Document:

EXHIBIT 10.26

                              MANAGEMENT AGREEMENT

                                   ----------

                                     between

                     TAL INTERNATIONAL CONTAINER CORPORATION
                                     Manager

                                       and

                               TAL ADVANTAGE I LLC
                                      Owner

                                   ----------

                                   Dated as of
                                 August 1, 2005

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
Section 1.    Definitions......................................................1

Section 2.    Appointment of the Manager.......................................1
              2.1    Appointment of Manager....................................1
              2.2    Appointment of Subservicers...............................2
              2.3    Retention of Title........................................2
              2.4    Exclusive Representation of Owner.........................2

Section 3.    Manager's Services with Respect to the Managed Containers........2
              3.1    Non-Discrimination........................................2
              3.2    Terms of Lease Agreements.................................2
              3.3    Leasing...................................................3
              3.4    Maintenance and Repair....................................3
              3.5    [Reserved.]...............................................4
              3.6    Markings..................................................4
              3.7    Casualty Losses; Sale of Managed Containers;
                     Lost or Destroyed Containers..............................4
              3.8    Sales of Managed Containers...............................4
              3.9    Insurance.................................................4
              3.10   Books and Records; Inspection of Books and Records;
                     Inspection of Managed Containers; Back-up Tape............5
              3.11   Concentration Account and Payment Instructions............7
              3.12   Identification of Funds in the
                     Concentration Account.....................................7
              3.13   Transfer of Funds Received by the Manager.................7
              3.14   Time and Attention to Duties..............................7

Section 4.    Reporting Obligations of the Manager.............................7
              4.1    Reports Due from the Manager..............................7
              4.2    Manager Advances..........................................9

Section 5.    Deposits to Trust Account; Payment of Management Fee.............9
              5.1    Deposits..................................................9
              5.2    Compensation of Manager..................................10

Section 6.    Term............................................................11

Section 7.    Reserved........................................................12

Section 8.    Representations and Warranties; Covenants.......................12
              8.1    Manager Representations..................................12
              8.2    Owner Representations....................................14
              8.3    Covenants of the Manager.................................14

                                       -i-

                                TABLE OF CONTENTS
                                   (continued)

                                                                            PAGE
                                                                            ----
Section 9.    Manager Default.................................................15
              9.1    Manager Default..........................................15
              9.2    Remedies.................................................17
              9.3    Transfer of Managed Containers...........................18
              9.4    Power of Attorney........................................18
              9.5    Owner Power of Attorney..................................19

Section 10.   No Partnership..................................................20

Section 11.   No Warranties...................................................20

Section 12.   Non-Exclusivity.................................................20

Section 13.   Assignment......................................................20

Section 14.   Indemnification.................................................21
              14.1   By the Owner.............................................21
              14.2   By the Manager...........................................21

Section 15.   No Bankruptcy Petition Against the Owner........................22

Section 16.   Notices.........................................................22

Section 17.   Governing Law; Consent to Jurisdiction..........................23
              17.1   Governing Law............................................23
              17.2   Consent to Jurisdiction..................................24

Section 18.   Successors and Assigns..........................................24

Section 19.   Severability....................................................24

Section 20.   Entire Agreement; Amendments; Waiver............................24

Section 21.   Counterparts....................................................24

Section 22.   Intended Third Party Beneficiaries..............................24

Section 23.   Series Enhancer.................................................25

                                      -ii-

APPENDIX A - MASTER INDEX OF DEFINED TERMS

EXHIBIT A - MANAGER REPORT

EXHIBIT B - AFFILIATES OF MANAGER AND APPROVED SUBSERVICERS

EXHIBIT C - CREDIT AND COLLECTION POLICY

EXHIBIT D - AGREED UPON PROCEDURES

EXHIBIT E - DEPRECIATION POLICY

                                      -iii-

     This MANAGEMENT AGREEMENT, dated as of August 1, 2005 (as amended, modified
or supplemented from time to time in accordance with the terms hereof, this
"Agreement"), between TAL ADVANTAGE I LLC, a limited liability company organized
and existing under the laws of the State of Delaware (together with its
successors and permitted assigns, the "Owner" or the "Issuer") and TAL
INTERNATIONAL CONTAINER CORPORATION, a Delaware corporation (together with its
successors and permitted assigns, "Manager").

                                   WITNESSETH

     WHEREAS, the Owner is the owner of the Managed Containers; and

     WHEREAS, the Manager is in the business of leasing Containers to shipping
lines and other container users, and is experienced in administration of a
container leasing business; and

     WHEREAS, the Owner wishes to contract with the Manager for the purposes of
(i) managing the operation and leasing of the Managed Containers and (ii)
performing other administrative duties for the Owner; and

     WHEREAS, the Manager has agreed to manage the Owner's business including
the Managed Containers and to operate and lease out the Managed Containers as
part of the Manager's Container Fleet and to perform other administrative duties
for the Owner; and

     NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants and agreements contained herein, the
parties hereto hereby agree as follows:

     Section 1. Definitions. Terms capitalized but not defined herein shall have
the meanings ascribed thereto in Appendix A hereto.

     Section 2. Appointment of the Manager.

     2.1 Appointment of Manager. The Owner hereby exclusively (i) appoints the
Manager as its agent to manage and administer its business, and to manage the
Managed Containers, including performance of all of the Owner's duties and
observance of all of the Owner's obligations under the Indenture and the other
Transaction Documents to which it is a party, and (ii) grants to the Manager the
authority to enter into, administer and terminate Lease Agreements relating to
the Managed Containers, to sell, transfer or otherwise dispose of the Managed
Containers, to collect monies and make disbursements on behalf of the Owner, and
to manage its finances, all such activities described in clauses (i) and (ii) to
be conducted on the terms and subject to the conditions set forth herein. The
Manager hereby agrees to so manage the Managed Containers and administer the
Owner's business, including performance of all of the Owner's duties and
observance of all of the Owner's obligations under the Indenture and the other
Transaction Documents to which the Owner is a party, upon the terms and
conditions herein; provided, however, that nothing contained in this Agreement
or any other Transaction Document shall be or shall be construed to be either
(x) an express or implied guaranty by the Manager of the Notes or any other
Outstanding Obligations incurred by the Owner or (y) an express or implied
agreement to make payments on the Notes or other Outstanding Obligations.

     2.2 Appointment of Subservicers. In performing its duties hereunder, the
Manager may, subject to the restrictions set forth herein, contract with any of
its Affiliates listed on Exhibit B hereto to provide the services required to be
rendered by the Manager hereunder (each resulting agreement, a "Subservicing
Agreement," and each Affiliate that is a party to such Subservicing Agreement, a
"Subservicer"); provided, however, that (i) the Manager shall be solely
responsible for the receipt and processing of all Container Revenues, Sales
Proceeds and Casualty Proceeds, (ii) each Subservicing Agreement (but not other
agreements to which the Manager may be a party) must expressly provide that such
Subservicing Agreement may be terminated by the Requisite Global Majority if a
Manager Default has occurred and is then continuing, and (iii) the Manager shall
be solely responsible for the payment to each such Subservicer of any and all
compensation, expenses and indemnities to each such subservicer. The Manager
will require each Subservicer to forward weekly into a bank account in the name
of the Manager all Collections received by such Subservicer. The Manager will
not contract with any other Person to provide any of the services to be rendered
by the Manager to the Owner hereunder without the prior written consent of the
Requisite Global Majority. Notwithstanding any provision of such services by its
Subservicers, the Manager shall remain obligated and liable to the Owner, the
Indenture Trustee, each Series Enhancer (so long as such Series Enhancer is the
Control Party for a Series of Outstanding Notes) and the Noteholders for the
management and the administration of the Managed Containers in accordance with
the provisions of this Agreement, without diminution of such obligation or
liability by virtue of such agreements or arrangements with its Subservicers, to
the same extent and under the same terms and conditions as if the Manager alone
were servicing and administering the Managed Containers.

     2.3 Retention of Title. The Owner shall at all times retain full legal and
equitable title to the Managed Containers, notwithstanding the management
thereof by Manager hereunder. Manager shall not make reference to, or otherwise
deal with or treat, the Managed Containers in any manner except in conformity
with this Agreement.

     2.4 Exclusive Representation of Owner. Except as otherwise provided in this
Agreement, during the term of this Agreement, the Manager will be the exclusive
agent of the Owner with respect to the Owner's business and with respect to the
management of the Managed Containers and the Owner agrees that it will not
engage any other Person to perform, or pay any consideration to any other Person
for performing, the same or similar services with respect to the owner's
business or with respect to the Managed Containers.

     Section 3. Manager's Services with Respect to the Managed Containers.

     3.1 Non-Discrimination. In performing its duties pursuant to this
Agreement, the Manager shall exercise substantially the same degree of skill and
care with which it services, leases and manages containers held for its own
account (such standard of care, the "Servicing Standard"). Without limiting the
foregoing, the Manager shall not knowingly discriminate in favor of or against
the Managed Containers in connection with the management and operation of the
Container Fleet.

     3.2 Terms of Lease Agreements. Without prejudice to the rights and title of
the Owner with respect to the Managed Containers, the Manager shall arrange for
the leasing of the Managed Containers pursuant to Lease Agreements that may be
in its own name as principal,

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and not as agent of the Owner; provided, however, that it is understood and
agreed that the Manager is acting thereunder solely as agent of the Owner. The
Manager shall have sole discretion to determine to whom to lease, sell or
otherwise dispose of the Managed Containers, to determine the per diem rates and
other charges to be paid and all other terms and conditions of the Lease
Agreements and to renegotiate, amend and consent to waivers under such Lease
Agreements. The Manager shall invoice and collect from lessees all rental
payments and other amounts due under and pursuant to the Lease Agreements
relating to the Managed Containers.

     3.3 Leasing. The Manager shall operate and lease the Managed Containers as
part of its Container Fleet and shall perform all managerial and administrative
functions and provide or arrange for the provision of all services and
documentation of any nature which it considers necessary or desirable for such
operation and leasing.

          3.3.1 With respect to the Managed Containers, the Manager shall use
reasonable efforts to include in the terms of lease agreements with lessees a
provision requiring lessees to comply with Applicable Law affecting the Managed
Containers and their use, operation and storage while the Managed Containers are
on-hire and the Manager shall use reasonable efforts to include in the terms of
depot agreements with third-party storage and repair depots a provision
requiring the depots to comply with Applicable Law affecting the Managed
Containers while the Managed Containers are off-hire and stored in the depot.

          3.3.2 The Manager shall follow the Credit and Collection Policy with
respect to the leasing of the Managed Containers and, subject to the terms of
such Credit and Collection Policy, the Manager may, in its sole discretion (a)
determine and approve the creditworthiness of any lessee (though the Manager
makes no representation or warranty to the Owner as to the solvency or financial
stability of any lessee), (b) determine that any amount due from any lessee is
not collectible, (c) institute and prosecute legal proceedings against a lessee
as permitted by Applicable Law, (d) terminate or cancel any Lease Agreement, (e)
recover possession of the Managed Containers from any lessee, (f) settle,
compromise or release any proceeding or claim against a lessee in the name of
the Manager or, if appropriate, in the name of the Owner, or (g) reinstate any
Lease Agreement.

          3.3.3 In performing its duties under this Agreement, the Manager shall
use reasonable efforts to comply with the Concentration Limits and, in any
event, shall not, without the prior written consent of the Requisite Global
Majority, lease all, or substantially all, of the Managed Containers to an
Affiliate of the Manager or to a single lessee.

          3.3.4 The Manager hereby acknowledges that the Manager and its
Affiliates are holding the leases relating to the Managed Containers (but only
to the extent that such leases relate to the Managed Containers), on behalf of,
and for the benefit of, the Indenture Trustee.

     3.4 Maintenance and Repair. The Manager shall keep, or, with respect to
Managed Containers on lease, cause the related lessee, to keep, each Managed
Container (i) in good repair and working order in a manner consistent with past
practices, and (ii) in accordance with its maintenance and repair standards for
the Container Fleet. The Manager shall make, or cause to be made, all necessary
repairs, replacements, additions and improvements to each Managed Container as
are commercially reasonable for the conduct of its business in accordance with
the

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ordinary course of the Manager's business consistent with past practices; it
being understood that it may, in some cases, be commercially reasonable not to
repair a Managed Container. The Manager shall institute and prosecute claims
against the manufacturers and sellers of the Managed Containers as the Manager
may consider advisable for breach of warranty, any defect in condition, design,
operation or fitness or any other nonconformity with the terms of manufacture.
The Manager shall have no liability to the Owner for any such breach of any
manufacturer's or seller's or any other Person's warranty or for any such defect
in condition, design, operation or fitness or any other nonconformity with the
terms of manufacture. The Manager shall at all times use the Managed Containers,
and require the related lessee to use the Managed Containers, in accordance with
good operating practices. The Manager shall not knowingly use (or knowingly
permit the lessees to use) the Containers for storage or transportation of
contraband in violation of applicable United States law.

     3.5 [Reserved.]

     3.6 Markings. The Manager shall ensure that each Managed Container shall
carry its Container Identification Number and other markings as may be required
for its operation in marine and intermodal shipping.

     3.7 Casualty Losses; Sale of Managed Containers; Lost or Destroyed
Containers. If any Managed Container shall suffer a Casualty Loss while it is
subject to the terms of this Agreement, the Manager shall remit to the Trust
Account, in accordance with the provisions of Section 5.1.1 hereof, the Casualty
Proceeds (net of any expenses, taxes or reserves in respect thereof), if any,
received as a consequence of such Casualty Loss.

     3.8 Sales of Managed Containers. The Manager shall have the ability in its
sole discretion to sell or otherwise dispose of any of the Managed Containers,
subject to compliance with the applicable provisions of Sections 404 and 606 of
the Indenture. The Manager shall remit to the Trust Account, in accordance with
the provisions of Section 5.1.1 hereof, the Sales Proceeds (net of any expenses,
taxes or reserves in respect thereof) received as a consequence of any such
sale.

     3.9 Insurance. (a) The Manager will, in a manner consistent with its normal
procedures, (i) effect and maintain with financially sound and reputable
companies general liability insurance, insuring the Issuer and the Indenture
Trustee (for the benefit of the Noteholders) against liability for personal
injury and property damage liability, caused by, or relating to, the Managed
Containers then off-lease, with such levels of coverage and deductibles that are
consistent with the levels in effect as of the Initial Closing Date, and (ii)
have a standard form of lease agreement that requires each lessee to maintain
(1) physical damage insurance in an amount equal to the value of the Managed
Containers on lease to it, and (2) comprehensive general liability insurance,
including contractual liability, against claims for bodily injury or death and
property damage. The Indenture Trustee reserves the right (but shall not have
the obligation) to obtain, at the direction of the Requisite Global Majority and
at the Manager's expense, insurance of the type described in clause (i) above if
the Manager shall fail to obtain such coverage in the specified amounts.
However, the Indenture Trustee will notify the Manager prior to obtaining such
insurance.

                                        4

               (b) All insurance maintained by the Manager for loss or damage of
the Managed Containers shall provide that losses, if any, shall be payable to
the Issuer and the Indenture Trustee or its designee as an additional loss payee
and the Manager shall utilize its reasonable efforts to have all checks relating
to any such losses delivered promptly to the Indenture Trustee. The Issuer and
the Indenture Trustee shall be named as additional insureds with respect to all
such liability insurance maintained by the Manager (or on behalf of the Manager
by a direct or indirect parent company thereof). The Manager shall pay the
premiums with respect to all such insurance and deliver to Indenture Trustee
evidence of such insurance coverage as contemplated by Section 4.1.4. The
Manager shall cause to be provided to the Indenture Trustee, not less than
fifteen (15) days prior to the scheduled expiration or lapse of such insurance
coverage, evidence reasonably satisfactory to the Indenture Trustee of renewal
or replacement coverage. The Manager shall use its commercially reasonable
efforts to have each insurer agree, by endorsement upon the policy or policies
issued by it or by independent instrument furnished to the Indenture Trustee,
that (i) it will give each additional insured and the loss payee thirty (30)
days' prior written notice of the effective date of any material alteration,
cancellation or non-renewal of such policy and (ii) in the event that the
cancellation of such coverage would result in a breach of this Section 3.9 by
the Manager, it will permit the Issuer and/or the Indenture Trustee to make
payments to effect the continuation of coverage upon notice of cancellation due
to nonpayment of premium. Such insurance may be effected by a policy which
covers the entire Container Fleet, which policy shall include an additional
insured and loss payee endorsement with respect to the Managed Containers in
favor of the Indenture Trustee, for the benefit of the Noteholders.

               (c) The Manager shall maintain, or cause to be maintained,
directors' and officers' insurance in an amount equal to a minimum of least
Thirty Million Dollars ($30,000,000) per occurrence and with deductibles per
occurrence not to exceed One Million Dollars ($1,000,000), which insurance
policy or policies shall include a provision specifying that the Indenture
Trustee shall receive not less than thirty days prior notice of the termination
or non-renewal of such policy or policies.

     3.10 Books and Records; Inspection of Books and Records; Inspection of
Managed Containers; Back-up Tape.

          3.10.1 The Manager shall maintain at its offices (which, as of the
Initial Closing Date, are located at 100 Manhattanville Road, Purchase, New York
10577-2135 USA), such books and records (including computer records) with
respect to the Managed Containers as it maintains for the Container Fleet and
the leasing thereof, including a computer database including the Managed
Containers (containing sufficient information to generate the List of Containers
and the reports required to be delivered pursuant to this Agreement), any Lease
Agreements relating thereto, their lessees (if on-hire) or location (if
off-hire) and their Net Book Value.

          3.10.2 The Manager shall make available to the Owner and the Indenture
Trustee and each Series Enhancer, for inspection and copying, its books, records
and reports relating to the Managed Containers and copies of all Lease
Agreements or other documents relating thereto, all in the format which the
Manager uses for its own operations. The Person(s) desiring to conduct any such
inspection of the books, records and reports shall provide the Manager with not

                                        5

less than (i) five (5) Business Days' notice if a Manager Default is not then
continuing or (ii) one (1) Business Day's notice if a Manager Default is then
continuing, and shall specify in such notice the matters to be addressed in such
inspection; provided, however, that, unless an Event of Default or Manager
Default shall have occurred and then be continuing, the Indenture Trustee shall
not be permitted to deliver any such notice or to seek the right to any such
inspection pursuant to this Section 3.10.2,and the Manager shall not be
obligated to permit any such inspection pursuant to this Section 3.10.2, in the
event that the Indenture Trustee shall have consummated any inspection pursuant
to this Section 3.10.2 at any time in the previous 12-month period. All such
inspections shall be conducted during normal business hours and shall not
unreasonably disrupt the Manager's business. So long as no Manager Default,
Early Amortization Event or Event of Default is continuing, the Manager shall
pay the reasonable and documented costs and expenses incurred by such Person(s)
in conducting not more than one such inspection in any calendar year. In
addition, the Manager shall pay the reasonable and documented costs and expenses
incurred by such Person(s) in conducting any such examinations during the
continuation of any of a Manager Default, Early Amortization Event or Event of
Default.

          The Owner acknowledges that the Manager uses certain software under
license from unrelated third parties and that the Manager shall grant the Owner,
the Indenture Trustee and each Series Enhancer access to the computer systems
and data contained therein, but not copies of the software itself.

          3.10.3 The Manager shall, in accordance with its then existing
disaster recovery plan, deliver periodically (but no less frequently than
weekly) to an independent data custodian (the "Data Custodian") reasonably
satisfactory to the Administrative Agent an electronic copy (the "Tape") of the
following information, as of the most recently available date, with respect to
each of the Managed Containers: (i) the Container Identification Number, (ii) if
then on-lease, the name of the lessee and the date of the related Lease
Agreement, and (iii) if then off-lease, the name and location of the depot in
which stored. The Manager shall cause such Data Custodian to make the most
recent Tape available to the Owner, the Indenture Trustee, the Administrative
Agent and any Series Enhancer for inspection upon reasonable notice to such Data
Custodian and subject to the Data Custodian's customary security requirements;
provided, however, that, so long as no Manager Default, Early Amortization Event
or Event of Default is continuing, not more than one such inspection shall be
made in any calendar year. During the continuation of any of a Manager Default,
Early Amortization Event or Event of Default, the Manager shall pay the
reasonable and documented costs and expenses incurred by such Person(s) in
conducting all inspections made in accordance with the provisions of this
Section 3.10.3. Upon the termination of this Agreement pursuant to Section 9.2,
the Manager shall deliver to each of the Administrative Agent and the Indenture
Trustee a copy of the Tape containing information with respect to the Managed
Containers as of such date.

          3.10.4 Liens. The Manager agrees not to create, incur, assume or
grant, or suffer to exist, directly or indirectly, any lien, security interest,
pledge or hypothecation of any kind on or concerning the Managed Containers, the
related Lease (to the extent related to a Managed Container), title thereto or
any interest therein or in this Agreement to any Person other than the Owner,
except for Permitted Encumbrances. The Manager will promptly take or cause to be

                                        6

taken such actions as may be necessary to discharge any such lien that arises
by, through or under the actions of the Manager in violation of this Section
3.10.4.

     3.11 Concentration Account and Payment Instructions. The Manager shall
maintain the Concentration Account. The Manager shall instruct all lessees to
submit all payments on the Leases directly to the Concentration Account (or to a
post office box or a lockbox from which the applicable payment items will be
removed and deposited in the Concentration Account). The Manager shall not grant
any lien or encumbrance in the Concentration Account to any Person other than
the Lien created pursuant to the Intercreditor Agreement.

     3.12 Identification of Funds in the Concentration Account. Weekly (or more
frequently at the Manager's option) beginning with the first full calendar week
following the Initial Closing Date, the Manager shall identify all Container
Revenues, Sales Proceeds or Casualty Proceeds received in the Concentration
Account during the preceding week as relating to either a Managed Container or
another container managed by the Manager. Any such Container Revenues, Sales
Proceeds or Casualty Proceeds that have been identified as relating to a Managed
Container shall be transferred by the Manager to the Trust Account in accordance
with the procedures outlined in Section 5.1 hereof. Prior to such transfer to
the Trust Account, all Container Revenues, Sales Proceeds and Casualty Proceeds
relating to a Managed Container received, or held by, the Manager shall be
deemed to be held by the Manager in trust for the benefit of Indenture Trustee.

     3.13 Transfer of Funds Received by the Manager. If, notwithstanding the
payment instructions given by the Manager to a lessee in the monthly invoice,
lease payments or other amounts in respect of the Managed Containers are
received directly by the Manager, the Manager agrees to hold any such lease
payments or other amounts in trust and, within two (2) Business Days after
receipt, transmit and deliver to the Concentration Account (or a related post
office box or lockbox), in the form received, all cash, checks and other
instruments or writings for the payment of money so received by the Manager.

     3.14 Time and Attention to Duties. The Manager shall devote such time and
attention to the performance of its duties hereunder as is reasonably necessary,
it being understood that the Manager shall not be required to devote all of its
time or attention to the performance of such duties, it being further understood
that the Manager manages, and may in the future manage, containers other than
the Managed Containers, either for third parties or for its own account, and
may, as well, conduct business unrelated to managing containers. Nothing in this
Agreement shall be construed to prohibit the Manager from performing its
obligations to owners of other containers or from engaging in such (or any
other) business activity.

     Section 4. Reporting Obligations of the Manager.

     4.1 Reports Due from the Manager.

          4.1.1 Financial Statements. The Manager will maintain the Owner's
financial books and records and prepare the Owner's financial statements. The
Manager will deliver to the Indenture Trustee, the Rating Agencies, the
Administrative Agent and each Series Enhancer the financial statements required
to be delivered to the Indenture Trustee pursuant to Section 625

                                        7

of the Indenture. All such financial statements shall be prepared in accordance
with GAAP, subject to, in the case of unaudited financial statements, the
absence of footnotes, and in the quarterly financial statements, the absence of
year-end adjustments.

          4.1.2 Manager Reports. On or prior to each Determination Date, the
Manager shall deliver to the Owner and the Indenture Trustee a report as to
deposits into and instructions for payments out of the Trust Account,
substantially in the form of Exhibit A hereto (each such report, the "Manager
Report"), which report shall be certified by the chief financial officer,
controller, treasurer or other financial officer of the Manager with primary
responsibility for matters arising under this Agreement or another authorized
signatory acceptable to the Administrative Agent. Each such Manager Report shall
also include (a) evidence of the Manager's compliance with the financial
covenants set forth in Sections 9.1.8, 9.1.9 and 9.1.10 hereof, which
calculations shall be based on the most recently certified quarterly financial
information, (b) accounts receivable agings, (c) top-25 lessee concentrations,
(d) other information regarding the Container Fleet upon request, and (e) the
calculations required to demonstrate compliance by the Issuer with clauses (3),
(4), (5) and (6) of Section 1201 of the Indenture.

          4.1.3 Asset Base Certificates. On or prior to (i) each Determination
Date, and (ii) each date on which an advance of funds to the Issuer is to be
made in accordance with the terms of a Supplement, the Manager will deliver to
the Owner, the Indenture Trustee and the Administrative Agent, an Asset Base
Certificate certified by the chief financial officer, controller, treasurer or
other financial officer of the Manager with primary responsibility for matters
arising under this agreement or another authorized signatory acceptable to the
Administrative Agent as of the end of the month most recently ended.

          4.1.4 Evidence of Insurance. The Manager will provide confirmation of
the renewal of the insurance required by Section 3.9 hereof annually before the
expiration date of such insurance each year, and will forward copies of all
certificates evidencing renewal, and all notices of termination or non-renewal
of such insurance, to the Indenture Trustee and the Administrative Agent
promptly after receipt.

          4.1.5 Other Reports. The Manager shall provide, in the format which
the Manager uses for its own operations, any reports filed by the Manager with
the Securities and Exchange Commission and any other reports and information
which are reasonably requested by the Owner, the Indenture Trustee, any Series
Enhancer, each Interest Rate Hedge Counterparty, the Administrative Agent or the
Rating Agencies provided that such reports and information are reasonably
available from the books and records of the Owner and can be generated by the
Manager's then existing data processing system.

          4.1.6 Independent Accountant's Report. The Manager shall, at its sole
cost and expense, deliver to the Issuer, Administrative Agent and each Series
Enhancer a report from a firm of nationally recognized independent certified
public accountants, who may also render other services to Container Holdings or
any of its affiliates, on or before May 30th of each year (or 150 days after the
end of the Manager's fiscal year, if other than December 31st of each year),
beginning on May 30, 2006, with respect to the twelve months ended on the
preceding December 31 (or other applicable fiscal year-end date) (or such other
period as shall have elapsed from the

                                        8

Closing Date to the date of such statement), a report (the "Accountants'
Report") addressed to the Board of Directors of Container Holdings, to the
effect that such firm of accountants has audited the books and records of
Container Holdings, and issued its report thereon in connection with the audit
report on the consolidated financial statements of Container Holdings and (1)
such audit was made in accordance with generally accepted auditing standards,
and accordingly included such tests of the accounting records and such other
auditing procedures as such firm considered necessary in the circumstances; (2)
the firm is independent of Container Holdings within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants;
and (3) specifies the results of the application of such agreed upon procedures,
as the Administrative Agent shall reasonably agree from time to time, relating
to (i) maintenance of the separateness of the Issuer for bankruptcy remoteness
purposes and (ii) three selected Manager Reports and Asset Base Certificates
delivered during the preceding year, to achieve the objectives specified on
Exhibit D hereto.

          4.1.7 Direction of Investments. The Manager in its sole discretion and
in accordance with its normal business practices shall direct the Indenture
Trustee, in accordance with the terms of the Indenture, as to which Eligible
Investments it shall invest funds on deposit in the Trust Account, the
Restricted Cash Account and each Series Account.

          4.1.8 Interest Rate Hedge Agreements. When required by Section 628 of
the Indenture, the Manager shall arrange for the Owner to enter into Interest
Rate Hedge Agreements (which Interest Rate Hedge Agreements must be in form and
substance reasonably satisfactory to the Administrative Agent) that comply with
the provisions of that Section.

     4.2 Manager Advances. The Manager may, at its option, remit to the Trust
Account by 1:00 p.m. New York time on the Business Day prior to a Payment Date,
an amount (a "Manager Advance") equal to the lesser of (a) 50% of the accounts
receivable of the Issuer then outstanding, and (b) any anticipated shortfalls on
the next Payment Date in payments for those items in (i) paragraphs (1) through
(12) of clause (I) of Section 302(c) of the Indenture or (ii) paragraphs (1)
through (11) of clause (II) of Section 302(c) of the Indenture; provided,
however, that any such Manager Advances shall only be used to make such
payments, and not to make any other payments. Under no circumstances shall this
Section 4.2 be interpreted as obligating the Manager to make any Manager
Advance. Notwithstanding the foregoing, the Manager shall not make a Manager
Advance unless it reasonably believes that such Manager Advance shall be
reimbursed in full on the next Payment Date from the Available Distribution
Amount (excluding any Manager Advance) pursuant to Section 302 of the Indenture.
The Manager shall be reimbursed for Manager Advances on each Payment Date from
amounts on deposit in the Trust Account, subject to the priority of payments set
forth in Sections 302 and 806 of the Indenture.

     Section 5. Deposits to Trust Account; Payment of Management Fee.

     5.1 Deposits.

          5.1.1 Weekly Deposits to Trust Account. On or before the last Business
Day in New York of each calendar week beginning with the first full calendar
week following the week of the Initial Closing Date, the Manager shall cause to
be transferred from the Concentration Account to the Trust Account an amount
equal to the excess (if any) of (x) the sum of (A) the

                                        9

Manager's good faith estimate of the Container Revenues for the Managed
Container received during the immediately preceding calendar week (excluding any
customer advance payments, such advance payments to be included in the
distribution for the month earned) and (B) the Manager's good faith estimate of
the Sales Proceeds and Casualty Proceeds received during the immediately
preceding calendar week, over (y) the Manager's good faith estimate of Direct
Operating Expenses for the Managed Containers accrued during the immediately
preceding calendar week (the excess of (x) over (y), the "Estimated Net
Operating Income"). Prior to such transfer or deposit, all Container Revenues,
Sales Proceeds and Casualty Proceeds received, or held by, the Manager with
respect to the Managed Containers shall be deemed to be held by the Manager in
trust for the benefit of the Indenture Trustee.

          On or before each Determination Date, the Manager shall determine the
excess (if any) of (x) the aggregate amount of Container Revenues for the
Managed Containers actually received during the immediately preceding Collection
Period over (y) the aggregate amount of Direct Operating Expenses accrued during
such Collection Period and to be paid in the current or a subsequent Collection
Period (the excess of (x) over (y), the "Actual Net Operating Income"). If the
Actual Net Operating Income for such Collection Period exceeds the Estimated Net
Operating Income for such Collection Period, then the Manager will cause to be
transferred from the Concentration Account to the Trust Account on such
Determination Date funds in an amount equal to such excess. However, if the
Estimated Net Operating Income for such Collection Period exceeds the Actual Net
Operating Income for such Collection Period, then the Manager shall indicate so
on that month's Manager Report and the amount of such excess (such excess, the
"Excess Deposit") will be distributed to the Manager on the immediately
succeeding Payment Date.

     5.2 Compensation of Manager.

          5.2.1 Management Fee. As compensation to the Manager for the
performance of its services hereunder, the Owner shall pay the Management Fee to
the Manager in arrears on each Payment Date (or, in the case of the first
payment of the Management Fee, on the Initial Closing Date). Subject to the
terms and conditions of the Indenture, the Management Fee shall be payable to
the Manager (to the extent not previously withheld in accordance with the terms
hereof) from amounts on deposit in the Trust Account to the extent monies are
available for the payment thereof in accordance with the provisions of Section
302(c) of the Indenture; provided, however, that, as long as no Manager Default
shall have occurred and been continuing for a period in excess of thirty (30)
days, the Manager shall be entitled to withhold in advance, at periodic
intervals more frequent than each Payment Date, the pro rata portion of the
Management Fee owing to the Manager for such interval from the actual Container
Revenues, Sales Proceeds or Casualty Proceeds received by it from lessees or
sublessees. For the sake of clarity, to the extent the Manager has withheld
amounts from the actual Container Revenues, Sales Proceeds or Casualty Proceeds
received by it from lessees or sublessees, then such amounts shall be deducted
from the Management Fee owing to the Manager from the Owner hereunder. On each
Payment Date, the Manager and the Owner shall determine whether the amounts
actually paid to or withheld by the Manager during the preceding calendar month
pursuant to the terms of this Section 5.2.1 accord with the Management Fee owing
under this Agreement for such quarter and shall arrange that any excess or
deficiency promptly be corrected (i.e., in the case of an overpayment to the
Manager, the Manager shall promptly repay such

                                       10

overpayment, and in the case of an underpayment to the Manager such underpayment
shall be added to the Management Fee payable to the Manager on such Payment
Date). Upon any resignation or termination of the Manager in accordance with the
terms of this Agreement and the other Transaction Documents, such resigning or
terminated Manager shall not be entitled to receive any Management Fee accruing
on or after the effective date of such termination or resignation and such
resigning or terminated Manager shall immediately remit to the Trust Account any
portion of the Management Fee deducted in advance by such resigning or
terminated Manager which did not accrue as of the date following such
termination or resignation on which a replacement Manager has assumed the
responsibilities of the resigning or terminated Manager.

          5.2.2 Business Day. Notwithstanding anything to the contrary contained
herein, if any date on which a payment becomes due hereunder is not a Business
Day, then such payment may be made on the next succeeding Business Day with the
same force and effect as if made on such scheduled date.

          5.2.3 No Set-Off, Counterclaim, etc. The Manager's obligation under
this Agreement to transfer to or to deposit any amount to the Trust Account
shall (subject to the withholding of the Management Fee as contemplated by
Section 5.2.1 hereof) be absolute and unconditional and all payments thereof
shall be made free and clear of and without any deduction for or on account of
any set-off or counterclaim or any circumstance, recoupment, defense or other
right which the Manager may have against the Owner or any other Person for any
reason whatsoever (whether in connection with the transactions contemplated
hereby or any other transactions), including without limitation, (i) any defect
in title, condition, design or fitness for use, of, or any damage to or loss or
destruction of, any Managed Container, (ii) any insolvency, bankruptcy,
moratorium, reorganization or similar proceeding by or against the Manager or
any other Person, or (iii) any other circumstance, happening or event
whatsoever, whether or not unforeseen or similar to any of the foregoing.

          5.2.4 Manner of Payment. All payments hereunder shall be made in
United States Dollars by wire transfer of immediately available funds prior to
2:00 P.M. prevailing Eastern Time, on the date of payment.

     Section 6. Term.

          6.1.1 Term. The Term of this Agreement shall commence on the date
hereof and shall end on the date on which all Outstanding Obligations have been
repaid, unless earlier terminated in accordance with the provisions hereof.

          6.1.2 Resignation by Manager. Manager may not resign from its
obligations and duties as Manager hereunder, except (i) with the prior written
consent of Owner and the Requisite Global Majority or (ii) upon a determination
by the Manager that the performance by Manager of its duties under this
Agreement is no longer permissible under applicable law, which determination
shall be evidenced by an Opinion of Counsel, in form and substance reasonably
satisfactory to Owner and the Requisite Global Majority, to such effect
delivered to the Indenture Trustee, the Administrative Agent and each Series
Enhancer. No such resignation shall, to the extent consistent with applicable
law, become effective until a replacement Manager has

                                       11

assumed the responsibilities of the resigning Manager in accordance with the
terms of this Agreement, Section 405 of the Indenture and the other Transaction
Documents.

     Section 7. Reserved.

     Section 8. Representations and Warranties; Covenants.

     8.1 Manager Representations. The Manager represents and warrants to the
Owner, the Indenture Trustee and each Series Enhancer that:

          8.1.1 The Manager is a corporation duly organized and validly
organized under the laws of the State of Delaware;

          8.1.2 The Manager has the requisite power and authority to enter into
and perform its obligations under this Agreement, and all requisite corporate
authorizations have been given for it to enter into this Agreement and to
perform all the matters envisaged hereby, this Agreement has been duly executed
and delivered and constitutes the valid, legally binding and enforceable
obligation of the Manager, subject to bankruptcy, insolvency, moratorium,
reorganization and other laws of general applicability relating to or affecting
creditors' rights and to general equity principles;

          8.1.3 The Manager has not breached its certificate of incorporation or
by-laws or any other agreement to which it is a party or by which it is bound in
the course of conduct of its business and corporate affairs and has not breached
any applicable laws and regulations, except for such breaches which would not
have a materially adverse effect on the Manager's ability to perform its
obligations under this Agreement;

          8.1.4 There are no Proceedings or investigations to which the Manager
or any of its Affiliates is a party pending or, to the Manager's knowledge,
threatened, before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality (A) asserting the invalidity of this
Agreement or any other Transaction Document, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or any
other Transaction Document or (C) seeking any determination or ruling that is
reasonably likely to materially and adversely affect the performance by the
Manager of its obligations under, or the validity or enforceability of, this
Agreement or any other Transaction Document to which it is a party;

          8.1.5 The Manager will comply, in all material respects, with all
acts, rules, regulations, orders, decrees and directions of any governmental
authority that are applicable to the Lease Agreements and the Managed Containers
or any part thereof except for any noncompliance which would not reasonably be
expected to result in a Material Adverse Change; provided, however, that the
Manager may contest any act, rule, regulation, order, decree or direction in any
reasonable manner which shall not materially and adversely affect the rights of
the Noteholders or any Series Enhancer (if such Series Enhancer is then the
Control Party for a Series of Outstanding Notes) in the Lease Agreements and the
Managed Containers; and provided, further, that such contests shall be in good
faith by appropriate proceedings and as to which adequate reserves in accordance
with GAAP have been established, but only so long as such proceedings shall not,
individually or in the aggregate, subject any Series Enhancer, any

                                       12

Noteholder or Indenture Trustee to any civil or criminal liability or involve
any risk of loss of any Collateral.

          8.1.6 The Manager shall take all actions as may be necessary to
perform the Issuer's obligations under Section 604 of the Indenture.

          8.1.7 The Manager will fulfill all of its obligations as lessor under
any Lease Agreement to which a Managed Container is subject except where any
such nonfulfillment would not reasonably be expected to materially and adversely
affect the rights of the Owner under such Lease. The Manager shall use
commercially reasonable efforts to perform all of the Owner's duties and
obligations under the Transaction Documents to which the Owner is a party;
provided, however, that nothing contained herein shall be construed as an
express or implied guaranty by the Manager of the Notes or any other Outstanding
Obligation incurred by the Owner.

          8.1.8 Promptly, but in any case within five (5) Business Days of
becoming aware of a Manager Default, Early Amortization Event or an Event of
Default, and which, in each case, has not been waived in writing by the
Requisite Global Majority, the Manager shall deliver to the Owner and the
Indenture Trustee a written notice describing the nature of such event and
period of existence and, in the case of a Manager Default, the action the
Manager is taking or proposed to take with respect thereto.

          8.1.9 Since March 31, 2005, there has been no Material Adverse Change
in the financial condition of the Manager.

          8.1.10 The Manager will operate the Managed Containers so as not
knowingly cause a violation of the Trading With the Enemy Act (50 U.S.C. Section
1 et seq., as amended) (the "Trading With the Enemy Act") or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) (the "Foreign Assets Control Regulations") or
any enabling legislation or executive order relating thereto (which for the
avoidance of doubt shall include, but shall not be limited to (a) Executive
Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg.
49079 (2001)) (the "Executive Order") and (b) the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Public Law 107-56)). Furthermore, none of the Manager or
its Affiliates (i) is or will become a "blocked person" as described in the
Executive Order, the Trading With the Enemy Act or the Foreign Assets Control
Regulations or (ii) engages or will engage in any dealings or transactions, or
be otherwise associated, with any such "blocked person."

          8.1.11 The credit and collection policy used by the Manager as in
effect on the Initial Closing Date (which policy also addresses the criteria
under which a lessee is allowed to self-insure for property and liability risks)
is attached as Exhibit C hereto. The credit and collection policy used by the
Manager is subject to modification from time to time at the discretion of the
Manager. The "Credit and Collection Policy" shall mean the credit and collection
policy used by the Manager as modified by the Manager from time to time.

                                       13

          8.1.12 The depreciation policy as in effect on the Initial Closing
Date used in the calculation of the Asset Base for the purposes of the
Transaction Documents is attached as Exhibit E hereto.

     8.2 Owner Representations. The Owner represents and warrants to the
Manager:

          8.2.1 The Owner is a limited liability company duly organized and
validly existing under the laws of Delaware;

          8.2.2 The Owner has the requisite power and authority to enter into
and perform its obligations under this Agreement and all requisite limited
liability company authorizations have been given for it to enter into this
Agreement and to perform all the matters envisaged hereby, this Agreement has
been duly executed and delivered by the Owner and constitutes the valid, legally
binding and enforceable obligation of the Owner, subject to bankruptcy,
insolvency, moratorium, reorganization and other laws of general applicability
relating to or affecting creditors' rights and to general equity principles; and

          8.2.3 The Owner has not breached its limited liability company
agreement or any other agreement to which it is a party or by which it is bound
in the course of conduct of its business and corporate affairs and has not
breached any applicable laws and regulations of Delaware in such manner as would
in any case have a materially adverse effect on its ability to perform its
obligations under this Agreement.

          8.2.4 Since its formation, there has been no Material Adverse Change
in the financial condition of the Owner.

     8.3 Covenants of the Manager.

          8.3.1 Location of Books and Records. The Manager shall not change the
location at which the Owner's books and records are maintained unless (i) the
Manager shall have given the Indenture Trustee, the Administrative Agent and
each Series Enhancer at least thirty (30) days' prior written notice thereof and
(ii) the Manager shall cause to be filed any necessary registration of charges
or documents of similar import necessary to continue the Indenture Trustee's
security interest in the Collateral.

          8.3.2 Liens. Except for the Lien created pursuant to the Contribution
and Sale Agreement and Permitted Encumbrances: (a) Manager agrees not to create,
incur, or grant, directly or indirectly, any lien, security interest, pledge or
hypothecation of any kind on or concerning (i) its rights under this Agreement
or (ii) the Managed Containers or any interest therein; and (b) Manager shall
promptly take, or cause to be taken, such action as may be necessary to
discharge any such lien arising by, through or under the Manager.

          8.3.3 UNIDROIT Convention. The Manager will comply with the terms and
provisions of the UNIDROIT Convention on Intentional Interests in Mobile Goods
or any other internationally recognized system for recording interests in or
liens against shipping containers at the time that such convention is adopted.

                                       14

          8.3.4 Identification of Gross Lease Revenues and Direct Operating
Expense; Transfer of Gross Lease Revenues. The Manager will establish and
maintain such procedures as are necessary for determining and for identifying
Container Revenues and Direct Operating Expenses to a specific Managed
Container. Notwithstanding the foregoing, Manager shall have the right to
allocate various indirect overhead expenses among containers in the Container
Fleet (including the Managed Containers) in any way it deems appropriate as long
as such allocation is non-discriminatory, fair and equitable, after giving due
recognition to the cost, age and other factors relevant to the Managed
Containers as compared to other containers in the Container Fleet.

          8.3.5 Compliance with Credit and Collection Policy. The Manager will
comply in all material respects with the Credit and Collection Policy in regard
to the origination of, and amendments and modifications to, Leases of Managed
Containers. The Manager shall not amend the Credit and Collection Policy in any
respect which would materially and adversely affect the Noteholders without the
prior written consent of the Requisite Global Majority in each instance. The
Manager shall promptly provide the Owner and the Indenture Trustee with a copy
of all amendments to the Credit and Collection Policy.

          8.3.6 Inspections. The Manager shall, upon reasonable prior notice,
allow the Indenture Trustee, the Administrative Agent, each Interest Rate Hedge
Counterparty and each Series Enhancer to inspect, under guidance of officers of
the Manager, the Manager's facilities during normal business hours; provided,
however, that unless an Event of Default or a Manager Default shall have
occurred and then be continuing, the Indenture Trustee, the Administrative
Agent, the Interest Rate Hedge Counterparties and the Series Enhancers may
request, in the aggregate, only one inspection under this Section 8.3.6 during
any twelve-month period.

          8.3.7 Container Management System. Without the prior written consent
of the Indenture Trustee, acting at the direction of the Requisite Global
Majority, the Manager agrees that it will not grant to any Person, or permit any
Person to obtain, a Lien (other than items listed in clauses (i), (ii) (iii),
(iv) or (v) of the definition of "Permitted Encumbrances" (as determined as
though the Container Management System were deemed "Collateral" for the purposes
of the definition of "Permitted Encumbrance")) over the Container Management
System.

     Section 9. Manager Default.

     9.1 Manager Default. Each of the following is a Manager Default:

          9.1.1 The Manager shall fail to (A) make any deposits of Container
Revenues, Sales Proceeds, Casualty Proceeds or any other amounts due and payable
under this Agreement to the Trust Account within five (5) Business Days after
the date such deposit is due or (B) deliver within five (5) Business Days after
the due date thereof any Asset Base Certificate or Manager Report; provided,
that if such Container Revenues, Sales Proceeds, Casualty Proceeds or other
amounts are on deposit in the Concentration Account (or a related post office
box or lockbox), failure of the bank holding the Concentration Account to comply
with the instructions of the Manager (or to comply with the terms of any
intercreditor agreement) shall not constitute a Manager Default.

                                       15

          9.1.2 The Manager shall fail to (A) deliver any report required to be
delivered to the Indenture Trustee pursuant to the terms hereof or of any other
Transaction Document and such failure shall continue unremedied for thirty (30)
days, or (B) perform or observe, or cause to be performed or observed, in any
material respect any other covenant or agreement contained herein (which is not
otherwise addressed in this Section 9.1), which failure materially and adversely
affects the interests of the Noteholders or (if it is the Control Party for any
Series of Outstanding Notes) any Series Enhancer and such failure, if capable of
remedy, shall continue unremedied for a period of thirty (30) days after the
date on which the Manager has received written notice specifying such failure
from the Owner, the Indenture Trustee, any Noteholder, the Administrative Agent,
any Series Enhancer or any other Person.

          9.1.3 Any representation or warranty made by the Manager in this
Agreement, or in any certificate, report or financial statement delivered by it
pursuant hereto proves to have been untrue in any material respect when made,
such breach materially and adversely affects the interests of the Noteholders or
(if it is the Control Party for any Series of Outstanding Notes) any Series
Enhancer and such breach, if capable of remedy, shall continue unremedied for a
period of thirty (30) days after the date on which the Manager has received
written notice specifying such failure from the Owner, the Indenture Trustee,
any Noteholder, the Administrative Agent, any Series Enhancer or any other
Person.

          9.1.4 TAL ceases to be engaged in the container leasing business.

          9.1.5 The Manager shall commence a voluntary case concerning itself
under the Bankruptcy Code; or an involuntary case is commenced against the
Manager or any of its Subsidiaries and the petition is not controverted within
10 days, or is not dismissed within 60 days, after commencement of the case; or
a custodian (as defined in the Bankruptcy Code) is appointed for, or takes
charge of, all or substantially all of the property of the Manager; or the
Manager commences any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or
similar law of any jurisdiction whether now or hereafter in effect relating to
the Manager any such proceeding which remains undismissed for a period of 60
days; or the Manager is adjudicated insolvent or bankrupt; or any order of
relief or other order approving any such case or proceeding is entered; or the
Manager suffers any appointment of any custodian or the like for it or any
substantial part of its property to continue undischarged or unstayed for a
period of 60 days; or the Manager makes a general assignment for the benefit of
creditors; or any action is taken by a the Manager for the purpose of effecting
any of the foregoing;

          9.1.6 Except as permitted by Sections 2 and 13 hereof, Manager assigns
or attempts to assign its interest under this Agreement.

          9.1.7 A Change of Control shall have occurred with respect to
Container Holdings.

          9.1.8 After a Refinancing Event has occurred, the Leverage Ratio of
Container Holdings as of the last day of any fiscal quarter shall be in excess
of 4.75 to 1.00.

                                       16

          9.1.9 As of the last day of each fiscal quarter, commencing with the
fiscal quarter ending on December 31, 2005, the Consolidated EBIT to
Consolidated Cash Interest Expense Ratio is less than (i) for any date prior to
the date of the occurrence of a Refinancing Event, 1.00 to 1.00, and (ii) for
any date after the date of the occurrence of a Refinancing Event, 1.10 to 1.00.

          9.1.10 As of the last day of each fiscal quarter, commencing with the
fiscal quarter ending on December 31, 2005, the Consolidated Tangible Net Worth
of Container Holdings is less than the sum of (i) the difference of (A) the
Consolidated Tangible Net Worth of Container Holdings on the Initial Closing
Date, minus (B) $10,000,000; plus (ii) an amount equal to fifty percent (50%) of
the cumulative sum of the aggregate net income (or loss) of Container Holdings
and its Consolidated Subsidiaries (as such term is defined in the Credit
Agreement) on a consolidated basis, determined in accordance with GAAP for the
period commencing on the Initial Closing Date and terminating on such date of
determination, plus (iii) one hundred percent (100%) of the net cash proceeds to
Container Holdings from a Refinancing Event occurring on or after the Initial
Closing Date.

          9.1.11 Container Holdings, any Borrower (as such term is defined in
the Credit Agreement) or any Restricted Subsidiary (as such term is defined in
the Credit Agreement) fails to make any payment when due (beyond the applicable
grace or cure period with respect thereto, if any) or defaults in the observance
or performance (beyond the applicable grace or cure period with respect thereto,
if any) of any payment obligation, or any other agreement or covenant with
respect to the Indebtedness that, individually or in the aggregate for all such
Persons, exceeds Twenty Million Dollars ($20,000,000) and the holder(s) of such
Indebtedness has accelerated such Indebtedness.

A Manager Default may be waived in a written instrument executed by the
Requisite Global Majority in each such instance. Any such waiver of a Manager
Default shall not be construed as a waiver of any subsequent Manager Default. No
delay by the Requisite Global Majority or any of its assigns, shall constitute
any such waiver or prejudice the Requisite Global Majority in exercising any
right, power or privilege arising out of such Manager Default.

     9.2 Remedies. If a Manager Default shall have occurred and be continuing,
and any Notes are then Outstanding, the Indenture Trustee, acting at the
direction of the Requisite Global Majority and in the Requisite Global
Majority's discretion, shall have the right (upon written notice (a "Manager
Termination Notice") to the Manager, the Issuer and the Rating Agencies), in
addition to other rights or remedies that the Issuer or its assignee may have
under any Applicable Law or in equity to: (i) terminate this Agreement, (ii)
take control of the Managed Containers wherever located, subject to the rights
of lessees under Lease Agreements to which any of the Managed Containers shall
at the time be subject or to appoint a replacement Manager to manage the Managed
Containers, and (iii) appoint an independent auditor of national reputation and
mutually acceptable to the Issuer and the Requisite Global Majority to verify
that all prior Manager Reports and Asset Base Certificates prepared by the
Manager are in accordance with this Agreement. Notwithstanding such termination,
until the Manager is notified of the appointment of a replacement manager and
the replacement manager has assumed such responsibility, the Manager shall
continue to manage the Managed Containers and the Owner's business, and deposit
into the Trust Account all Container Revenues, Sales Proceeds, Casualty

                                       17

Proceeds and other amounts, and submit all reports due hereunder and perform all
other services required hereunder, all in accordance with this Agreement.

     9.3 Transfer of Managed Containers. Upon any termination of this Agreement
pursuant to Section 9.2, the Manager shall cooperate with the Owner, the
Indenture Trustee, the Administrative Agent and the Requisite Global Majority in
transferring management of the Managed Containers as provided in the Indenture,
including, but not limited to making available all books and records (including
computer systems and data contained therein) pertaining to the Manager's
activities hereunder, providing access to, and cooperating in the transfer of,
information from the Manager's computer system to the Owner's or its designee's
system, promptly notifying lessees of the termination of management of the
Managed Containers by the Manager and assumption of management by the Owner or
its designee, depositing funds belonging to the Owner but not yet in the Trust
Account to such account as designated by the Owner or its assignee, executing
assignments of interests in Lease Agreements pertaining to the Managed
Containers and taking any other action as may be reasonably requested by the
Owner or its assignee to ensure the orderly assumption of management of the
Managed Containers by the Owner or its designee.

     9.4 Power of Attorney. The Manager hereby irrevocably constitutes and
appoints the Indenture Trustee, with full power of substitution (such
appointment being coupled with an interest), as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of the Manager and in the name of the Manager or in its own name, for the
purpose of carrying out the terms of this Agreement, to take (subject to the
limitations set forth below) any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to
accomplish the purposes of this Agreement, and, without limiting the generality
of the foregoing, the Manager hereby gives the Indenture Trustee the power and
right, on behalf of the Manager, without notice to or assent by the Manager
(subject to the limitation set forth below), to do any or all of the following:

          (i) So long as a Manager Default has occurred and is continuing and a
Manager Termination Notice has been delivered in accordance with the terms
hereof, at any time, in the name of the Manager or its own name, or otherwise,
to take possession of and endorse and collect any checks, drafts, notes,
acceptances or other instrument, general intangible or contract or any other
Collateral and to file any claim or to take any other action or proceeding in
any court of law or equity or otherwise deemed appropriate by the Indenture
Trustee or any Series Enhancer for the purpose of collecting any and all such
moneys due under any account, instrument, general intangible or contract with
respect to the Managed Containers and the other Collateral whenever payable;

          (ii) So long as a Manager Default has occurred and is continuing and a
Manager Termination Notice has been delivered in accordance with the terms
hereof, at any time, to enter and use the premises of the Manager and make use
of the Manager's computer database, software system and all other books and
records relating to the Managed Containers and the other Collateral. The Manager
hereby grants, and agrees to grant from time to time, to the Indenture Trustee a
non-exclusive royalty-free license (such license not to be exercised until, and
only so long as, a Manager Default has occurred and is continuing and a Manager
Termination Notice has been delivered in accordance with the terms hereof) of
all its intellectual

                                       18

property rights arising in connection with the software system used by the
Manager in connection with the Managed Containers, such license to be
irrevocable until the later of (a) the last date on which any Note was
Outstanding or (b) the date on which all amounts owed to any Series Enhancer
pursuant to the terms of the Indenture and the related Enhancement Agreement
shall have been paid in full, subject, in the case of intellectual property
rights held under license by the Manager, to the prior consent of the relevant
licensor, if required, which consent the Manager undertakes to use its
reasonable efforts forthwith to obtain at its own expense on terms reasonably
acceptable to the Indenture Trustee and any Series Enhancer so long as a Manager
Default has occurred and is continuing and a Manager Termination Notice has been
delivered in accordance with the terms hereof; and

          (iii) So long as an Event of Default or Manager Default has not
occurred, upon the failure of the Manager to comply with the provisions of
Section 8.1.6 (and so long as an Event of Default or Manager Default has
occurred, whether or not the Manager has complied with the provisions of Section
8.1.6), to execute and deliver those agreements, instruments, documents and
papers (including, without limitation, deeds of trust) as the Manager may
otherwise be required to file in accordance with the provisions of Section 8.1.6
hereof.

          The Manager hereby ratifies and confirms and agrees to ratify and
confirm whatever any such attorney shall do or propose to do in the exercise or
purported exercise of all or any of the powers, authorities and discretion
referred to in this Section.

     9.5 Owner Power of Attorney. The Owner hereby irrevocably constitutes and
appoints the Indenture Trustee, with full power of substitution, as its true and
lawful attorney-in-fact with full irrevocable power and authority in the place
and stead of the Owner and in the name of the Owner or in its own name, for the
purpose of carrying out the terms of this Agreement and the other Transaction
Documents to which the Owner is a party, to take (subject to the limitations set
forth below) any and all appropriate action and to execute any and all documents
and instruments which may be necessary or desirable to accomplish the purposes
of this Agreement, and, without limiting the generality of the foregoing, the
Owner hereby gives the Indenture Trustee the power and right, on behalf of the
Owner, without notice to or assent by the Owner (subject to the limitation set
forth below), to do any or all of the following:

          (i) So long as a Manager Default has occurred and is continuing and a
Manager Termination Notice has been delivered in accordance with the terms
hereof, at any time, in the name of the Owner or its own name, or otherwise, to
take possession of and indorse and collect any checks, drafts, notes,
acceptances or other instrument, general intangible or contract or any other
Collateral and to file any claim or to take any other action or proceeding in
any court of law or equity or otherwise deemed appropriate by the Indenture
Trustee or any Series Enhancer for the purpose of collecting any and all such
moneys due under any account, instrument, general intangible or contract with
respect to the Managed Containers and the other Collateral whenever payable;

          (ii) So long as an Event of Default or Manager Default has occurred
and is continuing, at any time, to enter and use the premises of the Owner and
make use of the Owner's computer database, software system and all other books
and records relating to the Managed Containers and the other Collateral. The
Owner hereby grants, and agrees to grant from time to

                                       19

time, to the Indenture Trustee a non-exclusive royalty-free license (such
license not to be exercised until, and only so long as, a Manager Default has
occurred and is continuing and a Manager Termination Notice has been delivered
in accordance with the terms hereof) of all its intellectual property rights
arising in connection with the software system used by the Owner in connection
with the Managed Containers, such license to be irrevocable until the later of
(a) the last date on which any Note was Outstanding or (b) the date on which all
amounts owed to any Series Enhancer pursuant to the terms of the Indenture and
any related Enhancement Agreement shall have been paid in full, subject, in the
case of intellectual property rights held under license by the Owner, to the
prior consent of the relevant licensor, if required, which consent the Owner
undertakes to use its reasonable efforts forthwith to obtain at its own expense
on terms reasonably acceptable to the Indenture Trustee and any Series Enhancer;
and

          (iii) So long as an Event of Default or Manager Default has not
occurred, upon the failure of the Manager to comply with the provisions of
Section 8.1.6 (and so long as an Event of Default or Manager Default has
occurred, whether or not the Manager has complied with the provisions of Section
8.1.6), to execute and deliver those agreements, instruments, documents and
papers (including, without limitation, deeds of trust) as the Owner (or the
Manager, on behalf of the Owner) may otherwise be required to file in accordance
with the provisions of Section 8.1.6 hereof or in accordance with Section 604 of
the Indenture.

     Section 10. No Partnership.

     Except as otherwise provided herein, the Manager's activities taken on
behalf of the Owner hereunder will be taken solely as manager of the Managed
Containers. The parties hereto expressly recognize and acknowledge that this
Agreement is not intended to create a partnership, joint venture or other entity
between the Manager and the Owner.

     Section 11. No Warranties.

     THE MANAGED CONTAINERS ARE BEING DELIVERED BY THE OWNER TO THE MANAGER "AS
IS". THE OWNER MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH
RESPECT TO THE CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
OF THE MANAGED CONTAINERS, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR
NOT DISCOVERABLE, THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT,
OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED.

     Section 12. Non-Exclusivity.

     During the term of this Agreement, the Manager may provide container,
management, sales, leasing or remarketing services directly or indirectly to any
other Person or on behalf of any other Person.

     Section 13. Assignment.

     This Agreement, and the rights and duties of the Manager hereunder, may not
be assigned by the Manager to any other Person without the prior written consent
of the Owner, the Indenture

                                       20

Trustee, the Administrative Agent and the Requisite Global Majority. The Owner
may charge, assign, pledge or hypothecate its rights (but not its obligations)
under this Agreement as provided herein. The Manager hereby acknowledges that
the Owner shall pledge all of its rights, title and interest under this
Agreement to the Indenture Trustee, and the Manager hereby consents to such
pledge. The Manager will give any Rating Agency prior notice of any assignment
effected pursuant to this Section 13.

     Section 14. Indemnification.

     14.1 By the Owner.

          14.1.1 By the Owner. The Owner, at its own expense, shall defend,
indemnify and hold the Manager harmless from and against any and all claims,
actions, damages, losses, liabilities, costs and expenses (including reasonable
legal fees) (each, a "Claim") incurred by or asserted against the Manager to the
extent resulting or arising from the Manager's performance of its obligations
under this Agreement or from the Owner's failure to comply with or perform its
obligations under this Agreement, except for Claims which arise out of the
Manager's willful misconduct, or gross negligence, or failure to comply with or
perform its obligations under this Agreement. Manager subordinates its claims
under this Section 14.1 to all claims which have priority in payment pursuant to
the provisions of Section 302 and Section 806 of the Indenture.

     14.2 By the Manager.

          14.2.1 The Manager, in its capacity as the Manager, agrees to, and
hereby does, indemnify and hold harmless the Owner, the Indenture Trustee (for
the benefit of the Noteholders), any Series Enhancer (if such Series Enhancer is
then the Control Party for a Series of Outstanding Notes), any Interest Rate
Hedge Counterparty, the Deal Agents (as such term is defined in the Note
Purchase Agreement), the Liquidity Agents (as such term is defined in the Note
Purchase Agreement), the Purchasers (as such term is defined in the Note
Purchase Agreement), the Administrative Agent and their respective officers,
directors, employees and agents (each of the foregoing, an "Indemnified Party")
against any and all liabilities, losses, damages, penalties, costs and expenses
which may be incurred or suffered by such Indemnified Party (except to the
extent caused by the gross negligence or willful misconduct on the part of the
Indemnified Party) as a result of claims, actions, suits or judgments asserted
or imposed against an Indemnified Party and arising out of (i) an action or
inaction by the Manager that is contrary to the Servicing Standard or otherwise
in violation of the terms of this Agreement; or (ii) any breach of or any
inaccuracy in any representation or warranty made by the Manager in this
Agreement or in any certificate delivered by the Manager pursuant hereto; or
(iii) any breach of or failure by the Manager to perform any covenant or
obligation of the Manager set out or contemplated in this Agreement; provided
however, that the foregoing indemnity shall in no way be deemed to impose on the
Manager any obligation to reimburse an Indemnified Party for: (A) losses arising
from the financial inability of the related obligor on a Lease Agreement to make
the payments due thereunder or because the Leases otherwise are uncollectible,
or (B) losses arising from the failure of the remarketing proceeds of the
Managed Containers to achieve historical or projected levels for reasons other
than the Manager's failure to comply with the terms of this Agreement. The
provisions of this Section 14.2 shall run directly to and be enforceable by an
injured party, subject to the limitations hereof. The obligations of the

                                       21

Manager under this Section 14.2 shall survive the resignation or removal of the
Manager and each Indemnified Party, the payment of the Notes and Outstanding
Obligations and the termination of this Agreement or the Indenture; it being
understood and agreed that the Manager shall have no liability for the actions
or inactions of any replacement Manager.

          14.2.2 The Manager shall pay any amounts owing by it pursuant to this
Section 14 directly to the Indemnified Party, and such amounts shall not be
deposited in the Trust Account.

          14.2.3 Indemnification payments owing pursuant to the provisions of
this Section 14 shall include, without limitation, reasonable and documented
fees and expenses of counsel and expenses of litigation reasonably incurred.

     Section 15. No Bankruptcy Petition Against the Owner.

     The Manager will not, prior to the date that is one year and one day after
the payment in full of all Outstanding Obligations under the Indenture or
obligations of the Issuer under any of the other Transaction Documents,
institute against the Owner, or join any other Person in instituting against the
Owner, an Insolvency Proceeding. The provision of this Section 15 shall survive
the termination of this Agreement.

     Section 16. Notices.

     All notices, demands or requests given pursuant to this Agreement shall be
in writing, sent by internationally recognized overnight courier service or by
telecopy or hand delivery, to the following addresses:

To the Manager:                  TAL International Container Corporation
                                 100 Manhattanville Road
                                 Purchase, New York 10577-2135

                                 Attn: Chand Khan, Vice President and Chief
                                 Financial Officer
                                 Fax: (914) 697-2526

                                 with a copy to:

                                 TAL International Container Corporation
                                 100 Manhattanville Road
                                 Purchase, New York 10577-2135

                                 Attn: Marc A. Pearlin, Vice President, General
                                 Counsel & Secretary
                                 Fax: (914) 697-2526

To the Owner:                    TAL Advantage I LLC
                                 100 Manhattanville Road
                                 Purchase, New York 10577-2135
                                 Attn: Chand Khan

                                       22

                                 with a copy to:

                                 TAL International Container Corporation
                                 100 Manhattanville Road
                                 Purchase, New York 10577-2135
                                 Attn: Chand Khan, Vice President and Chief
                                 Financial Officer
                                 Fax: (914) 697-2526

To the Indenture Trustee:        U.S. Bank National Association
                                 60 Livingston Avenue
                                 St. Paul, Minnesota  55107
                                 Attention: TAL Advantage I, LLC, Variable Rate
                                 Secured Notes, Series 2005-1
                                 Fax: 651-495-8090

To the Administrative Agent:     Fortis Capital Corp.
                                 Three Stamford Plaza
                                 301 Tresser Boulevard
                                 Stamford, CT 06901
                                 Attn: Loan Administration
                                 Fax: 203-705-5900

                                 With a copy to:

                                 Fortis Bank (Nederland) N.V.
                                 Coolsingel 93
                                 P.O. Box 749
                                 3000 AS Rotterdam
                                 The Netherlands
                                 Attn: Aviation and Intermodal Finance Group
                                 Fax: 31 10 401 6343
                                 Phone: 31 10 401 6014

To any Series Enhancer:          At the address set forth in the related
                                 Insurance Agreement

To any Interest                  At the address set forth in the related
Rate Hedge Counterparty:         Interest Rate Hedge Agreement

     Notice shall be effective and deemed received (a) two days after being
delivered to the courier service, if sent by courier, (b) upon receipt of
confirmation of transmission, if sent by telecopy or (c) when delivered, if
delivered by hand.

     Section 17. Governing Law; Consent to Jurisdiction.

     17.1 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK

                                       23

(INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
BUT WITHOUT GIVING EFFECT TO ANY OTHER PRINCIPLES OF CONFLICTS OF LAW).

     17.2 Consent to Jurisdiction. Any legal suit, action or proceeding against
Owner or Manager arising out of or relating to this Agreement, 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 of Owner and Manager
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 Agreement, Owner and Manager each hereby irrevocably submits to
the jurisdiction of any such court in any such suit, action or proceeding.

     Section 18. Successors and Assigns.

     The terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of the parties hereto.

     Section 19. Severability.

     If any term or provision of this Agreement or the performance thereof shall
to any extent be or become invalid or unenforceable, such invalidity or
unenforceability shall not affect or render invalid or unenforceable any other
provisions of this Agreement, and this Agreement shall continue to be valid and
enforceable to the fullest extent permitted by law.

     Section 20. Entire Agreement; Amendments; Waiver.

     This Agreement represents the entire agreement between the parties with
respect to the subject matter hereof and may not be amended or modified except
by an instrument in writing signed by the parties hereto and approved by the
Administrative Agent and the Requisite Global Majority. The Manager will send
prior notice of any amendment or modification to the Rating Agencies. Waiver of
any terms or conditions of this Agreement (including any extension of time
required for performance) shall be effective only if in writing and shall not be
construed as a waiver of any subsequent breach or waiver of the same terms or
conditions or a waiver of any other term or condition of this Agreement. No
delay on the part of any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof.

     Section 21. Counterparts.

     This Agreement may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile shall be effective as delivery of
a manually executed counterpart of this Agreement.

     Section 22. Intended Third Party Beneficiaries.

     Each of the Administrative Agent, each Series Enhancer (so long as such
Series Enhancer is the Control Party for a Series of Outstanding Notes), the
Requisite Global Majority and the

                                       24

Indenture Trustee are express third party beneficiaries of this Agreement; and,
as such, shall have full power and authority to enforce the provisions of this
Agreement against the parties hereto. Except as set forth in the immediately
preceding sentence, this Agreement shall be binding upon and inure solely to the
benefit of each party hereto, and nothing in this Agreement, express or implied,
is intended to or shall confer on any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

     Section 23. Series Enhancer.

     Notwithstanding any term or provision of this Agreement, if a Series
Enhancer is not the Control Party for a Series of Outstanding Notes, then such
Series Enhancer shall not have any right to give or withhold any consent,
direction, notice, request, permission or approval under this Agreement or to
receive any notice, report or other document under this Agreement or to exercise
any other right, power or remedy under this Agreement.

                                       25

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

                                        TAL INTERNATIONAL CONTAINER CORPORATION,
                                        as Manager

                                        By: /s/ Brian M. Sondey
                                            ------------------------------------
                                            Name: Brian M. Sondey
                                            Title: President

                                        TAL ADVANTAGE I LLC, as Owner,

                                        By: TAL International Container
                                            Corporation, its manager

                                        By: /s/ Chand Khan
                                            ------------------------------------
                                            Name: Chand Khan
                                            Title: Vice President and CFOEXHIBIT 10.27

================================================================================

                         CONTRIBUTION AND SALE AGREEMENT

                                   ----------

                                     between

                    TAL INTERNATIONAL CONTAINER CORPORATION,

                                       and

                               TAL ADVANTAGE I LLC

                                   ----------

                                   Dated as of

                                 August 1, 2005

================================================================================

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.01   Definitions.....................................................1
SECTION 1.02   General Interpretive Principles.................................1

                                   ARTICLE II

                             TRANSFER OF CONTAINERS

SECTION 2.01   Transfer of Transferred Assets on the Initial
               Closing Date....................................................2
SECTION 2.02   Transferred Containers and Related Assets after the
               Initial Closing Date............................................2
SECTION 2.03   Required Financing Statements; Marking of Records...............4
SECTION 2.04   General Provisions Regarding All Transfers of
               Containers......................................................4
SECTION 2.05   Transfer of the Subordinated Note...............................6

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

SECTION 3.01   Representations and Warranties of the Seller....................6
SECTION 3.02   Representations and Warranties of the Issuer...................12
SECTION 3.03   Breach of Representations and Warranties Regarding
               Certain Transferred Assets.....................................15
SECTION 3.04   Substitute Container...........................................15

                                   ARTICLE IV

                             COVENANTS OF THE SELLER

SECTION 4.01   Seller Covenants...............................................16
SECTION 4.02   Pledge of Transferred Assets...................................18

                                    ARTICLE V

                              CONDITIONS PRECEDENT

SECTION 5.01   Conditions to Issuer Obligations...............................18
SECTION 5.02   Conditions to the Seller's Obligations.........................19
SECTION 5.03   Waiver of Conditions...........................................19

                                   ARTICLE VI

                                   TERMINATION

                                       -i-

                                TABLE OF CONTENTS
                                   (continued)

                                                                            Page
                                                                            ----

SECTION 6.01   Termination....................................................20
SECTION 6.02   Effect of Termination..........................................20

                                   ARTICLE VII

                            INDEMNIFICATION PAYMENTS

SECTION 7.01   Indemnification................................................20
SECTION 7.02   Procedure for Indemnification..................................21

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

SECTION 8.01   Amendment......................................................21
SECTION 8.02   Governing Law..................................................21
SECTION 8.03   Notices........................................................21
SECTION 8.04   Severability of Provisions.....................................23
SECTION 8.05   Assignment.....................................................23
SECTION 8.06   Further Assurances.............................................24
SECTION 8.07   Waiver; Cumulative Remedies....................................24
SECTION 8.08   Counterparts...................................................24
SECTION 8.09   Binding........................................................24
SECTION 8.10   Merger and Integration.........................................24
SECTION 8.11   Headings.......................................................24
SECTION 8.12   Schedules and Exhibits.........................................24
SECTION 8.13   Intended Third Party Beneficiaries.............................24
SECTION 8.14   Consent to Jurisdiction........................................24
SECTION 8.15   Series Enhancer................................................25

APPENDIX A - Master Index of Defined Terms
EXHIBIT A - List of Containers
EXHIBIT B - Container Transfer Certificate
EXHIBIT C - Form of Subordinated Note
SCHEDULE 3.01 - Other Names of Seller

                                      -ii-

                         CONTRIBUTION AND SALE AGREEMENT

          THIS CONTRIBUTION AND SALE AGREEMENT, dated as of August 1, 2005 (as
amended, modified or supplemented from time to time in accordance with the terms
hereof, this "Agreement"), is entered into between TAL INTERNATIONAL CONTAINER
CORPORATION (together with its permitted successors and assigns, the "Seller"),
a Delaware corporation, and TAL ADVANTAGE I LLC (together with its permitted
successors and assigns, the "Issuer"), a limited liability company organized
under the laws of Delaware.

                                   WITNESSETH:

          WHEREAS, the Seller wishes to transfer to the Issuer from time to time
containers, leases and other related assets, and the Issuer desires to acquire
such assets from the Seller, in each case on the terms and conditions set forth
herein;

          WHEREAS, the assets transferred by the Seller to the Issuer hereunder
will subsequently be pledged by the Issuer to the Indenture Trustee as
collateral for the Notes to be issued from time to time pursuant to the terms of
the Indenture;

          NOW THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.01 Definitions. Capitalized terms used in this Agreement but
not defined herein shall have the meaning assigned to such terms in Appendix A
hereto.

          SECTION 1.02 General Interpretive Principles. For purposes of this
Agreement except as otherwise expressly provided or unless the context otherwise
requires:

          (a) the terms defined in this Agreement have the meanings assigned to
them in this Agreement and include the plural as well as the singular, and the
use of any gender herein shall be deemed to include the other gender;

          (b) accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with Generally Accepted Accounting Principles;

          (c) references herein to "Articles", "Sections", "Subsections",
"paragraphs", and other subdivisions without reference to a document are to
designated Articles, Sections, Subsections, paragraphs and other subdivisions of
this Agreement;

          (d) a reference to a Subsection without further reference to a Section
is a reference to such Subsection as contained in the same Section in which the
reference appears, and this rule shall also apply to paragraphs and other
subdivisions;

          (e) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
provision; and

          (f) the term "include" or "including" shall mean without limitation by
reason of enumeration.

                                   ARTICLE II

                             TRANSFER OF CONTAINERS

          SECTION 2.01 Transfer of Transferred Assets on the Initial Closing
Date. On the Initial Closing Date, the Seller shall sell, transfer and convey to
the Issuer, and the Issuer shall acquire from the Seller, all of the Seller's
rights, title and interest in, and under (i) the Containers identified on
Exhibit A hereto and (ii) the Related Assets with respect thereto (the items
described in clauses (i) and (ii) collectively, the "Initial Transferred
Assets"). The purchase price for the Initial Transferred Assets shall be an
amount equal to the sum of (x) the sum of the Net Book Values (determined as of
the last day of the month preceding the Initial Closing Date) of such
Containers, and (y) the sum of the then Fair Market Values of such Related
Assets (the sum of (x) and (y), the "Initial Purchase Price"). The Initial
Purchase Price shall be paid by the Issuer on the Initial Closing Date by (i)
making a cash payment to the Seller in an amount equal to Seven Hundred Five
Million Dollars ($705,000,000), and (ii) the issuance by Issuer to the Seller of
all of the authorized membership interests of the Issuer. The excess of (a) the
aggregate Fair Market Value of the Initial Transferred Assets, over (b) the
amount of cash described in the preceding sentence, shall be treated as a
contribution to capital of the Issuer.

          SECTION 2.02 Transferred Containers and Related Assets after the
Initial Closing Date.

          (a) Subsequent to the Initial Closing Date, the Seller may, from time
to time, sell, transfer and convey to the Issuer, and the Issuer may in its sole
discretion, acquire from the Seller, all of such Seller's rights, title and
interest in, to and under such additional Containers and the Related Assets with
respect thereto (collectively, the "Additional Transferred Assets") as shall be
identified from time to time on a Container Transfer Certificate to be delivered
on such Transfer Date. The Seller and the Issuer hereby agree that the purchase
price of such Additional Transferred Assets (such purchase price, the
"Additional Purchase Price") sold by the Seller on any such subsequent Transfer
Date shall be an amount equal to the sum of (x) the sum of the Net Book Values
(determined as of the last day of the month preceding such Transfer Date) of
such additional Containers and (y) the sum of the Fair Market Values of such
Related Assets. The Additional Purchase Price will be paid on the related
Transfer Date in full by (x) wire transfer of immediately available funds on
such Transfer Date to the extent of funds available to the Issuer pursuant to
the terms of the Indenture and the Transaction Documents, and (y) if the
Additional Purchase Price to be paid to such Seller for the Additional
Transferred Assets exceeds the amount set forth in clause (x), by increasing the
principal balance of the Subordinated Note payable to the Seller by an amount
equal to (1) the Additional Purchase Price minus (2) the amount set forth in
clause (x).

                                       -2-

          Notwithstanding the foregoing, the principal balance of the
Subordinated Note shall not be increased, and no applicable Additional Purchase
Price shall be paid by means of the Subordinated Note, except to the extent
that, after giving effect to such increase, the Deferred Purchase Price
Condition is satisfied. "Deferred Purchase Price Condition" means that, at any
time, the result of (a) the Aggregate Net Book Value, plus (b) the aggregate
outstanding balance of any receivables resulting from the sale or disposition of
any Containers that were either owned by the Issuer or subject to a Finance
Lease for which the Issuer is the lessor, so long as such receivables were not
outstanding for more than ninety (90) days (measured from the issue date of such
receivables), less (c) the Outstanding Obligations, less (d) the Designated
Non-Investment Grade Exposure Amount, exceeds One Hundred Thousand Dollars
($100,000). "Designated Non-Investment Grade Exposure Amount" means, at any
time, an amount equal to the result of (a) three multiplied by (b) the highest
outstanding balance of a Lease of a Managed Container of any lessee which has no
long-term debt rating from S&P or Moody's or which has a long-term debt rating
from S&P or Moody's of less than "BBB-" or "Baa3", as applicable.

          At the option of the Seller, some or all of the Additional Transferred
Assets may be transferred by the Seller to the Issuer as a capital contribution.

          In connection with any transfer of Additional Transferred Assets to
the Issuer, the Seller shall, on or prior to the respective Transfer Date, (i)
execute and deliver each of the documents set forth in Section 2.02(b) hereof,
and (ii) complete the actions required by Section 2.03 hereof.

          (b) In connection with any transfer of Transferred Assets by the
Seller to the Issuer in accordance with the provisions of Section 2.01 or
Section 2.02 of this Agreement, the Seller shall execute and deliver to the
Issuer (and the Issuer shall deliver to the Administrative Agent and the
Indenture Trustee) on or before the related Transfer Date, each of the following
documents:

          (i) A completed Container Transfer Certificate which certificate shall
     operate as an assignment, without recourse, representation or warranty
     (except for the representations and warranties specifically set forth in
     this Agreement) of all such Seller's right, title, and interest in and to
     the Transferred Assets identified in such Container Transfer Certificate;
     and

          (ii) Completed UCC financing statements and documents of similar
     import, if applicable, described in Section 2.03(a) hereof, together with
     evidence of filing of such financing statements, changes or similar
     documents, in the appropriate filing offices and jurisdictions as may be
     required to perfect the Issuer's ownership of the Related Assets.

          (iii) A supplement to the List of Containers (or, in the case of the
     first Transfer Date, the List of Containers itself). Upon delivery of such
     supplement, the List of Containers shall be deemed to have been amended to
     incorporate the information contained in such supplement.

                                       -3-

          SECTION 2.03 Required Financing Statements; Marking of Records.

          (a) In connection with the transfer by it on any Transfer Date, the
Seller agrees to record and file, at its own expense, the following UCC
financing statements (and/or amendments to previously filed UCC financing
statements) with respect to the Related Assets, such filings to be made (unless
otherwise requested by the Administrative Agent or any Series Enhancer) in each
case only to the extent necessary pursuant to applicable law to perfect the
ownership interest of the Issuer:

          (i) UCC financing statements filed against the Seller and covering the
     Transferred Assets. Such financing statements (or documents of similar
     import) shall be filed in the appropriate filing offices in the
     jurisdiction in which the Seller is located (as defined in the UCC) or as
     otherwise required under Applicable Law;

          (ii) UCC financing statements or documents of similar import,
     evidencing the release of the security interest of any other Person with
     respect to any of the Transferred Assets; and

          (iii) With respect to each Finance Lease included in the Transferred
     Assets, a UCC financing statement (or document of similar import), naming
     each lessee of Containers subject to such Finance Lease, as debtor, the
     Seller, as secured party, and the Containers under such related Finance
     Lease as collateral, such financing statement against the lessee shall be
     filed in the appropriate filing offices in the jurisdiction in which the
     lessee is located (as determined under the UCC); provided, however, that
     the Seller shall not be required to change the name of the secured party as
     of record in any such filing office.

All UCC financing statements required pursuant to this Section 2.03 shall meet
the requirements of Applicable Law. Nothing contained in this Section 2.03 shall
limit the Seller's obligation to file continuation or termination statements in
accordance with Section 4.01(g) of this Agreement and Applicable Law.

          (b) In connection with each transfer of Transferred Assets, the Seller
shall, at its own expense on or prior to each Transfer Date, cause its master
accounting and data processing records to be marked to indicate that all right,
title and interest in each Transferred Asset has been irrevocably and absolutely
transferred to the Issuer.

          SECTION 2.04 General Provisions Regarding All Transfers of Containers.

          (a) Except as specifically provided in Sections 3.03 and 7.01 of this
Agreement, all transfers of Transferred Assets by the Seller to the Issuer
pursuant to this Agreement shall be without recourse to the Seller; it being
understood that the Seller shall be liable to the Issuer for all
representations, warranties, covenants and indemnities made by the Seller
pursuant to the terms of this Agreement, all of which representations,
warranties, covenants and indemnifications shall survive the transfer of such
Transferred Assts hereunder. Notwithstanding any term or provision of this
Agreement, nothing in this Agreement shall create (or shall be deemed to create)
recourse to the Seller for (i) the failure of the lessees under the Leases
included in the Transferred Assets to make any payments under such Leases or the

                                       -4-

Leases otherwise being uncollectible and/or (ii) the failure of the Issuer to
realize an amount equal to the sum of (x) the Net Book Value of a Transferred
Container and (y) the Fair Market Value of the Related Assets with respect to
such Transferred Containers.

          (b) The Seller and the Issuer intend all transfers of Transferred
Assets to be "true sales" or "true contributions" by the Seller to the Issuer
that are absolute and irrevocable and that provide the Issuer with the full
benefits of ownership of the Transferred Assets, and neither the Seller nor the
Issuer intend the transactions contemplated hereunder to be, or for any purpose
to be characterized as, loans from the Issuer to the Seller. It is, further, not
the intention of the Issuer or the Seller that the conveyance of the Transferred
Assets by the Seller be deemed a grant of a security interest in the Transferred
Assets by the Seller to the Issuer to secure a debt or other obligation of the
Seller. However, in the event that, notwithstanding the intent of the parties,
any Transferred Assets are considered to be property of the Seller's estate,
then (i) this Agreement also shall be deemed to be and hereby is a security
agreement within the meaning of Applicable Law, and (ii) the conveyance by the
Seller provided for in this Agreement shall be deemed to be a grant by the
Seller to the Issuer of, and the Seller hereby grants to the Issuer, a security
interest in and to all of the Seller's right, title and interest in, to and
under the Transferred Assets, whether now or hereafter existing or created, to
secure (A) the rights of the Issuer hereunder, (B) a loan by the Issuer to the
Seller in an amount equal to the sum of (1) the sum of the Net Book Values of
all Transferred Containers and (2) the sum of the Fair Market Values of all
Related Assets, in each case to the extent of all of the Transferred Containers
transferred or purported to be transferred by the Seller hereunder, (C) without
limiting the foregoing, the payment and performance of the Seller's obligations
(whether monetary or otherwise) hereunder, and (D) payment to the Issuer of all
lease rentals, and other payments in respect of the Leases and proceeds of the
Transferred Assets transferred or purported to be transferred hereunder. The
Seller and the Issuer shall, to the extent consistent with this Agreement, take
such actions as may be necessary to ensure that, if this Agreement were deemed
to create a security interest in the Transferred Assets, such security interest
would be deemed to be a perfected security interest of first priority in favor
of the Issuer under Applicable Law and will be maintained as such throughout the
term of this Agreement. The Seller hereby irrevocably authorizes the Issuer (and
the Issuer hereby authorizes the Indenture Trustee (as pledgee of the Issuer's
rights hereunder)), at any time, and from time to time, to file in any filing
office in any jurisdiction any initial financing statements or documents of
similar import and amendments thereto that (x) indicate Transferred Assets as
collateral regardless of whether any particular asset included in the
Transferred Assets falls within the scope of Article 9 of the UCC, and (y)
provide any other information required for the sufficiency or filing office
acceptance of any financing statement or document of similar import or
amendment. The Seller agrees to furnish any such information to the Issuer
promptly upon the Issuer's request, and the Issuer agrees to furnish any such
information to the Indenture Trustee (as pledgee of the Issuer's rights
hereunder) promptly upon the Indenture Trustee's request. The Seller also
ratifies its authorization for the Issuer and the Issuer also ratifies its
authorization for the Indenture Trustee having filed in any jurisdiction any
financing statements or documents of similar import or amendments thereto if
filed prior to the date hereof.

          (c) Consistent with the Issuer's ownership of the Transferred Assets,
as between the parties to this Agreement, the Issuer shall have the sole right
to service, administer and collect the Transferred Assets and to assign and/or
delegate such right to others;

                                       -5-

          (d) Except as specifically provided for in Section 3.03 and Section
3.04 hereof, the Issuer shall have no obligation to account to the Seller for
the Transferred Assets. The Issuer shall have no obligation to account for, or
to return rental payments on or with respect to any Transferred Asset, or any
interest or other finance charge collected pursuant thereto, to the Seller,
irrespective of whether such collections and charges are in excess of the
Initial Purchase Price or Additional Purchase Price, as appropriate, of such
Transferred Asset. The Issuer shall have the sole right to retain any gains or
profits created by buying, selling or holding the Transferred Assets and shall
have the sole risk of and responsibility for losses or damages created by such
buying, selling or holding;

          (e) The Issuer shall have the unrestricted right to further assign,
transfer, deliver, hypothecate, subdivide or otherwise deal with the Transferred
Assets, and all of the Issuer's right, title and interest in, to and under this
Agreement, on whatever terms the Issuer shall determine, pursuant to this
Agreement or otherwise.

          SECTION 2.05 Transfer of the Subordinated Note. The Seller
acknowledges and agrees that the Subordinated Note was issued in a transaction
that was not required to be registered under the Securities Act. Any transfer or
assignment of the Subordinated Note shall be subject to the same conditions as a
transfer or assignment of a Subject Note pursuant to Section 205(l) of the
Indenture. Each holder of a Subordinated Note hereby represents and covenants
that throughout the period during which such holder holds an interest in a
Subordinated Note, either: (i) such holder is not a partnership, grantor trust
or S corporation for United States federal income tax purposes; or (ii) such
holder is a partnership, grantor trust or S corporation for United States
federal income tax purposes, and with regard to each beneficial owner of such
holder, the principal purposes for the establishment or use of such holder to
hold the Subordinated Note do not include avoidance of the limitations set forth
in this paragraph.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.01 Representations and Warranties of the Seller. The Seller
hereby makes the following representations and warranties. The Issuer has relied
upon such representations and warranties in accepting the conveyance of the
Transferred Assets. Such representations and warranties are made only as of a
Transfer Date with respect to the Transferred Assets transferred to the Issuer
on such date, but shall survive each transfer and conveyance of the respective
Transferred Assets to the Issuer.

          (a) Organization and Good Standing. The Seller is a corporation duly
organized, validly existing and in compliance under the laws of the State of
Delaware, with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is currently
conducted, had at all relevant times, and now has, power, authority, and legal
right to acquire and own the Transferred Assets and to perform its obligations
hereunder and under any Transaction Document to which it is a party;

          (b) Due Qualification. The Seller is qualified as a foreign
corporation in each jurisdiction where failure to be so qualified would have a
material adverse effect upon its

                                       -6-

business and has obtained all necessary licenses and approvals as required under
Applicable Law, in each case, where the failure to be so qualified, licensed or
approved, would reasonably be expected to materially and adversely affect the
ability of the Seller to perform its obligations under and comply with the terms
of this Agreement and any other Transaction Document to which it is a party;

          (c) Power and Authority; Due Execution and Delivery. The Seller has
the corporate power and authority to execute and deliver this Agreement and any
other Transaction Document to which it is a party and to carry out the terms
thereof; the Seller has duly authorized the transfer and conveyance to the
Issuer of the Transferred Assets by all necessary corporate action; the
execution, delivery, and performance by the Seller of this Agreement and any
other Transaction Document to which it is a party has been duly authorized by
the Seller by all necessary corporate action and this Agreement and any other
Transaction Document to which it is a party have been duly executed and
delivered by the Seller;

          (d) Legal Name. The legal name of the Seller is as set forth on the
signature page of the Seller for this Agreement, and, except as set forth in
Schedule 3.01 hereof, in the five years preceding the date of this Agreement:
(a) the Seller has not changed its name, the Seller has not used, and does not
currently use, any trade names, fictitious names, assumed names or "doing
business as" names, and (b) the Seller has not been known by any name other than
"TAL International Container Corporation";

          (e) Valid Assignment; Binding Obligations. This Agreement constitutes
a valid transfer and conveyance to the Issuer of all right, title, and interest
of the Seller in, to and under the Transferred Assets and the Transferred Assets
will be held by the Issuer free and clear of any Lien of any Person claiming
through or under the Seller, except for Permitted Encumbrances; and this
Agreement and each other Transaction Document to which the Seller is a party,
when duly executed and delivered by the other parties thereto, will constitute a
legal, valid, and binding obligation of the Seller enforceable against the
Seller in accordance with its terms subject as to enforceability to applicable
bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or
other laws affecting creditors' rights generally and to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law);

          (f) No Violation. The consummation of the transactions contemplated by
and the fulfillment of the terms of this Agreement and the Transaction Documents
to which it is a party will not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of
time or both) a default under, the charter documents or by-laws of the Seller,
or any material term of any indenture, agreement, mortgage, deed of trust, or
other instrument to which the Seller is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust,
or other instrument, other than this Agreement and the Indenture, or violate any
material provision of any law, order, rule, or regulation applicable to the
Seller of any court or of any federal or state regulatory body, administrative
agency, or other Governmental Authority having jurisdiction over the Seller or
any of its properties, in each case, other than any conflict, breach, default,
Lien, or violation that would not reasonably be expected to result in a Material
Adverse Change;

                                       -7-

          (g) No Proceedings or Injunctions. There are (i) no actions, suits,
proceedings or investigations pending, or, to the knowledge of the Seller,
threatened, before any court, regulatory body, administrative agency, or other
tribunal or Governmental Authority (A) asserting the invalidity of this
Agreement or any other Transaction Document to which it is a party, (B) seeking
to prevent the consummation of any of the transactions contemplated by this
Agreement or any other Transaction Document to which it is a party, or (C)
seeking any determination or ruling that might materially and adversely affect
the performance by the Seller of its obligations under, or the validity or
enforceability of, this Agreement or any other Transaction Document to which it
is a party, and (ii) no injunctions, writs, restraining orders or other orders
are in effect against the Seller that would materially and adversely affect its
ability to perform under this Agreement or any other Transaction Document to
which it is a party;

          (h) Compliance with Law. The Seller:

          (i) is not in violation of any laws, ordinances, governmental rules or
     regulations or any court order to which it is subject or by which it is
     bound, in each case the violation of which would reasonably be expected to
     materially and adversely affect the ability of the Seller to perform its
     obligations under this Agreement or any other Transaction Document to which
     it is a party; and

          (ii) has obtained all licenses, permits, franchises or other
     governmental authorizations necessary to the ownership of its property or
     to the conduct of its business including, without limitation, with respect
     to transactions contemplated by this Agreement and the other Transaction
     Documents to which it is a party, in each case, other than any such
     license, permit, franchise or other authorization the failure to so obtain
     will not reasonably be expected to result in a Material Adverse Change;

          (i) Insolvency. The Seller is not insolvent under the Insolvency Law
and will not be rendered insolvent by the transactions contemplated by this
Agreement; the Seller is paying its debts as they become due and, after giving
effect to the transactions contemplated hereby, will have adequate capital to
conduct its business;

          (j) [Reserved];

          (k) Place of Business. As of the Initial Closing Date, the principal
place of business and chief executive office of the Seller and the place where
the accounting books and records of the Seller are maintained is located at its
address set forth in Section 8.03 and has been located at such address at all
times since the later of (i) the date of formation of the Seller, and (ii) the
date that is five years prior to the Initial Closing Date;

          (l) Accounting and Tax Treatment. The Seller will treat the transfer
of the Transferred Assets to the Issuer pursuant to this Agreement as a capital
contribution (in part) and sale (in part) of such Transferred Assets (which
allocation between capital contribution and sale will be determined in
accordance with Sections 2.01 and 2.02 hereof) for financial reporting and
accounting purposes. The Seller will treat the transfer of the Transferred
Assets as a transfer to an entity disregarded as separate from its owner for
U.S. federal, state and local income tax purposes;

                                       -8-

          (m) Bulk Transfer Provisions. No transfer, assignment or conveyance of
the Transferred Assets by the Seller to the Issuer contemplated by this
Agreement will be subject to the bulk transfer or any similar statutory
provisions in effect in any applicable jurisdiction;

          (n) All Representations and Warranties True. All representations,
warranties, certifications and statements made by the Seller in any certificate
or other document delivered in connection with the closing of the transactions
contemplated by the Transaction Documents including all representations,
warranties, certifications and statements made to Mayer, Brown, Rowe & Maw LLP
in support of its opinions issued and delivered in connection with the issuance
of the Notes and each of the factual assumptions contained in such opinions, to
the extent compliance with such assumptions is in the control of the Seller, are
true and correct in all material respects as of the date made and do not omit or
fail to state a material fact necessary to make the statements contained therein
not misleading as of such date.

          (o) Approvals. All approvals, authorizations, consents, orders or
other actions of any Person required to be obtained by the Seller in order to
execute and deliver this Agreement and any other Transaction Documents to which
it is a party have been or will be taken or obtained on or prior to the Closing
Date;

          (p) Financial Statements. The consolidated balance sheet of Container
Holdings at December 31, 2004 and the consolidated statements of income,
retained earnings and cash flows for the two months ended on such date, are
accompanied by reports thereon containing opinions without qualification, except
as therein noted, by the independent accountants, have been prepared in
accordance with Generally Accepted Accounting Principles consistently applied,
and present fairly the financial position of Container Holdings and its
consolidated Subsidiaries (including the Seller) as of such dates and the
results of their operations for such periods;

          Since March 31, 2005 there has been no change in the business or
financial condition of Container Holdings and its consolidated Subsidiaries
(including the Seller) except as disclosed in Container Holdings' financial
reports, or changes in the ordinary course of business, which individually or in
the aggregate may have been materially adverse. Neither Container Holdings nor
any of its consolidated Subsidiaries (including the Seller) has any material
liabilities or obligations other than those disclosed in the financial
statements (including the notes thereto) referred to in the preceding paragraph
or for which adequate reserves are reflected in such financial statements or
which were incurred in the ordinary course of business since the date of such
financial statements;

          (q) Governmental Consent. No consent, approval or authorization of, or
filing, registration or qualification with, any Governmental Authority is or
will be necessary or required on the part of the Seller in connection with the
execution, delivery, legality, binding effect or enforceability of this
Agreement or any other Transaction Document to which it is a party or the
transfer and conveyance of the Transferred Assets hereunder except for (A) the
filing of any financing statements and (B) such the failure of which to make or
obtain, individually or in the aggregate, would not reasonably be expected to
result in a material adverse effect on the Seller;

                                       -9-

          (r) Investment Company. The Seller is not an "investment company" or a
company controlled by an "investment company" within the meaning of the
Investment Company Act of 1940, as amended;

          (s) Substantive Consolidation. The Seller is operated such that the
Issuer would not be "substantively consolidated" in the bankruptcy estate of the
Seller and its separate existence disregarded in the event of the bankruptcy of
the Seller under any applicable Insolvency Law;

          (t) Financial Statements. The financial statements and books and
records of the Seller will reflect the separate existence of the Issuer, the
annual consolidated financial statements of the Seller after the date hereof
will contain disclosures to the effect that the Seller has or will have one or
more direct and indirect Subsidiaries that were or may be established as
bankruptcy remote entities to facilitate asset securitization transactions;

          (u) Valid Business Purpose. The transfers and conveyances of
Transferred Assets by the Seller to the Issuer pursuant to the terms of this
Agreement are being consummated by the Seller in good faith, with no
contemplation of insolvency and with no intent to hinder, delay or defraud any
of its present or future creditors of the Seller;

          (v) Title to Containers. Immediately prior to the transfer of any
Transferred Asset to the Issuer pursuant to the terms of this Agreement, the
Seller had good and marketable title to such Transferred Asset, free and clear
of all Liens, except (i) Permitted Encumbrances and (ii) Liens that will be
discharged on the Transfer Date for such Transferred Assets. The Seller has not
authorized the filing of, and is not aware of, any financing statements against
the Seller that include a description of collateral covering the Transferred
Assets other than any financing statement or document of similar import (i) in
favor of the Issuer pursuant to this Agreement or (ii) that has been terminated.
The Seller is not aware of any judgment or tax lien filings against the Seller;

          (w) Rights to Lease Agreements are Assignable. The rights with respect
to each Lease Agreement (to the extent related to a Transferred Container) and
all scheduled lease payments to become due thereunder (which relate to a
Transferred Container), transferred pursuant to this Agreement do not violate
the terms of the applicable Lease Agreement and are assignable by the Seller
without the consent of any Person other than consents which will have been
obtained on or before the related Transfer Date;

          (x) All Necessary Action Taken. Immediately after each of the
transfers and conveyances to the Issuer as contemplated in this Agreement, all
necessary action will have been taken by the Seller to validly transfer and
convey to the Issuer all right, title and interest of the Seller in and to the
Transferred Containers and the Related Assets;

          (y) Eligible Container. As of the related Transfer Date for a
Container, such Container is an Eligible Container.

                                      -10-

          (z) Ordinary Course of Business. All Lease Agreements related to
Transferred Containers were originated in the ordinary course of business of the
Seller's business and in accordance with the Credit and Collection Policy as in
effect on such origination date;

          (aa) Binding Obligation. Each Lease included in the Related Assets
being transferred to the Issuer on the applicable Transfer Date represents the
genuine, legal, valid and binding payment obligation in writing of the related
lessee, enforceable in accordance with its terms, except only as such
enforcement may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors' rights generally;

          (bb) No Defenses. No right of rescission, setoff, counterclaim or
defense exists or has been asserted in writing or threatened in writing with
respect to any Lease included in the Related Assets being transferred to the
Issuer on the applicable Transfer Date. The exercise of any right under any such
Lease will not render such Lease unenforceable in whole or in part or subject to
any such right of rescission, setoff, counterclaim or defense;

          (cc) Servicing. The servicing of each Lease included in the Related
Assets and the collection practices relating thereto have been lawful and in
accordance with the standards set forth in the Credit and Collection Policy;

          (dd) Seller Acquisition Cost. One of the following: (A) with respect
to any Container originally acquired by the Seller subsequent to the Initial
Closing Date, the vendor's or manufacturer's invoice price of such Container was
representative of the market price of containers of similar specifications with
such vendor or manufacturer on the date on which the Seller placed the order for
such Container with the vendor or manufacturer thereof; or (B) with respect to
any Container not covered by clause (A), the purchase price allocated to such
Container by the Seller was reflective of the market value (as determined by
appraisal) of such class of Container on the Initial Closing Date;

          (ee) Creation of Security Interest. In the event that, contrary to the
intention of the parties hereto, the transfer of the Transferred Assets pursuant
to the terms of this Agreement is held not to constitute a "true sale" or a
"true contribution", this Agreement creates a valid and continuing security
interest (as defined in the UCC) in the Transferred Assets in favor of the
Issuer, which security interest is prior to all other Liens other than Permitted
Encumbrances, and is enforceable as such against creditors of and purchasers
from the Seller;

          (ff) UCC Classification. As of the Transfer Date for a Transferred
Container: (x) such Transferred Container constitutes "goods" within the meaning
of the applicable UCC; (y) the related Lease constitutes "tangible chattel
paper" within the meaning of the UCC; and (z) the lease receivables under such
Lease constitute "accounts" or "proceeds" of such Lease within the meaning of
the UCC;

          (gg) Perfection of Security Interest. 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 Issuer's ownership interest in the Transferred Assets. All
financing statements filed or to be filed against Seller in favor of the Issuer
in connection herewith contain a statement to the following effect: "A purchase
of or

                                      -11-

any other security interest in any collateral described in this financing
statement will violate the rights of the Issuer and the Indenture Trustee (as
the pledgee of the Issuer)";

          (hh) Possession of Leases. Aside from any original counterparts of
such Lease included in such Transferred Assets in the possession of the lessee,
the only other original counterpart(s) of such Lease is in the possession of the
Manager or an Affiliate of the Manager. Such Lease (to the extent that such
Lease relates to the Transferred Containers) does not have any marks or
notations indicating that such Lease (to the extent that such Lease relates to
the Transferred Containers) has been pledged, assigned or otherwise conveyed to
any Person.

          (ii) Payments to Manufacturers. The Seller shall, within two Business
Days after the related Transfer Date, pay to the manufacturer or vendor of such
Container, the purchase price or other unpaid amount for such Container.

          SECTION 3.02 Representations and Warranties of the Issuer. The Issuer
hereby makes the following representations and warranties. The Seller has relied
upon such representations and warranties in transferring the Transferred Assets
to the Issuer. Such representations and warranties speak only as of the Transfer
Date with respect to the Transferred Assets transferred to the Issuer on such
date, but shall survive each transfer and conveyance of the respective
Transferred Assets to the Issuer.

          (a) Organization and Good Standing. The Issuer is a limited liability
company duly organized and validly existing in compliance under the laws of the
State of Delaware, with full corporate power and authority to own and operate
its properties and to conduct its business as presently conducted and to enter
into and perform its obligations under this Agreement and each other Transaction
Document to which it is a party and the transactions contemplated hereby and
thereby;

          (b) Due Qualification. The Issuer is duly qualified to do business as
a foreign company in good standing, and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property or
the conduct of its business requires such qualification, except to the extent
that the failure to be so qualified, licensed or approved would not, in the
aggregate, materially and adversely affect the ability of the Issuer to perform
its obligations under and comply with the terms of this Agreement or any other
Transaction Documents to which it is a party;

          (c) Power and Authority. The Issuer has the corporate power and
authority to execute and deliver this Agreement and to carry out its terms; and
the execution, delivery, and performance of this Agreement by the Issuer have
been duly authorized by the Issuer by all necessary company action;

          (d) Binding Obligations. This Agreement and each other Transaction
Document to which the Issuer is a party, when duly executed and delivered by the
other parties hereto or thereto, will constitute a legal, valid, and binding
obligation of the Issuer enforceable in accordance with its terms subject as to
enforceability to applicable bankruptcy, reorganization, insolvency, moratorium
or other laws affecting creditors' rights generally and to general

                                      -12-

principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law);

          (e) No Violation. The consummation of the transactions contemplated by
and the fulfillment of the terms of this Agreement and the Transaction Documents
to which it is a party will not conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of
time or both) a default under, the charter documents or by-laws of the Issuer,
or any material term of any indenture, agreement, mortgage, deed of trust, or
other instrument to which the Issuer is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust,
or other instrument, other than pursuant to the Indenture, or violate any law or
any order, rule, or regulation applicable to the Issuer of any court or of any
federal or state regulatory body, administrative agency, or other Governmental
Authority having jurisdiction over the Issuer or any of its properties;

          (f) No Proceedings or Injunctions. There are (i) no proceedings or
investigations to which the Issuer is a party pending or, to the knowledge of
Issuer, threatened before any court, regulatory body, administrative agency or
other tribunal or Governmental Authority (A) asserting the invalidity of this
Agreement or the other Transaction Documents to which the Issuer is a party, (B)
seeking to prevent the consummation of any of the transactions contemplated by
this Agreement or the other Transaction Documents to which the Issuer is a
party, or (C) seeking any determination or ruling that would materially and
adversely affect the performance by the Issuer of its obligations under, or the
validity or enforceability of, this Agreement or the other Transaction Documents
to which the Issuer is a party and (ii) no injunctions, writs, restraining
orders or other orders are in effect against the Issuer that would adversely
affect its ability to perform under this Agreement or the other Transaction
Documents to which it is a party;

          (g) Approvals. All approvals, authorizations, consents, orders or
other actions of any Person required to be obtained by the Issuer in connection
with the execution and delivery of this Agreement or any other Transaction
Document to which it is a party have been or will be taken or obtained on or
prior to the Initial Closing Date;

          (h) Solvency. The Issuer is not insolvent under the Insolvency Law and
will not be rendered insolvent by the transactions contemplated by this
Agreement; the Issuer is paying its debts as they become due and, after giving
effect to the transactions contemplated hereby, will have adequate capital to
conduct its business;

          (i) Principal Place of Business; Trade Names. The Issuer's only "place
of business" (as such term is referred to in Section 9-307 of the UCC) and its
"chief executive office" (as such term is referred to in Section 9-307 of the
UCC) is located at and has been located at such address at all times since the
date of formation of the Issuer, and the accounting books and records of the
Issuer are maintained at its address determined in accordance with Section 8.03.
The Issuer has not been known by any name other than "TAL ADVANTAGE I LLC";

                                      -13-

          (j) Accounting and Tax Treatment. The Issuer will treat the transfer
of the Transferred Assets to the Issuer by the Seller pursuant to this Agreement
as a capital contribution (in part) and sale (in part) of such Transferred
Assets by the Seller (which allocation between capital contribution and sale
will be determined in accordance with Sections 2.01 and 2.02 hereof) for
financial reporting and accounting purposes. The Issuer will treat the transfer
of the Transferred Assets to the Issuer as a transfer to an entity disregarded
as separate from its owner for U.S. federal, state and local income tax
purposes;

          (k) Investment Company. The Issuer is not an "investment company" or a
company controlled by an "investment company" within the meaning of the
Investment Company Act of 1940, as amended;

          (l) Substantive Consolidation. The Issuer: (1) conducts its business
in its own name, it being understood that the Issuer's business will be managed
by the Manager in accordance with the terms of the Management Agreement, (2)
maintains its books and records separate from those of any other Person, (3)
does not commingle its funds with any other Person (except for any commingling
of Collections which may occur prior to the identification and segregation of
such amounts in accordance with the terms of the Management Agreement), (4)
maintains separate financial statements, showing its assets and liabilities
separate and apart from those of any other Person, (5) pays its own liabilities
and expenses only out of its own funds, (6) enters into transactions with an
Affiliate only if such transaction is commercially reasonable and on the same
terms as would be available in an arm's length transaction with a Person or
entity that is not an Affiliate, (7) allocates fairly and reasonably any
overhead expenses that are shared with an Affiliate, (8) holds itself out as a
separate entity, (9) maintains adequate capital in light of its contemplated
business operations, and (10) observes all other organizational formalities;

          (m) All Representations and Warranties True. All representations,
warranties, certifications and statements made by Issuer in any certificate or
document delivered in connection with the closing of the transactions
contemplated by the Transaction Documents including all representations,
warranties, certifications and statements made by the Issuer to Mayer, Brown,
Rowe & Maw LLP in support of its opinions issued and delivered in connection
with the issuance of the Notes and each of the factual assumptions contained in
such opinions, to the extent compliance with such assumptions is in the control
of the Issuer, are true and correct in all material respects as of the date made
and do not omit to state a material fact necessary to make the statements
contained therein not misleading as of such date;

          (n) Financial Statements. The financial statements and books and
records of the Issuer will reflect the separate existence of the Issuer and the
Seller;

          (o) No Subsidiaries. The Issuer has no Subsidiaries; and

          (p) Ordinary Course. The transactions contemplated by this Agreement
are being consummated by the Issuer in good faith and in furtherance of the
Issuer's ordinary business purposes, with no contemplation of insolvency and
with no intent to hinder, delay or defraud any of its present or future
creditors.

                                      -14-

          SECTION 3.03 Breach of Representations and Warranties Regarding
Certain Transferred Assets.

          (a) Upon discovery by the Seller or the Issuer (or any of their
respective successors or permitted assigns) of a breach of any of the Container
Representations and Warranties made by the Seller on the related Transfer Date,
the party (including any such successor or permitted assign) discovering such
breach shall give prompt written notice to the other party (and the Issuer shall
give prompt notice thereof to each of the Indenture Trustee and the
Administrative Agent). If the Issuer (or its successors or permitted assigns)
reasonably determines that such breach materially and adversely affects the
interests of the Issuer or its successors and permitted assigns, then, unless
the breach shall have been cured or waived by the Issuer within thirty (30) days
after the receipt by the Seller of written notice of such breach from the Issuer
(or its successors and permitted assigns), the Seller shall, on or prior to such
thirtieth (30th) day, repurchase the applicable Container (and all Related
Assets with respect thereto) by paying the Warranty Purchase Amount to the
Issuer for deposit into the Trust Account and, upon receipt of such payment in
the Trust Account, such repurchase shall occur automatically without further
action by any Person.

          (b) The Issuer agrees that the obligation of the Seller to make the
indemnification payments pursuant to this Section 3.03 shall constitute the sole
remedy available against such Seller by the Issuer and its successors and
permitted assigns for breach of a Container Representation or Warranty;
provided, however, that nothing contained herein shall derogate from the
Seller's indemnification obligations set forth in Section 7.01 hereof for
matters other than a breach of a Container Representation and Warranty.

          SECTION 3.04 Substitute Container.

          (a) The Seller will have the right (exercisable solely at its option)
at any time to transfer to the Issuer one or more Containers and Related Assets
(such Containers and Related Assets, collectively, a "Substitute Container") for
one or more Transferred Containers and Related Assets (such Transferred
Containers and Related Assets, collectively, a "Predecessor Container") if:

          (i) the Predecessor Container is required to be repurchased pursuant
     to Section 3.03 hereof;

          (ii) after giving effect to such substitution, no Asset Base
     Deficiency shall exist;

          (iii) the Substitute Container, when considered with all other
     Eligible Containers, will satisfy the Concentration Limits; and

          (iv) the ownership of such containers by the Issuer will not result in
     an Early Amortization Event.

If more than one Substitute Container is being transferred on any date, the
criteria set forth in clause (ii) above shall be determined on an aggregate
basis.

                                      -15-

          (b) Any substitution pursuant to this Section 3.04 shall become
effective upon compliance with the provisions of Section 2.02(b) hereof. Upon
the effectiveness of such substitution, the Predecessor Container shall
automatically be reconveyed by the Issuer to the Seller without further action
by any Person.

                                   ARTICLE IV

                             COVENANTS OF THE SELLER

          SECTION 4.01 Seller Covenants. Seller hereby covenants and agrees with
the Issuer (and its successors and assigns) as follows:

          (a) Merger or Consolidation of, or Assumption of the Obligations of,
the Seller. Notwithstanding anything in this Agreement to the contrary, any
Person (i) into which the Seller may be merged or consolidated, (ii) resulting
from any merger, conversion, or consolidation to which the Seller shall be
party, or (iii) succeeding to the business of the Seller substantially as a
whole, will be the successor to the Seller under this Agreement, without the
execution or filing of any document or any further act on the part of any of the
parties to this Agreement; provided, however, (x) immediately after giving
effect to such transaction, no Event of Default or Early Amortization Event
shall result therefrom, (y) the Seller shall have delivered to the Issuer, an
Officer's Certificate and an Opinion of Counsel (which the Issuer shall forward
to the Indenture Trustee and the Administrative Agent) each stating that such
consolidation, merger, or succession complies with this Section 4.01 and that
all conditions precedent, if any, provided for in this Agreement relating to
such transaction have been complied with and (z) the Seller shall have delivered
to the Issuer an Opinion of Counsel (which the Issuer shall forward to the
Indenture Trustee and the Administrative Agent), either (1) stating that, in the
opinion of such counsel, all financing statements or other documents of similar
import, and amendments thereto have been executed (if applicable) and filed that
are necessary fully to perfect the interest of the Issuer in the Transferred
Assets, or (2) stating that, in the opinion of such counsel, no such action
shall be necessary to perfect such interest.

          (b) Limitation on Liability of the Seller and Others. The Seller and
any director, officer, employee or agent of the Seller may rely in good faith on
any document of any kind, prima facie properly executed and submitted by any
Person respecting any matters arising under this Agreement; provided, however,
that any such limitation does not affect the obligation of the Seller to accept
reconveyance of certain Containers and the Related Assets and to pay the
consideration therefor pursuant to Section 3.03. The Seller in its capacity as
such shall not be under any obligation to appear in, prosecute, or defend any
legal action that is not incidental to its obligations as the transferor of the
Transferred Assets under this Agreement and that in its opinion may involve it
in any expense or liability.

          (c) Preservation of Name, etc. The Seller will not change its name,
identity, location of chief executive office, jurisdiction of incorporation or
corporate structure in any manner that would make ineffective any financing
statement, continuation statement, or documents of similar import, filed by the
Seller in accordance with Section 2.03 above unless (i) the Seller shall have
given the Issuer at least thirty (30) days' prior written notice thereof (which
the Issuer promptly shall forward to the Indenture Trustee and the
Administrative Agent), (ii) the

                                      -16-

Seller shall have filed any necessary financing statements or amendments thereof
or documents of similar import necessary to continue the effectiveness of any
financing statement or document of similar import referred to in Section 2.03
above and (iii) the Seller shall have delivered to the Issuer one or more
Opinions of Counsel (which the Issuer promptly shall forward to the Indenture
Trustee and the Administrative Agent), stating that, after giving effect to such
change in name, identity, location of chief executive office, jurisdiction of
incorporation or corporate structure: (A) the Seller and the Issuer will not,
pursuant to applicable Insolvency Law, be substantively consolidated in the
event of any Insolvency Proceeding by, or against, the Seller, (B) under
applicable Insolvency Law, the transfers of Transferred Assets made in
accordance with the terms of this Agreement will be treated as a "true sale" in
the event of any Insolvency Proceeding by, or against, the Seller and (C) either
(1) in the opinion of such counsel, all financing statements or other documents
of similar import, and amendments thereto have been executed (if applicable) and
filed that are necessary fully to perfect the interest of the Issuer in the
Transferred Assets, or (2) stating that, in the opinion of such counsel, no such
action shall be necessary to perfect such interest; provided that the opinions
described in clause (A) and clause (B) shall not be required unless, as a result
of the Seller's change of chief executive office or jurisdiction of
incorporation, the Seller's chief executive office or the Seller's jurisdiction
of location is outside of the United States.

          (d) Books and Records. The Seller will, at its own cost and expense,
mark its books and records (which may include computerized records) to the
effect that each Transferred Container and Related Assets have been transferred
to the Issuer.

          (e) Compliance with Law. The Seller will comply, in all material
respects, with all acts, rules, regulations, orders, decrees and directions of
any Governmental Authority applicable to the Transferred Assets or any part
thereof; provided, however, that the Seller may contest any act, rule,
regulation, order, decree or direction in any reasonable manner which shall not
materially and adversely affect the rights of the Issuer, the Noteholders, any
Series Enhancers or the Indenture Trustee in the Transferred Assets.

          (f) Conveyance of Transferred Assets; Security Interests. Except for
the transfers and conveyances hereunder, the Seller will not pledge, assign or
transfer to any other Person, or grant, create, incur or assume any Lien other
than Permitted Encumbrances on, any Transferred Asset, or any interest therein
and the Seller shall defend the right, title, and interest of the Issuer and its
successors and assigns in, to, and under the Transferred Assets, against all
claims of third parties claiming through or under the Seller.

          (g) Notification of Breach. The Seller will advise the Issuer
promptly, in reasonable detail, upon discovery of the occurrence of any breach
in any material respect by the Seller of any of its representations, warranties
and covenants contained herein or in any other Transaction Documents (and the
Issuer promptly shall forward such notice to the Administrative Agent and the
Indenture Trustee).

          (h) Further Assurances. The Seller will make, execute or endorse,
acknowledge and file or deliver to the Issuer from time to time such UCC
financing statements or documents of similar import (including any termination
or continuation statements), schedules, confirmatory assignments, conveyances,
transfer endorsements, powers of attorney,

                                      -17-

certificates, reports and other assurances or instruments and take such further
steps relating to the Transferred Assets and other rights covered by this
Agreement, as the Issuer or its successors and assigns may reasonably request.
Any such requested UCC financing statement or document of similar import must be
required pursuant to Applicable Law to fully preserve, maintain, and protect the
interest of the Issuer under this Agreement in the Transferred Assets. The
Seller shall comply with the terms and provisions of the UNIDROIT Convention or
any other internationally recognized system for recording interests in or
license against shipping containers at the time that such convention is adopted
by the container leasing industry.

          (i) Notice of Liens. The Seller shall notify the Issuer promptly after
becoming aware of any Lien other than Permitted Encumbrances on the Transferred
Assets (and the Issuer promptly shall forward such notice to the Administrative
Agent and the Indenture Trustee).

          (j) Transfer Taxes. The Seller shall pay any transfer taxes, if any,
required to be paid in connection with the conveyance of the Transferred Assets
by the Seller to the Issuer and acknowledges that the Issuer shall have no
responsibility with respect thereto.

          (k) No Bankruptcy Petition Against the Issuer. The Seller will not,
prior to the date that is one year and one day after the payment in full of all
amounts owing pursuant to the Indenture, this Agreement and the Transaction
Documents, institute against the Issuer, or join any other Person in instituting
against the Issuer, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceedings under the laws of any
applicable jurisdiction. This subsection 4.01(k) shall survive the termination
of this Agreement.

          (l) ERISA. The Seller agrees to indemnify, defend and hold the Issuer
harmless from and against any and all loss, liability, damage, judgment, claim,
deficiency, or expense (including interest, penalties, reasonable and documented
attorneys' fees and amounts paid in settlement) to which the Issuer may become
subject insofar as such loss, liability, damage, judgment, claim, deficiency or
expense arises out of any Plan of the Seller.

          SECTION 4.02 Pledge of Transferred Assets. The Seller understands that
the Issuer has pledged the Transferred Assets and its rights under this
Agreement to the Indenture Trustee under the Indenture, and consents to such
pledge. The Seller agrees that the Indenture Trustee may exercise the rights of
the Issuer hereunder.

                                    ARTICLE V

                              CONDITIONS PRECEDENT

          SECTION 5.01 Conditions to Issuer Obligations. The obligations of the
Issuer to acquire Transferred Assets on any Transfer Date occurring on or after
the Initial Closing Date shall be subject to the satisfaction of the following
conditions (in addition to the procedures required by Section 2.02(b)):

                                      -18-

          (a) All representations and warranties of the Seller contained in this
Agreement shall be true and correct in all material respects on such Transfer
Date (including without limitation the Container Representations and
Warranties);

          (b) All written information concerning the Transferred Assets provided
by the Seller to the Issuer shall be true and correct in all material respects;

          (c) The Seller shall have materially performed all other obligations
required to be performed by the Seller pursuant to the provisions of this
Agreement and the other Transaction Documents to which it is a party other than
any such obligation the failure to so perform shall have not materially and
adversely affected the interests of the Issuer;

          (d) All corporate and legal proceedings and all instruments in
connection with the transactions contemplated by this Agreement shall be
satisfactory in form and substance to the Issuer, and the Issuer shall have
received from the Seller copies of all documents (including without limitation
records of corporate proceedings) relevant to the transactions herein
contemplated as the Issuer may reasonably have requested;

          (e) No Event of Default, Early Amortization Event or Manager Default
shall have occurred and then be continuing (other than any such Event of
Default, Early Amortization Event or Manager Default that will be cured upon the
consummation of such acquisition) or result from the acquisition of such
Transferred Assets; and

          (f) The Issuer has adequate means of financing available in order to
complete the acquisition of such Transferred Assets.

Notwithstanding the foregoing conditions precedent, upon the making of a
transfer of Transferred Assets hereunder, all of Issuer's rights under this
Agreement (and by operation of law) shall vest in Issuer, whether or not the
conditions precedent to such transfer were in fact satisfied.

          SECTION 5.02 Conditions to the Seller's Obligations. The obligations
of the Seller to convey and contribute the Transferred Assets on any Transfer
Date occurring on or after the Initial Closing Date shall be subject to the
satisfaction of the following conditions (in addition to the procedures required
by Section 2.02 hereof):

          (a) All representations and warranties of the Issuer contained in this
Agreement shall be true and correct with the same effect as though such
representations and warranties had been made on such date; and

          (b) All corporate and legal proceedings and all instruments in
connection with the transactions contemplated by this Agreement shall be
satisfactory in form and substance to the Seller, and the Seller shall have
received from the Issuer copies of all documents (including without limitation
records of corporate proceedings) relevant to the transactions herein
contemplated as the Seller may reasonably have requested.

          SECTION 5.03 Waiver of Conditions. None of the conditions precedent
set forth in Section 5.01 or Section 5.02 may be waived without the prior
written consent of the

                                      -19-

Issuer and Indenture Trustee (acting at the direction of the Requisite Global
Majority) in each such instance.

                                   ARTICLE VI

                                   TERMINATION

          SECTION 6.01 Termination. The respective obligations and
responsibilities of the Seller and the Issuer created by this Agreement shall
not terminate prior to payment in full of all Outstanding Obligations.

          SECTION 6.02 Effect of Termination. No termination or rejection or
failure to assume the executory obligations of this Agreement in the bankruptcy
of the Seller or the Issuer shall be deemed to impair or affect the obligations
pertaining to any executed conveyance or executed obligations, including without
limitation breaches of representations and warranties by the Seller or the
Issuer occurring prior to the date of such termination. Without limiting the
foregoing, prior to termination, neither the failure of the parties to execute
and to deliver a Container Transfer Certificate pursuant to Section 2.02, nor
the failure of the Issuer to pay in cash or kind the compensation therefor shall
render such transfer or obligation executory, nor shall the continued duties of
the parties pursuant to Article IV or Section 8.06 of this Agreement render an
executed conveyance executory.

                                   ARTICLE VII

                            INDEMNIFICATION PAYMENTS

          SECTION 7.01 Indemnification. Subject to Section 3.03 hereof, the
Seller agrees to indemnify and hold harmless the Issuer, its successors and
assigns and their respective officers, directors, employees, counsel and agents
(each, an "Indemnified Party") against any and all liabilities, losses, damages,
penalties, costs and expenses (including reasonable and documented out-of-pocket
costs of defense and legal fees (of one counsel) but excluding (A) any special,
consequential or punitive damages and (B) any damages on the basis of lost
profits) which may be incurred or suffered by such Indemnified Party (except to
the extent caused by the gross negligence, bad faith or willful misconduct of
the Indemnified Party) as a result of (i) a breach by the Seller of any of its
covenants and agreements set forth in this Agreement; (ii) any representation or
warranty of the Seller proven to have been false or misleading in any material
respect when made or deemed made in this Agreement; (iii) any personal injury or
property damage claim or action arising out of or in connection with any of the
Transferred Assets in connection with any act or omission prior to the related
Transfer Date; or (iv) any attempt by any Person to void, rescind or set aside
any transfer of the Seller's right, title and interest in the Transferred Assets
to the Issuer as provided herein under statutory provisions or common law or
equitable action, including any provision of the Bankruptcy Code or other
insolvency law. The obligations of the Seller under this Section 7.01 shall
survive the termination of this Agreement. It is expressly agreed and understood
that this Section does not (and shall not be deemed to) create recourse to the
Seller for the creditworthiness of any lessee or, for avoidance of doubt, for
losses due to a lessee's failure to make payments under a Lease or for the
uncollectibility of the Leases.

                                      -20-

          SECTION 7.02 Procedure for Indemnification. Promptly after receipt by
an Indemnified Party of notice of the assertion of a claim or the commencement
of a proceeding by a third-party with respect to any matter referred to in
Section 7.01 which could be the subject of an indemnification claim against the
Seller hereunder, such Indemnified Party shall give written notice thereof to
the Seller and thereafter shall keep the Seller reasonably informed with respect
thereto; provided, however, that failure of an Indemnified Party to give the
Seller written notice as provided herein shall not relieve the Seller of its
obligations hereunder except to the extent that the Seller (x) incurs any
incremental costs directly related to the delay in failing to provide such
notice within a reasonable period of time or (y) is otherwise materially and
adversely prejudiced by such failure. If any such proceeding (including any
litigation, arbitration or similar proceeding) shall be brought against any
Indemnified Party, the Seller shall be entitled to assume the defense thereof at
the Seller's expense with counsel chosen by the Seller and reasonably
satisfactory to such Indemnified Party; provided, however, that any Indemnified
Party may at its own expense retain separate counsel to participate in such
defense. The Seller shall not be liable under this Article VII for any amount
paid in settlement of such claims or proceedings without the consent of the
Seller unless such consent is unreasonably withheld.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

          SECTION 8.01 Amendment. This Agreement may be amended from time to
time by the Seller and the Issuer only with the prior written consent of the
Indenture Trustee (acting at the direction of the Requisite Global Majority).
The Issuer shall forward copies of any amendment to this Agreement to the
Administrative Agent, each Series Enhancer (so long as such Series Enhancer is
the Control Party for a Series of Outstanding Notes) and the Rating Agencies.

          SECTION 8.02 Governing Law. THIS AGREEMENT AND ANY AMENDMENT HEREOF
PURSUANT TO SECTION 8.01 SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT WITHOUT REGARD TO CHOICE OF
LAW PRINCIPLES) APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN AND
THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION 8.03 Notices. All demands, notices, and communications under
this Agreement shall be in writing personally delivered, or sent by facsimile
(with subsequent telephone confirmation of receipt thereof) or sent by
internationally recognized overnight courier service, at the following address:

                                      -21-

          Seller:                 TAL International Container Corporation
                                  100 Manhattanville Road
                                  Purchase, New York 10577-2135
                                  Attn: Chand Khan, Vice President
                                        and Chief Financial Officer
                                  Fax: 914-697-2526

                                  with a copy to:

                                  TAL International Container Corporation
                                  100 Manhattanville Road
                                  Purchase, New York 10577-2135
                                  Attn: Marc A. Pearlin, Vice President,
                                        General Counsel & Secretary
                                  Fax: (914) 697-2526

          Issuer:                 TAL Advantage I LLC
                                  100 Manhattanville Road
                                  Purchase, New York 10577-2135
                                  Attn: Chand Khan

                                  With a copy to:

                                  TAL International Container Corporation
                                  100 Manhattanville Road
                                  Purchase, New York 10577-2135
                                  Attn: Chand Khan, Vice President
                                        and Chief Financial Officer
                                  Fax: 914-697-2526

          Indenture Trustee:      U.S. Bank National Association
                                  60 Livingston Avenue
                                  St. Paul, Minnesota 55107
                                  Attention: TAL Advantage I, LLC, Variable Rate
                                  Secured Notes, Series 2005-1
                                  Fax: 651-495-8090

                                      -22-

          Administrative Agent:   Fortis Capital Corp.
                                  Three Stamford Plaza
                                  301 Tresser Boulevard
                                  Stamford, CT 06901
                                  Attn: Loan Administration
                                  Fax: 203-705-5900

                                  With a copy to:

                                  Fortis Bank (Nederland) N.V.
                                  Coolsingel 93
                                  P.O. Box 749
                                  3000 AS Rotterdam
                                  The Netherlands
                                  Attn: Aviation and Intermodal Finance Group
                                  Fax: 31 10 401 6343
                                  Phone: 31 10 401 6014

          Interest Rate Hedge     shall be set forth in any related Interest
          Counterparty:           Rate Hedge Agreement

          or at other such address as shall be designated by such party in a
written notice to the other parties. Notice shall be effective and deemed
received (a) two days after being delivered to the courier service, if sent by
courier, (b) upon receipt of confirmation of transmission, if sent by telecopy,
or (c) when delivered, if delivered by hand. Any rights to notices conveyed to a
Rating Agency pursuant to the terms of the Indenture with respect to any Series
shall terminate immediately if such Rating Agency no longer has a rating
outstanding with respect to such Series.

          Wherever notice or a report is required to be given or delivered to or
from any party pursuant to this Agreement, a copy of such notice or report shall
also be given or delivered by the Issuer to the Administrative Agent and the
Indenture Trustee.

          SECTION 8.04 Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement.

          SECTION 8.05 Assignment. Notwithstanding anything to the contrary
contained in this Agreement, this Agreement may not be assigned by the Seller
except as provided in Section 4.01(a), without the prior written consent of the
Issuer and the Indenture Trustee at the direction of the Requisite Global
Majority and, except as provided in Section 4.02, this Agreement may not be
assigned by the Issuer without the prior written consent of the Requisite Global
Majority. Whether or not expressly stated, all representations, warranties,
covenants and agreements of the Seller and the Issuer in this Agreement, or in
any document

                                      -23-

delivered by any of them in connection with this Agreement, shall be for the
benefit of, and (in the case of rights of the Issuer) shall be exercisable by,
the Indenture Trustee.

          SECTION 8.06 Further Assurances. Each of the Seller and the Issuer
agrees to do such further acts and things and to execute and deliver such
additional assignments, agreements, powers and instruments as are reasonably
required to carry into effect the purposes of this Agreement.

          SECTION 8.07 Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Issuer or the Seller, 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 hereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privilege provided by law.

          SECTION 8.08 Counterparts. This Agreement 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 Agreement by facsimile
or by electronic means shall be equally effective as of the delivery of an
originally executed counterpart.

          SECTION 8.09 Binding. This Agreement will inure to the benefit of and
be binding upon the parties hereto and their respective successors and permitted
assigns.

          SECTION 8.10 Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement.

          SECTION 8.11 Headings. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

          SECTION 8.12 Schedules and Exhibits. The schedules and exhibits
attached hereto and referred to herein shall constitute a part of this Agreement
and are incorporated into this Agreement for all purposes.

          SECTION 8.13 Intended Third Party Beneficiaries. Each of the
Administrative Agent, the Indenture Trustee, each Series Enhancer (so long as
such Series Enhancer is the Control Party for a Series of Outstanding Notes) and
the Requisite Global Majority are express third party beneficiaries of this
Agreement and, as such, shall have full power and authority to enforce the
provisions of this Agreement against the parties hereto. Except as set forth in
the immediately preceding sentence, this Agreement shall be binding upon and
inure solely to the benefit of each party hereto, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other person any
right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

          SECTION 8.14 Consent to Jurisdiction. Any legal suit, action or
proceeding against the Seller or the Issuer arising out of or relating to this
Agreement or the Subordinated

                                      -24-

Note, or any transaction contemplated hereby or thereby, may be instituted in
any federal or state court in the County of New York, State of New York and each
of the Seller and the Issuer 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 Agreement and the Subordinated
Note, the Seller and the Issuer each hereby irrevocably submits to the
jurisdiction of any such court in any such suit, action or proceeding.

          SECTION 8.15 Series Enhancer. Notwithstanding any term or provision of
this Agreement, if a Series Enhancer is not the Control Party for a Series of
Outstanding Notes, then such Series Enhancer shall not have any right to give or
withhold any consent, direction, notice, request, permission or approval under
this Agreement or to receive any notice, report or other document under this
Agreement or to exercise any other right, power or remedy under this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -25-

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

                                        TAL INTERNATIONAL CONTAINER CORPORATION

                                           By: /s/ Brian Sondey
                                               ---------------------------------
                                               Name: Brian Sondey
                                               Title: President

                                        TAL ADVANTAGE I LLC,

                                           By: TAL International Container
                                           Corporation, its Manager

                                           By: /s/ Chand Khan
                                               ---------------------------------
                                               Name: Chand Khan
                                               Title: Vice President and CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]