Document:

Unassociated Document

    EXHIBIT
      10.7

     

    Dated          May
      2008

     

    Deed
      of Amendment and Restatement:
Intercreditor
      Deed

     

    Parties

     

    Australia
      and New Zealand Banking Group Limited

    ACN
      005
      357 522

     

    General
      Finance Corporation 

     

    GFN
      U.S. Australasia Holdings, Inc.

     

    Bison
      Capital Australia, L.P.

     

    Royal
      Wolf Trading Australia Pty Ltd

    ACN
      069
      244 417

     

    GFN
      Australasia Finance Pty Ltd 

    ACN
      121
      227 790

     

    RWA
      Holdings Pty Ltd

    ACN
      106
      913 964

     

    GFN
      Australasia Holdings Pty Ltd

    ACN
      121
      226 793

     

    Royal
      Wolf Hi-Tech Pty Ltd

    ACN
      079
      735 050

    

    Geoff
      Sutherland

    Special
      Counsel

    225
      George Street, Sydney NSW 2000

    Telephone:    
+61
      (0)2
      9330 8320 

    Email:        
geoff.sutherland@deacons.com.au

    Website:    
www.deacons.com.au

    Our
      ref:      
2591385

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

     

    Deed
      dated         May
      2008

     

    
      	Parties	
              Australia
                and New Zealand Banking Group Limited ACN
                005 537 522

            

    

    of
      Level
      12, 20 Martin Place, Sydney NSW 2000, Australia

    (Financier)

    

    General
      Finance Corporation

    of
      260 S.
      Los Robles, Suite 217, Pasadena CA 91101, United States of America

    (GFN)

    

    GFN
      U.S. Australasia Holdings, Inc.

    of
      260 S.
      Los Robles, Suite 217, Pasadena CA 91101, United States of America

    (GFN
      U.S.)

     

    Bison
      Capital Australia, L.P.

    of
      10877
      Wilshire Boulevard, Suite 1520, Los Angeles, CA 90024, United States of
      America

    (Bison)

     

    Royal
      Wolf Trading Australia Pty Ltd
      ACN 069
      244 417

    of
      57
      Grosvenor Street, Neutral Bay NSW 2089, Australia

    (RWTA)

     

    GFN
      Australasia Finance Pty Ltd
      ACN 121
      227 790

    of
      C/-
      Robert Barnes Solicitors, Level 2, 222 Clarence Street, Sydney NSW 2000,
      Australia

    (GFNAF)

     

    RWA
      Holdings Pty Ltd
      ACN 106
      913 964

    of
      Suite
      201, Level 2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077,
      Australia

    (RWAH)

     

    GFN
      Australasia Holdings Pty Ltd
      ACN 121
      226 793

    of
      Level
      2, 222 Clarence Street, Sydney NSW 2000, Australia

    (GFNAH)

     

    Royal
      Wolf Hi-Tech Pty Ltd
      ACN 079
      735 050

    of
      Level
      2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077, Australia

    (RWHT)

     

    Introduction

     

    
      	
              A.

            	
              The
                parties previously entered into the Original Intercreditor
                Deed.

            

    

     

    
      	
              B.

            	
              The
                parties wish to amend and restate the Original Intercreditor Deed
                on the
                terms and conditions contained in this Amendment and Restatement
                Deed.

            

    

    
       

      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              1

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

       

      It
        is agreed

    

     

      
        

      

    

    
      	
              1.

            	
              Definitions
                and interpretation

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In
      this
      Amendment and Restatement Deed:

     

    
      	 	
              (1)

            	
              Amendment
                and Restatement Deed
                means this document, including any schedule or annexure to
                it;

            

    

     

    
      	 	
              (2)

            	
              Effective
                Date
                means the date on which the Financier confirms to the other parties
                that
                each of the conditions precedent listed in Schedule 1
                of
                this Amendment and Restatement Deed has been satisfied in form and
                substance acceptable to the Financier in its absolute discretion;
                

            

    

     

    
      	 	
              (3)

            	
              Original
                Intercreditor Deed
                means the Intercreditor Deed dated 14 September 2007 between the
                parties
                to this Amendment and Restatement Deed;
                and

            

    

     

    
      	 	
              (4)

            	
              Variation
                Letter
                means the letter of variation dated on or about 30 April 2008 from
                the
                Financier to the RW Group varying the terms of the Letter of Offer
                (as
                defined in the Original Intercreditor Deed).

            

    

     

    
      	
              1.2

            	
              Interpretation

            

    

     

    
      	 	
              (1)

            	
              Reference
                to:

            

    

     

    
      	 	
              (a)

            	
              one
                gender includes the others;

            

    

     

    
      	 	
              (b)

            	
              the
                singular includes the plural and the plural includes the
                singular;

            

    

     

    
      	 	
              (c)

            	
              a
                person includes a body corporate;

            

    

     

    
      	 	
              (d)

            	
              a
                party includes the party’s executors, administrators, successors and
                permitted assigns;

            

    

     

    
      	 	
              (e)

            	
              a
                document includes any subsequent variation or amendment to
                it;

            

    

     

    
      	 	
              (f)

            	
              a
                statute, regulation or provision of a statute or regulation (Statutory
                Provision)
                includes:

            

    

     

    
      	 	
              (i)

            	
              that
                Statutory Provision as amended or
                re-enacted;

            

    

     

    
      	 	
              (ii)

            	
              a
                statute, regulation or provision enacted in replacement of that Statutory
                Provision; and

            

    

     

    
      	 	
              (iii)

            	
              another
                regulation or other statutory instrument made or issued under that
                Statutory Provision; and

            

    

     

    
      	 	
              (g)

            	
              money
                is to Australian dollars, unless otherwise
                stated.

            

    

     

    
      	 	
              (2)

            	
              “Including”
                and similar expressions are not words of
                limitation.

            

    

     

    
      	 	
              (3)

            	
              Where
                a word or expression is given a particular meaning, other parts of
                speech
                and grammatical forms of that word or expression have a corresponding
                meaning.

            

    

     

    
      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              2

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

    

     

    
      	 	
              (4)

            	
              Headings
                and any table of contents or index are for convenience only and do
                not
                form part of this Amendment and Restatement Deed or affect its
                interpretation.

            

    

     

    
      	 	
              (5)

            	
              A
                provision of this Amendment and Restatement Deed must not be construed
                to
                the disadvantage of a party merely because that party was responsible
                for
                the preparation of the Amendment and Restatement Deed or the inclusion
                of
                the provision in the Amendment and Restatement
                Deed.

            

    

     

    
      	 	
              (6)

            	
              If
                an act must be done on a specified day which is not a business day,
                it
                must be done instead on the next business
                day.

            

    

     

    
      	
              1.3

            	
              Previous
                definitions

            

    

     

    Unless
      the contrary intention appears, a word or phrase defined in the Original
      Intercreditor Deed as amended and restated by this Amendment and Restatement
      Deed has the same meaning in this Amendment and Restatement Deed.

     

    
      

    

    
      	
              2.

            	
              Amendment
                and Restatement

            

    

     

    On
      and
      from the Effective Date, the Original Intercreditor Deed is amended and restated
      so that it will be read and be construed for all purposes as set out in the
      form
      of Annexure A attached to this Amendment and Restatement Deed. 

     

    
      

    

    
      	
              3.

            	
              Consent,
                agreement and
                representation

            

    

     

    
      	
              3.1

            	
              The
                parties consent, agree and acknowledge that the Senior Securities
                and the
                Guarantee continue to be in full force and effect.
                

            

    

     

    
      	
              3.2

            	
              Each
                party (other than the Financier) repeats the representations and
                warranties in Clauses 12.1 and 12.2 of the Original Intercreditor
                Deed on the date of this Amendment and Restatement Deed and on the
                Effective Date.

            

    

     

    
      

    

    
      	
              4.

            	
              Amendment
                and restatement not to affect accrued rights and
                obligations

            

    

     

    Nothing
      in this Amendment and Restatement Deed:

     

    
      	 	
              (1)

            	
              prejudices
                or adversely affects any right, power, authority, discretion or remedy
                arising under the Original Intercreditor Deed before the date of
                this
                Amendment and Restatement Deed; or

            

    

     

    
      	 	
              (2)

            	
              discharges,
                releases or otherwise affects any liability or obligation arising
                under
                the Original Intercreditor Deed before the date of this Amendment
                and
                Restatement Deed.

            

    

     

    
      

    

    
      	
              5.

            	
              Further
                assurance

            

    

     

    
      	
              5.1

            	
              RW
                Group must pay any stamp duty, legal costs, fees, premiums, out-of
                pocket
                expenses and any other costs and expenses incurred in connection
                with the
                negotiation, preparation and execution of this Amendment and Restatement
                Deed.

            

    

     

    
      	
              5.2

            	
              Each
                party will, at the expense of the RW Group, do all acts and things
                necessary or desirable to give effect to the amendments effected
                or to be
                effected under this Amendment and Restatement
                Deed.

            

    

    
       

      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              3

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

       

    

    
      

    

    
      	
              6.

            	
              Governing
                law, jurisdiction
                and service of process

            

    

     

    
      	
              6.1

            	
              This
                Amendment and Restatement Deed is governed by the laws of New South
                Wales.
                Each party submits to the non-exclusive jurisdiction of courts exercising
                jurisdiction there.

            

    

     

    
      	
              6.2

            	
              Each
                party irrevocably waives any objection it may now or in the future
                have to
                the venue of any such action or proceedings and any claim it may
                now or in
                the future have that such an action or proceeding has been brought
                in an
                inconvenient forum.

            

    

     

    
      

    

    
      	
              7.

            	
              Counterparts

            

    

     

    This
      Amendment and Restatement Deed may be executed in a number of counterparts,
      all
      of which taken together will be deemed to constitute one and the same
      document.

     

    
      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              4

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

       

    

    
      
 Schedule 1

    Conditions
      Precedent

     

    
      	
              (1)

            	
              The
                Variation Letter duly executed and accepted by each of the persons
                comprising the RW Group;

            

    

     

    
      	
              (2)

            	
              All
                conditions precedent in the Variation Letter in form and substance
                satisfactory to the Financier in its absolute
                discretion;

            

    

     

    
      	
              (3)

            	
              All
                applicable fees (including legal fees), charges and stamp duties
                in
                connection with the Facilities, the Senior Securities the Letter
                of Offer
                or the Variation Letter have been fully paid by the RW Group;
                and

            

    

     

    
      	
              (4)

            	
              A
                verification certificate from each person in the RW Group signed
                by at
                least two (2) of its directors in the form attached as Annexure B
                to this
                Amendment and Restatement Deed. 

            

    

     

    
      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              5

            
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      Executed
        as a deed and delivered on the date shown on the first page.

    

    

    
      	
              Signed
                by Australia
                and New Zealand 
Banking Group Limited by
                its attorney in 
the presence of:

            	 	 
	 	 	 
	   
	 	    

	
              Signature
                of witness

            	 	
              Signature
                of Attorney

            
	 	 	 
	   
	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	   
	 	 
	
              Address
                of witness

            	 	 

    

     

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed and
      delivered by their duly authorized representatives as of the date first written
      above.

     

    
      	
              General
                Finance Corporation

            
	 	 	 
	 	 	 
	
              By

            	  

	 	
              Name:

            	  

	 	
              Title:

            	   

	 	 	 
	 	 	 
	
              Bison
                Capital Australia, L.P.

            
	 	 	 
	 	 	 
	
              By

            	  

	 	
              Name:

            	  

	 	
              Title:

            	  

	 	 	 
	
              GFN
                U.S. Australasia Holdings, Inc.

            
	 	 	 
	 	 	 
	
              By

            	  

	 	
              Name:

            	  

	 	
              Title:

            	  

    

     

    
      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              6

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

       

    

    
      	
              Signed
                for and on behalf of 
GFN Australasia
                Holdings Pty Ltd 
ACN
                121 226 793
                in
                the presence of:

            	 	
              GFN Australasia
                Holdings Pty Ltd 
ACN 121 226 793

            
	 	 	   

	   
	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	   
	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	     
	 	 
	
              Address
                of witness

            	 	 

    

     

    
      	
              Signed
                for and on behalf of 
GFN Australasia
                Finance Pty Ltd 

              ACN
                121 227 790 in the presence of:

            	 	
              GFN
                Australasia Finance Pty Ltd 

              ACN
                121 227 790 

            
	 	 	    

	   
	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	   
	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	    
	 	 
	
              Address
                of witness

            	 	 

    

     

    
      	
              Signed
                for and on behalf of 
Royal
                Wolf Trading Australia Pty Limited 

              ACN
                069 244 417 in the presence of:

            	 	
              Royal
                Wolf Trading Australia Pty Limited
ACN
                069 244 417 

            
	 	 	    

	   
	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	   
	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	   
	 	 
	
              Address
                of witness

            	 	 

    

    
    

     

    
      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              7

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

       

    

    
      	
              Signed
                for and on behalf of 
RWA Holdings
                Pty Limited 

              ACN
                106 913 964 in the presence of:

            	 	
              RWA
                Holdings Pty Limited 

              ACN
                106 913 964 

            
	 	 	    

	   
	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	   
	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	   
	 	 
	
              Address
                of witness

            	 	 

    

     

    
      	
              Signed
                for and on behalf of 
Royal
                Wolf Hi-Tech Pty Ltd
ACN
                079 735 050 in the presence of:

            	 	
              Royal
                Wolf Hi-Tech Pty Ltd 

              ACN
                079 735 050 

            
	 	 	    

	   
	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	   
	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	   
	 	 
	
              Address
                of witness

            	 	 

    

    
    

    
       

      
         

          
            

          

        

        
          
            

              Deed
                of
                Amendment and Restatement: Intercreditor Deed

            

            Page
              8

            
              ©
                Deacons

            

          

          
            

          

        

        
          
          

           

        

      

    

     

    

     

    
      
 Annexure A

     

    Royal
      Wolf Intercreditor Deed

     

    Parties

     

    Australia
      and New Zealand Banking Group Limited

    ACN
      005
      357 522

    

    General
      Finance Corporation 

    

    GFN
      U.S. Australasia Holdings, Inc.

    

    Bison
      Capital Australia, L.P.

    

    Royal
      Wolf Trading Australia Pty Ltd

    ACN
      069
      244 417

    

    GFN
      Australasia Finance Pty Ltd 

    ACN
      121
      227 790

    

    RWA
      Holdings Pty Ltd

    ACN
      106
      913 964

    

    GFN
      Australasia Holdings Pty Ltd 

    ACN
      121
      226 793

    

    Royal
      Wolf Hi-Tech Pty Ltd

    ACN
      079
      735 050
        

    Contact

     

    Geoff
      Sutherland

    Special
      Counsel

    225
      George Street, Sydney NSW 2000

    Telephone:                   
      +61
      (0)2
      9330 8320

    Email:         
geoff.sutherland@deacons.com.au

    Website:            www.deacons.com.au

    Our
      ref:        2591385

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

     

    Deed dated
      14
      September 2007 as amended and restated on 1 May 2008.

     

    
      	Parties	
              Australia
                and New Zealand Banking Group Limited ACN
                005 537 522

            

    

    of
      Level
      12, 20 Martin Place, Sydney NSW 2000, Australia

    (Financier)

     

    General
      Finance Corporation

    of
      260 S.
      Los Robles, Suite 217, Pasadena CA 91101, United States of America

    (GFN)

     

    GFN
      U.S. Australasia Holdings, Inc.

    of
      260 S.
      Los Robles, Suite 217, Pasadena CA 91101, United States of America

    (GFN
      U.S.)

     

    Bison
      Capital Australia, L.P.

    of
      10877
      Wilshire Boulevard, Suite 1520, Los Angeles, CA 90024, United States of
      America

    (Bison)

     

    Royal
      Wolf Trading Australia Pty Ltd
      ACN 069
      244 417

    of
      57
      Grosvenor Street, Neutral Bay NSW 2089, Australia

    (RWTA)

     

    GFN
      Australasia Finance Pty Ltd
      ACN 121
      227 790

    of
      C/-
      Robert Barnes Solicitors, Level 2, 222 Clarence Street, Sydney NSW 2000,
      Australia

    (GFNAF)

     

    RWA
      Holdings Pty Ltd
      ACN 106
      913 964

    of
      Suite
      201, Level 2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077,
      Australia

    (RWAH)

     

    GFN
      Australasia Holdings Pty Ltd
      ACN 121
      226 793

    of
      Level
      2, 222 Clarence Street, Sydney NSW 2000, Australia

    (GFNAH)

     

    Royal
      Wolf Hi-Tech Pty Ltd
      ACN 079
      735 050

    of
      Level
      2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077, Australia

    (RWHT)

     

    Introduction

     

    
      	
              A.

            	
              Under
                the Facilities the Financier may provide accommodation to RW Group
                (or any
                of them).

            

    

     

    
      	
              B.

            	
              The
                obligations of RW Group (or any of them) to the Financier under the
                Facilities are, or have agreed to be guaranteed by RWTA, GFNAF, RWAH,
                GFNAH and RWHT pursuant to the Guarantee and are secured by the Senior
                Securities.

            

    

     

    
      	
              C.

            	
              The
                Financier has agreed to provide accommodation under the Facilities
                to RW
                Group (or any of them) on the condition that Bison and the other
                parties
                enter into this deed.

            

    

     

    
      
        
           

            
              

            

          

          
            
              
                
                  Royal
                    Wolf Intercreditor Deed 

                

              

              Page
                1

              
                ©
                  Deacons

              

            

            
              

            

          

          
            
            

             

          

        

      

    

     

    It
      is agreed

     

    
      

    

    
      	
              1.

            	
              Definitions
                and interpretation

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

    In
      this
      deed:

     

    
      	
            	(1)	
              Bison
                Debt
                means all money which GFNAF is or at any time becomes actually or
                contingently liable to pay to or for the account of Bison including
                under
                the Bison Notes (and includes, without limitation, money payable
                in
                respect of interest, default interest, fees, penalties, costs, charges,
                expenses, damages (liquidated and unliquidated) or under any
                indemnity).

            

    

     

    
      	
            	(2)	
              Bison
                Guarantee means
                the guarantee and indemnity granted in favour of Bison by RWAH, RWTA,
                GFNAH and RWHT.

            

    

     

    
      	
            	(3)	
              Bison
                Notes
                means that certain (1) Secured Senior Subordinated Promissory Note
                dated
                on or about 13 September 2007 in the principal amount of A$20,000,000
                issued by GNAF to Bison; and (2) Secured Senior Subordinated Promissory
                Note dated on or about May 1, 2008 in the principal amount of
                A$5,889,281.50 issued or to be issued by GFNAF to
                Bison.

            

    

     

    
      	
            	(4)	
              Bison’s
                Securities
                means:

            

    

     

    
      	 	
              (a)

            	
              Fixed
                and floating charge granted by GFNAH in favour of Bison over all
                its
                assets and undertaking;

            

    

     

    
      	 	
              (b)

            	
              Fixed
                and floating charge granted by GFNAF in favour of Bison over all
                its
                assets and undertaking;

            

    

     

    
      	 	
              (c)

            	
              Fixed
                and floating charge granted by RWAH in favour of Bison over all its
                assets
                and undertaking;

            

    

     

    
      	 	
              (d)

            	
              Fixed
                and floating charge granted by RWTA in favour of Bison over all its
                assets
                and undertaking;

            

    

     

    
      	 	
              (e)

            	
              Fixed
                and floating charge granted by RWHT in favour of Bison over all its
                assets
                and undertaking;

            

    

     

    
      	 	
              (f)

            	
              Bison
                Guarantee.

            

    

     

    
      	 	
              (5)

            	
              Bison
                Subordination Period
                means the period from the date of this deed until the date that Bison
                is
                satisfied that:

            

    

     

    
      	 	
              (a)

            	
              the
                Bison Debt has been irrevocably paid in full;
                and

            

    

     

    
      	 	
              (b)

            	
              no
                amounts remain contingently payable or may become payable under the
                Bison
                Notes, the Bison Guarantee or the Bison Securities (including under
                an
                indemnity); and

            

    

     

    
      	 	
              (c)

            	
              Bison
                has cancelled every commitment to provide financial accommodation
                to the
                RW Group.

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
                    Royal
                      Wolf Intercreditor Deed 

                  

                

                Page
                  2

                
                  ©
                    Deacons

                

              

              
                

              

            

            
              
              

               

            

          

        

         

      

    

    
      	
            	(6)	
              Bison’s
                Transaction Documents means:

            

    

     

    
      	 	
              (a)

            	
              the
                Bison Notes; and

            

    

     

    
      	 	
              (b)

            	
              the
                Bison’s Securities;

            

    

     

    
      	
            	(7)	
              Encumbrance
                means any:

            

    

     

    
      	 	
              (a)

            	
              security
                for the payment of money or performance of obligations, including
                a
                mortgage, charge, lien, pledge, trust, power or title retention or
                flawed
                deposit arrangement; or

            

    

     

    
      	 	
              (b)

            	
              right,
                interest or arrangement which has the effect of giving another person
                a
                preference, priority or advantage over creditors including any right
                of
                set-off; or

            

    

     

    
      	 	
              (c)

            	
              right
                that a person (other than the owner) has to remove something from
                land
                (known as a profit à prendre), easement, public right of way, restrictive
                or positive covenant, lease, or licence to use or occupy;
                or

            

    

     

    
      	 	
              (d)

            	
              third
                party right or interest or any right arising as a consequence of
                the
                enforcement of a judgment,

            

    

     

    or
      any
      agreement to create any of them or allow them to exist.

     

    
      	
            	(8)	
              Event
                of Default
                has the same defined meaning as in the document entitled "ANZ General
                Conditions - Fourth Edition 2003" as amended by the Letter of
                Offer.

            

    

     

    
      	
            	(9)	
              Facilities
                means the facilities provided or to be provided by the Financier
                to RW
                Group (or any of them) pursuant to the Letter of
                Offer.

            

    

     

    
      	
            	(10)	
              Financial
                Indebtedness
                means an obligation (whether present, future, actual or contingent)
                to pay
                or deliver any money or commodity under or in respect of any financial
                accommodation including under, in respect of or in connection
                with:

            

    

     

    
      	 	
              (a)

            	
              any
                money borrowed or raised;

            

    

     

    
      	 	
              (b)

            	
              redeemable
                or repurchaseable share or stock provided, however, that any default
                or
                delay payments made by GFN to Bison or its affiliates in respect
                of the
                failure by GFN to register shares of GFN’s capital stock held by Bison or
                its affiliates pursuant to the Registration Rights Agreement dated
                as of
                even date herewith, by and between Bison and GFN shall not constitute
                “Financial Indebtedness”;

            

    

     

    
      	 	
              (c)

            	
              bill
                of exchange, promissory note or other financial instrument (whether
                transferable or not);

            

    

     

    
      	 	
              (d)

            	
              buy
                back or discounting arrangement in respect of any
                property;

            

    

     

    
      	 	
              (e)

            	
              lease,
                license or other arrangement in respect of property entered into
                predominantly for the raising of finance or to finance the purchase
                of
                that property;

            

    

     

    
      	 	
              (f)

            	
              interest
                or currency swap or hedge arrangement, financial option, futures
                contract
                or other analogous transaction; or

            

    

     

    
      	 	
              (g)

            	
              any
                arrangement or transaction which is analogous to or has the same
                commercial outcome as any of the
                above.

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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            	(11)	
              Financier’s
                Transaction Documents means:

            

    

     

    
      	 	
              (a)

            	
              the
                Letter of Offer; and

            

    

     

    
      	 	
              (b)

            	
              the
                Senior Securities.

            

    

     

    
      	
            	(12)	
              Guarantee
                means document entitled 'Cross Guarantee and Indemnity' dated
                14 September 2007 in favour of the Financier granted by RWTA, RWAH,
                GFNAF, GFNAH and RWHT as sureties on account of RW Group (or any
                of
                them).

            

    

     

    
      	
            	(13)	
              GFN
                Debt
                means all obligations for which GFNAH or any of its direct or indirect
                subsidiaries is or at any time becomes actually or contingently liable
                to
                GFN or any of its direct or indirect subsidiaries (and includes,
                without
                limitation, money payable in respect of interest, fees, costs, charges,
                expenses, damages (liquidated and unliquidated) or under any indemnity).
                

            

    

     

    
      	
            	(14)	
              GFN
                Group
                means GFN and GFN U.S.

            

    

     

    
      	
            	(15)	
              Letter
                of Offer means
                the letter of offer from the Financier to RW Group dated on or about
                10
                September 2007 as subsequently varied from time to time, including
                (but
                not limited to) by way of variation letters dated on or about 14
                November
                2007, 3 March 2008 and on or about 30 April 2008 from the Financier
                to RW
                Group.

            

    

     

    
      	
            	(16)	
              Permitted
                Management Fees means
                fees for the provision of management services provided by the GFN
                Group to
                RW Group for which the Financier has granted prior consent in
                writing.

            

    

     

    
      	
            	(17)	
              RW
                Expanded Group
                means the RW Group and all Subsidiaries of each person comprising
                the RW
                Group.

            

    

     

    
      	
            	(18)	
              RW
                Group means
                RWTA, RWAH, RWHT, GFNAF and GFNAH.

            

    

     

    
      	
            	(19)	
              Secured
                Party or Secured Parties means
                the Financier and Bison.

            

    

     

    
      	
            	(20)	
              Secured
                Party’s Debt
                means the Senior Debt and the Bison
                Debt.

            

    

     

    
      	
            	(21)	
              Secured
                Property means
                any mortgaged property under the
                Security.

            

    

     

    
      	
            	(22)	
              Securities
                Purchase Agreement
                means the Securities Purchase Agreement by and among some of the
                parties
                hereto and GFN U.S. Australasia Holdings,
                L.P.

            

    

     

    
      	
            	(23)	
              Security
                means
                any of the Senior Securities, the Bison Securities and any security
                provided by a Security Provider to a Secured Party after the date
                of this
                deed.

            

    

     

    
      	
            	(24)	
              Security
                Interest
                includes any mortgage, pledge, hypothecation, lien or charge or anything
                analogous to any of the foregoing or any security interest or arrangement
                of any kind (including without limitation, retention of title) of
                a
                creditor to have its claims satisfied prior to other creditors or
                from the
                proceeds of any asset.

            

    

     

    
      	
            	(25)	
              Security
                Provider
                means GFNAH, GFNAF, RWAH, RWTA and
                RWHT.

            

    

     

    
      	
            	(26)	
              Senior
                Debt
                means all money which the RW Group (or any of them) is or at any
                time
                become actually or contingently liable to pay to or for the account
                of the
                Financier on any account whatsoever including, without limitation,
                under
                the Facilities, the Guarantee or the
                Securities.

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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            	(27)	
              Senior
                Secured Party
                means:

            

    

     

    
      	 	
              (a)

            	
              until
                the end of the Senior Subordination Period, the Financier;
                and

            

    

     

    
      	 	
              (b)

            	
              thereafter
                Bison.

            

    

     

    
      	
            	(28)	
              Senior
                Securities
                means the:

            

    

     

    
      	 	
              (a)

            	
              Fixed
                and floating charge dated 31 December 2004 granted by RWTA in favour
                of
                the Financier over all its assets and
                undertaking;

            

    

     

    
      	 	
              (b)

            	
              Fixed
                and floating charge dated 31 December 2004 granted by RWAH in favour
                of
                the Financier over all its assets and
                undertaking;

            

    

     

    
      	 	
              (c)

            	
              Fixed
                charge dated 31 December 2004 granted by RWAH in favour of the Financier
                over 6035409 ordinary shares issued in its name in the paid-up capital
                of
                RWTA;

            

    

     

    
      	 	
              (d)

            	
              Fixed
                and floating charge dated 14 September 2007 granted by GFNAH in favour
                of
                the Financier over all its assets and
                undertaking;

            

    

     

    
      	 	
              (e)

            	
              Fixed
                and floating charge dated 14 September 2007 granted by GFNAF in favour
                of
                the Financier over all its assets and
                undertaking;

            

    

     

    
      	 	
              (f)

            	
              Fixed
                and floating charge dated 29 March 2007 granted by RWHT in favour
                of the
                Financier over all its assets and
                undertaking.

            

    

     

    
      	
            	(29)	
              Senior
                Subordination Period
                means the period from the date of this deed until the date that the
                Financier is satisfied that:

            

    

     

    
      	 	
              (a)

            	
              the
                Senior Debt has been irrevocably paid in full;
                and

            

    

     

    
      	 	
              (b)

            	
              no
                amounts remain contingently payable or may become payable under the
                Facilities, the Guarantee or the Securities ( including under an
                indemnity); and

            

    

     

    
      	 	
              (c)

            	
              the
                Financier has cancelled every commitment to provide financial
                accommodation to the RW Group.

            

    

     

    
      	
            	(30)	
              Subordination
                Period
                means:

            

    

     

    
      	 	
              (a)

            	
              the
                Senior Subordination Period; and

            

    

     

    
      	 	
              (b)

            	
              thereafter,
                the Bison Subordination Period.

            

    

     

    
      	
            	(31)	
              Subsidiary
                has the meaning given by section 9 of the Corporations
                Act 2001(Cth).

            

    

     

    
      	
              1.2

            	
              Interpretation

            

    

     

    
      	
            	(1)	
              Reference
                to:

            

    

     

    
      	 	
              (a)

            	
              one
                gender includes the others;

            

    

     

    
      	 	
              (b)

            	
              the
                singular includes the plural and the plural includes the
                singular;

            

    

     

    
      	 	
              (c)

            	
              a
                person includes a body corporate;

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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              (d)

            	
              a
                party includes the party’s executors, administrators, successors and
                permitted assigns;

            

    

     

    
      	 	
              (e)

            	
              a
                document includes any subsequent amendment or variation to that
                document;

            

    

     

    
      	
            	(f)	
              a
                statute, regulation, code or other law or a provision of any of them
                includes:

            

    

     

    
      	 	
              (i)

            	
              any
                amendment or replacement of it; and

            

    

     

    
      	 	
              (ii)

            	
              another
                regulation or other statutory instrument made under it, or made under
                it
                as amended or replaced; and

            

    

     

    
      	 	
              (g)

            	
              dollars
                means Australian dollars unless otherwise
                stated.

            

    

     

    
      	
            	(2)	
              “Including”
                and similar expressions are not words of
                limitation.

            

    

     

    
      	
            	(3)	
              Where
                a word or expression is given a particular meaning, other parts of
                speech
                and grammatical forms of that word or expression have a corresponding
                meaning.

            

    

     

    
      	
            	(4)	
              Headings
                and any table of contents or index are for convenience only and do
                not
                form part of this Agreement or affect its
                interpretation.

            

    

     

    
      	
            	(5)	
              A
                provision of this Agreement must not be construed to the disadvantage
                of a
                party merely because that party was responsible for the preparation
                of the
                Agreement or the inclusion of the provision in the
                Agreement.

            

    

     

    
      	
            	(6)	
              If
                an act must be done on a specified day which is not a Business Day,
                it
                must be done instead on the next Business
                Day.

            

    

     

    
      	
              1.3

            	
              Parties

            

    

     

    
      	
            	(1)	
              If
                a party consists of more than 1 person, this deed binds each of them
                separately and any 2 or more of them
                jointly.

            

    

     

    
      	
            	(2)	
              An
                obligation, representation or warranty in favour of more than
                1 person is for the benefit of them separately and
                jointly.

            

    

     

    
      	
            	(3)	
              A
                party which is a trustee is bound both personally and in its capacity
                as a
                trustee.

            

    

     

    
      

    

    
      	
              2.

            	
              Subordination

            

    

     

    
      	
              2.1

            	
              Subordination

            

    

     

    
      	
            	(1)	
              The
                Bison Debt is subordinated to the Senior Debt with the effect that
                the
                Bison Debt is not payable and is not to be repaid during the Senior
                Subordination Period.

            

    

     

    
      	
            	(2)	
              The
                GFN Debt is subordinated to the Senior Debt and the Bison Debt with
                the
                effect that GFN Debt is not repayable and is not to be repaid during
                the
                Subordination Period.

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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              2.2

            	
              Matters
                not affecting
                subordination

            

    

     

    The
      subordination effected by this deed applies in accordance with the terms of
      this
      deed despite:

     

    
      	
            	(1)	
              any
                Security Interest which the Financier may at any time hold as security
                for
                payment of any Senior Debt or any Security Interest which Bison may
                at any
                time hold as security for payment of any Bison
                Debt;

            

    

     

    
      	
            	(2)	
              any
                action or inaction on the part of the Financier with respect to the
                Senior
                Debt or any action or inaction on the part of Bison with respect
                to the
                Bison Debt including, without limitation, any variation of the terms
                of
                the Senior Debt or the Bison Debt (as case may be), any extension
                of the
                time for payment of it or any comprise, waiver, election, discharge
                or
                release in respect of it; and

            

    

     

    
      	
            	(3)	
              the
                occurrence of any event, or any other thing, which might otherwise
                limit
                or affect the subordination.

            

    

     

    
      

    

    
      	
              3.

            	
              Satisfaction
                of Subordinated
                Indebtedness

            

    

     

    
      	
              3.1

            	
              Terms
                of subordination of the Bison Debt

            

    

     

    Bison,
      GFN and the RW Group agree with the Financier that, subject to the terms of
      this
      deed but despite any other agreement between Bison and RWTA, unless and
      until:

     

    
      	
            	(1)	
              the
                expiry of the Senior Subordination Period;
                or

            

    

     

    
      	
            	(2)	
              an
                order or resolution for the liquidation, receivership, reorganisation,
                composition or administration of RWTA is made or occurs; 

            

    

     

    the
      following shall apply:

     

    
      	
            	(a)	
              no
                part of the Bison Debt shall be due or owing or capable of being
                declared
                due or owing;

            

    

     

    
      	 	
              (b)

            	
              the
                RW Group will not pay the whole or any part of the Bison Debt (other
                than
                as permitted under clause 3.5)
                or otherwise permit Bison to recover it, and Bison will not demand
                or
                commence proceedings for the repayment, prepayment or recovery of
                any part
                of the Bison Debt; 

            

    

     

    
      	 	
              (c)

            	
              Bison
                will not exercise any right of set-off against the RW Group or merge
                or
                combine any accounts of the RW Group as to recover any of the Bison
                Debt;
                and

            

    

     

    
      	 	
              (d)

            	
              Bison
                will not accelerate the repayment of the Bison
                Debt,

            

    

     

    but
      upon
      the occurrence of an event referred to in clause 3.1(2)
      the
      Bison Debt shall become immediately due and owing.

     

    
      	
              3.2

            	
              Terms
                of Subordination of the GFN
                Debt

            

    

     

    The
      GFN
      Group and the RW Group agree with the Financier
      and Bison
      that,
      subject to the terms of this deed but despite any other agreement between the
      Financier or Bison, on the one hand, or the GFN Group or any of its direct
      and
      indirect subsidiaries (including the RW Group), on the other hand, unless
      and until:

     

    
      	 	
              (1)

            	
              the
                expiry of the Subordination Period;
                or

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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              (2)

            	
              an
                order or resolution for the liquidation, receivership, reorganisation,
                composition or administration of RWTA is made or occurs;
                

            

    

     

    the
      following shall apply:

     

    
      	
            	(a)	
              no
                part of the GFN
                Debt shall be due or owing or capable of being declared due or
                owing;

            

    

     

    
      	 	
              (b)

            	
              the
                RW Group will not pay the whole or any part of the
                GFN Debt (other than as permitted under clause 3.5)
                or otherwise permit the
                GFN Group to recover it, and the
                GFN Group will not demand or commence proceedings for the repayment,
                prepayment or recovery of any part of the
                GFN Debt; 

            

    

     

    
      	 	
              (c)

            	
              the
                GFN Group will not exercise any right of set-off against the RW Group
                or
                merge or combine any accounts of the RW Group
                as
                to recover any of the
                GFN Debt; and

            

    

     

    
      	 	
              (d)

            	
              the
                GFN Group will not accelerate the repayment of the GFN
                Debt,

            

    

     

    but
      upon
      the occurrence of an event referred to in clause 3.1(2)
      the GFN
      Debt shall become immediately due and owing.

     

    
      	
              3.3

            	
              Undertaking
                and consent by Bison and
                GFN

            

    

     

    
      	
            	(1)	
              Bison
                and the GFN Group undertake to the Financier that, following the
                occurrence of an event referred to in clause 3.1(2):

            

    

     

    
      	 	
              (a)

            	
              upon
                request by the Financier, Bison and the GFN Group will immediately
                prove
                their claims in relation to the RW Group to the full amount of the
                Bison
                Debt and GFN Debt and will promptly send a copy of any notice of
                proof to
                the Financier; and

            

    

     

    
      	 	
              (b)

            	
              Bison
                and the GFN Group will not prove any claim in relation to the RW
                Group
                except at the request of the
                Financier.

            

    

     

    
      	
            	(2)	
              The
                RW Group acknowledges and consent to the matters referred to in
                paragraph (1).

            

    

     

    
      	
              3.4

            	
              Undertaking
                and consent by GFN

            

    

     

    
      	
            	(1)	
              The
                GFN Group undertakes to the Financier and Bison that, following the
                occurrence of an event referred to in clause 3.1(2):

            

    

     

    
      	 	
              (a)

            	
              upon
                request by a Secured Party, the GFN Group will immediately prove
                its
                claims in relation to the RW Group to the full amount of the GFN
                Debt and
                will promptly send a copy of any notice of proof to the Secured Parties;
                and

            

    

     

    
      	 	
              (b)

            	
              the
                GFN Group will not prove any claim in relation to the RW Group except
                at
                the request of a Secured Party.

            

    

     

    
      	
            	(2)	
              The
                RW Group acknowledges and consent to the matters referred to in
                paragraph (1).

            

    

     

    
      	
              3.5

            	
              Permitted
                payment

            

    

     

    
      	 	
              (1)

            	
              GFNAF
                may pay and Bison may receive interest that becomes due and payable
                to
                Bison in respect of Bison Debt (including interest that may have
                been
                postponed due to the subordination provisions hereof) and Permitted
                Management Fees provided that at the time of making such
                payment:

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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              (a)

            	
              no
                Event of Default has occurred which remains unremedied or unwaived;
                and

            

    

     

    
      	 	
              (b)

            	
              no
                Event of Default would occur as a result of making that
                payment.

            

    

     

    
      	
            	(2)	
              GFNAF
                may pay and the GFN Group may receive Permitted Management Fees that
                become due and payable to the GFN Group
                if:

            

    

     

    
      	 	
              (a)

            	
              no
                Event of Default has occurred which has become remedied or waived;
                and

            

    

     

    
      	 	
              (b)

            	
              no
                further Event of Default would occur as a result of making that
                payment.

            

    

     

    
      	
            	(3)	
              The
                RW Group may not pay any interest or make any principal repayments
                in
                relation to the GFN Debt to the GFN
                Group.

            

    

     

    
      	
            	(4)	
              Nothing
                in this deed will prevent RWAH paying dividends to GFNAF, to enable
                GFNAF
                to make interest payments to Bison that are permitted to be made
                under
                this deed.

            

    

     

    
      

    

    
      	
              4.

            	
              Priority
                of Securities

            

    

     

    
      	
              4.1

            	
              Priority
                of Senior Securities, Bison’s Securities and the GFN
                Securities

            

    

     

    
      	
            	(1)	
              The
                Secured Parties agree that the Senior Securities have priority over
                the
                Bison’s Securities and the GFN Securities for the payment of the Senior
                Debt secured at any time under the Senior
                Securities.

            

    

     

    
      	
            	(2)	
              Bison
                and the GFN Group agree that the Bison’s Securities have priority over the
                GFN Securities.

            

    

     

    
      	
              4.2

            	
              Further
                Securities

            

    

     

    This
      deed, including in particular the order of priorities set out in
      clause 4.1
      shall
      apply to any other Security Interest in any Security now or in the future held
      by a Secured Party to the extent that such Security Interest affects any
      property which is subject to a Security held by the other Secured
      Party.

     

    
      	
              4.3

            	
              Cross-default

            

    

     

    Notwithstanding
      anything contained in the Senior Securities or Bison’s Securities:

     

    
      	 	
              (1)

            	
              if
                the moneys secured by a Security become immediately due and payable,
                the
                moneys secured by each other Security shall, at the option of the
                Secured
                Party holding such other Security, become immediately due and payable;
                and

            

    

     

    
      	 	
              (2)

            	
              if
                a Security, having operated as a floating charge in respect of any
                asset,
                crystallises and operates as a fixed charge in respect of that asset,
                the
                other Securities, if they operate as a floating charge over that
                asset,
                shall automatically and immediately crystallise and operate as a
                fixed
                charge in respect of that asset.

            

    

     

    
      
        
          
             

              
                

              

            

            
              
                
                  
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              5.

            	
              Consents
                and limitation of
                liability

            

    

     

    
      	
              5.1

            	
              Consent
                of each party

            

    

     

    Each
      party consents to, and acknowledges, the order of priorities set out in this
      deed.

     

    
      	
              5.2

            	
              No
                action against a Security
                Provider

            

    

     

    
      	
            	(1)	
              While
                any amounts are outstanding under the Senior Securities, if Bison
                has
                money owing to it in connection with Bison’s Securities, or if the GFN
                Group has money owing to it in connection with the GFN Securities,
                neither
                Bison nor the GFN Group may seek to recover that money by appointing
                a
                receiver, applying to have a receiver or an administrator appointed
                by any
                court or taking any proceedings for the appointment of a receiver
                by a
                court to any of the assets of the Security Providers or taking any
                proceedings for the appointment of an administrator to the Security
                Providers.

            

    

     

    
      	
            	(2)	
              While
                any amounts are outstanding under the Bison’s Securities, if the GFN Group
                has money owing to it in connection with GFN Securities, the GFN
                Group may
                not seek to recover that money by appointing a receiver, applying
                to have
                a receiver or an administrator appointed by any court or taking any
                proceedings for the appointment of a receiver by a court to any of
                the
                assets of the Security Providers or taking any proceedings for the
                appointment of an administrator to the Security
                Providers.

            

    

     

    
      	
              5.3

            	
              Preservation
                of other rights

            

    

     

    Nothing
      in this deed:

     

    
      	
            	(1)	
              releases
                any Security Provider from its obligations under the Securities;
                or

            

    

     

    
      	
            	(2)	
              affects
                a Security Provider’s liability or the Secured Parties’ rights (including
                the right to sue for any money a Security Provider owes under the
                Securities) or the Secured Party’s remedies, including without limitation,
                any rights or remedies arising:

            

    

     

    
      	 	
              (a)

            	
              if
                a representation or warranty made by or on behalf of a Security Provider
                in connection with the Securities is found to be incorrect or misleading
                in relation to:

            

    

     

    
      	 	
              (i)

            	
              the
                existence, enforceability or priority of a Security or an Encumbrance
                which a Security purports to create;
                or

            

    

     

    
      	 	
              (ii)

            	
              the
                title to any asset which is subject to a Security (including the
                ownership
                of the relevant asset or the existence or non-existence of Encumbrances
                affecting the asset or its use); or

            

    

     

    
      	 	
              (iii)

            	
              the
                state of repair, or any matter or thing affecting the use or enjoyment
                of
                any asset which is the subject of a Security;
                or

            

    

     

    
      	 	
              (b)

            	
              under
                an undertaking in connection with the Securities is breached;
                or

            

    

     

    
      	
            	(3)	
              prevents
                the Secured Parties from obtaining equitable relief in connection
                with the
                Securities other than an order requiring payment of money owed by
                a
                Security Provider in a manner other than as contemplated by this
                clause.

            

    

    
       

      
        
          
             

              
                

              

            

            
              
                
                  
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              6.

            	
              Benefit
                of priorities

            

    

     

    The
      priorities set out in this deed are not affected by any act or omission by
      a
      Secured Party or any other person. For example, these priorities are not
      affected by:

     

    
      	 	
              (1)

            	
              any
                act or omission:

            

    

     

    
      	 	
              (a)

            	
              by
                which a Secured Party’s Debt is not yet payable;
                or

            

    

     

    
      	 	
              (b)

            	
              varying
                or releasing an Encumbrance (including a Security) or monetary obligation;
                or

            

    

     

    
      	 	
              (c)

            	
              involving
                a payment which may be received, or a credit which may be allowed,
                by a
                Secured Party from a Security Provider or any other person in respect
                of a
                Secured Party’s Debt; or

            

    

     

    
      	 	
              (d)

            	
              involving
                a fluctuation in the amount secured by a Security from time to time;
                or

            

    

     

    
      	 	
              (e)

            	
              involving
                a notice received by a Secured Party under a Security;
                or

            

    

     

    
      	 	
              (f)

            	
              involving
                a notice received by a Secured Party of an Encumbrance;
                or

            

    

     

    
      	 	
              (g)

            	
              involving
                the order of execution or registration of a Security or anything
                in a
                Security; or

            

    

     

    
      	 	
              (h)

            	
              involving
                the order in which financial accommodation is provided or liabilities
                (whether actual or contingent) are incurred;
                or

            

    

     

    
      	 	
              (i)

            	
              involving
                any failure to enforce an Encumbrance (including a Security), chose
                in
                action or judgment.

            

    

     

    
      

    

    
      	
              7.

            	
              Continuation
                of rights and remedies

            

    

     

    Except
      to
      the extent this deed expressly states otherwise, this deed does not
      affect:

     

    
      	 	
              (1)

            	
              the
                rights and remedies of a Secured Party in connection with the assets
                and
                undertaking of the Secured Provider;
                or

            

    

     

    
      	 	
              (2)

            	
              the
                Security Provider’s obligations in connection with a Secured Party’s Debt
                or any Security.

            

    

     

    
      

    

    
      	
              8.

            	
              Assignment
                and transfer of Security

            

    

     

    None
      of
      the Secured Parties may assign or otherwise deal with a Security
      unless:

     

    
      	 	
              (1)

            	
              the
                assignment or dealing occurs in connection with the enforcement of
                a
                Security; or

            

    

     

    
      	 	
              (2)

            	
              the
                person obtaining an interest in that Security has entered into a
                deed with
                the Security Provider and the Financier or Bison (as the case may
                be) in
                which it agrees to be bound by those provisions of this deed which
                relate
                to the Financier or Bison (as the case may be) who is dealing with
                that
                Security, and has delivered the deed to the Financier or Bison (as
                the
                case may be); and

            

    

     

    
       

        
          

        

      

      
        
          
            
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              (a)

            	
              in
                the case of the Financier only, the assignment is required for the
                purposes of, or otherwise permitted under, the Financier’s Transaction
                Documents; or

            

    

     

    
      	 	
              (b)

            	
              In
                the case of Bison only, where the assignment is required for the
                purposes
                of, or otherwise permitted under, the Securities Purchase
                Agreement.

            

    

     

    
      

    

    
      	
              9.

            	
              Rights
                and obligations of the Secured
                Parties

            

    

     

    
      	
              9.1

            	
              Notice
                of default and enforcement 

            

    

     

    A
      Secured
      Party will notify the other Secured Party before it takes any action to enforce
      a Security (including appointment of a Receiver). (However, if a Secured Party
      reasonably considers that any delay in taking the action would adversely affect
      the value of either of the Senior Securities or Bison Securities (as the case
      may be) that Secured Party agrees to notify the other of the action taken as
      soon as reasonably practicable after taking the action). Failure to comply
      with
      this clause will not affect the validity of any action to enforce a
      Security.

     

    
      	
              9.2

            	
              Distributions

            

    

     

    The
      Secured Parties agree to co-operate with each other in the distribution of
      the
      proceeds of:

     

    
      	 	
              (1)

            	
              enforcement
                of each Security; or

            

    

     

    
      	 	
              (2)

            	
              the
                sale of, or dealing with the assets of the Security
                Providers,

            

    

     

    to
      ensure
      the distribution is in accordance with the priorities set out in this
      deed.

     

    
      	
              9.3

            	
              Marshalling

            

    

     

    The
      Secured Parties need not resort to any Encumbrance held for the payment of
      amounts secured under a Security before it resorts to any other Encumbrance
      it
      holds for the payment of the same amounts. 

     

    
      	
              9.4

            	
              Excess
                receipts - contingencies

            

    

     

    If
      a
      Secured Party receives an amount as part of its entitlement under this deed
      on
      account of an amount which may become due for payment by that Secured Party
      to a
      third party and the rights of the third party to claim on the Secured Party
      ends
      without a claim for the full amount received having been made,
      then:

     

    
      	 	
              (1)

            	
              if
                the other Secured Party has priority for payment under this deed,
                the
                Secured Party agrees to pay to the other an amount equal to that
                amount
                (or such lesser amount as is required if the Secured Party’s priority is
                for an amount less than the amount which the Secured Party would
                otherwise
                be obliged to pay to the other); or

            

    

     

    
      	 	
              (2)

            	
              if
                the Secured Party has priority for payment under this deed, it agrees
                to
                apply in or towards payment of the amount for which it has priority
                under
                this deed, an amount equal to that amount (or such lesser amount
                as is
                required if the Secured Party’s priority is for an amount less than the
                amount which the Secured Party would otherwise be obliged to
                apply).

            

    

     

    
      
         

          
            

          

        

        
          
            
              
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              9.5

            	
              Release
                of Securities

            

    

     

    If
      on the
      disposal of, or other dealing with, the Secured Property by the Financier or
      a
      controller appointed over that Secured Property,
      whether
      or not on enforcement of a Security, the proceeds are insufficient to pay to
      Bison the amounts secured by the Bison Securities then Bison agrees to give
      to
      the Financier:

     

    
      	 	
              (1)

            	
              a
                discharge of the Bison Securities; and

            

    

     

    
      	 	
              (2)

            	
              any
                other document required by the Financier to enable the Financier
                to
                provide clear title to the Secured Property to a purchaser.
                

            

    

     

    Bison
      need not release any personal obligation of a Security Provider or any other
      person. 

     

    
      

    

    
      	
              10.

            	
              Security
                Provider’s agreement and
                co-operation

            

    

     

    Each
      Security Provider agrees:

     

    
      	 	
              (1)

            	
              to
                co-operate in the implementation of this deed;
                and

            

    

     

    
      	 	
              (2)

            	
              that
                if a Secured Party makes a payment to the other in accordance with
                this
                deed on the disposal of, or other dealing with, the Secured Property
                (whether or not on enforcement of a Security), then the Secured Party
                will
                be taken to have received the payment from the relevant Security
                Provider.

            

    

     

     

    
      

    

    
      	
              11.

            	
              Recovered
                moneys to be held on trust

            

    

     

    
      	
              11.1

            	
              Bison
                Recovery

            

    

     

    If
      Bison
      receives or recovers any amount in respect of Bison’s Securities in
      contravention of the priorities set forth in clause 4
      of this
      deed (whether in the liquidation, provisional liquidation, reorganisation,
      composition or administration of the RW Group or otherwise) whilst any part
      of
      the Senior Debt remains unsatisfied, then Bison must:

     

    (1) immediately
      pay the whole of that amount to the Financier; and

     

    (2) (without
      limiting paragraph (1))
      hold
      that amount on trust for the Financier pending payment to the
      Financier.

     

    Nothing
      in this clause shall limit Bison’s rights or remedies (including the right to
      sue for any money a Security Provider owes under the Securities) under the
      Bison
      Notes, the Bison Guarantee or Bison’s Securities or to receive and apply any
      payments of principal, interest, penalties or fees in respect of the Bison
      Debt.

     

    
      	
              11.2

            	
              GFN
                Recovery

            

    

     

    If
      the
      GFN Group receives or recovers any amount in violation of this deed (whether
      in
      the liquidation, provisional liquidation, reorganisation, composition or
      administration of the RW Group or otherwise) whilst any part of the Senior
      Debt
      or the Bison Debt remains unsatisfied, then the GFN Group must:

     

    
      	 	
              (1)

            	
              immediately
                pay the whole of that amount to the Senior Secured Party;
                and

            

    

     

    
      	 	
              (2)

            	
              (without
                limiting paragraph (1))
                hold that amount on trust for the Senior Secured Party pending payment
                to
                the Senior Secured Party.

            

    

    
       

      
        
           

            
              

            

          

          
            
              
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                  Wolf Intercreditor Deed 

              

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              12.

            	
              Warranties
                and representations

            

    

     

    
      	
              12.1

            	
              Bison
                warranties and
                representations

            

    

     

    Bison
      each represents and warrants as to itself only in favour of the Financier
      that:

     

    
      	
            	(1)	
              Bison
                does not hold any guarantee or Security Interest in respect of any
                Bison
                Debt other than the Bison
                Securities;

            

    

     

    
      	
            	(2)	
              Bison
                is the sole legal and beneficial holder of the Bison Debt and it
                holds the
                Bison Debt free of Security
                Interests;

            

    

     

    
      	
            	(3)	
              The
                Bison Debt is not itself subordinated to any other debt of the RW
                Group
                and no other debt of the RW Group is subordinated to the Bison
                Debt.

            

    

     

    
      	
              12.2

            	
              GFN
                warranties and
                representations

            

    

     

    The
      GFN
      Group and the RW Group each represent and warrant in favour of the Financier
      and
      Bison that:

     

    
      	
            	(1)	
              the
                GFN Group does not hold any guarantee or Security Interest in respect
                of
                any GFN Debt;

            

    

     

    
      	
            	(2)	
              the
                GFN Group is the sole legal and beneficial holder of the GFN Debt
                and it
                holds the GFN Debt free of Security Interests;

            

    

     

    
      	
            	(3)	
              The
                GFN Debt is not itself subordinated to any other debt of the RW Group
                and
                no other debt of the RW Group is subordinated to the GFN
                Debt.

            

    

     

    
      	
              12.3

            	
              General

            

    

     

    Bison,
      the GFN Group, GFNAH and GFNAF acknowledge and agree that the Financier will
      provide accommodation to RW Group (or any of them) under the Facilities in
      reliance on, amongst other things, the representations and warranties in
      clause 12.1
      and
12.2
      and the
      GFN Group, GFNAH and GFNAF acknowledge that Bison will provide financial
      accommodation to GFNAH under the Bison Notes in reliance on, amongst other
      things, the representations and warranties in clause 12.2.
      Each
      representation and warranty is taken to be repeated on each day of the
      Subordination Period.

     

    
      

    

    
      	
              13.

            	
              Undertaking

            

    

     

    
      	
              13.1

            	
              By
                Bison

            

    

     

    Bison
      must, unless the Financier consents (which consent will not be unreasonably
      withheld or delayed):

     

    
      	
            	(1)	
              not
                make any further advance to the RW Expanded
                Group;

            

    

     

    
      	
            	(2)	
              not
                take or hold any Security Interest over any asset of the RW Expanded
                Group
                whether as security for the payment of any part of the Bison Debt
                or
                otherwise other than the Bison Securities and any future Securities
                to be
                provided by the RW Group pursuant to the Securities Purchase Agreement
                ;

            

    

     

    
      	
            	(3)	
              not
                take the benefit of any guarantee in respect of the Bison Debt other
                than
                the Bison Guarantee and any future guarantee to be provided by GFN
                or its
                direct or indirect subsidiaries pursuant to the Securities Purchase
                Agreement;

            

    

    
       

      
        
           

            
              

            

          

          
            
              
                
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              (4)

            	
              not
                assign, transfer or dispose of its interest in the Bison Debt other
                than
                in accordance with clause 8
                of
                this deed;

            

    

     

    
      	
            	(5)	
              not
                exercise any voting power that it has as a shareholder in the RW
                Group to
                ensure the RW Group with the intent of defeating the obligations
                of Bison
                and the RW Group under this deed;

            

    

     

    
      	
            	(6)	
              promptly
                advise the Financier of any default by the RW Group in connection
                with the
                Bison Debt; and

            

    

     

    
      	
            	(7)	
              promptly
                give to the Financier copies of all documents in respect of the Bison
                Debt
                and any changes to those document.

            

    

     

    
      	
              13.2

            	
              By
                the GFN Group

            

    

     

    The
      GFN
      Group must, unless the Senior Secured Party consents:

     

    
      	
            	(1)	
              not
                make any further advance to the RW Expanded Group which is secured
                by any
                Security Interest;

            

    

     

    
      	
            	(2)	
              not
                take or hold any Security Interest over any asset of the RW Expanded
                Group
                whether as security for the payment of any part of the GFN Debt or
                otherwise;

            

    

     

    
      	
            	(3)	
              not
                take the benefit of any guarantee in respect of the GFN
                Debt;

            

    

     

    
      	
            	(4)	
              not
                assign, transfer or dispose of its interest in the GFN
                Debt;

            

    

     

    
      	
            	(5)	
              exercise
                any voting power it has as a shareholder in the RW Group to ensure
                the RW
                Group complies with its obligations under this
                document;

            

    

     

    
      	
            	(6)	
              promptly
                advise the Financier and Bison of any default by the RW Group in
                connection with the GFN Debt; and

            

    

     

    
      	
            	(7)	
              promptly
                give to then Financier and Bison copies of all documents in respect
                of the
                GFN Debt and any changes to those
                deed.

            

    

     

    
      	
              13.3

            	
              By
                the RW Group

            

    

     

    The
      RW
      Group must, unless the Senior Secured Party consents:

     

    
      	
            	(1)	
              not
                grant any Security Interest over any of the assets of the RW Expanded
                Group whether as security for the payment of any part of the GFN
                Debt or
                Bison Debt or otherwise other than the Bison
                Securities;

            

    

     

    
      	
            	(2)	
              not
                allow any guarantee to be granted in respect of the GFN Debt or Bison
                Debt;

            

    

     

    
      	
            	(3)	
              not
                consent to the assignment, transfer or disposal of the GFN Debt or
                Bison
                Debt if requested to provide such
                consent;

            

    

     

    
      	
            	(4)	
              promptly
                advise the Financier if it has been served with a notice or demand
                issued
                in respect of the GFN Debt or Bison Debt and provide a copy of that
                notice
                or demand to the Financier; 

            

    

     

    
      	
            	(5)	
              promptly
                give to the Financier copies of all documents in respect of the GFN
                Debt
                or Bison Debt and any changes to those document;
                and

            

    

     

    
      	
            	(6)	
              not
                incur any Financial Indebtedness (other than Financial Indebtedness
                within
                the RW Group) without obtaining the Financier's prior written
                consent.

            

    

     

    
      
        
           

            
              

            

          

          
            
              
                
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              13.4

            	
              By
                the Financier

            

    

     

    Without
      the consent of Bison, the Financier must not:

     

    
      	 	
              (1)

            	
              alter
                or amend the provisions of the Letter of Offer which amend
                clause 10
                of
                the Financier’s General Conditions (Fourth Edition, 2003);
                or

            

    

     

    
      	 	
              (2)

            	
              consent
                to or authorise the grant or change of any Security Interest on the
                assets
                of any member of the RW Group other than to the Financier.
                

            

    

     

    

      
        

      

      
        	
                14.

              	
                Expenses,
                  duties and
                  taxes

              

      
 

    
      	
              14.1

            	
              The
                RW Group must on demand reimburse the Financier and Bison for all
                costs
                and expenses of and relating to the preparation, execution and completion
                of, or the enforcement or attempted enforcement or preservation of
                any
                rights under this deed.

            

    

     

    
      	
              14.2

            	
              The
                RW Group must pay all duties and taxes which may be payable in relation
                to
                the execution, delivery, performance, enforcement or attempted enforcement
                of this deed or any payment or receipt or other transaction contemplated
                by this deed.

            

    

     

    
      	
              14.3

            	
              The
                parties acknowledge and agree that notwithstanding any other provision
                of
                this deed, the RW Group must and is permitted to pay all closing
                fees and
                payments as set out in a memorandum entitled “Funds Flow Memorandum”,
                which is dated on or about the date of this
                deed.

            

    

     

    
      

    

    
      	
              15.

            	
              Termination
                and continuation of rights

            

    

     

    
      	
              15.1

            	
              This
                deed will remain in effect until the expiry of the Subordination
                Period.

            

    

     

    
      	
              15.2

            	
              The
                subordination applies to the present and future balance of the Senior
                Debt, the GFN Debt and the Bison Debt and is not discharged by any
                payment
                in respect of those debts, the settlement of any account or anything
                else
                which would otherwise prejudice the subordination or would reduce
                or
                discharge liability of the GFN Group, Bison, or the RW Group under
                this
                deed.

            

    

     

    
      

    

    
      	
              16.

            	
              Miscellaneous

            

    

     

    
      	
              16.1

            	
              This
                deed may only be varied or replaced by a written document duly executed
                by
                each of the parties.

            

    

     

    
      	
              16.2

            	
              A
                right in favour of the Financier under this document or the breach
                of an
                obligation by Bison under this document can only be waived by a written
                instrument signed by the Financier. The breach of an obligation of
                GFN or
                Bison under this document can only be waived by a written instrument
                signed by the Financier and Bison. No other act, omission or delay
                of the
                Financier or Bison will constitute a
                waiver.

            

    

     

    
      	
              16.3

            	
              This
                deed is governed by and shall be construed in accordance with the
                laws of
                New South Wales and the parties irrevocably and unconditionally submit
                to
                the nonexclusive jurisdiction of the courts of that
                State.

            

    

     

    
      	
              16.4

            	
              The
                GFN Group and the Bison must promptly execute all documents and do
                all
                things that the Financier reasonably requires from time to time to
                more
                effectively carry out the intention of this
                deed.

            

    

    
       

      
        
          
             

              
                

              

            

            
              
                
                  
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              16.5

            	
              The
                Perpetuity Period for any trust under this deed is 80 years or the
                Subordinated Period, whichever is the
                shorter.

            

    

    
    

     

    
      	
              16.6

            	
              This
                deed may be executed in
                counterpart.

            

    

     

    
      	
              16.7

            	
              This
                deed will prevail if there is any inconsistency between this deed
                and:

            

    

     

    (1) the
      Financier’s Transaction Documents; or

     

    (2) Bison’s
      Transaction Documents,

     

    Executed
      as a deed and delivered on the date shown on the first page.

    

    
      	
              Signed
                by Australia
                and New Zealand Banking
                Group Limited by
                its attorney in the
                presence of:

            	 	 
	 	 	 
	 	 	 
	
              Signature
                of witness

            	 	
              Signature
                of Attorney

            
	 	 	 
	 	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	 	 	 
	
              Address
                of witness

            	 	 

    

     

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed and
      delivered by their duly authorized representatives as of the date first written
      above.

     

    
      	
              General Finance Corporation

            
	 	 
	
              By

            	 

	 	 
	
              Name:
                

            	 

	 	 
	
              Title:
                

            	 

	 	 
	
              Bison Capital Australia, L.P.

            
	 	 
	
              By

            	 

	 	 
	
              Name:
                

            	 

	 	 
	
              Title:
                

            	 

    

    
      
         

        
          
            
               

                
                  

                

              

              
                
                  
                    
                      Royal
                        Wolf Intercreditor Deed 
Page
                      17

                  

                  
                    ©
                      Deacons

                  

                

                
                  

                

              

              
                
                

                 

              

            

          

           

        

      

    

    
      	
              GFN U.S. Australasia Holdings, Inc.

            
	 	 
	
              By

            	 

	 	 
	
              Name:
                

            	 

	 	 
	
              Title:
                

            	 

    

    

    
      	
              Signed
                for and on behalf of 

              GFN
                Australasia Holdings Pty Ltd

              ACN
                121 226 793 in the presence of:

            	 	
              GFN Australasia
                Holdings Pty Ltd 

              ACN
                121 226 793 

               

            
	 	 	 
	 	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	 	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	 	 	 
	
              Address
                of witness

            	 	 

    

    

    
      	
              Signed
                for and on behalf of 

              GFN
                Australasia Finance Pty Ltd 

              ACN
                121 227 790 in the presence of:

            	 	
              GFN
                Australasia Finance Pty Ltd 

              ACN
                121 227 790 

               

            
	 	 	 
	 	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	 	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	 	 	 
	
              Address
                of witness

            	 	 

    

    
      
         

        
          
            
               

                
                  

                

              

              
                
                  Royal
                    Wolf Intercreditor Deed 

                  Page
                    18

                  
                    ©
                      Deacons

                  

                

                
                  

                

              

              
                
                

                 

              

            

          

        

      

    

     

    
      	
              Signed
                for and on behalf of Royal
                Wolf Trading Australia Pty Limited 

              ACN
                069 244 417 in the presence of:

            	 	
              Royal
                Wolf Trading Australia Pty

              Limited
                ACN 069 244 417 

            
	 	 	 
	 	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	 	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	 	 	 
	
              Address
                of witness

            	 	 

    

    

    
      	
              Signed
                for and on behalf of 

              RWA
                Holdings Pty Limited 

              ACN
                106 913 964 in the presence of:

            	 	
              RWA
                Holdings Pty Limited 

              ACN
                106 913 964 

            
	 	 	 
	 	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	 	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	 	 	 
	
              Address
                of witness

            	 	 

    

    

    
      	
              Signed for and on behalf of Royal Wolf Hi-Tech Pty Ltd ACN 079 735 050
                

              in
                the presence of:

            	 	
              Royal
                Wolf Hi-Tech Pty Ltd 

              ACN
                079 735 050

            
	 	 	 
	 	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	 	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	 	 	 
	
              Address
                of witness

            	 	 

    

     

    
      
        
          
            
               

                
                  

                

              

              
                
                  
                    Royal
                      Wolf Intercreditor Deed 

                  

                  Page
                    19

                  
                    ©
                      Deacons

                  

                

                
                  

                

              

              
                
                

                 

              

            

          

           

        

      

    

    
      
 Annexure B

     

    Form
      of
      Verification Certificate

    

     

    VERIFICATION
      CERTIFICATE

     

    Relating
      to:   
Royal
      Wolf Trading Australia Pty Ltd ACN 069 244 417

     

    GFN
      Australasia Finance Pty Ltd ACN 121 227 790

     

    RWA
      Holdings Pty Ltd ACN 106 913 964

     

    GFN
      Australasia Holdings Pty Ltd ACN 121 226 793

     

    Royal
      Wolf Hi-Tech Pty Ltd ACN 079 735 050

     

     (each
      a
“Company”
and,
      together, the “Companies”)

    

    

    To:   Australia
      and New Zealand Banking Group Limited

    Address:         
      Level
      12,
      20 Martin Place, Sydney, NSW 2000

    Fax
      number:     +61
      02
      9227 1124

    Attention:       
      Trevor
      Auld

     

    Amendment
      and Restatement Deed – Verification Certificate

     

    
      	1.  	
              We
                refer to the Deed of Amendment and Restatement: Intercreditor Deed
                dated
                [insert]
                2008 (Amendment
                and Restatement Deed).
                Unless the context otherwise requires, capitalised terms used in
                this
                certificate and not otherwise defined in this certificate have the
                same
                meanings as in the Amendment and Restatement
                Deed.

            

    

     

    
      	2.  	
              We
                are directors of each of the
                Companies.

            

    

     

    
      	3.  	
              The
                attachments to this certificate are complete and up to date copies
                of extracts
                from the minutes of meetings of the board of directors of each of
                the
                Companies containing resolutions (which have not been amended or
                revoked
                and are in full force) that:

            

    

     

    
      	 	
              (a)

            	
              confirm
                that the warranties given by that Company in the Amendment and Restatement
                Agreement and the Variation Letter to which it is a party are true
                and not
                misleading;

            

    

     

    
      	 	
              (b)

            	
              authorise
                execution and (where applicable) delivery by that Company of the
                Amendment
                and Restatement Agreement and the Variation
                Letter;

            

    

     

    
      	 	
              (c)

            	
              authorise
                the exercise by that Company of its rights and the performance by
                the
                Company of its obligations under the Amendment and Restatement Deed
                and
                the Variation Letter;

            

    

     

    
      	 	
              (d)

            	
              appoint
                authorised representatives for that
                Company;

            

    

     

    
      	 	
              (e)

            	
              confirm
                that the Company enters into the Amendment and Restatement Deed and
                the
                Variation Letter for its commercial
                benefit.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	4.  	
              We
                confirm that the Companies are solvent and there are no reasonable
                grounds
                to suspect that they will not be able to pay their debts as and when
                they
                become due and payable.

            

    

     

    
      	5.  	
              We
                confirm that the constitutions of the Companies as provided to the
                Financier on [insert]
                remain true and up to date and there have not been any amendments
                or
                variations to the constitutions since that date.
                

            

    

     

    
      	6.  	
              We
                confirm that the Companies have not contravened and will not contravene
                Chapter 2E or Chapter 2J of the Corporations Act or any equivalent
                or
                similar legislation in any other applicable jurisdiction by entering
                into
                the Amendment and Restatement Deed and the Variation Letter to which
                they
                are parties or by participating in any transaction in connection
                with
                same. 

            

    

     

    The
      persons named below are the authorised representatives of each of the Companies
      and the signature appearing beside the name of each authorised representative
      is
      the true signature, or a copy of the true signature, of that
      person.

    

    Authorised
      Representatives

    

    
      	
              Name

            	 	
              Position

            	 	
              Signature

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    Dated:
      [date]

    

    
      	
              Signed
                by director of each of the Companies:

            	 	 
	 	 	 
	 	 	
              Signature
                of director

            
	 	 	 
	 	 	 
	 	 	
              Name:
                Peter Linden McCann

            

    

    

    
      	
              Signed
                by director of each of the Companies:

            	 	 
	 	 	 
	 	 	
              Signature
                of director

            
	 	 	 
	 	 	 
	 	 	
              Name:
                Robert George AllanExhibit
      10.1 

    

    CHINA
      TRANSINFO TECHNOLOGY CORP.

    INDEPENDENT
      DIRECTOR’S CONTRACT

    

    THIS
      AGREEMENT (this “Agreement”)
      is
      made as of the 1st
      day of
      May, 2008 (the “Effective Date”) and is by and between China TransInfo
      Technology Corp., a Nevada corporation (hereinafter referred to as the
“Company”)
      and
      Jay Trien (hereinafter referred to as the “Director”).

    

    BACKGROUND

    

    The
      Board
      of Directors of the Company desires to appoint the Director to fill an existing
      vacancy and to have the Director perform the duties of an independent director
      and the Director desires to be so appointed for such position and to perform
      the
      duties required of such position in accordance with the terms and conditions
      of
      this Agreement.

    

    AGREEMENT

    

    In
      consideration for the above recited promises and the mutual promises contained
      herein, the adequacy and sufficiency of which are hereby acknowledged, the
      Company and the Director hereby agree as follows:

    

    1. DUTIES.
      During
      the term, the Director shall provide those services required of an independent
      director under the Company’s constituent instruments, including its certificate
      or articles of incorporation, bylaws and its corporate governance and board
      committee charters, each as amended or modified from time to time, and by
      applicable law, including the Nevada General Corporation Law, and as may be
      determined and assigned by the Board of Directors of the Company. The Director
      agrees to competently and diligently perform the duties required of him as
      the
      Director of the Company and make himself available to the Company at mutually
      convenient times and places. Such duties shall include, but shall not be limited
      to, duties as a member of the Audit Committee and such other committees as
      the
      Director may hereafter be appointed to at the reasonable request of the Board
      of
      Directors. The Director will perform such duties described herein in accordance
      with the general fiduciary duty of directors arising under the Nevada General
      Corporation Law and Chapter 78 of the Nevada Revised Statutes.

    

    2. TERM.
      The
      term of this Agreement shall commence as of the date of the Director’s
      appointment by the Board of Directors of the Company (in the event the Director
      is appointed to fill a vacancy) or the date of the Director’s election by the
      stockholders of the Company and shall continue until the Director’s removal or
      resignation. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    3. COMPENSATION.
      The
      Company will pay the Director a director’s fee of $30,000 per annum, payable in
      equal monthly installments, to be paid in advance on the first (1st)
      day of
      each month. This fee represents a retainer for services rendered as a member
      of
      the Company’s Board of Directors, and is in addition to any fees to which the
      Director may be entitled under guidelines and rules established by the Company
      from time to time for compensating non-employee directors for serving on, and
      attending meetings of, committees of its Board of Directors and the board of
      directors of its subsidiaries. In addition to the foregoing, within fifteen
      (15)
      business days of the Effective Date, the Director will be granted nonstatutory
      stock options for the purchase of 30,000 shares of common stock (the
“Shares”).
      The
      option’s exercise price will be equal to the value determined by the Company
on
      the
      date of grant. The options shall vest in equal installments (“Installments”) on
      a quarterly basis over a three-year period, such that the first Installment
      of
      2,500 shares shall vest immediately on the grant date and each successive
      Installment shall vest on the first (1st)
      day of
      each quarter thereafter. The stock option grant shall be evidenced by a stock
      option agreement (the “Stock
      Option Agreement”)
      and
      the stock options will be subject to the terms and conditions of such Stock
      Option Agreement. 

     

    4. EXPENSES.
      In
      addition to the compensation provided in paragraph 3 hereof, the Company will
      reimburse the Director for reasonable business related expenses incurred in
      good
      faith in the performance of the Director’s duties for the Company, including,
      but not limited to, all reasonable and necessary pre-approved travel, and other
      out-of-pocket business expenses incurred by Director in connection with the
      performance of his duties hereunder. Such payments shall be made by the Company
      upon submission by the Director of a signed statement itemizing the expenses
      incurred. Such statement shall be accompanied by sufficient documentary matter
      to support the expenditures. Without limiting the foregoing, the Company shall
      reimburse the Director for all attorney’s fees incurred by Director with a
      maximum amount of $15,000 in connection with review of this Agreement, review
      of
      applicable Director’s and Officers Insurance Coverage policies and documents,
      and other legal matters in connection with Director’s acceptance of a position
      on the Board of Directors of the Company and execution of this Agreement.

    

    5. CONFIDENTIALITY.
      The
      Company and the Director each acknowledge that, in order for the intents and
      purposes of this Agreement to be accomplished, the Director shall necessarily
      be
      obtaining access to certain confidential information concerning the Company
      and
      its affairs, including, but not limited to business methods, information
      systems, financial data and strategic plans which are unique assets of the
      Company (“Confidential
      Information”).
      The
      Director covenants not to, either directly or indirectly, in any manner, utilize
      or disclose to any person, firm, corporation, association or other entity any
      Confidential Information.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    6. NON-COMPETE.
      During
      the term of this Agreement and for a period of six (6) months following the
      Director’s removal or resignation from the Board of Directors of the Company or
      any of its subsidiaries or affiliates (the “Restricted
      Period”),
      the
      Director shall not, directly or indirectly, (i) in any manner whatsoever engage
      in any capacity with any business competitive with the Company’s current lines
      of business or any business then engaged in by the Company, any of its
      subsidiaries or any of its affiliates (the “Company’s
      Business”)
      for
      the Director’s own benefit or for the benefit of any person or entity other than
      the Company or any subsidiary or affiliate; or (ii) have any interest as owner,
      sole proprietor, stockholder, partner, lender, director, officer, manager,
      employee, consultant, agent or otherwise in any business competitive with the
      Company’s Business; provided,
      however,
      that
      the Director may hold, directly or indirectly, solely as an investment, not
      more
      than one percent (1%) of the outstanding securities of any person or entity
      which is listed on any national securities exchange or regularly traded in
      the
      over-the-counter market notwithstanding the fact that such person or entity
      is
      engaged in a business competitive with the Company’s Business. In addition,
      during the Restricted Period, the Director shall not develop any property for
      use in the Company’s Business on behalf of any person or entity other than the
      Company, its subsidiaries and affiliates. For
      purposes of this Agreement, an entity is competitive with the Company’s Business
      if such entity is or is in the process of becoming a Geography Information
      Systems (“GIS”) application software and/or services provider. Director is a
      Certified Public Accountant and a partner in the accounting firm of Trien,
      Rosenberg, Rosenberg, Weinberg, Ciullo, & Fazzari LLP (The Trien Firm). The
      Non-Compete restrictions set forth in this Paragraph 6 shall not apply to
      any professional services performed by the Trien Firm or the Director in
      his capacity as Certified Public Accountant.

    

    7. TERMINATION.
      With or
      without cause, the Company and the Director may each terminate this Agreement
      at
      any time upon ten (10) days written notice, and the Company shall be obligated
      to pay to the Director the compensation and expenses due up to the date of
      the
      termination. If the Agreement is terminated by the Company for any reason,
      such
      termination shall have no effect on the Options granted to Director hereunder
      and, upon any such termination, all Options shall immediately vest, shall remain
      vested and shall be immediately exercisable. Nothing contained herein or omitted
      herefrom shall prevent the stockholder(s) of the Company from removing the
      Director with immediate effect at any time for any reason.

    

    8. INDEMNIFICATION.
      In
      addition to, and not in limitation of, any and all rights of indemnification
      under the Company’s articles of incorporation, Bylaws, agreement (including,
      without limitation, the Indemnification Agreement executed herewith) or
      otherwise (including, without limitation, any insurance policies), the Company
      shall indemnify, defend and hold harmless the Director, to the fullest extent
      permitted by the law, from any and all loss, claim, damage or cause of action,
      including reasonable attorneys’ fees related thereto, incurred by the Director
      in the performance of his duties and obligations under this Agreement. This
      Section 8 shall survive the termination of this Agreement. The Company and
      the
      Director are executing the Indemnification Agreement in the form attached hereto
      as Exhibit A.

    

    9. EFFECT
      OF WAIVER.
      The
      waiver by either party of the breach of any provision of this Agreement shall
      not operate as or be construed as a waiver of any subsequent breach
      thereof.

    

    10. NOTICE.
      Any and
      all notices referred to herein shall be sufficient if furnished in writing
      at
      the addresses specified on the signature page hereto or, if to the Company,
      to
      the Company’s address as specified in filings made by the Company with the U.S.
      Securities and Exchange Commission and if by fax to 86-10-
      62637657.

     

    11. GOVERNING
      LAW.
      This
      Agreement shall be interpreted in accordance with, and the rights of the parties
      hereto shall be determined by, the laws of the State of New York without
      reference to that state’s conflicts of laws principles.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    12. ASSIGNMENT.
      The
      rights and benefits of the Company under this Agreement shall be transferable,
      and all the covenants and agreements hereunder shall inure to the benefit of,
      and be enforceable by or against, its successors and assigns. The duties and
      obligations of the Director under this Agreement are personal and therefore
      the
      Director may not assign any right or duty under this Agreement without the
      prior
      written consent of the Company.

    

    13. MISCELLANEOUS.
      If any
      provision of this Agreement shall be declared invalid or illegal, for any reason
      whatsoever, then, notwithstanding such invalidity or illegality, the remaining
      terms and provisions of this Agreement shall remain in full force and effect
      in
      the same manner as if the invalid or illegal provision had not been contained
      herein.

    

    14. ARTICLE
      HEADINGS.
      The
      article headings contained in this Agreement are for reference purposes only
      and
      shall not affect in any way the meaning or interpretation of this
      Agreement.

    

    15. COUNTERPARTS. This
      Agreement may be executed in any number of counterparts, all of which taken
      together shall constitute one instrument. Facsimile execution and delivery
      of
      this Agreement is legal, valid and binding for all purposes.

    

    16. ENTIRE
      AGREEMENT. Except
      as
      provided elsewhere herein, this Agreement sets
      forth the entire agreement of the parties with respect to
      its
      subject
      matter and supersedes all prior agreements, promises, covenants, arrangements,
      communications, representations or warranties, whether oral or written, by
      any
      officer, employee or representative of any party to this
      Agreement with respect
      to
      such
      subject matter.

     

    17. NOTICE
      OF MATERIAL CHANGE IN FINANCIAL CONDITION OF COMPANY.
      The
      Company shall notify Director in writing, at the earliest practicable time,
      of
      any material adverse change in the financial condition of the Company or of
      any
      other material event or condition that may require action by the Director in
      his
      capacity as an independent director or otherwise related to his duties as an
      independent director under this Agreement. 

     

    [Signature
      Page Follows]

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Independent Director’s
      Contract to be duly executed and signed as of the Effective Date.

    

    
      	
              CHINA
                TRANSINFO TECHNOLOGY CORP.

            
	 	 
	
              BY:

            	
              /s/
                Shudong Xia

            
	 	
              Name:
                Shudong Xia

            
	 	
              Title:
                CEO and President

            
	 	 
	 	 
	
              INDEPENDENT
                DIRECTOR

            
	 	 
	
              BY:

            	
              /s/
                Jay Trien

            
	 	
              Name:
                Jay Trien

            
	 	
              Address:
                112 West 56th Street 

              New
                York, New York 10019-3835

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