Document:

Exhibit 4.63 TAL V 2014-3 Series Supplement

TAL ADVANTAGE V LLC
Issuer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION
Indenture Trustee
______________________________

SERIES 2014-3 SUPPLEMENT
Dated as of November 25, 2014

to

INDENTURE
Dated as of February 27, 2013
______________________________

SERIES 2014-3, FIXED RATE ASSET-BACKED NOTES,
CLASS A NOTES AND CLASS B NOTES

	
				
	 
	 
	Page

	Article I Definitions; Calculation Guidelines
	1
	

	Section 101.
	Definitions
	1
	

	 
	 
	 

	Article II Creation of the Series 2014-3 Notes
	14
	

	Section 201.
	Designations
	14
	

	Section 202.
	Authentication and Deliver
	15
	

	Section 203.
	Interest Payments on the Series 2014-3 Notes
	16
	

	Section 204.
	Principal Payments on the Series 2014-3 Notes
	16
	

	Section 205.
	Prepayment of the Principal on the Series 2014-3 Notes
	16
	

	Section 206.
	Restrictions on Transfer
	18
	

	Section 207.
	Grant of Security Interest
	23
	

	 
	 
	 

	Article III Series 2014-3 Series Account and Allocation and Application of Amounts Therein
	24
	

	Section 301.
	Series 2014-3 Series Account
	24
	

	Section 302.
	Investment of Funds
	24
	

	Section 303.
	Distributions from Series 2014-3 Series Account
	24
	

	Section 304.
	Series 2014-3 Restricted Cash Account
	24
	

	Section 305.
	Allocation of Shared Available Funds
	33
	

	 
	 
	 

	Article IV Early Amortization Events, Manager Defaults and Covenants for the Series 2014-3 Notes
	37
	

	Section 401.
	Early Amortization Events
	37
	

	Section 402.
	Series 2014-3 Manager Defaults and Series 2014-3 Back-up Manager Events
	38
	

	Section 403.
	Additional Events of Default
	39
	

	Section 404. 
	Additional Covenants
	39
	

	 
	 
	 

	Article V Conditions to Issuance
	39
	

	Section 501.
	Conditions to Issuance
	39
	

	 
	 
	 

	Article VI Representations and Warranties
	39
	

	Section 601.
	Existence
	39
	

	Section 602.
	Authorization
	39
	

	Section 603.
	No Conflict; Legal Compliance
	40
	

	Section 604.
	Validity and Binding Effect
	40
	

	Section 605.
	Financial Conditions
	40
	

	Section 606.
	Place of Business
	40
	

	Section 607.
	No Agreements or Contracts
	40
	

	Section 608.
	Consents and Approvals
	40
	

	Section 609.
	Margin Regulations
	41
	

	Section 610.
	Taxes
	41
	

	Section 611.
	Other Regulations
	41
	

	Section 612.
	Solvency and Separateness
	41
	

	Section 613.
	Survival of Representations and Warranties
	42
	

	Section 614.
	No Default
	42
	

	Section 615.
	Litigation and Contingent Liabilities
	42
	

	Section 616.
	Title; Liens
	42
	

	
				
	Section 617.
	Subsidiaries
	42
	

	Section 618.
	No Partnership
	42
	

	Section 619.
	Pension and Welfare Plans
	43
	

	Section 620.
	Ownership of the Issuer
	43
	

	Section 621.
	Security Interest Representations
	43
	

	Section 622.
	Original Issue Discount
	44
	

	 
	 
	 

	Article VII Miscellaneous Provisions
	45
	

	Section 701.
	Ratification of Indenture
	45
	

	Section 702.
	Counterparts
	45
	

	Section 703.
	Governing Law
	45
	

	Section 704
	Notices to the Rating Agency
	45
	

	Section 705.
	Amendments and Modifications
	45
	

	Section 706.
	Consent to Jurisdiction
	47
	

	Section 707.
	Waiver of Jury Trial
	48
	

	Section 708.
	No Petition
	48
	

	Section 709.
	Noteholder Information
	48
	

EXHIBITS
		
	EXHIBIT A-1
	Form of 144A Global Note

		
	EXHIBIT A-2
	Form of Temporary Regulation S Global Note

		
	EXHIBIT A-3
	Form of Permanent Regulation S Global Note

		
	EXHIBIT A-4
	Form of Note Issued to Institutional Accredited Investors

		
	EXHIBIT B
	Form of Certificate to be Given by Noteholders

		
	EXHIBIT C
	Form of Certificate to be Given by Euroclear or Clearstream

		
	EXHIBIT D
	Form of Certificate to be Given by Transferee of Beneficial Interest In a Temporary Regulation S Global Note

		
	EXHIBIT E
	Form of Transfer Certificate for Exchange or Transfer From 144A Note to Regulations S Note

		
	EXHIBIT F
	Form of Initial Purchaser Exchange Instructions

SCHEDULES
		
	SCHEDULE 1
	Minimum Targeted Principal Balances by Period

		
	SCHEDULE 2
	Scheduled Targeted Principal Balances by Period

		
	SCHEDULE 3
	Maximum Concentrations of Lessees

THIS SERIES 2014-3 SUPPLEMENT, dated as of November 25, 2014 (as amended, modified and supplemented from time to time in accordance with the terms hereof, this “Supplement”), is between TAL ADVANTAGE V LLC, a limited liability company organized under the laws of Delaware (the “Issuer”), and Wells Fargo Bank, National Association, a national banking association, as Indenture Trustee (the “Indenture Trustee”).
WHEREAS, pursuant to the Indenture, dated as of February 27, 2013 (as amended, modified or supplemented from time to time in accordance with its terms, the “Indenture”), between the Issuer and the Indenture Trustee, the Issuer may from time to time direct the Indenture Trustee to authenticate one or more new Series of Notes. The Principal Terms of any new Series are to be set forth in a Supplement to the Indenture.
WHEREAS, pursuant to this Supplement, the Issuer and the Indenture Trustee shall create a new Series of Notes (“Series 2014-3”) and specify the Principal Terms thereof.
NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:
Article I
Definitions; Calculation Guidelines
Definitions.  (a)  Whenever used in this Supplement, the following words and phrases shall have the following meanings, and the definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.
“144A Global Notes” means the 144A Global Notes substantially in the form of Exhibit A-1 hereto.
"ABN" means ABN Amro Securities (USA), LLC.
“Aggregate Class A Note Principal Balance” means, as of any date of determination, an amount equal to the sum of the Class A Note Principal Balances of all Class A Notes then Outstanding.
“Aggregate Class B Note Principal Balance” means, as of any date of determination, an amount equal to the sum of the Class B Note Principal Balances of all Class B Notes then Outstanding.
“Aggregate Series 2014-3 Note Principal Balance” means, as of any date of determination, an amount equal to the sum of the then Aggregate Class A Note Principal Balance and the then Aggregate Class B Note Principal Balance.
“Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA, a “plan” within the meaning of Section 4975(e)(1) of the Code or an entity whose underlying assets include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such entity.
“Change of Control” means, unless the Requisite Global Majority shall otherwise approve, the occurrence of the following event or series of events: the Manager shall (A) consolidate or merge with or into any Person, unless (i) the Manager is the surviving entity, and (ii) at least seventy percent (70%) of the consolidated assets of the Manager and its Consolidated Subsidiaries following such consolidation or 

merger are held in connection with a Permitted Business (as defined in the Credit Agreement), or (B) enter into or permit any purchase, sale, assignment, transfer, conveyance or other acquisition or disposition of assets which would result in less than seventy percent (70%) of the consolidated assets of the Manager and its Consolidated Subsidiaries (measured after giving effect to such transaction) to be held in connection with a Permitted Business, or (C) cease to be a wholly-owned Subsidiary of TAL International Group.  Capitalized terms used in this definition and not defined in this Supplement shall have the meaning assigned thereto in the Management Agreement.
“Class A Advance Rate” means eighty-one percent (81%).
“Class A Minimum Principal Payment Amount” means, for the Series 2014-3 Notes on any Payment Date, the excess, if any, of (x) the then Aggregate Class A Note Principal Balance over (y) the Class A Minimum Targeted Principal Balance for such Payment Date.
“Class A Minimum Targeted Principal Balance” means for the Class A Notes for each Payment Date, the amount set forth opposite such Payment Date on Schedule 1 hereto under the column titled “Class A”, as the amounts on Schedule 1 hereto may be amended from time to time in accordance with the provisions of this Supplement.  For purposes of the Indenture and this Supplement, the Class A Minimum Targeted Principal Balance is the “Minimum Targeted Principal Balance” for the Class A Notes.
“Class A Notes” shall have the meaning set forth in Section 201 hereof. 
“Class A Note Interest Payment” means, for the Class A Notes on each Payment Date, an amount equal to the product of (i) three and twenty seven hundredths of one percent (3.27%) per annum and (ii) the Aggregate Class A Note Principal Balance on the immediately preceding Payment Date, calculated after giving effect to all principal payments on the Class A Notes actually paid on such date (or, in the case of the first Payment Date, the Aggregate Class A Note Principal Balance on the Series 2014-3 Closing Date).  The Class A Note Interest Payment will be calculated on the basis of a 360 day year consisting of twelve thirty day months.  For the initial Payment Date, interest will be calculated for twenty-five (25) days representing the actual number of days elapsed from and including the Series 2014-3 Closing Date to (but excluding) the initial Payment Date for the Class A Notes.
“Class A Noteholder” means a Holder of a Class A Note.
“Class A Note Principal Balance” means, with respect to any Class A Note as of any date of determination, an amount equal to the excess, if any, of (x) the initial principal balance of such Class A Note as of the Series 2014-3 Closing Date, over (y) the cumulative amount of all Class A Minimum Principal Payment Amounts, Class A Scheduled Principal Payment Amounts and any other principal payments (including Prepayments) actually paid to the related Class A Noteholder subsequent to the Series 2014-3 Closing Date.
“Class A Scheduled Principal Payment Amount” means, for the Class A Notes for any Payment Date, the excess, if any, of (x) the then Aggregate Class A Note Principal Balance (after giving effect to any payment of the Class A Minimum Principal Payment Amount actually paid on such Payment Date), over (y) the Scheduled Targeted Principal Balance for the Class A Notes for such Payment Date.
“Class A Scheduled Targeted Principal Balance” means, for the Class A Notes for any Payment Date, the amount set forth opposite such Payment Date on Schedule 2 hereto under the column titled “Class A”, as the amounts on Schedule 2 hereto may be amended from time to time in accordance with 

the provisions of this Supplement.  For purposes of the Indenture and this Supplement, the Class A Scheduled Targeted Principal Balance is the “Scheduled Targeted Principal Balance” for the Class A Notes.
“Class A Supplemental Principal Payment Amount” means, for any Payment Date, the amount of any prepayment of the Class A Notes required pursuant to Section 205(a) of this Supplement.  For purposes of the Indenture and this Supplement, the Class A Supplemental Principal Payment Amount is the “Supplemental Principal Payment Amount” with respect to the Class A Notes.
“Class B Advance Rate” means eighty-seven percent (87%).
“Class B Minimum Principal Payment Amount” means, for the Series 2014-3 Notes on any Payment Date, the excess, if any, of (x) the then Aggregate Class B Note Principal Balance over (y) the Class B Minimum Targeted Principal Balance for such Payment Date.
“Class B Minimum Targeted Principal Balance” means for the Class B Notes for each Payment Date, the amount set forth opposite such Payment Date on Schedule 1 hereto under the column titled “Class B”, as the amounts on Schedule 1 hereto may be amended from time to time in accordance with the provisions of this Supplement.  For purposes of the Indenture and this Supplement, the Class B Minimum Targeted Principal Balance is the “Minimum Targeted Principal Balance” for the Class B Notes.
“Class B Note Interest Payment” means, for the Class B Notes on each Payment Date, an amount equal to the product of (i) four and fifteen hundredths of one percent (4.15%)  per annum and (ii) the Aggregate Class B Note Principal Balance on the immediately preceding Payment Date, calculated after giving effect to all principal payments on the Class B Notes actually paid on such date (or, in the case of the first Payment Date, the Aggregate Class B Note Principal Balance on the Series 2014-3 Closing Date).  The Class B Note Interest Payment will be calculated on the basis of a 360 day year consisting of twelve thirty day months.  For the initial Payment Date, interest will be calculated for calculated for twenty-five (25) representing the actual number of days elapsed from and including the Series 2014-3 Closing Date to (but excluding) the initial Payment Date for the Class B Notes.
“Class B Noteholder” means a Holder of a Class B Note.
“Class B Note Principal Balance” means, with respect to any Class B Note as of any date of determination, an amount equal to the excess, if any, of (x) the initial principal balance of such Class B Note as of the Series 2014-3 Closing Date, over (y) the cumulative amount of all Class B Minimum Principal Payment Amounts, Class B Scheduled Principal Payment Amounts and any other principal payments (including Prepayments) actually paid to the related Class B Noteholder subsequent to the Series 2014-3 Closing Date.
“Class B Notes” shall have the meaning set forth in Section 201 hereof. 
“Class B Scheduled Principal Payment Amount” means, for the Class B Notes for any Payment Date, the excess, if any, of (x) the then Aggregate Class B Note Principal Balance (after giving effect to any payment of the Class B Minimum Principal Payment Amount actually paid on such Payment Date), over (y) the Class B Scheduled Targeted Principal Balance for such Payment Date.
“Class B Scheduled Targeted Principal Balance” means, for the Class B Notes for any Payment Date, the amount set forth opposite such Payment Date on Schedule 2 hereto under the column titled “Class B”, as the amounts on Schedule 2 hereto may be amended from time to time in accordance with the provisions of this Supplement.  For purposes of the Indenture and this Supplement, the Class B Scheduled Targeted Principal Balance is the “Scheduled Targeted Principal Balance” for the Class B Notes.

“Class B Supplemental Principal Payment Amount” means, for any Payment Date, the amount of any prepayment of the Class B Notes required pursuant to Section 205(b) of this Supplement.  For purposes of the Indenture and this Supplement, the Class B Supplemental Principal Payment Amount is the “Supplemental Principal Payment Amount” with respect to the Class B Notes.
"Consolidated Cash Interest Expense" shall have the same meaning as set forth in Appendix A of the Indenture.
"Consolidated EBIT" shall have the same meaning as set forth in Appendix A of the Indenture.
"Consolidated EBIT to Consolidated Cash Interest Expense Ratio" shall have the same meaning as set forth in Appendix A of the Indenture.
“Control Party” means, with respect to Series 2014-3, the Majority of Holders of the Series 2014-3 Notes.
“Default Fee” means, for any Payment Date on which interest on overdue amounts is payable in accordance with the provisions of Section 203(b) hereof, an amount equal to the excess of (x) the total amount of interest payable on such Payment Date, including the amount of interest otherwise payable on such Payment Date pursuant to the provisions of Section 203(b), over (y) the amount of interest that would have been payable on such Payment Date if no payment default had occurred.
“Default Rate” means, for any date of determination and for any Series 2014-3 Note, an interest rate per annum equal to two percent (2.00%) over the interest rate per annum otherwise then applicable to such Note.
“Definitive Note” shall have the meaning set forth in Appendix A to the Indenture.
“Dollars” and the sign “$” mean lawful money of the United States of America.
“DTC” shall have the meaning set forth in Section 206.
“Eligible Currency Hedge Counterparty” means, with respect to Series 2014-3, any Currency Hedge Counterparty from time to time approved by the Control Party for Series 2014-3.
“Eligible Hedge Counterparty” means, with respect to Series 2014-3, any Hedge Counterparty from time to time approved by the Control Party for Series 2014-3.
“Eligible Interest Rate Hedge Counterparty” means, with respect to Series 2014-3, any Interest Rate Hedge Counterparty from time to time approved by the Control Party for Series 2014-3.
“FATCA” means, Sections 1471 through 1474 of the Code, the treasury regulations thereunder, administrative guidance and official interpretations promulgated thereunder. 
“Finance Lease Percentage Fee” means the management fee component applicable for Series 2014-3 with respect to Container Revenues for Finance Leases, which shall be five percent (5%).
“Initial Purchasers” means each of RBC, MLPFS, WFS, ABN, NSI and MSU.
“Institutional Accredited Investors” shall have the meaning set forth in Section 206.

“Issuance Date” means, for Series 2014-3 Notes, the Series 2014-3 Closing Date.
“Issuance Date Series 2014-3 Note Principal Balance” means the Aggregate Series 2014-3 Note Principal Balance on the Issuance Date of the Series 2014-3 Notes; this amount shall be Two Hundred Sixty Six Million Dollars ($266,000,000).
“Issuance Date Restricted Cash Amount” means the Series 2014-3 Restricted Cash Amount on the Issuance Date of the Series 2014-3 Notes; this amount shall be Six Million, Six Hundred Forty Four Thousand, Seven Hundred Sixty Dollars ($6,644,760).
"Issuer EBIT" for any period, means the sum of Issuer Net Income, plus the following, without duplication, to the extent deducted in calculating such Issuer Net Income:
(1)    all income tax expense in respect of any net income generated by the Issuer;
(2)    interest expense of the Issuer;
(3)    depreciation and amortization charges of the Issuer relating to any increased depreciation or amortization charges resulting from purchase accounting adjustments or inventory write-ups with respect to acquisitions or the amortization or write-off of deferred debt or equity issuance costs;
(4)    all other non-cash charges of the Issuer (other than depreciation expense) minus, with respect to any such non-cash charge that was previously added in a prior period to calculate Issuer EBIT and that represents an accrual of or reserve for cash expenditures in any future period, any cash payments made during such period;
(5)    any non-capitalized costs incurred in connection with financings, the acquisition of Containers or dispositions (including financing and refinancing fees and any premium or penalty paid in connection with redeeming or retiring Indebtedness prior to the stated maturity thereof pursuant to the agreements governing such Indebtedness);
(6)    all non-cash expenses attributable to incentive arrangements;
(7)    to the extent that any portion of the Management Fee payable during such period was accrued and not paid during such period, the aggregate amount of expenses attributable to all payments or accruals of Management Fee during such period; and 
(8)    any indemnity payments made (regardless of to whom such payments are made) pursuant to the Indenture;
in each case, for such period and as determined in accordance with GAAP.
“Issuer Net Income” means, for any period, the aggregate net income (or loss) of the Issuer for such period, determined in accordance with GAAP; provided, however, that there shall not be included in such Issuer Net Income:
(1)    any gain (or loss) realized upon the sale or other disposition of assets (other than Containers) of the Issuer (including pursuant to any sale-and-leaseback arrangement) which is not sold or otherwise disposed of in the ordinary course of business;
(2)    extraordinary gains or losses, as determined in accordance with GAAP;

(3)    income or loss attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued);
(4)    the cumulative effect of a change in accounting principles, as determined in accordance with GAAP;
(5)    any adjustments, restructuring costs, non-recurring expenses, non-recurring fees, non-operating expenses, charges or other expenses (including bonus and retention payments and non-cash compensation charges) incurred in connection with acquisitions of Containers; and
(6)    Systems/Organizational Establishment Expenses;
in each case, for such period.
“Majority of Holders” means, with respect to the Series 2014-3 Notes as of any date of determination: (A) so long as the Class A Notes are Outstanding, one or more Class A Noteholders holding in aggregate Class A Notes constituting more than fifty percent (50%) of the then Aggregate Class A Note Principal Balance; and (B) at all times not covered by clause (A), one or more Class B Noteholders holding in aggregate Class B Notes constituting more than fifty percent of the Aggregate Class B Note Principal Balance.
“Management Fee” means, for any Payment Date for the Series 2014-3 Notes, an amount equal to the sum of (A) the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the product of (x) the NOI Percentage Fee for Series 2014-3 and (y) the Net Operating Income for the preceding Collection Period (other than Container Revenues on Finance Leases), (B) the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the product of (x) Finance Lease Percentage Fee for Series 2014-3 and (y) the Container Revenues on Finance Leases for the preceding Collection Period and (C) the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the sum of all Disposition Fees for the preceding Collection Period.
“Minimum Principal Payment Amount” means, with respect to Series 2014-3, the Class A Minimum Principal Payment Amount and the Class B Minimum Principal Payment Amount.
"MLPFS" means Merrill Lynch, Pierce, Fenner & Smith Incorporated.
"MSU" means Mizuho Securities USA Inc.
“NOI Percentage Fee” means the management fee component applicable for Series 2014-3 with respect to Net Operating Income, which shall be nine percent (9%).
"Noteholder Tax Identification Information" means properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a "United States Person" within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in the case of a person that is not a "United States Person" within the meaning of Section 7701(a)(30) of the Code) sufficient to determine the applicability of, or to determine the amount of, U.S. withholding tax under the Code including back-up withholding and withholding imposed pursuant to FATCA.
"NSI" means Nomura Securities International, Inc.

“Permanent Regulation S Global Notes” means the Permanent Regulation S Global Notes substantially in the form of Exhibit A-3.
“Permitted Payment Date Withdrawal” means (a) for any Payment Date other than the Series 2014-3 Legal Final Maturity Date, any shortfall in the aggregate amount available in the Series 2014-3 Series Account or any other amounts available under the Indenture or this Supplement to pay the Class A Note Interest Payment and Class B Note Interest Payment due and payable on all Series 2014-3 Notes on such Payment Date, and (b) on the Series 2014-3 Legal Final Maturity Date, any shortfall in the aggregate amount available in the Series 2014-3 Series Account or any other amounts available under the Indenture or this Supplement to pay the then Aggregate Series 2014-3 Note Principal Balance and accrued but unpaid Class A Note Interest Payment and Class B Note Interest Payment.
“Qualified Institutional Buyer” shall have the meaning set forth in Section 206.
“Rating Agency” means, for Series 2014-3, S&P.
"RBC" means RBC Capital Markets, LLC.
“Record Date” means, for the Series 2014-3 Notes for any Payment Date, the last Business Day of the calendar month immediately preceding such Payment Date or, in the case of the initial Payment Date for the Series 2014-3 Notes, the Series 2014-3 Closing Date.
“Regulation S” shall have the meaning set forth in Section 206 hereof.
“Regulation S Global Notes” means, collectively, the Temporary Regulation S Global Notes and the Permanent Regulation S Global Notes
“Required Payments” for the Series 2014-3 Notes for any Payment Date has the meaning set forth in Section 201(f) hereof.
“Rule 144A” shall have the meaning set forth in Section 206 hereof.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto.
“Scheduled Principal Payment Amount” means, with respect to Series 2014-3, the Class A Scheduled Principal Payment Amount and the Class B Scheduled Principal Payment Amount.
“Securities Act” means the Securities Act of 1933, as amended.
“Series 2014-3” means the Series of Notes the terms of which are specified in this Supplement.
“Series 2014-3 Advance Rate” means (i) with respect to the Class A Notes, the Class A Advance Rate and (ii) with respect to the Class B Notes, the Class B Advance Rate.  For purposes of the Indenture and this Supplement, the Series 2014-3 Advance Rate is the “Advance Rate” for Series 2014-3.
“Series 2014-3 Asset Allocation Percentage” means, as of any date of determination, a fraction (expressed as a percentage) equal to (A) divided by (B), as follows:
(A) a fraction (expressed as a percentage), (1) the numerator of which is an amount, not less than zero, equal to (x) the then Aggregate Series 2014-3 Note Principal Balance minus (y) the amount of cash and Eligible Investments on deposit in the Series 2014-3 Restricted Cash Account on the immediately 

preceding Payment Date (determined after giving effect to all deposits to, and withdrawals from, the Series 2014-3 Restricted Cash Amount on such date), and (2) the denominator of which is 100% minus the Series 2014-3 Required Overcollateralization Percentage; and 
(B) a percentage equal to the sum of the numerators (as calculated in clause (A) above) for all Series of Notes then Outstanding.
“Series 2014-3 Asset Base” means, as of any date of determination, an amount equal to the sum of (a) the product of (i) Series 2014-3 Asset Allocation Percentage in effect on such Determination Date, (ii) a percentage equal to 100% minus the Series 2014-3 Required Overcollateralization Percentage in effect on such Determination Date and (iii) the sum of (x) the Aggregate Net Book Value (measured as of the last day of the immediately preceding calendar month) and (y) the aggregate outstanding balance of receivables resulting from the sale or disposition of Eligible Containers which have not been outstanding for more than 60 days, plus (b) an amount equal to the sum of (i) the amount of cash and Eligible Investments on deposit in the Series 2014-3 Restricted Cash Account on such Determination Date, and (ii) an amount equal to the product of (x) the Series 2014-3 Asset Allocation Percentage in effect on such Determination Date and (y) the amount of cash and Eligible Investments on deposit in the Excess Funding Account on such Determination Date.  For purposes of the Indenture and this Supplement, the Series 2014-3 Asset Base is the “Asset Base” for Series 2014-3.
“Series 2014-3 Available Funds” means, as of any Determination Date, an amount equal to the sum of (i) an amount equal to the product of (x) the Available Distribution Amount for the most recently completed Collection Period and (y) the Series 2014-3 Collection Allocation Percentage in effect on such Determination Date, (ii) all amounts transferred to the Series 2014-3 Series Account from the Series 2014-3 Restricted Cash Account on such Determination Date, (iii) if an Early Amortization Event shall have occurred and then be continuing, the amount of funds transferred to the Series 2014-3 Series Account from the Excess Funding Account on such Determination Date, and (iv) the amount of any Shared Available Funds (as defined in the Supplements for each other Series of Notes then Outstanding) deposited to the Series 2014-3 Series Account on such Determination Date in accordance with the terms of the Supplement for each other Series of Notes then Outstanding.  For purposes of the Indenture and this Supplement, the Series 2014-3 Available Funds constitutes the “Available Funds” for Series 2014-3. 
“Series 2014-3 Back-up Manager Event” shall have the meaning set forth in Section 402(ii) hereof.
“Series 2014-3 Cash Interest Expense” means, with respect to Series 2014-3 for any period, an amount equal to the difference of (1) the Series 2014-3 Interest Expense for such period minus (2) to the extent included in clause (1), (i) amortization or write off of debt issuance or deferred financing costs, (ii) any non-cash interest expense related to any interest expense that has not been paid in cash, and (iii) any incremental non-cash interest expense incurred as the result of an accounting change that occurs after the Series 2014-3 Closing Date, plus (3) without duplication of amounts included in clause (1), cash interest payments made in such period that were deducted from Series 2014-3 Cash Interest Expense in a prior period.
“Series 2014-3 Class A Asset Base” means, as of any Determination Date, an amount equal to the product of (i) 0.9310344828 (i.e., 81/87ths) and (ii) the Series 2014-3 Asset Base.
“Series 2014-3 Closing Date” means November 25, 2014.
“Series 2014-3 Collection Allocation Percentage” means, for Series 2014-3 Notes as of any date of determination, a fraction (expressed as a percentage) equal to (A) divided by (B), as follows:

(A) the Series 2014-3 Invested Amount; and 
(B) the Aggregate Series Invested Amount (exclusive of the Invested Amount for any Liquidation Deficiency Series). 
For purposes of the Indenture and this Supplement, the Series 2014-3 Collection Allocation Percentage constitutes the “Series Collection Allocation Percentage” for Series 2014-3.
“Series 2014-3 EBIT” for any period, means the product of (a) Issuer EBIT and (b) the Series 2014-3 Asset Allocation Percentage.  With respect to the calculation of the Series 2014-3 EBIT for the quarter ending December 31, 2014, any of the foregoing that was accrued on or after November 1, 2014 shall be included in such calculation.  
“Series 2014-3 EBIT to Series 2014-3 Cash Interest Expense Ratio” means, as of the last date of the fiscal quarter preceding any date of determination, commencing with the fiscal quarter ending September 30, 2015, means the ratio of (a) the aggregate amount of the Series 2014-3 EBIT for the most recent four consecutive fiscal quarters ending on or prior to such date of determination, to (b) Series 2014-3 Cash Interest Expense for such four fiscal quarters.
“Series 2014-3 Excess Concentration Percentage” means, as of any Determination Date, an amount equal to the sum of the following percentages:
(a)    Maximum Concentration of Dry Freight Special Containers.  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers that are Specialized Containers (other than refrigerated Containers) divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) twenty five percent (25%);
(b)    Maximum Concentration of Finance Leases (Total).  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers that are subject to a Finance Lease divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) twenty percent (20%);
(c)    Maximum Concentration of Finance Leases (Single).  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers then on Lease to any single lessee that are subject to a Finance Lease divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) either (A) five percent (5%) for all lessees other than MSC or (B) fifteen percent (15%) for MSC;
(d)    Maximum Concentration of Non-Monthly Rental Payments.  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers subject to Lease Agreements for which rentals are payable less frequently than monthly divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) five percent (5%);
(e)    Maximum Concentration of Non-U.S. Currency Rentals.  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers subject to Lease Agreements for which rentals are payable in a currency other than Dollars and which are not the subject of a Currency Hedge Agreement divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) two percent (2%);
(f)    Maximum Concentration of Non-Marine Cargo Users.  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers subject to Lease Agreements under which the lessee is a Person that is not a marine cargo user divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) seven percent (7%);

(g)    Maximum Concentration of any Three Lessees.  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers then on lease to any three lessees divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) sixty percent (60%); provided, however, that if two or more lessees shall engage in any transaction (whether through merger, consolidation, stock sale, asset sale or otherwise) pursuant to which a lessee shall become the owner of, or interest holder in, any other lessee’s leasehold interests in one or more Eligible Containers and the effect of such transaction is to cause a breach of the foregoing threshold, then the foregoing threshold shall on the effective date of such transaction be increased to an amount equal to the quotient, expressed as a percentage, (x) the numerator of which shall equal the sum of (A) the sum of the Net Book Values of all Managed Containers on lease to such transacting lessees immediately prior to such transaction, and (B) the sum of the Net Book Values of all Managed Containers then on lease to the two other lessees having the most Managed Containers then on lease with the Issuer (measured by Net Book Value) and (y) the denominator of which shall equal the then Aggregate Net Book Value; and provided further that, if the foregoing limitation has been increased above sixty percent (60%) by operation of the above proviso, then any additional Managed Containers subsequently leased to any of such three lessees shall not be considered Eligible Containers until such time as the sum of the Net Book Values of all Managed Containers then on lease to such three lessees does not exceed an amount equal to sixty percent (60%) of the then Aggregate Net Book Value; and 
(h)    Maximum Concentration of a Single Lessee.  The percentage by which (x) the sum of the Net Book Values of all Eligible Containers then on lease to any single lessee divided by the Aggregate Net Book Value, expressed as a percentage, exceeds either (a) with respect to any of the lessees set forth in Schedule 3 hereto, the percentage of the Aggregate Net Book Value set opposite the name of such lessee on such schedule or (b) with respect to any lessee not covered by clause (a), seven percent (7%); provided, however, that if two or more lessees shall engage in any transaction (whether through merger, consolidation, stock sale, asset sale or otherwise) pursuant to which a lessee shall become the owner of, or interest holder in, any other lessee’s leasehold interests in one or more Eligible Containers, the foregoing threshold set forth in clauses (a) and (b) shall on the effective date of such transaction be increased with respect to such acquiring or, in the case of a merger, surviving lessee to equal the greater of (i) the sum of the applicable percentage limitations for the transacting lessees as set forth in clauses (a) and (b) above, and (ii) a quotient, expressed as a percentage, (x) the numerator of which shall equal the sum of the Net Book Values of all Managed Containers on Lease to such transacting lessees immediately prior to such transaction and (y) the denominator of which shall equal the then Aggregate Net Book Value.
For purposes of the Indenture and this Supplement, the Series 2014-3 Excess Concentration Percentage is the “Excess Concentration Percentage” for Series 2014-3.
“Series 2014-3 Expected Final Maturity Date” means the Payment Date in November 2024.  For purposes of the Indenture and this Supplement, the Series 2014-3 Expected Final Maturity Date is the “Expected Final Maturity Date” for Series 2014-3.
Series 2014-3 Indenture Trustee Default Expense Allocation Percentage"  means for the Series 2014-3 Notes, a fraction (expressed as a percentage) the numerator of which is the initial unpaid principal balance on the Issuance Date of the Series 2014-3 Notes and the denominator of which is equal to the sum, for each Series of Notes then Outstanding (other than Series 2013-1, Series 2013-2, Series 2014-1 and Series 2014-2), of the initial principal balance of such Series on the Issuance Date of such Series.
“Series 2014-3 Interest Expense” means, with respect to the Series 2014-3 Notes for any period, the aggregate of the interest expense of the Issuer for such period with respect to the Series 2014-3 Notes, as determined in accordance with GAAP, and including, without duplication, all amortization or accretion of original issue discount with respect to the Series 2014-3 Notes.

“Series 2014-3 Invested Amount” means, as of any date of determination for the Series 2014-3 Notes, one of the following:  (a) if no Early Amortization Event for such Series is then continuing, an amount equal to (x) the Issuance Date Series 2014-3 Note Principal Balance minus the Issuance Date Restricted Cash Amount for Series 2014-3, divided by (y) 100% minus the Series 2014-3 Required Overcollateralization Percentage in effect on such date; or (b) at all times not covered by clause (a), an amount, not less than zero, equal to (x) the then Aggregate Series 2014-3 Note Principal Balance minus the amount then on deposit in the Series 2014-3 Restricted Cash Account on such Determination Date divided by (y) 100% minus the Series 2014-3 Required Overcollateralization Percentage at the time the Early Amortization Event for Series 2014-3 or Event of Default for Series 2014-3 initially occurred.
For purposes of the Indenture and this Supplement, the Series 2014-3 Invested Amount is the “Series Invested Amount” for Series 2014-3.
“Series 2014-3 Legal Final Maturity Date” means the Payment Date in November 2039.  For purposes of the Indenture and this Supplement, the Series 2014-3 Legal Final Maturity Date is the “Legal Final Maturity Date” for Series 2014-3.
“Series 2014-3 Manager Default” shall have the meaning set forth in Section 402(i) hereof.
“Series 2014-3 Note” means any one of the notes issued pursuant to the terms of Section 201(a) of this Supplement, substantially in the form of any of Exhibit A-1, A-2, A-3 or A-4 to this Supplement.
“Series 2014-3 Note Purchase Agreement” means the Series 2014-3 Note Purchase Agreement, dated as of November 18, 2014, among the Issuer, the Manager and the Initial Purchasers.
“Series 2014-3 Noteholder” means, at any time of determination for the Series 2014-3 Notes, any Person in whose name a Series 2014-3 Note is registered in the Note Register.
“Series 2014-3 Required Overcollateralization Percentage” means, as of any date of determination, an amount equal to (a) one hundred percent (100%), minus (b) the Class B Advance Rate for so long as the Class B Notes are Outstanding, plus (c) the Series 2014-3 Excess Concentration Percentage.  For purposes of the Indenture and this Supplement, the Series 2014-3 Required Overcollateralization Percentage is the “Required Overcollateralization Percentage” for Series 2014-3.
“Series 2014-3 Restricted Cash Account” means the account of that name established in accordance with Section 304 of this Supplement. For purposes of the Indenture and this Supplement, the Series 2014-3 Restricted Cash Account is the “Restricted Cash Account” for Series 2014-3. 
“Series 2014-3 Restricted Cash Amount” means, as of any date of determination, the amount required to be deposited or maintained in the Series 2014-3 Restricted Cash Account, which shall be equal to the product of (a) nine (9), (b) one-twelfth (1/12), (c) the weighted average (based on unpaid principal balances) of the annual rates of interest payable by the Issuer on all Class A Notes and all Class B Notes then Outstanding and (d) the then Aggregate Series 2014-3 Note Principal Balance, calculated after giving effect to all principal payments actually paid on all Class A Notes and all Class B Notes on such date.
For purposes of the Indenture and this Supplement, the Series 2014-3 Restricted Cash Amount is the “Series Restricted Cash Amount” for Series 2014-3. 
“Series 2014-3 Series Account” means the account of that name established in accordance with Section 301 hereof.

“Series 2014-3 Transaction Documents” means any and all of the Indenture, this Supplement, the Series 2014-3 Notes, the Series 2014-3 Note Purchase Agreement, the Management Agreement, the Contribution and Sale Agreement, the Transition Agent Agreement, any Hedge Agreement and all other Transaction Documents and any and all other agreements, documents and instruments executed and delivered by or on behalf or in support of the Issuer with respect to the issuance and sale of the Series 2014-3 Notes, as any of the foregoing may from time to time be amended, modified, supplemented or renewed.
“Shared Available Funds” means, for the Series 2014-3 Notes on any date of determination, the portion of the Series 2014-3 Available Funds remaining after giving effect to all distributions required pursuant to Section 303, (i) Part I clauses (1) through (15), inclusive, (ii) Part II clauses (1) through (13) inclusive, and (iii) Part III, clauses (1) through (12) inclusive.
“Supplemental Principal Payment Amount” means, with respect to Series 2014-3, the Class A Supplemental Principal Payment Amount and the Class B Supplemental Principal Payment Amount.
“Temporary Regulation S Global Notes” means the Temporary Regulation S Global Notes substantially in the form of Exhibit A-2.
“Transferor” shall have the meaning set forth in Section 206 hereof.
“U.S. Person” shall have the meaning set forth in Section 206 hereof.
"WFS" means Wells Fargo Securities, LLC. 
"Weighted Average Age" shall have the meaning as set forth in Appendix A of the Indenture.
(a)    Capitalized terms used herein and not otherwise defined shall have the meaning set forth in Appendix A to the Indenture or, if not defined therein, as defined in the Series 2014-3 Note Purchase Agreement.  The rules of usage set forth in such Appendix A shall apply to this Supplement.
(b)    Unless otherwise specified herein, any calculation of the Series 2014-3 Asset Allocation Percentage, the Series 2014-3 Collection Allocation Percentage and/or the Series 2014-3 Required Overcollateralization Percentage for the purpose of making any distributions pursuant to Section 303 in this Supplement shall be made on the Determination Date immediately preceding the related Payment Date.
Article II
Creation of the Series 2014-3 Notes
Designation.  (a)  There is hereby created a Series of Notes to be issued in two Classes pursuant to the Indenture and this Supplement to be known respectively as “TAL Advantage V LLC Fixed Rate Asset-Backed Class A Notes, Series 2014-3” (the “Class A Notes”) and “TAL Advantage V LLC Fixed Rate Asset-Backed Class B Notes, Series 2014-3” (the “Class B Notes”).  The Class A Notes will be issued in the initial principal balance of Two Hundred Forty Seven Million, Six Hundred Fifty Thousand Dollars ($247,650,000), and the Class B Notes will be issued in the initial principal balance of Eighteen Million, Three Hundred Fifty Thousand Dollars ($18,350,000).  Payments of interest on the Class A Notes will have priority over the payment of interest on the Class B Notes as set forth in this Supplement.  Payments of principal of the Class A Notes will have priority over the payment of principal on the Class B Notes as set forth in this Supplement.  The Class A Notes will be Senior Notes and the Class B Notes will be Subordinated Notes.

(a)    The Payment Date with respect to the Series 2014-3 Notes shall be the twentieth (20th) calendar day of each month, or, if such day is not a Business Day, the immediately following Business Day, commencing December 22, 2014.
(b)    The initial Collection Period with respect to the Series 2014-3 Notes shall commence on November 1, 2014 and end on November 30, 2014.
(c)    Payments of principal and interest on the Series 2014-3 Notes shall be payable from funds on deposit in the Series 2014-3 Series Account or otherwise at the times and in the amounts set forth in Section 806 of the Indenture and Article III of this Supplement.  The unpaid principal balances of the Series 2014-3 Notes are expected to be repaid in full by the Series 2014-3 Expected Final Maturity Date.
(d)    The Series 2014-3 Notes are classified as “Term Notes”, as such term is used in the Indenture.  The Existing Commitment as such term is used in the Indenture, for the 2014-3 Notes, shall at all times be equal to the Aggregate Series 2014-3 Note Principal Balance as of such date of determination.
(e)    The “Required Payments” for the Series 2014-3 Notes shall be one of the following: (A) if neither an Early Amortization Event for Series 2014-3 or an Event of Default for Series 2014-3 is then continuing, the payments specified in clauses (1) through (15) inclusive in Part I of Section 303 of this Supplement, (B) if an Early Amortization Event for Series 2014-3 shall then be continuing but no Event of Default for Series 2014-3 shall then be continuing (or an Event of Default for Series 2014-3 is continuing but the Series 2014-3 Notes have not been accelerated in accordance with the Indenture), the payments set forth in clauses (1) through (18) (but not including clause 14) inclusive in Part II of Section 303 of this Supplement, or (C) if an Event of Default for Series 2014-3 shall then be continuing and the Series 2014-3 Notes have been accelerated in accordance with the Indenture and such consequence shall not have been rescinded or annulled, the payments set forth in clauses (1) through (17) (but not including clause 13) inclusive in Part III of Section 303 of this Supplement.  All such Required Payments shall be paid in ascending numerical order corresponding to the numbering of the clauses set forth in such Section with no payment being made to a clause having a higher numeric value until all payments outlined in any clause having a lower numeric value have been paid in full.
(f)    In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions of this Supplement shall govern.
Authentication and Delivery.
(a)    On the Series 2014-3 Closing Date, the Issuer shall sign, and shall direct the Indenture Trustee in writing pursuant to Section 201 of the Indenture to duly authenticate, and the Indenture Trustee, upon receiving such direction, (i) shall authenticate (by manual or facsimile signature), subject to compliance with the conditions precedent set forth in Section 501 hereof, the Series 2014-3 Notes in accordance with such written directions, and (ii) subject to compliance with the conditions precedent set forth in Section 501 hereof, shall deliver such Series 2014-3 Notes to the Initial Purchasers in accordance with such written directions.
(b)    In accordance with Section 202 of the Indenture, the Series 2014-3 Notes sold in reliance on Rule 144A shall be represented by one or more Rule 144A Global Notes.  Any Series 2014-3 Notes sold in reliance on Regulation S shall be represented by one or more Regulation S Global Notes.  Any Series 2014-3 Notes sold to Institutional Accredited Investors shall be represented by one or more Definitive Notes.

(c)    The Series 2014-3 Notes shall be executed by manual or facsimile signature on behalf of the Issuer by any authorized officer or manager of the Issuer and shall be substantially in the forms of Exhibit A-1, A‐2, A-3 and A-4 hereto, as applicable.
(d)    The Series 2014-3 Notes shall be issued in minimum denominations of $100,000 and in integral multiples of $1,000 in excess thereof.
Interest Payments on the Series 2014-3 Notes.
(a)    Interest on Series 2014-3 Notes.  Interest will accrue on the Series 2014-3 Notes during each Interest Accrual Period and will be due and payable (i) on each Class A Note in an amount equal to the Class A Note Interest Payment, and (ii) on each Class B Note in an amount equal to the Class B Note Interest Payment.  Such Class A Note Interest Payment and Class B Note Interest Payment shall be payable on each Payment Date from amounts on deposit in the Series 2014-3 Series Account in accordance with Section 303 hereof.  To the extent that the amount of interest which is due and payable on any Payment Date is not paid in full on such date, such shortfall, together with interest thereon at the Default Rate, shall be due and payable on the immediately succeeding Payment Date.
(b)    Interest on Overdue Amounts.  If the Issuer shall default in the payment of (i) the unpaid principal balance of any Series 2014-3 Notes on the Series 2014-3 Legal Final Maturity Date, (ii) any Class A Note Interest Payment on any Class A Note due on any Payment Date, (iii) any Class B Note Interest Payment on any Class B Note due on any Payment Date, or (iv) following the acceleration of the Series 2014-3 Notes in accordance with the terms of the Indenture, any other amount owing under the Indenture not covered in clauses (i), (ii) and (iii) which is not paid when due, the Issuer shall from time to time, pay interest on such unpaid amounts, to the extent permitted by Applicable Law, to, but not including, the date of actual payment (after as well as before judgment), at the Default Rate, for the period during which such principal, interest or other amount shall be unpaid from the due date of such payment to, but not including, the date of actual payment thereof.  Any such Default Fees shall be payable at the times and subject to the priorities set forth in Section 303 hereof.
(c)    Maximum Interest Rate.  In no event shall the interest charged with respect to a Series 2014-3 Note exceed the maximum amount permitted by Applicable Law.  If at any time the interest rate charged with respect to the Series 2014-3 Notes exceeds the maximum rate permitted by Applicable Law, the rate of interest to accrue pursuant to this Supplement and such Series 2014-3 Note shall be limited to the maximum rate permitted by Applicable Law.
Principal Payments on the Series 2014-3 Notes.
(a)    The principal balance of the Class A Notes shall be payable on each Payment Date from amounts on deposit in the Series 2014-3 Series Account in an amount equal to (i) so long as no Early Amortization Event is continuing and no Event of Default is continuing, the sum of the Class A Minimum Principal Payment Amount and the Class A Scheduled Principal Payment Amount for such Payment Date, to the extent that funds are available for such purpose in accordance with the provisions of part (I) of Section 303 hereof, or (ii) if an Early Amortization Event for Series 2014-3 is then continuing but no Event of Default for Series 2014-3 is continuing (or an Event of Default for Series 2014-3 is continuing but the Series 2014-3 Notes have not been accelerated in accordance with the provisions of Section 802 of the Indenture), the then unpaid Aggregate Class A Note Principal Balance shall be payable in full to the extent that funds are available for such purposes in accordance with the provisions of Part (II) of Section 303 hereof.

(b)    The principal balance of the Class B Notes shall be payable on each Payment Date from amounts on deposit in the Series 2014-3 Series Account in an amount equal to (i) so long as no Early Amortization Event is continuing and no Event of Default is continuing, the sum of the Class B Minimum Principal Payment Amount and the Class B Scheduled Principal Payment Amount for such Payment Date, to the extent that funds are available for such purpose in accordance with the provisions of part (I) of Section 303 hereof, or (ii) if an Early Amortization Event for Series 2014-3 is then continuing but no Event of Default for Series 2014-3 is continuing (or an Event of Default for Series 2014-3 is continuing but the Series 2014-3 Notes have not been accelerated in accordance with the provisions of Section 802 of the Indenture), the then unpaid Aggregate Class B Note Principal Balance shall be payable in full to the extent that funds are available for such purposes in accordance with the provisions of Part (II) of Section 303 hereof.
(c)    The unpaid principal amount of each Series 2014-3 Note together with all unpaid interest (including all Default Fees), fees, expenses, costs and other amounts payable by the Issuer to the Series 2014-3 Noteholders and the Indenture Trustee pursuant to the terms of the Indenture and this Supplement, shall be due and payable in full on the earlier to occur of (x) the date on which an Event of Default shall occur and the Series 2014-3 Notes have been accelerated in accordance with the provisions of Section 802 of the Indenture and (y) the Series 2014-3 Legal Final Maturity Date.
Section 205.    Prepayment of Principal on the Series 2014-3 Notes
.
(a)    The Issuer shall be required to prepay the Aggregate Class A Note Principal Balance on any Payment Date in the amount of, and to the extent that, on such Payment Date the Aggregate Class A Note Principal Balance (calculated after giving effect to all Class A Minimum Principal Payment Amounts and Class A Scheduled Principal Payment Amounts actually paid on such Payment Date) exceeds an amount equal to the Series 2014-3 Class A Asset Base (determined as of the last day of the month immediately preceding such Payment Date).  Such Class A Supplemental Principal Payment Amount shall be paid in accordance with the priority of payments set forth in Section 303 hereof.  The provision of this Section 205(a) shall be applied before any payments are made pursuant to Section 205(b).  The calculation of such Class A Supplemental Principal Payment Amount shall be evidenced by the Asset Base Certificate received by the Indenture Trustee on or before the applicable Determination Date.
(b)    The Issuer shall be required to prepay the Aggregate Class B Note Principal Balance on any Payment Date in the amount of, and to the extent that, on such Payment Date the Aggregate Series 2014-3 Note Principal Balance (calculated after giving effect to all Class A Minimum Principal Payment Amounts, Class A Scheduled Principal Payment Amounts, Class A Supplemental Principal Payment Amounts, Class B Minimum Principal Payment Amounts and Class B Scheduled Principal Payment Amounts actually paid on such Payment Date) exceeds the Series 2014-3 Asset Base (measured as of the last day of the immediately preceding month).  Such Class B Supplemental Principal Payment Amount shall be paid in accordance with the priority of payments set forth in Section 303 hereof. The calculation of such Class B Supplemental Principal Payment Amount shall be evidenced by the Asset Base Certificate received by the Indenture Trustee on or before the applicable Determination Date.
(c)    On the Payment Date occurring in November 2016 and on each Payment Date thereafter, the Issuer will have the option to prepay, all, or a portion of, the Aggregate Series 2014-3 Note Principal Balance of the Series 2014-3 Notes in a minimum amount of One Hundred Thousand Dollars ($100,000); provided, however, that no such optional prepayment shall be made with respect to (i) the Class B Notes so long as any Class A Notes are Outstanding, or (ii) any Series 2014-3 Notes prior to the Payment Date occurring in November 2016.  Nothing contained herein shall prohibit the payment on any Payment 

Date of any Class A Supplemental Principal Payment Amount or Class B Supplemental Principal Payment Amount in accordance with the terms of this Supplement on any Payment Date.  Any such Prepayment of all, or a portion of, the Aggregate Series 2014-3 Note Principal Balance shall also include accrued interest to the date of Prepayment on the principal balance being prepaid.  The Issuer may not make such Prepayment from funds in the Trust Account, the Series 2014-3 Series Account or the Series 2014-3 Restricted Cash Account, except to the extent that funds in any such account would otherwise be payable to the Issuer or available to prepay the Aggregate Series 2014-3 Note Principal Balance in accordance with the terms of the Indenture and this Supplement.
(d)    Any optional Prepayments, Class A Supplemental Principal Payment Amounts, Class B Supplemental Principal Payment Amounts or accelerated principal payments received during the continuation of an Early Amortization Event (if such Early Amortization Event is subsequently cured and/or waived) applied to the Series 2014-3 Notes will be applied to reduce, on a prorated basis, the Class A Minimum Targeted Principal Balances, Class A Scheduled Targeted Principal Balances, Class B Minimum Targeted Principal Balances and/or Class B Scheduled Targeted Principal Balances in respect of each subsequent Payment Date.
(e)    The Issuer shall provide not less than two (2) Business Days’ prior written notice of any Prepayment to the Indenture Trustee (which notice shall be included as part of the applicable Manager Report), and the Indenture Trustee shall promptly forward a copy of such notice to the Series 2014-3 Noteholders (which may consist of posting such Manager Report to the Indenture Trustee password-protected website in accordance with Section 304 of the Indenture).
Restrictions on Transfer.  (a)  On the Series 2014-3 Closing Date, the Issuer shall sell the Series 2014-3 Notes to the Initial Purchasers pursuant to the Series 2014-3 Note Purchase Agreement and deliver such Series 2014-3 Notes in accordance herewith and therewith.  Thereafter, no Series 2014-3 Note may be sold, transferred or otherwise disposed of except in compliance with the provisions of the Indenture and except as follows:
(i)    to Persons that the transferring Person reasonably believes are Qualified Institutional Buyers in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A promulgated thereunder (“Rule 144A”);
(ii)    in offshore transactions in reliance on Regulation S under the Securities Act (“Regulation S”);
(iii)    to institutional “accredited investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act (“Institutional Accredited Investors”) that take delivery of such Series 2014-3 Note in an amount of at least $100,000 and that deliver an investment letter substantially in the form of Exhibit F to the Indenture to the Indenture Trustee; or
(iv)    to a Person who is taking delivery of such Series 2014-3 Notes pursuant to a transaction that is otherwise exempt from the registration requirements of the Securities Act, as confirmed in an Opinion of Counsel by such Person or its transferor addressed to the Indenture Trustee and the Issuer, which counsel and opinion are satisfactory to the Indenture Trustee and the Issuer.
The Indenture Trustee shall have no obligations or duties with respect to determining whether any transfers of the Series 2014-3 Notes are made in accordance with the Securities Act or any other law; provided that 

with respect to Definitive Notes, the Indenture Trustee shall enforce the applicable transfer restrictions in accordance with the terms set forth in this Section 206(a).
(b)    Each purchaser (other than the Initial Purchasers) of the Series 2014-3 Notes (including any purchaser, other than the Initial Purchasers, of an interest in the Series 2014-3 Notes which are Global Notes) shall be deemed to have acknowledged and agreed as follows:
(I)    It is (A) a qualified institutional buyer as defined in Rule 144A (“Qualified Institutional Buyer”) and is acquiring such Series 2014-3 Notes for its own institutional account or for the account or accounts of a Qualified Institutional Buyer or (B) purchasing such Series 2014-3 Notes in a transaction exempt from registration under the Securities Act and in compliance with the provisions of this Supplement and in compliance with the legend set forth in clause (VI) below or (C) not a U.S. Person as defined in Regulation S (a “U.S. Person”) and is acquiring such Series 2014-3 Notes outside of the United States.
(II)    It is purchasing one or more Series 2014-3 Notes in an amount of at least $100,000 and it understands that such Series 2014-3 Notes may be resold, pledged or otherwise transferred only in an amount of at least $100,000.
(III)    It represents and warrants to the Issuer, the Indenture Trustee and the Initial Purchasers, that either (i) it is not acquiring any Series 2014-3 Note with the plan assets of a Benefit Plan or any other plan that is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code or (ii) (a) the Series 2014-3 Notes are rated investment grade or better and such person believes that such Series 2014-3 Notes are properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations, and agrees to so treat such Notes and (b) the acquisition, holding and disposition of the applicable Series 2014-3 Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.  Alternatively, regardless of the rating of the Series 2014-3 Notes, such Person may provide the Indenture Trustee and the Issuer with an Opinion of Counsel, which Opinion of Counsel will not be at the expense of the Issuer, the Indenture Trustee, the Manager or any successor Manager which opines that the purchase, holding and transfer of such Series 2014-3 Note or interest therein is permissible under applicable law, will not constitute or result in a non exempt prohibited transaction under ERISA or Section 4975 of the Code or any similar applicable law, and will not subject the Issuer, the Indenture Trustee, the Manager or any successor Manager to any obligation in addition to those undertaken in the Indenture.
(IV)    It understands that the Series 2014-3 Notes are being transferred to it in a transaction not involving any public offering within the meaning of the Securities Act, and that, if in the future it decides to resell, pledge or otherwise transfer any Series 2014-3 Notes, such Series 2014-3 Notes may be resold, pledged or transferred only in accordance with applicable state securities laws and (1) in a transaction meeting the requirements of Rule 144A, to a Person that the seller reasonably believes is a Qualified Institutional Buyer that purchases for its own account (or for the account or accounts of a Qualified Institutional Buyer) and to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (2) (A) to a Person that is an Institutional Accredited Investor, is taking delivery of such Series 2014-3 Notes in an amount of at least $100,000, and delivers an investment letter to the Indenture Trustee substantially in the form of Exhibit F to the Indenture or (B) to a Person that is taking delivery of such Series 2014-3 Notes pursuant to a transaction that is otherwise exempt from the registration requirements of the Securities Act, as confirmed in an opinion of counsel addressed to the Indenture Trustee, the Issuer and the transferor, which counsel and opinion are satisfactory to the Indenture Trustee, the Issuer and the transferor, or (3) in an offshore transaction in accordance with Rule 903 or 904 of Regulation S.
(V)    It is not a Competitor.

(VI)    It understands that each Series 2014-3 Note shall bear a legend substantially to the following effect:
[For Book‐Entry Notes Only: UNLESS THIS SERIES 2014-3 NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRANSFEROR OF SUCH NOTE (THE “TRANSFEROR”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2014-3 NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR THE USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]
THIS SERIES 2014-3 NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT SUCH NOTE MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THAT THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (3) TO A PERSON (A) THAT IS AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, IS TAKING DELIVERY OF SUCH NOTE IN AN AMOUNT OF AT LEAST $100,000 AND DELIVERS A PURCHASER LETTER TO THE INDENTURE TRUSTEE IN THE FORM ATTACHED TO THE INDENTURE OR (B) THAT IS TAKING DELIVERY OF SUCH NOTE PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE.
EACH PURCHASER AND TRANSFEREE OF A NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE 

“CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (ii) (A) THE SERIES 2014-3 NOTES ARE RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON BELIEVES THAT SUCH SERIES 2014-3 NOTES ARE PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS, AND AGREES TO SO TREAT SUCH NOTES ACCORDINGLY AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW.  ALTERNATIVELY, REGARDLESS OF THE RATING OF SERIES 2014-3 NOTES, SUCH PERSON MAY PROVIDE THE INDENTURE TRUSTEE AND THE ISSUER WITH AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER WHICH OPINES THAT THE PURCHASE, HOLDING AND TRANSFER OF SUCH SERIES 2014-3 NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW, AND WILL NOT SUBJECT THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE
THIS SERIES 2014-3 NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.
(VII)    Each investor described in Section 206(a)(ii) understands that the Series 2014-3 Notes have not and will not be registered under the Securities Act, that any offers, sales or deliveries of the Series 2014-3 Notes purchased by it in the United States or to U.S. Persons prior to the date that is 40 days after the later of (i) the commencement of the distribution of the Series 2014-3 Notes and (ii) the Series 2014-3 Closing Date, may constitute a violation of United States law, and that distributions of principal and interest will be made in respect of such Notes only following the delivery by the holder of a certification of non-U.S. beneficial ownership or the exchange of beneficial interest in Temporary Regulation S Global Notes for beneficial interests in the related Permanent Regulation S Global Notes (which in each case will itself require a certification of non-U.S. beneficial ownership), at the times and in the manner set forth in this Supplement.
(VIII)        The Temporary Regulation S Global Notes representing the Series 2014-3 Notes sold to each investor described in Section 206(a)(B) will bear a legend to the following effect, unless the Issuer determines otherwise consistent with Applicable Law:
[FOR REGULATION S GLOBAL NOTES ONLY:
EACH INVESTOR PURCHASING THIS NOTE IN RELIANCE UPON REGULATION S OF THE SECURITIES ACT UNDERSTANDS THAT THE NOTES HAVE NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES, THAT ANY OFFERS, SALES OR DELIVERIES OF THE NOTES PURCHASED BY IT IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S 

UNDER THE SECURITIES ACT) PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (i) THE COMMENCEMENT OF THE DISTRIBUTION OF THE NOTES AND (ii) THE CLOSING DATE, MAY CONSTITUTE A VIOLATION OF UNITED STATES LAW, AND THAT DISTRIBUTIONS OF PRINCIPAL AND INTEREST WILL BE MADE IN RESPECT OF SUCH NOTES ONLY FOLLOWING THE DELIVERY BY THE HOLDER OF A CERTIFICATION OF NON-U.S. BENEFICIAL OWNERSHIP OR THE EXCHANGE OF BENEFICIAL INTEREST IN REGULATION S TEMPORARY GLOBAL NOTES FOR BENEFICIAL INTERESTS IN THE RELATED UNRESTRICTED BOOK ENTRY NOTES (WHICH IN EACH CASE WILL ITSELF REQUIRE A CERTIFICATION OF NON-U.S. BENEFICIAL OWNERSHIP), AT THE TIMES AND IN THE MANNER SET FORTH IN THE INDENTURE.]
(IX)    The Indenture Trustee shall not permit the transfer of any Series 2014-3 Notes unless such transfer complies with the terms of the foregoing legends and, in the case of a transfer (i) to an Institutional Accredited Investor (other than a Qualified Institutional Buyer), the transferee delivers a completed investment letter to the Indenture Trustee substantially in the form of Exhibit F to the Indenture, or (ii) to a Person other than a Qualified Institutional Buyer or an Institutional Accredited Investor, upon delivery of an Opinion of Counsel satisfactory to the Indenture Trustee, the Issuer and the Transferor, to the effect that the transferee is taking delivery of the Series 2014-3 Notes in a transaction that is otherwise exempt from the registration requirements of the Securities Act, which counsel and opinion are satisfactory to the Indenture Trustee, the Issuer and the Transferor.
(c)    A document substantially in the form of Exhibit(s) B through F hereto, as appropriate, shall be completed in connection with any transfer of the Series 2014-3 Notes.
Section 207.    Grant of Security Interest
.  (a)  In order to secure and provide for the repayment and payment of the Series 2014-3 Notes, the Issuer hereby grants a security interest in and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of the Series 2014-3 Noteholders, all of the Issuer’s right, title and interest in and to the following (whether now or hereafter existing or accrued):  (i) the Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account; (ii) all funds on deposit Series 2014-3 Restricted Cash Account and Series 2014-3 Series Account and all Security Entitlements credited thereto from time to time; (iii) all investments made at any time and from time to time with monies in the Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, or in exchange for, such Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account, the funds on deposit therein from time to time or the investments made with such funds; and (vi) all proceeds of any and all of the foregoing, including, without limitation, cash (items described in clauses (i) through (vi) collectively, the “Series 2014-3 Collateral”).  The Indenture Trustee shall possess all right, title and interest in and to all funds on deposit from time to time in the Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account and in all proceeds thereof, and shall be the only person authorized to originate Entitlement Orders with respect thereto.
(a)    Upon the occurrence of an Event of Default of the type described in Section 802(b) of the Indenture, the Control Party for Series 2014-3 shall direct the exercise of remedies with respect to the Series 2014-3 Collateral.

(b)    The Control Party (or other specified percentage of Series 2014-3 Noteholders) make direct a partial sale of Managed Containers and Leases included in the Collateral in accordance with the provision of Article VIII of the Indenture.
Article III
Series 2014-3 Series Account and
Allocation and Application of Amounts Therein

Series 2014-3 Series Account.  The Issuer shall establish on the Series 2014-3 Closing Date and maintain, so long as any Series 2014-3 Note is Outstanding, an Eligible Account in the name of the Issuer with the Indenture Trustee which shall be designated as the Series 2014-3 Series Account, which account shall be pledged to the Indenture Trustee for the benefit of the Series 2014-3 Noteholders pursuant to the Indenture and this Supplement.  All deposits of funds by, or for the benefit, of the Series 2014-3 Noteholders from the Trust Account and the Excess Funding Account, shall be accumulated in, and withdrawn from, the Series 2014-3 Series Account in accordance with the provisions of the Indenture and this Supplement.
Investment of Funds.  Any funds on deposit in the Series 2014-3 Series Account and the Series 2014-3 Restricted Cash Account shall be invested in the same manner as the funds deposited and held in the Trust Account and the Excess Funding Account and in any event in accordance with the provisions of Section 303 of the Indenture.
Distributions from Series 2014-3 Series Account.  On each Payment Date and on each other date on which any payment is to be made with respect to the Series 2014-3 Notes in accordance with Sections 203, 204 or 205 hereof, based on the Manager Report (upon which the Indenture Trustee may conclusively rely) the Indenture Trustee shall distribute the Series 2014-3 Available Funds then on deposit in the Series 2014-3 Series Account in accordance with the provisions of either subsection (I), (II) or (III) of this Section 303.
(I)    If neither an Early Amortization Event for Series 2014-3 nor an Event of Default for Series 2014-3 shall have occurred and shall then be continuing:
		
	(1)
	To the Indenture Trustee, an amount equal to the sum of (A) the Indenture Trustee’s Fees then due and payable for the Series 2014-3 Notes (subject to a per annum dollar limitation of $58,000) and (B) an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) any amounts payable to the Indenture Trustee on such Payment Date in accordance with the provisions of Section 403(e) of the Indenture;

		
	(2)
	To the Director Services Provider in the amount of any unpaid fees (to the extent not previously paid) owing pursuant to the Director Services Agreement (not to exceed an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) $25,000 per annum);

		
	(3)
	To the Manager, (i) an amount equal to the Management Fee then due and payable with respect to the Series 2014-3 Notes, (ii) the amount of any Management Fee Arrearage then due and payable with respect to the Series 2014-3 Notes, and (iii) any Excess Deposit then due and payable, but in each case only to the extent not previously withheld by the Manager in accordance with the terms of the Transaction Documents;

		
	(4)
	To the Manager, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) any unreimbursed Manager Advances made in accordance with the terms of the Management Agreement;

		
	(5)
	To each of the following on a pro rata basis: (i) to the Transition Agent, any Transition Agent Fees then due and payable (not to exceed $6,000 per annum for the Series 2014-3 Notes) and the payment of (or reimbursement for) any out-of-pocket expenses incurred by the Transition Agent including those related to the actual transfer from the Manager to a Back-up Manager and (ii) to the Back-up Manager, any Back-up Management Fees then due and payable;

		
	(6)
	To the Persons entitled thereto:  (i) any auditing, accounting and related fees then due and payable which are classified as an Issuer Expense and (ii) any other Issuer Expenses then due and payable, so long as the aggregate amount paid pursuant to this clause (6) in any calendar year would not exceed an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) Fifty Thousand Dollars ($50,000) in aggregate;

		
	(7)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis, an amount equal to its pro rata portion of the Class A Note Interest Payment (exclusive of Default Fees on the Class A Notes) for such Payment Date;

		
	(8)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis, an amount equal to its pro rata portion of the Class B Note Interest Payment (exclusive of Default Fees on the Class B Notes) for such Payment Date;

		
	(9)
	To the Series 2014-3 Restricted Cash Account, an amount sufficient so that the total amount on deposit in the Series 2014-3 Restricted Cash Account, is equal to the Series 2014-3 Restricted Cash Amount for such Payment Date;

		
	(10)
	To each Holder of a Class A Note on the immediately preceding Record Date, an amount equal to its pro rata portion of the Class A Minimum Principal Payment Amount for the Class A Notes on such Payment Date;

		
	(11)
	To each Holder of a Class A Note on the immediately preceding Record Date, an amount equal to its pro rata portion of the Class A Scheduled Principal Payment Amount for the Class A Notes on such Payment Date;

		
	(12)
	To each Holder of a Class A Note on the immediately preceding Record Date, an amount equal to its pro rata portion of the Class A Supplemental Principal Payment Amount for the Class A Notes on such Payment Date;

		
	(13)
	To each Holder of a Class B Note on the immediately preceding Record Date, an amount equal to its pro rata portion of the Class B Minimum Principal Payment Amount for the Class B Notes on such Payment Date;

		
	(14)
	To each Holder of a Class B Note on the immediately preceding Record Date, an amount equal to its pro rata portion of the Class B Scheduled Principal Payment Amount for the Class B Notes on such Payment Date;

		
	(15)
	To each Holder of a Class B Note on the immediately preceding Record Date, an amount equal to its pro rata portion of the Class B Supplemental Principal Payment Amount for the Class B Notes on such Payment Date;

		
	(16)
	To the Series Account for each other Series of Notes then Outstanding (excluding the Series 2014-3 Notes), all remaining Series 2014-3 Available Funds to be allocated to such other Series of Notes in accordance with Section 305 of this Supplement;

		
	(17)
	To each Class A Noteholder on the immediately preceding Record Date, on a pro rata basis an amount equal to Default Fees (if any) on the Class A Notes and all indemnities, costs (including increased costs and capital adequacy charges), expenses and other amounts then due and payable to the Class A Noteholders pursuant to the Series 2014-3 Transaction Documents;

		
	(18)
	To each Class B Noteholder on the immediately preceding Record Date, on a pro rata basis an amount equal to Default Fees on the Class B Notes (if any) and all indemnities, costs (including increased costs and capital adequacy charges), expenses and other amounts then due and payable to the Class B Noteholders pursuant to the Series 2014-3 Transaction Documents;

		
	(19)
	To each of the following on a pro rata basis: (i) to the Transition Agent, any amounts then due and payable thereto and (ii) to the Back-up Manager, any amounts then due and payable thereto, in each case in accordance with the Transaction Documents and after giving effect to the payment made pursuant to clause (5) above;

		
	(20)
	To the Indenture Trustee, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the Indenture Trustee’s Fees and indemnified amounts then due and payable to the Indenture Trustee, after giving effect to the payment made pursuant to clause (1) above;

		
	(21)
	To the Director Services Provider in the amount of any unpaid indemnification amounts owing pursuant to the Director Services Agreement;

		
	(22)
	To each of the following on a pro rata basis: (A) to the Issuer, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the amount of any indemnity payments payable to the officers, directors and/or managers of the Issuer required to be made by the Issuer, and (B) to the Manager, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the amount of any officer and director indemnity payments required to be made by the Manager;

		
	(23)
	If the Aggregate Required Asset Base exceeds the Aggregate Asset Base (determined prior to giving effect to any deposits to the Excess Funding Account made pursuant to this clause (23), any remaining Series 2014-3 Available Funds will be deposited into the Excess Funding Account until such condition is remedied; and

		
	(24)
	To the Issuer, any remaining Series 2014-3 Available Funds.

(II)    If an Early Amortization Event for Series 2014-3 shall then be continuing, but no Event of Default for Series 2014-3 shall then be continuing (or an Event of Default for Series 2014-3 is continuing but the Series 2014-3 Notes have not been accelerated in accordance with Section 802 of the Indenture):
		
	(1)
	To the Indenture Trustee, an amount equal to the sum of (A) the Indenture Trustee’s Fees then due and payable for the Series 2014-3 Notes (subject to a per annum dollar limitation of $58,000) and (B) an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) any amounts payable to the Indenture Trustee on such Payment Date in accordance with the provisions of Section 403(e) of the Indenture;

		
	(2)
	To the Director Services Provider in the amount of any unpaid fees (to the extent not previously paid) owing pursuant to the Director Services Agreement (not to exceed an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) $25,000 per annum);

		
	(3)
	To the Manager, (i) an amount equal to the Management Fee then due and payable with respect to the Series 2014-3 Notes, (ii) the amount of any Management Fee Arrearage then due and payable with respect to the Series 2014-3 Notes, and (iii) any Excess Deposit then due and payable, but in each case only to the extent not previously withheld by the Manager in accordance with the terms of the Transaction Documents;

		
	(4)
	To the Manager, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) any unreimbursed Manager Advances made in accordance with the terms of the Management Agreement;

		
	(5)
	To each of the following on a pro rata basis: (i) to the Transition Agent, any Transition Agent Fees then due and payable (not to exceed $6,000 per annum for the Series 2014-3 Notes) and the payment of (or reimbursement for) any out-of-pocket expenses incurred by the Transition Agent including those related to the actual transfer from the Manager to a Back-up Manager and (ii) to the Back-up Manager, any Back-up Management Fees then due and payable;

		
	(6)
	To the Persons entitled thereto:  (i) any auditing, accounting and related fees then due and payable which are classified as an Issuer Expense and (ii) any other Issuer Expenses then due and payable, so long as the aggregate amount paid pursuant to this clause (6) in any calendar year would not exceed an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) Fifty Thousand Dollars ($50,000) in aggregate;

		
	(7)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis an amount equal to its pro rata portion of the Class A Note Interest Payment (exclusive of any Default Fees on the Class A Notes) for such Payment Date;

		
	(8)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis an amount equal to its pro rata portion of the Class B Note 

Interest Payment (exclusive of any Default Fees on the Class B Notes) for such Payment Date;
		
	(9)
	To the Series 2014-3 Restricted Cash Account, an amount sufficient so that the total amount on deposit in the Series 2014-3 Restricted Cash Account, is equal to the Series 2014-3 Restricted Cash Amount for such Payment Date;

		
	(10)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis, all remaining Series 2014-3 Available Funds until the Aggregate Class A Note Principal Balance is reduced to zero;

		
	(11)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis, all remaining Series 2014-3 Available Funds until the Aggregate Class B Note Principal Balance is reduced to zero;

		
	(12)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis, all Default Fees on the Class A Note and all indemnities, costs (including increased costs and capital adequacy charges), expenses and other amounts then due and payable to the Class A Noteholders pursuant to the Series 2014-3 Transaction Documents;

		
	(13)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis, all Default Fees and all indemnities, costs (including increased costs and capital adequacy charges), expenses and other amounts then due and payable to the Class B Noteholders pursuant to the Series 2014-3 Transaction Documents;

		
	(14)
	To the Series Account for each other Series of Notes then Outstanding (excluding the Series 2014-3 Notes), all remaining Series 2014-3 Available Funds to be allocated to such other Series of Notes in accordance with Section 305 of this Supplement; and

		
	(15)
	To each of the following on a pro rata basis: (i) to the Transition Agent, any amounts then due and payable thereto and (ii) to the Back-up Manager, any amounts then due and payable thereto, in each case in accordance with the Transaction Documents and after giving effect to the payment made pursuant to clause (5) above;

		
	(16)
	To the Indenture Trustee, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the Indenture Trustee’s Fees and indemnified amounts then due and payable to the Indenture Trustee, after giving effect to the payment made pursuant to clause (1) above;

		
	(17)
	To the Director Services Provider in the amount of any unpaid indemnification amounts owing pursuant to the Director Services Agreement;

		
	(18)
	To each of the following on a pro rata basis: (i) to the Issuer, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the amount of any indemnity payments payable to the officers, directors and/or managers of the Issuer required to be made by the Issuer, and (ii) to the Manager, an amount equal to the product of (i) the Series 2014-3 Asset Allocation 

Percentage and (ii) the amount of any officer and director indemnity payments required to be made by the Manager;
		
	(19)
	If the Aggregate Required Asset Base exceeds the Aggregate Asset Base (determined prior to giving effect to any deposits to the Excess Funding Account pursuant to this clause (19)), any remaining Series 2014-3 Available Funds will be deposited into the Excess Funding Account until such condition is remedied; and 

		
	(20)
	To the Issuer, any remaining Series 2014-3 Available Funds.

(III)    If an Event of Default for Series 2014-3 shall have occurred and then be continuing and the Series 2014-3 Notes have been accelerated in accordance with Section 802 of the Indenture and such consequence shall not have been rescinded or annulled:
		
	(1)
	To the Indenture Trustee, an amount equal to the sum of (i) the fee payable to the Indenture Trustee with respect to Series 2014-3, (ii) all out of pocket expenses owing to the Indenture Trustee, and indemnification payments owing to the Indenture Trustee, to the extent directly attributable by the Indenture Trustee to Series 2014-3, and (iii) the product of (x) the Series 2014-3 Indenture Trustee Default Expense Allocation Percentage and (y) an amount equal to the excess of (A) all out of pocket expenses owing to the Indenture Trustee, and indemnification payments owing to the Indenture Trustee, to the extent not directly attributed by the Indenture Trustee to a specific Series, minus (B) all expenses and indemnification described in clause (A) that have been paid from the Series Account for Series 2013-1, Series 2013-2, Series 2014-1 and Series 2014-2;

		
	(2)
	To the Director Services Provider in the amount of any unpaid fees (to the extent not previously paid) owing pursuant to the Director Services Agreement (not to exceed an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) $25,000 per annum);

		
	(3)
	To the Manager, (i) an amount equal to the Management Fee then due and payable with respect to the Series 2014-3 Notes, (ii) the amount of any Management Fee Arrearage then due and payable with respect to the Series 2014-3 Notes, and (iii) any Excess Deposit then due and payable, but in each case only to the extent not previously withheld by the Manager in accordance with the terms of the Transaction Documents;

		
	(4)
	To the Manager, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) any unreimbursed Manager Advances made in accordance with the terms of the Management Agreement;

		
	(5)
	To each of the following on a pro rata basis: (i) to the Transition Agent, any Transition Agent Fees then due and payable (not to exceed $6,000 per annum for the Series 2014-3 Notes) and the payment of (or reimbursement for) any out-of-pocket expenses incurred by the Transition Agent including those related to the actual transfer from the Manager to a Back-up Manager and (ii) to the Back-up Manager, any Back-up Management Fees then due and payable;

		
	(6)
	To the Persons entitled thereto:  (i) any auditing, accounting and related fees then due and payable which are classified as an Issuer Expense and (ii) any other Issuer Expenses then due and payable, so long as the aggregate amount paid pursuant to this clause (6) in any calendar year would not exceed an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) One Hundred Thousand Dollars ($100,000);

		
	(7)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis an amount equal to its pro rata portion of the Class A Note Interest Payment (exclusive of any Default Fees on the Class A Notes) for such Payment Date;

		
	(8)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis an amount equal to its pro rata portion of the Class B Note Interest Payment (exclusive of any Default Fees on the Class B Notes) for such Payment Date;

		
	(9)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis, all remaining Series 2014-3 Available Funds until the Aggregate Class A Note Principal Balance is reduced to zero;

		
	(10)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis, all remaining Series 2014-3 Available Funds until the Aggregate Class B Note Principal Balance is reduced to zero;

		
	(11)
	To each Holder of a Class A Note on the immediately preceding Record Date, on a pro rata basis, all Default Fees on the Class A Note and all indemnities, costs (including increased costs and capital adequacy charges), expenses and other amounts then due and payable to the Class A Noteholders pursuant to the terms of the Series 2014-3 Transaction Documents;

		
	(12)
	To each Holder of a Class B Note on the immediately preceding Record Date, on a pro rata basis, all Default Fees on the Class B Notes and all indemnities, costs (including increased costs and capital adequacy charges), expenses and other amounts then due and payable to the Class B Noteholders pursuant to the terms of the Series 2014-3 Transaction Documents;

		
	(13)
	To the Series Account for each other Series of Notes then Outstanding (excluding the Series 2014-3 Notes), all remaining Series 2014-3 Available Funds to be allocated to such other Series of Notes in accordance with Section 305 of this Supplement;

		
	(14)
	To each of the following on a pro rata basis: (i) to the Transition Agent, any amounts then due and payable thereto and (ii) to the Back-up Manager, any amounts then due and payable thereto, in each case in accordance with the Transaction Documents and after giving effect to the payment made pursuant to clause (5) above;

		
	(15)
	To the Indenture Trustee, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the Indenture Trustee’s Fees and 

indemnified amounts then due and payable to the Indenture Trustee, after giving effect to the payment made pursuant to clause (1) above;
		
	(16)
	To the Director Services Provider in the amount of any unpaid indemnification amounts owing pursuant to the Director Services Agreement;

		
	(17)
	To each of the following on a pro rata basis: (i) to the Issuer, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the amount of any indemnity payments payable to the officers, directors and/or managers of the Issuer required to be made by the Issuer, and (ii) to the Manager, an amount equal to the product of (i) the Series 2014-3 Asset Allocation Percentage and (ii) the amount of any officer and director indemnity payments required to be made by the Manager;

		
	(18)
	If the Aggregate Required Asset Base exceeds the Aggregate Asset Base (determined prior to giving effect to any deposits to the Excess Funding Account pursuant to this clause (18)), any remaining Series 2014-3 Available Funds will be deposited into the Excess Funding Account until such condition is remedied; and

		
	(19)
	To the Issuer, any remaining Series 2014-3 Available Funds.

Any amounts payable to a Series 2014-3 Noteholder pursuant to this Section 303 shall be made by wire transfer of immediately available funds to the account that such Series 2014-3 Noteholder has designated to the Indenture Trustee in writing at least five Business Days prior to the applicable Payment Date.  Any amounts payable by the Issuer hereunder are contingent upon the availability of funds to make such payment in accordance with the provisions of this Section 303 and, to the extent such funds are not available, shall not constitute a “Claim” (as defined in Section 101(5) of the Bankruptcy Code) against the Issuer in any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings involving the Issuer in the event that such amounts are not paid in accordance with Section 303 of this Supplement.
Series 2014-3 Restricted Cash Account.  (a)  The Issuer shall establish on or prior to the Series 2014-3 Closing Date, and shall thereafter maintain so long as any Series 2014-3 Note remains Outstanding, an Eligible Account in the name of the Issuer with the Indenture Trustee which shall be designated as the Series 2014-3 Restricted Cash Account, which account shall be held by the Indenture Trustee for the benefit of the Series 2014-3 Noteholders pursuant to the terms of this Supplement.  On the Series 2014-3 Closing Date, the Issuer will deposit (or cause to be deposited) into the Series 2014-3 Restricted Cash Account an amount equal to the Series 2014-3 Restricted Cash Amount, and amounts thereafter shall be deposited in the Series 2014-3 Restricted Cash Account in accordance with Section 303 of this Supplement. The Series 2014-3 Restricted Cash Account shall only be relocated to another financial institution in accordance with the express provisions of Section 303(c) of the Indenture. Any and all monies on deposit in the Series 2014-3 Restricted Cash Account shall be invested in Eligible Investments in accordance with Section 303 of the Indenture and shall be distributed in accordance with this Section 304.
(a)    On each Determination Date, the Indenture Trustee will, in accordance with the Manager Report (or, in the absence of any Manager Report, in accordance with written instructions from the Control Party), withdraw from the Series 2014-3 Restricted Cash Account and deposit into the Series 2014-3 Series Account an amount equal to the Permitted Payment Date Withdrawal (determined after giving effect to all other deposits to the Series 2014-3 Series Account (other than funds transferred from the Series 2014-3 Restricted Cash Account)) on or prior to such Determination Date.  If the amounts on deposit in the Series 

2014-3 Restricted Cash Account are not sufficient to pay in full the Permitted Payment Date Withdrawals for any Payment Date, the amounts available shall be allocated first to pay the amounts owing to the Class A Noteholders before any payments are made to the Class B Noteholders.  Amounts transferred to the Series 2014-3 Series Account pursuant to the provisions of this Section 304(b) may only be used to pay amounts specified in the definition of “Permitted Payment Date Withdrawal”.
(b)    On each Payment Date, the Indenture Trustee shall, in accordance with the Manager Report (or, in the absence of any Manager Report, in accordance with written instructions from the Control Party), deposit in the Series 2014-3 Series Account for distribution in accordance with the terms of this Supplement the excess, if any, of (i) the amounts then on deposit in the Series 2014-3 Restricted Cash Account (after giving effect to any withdrawals therefrom on such Payment Date), over (ii) an amount equal to the Series 2014-3 Restricted Cash Amount for such Payment Date.  On the Series 2014-3 Legal Final Maturity Date or, at the direction of the Control Party upon the occurrence of an Event of Default, any remaining funds in the Series 2014-3 Restricted Cash Account will be deposited in the Series 2014-3 Series Account and be distributed in accordance with Section 303 of this Supplement.
(c)    If on any Payment Date the aggregate amount of cash and Eligible  Investments then on deposit in the Series 2014-3 Restricted Cash Account is equal to, or greater than, the Aggregate Series 2014-3 Note Principal Balance (determined after giving effect to (A) if neither an Early Amortization Event nor an Event of Default has occurred, the priority of payments set forth in clauses (1) - (15) of Part (I) of Section 303 paid on such date; or (B) if an Early Amortization Event is occurring, the priority of payments set forth in clauses (1) - (13) of Part (II) of Section 303 paid on such date), the Indenture Trustee shall, in accordance with the Manager Report, make part of Available Funds all amounts in the Restricted Cash Account and prepay in full on such Payment Date the then unpaid principal balance of, and accrued interest on, all Series 2014-3 Notes.
Allocation of Shared Available Funds.  (a)  All Shared Available Funds for Series 2014-3 that are available for distribution to other Series of Notes in accordance with the provisions of Section 303 shall be allocated by the Manager to all Series of Notes then Outstanding (other than (i) the Series 2014-3 Notes and (ii) Liquidation Deficiency Series) that have a Required Payment Deficiency on such Determination Date.  Allocation of Shared Available Funds for Series 2014-3 to Liquidation Deficiency Series shall be made in accordance with Section 305(b) and only after all distributions shall have been made pursuant to this Section 305(a).  Allocations shall be made to each such Series having a Required Payment Deficiency in accordance with the following order of priorities, with no payment being made at any level of priority until all prior priorities have been paid in full:
First, to each Series that has not paid in full the Indenture Trustee's Fees payable by, or allocable to, such Series, the amount of such unpaid Indenture Trustee's Fees or equivalent amounts paid to the Indenture Trustee (subject to any dollar limitation for any particular Series set forth in the Supplement for such Series);
Second, to each Series that has not paid in full the fees of the Director Service Provider payable by, or allocation to, such Series, the amount of such unpaid fees (subject to a dollar limitation of twenty-five thousand dollars ($25,000) in any calendar year in the aggregate for all Series);
Third, to each Series that has not paid in full the Excess Deposits, Management Fee and Management Fee Arrearages payable by, or allocable to, such Series, the amount of such unpaid Excess Deposits, Management Fee and Management Fee Arrearages;
Fourth, to each Series that has not paid in full the Manager Advances payable by, or allocable to, such Series, the amount of such unpaid Manager Advances;

Fifth, to each Series that has not paid in full the Transition Agent Fees (not to exceed $6,000 per annum per Series) and Back-up Management Fees payable by, or allocable to, such Series, the amount of such unpaid Transition Agent Fees and Back-up Management Fees;
Sixth, to each Series that has not paid in full the Issuer Expenses payable by, or allocable to, such Series, the amount of such unpaid Issuer Expenses;
Seventh, to each Series that has not paid in full all interest payments (excluding Default Fees) payable with respect to the Senior Notes of such Series and all commitment fees payable with respect to the Senior Notes of such Series, the amount of such unpaid interest payments and commitment fees;
Eighth, to each Series that has not paid in full all regularly scheduled payments (excluding termination payments) owing to each Interest Rate Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to one or more of the Classes of Senior Notes of such Series, the amount of such unpaid regularly scheduled payments;
Ninth, to each Series that has not paid in full all interest payments (excluding Default Fees) payable with respect to the Subordinated Notes of such Series and all commitment fees payable with respect to the Subordinated Notes of such Series, the amount of such unpaid interest payments and commitment fees;
Tenth, to each Series that has not paid in full all Minimum Principal Payment Amounts for the Senior Notes of such Series, the amount of such unpaid Minimum Principal Payment Amounts;
Eleventh, to each Series that has not paid in full all Scheduled Principal Payment Amounts for the Senior Notes of such Series, the amount of such unpaid Scheduled Principal Payment Amounts;
Twelfth, to each Series (A) that has not paid in full all Supplemental Principal Payment Amounts for the Senior Notes of such Series, the amount of such unpaid Supplemental Principal Payment Amounts and (B) for which an Early Amortization Event has occurred and is then continuing, all remaining amounts until the aggregate unpaid principal balance for the Senior Notes of such Series is reduced to zero;
Thirteenth, to each Series that has not paid in full all regularly scheduled payments (excluding termination payments) owing to each Interest Rate Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to the Subordinated Notes of such Series, the amount of such unpaid regularly scheduled payments;
Fourteenth, to each Series that has not paid in full all Minimum Principal Payment Amounts for the Subordinated Notes of such Series, the amount of such unpaid Minimum Principal Payment Amounts;
Fifteenth, to each Series that has not paid in full all Scheduled Principal Payment Amounts for the Subordinated Notes of such Series, the amount of such unpaid Scheduled Principal Payment Amounts;
Sixteenth, to each Series that has not paid in full all Supplemental Principal Payment Amounts for the Subordinated Notes of such Series, the amount of such unpaid Supplemental Principal Payment Amounts;
Seventeenth, to each of the following on a pro rata basis: (i) to the Transition Agent, any amounts then due and payable thereof and (ii) to the Back-up Manager, any amounts then due and payable thereto;

Eighteenth, to the Indenture Trustee, any amounts then due and payable to the Indenture Trustee;
Nineteenth, to the Director Services Provider in the amount of any unpaid indemnification amounts then due and payable pursuant to the Director Services Agreement; 
Twentieth, (i) to the Issuer, the amount of indemnity payments, payable to the officers, directors and/or managers of the Issuer required to be made by the Issuer, and (ii) to the Manager, the amount of officer and director indemnity payments required to be made by the Manager; and
Twenty-First, to each Series of Notes that has not been paid in full, all other amounts owing to the Noteholders of such Series.
If more than one Series shall be entitled to a distribution pursuant to a particular priority set forth in Section 305(a), funds shall be allocated among each such entitled Series on a pro rata basis based on the relative amount owing to each such Series pursuant to such payment priority.
(a)    After the application of the allocation set forth in Section 305(a), any remaining Shared Available Funds shall be allocated in accordance with the following order of priorities, with no payment being made at any level of priority until all prior priorities have been paid in full:
First, to each Liquidation Deficiency Series that has not paid in full the Indenture's Trustee Fees and expenses payable by, or allocable to, such Liquidation Deficiency Series, the amount of such unpaid Indenture's Trustee Fees and expenses;
Second, to each Liquidation Deficiency Series that has not paid in full the fees of the Director Service Provider payable by, or allocation to, such Liquidation Deficiency Series, the amount of such unpaid fees;
Third, to each Liquidation Deficiency Series that has not paid in full the Excess Deposits, Management Fee and Management Fee Arrearages payable by, or allocable to, such Liquidation Deficiency Series, the amount of such unpaid Excess Deposits, Management Fee and Management Fee Arrearages;
Fourth, to each Liquidation Deficiency Series that has not paid in full the Manager Advances payable by, or allocable to, such Liquidation Deficiency Series, the amount of such unpaid Manager Advances;
Fifth, to each Liquidation Deficiency Series that has not paid in full the Transition Agent Fees and Back-up Management Fees payable by, or allocable to, such Liquidation Deficiency Series, the amount of such unpaid Transition Agent Fees and Back-up Management Fees;
Sixth, to each Liquidation Deficiency Series that has not paid in full all interest payments (excluding Default Fees) and commitment fees payable with respect to the Senior Notes of such Liquidation Deficiency Series, the amount of such unpaid interest payments and commitment fees;
Seventh, to each Liquidation Deficiency Series that has not paid in full all regularly scheduled payments (excluding termination payments) owing to each Interest Rate Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to such Liquidation Deficiency Series, the amount of such unpaid regularly scheduled payments;

Eighth, to each Liquidation Deficiency Series that has not paid in full all Minimum Principal Payment Amounts to the Senior Notes of such Liquidation Deficiency Series, the amount of such unpaid Minimum Principal Payment Amounts;
Ninth, to each Liquidation Deficiency Series that has not paid in full all Scheduled Principal Payment Amounts to the Senior Notes of such Liquidation Deficiency Series, the amount of such unpaid Scheduled Principal Payment Amounts;
Tenth, to each Liquidation Deficiency Series that has not paid in full all termination and all other payments owing to each Interest Rate Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to such Liquidation Deficiency Series, the amount of such unpaid termination and other payments;
Eleventh, to each Liquidation Deficiency Series that has not paid in full all interest payments (excluding Default Fees) and commitment fees payable with respect to the Subordinated Notes of such Liquidation Deficiency Series, the amount of such unpaid interest payments and commitment fees;
 Twelfth, to each Liquidation Deficiency Series that has not paid in full all Minimum Principal Payment Amounts to the Subordinated Notes of such Liquidation Deficiency Series, the amount of such unpaid Minimum Principal Payment Amounts; and
Thirteenth, to each Liquidation Deficiency Series that has not paid in full all Scheduled Principal Payment Amounts to the Subordinated Notes of such Liquidation Deficiency Series, the amount of such unpaid Scheduled Principal Payment Amounts.
If more than one Liquidation Deficiency Series shall be entitled to a distribution pursuant to a particular priority set forth in Section 305(b), funds shall be allocated among each such entitled Liquidation Deficiency Series on a pro rata basis based on the relative amount owing to each such Liquidation Deficiency Series pursuant to such payment priority.

Article IV
Early Amortization Events, Manager Defaults and Covenants for the Series 2014-3 Notes
Early Amortization Events.  As of any date of determination, the existence of any one of the following events or conditions shall constitute an Early Amortization Event for the Series 2014-3 Notes (each, a “Series 2014-3 Early Amortization Event”):
		
	(1)
	as of the last day of any fiscal quarter, commencing with the fiscal quarter ending September 30, 2015, the Series 2014-3 EBIT to Series 2014-3 Cash Interest Expense Ratio is less than 1.1 to 1.0; or

		
	(2)
	as of any Payment Date, the Weighted Average Age of the Eligible Containers shall be greater than eight and one-half (8.5) years.

If a Series 2014-3 Early Amortization Event described in either of clauses (1) or (2) occurs, such condition shall be deemed cured if it does not exist on any subsequent Payment Date.  Except as set forth in the immediately preceding sentence, if a Series 2014-3 Early Amortization Event exists on any Payment Date, then such Series 2014-3 Early Amortization Event shall, be deemed to continue until the Business Day on 

which the Control Party for the Series 2014-3 Notes waives, in writing, such Series 2014-3 Early Amortization Event. The Indenture Trustee shall promptly provide notice of any such waiver to each Hedge Counterparty for the Series 2014-3 Notes and the Rating Agency for the Series 2014-3 Notes.
The existence of a Series 2014-3 Early Amortization Event will (i) alter the calculation of the Series Invested Amount for the Series 2014-3 Notes and the allocation of funds from the Series Account for such Series of Notes and each other Series of Notes and (ii) determine the method in which cash flows will be allocated and distributed from the Series 2014-3 Series Account. The occurrence of a Series 2014-3 Early Amortization Event will not in and of itself result in the occurrence of a Trust Early Amortization Event or a Series Specific Early Amortization Event for any other Series.
If a Series 2014-3 Early Amortization Event shall have occurred and then be continuing, the Indenture Trustee shall have in addition to the rights provided in the Transaction Documents, all rights and remedies provided under all applicable laws.
Series 2014-3 Manager Defaults and Series 2014-3 Back-up Manager Events.
(i)    As of any date of determination, the existence of any one of the following events or conditions shall constitute a Manager Default with respect to the Series 2014-3 Notes (each, a “Series 2014-3 Manager Default”):
		
	(1)
	the Leverage Ratio of TAL International Group as of the last day of any fiscal quarter of TAL International Group shall be in excess of 4.75 to 1.00;

		
	(2)
	as of the last day of each fiscal quarter, the Consolidated EBIT to Consolidated Cash Interest Expense Ratio of TAL International Group is less than 1.10 to 1.00;

		
	(3)
	as of the last day of each fiscal quarter of TAL International Group, commencing with the fiscal quarter ending on December 31, 2014, the Consolidated Tangible Net Worth of TAL International Group is less than the sum of (i) $321,351,326 plus (ii) an amount equal to fifty percent (50%) of the cumulative sum of the aggregate net income of TAL International Group and its consolidated subsidiaries on a consolidated basis, determined in accordance with GAAP for the period commencing on January 1, 2006 and terminating on such date of determination; or

		
	(4)
	A Change of Control shall have occurred.

If a Series 2014-3 Manager Default described in either of clauses (1), (2) or (3) occurs, such condition shall be deemed cured if a subsequently delivered Manager Report indicates that such condition does not exist on any subsequent Payment Date.  Except as set forth in the immediately preceding sentence, if a Series 2014-3 Manager Default exists on any Payment Date, then such Series 2014-3 Manager Default shall, be deemed to continue until the Business Day on which the Control Party for the Series 2014-3 waives, in writing, such Series 2014-3 Manager Default. The Indenture Trustee shall promptly provide notice of any such waiver of a Series 2014-3 Manager Default to each Hedge Counterparty for the Series 2014-3 Notes and each Rating Agency for the Series 2014-3 Notes.
(ii)    As of any date of determination, the existence of any one of the following events or conditions shall constitute a Back-up Manager Event with respect to the Series 2014-3 Notes (each, a “Series 2014-3 Back-up Manager Event”):

		
	(1)
	The Leverage Ratio of TAL International Group as of the last day of any fiscal quarter shall be in excess of 4.50 to 1.00; or 

		
	(2)
	As of the last day of each fiscal quarter, the Consolidated EBIT to Consolidated Cash Interest Expense Ratio of TAL International Group is less than 1.30 to 1.00.

Section 403.    Additional Events of Default
.  There are no Series Specific Events of Default for the Series 2014-3 Notes.
Section 404.    Additional Covenants
.  There are no additional covenants of the Issuer applicable to the Series 2014-3 Notes.
Article V
Conditions to Issuance
Conditions to Issuance.  The Indenture Trustee shall not authenticate the Series 2014-3 Notes unless (i) all conditions to the issuance of the Series 2014-3 Notes under the Series 2014-3 Note Purchase Agreement shall have been satisfied, and (ii) the Issuer shall have delivered a certificate to the Indenture Trustee to the effect that all conditions set forth in the Series 2014-3 Note Purchase Agreement shall have been satisfied.
Article VI
Representations and Warranties
To induce the Series 2014-3 Noteholders to purchase the Series 2014-3 Notes hereunder, the Issuer hereby represents and warrants as of the Series 2014-3 Closing Date to the Indenture Trustee for the benefit of the Series 2014-3 Noteholders that:
Existence.  The Issuer is a limited liability company duly organized, validly existing and in compliance under the laws of Delaware.  The Issuer is in good standing and is duly qualified to do business in each jurisdiction where the failure to do so would reasonably be expected to have a material adverse effect upon the Issuer, and has all licenses, permits, charters and registrations the failure to hold which would reasonably be expected to have a material adverse effect on the Issuer.
Authorization.  The Issuer has the power and is duly authorized to execute and deliver this Supplement and the other Series 2014-3 Transaction Documents to which it is a party; the Issuer is and will continue to be duly authorized to borrow monies hereunder and under the Indenture; and the Issuer is and will continue to be authorized to perform its obligations under the Indenture, this Supplement and the other Series 2014-3 Transaction Documents.  The execution, delivery and performance by the Issuer of this Supplement and the other Series 2014-3 Transaction Documents to which it is a party and the borrowings hereunder do not and will not require any consent or approval of any Governmental Authority, stockholder or any other Person which has not already been obtained.
No Conflict; Legal Compliance.  The execution, delivery and performance of this Supplement and each of the other Series 2014-3 Transaction Documents by the Issuer and the execution, delivery and payment of the Series 2014-3 Notes will not: (a) contravene any provision of the Issuer’s charter documents, 

by-laws or other organizational documents; (b) contravene, conflict with or violate any Applicable Law or regulation, or any order, writ, judgment, injunction, decree, determination or award of any Governmental Authority; or (c) violate or result in the breach of, or constitute a default under the Indenture, this Supplement, the other Series 2014-3 Transaction Documents, any other indenture or other loan or credit agreement, or other agreement or instrument to which the Issuer is a party or by which the Issuer, or its property and assets may be bound or affected.  The Issuer is not in violation or breach of or default under any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or any contract, agreement, lease, license, indenture or other instrument to which it is a party, in each case, in a manner that would reasonably be expected to result in a Material Adverse Change.
Validity and Binding Effect.  This Supplement is, and each Series 2014-3 Transaction Document to which the Issuer is a party, when duly executed and delivered, will be, the legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies.
Financial Conditions.  Since the date of the most recent financial statements of the Issuer delivered pursuant to Section 625 of the Indenture, there has been no Material Adverse Change in the financial condition of the Issuer.
Place of Business.  The Issuer’s only “place of business” (within the meaning of Section 9-307 of the UCC) is located at its address determined in accordance with Section 1307 of the Indenture.
No Agreements or Contracts.  The Issuer is not now and has not been a party to any contract or agreement (whether written or oral) other than the Series 2014-3 Transaction Documents and the Transaction Documents (as defined in the Indenture).
Consents and Approvals.  No approval, authorization or consent of any trustee or holder of any Indebtedness or obligation of the Issuer or of any other Person under any agreement, contract, lease or license or similar document or instrument to which the Issuer is a party or by which the Issuer is bound, is required to be obtained by the Issuer in order to make or consummate the transactions contemplated under the Series 2014-3 Transaction Documents, except for those approvals, authorizations and consents that have been obtained on or prior to the Series 2014-3 Closing Date or which the failure to obtain would not reasonably be expected to result in a Material Adverse Change.  All consents and approvals of, filings and registrations with, and other actions in respect of, all Governmental Authorities required to be obtained by the Issuer in order to make or consummate the transactions contemplated under the Series 2014-3 Transaction Documents have been, or prior to the time when required will have been, obtained, given, filed or taken and are or will be in full force and effect other than any such consents, approvals, filings or registrations the failure to so obtain or make would not reasonably be expected to result in a Material Adverse Change.
Margin Regulations.  The Issuer does not own any “margin security”, as that term is defined in Regulation U of the Federal Reserve Board, and the proceeds of the Series 2014-3 Notes issued under this Supplement will be used only for the purposes contemplated hereunder. None of such proceeds will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the loans under this Supplement to be considered a “purpose credit” within the meaning of Regulations T, U and X.  The Issuer will not take or permit any agent acting on its behalf to take any action which might cause this Supplement or any document or instrument delivered by the Issuer pursuant hereto to violate any regulation of the Federal Reserve Board.

Taxes.  All federal, state, local and foreign tax returns, reports and statements required to be filed by the Issuer have been filed with the appropriate Governmental Authorities, and all taxes and other impositions shown thereon to be due and payable by the Issuer have been paid prior to the date on which any fine, penalty, interest or late charge may be added thereto for nonpayment thereof, or any such fine, penalty, interest, late charge or loss has been paid, or the Issuer is contesting its liability therefor in good faith and has fully reserved all such amounts according to GAAP in the financial statements provided pursuant to Section 625 of the Indenture.  The Issuer has paid when due and payable all material charges upon the books of the Issuer and no Governmental Authority has asserted any Lien against the Issuer with respect to unpaid taxes. Proper and accurate amounts have been withheld by the Issuer from its employees for all periods in full and complete compliance with the tax, social security and unemployment withholding provisions of applicable federal, state, local and foreign law and such withholdings have been timely paid to the respective Governmental Authorities.
Other Regulations.  The Issuer will be relying on an exemption or exclusion from the definition of “investment company” under the Investment Company Act contained in Section 3(a)(1), although there may be additional exemptions or exclusions available to the Issuer. The Issuer is not relying on the exemptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.  The issuing entity is being structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd-Frank Act.
Solvency and Separateness.
(i)    The capital of the Issuer is adequate for the business and undertakings of the Issuer.
(ii)    Other than with respect to the transactions contemplated hereby, and by the other Series 2014-3 Transaction Documents and the Transaction Documents, the Issuer is not engaged in any business transactions with the Manager except as permitted by the Management Agreement or with the Seller except as permitted by the Contribution and Sale Agreement.
(iii)    At all times, at least one (1) manager of the Issuer shall qualify as an Independent Manager (as defined in the Issuer’s limited liability company agreement).
(iv)    The Issuer’s funds and assets are not, and will not be, commingled with those of the Manager, except as permitted by the Management Agreement.
(v)    The Issuer shall maintain (A) correct and complete books and records of account, and (B) minutes of the meetings and other proceedings of its board of managers.
(vi)    The Issuer is not insolvent under the Insolvency Law and will not be rendered insolvent by the transactions contemplated by the Series 2014-3 Transaction Documents and after giving effect to such transactions, the Issuer will not be left with an unreasonably small amount of capital with which to engage in its business nor will the Issuer have intended to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature.  The Issuer does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation Proceedings or the appointment of a receiver, liquidator, bankruptcy trustee or similar official in respect of the Issuer or any of its assets.

Survival of Representations and Warranties.  So long as any of the Series 2014-3 Notes shall be Outstanding and until payment and performance in full of the Outstanding Obligations, the representations and warranties contained herein shall have a continuing effect as having been true when made.
No Default.  No Event of Default or Early Amortization Event has occurred and is continuing.  No event or condition that with notice or the passage of time (or both) could reasonably be expected to constitute an Event of Default or Early Amortization Event has occurred or is continuing.
Litigation and Contingent Liabilities.  No claims, litigation, arbitration proceedings or governmental proceedings by any Governmental Authority are pending or threatened against or are affecting the Issuer the results of which will materially and adversely interfere with the consummation of any of the transactions contemplated by the Indenture, this Supplement or any document issued or delivered in connection therewith or herewith.
Title; Liens.  The Issuer has good, legal and marketable title to each of its respective assets, and none of such assets is subject to any Lien, except for Permitted Encumbrances and the Liens created or permitted pursuant to the Indenture.
Subsidiaries.  The Issuer has no subsidiaries.
No Partnership.  The Issuer is not a partner or joint venturer in any partnership or joint venture.
Pension and Welfare Plans.  During the twelve-consecutive-month period prior to the date of the execution and delivery of this Supplement, no steps have been taken to terminate any Plan, and no contribution failure has occurred with respect to any Plan, sufficient to give rise to a lien under section 302(f) of ERISA.  No condition exists or event or transaction, has occurred with respect to any Plan which could result in the Issuer or any ERISA Affiliate of the Issuer incurring any material liability, fine or penalty.  As of the Series 2014-3 Closing Date, the Issuer is not a Benefit Plan or any other plan that is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code.
Ownership of the Issuer.  On the Series 2014-3 Closing Date, all of the issued and outstanding membership interests of the Issuer are owned by TAL.
Security Interest Representations.
(a)    This Supplement and the Indenture create a valid and continuing security interest (as defined in the UCC) in the Collateral in favor of the Indenture Trustee, for the benefit of the Noteholders and any Hedge Counterparty, which security interest is prior to all other Liens (other than Permitted Encumbrances), and is enforceable as such as against creditors of and purchasers from the Issuer.
(b)    The Containers constitute “goods” within the meaning of the applicable UCC.  The Leases constitute “tangible chattel paper” within the meaning of the UCC.  The lease receivables constitute “accounts” or “proceeds” of the Leases within the meaning of the UCC.  The Trust Account, the Excess Funding Account, the Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account constitute “securities accounts” within the meaning of the UCC.  The Issuer’s contractual rights under any Hedge Agreements, the Contribution and Sale Agreement and the Management Agreement constitute “general intangibles” within the meaning of the UCC.
(c)    The Issuer owns and has good and marketable title to the Collateral, free and clear of any Lien (whether senior, junior or pari passu), claim or encumbrance of any Person, except for Permitted Encumbrances.

(d)    The Issuer has caused the filing of all appropriate financing statements or documents of similar import in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral granted to the Indenture Trustee in this Supplement and the Indenture and such security interest constitutes a perfected security interest in favor of the Indenture Trustee.  All financing statements filed against the Issuer in favor of the Indenture Trustee in connection herewith describing the Collateral contain a statement substantially to the following effect: “A purchase or acquisition of a security interest in any collateral described in this financing statement will violate the rights of the Secured Party.”
(e)    Other than the security interest granted to the Indenture Trustee pursuant to this Supplement and the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral, except as permitted pursuant to the Indenture.  The Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include a description of collateral covering the Collateral other than any financing statement or document of similar import (i) relating to the security interest granted to the Indenture Trustee in this Supplement or the Indenture or (ii) that has been terminated.  The Issuer has no actual knowledge of any judgment or tax lien filings against the Issuer.
(f)    Pursuant to Section 3.3.5 of the Management Agreement, the Manager has acknowledged that it is holding the Leases, to the extent they relate to the Managed Containers, on behalf of, and for the benefit of, the Indenture Trustee.  None of the Leases that constitute or evidence the Collateral has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person.  The Seller has caused the filing of all appropriate financing statements or documents of similar import in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the ownership interest of the Issuer (and the Indenture Trustee as its assignee) in the Leases (to the extent that such Leases relate to the Managed Containers) arising under the Contribution and Sale Agreement.
(g)    The Issuer has received all necessary consents and approvals required by the terms of the Collateral to the pledge to the Indenture Trustee of its interest and rights in such Collateral hereunder or under the Indenture.
(h)    Wells Fargo Bank, National Association (in its capacity as securities intermediary) has identified in its records the Indenture Trustee as the Person having a Security Entitlement in each of the Trust Account, the Excess Funding Account, the Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account.
(i)    The Trust Account, the Series 2014-3 Restricted Cash Account, the Excess Funding Account, and the Series 2014-3 Series Account are not in the name of any Person other than the Issuer.  The Issuer has not consented for Wells Fargo Bank, National Association (as the securities intermediary of the Trust Account, the Excess Funding Account, the Series 2014-3 Restricted Cash Account and the Series 2014-3 Series Account) to comply with Entitlement Orders of any Person other than the Indenture Trustee.
(j)    No creditor of the Issuer (other than (x) with respect to the Managed Containers, the related lessee and (y) the Manager in its capacity as Manager under the Management Agreement) has in its possession any goods that constitute or evidence the Collateral, other than for purposes of repair, refurbishment, painting, positioning, storage and other similar matters with respect to Managed Containers.
Original Issue Discount.  The Issuer will supply to the Indenture Trustee, at the time and in the manner required by applicable Treasury regulations, for further distribution to such persons, and to the 

extent, required by applicable Treasury regulations, information with respect to any original issue discount, as defined in section 1273(a) of the Code, accruing on the Series 2014-3 Notes.
The representations and warranties set forth in this Section 621 shall survive until this Supplement is terminated in accordance with its terms and the terms of the Indenture.  Any breaches of the representations and warranties set forth in this Section 621 may be waived by the Indenture Trustee, only with the prior written consent of the Control Party and with the prior written notice to the Rating Agency.
Article VII
Miscellaneous Provisions
Ratification of Indenture.  As supplemented by this Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument.
Counterparts.  This Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.  Delivery of an executed counterpart of this Supplement by facsimile or by electronic means shall be equally effective as of the delivery of an originally executed counterpart.
Governing Law.  THIS SUPPLEMENT SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW, AND THE RIGHTS, OBLIGATIONS AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
Notices to the Rating Agency.  Whenever any notice or other communication is required to be given to the Rating Agency pursuant to the Indenture or this Supplement, such notice or communication shall be delivered to S&P at Standard & Poor’s Ratings Services, 55 Water Street, 41st Floor, New York, New York 10041, Attention:  Asset-Backed Surveillance Group - phone: (212/438-2435), fax: (212/438-2664).  Any rights to notices conveyed to the Rating Agency pursuant to the terms of this Supplement shall terminate immediately if the Rating Agency no longer has a rating outstanding with respect to the Series 2014-3 Notes.
Amendments and Modifications.  (a)  The terms of this Supplement may be waived, modified or amended in accordance with the provisions of this Section 705 in a written instrument signed by each of the Issuer and the Indenture Trustee. 
(a)    Without the consent of any Series 2014-3 Noteholder and based on an Officer’s Certificate of the Issuer to the effect that such amendment, modification or waiver of this Supplement is for one of the purposes set forth in clauses (i) through (vii) below, the Issuer and the Indenture Trustee, at any time and from time to time, may enter into one or more amendments, modifications or waivers of this Supplement for any of the following purposes:
(i)    to add to the covenants of the Issuer in this Supplement for the benefit of the Series 2014-3 Noteholders, or to surrender any right or power conferred upon the Issuer in this Supplement;

(ii)    to cure any ambiguity, to correct or supplement any provision in this Supplement that may be inconsistent with any other provision in this Supplement, or to make any other provisions with respect to matters or questions arising under this Supplement;
(iii)    to correct or amplify the description of any property at any time subject to the Lien created pursuant to Section 207 of this Supplement, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the Lien created pursuant to Section 207 of this Supplement, or to subject additional property to the Lien of this Supplement;
(iv)    to add to the conditions, limitations and restrictions on the authorized amount, terms and purposes of issue, authentication and delivery of the Series 2014-3 Notes, or additional conditions, limitations and restrictions thereafter to be observed by the Issuer with respect to the Series 2014-3 Notes; 
(v)    to convey, transfer, assign, mortgage or pledge any additional property to the Indenture Trustee for the benefit of the Series 2014-3 Noteholders;
(vi)    to decrease any component of Series 2014-3 Advance Rate; or
(vii)    to add any additional Series 2014-3 Events of Default, Series 2014-3 Early Amortization Events or Series 2014-3 Manager Defaults that will apply only to the Series 2014-3 Notes.
(b)    If Section 705(b) does not apply to an amendment, modification or waiver of this Supplement, then the Issuer and the Indenture Trustee (acting at the direction of, and with the consent of, the Control Party for Series 2014-3 Notes) may enter into an amendment, modification or waiver for the purpose of adding any provisions to, or changing in any manner or eliminating any of, the provisions of this Supplement or of modifying in any manner the rights of the Series 2014-3 Noteholders under this Supplement; provided, however, that no such amendment, modification or waiver shall, without the consent of the Holder of each Series 2014-3 Note adversely affected thereby:
(i)    reduce the principal amount of any Series 2014-3 Note, lengthen the Legal Final Maturity Date of any Series 2014-3 Notes, reduce the rate of interest payable on any Series 2014-3 Note, amend the allocation methodology set forth in Section 303 hereof (other than to increase the amount of the allocation to the Series 2014-3 Notes) or change the date on which or the amount of which, or the place of payment where, or the coin or currency in which, any Series 2014-3 Note or the interest thereon, is payable or impair the right to institute suit for the enforcement of any such payment on or after the Legal Final Maturity Date of the Series 2014-3 Notes; 
(ii)    modify any provision of this Supplement which specifies that such provision cannot be modified or waived without the consent of the Series 2014-3 Noteholder affected thereby; 
(iii)    modify or alter Section 705 of this Supplement; or
(iv)    amend the definitions of “Series 2014-3 Asset Base”, “Series 2014-3 Asset Allocation Percentage”, “Series 2014-3 Required Overcollateralization Percentage” or “Control Party” or to increase any Series 2014-3 Advance Rate; or

(v)    permit the creation of any Lien ranking prior to, or on a parity with, the Lien created pursuant to Section 207 or terminate the Lien of this Supplement on any property at any time subject to the Lien created pursuant to Section 207 or deprive in any material respect the Series 2014-3 Noteholders of the security afforded by the Lien created pursuant to Section 207, except as otherwise permitted in this Supplement;
(c)    The obligation of the Indenture Trustee to execute and deliver a waiver, modification or amendment created pursuant to Section 705(b) or Section 705(c) is subject to the satisfaction of all of the following conditions:
(i)    the Issuer shall have given the Indenture Trustee and the Manager not less than five days’ notice of such amendment and a copy of such proposed amendment, it being understood that the Indenture Trustee and the Manager from time to time may waive the right to receive such notice;
(ii)    such amendment either (A) will not result in a Trust Early Amortization Event or a Trust Event of Default or cause the Aggregate Required Asset Base to exceed the Aggregate Asset Base (in each case calculated after giving effect to such proposed amendment) or (B) in all other cases shall have been approved in accordance with the terms of the Indenture, and in either case the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate stating the foregoing;
(iii)    such other conditions as shall be specified in such amendment; and
(iv)    the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate that all of the conditions specified in clauses (i) through (iii) have been satisfied.
(d)    Prior to the execution of any written instrument pursuant to this Section 705, the Issuer shall provide a written notice to the Rating Agency setting forth in general terms the substance of any such written instrument.
(e)    Promptly after the execution by the Issuer and the Indenture Trustee of any written instrument pursuant to this Section 705, the Indenture Trustee shall mail to the Series 2014-3 Noteholders, the Rating Agency, and, if applicable, each Hedge Counterparty for Series 2014-3, a copy of the text of such written instrument. Any failure of the Indenture Trustee to mail such copy, or any defect therein, shall not, however, in any way impair or affect the validity of any such written instrument.
Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST ANY PARTY HERETO ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY, MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF ENFORCING THIS SUPPLEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.
Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, AS AGAINST THE OTHER PARTY HERETO, ANY RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION OR PROCEEDING (WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE), INCLUDING ANY COUNTERCLAIM, ARISING UNDER 

OR RELATING TO THIS SUPPLEMENT OR ANY OTHER SERIES 2014-3 TRANSACTION DOCUMENT, INCLUDING IN RESPECT OF THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF.
No Petition.  The Indenture Trustee, on its own behalf, hereby covenants and agrees, and each Noteholder by its acquisition of a Series 2014-3 Note shall be deemed to covenant and agree, that it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any Insolvency Law or any other federal or state bankruptcy or similar law, at any time other than on a date which is at least one year and one day after the last date on which any Series 2014-3 Note is Outstanding.  The provisions of this Section 708 shall survive the repayment of the Notes and any termination of this Supplement.
Noteholder Information.  Each Noteholder or holder of an interest in a Note, by acceptance of such Series 2014-3 Note or such interest in such Series 2014-3 Note, will be deemed to have agreed to provide the Issuer and the Indenture Trustee with such Noteholder Tax Identification Information as requested from time to time by the Issuer or the Indenture Trustee.  Each Noteholder or holder of an interest in a Note will be deemed to understand that each of the Issuer and the Indenture Trustee has the right to withhold tax on interest and other applicable amounts under the Code including under FATCA (without any corresponding gross-up) payable with respect to each holder of a Series 2014-3 Note, or to any beneficial owner of an interest in a Series 2014-3 Note, that fails to comply with the foregoing requirements.
[Signature pages follow]

IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Supplement to be duly executed and delivered all as of the day and year first above written.
TAL ADVANTAGE V LLC, as Issuer
By:    TAL International Container Corporation, 
its Manager
By:                            
Name:                            
Title:                            
WELLS FARGO BANK, NATIONAL ASSOCIATION, not individually but solely as Indenture Trustee
By:                            
Name:                            
Title:                            
The undersigned hereby consents and agrees to the additional Manager Defaults set forth in Section 402 hereof.

TAL INTERNATIONAL CONTAINER CORPORATION
By:                            
Name:                            
Title:                            

EXHIBIT A-1
FORM OF 144A GLOBAL NOTE
UNLESS THIS SERIES 2014-3 NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRANSFEROR OF SUCH NOTE (THE “TRANSFEROR”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2014-3 NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR THE USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT SUCH NOTE MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THAT THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (3) TO A PERSON (A) THAT IS AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, IS TAKING DELIVERY OF SUCH NOTE IN AN AMOUNT OF AT LEAST $100,000 AND DELIVERS A PURCHASER LETTER TO THE INDENTURE TRUSTEE IN THE FORM ATTACHED TO THE INDENTURE OR (B) THAT IS TAKING DELIVERY OF SUCH NOTE PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE.
EACH PURCHASER AND TRANSFEREE OF A NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS 

OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (ii) (A) THE SERIES 2014-3 NOTES ARE RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON BELIEVES THAT SUCH SERIES 2014-3 NOTES ARE PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS, AND AGREES TO SO TREAT SUCH NOTES ACCORDINGLY AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW.  ALTERNATIVELY, REGARDLESS OF THE RATING OF SERIES 2014-3 NOTES, SUCH PERSON MAY PROVIDE THE INDENTURE TRUSTEE AND THE ISSUER WITH AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER WHICH OPINES THAT THE PURCHASE, HOLDING AND TRANSFER OF SUCH SERIES 2014-3 NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW, AND WILL NOT SUBJECT THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE.
THIS SERIES 2014-3 NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

TAL ADVANTAGE V LLC FIXED RATE ASSET-BACKED [CLASS A][CLASS B] NOTE, SERIES 2014-3
$[XX]    CUSIP No.: _____________
No. 1
_____________ ___, 20___
KNOW ALL PERSONS BY THESE PRESENTS that TAL ADVANTAGE V LLC, a limited liability company organized under the laws of Delaware (the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, at the principal corporate trust office of the Indenture Trustee named below, (i) the principal sum of up to XX.00 Dollars ($XX.00), which sum shall be payable on the dates and in the amounts set forth in the Indenture, dated as of February 27, 2013 (as amended, restated or otherwise modified from time to time, the “Indenture”) and the Series 2014-3 Supplement, dated as of November 25, 2014 (as amended, restated or otherwise modified from time to time, the “Series 2014-3 Supplement”), each between the Issuer and Wells Fargo Bank, National Association as indenture trustee (the “Indenture Trustee”), and (ii) interest on the outstanding principal amount of this Note on the dates and in the amounts set forth in the Indenture and the Series 2014-3 Supplement.  Capitalized terms not otherwise defined herein will have the meaning set forth in the Indenture and the Series 2014-3 Supplement.

Payment of the principal of and interest on this Note shall be made in lawful money of the United States of America which at the time of payment is legal tender for payment of public and private debts. The principal balance of, and interest on this Note is payable at the times and in the amounts set forth in the Indenture and the Series 2014-3 Supplement by wire transfer of immediately available funds to the account designated by the Holder of record on the immediately preceding Record Date.
This Note is one of the authorized notes identified in the title hereto and issued in the aggregate principal amount of up to [  ] Million Dollars ($[  ],000,000) pursuant to the Indenture and the Series 2014-3 Supplement.
The Notes shall be an obligation of the Issuer and shall be secured by the Collateral, all as defined in, and subject to limitations set forth in, the Indenture and the Series 2014-3 Supplement.
This Note is transferable as provided in the Indenture and the Series 2014-3 Supplement, subject to certain limitations therein contained, only upon the books for registration and transfer kept by the Indenture Trustee, and only upon surrender of this Note for transfer to the Indenture Trustee duly endorsed by, or accompanied by a written instrument of transfer in form reasonably satisfactory to the Indenture Trustee duly executed by, the registered Holder hereof or his attorney duly authorized in writing. The Indenture Trustee or the Issuer may require payment by the Holder of a sum sufficient to cover any tax expense or other governmental charge payable in connection with any transfer or exchange of the Notes.
The Issuer, the Indenture Trustee and any other agent of the Issuer shall treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, and neither the Issuer, the Indenture Trustee, nor any other such agent shall be affected by notice to the contrary.
The Notes are subject to Prepayment, at the times and subject to the conditions set forth in the Indenture and the Series 2014-3 Supplement.
If an Event of Default shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable in the manner and with the effect provided in the Indenture and the Series 2014-3 Supplement.
The Indenture permits, with certain exceptions as therein provided, the issuance of supplemental indentures with the consent of the Requisite Global Majority, in certain specifically described instances. Any consent given by the Requisite Global Majority shall be conclusive and binding upon the Holder of this Note and on all future holders of this Note and of any Note issued in lieu hereof whether or not notation of such consent is made upon this Note. Supplements and amendments to the Indenture and the Series 2014-3 Supplement may be made only to the extent and in circumstances permitted by the Indenture and the Series 2014-3 Supplement.
The Holder of this Note shall have no right to enforce the provisions of the Indenture and the Series 2014-3 Supplement or to institute action to enforce the covenants, or to take any action with respect to a default under the Indenture and the Series 2014-3 Supplement, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided under certain circumstances described in the Indenture and the Series 2014-3 Supplement; provided, however, that nothing contained in the Indenture and the Series 2014-3 Supplement shall affect or impair any right of enforcement conferred on the Holder hereof to enforce any payment of the principal of and interest on this Note on or after the due date thereof; provided further, however, that by acceptance hereof the Holder is deemed to have covenanted and agreed that it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or 

liquidation proceedings, or other proceedings under any applicable bankruptcy or similar law, at any time other than at such time as permitted by Section 1311 of the Indenture and the Series 2014-3 Supplement.
Each purchaser and transferee of a Series 2014-3 Note will be deemed to represent and warrant that either (i) it is not acquiring the Series 2014-3 Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), an entity whose underlying assets include “plan assets” of any of the foregoing by reason of an employee benefit plan’s or plan’s investment in such entity, or any other plan that is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code or (ii) (a) the Series 2014-3 Notes are rated investment grade or better and such person believes that such Series 2014-3 Notes are properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations, and agrees to so treat such Notes and (b) the acquisition, holding and disposition of the Series 2014-3 Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.  Alternatively, regardless of the rating of Series 2014-3 Notes, such Person may provide the Indenture Trustee and the Issuer with an Opinion of Counsel, which Opinion of Counsel will not be at the expense of the Issuer, the Indenture Trustee, the Manager or any successor Manager which opines that the purchase, holding and transfer of such Series 2014-3 Note or interest therein is permissible under Applicable Law, will not constitute or result in a non exempt prohibited transaction under ERISA or Section 4975 of the Code or any similar Applicable Law, and will not subject the Issuer, the Indenture Trustee, the Manager or any successor Manager to any obligation in addition to those undertaken in the Indenture.
Each Holder of a Series 2014-3 Note (i) agrees to treat this Series 2014-3 Note for United States federal, state and local income, single business and franchise tax purposes as indebtedness, (ii) agrees that the duties of the Transition Agent are not to be construed as a replacement Manager, (iii) agrees that the Series 2014-3 Note shall not have any interest in any Series Account of any other Series or Class and (iv) ratifies and confirms the terms of the Indenture and the other Series 2014-3 Transaction Documents.
This Note, and the rights and obligations of the parties hereunder, shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without giving effect to principles of conflict of laws.
All terms and provisions of the Indenture and the Series 2014-3 Supplement are herein incorporated by reference as if set forth herein in their entirety.  To the extent any provision of this Note conflicts or is inconsistent with the provisions of the Indenture or the Series 2014-3 Supplement, the provisions of the Indenture and/or Series 2014-3 Supplement, as applicable, shall govern and be controlling.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to exist, happen and be performed precedent to the execution and delivery of the Indenture and the Series 2014-3 Supplement and the issuance of this Note and the issue of which it is a part, do exist, have happened and have been timely performed in regular form and manner as required by law.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture and the Series 2014-3 Supplement, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, TAL ADVANTAGE V LLC has caused this Note to be duly executed by its duly authorized representative, on this ____ day of ______________, 20___.
TAL ADVANTAGE V LLC
By:    TAL International Container Corporation, 
its Manager
By:                              
Its:

This Note is one of the Notes described in the within-mentioned Indenture and the Series 2014-3 Supplement.
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
By:  ____________________________________
Its:

EXHIBIT A-2
FORM OF TEMPORARY REGULATION S GLOBAL NOTE
UNLESS THIS SERIES 2014-3 NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRANSFEROR OF SUCH NOTE (THE “TRANSFEROR”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2014-3 NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR THE USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT SUCH NOTE MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THAT THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (3) TO A PERSON (A) THAT IS AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, IS TAKING DELIVERY OF SUCH NOTE IN AN AMOUNT OF AT LEAST $100,000 AND DELIVERS A PURCHASER LETTER TO THE INDENTURE TRUSTEE IN THE FORM ATTACHED TO THE INDENTURE OR (B) THAT IS TAKING DELIVERY OF SUCH NOTE PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE.
EACH PURCHASER AND TRANSFEREE OF A NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (ii) (A) THE SERIES 2014-3 NOTES ARE RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON BELIEVES THAT SUCH SERIES 2014-3 NOTES ARE PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS, 

AND AGREES TO SO TREAT SUCH NOTES ACCORDINGLY AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW.  ALTERNATIVELY, REGARDLESS OF THE RATING OF SERIES 2014-3 NOTES, SUCH PERSON MAY PROVIDE THE INDENTURE TRUSTEE AND THE ISSUER WITH AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER WHICH OPINES THAT THE PURCHASE, HOLDING AND TRANSFER OF SUCH SERIES 2014-3 NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW, AND WILL NOT SUBJECT THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE.
EACH INVESTOR PURCHASING THIS NOTE IN RELIANCE UPON REGULATION S OF THE SECURITIES ACT UNDERSTANDS THAT THE NOTES HAVE NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, THAT ANY OFFERS, SALES OR DELIVERIES OF THE NOTES PURCHASED BY IT IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (i) THE COMMENCEMENT OF THE DISTRIBUTION OF THE NOTES AND (ii) THE CLOSING DATE, MAY CONSTITUTE A VIOLATION OF UNITED STATES LAW, AND THAT DISTRIBUTIONS OF PRINCIPAL AND INTEREST WILL BE MADE IN RESPECT OF SUCH NOTES ONLY FOLLOWING THE DELIVERY BY THE HOLDER OF A CERTIFICATION OF NON-U.S. BENEFICIAL OWNERSHIP OR THE EXCHANGE OF BENEFICIAL INTEREST IN REGULATION S TEMPORARY GLOBAL NOTES FOR BENEFICIAL INTERESTS IN THE RELATED UNRESTRICTED BOOK ENTRY NOTES (WHICH IN EACH CASE WILL ITSELF REQUIRE A CERTIFICATION OF NON-U.S. BENEFICIAL OWNERSHIP), AT THE TIMES AND IN THE MANNER SET FORTH IN THE INDENTURE.
THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

TAL ADVANTAGE V LLC FIXED RATE ASSET-BACKED [CLASS A][CLASS B] NOTE, SERIES 2014-3
$[XX]    CUSIP No.: _____________
No. 1
_____________ ___, 20___
KNOW ALL PERSONS BY THESE PRESENTS that TAL Advantage V LLC, a limited liability company organized under the laws of Delaware (the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, at the principal corporate trust office of the Indenture Trustee named below, (i) the principal sum of up to XX Dollars ($xx.00), which sum shall be payable on the dates and in the amounts set forth in the Indenture, dated as of February 27, 2013 (as amended, restated or otherwise modified from time to time, the “Indenture”) and the Series 2014-3 Supplement, dated as of November 25, 2014 (as amended, restated or otherwise modified from time to time, the “Series 2014-3 Supplement”), each between the Issuer and Wells Fargo Bank, National Association as indenture trustee (the “Indenture Trustee”), and (ii) interest on the outstanding principal amount of this Note on the dates and in the amounts set forth in the Indenture and the Series 2014-3 Supplement.  Capitalized terms not otherwise defined herein will have the meaning set forth in the Indenture and the Series 2014-3 Supplement.
Payment of the principal of and interest on this Note shall be made in lawful money of the United States of America which at the time of payment is legal tender for payment of public and private debts. The principal balance of, and interest on this Note is payable at the times and in the amounts set forth in the Indenture and the Series 2014-3 Supplement by wire transfer of immediately available funds to the account designated by the Holder of record on the immediately preceding Record Date.
This Note is one of the authorized notes identified in the title hereto and issued in the aggregate principal amount of up to [  ] Million Dollars ($[  ],000,000) pursuant to the Indenture and the Series 2014-3 Supplement.
The Notes shall be an obligation of the Issuer and shall be secured by the Collateral, all as defined in, and subject to limitations set forth in, the Indenture and the Series 2014-3 Supplement.
This Note is transferable as provided in the Indenture and the Series 2014-3 Supplement, subject to certain limitations therein contained, only upon the books for registration and transfer kept by the Indenture Trustee, and only upon surrender of this Note for transfer to the Indenture Trustee duly endorsed by, or accompanied by a written instrument of transfer in form reasonably satisfactory to the Indenture Trustee duly executed by, the registered Holder hereof or his attorney duly authorized in writing. The Indenture Trustee or the Issuer may require payment by the Holder of a sum sufficient to cover any tax expense or other governmental charge payable in connection with any transfer or exchange of the Notes.
The Issuer, the Indenture Trustee and any other agent of the Issuer shall treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, and neither the Issuer, the Indenture Trustee, nor any other such agent shall be affected by notice to the contrary.
The Notes are subject to Prepayment, at the times and subject to the conditions set forth in the Indenture and the Series 2014-3 Supplement.
If an Event of Default shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable in the manner and with the effect provided in the Indenture and the Series 2014-3 Supplement.

The Indenture permits, with certain exceptions as therein provided, the issuance of supplemental indentures with the consent of the Requisite Global Majority, in certain specifically described instances. Any consent given by the Requisite Global Majority shall be conclusive and binding upon the Holder of this Note and on all future holders of this Note and of any Note issued in lieu hereof whether or not notation of such consent is made upon this Note. Supplements and amendments to the Indenture and the Series 2014-3 Supplement may be made only to the extent and in circumstances permitted by the Indenture and the Series 2014-3 Supplement.
The Holder of this Note shall have no right to enforce the provisions of the Indenture and the Series 2014-3 Supplement or to institute action to enforce the covenants, or to take any action with respect to a default under the Indenture and the Series 2014-3 Supplement, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided under certain circumstances described in the Indenture and the Series 2014-3 Supplement; provided, however, that nothing contained in the Indenture and the Series 2014-3 Supplement shall affect or impair any right of enforcement conferred on the Holder hereof to enforce any payment of the principal of and interest on this Note on or after the due date thereof; provided further, however, that by acceptance hereof the Holder is deemed to have covenanted and agreed that it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any applicable bankruptcy or similar law, at any time other than at such time as permitted by Section 1311 of the Indenture and the Series 2014-3 Supplement.
Each purchaser and transferee of a Series 2014-3 Note will be deemed to represent and warrant that either (i) it is not acquiring the Series 2014-3 Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or any other plan that is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code or (ii) (a) the Series 2014-3 Notes are rated investment grade or better and such person believes that such Series 2014-3 Notes are properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations, and agrees to so treat such Notes and (b) the acquisition, holding and disposition of the Series 2014-3 Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.  Alternatively, regardless of the rating of Series 2014-3 Notes, such Person may provide the Indenture Trustee and the Issuer with an Opinion of Counsel, which Opinion of Counsel will not be at the expense of the Issuer, the Indenture Trustee, the Manager or any successor Manager which opines that the purchase, holding and transfer of such Series 2014-3 Note or interest therein is permissible under Applicable Law, will not constitute or result in a non exempt prohibited transaction under ERISA or Section 4975 of the Code or any similar Applicable Law, and will not subject the Issuer, the Indenture Trustee, the Manager or any successor Manager to any obligation in addition to those undertaken in the Indenture.
Each Holder of a Series 2014-3 Note (i) agrees to treat this Series 2014-3 Note for United States federal, state and local income, single business and franchise tax purposes as indebtedness, (ii) agrees that the duties of the Transition Agent are not to be construed as a replacement Manager, (iii) agrees that the Series 2014-3 Note shall not have any interest in any Series Account of any other Series or Class and (iv) ratifies and confirms the terms of the Indenture and the other Series 2014-3 Transaction Documents.
This Note, and the rights and obligations of the parties hereunder, shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without giving effect to principles of conflict of laws.
All terms and provisions of the Indenture and the Series 2014-3 Supplement are herein incorporated by reference as if set forth herein in their entirety.  To the extent any provision of this Note 

conflicts or is inconsistent with the provisions of the Indenture or the Series 2014-3 Supplement, the provisions of the Indenture and/or Series 2014-3 Supplement, as applicable, shall govern and be controlling.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to exist, happen and be performed precedent to the execution and delivery of the Indenture and the Series 2014-3 Supplement and the issuance of this Note and the issue of which it is a part, do exist, have happened and have been timely performed in regular form and manner as required by law.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture and the Series 2014-3 Supplement, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, TAL Advantage V LLC has caused this Note to be duly executed by its duly authorized representative, on this ___ day of ______________, 20___.
TAL ADVANTAGE V LLC
By:    TAL International Container Corporation, 
its Manager
By:                             
Its:

This Note is one of the Notes described in the within‐mentioned Indenture and the Series 2014-3 Supplement.
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
By:  ____________________________________
Its:

EXHIBIT A-3
FORM OF PERMANENT REGULATION S GLOBAL NOTE
UNLESS THIS SERIES 2014-3 NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRANSFEROR OF SUCH NOTE (THE “TRANSFEROR”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2014-3 NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR THE USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT SUCH NOTE MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THAT THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (3) TO A PERSON (A) THAT IS AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, IS TAKING DELIVERY OF SUCH NOTE IN AN AMOUNT OF AT LEAST $100,000 AND DELIVERS A PURCHASER LETTER TO THE INDENTURE TRUSTEE IN THE FORM ATTACHED TO THE INDENTURE OR (B) THAT IS TAKING DELIVERY OF SUCH NOTE PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE.
EACH PURCHASER AND TRANSFEREE OF A NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (ii) (A) THE SERIES 2014-3 NOTES ARE RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON BELIEVES THAT SUCH SERIES 2014-3 NOTES ARE PROPERLY TREATED AS 

INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS, AND AGREES TO SO TREAT SUCH NOTES ACCORDINGLY AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW.  ALTERNATIVELY, REGARDLESS OF THE RATING OF SERIES 2014-3 NOTES, SUCH PERSON MAY PROVIDE THE INDENTURE TRUSTEE AND THE ISSUER WITH AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER WHICH OPINES THAT THE PURCHASE, HOLDING AND TRANSFER OF SUCH SERIES 2014-3 NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW, AND WILL NOT SUBJECT THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE.
EACH INVESTOR PURCHASING THIS NOTE IN RELIANCE UPON REGULATION S OF THE SECURITIES ACT UNDERSTANDS THAT THE NOTES HAVE NOT AND WILL NOT BE REGISTERED UNDER THE SECURITIES, THAT ANY OFFERS, SALES OR DELIVERIES OF THE NOTES PURCHASED BY IT IN THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (i) THE COMMENCEMENT OF THE DISTRIBUTION OF THE NOTES AND (ii) THE CLOSING DATE, MAY CONSTITUTE A VIOLATION OF UNITED STATES LAW, AND THAT DISTRIBUTIONS OF PRINCIPAL AND INTEREST WILL BE MADE IN RESPECT OF SUCH NOTES ONLY FOLLOWING THE DELIVERY BY THE HOLDER OF A CERTIFICATION OF NON-U.S. BENEFICIAL OWNERSHIP OR THE EXCHANGE OF BENEFICIAL INTEREST IN REGULATION S TEMPORARY GLOBAL NOTES FOR BENEFICIAL INTERESTS IN THE RELATED UNRESTRICTED BOOK ENTRY NOTES (WHICH IN EACH CASE WILL ITSELF REQUIRE A CERTIFICATION OF NON-U.S. BENEFICIAL OWNERSHIP), AT THE TIMES AND IN THE MANNER SET FORTH IN THE INDENTURE.
THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OF THE UNITED STATES.

TAL ADVANTAGE V LLC FIXED RATE ASSET-BACKED CLASS A NOTE, SERIES 2014-3
$[XX]    CUSIP No.: _____________
No. 1
_____________ ___, 20___
KNOW ALL PERSONS BY THESE PRESENTS that TAL Advantage V LLC, a limited liability company organized under the laws of Delaware (the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, at the principal corporate trust office of the Indenture Trustee named below, (i) the principal sum of up to XX Dollars ($xx.00), which sum shall be payable on the dates and in the amounts set forth in the Indenture, dated as of February 27, 2013 (as amended, restated or otherwise modified from time to time, the “Indenture”) and the Series 2014-3 Supplement, dated as of November 25, 2014 (as amended, restated or otherwise modified from time to time, the “Series 2014-3 Supplement”), each between the Issuer and Wells Fargo Bank, National Association as indenture trustee (the “Indenture Trustee”), and (ii) interest on the outstanding principal amount of this Note on the dates and in the amounts set forth in the Indenture and the Series 2014-3 Supplement.  Capitalized terms not otherwise defined herein will have the meaning set forth in the Indenture and the Series 2014-3 Supplement.
Payment of the principal of and interest on this Note shall be made in lawful money of the United States of America which at the time of payment is legal tender for payment of public and private debts. The principal balance of, and interest on this Note is payable at the times and in the amounts set forth in the Indenture and the Series 2014-3 Supplement by wire transfer of immediately available funds to the account designated by the Holder of record on the immediately preceding Record Date.
This Note is one of the authorized notes identified in the title hereto and issued in the aggregate principal amount of up to [                 ] ($[            ]) pursuant to the Indenture and the Series 2014-3 Supplement.
The Notes shall be an obligation of the Issuer and shall be secured by the Collateral, all as defined in, and subject to limitations set forth in, the Indenture and the Series 2014-3 Supplement.
This Note is transferable as provided in the Indenture and the Series 2014-3 Supplement, subject to certain limitations therein contained, only upon the books for registration and transfer kept by the Indenture Trustee, and only upon surrender of this Note for transfer to the Indenture Trustee duly endorsed by, or accompanied by a written instrument of transfer in form reasonably satisfactory to the Indenture Trustee duly executed by, the registered Holder hereof or his attorney duly authorized in writing. The Indenture Trustee or the Issuer may require payment by the Holder of a sum sufficient to cover any tax expense or other governmental charge payable in connection with any transfer or exchange of the Notes.
The Issuer, the Indenture Trustee and any other agent of the Issuer shall treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, and neither the Issuer, the Indenture Trustee, nor any other such agent shall be affected by notice to the contrary.
The Notes are subject to Prepayment, at the times and subject to the conditions set forth in the Indenture and the Series 2014-3 Supplement.
If an Event of Default shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable in the manner and with the effect provided in the Indenture and the Series 2014-3 Supplement.

The Indenture permits, with certain exceptions as therein provided, the issuance of supplemental indentures with the consent of the Requisite Global Majority, in certain specifically described instances. Any consent given by the Requisite Global Majority shall be conclusive and binding upon the Holder of this Note and on all future holders of this Note and of any Note issued in lieu hereof whether or not notation of such consent is made upon this Note. Supplements and amendments to the Indenture and the Series 2014-3 Supplement may be made only to the extent and in circumstances permitted by the Indenture and the Series 2014-3 Supplement.
The Holder of this Note shall have no right to enforce the provisions of the Indenture and the Series 2014-3 Supplement or to institute action to enforce the covenants, or to take any action with respect to a default under the Indenture and the Series 2014-3 Supplement, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided under certain circumstances described in the Indenture and the Series 2014-3 Supplement; provided, however, that nothing contained in the Indenture and the Series 2014-3 Supplement shall affect or impair any right of enforcement conferred on the Holder hereof to enforce any payment of the principal of and interest on this Note on or after the due date thereof; provided further, however, that by acceptance hereof the Holder is deemed to have covenanted and agreed that it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any applicable bankruptcy or similar law, at any time other than at such time as permitted by Section 1311 of the Indenture and the Series 2014-3 Supplement.
Each purchaser and transferee of a Series 2014-3 Note will be deemed to represent and warrant that either (i) it is not acquiring the Series 2014-3 Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or any other plan that is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code or (ii) (a) the Series 2014-3 Notes are rated investment grade or better and such person believes that such Series 2014-3 Notes are properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations, and agrees to so treat such Notes and (b) the acquisition, holding and disposition of the Series 2014-3 Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.  Alternatively, regardless of the rating of Series 2014-3 Notes, such Person may provide the Indenture Trustee and the Issuer with an Opinion of Counsel, which Opinion of Counsel will not be at the expense of the Issuer, the Indenture Trustee, the Manager or any successor Manager which opines that the purchase, holding and transfer of such Series 2014-3 Note or interest therein is permissible under Applicable Law, will not constitute or result in a non exempt prohibited transaction under ERISA or Section 4975 of the Code or any similar Applicable Law, and will not subject the Issuer, the Indenture Trustee, the Manager or any successor Manager to any obligation in addition to those undertaken in the Indenture.
Each Holder of a Series 2014-3 Note (i) agrees to treat this Series 2014-3 Note for United States federal, state and local income, single business and franchise tax purposes as indebtedness, (ii) agrees that the duties of the Transition Agent are not to be construed as a replacement Manager, (iii) agrees that the Series 2014-3 Note shall not have any interest in any Series Account of any other Series or Class and (iv) ratifies and confirms the terms of the Indenture and the other Series 2014-3 Transaction Documents.
This Note, and the rights and obligations of the parties hereunder, shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without giving effect to principles of conflict of laws.
All terms and provisions of the Indenture and the Series 2014-3 Supplement are herein incorporated by reference as if set forth herein in their entirety.  To the extent any provision of this Note 

conflicts or is inconsistent with the provisions of the Indenture or the Series 2014-3 Supplement, the provisions of the Indenture and/or Series 2014-3 Supplement, as applicable, shall govern and be controlling.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to exist, happen and be performed precedent to the execution and delivery of the Indenture and the Series 2014-3 Supplement and the issuance of this Note and the issue of which it is a part, do exist, have happened and have been timely performed in regular form and manner as required by law.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture and the Series 2014-3 Supplement, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, TAL Advantage V LLC has caused this Note to be duly executed by its duly authorized representative, on this __ day of __________, 20__.
TAL ADVANTAGE V LLC
By:    TAL International Container Corporation, 
its Manager
By:                             
Its:

This Note is one of the Notes described in the within‐mentioned Indenture and the Series 2014-3 Supplement.
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
By:  ____________________________________
Its:

EXHIBIT A-4
FORM OF NOTE ISSUED TO INSTITUTIONAL ACCREDITED INVESTORS
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT SUCH NOTE MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THAT THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (3) TO A PERSON (A) THAT IS AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, IS TAKING DELIVERY OF SUCH NOTE IN AN AMOUNT OF AT LEAST $100,000 AND DELIVERS A PURCHASER LETTER TO THE INDENTURE TRUSTEE IN THE FORM ATTACHED TO THE INDENTURE OR (B) THAT IS TAKING DELIVERY OF SUCH NOTE PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE.
EACH PURCHASER AND TRANSFEREE OF A NOTE WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (i) IT IS NOT ACQUIRING THE NOTE WITH THE PLAN ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR ANY OTHER PLAN THAT IS SUBJECT TO A LAW THAT IS SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR (ii) (A) THE SERIES 2014-3 NOTES ARE RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON BELIEVES THAT SUCH SERIES 2014-3 NOTES ARE PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES FOR PURPOSES OF THE PLAN ASSET REGULATIONS, AND AGREES TO SO TREAT SUCH NOTES ACCORDINGLY AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE NOTE WILL NOT GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW.  ALTERNATIVELY, REGARDLESS OF THE RATING OF SERIES 2014-3 NOTES, SUCH PERSON MAY PROVIDE THE INDENTURE TRUSTEE AND THE ISSUER WITH AN OPINION OF COUNSEL, WHICH OPINION OF COUNSEL WILL NOT BE AT THE EXPENSE OF THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER WHICH OPINES THAT THE PURCHASE, HOLDING AND TRANSFER OF SUCH SERIES 2014-3 NOTE OR INTEREST THEREIN IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON EXEMPT PROHIBITED 

TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR ANY SIMILAR APPLICABLE LAW, AND WILL NOT SUBJECT THE ISSUER, THE INDENTURE TRUSTEE, THE MANAGER OR ANY SUCCESSOR MANAGER TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE.
THIS SERIES 2014-3 NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

TAL ADVANTAGE V LLC FIXED RATE ASSET-BACKED CLASS B NOTE, 
SERIES 2014-3
$[XX]    CUSIP No.: _____________
No. 1
_____________ ___, 20___
KNOW ALL PERSONS BY THESE PRESENTS that TAL Advantage V LLC, a limited liability company organized under the laws of Delaware (the “Issuer”), for value received, hereby promises to pay to _______, or registered assigns, at the principal corporate trust office of the Indenture Trustee named below, (i) the principal sum of up to XX Dollars ($XX), which sum shall be payable on the dates and in the amounts set forth in the Indenture, dated as of February 27, 2013 (as amended, restated or otherwise modified from time to time, the “Indenture”) and the Series 2014-3 Supplement, dated as of November 25, 2014 (as amended, restated or otherwise modified from time to time, the “Series 2014-3 Supplement”), each between the Issuer and Wells Fargo Bank, National Association as indenture trustee (the “Indenture Trustee”), and (ii) interest on the outstanding principal amount of this Note on the dates and in the amounts set forth in the Indenture and the Series 2014-3 Supplement.  Capitalized terms not otherwise defined herein will have the meaning set forth in the Indenture and the Series 2014-3 Supplement.
Payment of the principal of and interest on this Note shall be made in lawful money of the United States of America which at the time of payment is legal tender for payment of public and private debts. The principal balance of, and interest on this Note is payable at the times and in the amounts set forth in the Indenture and the 2014-3 Supplement by wire transfer of immediately available funds to the account designated by the Holder of record on the immediately preceding Record Date.
This Note is one of the authorized notes identified in the title hereto and issued in the aggregate principal amount of up to [            ] Dollars ($[         ]) pursuant to the Indenture and the Series 2014-3 Supplement.
The Notes shall be an obligation of the Issuer and shall be secured by the Collateral, all as defined in, and subject to limitations set forth in, the Indenture and the Series 2014-3 Supplement.
This Note is transferable as provided in the Indenture and the Series 2014-3 Supplement, subject to certain limitations therein contained, only upon the books for registration and transfer kept by the Indenture Trustee, and only upon surrender of this Note for transfer to the Indenture Trustee duly endorsed by, or accompanied by a written instrument of transfer in form reasonably satisfactory to the Indenture Trustee duly executed by, the registered Holder hereof or his attorney duly authorized in writing. The Indenture Trustee or the Issuer may require payment by the Holder of a sum sufficient to cover any tax expense or other governmental charge payable in connection with any transfer or exchange of the Notes.
The Issuer, the Indenture Trustee and any other agent of the Issuer shall treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, and neither the Issuer, the Indenture Trustee, nor any other such agent shall be affected by notice to the contrary.
The Notes are subject to Prepayment, at the times and subject to the conditions set forth in the Indenture and the Series 2014-3 Supplement.

If an Event of Default shall occur and be continuing, the principal of and accrued interest on this Note may be declared to be due and payable in the manner and with the effect provided in the Indenture and the Series 2014-3 Supplement.
The Indenture permits, with certain exceptions as therein provided, the issuance of supplemental indentures with the consent of the Requisite Global Majority, in certain specifically described instances. Any consent given by the Requisite Global Majority shall be conclusive and binding upon the Holder of this Note and on all future holders of this Note and of any Note issued in lieu hereof whether or not notation of such consent is made upon this Note. Supplements and amendments to the Indenture and the Series 2014-3 Supplement may be made only to the extent and in circumstances permitted by the Indenture and the Series 2014-3 Supplement.
The Holder of this Note shall have no right to enforce the provisions of the Indenture and the Series 2014-3 Supplement or to institute action to enforce the covenants, or to take any action with respect to a default under the Indenture and the Series 2014-3 Supplement, or to institute, appear in or defend any suit or other proceedings with respect thereto, except as provided under certain circumstances described in the Indenture and the Series 2014-3 Supplement; provided, however, that nothing contained in the Indenture and the Series 2014-3 Supplement shall affect or impair any right of enforcement conferred on the Holder hereof to enforce any payment of the principal of and interest on this Note on or after the due date thereof; provided further, however, that by acceptance hereof the Holder is deemed to have covenanted and agreed that it will not institute against the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any applicable bankruptcy or similar law, at any time other than at such time as permitted by Section 1311 of the Indenture and the Series 2014-3 Supplement.
Each purchaser and transferee of a Series 2014-3 Note will be deemed to represent and warrant that either (i) it is not acquiring the Series 2014-3 Note with the plan assets of an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, a “plan” described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), or any other plan that is subject to a law that is similar to Title I of ERISA or Section 4975 of the Code or (ii) (a) the Series 2014-3 Notes are rated investment grade or better and such person believes that such Series 2014-3 Notes are properly treated as indebtedness without substantial equity features for purposes of the Plan Asset Regulations, and agrees to so treat such Notes and (b) the acquisition, holding and disposition of the Series 2014-3 Note will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code or any similar applicable law.  Alternatively, regardless of the rating of Series 2014-3 Notes, such Person may provide the Indenture Trustee and the Issuer with an Opinion of Counsel, which Opinion of Counsel will not be at the expense of the Issuer, the Indenture Trustee, the Manager or any successor Manager which opines that the purchase, holding and transfer of such Series 2014-3 Note or interest therein is permissible under Applicable Law, will not constitute or result in a non exempt prohibited transaction under ERISA or Section 4975 of the Code or any similar Applicable Law, and will not subject the Issuer, the Indenture Trustee, the Manager or any successor Manager to any obligation in addition to those undertaken in the Indenture.
Each Holder of a Series 2014-3 Note (i) agrees to treat this Series 2014-3 Note for United States federal, state and local income, single business and franchise tax purposes as indebtedness, (ii) agrees that the duties of the Transition Agent are not to be construed as a replacement Manager, (iii) agrees that the Series 2014-3 Note shall not have any interest in any Series Account of any other Series or Class and (iv) ratifies and confirms the terms of the Indenture and the other Series 2014-3 Transaction Documents.

This Note, and the rights and obligations of the parties hereunder, shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York without giving effect to principles of conflict of laws.
All terms and provisions of the Indenture and the Series 2014-3 Supplement are herein incorporated by reference as if set forth herein in their entirety.  To the extent any provision of this Note conflicts or is inconsistent with the provisions of the Indenture or the Series 2014-3 Supplement, the provisions of the Indenture and/or Series 2014-3 Supplement, as applicable, shall govern and be controlling.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to exist, happen and be performed precedent to the execution and delivery of the Indenture and the Series 2014-3 Supplement and the issuance of this Note and the issue of which it is a part, do exist, have happened and have been timely performed in regular form and manner as required by law.
Unless the certificate of authentication hereon has been executed by the Indenture Trustee by manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture and the Series 2014-3 Supplement, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, TAL Advantage V LLC has caused this Note to be duly executed by its duly authorized representative, on this __ day of __________ __, 20__.
TAL ADVANTAGE V LLC
By:    TAL International Container Corporation, 
its Manager
By:                              
Its:

This Note is one of the Notes described in the within-mentioned Indenture and the Series 2014-3 Supplement.
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
By:  ____________________________________
Its:

EXHIBIT B
FORM OF
CERTIFICATE TO BE GIVEN BY NOTEHOLDERS
[Euroclear Bank S.A./N.V., as operator
of the Euroclear System
1 Boulevard du Roi Albert II
B‐1210 Brussels, Belgium]
[Clearstream Banking, société anonyme
f/k/a CedelBank, société anonyme
67 Boulevard Grand-Duchesse Charlotte
L-1331 Luxembourg]
		
	Re:
	Fixed Rate Asset-Backed [Class A][Class B] Notes, Series 2014-3 (the “Offered Notes”) issued pursuant to the Series 2014-3 Supplement, dated as of November 25, 2014, between TAL Advantage V LLC (the “Issuer”) and Wells Fargo Bank, National Association (the “Indenture Trustee”) to the Indenture, dated as of February 27, 2013, between the Issuer and the Indenture Trustee.

This is to certify that as of the date hereof, and except as set forth below, the beneficial interest in the Offered Notes held by you for our account is owned by persons that are not U.S. persons (as defined in Rule 902 under the Securities Act of 1933, as amended).
The undersigned undertakes to advise you promptly by facsimile on or prior to the date on which you intend to submit your certification relating to the Offered Notes held by you in which the undersigned has acquired, or intends to acquire, a beneficial interest in accordance with your operating procedures if any applicable statement herein is not correct on such date. In the absence of any such notification, it may be assumed that this certification applies as of such date.
[This certification excepts beneficial interests in and does not relate to U.S. $_________ principal amount of the Offered Notes appearing in your books as being held for our account but that we have sold or as to which we are not yet able to certify.]
We understand that this certification is required in connection with certain securities laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification or a copy thereof to any interested party in such proceedings.
		
	Dated:*  ______________________________
	By: ________________________,

Account Holder
*Certification must be dated on or after the 15th day before the date of the Euroclear or Clearstream certificate to which this certification relates.

EXHIBIT C
FORM OF
CERTIFICATE TO BE GIVEN BY EUROCLEAR OR CLEARSTREAM
Wells Fargo Bank, National Association,
as Indenture Trustee and Note Registrar
MAC N9311-161
Sixth Street and Marquette Ave
Minneapolis, MN 55479
		
	Re:
	 Fixed Rate Asset-Backed [Class A][Class B] Notes, Series 2014-3 (the “Offered Notes”) issued pursuant to the Series 2014-3 Supplement, dated as of November 25, 2014, between TAL Advantage V LLC (the “Issuer”) and Wells Fargo Bank, National Association (the “Indenture Trustee”) to the Indenture, dated as of February 27, 2013, between the Issuer and the Indenture Trustee.

This is to certify that, based solely on certifications we have received in writing, by facsimile or by electronic transmission from member organizations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our “Member Organizations”) as of the date hereof, $__________ principal amount of the Offered Notes is owned by persons (a) that are not U.S. persons (as defined in Rule 902 under the Securities Act of 1933, as amended (the “Securities Act”)) or (b) who purchased their Offered Notes (or interests therein) in a transaction or transactions that did not require registration under the Securities Act.
We further certify (a) that we are not making available herewith for exchange any portion of the related Temporary Regulation S Book‐Entry Note excepted in such certifications and (b) that as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements made by them with respect to any portion of the part submitted herewith for exchange are no longer true and cannot be relied upon as of the date hereof.
We understand that this certification is required in connection with certain securities laws of the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification or a copy hereof to any interested party in such proceedings.
		
	Date:  ____________________________
	Yours faithfully,

By:
[Euroclear Bank S.A./N.V., as operator of the Euroclear System] [Clearstream, société anonyme]

EXHIBIT D
FORM OF
CERTIFICATE TO BE GIVEN BY TRANSFEREE OF BENEFICIAL INTEREST IN A
TEMPORARY REGULATION S GLOBAL NOTE
[Euroclear Bank S.A./N.V., as operator
of the Euroclear System
1 Boulevard du Roi Albert II
B-1210 Brussels, Belgium]
[Clearstream Banking, société anonyme
f/k/a CedelBank, société anonyme
67 Boulevard Grand-Duchesse Charlotte
L-1331 Luxembourg]
		
	Re:
	Fixed Rate Asset-Backed [Class A][Class B] Notes, Series 2014-3 (the “Offered Notes”) issued pursuant to the Series 2014-3 Supplement, dated as of November 25, 2014, between TAL Advantage V LLC (the “Issuer”) and Wells Fargo Bank, National Association (the “Indenture Trustee”) to the Indenture, dated as of February 27, 2013, between the Issuer and the Indenture Trustee.

This is to certify that as of the date hereof, and except as set forth below, for purposes of acquiring a beneficial interest in the Offered Notes, the undersigned certifies that it is not a U.S. person (as defined in Rule 902 under the Securities Act of 1933, as amended).
The undersigned undertakes to advise you promptly by facsimile on or prior to the date on which you intend to submit your certification relating to the Offered Notes held by you in which the undersigned intends to acquire a beneficial interest in accordance with your operating procedures if any applicable statement herein is not correct on such date. In the absence of any such notification, it may be assumed that this certification applies as of such date.
We understand that this certification is required in connection with certain securities laws in the United States of America. If administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorize you to produce this certification or a copy thereof to any interested party in such proceedings.
		
	Dated:  ______________________________
	By: _________________________

EXHIBIT E
FORM OF
TRANSFER CERTIFICATE FOR EXCHANGE OR
TRANSFER FROM 144A NOTE
TO REGULATION S NOTE
Wells Fargo Bank, National Association,
as Indenture Trustee and Note Registrar
MAC N9311-161
Sixth Street and Marquette Ave
Minneapolis, MN 55479
		
	Re:
	Fixed Rate Asset-Backed [Class A][Class B] Notes, Series 2014-3 (the “Offered Notes”) issued pursuant to the Series 2014-3 Supplement, dated as of November 25, 2014, between TAL Advantage V LLC (the “Issuer”) and Wells Fargo Bank, National Association (the “Indenture Trustee”) to the Indenture, dated as of February 27, 2013 (as amended or supplemented, the “Indenture”), between the Issuer and the Indenture Trustee.

Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.
This letter relates to U.S. $___________ principal amount of Offered Notes that are held as a beneficial interest in the 144A Book‐Entry Note (CUSIP No. _______) with DTC in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of the beneficial interest for an interest in the Regulation S Book‐Entry Note (CUSIP No. _______) to be held with [Euroclear] [Clearstream] through DTC.
In connection with the request and in receipt of the Offered Notes, the Transferor does hereby certify that the exchange or transfer has been effected in accordance with the transfer restrictions set forth in the Indenture and the Offered Notes and:
(a)    pursuant to and in accordance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby certify that:
(i)    the offer of the Offered Notes was not made to a person in the United States of America,
(ii)    either (A) at the time the buy order was originated, the transferee was outside the United States of America or the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States of America, or (B) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States of America,

(iii)    no directed selling efforts have been made in contravention of the requirements of Rule 903 or 904 of Regulation S, as applicable, and the other conditions of Rule 903 or Rule 904 of Regulation S, as applicable, have been satisfied and
(iv)    the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act, and
(b)    with respect to transfers made in reliance on Rule 144A under the Securities Act, the Transferor does hereby certify that the Notes are being transferred in a transaction permitted by Rule 144A under the Securities Act.
This certification and the statements contained herein are made for your benefit, the benefit of the Issuer, and the benefit of RBC Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, ABN Amro Securities (USA) LLC, Nomura Securities International, Inc. and Mizuho Securities USA Inc. as the Initial Purchasers.
[Insert name of Transferor]
		
	Dated:  ______________________________
	By: _________________________

Title:  _______________________________

EXHIBIT F
FORM OF
INITIAL PURCHASER EXCHANGE INSTRUCTIONS
Depository Trust Company
55 Water Street, 50th Floor
New York, New York 10041
		
	Re:
	 Fixed Rate Asset-Backed [Class A][Class B] Notes, Series 2014-3 (the “Offered Notes”) issued pursuant to the Series 2014-3 Supplement, dated as of November [__], 2014, between TAL Advantage V LLC (the “Issuer”) and Wells Fargo Bank, National Association (the “Indenture Trustee”) to the Indenture, dated as of February 27, 2013, between the Issuer and the Indenture Trustee.

Pursuant to Section 206(c) of the Series 2014-3 Supplement, [RBC Capital Markets, LLC] [Merrill Lynch Pierce, Fenner & Smith Incorporated] [Wells Fargo Securities, LLC] [ABN Amro Securities (USA) LLC] [Nomura Securities International, Inc.] [Mizuho Securities USA Inc.] (the “Initial Purchaser”) hereby requests that $[    ],000,000 aggregate principal amount of the Offered Notes held by you for our account and represented by the Temporary Regulation S Book‐Entry Note (CUSIP No. ________) (as defined in the Series 2014-3 Supplement) be exchanged for an equal principal amount represented by the 144A Book‐Entry Note (CUSIP No. _________) to be held by you for our account.
Dated:    
[________________],
as the Initial Purchaser
By:    
Title:    

SCHEDULE 1
Minimum Targeted Principal Balance by Period 

SCHEDULE 2
Scheduled Targeted Principal Balance by Period 

SCHEDULE 3
Maximum Concentrations of Lessees 
	
		
	 
	 

	Lessee
	Concentration Limit

	Maersk
	30%

	APL
	30%

	COSCO
	15%

	China Shipping
	15%

	CMA CGM
	25%

	Evergreen
	15%

	Hamburg Sud
	15%

	Hanjin
	20%

	Hapag-Lloyd
	20%

	Horizon Lines
	15%

	K-Line
	20%

	Mediterranean Shipping
	30%

	Mitsui O.S.K.
	20%

	NYK
	30%

	OOCL
	30%

	Sinotrans
	15%

	United Arab Shipping
	20%

	All Other Top 25
	15%

	All Other Non Top 25
	7%Exhibit 4.64 TAL V 2014-3 Series Note Purchase Agreement

    
NOTE PURCHASE AGREEMENT
Dated as of November 18, 2014
among
TAL ADVANTAGE V LLC
as Issuer
TAL INTERNATIONAL CONTAINER CORPORATION
as Manager
RBC CAPITAL MARKETS, LLC
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
WELLS FARGO SECURITIES, LLC
ABN AMRO SECURITIES (USA) LLC
NOMURA SECURITIES INTERNATIONAL, INC.
MIZUHO SECURITIES USA INC.
as Initial Purchasers
    
(TAL ADVANTAGE V LLC - 
Fixed Rate Asset-Backed NOTES, SERIES 2014-3)

	
			
	 
	 
	Page

	SECTION 1.
	Definitions
	2

	SECTION 2.
	The Notes
	5

	SECTION 3.
	Representations and Warranties of the Issuer
	6

	SECTION 3A.
	Representations and Warranties of the Manager
	11

	SECTION 4.
	Purchase, Sale and Delivery of the Notes
	12

	SECTION 5.
	Offering by the Initial Purchasers
	12

	SECTION 6.
	Covenants of the Issuer
	13

	SECTION 7.
	Expenses; Fees
	15

	SECTION 8.
	Conditions of the Initial Purchasers' Obligation
	16

	SECTION 9.
	Representations, Warranties and Covenants of the Initial Purchasers
	20

	SECTION 10.
	Indemnification and Contribution
	22

	SECTION 11.
	Survival; Scope of Liability
	25

	SECTION 12.
	Termination
	25

	SECTION 13.
	Supplied Information
	26

	SECTION 14.
	Notices
	26

	SECTION 15.
	Successors
	28

	SECTION 16.
	Counterparts
	28

	SECTION 17.
	Governing Law
	28

	SECTION 18.
	Submission to Jurisdiction
	28

	SECTION 19.
	Waiver of Jury Trial
	29

	SECTION 20.
	Negotiations
	29

	SECTION 21.
	Amendments, Etc
	29

	SECTION 22.
	Severability of Provisions
	29

	SECTION 23.
	No Waiver; Cumulative Remedies
	29

	SECTION 24.
	Integration
	29

	SECTION 25.
	Nonpetition Covenant
	29

	SECTION 26.
	USA Patriot Act
	30

	 
	 
	 

	Schedule I
	Initial Purchasers and Principal Amount of Notes
	 

	Schedule II
	Initial Purchasers Information
	 

	Exhibit A-1
	Investor Presentations
	 

	Exhibit A-2
	Investor Cash Flow Reports
	 

	 
	 
	 

NOTE PURCHASE AGREEMENT (as amended, modified and supplemented from time to time in accordance with its terms, the “Agreement”), dated as of November 18, 2014, by and among:
(1)    TAL ADVANTAGE V LLC, a Delaware limited liability company, as issuer under the Indenture (defined below) and the Series 2014-3 Supplement (defined below) (together with its successors and permitted assigns, the “Issuer”);
(2)    TAL INTERNATIONAL CONTAINER CORPORATION, a Delaware corporation (together with its successors and permitted assigns, the “Manager”);
(3)    RBC CAPITAL MARKETS, LLC, a Minnesota limited liability company, as an Initial Purchaser (together with its successors and assigns, “RBC”); 
(4)    MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, a Delaware corporation, as an Initial Purchaser (together with its successors and assigns, “MLPFS”); 
(5)    WELLS FARGO SECURITIES, LLC, a Delaware limited liability company, as an Initial Purchaser (together with its successors and assigns, “WFS”);
(6)    ABN AMRO SECURITIES (USA) LLC, a Delaware limited liability company, as an Initial Purchaser (together with its successors and assigns, “ABN”);
(7)    NOMURA SECURITIES INTERNATIONAL, INC. a New York corporation, as an Initial Purchaser (together with its successors and assigns, “NSI”); and
(8)    MIZUHO SECURITIES USA INC., a Delaware corporation, as an Initial Purchaser (together with its successors and assigns, “MSU”, and, collectively with RBC, MLPFS, WFS, ABN and NSI, the “Initial Purchasers”).
NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:
SECTION 1.    Definitions.
(a)    Certain capitalized terms used throughout this Agreement are defined above or in this Section 1(a).  In addition, capitalized terms used but not defined herein have the meanings given to such terms in the Preliminary Offering Memorandum or, if not defined therein, as defined in Appendix A to the Indenture, dated as of February 27, 2013 (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Indenture”), by and between the Issuer and Wells Fargo Bank, National Association, as indenture trustee (the “Indenture Trustee”).
(b)    As used in this Agreement and its exhibits, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined).
Act:  The Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
Additional Disclosure Document:  Any written information prepared by, or on behalf of, the Issuer for delivery to prospective Series 2014-3 Noteholders, other than the Preliminary Offering Memorandum and the Offering Memorandum.  None of the Transaction Documents shall be deemed to constitute an Additional Disclosure Document.  For the avoidance of doubt, each of the roadshow information 

attached as Exhibit A-1 and the investor cash flow reports described on Exhibit A-2 hereto shall constitute an Additional Disclosure Document.
Affiliate:  This term has the meaning set forth in Appendix A to the Indenture.
Assets:  The Containers and Related Assets owned, or to be acquired by, the Issuer on the Closing Date.
Authorized Signatories:  Any Person designated by written notice delivered to the Indenture Trustee as authorized to execute documents and instruments on behalf of a Person.
Class A Notes: The $247,650,000 Fixed Rate Asset-Backed Notes, Series 2014-3 Class A, issued by the Issuer pursuant to the terms of the Series 2014-3 Supplement.
Class B Notes: The $18,350,000 Fixed Rate Asset-Backed Notes, Series 2014-3 Class B, issued by the Issuer pursuant to the terms of the Series 2014-3 Supplement.
Closing Date:  This term has the meaning set forth in Section 4 hereof. 
Code:  Internal Revenue Code of 1986, as amended.
Commission:  The United States Securities and Exchange Commission.
Container:  This term has the meaning set forth in Appendix A to the Indenture.
Definitive Note:  This term has the meaning set forth in Appendix A to the Indenture.
Early Amortization Event:  This term has the meaning set forth in Section 1201 of the Indenture.
ERISA:  Employee Retirement Income Security Act of 1974, as amended.  
Event of Default:  This term has the meaning set forth in Section 801 of the Indenture.
Exchange Act:  The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
Indenture:  This term shall have the meaning set forth in Section 1(a) hereof.
Indenture Trustee:  This term shall have the meaning set forth in Section 1(a) hereof.
Initial Purchasers Indemnitees:  This term has the meaning set forth in Section 10 hereof.
Initial Purchasers Information:  This term has the meaning set forth in Section 13 hereof.
Initial Purchasers:  This term has the meaning set forth in the preamble hereto.
Initial Resale Purchaser: This term has the meaning set forth in Section 10 hereof.
Institutional Accredited Investors:  This term has the meaning set forth in Section 2(f) hereof.
Investment Company Act:  The Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

Loss:  This term has the meaning set forth in Section 10 hereof.
Manager Report:  This term has the meaning set forth in Appendix A to the Indenture.
Material Adverse Change:  This term has the meaning set forth in Appendix A to the Indenture.
Material Adverse Effect:  A material adverse effect on the business, results of operations, condition (financial or otherwise), assets, liabilities or prospects of either (a) the TAL Persons and their respective subsidiaries, taken as a whole, before and after giving effect to the Transaction or (b) the Assets.
Noteholder:  The Person in whose name a Note is registered in the Note Register maintained by the Indenture Trustee pursuant to Section 205 of the Indenture.
Notes:  The Class A Notes and the Class B Notes.
Offering Memorandum:  This term has the meaning set forth in Section 2(d) hereof.
Person:  An individual, a partnership, a limited liability company, a corporation, a joint venture, an unincorporated association, a joint-stock company, a trust, or other entity or a Governmental Authority. 
Preliminary Offering Memorandum:  This term has the meaning set forth in Section 2(d) hereof.
Proceeding:  This term has the meaning set forth in Section 10 hereof.
Qualified Institutional Buyer:  This term has the meaning set forth in Rule 144A.
Rating Agency:  S&P and any other rating agency that has been requested to issue a rating with respect to the Notes.
Regulation S:  This term has the meaning set forth in Section 2(f) hereof.
Related Assets:  This term has the meaning set forth in Appendix A to the Indenture.
Rule 144A:  Rule 144A under the Act, as such rule may be amended from time to time.
S&P:  Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto.
Series 2014-3 Supplement:  The Series 2014-3 Supplement, dated as of November 25, 2014, by and between the Issuer and the Indenture Trustee (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms), issued pursuant to the terms of the Indenture.
TAL Person:  This term has the meaning set forth in Section 8(f) hereof.
Transaction:  The transaction described in the Preliminary Offering Memorandum.
UCC:  The Uniform Commercial Code as in effect in the applicable jurisdiction.
United States:  The United States of America.

(c)    All accounting terms not specifically defined herein shall be construed in accordance with GAAP.  All terms used in the UCC in effect in the State of New York and not specifically defined herein, are used herein as defined therein.
(d)    Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”.
SECTION 2.    The Notes.  (a)    Subject to the terms and conditions herein contained, the Issuer proposes to sell to the Initial Purchasers Class A Notes in the initial principal balance of Two Hundred Forty Seven Million, Six Hundred Fifty Thousand Dollars ($247,650,000) and with a stated interest rate of three and twenty seven hundredths of one percent (3.27%), and Class B Notes in the initial principal balance of Eighteen Million, Three Hundred Fifty Thousand Dollars ($18,350,000) and with a stated interest rate of four and fifteen hundredths of one percent (4.15%) per annum as more fully described in Section 4.  The terms of the Notes are more fully set forth in the Preliminary Offering Memorandum.
(a)    the Notes are to be issued under the Series 2014-3 Supplement issued pursuant to the Indenture.
(b)    The Notes shall be offered and sold to the Initial Purchasers without being registered under the Act, in reliance on exemptions thereunder.
(c)    In connection with the sale of the Notes, the Issuer has prepared a Preliminary Offering Memorandum, dated November 12, 2014 (the “Preliminary Offering Memorandum”) and a final Offering Memorandum, dated November 19, 2014 (the “Offering Memorandum”), which shall each be in form and substance satisfactory to the Initial Purchasers. All references to the Preliminary Offering Memorandum or the Offering Memorandum shall be deemed to include all attachments thereto.
(d)    The Issuer hereby expressly authorizes the Initial Purchasers to use the Additional Disclosure Documents, the Preliminary Offering Memorandum and the Offering Memorandum, as it may at any time have been or may be amended or supplemented by the Issuer, in connection with the offer and sale of the Notes. The Issuer hereby ratifies and affirms all distributions of  the Additional Disclosure Documents and the Preliminary Offering Memorandum by the Initial Purchasers prior to the date of this Agreement and authorizes the Initial Purchasers to distribute  the Additional Disclosure Documents, the Preliminary Offering Memorandum and the Offering Memorandum in connection with the offer and sale of the Notes, provided that, in each case, such distributions were made only to Persons reasonably believed by the Initial Purchasers to be (i) Qualified Institutional Buyers, (ii) Institutional Accredited Investors that deliver a Purchaser Letter in the form of Annex A to the Offering Memorandum, or (iii) certain Persons to whom the offer and sale of the Notes may be made without registration under the Act in reliance upon Regulation S.  The Issuer also hereby expressly authorizes the Initial Purchasers to distribute to Persons with the aforementioned qualifications copies of the Series 2014-3 Transaction Documents and of opinion letters and other documents delivered in connection with the execution of the Series 2014-3 Transaction Documents, in connection with the offer and sale of the Notes if requested by such Persons.
(e)    The Issuer understands that the Initial Purchasers propose to resell the Notes, as soon as the Initial Purchasers deem advisable after this Agreement has been executed and delivered, on the terms and in the manner set forth in the Offering Memorandum to Persons that the Initial Purchasers reasonably believe to be (i) Qualified Institutional Buyers, in transactions under Rule 144A, (ii) institutional “accredited investors” (“Institutional Accredited Investors”), as defined in Rule 501(a)(1), (2), (3) or (7) under Regulation D of the Act that deliver a Purchase Letter in the form of Annex A to the Offering Memorandum in private sales exempt from registration under the Act, or (iii) certain Persons to whom the offer and sale of the Notes 

may be made without registration under the Act in reliance upon Regulation S under the Act (“Regulation S”).  Any Notes sold to Institutional Accredited Investors shall be represented by one or more Definitive Notes.
SECTION 3.    Representations and Warranties of the Issuer.  The Issuer represents and warrants to the Initial Purchasers that as of the date hereof and as of the Closing Date:
(a)    (A) At 4:30 p.m. on November 18, 2014, the time of the first contract of sale by the Initial Purchasers for any notes (the “Time of Sale”) and as of its date, each Additional Disclosure Documents and the Preliminary Offering Memorandum did not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and (B) the Offering Memorandum, as of its date and as of the Closing Date, will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the foregoing does not apply to information contained in or omitted from the Initial Purchasers Information (as defined in Section 13).
(b)    The statements in the Offering Memorandum under the captions “Description of the Management Agreement,” “Description of the Contribution and Sale Agreement,” “Description of the Series 2014-3 Notes and the Series 2014-3 Supplement”, “Description of the Indenture”  and “Description of the Transition Agent Agreement,” insofar as they purport to constitute a summary of the principal terms of the Notes and the Series 2014-3 Transaction Documents conform in all material respects to the terms of the Notes and the Series 2014-3 Transaction Documents.
(c)    The Issuer is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware.  The Issuer is duly qualified to do business in each jurisdiction in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a material adverse effect upon the Issuer or the ability of the Issuer to perform any of its obligations under any Series 2014-3 Transaction Document to which it is a party.  
(d)    The Issuer has all necessary limited liability company power and authority to execute and deliver the Class A and Class B Notes.  Each Class A and Class B Note has been duly and validly authorized by the Issuer and, from and after the date on which such Class A or Class B Note, as the case may be, is executed by the Issuer and authenticated by the Indenture Trustee in accordance with the terms of the Indenture and the Series 2014-3 Supplement and delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement, shall be validly issued and outstanding and shall constitute a valid and legally binding obligation of the Issuer enforceable against the Issuer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity, regardless of whether enforceability is considered in a proceeding in equity or at law.
(e)    The Issuer has all necessary limited liability company power and authority to execute and deliver this Agreement and the other Series 2014-3 Transaction Documents to which it is a party; and the Issuer is and will continue to be authorized to perform its obligations under the Indenture, this Agreement and the other Series 2014-3 Transaction Documents.  The execution, delivery and performance by the Issuer of this Agreement and the other Series 2014-3 Transaction Documents to which it is a party and the transactions thereunder do not require any consent or approval of any Governmental Authority, stockholder or any other 

Person, other than any such consents or approvals that have been obtained on or prior to the 2014-3 Closing Date or which the failure to obtain would not reasonably be expected to result in a Material Adverse Change.
(f)    This Agreement is, and each Series 2014-3 Transaction Document to which the Issuer is a party, when duly executed and delivered by each of the parties thereto, will be, the legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies.
(g)    This Agreement has been duly and validly executed and delivered by the Issuer.
(h)    The execution, delivery and performance of this Agreement and each of the other Series 2014-3 Transaction Documents by the Issuer and the execution, delivery and payment of the Notes by the Issuer will not: (a) contravene any provision of the Issuer’s certificate of formation or limited liability company agreement; or (b) assuming the accuracy of the representations and warranties of the other parties (other than the TAL Persons) hereto or thereto and the performance by those parties of their agreements and obligations herein or therein, contravene, conflict with or violate any Applicable Law or regulation, or any order, writ, judgment, injunction, decree, determination or award of any Governmental Authority having jurisdiction over the Issuer; or (c) violate or result in the breach of, or constitute a default under the Indenture, the other Series 2014-3 Transaction Documents or the Transaction Documents, executed in connection with Series 2013-1, Series 2013-2, Series 2014-1, Series 2014-2, any other indenture or other loan or credit agreement, or other agreement or instrument to which the Issuer is a party or by which the Issuer, or its property and assets may be bound or affected; except for, in the cases of clauses (a), (b) or (c) above, any such contravention, conflict, violation, breach or default that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change.  
(i)    Except as disclosed in the Offering Memorandum, there is no action, suit, proceeding or investigation pending or, to the best knowledge of the Issuer, threatened against it before any court, regulatory body, arbitrator, administrative agency or other tribunal or governmental instrumentality (i) that asserts the invalidity of this Agreement or any other Series 2014-3 Transaction Document, or (ii) if determined adversely to the Issuer would individually or in the aggregate is reasonably expected to result in a Material Adverse Change.
(j)    The Issuer does not own any “margin security”, as that term is defined in Regulation U of the Federal Reserve Board.  None of the proceeds to the Issuer of the Notes will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any Indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the loans under the Series 2014-3 Supplement to be considered a “purpose credit” within the meaning of Regulations T, U and X.  The Issuer will not take or permit any agent acting on its behalf to take any action which might cause the Notes or any document or instrument delivered by the Issuer pursuant to the Series 2014-3 Supplement to violate any regulation of the Federal Reserve Board.
(k)    The Issuer is not, and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act. The Issuer will be relying on an exemption or exclusion from the definition of “investment company” under the Investment Company Act contained in Section 3(a)(i), although there may be additional exemptions or exclusions available to the Issuer. The Issuer is not relying on the exemptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.  The Issuer is structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd-Frank Act.

(l)    None of the Issuer, any of its Affiliates or any Person acting on its or their behalf has engaged in any directed selling efforts (as that term is defined in Regulation S) with respect to any Notes (provided that no representation is made as to the actions of the Initial Purchasers or any Person acting on their behalf).  The Issuer, its Affiliates and any Person acting on its or their behalf (provided that no representation is made as to the actions of the Initial Purchasers or any Person acting on their behalf) have complied with the offering restrictions and the requirements of Regulation S in connection with any offering of Notes outside the United States.  There is no “substantial U.S. market interest” as defined in Rule 902(j) of Regulation S in the Issuer’s debt securities.
(m)    Assuming the representations and warranties of the Initial Purchasers in Section 9 are true and assuming the compliance by the Initial Purchasers with its covenants and agreements set forth herein, it is not necessary to register any of the Notes under the Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended, in connection with the initial sale of the Notes to the Initial Purchasers in the manner contemplated by this Agreement or for the initial resale of the Notes by the Initial Purchasers in the manner contemplated by this Agreement.
(n)    On the date hereof and the Closing Date, (i) each of the representations and warranties of the Issuer that is set forth in this Agreement, the Indenture or the other Series 2014-3 Transaction Documents is and shall be true and correct in all material respects (except to the extent that such representations or warranties specifically relate to an earlier date), and (ii) the Issuer is not and shall not be in breach, in any material respect, of any covenant or agreement set forth in this Agreement, the Indenture or any other Series 2014-3 Transaction Document.  
(o)    No Event of Default or Early Amortization Event has occurred and is continuing.  No event or condition that with notice or the passage of time (or both) could reasonably be expected to constitute an Event of Default or Early Amortization Event has occurred or is continuing.  
(p)    The Notes meet the eligibility requirements of Rule 144A(d)(3) of the Act.
(q)    Neither the Issuer nor any of its Affiliates has purchased, or is purchasing, any of the Series 2014-3 Notes.
(r)    The Issuer has not engaged in any form of general solicitation or general advertising in connection with the offer or sale of the Notes (as those terms are used in Regulation D under the Act).  None of the Issuer, any of its Affiliates or their respective agents or representatives, have offered the Notes for sale to investors.
(s)    As of the Closing Date, the representations and warranties made by the Issuer in the Transaction Documents or made by the Issuer in any certificate delivered pursuant to the Transaction Documents are true and correct in all material respects unless such representation or warranty relates solely to an earlier date in which case such information shall be true and correct on such earlier date.
(t)    Except for the Initial Purchasers, neither the Issuer nor the Manager has employed or retained a broker, finder, commission agent or other person in connection with the sale of the Notes, and neither the Issuer nor the Manager is under any obligation to pay any broker’s fee or commission in connection with such sale.
(u)    The Issuer agrees that it and each of its Affiliates will not offer or sell the Notes in the United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Act, including, but not limited to (i) any advertisement, article, notice or other communication 

published in any newspaper, magazine or similar media or broadcast over television or radio, or (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.  The Issuer agrees, with respect to resales made in reliance on Rule 144A of any of the Notes, to deliver either with the confirmation of such resale or otherwise prior to settlement of such resale a notice to the effect that the resale of such Notes has been made in reliance upon the exemption from the registration requirements of the Securities Act provided by Rule 144A.
(v)    Except as disclosed in the Offering Memorandum, the Issuer has good and marketable title to all real properties and all other properties and assets owned by it, free from liens, encumbrances and defects that would materially affect the value thereof or materially interfere with the use made or to be made thereof by it; and except as disclosed in the Offering Memorandum, the Issuer holds any leased real or personal property held by it under valid and enforceable leases with no exceptions that would materially interfere with the use made or to be made thereof by it.
(w)    The Issuer possesses all material certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by it and has not received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Issuer, would result in a Material Adverse Change.
(x)    Except as disclosed in the Offering Memorandum, the Issuer is not in violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “environmental laws”), nor owns or operates any real property contaminated with any substance that is subject to any environmental laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation, contamination, liability or claim would result in a Material Adverse Change; and the Issuer is not aware of any pending investigation which might lead to such a claim.
(y)    Any taxes, fees and other governmental charges that would be incurred by reason of the execution and delivery of this Agreement, the Indenture or any other Series 2014-3 Transaction Document or the execution, delivery and sale of the Notes and that would be due and payable as of the Closing Date have been or will be paid prior to the Closing Date.
(z)    None of the Issuer or, to the knowledge of the Issuer, any director, officer, agent or employee acting on behalf of the Issuer has violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977.
(aa)    The operations of the Issuer are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuer, threatened.
(bb)    None of the Issuer or, to the knowledge of the Issuer, any director, officer, agent or employee acting on behalf of the Issuer is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Issuer will not directly or indirectly use the proceeds of the offering of the Notes hereunder, or lend, contribute or otherwise make available such 

proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.
(cc)    The operations of the Issuer are and have been conducted at all times in material compliance with the USA Patriot Act of 2001, as amended, and the rules and regulations thereunder.
SECTION 3A.    Representations and Warranties of the Manager
(a)    The Manager represents and warrants to the Initial Purchasers that as of the date hereof and as of the Closing Date: (i) each of the representations and warranties of the Manager that is set forth in the Series 2014-3 Transaction Documents to which it is a party is and shall be true and correct in all material respects (unless such representation or warranty specifically relates to an earlier date in which case it will be true and correct in all material respects as of such earlier date), and (ii) the Manager is not and shall not be in breach, in any material respect, of any of its covenants or agreements set forth in this Agreement or any other Series 2014-3 Transaction Document to which it is a party.
(b)    In its capacity as sponsor, the Manager has provided a written representation (the "17g-5 Representation") to each nationally recognized statistical rating organization (as defined in the Exchange Act) hired by the Manager to rate the Notes (collectively, the "Hired NRSROs"), which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5 of the Exchange Act ("Rule 17g-5").  The Manager has complied with, and has caused the Issuer to comply with, and will comply with, and will cause the Issuer to comply with, the 17g-5 Representation.  The Issuer and the Manager shall be solely responsible for compliance with Rule 17g-5 in connection with the issuance, monitoring and maintenance of the credit rating on the Notes.  The Initial Purchasers are not responsible for compliance with any aspect of Rule 17g-5 in connection with the Notes.
(c)    This Agreement has been duly and validly executed and delivered by the Manager.
(d)    This Agreement, when delivered by each of the parties hereto, will be the legal valid and binding obligations of the Manager, enforceable against the Manager in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies.
SECTION 4.    Purchase, Sale and Delivery of the Notes.  On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and conditions herein set forth, Issuer agrees to sell to the Initial Purchasers, and the Initial Purchasers agree to purchase from the Issuer, on the Closing Date, the principal amount of the Notes set forth on Schedule I hereto opposite the name of such Initial Purchaser.  The Class A Notes are to be purchased by the Initial Purchasers at a purchase price equal to 99.96602% of the aggregate principal amount thereof and the Class B Notes are to be purchased by Initial Purchasers at a purchase price equal to 99.72454% of the aggregate principal amount thereof.  Except for any Notes issued to Institutional Accredited Investors which Notes shall be issued as Definitive Notes, the Notes shall be Book-Entry Notes, and shall be registered in the name of Cede & Co., as nominee of The Depository Trust Company.  Each of the Notes shall include the applicable legend regarding restrictions on transfer set forth under “Restrictions on Transfers and Notice to Investors” in the Offering Memorandum.  The delivery of and payment for the Notes shall be made at the offices of Dentons US LLP, by 6:00 p.m., New York time on November 25, 2014 or at such other place, time or date as the Initial Purchasers and the Issuer may agree upon, such time and date of delivery against payment being herein referred to as the “Closing Date”. The Issuer shall make copies of the Notes available for checking by the Initial Purchasers at the offices 

of the Initial Purchasers at least 24 hours prior to the Closing Date. The purchase price of the Notes paid by the Initial Purchasers shall be remitted by wire transfer to the Indenture Trustee.
SECTION 5.    Offering by the Initial Purchasers.  
(a)    The Initial Purchasers propose to make an offering of the Notes, upon the terms set forth in the Preliminary Offering Memorandum, as soon as practicable after this Agreement is entered into and as in its judgment is advisable. During the period from the date of this Agreement until the earlier of (i) the date on which the Initial Purchasers shall have completed the initial resale of all of the Notes and (ii) 90 days after the date of this Agreement, the Issuer agrees to reasonably assist the Initial Purchasers in any marketing of the Notes and (promptly upon request) to provide all information reasonably deemed necessary by the Initial Purchasers in such marketing. In addition, during such period the Issuer shall use commercially reasonable efforts to make appropriate officers and representatives of the Issuer available to participate in information meetings for potential investors at such times and places as the Initial Purchasers may reasonably request.
(b)    The Issuer acknowledges and agrees that the Initial Purchasers are acting solely in the capacity of an arm’s length contractual counterparty to the Issuer with respect to the offering of the Notes contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Issuer or any other Person.  Additionally, the Initial Purchasers are not advising the Issuer or any other Person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction.  The Issuer shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the Initial Purchasers shall have no responsibility or liability to the Issuer with respect thereto.  Any review by the Initial Purchasers of the Issuer, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Initial Purchasers and shall not be on behalf of the Issuer.
(c)    The Issuer acknowledges and agrees that:
(i)    the Issuer has been advised that the Initial Purchasers and their Affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Issuer and that the Initial Purchasers have no obligation to disclose such interests and transactions to the Issuer by virtue of any fiduciary, advisory or agency relationship; and
(ii)    the Issuer waives, to the fullest extent permitted by law, any claims it may have against the Initial Purchasers for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Initial Purchasers shall have no liability (whether direct or indirect) to the Issuer in respect of such a fiduciary duty claim or to any Person asserting a fiduciary duty claim on behalf of or in right of the Issuer, including stockholders, employees or creditors of the Issuer.
SECTION 6.    Covenants of the Issuer.  The Issuer covenants and agrees with the Initial Purchasers that:
(a)    The Issuer shall not amend or supplement the Preliminary Offering Memorandum, the Offering Memorandum or any amendment thereof or supplement thereto unless the Initial Purchasers previously shall have been advised thereof and been furnished a copy thereof prior to the proposed amendment or supplement and shall not have reasonably objected in writing within five (5) Business Days after being furnished a copy thereof.  If, at any time during the period beginning on the date hereof and ending on the earlier of (i) the date on which Initial Purchasers shall have completed the initial resale of all of the Notes and (ii) ninety (90) 

days after the date of this Agreement, any event occurs as a result of which the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if it is necessary at any such time to amend or supplement the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum to comply with any Applicable Law, the Issuer shall promptly notify the Initial Purchasers thereof and shall prepare and deliver to the Initial Purchasers, at the expense of the Issuer, an amendment of or supplement to the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum which will correct such statement or omission or effect such compliance.
In the event that the Initial Purchasers shall incur any costs in connection with the reformation of a contract of sale with any investor that received a Preliminary Offering Memorandum or an Offering Memorandum that contains or contained any untrue statement of material fact or failed to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, the Issuer and the Manager jointly and severally agree to reimburse the Initial Purchasers for such costs, provided that the untrue statement or omission in such Preliminary Offering Memorandum or Offering Memorandum did not relate solely to Initial Purchasers Information (as defined in Section 13 hereof).
(b)    The Issuer will use its reasonable efforts to arrange for qualification or exemption of the Notes for sale under the securities or “Blue Sky” laws of any state that the Initial Purchasers shall reasonably request and shall pay all reasonable expenses (including reasonable fees and disbursements of counsel) in connection with the qualification or exemption and in connection with the determination of the eligibility of the Notes for investment under the laws of the jurisdictions that the Initial Purchasers may reasonably designate and will continue such qualifications or exemptions in effect in such jurisdictions until the earlier of (x) the date on which the Initial Purchasers shall have completed the initial resale of all of the Notes and (y) 90 days after the date of this Agreement, provided that the Issuer will not be required to (i) qualify to do business in any jurisdiction it is not now so qualified, (ii) take any action that would subject it to service of process in suits (other than those suits arising out of the offering or sale of the Notes) in any jurisdiction where it is not now so subject or (iii) subject it to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not now so subject.  
(c)    The Issuer shall, without charge, provide to the Initial Purchasers as many copies of the Additional Disclosure Documents, the Preliminary Offering Memorandum and the Offering Memorandum and any amendment thereof or supplement thereto as the Initial Purchasers may reasonably request.
(d)    The Issuer (or any of its “affiliates” as defined in Regulation D under the Act), directly or through any agent, shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Act) that is integrated with the sale of the Notes hereunder in a manner that would cause the exemption afforded by Section 4(2) of the Act or the safe harbor of Regulation S thereunder to cease to be applicable to the offer and sale of the Notes hereunder.
(e)    Neither the Issuer nor any of its Affiliates shall contact or solicit potential investors to purchase any Note, engage any Person to assist in the placement or sale of the Notes or sell any Notes to any Person, in the case of each of the foregoing, other than the Initial Purchasers except as consented to in writing by the Initial Purchasers.  
(f)     The Issuer shall cause the Class A Notes to be eligible for clearance and settlement through The Depository Trust Company and Euroclear.

(g)    Neither the Issuer nor any of its Affiliates shall sell or otherwise transfer any Notes that have been acquired by any of them until the date on which the Initial Purchasers shall have resold of all of the Class A Notes.  The Issuer or an Affiliate of the Issuer may be a Holder of the Class B Notes and, in such case, the Class B Notes may be resold by the Issuer or its Affiliate at a later date in accordance with the terms and conditions of the Series 2014-3 Supplement.
(h)    Except with respect to the Notes to be issued on the Closing Date, during the period commencing on the date hereof and ending on the date on which the Initial Purchasers shall have completed the resale of all of the Class A Notes, neither the Issuer nor any of its Affiliates shall issue any U.S. dollar denominated debt securities similar to the Notes which are either placed or syndicated by the Issuer, any of its Affiliates or any of its assets in the international or U.S. capital markets, directly or on their behalf, in any manner which could in the sole judgment of the Initial Purchasers have a detrimental effect on the successful offering, sale or resale of the Notes unless mutually agreed to in writing by the Initial Purchasers and the Issuer.
(i)    If the rating assigned to the Notes require the delivery to the Rating Agency of the executed Series 2014-3 Transaction Documents, the Issuer shall deliver such documents to the Rating Agency within thirty (30) days after the Closing Date.
(j)    The Issuer agrees that, in order to render the Notes eligible for resale pursuant to Rule 144A under the Act, while any of the Notes remain outstanding, to make available, upon request, to any Noteholder or prospective purchasers of Notes the information specified in Rule 144A(d)(4) (unless the Issuer is then subject to Section 13 or 15(d) of the 1934 Act).  Any such additional information delivered to any holders and prospective purchasers of the Notes will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(k)    Neither the Issuer nor the Manager will take or permit, or cause any of their Affiliates to take, any action whatsoever which would have the effect of requiring the registration under the Act of the offering or sale of the Notes contemplated by the Preliminary Offering Memorandum and the Offering Memorandum.
(l)    So long as any of the Notes are Outstanding, the Issuer will furnish to the Initial Purchasers, by first-class mail, as soon as practicable:  (i) copies of all documents required to be distributed to the Noteholders; (ii) copies of any reports and financial statements, if any, furnished to or filed with the Commission, any governmental or regulatory authority or any national securities exchange by the Seller or the Issuer; (iii) copies of each report furnished to the Seller or the Issuer pursuant to any Series 2014-3 Transaction Document; and (iv) from time to time, such other information concerning the Issuer or the Manager as the Initial Purchasers may reasonably request.
SECTION 7.    Expenses; Fees.  (a)  Each of the Manager and the Issuer jointly and severally agrees to pay all reasonable and documented costs and expenses incident to the purchase and resale of the Notes by the Initial Purchasers and the transactions contemplated by this Agreement and the Series 2014-3 Transaction Documents, whether or not the transactions contemplated herein or therein are consummated or this Agreement is terminated pursuant to Section 12, including all reasonable and documented costs and expenses incident to (i) the preparation, printing, word processing, distribution or other production of documents with respect to such transactions, including any costs in respect of the Series 2014-3 Transaction Documents, the Additional Disclosure Documents, the Preliminary Offering Memorandum and the Offering Memorandum and any amendment thereof or supplement thereto, and any “Blue Sky” memorandum, (ii) all arrangements relating to the delivery to the Initial Purchasers of copies of the foregoing documents, (iii) the reasonable and documented fees and disbursements of counsel, accountants and other consultants, experts 

and advisors retained by the Initial Purchasers or any of its Affiliates (including, but not limited to the fees, costs and expenses described under Section 7(b) herein) (provided that the fees of counsel to the Initial Purchasers shall not exceed ($200,000), (iv) preparation, issuance, transfer and delivery of the Notes, (v) the Indenture Trustee’s reasonable and documented fees and expenses, including reasonable and documented expenses of counsel retained by the Indenture Trustee, (vi) the qualification of the Notes under state securities and “Blue Sky” laws (including filing fees and fees) to the extent such qualification is required by this Agreement, (vi) reasonable and documented expenses of the Initial Purchasers in connection with any meetings with prospective investors in the Notes, (vii) all reasonable and documented expenses and fees incurred in connection with causing the Notes to be eligible for clearance and settlement through The Depository Trust Company, and (viii) fees charged by S&P for the rating of the Notes.  The Issuer acknowledges that the Initial Purchasers are not responsible for any of the fees, costs and expenses contemplated by this subsection.
(a)    Each of the Manager and Issuer, jointly and severally, agree to pay or reimburse, on a timely basis, the Initial Purchasers for all reasonable and documented out of pocket fees, costs and expenses incurred by the Initial Purchasers or third parties selected by the Initial Purchasers (which may include an Affiliate of such Initial Purchaser) in connection with the conduct of a due diligence examination of the Containers and the Related Assets, and of the activities of the Issuer and any of its Affiliates with respect to the Managed Containers and the Related Assets whether or not the transactions contemplated herein are consummated.  The Issuer agrees that these fees may include reasonable and documented fees and expenses incurred in connection with time spent at the offices of the Issuer, the Manager, or any of their Affiliates and in preparation of reports relating thereto.
(b)    The amounts payable under each clause of this section shall be cumulative and payment of amounts referred to in one clause shall not reduce amounts payable under another clause.
SECTION 8.    Conditions of the Initial Purchasers' Obligation.  The obligations of the Initial Purchasers to purchase and pay for Notes in an amount equal to the principal amount set forth on Schedule I hereto opposite its name shall, in its sole discretion, be subject to the following conditions:
(a)    The Issuer shall have caused all Uniform Commercial Code financing statements (or documents of similar import) required to perfect the first priority security interest of the Indenture Trustee pursuant to the Indenture in the Collateral and related items, in each case, to be duly filed in the manner required by the laws of each appropriate jurisdiction.
(b)    All corporate and other proceedings in connection with the transactions contemplated hereby and by the Series 2014-3 Transaction Documents and all documents and Notes incident thereto shall be reasonably satisfactory in form and substance to the Initial Purchasers and their counsel, and the Initial Purchasers shall have received any other documents incident to the transactions contemplated hereby and by the Series 2014-3 Transaction Documents that the Initial Purchasers or their counsel shall reasonably request.  The Initial Purchasers or their counsel shall have received on the Closing Date certified copies of all documents evidencing corporate or other organizational action taken by the Issuer, the Manager and the Indenture Trustee to approve the execution and delivery of this Agreement and the Series 2014-3 Transaction Documents to which they are a party and the consummation of the transactions contemplated hereby and thereby.
(c)    Immediately prior to the sale of the Notes to the Initial Purchasers, the Notes shall have been executed by the Issuer and authenticated by or on behalf of the Indenture Trustee, and this Agreement and each of the Series 2014-3 Transaction Documents that are to be executed and delivered on or prior to the Closing Date shall have been executed and delivered.  The Initial Purchasers and the Indenture Trustee shall 

have received on the Closing Date a fully executed counterpart original and any required conformed copies of all Series 2014-3 Transaction Documents delivered on or prior to the Closing Date, and the Indenture Trustee shall have received the Notes.
(d)    The Initial Purchasers or their counsel shall have received on the Closing Date signature and incumbency certificates executed by Authorized Signatories of the Issuer and the Indenture Trustee certifying the identities and signatures of those officers who executed each of this Agreement and the other Series 2014-3 Transaction Documents delivered in connection with Series 2014-3 to which the Issuer or the Indenture Trustee, as the case may be, is a party.
(e)    The Class A Notes shall have been rated “A (sf)” by S&P and the Class B Notes shall have been rated “BBB (sf)” by S&P, such ratings shall be in full force and effect and the Initial Purchasers shall have received letter(s) from S&P dated on or before the Closing Date to such effect.
(f)    Subsequent to the execution and delivery of this Agreement, there shall not have occurred (i) any material adverse change, or any development involving a prospective material adverse change, in the condition (financial or otherwise) or in the business, properties or operations of the Issuer or the Manager (each, a “TAL Person” and collectively “TAL Persons”), or the assets, (ii) a material suspension or material limitation of trading in securities generally on the New York Stock Exchange, or the establishment of minimum prices on the New York Stock Exchange, (iii) a general moratorium on commercial banking activities declared by any state of the United States or United States authorities, (iv) any material outbreak or material escalation of hostilities, insurrection or armed conflict in which the United States of America is involved, any declaration of war by Congress or any other national or international calamity or emergency that in the sole judgment of the Initial Purchasers makes it impractical or inadvisable to purchase the Notes or to proceed with the offering, sale, resale or delivery of the Notes, or (v) any material adverse change in financial, political or economic conditions that in the sole judgment of the Initial Purchasers makes it impractical or inadvisable to purchase the Notes or to proceed with the offering, sale, resale or delivery of the Notes.
(g)    On the Closing Date, the Initial Purchasers shall have received opinions, dated the Closing Date, addressed to the Initial Purchasers and in form and substance reasonably satisfactory to its counsel, of (i) Vedder Price P.C., counsel to the Issuer and the Manager, as to (A) perfection of the Indenture Trustee’s interest in the Collateral and other UCC matters, (B) “true sale”, substantive consolidation, (C) corporate, tax and other matters, and (D) securities laws matters; (ii) internal counsel of the Manager as to certain matters relating to the Manager; (iii) counsel to the Indenture Trustee, as to certain matters relating to the Indenture Trustee; and (iv) such opinion letters, if any, as shall be delivered to the Rating Agency with respect to matters not addressed in clauses (i) through (iv) above.  In addition to the matters set forth above, the opinion letter of Vedder Price P.C. shall also include a statement to the effect that, during the preparation of the Offering Memorandum, such counsel has participated in conferences with officers and other representatives of the independent public accountants for the Issuer, representatives of the Initial Purchasers and counsel for the Initial Purchasers, at which conferences the content of the Offering Memorandum and related matters were discussed and that based upon such participation but without independent review or verification, and without passing upon, and without assuming responsibility for, the accuracy, completeness or fairness of the statements contained in the Offering Memorandum, no facts have come to such counsel’s attention which leads it to believe that, at the Time of Sale and the date of the Offering Memorandum (except as to financial statements and related notes, structuring assumptions, financial, accounting and other statistical data and supported schedules included therein or omitted therefrom, as to which such counsel need express no opinion) contained any untrue statement of material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading.

(h)    The Initial Purchasers shall have received a letter from an Independent Accountant dated the date of the Preliminary Offering Memorandum (with respect to the Preliminary Offering Memorandum) and the Closing Date (with respect to the Offering Memorandum), in form and substance satisfactory to the Initial Purchasers and their counsel, containing statements and information of the type ordinarily included in accountants’ “comfort letters” with respect to information contained in the Preliminary Offering Memorandum and the Offering Memorandum.
(i)    The representations and warranties of the Issuer and the Manager contained in this Agreement and in the Series 2014-3 Transaction Documents to which it is a party shall be true and correct in all material respects as of the date hereof and as of the Closing Date; each of the Issuer and the Manager shall have performed in all material respects all covenants and agreements and satisfied in all material respects all conditions on its part to be performed or satisfied hereunder and under the Series 2014-3 Transaction Documents on or prior to the Closing Date.
(j)    The Initial Purchasers shall have received a certificate of each TAL Person, dated the Closing Date, signed on behalf of each TAL Person (as applicable) by its President or any Vice President and its Chief Financial Officer or if such entity has none, its Treasurer, to the effect that, to the actual knowledge of such person after reasonable inquiry:
(i)    The representations and warranties of such TAL Person contained in this Agreement and in the Series 2014-3 Transaction Documents to which such TAL Person is a party are true and correct in all material respects as of the Closing Date as if made on such date, such TAL Person has performed in all material respects all covenants and agreements and satisfied in all material respects all conditions on its respective part to be performed or satisfied hereunder and under the other Series 2014-3 Transaction Documents on or prior to the Closing Date, and since the date of this Agreement, there has been no material adverse change in the business, condition (financial or otherwise) or results of operations of such TAL Person.
(ii)    Except as set forth in the Offering Memorandum, since the date of this Agreement, there has not occurred any Material Adverse Change, or any development involving a prospective material adverse change, in the condition (financial or otherwise) or in the business, properties or operations of such TAL Person.
(k)    The Initial Purchasers shall have received confirmation that the Notes have been accepted for clearance of secondary market trading by The Depository Trust Company.
(l)    The Offering Memorandum shall have been printed and an electronic copy distributed to the Initial Purchasers not later than 2:00 p.m., New York time on November 19, 2014, with paper copies distributed to the Initial Purchasers promptly thereafter, but not later than 5:00 p.m. on November 19, 2014.
(m)    The Initial Purchasers shall have received from the Issuer a completed and executed Asset Base Certificate as of the Closing Date, evidencing that no Asset Base Deficiency shall exist on such date (after giving effect to the transactions occurring on the Closing Date pursuant to the Series 2014-3 Transaction Documents).
(n)    Any Series 2014-3 Transaction Documents which are required to be executed on or prior to the Closing Date that have not been executed by the date of this Agreement will be subject to a condition precedent that requires such agreements to be in form and substance satisfactory to the Initial Purchasers.

(o)    On or prior to the Closing Date (i) the Issuer or the Seller shall have caused each lender or lenders, or any agent, trustee or similar authorized representative thereof, in any such case that is the named grantee or beneficiary of a consensual security interest in the Managed Containers, related Leases and/or other related assets and property being conveyed by the Seller to the Issuer on the Closing Date, to have executed and delivered to the Seller for the benefit of the Seller and its assignees, a written contractual release of such security interest, in a form satisfactory to the Initial Purchasers, conditioned in each case solely upon the Seller’s delivering or causing to be delivered a wire transfer of immediately available funds to a specified payment account of such lender or lenders or agent, trustee or similar authorized representative of a specified payoff amount and (ii) the Issuer or the Seller on or prior to the Closing Date shall have delivered or caused to be delivered each such specified payoff amount in such immediately available funds to the specified payment account so as to effect the release of security interest described in such applicable contractual release, and which delivery of funds may be made or caused to be made from funds paid by the Issuer to the Seller as consideration for the conveyance of such Managed Containers, related Leases and other related assets and property on the Closing Date.
(p)    On or before to the Closing Date, the Issuer shall have funded the Series 2014-3 Restricted Cash Account in the amount required by the Series 2014-3 Transaction Documents.
(q)    On or before the Closing Date, the Issuer or the Seller shall have paid or caused to be paid to the Initial Purchasers the fee compensation and expense amounts and reimbursements described in Section 7 hereof and/or any other fee letters between the Issuer and/or the Seller, on the one hand, and the Initial Purchasers, on the other hand, in each case as directed by the Initial Purchasers in writing.
(r)    The Closing Date shall have occurred.
(s)    This Agreement has not terminated pursuant to Section 12.
The Issuer shall furnish to the Initial Purchasers and the Rating Agency (i) such other agreements, instruments, documents, opinions, certificates, letters and schedules as the Initial Purchasers or their counsel or any Rating Agency or its counsel reasonably may request, and (ii) originals and conformed copies of all opinions, certificates, letters, schedules, agreements, documents and instruments delivered pursuant to this Agreement in the quantities that the Initial Purchasers or the Rating Agencies, as the case may be, may reasonably request.
SECTION 9.    Representations, Warranties and Covenants of the Initial Purchasers.  The Initial Purchasers represents and warrants and covenants to the Issuer that:
(a)    Each Initial Purchaser is an Institutional Accredited Investor.
(b)    Each Initial Purchaser acknowledges that the Notes have not been registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from the registration requirements of the Act.  Each Initial Purchaser represents and agrees that it has offered and sold the Notes, and will offer and sell the Notes only (i) as part of its distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 or Rule 144A or to Institutional Accredited Investors pursuant to an exemption from the registration requirements of the Act.  Accordingly, neither each Initial Purchaser nor its Affiliates, nor any persons acting on its or their behalf, have engaged or will engage in any directed selling efforts with respect to the Notes, and each Initial Purchaser, its Affiliates and all persons acting on its or their behalf have complied and will comply with the offering restrictions requirement of Regulation S, Rule 144A and will otherwise only offer and sell the Notes pursuant to an exemption from the 

registration requirements of the Act.  Each Initial Purchaser will not offer or sell, and has not offered or sold any Notes except (x) within the United States to persons reasonably believed by it to be (i) Qualified Institutional Buyers in reliance on the exemption from registration provided by Rule 144A or (ii) Institutional Accredited Investors that deliver a Purchaser Letter in the form of Annex A to the Offering Memorandum and (y) to certain non-U.S. persons outside the United States within the meaning of, and in compliance with, Regulation S.  Each Initial Purchaser agrees that, at or prior to confirmation of sale of the Notes, other than a sale pursuant to Rule 144A, each Initial Purchaser will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases the Notes from it during the restricted period a confirmation or notice (which notice may be contained in the Preliminary Offering Memorandum) to substantially the following effect:
“The Series 2014-3 Notes are being transferred to the purchaser in a transaction not involving any public offering in the United States within the meaning of the Securities Act, and that, if in the future the purchaser decides to resell, pledge or otherwise transfer any Series 2014-3 Notes, such Series 2014-3 Notes may be resold, pledged or transferred only in accordance with applicable state securities laws and (i) in a transaction meeting the requirements of Rule 144A, to a person that the transferor reasonably believes is a Qualified Institutional Buyer that purchases for its own account (or for the account or accounts of a Qualified Institutional Buyer) and to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, (ii) (a) to a person that is an Institutional Accredited Investor (other than a Qualified Institutional Buyer), is taking delivery of such Note in an amount of at least $100,000 and delivers a Purchase Letter in the form of Annex A to the Offering Memorandum to the Indenture Trustee, or (b) to a person that is taking delivery of such Note pursuant to a transaction that is otherwise exempt from the registration requirements of the Securities Act, as confirmed in an opinion of counsel addressed to the Indenture Trustee and the Issuer, which counsel and opinion are satisfactory to the Indenture Trustee and the Issuer, or (iii) in an offshore transaction in accordance with Rule 903 or Rule 904 of Regulation S.  
(c)    Each Initial Purchaser agrees that it and each of its Affiliates will not offer or sell the Notes in the United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Act, including, but not limited to (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.  Each Initial Purchaser agrees, with respect to resales made in reliance on Rule 144A of any of the Notes, to deliver either with the confirmation of such resale or otherwise prior to settlement of such resale a notice to the effect that the resale of such Notes has been made in reliance upon the exemption from the registration requirements of the Securities Act provided by Rule 144A.
(d)    Each Initial Purchaser has not engaged in any form of general solicitation or general advertising in connection with the offering or sale of the Notes (as those terms are used in Regulation D under the Act).
(e)    Each Initial Purchaser is not acquiring the Notes with the assets of an employee benefit plan within the meaning of the ERISA or a plan as defined in Section 4975 of the Code.
(f)    The acquisition and holding of the Note will not give rise to a nonexempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code.

(g)    Each Initial Purchaser will not offer or sell any Note except on the terms contemplated by the Offering Memorandum and in accordance with all Applicable Laws.
(h)    Each Initial Purchaser agrees that it and each of its Affiliates has not entered and will not enter into any contractual arrangement with respect to the distribution of the Notes except with the prior written consent of the Issuer.
SECTION 10.    Indemnification and Contribution.  (a) Each of the Manager and the Issuer will jointly and severally indemnify and hold harmless each Initial Purchaser, its Affiliates, directors, officers, employees, agents, representatives and the Person who controls (within the meaning of Section 15 of the Act and Section 20 of the Exchange Act) each Initial Purchaser (collectively the “Initial Purchaser Indemnitee”) against any losses, claims, damages or other liabilities, costs and expenses (any losses, claims, damages, liabilities, costs and expenses being referred to collectively as “Losses” and individually as a “Loss”) to which any Initial Purchaser Indemnitee may become subject, insofar as any Losses (or claims, actions, suits or proceedings in respect thereof) relate to, arise out of or are based upon:
(i)    any breach of any of the representations, warranties and covenants of the Issuer or the Manager contained herein;
(ii)    any untrue statement or alleged untrue statement of any material fact contained in the Additional Disclosure Documents, the Preliminary Offering Memorandum, the Offering Memorandum or any amendment of or supplement to any of the foregoing, or
(iii)    any omission or alleged omission to state, in the Additional Disclosure Documents, the Preliminary Offering Memorandum, the Offering Memorandum or any amendment of or supplement to any of the foregoing, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading,
and in each case shall reimburse, as incurred, each Initial Purchaser Indemnitee for any legal or other out-of-pocket fees, charges or expenses, in each case, reasonably incurred by any Initial Purchaser Indemnitee in connection with investigating, preparing, defending against or appearing as a third-party witness in connection with any Loss, litigation, claim, suit, proceeding or action, whether commenced or threatened (any such litigation, claims, suits, proceedings, and actions being referred to collectively as “Proceedings” and individually as a “Proceeding”); provided, however, that neither the Issuer nor the Manager shall be liable in any case under this Section 10 to the extent that any Loss (or claims, actions, suits or proceedings in respect thereof) arises out of or is based upon any untrue statement or alleged untrue statement in, or omission or alleged omission from, the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum or any amendment or supplement thereto that, in the case of each of the foregoing, is made in reliance upon and in conformity with the Initial Purchasers Information (as such term is defined in Section 13(a)); provided, further, however, that the foregoing indemnity agreement with respect to any Loss (or claims, actions, suits or proceedings in respect thereof) shall not inure to the benefit of the Initial Purchaser Indemnitee with respect to any Loss (or claims, actions, suits or proceedings in respect thereof) arising out of or based upon (x) any untrue statement or alleged untrue statement of any material fact contained in the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum or any amendment of or supplement to any of the foregoing, or (y) the omission or alleged omission to state in the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum or any amendment of or supplement to any of the foregoing, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, if: (1) the Issuer furnished sufficient copies of the Offering Memorandum or any amendment thereof or supplement thereto on a timely basis to permit delivery of the 

Offering Memorandum or any amendment thereof or supplement thereto to all Persons purchasing notes from each Initial Purchaser in the initial resale of such notes (such Persons “Initial Resale Purchasers”) at or prior to the binding confirmation of the sale of the Notes to such Person; (2) the Initial Resale Purchaser asserting such losses, claims, damages or liabilities purchased Notes in the initial resale from each Initial Purchaser and a copy of the Offering Memorandum or any amendment thereof or supplement thereto was not sent or given by or on behalf of each Initial Purchaser to such Initial Resale Purchaser; and (3) the Offering Memorandum or such amendment thereof or supplement thereto would have cured the defect giving rise to such Loss (or claims, actions, suits or proceedings in respect thereof).
(b)    Each Initial Purchaser severally (and not jointly) agrees to indemnify and hold harmless each of the Issuer, the Manager, their respective directors, officers, employees, agents and representatives and each Person, if any, who controls (within the meaning of Section 15 of the Act and Section 20 of the Exchange Act) the Issuer or the Manager against any reasonable and documented Losses to which the Issuer, the Manager or any other such indemnified party may become subject, insofar as the Losses (or actions in respect thereof) arise out of or are based upon:
(i)    any untrue statement or alleged untrue statement of any material fact contained in the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum or any amendment of or supplement to any of the foregoing to the extent, but only to the extent, that the untrue statement or alleged untrue statement was made in reliance upon and in conformity with each Initial Purchaser Information provided by each Initial Purchaser, or
(ii)    the omission or alleged omission to state in the Additional Disclosure Documents, the Preliminary Offering Memorandum or the Offering Memorandum or any amendment of or supplement to any of the foregoing, a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, to the extent, but only to the extent, that the omission or alleged omission was made in reliance upon and in conformity with the Initial Purchasers Information provided by each Initial Purchaser,
and in each case shall reimburse, as incurred, each indemnified party for any legal or other out-of-pocket fees, charges or expenses, in each case, reasonably incurred by such indemnified party in connection with investigating, preparing, defending against or appearing as a third-party witness in connection with any Loss or Proceeding, whether commenced or threatened.  
(c)    Notwithstanding any other provision of this Agreement, each Initial Purchaser’s indemnification obligations shall be limited in amount to the aggregate of total compensation received by it in connection with its duties as each Initial Purchaser of the Notes, excluding any amounts received by each Initial Purchaser pursuant to subsection (a) of this Section 10.
(d)    Promptly after receipt by an indemnified party under this Section 10 of notice of the commencement of any Proceeding for which an indemnified party is entitled to indemnification under this Section 10, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 10, notify the indemnifying party of the commencement thereof, but the failure to so notify the indemnifying party shall not relieve it from any liability under subsection (a) or (b) of this Section 10 (as applicable) unless and except to the extent that the failure to notify results in the forfeiture by the indemnifying party of substantial rights and defenses. If any Proceeding is brought that involves any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it may elect by written notice delivered to the indemnified party after receiving the aforesaid notice from such indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory 

to such indemnified party, and after notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable to such indemnified party under this Section 10 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable and documented costs of investigation.  Notwithstanding the foregoing, in no event shall an indemnifying party, in connection with any one such Proceeding or separate but substantially similar or related Proceedings arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys at any time for all indemnified parties, together with any necessary local counsel.  If the indemnifying party assumes the defense of any Proceeding, the indemnified party shall have the right to employ separate counsel therein, and to participate in the defense thereof, but the fees and expenses of its counsel shall be borne exclusively by the indemnified party without any right or entitlement to reimbursement by an indemnifying party except as otherwise provided in the preceding sentence and in the preceding paragraph.  No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes (i) an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or failure to act by or on behalf of any indemnified party.
(e)    In circumstances in which the indemnity agreement provided for in the preceding subsections is unavailable or insufficient to hold harmless an indemnified party in respect of any Losses or Proceedings, each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by the indemnified party as a result of Losses or Proceedings in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the allocation provided by clause (i) is not permitted by Applicable Law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in Losses or Proceedings.  It is the parties’ intention that, to the maximum extent permitted by Applicable Law, (A) the relative benefits received by the Issuer on the one hand and each Initial Purchaser on the other shall be deemed to be in the same proportion as the total proceeds from the offering (before deducting expenses) of the Notes bear to the total compensation received by each Initial Purchaser with respect to the offering, and (B) the relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer on the one hand, or each Initial Purchaser on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, and any other equitable considerations appropriate in the circumstances.
The Issuer and each Initial Purchaser agree that it would not be equitable if the amount of contribution pursuant to this section were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the preceding paragraph.  Notwithstanding any other provision of this Agreement, each Initial Purchaser shall not be obligated to make contributions hereunder that in the aggregate exceed the total compensation received by it in connection with its duties as each Initial Purchaser of the Notes, less the aggregate amount of any damages that it otherwise have been required to pay by reason of the untrue or alleged untrue statements, or the omissions or alleged omissions to state, a material fact.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.  For purposes of this subsection, each Affiliate, director, officer, employee, agent and representative of each Initial Purchaser and the Person who controls each Initial Purchaser (within the meaning of Section 15 of the Act and Section 20 of the Exchange Act) shall have the same rights to contribution as 

each Initial Purchaser, and each Affiliate, director, officer, employee, agent and representative of the Issuer and each Person who controls the Issuer (within the meaning of Section 15 of the Act and Section 20 of the Exchange Act), shall have the same rights to contribution as the Issuer.
SECTION 11.    Survival; Scope of Liability.  The respective representations (as of the date made), warranties (as of the date made), agreements, covenants, indemnities and other statements of the Issuer, Initial Purchasers and their respective officers set forth in this Agreement or made by or on behalf of any of them, respectively, pursuant to this Agreement shall remain in full force and effect, regardless of (a) any investigation made by or on behalf of the Issuer or the Initial Purchasers or any of their respective officers or directors, or any controlling Person referred to in Section 10 and (b) delivery of and payment for the Notes or resale thereof. The respective agreements, covenants, indemnities and other statements set forth in this Section 11 and in Sections 7, 10, 14, 15, 17, 18, 19, 20, 21, 22, 23, and 25 shall remain in full force and effect regardless of any termination or cancellation of this Agreement.
SECTION 12.    Termination.  This Agreement may be terminated in the sole discretion of the Initial Purchasers by notice to the Issuer given on or prior to the Closing Date in the event that (A) any TAL Person shall have, in any material respect, failed, refused or been unable to perform, all obligations on its part to be performed hereunder at or prior thereto or (B) if, on or prior to the Closing Date, there shall have occurred any of the events or conditions set forth in Section 8(f) hereof.
Termination of this Agreement pursuant to this Section 12 shall be without liability of any party to any other party except that the Initial Purchasers shall be entitled to any fees, costs and expenses payable, in each case in accordance with Section 7.
SECTION 13.    Supplied Information.  The Issuer acknowledges and agrees that the information described in Schedule II hereto constitutes the only information furnished by the Initial Purchasers to the Issuer for purposes of inclusion in the Preliminary Offering Memorandum, the Offering Memorandum or any amendment or supplement of or to any of the foregoing. “Initial Purchasers Information” means the information described in Schedule II hereto, but only to the extent that such information relates to the Initial Purchasers.
SECTION 14.    Notices.  Unless otherwise provided herein, all notices required under the terms and provisions hereof shall be in writing and either delivered by hand, by mail or by facsimile, and any notice shall be effective when received at the address or facsimile number (as applicable) specified below:
	
		
	If to the Issuer:
	TAL Advantage V LLC
100 Manhattanville Road
Purchase, New York  10577-2135
Attention: Andrew Greenberg
Email: andrew.greenberg@talinternational.com
Facsimile Number: (914) 697-2526

With a copy to:
TAL International Container Corporation
100 Manhattanville Road
Purchase, New York  10577-2135
Attention: Andrew Greenberg
Email: andrew.greenberg@talinternational.com
Facsimile Number: (914) 697-2526

	
		
	If to the Manager:
	TAL International Container Corporation
100 Manhattanville Road
Purchase, New York  10577-2135
Attention: Andrew Greenberg
Facsimile Number: (914) 697-2526

	If to RBC:
	RBC Capital Markets, LLC
Three World Financial Center
200 Vesey Street, 8th Floor
New York, NY 10281
Attention: Joseph Lau
Facsimile Number: (212) 658-6137
Telephone Number: (212) 266-4082

	If to MLPFS:
	Merrill Lynch, Pierce, Fenner & Smith Incorporated
One Bryant Park, 11th Floor
New York, NY 10036
Attention: Bill Heskett
Fascicle Number: (646) 855-5076
Telephone Number: (646) 855-0232

	 
	 

	If to WFS:
	Wells Fargo Securities, LLC
Duke Energy Center
550 South Tryon Street 
Charlotte, NC 28202
D1086-051
Attention:  Jerri Kallam
Facsimile Number: (704) 410-0234
Telephone Number: (704) 410-2456 

	If to ABN:
	ABN AMRO Securities (USA) LLC
100 Park Avenue, 17th Floor
New York, NY 10017
Attention: Eric Altmann
Facsimile Number: (646)-434-0191
Telephone Number: (917) 284-6951

	 
	 

	If to NSI:
	Nomura Securities International, Inc. 
309 West 49th Street
New York, NY 10019
Attention: Michael Rogoziwski
Facsimile Number: (646) 587-1582

	If to MSU:
	Mizuho Securities USA Inc.
320 Park Avenue, 12th Floor
New York, NY 10022
Attention: Debt Capital Markets - ABS
Facsimile Number: 212-205-7812

or at such other address or facsimile number as any party may designate from time to time by notice duly given to the other parties in accordance with the terms of this section.

SECTION 15.    Successors.  This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Issuer, the Manager and their respective successors and legal representatives.  Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person, other than the parties hereto, their respective successors and the controlling Persons, Affiliates, directors, officers, employees, agents and representatives referred to in Section 10 and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained.  This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto, their respective successors and such controlling Persons, Affiliates, directors, officers, employees, agents and representatives and their heirs and legal representatives, and for the benefit of no other Person.  No purchaser of a Note or a beneficial interest in a Note from the Initial Purchasers shall be deemed a successor because of such purchase.

SECTION 16.    Counterparts.  This Agreement may be executed in any number of counterparts and by the different parties hereto in separate counterparts (which may include facsimile), each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement.
SECTION 17.    Governing Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.
SECTION 18.    Submission to Jurisdiction.  EACH PARTY HERETO HEREBY (A) IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE COUNTY OF NEW YORK, NEW YORK OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, (B) IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR FEDERAL COURT, AND (C) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. EACH PARTY IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY ACTION OR PROCEEDING BY THE MAILING OF COPIES OF THE PROCESS TO SUCH PARTY AT ITS ADDRESS SPECIFIED HEREIN. NOTHING IN THIS SECTION SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY OR ALL OF THE OTHER PARTIES HERETO OR ANY OF THEIR RESPECTIVE PROPERTIES IN THE COURTS OF ANY OTHER JURISDICTION.
SECTION 19.    Waiver of Jury Trial.  EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION THEREWITH OR ARISING FROM ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), ACTIONS OF ANY OF THE PARTIES HERETO OR ANY OTHER RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENTS, AND AGREES THAT 

ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.
SECTION 20.    Negotiations.  This Agreement and the other Series 2014-3 Transaction Documents are the result of negotiations among the parties hereto, and have been reviewed by the respective counsel to the parties hereto, and are the products of all parties hereto. Accordingly, this Agreement and the other Series 2014-3 Transaction Documents shall not be construed against the Initial Purchasers merely because of the Initial Purchasers' involvement in the preparation of this Agreement and the other Series 2014-3 Transaction Documents.
SECTION 21.    Amendments, Etc.  This Agreement may be amended, restated or otherwise modified or waived at any time but only upon the written consent of each of the parties hereto.  
SECTION 22.    Severability of Provisions.  If any one or more of the agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then the unenforceable agreements, provisions or terms shall be deemed severable from the remaining agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other agreements, provisions or terms of this Agreement.
SECTION 23.    No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of any party hereto, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  Except as otherwise provided in this Agreement, the rights, remedies, powers and privileges herein provided are cumulative and are not exhaustive of any rights, remedies, powers and privileges provided by law.
SECTION 24.    Integration.  This Agreement contains a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement between or among the parties hereto with respect to the subject matter hereof and thereof, superseding all prior oral or written understandings.
SECTION 25.    Nonpetition Covenant.  Notwithstanding any prior termination of this Agreement, the Initial Purchasers and the Manager agrees that it shall not, with respect to the Issuer, institute or join any other Person in instituting any proceeding of the type referred to in the definition of  “Bankruptcy Event” against or with respect to the Issuer or so long as any Notes issued by the Issuer shall be outstanding and there shall not have elapsed one year plus one day since the last day on which any such Notes shall have been Outstanding and all other obligations of the Issuer under the Series 2014-3 Transaction Documents have been paid in full.  The foregoing shall not limit the right of any such Person to file any claim in or otherwise take any action with respect to any such proceeding that was instituted against Issuer by any Person other than the Initial Purchasers or the Manager.  In addition, the Initial Purchasers and the Manager agree that all amounts owed to it by the Issuer shall be payable solely from amounts that become available for such payment pursuant to the Series 2014-3 Transaction Documents, and no such amounts shall constitute a claim against Issuer to the extent that they are in excess of the amounts available for their payment.
“Bankruptcy Event” means, for any Person, any of the following events:
(a)    a case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or any substantial part of its assets, or any similar 

action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect, for a period of 60 days; or any order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect, or
(b)    such Person shall commence a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar law now or hereafter in effect, or shall consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or the like, for such Person or any substantial part of its property, or shall make any general assignment for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due.
SECTION 26.    USA Patriot Act.  Each of the Issuer and the Manager acknowledges that the Initial Purchasers are required by U.S. Federal law, in an effort to help fight the funding of terrorism and money laundering activities, to obtain, verify and record information that identifies each person or corporation who opens an account or enters into a business relationship with a financial institution.
SECTION 27.    Titles.  RBC is hereby designated as Structuring Agent and Joint Bookrunner.  Each of MLPFS and WFS is hereby designated as a Joint Bookrunner.  The Issuer has designated each of ABN, NSI and MSU as a Co-Manager.

[Signature pages follows]

If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement between the Issuer, the Manager and the Initial Purchasers.

	
	
	Very truly yours,

	TAL ADVANTAGE V LLC
By:TAL International Container Corporation, 
 its manager

	By:    

	Name:    

	Title:  

	
		
	TAL INTERNATIONAL CONTAINER CORPORATION
	 

	By:  
	 

	Name:  
	 

	Title:  
	 

	
	
	Accepted and agreed to as of
the date first above written:

	RBC CAPITAL MARKETS, LLC,
as an Initial Purchaser

	By: 

	Authorized Signatory

	Name:  

	Title:  

	Accepted and agreed to as of
the date first above written:

	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
as an Initial Purchaser

	By: 

	Authorized Signatory

	Name:  

	Title:  

	
	
	Accepted and agreed to as of
the date first above written:

	WELLS FARGO SECURITIES, LLC,
as an Initial Purchaser

	By: 

	Authorized Signatory

	Name:  

	Title:  

	
	
	Accepted and agreed to as of
the date first above written:

	ABN AMRO SECURITIES (USA) LLC,
as an Initial Purchaser

	By: 

	Authorized Signatory

	Name:  

	Title:  

	
		
	Accepted and agreed to as of
the date first above written:
	 

	NOMURA SECURITIES INTERNATIONAL, INC.,
as an Initial Purchaser

	By: 
	 

	Authorized Signatory
	 

	Name:  
	 

	Title:  
	 

	
		
	Accepted and agreed to as of
the date first above written:
	 

	MIZUHO SECURITIES USA INC.,
as an Initial Purchaser

	By: 
	 

	Authorized Signatory
	 

	Name:  
	 

	Title:  
	 

SCHEDULE I
to Note Purchase Agreement (Series 2014-3)
	
			
	Initial Purchasers
	Principal Amount of Class A Notes
	Principal Amount of Class B Notes

	RBC Capital Markets, LLC
	$ 111,940,000
	$8,290,000

	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	$62,190,000
	$4,610,000

	Wells Fargo Securities, LLC
	$62,190,000
	$4,610,000

	ABN AMRO Securities (USA) LLC
	$4,530,000
	$340,000

	Nomura Securities International, Inc.
	$4,530,000
	$340,000

	Mizuho Securities USA Inc.
	$2,270,000
	$160,000 

SCHEDULE II
to Note Purchase Agreement (Series 2014-3)
The information contained in the first, second, fifth, ninth and tenth paragraphs and the third and fourth sentences of the eighth paragraph under the heading “PLAN OF DISTRIBUTION” and the information contained under the heading “GENERAL INFORMATION” in the Offering Memorandum.

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