP Holdings contained in this Section 6.1 shall survive the termination of this Agreement and the other TRIP Holdings Agreements.
TRIP Holdings shall, no later than 10 days following demand, reimburse any Indemnitee for any Indemnified Liability referred to above or, upon request from any Indemnitee, shall pay such amounts directly.  Any payment made to or on behalf of any Indemnitee pursuant to this Section 6.1 shall be adjusted to such amount as will, after taking into account all Taxes imposed with respect to the accrual or receipt of such payment (as the same may be increased pursuant to this sentence), equal the amount of the payment.  To the extent that TRIP Holdings in fact indemnifies any Indemnitee pursuant to the provisions of this Section 6.1 (other than in respect of Taxes), TRIP Holdings shall be subrogated to such Indemnitee’s rights in the affected transaction and shall have a right to determine the settlement of claims therein.
If a claim of the type described above is made against an Indemnitee and such Indemnitee has notice thereof, such Indemnitee shall promptly, upon receiving such notice, give notice of such claim to TRIP Holdings; provided that the failure to provide such notice shall not release TRIP Holdings from any of its obligations hereunder except 
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if and to the extent that such failure results in an increase TRIP Holdings’ indemnification obligations hereunder.  TRIP Holdings shall be entitled, in each case at its sole cost and expense, acting through counsel reasonably acceptable to the relevant Indemnitee:  (i) in any judicial or administrative proceeding that involves solely a claim of the type described above, to assume responsibility for and control thereof, (ii) in any judicial or administrative proceeding involving a claim of the type described above and other claims related or unrelated to the transactions contemplated by this Agreement or TRIP Holdings Agreement (other than with respect to Taxes), to assume responsibility for and control of such claim, to the extent that the same may be and is severed from such other claims (and such Indemnitee shall use its best efforts to obtain such severance), and (iii) in any other case, to be consulted by such Indemnitee with respect to judicial proceedings subject to the control of such Indemnitee.  Notwithstanding anything in the foregoing to the contrary, TRIP Holdings shall not be entitled to assume responsibility for and control of any such judicial or administrative proceedings: (A) while a Default or Event of Default shall have occurred and be continuing; (B) if such proceedings will involve any risk of criminal liability or a material risk of the sale, forfeiture or loss of any part of the Collateral; or (C) to the extent that the Indemnitee has defenses available to it which are not available to TRIP Holdings and allowing TRIP Holdings to assert such defenses will be prejudicial to the interests of such Indemnitee; provided that the limitation on TRIP Holdings’ ability to control such judicial or administrative proceeding shall apply only to those aspects of such proceeding which address issues with respect to which such defenses are available.
The relevant Indemnitee shall supply TRIP Holdings with such information reasonably requested by TRIP Holdings as is necessary or advisable for TRIP Holdings to control or participate in any proceeding to the extent permitted by this Section 6.1.  Such Indemnitee shall not enter into a settlement or other compromise with respect to any covered claim without the prior written consent of TRIP Holdings, which consent shall not be unreasonably withheld or delayed, unless such Indemnitee waives its right to be protected with respect to such covered claim.
Section 6.2                Right of Set Off.  To the extent an Indemnified Party is entitled to indemnification hereunder, if the Indemnifying Party fails or refuse to promptly indemnify such Indemnified Party as provided herein then, in addition to any other rights or remedies available to the Indemnified Party, the Indemnified Party may offset the full amount to which the Indemnified Party is entitled against any payment or payments, if any, owed to the Indemnifying Party or its Affiliates pursuant to this Agreement.
ARTICLE VII
MISCELLANEOUS
Section 7.1                Expenses.  TRIP Holdings shall pay on demand all out-of-pocket expenses incurred by the Company, the Agent (and its Affiliates), the Collateral Agent and the Lenders (including, without limitation, all reasonable attorneys’ fees and expenses of the Agent and the Lenders):  (i) in connection with the preparation, execution, delivery, administration, modification and amendment of the TRIP Holdings Agreements including, without limitation, (A) due diligence, transportation, computer, duplication, audit, insurance, consultant, search, filing and recording fees and expenses and (B) the reasonable fees and expenses of counsel for the Company, the Agent and 
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the Lenders with respect thereto, with respect to advising the Company, the Agent and the Lenders as to their rights and responsibilities, or the perfection, protection or preservation of rights and interests, under the TRIP Holdings Agreements and Transferred Leases and (ii) in connection with any amendment, refinancing, modification, supplement, or waiver under this Agreement or any of the other TRIP Holdings Agreements whether or not such amendment, refinancing, modification, supplement, interpretation or waiver is obtained or becomes effective.
In addition, TRIP shall pay on demand all reasonable out of pocket expenses (including, without limitation, reasonable attorneys’ fees and expenses and fees and expenses of any expert witnesses) incurred by the Company, the Agent and the Lenders in connection with the enforcement and protection of the rights of the Company, the Agent, the Collateral Agent and the Lenders under any of the TRIP Holdings Agreements and any amendments thereto and waivers thereof and any default by TRIP Holdings hereunder, including without limitation, the performance by the Company or the Agent of any act TRIP Holdings has covenanted to do under the TRIP Holdings Agreements to the extent TRIP Holdings fails to comply with any such covenant.
Unless specifically otherwise provided in the Loan Agreement, TRIP Holdings shall pay the costs and expenses of all Independent Appraisals.
Section 7.2                Notices and Other Communications.  Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be given in accordance with Section 11.01 of the Loan Agreement.
Section 7.3                  Effectiveness of Electronic Documents and Signatures.  This Agreement may be transmitted and/or signed by facsimile or e-mail.  The effectiveness of any such documents and signatures shall, subject to requirements of Applicable Law, have the same force and effect as manually-signed originals and shall be binding on TRIP Holdings and the Company.
Section 7.4                  Effect of Investigation.  Any due diligence review, audit or other investigation or inquiry undertaken or performed by or on behalf of the Company shall not limit, qualify, modify or amend the representations, warranties or covenants of, or indemnities by, TRIP Holdings made or undertaken pursuant to this Agreement, irrespective of the knowledge and information received (or which should have been received) therefrom by the Company.
Section 7.5                  Waivers.  The failure of a party hereto at any time or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.  No waiver by a party of any condition or of any breach of any term, covenant, representation or warranty contained in this Agreement shall be effective unless in writing, and no waiver in any one or more instances shall be deemed to be a further or continuing waiver of any such condition or breach in other instances or a waiver of any other condition or breach of any other term, covenant, representation or warranty.
Section 7.6                  Amendment.  This Agreement may be amended, modified or supplemented but only in writing signed by the Company and TRIP Holdings, and approved by the Agent (acting at the direction of the Required Lenders).
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Section 7.7                  Assignment.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no assignment of any rights or obligations shall be made by TRIP Holdings without the written consent of the Company and the Agent (acting at the direction of the Required Lenders) or, except pursuant to the Security Agreement and the other Loan Documents, by the Company without the written consent of TRIP Holdings and the Agent (acting at the direction of the Required Lenders).
Section 7.8                  Assignment to Collateral Agent.  It is understood that this Agreement and all rights of the Company hereunder will be collaterally assigned by the Company to the Collateral Agent for the benefit of the Protected Parties as provided in the Loan Documents.  TRIP Holdings expressly agrees to such assignment and agrees that all of its duties, obligations, representations and warranties hereunder shall be for the benefit of, and, subject to the terms of the Loan Documents, may be enforced by, the Collateral Agent and any successor to or assignee of the rights of any thereof under the Loan Documents.
Section 7.9                  Further Assurances.  Upon the reasonable request of the Company, TRIP Holdings will on and after the Transfer Date execute and deliver to the Company such other documents, releases, assignments and other instruments and do all other things as may be required to effectuate completely the transfer and assignment to the Company of, and to vest fully in the Company title to, each of the Transferred Assets, and to otherwise carry out the purposes of this Agreement.
Section 7.10                 Severability.  Any provision of this Agreement and the other TRIP Holdings Agreements is a party that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Section 7.11                  Remedies Cumulative.  The remedies provided in this Agreement shall be cumulative and shall not preclude the assertion or exercise of any other rights or remedies available under Applicable Law, in equity or otherwise.
Section 7.12                  Entire Understanding.  This Agreement set forth the entire agreement and understanding of the parties hereto with respect to the transactions contemplated hereby and supersede any and all prior agreements, arrangements and understandings among the parties relating to the subject matter hereof.
Section 7.13                  Headings.  The headings of the articles, sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.
Section 7.14                  Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  It shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.
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Section 7.15                  Survival of Representations and Warranties.  All representations and warranties made hereunder or in any other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Company, regardless of any investigation made by the Company or on its behalf and notwithstanding that the Company may have had notice or knowledge of any default at the time of any transfer or conveyance hereunder or under the Bill of Sale.
Section 7.16                  Governing Law; Submission to Jurisdiction.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.  Any legal action or proceeding with respect to this Agreement may be brought in the courts of the State of New York in New York County, or of the United States for the Southern District of New York and, by execution and delivery of this Agreement, TRIP Holdings hereby irrevocably accepts for itself and in respect of its property, generally and unconditionally, the nonexclusive jurisdiction of such courts.  TRIP Holdings irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such court and any claim that any such proceeding brought in any such court has been brought in an inconvenient forum.
Section 7.17                  Waiver of Jury Trial.  EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING HEREUNDER OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT HERETO OR TO THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
[SIGNATURES FOLLOW]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first above written.
						
		TRIP RAILCAR CO., LLC

By: TRIP RAIL HOLDINGS LLC, its sole equity member and manager, by TRINITY INDUSTRIES LEASING COMPANY, its agent 

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing Director

		TRIP Rail Holdings LLC

by: TRINITY INDUSTRIES LEASING COMPANY, its agent 

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing DirectorDocument

Exhibit 10.5
Execution Version
$325,000,000
Trinity Rail Leasing 2021 LLC
Green Secured Railcar Equipment Notes, Series 2021-1												
	Class	Principal Amount of Offered Notes	Interest Rate	
	Class A............................	$305,200,000	2.26%
	Class B............................	$19,800,000	3.08%

NOTE PURCHASE AGREEMENT
June 22, 2021						
	Wells Fargo Securities LLC
550 S. Tryon Street
Charlotte, NC 28202	BofA Securities, Inc.
One Bryant Park, 11th Floor
New York, NY 10036

		
	Credit Agricole Securities (USA) Inc.
1301 Avenue of the Americas
New York, NY 10019	Citizens Capital Markets, Inc.
600 Washington Boulevard
Stamford, CT 06901

	Credit Suisse Securities (USA) LLC Eleven Madison Avenue 
New York, NY 10010	PNC Capital Markets LLC
300 Fifth Ave. 10th Floor
Pittsburgh, PA 15222
		
	Regions Securities LLC
1180 West Peachtree Street, NW
Suite 1400
Atlanta, GA 30309	
		

Dear Ladies and Gentlemen:
1.  Introductory. Trinity Rail Leasing 2021 LLC, a Delaware limited liability company (the “Issuer”) and a direct, wholly‐owned special purpose subsidiary of Trinity Industries Leasing Company (“TILC”), proposes, subject to the terms and conditions stated herein, to issue and sell to Wells Fargo Securities LLC (“Wells”), Credit Agricole Securities (USA) Inc., BofA Securities, Inc., Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC and Regions Securities LLC (each, an “Initial Purchaser” and collectively, the “Initial Purchasers”) U.S.$305,200,000 principal amount of its Series 2021-1 Class A Green Secured Railcar Equipment Notes (the “Class A Notes”), U.S.$19,800,000 principal amount of its Series 2021-1 Class B Green Secured Railcar Equipment Notes (the “Class B Notes” and, together with the Class A Notes, the “Offered Notes”), to be issued pursuant to the Master Indenture (the “Master Indenture”), as supplemented by the Series 2021-1 Supplement thereto (the “Series 2021-1 Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each to be dated on or about June 30, 2021, between the Issuer and U.S. Bank National Association, as indenture trustee (the “Trustee”). The United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder are herein referred to as the “Securities Act.”  Capitalized terms used but not 
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defined herein shall have the meanings given to such terms in the Offering Circular (as defined below).
2.  Representations and Warranties of the Issuer and TILC. Each of the Issuer and TILC, jointly and severally, represents and warrants to, and agrees with, the Initial Purchasers that, as of the date hereof (unless otherwise indicated below):
(a)  The Issuer has prepared a preliminary offering circular dated June 17, 2021 (the “Preliminary Offering Circular”), and the Issuer will prepare a final offering circular dated the date hereof (the “Offering Circular”), in each case relating to the Offered Notes to be offered by the Initial Purchasers. The Preliminary Offering Circular and 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 Note Purchase Agreement (this “Agreement”) (even if finalized and issued subsequent to the date of this Agreement). “General Disclosure Package” means the Preliminary Offering Circular, together with any General Use Issuer Free Writing Communications (as hereinafter defined) at the Applicable Time (as hereinafter defined) considered together with the offering price on the cover page of the Offering Circular and the information contained in Schedule D hereto. “Applicable Time” means 3:34 P.M. (New York time) on the date of this Agreement. As of its date and as of the Closing Date, the Final Offering Document will not contain 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 Preliminary Offering Circular, (ii) the General Disclosure Package, nor (iii) any individual Limited Use Issuer Free Writing Communication (as hereinafter defined), when considered together with the General Disclosure Package, contained, nor as of the Closing Date will contain, any untrue statement of a material fact or omitted, or will 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. 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 (as hereinafter defined) based upon written information furnished to the Issuer or TILC by the Initial Purchasers specifically for use therein, it being understood and agreed that the only such information is that described as such in Sections 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, or authorized for distribution to investors by, the Issuer or TILC or used or referred to by the Issuer or TILC, in the form retained in the records of the Issuer or TILC. “General Use Issuer Free Writing Communication” means any Issuer Free Writing Communication that is intended for general distribution to prospective investors and is set forth on Schedule B hereto. “Limited Use Issuer Free Writing Communication” means any Issuer Free Writing Communication that is not a General Use Issuer Free Writing Communication and is set forth on Schedule C hereto.
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(b)  The Issuer has been duly formed and is a validly 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 (as hereinafter defined); 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.
(c)  TILC has been duly incorporated and is a validly 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 TILC 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.
(d)  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 or TILC, 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 or TILC, 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.
(e)  Except as contemplated by the Transaction Documents, no consent, approval, authorization, order of, filing with, or any other action by 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 of the Offered Notes and sale of the Offered Notes.
(f)  The execution, delivery and performance of the Indenture, this Agreement and each other Transaction Document and the issuance of the Offered Notes and sale of the Offered Notes and compliance with the terms and provisions thereof by the Issuer or TILC, 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 or TILC or any of their respective properties, or (ii) any agreement or instrument to which the Issuer or TILC is a party or by which the Issuer or TILC is bound or to which any of the properties of the Issuer or TILC are subject, or (iii) the limited liability company agreement or certificate of formation of the Issuer or the certificate of incorporation or by‐laws of TILC. The Issuer has full power and authority to sell the Offered Notes as contemplated by this Agreement.
(g)  This Agreement has been duly authorized, executed and delivered by each of the Issuer and TILC.
(h)  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, 
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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.
(i)  Each of the Issuer and TILC 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 or TILC, 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 or TILC, as applicable, taken as a whole (“Material Adverse Effect”).
(j)  Except as disclosed in the General Disclosure Package, neither the Issuer nor TILC 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 neither the Issuer or TILC is aware of any pending investigation which might lead to such a claim.
(k)  Except as disclosed in the General Disclosure Package, there are no pending actions, suits, proceedings or investigations against or affecting the Issuer or TILC or their respective properties that, if determined adversely to the Issuer or TILC, would individually or in the aggregate have a Material Adverse Effect, or would materially and adversely affect the ability of the Issuer or TILC to perform its obligations under the Indenture, this Agreement, or any other Transaction Document to which it is a party, or would seek to materially and adversely affect the federal income tax attributes of the Offered Notes, or which are otherwise material in the context of the sale of the Offered Notes; and no such actions, suits, proceedings or investigations are threatened or, to the Issuer’s or TILC’s knowledge, contemplated.
(l) Since December 31, 2020, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in each case, other than as disclosed in the Offering Document, in the condition (financial or other), business, properties or results of operations of TILC and TILC’s subsidiaries taken as a whole.
(m)  The Issuer is not, and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and, after giving effect to the offering and sale of the Offered Notes and the application of proceeds thereof as described in the Offering Document, will not be, and will not be controlled by, an “investment company” registered or required to be registered under the Investment Company Act. The Issuer will not be an “investment company” within the meaning of Section 3(a)(1) of the Investment Company Act, although there may be additional exemptions or exclusions available to the Issuer. The Issuer is not relying on the exemptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment 
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Company Act. The Issuer does not constitute a “covered fund” for purposes of the banking regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule”.
(n)  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, and the rules and regulations promulgated thereunder (“Exchange Act”) or quoted in a U.S. automated inter‐dealer quotation system. The securities are eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”). The General Disclosure Package contains, and the Offering Document will contain, all the information specified in and meeting the requirements of Rule 144A.
(o)  No member of the “expanded group” (including any “controlled partnership” with respect thereto), if any, of which the Issuer is a member (or, in the event the Issuer is a disregarded entity for U.S. federal income tax purposes, of which the Issuer’s owner is a member or controlled partnership with respect thereto) has purchased, or is purchasing, any of the Offered Notes. For these purposes, “controlled partnership” and “expanded group” are defined in Treasury Regulation sections 1.385‐1(c)(1) and 1.385‐1(c)(4), respectively.
(p)  Assuming the representations of the Initial Purchasers set forth in Section 4(a) and (b) are true and accurate, the offer, sale and delivery of the Offered Notes to the Initial Purchasers and to subsequent purchasers in the manner contemplated by this Agreement and the Offering Document 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)  Neither the Issuer or TILC, or any of their respective affiliates, or any person acting on its or their behalf (other than the Initial 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 (“Regulation S”)) 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, by means of any directed selling efforts within the meaning of Rule 902(c) of Regulation S. The Issuer, TILC, and their respective affiliates and any person acting on its or their behalf (other than the Initial Purchasers, as to whom no such representation is made) have complied and will comply with the offering restrictions requirement of Regulation S. Neither the Issuer or TILC 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 applicable Engagement Letter (as defined below) and as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between the Issuer or TILC and any person that would give rise 
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to a valid claim against the Issuer or TILC, or any Initial Purchaser for a brokerage commission, finder’s fee or other like payment.
(u)  On the Closing Date, the Issuer will own all of its right, title and interest in and to the Railcars, 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 Indenture or any other Transaction Document, as applicable.
(v)  As of the Closing Date, each of the representations and warranties of the Issuer or TILC 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)  Each of the Issuer, TILC, and their respective subsidiaries and, to their knowledge, their respective affiliates, is in compliance, in all material respects, with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (the “USA Patriot Act of 2001”), as may be applicable to each of them. No part of the proceeds of the Offered Notes will be used by the Issuer, any subsidiary of the Issuer or any affiliate of the Issuer, directly or, to the knowledge of the Issuer, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of (i) the U.S. Foreign Corrupt Practices Act of 1977, as amended, or, as applicable (ii) the U.K. Bribery Act of 2010, as amended, or (iii) any other anti‐bribery or anti‐corruption laws, regulations or ordinances in any jurisdiction in which the Issuer or TILC is located or doing business (collectively, the “Anti‐Corruption Laws”).
(y)  The operations of the Issuer, TILC 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 applicable 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”). The Issuer, TILC and their respective subsidiaries (i) have instituted, maintained and are complying with policies, procedures and controls reasonably designed to comply with all Anti‐Corruption Laws and Money Laundering Laws and are currently complying with, and will at all times comply with, all Anti‐Corruption Laws and Money Laundering Laws, and (ii) are not knowingly and have not been under administrative, civil or criminal investigation with respect to any Anti‐Corruption Laws or Money Laundering Laws or received written notice from or made a voluntary disclosure to any governmental entity regarding a possible violation by it of any Anti‐Corruption Laws or Money Laundering Laws. The Issuer, TILC and their respective subsidiaries will not fund any repayment of the Offered Notes in violation of any Anti‐Corruption Laws or Money Laundering Laws. No part of the proceeds of any Notes will be used by the Issuer, TILC or any of their respective subsidiaries or affiliates directly or to their knowledge, indirectly, in violation of any Anti‐Corruption Laws or Money Laundering Laws.
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(z)  Neither the Issuer or TILC, any of their respective subsidiaries or, to the knowledge of the Issuer or TILC, any director, officer, agent, employee or affiliate of the Issuer or TILC or, to the knowledge of the Issuer or TILC, any of their respective subsidiaries (i) is a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), as amended by Executive Order 13886 of September 9, 2019 Modernizing Sanctions to Combat Terrorism (84 Fed. Reg. 48041 (2019)) (the “Executive Order”), or (ii) engages in any dealings or transactions with blocked persons prohibited by Section 2 of such Executive Order. 
(aa)  None of the Issuer or TILC, or any of their respective subsidiaries (x) is a person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) available at: https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists, or as otherwise published from time to time; (y) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a Person resident in a country that is subject to a sanctions program identified by OFAC and available at: https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person; or (z) derives more than 10% of its assets or operating income from investments in or transactions with any such country, agency, organization or Person. None of the proceeds from the Offered Notes will be used by the Issuer, TILC, or any of their respective subsidiaries or affiliates to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or Person in violation of Sanctions.
(ab)  None of the Issuer, TILC, or any of their respective subsidiaries or, to their knowledge, any of their respective affiliates (i) is a Sanctioned Person (as hereinafter defined), (ii) is controlled by, or is acting on behalf of, a Sanctioned Person, (iii) is knowingly under investigation for an alleged breach of Sanction(s) by the government authority that enforces Sanctions (as hereinafter defined), (iv) will use the proceeds of any Offered Note for the purpose of providing financing to, or otherwise making funds directly or indirectly available to, any Sanctioned Person, or providing financing to or otherwise funding any transaction which would be prohibited by any applicable Sanction or, to the knowledge of the Issuer or TILC, would otherwise cause the Indenture Trustee, any Noteholder or any party to this Agreement or any entity affiliated with any such party, to be in violation of any applicable Sanction, (v) will fund any repayment of the Offered Notes with proceeds derived from any transaction that would be prohibited by applicable Sanctions or, to the knowledge of the Issuer or TILC, would otherwise cause the Indenture Trustee, any Noteholder or any party to this Agreement, to their knowledge, to be in violation of any applicable Sanction, and (vi) will fail to notify the Indenture Trustee and the Initial Purchasers in writing not more than five (5) Business Days after becoming aware of any breach of this clause (bb).
For purposes of this Agreement, a “Sanction” means any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority.
“Sanctions Authority” means (a) the United States Government, (b) the United Nations Security Council, (c) the European Union, (d) the United Kingdom, (e) the Swiss Secretariat of Economic Affairs, (f) the governments, official institutions or agencies and other relevant sanctions authorities of any of the foregoing in clauses (a) through (e), including 
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OFAC, the US Department of State, and Her Majesty’s Treasury or (g) any other governmental authority with jurisdiction over the Issuer, TILC, any of their affiliates or, to the knowledge of the Issuer, TILC, the Indenture Trustee or the Initial Purchasers.
“Sanctioned Person” means (a) any Person that is listed on, or owned or controlled by a Person listed on (or a Person acting on behalf of such a Person) (i) the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists or as otherwise published from time to time, the “Sectoral Sanctions Identifications” list maintained by OFAC available at https://home.treasury.gov/policy-issues/financial-sanctions/consolidated-sanctions-list/sectoral-sanctions-identifications-ssi-list or as otherwise published from time to time, or the “Foreign Sanctions Evaders” list maintained by OFAC available at https://home.treasury.gov/policy-issues/financial-sanctions/consolidated-sanctions-list/foreign-sanctions-evaders-fse-list or as otherwise published from time to time, (ii) the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by Her Majesty’s Treasury or (iii) any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority having jurisdiction over the Issuer or TILC, each as amended, supplemented or substituted from time to time; or (b) (i) an agency of the government of a Sanctioned Jurisdiction, (ii) an organization directly or indirectly controlled by a Sanctioned Jurisdiction or (iii) a Person resident in (or organized under the laws of) a Sanctioned Jurisdiction (to the extent subject to a Sanctions program administered by OFAC, the European Union or the United Nations), or (iv) a Person who is owned or controlled by, or acting on behalf of such a Person. 
“Sanctioned Jurisdiction” means any country or territory to the extent that the government of such country or territory is the subject of Sanctions consisting of a general embargo imposed by any Sanctions Authority. 
(ac)  The operations of the Issuer and TILC 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.
(ad)  In connection with any rating for the Offered Notes, the Issuer has provided to each rating agency rating the Offered Notes a written representation that satisfies the requirement of paragraph (a)(3)(iii) of Rule 17g‐5 under the Exchange Act (“Rule 17g‐5”). The Issuer has complied, and as of the Closing Date, the Issuer will comply, in all material respects with the representations, certifications and covenants made by the Issuer to S&P and KBRA (the “Hired NRSROs”) in connection with the engagement of the Hired NRSROs to issue and monitor a credit rating on the Offered Notes, including any representation provided to the Hired NRSROs by the Issuer in connection with Rule 17g‐5, and has made accessible, via a password‐protected internet website established and maintained by TILC, to any non‐hired nationally recognized statistical rating organization, as contemplated by Rule 17g‐5, all information provided to the Hired NRSROs in connection with the issuance and monitoring of the credit ratings on the Offered Notes in accordance with Rule 17g‐5. The Issuer shall be solely responsible for compliance with Rule 17g‐5 in connection with the issuance, monitoring and maintenance of the credit rating on the Offered Notes. The Initial Purchasers are not responsible for compliance with any aspect of Rule 17g‐5 in connection with the Offered Notes.
(ae)  TILC engaged independent accountants for the purpose of delivering the Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated on or about June 30, 2021 (such independent accountants, the “Accountants”, and such report, the 
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“Report”), and the only report generated as a result of such engagement is the Report.  Neither the Issuer nor TILC has engaged any third-party due diligence services providers to provide any services that would be “due diligence services” (as defined in Rule 17g-10(d)(1) under the Exchange Act) were the Offered Notes subject to such Rule. 
(af)  [Reserved].
(ag)  The requirements imposed on the “sponsor of a securitization transaction” in accordance with the final rules contained in Regulation RR, 17 C.F.R. §246.1, et seq. (the “Credit Risk Retention Rules”) implementing the credit risk retention requirements of Section 15G of the Exchange Act, do not apply to TILC, as sponsor or the transaction the subject of 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 Initial Purchasers, severally and not jointly, and each Initial Purchaser agrees severally and not jointly to purchase from the Issuer, at a purchase price of 99.19241% of the principal amount of the Class A Notes and 99.18610% of the principal amount of the Class B Notes, the principal amount of Offered Notes set forth opposite the name of such Initial Purchaser 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 Initial Purchasers in reliance on Regulation S (the “Regulation S Notes”), each 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 Initial Purchasers hereunder and to be offered and sold by the Initial Purchasers in reliance on Rule 144A under the Securities Act (the “144A Notes”), each 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 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 each Initial Purchaser in Federal (same day) funds by or wire transfer to an account at a bank acceptable to it, on June 30, 2021, or at such other time not later than seven full business days thereafter as the Initial Purchasers 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 
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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 each Initial Purchaser for its own account all fees and expenses as provided in the applicable engagement letter, fee letter or other written correspondence, dated or communicated on or about the date hereof, among the Issuer, TILC and the applicable Initial Purchaser (each, an “Engagement Letter”).
4.  Representations by Initial Purchasers; Resale by Initial Purchasers. (a)  Each Initial 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 Initial 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 Initial 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. Accordingly, none of the Initial Purchasers nor its affiliates, nor any persons acting on its behalf or their behalf, has engaged or will engage in any directed selling efforts with respect to the Offered Notes, and such Initial 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 Initial 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 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 Initial Purchaser severally agrees that it and each of its affiliates has not entered and will not enter into any contractual arrangement (other than any agreement among the Initial Purchasers) with respect to the distribution of the Offered Notes except with the prior written consent of the Issuer.
(d)  Each Initial 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 Initial Purchaser severally agrees, with respect to resales made in 
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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 Initial 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 such Initial Purchaser. 
(f)  Each Initial Purchaser severally represents and agrees that (i) with respect to any oral communications regarding Rating Information with the Hired NRSROs which are initiated by the Hired NRSROs or arranged by such Initial Purchaser in connection with the issuance or monitoring of a credit rating on the Offered Notes, such Initial Purchaser (A) has referred and will refer such oral communication to the Issuer to respond to the Hired NRSROs or (B) has invited and will invite the Issuer to participate in such oral communication and (ii) any communication (other than oral communications) regarding Rating Information or delivery of Rating Information to the Hired NRSROs 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 Rating Information provided to the Hired NRSROs in connection with the issuance and monitoring of the credit rating on the Offered Notes in accordance with Rule 17g‐5. “Rating Information” means any information provided to the Hired NRSROs for the purpose of (A) determining the initial credit rating for the Offered Notes, including information about the characteristics of the Railcars, related property and the legal structure of the Offered Notes, and (B) undertaking credit rating surveillance on the Offered Notes, including information about the characteristics and performance of the Railcars and related property. 
(g)  Each Initial 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 of section 21 of the Financial Services and Markets Act 2000 (as amended, 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.
(h)  Each Initial Purchaser severally represents and agrees that that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes to any EU Retail Investor in the European Economic Area or any UK Retail Investor in the United Kingdom. For the purposes of this provision, (i) the expression “EU Retail Investor” means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”), (B) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (C) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended), (ii) the expression “UK Retail Investor” means a person who is one (or more) of the following: (A) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No 2017/565 as it forms part of domestic law of the UK by virtue of the European Union Withdrawal Act 2018 (as amended, the “EUWA”) and as amended; (B) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to 
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implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA, and as amended; or (C) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of UK domestic law by virtue of the EUWA and as amended  and (iii) the expression “offer” includes 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 for the Offered Notes.
5.  Certain Agreements of the Issuer and TILC. The Issuer and TILC jointly and severally agree with the Initial Purchasers that:
(a)  The Issuer will advise the Initial Purchasers promptly of any proposal to amend or supplement the Offering Document and will not effect any such amendment or supplementation without the consent of the Initial Purchasers. 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 Initial 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 Issuer Free Writing Communication to comply with any applicable law, the Issuer will promptly notify the Initial Purchasers of such event and will promptly prepare, at its own expense, an amendment or supplement which will correct such statement or omission. Neither the Initial Purchasers’ consent to, nor the delivery by the Initial 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 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 or TILC by the Initial Purchasers 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 each 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 such Initial Purchaser requests, and the Issuer will furnish to each 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 Purchasers 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 will pay the expenses of printing and distributing to the Initial Purchasers all such documents. Any Additional Issuer Information delivered to any holders and prospective purchasers of the Offered Notes will not contain any untrue statement 
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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 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 Purchasers designate and will continue such qualifications in effect so long as required for the resale of the Offered Notes by the Initial 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 TILC, the Issuer will furnish to the Initial Purchasers (i) as soon as available, copies of each report furnished to the Issuer or any of its affiliates, in the case of the Issuer, pursuant to any Operative Agreement (collectively, the “Transaction Documents”), by first class mail as soon as practicable after such reports are furnished to the Issuer or any of its affiliates or shareholders, as the case may be, (ii) copies of each amendment to any of the Transaction Documents, (iii) copies of all reports and other communications (financial or other) furnished to 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 (iv) from time to time such other information as the Initial Purchasers may reasonably request relating to the Issuer or TILC, or any of their respective affiliates, the Offered Notes and the Transaction Documents. TILC and the Issuer shall make their officers, employees, independent accountants and legal counsel reasonably available upon request by the Initial Purchasers.
(e)  During the period of three (3) years after the Closing Date, the Issuer will, upon request, furnish to the Initial 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 and TILC 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)  The Issuer or TILC 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 or TILC 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 Purchasers designate and the printing of memoranda relating thereto; (iv) any fees charged by the Hired NRSROs for the rating of the Offered Notes and charged by the Trustee, including the fees and disbursements of counsel for the Trustee in connection with the Indenture; 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 Initial Purchasers or to prospective purchasers of the Offered Notes. The Issuer and TILC jointly and severally will also pay or reimburse the Initial Purchasers (to the extent incurred by them) for all travel expenses of the Initial Purchasers’, the Issuer’s, 
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TILC’s officers and employees and any other expenses of the Initial Purchasers, the Issuer or TILC in connection with attending or hosting meetings with prospective purchasers of the Offered Notes from the Initial Purchasers. In addition to the foregoing, but without duplication, the Issuer or TILC will pay to each Initial Purchaser on the Closing Date the amounts in respect of its costs and expenses as set forth in the applicable Engagement Letter as reimbursement of such Initial Purchaser’s other expenses, including fees and disbursements of legal counsel retained by the Initial Purchasers consistent with prior approvals of TILC.
(h)  In connection with the offering and the sale of the Offered Notes, until the Initial Purchasers shall have notified the Issuer, TILC and the other Initial Purchasers of the completion of the resale of the Offered Notes, neither the Issuer nor TILC or any of their respective affiliates has or will, either alone or with one or more other persons, 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 neither the Issuer nor TILC 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.
(i)  For a period of 90 days, with respect to the Issuer, and 45 days, with respect to TILC, after the date of the Offering Circular, neither the Issuer nor TILC 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 debt securities issued, sponsored or guaranteed by the Issuer, TILC 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 Purchasers. Neither the Issuer nor TILC 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(a)(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.
(j)  The Issuer, TILC or any of their respective affiliates, or any person acting on its or their behalf (other than the Initial Purchasers, as to which no agreement is being made pursuant to this clause (j)), shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security that would be integrated with the offer or sale of the Offered Notes in a manner that would require the registration under the Securities Act of the sale of the Offered Notes or that would be integrated with the offer or sale of the Offered Notes for purposes of the rules and regulations of any trading market.
(k)  The Issuer and TILC (the “Indemnitors”) jointly and severally will indemnify and hold harmless the Initial Purchasers against any documentary, stamp or similar issuance tax, including any interest and penalties, on the creation and issuance of the Offered Notes, and on the sale of the Offered Notes and on the execution and delivery of this Agreement. All payments to be made by the Issuer or TILC under this Agreement shall be made without withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless the Issuer or TILC is compelled by law to deduct or withhold such taxes, duties or charges. In that event, the Issuer or TILC, 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 Initial Purchaser to provide any duly executed and completed form or document 
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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 Initial Purchaser’s entitlement to a complete exemption for such taxes and withholdings. Furthermore, the Indemnitors hereby request that each Initial Purchaser hereby provides to them IRS Form W‐9 or IRS Form W‐8BEN, W‐8BEN‐E, W‐8IMY or W‐8ECI, whichever is applicable, to the extent not already provided.
(l)  To the extent, if any, that the rating provided with respect to the Offered Notes by the Hired NRSROs is conditional upon the furnishing of documents or the taking of any other action on or prior to the Closing Date by the Issuer or TILC, the Issuer or TILC, as the case may be, shall use its reasonable best efforts to promptly furnish such documents and take any other such action on or prior to the Closing Date. 
(m)  The cash proceeds of the Offered Notes, together with any necessary capital contribution made by TILC to the Issuer, will be used by the Issuer as follows: (i) to add funds to the Collections Account in connection with the issuance of the Offered Notes, if necessary to assure sufficient funds are available for payments on the first Payment Date; (ii) to pay certain costs of issuance; and (iii) to fund cash payments to TILC and Trinity Rail Leasing Warehouse Trust (“TRLWT”) as the purchase price for the Issuer’s acquisition of the Railcars from TILC and TRLWT, at a price equal to the Railcars’ Initial Appraised Value. 
(n)  The Issuer will comply with the representation made by the Issuer to each Hired NRSRO pursuant to paragraph (a)(3)(iii) of Rule 17g‐5. 
6.  Free Writing Communications. (a) Each of the Issuer and TILC, jointly and severally, represents and agrees that, without the prior consent of the Initial Purchasers, and each Initial Purchaser severally represents and agrees that, without the prior consent of TILC and the Initial Purchasers, 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 Purchasers is hereinafter referred to as a “Permitted Free Writing Communication.” The parties hereto agree that the Issuer Free Writing Communications listed on Schedules B and C hereto are each Permitted Free Writing Communications.  
(b)To the extent it would be an Issuer Free Writing Communication, each of the Issuer and TILC 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, and (b) does not contain any material information about the Issuer or TILC or the securities of any of them that was provided by any of the Issuer and TILC 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 Initial Purchasers. The obligations of the Initial Purchasers to purchase and pay for the Offered Notes will be subject to the accuracy of the representations and warranties herein on the part of the Issuer and TILC, to the accuracy of the statements of officers of the Issuer and TILC made pursuant to the provisions hereof, to the performance by each of the Issuer and TILC of its obligations hereunder and to the following additional conditions precedent on or prior to the Closing Date:
(a)  On the Closing Date, the Initial Purchasers shall have received from a third party that is a nationally recognized accounting firm reasonably satisfactory to the Initial Purchasers a letter or letters, in the form heretofore agreed to regarding the Preliminary 
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Offering Circular and Offering Circular, each dated as of the review date or the date of the Preliminary Offering Circular or Offering Circular, as applicable.
(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 or TILC and its subsidiaries taken as one enterprise which, in the judgment of the Initial Purchasers or any of their 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 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 (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 or TILC has been placed on negative outlook; (iii) any change in U.S. or international financial, political or economic conditions (including, but not limited to, as the result of the outbreak or increase in severity of any pandemic) or currency exchange rates or exchange controls as would, in the judgment of the Initial Purchasers or any of their affiliates, be likely to prejudice materially the success of the proposed issue, sale or distribution of the Offered Notes, 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 or maximum prices for trading, or maximum ranges for prices for securities have been required, on such exchange; (v) any suspension of trading of any securities of the Issuer or TILC 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 the Initial Purchasers or any of their 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 Initial Purchasers shall have received opinions, dated the Closing Date, of (i) Vedder Price P.C., counsel for the Issuer, (ii) the Secretary of TILC, and (iii) such other law firms acceptable to the Initial Purchasers and their counsel, to the effect that:
(i)  The Issuer has been duly formed and is a validly 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; 
(ii) (A) TILC has been duly incorporated and is a validly 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; TILC 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, if the failure to be so qualified would materially and adversely affect its ability to perform its obligations under the Transaction Documents to which it is a party, and (B) TRLWT is a statutory trust duly 
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formed, validly existing and in good standing under the Delaware Statutory Trust Act, with power and authority to own its properties and to conduct its business as described in the General Disclosure Package;. TRLWT is duly qualified to do business as a foreign trust in good standing in any jurisdiction other than the State of Delaware 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 to which it is a party;
(iii)  The Indenture and the other Transaction Documents have been duly authorized, executed and delivered by the Issuer or TILC, as applicable; the Offered Notes have been duly authorized, executed, 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 or TILC, as applicable, enforceable against the Issuer or TILC, 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;
(iv)  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 Offered Notes from time to time will have, upon the filing of certain financing statements, a perfected security interest in the Collateral;
(v)  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” within the meaning of Section 3(a)(1) of the Investment Company Act and will not constitute a “covered fund” for purposes of the banking regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule”;
(vi)  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 of the Offered Notes 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;
(vii)  There are no pending actions, suits or proceedings against or affecting the Issuer, TILC or any of their respective subsidiaries, or any of their respective properties that, if determined adversely to the Issuer, TILC 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 or TILC 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;
(viii)  The execution, delivery and performance of the Indenture, the other Transaction Documents to which the Issuer or TILC is a party, and this Agreement and 
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the issuance of the Offered Notes 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, or any of their properties, or any agreement or instrument to which the Issuer or TILC is a party or by which the Issuer or TILC is bound or to which any of the properties of the Issuer or TILC is subject, or the organizational or formation documents of the Issuer or TILC, and the Issuer has full power and authority to authorize, issue and sell the Offered Notes as contemplated by this Agreement;
(ix)  Such counsel have no reason to believe that (i) the Preliminary Offering Circular or (ii) the Final Offering Document, or any amendment or supplement thereto, as of the Applicable Time and as of the Closing Date, contained or contains 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 or contains any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein not misleading;
(x)  This Agreement has been duly authorized, executed and delivered by each of the Issuer and TILC;
(xi)  It is not necessary in connection with (i) the offer, sale and delivery of the Offered Notes by the Issuer to the Initial Purchasers pursuant to this Agreement, or (ii) the resales of the Offered Notes by the Initial 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; 
(xii)  The statements in the Preliminary Offering Circular and the Offering Circular under the captions “The Issuer”, “The Railcars”, “The Lessees”, “The Leases”, “TILC”, “The Servicer”, “Description of the Servicing Agreement”, “Description of the Administrative Services Agreement”, “Description of the Purchase and Contribution Agreement”, “Description of the Insurance Agreement”, “Description of the Hedge Agreements”, “Description of the Liquidity Facility Documents” and “Description of the Offered Notes and the Indenture”, 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; 
(xiii)  The statements contained in the Preliminary Offering Circular and the Offering Circular under the captions “Certain Considerations for ERISA and Other Benefit Plans” 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; and
(xiv)  (A) In a properly presented and decided case, in the event TILC or TRLWT became a debtor in a voluntary or involuntary bankruptcy case under the Bankruptcy Code, the bankruptcy court would not substantially consolidate the assets and liabilities of the Issuer with those of TILC or TRLWT, as applicable, and (B) in a properly presented and decided case, in the event TILC or TRLWT became a debtor in 
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a voluntary or involuntary bankruptcy case under the Bankruptcy Code, the bankruptcy court would determine that the transfer of the Transferred Assets by TILC or TRLWT to the Company pursuant to the Purchase and Contribution Agreement constitutes an assignment or sale of such assets to the Company by TILC or TRLWT, as opposed to being collateral for a loan by the Company to the TILC or TRLWT.
(d)  The Initial Purchasers shall have received from Chapman and Cutler LLP, counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(e)  The Initial Purchasers shall have received the opinion or opinions of Chapman and Cutler LLP, special counsel to the Trustee, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(f)  The Initial Purchasers shall have received the opinion of Alvord and Alvord PLLC, special STB counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(g)  The Initial Purchasers shall have received the opinion of Fasken LLP, special Canadian counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(h)  The Initial Purchasers shall have received the in-house opinion of Landesbank Hessen-Thüringen Girozentrale, in its capacity as Liquidity Facility Provider, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(i)  The Initial Purchasers shall have received a copy of each opinion provided to the Hired NRSROs in connection with its rating of the Offered Notes, each of which shall state therein that the Initial Purchasers may rely thereon, in form and substance reasonably satisfactory to the Initial Purchasers.
(j)  The Initial Purchasers shall have received a certificate, dated the Closing Date, of the President or any Vice President or a principal financial or accounting officer of each of the Issuer and TILC (it being understood that a certificate of TILC on its own behalf and in its capacity as sole equity member and manager of the Issuer shall be sufficient for purposes of the compliance by the Issuer and TILC with this requirement) in which such officer, to the best of such officer’s knowledge, after reasonable investigation, shall state that (i) the representations and warranties of the Issuer and TILC, as the case may be, in this Agreement are true and correct, that each of the Issuer and TILC has performed and 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 and TILC, 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 and TILC and its subsidiaries taken as a whole except as described in such certificate, (ii) nothing has come to such officer’s attention that would lead such officer 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 TILC or the membership interests of the Issuer, or the long term debt of the Issuer or TILC except as described in such certificate.
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(k)  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 Purchasers, 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 Initial Purchasers or its counsel on or before the Closing Date.
(l)  Each of TILC and the Issuer shall have delivered to the Initial Purchasers a certificate (it being understood that a certificate of TILC in its capacity as sole equity 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 or other duly elected, qualified and acting officer 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.
(m)  The Initial 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.
(n)  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 Purchasers.
(o)  (i) The Hired NRSROs shall have delivered to the Issuer, TILC and the Initial Purchasers a final rating letter setting forth a rating with respect to the Class A Notes of at least “A (sf)” and the Class B Notes of at least “BBB (sf)” and (ii) subsequent to the execution and delivery of this Agreement the Hired NRSROs 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).
(p)  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.
(q)  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 Initial Purchasers with proof thereof.
Documents described as being “in the agreed form” are documents which are in the form reasonably satisfactory to the Initial Purchasers and Chapman and Cutler LLP.
The Issuer and TILC will furnish the Initial Purchasers with such conformed copies of such opinions, certificates, letters and documents as the Initial Purchasers reasonably request.
8.  Indemnification and Contribution. (a)  The Issuer and TILC will jointly and severally indemnify and hold harmless (i) each Initial Purchaser and (ii) its respective officers, partners, members, directors, employees, agents and affiliates and each person, if any, who controls 
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such Initial Purchaser, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Initial Purchaser Representatives”), against any losses, claims, damages, liabilities or expenses, joint or several, to which such Initial Purchaser or the Initial Purchaser Representatives may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) relate to, arise out of or are based upon (1) any breach of any of the representations, warranties and covenants of the Issuer or TILC contained herein, (2) 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 Additional Issuer Information or (3) any omission or alleged omission to state, in any document comprising a part of the Offering Documents, any Limited Use Issuer Free Writing Communication, or any amendment of or supplement thereto, or any Additional Issuer Information, a 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, including, without limitation, any losses, claims, damages, liabilities or expenses arising out of or based upon the Issuer’s or TILC’s failure to perform its obligations under Section 5 of this Agreement, and will reimburse each Initial Purchaser and the Initial Purchaser Representatives for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, expense or action as such expenses are incurred; provided, however, that none of the Issuer or TILC 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 or TILC by such 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 Initial Purchaser severally and not jointly will indemnify and hold harmless (i) the Issuer and TILC and (ii) their respective directors and officers and each person, if any, who controls the Issuer or TILC within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Seller Representatives”), against any losses, claims, damages, liabilities or expenses to which the Issuer, TILC or the Seller Representatives may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (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 or TILC by the Initial Purchasers specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by the Issuer, TILC or the Seller Representatives in connection with investigating or defending any such loss, claim, damage, liability, expense or action as such expenses are incurred, it being understood and agreed that the only such information furnished by the Initial Purchasers consists of the information in the Offering Document as highlighted in the excerpt from the Offering Document set forth on Schedule E hereto; provided, however, that the Initial Purchasers shall not be liable for any losses, claims, damages, liabilities or expenses arising 
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out of or based upon the Issuer’s or TILC’s failure to perform its obligations under Section 5(a) of this Agreement.
(c)  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) or (b) 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) or (b) 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) or (b) 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, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that differing interests may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties, and the indemnifying party will reimburse any legal expenses incurred by the indemnified party having separate counsel, as incurred. And after any such notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by the indemnified party of counsel, 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, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence, (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party or parties, in which case the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party.  It is understood that all such fees and expenses of counsel for the indemnified party for which the indemnifying party is liable shall be reimbursed as they are incurred.  Notwithstanding the foregoing, the indemnifying party shall have no right to retain counsel or otherwise participate in or assume the defense or settlement of any such action brought by a governmental agency, regulatory authority or self-regulatory organization having or claiming to have jurisdiction over the business or financial affairs of the relevant indemnified party or any of its affiliates.  The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, which will not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. 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 
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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.
(d)  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, liabilities or expenses referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer and TILC on the one hand and the Initial 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 and TILC on the one hand and the Initial Purchasers on the other in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative benefits received by the Issuer and TILC on the one hand and the Initial 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 Initial 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 or the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the first sentence of this subsection (d) 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 (d). Notwithstanding the provisions of this subsection (d), no Initial Purchaser shall be required to contribute any amount in excess of the total discounts, commissions and fees received by such Initial Purchaser from the Issuer and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Initial Purchasers in this subsection (d) to contribute are several in proportion to their respective purchase obligations and not joint.
(e)  The obligations of the Issuer and TILC under this Section shall be in addition to any liability which the Issuer or TILC may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Initial Purchaser within the meaning of the Securities Act or the Exchange Act; and the obligations of each Initial Purchaser under this Section shall be in addition to any liability which it may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls the Issuer or TILC within the meaning of the Securities Act or the Exchange Act.
9.  Default of Initial Purchasers, Special Resolution Regime. 
(a)  If any one or more Initial Purchasers shall fail to purchase and pay for the Offered Notes agreed to be purchased by such Initial Purchasers (the “Defaulting Initial Purchasers”) hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the non‐Defaulting Initial Purchasers (the “Non‐Defaulting Initial Purchasers”) may make arrangements satisfactory to the Issuer for the purchase of the Offered Notes by other persons, including any of the 
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Non‐Defaulting Initial Purchasers, but if no such arrangements are made by the Closing Date, the Non‐Defaulting Initial Purchasers shall be obligated severally and not jointly to take up and pay for (in the respective proportions that the amount of Offered Notes set forth opposite their names in Schedule A bears to the aggregate amount of Offered Notes set forth opposite the names of all the Non‐Defaulting Initial Purchasers) the Offered Notes which the Defaulting Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate amount of Offered Notes which the Defaulting Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate amount of the Offered Notes set forth in Schedule A, the Non‐Defaulting Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Offered Notes. If the Non‐Defaulting Initial Purchasers do not purchase all the Offered Notes, this Agreement will terminate without liability on the part of any Non‐Defaulting Initial Purchaser, the Issuer or TILC, except as provided in Section 10. As used in this Agreement, the term “Initial Purchaser” includes any person substituted for an Initial Purchaser under this Section. Nothing herein will relieve any Defaulting Initial Purchaser from liability for its default.
(b)  In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
For purposes of this Section 9(b): 
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
10.  Survival of Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of the Issuer, TILC or their 
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respective officers and of the Initial 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 the Initial Purchasers, the Issuer or TILC, 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 Initial Purchasers is not consummated, the Issuer and TILC 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 and the Initial Purchasers pursuant to Section 8 shall remain in effect. Further, if the purchase of the Offered Notes by the Initial Purchasers is not consummated for any reason other than solely because of the termination of this Agreement pursuant to Section 9, the Issuer or TILC will reimburse each Initial Purchaser for all out‐of‐pocket expenses (including fees and disbursements of counsel) reasonably incurred by it in connection with the offering of the Offered Notes.
11.  Notices. All communications hereunder will be in writing and, if sent to the Initial Purchasers will be mailed, delivered or telegraphed and confirmed to each of the Initial Purchasers at its respective address below: 						
	Wells Fargo Securities LLC
550 S. Tryon Street
Charlotte, NC 28202	BofA Securities, Inc.
One Bryant Park, 11th Floor
New York, NY 10036

		
	Credit Agricole Securities (USA) Inc.
1301 Avenue of the Americas
New York, NY 10019	Citizens Capital Markets, Inc.
600 Washington Boulevard
Stamford, CT 06901
		
	Credit Suisse Securities (USA) LLC
Eleven Madison Avenue
New York, NY 10010
Attn: SP Finance Group	PNC Capital Markets LLC
300 Fifth Ave. 10th Floor
Pittsburgh, PA 15222
		
	Regions Securities LLC
1180 West Peachtree Street, NW
Suite 1400
Atlanta, GA 30309	

If sent to the Issuer or TILC, as the case may be, will be mailed, delivered or emailed and confirmed to such party at the following address:
            c/o Trinity Industries Leasing Company
            14221 N. Dallas Parkway, Suite 100 
            Dallas, TX 75254 
            Attention:  TILC Capital Markets Group
            Re:  Trinity Rail Leasing 2021 LLC
            Email:  TILC.CapitalMarkets.notices@trin.net
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 
25

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 and any party may enter into this Agreement by executing a counterpart. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart hereof.
14.  Absence of Fiduciary Relationship. Each of the Issuer and TILC acknowledges and agrees that:
(a)  Each Initial Purchaser has been retained solely to act as an initial purchaser in connection with the initial purchase, offering and resale of the Offered Notes, and no Initial Purchaser shall be liable to the Issuer or TILC for any losses, claims, damages or other liabilities with respect to any other Notes (as defined in the Master Indenture), and that no fiduciary, advisory or agency relationship between any of the Issuer or TILC or their respective affiliates, stockholders, creditors or employees, on the one hand, and such Initial Purchaser, on the other hand, has been created in respect of any of the transactions contemplated by this Agreement or the Offering Document, irrespective of whether such Initial Purchaser has advised or is advising the Issuer or TILC 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 Initial Purchasers, the Issuer and TILC, and the Issuer and TILC 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 and TILC have been advised that the Initial Purchasers and their affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Issuer and TILC and the Initial Purchasers have no obligation to disclose such interests and transactions to any of the Issuer or TILC by virtue of any fiduciary, advisory or agency relationship; and
(d)  each of the Issuer or TILC waives, to the fullest extent permitted by law, any claims it may have against any Initial Purchaser for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that no Initial Purchaser shall have any liability (whether direct or indirect) to any of the Issuer or TILC 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 or TILC, including stockholders, employees or creditors of the Issuer or TILC.
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 (other than Section 5‐1401 of the New York General Obligations Law).
Each of the Issuer and TILC hereby submits to the exclusive jurisdiction of the courts of the State of New York and the courts of the United States of America for the Southern District of New York, in each case sitting in the Borough of Manhattan in The City of New York and appellate courts from any thereof in any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.
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EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT, THE OFFERED NOTES OR ANY OF THE OTHER OPERATIVE AGREEMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY.
16.  No Petition in Bankruptcy. Each Initial 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 Initial 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, except any Engagement Letter and any other fee arrangement entered into between any Initial Purchaser, the Issuer and TILC.
18.  Amendments. This Agreement may not be amended, waived, discharged or terminated unless such amendment, waiver, discharge or termination is in writing and signed by each of the parties hereto.
19.  Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 
20.  USA Patriot Act. Each of the Issuer and TILC acknowledges that the Initial Purchasers are required by U.S. Federal law, in an effort to help fight the funding of terrorism and money laundering activities, to obtain, verify and record information that identifies each person or corporation who opens an account or enters into a business relationship with a financial institution.
  Titles. Wells is hereby designated as Sole Structuring Agent, Credit Agricole Securities (USA) Inc. is hereby designated as Joint Bookrunner and Green Advisor, BofA Securities, Inc. is hereby designated as Joint Bookrunner and each of Citizens Capital Markets, Inc., Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC and Regions Securities LLC are hereby designated as Co-Managers.

[Signature pages follow]

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If the foregoing is in accordance with the Initial 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 and the Initial Purchasers in accordance with its terms.
						
		Very truly yours,

TRINITY RAIL LEASING 2021 LLC,

By: TRINITY INDUSTRIES LEASING COMPANY, as sole equity member and manage

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing Director

		TRINITY INDUSTRIES LEASING COMPANY

By: /s/ Sara E. McCoy 
Name: Sara E. McCoy 
Title: Senior Vice President and Managing Director

The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
						
		WELLS FARGO SECURITIES LLC

By: /s/ John Fulvimar 
Name: John Fulvimar 
Title: Director

						
		BOFA SECURITIES, INC.

By: /s/ Bradley Sohl 
Name: Bradley Sohl 
Title: Director

						
		CREDIT AGRICOLE SECURITIES (USA) INC.

By: /s/ Michael Regan
Name: Michael Regan 
Title: Managing Director

						
		CITIZENS CAPITAL MARKETS, INC.

By: /s/ Gordon Wong 
Name: Gordon Wong 
Title: Vice President

						
		CREDIT SUISSE SECURITIES (USA) LLC

By: /s/ Shailesh S. Deshpande 
Name: Shailesh S. Deshpande 
Title: MD

						
		PNC CAPITAL MARKETS LLC

By: /s/ Valerie Shadeck 
Name: Valerie Shadeck 
Title: Managing Director

						
		REGIONS SECURITIES LLC

By: /s/ Joseph R. Franke 
Name: Joseph R. Franke 
Title: Managing Director

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