Document:

Exhibit 10.1

  

   

    

  CONSENT AND AMENDMENT NO. 8

  

  

  to that certain

  

  

  THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

  

  

  This CONSENT AND AMENDMENT NO. 8 (this “Agreement”), dated as of August 31, 2021, is by and among CAI INTERNATIONAL, INC., a Delaware corporation (“CAI”), CONTAINER APPLICATIONS LIMITED, a corporation organized under the laws of Barbados (“CAL” and, together
    with CAI, the “Borrowers”, and each, individually, a “Borrower”), the Guarantors party hereto, BANK OF AMERICA, N.A., (“Bank of America”) and the
    other lending institutions from time to time party to the Credit Agreement referred to below (collectively, the “Lenders”), Bank of America, as administrative agent for itself and the other Lenders (in such capacity, the “Administrative Agent”),

    BofA SECURITIES, INC., WELLS FARGO BANK, NATIONAL ASSOCIATION, and MUFG UNION BANK, N.A., as syndication agents, BofA SECURITIES, INC., as lead arranger and book runner, and ABN AMRO CAPITAL USA LLC, BBVA USA, and PNC

      BANK, NATIONAL ASSOCIATION, as documentation agents.  Capitalized terms used herein without definition shall have the respective meanings provided therefor in the Credit Agreement referred to below.

   

  WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to that certain Third Amended and Restated Revolving
    Credit Agreement, dated as of March 15, 2013 (as may be amended, restated, amended and restated, supplemented and otherwise in effect from time to time, the “Credit Agreement”), pursuant to which the Lenders, upon certain terms and conditions,
    have agreed to make loans and otherwise extend credit to the Borrowers;

   

  WHEREAS, CAI has entered into that certain Agreement and Plan of Merger (the “MHC Acquisition Agreement”), dated as of
    June 17, 2021, with Mitsubishi HC Capital Inc., a Japanese corporation (“MHC”), and Cattleya Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of MHC, pursuant to which CAI will be acquired by MHC;

   

  WHEREAS, the entry by CAI into the MHC Acquisition Agreement will constitute a Change of Control unless the Required Lenders
    consent to such Change of Control prior to the closing of the acquisition described in the MHC Acquisition Agreement;

   

  WHEREAS, the Borrowers have requested that the Lenders increase the Total Commitment, pursuant to §2.11 of the Credit Agreement,
    and the Administrative Agent and the Lenders have agreed, subject to the terms and conditions hereof, to a $175,000,000 increase in the Total Commitment pursuant to such §2.11;

   

  WHEREAS, performance by CAI of its obligations under the MHC Acquisition Agreement will require CAI to perform the actions
    described in Annex B hereto (which collectively are part of the “Migration” as such term is defined in Annex A hereto); and

   

  WHEREAS, the Borrowers have requested, and the Required Lenders have agreed to provide such consent and amend certain terms of
    the Credit Agreement.

   

  NOW THEREFORE, in consideration of the mutual agreements contained in the Credit Agreement and herein and for other good and
    valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

   

  
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  §1.        Consent.  Upon
      satisfaction of the conditions precedent set forth in §7 hereof and in accordance with clause (a) and the proviso at the end of clause (c) of the definition of “Change of Control” in the Credit Agreement, the Required Lenders hereby consent to the
      entry by CAI into the MHC Acquisition Agreement (as in effect on the Effective Date) and the consummation of the transactions contemplated thereby, including without limitation the transactions described in Annex B hereto (which consent shall include
      a waiver of the notice requirements in §7 of the Security Agreement with respect thereto); provided, that, prior to or substantially concurrently with the migration of CAL to Delaware or back to Barbados pursuant to the MHC Acquisition
      Migration and prior to or substantially concurrently with any modification to any Loan Party’s Governing Documents, in each case, the Borrowers shall have taken all actions necessary to continuously maintain the Administrative Agent’s first priority
      perfected security interest in those assets of the Loan Parties constituting Collateral; provided, further, that in lieu of complying with the notice requirements in §7 of the Security Agreement with respect to the MHC Acquisition Migration,
      the Borrowers shall instead provide notice of such actions to the Administrative Agent in accordance with the requirements of §9 hereof.

   

  §2.        Commitment Increase. 
      Pursuant to the terms of §2.11 of the Credit Agreement and upon satisfaction of the conditions precedent set forth in §7 hereof, the Total Commitment shall be increased by $175,000,000.

   

  §3.         Amendments to Credit Agreement. 

      Upon satisfaction of the conditions precedent set forth in §7 hereof, the Credit Agreement (but not the Schedules and Exhibits attached thereto) shall be amended to delete or to add such text as may be necessary to conform the
      Credit Agreement to the credit agreement attached hereto as Annex A.

   

  §4.         Amendments to Schedules. 

      Upon satisfaction of the conditions precedent set forth in §7 hereof, the Schedules attached to the Credit Agreement shall be replaced by the corresponding new Schedules attached hereto as Annex C. On the Effective Date (as defined below),
      the outstanding Revolving Credit Loans shall be adjusted, with Loans being advanced by increasing Lenders and repayments being made to Lenders whose Commitment Percentages correspondingly decrease, to reflect the respective Commitment Percentages set
      forth on Schedule 1 to the Credit Agreement as in effect after giving effect to this Agreement.

   

  §5.        Representations and Warranties. 

      As of the Effective Date (as defined below), each of the Borrowers and the Guarantors, as the case may be, represents and warrants to the Lenders and the Administrative Agent as follows:

   

  (a)          Representations and Warranties in Credit Agreement.  The representations and
      warranties of the Borrowers contained in the Credit Agreement were true and correct in all material respects when made, and continue to be true and correct in all material respects (or, in the case of any such representation or warranty that is
      qualified as to materiality or Material Adverse Effect, true and correct in all respects) on such Effective Date.

   

  (b)         Authority, Etc.  The execution and delivery by such Borrower or such Guarantor of
      this Agreement and the performance by such Borrower or such Guarantor of all of its respective agreements and obligations under this Agreement and the other documents delivered in connection therewith (collectively, the “Agreement Documents”),
      the Credit Agreement as amended hereby and the other Loan Documents (i) are within the corporate or company authority of such Borrower or such Guarantor, (ii) have been duly authorized by all necessary corporate or company proceedings by such
      Borrower or such Guarantor, (iii) do not conflict with or result in any breach or contravention of any provision of law, statute, rule or regulation to which such Borrower or such Guarantor is subject or any judgment, order, writ, injunction, license
      or permit applicable to such Borrower or such Guarantor, (iv) do not conflict with any provision of the Governing Documents of, or any agreement or other instrument binding upon, such Borrower or such Guarantor, and (v) do not require the approval or
      consent of, or filing with, any Person other than those already obtained.

   

  
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  (c)         Enforceability of Obligations. The Agreement Documents, the Credit Agreement as
      modified hereby, and the other Loan Documents to which such Borrower or such Guarantor is a party constitute the legal, valid and binding obligations of such Borrower or such Guarantor, enforceable against such Borrower or such Guarantor in
      accordance with their respective terms.

   

  (d)          No Default.  Immediately after giving effect to this Agreement, no Default or
      Event of Default exists under the Credit Agreement or any other Loan Document.

   

  (e)         Beneficial Ownership Certifications.  As of the Effective Date, the information
      included in each Beneficial Ownership Certification is true and correct in all material respects.

   

  §6.          Affirmation of Borrowers and
          Guarantors.

   

  (a)        Each Borrower hereby affirms its joint and several liability for, and absolute and
      unconditional promise to pay to each Lender and the Administrative Agent, the Revolving Credit Loans, the Swing Line Loans, the Reimbursement Obligations and all other amounts due or which may become due under the Revolving Credit Notes, the Letters
      of Credit, the Credit Agreement as modified hereby and the other Loan Documents, at the times and in the amounts provided for therein.  Each Borrower confirms and agrees that (i) the obligations of such Borrower to the Lenders and the Administrative
      Agent under the Credit Agreement as amended hereby are secured by and entitled to the benefits of the Security Documents and (ii) all references to the term “Credit Agreement” in the Security Documents and the other Loan Documents shall hereafter
      refer to the Credit Agreement as amended hereby.

   

  (b)         Each of the undersigned Guarantors hereby acknowledges that it has read and is aware of
      the provisions of this Agreement.  Each such Guarantor hereby reaffirms its joint and several, absolute and unconditional guaranty of each Borrower’s payment and performance of its obligations to the Lenders and the Administrative Agent under the
      Credit Agreement as such obligations are amended hereby.  Each Guarantor hereby confirms and agrees that all references to the term “Credit Agreement” in the Guaranty to which it is a party shall hereafter refer to the Credit Agreement as modified
      hereby.

   

  §7.         Conditions

          to Effectiveness.  The Agreements provided for in this Agreement shall take effect upon satisfaction of the following conditions (the “Effective Date”):

   

  	

        	(i)	
          Execution and delivery of this Agreement by the Borrowers, Guarantors, the Required Lenders, the Administrative Agent, the Swing Line Lender and the L/C Issuer;

        

   

  	

        	(ii)	
          the Administrative Agent shall have received a certificate of the authorized officer of each Borrower and each Guarantor dated as of the Effective Date certifying as to (i) (x) no amendments,
            modifications or supplements to the Governing Documents of any Borrower or Guarantor since the last delivery of such Governing Documents by such Loan Party to the Administrative Agent and that such Governing Documents are in full force and
            effect or (y) attaching complete and certified copies of such Governing Documents including any amendments, modifications or supplements thereto other than amendments to be made after the Effective Date in connection with the MHC Acquisition
            Migration (including certifications of such Governing Documents by the appropriate Governmental Authority of such Person’s jurisdiction of formation or organization), (ii) all corporate or other organizational actions taken by each of the
            Borrowers and Guarantors authorizing the execution, delivery, and performance of this Agreement and the other Agreement Documents and attaching copies of the board minutes and/or resolutions relating to such authorization, (iii) the names,
            titles, incumbency, and specimen signatures of the authorized officers of each of the Borrowers and the Guarantors authorized to sign this Agreement and the other Agreement Documents on behalf of such Person and (iv) in the case of each
            Borrower, certifying that, after giving effect to the consent and amendments contemplated by this Agreement, (A) the representations and warranties contained in §7 of the Credit Agreement and the other Loan Documents are true and correct on and
            as of the Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that the representations and warranties
            contained in §7.4.2 shall be deemed to refer to the most recent statements furnished to the Lenders, (B) no Default or Event of Default exists, and (C) the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all
            amounts requested on the Effective Date) plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations plus the outstanding amount of Swing Line Loans does not exceed the lesser of (i) the Total Commitment at such
            time and (ii) the Borrowing Base at such time;

        

   

  
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        	(iii)	
          the Administrative Agent shall have received an amended and restated trademark collateral security and pledge agreement, executed and delivered by CAI;

        

   

  	

        	(iv)	
          the Administrative Agent shall have received a fee letter, executed and delivered by the Borrowers;

        

   

  	

        	(v)	
          the Administrative Agent shall have received satisfactory opinions of US, Delaware, and Barbados counsel to the Borrowers and the Guarantors and such corporate resolutions, certificates, lien search
            results, updated borrowing base reports and other documents as the Administrative Agent shall reasonably require;

        

   

  	

        	(vi)	
          the Administrative Agent shall have received Revolving Credit Notes executed and delivered by the Borrowers in favor of each Lender who has requested a Revolving Credit Note prior to the Effective
            Date;

        

   

  	

        	(vii)	
          the Administrative Agent shall have received the updated Schedules to the Credit Agreement attached hereto;

        

   

  	

        	(viii)	
          the applicable Borrower shall have prepaid any Revolving Credit Loans outstanding on the Effective Date (and pay any additional amounts required pursuant to §5.6 of the Credit Agreement) to the extent
            necessary to keep the outstanding Revolving Credit Loans ratable with the revised Commitment Percentages set forth on Schedule 1 arising from the nonratable increases in the Commitments pursuant to this Agreement;

        

   

  	

        	(ix)	
          the Administrative Agent shall have received true and complete copies of the MHC Acquisition Agreement, any amendments and schedules thereto, and all material documents executed or delivered in
            connection therewith;

        

   

  	

        	(x)	
          the Borrower shall have provided to the Administrative Agent all documentation and other information as may have been reasonably requested in connection with applicable “know your customer” and
            anti-money-laundering rules and regulations, including, without limitation, the Act, in each case at least 5 days prior to the Effective Date;

        

   

  
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        	(xi)	
          there shall not have occurred (a) a Material Adverse Effect (as defined in the Credit Agreement) since December 31, 2020 or (b) a material adverse change in the facts and information regarding the
            Borrowers and Guarantors as represented to date;

        

   

  	

        	(xii)	
          the absence of any event or occurrence of whatever nature (including any adverse determination in any litigation, arbitration or governmental investigation or proceeding) that could have a Material
            Adverse Effect;

        

   

  	

        	(xiii)	
           Borrowers shall have paid to the Administrative Agent, (a) for the account of the Lenders signatory hereto, a fee equal to five (5) basis points of the aggregate Commitments of such Lenders, (b) all
            fees and expenses of the Administrative Agent, including fees and expenses of Morgan, Lewis & Bockius, LLP, counsel to the Administrative Agent that have been invoiced prior to the Effective Date, shall have been paid in full and (c) all
            other fees and expenses associated with this Agreement and the transactions contemplated hereby shall have been paid in full; and

        

   

  	

        	(iv)	
          the Administrative Agent shall have received such additional documents, instruments and information as the Administrative Agent may have reasonably requested.

        

   

  §8.        Satisfaction of Conditions. 

      Without limiting the generality of the foregoing §7, for purposes of determining compliance with the conditions specified in §7, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted, or to be satisfied
      with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the date hereof specifying its
      objection thereto.

   

  §9.         Post-Closing Covenants.

   

  (a)         CAI shall provide the Administrative Agent with not less than ten (10) Business Days’
      prior written notice of the consummation of the MHC Acquisition Migration (or such later date as the Administrative Agent may agree in its sole discretion), and on or prior to the date that CAL or any other Loan Party changes its jurisdiction of
      incorporation or formation in connection with the MHC Acquisition Migration, the Borrowers shall have authorized or delivered to the Administrative Agent such filings, recordings, and instruments and taken such other actions necessary or desirable in
      the opinion of the Administrative Agent to maintain without interruption, protect and preserve its perfected first priority security interests in the Collateral (subject only to Permitted Liens that are entitled to priority under applicable law).

   

  (b)         No later than five (5) days after the consummation of the MHC Acquisition and the MHC
      Acquisition Migration (or such later date as the Administrative Agent may agree in its sole discretion), the Borrowers shall deliver to the Administrative Agent copies of any of the Borrowers’ Governing Documents that have been amended in connection
      with such transaction.

   

  (c)         No later than thirty (30) days after the first to occur of: (i) the closing of the merger
      contemplated by the MHC Acquisition Agreement, (ii) the termination of the MHC Acquisition Agreement, and (iii) February 28, 2022 (or such later date as the Administrative Agent may agree in its sole discretion), the Borrowers shall cause CAL Holding
      Company to dissolve or merge with a Borrower, or take such other actions to cause CAL Holding Company to become a Guarantor as may be reasonably requested by the Administrative Agent.

   

  
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  (d)         No later than thirty (30) days after the Effective Date (or such later date as the
      Administrative Agent may agree in its sole discretion), the Borrowers shall have made all filings necessary to cause the Credit Agreement to be stamped in Barbados pursuant to the provisions of the Stamp Duty Act, Cap. 91 of the laws of Barbados,
      with stamp duty covering aggregate indebtedness in the amount of $1,500,000,000, and shall use commercially reasonable efforts thereafter to cause a duly stamped copy of the Credit Agreement to be returned to the Administrative Agent as soon as
      reasonably practicable.

   

  §10.       Miscellaneous Provisions. 

      This Agreement shall constitute one of the Loan Documents referred to in the Credit Agreement.  Except as otherwise expressly provided by this Agreement, all of the terms, conditions and provisions of the Credit Agreement shall remain the same.  This
      Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. It is declared and agreed by each of the parties hereto that the Credit Agreement, as modified hereby, shall continue in
      full force and effect, and that this Agreement and the Credit Agreement shall be read and construed as one instrument.  Nothing contained in this Agreement shall be construed to imply a willingness on the part of the Lenders or the Administrative
      Agent to grant any similar or other future amendment or modification of any of the terms and conditions of the Credit Agreement or the other Loan Documents or shall in any way prejudice, impair or effect any rights or remedies of the Lenders and the
      Administrative Agent under the Credit Agreement or the other Loan Documents.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
        NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401)).  This Agreement may be executed in any number of counterparts, but all
      such counterparts shall together constitute but one instrument.  Delivery of an executed signature page of this Agreement by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart thereof.  The parties
      agree that this Agreement may be executed and delivered by electronic signatures and that the electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.  In
      making proof of this Agreement it shall not be necessary to produce or account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought.  Headings or captions used in this Agreement are for
      convenience of reference only and shall not define or limit the provisions hereof.  The Borrowers hereby agree to pay to the Administrative Agent on demand all reasonable costs and expenses incurred or sustained by the Administrative Agent in
      connection with the preparation of this Agreement (including reasonable legal fees and disbursements of the Administrative Agent’s special counsel, Morgan, Lewis & Bockius LLP).

   

  [Remainder of this page intentionally left blank.]

   

  

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

  

  

  	 	
          CAI INTERNATIONAL, INC.

        
	 	 	 	 
	 	
          By:

        	
          /s/ Timothy B. Page

        
	 	 	
          Name:

        	
          Timothy B. Page

        
	 	 	
          Title:

        	
          President and Chief Executive Officer

        
	 	 	 	 
	 	
          CONTAINER APPLICATIONS LIMITED

        
	 	 	 	 
	 	
          By:

        	
          /s/ Timothy B. Page

        
	 	 	
          Name:

        	
          Timothy B. Page

        
	 	 	
          Title:

        	
          Chief Financial Officer

        

  

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          Acknowledgement of Guarantors:

        
	 	 
	 	
          CONTAINER APPLICATIONS INTERNATIONAL (U.K.) LIMITED

        
	 	 
	 	
          By:

        	
          /s/ Timothy B. Page

        
	 	 	
          Name:

        	
          Timothy B. Page

        
	 	 	
          Title:

        	
          Director

        
	 	 	 	 
	 	
          CONTAINER APPLICATIONS INTERNATIONAL, LTD.

        
	 	 
	 	
          By:

        	
          /s/ Steven Garcia

        
	 	 	
          Name:

        	
          Steven Garcia

        
	 	 	
          Title:

        	
          Sole Director

        
	 	 	 	 
	 	
          CONTAINER APPLICATIONS (MALAYSIA) SDN BDH

        
	 	 
	 	
          By:

        	
          /s/ Tan Swee Hong

        
	 	 	
          Name:

        	
          Tan Swee Hong

        
	 	 	
          Title:

        	
          Director

        
	 	 	 	 
	 	
          SKY CONTAINER TRADING LIMITED

        
	 	 
	 	
          By:

        	
          /s/ Timothy B. Page

        
	 	 	
          Name:

        	
          Timothy B. Page

        
	 	 	
          Title:

        	
          Director

        
	 	 	 	 
	 	
          CAI CONSENT SWEDEN AB

        
	 	
          By:

        	
          /s/ Timothy B. Page

        
	 	 	
          Name:

        	
          Timothy B. Page

        
	 	 	
          Title:

        	
          Specially Authorized Signatory

        

  
     

    

    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

     

    

  

  
    
      

  

  	 	
          CAI INTERNATIONAL GMBH

        
	 	 
	 	
          By:

        	
          /s/ Timothy B. Page

        
	 	 	
          Name:

        	
          Timothy B. Page

        
	 	 	
          Title:

        	
          Director

        

  

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          Lenders and Administrative Agent:

        
	 	 
	 	
          BANK OF AMERICA, N.A., as

        
	 	
          Administrative Agent

        
	 	 	 	 
	 	
          By:

        	
          /s/ Ronaldo Naval

        
	 	 	
          Name:

        	
          Ronaldo Naval

        
	 	 	
          Title:

        	
          Vice President

        
	 	 	 	 
	 	
          BANK OF AMERICA, N.A., as a Lender,

        
	 	
          Swing Line Lender and L/C Issuer

        
	 	 	 	 
	 	
          By:

        	
          /s/ Eric Enberg

        
	 	 	
          Name:

        	
          Eric Enberg

        
	 	 	
          Title:

        	
          Vice President

        

  

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          MUFG UNION BANK, N.A.

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Fabrice Centeno

        
	 	 	
          Name:

        	
          Fabrice Centeno

        
	 	 	
          Title:

        	
          Director

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          WELLS FARGO BANK, N.A.

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Michael Barath

        
	 	 	
          Name:

        	
          Michael Barath

        
	 	 	
          Title:

        	
          Vice President

        

   

    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          ABN AMRO CAPITAL USA LLC

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Amit Wynalda

        
	 	 	
          Name:

        	
          Amit Wynalda

        
	 	 	
          Title:

        	
          Executive Director

        
	 	 	 	 
	 	
          By:

        	
          /s/ Maria Fahey

        
	 	 	
          Name:

        	
          Maria Fahey

        
	 	 	
          Title:

        	
          Director

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          BBVA USA f/k/a Compass Bank

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Chris Dowler

        
	 	 	
          Name:

        	
          Chris Dowler

        
	 	 	
          Title:

        	
          Senior Vice President

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          BANK OF MONTREAL (CHICAGO BRANCH)

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Eric Bellendir

        
	 	 	
          Name:

        	
          Eric Bellendir

        
	 	 	
          Title:

        	
          Vice President

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          ROYAL BANK OF CANADA

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Scott Umbs

        
	 	 	
          Name:

        	
          Scott Umbs

        
	 	 	
          Title:

        	
          Authorized Signatory

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          PNC BANK, NATIONAL ASSOCIATION

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Sydney Lynch

        
	 	 	
          Name:

        	
          Sydney Lynch

        
	 	 	
          Title:

        	
          AVP

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          DEUTSCHE BANK AG, NEW YORK BRANCH

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Kevin Fagan

        
	 	 	
          Name:

        	
          Kevin Fagan

        
	 	 	
          Title:

        	
          Director

        
	 	 	 	 
	 	
          By:

        	
          /s/ Maureen Farley

        
	 	 	
          Name:

        	
          Maureen Farley

        
	 	 	
          Title:

        	
          Director

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          ING BELGIUM SA/NV

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Luc Missoorten

        
	 	 	
          Name:

        	
          Luc Missoorten

        
	 	 	
          Title:

        	
          Authorized Signatory

        
	 	 	 	 
	 	
          By:

        	
          /s/ Michel Verstraeten

        
	 	 	
          Name:

        	
          Michel Verstraeten

        
	 	 	
          Title:

        	
          Authorized Signatory

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          FIFTH THIRD BANK, NATIONAL ASSOCIATION

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Andrew Jones

        
	 	 	
          Name:

        	
          Andrew Jones

        
	 	 	
          Title:

        	
          Managing Director

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          TRUIST BANK

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Madison Waterfield

        
	 	 	
          Name:

        	
          Madison Waterfield

        
	 	 	
          Title:

        	
          Vice President

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          ZIONS BANCORPORATION, N.A. (FKA ZB N.A.) DBA CALIFORNIA BANK & TRUST

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Melissa Chang

        
	 	 	
          Name:

        	
          Melissa Chang

        
	 	 	
          Title:

        	
          1st Vice President

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          HSBC BANK USA, N.A.

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Darren Santos

        
	 	 	
          Name:

        	
          Darren Santos

        
	 	 	
          Title:

        	
          SVP, 22672

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Adrienne Molloy

        
	 	 	
          Name:

        	
          Adrienne Molloy

        
	 	 	
          Title:

        	
          Managing Director

        
	 	 	 	 
	 	
          By:

        	
          /s/ Andrew McKuin

        
	 	 	
          Name:

        	
          Andrew McKuin

        
	 	 	
          Title:

        	
          Managing Director

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          CITY NATIONAL BANK

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Catherine Chiavetta

        
	 	 	
          Name:

        	
          Catherine Chiavetta

        
	 	 	
          Title:

        	
          Senior Vice President

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          COLUMBIA STATE BANK

        
	 	
          as a Lender

        
	 	 
	 	
          By

        	
          /s/ Matt Hrdlicka

        
	 	 	
          Name:

        	
          Matt Hrdlicka

        
	 	 	
          Title:

        	
          Vice President

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          UMPQUA BANK

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Daniel Kellow

        
	 	 	
          Name:

        	
          Daniel Kellow

        
	 	 	
          Title:

        	
          Portfolio Manager

        

   

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

    

    

  

  
    
      

  

  	 	
          PACIFIC PREMIER BANK

        
	 	
          as a Lender

        
	 	 
	 	
          By:

        	
          /s/ Stuart Adair

        
	 	 	
          Name:

        	
          Stuart Adair

        
	 	 	
          Title:

        	
          SVP / Regional Portfolio Director

        

  

  

  
    [CAI – Signature Page to Amendment No. 8 to Third A&R Revolving Credit Agreement]

     

    

  

  
    
      

  

  ANNEX A

  

  

  Amended Credit Agreement

  

  

  [attached]

  

     

  
    
      

  

   
  
    THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

     

    Dated as of March 15, 2013, as amended by Amendments Nos. 1-8

     

    by and among

     

    CAI INTERNATIONAL, INC.

    and

    CONTAINER APPLICATIONS LIMITED

    (as “Borrowers”)

     

    THE LENDERS LISTED ON SCHEDULE 1 HERETO

     

    and

     

    BANK OF AMERICA, N.A.

     

    as Administrative Agent (the “Administrative Agent”)

     

    with

     

    BofA SECURITIES, INC.,

    WELLS FARGO BANK, NATIONAL ASSOCIATION, and

    MUFG UNION BANK, N.A.,

    as Syndication Agents,

    

    

    BofA SECURITIES, INC.,

    as Lead Arranger and Book Runner (collectively with the Syndication Agents, the “Arrangers”),

     

    and

     

    ABN AMRO CAPITAL USA LLC,

    BBVA USA,

    BANK OF MONTREAL,

    ROYAL BANK OF CANADA,

    and PNC BANK, NATIONAL ASSOCIATION,

    as Documentation Agents

     

    
      
        

    

    
      	
              1.

            	
              DEFINITIONS AND RULES OF INTERPRETATION

            	
              1

            
	 	 	 	 
	 	
              1.1.

            	
              Definitions

            	
              1

            
	 	
              1.2.

            	
              Rules of Interpretation

            	
              35

            
	 	
              1.3.

            	
              Interest Rates

            	
              37

            
	 	 	 
	
              2.

            	
              THE SENIOR CREDIT FACILITY

            	
              37

            
	 	 	 
	 	
              2.1.

            	
              Commitment to Lend

            	
              37

            
	 	
              2.2.

            	
              Commitment Fee

            	
              38

            
	 	
              2.3.

            	
              Reduction of Total Commitment

            	
              38

            
	 	
              2.4.

            	
              Evidence of Debt

            	
              38

            
	 	
              2.5.

            	
              Interest

            	
              39

            
	 	
              2.6.

            	
              Requests for Revolving Credit Loans

            	39
	 	
              2.7.

            	
              Conversion Options

            	
              40

            
	 	
              2.8.

            	
              Funds for Revolving Credit Loans

            	
              40

            
	 	
              2.9.

            	
              Change in Borrowing Base

            	
              43

            
	 	
              2.10.

            	
              Swing Line Loans

            	
              43

            
	 	
              2.11.

            	
              Increase in the Total Commitment

            	
              46

            
	 	
              2.12.

            	
              Delinquent Lenders

            	
              47

            
	 	
              2.13.

            	
              Cash Collateral

            	
              49

              

            
	 	 	 
	
              3.

            	
              REPAYMENT OF THE LOANS

            	
              50

            
	 	 	 
	 	
              3.1.

            	
              Maturity

            	
              50

            
	 	
              3.2.

            	
              Mandatory Repayments of Revolving Credit Loans

            	
              50

            
	 	
              3.3.

            	
              Optional Repayments of Revolving Credit Loans and Swing Line Loans

            	
              51

            
	 	 	 
	
              4.

            	
              LETTERS OF CREDIT

            	
              51

            
	 	 	 
	 	
              4.1.

            	
              Letter of Credit Commitments

            	
              51

            
	 	
              4.2.

            	
              Reimbursement Obligation of the Borrowers

            	
              55

            
	 	
              4.3.

            	
              Letter of Credit Payments

            	
              56

            
	 	
              4.4.

            	
              Obligations Absolute

            	
              58

            
	 	
              4.5.

            	
              Role of Issuer

            	59
	 	
              4.6.

            	
              Letter of Credit Fees

            	59
	 	
              4.7.

            	
              [Reserved]

            	
              60

            
	 	
              4.8.

            	
              Conflict with Issuer Documents

            	
              60

            
	 	
              4.9.

            	
              Letters of Credit Issued for Subsidiaries

            	
              60

            
	 	
              4.10.

            	
              Replacement of L/C Issuer

            	
              60

            
	 	 	 
	
              5.

            	
              CERTAIN GENERAL PROVISIONS

            	
              61

            
	 	 	 
	 	
              5.1.

            	
              Fees

            	
              61

            
	 	
              5.2.

            	
              Funds for Payments; Taxes

            	
              61

            
	 	
              5.3.

            	
              Computations

            	
              66

            
	 	
              5.4.

            	
              Inability to Determine Eurodollar Rate

            	
              67

            
	 	
              5.5.

            	
              Illegality

            	
              69

              

            

      

      

      
        
          

      

      	 	
              5.6.

            	
              Additional Costs, Etc

            	69
	 	
              5.7.

            	
              Capital Adequacy

            	70
	 	
              5.8.

            	
              Certificate

            	70
	 	
              5.9.

            	
              Delay in Requests

            	70
	 	
              5.10.

            	
              Reserves on Eurodollar Rate Loans

            	70
	 	
              5.11.

            	
              Indemnity

            	71
	 	
              5.12.

            	
              Mitigation Obligations; Replacement of Lenders

            	71
	 	
              5.13.

            	
              Interest After Default

            	72
	 	
              5.14.

            	
              Survival

            	72
	 	
              5.15.

            	
              Status of Borrowers

            	72
	 	 	 
	
              6.

            	
              COLLATERAL SECURITY AND GUARANTIES

            	73
	 	 	 
	 	
              6.1.

            	
              Security of Borrowers and Guarantors

            	73
	 	
              6.2.

            	
              Guaranties by Borrowers and Subsidiaries

            	73
	 	
              6.3.

            	
              Release of Collateral

            	73
	 	 	 
	
              7.

            	
              REPRESENTATIONS AND WARRANTIES

            	74
	 	 	 
	 	
              7.1.

            	
              Corporate Authority

            	74
	 	
              7.2.

            	
              Governmental or Third Party Approvals

            	74
	 	
              7.3.

            	
              Title to Properties; Leases

            	75
	 	
              7.4.

            	
              Financial Statements

            	75
	 	
              7.5.

            	
              No Material Adverse Changes, Etc

            	75
	 	
              7.6.

            	
              Franchises, Patents, Copyrights, Etc

            	76
	 	
              7.7.

            	
              Litigation

            	76
	 	
              7.8.

            	
              No Materially Adverse Contracts, Etc

            	76
	 	
              7.9.

            	
              Compliance with Other Instruments, Laws, Etc

            	76
	 	
              7.10.

            	
              Tax Status

            	76
	 	
              7.11.

            	
              No Event of Default

            	76
	 	
              7.12.

            	
              Holding Company and Investment Company Acts

            	76
	 	
              7.13.

            	
              Absence of Financing Statements, Etc

            	77
	 	
              7.14.

            	
              Perfection of Security Interest

            	77
	 	
              7.15.

            	
              Certain Transactions

            	77
	 	
              7.16.

            	
              Employee Benefit Plans

            	77
	 	
              7.17.

            	
              Use of Proceeds

            	78
	 	
              7.18.

            	
              Environmental Compliance

            	78
	 	
              7.19.

            	
              Subsidiaries, Etc

            	78
	 	
              7.20.

            	
              Collection Accounts

            	78
	 	
              7.21.

            	
              Disclosure

            	79
	 	
              7.22.

            	
              Solvency

            	79
	 	
              7.23.

            	
              Insurance

            	79
	 	
              7.24.

            	
              Foreign Assets Control Regulations, Etc

            	79
	 	
              7.25.

            	
              Taxpayer Identification Number

            	79
	 	
              7.26.

            	
              Updates to Certain Schedules

            	79
	 	
              7.27.

            	
              OFAC

            	80
	 	
              7.28.

            	
              Anti-Corruption Laws

            	80

      

      

      
        
          

      

      	 	
              7.29.

            	
              Use of Plan Assets

            	80
	 	
              7.30.

            	
              EEA Financial Institutions

            	80
	 	 	 
	
              8.

            	
              AFFIRMATIVE COVENANTS

            	80
	 	 	 
	 	
              8.1.

            	
              Punctual Payment

            	80
	 	
              8.2.

            	
              Maintenance of Office

            	80

            
	 	
              8.3.

            	
              Records and Accounts

            	81
	 	
              8.4.

            	
              Financial Statements, Certificates and Information

            	81
	 	
              8.5.

            	
              Notices

            	83
	 	
              8.6.

            	
              Legal Existence; Maintenance of Properties

            	84
	 	
              8.7.

            	
              Insurance

            	84
	 	
              8.8.

            	
              Taxes

            	84
	 	
              8.9.

            	
              Inspection of Properties and Books, Etc

            	85
	 	
              8.10.

            	
              Compliance with Laws, Contracts, Licenses, and Permits

            	85
	 	
              8.11.

            	
              [Reserved]

            	86
	 	
              8.12.

            	
              Use of Proceeds

            	86
	 	
              8.13.

            	
              Bank Accounts

            	86
	 	
              8.14.

            	
              [Reserved]

            	86
	 	
              8.15.

            	
              New Domestic Subsidiary Guarantors; Collateral Security of Domestic Subsidiary Guarantors

            	86
	 	
              8.16.

            	
              Intellectual Property; Operations Support Systems

            	87
	 	
              8.17.

            	
              Foreign Subsidiary Guarantors

            	88
	 	
              8.18.

            	
              Collateral Security of Foreign Subsidiary Guarantors

            	88
	 	
              8.19.

            	
              Further Assurances

            	89
	 	
              8.20.

            	
              Anti-Corruption Laws

            	89
	 	 	 
	
              9.

            	
              CERTAIN NEGATIVE COVENANTS

            	89
	 	 	 
	 	
              9.1.

            	
              Restrictions on Indebtedness

            	89
	 	
              9.2.

            	
              Restrictions on Liens

            	91
	 	
              9.3.

            	
              Restrictions on Investments

            	93
	 	
              9.4.

            	
              Restricted Payments

            	94
	 	
              9.5.

            	
              Merger, Acquisitions and Consolidation; Disposition of Assets

            	95
	 	
              9.6.

            	
              Holding Company

            	95
	 	
              9.7.

            	
              Compliance with Environmental Laws

            	
              95

            
	 	
              9.8.

            	
              [Reserved]

            	95
	 	
              9.9.

            	
              Business Activities

            	95
	 	
              9.10.

            	
              Fiscal Year

            	96
	 	
              9.11.

            	
              Transactions with Affiliates

            	96
	 	
              9.12.

            	
              Amendment to Intercreditor Agreement

            	96
	 	
              9.13.

            	
              [Reserved]

            	96
	 	
              9.14.

            	
              Sanctions

            	96
	 	
              9.15.

            	
              Anti-Corruption Laws

            	96

      

      

      
        
          

      

      	
              10.

            	
              FINANCIAL COVENANTS

            	97
	 	 	 
	 	
              10.1.

            	
              Maximum Total Leverage Ratio

            	97
	 	
              10.2.

            	
              Minimum Fixed Charge Coverage Ratio

            	97
	 	 	 
	
              11.

            	
              CLOSING CONDITIONS

            	97
	 	 	 
	 	
              11.1.

            	
              Loan Documents Etc

            	97
	 	
              11.2.

            	
              Certified Copies of Governing Documents

            	97
	 	
              11.3.

            	
              Corporate or Other Action

            	97
	 	
              11.4.

            	
              Incumbency Certificate

            	97
	 	
              11.5.

            	
              Validity of Liens

            	98
	 	
              11.6.

            	
              Perfection Certificates and UCC Search Results

            	98
	 	
              11.7.

            	
              Borrowing Base Report

            	98
	 	
              11.8.

            	
              Financial Condition

            	98
	 	
              11.9.

            	
              Opinion of Counsel

            	98
	 	
              11.10.

            	
              Payment of Fees

            	98
	 	
              11.11.

            	
              No Material Adverse Change

            	98
	 	
              11.12.

            	
              Commercial Financial Examination, Etc

            	98
	 	 	 
	
              12.

            	
              CONDITIONS TO ALL BORROWINGS

            	99
	 	 	 
	 	
              12.1.

            	
              Representations True; No Event of Default

            	99
	 	
              12.2.

            	
              No Legal Impediment

            	99
	 	
              12.3.

            	
              Governmental Regulation

            	99
	 	
              12.4.

            	
              Proceedings and Documents

            	99
	 	
              12.5.

            	
              Borrowing Base Report

            	100
	 	
              12.6.

            	
              Borrowing Base Compliance

            	100
	 	 	 
	
              13.

            	
              EVENTS OF DEFAULT; ACCELERATION; ETC

            	100
	 	 	 
	 	
              13.1.

            	
              Events of Default and Acceleration

            	100
	 	
              13.2.

            	
              Termination of Commitments

            	103
	 	
              13.3.

            	
              Remedies

            	103
	 	
              13.4.

            	
              Distribution of Collateral Proceeds

            	104
	 	 	 
	
              14.

            	
              THE ADMINISTRATIVE AGENT

            	105
	 	 	 
	 	
              14.1.

            	
              Appointment and Authority

            	105
	 	
              14.2.

            	
              Rights as a Lender

            	105
	 	
              14.3.

            	
              Exculpatory Provisions

            	105
	 	
              14.4.

            	
              Reliance by Administrative Agent

            	106
	 	
              14.5.

            	
              Delegation of Duties

            	107
	 	
              14.6.

            	
              Resignation or Removal of Administrative Agent

            	107
	 	
              14.7.

            	
              Replacement of Lender

            	108
	 	
              14.8.

            	
              Non-Reliance on Administrative Agent and Other Lenders

            	109
	 	
              14.9.

            	
              No Other Duties, Etc

            	109
	 	
              14.10.

            	
              Administrative Agent May File Proofs of Claim

            	109

      

      

      
        
          

      

      	 	
              14.11.

            	
              Collateral and Guaranty Matters

            	110
	 	
              14.12.

            	
              Intercreditor and Collateral Arrangements

            	111
	 	
              14.13.

            	
              ERISA Representations

            	111
	 	
              14.14.

            	
              Recovery of Erroneous Payments

            	
              113

            
	 	 	 
	
              15.

            	
              ASSIGNMENT AND PARTICIPATION

            	
              113

            
	 	 	 
	 	
              15.1.

            	
              Conditions to Assignment

            	
              113

            
	 	 	 
	
              16.

            	
              PROVISIONS OF GENERAL APPLICATIONS

            	119
	 	 	 
	 	
              16.1.

            	
              Setoff

            	119
	 	
              16.2.

            	
              Expenses

            	120
	 	
              16.3.

            	
              Indemnification; Payments Set Aside

            	120
	 	
              16.4.

            	
              Treatment of Certain Confidential Information

            	122
	 	
              16.5.

            	
              Survival of Covenants, Etc

            	123
	 	
              16.6.

            	
              Notices

            	124
	 	
              16.7.

            	
              No Waiver; Cumulative Remedies; Enforcement

            	126
	 	
              16.8.

            	
              Governing Law; Jurisdiction, Etc.

            	126
	 	
              16.9.

            	
              Headings

            	127
	 	
              16.10.

            	
              Counterparts; Electronic Signatures

            	127
	 	
              16.11.

            	
              Entire Agreement, Etc

            	128
	 	
              16.12.

            	
              Waiver of Jury Trial

            	129
	 	
              16.13.

            	
              Consents, Amendments, Waivers, Etc

            	129
	 	
              16.14.

            	
              Severability

            	130
	 	
              16.15.

            	
              USA PATRIOT Act; Beneficial Ownership Regulations

            	131
	 	
              16.16.

            	
              Interest Rate Limitation

            	131
	 	
              16.17.

            	
              No Advisory or Fiduciary Responsibility

            	131
	 	
              16.18.

            	
              Acknowledgment and Consent to Bail-In of Affected Financial Institutions

            	132
	 	
              16.19.

            	
              Acknowledgment Regarding Any Supported QFCs

            	132
	 	 	 
	
              17.

            	
              GUARANTY

            	133
	 	 	 
	 	
              17.1.

            	
              Guaranty

            	133
	 	
              17.2.

            	
              Rights of Lenders

            	134
	 	
              17.3.

            	
              Certain Waivers

            	134
	 	
              17.4.

            	
              Obligations Independent

            	134
	 	
              17.5.

            	
              Subrogation

            	135
	 	
              17.6.

            	
              Termination; Reinstatement

            	135
	 	
              17.7.

            	
              Subordination

            	135
	 	
              17.8.

            	
              Stay of Acceleration

            	135
	 	
              17.9.

            	
              Condition of Borrowers

            	135
	 	 	 
	
              18.

            	
              ACKNOWLEDGEMENT

            	136
	 	 	 
	
              19.

            	
              TRANSITIONAL ARRANGEMENTS

            	136
	 	 	 
	
              20.

            	
              AMOUNT SECURED - COMPLIANCE WITH BARBADOS LAW LODGMENT AND STAMPING REQUIREMENTS

            	137

    

    

    
      
        

    

    Exhibits

     

      	
              Exhibit A

            	
              Form of Borrowing Base Report

            
	
              Exhibit B

            	
              Form of Revolving Credit Note

            
	
              Exhibit C

            	
              Form of Loan Request

            
	
              Exhibit D

            	
              Form of Compliance Certificate

            
	
              Exhibit E

            	
              Assignment and Assumption

            
	
              Exhibit F

            	
              Swing Line Loan Notice

            
	
              Exhibit G

            	
              Forms of U.S. Tax Compliance Certificates

            

    

     

      

    Schedules

     

    
      	
              Schedule 1

            	
              Lenders and Commitments

            
	
              Schedule 1.1

            	
              Existing Letters of Credit

            
	
              Schedule 5.15

            	
              Primary Borrower

            
	
              Schedule 7.3

            	
              Title to Properties; Leases

            
	
              Schedule 7.7

            	
              Litigation

            
	
              Schedule 7.15

            	
              Certain Transactions

            
	
              Schedule 7.19(a)

            	
              Subsidiaries

            
	
              Schedule 7.19(b)

            	
              Joint Ventures

            
	
              Schedule 7.20

            	
              Bank Accounts

            
	
              Schedule 9.1

            	
              Existing Indebtedness

            
	
              Schedule 9.2

            	
              Existing Liens

            
	
              Schedule 9.3

            	
              Existing Investments

            
	
              Schedule 15

            	
              Disqualified Institutions

            
	
              Schedule 16.6.1

            	
              Certain Addresses for Notices

            

    

     

    

    
      
        

    

    
    THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

     

    This THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Agreement”) is made as of March 15, 2013, by and among CAI
        INTERNATIONAL, INC. (“CAI”), a Delaware corporation and successor by merger to Container Applications International, Inc., a Nevada corporation, having its principal place of business at Steuart Tower,
      One Market Plaza, Suite 900, San Francisco, California 94105, CONTAINER APPLICATIONS LIMITED, a corporation organized under the laws of Barbados having its principal place of business at Suite 102, Bush Hill,
      Bay Street, St. Michael, Barbados, West Indies (“CAL” and, together with CAI, the “Borrowers”, and each, individually, a “Borrower”), the lending institutions from time to time listed on Schedule 1 hereto (the “Lenders”),

      BANK OF AMERICA, N.A., as administrative agent for itself and the other Lenders (in such capacity, the “Administrative Agent”), BofA SECURITIES, INC.,
      WELLS FARGO BANK, NATIONAL ASSOCIATION, and MUFG UNION BANK, N.A., as syndication agents, BofA SECURITIES, INC., as lead
      arranger and book runner (collectively with the syndication agents, the “Arrangers”), and ABN AMRO CAPITAL USA LLC, BBVA USA, BANK

        OF MONTREAL, ROYAL BANK OF CANADA, and PNC BANK, NATIONAL ASSOCIATION, as documentation agents (collectively, the “Documentation Agents”).

     

    RECITALS

     

    WHEREAS, CAI, certain lenders and the Administrative Agent have entered into a Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as
      of September 25, 2007 (as amended from time to time and in effect immediately prior to this Agreement, the “Existing Credit Agreement”);

     

    WHEREAS, CAI has requested that the Administrative Agent and the Lenders amend and restate the terms and provisions of the Existing Credit Agreement as set
      forth herein; and

     

    WHEREAS, subject to the terms and conditions set forth herein, the Lenders and the Administrative Agent party hereto have agreed to amend and restate the
      Existing Credit Agreement as hereinafter provided;

     

    NOW THEREFORE, the parties hereto agree that the Existing Credit Agreement is amended and restated in its entirety as follows:

     

    1.  DEFINITIONS AND RULES OF INTERPRETATION.

     

    1.1.         Definitions.  The following
      terms shall have the meanings set forth in this §1 or elsewhere in the provisions of this Agreement referred to below:

     

    Account Control Agreement.  An account control agreement, in form and substance satisfactory to the Administrative Agent, by and among (i) the relevant Borrower or Guarantor, (ii) the relevant
      financial institution maintaining a Collection Account on behalf of such Borrower or Guarantor, (iii) the Administrative Agent for the benefit of the Secured Parties and (iv) any other parties thereto (if any).

     

    
      - 1 -

      
        

    

    Accounts Receivable.  All accounts (as defined in the Uniform Commercial Code) and rights of any Borrower or any of its Subsidiaries to payment for goods sold, leased or otherwise marketed in
      the ordinary course of business and all rights of any Borrower or any of its Subsidiaries to payment for services rendered in the ordinary course of business and all sums of money or other proceeds due thereon pursuant to transactions with account
      debtors, except for that portion of the sum of money or other proceeds due thereon that relate to sales, use or property taxes in conjunction with such transactions, recorded on books of account in accordance with GAAP.

     

    Accumulated Depreciation.  With respect to Eligible Containers as of the date of determination an amount equal to the aggregate amount of depreciation expense recorded with respect to such
      Eligible Container since the date of original acquisition by the applicable Borrower, according to CAI’s depreciation policy as determined in accordance with GAAP.

     

    Additional Lenders.  See §2.11.3.

     

    Adjustment Date.  The first day of the month immediately following the month in which a Compliance Certificate is to be delivered by the Borrowers pursuant to §8.4(c).

     

    Administrative Agent’s Office.  The Administrative Agent's office located at 100 Federal Street, Boston, Massachusetts 02110, or at such other location as the Administrative Agent may
      designate from time to time.

     

    Administrative Agent.  Bank of America, N.A., acting as administrative agent for the Lenders, and each other Person appointed as the successor Administrative Agent in accordance with §14.6.

     

    Administrative Agent's Special Counsel.  Morgan, Lewis & Bockius LLP or such other counsel as may be approved by the Administrative Agent.

     

    Administrative Questionnaire.  An Administrative Questionnaire in a form supplied by the Administrative Agent.

     

    Affected Financial Institution.  (a) Any EEA Financial Institution or (b) any UK Financial Institution.

     

    Affiliate.  With respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person
      specified.

     

    Agent Parties.  See §16.6.3.

     

    Agreement or Credit Agreement.  This Third Amended and Restated Revolving Credit Agreement, including the Schedules and Exhibits hereto as the same may be amended, restated,
      supplemented or otherwise modified and in effect from time to time.

     

    Applicable Margin.  The following percentages per annum, based upon the Total Leverage Ratio as set forth in the most recent Compliance Certificate
      received by the Administrative Agent pursuant to §8.4(c):

     

    
      - 2 -

      
        

    

    	
             

            Level

          	
            Total Leverage 

            Ratio

          	
            Eurodollar Rate 

            Loans / Letter of 

            Credit Fees

          	
            Base Rate 

            Loans

          	
            Commitment 

            Fee

          
	
            I

          	
            ≥ 3.75x

          	
            2.00%

          	
            1.00%

          	
            0.35%

          
	
            II

          	
            < 3.75x and ≥ 3.25x

          	
            1.75%

          	
            0.75%

          	
            0.30%

          
	
            III

          	
            < 3.25x and ≥ 2.50x

          	
            1.50%

          	
            0.50%

          	
            0.25%

          
	
            IV

          	
            < 2.50x

          	
            1.25%

          	
            0.25%

          	
            0.20%

          

     

    Any increase or decrease in the Applicable Margin resulting from a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance
      Certificate is delivered pursuant to §8.4(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Level I shall apply as of the first Business
      Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.  The Applicable Margin in effect from the Sixth Amendment
      Effective Date through the date of delivery of the Compliance Certificate for the period ending March 31, 2019 (pursuant to §8.4(c)), with the financial statements to be delivered pursuant to §8.4(a), shall initially be set at Level II and in any
      event shall be no lower than Level II.

     

    Notwithstanding the foregoing to the contrary, in the event either the Borrowers or the Administrative Agent determines, in good faith, that the calculation of the Total Leverage Ratio on which the
      Applicable Margin for any particular period was determined is inaccurate and, as a consequence thereof, the Applicable Margin was lower or higher than it should have been, (i) the Borrowers shall promptly deliver (but in any event within ten (10)
      Business Days after the Borrowers discover such inaccuracy or the Borrowers are notified by the Administrative Agent of such inaccuracy, as the case may be) to the Administrative Agent correct financial statements for such period (and if such
      financial statements are not accurately restated and delivered within thirty (30) days after the first discovery of such inaccuracy by the Borrowers or such notice, as the case may be, and the Applicable Margin was lower than it should have been,
      then Level I shall apply retroactively for such period until such time as the correct financial statements are delivered and, upon the delivery of such corrected financial statements, thereafter the corrected Level shall apply for such period), (ii)
      the Administrative Agent shall determine and notify the Borrowers of the amount of interest that would have been due in respect of outstanding Obligations, if any, during such period had the Applicable Margin been calculated based on the correct
      Total Leverage Ratio (or, to the extent applicable, the Level I Applicable Margin if such corrected financial statements were not delivered as provided herein) and (iii) the applicable Borrower shall promptly pay to the Administrative Agent the
      difference, if any, between that amount and the amount actually paid in respect of such period.  The foregoing notwithstanding shall in no way limit the rights of the Administrative Agent or the Lenders to exercise their rights to impose the rate of
      interest applicable during an Event of Default as provided herein.

     

    
      - 3 -

      
        

    

    Applicable Pension Legislation.  At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to CAI or any of
      its Subsidiaries.

     

    Approved Fund. Any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

     

    Arrangers.  BofA Securities, Inc., Wells Fargo Bank, National Association, and MUFG Union Bank, N.A., in their capacity as syndication agents, and BofA Securities, Inc., in its capacity as
      lead arranger and book runner.

     

    Assignee Group. Two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed by the same investment advisor.

     

    Assignment and Assumption. An assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by §15.1.1), and accepted by
      the Administrative Agent, in substantially the form of Exhibit E or any other form approved by the Administrative Agent.

     

    Auto-Extension Letter of Credit.  See §4.1.6.

     

    Bail-In Action. The exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

     

    Bail-In Legislation. (a) With respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
      implementing law, rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as
      amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through
      liquidation, administration or other insolvency proceedings).

     

    Balance Sheet Date.  December 31, 2020.

     

    Bank of America.  Bank of America, N.A., in its individual capacity.

     

    Barbados Security Documents.  All agreements, instruments, filings, records, notices and documents (including any collateral and perfection certificates) executed or delivered pursuant to or
      in connection with the Collateral of CAL.

     

    Base Rate.  For any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced
      from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%; and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.  The “prime rate” is a rate set by Bank of
      America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced
      rate.  Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

     

    
      - 4 -

      
        

    

    Base Rate Loans.  Revolving Credit Loans bearing interest calculated by reference to the Base Rate.

     

    Beneficial Ownership Certification.  A certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

     

    Beneficial Ownership Regulation. 31 C.F.R. § 1010.230.

     

    Benefit Plan.  Any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose
      assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

     

    Borrower and Borrowers.  As defined in the preamble hereto.

     

    Borrower Materials.  See §8.4.

     

    Borrowing Base.  At the relevant time of reference thereto, an amount determined by the Administrative Agent by reference to the most recent Borrowing Base Report delivered to the Lenders
      pursuant to §8.4(e) which is equal to the sum (without duplication) of:

     

    (a)          82.50% of the Net Book Value of Eligible Containers of the Borrowers and, subject to §§8.15.2 and 8.18, the Guarantors; plus

     

    (b)          85.00% of the Net Present Value of Direct Finance Lease Receivables of the Borrowers and, subject to §§8.15.2 and 8.18, the Guarantors (other than Direct Finance Lease
      Receivables arising from Eligible Containers which are included in clause (a) of this definition); minus

     

    (c)          reserves established by the Administrative Agent from time to time in an amount not to exceed the aggregate tax, employment, wage and/or severance claims which under
      applicable Barbados law have priority over the security interest and other rights of the Administrative Agent in the Collateral of CAL.

     

    At all times prior to satisfaction of §7 of the Sixth Amendment, the Borrowing Base shall be deemed to be equal to the lesser of (x) the amount calculated above and (y) $960,000,000.

     

    Borrowing Base Report.  A Borrowing Base Report signed by the chief financial officer of each of the Borrowers and in substantially the form of Exhibit A hereto.

     

    Business Day.  Any day on which banking institutions in Boston, Massachusetts and San Francisco, California, are open for the transaction of banking business and, in the case of Eurodollar
      Rate Loans, also a day which is a Eurodollar Business Day.

     

    CAI.  As defined in the preamble hereto.

     

    CAL General Partner.  CAI Bermuda I LLC, a Delaware limited liability company and wholly owned Subsidiary of CAI.

     

    
      - 5 -

      
        

    

    CAL Holding Company.  CAI Bermuda II LP, a Bermuda limited partnership and wholly owned Subsidiary of CAI.

     

    Capital Assets.  Fixed assets, both tangible (such as land, buildings, fixtures, machinery and equipment) and intangible (such as patents, copyrights, trademarks, franchises and good will); provided
      that Capital Assets shall not include any item customarily charged directly to expense or depreciated over a useful life of twelve (12) months or less in accordance with GAAP.

     

    Capital Expenditures.  Amounts paid or Indebtedness incurred by CAI or any of its Subsidiaries in connection with (i) the purchase or lease by CAI or any of its Subsidiaries of Capital Assets
      that would be required to be capitalized and shown on the balance sheet of such Person in accordance with GAAP or (ii) the lease of any assets by CAI or any of its Subsidiaries as lessee under any Synthetic Lease to the extent that such assets would
      have been Capital Assets had the Synthetic Lease been treated for accounting purposes as a Capitalized Lease.

     

    Capitalized Leases.  Leases under which CAI or any of its Subsidiaries is the lessee or obligor, the discounted future rental payment obligations under which are required to be capitalized on
      the balance sheet of the lessee or obligor in accordance with GAAP.

     

    Capital Stock.  Any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a
      Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing.

     

    Cash Collateralize.  To pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, L/C Issuer or Swing Line Lender (as applicable) and the
      Lenders, as collateral for L/C Exposure, Obligations in respect of Swing Line Loans, or obligations of Lenders to fund participations in respect of either thereof (as the context may require), cash or deposit account balances or, if the L/C Issuer or
      Swing Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the L/C Issuer or the Swing
      Line Lender (as applicable).  Cash Collateral shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

     

    Cash Management Agreement. Any agreement to provide cash management services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash
      management arrangements.

     

    Change in Law. The occurrence, after the Eighth Amendment Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in
      any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the
      force of law) by any Governmental Authority.  For the avoidance of doubt, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all
      requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
      pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, implemented or issued but, in the case of any such requests, rules, guidelines or directives enacted, adopted, implemented or issued
      on or before the Eighth Amendment Effective Date, only to the extent such requests, rules, guidelines or directives or changes thereto become effective after the Eighth Amendment Effective Date.

     

    
      - 6 -

      
        

    

    Change of Control.  Means an event or series of events by which:

     

    (a)         any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such
      person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than MHC after the completion of the merger contemplated by the MHC Acquisition Agreement (as in
      effect on the Eighth Amendment Effective Date) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all
      securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of 30% or more of the equity securities of CAI
      entitled to vote for members of the board of directors or equivalent governing body of CAI on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has the right to acquire pursuant to any option right);

     

    (b)          during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of CAI cease to be composed of
      individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above
      constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in
      clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body, or (iv) who are elected to the board of directors of CAI by MHC after completion of the merger
      contemplated by the MHC Acquisition Agreement;

     

    (c)         any Person or two or more Persons acting in concert shall have (i) acquired by contract or otherwise, or (ii) shall have entered into a contract or arrangement that,
      upon consummation thereof, will result in its or their acquisition of, the power to exercise, directly or indirectly, a controlling influence over the management or policies of CAI, or control over the equity securities of CAI entitled to vote for
      members of the board of directors or equivalent governing body of CAI on a fully-diluted basis (and taking into account all such securities that such Person or Persons have the right to acquire pursuant to any option right) representing 30% or more
      of the combined voting power of such securities; provided, that in the case of clause (ii), no Change of Control shall be deemed to have occurred until the closing of the transaction described in such contract or arrangement, so long as (x)
      CAI seeks Required Lender consent to be obtained prior to closing, and such Required Lender consent is so obtained on or prior to closing, or (y) if such consent is not obtained, the Borrowers provide for repayment in full in cash of the Obligations
      and termination of the Commitments upon closing;

     

    
      - 7 -

      
        

    

    (d)         a “change of control” or any comparable term under any other document or instrument evidencing Indebtedness in excess of $50,000,000 shall have occurred, and, as a
      result of such “change of control” (i) a default occurs under such document or instrument, (ii) the holder of such Indebtedness is otherwise permitted to declare such Indebtedness to be due and payable prior to its stated maturity, or (iii) CAI is
      required to offer to purchase or repay such Indebtedness; or

     

    (e)        any event or series of events by which CAI shall own, directly or indirectly, less than one hundred percent (100%) of the Capital Stock of CAL.

     

    Closing Date.  The first date all the conditions precedent in §11 are satisfied or waived and any Revolving Credit Loans are to be made or any Letters of Credit are to be issued hereunder.

     

    Code.  The Internal Revenue Code of 1986, as amended from time to time.

     

    Collateral.  All of the property, rights and interests of the Borrowers and each of the Guarantors that are or are intended to be subject to the Liens created by the Security Documents;
      provided that the Capital Stock of any direct or indirect Subsidiary of CAI shall not constitute Collateral.  For the avoidance of doubt, Collateral shall include, without limitation, all Eligible Containers, Direct Finance Lease Receivables and all
      products and proceeds of the foregoing.

     

    Collection Account.  Any bank account (including any deposit account or securities account) which is (i) established with the Administrative Agent as the depositary bank or (ii) subject to an
      Account Control Agreement (or such other agreement(s) required under applicable law required) in favor of the Administrative Agent for the benefit of the Secured Parties  and, in each case, which the Administrative Agent has a first priority
      perfected security interest in and Lien upon such bank accounts and the Collateral held therein.

     

    Commitment.  With respect to each Revolving Credit Lender, the amount set forth on Schedule 1 hereto as the amount of such Lender's commitment to make Revolving Credit Loans to, to
      participate in the issuance, extension and renewal of Letters of Credit for the account of, and to purchase participations in Swing Line Loans made to, the Borrowers, as the same may be increased pursuant to §2.11 or reduced from time to time; or if
      such commitment is terminated pursuant to the provisions hereof, zero.

     

    Commitment Fee.  See §2.2.

     

    Commitment Percentage.  With respect to each Revolving Credit Lender, the percentage set forth on Schedule 1 hereto as such Lender's percentage of the aggregate Commitments of all of
      the Revolving Credit Lenders.

     

    Commodity Exchange Act.  The Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statutes.

     

    Communication.  See §16.10.2.

     

    Compliance Certificate.  See §8.4(c).

     

    Connection Income Taxes.  Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

     

    
      - 8 -

      
        

    

    Consolidated or consolidated.  With reference to any term defined herein, shall mean that term as applied to the accounts of CAI and its Subsidiaries, consolidated in accordance with GAAP.

     

    Consolidated EBITDA.  With respect to any fiscal period, an amount equal to the sum of (a) Consolidated Net Income (or Deficit) of CAI and its Subsidiaries for such fiscal period, plus
      (b) in each case to the extent deducted in the calculation of such Person's Consolidated Net Income and without duplication, (i) depreciation and amortization for such period, plus (ii) income tax expense for such period, plus (iii)
      Consolidated Total Interest Expense paid or accrued during such period, plus (iv) other noncash charges for such period, plus (c) principal payments received by CAI or any of its Subsidiaries during such period with respect to Direct
      Finance Leases, all as determined in accordance with GAAP.

     

    Consolidated EBITDAR.  With respect to any fiscal period of CAI and its Subsidiaries, an amount equal to the sum of (a) Consolidated EBITDA for such fiscal period plus (b) consolidated rental
      expense on Rental Obligations for such fiscal period as determined in accordance with GAAP.

     

    Consolidated Funded Debt.  At any time of determination, with respect to CAI and its Subsidiaries, an amount equal to the excess of (1) the sum, without duplication, of (a) the aggregate
      amount of Indebtedness of CAI and its Subsidiaries, on a consolidated basis, relating to (i) the borrowing of money or the obtaining of credit, including the issuance of notes or bonds, (ii) the deferred purchase price of assets (other than trade
      payables (including trade payables to manufacturers) incurred in the ordinary course of business), (iii) Capitalized Leases, (iv) Rental Obligations, and (v) the maximum drawing amount of all letters of credit outstanding plus (b)
      Indebtedness of the type referred to in clause (a) of another Person guaranteed by CAI or any of its Subsidiaries, in all cases determined in accordance with GAAP over (2) the amount of cash and short term
      investments held by or on behalf of CAI or any of its Subsidiaries as restricted cash pursuant to the terms of a debt instrument.

     

    Consolidated Net Income (or Deficit).  The consolidated net income (or deficit) of CAI and its Subsidiaries, after deduction of all expenses, taxes, and other proper charges, determined in
      accordance with GAAP, after eliminating therefrom all non-recurring non-cash gains or losses and any unrealized adjustments, whether positive or negative, resulting from Interest Rate Protection Agreements or Swap Contracts in respect of currency
      hedging entered into in the ordinary course of business, and plus or minus, as applicable, to the extent requested by the Borrowers and approved by the Administrative Agent in its discretion, noncash gains or losses to the extent resulting from
      changes in U.S. tax law (including the Code) or regulations thereunder applicable to a taxable year beginning on or after January 1, 2020, with such adjustments being applicable only to the initial twelve months following such change in law.

     

    Consolidated Operating Cash Flow.  With respect to any fiscal period of CAI and its Subsidiaries, an amount equal to (i) Consolidated EBITDAR for such fiscal period minus (ii) cash
      income taxes paid or payable in such fiscal period, all as determined in accordance with GAAP.

     

    Consolidated Tangible Net Worth.  As of any date of determination, at all times in accordance with GAAP, for CAI and its Subsidiaries on a consolidated basis, Shareholders’ Equity of CAI and
      its Subsidiaries on such date minus the Intangible Assets of CAI and its Subsidiaries on such date; provided that the calculation of Consolidated Tangible Net Worth shall exclude any unrealized adjustments, whether positive or
      negative, resulting from Interest Rate Protection Agreements or Swap Contracts in respect of currency hedging entered into in the ordinary course of business.

     

    
      - 9 -

      
        

    

    Consolidated Total Debt Service. With respect to CAI and its Subsidiaries and for any Reference Period, the sum, without duplication, of (a) any and all scheduled payments of principal, during
      such period in respect of Indebtedness that become due and payable or that are to become due and payable during such period pursuant to any agreement or instrument to which CAI or any of its Subsidiaries is a party relating to (i) the borrowing of
      money or the obtaining of credit, including the issuance of notes or bonds, (ii) the deferred purchase price of assets (other than trade payables incurred in the ordinary course of business), (iii) in respect of any Synthetic Leases or any
      Capitalized Leases, (iv) in respect of any reimbursement obligations in respect of letters of credit due and payable during such period, and (v) Indebtedness of the type referred to above of another Person guaranteed by CAI or any of its
      Subsidiaries, plus (b) Consolidated Total Interest Expense paid or payable in cash during such Reference Period, plus (c) consolidated rental expense on Rental Obligations for such period all as determined in accordance with GAAP, plus
      (d) Permitted Excess Preferred Dividends paid in such Reference Period; provided, however that there shall be excluded from the amount described in clause (a) any payment to refinance Indebtedness during such Reference Period through
      the issuance or incurrence of additional Indebtedness permitted pursuant to §9.1 hereof, including refinancing through borrowing under existing credit facilities.

     

    Consolidated Total Interest Expense.  For any period, the aggregate amount of interest required to be paid or accrued by CAI or any of its Subsidiaries during such period on all Indebtedness
      of CAI or such Subsidiary outstanding during all or any part of such period, whether such interest was or is required to be reflected as an item of expense or capitalized, including payments consisting of interest in respect of any Capitalized Lease
      or any Synthetic Lease, and including commitment fees, agency fees, facility fees, balance deficiency fees and similar fees or expenses in connection with the borrowing of money, all as determined in accordance with GAAP.

     

    Containers.  The standard dry-van containers, refrigerated containers, generator sets for use with refrigerated containers, special use containers, tank containers, open top containers,
      pallet-wide containers, and other types of containers (whether or not used for intermodal transportation, including without limitation, containers used for storage, housing and in the energy industry), flat rack, swap body, rolltrailer, and any other
      type of intermodal equipment used in transportation, either owned or leased by the Borrowers and/or the Guarantors and employed by the Borrowers and/or the Guarantors in the conduct of its business.

     

    Control. The possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power,
      by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.

     

    Conversion Request.  A notice given by any Borrower to the Administrative Agent of the applicable Borrower's election to convert or continue a Revolving Credit Loan in accordance with §2.7.

     

    Debtor Relief Laws.  The Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement,
      receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

     

    
      - 10 -

      
        

    

    Default.  See §13.1.

     

    Delinquent Lender.  Subject to §2.12.2, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the
      date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrowers in writing on or in advance of the applicable Funding Date that such failure is the result of such Lender’s determination that
      one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer,
      the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two (2) Business Days of the date when due, (b) has notified
      the Borrowers, the Administrative Agent, the L/C Issuer or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public
      statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall
      be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and
      the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Delinquent Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative
      Agent and the Borrowers), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
      assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a
      capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Delinquent Lender solely by virtue of the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company
      thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its
      assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.  Any determination by the Administrative Agent that a Lender is a Delinquent Lender under any
      one or more of clauses (a) through (d) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Delinquent Lender (subject to §2.12.2) as of the date established
      therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrowers, the L/C Issuer, the Swing Line Lender and each other Lender promptly following such determination.

     

    Designated Jurisdiction.  Any country or territory to the extent that such country or territory itself is the subject of any Sanction.

     

    
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    Direct Finance Lease Receivables.  All accounts and rights of any Borrower or any Guarantor to payment in respect of Direct Finance Leases that are not in default and all sums of money or
      other proceeds due to such Borrower or such Guarantor pursuant to such Direct Finance Leases, except for that portion of the sum of money or other proceeds due thereon that relate to sales, use or property taxes in conjunction with such transactions,
      recorded on such Borrower's or such Guarantor’s books of account in accordance with GAAP; provided that (i) the Administrative Agent shall hold a valid and perfected first priority security interest under applicable law in all Direct Finance
      Lease Receivables (including all products and proceeds thereof) included in the Borrowing Base and (ii) if any account debtor in respect of Direct Finance Lease Receivables is a governmental authority covered by the Federal Assignment of Claims Act
      or like federal, state or local statute or rule in respect thereof, the applicable Borrower or Guarantor shall inform the Administrative Agent and take such other actions as may be required by the Administrative Agent to ensure its valid and
      perfected first priority security interest in such Direct Finance Lease Receivables prior to including the same in the Borrowing Base.

     

    Direct Finance Lease Rate.  With respect to any Direct Finance Lease, the interest rate applicable to such Direct Finance Lease.

     

    Direct Finance Leases.  Leases pursuant to which any Borrower or any Guarantor leases Containers to a lessee and (a) the terms of such lease provide that title to such Containers will pass to
      such lessee at the end of the lease term automatically or at the option of the lessee for no additional consideration or for consideration so nominal that the lessee would be economically compelled to exercise such option or (b) the proceeds of such
      lease are booked on the applicable Borrower’s or such Guarantor’s financial statements (in accordance with GAAP) as “Income from Direct Finance Leases.”

     

    Disqualified Institution.  On any date, (a) any Person set forth on Schedule 15 and (b) any other Person that is a competitor of the Borrower or any of its Subsidiaries in the
      intermodal container leasing industry, railcar leasing industry or logistics industry which Person has been designated by CAI as a “Disqualified Institution” by written notice to the Administrative Agent and the Lenders (by posting such notice to the
      Platform) not less than two (2) Business Days prior to such date; provided that “Disqualified Institutions” shall exclude any Person that CAI has designated as no longer being a “Disqualified Institution” by written notice delivered to the
      Administrative Agent and the Lenders from time to time.

     

    Distribution.  (a) The declaration or payment of any dividend on or in respect of any shares of any class of Capital Stock of any Borrower or any of its Subsidiaries, other than dividends
      payable solely in shares of common stock of such Person; (b) the purchase, redemption, defeasance, retirement or other acquisition of any shares of any class of Capital Stock of any Borrower or any of its Subsidiaries, directly or indirectly through
      a Subsidiary of such Person or otherwise (including the setting apart of assets for a sinking or other analogous fund to be used for such purpose); (c) the return of capital by any Borrower or any of its Subsidiaries to its shareholders as such; or
      (d) any other distribution on or in respect of any shares of any class of Capital Stock of any Borrower or any of its Subsidiaries.

     

    Documentation Agent.  See Introductory Paragraph.

     

    Dollars or $.  Dollars in lawful currency of the United States of America.

     

    Domestic Lending Office.  Initially, the office of each Lender designated as such in Schedule 1 hereto; thereafter, such other office of such Lender, if any, located within the United
      States that will be making or maintaining Base Rate Loans.

     

    
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    Domestic Subsidiary.  Any Subsidiary that is organized under the laws of any political subdivision of the United States.

     

    Drawdown Date.  The date on which any Revolving Credit Loan or Swing Line Loan is made or is to be made, and the date on which any Revolving Credit Loan is converted or continued in accordance
      with §2.7.

     

    EEA Financial Institution.  (a) Any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any
      entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in
      clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

     

    EEA Member Country.  Any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

     

    EEA Resolution Authority.  Any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having
      responsibility for the resolution of any EEA Financial Institution.

     

    Eighth Amendment.  That certain Amendment No. 8 to Third Amended and Restated Credit Agreement, dated as of the Eighth Amendment Effective Date, by and among the Borrowers, the Guarantors
      party thereto, the Lenders party thereto, the Administrative Agent, and the other parties party thereto.

     

    Eighth Amendment Effective Date.  August 31, 2021, the date on which the Eighth Amendment became effective.

     

    Electronic Copy.  See §16.10.2.

     

    Electronic Record.  See §16.10.2.

     

    Electronic Signature.  See §16.10.2.

     

    Eligible Assignee.  (a) A Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative Agent, the L/C
      Issuer and the Swing Line Lender, and (ii) unless an Event of Default has occurred and is continuing, CAI (each such approval not to be unreasonably withheld or delayed); provided that notwithstanding the foregoing, “Eligible Assignee” shall
      not include any Borrower or any of Borrower’s Affiliates or Subsidiaries or any Disqualified Institution to which CAI has not given its consent, or any party that (as of the date of any assignment) would be entitled to any incremental indemnity or
      other payments from Borrower on account of withholding, additional costs or any other matters described in Article 5 in an amount in excess of the amounts that the assignor Lender would be entitled to as of such date.

     

    Eligible Containers.  Containers owned by any Borrower or any Guarantor which (a) are subject to a first priority fully perfected security interest in favor of the Administrative Agent for the
      benefit of the Secured Parties (i) in all jurisdictions within the United States of America where filing financing statements in accordance with the Uniform Commercial Code is necessary to perfect the Administrative Agent’s security interest in such
      Containers and (ii) with respect to CAL, the taking of all steps necessary or reasonably requested by Administrative Agent in order to provide the Administrative Agent with a first priority perfected security interest in such Containers under
      applicable law in the United States of America and Barbados, and with respect to any Guarantor, the taking of all steps necessary or reasonably requested by Administrative Agent in order to provide the Administrative Agent with a first priority
      perfected security interest in such Containers under applicable law, (b) are subject to no other Liens except Permitted Liens that are permitted pursuant to §§9.2.1(v) and (x), (c) are in a serviceable condition in the normal course of business, (d)
      have not suffered an Event of Loss and (e) are not the subject of a finance or trade credit arrangement between any Borrower as obligor and a third party obligee but are owned by the applicable Borrower or such Guarantor outright.

     

    
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    Environmental Laws.  Any and all applicable Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
      franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions
      and discharges to waters or public systems.

     

    Environmental Liability.  Any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrowers,
      any other Loan Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any
      Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment, unless such release or threatened release has been permitted under applicable Environmental Law or by
      the applicable governmental agencies or other authorities or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing, in each case, arising out of a
      Borrower’s, or any other Loan Party’s, or any of their respective Subsidiaries’ activities or business operations.

     

    ERISA.  The Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder.

     

    ERISA Affiliate.  Any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and
      (o) of the Code for purposes of provisions relating to Section 412 of the Code).

     

    ERISA Event.  (a) A Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a
      plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the
      Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Section 4041
      or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
      Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (h) the
      imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon  the Borrower or any ERISA Affiliate.

     

    
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    EU Bail-In Legislation Schedule.  The EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

     

    Eurodollar Business Day.  Any day on which commercial banks are open for international business (including dealings in Dollar deposits) in London or such other eurodollar interbank market as
      may be selected by the Administrative Agent in its sole discretion acting in good faith.

     

    Eurodollar Lending Office.  Initially, the office of each Lender designated as such in Schedule 1 hereto; thereafter, such other office of such Lender, if any, that shall be making or
      maintaining Eurodollar Rate Loans.

     

    Eurodollar Rate.

     

    (a)         for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which
      rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at
      approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

     

    (b)         for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to
      such date for U.S. Dollar deposits with a term of one month commencing that day; and

     

    (c)          if the Eurodollar rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

     

    Eurodollar Rate Loans.  Revolving Credit Loans bearing interest calculated by reference to the Eurodollar Rate.

     

    Event of Default.  See §13.1.

     

    Event of Loss.  With respect to any Container, the occurrence of any of the following events:

     

    (a)          total loss or destruction thereof;

     

    (b)          theft or disappearance thereof without recovery within sixty (60) days after such theft or disappearance becomes known to any Borrower or any Guarantor;

     

    (c)          damage rendering such Container unfit for normal use and, in the judgment of any Borrower or any Guarantor, beyond repair at reasonable cost; and

     

    (d)          any condemnation, seizure, forced sale or other taking of title to or use of any such Container.

     

    
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    Excluded Hedging Obligation.  With respect to any Guarantor, any obligations or liabilities under any Interest Rate Protection Agreement or any Swap Contract if, and to the extent that, all or
      a portion of the Guaranty of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such obligations or liabilities under any Interest Rate Protection Agreement or any Swap Contract (or any guarantee thereof) is or
      becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to
      constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such
      obligations or liabilities under any Interest Rate Protection Agreement or any Swap Contract.  If an obligation or liability under any Interest Rate Protection Agreement or any Swap Contract arises under a master agreement governing more than one
      swap, such exclusion shall apply only to the portion of such obligations or liabilities that is attributable to swaps for which such guarantee or security interest becomes illegal.

     

    Excluded Intercompany Obligations.  Payments owing by CAL to CAI arising in the ordinary course of business that represent either (a) payments of Net Operating Income (as defined in the
      Intercreditor Agreement) that are distributable to third party owners of containers and the associated lease, or (b) reimbursement for Operating Expenses (as defined in the Intercreditor Agreement) previously incurred.

     

    Excluded Subsidiary.  Any Subsidiary of CAI that (a) is not a Loan Party and is not required to become a Loan Party under §8.15 or §8.18, (b) does not participate in any cash management or
      other arrangements under which any of its revenues, collections or payables are commingled with any assets of any Loan Party or Securitization Entity or under which any Loan Party provides cash management or other services supporting the collection
      of its revenues or payment of its expenses unless such services are provided on an arms-length basis and such Loan Party is reimbursed for the market cost of such services, (c) has no Indebtedness or other obligations that are guaranteed or secured
      by any assets of any Loan Party and (d) has provided to the Administrative Agent evidence of the foregoing satisfactory to the Administrative Agent.

     

    Excluded Taxes.  Any of the following Taxes imposed on or with respect to any Recipient  or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured
      by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its Lending
      Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such
      Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by CAI under §14.7)
      or (ii) such Lender changes its Lending Office, except in each case to the extent that, pursuant to §5.2.2(a)(ii), (a)(iii) or (c), amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became
      a party hereto or to such Lender immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with §5.2.2(e) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

     

    Existing Credit Agreement.  As defined in the Recitals hereto.

     

    
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    Existing Letters of Credit.  Those letters of credit issued for the account of CAI under the Existing Credit Agreement and set forth on Schedule 1.1 hereto.

     

    FASB ASC.  The Accounting Standards Codification of the Financial Accounting Standards Board.

     

    FATCA.  Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply
      with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

     

    Federal Funds Rate.  For any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by
      Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
      transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded
      upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent.

     

    Fee Letter.  (a) The fee letter, dated as of May 4, 2018, among the Borrowers the Administrative Agent and the Arrangers, (b) the fee letter, dated as of June 26, 2018, among the Borrowers,
      the Administrative Agent and the L/C Issuer, and (c) the fee letter, dated as of August 31, 2021, among the Borrowers, the Administrative Agent and the lead arranger, as each may be amended, restated, supplemented or otherwise modified and in effect
      from time to time, and such other fee letters as may be entered into by such parties from time to time.

     

    Foreign Lender.  (a) If the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws
      of a jurisdiction other than that in which the Borrower is resident for tax purposes.  For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

     

    Foreign Subsidiary.  Any Subsidiary other than a Domestic Subsidiary.

     

    FRB.  The Board of Governors of the Federal Reserve System of the United States.

     

    Fronting Exposure.  At any time there is a Delinquent Lender, (a) with respect to the L/C Issuer, such Delinquent Lender’s Commitment Percentage of the outstanding L/C Exposure other than L/C
      Exposure as to which such Delinquent Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swing Line Lender, such Delinquent Lender’s
      Commitment Percentage of Swing Line Loans other than Swing Line Loans as to which such Delinquent Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

     

    
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    Fund.  Any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the
      ordinary course of its business.

     

    GAAP or generally accepted accounting principles.  (a) With respect to the financial calculations in §10, whether directly or indirectly through reference to a capitalized term used therein,
      means (i) principles that are consistent with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, in effect for the fiscal year ended on the Balance Sheet Date, and (ii) to the extent consistent
      with such principles, the accounting practice of any Borrower reflected in its financial statements for the year ended on the Balance Sheet Date, and (b) when used in general, other than as provided above, means principles that are (i) consistent
      with the principles promulgated or adopted by the Financial Accounting Standards Board and its predecessors, as in effect from time to time, and (ii) consistently applied with past financial statements of any Borrower adopting the same principles,
      provided that in each case referred to in this definition of “GAAP” a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a
      qualification regarding changes in GAAP) as to financial statements in which such principles have been properly applied.

     

    Governing Documents.  With respect to any Person, its certificate or articles of incorporation, its by-laws and all shareholder agreements, voting trusts and similar arrangements applicable to
      any of its Capital Stock.

     

    Governmental Authority.  The government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality,
      regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union
      or the European Central Bank).

     

    Guaranteed Obligations.  See §17.1.

     

    Guarantors.  Collectively, each of (a) CAI and CAL with respect to their Guaranty under §17, (b) each direct or indirect Domestic Subsidiary of CAI which becomes a Guarantor pursuant to §8.15
      hereof, (c) Container Applications International (U.K.) Limited, Container Applications International, Ltd., Container Applications (Malaysia) SDN BDH and Sky Container Trading Limited, and (d) each Foreign Subsidiary of CAL which becomes a Guarantor
      pursuant to §8.17 hereof.  Each Guarantor shall be a party to a Guaranty.

     

    Guaranty.  Collectively, (i) the Fourth Amended and Restated Guaranty, dated as of June 26, 2018, made by the Guarantors party thereto from time to time in favor of the Administrative Agent
      for the benefit of the Secured Parties pursuant to which such Guarantors guarantee to the Administrative Agent the payment and performance of all of the Obligations, together with each other joinder and accession or guaranty delivered pursuant to
      §8.15 or any other Loan Document (collectively, the “Domestic Guaranties”), (ii) the Foreign Subsidiary Guaranty, dated as of February 26, 2008, made by the various Foreign Subsidiaries signatory thereto, as guarantors, in favor of the
      Administrative Agent for the benefit of the Secured Parties pursuant to which such Guarantors guaranty to the Administrative Agent the payment and performance of all Obligations, (iii) the guaranty made by (x) CAI and CAL under §17 and (y) any other
      guaranty from time to time delivered in connection with this Agreement or any other Loan Document, pursuant to which CAI, CAL or such other guarantor guarantees to the Secured Parties (or the Administrative Agent for the benefit of the Secured
      Parties) the payment and performance of the Obligations (collectively, the “Other Guaranties”), and (iv) any other guaranty from time to time delivered in connection with this Agreement or any other Loan Document, in each case, as the same may
      be amended, restated, reaffirmed or otherwise supplemented from time to time.

     

    
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    Hazardous Materials.  Explosive or radioactive substances or materials and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos
      or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or materials, in each case regulated pursuant to any Environmental Law.

     

    Honor Date.  See §4.2(a).

     

    Increase Effective Date.  See §2.11.4.

     

    Indemnified Taxes.  (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to
      the extent not otherwise described in (a), Other Taxes.

     

    Indemnitee.  See §16.3.

     

    Indebtedness.  As to any Person and whether recourse is secured by or is otherwise available against all or only a portion of the assets of such Person and whether or not contingent, but
      without duplication:

     

    (a)          every obligation of such Person for money borrowed,

     

    (b)        every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with the acquisition of
      property, assets or businesses,

     

    (c)         every reimbursement obligation of such Person with respect to letters of credit, bankers' acceptances or similar facilities issued for the account of such Person,

     

    (d)       every obligation of such Person issued or assumed as the deferred purchase price of property or services (including securities repurchase agreements but excluding trade
      accounts payable or accrued liabilities arising in the ordinary course of business which are not overdue or which are being contested in good faith),

     

    (e)          every obligation of such Person under any Capitalized Lease,

     

    (f)          every obligation of such Person under any Synthetic Lease,

     

    (g)       all sales by such Person of (i) accounts or general intangibles for money due or to become due, (ii) chattel paper, instruments or documents creating or evidencing a
      right to payment of money (excluding any equity instruments, including common or preferred shares or other forms of Capital Stock) or (iii) other receivables (collectively “receivables”), whether pursuant to a purchase facility or otherwise, other
      than in connection with the disposition of the business operations of such Person relating thereto or a disposition of defaulted receivables for collection and not as a financing arrangement, and together with any obligation of such Person to pay any
      discount, interest, fees, indemnities, penalties, recourse, expenses or other amounts in connection therewith,

     

    
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    (h)        every obligation of such Person (an “equity related purchase obligation”) to purchase, redeem, retire or otherwise acquire for value any shares of Capital Stock issued
      by such Person or any rights measured by the value of such Capital Stock,

     

    (i)         every obligation of such Person under any forward contract, futures contract, swap, option or other financing agreement or arrangement (including, without limitation,
      caps, floors, collars and similar agreements), the value of which is dependent upon interest rates, currency exchange rates, commodities or other indices (a “derivative contract”),

     

    (j)         every obligation in respect of Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent that such Person is
      liable therefor as a result of such Person's ownership interest in or other relationship with such entity, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor and such terms are enforceable under
      applicable law,

     

    (k)        every obligation, contingent or otherwise, of such Person guaranteeing, or having the economic effect of guarantying or otherwise acting as surety for, any obligation of
      a type described in any of clauses (a) through (j) (the “primary obligation”) of another Person (the “primary obligor”), in any manner, whether directly or indirectly, and including, without limitation, any obligation of such Person (i) to purchase
      or pay (or advance or supply funds for the purchase of) any security for the payment of such primary obligation, (ii) to purchase property, securities or services for the purpose of assuring the payment of such primary obligation, or (iii) to
      maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such primary obligation, and

     

    (l)          all Rental Obligations of such Person;

     

    provided, however, that, for the avoidance of doubt, any trade payables owing to manufacturers incurred in the ordinary course of business that are not delinquent shall not be deemed Indebtedness for the
      purposes of this definition.

     

    The “amount” or “principal amount” of any Indebtedness at any time of determination represented by (i) any Indebtedness, issued at a price that is less than the principal amount at
      maturity thereof, shall be the amount of the liability in respect thereof determined in accordance with GAAP, (ii) any Capitalized Lease shall be the principal component of the aggregate of the rental obligation under such Capitalized Lease payable
      over the term thereof that is not subject to termination by the lessee, (iii) any sale of receivables shall be the amount of unrecovered capital or principal investment of the purchaser (other than any Borrower or any of its wholly-owned
      Subsidiaries) thereof, excluding amounts representative of yield or interest earned on such investment, (iv) any Synthetic Lease shall be the stipulated loss value, termination value or other equivalent amount, (v) any derivative contract shall be
      the maximum amount of any termination or loss payment required to be paid by such Person if such derivative contract were, at the time of determination, to be terminated by reason of any event of default or early termination event thereunder, whether
      or not such event of default or early termination event has in fact occurred, (vi) any equity related purchase obligation shall be the maximum fixed redemption or purchase price thereof inclusive of any accrued and unpaid dividends to be comprised in
      such redemption or purchase price, and (vii) any guaranty or other contingent liability referred to in clause (k) shall be an amount equal to the stated or determinable amount of the primary obligation in respect of which such guaranty or other
      contingent obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

     

    
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    Intangible Assets.  Assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents,
      franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs.

     

    Intercreditor Agreement.  The Intercreditor Collateral Agreement, dated as of December 20, 2010, by and among the Borrowers, the Guarantors, certain “Lenders”, “Owners”, the “Revolver Agent”,
      the “Collateral Agent” (as each such term is defined therein) and certain other Persons that are party thereto from time to time (as amended and restated on November 15, 2011 and as may be further amended, amended and restated, modified or
      supplemented from time to time).

     

    Interest Payment Date.  (a) As to any Base Rate Loan (including any Swing Line Loan), the last Business Day of the calendar quarter with respect to
      interest accrued during such calendar quarter, including, without limitation, the calendar quarter which includes the Drawdown Date of such Base Rate Loan; and (b) as to any Eurodollar Rate Loan in respect of
      which the Interest Period is (i) 3 months or less, the last Business Day of such Interest Period and (ii) more than 3 months, the date that is 3 months from the first day of such Interest Period and, in addition, the last Business Day of such
      Interest Period.

     

    Interest Period.  With respect to any Revolving Credit Loan, (a) initially, the period commencing on the Drawdown Date of such Revolving Credit Loan and ending on the last day of one of the
      periods set forth below, as selected by a Borrower in a Loan Request or as otherwise required by the terms of this Agreement (i) for any Base Rate Loan, the last day of the calendar quarter; and (ii) for any Eurodollar Rate Loan, 1, 3 or 6 months
      (subject to availability from all Lenders); and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Revolving Credit Loan and ending on the last day of one of the periods set forth above, as
      selected by the applicable Borrower in a Conversion Request; provided that all of the foregoing provisions relating to Interest Periods are subject to the following:

     

    (A)       if any Interest Period with respect to a Eurodollar Rate Loan would otherwise end on a day that is not a Eurodollar Business Day, that Interest Period shall be extended
      to the next succeeding Eurodollar Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the immediately preceding Eurodollar Business Day;

     

    (B)        if any Interest Period with respect to a Base Rate Loan would end on a day that is not a Business Day, that Interest Period shall end on the next succeeding Business
      Day;

     

    
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    (C)       if any Borrower shall fail to give notice as provided in §2.7, the applicable Borrower shall be deemed to have requested a conversion of the affected Eurodollar Rate Loan
      to a Base Rate Loan and the continuance of all Base Rate Loans as Base Rate Loans on the last day of the then current Interest Period with respect thereto;

     

    (D)        any Interest Period relating to any Eurodollar Rate Loan that begins on the last Eurodollar Business Day of a calendar month (or on a day for which there is no
      numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Eurodollar Business Day of a calendar month; and

     

    (E)         any Interest Period that would otherwise extend beyond the Maturity Date shall end on the Maturity Date.

     

    Interest Rate Protection Agreement.  Any agreement entered into between any Borrower and the Administrative Agent, any of its Affiliates or any of the Lenders or their Affiliates providing for
      an interest rate swap, cap, collar, or other hedging mechanism with respect to interest payable on Indebtedness.

     

    Investments.  All expenditures made and all liabilities incurred (contingently or otherwise) for the acquisition of stock or Indebtedness of, or for loans, advances, capital contributions or
      transfers of property to, or in respect of any guaranties (or other commitments as described under Indebtedness), or obligations of, any Person.  In determining the aggregate amount of Investments outstanding at any particular time: (a) the amount of
      any Investment represented by a guaranty shall be taken at not less than the principal amount of the obligations guaranteed and still outstanding; (b) there shall not be included as an Investment all interest accrued with respect to Indebtedness
      constituting an Investment; (c) there shall be deducted in respect of each such Investment any amount received as a return of capital (but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating distribution); (d)
      there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise, except that accrued interest included as provided in the foregoing clause (b) may be deducted
      when paid; and (e) there shall not be deducted from the aggregate amount of Investments any decrease in the value thereof.

     

    IP Rights.  Collectively, all trademarks, service marks, trade names, copyrights, patents, patent rights, franchises, licenses and other intellectual property rights.

     

    IRS.  The United States Internal Revenue Service.

     

    ISP.  With respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version
      thereof as may be in effect at the time of issuance).

     

    Issuer Documents. With respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Borrowers or
      in favor the L/C Issuer and relating to such Letter of Credit.

     

    Laws.  Collectively, (a) all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes, and administrative or judicial precedents
      or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and (b) all applicable administrative orders, directed duties, requests,
      licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case, having the force of law.

     

    
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    L/C Advance. With respect to each Revolving Credit Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Commitment Percentage.

     

    L/C Borrowing. An extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Credit Loan.

     

    L/C Exposure.  As at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unpaid Reimbursement
      Obligations, including all L/C Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with §1.2.  The L/C Exposure of any Revolving
      Credit Lender at any time shall be its Commitment Percentage of the total L/C Exposure at such time. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn
      thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

     

    L/C Issuer.  (i) Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder and (ii) with respect to Existing Letters of
      Credit, Bank of America in its capacity as issuer of the Existing Letters of Credit.

     

    Lender Affiliate.  With respect to any Lender, (i) an Affiliate of such Lender or (ii) any entity (whether a corporation, partnership, limited liability company, trust or legal entity) that is
      engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is administered or managed by such Lender or an Affiliate of such Lender.

     

    Lending Office.  As to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from
      time to time notify the Borrower and the Administrative Agent.

     

    Lenders.  Bank of America and the other lending institutions listed on Schedule 1 hereto as Revolving Credit Lenders and any other Person who becomes an assignee of any rights and
      obligations of a Lender pursuant to §15, and, as the context requires, includes the Swing Line Lender and the L/C Issuer.

     

    Letter of Credit.  See §4.1.1.

     

    Letter of Credit Application.  See §4.1.1.

     

    Letter of Credit Expiration Date.  The day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

     

    Letter of Credit Fee.  See §4.6.

     

    Letter of Credit Participation.  See §4.1.4.

     

    
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    Letter of Credit Sublimit.  An amount equal to $30,000,000.  The Letter of Credit Sublimit is part of, and not in addition to, the Total Commitment.

     

    LIBOR.  See the definition of Eurodollar Rate.

     

    LIBOR Screen Rate.  The LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or such other commercially available source providing such quotations
      as may be designated by the Administrative Agent from time to time).

     

    LIBOR Successor Rate.  See §5.4.2.

     

    LIBOR Successor Rate Conforming Changes.  With respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of
      determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by
      the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the
      administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrowers).

     

    Lien.  Any mortgage, deed of trust, security interest, pledge, hypothecation, assignment, attachment, deposit arrangement, encumbrance, lien (statutory, judgment or otherwise), charge or other
      security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any Capitalized Lease, any Synthetic Lease, any financing lease involving substantially the same
      economic effect as any of the foregoing, the filing of any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction).

     

    Loan Documents.  This Credit Agreement, the Revolving Credit Notes, the Letter of Credit Applications, the Letters of Credit, each Issuer Document,
      the Guaranty, the Fee Letter, the Security Documents and all other documents, instruments, agreements and certificates now or hereafter in connection with any of the foregoing or the transaction contemplated hereby.

     

    Loan Parties.  The Borrowers and the Guarantors.

     

    Loan Request.  See §2.6.

     

    London Banking Day.  Any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

     

    Material Adverse Effect.  With respect to any event or occurrence of whatever nature (including any adverse determination in any litigation, arbitration or governmental investigation or
      proceeding):

     

    (a)          a material adverse effect on the business, properties, prospects, condition (financial or otherwise), assets, operations or income of the Borrowers, individually or
      CAI and its Subsidiaries, taken as a whole;

     

    
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    (b)          an adverse effect on the ability of any Borrower or any of its Subsidiaries, individually and/or taken as a whole, to perform any of their respective Obligations
      under any of the Loan Documents to which it is a party; or

     

    (c)          any impairment of the validity, binding effect or enforceability of this Agreement or any of the other Loan Documents, any impairment of the rights, remedies or
      benefits available to the Administrative Agent or any Lender under any Loan Document or any impairment of the attachment, perfection or priority of any Lien of the Administrative Agent under the Security Documents.

     

    Material Subsidiary.  A Subsidiary of CAI which (x) owns assets in excess of 2.50% of the book value of the total assets of CAI and its Subsidiaries or (y) has revenues in excess of 2.50% of
      the total revenues of CAI and its Subsidiaries.

     

    Maturity Date.  June 26, 2023.

     

    Maximum Drawing Amount.  The maximum aggregate amount that the beneficiaries may at any time draw under outstanding Letters of Credit, as such aggregate amount may be reduced or increased from
      time to time pursuant to the terms of the Letters of Credit.

     

    Maximum Rate.  See §16.16.

     

    MHC.  Mitsubishi HC Capital Inc., a Japanese corporation.

     

    MHC Acquisition.  The transactions described in the MHC Acquisition Agreement (as in effect on the Eighth Amendment Effective Date), including, without limitation, the acquisition by MHC of
      all Capital Stock of CAI, the merger of MHC Merger Sub into CAI, and the MHC Acquisition Migration.

     

    MHC Acquisition Agreement.  That certain Agreement and Plan of Merger, dated as of June 17, 2021, among MHC, MHC Merger Sub, and CAI.

     

    MHC Acquisition Migration.  The “Migration” referred to and as defined in the MHC Acquisition Agreement (as in effect on the Eighth Amendment Effective Date), which includes, without
      limitation the discontinuance by CAL of its existence as a Barbados corporation, the domestication by CAL into a Delaware limited liability company, and, if the MHC Acquisition does not close, the reverse migration by CAL into a Barbados company.
      Annex B to the Eighth Amendment includes excerpts from the MHC Acquisition Agreement pertaining to discrete elements of the MHC Acquisition Migration.

     

    MHC Merger Sub.  Cattleya Acquisition Corp., a Delaware corporation and wholly owned Subsidiary of MHC.

     

    Minimum Collateral Amount.  At any time, (i) with respect to Cash Collateral consisting of cash or deposit account balances provided to reduce or eliminate Fronting Exposure during the
      existence of a Delinquent Lender, an amount equal to 105% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time, (ii) with respect to Cash Collateral consisting of cash or deposit account
      balances provided in accordance with the provisions of §§2.13.1(a), (b) or (c), an amount equal to 105% of the L/C Exposure.

     

    
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    Moody’s.  Moody’s Investors Services, Inc.

     

    Multiemployer Plan.  Any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions,
      or during the preceding five plan years, has made or been obligated to make contributions.

     

    Multiple Employer Plan.  A Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is
      described in Section 4064 of ERISA.

     

    Net Book Value.  With respect to an Eligible Container as of the date of determination, an amount equal to the Original Cost of such Eligible Container less the Accumulated Depreciation of
      such Eligible Container as of the last day of the month immediately preceding such date of determination.

     

    Net Present Value.  At the relevant time of reference thereto, and as the context may require, the discounted present value of Direct Finance Lease Receivables, discounted at the Direct
      Finance Lease Rate per annum of the remaining term of the applicable Direct Finance Lease.

     

    Non-Delinquent Lender.  At any time, each Lender that is not a Delinquent Lender at such time.

     

    Non-Extension Notice Date.  See §4.1.6.

     

    Notice of Loan Prepayment. A notice of prepayment with respect to a Revolving Credit Loan or a Swing Line Loan, which shall be in a form approved by the Administrative Agent (including any
      form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer.

     

    Obligations.  All indebtedness, obligations and liabilities of any of the Borrowers and its Subsidiaries to any of the Lenders, the Swing Line Lender, the L/C Issuer and the Administrative
      Agent, individually or collectively, existing on the date of this Agreement or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by
      contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan Documents or any Interest Rate Protection Agreement, any Swap Contract or any Cash Management Agreement entered into with any Lender or the
      Administrative Agent (or Affiliates thereof) or any of the Revolving Credit Loans or Swing Line Loans made or Reimbursement Obligations incurred or any of the Revolving Credit Notes, Letter of Credit Applications, Letters of Credit or other
      instruments at any time evidencing any of the foregoing.  Notwithstanding any provision hereof or in any other Loan Document to the contrary, the “Obligations” shall not include any Excluded Hedging Obligations.

     

    OFAC.  The Office of Foreign Assets Control of the United States Department of the Treasury.

     

    Original Cost.  With respect to any Container, the purchase price therefor expressed in Dollars, as determined in accordance with GAAP, consistently applied.

     

    
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    Other Connection Taxes.  With respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than
      connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced
      any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

     

    Other Taxes.  All present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery,
      performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment
      (other than an assignment made pursuant to §5.2.2).

     

    outstanding or Outstanding.  With respect to the Revolving Credit Loans or Swing Line Loans, the aggregate unpaid principal thereof as of any date of determination.

     

    Participant. See §15.1.4.

     

    PBGC.  The Pension Benefit Guaranty Corporation.

     

    PCAOB.  The Public Company Accounting Oversight Board.

     

    Pension Act.  The Pension Protection Act of 2006.

     

    Pension Funding Rules.  The rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to
      plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304
      and 305 of ERISA.

     

    Pension Plan.  Any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate
      and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

     

    Perfection Certificate.  The Perfection Certificate as defined in the Security Agreement.

     

    Permitted Acquisitions.  Any acquisition by CAI or a Guarantor, whether by purchase, merger or otherwise, of all or substantially all of the assets of, the Capital Stock of, or a business line or unit or a division of, any Person; provided that:

     

    (i)          immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom;

     

    (ii)        all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable laws and in conformity with all applicable
      approvals of Governmental Authorities;

     

    
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    (iii)        such acquisition shall be consensual and shall have been approved by the board of directors of such Person;

     

    (iv)       in the case of the acquisition of Capital Stock, the issuer of such Capital Stock shall become a Subsidiary of CAI immediately after consummation of the applicable
      transaction, and CAI shall have taken, or caused to be taken, as of the date such Person becomes a Subsidiary (or as of such later date as the Administrative Agent shall consent), the actions required to be taken, if any, under §8.15 or CAI shall
      include a certification in the certificate referenced in clause (vii) below that such new Subsidiary does not need to become a Guarantor in order to maintain compliance with §8.15;

     

    (v)        on a pro forma basis after giving effect to such acquisition, the Borrowers are in compliance with the financial covenants contained in §10 for the period immediately
      prior to the making of such acquisition and during the twelve (12) month period immediately following the making of such acquisition;

     

    (vi)       any Person or assets or division as acquired in accordance herewith shall be in the same business or lines of business in which CAI and its Subsidiaries are permitted to
      engage in pursuant to §9.9 and activities related thereto;

     

    (vii)      CAI shall have delivered to Administrative Agent a certificate, in form and substance reasonably satisfactory to it, from the Responsible Officer of CAI certifying that
      the conditions set forth in clauses (i) through (vi) above are satisfied (which certificate shall attach supporting projections, information and calculations with respect to the requirements set forth in clause (v) above (all based on fair and
      reasonable projections of the financial performance of CAI and its Subsidiaries)); and

     

    (viii)      immediately prior to, and after giving pro forma effect thereto, the Total Leverage Ratio is equal to or less than 3.50:1.00.

     

    Permitted Excess Preferred Dividends.  For any Reference Period, the portion of regular preferred dividends paid in such Reference Period calculated as follows: (a) if the Total Leverage Ratio
      is 3.50:1.00 or higher (or, at any time that the Total Leverage Ratio has been increased to 4:00:1.00 pursuant to §10.1, if the Total Leverage Ratio is 3.75:1.00 or higher), all preferred dividends paid in such Reference Period; (b) if the Total
      Leverage Ratio is below 3.50:1.00 (or, at any time that the Total Leverage Ratio has been increased to 4:00:1.00 pursuant to §10.1, if the Total Leverage Ratio is below 3.75:1.00), but equal to or higher than 3.00:1.00, the portion of preferred
      dividends paid in such Reference Period that exceeds the sum of: 100% of Consolidated Net Income for the immediately preceding Reference Period, plus net cash proceeds from the issuance by CAI of common or preferred equity securities during
      such Reference Period, or (c) if the Total Leverage Ratio is less than 3.00:1.00, none of the preferred dividends paid in such Reference Period.

     

    Permitted Liens.  Liens permitted by §9.2.

     

    
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    Permitted Securitization.  Any secured lending facility entered into by a Securitization Entity solely for the purpose of purchasing,  financing or refinancing of assets of CAI and any of its
      Subsidiaries, provided that (i) any Indebtedness incurred in connection with such facility is non-recourse to CAI or any of its respective Subsidiaries (other than such Securitization Entity) and their respective assets, (ii) such Securitization
      Entity engages in no business and incurs no Indebtedness or other liabilities or obligations other than those related to or incidental to such facility, (iii) other than the initial Investment in such Securitization Entity, none of CAI or any of its
      respective Subsidiaries is required to make additional Investments in such Securitization Entity, (iv) none of CAI or any of its respective Subsidiaries has any material contract, agreement, arrangement or understanding with such Securitization
      Entity other than on terms comparable or more favorable (in the aggregate) to CAI and its  respective Subsidiaries than those that might be obtained at the time such contract, agreement, arrangement or understanding is entered into from Persons that
      are not Affiliates of the Borrowers, and (v) none of CAI or any of its respective Subsidiaries has any obligation to maintain such Securitization Entity’s financial condition or cause such Securitization Entity to achieve certain levels of operating
      results other than any obligation of CAI or any of its respective Subsidiaries has as an equipment manager of Containers with respect to such Securitization Entity.

     

    Person.  Any individual, corporation, limited liability company, limited liability partnership, trust, other unincorporated association, business, or other legal entity, and any Governmental
      Authority.

     

    Plan.  Any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to
      which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.

     

    Platform.  See §8.4.

     

    PTE.  A prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

     

    Public Lender.  See §8.4.

     

    Reaffirmation Agreement.   The Reaffirmation of Guaranty, Foreign Subsidiary Guaranty and Security Agreement, dated as of the Closing Date, among the Borrowers, the Guarantors and the
      Administrative Agent, in form and substance satisfactory to the Lenders and the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time.

     

    Real Estate.  All real property at any time owned or leased (as lessee or sublessee) by CAI or any of its Subsidiaries.

     

    Recipient.  The Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of any Loan Party hereunder.

     

    Reference Period.  As of any date of determination, the period of four (4) consecutive fiscal quarters of the Borrowers and their Subsidiaries ending on such date, or if such date is not a
      fiscal quarter end date, the period of four (4) consecutive fiscal quarters most recently ended (in each case treated as a single accounting period).

     

    
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    Register.  See §15.1.3.

     

    Reimbursement Obligation.  Each Borrower’s obligation to reimburse the Administrative Agent and the relevant Lenders on account of any drawing under any Letter of Credit as provided in §4.2.

     

    Related Parties. With respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates.

     

    Relevant Governmental Body.  The FRB and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB and/or the Federal Reserve Bank of New York for the
      purpose of recommending a benchmark rate to replace LIBOR in loan agreements similar to this Agreement.

     

    Removal Effective Date.  See §14.6(b).

     

    Rental Obligations.  All present or future obligations of CAI or any of its Subsidiaries under any rental agreements or leases of real or personal property, other than (a) obligations that can
      be terminated by the giving of notice without liability to CAI or such Subsidiary in excess of the liability for rent due as of the date on which such notice is given and under which no penalty or premium is paid as a result of any such termination,
      (b) obligations under rental agreements relating to equipment other than Containers having an aggregate value of less than $5,000,000 for all such agreements, (c) obligations in respect of any Capitalized Leases, (d) any obligations incurred in a
      lease transaction where the obligation of CAI or its Subsidiary to pay rent thereunder is limited to a pass-through of net rental amounts received by CAI or its Subsidiaries from a sublessee of container equipment under such transaction (“net
      sublease rentals”), so that if there are no net sublease rental amounts received by CAI or its Subsidiaries from a sublessee then CAI or its Subsidiaries would have no obligation to make any rental payment under or in connection with such
      transaction, shall not constitute a Rental Obligation hereunder; and (e) obligations under the lease of commercial office properties in the conduct of the Company’s business shall not be deemed a Rental Obligation hereunder.  For purposes of this
      Agreement, the aggregate amount of Rental Obligations of CAI and its Subsidiaries shall, as at any date of determination, be an amount equal to the net present value, calculated at a discount rate equal to the rate implicit in the relevant lease per
      annum, of the future Rental Obligations of such Person.

     

    Reportable Event.   Any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived.

     

    Required Lenders.  As of any date, the Lenders holding Revolving Credit Exposures and unused Commitments representing more than fifty percent (50%) of the sum of the total Revolving Credit
      Exposures and unused Commitments, in each case, at such time; provided that the Commitment of, the portion of the Revolving Exposures held or deemed held by, any Delinquent Lender shall be excluded for purposes of making a determination of
      Required Lenders.

     

    Rescindable Amount.  See §5.2.1(b).

     

    
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    Resignation Effective Date.  See §14.6(a).

     

    Resolution Authority.  An EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

     

    Responsible Officer. The chief executive officer, president or chief financial officer of any Borrower and, solely for purposes of notices given pursuant to Article 2, any other officer or
      employee of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designed in or pursuant to an agreement between the applicable
      Loan Party and the Administrative Agent.  Any document delivered hereunder that is signed by a Responsible Officer of any Borrower shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on
      the part of the applicable Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of the applicable Borrower.

     

    Restricted Payment.  In relation to CAI and its Subsidiaries, any Distribution to (i) CAI’s or any Subsidiary’s shareholders (or other equity holders), in each case, other than to a Borrower,
      or (ii) any Affiliate of a Borrower or any Subsidiary or any Affiliate of such Borrower’s or such Subsidiary’s shareholders (or other equity holders), in each case, other than to a Borrower.

     

    Revolving Credit Exposure.  With respect to any Revolving Credit Lender at any time, the sum of the outstanding principal amount of such Revolving Credit Lender’s Revolving Credit Loans and
      its L/C Exposure and Swing Line Exposure at such time.

     

    Revolving Credit Lender.  Each Lender with a Commitment or, following termination of the Commitments, which has Revolving Credit Loans outstanding or participations in an outstanding Letter of
      Credit or Swing Line Loan and any other Person who becomes an assignee of rights and obligations of a Revolving Credit Lender.

     

    Revolving Credit Loans.  Revolving credit loans made or to be made by the Revolving Credit Lenders to the Borrowers pursuant to §2.

     

    Revolving Credit Note Record.  The grid attached to a Revolving Credit Note, or the continuation of such grid, or any other similar record, including computer records, maintained by any Lender
      with respect to any Revolving Credit Loan referred to in such Revolving Credit Note.

     

    Revolving Credit Notes.  See §2.4.

     

    Sanction(s). Any international economic sanction administered or enforced by the United States government, including without limitation, OFAC, the United Nations Security
      Council, the European Union, Her Majesty’s Treasury, the Netherlands, Germany, or other relevant sanctions authority that is administered or enforced by the United States government or Her Majesty’s Government.

     

    SEC.  The Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

     

    Secured Parties.  Collectively, the Administrative Agent, the Lenders, the Swing Line Lender, any other holder from time to time of Obligations, each co-agent or sub-agent appointed by the
      Administrative Agent from time to time pursuant to §14, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents.

     

    
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    Securities Laws. The Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices
      promulgated, approved or incorporated by the SEC or the PCAOB.

     

    Securitization Entity.  A special purpose bankruptcy-remote corporation, partnership, trust, limited liability company or other business entity that is formed by, and will remain a subsidiary
      of CAI (and will be at all times a direct subsidiary of a Borrower or Guarantor owned at least 75% by such Borrower or Guarantor (or such lower percentage as may be requested by the Borrowers and agreed to by the Required Lenders)), for the sole and
      exclusive purpose of purchasing or financing assets of CAI or any of its Subsidiaries.

     

    Security Agreement.  The Second Amended and Restated Security Agreement, dated September 25, 2007, between the Borrowers, Sky Container Trading, Inc., the other Domestic Subsidiaries party
      thereto and the Administrative Agent, and in form and substance satisfactory to the Lenders and the Administrative Agent, as the same may be amended, restated, supplemented, reaffirmed or otherwise modified and in effect from time to time.

     

    Security Documents.  The Security Agreement, the Reaffirmation Agreement, the Use and Access Agreement, the Barbados Security Documents, all Account Control Agreements and all other
      agreements, instruments, filings, records, registrations and documents, including without limitation, Uniform Commercial Code financing statements (or the equivalent thereof in any applicable foreign jurisdiction) and the Perfection Certificates, (a)
      required to be executed or delivered pursuant to any Loan Document or §§8.13, 8.15 or 8.17 or (b) that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

     

    Shareholders’ Equity.  As of any date of determination, consolidated shareholders’ equity of CAI and its Subsidiaries as of that date determined in accordance with GAAP.

     

    Sixth Amendment.  That certain Amendment No. 6 to Third Amended and Restated Credit Agreement, dated as of the Sixth Amendment Effective Date, by and among the Borrowers, the Guarantors party
      thereto, the Lenders party thereto, the Administrative Agent, and the other parties party thereto.

     

    Sixth Amendment Effective Date.  June 26, 2018, the date on which the Sixth Amendment became effective.

     

    S&P.  Standard & Poor's Ratings Group.

     

    SOFR.  With respect to any day, the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor
      administrator) on the Federal Reserve Bank of New York’s website (or any successor source) and, in each case, that has been selected or recommended by the Relevant Governmental Body.

     

    SOFR-Based Rate.  SOFR or Term SOFR.

     

    
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    Solvent.  With respect to any Person on a particular date, that on such date (a) the fair value of the assets of such Person is greater than the total amount of liabilities, including, without
      limitation, contingent liabilities, of such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute
      and matured, (c) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and other commitments as they mature in the normal course of business, (d) such Person does not intend to, and does not
      believe that it will, incur debts or liabilities beyond such Person's ability to pay as such debts and liabilities mature, and (e) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for
      which such Person’s property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.  In computing the amount of contingent liabilities at any time, it is
      intended that such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

     

    Staff Loan Program.  A program administered by CAI pursuant to which CAI makes loans to employees; provided, that the aggregate principal amount of loans outstanding at any time under
      such program shall not exceed $1,500,000, and that no more than an aggregate of $100,000 of which may be unsecured.

     

    Subsidiary.  Any corporation, association, trust, or other business entity of which the designated parent shall at any time own directly or indirectly through a Subsidiary or Subsidiaries at
      least a majority (by number of votes) of the outstanding Voting Stock.

     

    Swap Contract.  (a) Any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts,
      equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor
      transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into
      any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed
      by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related
      schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

     

    Swing Line. The revolving credit facility made available by the Swing Line Lender pursuant to §2.10.

     

    Swing Line Borrowing. A borrowing of a Swing Line Loan pursuant to §2.10.

     

    Swing Line Exposure.  At any time, the aggregate principal amount of all Swing Line Loans outstanding at such time.  The Swing Line Exposure of any Revolving Lender at any time shall be its
      Commitment Percentage of the total Swing Line Exposure at such time.

     

    
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    Swing Line Lender.  Bank of America in its capacity as provider of Swing Line Loans, or any successor swing line lender hereunder.

     

    Swing Line Loan. See §2.10.1.

     

    Swing Line Loan Notice. A notice of a Swing Line Borrowing pursuant to §2.10.2, which, if in writing, shall be substantially in the form of Exhibit F or such other form as approved by
      the Administrative Agent (including any form of an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower.

     

    Swing Line Sublimit. An amount equal to $25,000,000.  The Swing Line Sublimit is part of, and not in addition to, the Total Commitment.

     

    Synthetic Lease.  Any lease of goods or other property, whether real or personal, which is treated as an operating lease under GAAP and as a loan or financing for U.S. income tax purposes.

     

    Taxes.  All present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority,
      including any interest, additions to tax or penalties applicable thereto.

     

    Term SOFR.  The forward-looking term rate for any period that is approximately (as determined by the Administrative Agent) as long as any of the Interest Period options set forth in the
      definition of “Interest Period” and that is based on SOFR and that has been selected or recommended by the Relevant Governmental Body, in each case as published on an information service as selected by the Administrative Agent from time to time in
      its reasonable discretion.

     

    Total Commitment.  The sum of the Commitments of the Lenders, as in effect from time to time.  The Total Commitment as of the Eighth Amendment Effective Date is $1,350,000,000.

     

    Total Leverage Ratio.  As at any date of determination, the ratio of (a) Consolidated Funded Debt as at such date to (b) Consolidated Tangible Net Worth as at such date.

     

    Type.  As to any Revolving Credit Loan, its nature as a Base Rate Loan or a Eurodollar Rate Loan.

     

    UK Financial Institution.  Any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation
      Authority) or any person subject to IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
      of such credit institutions or investment firms.

     

    UK Resolution Authority.  The Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

     

    Unpaid Reimbursement Obligation.  Any Reimbursement Obligation for which the Borrowers do not reimburse the Administrative Agent and the Lenders on the date specified in, and in accordance
      with, §4.2.

     

    
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    Use and Access Agreement.  The Use and Access Agreement, dated or to be dated as of the Closing Date, between the Borrowers, each Guarantor party thereto and the Administrative Agent, and in
      form and substance satisfactory to the Lenders and the Administrative Agent, as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time.

     

    U.S. Person.  Any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

     

    U.S. Tax Compliance Certificate.  See §5.2.2(e)(ii)(B)(III).

     

    Voting Stock.  Stock or similar interests, of any class or classes (however designated), the holders of which are at the time entitled, as such holders, to vote for the election of a majority
      of the directors (or persons performing similar functions) of the corporation, association, trust or other business entity involved, whether or not the right so to vote exists by reason of the happening of a contingency.

     

    Withholding Agent.  Any Loan Party and the Administrative Agent.

     

    Write-Down and Conversion Powers. (a) With respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In
      Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
      Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or
      obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
      Bail-In Legislation that are related to or ancillary to any of those powers.

     

    1.2.        Rules of Interpretation.  With
      reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

     

    (a)        The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include
      the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the
      same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Governing Document) shall be construed as referring to such
      agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference
      herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be
      construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
      Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law
      or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect
      and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

     

    
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    (b)         In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean
      “to but excluding;” and the word “through” means “to and including.”

     

    (c)       Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any
      other Loan Document.

     

    (d)         All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other
      financial calculations) required to be submitted pursuant to this Agreement shall be prepared in substantial conformity with, GAAP (with any non-GAAP conventions and adjustments not being material in the aggregate) applied on a consistent basis, as
      in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with
      any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrowers and their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC
      825 on financial liabilities shall be disregarded.

     

    (e)       If at any time any change in GAAP  would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the
      Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
      approval of the Required Lenders); provided that, until so amended, (A) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein (including prior to any changes with respect to depreciation and
      amortization of the Containers or the residual value thereof) and (B) the Borrowers shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder
      setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.

     

    (f)          Any financial ratios required to be maintained by the Borrowers pursuant to this Agreement shall be calculated by dividing the appropriate component by the other
      component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

     

    
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    (g)          Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard,
      as applicable).

     

    (h)        Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time;
      provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter
      of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

     

    (i)        Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to
      apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation,
      consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited
      liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

     

    1.3.      Interest Rates.  The Administrative Agent does not warrant, nor accept responsibility for, nor shall the
      Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any rate that is an alternative or replacement for or successor
      to any such rate (including, without limitation, any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

     

    2.  THE SENIOR CREDIT FACILITY.

     

    2.1.        Commitment to Lend.

     

    2.1.1.     Revolving Credit Loans.  Subject to the
      terms and conditions set forth in this Agreement, each of the Revolving Credit Lenders severally agrees to lend to the Borrowers and any Borrower may borrow, repay, and reborrow from time to time from the Closing Date until the Maturity Date upon
      notice by the applicable Borrower to the Administrative Agent given in accordance with §2.6, such sums denominated in Dollars as are requested by the applicable Borrowers up to a maximum aggregate amount outstanding (after giving effect to all
      amounts requested) at any one time equal to such Revolving Credit Lender's Commitment minus such Revolving Credit Lender's Commitment Percentage of (i) the sum of the Maximum Drawing Amount and all Unpaid Reimbursement Obligations plus
      (ii) the outstanding amount of Swing Line Loans, provided the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested) plus the Maximum Drawing Amount and all Unpaid Reimbursement
      Obligations plus the outstanding amount of Swing Line Loans shall not at any time exceed the lesser of (A) the Total Commitment at such time and (B) the Borrowing Base at such time.  The Revolving Credit Loans shall be made pro rata
      in accordance with each Revolving Credit Lender's Commitment Percentage.  Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty by the Borrowers that the conditions set forth above and in §11 and §12, in
      the case of the initial Revolving Credit Loans to be made on the Closing Date, and §12, in the case of all other Revolving Credit Loans, have been satisfied on the date of such request.  The Revolving Credit Loans advanced on the Closing Date shall
      be made by the Revolving Credit Lenders as Base Rate Loans, subject to conversion after the Closing Date in accordance with §2.7.

     

    
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    2.2.      Commitment Fee.  The Borrowers
      agree to pay to the Administrative Agent for the accounts of the Revolving Credit Lenders in accordance with their respective Commitment Percentages a commitment fee (the “Commitment Fee”) calculated at the rate per annum of the Applicable
      Margin with respect to the Commitment Fee as in effect from time to time on the actual daily amount during each calendar quarter or portion thereof from the Closing Date to the Maturity Date by which the Total
      Commitment minus the sum of the Maximum Drawing Amount and all Unpaid Reimbursement Obligations exceeds the outstanding amount of Revolving Credit Loans (excluding Swing Line Loans) during such calendar quarter.  The Commitment Fee shall be
      payable quarterly in arrears on the last Business Day of each calendar quarter for such calendar quarter commencing on the first such date following the Closing Date, with a final payment on the Maturity Date or any earlier date on which the
      Commitments shall terminate.

     

    2.3.      Reduction of Total Commitment.  The

      Borrowers shall have the right at any time and from time to time upon five (5) Business Days prior written notice to the Administrative Agent to reduce by $500,000 or an integral multiple thereof or to terminate entirely the Total Commitment,
      whereupon the Commitments of the Revolving Credit Lenders shall be reduced pro rata in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated.  Promptly after
      receiving any notice of the Borrowers delivered pursuant to this §2.3, the Administrative Agent will notify the Revolving Credit Lenders of the substance thereof.  Upon the effective date of any such reduction or termination, the applicable Borrower
      shall pay to the Administrative Agent for the respective accounts of the Revolving Credit Lenders the full amount of any Commitment Fee then accrued on the amount of the reduction.  No reduction or termination of the Commitments may be reinstated. 
      If, after giving effect to any reduction of the Total Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Total Commitments, such Letter of Credit Sublimit or Swing Line Sublimit, as applicable, shall be
      automatically reduced by the amount of such excess.

     

    2.4.       Evidence of Debt.  (1)  The Revolving Credit Loans made by each Lender
      shall be evidenced by one or more accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business.  The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive
      absent manifest error of the amount of the Revolving Credit Loans made by the Lenders to each Borrower and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the
      obligation of each Borrower hereunder to pay any amount owing with respect to the Obligations.  In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect
      of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.  Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender
      (through the Administrative Agent) a promissory note of the Borrowers in substantially the form of Exhibit B hereto (each a “Revolving Credit Note”), which shall evidence such Lender’s Revolving Credit Loans in addition to such
      accounts or records.  Each Lender may attach schedules to its Revolving Credit Note(s) and endorse thereon the date, amount, interest rate and maturity of such Lender’s Revolving Credit Loans and payments with respect thereto.

     

    
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    (b)        In addition to the accounts and records referred to in subsection (a) above, each Lender and the Administrative Agent shall maintain in accordance with its usual
      practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing Line Loans.  In the event of any conflict between the accounts and records maintained by the Administrative Agent and the
      accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

     

    2.5.        Interest.  Except as otherwise
      provided in §5.10,

     

    (a)         Each Revolving Credit Loan which is a Base Rate Loan shall bear interest commencing with the Drawdown Date thereof at the rate per annum equal to the Base Rate plus the
      Applicable Margin with respect to Base Rate Loans, each as in effect from time to time.

     

    (b)         Each Revolving Credit Loan which is a Eurodollar Rate Loan shall bear interest for the period commencing with the Drawdown Date thereof and ending on the last day of
      the Interest Period with respect thereto at the rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin with respect to Eurodollar Rate Loans as in effect from time to time.

     

    (c)         Each Swing Line Loan shall bear interest from the applicable Drawdown Date thereof at the rate per annum equal to the Base Rate plus the Applicable Margin with respect
      to Base Rate Loans each as in effect from time to time.

     

    Each Borrower promises to pay interest on each Revolving Credit Loan made to it and each Swing Line Loan made to it in arrears on each Interest Payment Date with respect thereto.

     

    2.6.        Requests for Revolving Credit Loans. 
      Each Borrower shall give to the Administrative Agent written notice in the form of Exhibit C hereto (or telephonic notice confirmed in a writing in the form of Exhibit C hereto or such other form as may be approved by the
      Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Borrower) of each Revolving
      Credit Loan requested hereunder (a “Loan Request”) not later than 2:00 p.m. (eastern time) no less than (a) two (2) Business Days prior to the proposed Drawdown Date of any Base Rate Loan and (b) four (4) Eurodollar Business Days prior to the
      proposed Drawdown Date of any Eurodollar Rate Loan.  Each such notice shall specify (i) the principal amount of the Revolving Credit Loan requested, (ii) the proposed Drawdown Date of such Revolving Credit Loan, (iii) the Interest Period for such
      Revolving Credit Loan and (iv) the Type of such Revolving Credit Loan.  Promptly upon receipt of any such notice, the Administrative Agent shall notify each of the Lenders thereof.  Each Loan Request shall be irrevocable and binding on the applicable
      Borrower and shall obligate such Borrower to accept the Revolving Credit Loan requested from the Lenders on the proposed Drawdown Date.  Each Loan Request relating to a Base Rate Loan shall be in a minimum aggregate amount of $500,000 and each Loan
      Request relating to a Eurodollar Rate Loan shall be in a minimum aggregate amount of $1,000,000.

     

    
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    2.7.        Conversion Options.

     

    2.7.1.     Conversion to Different Type of Loan.  The

      applicable Borrower may elect from time to time to convert any outstanding Revolving Credit Loan to a Revolving Credit Loan of another Type, provided that (a) with respect to any such conversion of a Eurodollar Rate Loan to a Base Rate Loan,
      such Borrower shall give the Administrative Agent at least three (3) Business Days prior written notice of such election; (b) with respect to any such conversion of a Base Rate Loan to a Eurodollar Rate Loan, such Borrower shall give the
      Administrative Agent at least four (4) Eurodollar Business Days prior written notice of such election; (c) with respect to any such conversion of a Eurodollar Rate Loan into a Base Rate Loan, such conversion shall only be made on the last day of the
      Interest Period with respect thereto and (d) no Revolving Credit Loan may be converted into a Eurodollar Rate Loan when any Default or Event of Default has occurred and is continuing.  On the date on which such conversion is being made each Lender
      shall take such action as is necessary to transfer its Commitment Percentage, as the case may be, of such Revolving Credit Loans to its Domestic Lending Office or its Eurodollar Lending Office, as the case may be.  All or any part of outstanding
      Revolving Credit Loans of any Type may be converted into a Revolving Credit Loan of another Type as provided herein, provided that any partial conversion shall be in an aggregate principal amount of at least $500,000, in the case of
      conversion to Base Rate Loans, and $1,000,000 in the case of conversion to Eurodollar Rate Loans.  Each Conversion Request relating to the conversion of a Revolving Credit Loan to a Eurodollar Rate Loan shall be irrevocable by such Borrower.

     

    2.7.2.     Continuation of Type of Loan.  A
      Revolving Credit Loan of any Type may be continued as a Revolving Credit Loan of the same Type upon the expiration of an Interest Period with respect thereto by compliance by the applicable Borrower with the notice provisions contained in §2.7.1; provided
      that no Eurodollar Rate Loan may be continued as such when any Default or Event of Default has occurred and is continuing, but shall be automatically converted to a Base Rate Loan on the last day of the first Interest Period relating thereto ending
      during the continuance of any Default or Event of Default of which officers of the Administrative Agent active upon the Borrowers’ account have actual knowledge.  In the event that the applicable Borrower fails to provide any such notice with respect
      to the continuation of any Eurodollar Rate Loan as such, then such Eurodollar Rate Loan shall be automatically converted to a Base Rate Loan on the last day of the first Interest Period relating thereto.  The Administrative Agent shall notify the
      Lenders promptly when any such automatic conversion contemplated by this §2.7 is scheduled to occur.

     

    2.7.3.     Eurodollar Rate Loans.  Any conversion
      to or from Eurodollar Rate Loans shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of all Eurodollar Rate Loans having the same Interest Period shall not be less than
      $1,000,000.  No more than ten (10) Eurodollar Rate Loans having different Interest Periods may be outstanding at any time.

     

    2.8.        Funds for Revolving Credit Loans.

     

    2.8.1.     Funding Procedures.  Not later than 1:00
      p.m. (Boston time) on the proposed Drawdown Date of any Revolving Credit Loans, each of the Lenders will make available to the Administrative Agent, at the Administrative Agent's Office, in immediately available funds, the amount of such Lender's
      Commitment Percentage of the amount of the requested Revolving Credit Loans.  Upon receipt from each Lender of such amount, and upon receipt of the documents required by §§11 and 12 and the satisfaction of the other conditions set forth therein, to
      the extent applicable, the Administrative Agent will make available to the Borrowers the aggregate amount of such Revolving Credit Loans made available to the Administrative Agent by the Lenders.

     

    
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    2.8.2.     Advances by Administrative Agent.  ii) 
      The Administrative Agent may, unless notified to the contrary by any Lender prior to a Drawdown Date, assume that such Lender has made available to the Administrative Agent on such Drawdown Date the amount of such Lender's Commitment Percentage of
      the Revolving Credit Loans to be made on such Drawdown Date, and the Administrative Agent may (but it shall not be required to), in reliance upon such assumption, make available to the Borrowers a corresponding amount.  In such event, if a Lender has
      not in fact made its share of the applicable Revolving Credit Loan available to the Administrative Agent, then the applicable Lender and the Borrowers severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in
      immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by
      such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (B) in the case of a payment to be made by the Borrowers, the interest rate
      applicable to Base Rate Loans.  If the Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrowers the amount of such interest
      paid by the Borrowers for such period.  If such Lender pays its share of the applicable Revolving Credit Loan to the Administrative Agent, then the amount so paid shall constitute such Lender’s share of such Revolving Credit Loan.  Any payment by the
      Borrowers shall be without prejudice to any claim the Borrowers may have against a Lender that shall have failed to make such payment to the Administrative Agent.

     

    (b)         Unless the Administrative Agent shall have received notice from the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account
      of the Lenders hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the
      relevant Lenders or the L/C Issuer, as the case may be, the amount due.  In such event, if the Borrowers have not in fact made such payment, then each of the relevant Lenders severally agrees to repay to the Administrative Agent forthwith on demand
      the amount so distributed to such Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater
      of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

     

    (c)          A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under §§2.8.2(a) and (b) shall be conclusive, absent manifest
      error.

     

    
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    2.8.3.     Obligations of Lenders Several.  The
      obligations of the Lenders hereunder to make Revolving Credit Loans, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to §2.8.2(b) are several and not joint.  The failure of any Lender to make any
      Revolving Credit Loan, to fund any such participation or to make any payment under §2.8.2(b) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible
      for the failure of any other Lender to so make its Revolving Credit Loans, to purchase its participation or to make its payment under §2.8.2(b).

     

    2.8.4.     Failure to Satisfy Conditions Precedent. 
      If any Lender makes available to the Administrative Agent funds for any Revolving Credit Loan to be made by such Lender as provided in the foregoing provisions of this §2, and such funds are not made available to the Borrowers by the Administrative
      Agent because the conditions to the applicable credit extension set forth in §§11 or 12 are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to
      such Lender, without interest.

     

    2.8.5.     Funding Source.  Nothing herein shall be
      deemed to obligate any Lender to obtain the funds for any Revolving Credit Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or
      manner.

     

    2.8.6.      Sharing of Payments by Lenders.  If any
      Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Revolving Credit Loans made by it, or Letter of Credit Participations or in Swing Line Loans held by
      it resulting in such Lender’s receiving payment of a proportion of the aggregate amount of such Revolving Credit Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender
      receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Revolving Credit Loans and subparticipations in Letter of Credit Participations and Swing Line
      Loans of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their
      respective Revolving Credit Loans and other amounts owing them, provided that:

     

    (a)       if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or
      subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

     

    (b)        the provisions of this Section shall not be construed to apply to (x) any payment made by or on behalf of the Borrowers pursuant to and in accordance with the express
      terms of this Agreement (including the application of funds arising from the existence of a Delinquent Lender), (y) the application of Cash Collateral provided for in §2.13, or (z) any payment obtained by a Lender as
      consideration for the assignment of or sale of a participation in any of its Revolving Credit Loans or subparticipations in Letter of Credit Participations or Swing Line Loans to any assignee or participant, other than an assignment to the Borrowers
      or any Subsidiary thereof (as to which the provisions of this Section shall apply).

     

    
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    The Borrowers consent to the foregoing and agree, to the extent each such party may effectively do so under applicable Law, that any Lender acquiring a participation pursuant
      to the foregoing arrangements may exercise against the Borrowers rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrowers in the amount of such participation.

     

    2.9.       Change in Borrowing Base.  The
      Borrowing Base shall be calculated (based on the application of the formula contained in the definition of “Borrowing Base”) by the Administrative Agent upon receipt of each Loan Request and, in any case, no less frequently than monthly (and at such
      other intervals as may be specified pursuant to §8.4(e)) by reference to the Borrowing Base Report most recently delivered to the Lenders and the Administrative Agent and such other information obtained by, or provided to, the Administrative Agent. 
      The Administrative Agent shall give to the Borrowers written notice of the amount of the Borrowing Base determined by the Administrative Agent as a result of such calculation to the extent the Administrative Agent’s calculation thereof differs from
      that of the Borrowers.  Prior to the time any such notice becomes effective, the Borrowing Base shall be computed as it would have been computed in the absence of such notice.

     

    2.10.      Swing Line Loans.

     

    2.10.1.   The Swing Line.  Subject to the terms and
      conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the other Revolving Credit Lenders set forth in this §2.10, may in its sole discretion make loans (each such loan, a “Swing Line Loan”) to any Borrower from
      time to time on any Business Day from the Closing Date until the Maturity Date in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans of the Revolving
      Credit Lender acting as the Swing Line Lender, when aggregated with such Lender's Commitment Percentage of the outstanding amount of Revolving Credit Loans plus such Lender’s Commitment Percentage of the sum of the Maximum Drawing Amount and all
      Unpaid Reimbursement Obligations, may exceed the amount of such Lender’s Commitment; provided, however, that after giving effect to any Swing Line Loan, (a) the sum of the outstanding amount of the Revolving Credit Loans plus
      the Maximum Drawing Amount and all Unpaid Reimbursement Obligations plus the outstanding amount of Swing Line Loans (after giving effect to all amounts requested) shall not at any time exceed the lesser of (A) the Total Commitment at such
      time and (B) the Borrowing Base at such time and (b) the aggregate outstanding amount of the Revolving Credit Loans of any Lender, plus such Lender’s Commitment Percentage of the outstanding amount of the Maximum Drawing Amount and all Unpaid
      Reimbursement Obligations, plus such Lender’s Commitment Percentage of the outstanding amount of all Swing Line Loans shall not exceed such Lender’s Commitment, and provided, further, that the Borrowers shall not use the
      proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan.  Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow under this §2.10, prepay under §3.3, and reborrow under this
      §2.10.  Each Swing Line Loan shall be a Base Rate Loan.  Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation
      in such Swing Line Loan in an amount equal to the product of such Lender’s Commitment Percentage times the amount of such Swing Line Loan.  Each Borrower hereby promises to repay each Swing Line Loan on the earlier to occur of (i) the date
      ten (10) Business Days after such Swing Line Loan is made and (ii) the Maturity Date.

     

    
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    2.10.2.   Borrowing Procedure.  Each Swing Line
      Borrowing shall be made upon any Borrower’s irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by (A) telephone or (B) by a Swing Line Loan Notice; provided that any telephonic notice must be confirmed
      promptly by delivery to the Swing Line Lender and the Administrative Agent of a Swing Line Loan Notice. Each Swing Line Loan Notice must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the requested
      borrowing date, and shall specify (i) the amount to be borrowed, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which shall be a Business Day.  Each such telephonic notice must be confirmed promptly by delivery to the
      Swing Line Lender and the Administrative Agent of a written Swing Line Loan Notice, appropriately completed and signed by a Responsible Officer of such Borrower.  Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan
      Notice, the Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify the Administrative Agent
      (by telephone or in writing) of the contents thereof.  Unless the Swing Line Lender has received notice (by telephone or in writing) from the Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed
      Swing Line Borrowing (A) directing the Swing Line Lender not to make such Swing Line Loan as a result of the limitations set forth in the proviso to the first sentence of §2.10.1, or (B) that one or more of the applicable conditions specified in §§11
      and 12 is not then satisfied, then, subject to the terms and conditions hereof, the Swing Line Lender may on the borrowing date specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to such Borrower in immediately
      available funds.

     

    2.10.3.   Refinancing of Swing Line Loans.  (a) The
      Swing Line Lender at any time in its sole and absolute discretion may request, on behalf of the applicable Borrower (which hereby irrevocably authorizes the Swing Line Lender to so request on its behalf), that each Revolving Credit Lender make a
      Revolving Credit Loan which is a Base Rate Loan in an amount equal to such Revolving Credit Lender’s Commitment Percentage of the amount of Swing Line Loans then outstanding.  Such request shall be made in writing (which written request shall be
      deemed to be a Loan Request for purposes hereof) and in accordance with the requirements of §§2.1 and 2.6, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized
      portion of the Total Commitments and the conditions set forth in §12.  The Swing Line Lender shall furnish to the applicable Borrower with a copy of the applicable Loan Request promptly after delivering such notice to the Administrative Agent.  Each
      Revolving Credit Lender shall make an amount equal to its Commitment Percentage of the amount specified in such Loan Request available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral
      available with respect to the applicable Swing Line Loan) for the account of the Swing Line Lender at the Administrative Agent’s Office not later than 1:00 p.m. on the day specified in such Loan Request, whereupon, subject to §2.10.3(b), each
      Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the applicable Borrower in such amount.  The Administrative Agent shall remit the funds so received to the Swing Line Lender.

     

    
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    (b)       If for any reason any Swing Line Loan cannot be refinanced by such a Revolving Credit Loan in accordance with §2.10.3(a), the request for Base Rate Loan submitted by the
      Swing Line Lender as set forth herein shall be deemed to be a request by the Swing Line Lender that each of the Revolving Credit Lenders fund its risk participation in the relevant Swing Line Loan and each Revolving Credit Lender’s payment to the
      Administrative Agent for the account of the Swing Line Lender pursuant to §2.10.3(a) shall be deemed payment in respect of such participation.

     

    (c)        If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the Swing Line Lender any amount required to be paid by such
      Revolving Credit Lender pursuant to the foregoing provisions of this §2.10.3 by the time specified in §2.10.3(a), the Swing Line Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount
      with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Line Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined
      by the Swing Line Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swing Line Lender in connection with the foregoing.  If such Revolving Credit
      Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan or funded participation in the relevant Swing Line Loan, as the case may be.  A certificate of the Swing Line
      Lender submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (c) shall be conclusive absent manifest error.

     

    (d)         Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or to purchase and fund risk participations in Swing Line Loans pursuant to this §2.10.3 shall
      be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the Swing Line Lender, the Borrowers or any
      other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Revolving Credit
      Lender’s obligation to make Revolving Credit Loans pursuant to this §2.10.3 is subject to the conditions set forth in §12.  No such funding of risk participations shall relieve or otherwise impair the obligation of the Borrowers to repay Swing Line
      Loans, together with interest as provided herein.

     

    2.10.4.   Repayment of Participations.  (a) At any
      time after any Revolving Credit Lender has purchased and funded a risk participation in a Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line Loan, the Swing Line Lender will distribute to such Revolving
      Credit Lender its Commitment Percentage of such payment in the same funds as those received by the Swing Line Lender.

     

    
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    (b)         If any payment received by the Swing Line Lender in respect of principal or interest on any Swing Line Loan is required to be returned by the Swing Line Lender in
      connection with any bankruptcy or insolvency proceeding or otherwise as described in §16.3.2 (including pursuant to any settlement entered into by the Swing Line Lender in its discretion), each Revolving Credit Lender shall pay to the Swing Line
      Lender its Commitment Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to the Federal Funds Rate.  The Administrative Agent
      will make such demand upon the request of the Swing Line Lender.  The obligations of the Revolving Credit Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

     

    2.10.5.   Interest for Account of Swing Line Lender.  The

      Swing Line Lender shall be responsible for invoicing each Borrower for interest on the Swing Line Loans.  Until each Revolving Credit Lender funds its Base Rate Loan or risk participation pursuant to this §2.10 to refinance such Lender’s Commitment
      Percentage of any Swing Line Loan, interest in respect of such Commitment Percentage shall be solely for the account of the Swing Line Lender.

     

    2.10.6.   Payments Directly to Swing Line Lender.  Each

      Borrower shall make all payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line Lender.

     

    2.11.       Increase in the Total Commitment.

     

    2.11.1.   Requests for Increase.  Provided there
      exists no Default or Event of Default either before or immediately after giving effect to the increase provided for in this §2.11, and subject to the terms hereof, upon notice to the Administrative Agent (who shall promptly notify the Lenders), the
      Borrowers may from time to time request an increase in the Total Commitment by an amount (for all such requests) not exceeding $400,000,000 from and after the Closing Date; provided that any such request for an increase shall be in a minimum
      amount of $25,000,000.  The Borrowers may, at its option, request such increase from any Revolving Credit Lenders or from Additional Lenders.  At the time of sending such notice, the Borrowers (in consultation with the Administrative Agent) shall
      specify the time period within which each relevant Revolving Credit Lender is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice to such Revolving Credit Lender). 
      Notwithstanding anything to the contrary contained in this §2.11, this Agreement or the other Loan Documents, the aggregate Total Commitment hereunder shall not be greater than $1,500,000,000.

     

    2.11.2.   Lender Election to Increase.  Any
      Revolving Credit Lender which the Borrowers request to provide such increase shall notify the Administrative Agent within such time period whether or not it agrees to increase its Commitment and, if so, the amount by which such Revolving Credit
      Lender is willing to increase its Commitment.  Any relevant Revolving Credit Lender not responding within such time period shall be deemed to have declined to increase its Commitment.  No Revolving Credit Lender shall have any obligations to increase
      its Commitment.

     

    2.11.3.    Notification by Administrative Agent; Additional Lenders.  The Administrative Agent shall notify the Borrowers and each relevant Revolving Credit Lender of the applicable Revolving Credit Lenders’ responses to each request made hereunder.  To achieve the full amount of a requested
      increase and subject to the approval of the Administrative Agent, the L/C Issuer and the Swing Line Lender (which approvals shall not be unreasonably withheld), the Borrowers may, at their option, also invite additional Eligible Assignees (for the
      purposes of this §2.11, the “Additional Lenders”) to become Revolving Credit Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

     

    
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    2.11.4.    Effective Date and Allocations.  If the
      Total Commitment is increased in accordance with this Section, the Administrative Agent and the Borrowers shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase.  The Administrative Agent
      shall promptly notify the Borrowers and the Revolving Credit Lenders of the final allocation of such increase and the Increase Effective Date.

     

    2.11.5.   Conditions to Effectiveness of Increase.  As

      a condition precedent to such increase, the Borrowers shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by a Responsible Officer of such
      Loan Party (i) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (ii) in the case of each Borrower, certifying that, before and after giving effect to such increase, (A) the
      representations and warranties contained in §7 and the other Loan Documents are true and correct on and as of the Increase Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which
      case they are true and correct as of such earlier date, and except that for purposes of this §2.11, the representations and warranties contained in §7.4.2 shall be deemed to refer to the most recent statements furnished to the Lenders, (B) no Default
      or Event of Default exists, and (C) the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested on the Increase Effective Date) plus the Maximum Drawing Amount and all Unpaid Reimbursement
      Obligations plus the outstanding amount of Swing Line Loans does not exceed the lesser of (i) the Total Commitment at such time and (ii) the Borrowing Base at such time.  The applicable Borrower shall prepay any Revolving Credit Loans
      outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to §5.9) to the extent necessary to keep the outstanding Revolving Credit Loans ratable with any revised Commitment Percentages arising from any nonratable
      increase in the Commitments under this Section.

     

    2.12.      Delinquent Lenders.

     

    2.12.1.   Adjustments.  Notwithstanding anything to the contrary contained in this
      Agreement, if any Lender becomes a Delinquent Lender, then, until such time as that Lender is no longer a Delinquent Lender, to the extent permitted by applicable Law:

     

    (a)         Waivers and Amendments.  That Delinquent Lender’s right to approve or disapprove
      any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in §16.13.

     

    
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    (b)        Reallocation of Payments.  Any payment of principal, interest, fees or other
      amounts received by the Administrative Agent for the account of that Delinquent Lender (whether voluntary or mandatory, at maturity, pursuant to §13 or otherwise, and including any amounts made available to the Administrative Agent by that Delinquent
      Lender pursuant to §16.1), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by that Delinquent Lender to the
      Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Delinquent Lender to the L/C Issuer or Swing Line Lender hereunder; third,
      if so determined by the Administrative Agent or requested by the L/C Issuer or Swing Line Lender, to be held as Cash Collateral for future funding obligations of that Delinquent Lender of any participation in any Swing Line Loan or Letter of Credit;
      fourth, as the Borrowers may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Delinquent Lender has failed to fund its portion thereof as required
      by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a non-interest bearing deposit account and released in order
      to satisfy obligations of that Delinquent Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender as a result of any judgment
      of a court of competent jurisdiction obtained by any Lender, the L/C Issuer or Swing Line Lender against that Delinquent Lender as a result of that Delinquent Lender’s breach of its obligations under this Agreement; seventh,
      so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against that Delinquent Lender as a result of that
      Delinquent Lender’s breach of its obligations under this Agreement (it being understood that Borrower shall at all times retain its right to collect damages incurred as a result of breach by a Delinquent Lender of its obligations hereunder); and eighth, to that Delinquent Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in
      respect of which that Delinquent Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in §12 were satisfied or waived, such payment shall be applied solely to pay the
      Loans of, and L/C Borrowings owed to, all non-Delinquent Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Delinquent Lender.  Any payments, prepayments or other amounts paid or payable
      to a Delinquent Lender that are applied (or held) to pay amounts owed by a Delinquent Lender or to post Cash Collateral pursuant to this §2.12.1(b) shall be deemed paid to and redirected by that Delinquent Lender, and each Lender irrevocably consents
      hereto.

     

    (c)         Certain Fees.  That Delinquent Lender (x) shall not be entitled to receive any
      Commitment Fee for any period during which that Lender is a Delinquent Lender (and the Borrowers shall not be required to pay any such fee that otherwise would have been required to have been paid to that Delinquent Lender) and (y) shall be limited
      in its right to receive Letter of Credit Fees as provided in §4.6.

     

    (d)         Reallocation of Commitment Percentages to Reduce Fronting Exposure.  During any
      period in which there is a Delinquent Lender, for purposes of computing the amount of the obligation of each non-Delinquent Lender to acquire, refinance or fund participations in Swing Line Loans or Letters of Credit pursuant to §§ 2.10 and 4, the
      “Commitment Percentage” of each non-Delinquent Lender shall be computed without giving effect to the Commitment of that Delinquent Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable
      Lender becomes a Delinquent Lender, no Default or Event of Default exists; and (ii) the aggregate obligation of each non-Delinquent Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the
      positive difference, if any, of (1) the Commitment of that non-Delinquent Lender minus (2) the aggregate outstanding amount of the Revolving Credit Loans of that Lender.  Subject to §16.18, no reallocation hereunder shall constitute a waiver or
      release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure
      following such reallocation.

     

    
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    2.12.2.  Delinquent Lender Cure.  If the Borrowers, the Administrative Agent, Swing Line
      Lender and the L/C Issuer agree in writing in their sole discretion that a Delinquent Lender should no longer be deemed to be a Delinquent Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
      specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders
      or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in
      accordance with their Commitment Percentages (without giving effect to §2.12.1(d)), whereupon that Lender will cease to be a Delinquent Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments
      made by or on behalf of the Borrowers while that Lender was a Delinquent Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Delinquent Lender to Lender
      will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Delinquent Lender.

     

    2.13.      Cash Collateral.

     

    2.13.1.   Certain
          Credit Support Events.  If (a) the L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (b) as of the Letter
      of Credit Expiration Date, any L/C Exposure for any reason remains outstanding, (c) the Borrowers shall be required to provide Cash Collateral pursuant to §13.1, or (d) there shall exist a Delinquent Lender and corresponding Fronting Exposure, the
      Borrowers shall immediately (in the case of clause (c) above) or within one (1) Business Day (in all other cases) following any request by the Administrative Agent or the L/C Issuer, provide Cash Collateral in an amount not less than the
      applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (d) above, after giving effect to §2.12.1(b) and any Cash Collateral provided by the Delinquent Lender).

     

    2.13.2.   Grant of
          Security Interest.  The Borrowers, and to the extent provided by any Delinquent Lender, such Delinquent Lender, hereby grants to
      (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances
      therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to §2.13.3.  If at any time the Administrative
      Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral
      Amount, the Borrowers will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support
      not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrowers shall pay on demand therefor from time to time all customary account opening, activity and other
      administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

     

    
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    2.13.3.  Application. 
      Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this §2.13 or §§2.10.3, 4.1.1, 4.2(b), 4.2(c) or 13.1 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Delinquent Lender, any interest accrued on such obligation) and other obligations for which the
        Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

     

    2.13.4.  Release.  Cash Collateral (or the
      appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (a) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the
      termination of Delinquent Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with §15.1.2)) or (b) the determination by the Administrative Agent and the L/C Issuer that there exists excess Cash Collateral; provided,
      however, (i) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan
      Documents, and (ii) the Person providing Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

     

    3.  REPAYMENT OF THE LOANS.

     

    3.1.      Maturity.  Each of the Borrowers
      promises to pay on the Maturity Date, and there shall become absolutely due and payable on the Maturity Date, all of its respective Revolving Credit Loans and Swing Line Loans outstanding on such date, together with any and all accrued and unpaid
      interest thereon and all other Obligations.

     

    3.2.       Mandatory Repayments of Revolving Credit Loans.  If at any time the sum of the outstanding principal amount of the Revolving Credit Loans plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations plus the outstanding amount of Swing Line Loans
      exceeds the lesser of (i) the Total Commitment at such time and (ii) the Borrowing Base at such time, then, in any case, the applicable Borrower(s) shall immediately pay the amount of such excess to the Administrative Agent for the respective
      accounts of the Lenders for application:  first, to any Unpaid Reimbursement Obligations; second, to the Swing Line Loans; third, to the Revolving Credit Loans; and fourth, to provide to the Administrative Agent Cash
      Collateral for Reimbursement Obligations as contemplated by §4.2(b) and (c).  Each payment of any Unpaid Reimbursement Obligations or prepayment of Revolving Credit Loans shall be allocated among the applicable Lenders, in proportion, as nearly as
      practicable, to each Reimbursement Obligation or (as the case may be) the respective unpaid principal amount of each applicable Lender's Revolving Credit Loan, with adjustments to the extent practicable to equalize any prior payments or repayments
      not exactly in proportion.

     

    
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    3.3.        Optional Repayments of Revolving Credit Loans and Swing Line Loans.

     

    (a)          Each of the Borrowers shall have the right, at its election, to repay the outstanding amount of the Revolving Credit Loans, as a whole or in part, at any time without
      penalty or premium, provided that any full or partial prepayment of the outstanding amount of any Eurodollar Rate Loans pursuant to this §3.3 may be made only on the last day of the Interest Period relating thereto unless breakage costs incurred by
      the relevant Lenders in connection therewith are paid by the Borrowers in accordance with §5.9.  The Borrowers shall give the Administrative Agent a Notice of Loan Prepayment no later than 10:00 a.m., eastern time, at least two (2) Business Days’
      prior to any proposed prepayment pursuant to this §3.3 of Base Rate Loans, and four (4) Eurodollar Business Days’ prior to any proposed prepayment pursuant to this §3.3 of Eurodollar Rate Loans, in each case specifying the proposed date of prepayment
      of relevant Revolving Credit Loans, the principal amount to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Periods of such Revolving Credit Loans.  Each such partial prepayment of the applicable Revolving Credit Loans shall
      be in a principal amount of at least $200,000, shall be accompanied by the payment of accrued interest on the principal prepaid to the date of prepayment and shall be applied, in the absence of instruction by the applicable Borrowers, first, to the
      principal of Base Rate Loans and then to the principal of Eurodollar Rate Loans, at the Administrative Agent’s option.  Each partial prepayment shall be allocated among the applicable Lenders, in proportion, as nearly as practicable, to the
      respective unpaid principal amount of each Lender's applicable Revolving Credit Loans, with adjustments to the extent practicable to equalize any prior repayments not exactly in proportion.

     

    (b)          Each of the Borrowers may, upon delivery of a Notice of Loan Prepayment to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to
      time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such Notice of Loan Prepayment must be received by the Swing Line Lender and the Administrative Agent not later than 1:00 p.m. on the date of
      the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of $100,000.  Each such Notice of Loan Prepayment shall specify the date and amount of such prepayment.  If such Notice of Loan Prepayment is given by any Borrower,
      such Borrower shall make such prepayment and the payment amount specified in such Notice of Loan Prepayment shall be due and payable on the date specified therein.

     

    4.  LETTERS OF CREDIT.

     

    4.1.        Letter of Credit Commitments.

     

    4.1.1.    Commitment to Issue Letters of Credit.  (a) 

      Subject to the terms and conditions hereof, upon the execution and delivery by any Borrower of a letter of credit application on the L/C Issuer’s customary form (a “Letter of Credit Application”), the L/C Issuer on behalf of the Revolving
      Credit Lenders and in reliance upon the agreement of the Revolving Credit Lenders set forth in this §4 and upon the representations and warranties of the Borrowers contained herein, agrees, in its individual capacity, to issue, extend and renew for
      the account of CAI, CAL or any of CAI’s other Subsidiaries one or more standby letters of credit (individually, a “Letter of Credit”), in such form as may be requested from time to time by the applicable Borrower (who, in the case of Letters
      of Credit to be issued for the account of a Subsidiary of CAI (other than CAL) shall be CAI), and agreed to by the L/C Issuer; provided, however, that, after giving effect to such request, (i) the sum of the aggregate Maximum Drawing
      Amount and all Unpaid Reimbursement Obligations shall not exceed the Letter of Credit Sublimit at any time, and (ii) the sum of the outstanding principal amount of the Revolving Credit Loans plus the Maximum Drawing Amount and all Unpaid
      Reimbursement Obligations, plus the outstanding amount of Swing Line Loans shall not exceed the lesser of (x) the Total Commitment at such time and (y) the Borrowing Base at such time.  Each request by any Borrower for the issuance or
      amendment of a Letter of Credit shall be deemed to be a representation by the Borrowers that the issuance or amendment so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and
      subject to the terms and conditions hereof, any Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly any Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit issued for
      the account of such Borrower or such Subsidiary that have expired or that have been drawn upon and reimbursed.  All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after
        the Closing Date shall be subject to and governed by the terms and conditions hereof.

     

    
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    (b)          The L/C Issuer shall not issue any Letter of Credit, if:

     

    (i)          Subject to §4.1.6, the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or

     

    (ii)         the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders have approved such expiry date.

     

    (c)          The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

     

    (i)          any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of
      Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or
      request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement
      (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Eighth Amendment Effective Date and which
      the L/C Issuer in good faith deems material to it;

     

    (ii)         the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally;

     

    
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    (iii)        such Letter of Credit is to be denominated in a currency other than Dollars;

     

    (iv)        such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or

     

    (v)        a default of any Revolving Credit Lender’s obligations to fund under §4.1.4. exists or any Revolving Credit Lender is at such time a Delinquent Lender hereunder, unless
      the L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with such Borrower or such Lender to eliminate the L/C Issuer’s actual or potential Fronting Exposure
      (after giving effect to §2.12.1.(d)) with respect to such Delinquent Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Exposure as to which the L/C Issuer has actual or potential
      Fronting Exposure, as it may elect in its sole discretion.

     

    (d)         The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the
      terms hereof.

     

    (e)         The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in
      its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

     

    (f)          The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall
      have all of the benefits and immunities (A) provided to the Administrative Agent in §14 with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer
      Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in §14 included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

     

    4.1.2.     Procedures for the Issuance and Amendment of Letters of Credit.  (a)   Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to the L/C Issuer (with a copy to the
      Administrative Agent) in the form of Letter of Credit Application, appropriately completed and signed by a Responsible Officer of such Borrower.  Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not
      later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the
      case may be.  In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit
      (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of
      any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require.  In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit
      Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such
      other matters as the L/C Issuer may require.  Additionally, the applicable Borrower shall furnish to the L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment,
      including any Issuer Documents, as the L/C Issuer or the Administrative Agent may require.

     

    
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    (b)       Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative
      Agent has received a copy of such Letter of Credit Application from such Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof.  Unless the L/C Issuer has received written notice from any Lender, the
      Administrative Agent, such Borrower or any Guarantor, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in §§11 or 12 shall not then be
      satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of such Borrower or such Subsidiary or enter into the applicable amendment, as the case may be, in each
      case in accordance with the L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C
      Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Commitment Percentage times the amount of such Letter of Credit.

     

    (c)         Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the
      L/C Issuer will also deliver to the applicable Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment.

     

    4.1.3.     Applicability of the ISP and Uniform Customs.  Unless

      otherwise expressly agreed by the L/C Issuer and the Borrowers when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit.  Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the
      Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any
      Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the
      ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or
      practice.

     

    4.1.4.     Reimbursement Obligations of Lenders.  Each

      Revolving Credit Lender severally agrees that it shall be absolutely and unconditionally liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent or circumstance whatsoever, including (A) any
      setoff, counterclaim, recoupment, defense or other right which such Revolving Credit Lender may have against the L/C Issuer, the applicable Borrower or any other Person for any reason whatsoever or (B) any other occurrence, event or condition,
      whether or not similar to any of the foregoing, to the extent of such Revolving Credit Lender's Commitment Percentage, to reimburse the L/C Issuer through the Administrative Agent on demand for the amount of each draft paid by the L/C Issuer under
      each Letter of Credit to the extent that such amount is not reimbursed by the applicable Borrower pursuant to §4.2 (such agreement for a Lender being called herein the “Letter of Credit Participation” of such Lender).

     

    
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    4.1.5.     Participations of Lenders.  Each such
      payment made by a Revolving Credit Lender shall be treated as the purchase by such Lender of a participating interest in the applicable Borrower's Reimbursement Obligation under §4.2 in an amount equal to such payment.  Each Revolving Credit Lender
      shall share in accordance with its participating interest in any interest which accrues pursuant to §4.2 and in any applicable security for such Reimbursement Obligation.

     

    4.1.6.    Auto-Extension Letters of Credit.  If any
      Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);

      provided that (i) any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior
      notice to the beneficiary thereof not later than one (1) Business Day before the date (the “Non-Extension Notice Date”) in each such twelve-month period as agreed upon at the time such Letter of Credit is issued and (ii) any extension of an
      Auto-Extension Letter of Credit shall not extend the expiry date of such Letter of Credit to a date later than the Letter of Credit Expiration Date.  Unless otherwise directed by the L/C Issuer, the applicable Borrower shall not be required to make a
      specific request to the L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit
      at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or
      would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of §4.1.1(b) or (c) or otherwise), or (B) it has received notice (which may be by telephone or
      in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Required Lenders have elected not to permit such extension or (2) from the Administrative Agent, any Lender,
      the applicable Borrower or any Guarantor that one or more of the applicable conditions specified in §12 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension.

     

    4.2.       Reimbursement Obligation of the Borrowers.  In order to induce the L/C Issuer to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the applicable Borrower hereby agrees to reimburse or pay to the L/C Issuer, for the
      account of the L/C Issuer or (as the case may be) the Revolving Credit Lenders, with respect to each Letter of Credit issued, extended or amended by the L/C Issuer for the account of such Borrower or its Subsidiary hereunder,

     

    
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    (a)        except as otherwise expressly provided in §4.2(b) and (c), not later than 11:00 a.m. (Boston time) on each date that any draft presented under such Letter of Credit is
      honored (the “Honor Date”) by the L/C Issuer, or the L/C Issuer otherwise makes a payment with respect thereto, (i) the amount paid by the L/C Issuer under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees,
      charges or other costs and expenses whatsoever incurred by the L/C Issuer or any Lender in connection with any payment made by the L/C Issuer or any Lender under, or with respect to, such Letter of Credit,

     

    (b)        upon the reduction (but not termination) of the Total Commitment to an amount less than the Maximum Drawing Amount, an amount equal to such difference, which amount
      shall be held by the Administrative Agent for the benefit of the Lenders and the L/C Issuer as Cash Collateral for all Reimbursement Obligations, and

     

    (c)         upon the termination of the Total Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an
      amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the benefit of the Lenders and the L/C Issuer as Cash Collateral for all Reimbursement Obligations.

     

    Each such payment shall be made to the L/C Issuer at the Administrative Agent's Office in immediately available funds.  Interest on any and all amounts remaining unpaid by the applicable Borrower
      under this §4.2 at any time from the date such amounts become due and payable (whether as stated in this §4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent, for
      the benefit of the Lenders and the L/C Issuer, on demand at the rate specified in §5.10 for overdue principal on the Revolving Credit Loans.

     

    4.3.      Letter of Credit Payments.  (a)
      If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the L/C Issuer shall notify the Administrative Agent and the applicable Borrower of the date and amount of the draft presented or demand for
      payment.  If such Borrower fails to reimburse the L/C Issuer as provided in §4.2 on or before the date that such draft is paid or other payment is made by the L/C Issuer, the Administrative Agent may at any time thereafter notify the Lenders of the
      amount of any such Unpaid Reimbursement Obligation and the amount of each Lender’s Commitment Percentage thereof.  In such event, such Borrower shall be deemed to have requested a Base Rate Loan to be disbursed on the Honor Date in an amount equal to
      the Unpaid Reimbursement Obligation, without regard to the minimum and multiples specified in §2.6 for the principal amount of Base Rate Loans, but subject to the other conditions set forth in §§2.1, 2.6 and 12 (other than the delivery of a Loan
      Request).  Any notice given by the L/C Issuer or the Administrative Agent pursuant to this §4.3 may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the
      conclusiveness or binding effect of such notice.  Each Revolving Credit Lender shall upon any notice pursuant to this §4.3 received by 11:00 a.m. on the Business Day specified in such notice make funds available to the Administrative Agent for the
      account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Commitment Percentage of the Unpaid Reimbursement Obligation not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent,
      whereupon, subject to the provisions of §4.3(b), each Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to such Borrower in such amount.  The Administrative Agent shall remit the funds so received to
      the L/C Issuer.

     

    
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    (b)       With respect to any Unpaid Reimbursement Obligation that is not fully refinanced by Base Rate Loans because the conditions set forth in §12 cannot be satisfied or for any
      other reason, the applicable Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unpaid Reimbursement Obligation that is not so refinanced, which L/C Borrowing shall be due and payable on demand
      (together with interest) and shall bear interest at the rate set forth in §5.10.1.  In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to §4.3(a) shall be deemed payment in
      respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this §4.

     

    (c)         Until each Revolving Credit Lender funds its Commitment Percentage of the Revolving Credit Loans or participations as set forth in this §4.3 to reimburse the L/C Issuer
      for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Commitment Percentage of such amount shall be solely for the account of the L/C Issuer.

     

    (d)         If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required to be paid by such Lender
      pursuant to the foregoing provisions of this §4.3 by the time specified in §4.3(a), the applicable L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for
      the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance
      with banking industry rules on interbank compensation plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid),
      the amount so paid shall constitute such Lender’s Revolving Credit Loan or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.  A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative
      Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

     

    (e)         At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Lender’s L/C Advance in respect of
      such payment in accordance with this §4.3, if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the applicable Borrower or
      otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Commitment Percentage thereof (appropriately adjusted, in the case of interest payments, to
      reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent in accordance with §16.3.2.  If any payment received by the Administrative Agent for the account of the
      L/C Issuer pursuant to this §4.3 is required to be returned in connection with any bankruptcy or insolvency proceeding or otherwise (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Revolving Credit Lender
      shall pay to the Administrative Agent for the account of the L/C Issuer its Commitment Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at
      a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

     

    
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    4.4.        Obligations Absolute.  The
      obligation of the Borrowers to reimburse the L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
      Agreement under all circumstances, including the following:

     

    (a)          any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

     

    (b)         the existence of any claim, counterclaim, setoff, defense or other right that the Borrowers or any Subsidiary may have at any time against any beneficiary or any
      transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such
      Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

     

    (c)          any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
      statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

     

    (d)         waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrowers or any waiver by the L/C Issuer which
      does not in fact materially prejudice the Borrowers;

     

    (e)          honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

     

    (f)         any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which
      documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC or the ISP, as applicable;

     

    (g)        any payment by the L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of
      Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or
      successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

     

    
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    (h)       any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense
      available to, or a discharge of, the Borrowers or any Subsidiary.

     

    The Borrowers shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrowers’
      instructions or other irregularity, the Borrowers will immediately notify the L/C Issuer.  The Borrowers shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as
      aforesaid.

     

    4.5.       Role of Issuer.  Each Revolving
      Credit Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the
      Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the L/C Issuer, the Administrative Agent, any of their respective
      Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as
      applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer
      Document.  Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not,
      preclude any Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any
      correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in §4.4; provided, however, that anything in such clauses to the contrary notwithstanding, the Borrowers may have
      a claim against the L/C Issuer, and the L/C Issuer may be liable to the Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrowers which the Borrowers prove were caused
      by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and
      conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or
      information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
      proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

     

    4.6.       Letter of Credit Fees.  Each
      Borrower agrees to pay to the Administrative Agent in respect of each Letter of Credit the following fees (each, a “Letter of Credit Fee”) computed for the period from and including the date of issuance, extension or amendment of such Letter
      of Credit to the expiry date of such Letter of Credit equal to the Applicable Margin per annum with respect to Letter of Credit Fees of the maximum amount available to be drawn under such Letter of Credit, which shall be for the accounts of the
      Revolving Credit Lenders in accordance with their respective Commitment Percentages; provided, however, any Letter of Credit Fees otherwise payable for the account of a Delinquent Lender with respect to any Letter of Credit as to
      which such Delinquent Lender has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this §4 shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in accordance with the upward adjustments in
      their respective Commitment Percentages allocable to such Letter of Credit pursuant to §2.12.1(d), with the balance of such fee, if any, payable to the L/C Issuer for its own account.  Such Letter of Credit Fees shall be payable quarterly in arrears
      on the first Business Day of each calendar quarter (or portion thereof) for the immediately preceding calendar quarter and on the Maturity Date.  In addition, each Borrower agrees to pay a fronting fee at the rate per annum specified in the Fee
      Letter of the maximum amount available to be drawn under such Letter of Credit, which shall be for the account of the L/C Issuer and which shall be payable quarterly in arrears on the first Business Day of each calendar quarter (or portion thereof)
      for the immediately preceding calendar quarter and on the Maturity Date.  In respect of each Letter of Credit, each Borrower shall also pay to the L/C Issuer for the L/C Issuer's own account, at such other time or times as such charges are
      customarily made by the L/C Issuer, the L/C Issuer's customary issuance, amendment, negotiation or document examination and other administrative fees as in effect from time to time.  Such customary fees and standard costs and charges are due and
      payable on demand and are nonrefundable.

     

    
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    4.7.        [Reserved].

     

    4.8.        Conflict with Issuer Documents.  In

      the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

     

    4.9.        Letters of Credit Issued for Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary of CAI (other than CAL), CAI shall be obligated to reimburse the L/C Issuer
      hereunder for any and all drawings under such Letter of Credit and such Letters of credit shall be deemed Letters of Credit issued for the account of CAI for the purposes of this Agreement.  Each Borrower hereby acknowledges that the issuance of
      Letters of Credit for the account of Subsidiaries inures to the benefit of such Borrower, and that such Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

     

    4.10.      Replacement of L/C Issuer.  The
      Borrowers may from time to time, upon not less than fifteen (15) Business Days' notice from the Borrowers to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent), replace a previously designated L/C Issuer by
      designating another Lender as L/C Issuer (upon obtaining such Revolving Credit Lender's prior written consent thereto and, provided that there are no outstanding Letters of Credit issued by, or obligations owing to, the L/C Issuer being so
      replaced).  Any such designation shall be subject to the approval of the Administrative Agent (such approval not to be unreasonably withheld or delayed).  The Administrative Agent will promptly notify the Borrowers and the Lenders of any designation
      and approval of a replacement L/C Issuer.  Upon any such approval of an L/C Issuer by the Administrative Agent and delivery by such replacement L/C Issuer to the Administrative Agent of contact information and such other information regarding such
      replacement L/C Issuer as the Administrative Agent may reasonably request, such Lender shall be the “L/C Issuer” issuer for the purposes hereof, and references to the L/C Issuers shall mean and include such Lender in its capacity as L/C Issuer.  For
      the avoidance of doubt, if any L/C Issuer is replaced by the Borrower with another L/C Issuer, the L/C Issuer so replaced shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit
      outstanding as of the effective date of its replacement as L/C Issuer and all Letters of Credit and Reimbursement Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in
      Unpaid Reimbursement Obligations pursuant to this §4).

     

    
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    5.  CERTAIN GENERAL PROVISIONS.

     

    5.1.        Fees.  Each Borrower agrees to
      pay the fees in the amounts and on the terms and conditions set forth in the Fee Letter.

     

    5.2.        Funds for Payments; Taxes.

     

    5.2.1.     General; Administrative Agent’s Clawback.

     

    (a)       General.  All payments to be made by the Borrowers shall be made free and clear of and without condition or deduction for
      any counterclaim, defense, recoupment or setoff.   Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is
      owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.  The Administrative Agent will promptly distribute to each Lender its Commitment Percentage (or other
      applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office.  All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding
      Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of
      time shall be reflected in computing interest or fees, as the case may be.

     

    (b)        Presumptions by Administrative Agent.  Unless the Administrative Agent shall have received notice from the Borrowers
      prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the L/C Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such
      payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case may be, the amount due.  With respect to any payment that the Administrative Agent makes for the account of the Lenders or the L/C Issuer hereunder as to which the Administrative Agent determines (which determination shall be conclusive absent manifest error) that any of
      the following applies (such payment referred to as the “Rescindable Amount”) : (1) the Borrowers have not in fact made such payment; (2) the Administrative Agent has made a payment in excess of the amount so paid by the Borrowers (whether or
      not then owed); or (3) the Administrative agent has for any reason otherwise erroneously made such payment; then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the
      Rescindable Amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the
      Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.  A notice of the Administrative Agent to any Lender or the Borrower
      with respect to any amount owing under this clause (b) shall be conclusive, absent manifest error.

     

    
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    5.2.2.     Taxes.

     

    (a)          Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.

     

    (i)        Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except as
      required by applicable Laws.  If any applicable Laws (as determined in the good faith discretion of the applicable Withholding Agent) require the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable
      Withholding Agent shall be entitled to make such deduction or withholding, upon the basis of the information and documentation to be delivered pursuant to subsection (e) below.

     

    (ii)        If any Withholding Agent shall be required by the Code to withhold or deduct any Taxes, including both United States Federal backup withholding and withholding taxes,
      from any payment, then (A) the applicable Withholding Agent shall withhold or make such deductions as are determined by the Withholding Agent in its good faith discretion to be required based upon the information and documentation the Withholding
      Agent has received pursuant to subsection (e) below, (B) the applicable Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code, and (C) to the extent that the
      withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions
      applicable to additional sums payable under this §5.2.2) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

     

    (iii)        If any Withholding Agent shall be required by any applicable Laws other than the Code to withhold or deduct any Taxes from any payment, then (A) such Withholding
      Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to subsection (e) below, (B) such Withholding Agent, to the extent
      required by such Laws, shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum
      payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this §5.2.2) the applicable
      Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made.

     

    (b)       Payment of Other Taxes by the Loan Parties.  Without limiting the provisions of
      subsection (a) above, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

     

    
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    (c)          Tax Indemnifications.  (i)  Each of the Loan Parties shall, and does hereby,
      severally indemnify each Recipient, and shall make payment in respect thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts
      payable under this §5.2.2) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
      Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability and an explanation of the calculation of such amount delivered to the Borrowers by a
      Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be conclusive absent manifest error.  Each of the Loan Parties shall, and does
      hereby, jointly and severally indemnify the Administrative Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any amount which a Lender or the L/C Issuer for any reason fails to pay indefeasibly to the
      Administrative Agent as required pursuant to §5.2.2(c)(ii) below.

     

    (ii)        Each Lender and the L/C Issuer shall, and does hereby, severally indemnify, and shall make payment in respect thereof within ten (10) days after demand therefor, (x)
      the Administrative Agent against any Indemnified Taxes attributable to such Lender or the L/C Issuer (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the
      obligation of the Loan Parties to do so), (y) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable to such Lender’s failure to comply with the provisions of §15.1.4 relating to the maintenance of a Participant
      Register and (z) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable to such Lender or the L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection
      with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such
      payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.  Each Lender and the L/C Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
      to such Lender or the L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause (ii).

     

    (d)         Evidence of Payments.  Upon request by
      the Borrowers or the Administrative Agent, as the case may be, after any payment of Taxes by the Borrowers or by the Administrative Agent to a Governmental Authority as provided in this §5.2.2, the Borrowers shall deliver to the Administrative Agent
      or the Administrative Agent shall deliver to the Borrowers, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment
      or other evidence of such payment reasonably satisfactory to the Borrowers or the Administrative Agent, as the case may be.

     

    
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    (e)          Status of Lenders; Tax Documentation.

     

    (i)          Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrowers
      and the Administrative Agent, at the time or times reasonably requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrowers or the Administrative Agent as will permit
      such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the Borrowers or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or
      reasonably requested by the Borrowers or the Administrative Agent as will enable the Borrowers or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. 
      Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in §5.2.2(e)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if
      in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

     

    (ii)         Without limiting the generality of the foregoing, in the event that any Borrower is a U.S. Person,

     

    (A)         any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this
      Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

     

    (B)         any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be
      requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), whichever of the
      following is applicable:

     

    (I)          in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document,
      executed originals of IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable
      payments under any Loan Document, IRS Form W-8BEN-E (or W-8BEN, as applicable) establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

     

    
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    (II)          executed originals of IRS Form W-8ECI;

     

    (III)       in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit
        G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrowers within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign
      corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN-E ( or W-8BEN, as applicable); or

     

    (IV)       to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN-E (or W-8BEN, as applicable), a U.S. Tax
      Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership
      and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of each
      such direct and indirect partner;

     

    (C)        any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrowers and the Administrative Agent (in such number of copies as shall be
      requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), executed originals of
      any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the
      Borrowers or the Administrative Agent to determine the withholding or deduction required to be made; and

     

    (D)        if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the
      applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by law and at
      such time or times reasonably requested by the Borrowers or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
      requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under
      FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

     

    
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    (iii)        Each Lender agrees that if any form or certification it previously delivered pursuant to this §5.2.2 expires or becomes obsolete or inaccurate in any respect, it shall
      update such form or certification or promptly notify the Borrowers and the Administrative Agent in writing of its legal inability to do so.

     

    (f)          Treatment of Certain Refunds.  Unless required by applicable Laws, at no time
      shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any refund of Taxes withheld or deducted from funds paid for
      the account of such Lender or the L/C Issuer, as the case may be.  If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with
      respect to which any Loan Party has paid additional amounts pursuant to this §5.2.2, it shall pay to the Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or
      additional amounts paid, by a Loan Party under this §5.2.2 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient, and without interest (other than any interest paid by
      the relevant Governmental Authority with respect to such refund), provided that the Borrowers, upon the request of the Recipient, agrees to repay the amount paid over to the Borrowers (plus any penalties, interest or other charges imposed by
      the relevant Governmental Authority) to the Recipient in the event the Recipient is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this subsection, in no event will the applicable Recipient
      be required to pay any amount to the Borrowers pursuant to this subsection to the extent such payment would place the Recipient in a less favorable net after-Tax position than such Recipient would have been in if the indemnification payments or
      additional amounts giving rise to such refund had never been paid.  This subsection shall not be construed to require any Recipient to make available its tax returns (or any other information relating to its taxes that it deems confidential) to any
      Loan Party or any other Person.

     

    (g)          Survival.  Each party’s obligations under this §5.2.2 shall survive the resignation or replacement of the Administrative
      Agent or any assignment of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations.

     

    5.3.        Computations.  All
      computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed.  All other computations of
      fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Interest shall accrue on each Loan for the
      day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to
      §5.2.1(a), bear interest for one day.  Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

     

    
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    5.4.        Inability to Determine Eurodollar Rate.

     

    5.4.1.     If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof (a)  the Administrative
      Agent reasonably determines that (i) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, or (ii) adequate and reasonable means do not
      exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (b) the Administrative Agent or the Required Lenders
      reasonably determine that for any reason the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the
      Administrative Agent will promptly so notify the Borrowers and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest
      Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in
      each case until the Administrative Agent (or, in the case of a determination by the Required Lenders described in clause (b) of this §5.4.1, until the Administrative Agent upon the instruction of the Required Lenders) revokes such notice.  Upon
      receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed
      to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

     

    5.4.2.    Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines
      (which determination shall be conclusive absent manifest error), or the Borrowers or Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the Borrowers) that the Borrowers or Required Lenders (as
      applicable) have determined, that:

     

    (a)          adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because the LIBOR Screen Rate is
      not available or published on a current basis and such circumstances are unlikely to be temporary; or

     

    (b)          the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a
      specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans, provided that, at the time of such statement, there is no successor administrator that is satisfactory to
      the Administrative Agent, that will continue to provide LIBOR after such specific date (such specific date, the “Scheduled Unavailability Date”); or

     

    
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    (c)        syndicated loans currently being executed, or that include language similar to that contained in this Section, are being executed or amended (as applicable) to
      incorporate or adopt a new benchmark interest rate to replace LIBOR,

     

    then, reasonably promptly after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrowers may
      amend this Agreement solely for the purpose of replacing LIBOR in accordance with this Section with (x) one or more SOFR-Based Rates or (y) another alternate benchmark rate giving due consideration to any evolving or then existing convention for
      similar U.S. Dollar denominated syndicated credit facilities for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark giving due consideration to any evolving or then existing convention for
      similar U.S. Dollar denominated syndicated credit facilities for such benchmarks, which adjustment or method for calculating such adjustment shall be published on an information service as selected by the Administrative Agent from time to time in its
      reasonable discretion and may be periodically updated (the “Adjustment;” and any such proposed rate, a “LIBOR Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent
      shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders (A) in the case of an
      amendment to replace LIBOR with a rate described in clause (x), object to the Adjustment; or (B) in the case of an amendment to replace LIBOR with a rate described in clause (y), object to such amendment; provided that for the avoidance of
      doubt, in the case of clause (A), the Required Lenders shall not be entitled to object to any SOFR-Based Rate contained in any such amendment.  Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided
      that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent.

     

    If no LIBOR Successor Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will
      promptly so notify the Borrowers and each Lender.  Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) the
      Eurodollar Rate component shall no longer be utilized in determining the Base Rate.  Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent
      of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein.

     

    Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement.

     

    In connection with the implementation of a LIBOR Successor Rate, the Administrative Agent will have the right to make LIBOR Successor Rate Conforming Changes from time to time and, notwithstanding
      anything to the contrary herein or in any other Loan Document, any amendments implementing such LIBOR Successor Rate Conforming Changes will become effective without any further action or consent of any other party to this Agreement; provided
      that, with respect to any such amendment effected, the Administrative Agent shall post each such amendment implementing such LIBOR Successor Conforming Changes to the Lenders reasonably promptly after such amendment becomes effective.

     

    
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    5.5.       Illegality.  If any Lender
      determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate,
      or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank
      market, then, on notice thereof by such Lender to the Borrowers through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended,
      and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of
      such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the
      Borrowers that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all
      Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate
      component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
      Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate
      applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal  for such Lender to determine or charge interest rates based upon
      the Eurodollar Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

     

    5.6.        Additional Costs, Etc.  If any
      Change in Law shall:

     

    (a)          impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the
      account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by §5.10) or the L/C Issuer;

     

    (b)         subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C)
      Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

     

    (c)         impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by
      such Lender or any Letter of Credit or participation therein;

     

    
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    and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate
      (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any
      Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, the Borrower will pay to
      such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered.

     

    5.7.        Capital Adequacy.  If any
      Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or
      would have the effect of reducing the rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or
      the Loans made by, or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s
      holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital adequacy), then from
      time to time the Borrowers will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company for any such reduction
      suffered but only in an amount equal to such reduction and to the extent that such reduction is not otherwise reflected in the Base Rate or Eurodollar Rate.  Each Lender shall allocate such cost increase among its customers in good faith and on an
      equitable basis.

     

    5.8.        Certificate.  A certificate of
      a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate such Lender or the L/C Issuer or its holding company, as the case may be, as specified in §5.6 or §5.7 and delivered to the Borrowers shall be conclusive absent
      manifest error.  The Borrowers shall pay such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within thirty (30) days after receipt thereof

     

    5.9.       Delay in Requests.  Failure or
      reasonable delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of this Article 5 shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided
      that the Borrowers shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than six months prior to the date that such Lender or
      the L/C Issuer, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law
      giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof).

     

    5.10.      Reserves on Eurodollar Rate Loans.  To the extent not otherwise reflected in the Eurodollar Rate, the Borrowers shall pay to each Lender, as long as such Lender shall be required to maintain
        reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the
        actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrowers shall have received at least thirty (30) days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender
        including a brief explanation of such costs.  If a Lender fails to give notice thirty (30) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable thirty (30) days from receipt of such notice.

     

    
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    5.11.      Indemnity.  Upon demand of any
      Lender (with a copy to the Administrative Agent) from time to time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

     

    (a)          any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan
      (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

     

    (b)         any failure by the Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate
      Loan on the date or in the amount notified by the Borrowers; or

     

    (c)          any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request by the Borrowers pursuant to §14.7;

     

    including any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The
      Borrowers shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

     

    For purposes of calculating amounts payable by the Borrowers to the Lenders under this §5.11, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar

        Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

     

    5.12.      Mitigation Obligations; Replacement of Lenders.

     

    (a)        Designation of a Different Lending Office.  If any Lender requests compensation under §§5.6 or 5.7, requires the Borrower to pay
      any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C Issuer pursuant to §5.2.2, if any Lender gives a notice pursuant to §5.5, or if any Lender requests
      payment of additional interest pursuant to §5.10, then at the request of the Borrowers such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to
      assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to §§5.2.2,
      5.6, 5.7 or 5.10, as the case may be, in the future, or eliminate the need for the notice pursuant to §5.5, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense
      and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be.  The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender or the L/C Issuer in connection with any such designation or
      assignment.

     

    
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    (b)         Replacement of Lenders.  If any Lender requests compensation under §§5.6 or 5.7, or if the Borrower is required to pay any
      Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to §5.2.2 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with
      §5.12(a), the Borrower may replace such Lender in accordance with §14.7.

     

    5.13.      Interest After Default.

     

    5.13.1.   Overdue Amounts.  Overdue principal and
      (to the extent permitted by applicable law) interest on the Revolving Credit Loans, the Swing Line Loans and all other overdue amounts payable hereunder or under any of the other Loan Documents shall bear interest from the due date compounded monthly
      and payable on demand at a rate per annum equal to two percent (2%) above the rate of interest then applicable thereto (or, if no rate of interest is then applicable thereto, the Base Rate) until such amount shall be paid in full (after as well as
      before judgment).  An amount shall be considered overdue hereunder if not paid on the date fixed for payment herein or any accelerated maturity thereof, regardless of any grace periods which may be permitted under §§13.1(a) or (b) hereof.

     

    5.13.2.   Amounts Not Overdue.  During the
      continuance of an Event of Default the principal of the Revolving Credit Loans shall, until such Event of Default has been cured or remedied or such Event of Default has been waived by the Required Lenders
      pursuant to §16.13, bear interest at a rate per annum equal to the greater of (a) two percent (2%) above the rate of interest otherwise applicable to such Revolving Credit Loans, as the case may be, pursuant
      to §2.5 or (b) the rate of interest applicable to overdue principal pursuant to §5.13.1.

     

    5.14.      Survival.  All of the Borrowers’ obligations under this §5 shall survive
      termination of the  Commitments, repayment of all other Obligations hereunder, and resignation of the Administrative Agent.

     

    5.15.     Status of Borrowers.  To the extent the Borrowers determine it is
      necessary or advisable that there be a “primary” Borrower with respect to any Obligation (i.e., the Borrower to which the Lenders initially and primarily look for repayment of such Obligation) in order for the
      Borrowers to comply with applicable Law (including Tax Law), GAAP or other accounting principles, the parties hereto intend that such “primary” Borrower shall be determined in accordance with Schedule 5.15, which schedule may be updated by
      the Borrowers from time to time.  This §5.15 shall apply solely for the Borrowers’ applicable Tax, accounting and other relevant purposes, and shall not in any way limit any of the rights or obligations hereunder of any Borrower, Lender or other
      party hereto.

     

    
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    6.  COLLATERAL SECURITY AND GUARANTIES.

     

    6.1.       Security of Borrowers and Guarantors.  All of the Obligations shall be
      secured by a perfected first priority security interest (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets constituting Collateral (which
      shall include, without limitation, all Eligible Containers, Direct Finance Lease Receivables, and all products and proceeds thereof) of the Loan Parties, whether now owned or hereafter acquired, in each case pursuant to the terms of, and as provided
      in, the Security Documents to which any Loan Party is a party.  In addition to the collateral security described in the immediately preceding sentence, to the extent the Borrowers make a request (and the Administrative Agent agrees) to include
      Eligible Containers and/or Direct Finance Leases of any Domestic Subsidiary in the Borrowing Base, and as otherwise provided in §8.15.2 with respect to accounts, all of the Obligations shall be further secured by a perfected first priority security
      interest (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets constituting Collateral of such Domestic Subsidiary, whether now owned or hereafter acquired, in each case pursuant to the terms of,
      and as provided in, the Security Documents to which such Domestic Subsidiary is a party; provided, however, that, notwithstanding anything to the contrary contained herein, no assets of any Domestic Subsidiary shall be included in the
      Borrowing Base unless requested by the Borrowers and approved by the Administrative Agent.  In addition to the collateral security described in the immediately preceding three (3) sentences, to the extent the Borrowers make a request (and the
      Administrative Agent agrees) to include assets of any Foreign Subsidiary in the Borrowing Base, and as otherwise provided in §8.18 with respect to accounts, the Obligations shall be further secured by a perfected first priority security interest
      (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets constituting Collateral of such Foreign Subsidiary, whether now owned or hereafter acquired, in each case pursuant to the terms of, and as
      provided in, the Security Documents to which such Foreign Subsidiary is a party; provided, however, that, notwithstanding anything to the contrary contained herein, no assets of any Foreign Subsidiary (other than CAL) shall be
      included in the Borrowing Base unless requested by the Borrowers and approved by the Administrative Agent.  Notwithstanding anything to the contrary in this §6.1, a direct or indirect non-Guarantor Foreign Subsidiary of CAI which is formed as a
      special purpose entity in connection with a secured financing transaction which is without recourse to CAI or any of its other Subsidiaries or any of their assets shall not be subject to the collateral security requirements of this §6.1.

     

    6.2.      Guaranties by Borrowers and Subsidiaries.  All of the Obligations shall
      be guaranteed by the Domestic Subsidiaries of CAI who are required to become Domestic Subsidiary Guarantors pursuant to §8.15.1, pursuant to the terms of the Domestic Guaranties.  The Obligations shall also be guaranteed by CAI and CAL pursuant to
      the terms of the Guaranty contained in §17.1.  All of the Obligations shall be further guaranteed to the extent required by §8.17 by each Foreign Subsidiary of the Borrowers (other than a Securitization Entity) in accordance with the terms of the
      Other Guaranty to which such Person is a party.  Notwithstanding anything to the contrary in this §6.2, a Securitization Entity shall not be subject to the guaranty requirements of this §6.2.

     

    6.3.        Release of Collateral.

     

    The parties hereto acknowledge and agree that the Administrative Agent shall (and is hereby authorized to) release its Lien on Collateral upon a request for such release by the applicable Borrower or
      Guarantor (a) in connection with a disposition of such Collateral permitted by this Agreement (including, without limitation, §9.5.2) and (b) at other times, so long as prior to any such release (i) the Borrowers submit a Borrowing Base Report
      demonstrating that, after giving pro forma effect to any such requested release of Collateral, the sum of the outstanding amount of the Revolving Credit Loans plus the Maximum Drawing Amount and all
      Unpaid Reimbursement Obligations plus the outstanding amount of Swing Line Loans shall not exceed the lesser of (I) the Total Commitment at such time and (II) the Borrowing Base at such time and (ii) no Default or Event of Default exists or
      would arise after giving effect to any such release.

     

    
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    7.  REPRESENTATIONS AND WARRANTIES.

     

     

    Each of CAI (for itself and each of its Subsidiaries) and CAL (for itself) represents and warrants to the Lenders and the Administrative Agent as follows:

     

    7.1.        Corporate Authority.

     

    7.1.1.     Incorporation; Good Standing.  Such
      Borrower and its Subsidiaries (a) is a corporation (or similar business entity) duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, (b) has all requisite
      corporate (or the equivalent company) power to own its property and conduct its business as now conducted and as presently contemplated, and (c) is in good standing as a foreign corporation (or similar business entity) and is duly authorized to do
      business in each jurisdiction where such qualification is necessary except where a failure to be so qualified would not have a Material Adverse Effect.

     

    7.1.2.     Authorization.  The execution, delivery
      and performance of this Agreement and the other Loan Documents to which such Borrower or any of its Subsidiaries are or are to become a party and the transactions contemplated hereby and thereby (a) are within the corporate (or the equivalent
      company) authority of such Person, (b) have been duly authorized by all necessary corporate (or the equivalent company) proceedings, (c) do not and will not conflict with or result in any breach or contravention of any provision of law, statute, rule
      or regulation to which such Borrower or any of its Subsidiaries is subject or any judgment, order, writ, injunction, license or permit applicable to such Borrower or any of its Subsidiaries and (d) do not conflict with any provision of the Governing
      Documents of, or any agreement or other instrument binding upon, any Borrower or any of its Subsidiaries.

     

    7.1.3.     Enforceability.  The execution and
      delivery of this Agreement and the other Loan Documents to which such Borrower or any of its Subsidiaries is or is to become a party will result in valid and legally binding obligations of such Person enforceable against it in accordance with the
      respective terms and provisions hereof and thereof, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors' rights and except to the
      extent that availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding therefor may be brought.

     

    7.2.       Governmental or Third Party Approvals. 
      The execution, delivery and performance by such Borrower and any of its Subsidiaries of this Agreement and the other Loan Documents to which such Person is or is to become a party and the transactions contemplated hereby and thereby do not
      require (x) the approval or consent of, or filing with, any governmental agency or authority other than those already obtained or (y) the approval or consent of, or filing with, any party with whom such Borrower or its Subsidiary have entered into
      material agreements and/or instruments by which such Borrower, its Subsidiary or any of its respective properties may be bound, other than those already obtained.

     

    
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    7.3.        Title to Properties; Leases.  Except

      as indicated on Schedule 7.3 hereto, CAI and its Subsidiaries own all of the assets reflected in the consolidated balance sheet of CAI and its Subsidiaries as at the Balance Sheet Date or acquired since that date (except property and assets
      sold or otherwise disposed of in the ordinary course of business since that date), subject to no Liens or other rights of others, except Permitted Liens.

     

    7.4.        Financial Statements.

     

    7.4.1.     Fiscal Year.  CAI, CAL and each of their Subsidiaries (other than Securitization
      Entities) has a fiscal (or financial) year which is the twelve months ending on December 31st of each calendar year, except that CAL may end its 2021 or 2022 fiscal year
      early in connection with the MHC Acquisition Migration (either as a result of CAL’s migration to Delaware or back to Barbados), and begin a new fiscal year ending on December 31st of the calendar year in which the MHC Acquisition Migration is completed, upon giving prior written notice to the Administrative Agent.

     

    7.4.2.      Financial Statements.

     

    There has been furnished to each of the Lenders a consolidated balance sheet of CAI and its Subsidiaries as at the Balance Sheet Date, and a consolidated statement of income of CAI
      and its Subsidiaries for the fiscal year then ended, certified by KPMG LLP, and management-prepared consolidated balance sheets and statements of income of CAI and its Subsidiaries as at the end of each fiscal quarter after the Balance Sheet Date and
      prior to the Closing Date.  Such balance sheets and statements of income have been prepared in accordance with GAAP and fairly present the financial condition of CAI and its Subsidiaries as at the close of business on the respective dates thereof and
      the results of operations for the fiscal periods then ended; provided that such balance sheet and statement of income remain subject to normal year-end adjustments and lack of footnotes and other presentation items.  There are no contingent
      liabilities of CAI or any of its Subsidiaries as of such date involving material amounts, known to the officers of CAI, which were not disclosed in such balance sheets and the notes related thereto.

     

    7.4.3.     Projections.  As of the Closing Date, (a) the projections of the annual operating
      budgets of CAI and its Subsidiaries on a consolidated basis, balance sheets and cash flow statements for the 2018 to 2022 fiscal years, copies of which have been delivered to each Lender, are based upon
      reasonable estimates and assumptions and reflect the reasonable estimates of CAI and its Subsidiaries of the results of operations and other information projected therein and (b) to the knowledge of CAI and its Subsidiaries, no facts exist that
      (individually or in the aggregate) would result in any material change in any of such projections.

     

    7.5.        No Material Adverse Changes, Etc.  Since the Balance Sheet Date there
      has been no event or occurrence which has had or would result in a Material Adverse Effect.  Since the Balance Sheet Date, neither such Borrower nor its Subsidiaries have made any Restricted Payment other than Restricted Payments permitted under
      §9.4.

     

    
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    7.6.        Franchises, Patents, Copyrights, Etc.  CAI and each of its
      Subsidiaries possesses all franchises, patents, copyrights, trademarks, trade names, licenses and permits, and rights in respect of the foregoing, adequate for the conduct of its business substantially as now conducted without known conflict with any
      rights of others.

     

    

    7.7.       Litigation.  Except as set forth in Schedule

        7.7 hereto, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of such Borrower after due and diligent investigation, threatened or contemplated at law, in equity or before any Governmental Authority, by
      or against CAI or any of its Subsidiaries or against any of their properties or revenues, that (a) if adversely determined, might, either in any case or in the aggregate, after taking into account the merit of such actions, suits, proceedings, claims
      or disputes, (i) have a Material Adverse Effect or (ii) materially impair the right of CAI and its Subsidiaries, considered as a whole, to carry on business substantially as now conducted by them, or result in any substantial liability not adequately
      covered by insurance, or for which adequate reserves are not maintained on the consolidated balance sheet of CAI and its Subsidiaries, or (b) would question the validity of this Agreement or any of the other Loan Documents, or any action taken or to
      be taken pursuant hereto or thereto.

     

    

    7.8.        No Materially Adverse Contracts, Etc. 
      Neither such Borrower nor any of its Subsidiaries is subject to any Governing Document or other legal restriction, or any judgment, decree, order, law, statute, rule or regulation that has or is expected in the future to have a Material Adverse
      Effect.  Neither any Borrower nor any of its Subsidiaries is a party to any contract or agreement that has or is expected, in the judgment of the Borrowers' officers, to have any Material Adverse Effect.

     

    

    7.9.         Compliance with Other Instruments, Laws, Etc. 

      Neither such Borrower nor any of its Subsidiaries is in violation of any provision of its Governing Documents, or any agreement or instrument to which it may be subject or by which it or any of its properties may be bound or any decree, order,
      judgment, statute, license, rule or regulation, in any of the foregoing cases in a manner that could result in the imposition of substantial penalties or have a Material Adverse Effect.

     

    

    7.10.      Tax Status.  CAI and its Subsidiaries
      have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their
      properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.  There is no
      proposed tax assessment against CAI or any Subsidiary that would, if made, have a Material Adverse Effect.  Neither any Loan Party nor any Subsidiary thereof is party to any tax sharing agreement with any Person other than a Loan Party or a
      Subsidiary.

     

    

    7.11.        No Event of Default.  No Default or
      Event of Default has occurred and is continuing.

     

    

    7.12.     Holding Company and Investment Company Acts. 

      Neither any Borrower nor any of its Subsidiaries is a “holding company”, or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding company”, as such terms are defined in the Public Utility
      Holding Company Act of 2005; neither any Borrower nor any of its Subsidiaries is subject to regulation as a “public utility” under the Federal Power Act, as amended; nor is it an  “investment company”, or an “affiliated company”
      or a “principal underwriter” of an “investment company”, as such terms are defined in the Investment Company Act of 1940.

     

    

    
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    7.13.      Absence of Financing Statements, Etc. 
      Except with respect to Permitted Liens, there is no financing statement, security agreement, chattel mortgage, real estate mortgage or other document filed or recorded with any filing records, registry or other public office, that purports to cover,
      affect or give notice of any present or possible future Lien on any assets or property of CAI or any of its Subsidiaries or any rights relating thereto.

     

    

    7.14.       Perfection of Security Interest.  All
      filings, assignments, pledges and deposits of documents or instruments have been made and all other actions have been taken that are necessary or advisable, under applicable law, to establish and perfect the Administrative Agent's security interest
      in the Collateral.  The Collateral and the Administrative Agent's rights with respect to the Collateral are not subject to any setoff, claims, withholdings or other defenses.  Each of the Borrowers and the Guarantors are the owners of the Collateral
      owned by it free from any Lien, except for Permitted Liens.

     

    

    7.15.       Certain Transactions.  Except for (a)
      transactions pursuant to which CAI or any of its Subsidiaries make payments in the ordinary course of business upon terms no less favorable than CAI or such Subsidiary could obtain from third parties or receive in an arm’s length transaction, (b)
      transactions in connection with a Permitted Securitization (and in compliance with the requirements applicable to a Permitted Securitization) and (c) transactions pursuant to the terms of the documents described on Schedule 7.15 hereto, no
      Affiliate of any Borrower or any of its Subsidiaries is presently a party to any transaction with any Borrower or any of its Subsidiaries (other than for services as employees, officers and directors), including any contract, agreement or other
      arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such Affiliate or, to the knowledge of the Borrowers, any corporation,
      partnership, trust or other entity in which any such Affiliate has a substantial interest or is an officer, director, trustee or partner.

     

    

    7.16.       Employee Benefit Plans.

     

    

    7.16.1.  Each Plan is in compliance in all material respects with the
        applicable provisions of ERISA, the Code and other Federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service to
        the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service to be exempt from federal income tax under Section 501(a) of the Code, or an
        application for such a letter is currently being processed by the Internal Revenue Service, or such Pension Plan is entitled to rely on an opinion or advisory letter issued by the Internal Revenue Service. To the best knowledge of CAI, nothing has
        occurred that would adversely affect the status of any such determination, opinion or advisory letter.

     

      

    7.16.2.  There are no pending or, to the best knowledge of CAI, threatened
        claims, actions or  lawsuits, or action by any Governmental Authority, with respect to any Plan that  could reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary
        responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

     

      

    
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    7.16.3.  (i) No ERISA Event has occurred, and neither CAI nor any ERISA
        Affiliate is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii) CAI and each ERISA Affiliate has met all applicable requirements under the
        Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding
        target attainment percentage (as defined in Section 430(d)(2) of the Code) is 60% or higher and neither CAI nor any ERISA Affiliate knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment
        percentage for any such plan to drop below 60% as of the most recent valuation date; (iv) neither CAI nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which
        have become due that are unpaid; (v) neither CAI nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated by the plan administrator thereof
        nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension Plan.

     

      

    7.17.       Use of Proceeds.

     

    

    7.17.1.  General.  The proceeds of the Revolving Credit Loans shall be used (a) to refinance the Indebtedness under the Existing Credit Agreement, (b) for working capital and general corporate
        purposes and (c) to fund Capital Expenditures permitted hereunder.  Such Borrower will obtain Letters of Credit solely for working capital and general corporate purposes.

     

      

    7.17.2.  Regulation U.  CAI and its Subsidiaries are not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying margin
        stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock.

     

      

    7.18.      Environmental Compliance. The Borrowers
      and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective
      businesses, operations and properties, and as a result thereof the Borrower has concluded, based on reasonable inquiry, that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material
      Adverse Effect.

     

    

    7.19.      Subsidiaries, Etc.  Schedule 7.19(a)
      hereto sets forth the only Subsidiaries of CAI, including the jurisdiction of incorporation/formation and principal place of business or registered office, as the case may be, of each such Person.  Except as set forth on Schedule 7.19(b)
      hereto, neither CAI nor any Subsidiary of CAI is engaged in any joint venture or partnership with any other Person.

     

    

    7.20.      Collection Accounts.  Schedule 7.20
      designates each Collection Account of such Borrower and the Guarantors and all such Collection Accounts are either (i) with the Administrative Agent as the depositary bank or (ii) are subject to an Account Control Agreement in favor of the
      Administrative Agent for the benefit of the Secured Parties.

     

    

    
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    7.21.       Disclosure.  None of this Agreement or
      any of the other Loan Documents contains any untrue statement of a material fact or omits to state a material fact (known to CAI or any of its Subsidiaries in the case of any document or information not furnished by either of them or any of their
      Subsidiaries) necessary in order to make the statements herein or therein not misleading; provided that, with respect to projected financial information, each Borrower represents only that such information was prepared in good faith based
      upon assumptions believed to be reasonable at the time.  There is no fact known to CAI or any of its Subsidiaries which has a Material Adverse Effect, or which is reasonably likely in the future to have a Material Adverse Effect, exclusive of effects
      resulting from changes in general economic conditions, legal standards or regulatory conditions.

     

    

    7.22.     Solvency.  Both before and after giving
      effect to each incurrence of Indebtedness hereunder, and the payment of all fees, costs and expenses payable by the Borrowers hereunder, CAI and its Subsidiaries are Solvent.

     

    

    7.23.      Insurance.  CAI and each of its
      Subsidiaries maintains insurance in accordance with sound business practices and in accordance with industry standards and the terms of the Security Documents.

     

    

    7.24.       Foreign Assets Control Regulations, Etc. 

      None of the requesting or borrowing of the Revolving Credit Loans, the Swing Line Loans, the requesting or issuance, extension or renewal of any Letters of Credit or the use of the proceeds of any thereof will violate the Trading With the Enemy Act
      (50 U.S.C. §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, neither the Borrowers nor any of their Subsidiaries or other Affiliates that are controlled by either of the Borrowers (a) 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 (b) engages or will engage in any dealings or transactions, or be otherwise associated, with any such “blocked person”.

     

    

    7.25.      Taxpayer Identification Number.  Each
      Borrower’s and each Guarantor’s true and correct U.S. taxpayer identification number is set forth on Schedule 16.6.1.

     

    

    7.26.       Updates to Certain Schedules.  CAI may
      from time to time supplement any of Schedules 7.19(a), 7.20 or 16.6.1 as may be necessary for such Schedules to be accurate and complete as of the date such supplements are delivered and which supplement shall be certified by
      a Responsible Officer of CAI and in a form reasonably satisfactory to the Administrative Agent.

     

    

    
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    7.27.      OFAC. 
      Neither CAI, nor any of its Subsidiaries, nor, to the knowledge of CAI and its Subsidiaries, any director, officer, employee, agent, affiliate or representative thereof, is an individual or entity that is (i) currently the subject of any
      Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals, Her Majesty’s Treasury’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority
      or (iii) located, organized or resident in a Designated Jurisdiction.

     

    

    7.28.     Anti-Corruption Laws.  The Borrowers and their Subsidiaries have (i) conducted their businesses in compliance with applicable anti-corruption laws, including the United States Foreign Corrupt
        Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions in which the Borrowers and their Subsidiaries conduct business and (ii) instituted and maintained policies and procedures designed
        to promote and achieve compliance with such laws.

     

      

    7.29.      Use of Plan Assets. The Borrowers represent and warrant, as of the Eighth Amendment Effective Date and throughout the term of this Agreement, that no Borrower is using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as
      modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments.

     

    

    7.30.     EEA Financial Institutions.  No Borrower and no domestic Guarantor is an EEA Financial Institution. To the Borrowers’ best knowledge, no foreign Guarantor is an EEA Financial Institution.

     

    

    8.  AFFIRMATIVE COVENANTS.

     

      

    Each of CAI (as to itself and its Subsidiaries) and CAL (as to itself) covenants and agrees that, so long as any Revolving Credit Loan, Unpaid Reimbursement Obligation, Letter of Credit, Swing Line
      Loan or Revolving Credit Note is outstanding or any Lender has any obligation to make any Revolving Credit Loans or the L/C Issuer has any obligation to issue, extend or renew any Letters of Credit or the Swing Line Lender has any obligation to make
      Swing Line Loans:

     

    

    8.1.        Punctual Payment.  Such Borrower will
      duly and punctually pay or cause to be paid the principal and interest on the Revolving Credit Loans, all Reimbursement Obligations, all Swing Line Loans, the fees and all other amounts provided for in this Agreement and the other Loan Documents to
      which such Borrower or any of their Subsidiaries is a party, all in accordance with the terms of this Agreement and such other Loan Documents.

      

    

    8.2.       Maintenance of Office.  CAI will
      maintain its chief executive office in San Francisco, California and CAL will maintain its chief executive office in St. Michael, Barbados or, in each case, at such other place in the United States of America (with respect to CAI and, after the MHC
      Acquisition Migration, CAL) as such Borrower shall designate upon thirty days’ prior written notice to the Administrative Agent (or such shorter period as may be agreed by the Administrative Agent in its sole discretion), where notices, presentations
      and demands to or upon such Borrower in respect of the Loan Documents to which such Borrower is a party may be given or made; provided, that, in the event that the MHC Acquisition does not close, CAL shall be permitted to move its chief
      executive office from the United States of America back to Barbados and in connection with such move, convert to a Barbados company during the 2021 or 2022 Fiscal Year upon thirty days’ prior written notice to the Administrative Agent (or such
      shorter period as may be agreed by the Administrative Agent in its sole discretion) and so long as, prior to or substantially concurrently with such move and conversion, the Borrowers shall have taken all actions necessary to continuously maintain
      the Administrative Agent’s first priority perfected security interest in those assets of CAL constituting Collateral.  In the event that CAI moves its chief executive office to another location within the State of California, thirty days’ prior
      telephonic notice to the Administrative Agent shall be sufficient provided that such telephonic notice shall be followed by a written notice to the Administrative Agent confirming the move.

     

    

    
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    8.3.         Records and Accounts.

     

    

    (a)         CAI will (i) keep, and cause each of its Subsidiaries to keep, true and accurate records and books of account in which full, true
      and correct entries will be made in accordance with GAAP, (ii) maintain adequate accounts and reserves for all taxes (including income taxes), depreciation, depletion, obsolescence and amortization of its properties and the properties of its
      Subsidiaries, contingencies, and other reserves, and (iii) at all times engage KPMG LLP or other independent certified public accountants satisfactory to the Administrative Agent as the independent certified public accountants of CAI and its
      Subsidiaries and will not permit more than thirty (30) days to elapse between the cessation of such firm's (or any successor firm's) engagement as the independent certified public accountants of CAI and its Subsidiaries and the appointment in such
      capacity of a successor firm as shall be reasonably satisfactory to the Administrative Agent.

     

    

    (b)         From time to time upon the request of the Administrative Agent, each such Borrower shall deliver to the Administrative Agent a list
      of the names, addresses, face value, and dates of invoices for each debtor obligated on such an account receivable.  Such Borrower shall provide to the Administrative Agent upon request copies of leases to which any portion of the Collateral is
      subject.

     

    

    8.4.         Financial Statements, Certificates and Information.  Such
      Borrower will deliver to each of the Lenders:

     

    

    (a)          as soon as practicable, but in any event not later than one hundred twenty (120) days after the end of each fiscal year of CAI, the
      consolidated balance sheet of CAI and its Subsidiaries, as at the end of such year, and the related statement of income and statement of cash flow for such year, each setting forth in comparative form the figures for the previous fiscal year and all
      such consolidated statements to be in reasonable detail, prepared in accordance with GAAP, and certified, without qualification and without an expression of uncertainty as to the ability of CAI or any of its Subsidiaries to continue as going
      concerns, by KPMG LLP or by other independent certified public accountants satisfactory to the Administrative Agent;

     

    

    (b)         as soon as practicable, but in any event not later than forty-five (45) days after the end of each of the first three fiscal
      quarters of each fiscal year of CAI and its Subsidiaries, copies of the unaudited consolidated balance sheet of CAI and its Subsidiaries, as at the end of such quarter, and the related statement of income and statement of cash flow for the portion of
      the fiscal year then elapsed, all in reasonable detail and prepared in accordance with GAAP, together with a certification by the principal financial or accounting officer of CAI that the information contained in such financial statements fairly
      presents the financial position of CAI and its Subsidiaries on the date thereof (subject to year-end adjustments);

     

    

    
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    (c)         simultaneously with the delivery of the financial statements referred to in subsections (a) and (b) above, a statement certified by
      the principal financial or accounting officer of CAI in substantially the form of Exhibit D hereto (a “Compliance Certificate”) and setting forth in reasonable detail computations evidencing compliance with the covenants contained in
      §10 and (if applicable) reconciliations to reflect changes in GAAP since the Balance Sheet Date;

     

    

    (d)         (i) contemporaneously with the filing or mailing thereof, copies of all material of a financial nature filed with the Securities and
      Exchange Commission or with any national securities exchange or sent to the stockholders of CAI or its Subsidiaries and (ii) promptly, and in any event within five (5) Business Days after receipt thereof by CAI or any of its Subsidiaries, copies of
      each notice or other correspondence received from the Securities and Exchange Commission or any national securities exchange concerning any investigation or possible investigation or other inquiry by such agency regarding any financial or other
      operational results of CAI or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect;

     

    

    (e)         within forty-five days (45) days of the end of each calendar month and, in any case, simultaneously with the delivery of a Loan
      Request in accordance with §2.9, and at such other times as the Administrative Agent may reasonably request, a Borrowing Base Report setting forth the Borrowing Base as at the end of such calendar month, the date of such Loan Request or other date so
      requested by the Administrative Agent, as the case may be;

     

    

    (f)        simultaneously with the delivery of the financial statements referred to in subsections (a) and (b) above, a report listing the
      aggregate number of Containers owned, rented, leased or managed by the such Borrower and its Subsidiaries, together with monthly utilization rate and per diem rental rate information with respect to the Containers in form and detail satisfactory to
      the Administrative Agent; and

     

    

    (g)         from time to time such other financial data and information (including, without limitation, accountants’ management letters and
      consolidating financial statements of CAI and its Subsidiaries) as the Administrative Agent or any Lender may reasonably request.

     

    

    Each Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders materials and/or information provided by or on behalf of any Borrower or
      any of its Subsidiaries hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on SyndTrak or another similar electronic system (the “Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrowers or their securities) (each, a “Public Lender”).  The Borrowers hereby agree that so long as the
      Borrowers are the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities (w) all Borrower Materials that are to be made available to
      Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” each Borrower shall be deemed to
      have authorized the Administrative Agent, the Arrangers, the L/C Issuer, the Swing Line Lender and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to the Borrowers or its securities for
      purposes of United States Federal and state securities laws (provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in §16.4); (y) all Borrower Materials marked “PUBLIC”
      are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable
      only for posting on a portion of the Platform not designated “Public Investor.”  Notwithstanding the foregoing or anything to the contrary contained herein, no Borrower shall be under any obligation to mark any
        Borrower Materials “PUBLIC.”

     

      

    
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    8.5.         Notices.

     

    

    8.5.1.  Defaults.  Each Borrower will promptly notify the Administrative Agent and each of the Lenders in writing of the occurrence of any Default or Event of Default, together with a reasonably detailed description thereof, and the actions the Borrowers
        propose to take with respect thereto.  If any Person shall give any notice or take any other action in respect of a claimed default (whether or not constituting an Event of Default) under this Agreement or any other note, evidence of indebtedness,
        indenture or other obligation in excess of $5,000,000 in principal amount to which or with respect to which CAI or any of its Subsidiaries is a party or obligor, whether as principal, guarantor, surety or otherwise, such Borrower shall forthwith
        give written notice thereof to the Administrative Agent and each of the Lenders, describing the notice or action and the nature of the claimed default.

     

      

    8.5.2.  Environmental Events.  Such Borrower will promptly give notice to the Administrative Agent and each of the Lenders (a) of any violation of any Environmental Law that CAI or any of its Subsidiaries reports in writing or is reportable by such
        Person in writing (or for which any written report supplemental to any oral report is made) to any Governmental Authority required under any applicable Environmental Law or permit and (b) upon becoming aware of any inquiry, proceeding,
        investigation, or other action, including receipt of a written notice of potential environmental liability, of any Governmental Authority that in either case could have a Material Adverse Effect.

     

      

    8.5.3.  Notification of Claim against Collateral.  Such Borrower will, immediately upon becoming aware thereof, notify the Administrative Agent and each of the Lenders in writing of any setoff, claims (including, with respect to environmental claims), withholdings or
        other defenses to which any of the Collateral, or the Administrative Agent's rights with respect to the Collateral, are subject.

     

      

    8.5.4.  Notice of Litigation and Judgments.  CAI will, and will cause each of its Subsidiaries to, give notice to the Administrative Agent and each of the Lenders in writing within fifteen (15) days of becoming aware of any litigation or proceedings threatened in
        writing or any pending litigation and proceedings affecting CAI or any of its Subsidiaries or to which CAI or any of its Subsidiaries is or becomes a party involving an uninsured claim against CAI or any of its Subsidiaries that could reasonably be
        expected to have a Material Adverse Effect on CAI or any of its Subsidiaries and stating the nature and status of such litigation or proceedings.  CAI will, and will cause each of its Subsidiaries to, give notice to the Administrative Agent and
        each of the Lenders, in writing, in form and detail satisfactory to the Administrative Agent, within ten (10) days of any judgment not covered by insurance, final or otherwise, against CAI or any of its Subsidiaries in an amount in excess of
        $5,000,000.

     

      

    
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    8.5.5.  Notice of ERISA Event.  CAI will, and will cause each of its Subsidiaries to, give prompt notice to the Administrative Agent and each of the Lenders in writing upon the occurrence of any ERISA Event.

     

      

    8.6.         Legal Existence; Maintenance of Properties. 

      Each Borrower will do or cause to be done all things necessary to preserve and keep in full force and effect its legal existence, rights and franchises and those of its Subsidiaries and will not, and will not cause or permit any of its Subsidiaries
      to, without providing the Administrative Agent with at least ten (10) Business Days written notice and the Administrative Agent having filed all necessary Uniform Commercial Code financing statements and taking such other actions in order to maintain
      the perfection of its Liens in all relevant jurisdictions, convert to a limited liability company or a limited liability partnership.  Each Borrower (i) will use commercially reasonable efforts to cause all of its properties and those of its
      Subsidiaries used or useful in the conduct of their business or the business of its Subsidiaries to be maintained and kept in good condition, repair and working order (reasonable wear and tear excepted) and supplied with all necessary equipment, (ii)
      will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of such Borrower may be necessary so that the business carried on in connection therewith may be properly and
      advantageously conducted at all times, and (iii) will, and will cause each of its Subsidiaries to, continue to engage primarily in the businesses now conducted by them and in related businesses; provided that nothing in this §8.6 shall
      prevent such Borrower from discontinuing the operation and maintenance of any of its properties or any of those of its Subsidiaries if such discontinuance is, in the judgment of such Borrower, desirable in the conduct of its or such Subsidiary’s
      business and that do not in the aggregate have a Material Adverse Effect.

     

    

    8.7.        Insurance.  CAI will, and will cause
      each of its Subsidiaries to, maintain insurance with respect to its properties and business against such casualties and contingencies as shall be in accordance with the general practices of businesses engaged in similar activities in similar
      geographic areas and in amounts, containing such terms, in such forms and for such periods as may be reasonable and prudent and in accordance with the terms of the Security Agreement.

     

    

    8.8.        Taxes.  CAI will, and will cause each
      of its Subsidiaries to, duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all Taxes, assessments and other governmental charges imposed upon it and its Real Estate, sales and activities, or any part
      thereof, or upon the income or profits therefrom, as well as all claims for labor, materials, or supplies that if unpaid might by law become a Lien or charge upon any of its property; provided that any such tax, assessment, charge, levy or
      claim need not be paid if the validity or amount thereof shall currently be contested in good faith by appropriate proceedings and if CAI or such Subsidiary shall have set aside on its books adequate reserves with respect thereto; and provided,
      further, that CAI and each of its Subsidiaries will pay all such Taxes, assessments, charges, levies or claims forthwith upon the commencement of proceedings to foreclose any Lien that may have attached as security therefor.

     

    

    
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    8.9.         Inspection of Properties and Books, Etc.

     

    

    8.9.1.  General.  Subject to §16.4, each Borrower shall permit the Lenders, through the Administrative Agent or any of the Lenders' other designated representatives upon reasonable advance notice and at reasonable time during normal business hours, to
        visit and inspect any of the properties of CAI or any of its Subsidiaries, to examine the books of account of CAI and its Subsidiaries (and to make copies thereof and extracts therefrom), to examine information systems and operational support
        systems relating to the administration and management of the Collateral and to discuss the affairs, finances and accounts of CAI and its Subsidiaries with, and to be advised as to the same by, its and their officers, and to conduct examinations and
        verifications (whether by internal commercial finance examiners or independent auditors) of all components included in the Borrowing Base, all at such reasonable times and intervals as the Administrative Agent or any Lender may reasonably request;
        provided that any such visit and inspection shall be at the expense of CAI not more than one time in any calendar year unless a Default or Event of Default is continuing (during which period any and all such visits and inspections shall be
        at the expense of CAI).

     

      

    8.9.2.  Collateral Reports.  No more frequently than once during each calendar year, or more frequently as determined by the Administrative Agent if an Event of Default shall have occurred and be continuing, upon the request of the Administrative
        Agent, each Borrower will obtain and deliver to the Administrative Agent, or, if the Administrative Agent so elects, will cooperate with the Administrative Agent in the Administrative Agent's obtaining, a report of an independent collateral auditor
        satisfactory to the Administrative Agent (which may be affiliated with one of the Lenders) with respect to the Containers, Direct Finance Lease Receivables and/or the other components included in the Borrowing Base, which report shall indicate
        whether or not the information set forth in the Borrowing Base Report most recently delivered is accurate and complete in all material respects based upon a review by such auditors of the Direct Finance Lease Receivables (including verification
        with respect to the amount, aging, identity and credit of the respective account debtors and the billing practices of such Borrower or any applicable Subsidiary), Containers (as to each, including verification as to the value, location and
        respective types).  Collateral value reports shall be conducted and made at the expense of CAI not more than one time in any calendar year unless a Default or Event of Default is continuing (during which period any and all such collateral value
        reports shall be at the expense of CAI).

     

      

    8.9.3.  Communications with Accountants.  Each Borrower authorizes the Administrative Agent and, if accompanied by the Administrative Agent, the Lenders to communicate directly with such Borrower’s independent certified public accountants regarding the financial
        statements delivered pursuant to §8.4 and, in connection therewith, authorizes such accountants to disclose to the Administrative Agent and the Lenders any and all financial statements and other supporting financial documents and schedules
        including copies of any management letter with respect to the business, financial condition and other affairs of CAI or any of its Subsidiaries.

        

      

    8.10.            Compliance with Laws, Contracts, Licenses,
          and Permits.  CAI will, and will cause each of its Subsidiaries to, comply (a) in all material respects with the applicable laws and regulations wherever its business is conducted, including all applicable Environmental Laws, (b) with
      the provisions of its Governing Documents, (c) with all agreements and instruments by which it or any of its properties may be bound and (d) with all applicable decrees, orders, and judgments.  If any authorization, consent, approval, permit or
      license from any officer, agency or instrumentality of any government shall become necessary or required in order that CAI or any of its Subsidiaries may fulfill any of its obligations hereunder or under any of the other Loan Documents to which CAI
      or such Subsidiary is a party, CAI will, or (as the case may be) will cause such Subsidiary to, immediately take or cause to be taken all reasonable steps within the power of CAI or such Subsidiary to obtain such authorization, consent, approval,
      permit or license and furnish the Administrative Agent and the Lenders with evidence thereof.

     

    

    
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    8.11.       [Reserved].

     

    

    8.12.      Use of Proceeds.  Each Borrower will
      use the proceeds of the Revolving Credit Loans and obtain Letters of Credit solely for the purposes set forth in §7.17.1.

     

    

    8.13.      Bank Accounts.  Each Borrower will, and
      will cause each of the Guarantors to, together with the employees, agents and other Persons acting on behalf of such Borrower or such Guarantors, receive and hold in trust for the Administrative Agent and the Lenders all payments constituting
      proceeds of Collateral which come into their possession or under their control or are otherwise received by such Person and, immediately upon receipt thereof, deposit (or cause to be deposited) such payments in the form received, with any appropriate
      endorsements, in one of the Collection Accounts.  All such Collection Accounts shall be (i) with the Administrative Agent or (ii) shall be subject to an Account Control Agreement in favor of the Administrative Agent for the benefit of the Secured
      Parties.  The Administrative Agent’s control over any relevant Collection Account is subject to the Intercreditor Agreement, and the Administrative Agent shall not apply any funds received from time to time in the Collection Account in contravention
      of the terms of the Intercreditor Agreement.  For the avoidance of doubt, and subject to this §8.13, each Borrower and the Guarantors may have bank accounts not constituting Collection Accounts.

     

    

    8.14.       [Reserved].

     

    

    8.15.       New Domestic Subsidiary Guarantors; Collateral
          Security of Domestic Subsidiary Guarantors.

     

    

    8.15.1.  New Domestic Subsidiary Guarantors. 

      In the event that (x) the aggregate book value of the assets held by all Domestic Subsidiaries who are not Guarantors or Securitization Entities exceeds 20% of the book value of the total assets of CAI and its Domestic Subsidiaries (excluding assets
      of Securitization Entities) or (y) the aggregate revenues of all Domestic Subsidiaries who are not Guarantors or Securitization Entities exceeds 20% of the total revenues of CAI and its Domestic Subsidiaries (excluding revenue of Securitization
      Entities), then CAI shall cause each relevant Domestic Subsidiary required so that the aggregate book value of the assets held by all of the Domestic Subsidiaries who are not Guarantors or Securitization Entities or the aggregate revenues of all
      Domestic Subsidiaries who are not Guarantors or Securitization Entities, in any case, no longer exceeds the applicable threshold set forth in clause (x) or (y) above, as applicable, as soon as practicable thereafter (but in no event more than fifteen
      (15) Business Days thereafter without the consent of the Administrative Agent), to execute and deliver to the Administrative Agent an instrument of joinder and accession, in form and substance satisfactory to the Administrative Agent, pursuant to
      which such Domestic Subsidiary shall join the Guaranty and the applicable Security Documents, subject to §8.15.2, and shall accede to all of the rights and obligations of a Guarantor hereunder and thereunder, and, pursuant thereto, shall, inter alia,
      guaranty the full payment and performance of the Obligations.  Further, each Borrower and such Domestic Subsidiary that is not a Securitization Entity shall execute and deliver to the Administrative Agent such other documentation as the
      Administrative Agent may reasonably request in furtherance of the intent of this §8.15.1, including, without limitation, an updated Schedule 7.19(a), documentation of the type required to be supplied by the Borrowers and initial Guarantors as
      a condition precedent to the initial Revolving Credit Loans made hereunder pursuant to §11 hereof (including, without limitation, Uniform Commercial Code searches and filings and favorable opinions of counsel to such new Guarantor (which shall cover,
      among other things, the legality, validity, binding effect and enforceability) and documentation of the type required or reasonably requested to maintain compliance with §§6.1 and 6.2.

     

    

    
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    8.15.2.   Collateral Security of Domestic
          Subsidiaries that are not Securitization Entities.  With respect to Domestic Subsidiaries that are not Securitization Entities, in the event that (a) any proceeds of Collateral of any Borrower (or of a Guarantor if such assets are
      included in the Borrowing Base) are paid or otherwise deposited into an account (whether deposit, investment or other similar account) of such Domestic Subsidiary whose assets are not included in the Borrowing Base or (b) the Borrowers request that
      any Eligible Containers and/or Direct Finance Leases of such Domestic Subsidiary be included in the Borrowing Base, then, the Borrowers shall cause each such Domestic Subsidiary (including any such Domestic Subsidiary who is a Guarantor) to execute
      and deliver to the Administrative Agent any applicable Security Documents for the purpose of securing the Obligations, each in form, substance and governed by applicable law satisfactory to the Administrative Agent, in order to provide a first
      priority perfected security interest in the Collateral of such Domestic Subsidiary to the Administrative Agent on behalf of the Secured Parties.  Further, each Borrower and each such Domestic Subsidiary shall execute and deliver to the Administrative
      Agent such other documentation as the Administrative Agent may reasonably request in furtherance of the intent of this §8.15.2, including, without limitation, documentation with respect to such Domestic Subsidiary of the type required to be supplied
      by the Borrowers and initial Guarantors as a condition precedent to the initial Revolving Credit Loans made hereunder pursuant to §11 hereof and, to the extent collateral security is granted pursuant to this §8.15.2, favorable opinions of counsel
      (including local counsel) to such Domestic Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of the relevant documentation and creation and perfection of liens) and documentation of the type
      required or reasonably requested to maintain compliance with §§6.1 and 6.2.

     

    

    8.16.      Intellectual Property; Operations Support Systems. 

      Each of the Borrowers and the Guarantors shall at all times own or otherwise have rights to use all IP Rights that are reasonably necessary for the operation of their respective businesses and the management and administration of all of the
      Collateral, without conflict with the rights of any other Person.  Each of the Borrowers and the Guarantors shall at all times own and/or have rights to use and maintain in good operating condition information systems and operational support systems
      that are reasonably necessary for the operation of its respective businesses and the management and administration of all of the Collateral.

     

    

    
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    8.17.      Foreign Subsidiary Guarantors.  In the
      event that (x) the aggregate book value of the assets held by all of Foreign Subsidiaries of CAL who are not Guarantors (other than a Securitization Entity) exceeds 20% of the book value of the total assets of CAL and its Foreign Subsidiaries (other
      than a Securitization Entity) or (y) the aggregate revenues of all of Foreign Subsidiaries of CAL who are not Guarantors (other than a Securitization Entity) exceeds 20% of the total revenues of CAL and its Foreign Subsidiaries (other than a
      Securitization Entity), then CAL shall cause each relevant Foreign Subsidiary (other than a Securitization Entity) required so that the aggregate book value of the assets held by all of the Foreign Subsidiaries of CAL who are not Guarantors (other
      than a Securitization Entity) or the aggregate revenues of all Foreign Subsidiaries of CAL who are not Guarantors (other than a Securitization Entity), in any case, no longer exceeds the applicable threshold set forth in clause (x) or (y) above, as
      applicable, as soon as practicable thereafter (but in no event more than fifteen (15) Business Days thereafter without the consent of the Administrative Agent), to execute and deliver to the Administrative Agent an instrument of joinder and
      accession, in form and substance satisfactory to the Administrative Agent, pursuant to which such Foreign Subsidiary shall join the Guaranty and the applicable Security Documents, and shall accede to all of the rights and obligations of a Guarantor
      hereunder and thereunder, and, pursuant thereto, shall, inter alia, guaranty the full payment and performance of the Obligations.  Further, each Borrower and each such Foreign Subsidiary shall execute and deliver to the Administrative
      Agent such other documentation as the Administrative Agent may reasonably request in furtherance of the intent of this §8.17, including, without limitation, an updated Schedule 7.19(a), if applicable, documentation with respect to such
      Foreign Subsidiary of the type required to be supplied by the Borrowers and initial Guarantors as a condition precedent to the initial Revolving Credit Loans made hereunder pursuant to §11 hereof and, to the extent collateral security is granted
      pursuant to §8.18, favorable opinions of counsel (including local counsel) to such Foreign Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of the relevant documentation and creation and
      perfection of liens) and documentation of the type required or reasonably requested to maintain compliance with §§6.1 and 6.2.

     

    

    8.18.     Collateral Security of Foreign Subsidiary
          Guarantors.  In the event that (a) any proceeds of Collateral of any Borrower (or of a Guarantor if such assets are included in the Borrowing Base) are paid or otherwise deposited into an account (whether deposit, investment or other
      similar account) of a Foreign Subsidiary or (b) the Borrowers request that any assets of a Foreign Subsidiary be included in the Borrowing Base (but only if and to the extent that the inclusion of such assets in the Borrowing Base is acceptable to
      the Administrative Agent and the Administrative Agent determines that a security interest having priority and effect similar to a security interest granted in the United States would be obtainable), then, the Borrowers shall cause each relevant
      Foreign Subsidiary (including any Foreign Subsidiary who is a Guarantor) to execute and deliver to the Administrative Agent any applicable Security Documents for the purpose of securing the Obligations, in form, substance and governed by applicable
      law satisfactory to the Administrative Agent, in order to provide a first priority perfected security interest in the Collateral of such Foreign Subsidiary to the Administrative Agent on behalf of the Secured Parties.  Further, each Borrower and each
      such Foreign Subsidiary shall execute and deliver to the Administrative Agent such other documentation as the Administrative Agent may reasonably request in furtherance of the intent of this §8.18, including, without limitation, documentation with
      respect to such Foreign Subsidiary of the type required to be supplied by the Borrowers and initial Guarantors as a condition precedent to the initial Revolving Credit Loans made hereunder pursuant to §11 hereof and, to the extent collateral security
      is granted pursuant to this §8.18, favorable opinions of counsel (including local counsel) to such Foreign Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of the relevant documentation and
      creation and perfection of liens) and documentation of the type required or reasonably requested to maintain compliance with §§6.1 and 6.2.

     

    

    
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    8.19.      Further Assurances.  CAI will, and will
      cause each of its Subsidiaries to, cooperate with the Lenders and the Administrative Agent and execute such further instruments and documents as the Lenders or the Administrative Agent shall reasonably request to carry out to their satisfaction the
      transactions contemplated by this Agreement and the other Loan Documents.

     

    

    8.20.      Anti-Corruption Laws.  The Borrowers
      and their Subsidiaries shall (i) conduct their businesses in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and (ii) maintain
      policies and procedures designed to promote and achieve compliance with such laws.

     

    

    9.  CERTAIN NEGATIVE COVENANTS.

        

      

    Each of CAI (as to itself and its Subsidiaries) and CAL (as to itself) covenants and agrees that, so long as any Revolving Credit Loan, Unpaid Reimbursement Obligation, Letter of Credit, Swing Line
      Loan or Revolving Credit Note is outstanding or any Lender has any obligation to make any Revolving Credit Loans or the L/C Issuer has any obligation to issue, extend or renew any Letters of Credit or the Swing Line Lender has any obligation to make
      Swing Line Loans:

     

    

    9.1.       Restrictions on Indebtedness.  CAI will
      not, and will not permit any of its Subsidiaries to, create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Indebtedness other than:

     

    

    (a)          Indebtedness to the Lenders and the Administrative Agent arising under any of the Loan Documents;

     

    

    (b)         Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the
      extent that payment therefor shall not at the time be required to be made in accordance with the provisions of §8.8;

     

    

    (c)          Indebtedness in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so
      long as execution is not levied thereunder or in respect of which any Borrower or such Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained
      pending such appeal or review;

     

    

    (d)         endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary
      course of business;

     

    

    (e)         Indebtedness (in addition to similar Indebtedness permitted under clause (g) hereof) incurred in connection with the acquisition or
      lease after the Sixth Amendment Effective Date of any real or personal property by a Borrower or such Subsidiary or under any Capitalized Leases, provided that (i) the aggregate principal amount of such Indebtedness of CAI and its
      Subsidiaries for non-income producing properties shall not exceed $20,000,000 outstanding at any one time, (ii) such Indebtedness secured by income producing properties complies with the provisions of clause (l) hereof and (iii) the principal amount
      of such Indebtedness secured by or relating to the lease of any particular property shall not exceed 100% of the purchase price of such property;

     

    

    
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    (f)          Indebtedness existing on the Eighth Amendment Effective Date and listed and described on Schedule 9.1 hereto;

     

    

    (g)          any renewal or refinancing of any Indebtedness permitted under this §9.1; provided that any such refinancing or renewal
      does not independently violate any restriction, basket, limitation or other provision of this §9;

     

    

    (h)         Indebtedness of CAI and its Subsidiaries consisting of short-term trade credit extended to CAI or such Subsidiary in the ordinary
      course of such Person's business in connection with the acquisition of Containers and other equipment; provided that such Indebtedness shall not be in existence for more than 365 days after the occurrence of the transaction giving rise thereto;

     

    

    (i)           Indebtedness in respect of Interest Rate Protection Agreements;

     

    

    (j)           Indebtedness of a Subsidiary of the Borrowers to the Borrowers consisting of Investments permitted by §9.3(e);

     

    

    (k)        Indebtedness consisting of obligations (contingent or otherwise) of CAI or any Subsidiary existing or arising under any Swap
      Contract, provided that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or
      reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not for purposes of speculation or taking a “market view;” and (ii) such Swap Contract does not contain any provision exonerating the
      non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party;

     

    

    (l)           other Indebtedness consisting of either;

     

    

    (i)           Indebtedness that is unsecured;

     

    

    (ii)        Indebtedness that is secured; provided that any such secured Indebtedness either: (x) is secured
      by assets that are not commingled with the Collateral; (y) if secured by assets that are commingled with the Collateral, is subject to the Intercreditor Agreement; or (z) consists of Indebtedness of Excluded Subsidiaries;

     

    

    (iii)         [reserved]; or

     

    

    (iv)         other secured Indebtedness not to exceed $60,000,000 in the aggregate;

      

    

    provided that both before and immediately after any such Indebtedness is incurred, no
        Default or Event of Default shall have occurred and be continuing and, with respect to Indebtedness described in §9.1(l)(i), §9.1(l)(ii), and §9.1(l)(iv), the proceeds of such Indebtedness are used solely for (A) repayments of Revolving Credit
        Loans pursuant to §3.3, (B) the acquisition of assets and fees, costs and expenses incurred in connection with the acquisition of assets or (C) for the refinancing of any such Indebtedness; and

     

      

    
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    (m)        Indebtedness incurred by a Securitization Entity in connection with a Permitted Securitization; provided that the secured
      party in such Permitted Securitization shall have joined the Intercreditor Agreement.

     

    

    9.2.         Restrictions on Liens.

     

    

    9.2.1.     Permitted Liens.  CAI will not, and will not permit any of its Subsidiaries to, (a) create or incur or suffer to be created or incurred or to exist any Lien upon any of its property or assets of any character whether now owned or
        hereafter acquired, or upon the income or profits therefrom; provided that precautionary assignments on assets sold by the Borrowers to Persons who are not Affiliates of the Borrower (in each case, as permitted hereunder) and subsequently
        managed by the Borrowers shall not be considered a Lien upon the property or assets of the Borrowers; (b) transfer any of such property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of
        Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money
        security agreement, device or arrangement; (d) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or
        insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (e) sell, assign, pledge or otherwise transfer any “receivables” as defined in clause (g) of the definition of
        the term “Indebtedness,” with or without recourse; provided that CAI or any of its Subsidiaries may create or incur or suffer to be created or incurred or to exist:

     

      

    (i)          Liens in favor of CAI on all or part of the assets of Subsidiaries of CAI (other than Collateral)
      securing Indebtedness owing by Subsidiaries of CAI to CAI;

     

    

    (ii)       Liens to secure taxes, assessments and other government charges in respect of obligations not overdue or
      Liens on properties to secure claims for labor, material or supplies in respect of obligations not overdue;

     

    

    (iii)      deposits or pledges made in connection with, or to secure payment of, workmen's compensation, unemployment
      insurance, old age pensions or other social security obligations other than any Lien imposed by ERISA;

     

    

    (iv)         Liens on properties in respect of judgments or awards, the Indebtedness with respect to which is
      permitted by §9.1(c);

     

    

    (v)         Liens of carriers, warehousemen, mechanics and materialmen, and other like Liens on properties, in
      existence less than 120 days from the date of creation thereof in respect of obligations not overdue;

     

    

    (vi)        encumbrances on Real Estate consisting of easements, rights of way, zoning restrictions, restrictions on
      the use of real property and defects and irregularities in the title thereto, landlord’s or lessor’s liens under leases to which CAI or a Subsidiary is a party, and other minor Liens, provided that none of such Liens (A) interferes materially
      with the use of the property affected in the ordinary conduct of the business of CAI and its Subsidiaries, and (B) individually or in the aggregate have a Material Adverse Effect;

     

    

    
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    (vii)        Liens existing on the Eighth Amendment Effective Date and listed
      on Schedule 9.2 hereto;

     

    

    (viii)      purchase money security interests in or purchase money mortgages on real or personal property acquired (in
      the case of purchase money security interests) or leased (in the case of Capitalized Leases) after the Closing Date to secure purchase money Indebtedness or Capitalized Leases of the type and amount permitted by §9.1(e), which security interests or
      mortgages cover only the real or personal property so acquired or leased and any proceeds thereof (including, without limitation, leases, Accounts Receivable, instruments and documents);

     

    

    (ix)         Liens in favor of the Administrative Agent for the benefit of the Secured Parties securing the
      Obligations;

     

    

    (x)         Liens consisting of the interest of a lessee under any lease with respect to Containers where any Borrower
      or Guarantor is the lessor;

     

    

    (xi)        Liens on the property listed on Schedule 9.2 hereto that are granted to secure any
      refinancing or renewal of Indebtedness permitted under §9.1, which refinancing or renewal is permitted under §9.1(g) hereof (subject to all the provisos contained therein); provided that either (A)(1) such Liens encumber the same property
      (and no additional assets or property of the Borrowers) as secured the Indebtedness that was so refinanced or renewed and (2) the aggregate amount of Indebtedness secured by such property has not increased as a result of such refinancing or renewal
      or (B) the Indebtedness secured by such liens is permitted under §9.1(l);

     

    

    (xii)        interests of lessors in property leased to the Borrowers or a Subsidiary under §9.1(e);

     

    

    (xiii)     other Liens on the assets of CAI and its Subsidiaries (other than Collateral) securing Indebtedness
      permitted under §9.1(l); provided that such Liens do not encumber (x) any Collateral or (y) IP Rights and information and operational support systems that are reasonably necessary for the operation of its respective businesses or relating to
      the administration and management of the assets included in the Borrowing Base; and

     

    

    (xiv)      Liens incurred by a Securitization Entity on assets of such Securitization Entity securing Indebtedness
      permitted under §9.1(m).

     

    

    
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    9.2.2.     Restrictions on Upstream Limitations.  CAI will not, nor will it permit any of its Subsidiaries to (a) enter into or permit to exist any arrangement or agreement (excluding the Credit Agreement and the other Loan Documents) which directly or indirectly
        prohibits CAI or any of its Subsidiaries from creating, assuming or incurring any Lien upon any Collateral (other than the MHC Acquisition Agreement (as in effect on the Eighth Amendment Effective Date)), or (b) enter into any agreement, contract
        or arrangement (excluding the Credit Agreement and the other Loan Documents) restricting the ability of any Subsidiary of any Borrower (other than any Excluded Subsidiary) to pay or make dividends or distributions in cash or kind to such Borrower
        (other than an agreement made by a Securitization Entity, an Excluded Subsidiary or any other Non-Guarantor Subsidiary (other than CAL Holding Company)), to make loans, advances or other payments of whatsoever nature to the Borrowers, or to make
        transfers or distributions of all or any part of its assets to the Borrowers; in each case other than (i) restrictions on specific assets which assets are the subject of purchase money security interests to the extent permitted under §9.2.1, and
        (ii) customary anti-assignment provisions contained in leases and licensing agreements entered into by CAI or such Subsidiary in the ordinary course of its business.

     

      

    9.3.       Restrictions on Investments.  CAI will
      not, and will not permit any of its Subsidiaries to, make or permit to exist or to remain outstanding any Investment except Investments in:

     

    

    (a)         marketable direct or guaranteed obligations of the United States of America or Japan that mature within one (1) year from the date
      of purchase by any Borrower;

     

    

    (b)        demand deposits, certificates of deposit, bankers acceptances and time deposits of United States or Japanese banks having total
      assets in excess of $1,000,000,000;

     

    

    (c)         securities commonly known as “commercial paper” issued by a corporation organized and existing under the laws of Japan or the United
      States of America or any state thereof that at the time of purchase have been rated and the ratings for which are not less than “P 1” if rated by Moody's, and not less than “A 1” if rated by S&P;

     

    

    (d)         Investments existing on the Eighth Amendment Effective Date and listed on Schedule 9.3 hereto;

     

    

    (e)       (i) Investments by and between the Borrowers and the Guarantors, (ii) Investments by any Subsidiary of CAI who is not a Borrower or a
      Guarantor in any other Subsidiary of CAI who is not a Borrower or a Guarantor, (iii) [reserved], and (iv) subject to §§8.15 and 8.18, Investments by any Borrower or any Guarantor in any Subsidiary of CAI that is not a Borrower or a Guarantor
      including, without limitation, an Excluded Subsidiary; provided that the aggregate amount of such Investments under this clause (iv) does not exceed an amount equal to the greater of (A) $60,000,000 and (B) 25% of Shareholders’ Equity
      at any time; provided further that both before and immediately after any such Investment under this clause (iv), no Default or Event of Default shall have occurred and be continuing;

     

    

    (f)          Investments consisting of the Guaranty and the guaranty provided by CAI pursuant to §17;

     

    

    
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    (g)         Investments consisting of advances to employees pursuant to the Staff Loan Program, provided that the aggregate amount of such
      Investments shall not exceed $1,500,000 at any time;

     

    

    (h)          Investments by any Subsidiary of CAI who is not a Borrower or a Guarantor;

     

    

    (i)           other Investments not exceeding $50,000,000 in the aggregate outstanding at any time;

     

    

    (j)        Investments by CAI or any of its Subsidiaries in a Securitization Entity in connection with the establishment of a Permitted
      Securitization; provided, that no additional Investments shall be permitted in any Securitization Entity following the occurrence of any event that would permit (i) the early termination of any purchase or lending commitment thereunder, (ii) the
      commencement of amortization thereof earlier than scheduled, or (iii) the acceleration of any repayment obligations in respect thereof; and

     

    

    (k)          Investments by CAI consisting of the transfer of 0.0001% of the Capital Stock of CAL to CAL General Partner and the transfer of
      99.9999% of the Capital Stock of CAL to CAL Holding Company.

     

    

    9.4.        Restricted Payments.  Neither any
      Borrower nor any of its Subsidiaries will make any Restricted Payments except that, so long as no Default or Event of Default then exists or would result from such payment, CAI may make Distributions:

     

    

    (a)          (i) if the Total Leverage Ratio, as of the date of such Distribution on a pro forma basis after giving
      effect to such Distribution, is less than 3.00:1.00, without restriction, or (ii) if the Total Leverage Ratio, as of the date of such Distribution on a pro forma basis after giving effect to such Distribution, is equal to or greater than 3.00:1.00
      and less than 3.50:1.00 (or, at any time that the Total Leverage Ratio has been increased to 4:00:1.00 pursuant to §10.1, less than 3.75:1.00), in an aggregate amount in any period of four fiscal quarters not to exceed (x) 100% of Consolidated Net
      Income for the most recently ended preceding period of four fiscal quarters of CAI, plus (y) the amount of net cash proceeds from the issuance of common or preferred equity securities by CAI during such four fiscal quarters, less (z)
      the amount (if any) of all previous Distributions during such four fiscal quarters under §9.4(a) and §9.4(b); and

     

    

    (b)       notwithstanding the limitation in (a)(ii) above, in respect of ordinary and regularly scheduled dividends in
      respect of CAI’s preferred Capital Stock so long as the Borrowers are in compliance with the financial covenants set forth in §10.1 and §10.2 both before and after giving pro forma effect to the payment of such dividends.

     

    

    9.5.         Merger, Acquisitions and Consolidation;
          Disposition of Assets.

     

    

    9.5.1.    Mergers and Acquisitions.  CAI will not, and will not permit any of its Subsidiaries to, become a party to any merger or consolidation, or agree to or effect any asset acquisition or stock acquisition (other than the MHC Acquisition and the
        acquisition of assets in the ordinary course of business consistent with past practices) except (a) the merger or consolidation of one or more of the Subsidiaries of CAI with and into any Borrower, with such Borrower as the surviving entity, or
        with and into a Subsidiary party to the Guaranty, with the Subsidiary party to the Guaranty as the surviving entity, or the merger or consolidation of two or more Subsidiaries of CAI so long as no such Subsidiary is a Borrower or a Guarantor and
        (b) Permitted Acquisitions.

     

      

    
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    9.5.2.     Disposition of Assets.  CAI will not, and will not permit any of its Subsidiaries (other than any Excluded Subsidiary) to, become a party to or agree to or effect any disposition of assets, other than (a) sales of assets by the Borrowers to a
        Securitization Entity in connection with a Permitted Securitization, (b) the disposition of assets in the ordinary course of business consistent with past practices, and (c) the transfer of 0.0001% of the Capital Stock of CAL to CAL General Partner
        and the transfer of 99.9999% of the Capital Stock of CAL to CAL Holding Company, in each case, in accordance with the MHC Acquisition Agreement (as in effect on the Eighth Amendment Effective Date); provided, that, in connection with any
        such disposition of Collateral under (a) or (b) above, after giving effect to any such disposition, the sum of the outstanding amount of the Revolving Credit Loans (after giving effect to all amounts requested) plus the Maximum Drawing
        Amount and all Unpaid Reimbursement Obligations plus the outstanding amount of Swing Line Loans shall not at any time exceed the lesser of (A) the Total Commitment at such time and (B) the Borrowing Base at such time.

     

      

    9.6.        Holding Company.  CAL Holding Company shall not incur any Indebtedness or Liens, or engage in any activity or own any property other than (i) the ownership of Capital Stock of CAL and,
        indirectly, any other subsidiary of CAL and (ii) activities and contractual rights incidental to maintenance of its corporate existence and its ownership of CAL.

     

      

    9.7.         Compliance with Environmental Laws. 
      CAI will not, and will not permit any of its Subsidiaries, except in compliance with applicable Environmental Laws, to (a) use any of the Real Estate or any portion thereof for the handling, processing, storage or disposal of Hazardous Materials, (b)
      cause or permit to be located on any of the Real Estate any underground tank or other underground storage receptacle for Hazardous Materials, (c) generate any Hazardous Materials on any of the Real Estate, (d) conduct any activity at any Real Estate
      or use any Real Estate in any manner so as to cause a release (i.e. releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, disposing or dumping) or threatened release of Hazardous Materials on,
      upon or into the Real Estate or (e) otherwise conduct any activity at any Real Estate or use any Real Estate in any manner that would violate any Environmental Law or bring such Real Estate in violation of any Environmental Law, where such violation
      would reasonably be expected to have a Material Adverse Effect.

     

    

    9.8.         [Reserved].

     

    

    9.9.       Business Activities.  CAI will not, and
      will not permit any of its Subsidiaries to, engage directly or indirectly (whether through Subsidiaries or otherwise) in any type of business other than the businesses of the ownership, management, leasing, sale and other operation of transportation
      equipment, transportation finance and logistics, and in businesses related to the foregoing.

     

    

    
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    9.10.     Fiscal Year.  CAI will not, and will not
      permit any of its Subsidiaries (other than CAL, to the extent permitted in Section 7.4.1 and Securitization Entities) to, change the date of the end of its fiscal (or financial) year from that set forth in §7.4.1.

     

    

    9.11.       Transactions with Affiliates.

     

    

    9.11.1.  Except as otherwise permitted by the terms of §7.15, CAI will not,
        and will not permit any of its Subsidiaries to, engage in any transaction with any Affiliate (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of
        services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such Affiliate or, to the knowledge of such Borrower, any corporation, partnership, trust or other entity in which any
        such Affiliate has a substantial interest or is an officer, director, trustee or partner, on terms more favorable to such Person than would have been obtainable on an arm’s-length basis in the ordinary course of business (other than transactions
        consisting of the MHC Acquisition).

     

      

    9.11.2.  In providing management and remarketing services with respect to
        the Containers and Direct Finance Leases included in the calculation of the Borrowing Base, CAI will not, and will not permit any of its Subsidiaries, to discriminate against such Containers and Direct Finance Leases in providing such management
        and remarketing services, and will provide such services with the same skill and care with which it manages all containers and leases included in its managed fleet.

     

      

    9.12.      Amendment to Intercreditor Agreement. 
      The Borrowers will not amend, modify or waive the terms of the Intercreditor Agreement except in accordance with the express terms of the Intercreditor Agreement.

     

    

    9.13.       [Reserved].

     

    

    9.14.     Sanctions.  CAI will not, and will not permit any of its Subsidiaries to, directly or indirectly, use the proceeds of any Loan, or lend, contribute or otherwise make available such proceeds to any
        Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any individual or entity in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other
        manner that will result in a violation by any individual or entity (including any individual or entity participating in the transaction, whether as Lender, Arrangers, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.

     

      

    9.15.      Anti-Corruption Laws.  The Borrowers and their Subsidiaries shall not directly or indirectly use the proceeds of any L/C Borrowing or Revolving Credit Loan for any purpose which
        would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions.

    

    

    
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    10.  FINANCIAL COVENANTS.

     

      

    Each Borrower covenants and agrees that, so long as any Revolving Credit Loan, Unpaid Reimbursement Obligation, Letter of Credit, Swing Line Loan or Revolving Credit Note is outstanding or any Lender
      has any obligation to make any Revolving Credit Loans or the L/C Issuer has any obligation to issue, extend or renew any Letters of Credit or the Swing Line Lender has any obligation to make Swing Line Loans:

     

    

    10.1.      Maximum Total Leverage Ratio.  The
      Borrowers will not permit, at any time, the Total Leverage Ratio to be more than 4.00:1.00.  In the event that any of the Borrowers or their Subsidiaries enters into a material financing facility that includes a maximum total leverage ratio of less
      than 4.00:1.00, based on definitions consistent with those herein, the maximum Total Leverage Ratio under this §10.1 shall be reduced to 3.75:1.00.

     

    

    10.2.     Minimum Fixed Charge Coverage Ratio. 
      The Borrowers will not permit, as at the end of any Reference Period, the ratio of (a) Consolidated Operating Cash Flow for such Reference Period to (b) Consolidated Total Debt Service for such Reference Period to be less than 1.20:1.00.

     

    

    11.  CLOSING CONDITIONS.

     

      

    The obligations of the Lenders to make the initial Revolving Credit Loans and of the L/C Issuer to issue any initial Letters of Credit and of the Swing Line Lender to make Swing Line Loans on the
      Closing Date shall be subject to the satisfaction of the following conditions precedent:

     

    

    11.1.      Loan Documents Etc.  Each of the Loan
      Documents, including without limitation, a Guaranty by CAI Rail, shall have been duly executed and delivered by the respective parties thereto, shall be in full force and effect and shall be in form and substance satisfactory to each of the Lenders. 
      Each Lender shall have received a fully executed copy of each such document.

     

    

    11.2.      Certified Copies of Governing Documents. 

      The Administrative Agent shall have received from each Borrower and each Guarantor a copy, certified by a duly authorized officer of such Person to be true and complete on the Closing Date, of each of its Governing Documents as in effect on such date
      of certification.

     

    

    11.3.      Corporate or Other Action.  All
      corporate (or other) action necessary for the valid execution, delivery and performance by each Borrower and each Guarantor of this Agreement and the other Loan Documents to which it is or is to become a party shall have been duly and effectively
      taken, and evidence thereof satisfactory to the Lenders shall have been provided to the Administrative Agent.

     

    

    11.4.     Incumbency Certificate.  The
      Administrative Agent shall have received from each Borrower and each Guarantor an incumbency certificate, dated as of the Closing Date, signed by a duly authorized officer of such Borrower or such Guarantor, and giving the name and bearing a specimen
      signature of each individual who shall be authorized: (a) to sign, in the name and on behalf of each of the Borrowers or such Guarantor, each of the Loan Documents to which such Borrower or such Guarantor is or is to become a party; (b) in the case
      of the Borrowers, to make Loan Requests, Swing Line Loan Notices and Conversion Requests and to apply for Letters of Credit; and (c) to give notices and to take other action on its behalf under the Loan Documents.

     

    

    
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    11.5.       Validity of Liens.  The Security
      Documents shall be effective to create in favor of the Administrative Agent a legal, valid and enforceable first (except for Permitted Liens entitled to priority under applicable law) security interest in and Lien upon the Collateral.  All filings,
      recordings, deliveries of instruments and other actions necessary or desirable in the opinion of the Administrative Agent to protect and preserve such security interests shall have been duly effected.  The Administrative Agent shall have received
      evidence thereof in form and substance satisfactory to the Administrative Agent.

     

    

    11.6.       Perfection Certificates and UCC Search Results. 

      The Administrative Agent shall have received from each Borrower and, to the extent required in accordance with §§8.15.2 and 8.18, each Guarantor, completed and fully executed Perfection Certificates and the results of Uniform Commercial Code searches
      (and the equivalent thereof in all applicable foreign jurisdictions) with respect to the Collateral, indicating no Liens other than Permitted Liens and otherwise in form and substance satisfactory to the Administrative Agent.

     

    

    11.7.       Borrowing Base Report.  The
      Administrative Agent shall have received from the Borrowers the initial Borrowing Base Report, dated as of the Closing Date.

     

    

    11.8.      Financial Condition.  The
      Administrative Agent and each of the Lenders shall have received from the Borrowers the financial statements referred to in §7.4.2 and shall be satisfied that such financial statements fairly represent the financial position of the Borrowers as of
      the respective dates of such financial statements.

      

    

    11.9.      Opinion of Counsel.  Each of the
      Lenders and the Administrative Agent shall have received a favorable legal opinion addressed to the Lenders and the Administrative Agent, dated as of the Closing Date, in form and substance satisfactory to the Lenders and the Administrative Agent,
      from (a) Perkins Coie LLP, counsel to the Borrowers and their Subsidiaries, (b) Clarke Gittens Farmer, special Barbados counsel to CAL and (c) any
      local counsel to the Borrowers and their Subsidiaries.

     

    

    11.10.     Payment of Fees.  The Borrowers shall
      have paid to the Lenders or the Administrative Agent, as appropriate, the fees referred to in §5.1, together with the reasonable fees, expenses and disbursements of the Administrative Agent's Special Counsel as of the Closing Date.

     

    

    11.11.     No Material Adverse Change.  There
      shall not occurred a material adverse change in (a) the business, assets, properties, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of CAI or any of its Subsidiaries, taken as a whole, since December
      31, 2012 and (b) the facts and information represented to date to the Administrative Agent and the Lenders.

     

    

    11.12.     Commercial Financial Examination, Etc. 
      The Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent, a commercial finance examination of CAI and its Subsidiaries, and any such additional appraisal reports or other reports or
      certifications as the Administrative Agent may reasonably request.

      

    

    Without limiting the generality of the provisions of §14.4, for purposes of determining compliance with the conditions specified in this §11, each Lender that has signed this Agreement shall be
      deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have
      received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

     

    

    
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    12.  CONDITIONS TO ALL BORROWINGS.

     

      

    The obligations of the Lenders to make any Revolving Credit Loan, and of the Administrative Agent to issue, extend or renew any Letter of Credit, or of the Swing Line Lender to make any Swing Line
      Loans, in each case whether on or after the Closing Date, shall also be subject to the satisfaction of the following conditions precedent:

     

    

    12.1.      Representations True; No Event of Default. 

      Each of the representations and warranties of any of the Borrowers and their Subsidiaries contained in this Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true
      as of the date as of which they were made and shall also be true at and as of the time of the making of such Revolving Credit Loan, or such Swing Line Loan, or the issuance, extension or renewal of such Letter of Credit, with the same effect as if
      made at and as of that time (except to the extent of changes resulting from transactions contemplated or permitted by this Agreement and the other Loan Documents and changes occurring in the ordinary course of business that singly or in the aggregate
      are not materially adverse, and to the extent that such representations and warranties relate expressly to an earlier date) and no Default or Event of Default shall have occurred and be continuing or would result from the making of such Revolving
      Credit Loan, or such Swing Line Loan, or the issuance, extension or renewal of such Letter of Credit.  The Administrative Agent shall have received a certificate of the Borrowers signed by an authorized officer of the Borrowers to such effect.

     

    

    12.2.     No Legal Impediment.  No change shall
      have occurred in any law or regulations thereunder or interpretations thereof that in the reasonable opinion of any Lender would make it illegal for such Lender to make any Revolving Credit Loan, Swing Line Loan or to participate in the issuance,
      extension or renewal of such Letter of Credit or in the reasonable opinion of the Administrative Agent would make it illegal for the Administrative Agent to issue, extend or renew such Letter of Credit.

     

    

    12.3.       Governmental Regulation.

    Each Lender shall have received such statements in substance and form reasonably satisfactory to such Lender as such Lender shall require for the purpose of compliance with any applicable regulations
      of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System.

     

    

    12.4.     Proceedings and Documents.  All
      proceedings in connection with the transactions contemplated by this Agreement, the other Loan Documents and all other documents incident thereto shall be satisfactory in substance and in form to the Lenders and to the Administrative Agent and the
      Administrative Agent's Special Counsel, and the Lenders, the Administrative Agent and such counsel shall have received all information and such counterpart originals or certified or other copies of such documents as the Administrative Agent may
      reasonably request.

     

    

    
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    12.5.            Borrowing Base Report.  The
      Administrative Agent shall have received the most recent Borrowing Base Report required to be delivered to the Administrative Agent in accordance with §8.4(e).

     

    

    12.6.            Borrowing Base Compliance. 
      Immediately before and after giving effect to the credit extensions requested, the sum of the outstanding amount of the Revolving Credit Loans plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations plus the
      outstanding amount of Swing Line Loans shall not exceed the lesser of (i) the Total Commitment at such time and (ii) the Borrowing Base at such time.

     

    

    13.  EVENTS OF DEFAULT; ACCELERATION; ETC.

     

      

    13.1.            Events of Default and Acceleration. 

      If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur:

      

    

    (a)         any Borrower shall fail to pay any principal of the Revolving Credit Loans, Swing Line Loans or any Reimbursement Obligation when
      the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and, except in the case of an acceleration of the maturity of the Revolving Credit Loans, in
      which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days;

     

    

    (b)          any Borrower or any of its Subsidiaries shall fail to pay any interest on the Revolving Credit Loans or the Swing Line Loans, any
      fees or other sums due hereunder or under any of the other Loan Documents, when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and, except in
      the case of an acceleration of the maturity of the Revolving Credit Loans, in which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days;

     

    

    (c)          any Borrower shall fail to comply with (i) any of its covenants contained in §§8.1, 8.2 (other than, with respect to the Borrowers,
      moves within the State of California), 8.4(e), 8.5, 8.9, 8.12, 9 or 10 or any of the covenants contained in any of the Security Documents (provided, that this reference to covenants in the Security Documents shall not abridge grace periods provided
      therein with respect to certain Defaults also addressed in this Agreement or (ii) any of its covenants contained in §8.4 (except for clause (e) thereof) and such failure shall continue unremedied for ten (10) days;

     

    

    (d)         any Borrower or any of its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the
      other Loan Documents (other than those specified elsewhere in this §13.1) for fifteen (15) days after written notice of such failure has been given to the Borrowers by the Administrative Agent;

     

    

    (e)         any representation or warranty of any Borrower or any of its Subsidiaries in this Agreement or any of the other Loan Documents or in
      any other document or instrument delivered pursuant to or in connection with this Agreement shall prove to have been false, incorrect or incomplete in any material respect upon the date when made or deemed to have been made or repeated;

     

    

    
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    (f)         any Borrower or any of its Subsidiaries shall (x) fail to pay at maturity, or within any applicable period of grace, (i) any
      obligation for borrowed money or credit received in an aggregate principal amount in excess of $50,000,000, (ii) any obligation in respect of any Capitalized Leases in an aggregate amount in excess of $50,000,000, (iii) any obligation in respect of
      any operating leases with respect to which the present value (calculated at a discount rate of nine percent (9%) per annum) of the future obligations of the Borrowers and their Subsidiaries thereunder exceeds $50,000,000, or (iv) any obligation under
      any documentation of Indebtedness incurred in connection with a Permitted Securitization in an aggregate amount in excess of $50,000,000 (including any “termination event”, “event of termination” or any default or event of default thereunder), or (y)
      fail to observe or perform any material term, covenant or agreement contained in any agreement referenced in clauses (i) through (iv) above for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or
      holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or require the prepayment, repurchase, redemption or defeasance thereof or any such holder or holders shall rescind or shall have a right to rescind the
      purchase of any such obligations;

     

    

    (g)        (i) any Borrower, any Guarantor or any Material Subsidiary shall make an assignment for the benefit of creditors, or admit in writing
      its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of such Borrower , such Guarantor or such Material Subsidiary
      or of any substantial part of the assets of such Borrower, such Guarantor or such Material Subsidiary or shall commence any case or other proceeding relating to such Borrower, such Guarantor or such Material Subsidiary under any bankruptcy,
      reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing; or (ii) if any
      such petition or application shall be filed or any such case or other proceeding shall be commenced against any Borrower, any Guarantor or any Material Subsidiary and, with respect to this clause (ii) only, (x) such Borrowers, such Guarantor or such
      Material Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or (y) such petition or application shall not have been dismissed within thirty (30) days following the filing thereof;

      

    

    (h)       a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any Borrower, any
      Guarantor or any Material Subsidiary bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any Borrower, any Guarantor or any Material Subsidiary in an
      involuntary case under federal bankruptcy laws as now or hereafter constituted;

     

    

    (i)          there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive,
      any final judgment against any Borrower or any of its Subsidiaries that, with other outstanding final judgments, undischarged, against any Borrower or any of its Subsidiaries exceeds in the aggregate $5,000,000;

     

    

    (j)            [reserved];

     

    

    
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    (k)            if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded or the Administrative Agent's Liens in a
      substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written
      agreement, consent or approval of the Lenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of any Borrower or any of its Subsidiaries
      party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect
      that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;

     

    

    (l)            (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected
      to result in liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $5,000,000, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration
      of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $5,000,000;

     

    

    (m)            any Borrower, any Guarantor or any Material Subsidiary shall be enjoined, restrained or in any way prevented by the order of any
      Governmental Authority from conducting any part of its business if such circumstance could reasonably be expected to have a Material Adverse Effect, and such order shall continue in effect for more than thirty (30) days;

     

    

    (n)            there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike,
      lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any
      facility of any Borrower or any of its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a Material Adverse Effect;

     

    

    (o)            there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired
      by any Borrower or any of its Subsidiaries if such loss, suspension, revocation or failure to renew would have a Material Adverse Effect;

     

    

    (p)            any Borrower or any of its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall
      otherwise have been brought against any Borrower or any of its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of such Borrower or such Subsidiary included in the Borrowing Base or any assets of any
      Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $5,000,000; or

     

    

    (q)          a Change of Control shall occur;

     

    

    
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    then, and in any such event, so long as the same may be continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, by notice in writing to the
      Borrowers declare all amounts owing with respect to this Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations and Swing Line Loans to be, and they shall thereupon forthwith become, immediately due and
      payable and the require the Borrowers to provide Cash Collateral for all L/C Exposure, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers; provided that in
      the event of any Event of Default specified in §§13.1(g) or 13.1(h), all such amounts shall become immediately due and payable and the Borrowers shall be required to provide Cash Collateral for all L/C Exposure, in each case, automatically and
      without any requirement of notice from the Administrative Agent or any Lender.

     

    

    13.2.      Termination of Commitments.  If any one
      or more of the Events of Default specified in §§13.1(g) or 13.1(h) shall occur, any unused portion of the credit hereunder shall forthwith terminate and each of the Revolving Credit Lenders shall be relieved of all further obligations to make
      Revolving Credit Loans to the Borrowers, the Swing Line Lender shall be relieved of all further obligations to make Swing Line Loans to the Borrowers and the L/C Issuer shall be relieved of all further obligations to issue, extend or renew Letters of
      Credit.  If any other Event of Default shall have occurred and be continuing, the Administrative Agent may and, upon the request of the Required Lenders, shall, by notice to the Borrowers, terminate the unused portion of the credit hereunder, and
      upon such notice being given such unused portion of the credit hereunder shall terminate immediately and each of the Revolving Lenders shall be relieved of all further obligations to make Revolving Credit Loans, the Swing Line Lender shall be
      relieved of all further obligations to make Swing Line Loans to the Borrowers and the L/C Issuer shall be relieved of all further obligations to issue, extend or renew Letters of Credit.  No termination of the credit hereunder shall relieve any
      Borrower or any of its Subsidiaries of any of the Obligations.

     

    

    13.3.       Remedies.  If any Event of Default
      occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:

     

    

    (a)          declare the commitment of each Lender to make Revolving Credit Loans and any obligation of the L/C Issuer
      to issue or extend any Letters of Credit to be terminated, whereupon such commitments and obligation shall be terminated;

     

    

    (b)         declare the unpaid principal amount of all outstanding Revolving Credit Loans, all interest accrued and
      unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the
      Borrowers;

     

    

    (c)         require that the Borrower Cash Collateralize the L/C Exposure (in an amount equal to the Maximum Drawing
      Amount and any unpaid Reimbursement Obligations with respect thereto); and

     

    

    (d)         subject to the terms and conditions of the Intercreditor Agreement, exercise on behalf of itself, the
      Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents;

     

    

    
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    provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the
        Borrowers under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to issue or extend Letters of Credit shall automatically terminate, the unpaid principal amount of all
        outstanding Revolving Credit Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrowers to Cash Collateralize the L/C Exposure as aforesaid shall automatically become
        effective, in each case without further act of the Administrative Agent or any Lender.

     

      

    13.4.      Distribution of Collateral
          Proceeds. In the event that, following the occurrence or during the continuance of any Default or Event of Default, the Administrative Agent or any Lender, as the case may
      be, receives any monies in connection with the enforcement of any of the Security Documents, or otherwise with respect to the realization upon any of the Collateral, such monies shall be distributed for application as follows:

     

    

    (a)         First, to the payment of, or (as the case may be) the reimbursement of the Administrative Agent for or in
      respect of all reasonable costs, expenses, disbursements and losses which shall have been incurred or sustained by the Administrative Agent in connection with the collection of such monies by the Administrative Agent, for the exercise, protection or
      enforcement by the Administrative Agent of all or any of the rights, remedies, powers and privileges of the Administrative Agent under this Agreement or any of the other Loan Documents or in respect of the Collateral or in support of any provision of
      adequate indemnity to the Administrative Agent against any taxes or liens which by law shall have, or may have, priority over the rights of the Administrative Agent to such monies;

     

    

    (b)         Second, to all other Obligations (including without limitation Obligations of each Borrower and its
      Subsidiaries to any Secured Party with respect to Interest Rate Protection Agreements, Swap Contracts and Cash Management Agreements); provided that distributions shall be made (A) with respect to any fees owing to the Administrative Agent
      and the Lenders, ratably among the Administrative Agent and any Lenders to which such fees are owed, and (B) with respect to each type of other Obligations owing to the Lenders such as interest, principal, fees and expenses and amounts owing under
      Interest Rate Protection Agreements and Swap Agreements, ratably among the Lenders, and (C) otherwise in such order or preference as the Required Lenders may determine.  In determining “Obligations” for purposes of clauses (A) and (B), the
      Administrative Agent may in its discretion make proper allowance to take into account any Obligations not then due and payable;

     

    

    (c)         Third, upon payment and satisfaction in full or other provisions for payment in full satisfactory to the
      Lenders, Secured Parties and the Administrative Agent of all of the Obligations, to the payment of any obligations required to be paid pursuant to §9-608(a)(1)(C) or 9‐615(a)(3) of the Uniform Commercial Code of the State of New York; and

     

    

    (d)          Fourth, the excess, if any, shall be returned to the Borrowers or to such other Persons as are entitled
      thereto.

     

    

    
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    14.  THE ADMINISTRATIVE AGENT.

     

      

    14.1.      Appointment and Authority.  Each of the Lenders and the L/C Issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative
      Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.  The provisions of this
      Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such
      provisions.  It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or
      express) obligations arising under agency doctrine of any applicable Law.  Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties.

     

    

    14.2.       Rights as a Lender.  The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative
      Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity.  Such Person and its
      Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with CAI or any Subsidiary or other Affiliate thereof as if such
      Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

     

    

    14.3.       Exculpatory Provisions.  The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.  Without
      limiting the generality of the foregoing, the Administrative Agent:

     

    

    (a)          shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
      occurred and is continuing;

      

    

    (b)        shall not have any duty to take any discretionary action or exercise any discretionary powers, except
      discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as
      shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
      liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
      termination of property of a Delinquent Lender in violation of any Debtor Relief Law;

     

    

    (c)         shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to
      disclose, and shall not be liable for the failure to disclose, any information relating to CAI or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any capacity;
      and

     

    

    
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    (d)         the Administrative Agent shall not be responsible or have any liability for, or have any duty to
      ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Eligible Assignees.  Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire
      as to whether any Lender or Participant or prospective Lender or Participant is an Eligible Assignee or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to
      any Eligible Assignee.

    

    

    The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be
      necessary, or as the Administrative Agent believes in good faith to be necessary, under the circumstances as provided in §§16.13 and 13.3) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent
      jurisdiction by final and nonappealable judgment.  The Administrative Agent shall be deemed not to have knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the Borrowers, a
      Lender or the L/C Issuer.

     

    

    The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document,
      (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth
      herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set
      forth in §§11 or 12 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

     

    

    14.4.       Reliance by Administrative Agent.  The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including
      any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent also may rely upon any statement
      made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition hereunder to the making of any Revolving Credit Loan,
      Swing Line Loan or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to
      such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Revolving Credit Loan, Swing Line Loan or the issuance of such Letter of Credit. 
      The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of
      any such counsel, accountants or experts.

     

    

    
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    14.5.      Delegation of Duties.  The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub‐agents appointed by the
      Administrative Agent.  The Administrative Agent and any such sub‐agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties.  The exculpatory provisions of this §14 shall apply to any
      such sub‐agent and to the Related Parties of the Administrative Agent and any such sub‐agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
      Administrative Agent.  The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the
      Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents.

     

    

    14.6.       Resignation or Removal of Administrative Agent.

     

      

    (a)         The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and
      the Borrowers.  Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrowers if no Event of Default shall have occurred and be continuing, to appoint a successor, which shall be a bank
      with an office in the United States, or an Affiliate of any such bank with an office in the United States.  If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the
      retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on
      behalf of the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications set forth above.  Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on
      the Resignation Effective Date.

     

    

    (b)         If the Person serving as Administrative Agent is a Delinquent Lender pursuant to clause (d) of the
      definition thereof, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrowers and such Person remove such Person as Administrative Agent and, in consultation with the Borrowers, appoint a successor. If
      no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal
      shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

     

    

    
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    (c)        With effect from the Resignation Effective Date or the Removal Effective Date (as applicable) (1) the
      retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the
        Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such
        time as a successor Administrative Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made
      by, to or through the Administrative Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above.  Upon the acceptance
      of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or removed) Administrative Agent (other than as provided in
      §5.2.2(g) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed
      Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section).  The fees payable by the Borrowers to a successor
      Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor.  After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other
      Loan Documents, the provisions of this §14 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub‐agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of
      them while the retiring or removed Administrative Agent was acting as Administrative Agent.

     

    

    (d)         Any resignation by an Administrative Agent pursuant to this Section shall also constitute its resignation
      as L/C Issuer and Swing Line Lender.  If an Administrative Agent resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of
        Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Exposure with respect thereto, including the right to require the Lenders
        to make Base Rate Loans or fund risk participations in Unpaid Reimbursement Obligations pursuant to §4.2.  If a Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to
        Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to §2.10.3.  Upon the appointment by the Borrowers of a successor L/C Issuer or Swing Line Lender hereunder (which successor shall in all cases be a Lender other than a Delinquent Lender), (a) such successor shall succeed to
      and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as applicable, (b) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and
      obligations hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements
      satisfactory to the prior L/C Issuer or Swing Line Lender to effectively assume the obligations of such prior Lender with respect to such Letters of Credit.

     

    

    14.7.     Replacement of Lender.  If any Lender
      (a) requests compensation under §§5.6 or 5.7, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to §5.6, or (b) is a Delinquent Lender, then CAI may, at
      its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, §15), all
      of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

     

    

    
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    (a)          the Borrowers shall have paid to the Administrative Agent the assignment fee specified in §15.1.2;

     

    

    (b)         such Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Credit Loans and L/C
      Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under §5.9) from the assignee (to the extent of such outstanding principal and accrued interest
      and fees) or the Borrowers (in the case of all other amounts);

     

    

    (c)         in the case of any such assignment resulting from a claim for compensation under §§5.6 or 5.7 or payments required to be made
      pursuant to §5.6, such assignment will result in a reduction in such compensation or payments thereafter; and

     

    

    (d)          such assignment does not conflict with applicable laws.

     

    

    A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the
      Borrowers to require such assignment and delegation cease to apply.

     

    

    14.8.       Non-Reliance on Administrative Agent and Other
          Lenders.  Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it
      has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.  Each Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or
      any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or
      any related agreement or any document furnished hereunder or thereunder.

     

    

    14.9.     No Other Duties, Etc.  Anything herein to the contrary notwithstanding, none of the Arrangers, Book Runner, Syndication Agent, or Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities
      under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

      

    

    14.10.    Administrative Agent May File Proofs of Claim. 

      In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Borrower or any Guarantor, the Administrative Agent (irrespective of
      whether the principal of any Revolving Credit Loan, Swing Line Loan or Reimbursement Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any
      demand on the Borrowers) shall be entitled and empowered, by intervention in such proceeding or otherwise:

     

    

    
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    (a)         to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Revolving Credit
      Loans, Swing Line Loans or Reimbursement Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Swing Line Lender, the L/C
      Issuer and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Swing Line Lender, the L/C Issuer and the Administrative Agent and their respective agents and counsel
      and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent hereunder) allowed in such judicial proceeding; and

     

    

    (b)          to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

     

    

    and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
      payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable
      compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder (including under §§5.1, 16.2 and 16.3).

     

    

    Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender, the Swing Line Lender or the L/C Issuer any plan
      of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

     

    

    14.11.    Collateral and Guaranty Matters.  The
      Lenders, the Swing Line Lender and the L/C Issuer irrevocably authorize the Administrative Agent, at its option and in its discretion,

     

    

    (a)         to release, or authorize the release of, any Lien on any property granted to or held by the Administrative Agent under any Loan
      Document (i) upon termination of the Total Commitments and payment in full in cash of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit, (ii) that is sold, to be sold or
      otherwise disposed of as part of or in connection with any disposition or other transaction permitted hereunder or under any other Loan Document, (iii) if such release is permitted under §6.3 or (iv) subject to §16.13, if approved, authorized or
      ratified in writing by the Required Lenders;

     

    

    (b)         to subordinate, or authorize the subordination of, any Lien on any property granted to or held by the Administrative Agent under any
      Loan Document to the holder of any Lien on such property that is permitted by §9.2.1; and

     

    

    (c)       to release, or authorize the release of, any Guarantor from its obligations under the Guaranty if such Person ceases to be a
      Subsidiary as a result of a transaction permitted hereunder.

     

    

    Upon request by the Administrative Agent at any time, the Required Lenders will confirm in writing the Administrative Agent’s authority to release or subordinate its interest in particular types or
      items of property, or to release any Guarantor from its obligations under the Guaranty pursuant to this §14.11.

     

    

    
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    14.12.    Intercreditor and Collateral Arrangements. 

      Each of Lenders, the Swing Line Lender and the L/C Issuer irrevocably authorizes the Administrative Agent, for and on behalf of the Secured Parties, to be the representative of the Secured Parties in connection with, and to enter into on behalf of
      the Secured Parties (i) the Intercreditor Agreement, and (ii) upon the request of CAI with reasonable advance notice to the Administrative Agent and so long as no Default or Event of Default exists, any collateral agency arrangements (including any
      agreements, certificates, documents and instruments relating thereto or to the transactions contemplated thereby) with a collateral agent or collateral trustee and the issuer(s) of any Indebtedness (and holders of Liens in respect thereof) permitted
      hereunder for the purposes of, among other things, administering the Liens held for the benefit of the Secured Parties in the Collateral, such collateral agency arrangements and related documentation to be in form and substance satisfactory to the
      Administrative Agent.  Upon the reasonable request of CAI, the Administrative shall cooperate in good faith with CAI in its efforts to coordinate the intercreditor and collateral agency arrangements described above.  Upon request by the
      Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority pursuant to this §14.12 to enter into the transactions contemplated by the first sentence of this §14.12 and any and all agreements, documents
      and instruments relating thereto.

     

    

    14.13.     ERISA Representations.

     

      

    14.13.1.Each Lender (x) represents and warrants, as of the date such Person
        became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers, and their
        respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any of the Borrowers or any other Loan Party, that at least one of the following is and will be true:

     

      

    (a)         Such Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section
      3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments;

     

    

    (b)         the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain
      transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving
      insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is
      applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement;

     

    

    (c)         (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the
      meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this
      Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to
      the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
      Commitments and this Agreement; or

     

    

    
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    (d)       such other representation, warranty and covenant as may be agreed in writing between the Administrative
      Agent, in its sole discretion, and such Lender.

     

    

    14.13.2. In addition, unless sub-clause (a) in the immediately preceding
        §14.13.1 is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (d) in the immediately preceding §14.13.1, such Lender further (x) represents and warrants, as of the date
        such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers, and
        their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that:

     

      

    (a)         None of the Administrative Agent, the Arrangers, or any of their respective Affiliates is a fiduciary with
      respect to the assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto);

     

    

    (b)      the Person making the investment decision on behalf of such Lender with respect to the entrance into,
      participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a
      broker-dealer or other person that holds, or has under management or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E);

     

    

    (c)      the Person making the investment decision on behalf of such Lender with respect to the entrance into,
      participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard to particular transactions and
      investment strategies (including in respect of the Obligations);

     

    

    (d)      the Person making the investment decision on behalf of such Lender with respect to the entrance into,
      participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Letters of Credit, the Commitments and this
      Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder; and

     

    

    (e)         no fee or other compensation is being paid directly to the Administrative Agent, the Arrangers, or any
      their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement.

     

    

    
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    14.13.3.  The Administrative Agent and the Arrangers hereby informs the
        Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the
        transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended
        the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with
        the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
        agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, breakage or other early termination fees or fees similar to the
        foregoing.

     

      

    14.14.     Recovery of Erroneous Payments.  Without limitation of any other provision in this Agreement, if at any time the Administrative Agent makes a payment hereunder in error to any Lender or the L/C Issuer (the “Credit Party”), whether or not
      in respect of an Obligation due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent
      forthwith on demand the Rescindable Amount received by such Credit Party  in immediately available funds in the currency so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but
      excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. Each Credit Party irrevocably
      waives any and all defenses, including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another) or similar defense to its obligation to
      return any Rescindable Amount.  The Administrative Agent shall inform each Credit Party promptly upon determining that any payment made to such Credit Party comprised, in whole or in part, a Rescindable Amount.

     

    

    15.  ASSIGNMENT AND PARTICIPATION.

     

      

    15.1.       Conditions to Assignment.

     

    

    15.1.1 .  Successors and Assignment Generally.  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither
          the Borrowers nor any Guarantor may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of
        its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of §15.1.2 (ii) with the consent of the Borrowers (such consent not to be unreasonably withheld), (iii) by way of participation in accordance
        with the provisions of §15.1.4, or (iv) by way of pledge or assignment of a security interest subject to the restrictions of §15.1.5 (and any other attempted assignment or transfer by any party hereto
        shall be null and void (except for  assignment to a Disqualified Institution, but the provisions of §15.1.2(h) shall apply).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
        hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in §15.1.4 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Swing Line Lender, the
        L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

     

      

    
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    15.1.2.  Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Revolving Credit Loans (including for
        purposes of this §15.1.2, participations in Letters of Credit and in Swing Line Loans) at the time owing to it); provided that

     

      

    (a)        except in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Revolving Credit
      Loans, as the case may be, at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Revolving
      Credit Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Revolving Credit Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and
      Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent
      and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and
      concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has
      been met;

     

    

    (b)         each partial assignment of Commitments and Revolving Credit Loans shall be made as an assignment of a proportionate part of all the
      assigning Lender’s rights and obligations under this Agreement with respect to the Revolving Credit Loans, participations in Swing Line Loans and Letters of Credit or the Commitment assigned, except that this clause (b) shall not apply to rights in
      respect of Swing Line Loans of the Swing Line Lender;

     

    

    (c)         any assignment of a Commitment must be approved by the Administrative Agent, the L/C Issuer and the Swing Line Lender (such approval
      not to be unreasonably withheld) unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee);

     

    

    (d)         the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
      processing and recordation fee in the amount of $3,500.00 (provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment), and the
      Eligible Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire;

     

    

    
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    (e)         so long as no Event of Default has occurred and is continuing, no such assignment shall be made to a
      Person who is not an Eligible Assignee without the consent of CAI (such consent not to be unreasonably withheld; provided that the withholding of consent to an assignment (i) to a Disqualified Institution or (ii) which results in additional
      costs pursuant to §§5.6, 5.7 and 5.10 shall be deemed reasonable);

     

    

    (f)          no such assignment shall be made (A) to the Borrowers or any of the Borrowers’ Affiliates or
      Subsidiaries, (B) to any Delinquent Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B), or (C) to a natural Person; and

     

    

    (g)        in connection with any assignment of rights and obligations of any Delinquent Lender hereunder, no such
      assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon
      distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent,
      the applicable pro rata share of Loans previously requested but not funded by the Delinquent Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities under this
      Agreement then owed by such Delinquent Lender to the Administrative Agent, the L/C Issuer, any Lender hereunder or the Borrowers (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and
      participations in Letters of Credit and Swing Line Loans in accordance with its Commitment Percentage.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Delinquent Lender hereunder shall become
      effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Delinquent Lender for all purposes of this Agreement until such compliance occurs.

     

    

    (h)         Disqualified Institutions.

     

    

    (i)        No assignment shall be made to any Person that was a Disqualified Institution as of the date (the “Trade Date”) on which
      the applicable Lender entered into a binding agreement to sell and assign all or a portion of its rights and obligations under this Agreement to such Person (unless the Borrower has consented (or the Borrower’s consent is not required) to such
      assignment as otherwise contemplated by §15.1.2(e), in which case such Person will not be considered a Disqualified Institution for the purpose of such assignment).   For the avoidance of doubt, with respect to any assignee that becomes a
      Disqualified Institution after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice period referred to in, the definition of “Disqualified Institution”), such assignee shall not
      retroactively be considered a Disqualified Institution.  Any assignment in violation of this clause (h)(i) shall not be void, but the other provisions of this clause (h) shall apply.

     

    

    
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    (ii)       If any assignment is made to any Disqualified Institution without CAI’s prior consent in violation of clause (i) above, the
      Borrowers may, at their sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, (A) terminate any Revolving Commitment of such Disqualified Institution and repay all obligations of the Borrowers
      owing to such Disqualified Institution in connection with such Revolving Commitment, (B) in the case of outstanding Loans held by Disqualified Institutions, prepay such Loan by paying the lesser of (x) the principal amount thereof and (y) the amount
      that such Disqualified Institution paid to acquire such Loans, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and under the other Loan Documents and/or (C) require such
      Disqualified Institution to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in this §15.1.2), all of its interest, rights and obligations under this Agreement and related Loan Documents to an
      Eligible Assignee that shall assume such obligations at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests, rights and obligations, in each case plus accrued interest,
      accrued fees and all other amounts (other than principal amounts) payable to it hereunder and other the other Loan Documents; provided that (i) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in
      §15.1.2(d), (ii) such assignment does not conflict with applicable Laws and (iii) in the case of clause (B), the Borrowers shall not use the proceeds from any Loans to prepay Loans held by Disqualified Institutions.

     

    

    (iii)        Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x) have the
      right to receive information, reports or other materials provided to Lenders by the Borrowers, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative Agent, or (z) access any
      electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver or modification of, or any
      action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be deemed to
      have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor Relief Laws (a “Plan
        of Reorganization”), each Disqualified Institution party hereto hereby agrees (1) not to vote on such Plan of Reorganization, (2) if such Disqualified Institution does vote on such Plan of Reorganization notwithstanding the restriction in the
      foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall not be counted in
      determining whether the applicable class has accepted or rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by
      any party for a determination by the Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

     

    

    
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    (iv)        The Administrative Agent shall have the right, and the Borrowers hereby expressly authorize the Administrative Agent, to (A)
      post the list of Disqualified Institutions provided by the Borrowers and any updates thereto from time to time (collectively, the “DQ List”) on the Platform, including that portion of the Platform that is designated for “public side” Lenders
      or (B) provide the DQ List to each Lender requesting the same.

     

    

    Subject to acceptance and recording thereof by the Administrative Agent pursuant to §15.1.3, from and after the effective date specified in each Assignment and Assumption, the
      Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
      shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
      under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of §§5.6, 5.7, 5.9, 16.2 and 16.3 with respect to facts and circumstances occurring prior to the effective date of such assignment. 
      Upon request, the Borrowers (at its expense) shall execute and deliver a Revolving Credit Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection
      shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with §15.1.4.  The Administrative Agent shall use commercially reasonable efforts to provide the Borrowers with
      prompt notice of any assignment hereunder.

     

    

    15.1.3.  Register.  The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the
        names and addresses of the Lenders, and the Commitments of, and principal amounts of the Revolving Credit Loans, the Swing Line Loan and participations in Letters of Credit owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). 

        The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
        all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by each of the Borrowers, the Swing Line Lender and the L/C Issuer at any reasonable time and from time to time upon reasonable
        prior notice.  In addition, at any time that a request for a consent for a material or substantive change to the Loan Documents is pending, any Lender may request and receive from the Administrative Agent a copy of the Register.

     

      

    15.1.4.   Participations.  Any Lender may at any time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to any Person (other than a Delinquent Lender, a natural person or the Borrowers or any of
        the Borrowers’ Affiliates or Subsidiaries or any competitor of the Borrowers) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
        the Revolving Credit Loans (including such Lender’s participations in Letters of Credit and/or Swing Line Loans) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
        remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders, the Swing Line Lender and the L/C Issuer shall continue to deal solely and directly with
        such Lender in connection with such Lender’s rights and obligations under this Agreement.

     

      

    
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    Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to
      approve any amendment, modification or waiver of any  provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or
      other modification described in the first proviso to §16.13(a) that affects such Participant.  Subject to §15.1.5, the Borrowers agree that each Participant shall be entitled to the benefits of §§5.6, 5.7 and 5.9, to

      the same extent as if it were a Lender and had acquired its interest by assignment pursuant to §15.1.2.  To the extent permitted by law, each Participant also shall be entitled to the benefits of §16.1 as
      though it were a Lender, provided such Participant agrees to be subject to §16.1 as though it were a Lender.

     

    

    15.1.5.  Certain Pledges.  Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Revolving Credit Note, if any) to secure obligations of such Lender, including
        any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender
        as a party hereto.

     

      

    15.1.6.  Electronic Execution of Assignments.  The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including without
        limitation Assignment and Assumptions, amendments or other modifications, Loan Requests, Swing Line Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract
        formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a
        paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
        Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures
        in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

     

      

    
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    15.1.7.  Resignation as L/C Issuer and Swing Line
          Lender after Assignment.  Notwithstanding anything to the contrary contained herein, if at any time Bank of America assigns all of its Commitment and Revolving Credit Loans pursuant to §15.1.2 above, Bank
        of America may, (i) upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to the Borrowers, resign as Swing Line Lender.  In the event of any such resignation as L/C Issuer or Swing Line
        Lender, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrowers to appoint any such successor shall affect the
        resignation of Bank of America as L/C Issuer or Swing Line Lender, as the case may be.  If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters
        of Credit outstanding as of the effective date of its resignation as L/C Issuer and all Letters of Credit and Reimbursement Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk
        participations in Unpaid Reimbursement Obligations pursuant to §4).  If Bank of America resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and
        outstanding as of the effective date of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant to §2.10.  Upon the appointment of a successor L/C
        Issuer and/or Swing Line Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C Issuer shall
        issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively assume the obligations of Bank of America with respect
        to such Letters of Credit.

     

      

    16.  PROVISIONS OF GENERAL APPLICATIONS.

     

      

    16.1.       Setoff.  If an Event of Default shall
      have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits
      (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or the account
      of the Borrowers or any other Loan Party against any and all of the obligations of the Borrowers or such Loan Party now or hereafter existing under this Agreement
      or any other Loan Document to such Lender or the L/C Issuer or their respective Affiliates, irrespective of whether or not such Lender, L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although
      such obligations of the Borrowers or such Loan Party may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or the L/C Issuer different from the branch, office or
      Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Delinquent Lender shall exercise any such right of setoff, (x)
        all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of §2.12 and, pending such payment, shall be segregated by such Delinquent Lender from its other funds and
        deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and (y) the Delinquent Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
        such Delinquent Lender as to which it exercised such right of setoff.  The rights of each Lender, the L/C Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of
      setoff) that such Lender, the L/C Issuer or their respective Affiliates may have.  Each Lender and the L/C Issuer agrees to notify the Borrowers and the Administrative Agent promptly after any such setoff and application, provided that the
      failure to give such notice shall not affect the validity of such setoff and application.  Notwithstanding the above, all proceeds of the Collateral shall be administered pursuant to the Intercreditor Agreement.

     

    

    
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    16.2.      Expenses.  Each Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (including the reasonable and documented fees, charges and disbursements of counsel for the Administrative
      Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers
      of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or
      extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable out-of-pocket expenses incurred by the Administrative Agent, any Lender, the Swing Line Lender or the L/C Issuer (including the reasonable and documented
      fees, charges and disbursements of any counsel for the Administrative Agent, any Lender, the Swing Line Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan
      Documents, including its rights under this §16.2, or (B) in connection with the Revolving Credit Loans or Swing Line Loans made or Letters of Credit issued hereunder, including all such reasonable out‐of‐pocket expenses incurred during any workout,
      restructuring or negotiations in respect of such Revolving Credit Loans or Swing Line Loans or Letters of Credit.  All amounts due under this §16.2 shall be payable not later than ten Business Days after demand therefor.  The agreements in this
      §16.2  shall survive the resignation of the Administrative Agent, the Swing Line Lender and the L/C Issuer, the replacement of any Lender, the termination of the Total Commitment and the repayment,
      satisfaction or discharge of all the other Obligations.

     

    

    16.3.       Indemnification; Payments Set Aside.

     

      

    16.3.1.   Indemnification. (2) Each Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the
        foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable and documented fees, charges
        and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrowers or any other Loan Party) other than such Indemnitee and its Related Parties arising out of,
        in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations
        hereunder or thereunder, the consummation of the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other
        Loan Documents (including in respect of any matters addressed in §5.2.2), (ii) any Revolving Credit Loan, Swing Line Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a
        demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence of Hazardous Materials on or from any
        property owned or operated by the Borrowers or any of their Subsidiaries, or any Environmental Liability related in any way to the activities or operations of the Borrower or any of their Subsidiaries, or (iv) any actual or prospective claim,
        litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrowers or any other Loan Party, and regardless of whether any Indemnitee is
        a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final
        and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (y) result from a claim brought by the Borrowers or any other Loan Party against an Indemnitee for breach in bad faith of such
        Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrowers or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  Without
        limiting the provisions of §5.2.2(c), this §16.3.1 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

     

      

    
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    (b)        To the extent that either Borrower for any reason fails to indefeasibly pay any amount required under §16.2
      or §16.3.1(a) to be paid by it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer, the Swing Line Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such
      sub-agent), the L/C Issuer, the Swing Line Lender or such Related Party, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought based on each Lender’s share
      of the Revolving Credit Exposure and unused Commitments at such time) of such unpaid amount (including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them based on such Lenders’
      Commitment Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought), provided, further that, the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
      may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the L/C Issuer or the Swing Line Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent
      (or any such sub-agent), the L/C Issuer or the Swing Line Lender in connection with such capacity.  The obligations of the Lenders under this clause (b) are subject to the provisions of §2.8.3.

     

    

    (c)       To the fullest extent permitted by applicable law, each Borrower shall not assert, and hereby waives, any
      claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document
      or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Revolving Credit Loan or Swing Line Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in clause (a) above
      shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission
      systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as
      determined by a final and nonappealable judgment of a court of competent jurisdiction.

      

    

    (d)          All amounts due under this Section shall be payable not later than twenty (20) Business Days after demand
      therefor.

     

    

    
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    (e)         The agreements in this Section and the indemnity provisions of §16.6.5 shall survive the resignation of
      the Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations.

     

    

    16.3.2.  Payments Set Aside.  To the extent that any payment by or on behalf of the Borrowers is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the
        L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
        settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to
        the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and
        the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to
        the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect.  The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the
        Obligations and the termination of this Agreement.

     

      

    16.4.       Treatment of Certain Confidential Information.

     

    

    16.4.1.   Confidentiality.  Each of the Administrative Agent, the Lenders, the Swing Line Lender and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its
        Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of
        such Information and instructed to keep such Information confidential in accordance with the terms hereof), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority,
        such as the National Association of Insurance Commissioners); provided that the Administrative Agent shall use commercially reasonable efforts to provide notice to the Borrowers of any such request, (c) to the extent required by applicable
        laws or regulations or by any subpoena or similar legal process; provided that the Administrative Agent shall use commercially reasonable efforts to provide notice to the Borrowers upon becoming aware of such requirement, (d) to any other
        party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)
        subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii)
        any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers and its obligations, (g) with the consent of the Borrowers or (h) to the extent such Information (x) becomes publicly available
        other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent, any Lender, the Swing Line Lender, the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the
        Borrowers and not as a result of any violation of any confidentiality obligation to the Borrowers.

     

      

    
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    For purposes of this Section, “Information” means all information received from the Borrowers or any Subsidiary relating to the Borrowers or any Subsidiary or any of their
      respective businesses, other than any such information that is available to the Administrative Agent, any Lender, the Swing Line Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by the Borrowers or any Subsidiary.  Any Person
      required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such
      Information as such Person would accord to its own confidential information.

     

    

    16.4.2.   Non-Public Information.  Each of the Administrative
        Agent, the Lenders, the Swing Line Lender and the L/C Issuer acknowledges that (a) the Information may include material non-public information concerning the Borrowers or a Subsidiary, as the case may be, (b) it has developed compliance procedures
        regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable law, including Federal and state securities laws.

     

      

    16.4.3.   Customary Advertising Material.  The Administrative Agent
        and the Lenders acknowledge that CAI is a reporting company under the Securities Exchange Act of 1934, and that information regarding CAI and the other Loan Parties may be material non-public information.  Accordingly, the Administrative Agent and
        the Lenders agree that, following the Sixth Amendment Effective Date, they may use the name, product photographs, logo or trademark of the Loan Parties in customary advertising material relating to the transactions contemplated hereby, only with
        the advance consent of CAI.  Any such consent shall be in writing (which may be in the form of email correspondence).  In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and information about this
        Agreement to market data collectors, similar service providers to the lending industry, and service providers to the Administrative Agent, Arrangers, Documentation Agents, and the Lenders in connection with the administration of this Agreement, the
        other Loan Documents and the Commitments; provided, that without the written consent of CAI, such disclosure will be limited to information that has been made publicly-available by CAI in filings with the Securities and Exchange Commission,
        unless such service providers have agreed to maintain the confidentiality of such information.

     

      

    16.5.      Survival of Covenants, Etc.  All
      covenants, agreements, representations and warranties made herein, in the Revolving Credit Notes, in any of the other Loan Documents or in any documents or other papers delivered by or on behalf of CAI or any of its Subsidiaries pursuant hereto shall
      be deemed to have been relied upon by the Lenders and the Administrative Agent, notwithstanding any investigation heretofore or hereafter made by any of them, and shall survive the making by the Lenders of any of the Revolving Credit Loans, the Swing
      Line Loans and the issuance, extension or renewal of any Letters of Credit, as herein contemplated, and shall continue in full force and effect so long as any Letter of Credit or any amount due under this Agreement or the Revolving Credit Notes or
      any of the other Loan Documents remains outstanding or any Lender has any obligation to make any Loans or the Administrative Agent has any obligation to issue, extend or renew any Letter of Credit, and for such further time as may be otherwise
      expressly specified in this Agreement.  All statements contained in any certificate or other paper delivered to any Lender or the Administrative Agent at any time by or on behalf of CAI or any of its Subsidiaries pursuant hereto or in connection with
      the transactions contemplated hereby shall constitute representations and warranties by CAI or such Subsidiary hereunder.

     

    

    
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    16.6.       Notices.

     

    

    16.6.1.  Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in §16.6.2 below), all notices and other communications provided for herein shall be in writing
        and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to
        the applicable telephone number, as follows:

     

      

    (i)          if to the Borrowers, the Guarantors, the Administrative Agent, the L/C Issuer or the Swing Line Lender,
      to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 16.6.1; and

     

    

    (ii)         if to any other Lender, to the address, telecopier number, electronic mail address or telephone number
      specified in its Administrative Questionnaire.

     

    

    Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be
      deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through
      electronic communications to the extent provided in §16.6.2, shall be effective as provided in §16.6.2.

     

    

    16.6.2.  Electronic Communications.  Notices and other communications to the Lenders, the Swing Line Lender and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e‐mail and Internet or intranet websites) pursuant
        to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender, the Swing Line Lender or the L/C Issuer pursuant to §§2, 3 and 4 if such Lender, the Swing Line Lender or the L/C
        Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Section by electronic communication.  The Administrative Agent or the Borrowers may, in its discretion, agree to accept notices and
        other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

     

      

    
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    Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an
      acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal
      business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall
      be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

     

    

    16.6.3.   The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.”  THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM
        LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
        FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM.  In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”)
        have any liability to the Borrowers, any Lender, the L/C Issuer, the Swing Line Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrowers’ or
        the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable
        judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to the Borrowers, any Lender, the Swing Line Lender, the L/C
        Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

     

      

    16.6.4.   Changes of Address.  Each of the Borrowers, the Administrative Agent, the L/C Issuer, and the Swing Line Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other
        parties hereto.  Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Borrowers, the Administrative Agent, the L/C Issuer and the Swing Line Lender.  In addition,
        each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address to which notices
        and other communications may be sent and (ii) accurate wire instructions for such Lender.

        

      

    16.6.5.   Reliance by Administrative Agent and the
          Lenders.  The Administrative Agent, the L/C Issuer, the Swing Line Lender and the Lenders shall be entitled to rely and act upon any notices (including any Communication executed using an Electronic
        Signature, or in the form of an Electronic Record, telephonic Loan Requests and Swing Line Loan Notices) purportedly given by or on behalf of the Borrowers even if (i) such notices were not made in a manner specified herein, were incomplete or were
        not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Borrowers shall indemnify the Administrative Agent, the L/C Issuer, the
        Swing Line Lender, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrowers.  All telephonic
        notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

        

      

    
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    16.7.      No Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender, the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document
      shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights,
      remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

    Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder and under the other Loan Documents against the Loan Parties or any of them
      shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent (at the request or with the consent of the Required Lenders as so
      required by this Agreement and the other Loan Documents) in accordance with §13.3 for the benefit of all the Lenders and the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the Administrative Agent from
      exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and
      remedies that inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with §16.1 (subject to the
      terms of §2.8.6), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further,
      that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to §13.3 and (ii) in
      addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to §2.8.6, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

     

      

    16.8.       Governing Law; Jurisdiction, Etc..

     

    

    (a)        GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE
      OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY
      AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     

    

    
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    (b)      SUBMISSION TO JURISDICTION.  EACH BORROWER AND EACH OTHER LOAN PARTY
      IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE
      L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW

        YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND
      EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS  AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
      ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE
      HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

      

    

    (c)     WAIVER OF VENUE.  EACH BORROWER AND EACH OTHER LOAN PARTY
      IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
      LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
      OR PROCEEDING IN ANY SUCH COURT.

     

    

    (d)       SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR
      NOTICES IN §16.6.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     

    

    16.9.       Headings.  The captions in this
      Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

     

    

    16.10.     Counterparts; Electronic Signatures.

     

    

    
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    16.10.1.  Counterparts. 
        This Credit Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when executed and delivered shall be an original, and all of which together shall constitute one
        instrument.  In proving this Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought.  Delivery by facsimile or other electronic transmission by any of the
        parties hereto of an executed counterpart hereof or of any amendment or waiver hereto shall be as effective as an original executed counterpart hereof or of such amendment or waiver and shall be considered a representation that an original executed
        counterpart hereof or such amendment or waiver, as the case may be, will be delivered

     

      

    16.10.2.  Electronic Signatures. 

        This Agreement and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Agreement (each a “Communication”), including Communications required to be in
        writing, may be in the form of an Electronic Record and may be executed using Electronic Signatures.  Each of the Loan Parties agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on each of the
        Loan Parties to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature will constitute the legal, valid and binding obligation of each of the Loan Parties enforceable against such Loan Party
        in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.  Any Communication may be executed in as many counterparts as necessary or convenient, including both paper and electronic
        counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent and each of the Secured
        Parties of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention.
        The Administrative Agent and each of the Secured Parties may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course
        of such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect,
        validity and enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by
        the Administrative Agent pursuant to procedures approved by it; provided, that, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of
        the Secured Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic
        Signature shall be promptly followed by such manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be
        amended from time to time.

     

      

    16.11.     Entire Agreement, Etc.  The Loan
      Documents and any other documents executed in connection herewith or therewith express the entire understanding of the parties with respect to the transactions contemplated hereby. Neither this Agreement nor any term hereof may be changed, waived,
      discharged or terminated, except as provided in §16.13.

     

    

    
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    16.12.    Waiver of Jury Trial.  EACH PARTY HERETO
      HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE
      TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
      PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE
      MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     

    

    16.13.    Consents, Amendments, Waivers, Etc.  Any
      consent or approval required or permitted by this Agreement to be given by the Lenders may be given, and any term of this Agreement, the other Loan Documents or any other instrument related hereto or mentioned herein may be amended, and the
      performance or observance by the Borrowers or any of their Subsidiaries of any terms of this Agreement, the other Loan Documents or such other instrument or the continuance of any Default or Event of Default may be waived (either generally or in a
      particular instance and either retroactively or prospectively) with, but only with, the written consent of the Borrowers and the written consent of the Required Lenders and acknowledged by the Administrative Agent. Notwithstanding the foregoing, no
      amendment, modification or waiver shall:

     

    

    (a)        without the written consent of the Borrowers and each Lender directly affected thereby:

     

    

    (i)         reduce or forgive the principal amount of any Revolving Credit Loans, Swing Line Loans or Reimbursement
      Obligations, or reduce the rate of interest on the Revolving Credit Loans or the amount of the Commitment Fee or Letter of Credit Fees (other than interest accruing pursuant to §5.10.2 following the effective date of any waiver by the Required
      Lenders of the Default or Event of Default relating thereto);

     

    

    (ii)       increase the amount of such Lender’s Commitment or extend the expiration date of such Lender's Commitment
      or reinstate any Commitment that has been terminated;

     

    

    (iii)         postpone or extend the Maturity Date or any other regularly scheduled dates for payments of principal
      of, or interest on, the Revolving Credit Loans, the Swing Line Loans or Reimbursement Obligations or any fees or other amounts payable to such Lender (it being understood that (A) a waiver of the application of the default rate of interest pursuant
      to §5.10.2, and (B) any vote to rescind any acceleration made pursuant to §13.1 of amounts owing with respect to the Revolving Credit Loans and other Obligations shall require only the approval of the Required Lenders); and

     

    

    
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    (iv)        other than pursuant to a transaction permitted by the terms of this Agreement, release in one transaction
      or a series of related transactions all or substantially all of the Collateral (excluding if the Borrowers or any Subsidiary of the Borrowers becomes a debtor under the federal Bankruptcy Code, the release of “cash collateral”, as defined in Section
      363(a) of the federal Bankruptcy Code pursuant to a cash collateral stipulation with the debtor approved by the Required Lenders) or release all or substantially all of the Guarantors from their guaranty obligations under the Guaranty;

     

    

    (b)         without the written consent of all of the Lenders, waive a Default or Event of Default under §13.1(a) or §13.1(b), amend or waive
      this §16.13 or the definition of Required Lenders or change §§13.4, 16.1 or other sections hereof requiring pro rata sharing of payments in a manner that would alter the pro rata sharing of payments required thereby;

     

    

    (c)        (i) no amendment, waiver or consent shall, unless in writing and signed by the L/C Issuer in addition to the Lenders required above,
      affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and signed by the Swing Line Lender
      in addition to the Lenders required above, affect the rights or duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders
      required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iv) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed only by the parties
      thereto;

     

    

    (d)          without the written consent of each Lender directly affected thereby, waive any condition set forth in §11.

     

    

    Notwithstanding anything to the contrary herein, no Delinquent Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent
      which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Delinquent Lenders), except that (x) the Commitment of any Delinquent Lender may not be increased or
      extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Delinquent Lender more adversely than other affected Lenders shall
      require the consent of such Delinquent Lender.

     

    

    16.14.   Severability.  The provisions of this
      Agreement are severable and if any one clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in
      such jurisdiction, and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction.

     

    

    
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    16.15.   USA PATRIOT Act; Beneficial Ownership Regulations. 

      Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L.
      107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrowers and/or their Subsidiaries, which information includes the name and address of the Borrowers or their
      Subsidiaries and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrowers and their Subsidiaries in accordance with the Act. Each Borrower shall, promptly following any request therefor,
      provide information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the
      Act and the Beneficial Ownership Regulation.

     

    

    16.16.    Interest Rate Limitation. 
      Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). 

      If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers.  In
      determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as
      an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of
      the Obligations hereunder.

     

    

    16.17.   No Advisory or Fiduciary Responsibility.  In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement
      provided by the Administrative Agent, the Arrangers, and the Lenders are arm’s-length commercial transactions between the Borrowers, each other Loan Party and their respective Affiliates, on the one hand, and the Administrative Agent, the
      Arrangers, and the Lenders, on the other hand, (B) each of the Borrowers and the other Loan Parties has consulted its own
      legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each of the Borrowers and each other Loan Party is capable of evaluating, and understands and accepts, the
      terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, the Arrangers and each Lender is and has been acting
      solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrowers, any other Loan Party
      or any of their respective Affiliates, or any other Person and (B) neither the Administrative Agent, the Arrangers nor any Lender has any obligation to the Borrowers, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and
      in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers and the Lenders and their respective Affiliates may be engaged in a broad range of
      transactions that involve interests that differ from those of the Borrowers, the other Loan Parties and their respective Affiliates, and neither the Administrative
      Agent, the Arrangers, nor any Lender has any obligation to disclose any of such interests to the Borrowers, any other Loan Party or any of their respective Affiliates.  To the fullest extent permitted by law, each of the Borrowers and each other Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, the Arrangers or any Lender with respect to any breach or
      alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

      

    

    
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    16.18.     Acknowledgment and Consent to Bail-In of Affected
          Financial Institutions.  Solely to the extent any Lender or L/C Issuer that is an Affected Financial Institution is a party to this Agreement and notwithstanding anything to the contrary in any
      Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or L/C Issuer  that is an Affected Financial Institution arising under any Loan Document, to
      the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

     

    

    (a)         the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such
      liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an Affected Financial Institution; and

     

    

    (b)          the effects of any Bail-In Action on any such liability, including, if applicable:

     

    

    (i)           a reduction in full or in part or cancellation of any such liability;

     

    

    (ii)        a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such
      Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to
      any such liability under this Agreement or any other Loan Document; or

     

    

    (iii)        the variation of the terms of such liability in connection with the exercise of the write-down and
      conversion powers of the applicable Resolution Authority.

     

    

    16.19.    Acknowledgment Regarding Any Supported QFCs. 

      To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”),

      the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
      (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any
      Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

     

    

    
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    16.19.1.  In the event a Covered Entity that is party to a Supported QFC
        (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC
        and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
        if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a
        Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
        Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of
        the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC
        or any QFC Credit Support.

     

      

    16.19.2.  As used in this §16.19, the following terms have the following
        meanings:

     

      

    BHC Act Affiliate.  An “affiliate” (as such term is defined under, and interpreted in
        accordance with, 12 U.S.C. 1841(k)) of such party.

     

      

    Covered Entity.  Any of the following: (i) a “covered entity” as that term is defined
        in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in
        accordance with, 12 C.F.R. § 382.2(b).

     

      

    Default Right.  A “default right” as defined in, and interpreted in accordance with, 12
        C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

     

      

    QFC.  A “qualified financial contract” as defined in, and interpreted in accordance
        with, 12 U.S.C. 5390(c)(8)(D).

     

      

    17.  GUARANTY.

     

      

    17.1.       Guaranty.  Each Borrower hereby
      absolutely and unconditionally guarantees in favor of the Administrative Agent, for the benefit of the Secured Parties, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated
      maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations of each other Borrower, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or
      otherwise, arising hereunder and under the other Loan Documents (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Lenders in connection with the
      collection or enforcement thereof) (collectively, the “Guaranteed Obligations”).  The Administrative Agent’s books and records showing the amount of the Guaranteed Obligations shall be admissible in evidence in any action or proceeding, and
      shall be binding upon each Borrower, and conclusive for the purpose of establishing the amount of the Guaranteed Obligations.  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed
      Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the
      Guaranteed Obligations which might otherwise constitute a defense to the obligations of any Borrower under this Guaranty, and each Borrower hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all
      of the foregoing.

     

    

    
      - 133 -

      
        

    

    17.2.      Rights of Lenders.  Each Borrower
      consents and agrees that the Secured Parties may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof:  (a) amend, extend, renew, compromise, discharge, accelerate
      or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty
      or any Guaranteed Obligations; (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute one or more of any
      endorsers or other guarantors of any of the Guaranteed Obligations.  Without limiting the generality of the foregoing, each Borrower consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks
      of such Borrower under this Guaranty or which, but for this provision, might operate as a discharge of such Borrower.

     

    

    17.3.      Certain Waivers.  Each Borrower waives
      (a) any defense arising by reason of any disability or other defense of such Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Lender) of the liability of such Borrower; (b) any defense
      based on any claim that such Borrower’s obligations exceed or are more burdensome than those of any other Borrower; (c) the benefit of any statute of limitations affecting such Borrower’s liability hereunder; (d) any right to proceed against any
      other Borrower, proceed against or exhaust any security for the Guaranteed Obligations, or pursue any other remedy in the power of any Lender whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any
      Lender; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties.  Each Borrower expressly waives all
      setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with
      respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guaranteed Obligations.  Each Borrower waives any rights
      and defenses that are or may become available to such Borrower by reason of §§ 2787 to 2855, inclusive, and §§ 2899 and 3433 of the California Civil Code.  As provided below, the guaranty contained in this §17 shall be governed by, and construed in
      accordance with, the laws of the State of New York.  The foregoing waivers and the provisions hereinafter set forth in this Guaranty which pertain to California law are included solely out of an abundance of caution, and shall not be construed to
      mean that any of the above-referenced provisions of California law are in any way applicable to this guaranty or the Guaranteed Obligations.

     

    

    17.4.      Obligations Independent.  The
      obligations of each Borrower hereunder are those of primary obligor, and not merely as surety, and are independent of the Guaranteed Obligations and the obligations of any other guarantor, and a separate action may be brought against such Borrower to
      enforce this Guaranty whether or not any other Borrower or any other person or entity is joined as a party.

     

    

    
      - 134 -

      
        

    

    17.5.      Subrogation.  No Borrower shall
      exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been
      indefeasibly paid in full in cash and performed in full and the Commitments are terminated.  If any amounts are paid to a Borrower in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Lenders and
      shall forthwith be paid to the Lenders to reduce the amount of the Guaranteed Obligations, whether matured or unmatured.

     

    

    17.6.      Termination; Reinstatement.  This
      Guaranty is a continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this Guaranty are indefeasibly
      paid in full in cash and the Commitments with respect to the Guaranteed Obligations are terminated.  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on
      behalf of any Borrower is made, or any of the Lenders exercises its right of setoff, in respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
      or preferential, set aside or required (including pursuant to any settlement entered into by any of the Lenders in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief
      Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Lenders are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or
      reduction.  The obligations of each Borrower under this paragraph shall survive termination of this Agreement and/or this Guaranty.

     

    

    17.7.      Subordination. 

        Each Borrower hereby subordinates to the indefeasible payment in full in cash of all Guaranteed Obligations the payment of all obligations and indebtedness of each Borrower to any other Borrower, whether now existing or hereafter arising, excluding
        the Excluded Intercompany Obligations, but including but not limited to any obligation of any Borrower to any other Borrower as subrogee of the Lenders or resulting from any Borrower’s performance under this Guaranty.  Notwithstanding the
        subordination pursuant to the foregoing sentence, each Borrower may continue to make payments to any other Borrower in the ordinary course of business, unless:  (i) a Default or Event of Default has occurred and is continuing; and (ii)
        Administrative Agent shall have notified the Borrowers in writing that payments of obligations that have been subordinated pursuant to this §17 should lapse until such Default or Event of Default has been cured.

     

      

    17.8.       Stay of Acceleration.  If acceleration
      of the time for payment of any of the Guaranteed Obligations is stayed, in connection with any case commenced by or against any Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each other Borrower
      immediately upon demand by the Lenders.

     

    

    17.9.      Condition of Borrowers.  Each Borrower
      acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from each other Borrower and any other guarantor such information concerning the financial condition, business and operations of such other Borrower
      and any such other guarantor as each Borrower requires, and that none of the Lenders has any duty, and no Borrower is relying on the Lenders at any time, to disclose to such Borrower any information relating to the business, operations or financial
      condition of any other Borrower or any Guarantor. Each Borrower hereby waives any duty on the part of the Lenders to disclose such information and any defense relating to the failure to provide the same.

     

    

    
      - 135 -

      
        

    

    18.  ACKNOWLEDGEMENT.

     

      

    In connection with all aspects of each transaction contemplated hereby, the Borrowers acknowledge and agree, and acknowledge their Affiliates’ understanding, that: (i) the credit facilities provided
      for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the
      Borrowers and its respective Affiliates, on the one hand, and the Administrative Agent and the Arrangers, on the other hand, and the Borrowers are capable of evaluating and understanding and understands and accepts the terms, risks and conditions of
      the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent and the
      Arrangers each is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Borrowers or any of their respective Affiliates, stockholders, creditors or employees or any other Person; (iii) neither the
      Administrative Agent nor the Arrangers has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrowers with respect to any of the transactions contemplated hereby or the process leading thereto, including with
      respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the Administrative Agent or and the Arrangers has advised or is currently advising the Borrowers or any of their respective
      Affiliates on other matters) and neither the Administrative Agent nor the Arrangers has any obligation to the Borrowers or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
      forth herein and in the other Loan Documents; (iv) the Administrative Agent and the Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers and their
      respective Affiliates, and neither the Administrative Agent nor the Arrangers has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Administrative Agent and the Arrangers have
      not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the
      Borrowers have consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.  The Borrowers hereby waive and release, to the fullest extent permitted by law, any claims that it may have against the
      Administrative Agent and the Arrangers with respect to any breach or alleged breach of agency or fiduciary duty.

      

    

    19.  TRANSITIONAL ARRANGEMENTS.

     

      

    On the Closing Date, this Agreement shall amend, restate and supersede the Existing Credit Agreement in its entirety, except as provided in this §19.  On the Closing Date, the rights and obligations
      of the parties evidenced by the Existing Credit Agreement shall be evidenced by this Agreement and the other Loan Documents and the Existing Letters of Credit issued by any L/C Issuer for the account of CAI prior to the Closing Date shall be
      converted into Letters of Credit under this Agreement and the grant of security interest in the Collateral by the relevant Loan Parties under the Existing Credit Agreement and the other “Loan Documents” (as defined
        in the Existing Credit Agreement) shall continue under this Agreement and the other Loan Documents, and shall not in any event be terminated, extinguished or annulled but shall hereafter be governed by this Agreement and the other Loans Documents. 

      All references to the Existing Credit Agreement in any Loan Document or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof.  Without
        limiting the generality of the foregoing and to the extent necessary, the Lenders and the Administrative Agent reserve all of their rights under the Existing Credit Agreement and each of the Guarantors hereby obligates itself again in respect of
        all present and future Obligations under, inter alia, the Existing Credit Agreement, as amended and restated by this Agreement.

     

      

    
      - 136 -

      
        

    

    
    All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement through the Closing Date shall be calculated as of the Closing Date (pro rated in
      the case of any fractional periods), and shall be paid on the Closing Date.  Commencing on the Closing Date, the Commitment Fees and all other fees hereunder shall be payable by the Borrowers to the Administrative Agent for the account of the Lenders
      in accordance with this Agreement.

     

    

    20.  AMOUNT SECURED - COMPLIANCE WITH BARBADOS LAW LODGMENT AND STAMPING
            REQUIREMENTS

     

          

    The amount to be secured by this Agreement and the Security Documents shall be unlimited.  This Agreement shall be stamped in Barbados pursuant to the provisions of the Stamp Duty Act, Cap. 91 of the
      laws of Barbados, in the first instance with stamp duty covering aggregate indebtedness in the amount of $1,500,000,000, and CAL hereby agrees that the Administrative Agent shall be and is hereby empowered at any time or times hereafter (without
      further license or consent of CAL) to affix additional stamp duty hereon covering any sum or sums by which the said indebtedness may exceed the said sum, it being the intent of these presents that until its discharge in writing by the Administrative
      Agent any charge hereby created shall be a continuing security for the Obligations whether incurred, existing or arising before or after the execution and delivery of this Agreement.  Without prejudice to the rights of the Administrative Agent under
      this §20, CAL will at all times and from time to time (so long as CAL is a Barbados company) duly stamp this Agreement in accordance with the intent of this §20 and shall procure that such statement of the charge hereby created or such amended
      particulars thereof in such form as the Administrative Agent may reasonably require, are duly lodged with the Registrar, Corporate Affairs and Intellectual Property Office, Barbados, pursuant to Part II Division A of the Companies Act, Cap.308 of the
      laws of Barbados.

     

    

    [remainder of page intentionally left blank]

     

    

  

  
    - 137 -

    
      

  

   ANNEX B

  

  

  DESCRIPTION OF MIGRATION

   

  
    [attached]

  

   

  
    
      

  

  ANNEX C

  

  

  Amended Schedules to Credit Agreement

  

  

  [attached]aehr_ex43

 

  Exhibit
4.3

 

AEHR TEST SYSTEMS

 

                                                 

 

INDENTURE

 

Dated
as of ___________, 2021

 

                                               

 

[_________]

 

Trustee

 

 

 

 

 

TABLE OF CONTENTS

 

	
 

	

Page

	

ARTICLE
I. DEFINITIONS AND INCORPORATION BY REFERENCE

	

1

	

Section
1.1. 

	

Definitions.

	

1

	

Section
1.2. 

	

Other
Definitions.

	

4

	

Section
1.3. 

	

Incorporation
by Reference of Trust Indenture Act.

	

4

	

Section
1.4. 

	

Rules
of Construction.

	

5

	

ARTICLE
II. THE SECURITIES  

	

5

	

Section
2.1. 

	

Issuable
in Series.

	

5

	

Section
2.2. 

	

Establishment
of Terms of Series of Securities.

	

6

	

Section
2.3. 

	

Execution
and Authentication.

	

8

	

Section
2.4. 

	

Registrar
and Paying Agent.

	

9

	

Section
2.5. 

	

Paying
Agent to Hold Money in Trust.

	

10

	

Section
2.6. 

	

Securityholder
Lists.

	

10

	

Section
2.7. 

	

Transfer
and Exchange.

	

10

	

Section
2.8. 

	

Mutilated,
Destroyed, Lost and Stolen Securities.

	

10

	

Section
2.9. 

	

Outstanding
Securities.

	

11

	

Section
2.10. 

	

Treasury
Securities.

	

12

	

Section
2.11. 

	

Temporary
Securities.

	

12

	

Section
2.12. 

	

Cancellation.

	

12

	

Section
2.13. 

	

Defaulted
Interest.

	

12

	

Section
2.14. 

	

Global
Securities.

	

13

	

Section
2.15. 

	

CUSIP
Numbers.

	

14

	

ARTICLE
III. REDEMPTION  

	

15

	

Section
3.1. 

	

Notice
to Trustee.

	

15

	

Section
3.2. 

	

Selection
of Securities to be Redeemed.

	

15

	

Section
3.3. 

	

Notice
of Redemption.

	

15

	

Section
3.4. 

	

Effect
of Notice of Redemption.

	

16

	

Section
3.5. 

	

Deposit
of Redemption Price.

	

16

	

Section
3.6. 

	

Securities
Redeemed in Part.

	

16

	

ARTICLE
IV. COVENANTS  

	

17

	

Section
4.1. 

	

Payment
of Principal and Interest.

	

17

	

Section
4.2. 

	

SEC
Reports.

	

17

	

Section
4.3. 

	

Compliance
Certificate.

	

17

	

Section
4.4. 

	

Stay,
Extension and Usury Laws.

	

18

	

ARTICLE
V. SUCCESSORS  

	

18

	

Section
5.1. 

	

When
Company May Merge, Etc.

	

18

	

Section
5.2. 

	

Successor
Corporation Substituted.

	

18

 

 

i

 

 

	

ARTICLE
VI. DEFAULTS AND REMEDIES

	

19

	

Section
6.1. 

	

Events
of Default.

	

19

	

Section
6.2. 

	

Acceleration
of Maturity; Rescission and Annulment.

	

20

	

Section
6.3. 

	

Collection
of Indebtedness and Suits for Enforcement by Trustee.

	

21

	

Section
6.4. 

	

Trustee
May File Proofs of Claim.

	

21

	

Section
6.5. 

	

Trustee
May Enforce Claims Without Possession of Securities.

	

22

	

Section
6.6. 

	

Application
of Money Collected.

	

22

	

Section
6.7. 

	

Limitation
on Suits.

	

23

	

Section
6.8. 

	

Unconditional
Right of Holders to Receive Principal and Interest.

	

23

	

Section
6.9. 

	

Restoration
of Rights and Remedies.

	

23

	

Section
6.10. 

	

Rights
and Remedies Cumulative.

	

24

	

Section
6.11. 

	

Delay
or Omission Not Waiver.

	

24

	

Section
6.12. 

	

Control
by Holders.

	

24

	

Section
6.13. 

	

Waiver
of Past Defaults.

	

25

	

Section
6.14. 

	

Undertaking
for Costs.

	

25

	

ARTICLE
VII. TRUSTEE  

	

25

	

Section
7.1. 

	

Duties
of Trustee.

	

25

	

Section
7.2. 

	

Rights
of Trustee.

	

26

	

Section
7.3. 

	

Individual
Rights of Trustee.

	

28

	

Section
7.4. 

	

Trustee’s
Disclaimer.

	

28

	

Section
7.5. 

	

Notice
of Defaults.

	

28

	

Section
7.6. 

	

Reports
by Trustee to Holders.

	

28

	

Section
7.7. 

	

Compensation
and Indemnity.

	

28

	

Section
7.8. 

	

Replacement
of Trustee.

	

29

	

Section
7.9. 

	

Successor
Trustee by Merger, Etc.

	

30

	

Section
7.10. 

	

Eligibility;
Disqualification.

	

30

	

Section
7.11. 

	

Preferential
Collection of Claims Against Company.

	

30

	

ARTICLE
VIII. SATISFACTION AND DISCHARGE; DEFEASANCE

	

31

	

Section
8.1. 

	

Satisfaction
and Discharge of Indenture.

	

31

	

Section
8.2. 

	

Application
of Trust Funds; Indemnification.

	

32

	

Section
8.3. 

	

Legal
Defeasance of Securities of any Series.

	

32

	

Section
8.4. 

	

Covenant
Defeasance.

	

34

	

Section
8.5. 

	

Repayment
to Company.

	

35

	

Section
8.6. 

	

Reinstatement.

	

35

	

ARTICLE
IX. AMENDMENTS AND WAIVERS

	

35

	

Section
9.1. 

	

Without
Consent of Holders.

	

35

	

Section
9.2. 

	

With
Consent of Holders.

	

36

	

Section
9.3. 

	

Limitations.

	

37

	

Section
9.4. 

	

Compliance
with Trust Indenture Act.

	

37

	

Section
9.5. 

	

Revocation
and Effect of Consents.

	

37

	

Section
9.6. 

	

Notation
on or Exchange of Securities.

	

38

	

Section
9.7. 

	

Trustee
Protected.

	

38

	

ARTICLE
X. MISCELLANEOUS  

	

38

	

Section
10.1. 

	

Trust
Indenture Act Controls.

	

38

	

Section
10.2. 

	

Notices.

	

38

 

 

ii

 

 

	

Section
10.3. 

	

Communication
by Holders with Other Holders.

	

40

	

Section
10.4. 

	

Certificate
and Opinion as to Conditions Precedent.

	

40

	

Section
10.5. 

	

Statements
Required in Certificate or Opinion.

	

40

	

Section
10.6. 

	

Rules
by Trustee and Agents.

	

41

	

Section
10.7. 

	

Legal
Holidays.

	

41

	

Section
10.8. 

	

No
Recourse Against Others.

	

41

	

Section
10.9. 

	

Counterparts.

	

41

	

Section
10.10. 

	

Governing
Law; Waiver of Jury Trial; Consent to Jurisdiction.

	

42

	

Section
10.11. 

	

No
Adverse Interpretation of Other Agreements.

	

42

	

Section
10.12. 

	

Successors.

	

42

	

Section
10.13. 

	

Severability.

	

42

	

Section
10.14. 

	

Table
of Contents, Headings, Etc.

	

42

	

Section
10.15. 

	

Securities
in a Foreign Currency.

	

43

	

Section
10.16. 

	

Judgment
Currency.

	

43

	

Section
10.17. 

	

Force
Majeure.

	

44

	

Section
10.18. 

	

U.S.A.
Patriot Act.

	

44

	

ARTICLE
XI. SINKING FUNDS  

	

44

	

Section
11.1. 

	

Applicability
of Article.

	

44

	

Section
11.2. 

	

Satisfaction
of Sinking Fund Payments with Securities.

	

44

	

Section
11.3. 

	

Redemption
of Securities for Sinking Fund.

	

45

 

 

 

 

iii

 

 

AEHR TEST SYSTEMS

 

Reconciliation
and tie between Trust Indenture Act of 1939 and

Indenture,
dated as of ____________, 2021

 

	

§ 310(a)(1)

	

7.1

	

(a)(2)

	

7.1

	

(a)(3)

	

Not Applicable

	

(a)(4)

	

Not Applicable

	

(a)(5)

	

7.1

	

(b)

	

7.1

	

§ 311(a)

	

7.11

	

(b)

	

7.11

	

(c)

	

Not Applicable

	

§ 312(a)

	

2.6

	

(b)

	

10.3

	

(c)

	

10.3

	

§ 313(a)

	

7.6

	

(b)(1)

	

7.6

	

(b)(2)

	

7.6

	

(c)(1)

	

7.6

	

(d)

	

7.6

	

§ 314(a)

	

4.2, 10.5

	

(b)

	

Not Applicable

	

(c)(1)

	

10.4

	

(c)(2)

	

10.4

	

(c)(3)

	

Not Applicable

	

(d)

	

Not Applicable

	

(e)

	

10.5

	

(f)

	

Not Applicable

	

§ 315(a)

	

7.1

	

(b)

	

7.5

	

(c)

	

7.1

	

(d)

	

7.1

	

(e)

	

6.14

	

§ 316(a)

	

2.1

	

(a)(1)(A)

	

6.12

	

(a)(1)(B)

	

6.13

	

(b)

	

6.8

	

§ 317(a)(1)

	

6.3

	

(a)(2)

	

6.4

	

(b)

	

2.5

	

§ 318(a)

	

10.1

 

 

Note:
This reconciliation and tie shall not, for any purpose, be deemed
to be part of the Indenture.

 

 

iv

 

 

Indenture dated as
of __________, 2021 between AEHR Test Systems, a company
incorporated under the laws of California (the “Company”), and [______]
(“Trustee”).

 

Each
party agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders of the Securities
issued under this Indenture.

 

ARTICLE
I.

DEFINITIONS
AND INCORPORATION BY REFERENCE

 

Section 1.1.
Definitions.

 

“Additional Amounts” means any
additional amounts which are required hereby or by any Security,
under circumstances specified herein or therein, to be paid by the
Company in respect of certain taxes imposed on Holders specified
herein or therein and which are owing to such Holders.

 

“Affiliate” of any specified
person means any other person directly or indirectly controlling or
controlled by or under common control with such specified person.
For the purposes of this definition, “control”
(including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used
with respect to any person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the
management or policies of such person, whether through the
ownership of voting securities or by agreement or
otherwise.

 

“Agent” means any Registrar,
Paying Agent or Notice Agent.

 

“Board of Directors” means the
board of directors of the Company or any duly authorized committee
thereof.

 

“Board Resolution” means a copy of
a resolution certified by the Secretary or an Assistant Secretary
of the Company to have been adopted by the Board of Directors or
pursuant to authorization by the Board of Directors and to be in
full force and effect on the date of the certificate and delivered
to the Trustee.

 

“Business Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New
York, New York (or in connection with any payment, the place of
payment) on which banking institutions are authorized or required
by law, regulation or executive order to close.

 

“Capital Stock” means any and all
shares, interests, participations, rights or other equivalents
(however designated) of corporate stock.

 

“Company” means the party named as
such above until a successor replaces it and thereafter means the
successor.

 

“Company Order” means a written
order signed in the name of the Company by an Officer.

 

“Corporate Trust Office” means the
office of the Trustee at which at any particular time its corporate
trust business related to this Indenture shall be principally
administered.

 

 

 

 

“Default” means any event which
is, or after notice or passage of time or both would be, an Event
of Default.

 

“Depositary” means, with respect
to the Securities of any Series issuable or issued in whole or in
part in the form of one or more Global Securities, the person
designated as Depositary for such Series by the Company, which
Depositary shall be a clearing agency registered under the Exchange
Act; and if at any time there is more than one such person,
“Depositary” as used with respect to the Securities of
any Series shall mean the Depositary with respect to the Securities
of such Series.

 

“Discount Security” means any
Security that provides for an amount less than the stated principal
amount thereof to be due and payable upon declaration of
acceleration of the maturity thereof pursuant to Section
6.2.

 

“Dollars” and “$” means the currency of The
United States of America.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended.

 

“Foreign Currency” means any
currency or currency unit issued by a government other than the
government of The United States of America.

 

“Foreign Government Obligations”
means, with respect to Securities of any Series that are
denominated in a Foreign Currency, direct obligations of, or
obligations guaranteed by, the government that issued or caused to
be issued such currency for the payment of which obligations its
full faith and credit is pledged and which are not callable or
redeemable at the option of the issuer thereof.

 

“GAAP” means generally
accepted accounting principles in the United States of America set
forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the
accounting profession, which are in effect as of the date of
determination.

 

“Global Security” or
“Global
Securities” means a Security or Securities, as the
case may be, in the form established pursuant to Section 2.2
evidencing all or part of a Series of Securities, issued to the
Depositary for such Series or its nominee, and registered in the
name of such Depositary or nominee.

 

“Holder” or “Securityholder” means a person in
whose name a Security is registered.

 

“Indenture” means this Indenture
as amended or supplemented from time to time and shall include the
form and terms of particular Series of Securities established as
contemplated hereunder.

 

“interest” with respect to any
Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.

 

 

2

 

 

“Maturity,” when used with respect
to any Security, means the date on which the principal of such
Security becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration,
call for redemption or otherwise.

 

“Officer” means the Chief
Executive Officer, President, the Chief Financial Officer, the
Treasurer or any Assistant Treasurer, the Secretary or any
Assistant Secretary, and any Vice President of the
Company.

 

“Officer’s Certificate”
means a certificate signed by any Officer.

 

“Opinion of Counsel” means a
written opinion of legal counsel who is acceptable to the Trustee.
The counsel may be an employee of or counsel to the Company. The
opinion may contain customary limitations, conditions and
exceptions.

 

“person” means any individual,
corporation, partnership, joint venture, association, limited
liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision
thereof.

 

“principal” of a Security means
the principal of the Security plus, when appropriate, the premium,
if any, on, and any Additional Amounts in respect of, the
Security.

 

“Responsible Officer” means any
officer of the Trustee in its Corporate Trust Office having
responsibility for administration of this Indenture and also means,
with respect to a particular corporate trust matter, any other
officer to whom any corporate trust matter is referred because of
his or her knowledge of and familiarity with a particular
subject.

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities” means the debentures,
notes or other debt instruments of the Company of any Series
authenticated and delivered under this Indenture.

 

“Series” or “Series of Securities” means each
series of debentures, notes or other debt instruments of the
Company created pursuant to Sections 2.1 and 2.2
hereof.

 

“Stated Maturity” when used with
respect to any Security, means the date specified in such Security
as the fixed date on which the principal of such Security or
interest is due and payable.

 

“Subsidiary” of any specified
person means any corporation, association or other business entity
of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or
indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.

 

“TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect
on the date of this Indenture; provided, however, that in the event the
Trust Indenture Act of 1939 is amended after such date,
“TIA” means, to the extent required by any such
amendment, the Trust Indenture Act as so amended.

 

 

3

 

 

“Trustee” means the person named
as the “Trustee” in the first paragraph of this
instrument until a successor Trustee shall have become such
pursuant to the applicable provisions of this Indenture, and
thereafter “Trustee” shall mean or include each person
who is then a Trustee hereunder, and if at any time there is more
than one such person, “Trustee” as used with respect to
the Securities of any Series shall mean the Trustee with respect to
Securities of that Series.

 

“U.S. Government Obligations”
means securities which are direct obligations of, or guaranteed by,
The United States of America for the payment of which its full
faith and credit is pledged and which are not callable or
redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank or trust company as
custodian with respect to any such U.S. Government Obligation or a
specific payment of interest on or principal of any such U.S.
Government Obligation held by such custodian for the account of the
holder of a depositary receipt, provided that (except as required by
law) such custodian is not authorized to make any deduction from
the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S.
Government Obligation evidenced by such depositary
receipt.

 

Section 1.2.
Other Definitions.

 

	

TERM

	

DEFINED
IN

SECTION

	
	

 

	

“Bankruptcy
Law”

	

6.1

	

“Custodian”

	

6.1

	

“Event
of Default”

	

6.1

	

“Judgment
Currency”

	

10.16

	

“Legal
Holiday”

	

10.7

	

“mandatory
sinking fund payment”

	

11.1

	

“New
York Banking Day”

	

10.16

	

“Notice
Agent”

	

2.4

	

“optional
sinking fund payment”

	

11.1

	

“Paying
Agent”

	

2.4

	

“Registrar”

	

2.4

	

“Required
Currency”

	

10.16

	

“Specified
Courts”

	

10.10

	

“successor
person”

	

5.1

 

Section 1.3.
Incorporation by Reference of Trust
Indenture Act.

 

Whenever this
Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following
meanings:

 

“Commission” means the
SEC.

 

“indenture securities” means the
Securities.

 

“indenture security holder” means
a Securityholder.

 

 

4

 

 

“indenture to be qualified” means
this Indenture.

 

“indenture trustee” or
“institutional
trustee” means the Trustee.

 

“obligor” on the indenture
securities means the Company and any successor obligor upon the
Securities.

 

All
other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein are used herein as
so defined.

 

Section 1.4.
Rules of
Construction.

 

Unless
the context otherwise requires:

 

(a)
a term has the
meaning assigned to it;

 

(b)
an accounting term
not otherwise defined has the meaning assigned to it in accordance
with GAAP;

 

(c)
“or” is not
exclusive;

 

(d)
words in the
singular include the plural, and in the plural include the
singular; and

 

(e)
provisions apply to
successive events and transactions.

 

ARTICLE
II.

THE
SECURITIES

 

Section 2.1.
Issuable in
Series.

 

The
aggregate principal amount of Securities that may be authenticated
and delivered under this Indenture is unlimited. The Securities may
be issued in one or more Series. All Securities of a Series shall
be identical except as may be set forth or determined in the manner
provided in a Board Resolution, a supplemental indenture or an
Officer’s Certificate detailing the adoption of the terms
thereof pursuant to authority granted under a Board Resolution. In
the case of Securities of a Series to be issued from time to time,
the Board Resolution, Officer’s Certificate or supplemental
indenture detailing the adoption of the terms thereof pursuant to
authority granted under a Board Resolution may provide for the
method by which specified terms (such as interest rate, maturity
date, record date or date from which interest shall accrue) are to
be determined. Securities may differ between Series in respect of
any matters, provided that all Series of Securities shall be
equally and ratably entitled to the benefits of the
Indenture.

 

Section 2.2.
Establishment of Terms of Series of
Securities.

 

At or
prior to the issuance of any Securities within a Series, the
following shall be established (as to the Series generally, in the
case of Subsection 2.2.1 and either as to such Securities within
the Series or as to the Series generally in the case of Subsections
2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set
forth or determined in the manner provided in a Board Resolution,
supplemental indenture hereto or Officer’s
Certificate:

 

 

5

 

 

2.2.1.
the title (which
shall distinguish the Securities of that particular Series from the
Securities of any other Series) and ranking (including the terms of
any subordination provisions) of the Series;

 

2.2.2.
the price or prices
(expressed as a percentage of the principal amount thereof) at
which the Securities of the Series will be issued;

 

2.2.3.
any limit upon the
aggregate principal amount of the Securities of the Series which
may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of
the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or
9.6);

 

2.2.4.
the date or dates
on which the principal of the Securities of the Series is
payable;

 

2.2.5.
the rate or rates
(which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not
limited to, any commodity, commodity index, stock exchange index or
financial index) at which the Securities of the Series shall bear
interest, if any, the date or dates from which such interest, if
any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for
the interest payable on any interest payment date;

 

2.2.6.
the place or places
where the principal of and interest, if any, on the Securities of
the Series shall be payable, where the Securities of such Series
may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the
Securities of such Series and this Indenture may be delivered, and
the method of such payment, if by wire transfer, mail or other
means;

 

2.2.7.
if applicable, the
period or periods within which, the price or prices at which and
the terms and conditions upon which the Securities of the Series
may be redeemed, in whole or in part, at the option of the
Company;

 

2.2.8.
the obligation, if
any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at
the option of a Holder thereof and the period or periods within
which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased,
in whole or in part, pursuant to such obligation;

 

2.2.9.
the dates, if any,
on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the
Holders thereof and other detailed terms and provisions of such
repurchase obligations;

 

2.2.10.
if other than
denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be
issuable;

 

 

6

 

 

2.2.11.
the forms of the
Securities of the Series and whether the Securities will be
issuable as Global Securities;

 

2.2.12.
if other than the
principal amount thereof, the portion of the principal amount of
the Securities of the Series that shall be payable upon declaration
of acceleration of the maturity thereof pursuant to Section
6.2;

 

2.2.13.
the currency of
denomination of the Securities of the Series, which may be Dollars
or any Foreign Currency, and if such currency of denomination is a
composite currency, the agency or organization, if any, responsible
for overseeing such composite currency;

 

2.2.14.
the designation of
the currency, currencies or currency units in which payment of the
principal of and interest, if any, on the Securities of the Series
will be made;

 

2.2.15.
if payments of
principal of or interest, if any, on the Securities of the Series
are to be made in one or more currencies or currency units other
than that or those in which such Securities are denominated, the
manner in which the exchange rate with respect to such payments
will be determined;

 

2.2.16.
the manner in which
the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be
determined by reference to an index based on a currency or
currencies or by reference to a commodity, commodity index, stock
exchange index or financial index;

 

2.2.17.
the provisions, if
any, relating to any security provided for the Securities of the
Series;

 

2.2.18.
any addition to,
deletion of or change in the Events of Default which applies to any
Securities of the Series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the
principal amount thereof due and payable pursuant to Section
6.2;

 

2.2.19.
any addition to,
deletion of or change in the covenants set forth in Articles IV or
V which applies to Securities of the Series;

 

2.2.20.
any Depositaries,
interest rate calculation agents, exchange rate calculation agents
or other agents with respect to Securities of such Series if other
than those appointed herein;

 

2.2.21.
the provisions, if
any, relating to conversion or exchange of any Securities of such
Series, including if applicable, the conversion or exchange price,
the conversion or exchange period, provisions as to whether
conversion or exchange will be mandatory, at the option of the
Holders thereof or at the option of the Company, the events
requiring an adjustment of the conversion price or exchange price
and provisions affecting conversion or exchange if such Series of
Securities are redeemed;

 

2.2.22.
any other terms of
the Series (which may supplement, modify or delete any provision of
this Indenture insofar as it applies to such Series), including any
terms that may be required under applicable law or regulations or
advisable in connection with the marketing of Securities of that
Series; and

 

 

7

 

 

2.2.23.
whether any of the
Company’s direct or indirect Subsidiaries will guarantee the
Securities of that Series, including the terms of subordination, if
any, of such guarantees.

 

All
Securities of any one Series need not be issued at the same time
and may be issued from time to time, consistent with the terms of
this Indenture, if so provided by or pursuant to the Board
Resolution, supplemental indenture hereto or Officer’s
Certificate referred to above.

 

Section 2.3.
Execution and
Authentication.

 

An
Officer shall sign the Securities for the Company by manual,
facsimile or electronic signature.

 

If an
Officer whose signature is on a Security no longer holds that
office at the time the Security is authenticated, the Security
shall nevertheless be valid.

 

A
Security shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. The signature
shall be conclusive evidence that the Security has been
authenticated under this Indenture.

 

The
Trustee shall at any time, and from time to time, authenticate
Securities for original issue in the principal amount provided in
the Board Resolution, supplemental indenture hereto or
Officer’s Certificate, upon receipt by the Trustee of a
Company Order. Each Security shall be dated the date of its
authentication.

 

The
aggregate principal amount of Securities of any Series outstanding
at any time may not exceed any limit upon the maximum principal
amount for such Series set forth in the Board Resolution,
supplemental indenture hereto or Officer’s Certificate
delivered pursuant to Section 2.2, except as provided in Section
2.8.

 

Prior
to the issuance of Securities of any Series, the Trustee shall have
received and (subject to Section 7.2) shall be fully protected in
relying on: (a) the Board Resolution, supplemental indenture hereto
or Officer’s Certificate establishing the form of the
Securities of that Series or of Securities within that Series and
the terms of the Securities of that Series or of Securities within
that Series, (b) an Officer’s Certificate complying with
Section 10.4, and (c) an Opinion of Counsel complying with Section
10.4.

 

The
Trustee shall have the right to decline to authenticate and deliver
any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not be taken lawfully; or
(b) if the Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors
and/or vice-presidents or a committee of Responsible Officers shall
determine that such action would expose the Trustee to personal
liability to Holders of any then outstanding Series of
Securities.

 

 

8

 

 

The
Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Securities. An authenticating agent may
authenticate Securities whenever the Trustee may do so. Each
reference in this Indenture to authentication by the Trustee
includes authentication by such agent. An authenticating agent has
the same rights as an Agent to deal with the Company or an
Affiliate of the Company.

 

Section 2.4.
Registrar and Paying
Agent.

 

The
Company shall maintain, with respect to each Series of Securities,
at the place or places specified with respect to such Series
pursuant to Section 2.2, an office or agency where Securities of
such Series may be presented or surrendered for payment
(“Paying
Agent”), where Securities of such Series may be
surrendered for registration of transfer or exchange
(“Registrar”)
and where notices and demands to or upon the Company in respect of
the Securities of such Series and this Indenture may be delivered
(“Notice
Agent”). The Registrar shall keep a register with
respect to each Series of Securities and to their transfer and
exchange. The Company will give prompt written notice to the
Trustee of the name and address, and any change in the name or
address, of each Registrar, Paying Agent or Notice Agent. If at any
time the Company shall fail to maintain any such required
Registrar, Paying Agent or Notice Agent or shall fail to furnish
the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands; provided, however, that any appointment
of the Trustee as the Notice Agent shall exclude the appointment of
the Trustee or any office of the Trustee as an agent to receive the
service of legal process on the Company.

 

The
Company may also from time to time designate one or more
co-registrars, additional paying agents or additional notice agents
and may from time to time rescind such designations; provided, however, that no such
designation or rescission shall in any manner relieve the Company
of its obligations to maintain a Registrar, Paying Agent and Notice
Agent in each place so specified pursuant to Section 2.2 for
Securities of any Series for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or
rescission and of any change in the name or address of any such
co-registrar, additional paying agent or additional notice agent.
The term “Registrar” includes any
co-registrar; the term “Paying Agent” includes any
additional paying agent; and the term “Notice Agent” includes any
additional notice agent. The Company or any of its Affiliates may
serve as Registrar or Paying Agent.

 

The
Company hereby appoints the Trustee the initial Registrar, Paying
Agent and Notice Agent for each Series unless another Registrar,
Paying Agent or Notice Agent, as the case may be, is appointed
prior to the time Securities of that Series are first
issued.

 

Section 2.5.
Paying Agent to Hold Money in
Trust.

 

The
Company shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the
Trustee, all money held by the Paying Agent for the payment of
principal of or interest on the Series of Securities, and will
notify the Trustee in writing of any default by the Company in
making any such payment. While any such default continues, the
Trustee may require a Paying Agent to pay all money held by it to
the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the
Trustee, the Paying Agent (if other than the Company or a
Subsidiary of the Company) shall have no further liability for the
money. If the Company or a Subsidiary of the Company acts as Paying
Agent, it shall segregate and hold in a separate trust fund for the
benefit of Securityholders of any Series of Securities all money
held by it as Paying Agent. Upon any bankruptcy, reorganization or
similar proceeding with respect to the Company, the Trustee shall
serve as Paying Agent for the Securities.

 

 

9

 

 

Section 2.6.
Securityholder
Lists.

 

The
Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and
addresses of Securityholders of each Series of Securities and shall
otherwise comply with TIA § 312(a). If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least ten
days before each interest payment date and at such other times as
the Trustee may request in writing a list, in such form and as of
such date as the Trustee may reasonably require, of the names and
addresses of Securityholders of each Series of
Securities.

 

Section 2.7.
Transfer and
Exchange.

 

Where
Securities of a Series are presented to the Registrar or a
co-registrar with a request to register a transfer or to exchange
them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the
exchange if its requirements for such transactions are met. To
permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No
service charge shall be made for any registration of transfer or
exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any
transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or
9.6).

 

Neither
the Company nor the Registrar shall be required (a) to issue,
register the transfer of, or exchange Securities of any Series for
the period beginning at the opening of business 15 days immediately
preceding the sending of a notice of redemption of Securities of
that Series selected for redemption and ending at the close of
business on the day such notice is sent, or (b) to register the
transfer of or exchange Securities of any Series selected, called
or being called for redemption as a whole or the portion being
redeemed of any such Securities selected, called or being called
for redemption in part.

 

Section 2.8.
Mutilated, Destroyed, Lost and Stolen
Securities.

 

If any
mutilated Security is surrendered to the Trustee, the Company shall
execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and
principal amount and bearing a number not contemporaneously
outstanding.

 

If
there shall be delivered to the Company and the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of
any Security and (ii) such security or indemnity bond as may be
required by each of them to hold itself and any of its agents
harmless, then, in the absence of notice to the Company or the
Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon receipt of a Company
Order the Trustee shall authenticate and make available for
delivery, in lieu of any such destroyed, lost or stolen Security, a
new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously
outstanding.

 

 

10

 

 

In case
any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such
Security.

 

Upon
the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the
Trustee) connected therewith.

 

Every
new Security of any Series issued pursuant to this Section in lieu
of any destroyed, lost or stolen Security shall constitute an
original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other
Securities of that Series duly issued hereunder.

 

The
provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen
Securities.

 

Section 2.9.
Outstanding
Securities.

 

The
Securities outstanding at any time are all the Securities
authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation, those reductions in the interest
on a Global Security effected by the Trustee in accordance with the
provisions hereof and those described in this Section as not
outstanding.

 

If a
Security is replaced pursuant to Section 2.8, it ceases to be
outstanding until the Trustee receives proof satisfactory to it
that the replaced Security is held by a bona fide
purchaser.

 

If the
Paying Agent (other than the Company, a Subsidiary of the Company
or an Affiliate of the Company) holds on the Maturity of Securities
of a Series money sufficient to pay such Securities payable on that
date, then on and after that date such Securities of the Series
cease to be outstanding and interest on them ceases to
accrue.

 

The
Company may purchase or otherwise acquire the Securities, whether
by open market purchases, negotiated transactions or otherwise. A
Security does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Security (but see Section 2.10
below).

 

In
determining whether the Holders of the requisite principal amount
of outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the
principal amount of a Discount Security that shall be deemed to be
outstanding for such purposes shall be the amount of the principal
thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity
thereof pursuant to Section 6.2.

 

 

11

 

 

Section
2.10. Treasury
Securities.

 

In
determining whether the Holders of the required principal amount of
Securities of a Series have concurred in any request, demand,
authorization, direction, notice, consent or waiver, Securities of
a Series owned by the Company or any Affiliate of the Company shall
be disregarded, except that for the purposes of determining whether
the Trustee shall be protected in relying on any such request,
demand, authorization, direction, notice, consent or waiver only
Securities of a Series that a Responsible Officer of the Trustee
knows are so owned shall be so disregarded.

 

Section
2.11. Temporary
Securities.

 

Until
definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities
upon a Company Order. Temporary Securities shall be substantially
in the form of definitive Securities but may have variations that
the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon
receipt of a Company Order shall authenticate definitive Securities
of the same Series and date of maturity in exchange for temporary
Securities. Until so exchanged, temporary securities shall have the
same rights under this Indenture as the definitive
Securities.

 

Section
2.12. Cancellation.

 

The
Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment. The Trustee shall cancel all
Securities surrendered for transfer, exchange, payment, replacement
or cancellation and shall destroy such canceled Securities (subject
to the record retention requirement of the Exchange Act and the
Trustee) and deliver a certificate of such cancellation to the
Company upon written request of the Company. The Company may not
issue new Securities to replace Securities that it has paid or
delivered to the Trustee for cancellation.

 

Section
2.13. Defaulted
Interest.

 

If the
Company defaults in a payment of interest on a Series of
Securities, it shall pay the defaulted interest, plus, to the
extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a
subsequent special record date. The Company shall fix the record
date and payment date. At least ten days before the special record
date, the Company shall send to the Trustee and to each
Securityholder of the Series a notice that states the special
record date, the payment date and the amount of interest to be
paid. The Company may pay defaulted interest in any other lawful
manner.

 

 

12

 

 

Section
2.14. Global Securities.

 

2.14.1.    
Terms of Securities. A Board
Resolution, a supplemental indenture hereto or an Officer’s
Certificate shall establish whether the Securities of a Series
shall be issued in whole or in part in the form of one or more
Global Securities and the Depositary for such Global Security or
Securities.

 

2.14.2.
Transfer and Exchange.
Notwithstanding any provisions to the contrary contained in Section
2.7 of the Indenture and in addition thereto, any Global Security
shall be exchangeable pursuant to Section 2.7 of the Indenture for
Securities registered in the names of Holders other than the
Depositary for such Security or its nominee only if (i) such
Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for such Global Security or if at any time
such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a
successor Depositary registered as a clearing agency under the
Exchange Act within 90 days of such event or (ii) the Company
executes and delivers to the Trustee an Officer’s Certificate
to the effect that such Global Security shall be so exchangeable.
Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such
names as the Depositary shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global
Security with like tenor and terms.

 

Except
as provided in this Section 2.14.2, a Global Security may not be
transferred except as a whole by the Depositary with respect to
such Global Security to a nominee of such Depositary, by a nominee
of such Depositary to such Depositary or another nominee of such
Depositary or by the Depositary or any such nominee to a successor
Depositary or a nominee of such a successor
Depositary.

 

2.14.3.
Legends. Any Global Security
issued hereunder shall bear a legend in substantially the following
form:

 

“THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR
DEPOSITARY.”

 

In
addition, so long as the Depository Trust Company
(“DTC”) is the Depositary, each Global Note registered
in the name of DTC or its nominee shall bear a legend in
substantially the following form:

 

 

13

 

 

“UNLESS THIS
GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE
& CO., HAS AN INTEREST HEREIN.”

 

2.14.4.
Acts of Holders. The
Depositary, as a Holder, may appoint agents and otherwise authorize
participants to give or take any request, demand, authorization,
direction, notice, consent, waiver or other action which a Holder
is entitled to give or take under the Indenture.

 

2.14.5.
Payments. Notwithstanding the
other provisions of this Indenture, unless otherwise specified as
contemplated by Section 2.2, payment of the principal of and
interest, if any, on any Global Security shall be made to the
Holder thereof.

 

2.14.6.
Consents, Declaration and
Directions. The Company, the Trustee and any Agent shall
treat a person as the Holder of such principal amount of
outstanding Securities of such Series represented by a Global
Security as shall be specified in a written statement of the
Depositary or by the applicable procedures of the Depositary with
respect to such Global Security, for purposes of obtaining any
consents, declarations, waivers or directions required to be given
by the Holders pursuant to this Indenture.

 

Section
2.15. CUSIP Numbers.

 

The
Company in issuing the Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall
use “CUSIP” numbers in notices of redemption as a
convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in
any notice of a redemption and that reliance may be placed only on
the other elements of identification printed on the Securities, and
any such redemption shall not be affected by any defect in or
omission of such numbers.

 

ARTICLE
III.

REDEMPTION

 

Section 3.1.
Notice to Trustee.

 

The
Company may, with respect to any Series of Securities, reserve the
right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior
to the Stated Maturity thereof at such time and on such terms as
provided for in such Securities. If a Series of Securities is
redeemable and the Company wants or is obligated to redeem prior to
the Stated Maturity thereof all or part of the Series of Securities
pursuant to the terms of such Securities, it shall notify the
Trustee in writing of the redemption date and the principal amount
of the Series of Securities to be redeemed. The Company shall give
the notice at least 15 days before the redemption date, unless a
shorter period is satisfactory to the Trustee.

 

 

14

 

 

Section 3.2.
Selection of Securities to be
Redeemed.

 

Unless
otherwise indicated for a particular Series by a Board Resolution,
a supplemental indenture hereto or an Officer’s Certificate,
if less than all the Securities of a Series are to be redeemed, the
Securities of the Series to be redeemed will be selected as
follows: (a) if the Securities are in the form of Global
Securities, in accordance with the procedures of the Depositary,
(b) if the Securities are listed on any national securities
exchange, in compliance with the requirements of the principal
national securities exchange, if any, on which the Securities are
listed, or (c) if not otherwise provided for under clause (a) or
(b) in the manner that the Trustee deems fair and appropriate,
including by lot or other method, unless otherwise required by law
or applicable stock exchange requirements, subject, in the case of
Global Securities, to the applicable rules and procedures of the
Depositary. The Securities to be redeemed shall be selected from
Securities of the Series outstanding not previously called for
redemption. Portions of the principal of Securities of the Series
that have denominations larger than $1,000 may be selected for
redemption. Securities of the Series and portions of them it
selected for redemption shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series
issuable in other denominations pursuant to Section 2.2.10, the
minimum principal denomination for each Series and the authorized
integral multiples thereof. Provisions of this Indenture that apply
to Securities of a Series called for redemption also apply to
portions of Securities of that Series called for
redemption.

 

Section 3.3.
Notice of
Redemption.

 

Unless
otherwise indicated for a particular Series by Board Resolution, a
supplemental indenture hereto or an Officer’s Certificate, at
least 15 days but not more than 60 days before a redemption date,
the Company shall send or cause to be sent by first-class mail or
electronically, in accordance with the procedures of the
Depositary, a notice of redemption to each Holder whose Securities
are to be redeemed.

 

The
notice shall identify the Securities of the Series to be redeemed
and shall state:

 

(a)
the redemption
date;

 

(b)
the redemption
price;

 

(c)
the name and
address of the Paying Agent;

 

(d)
if any Securities
are being redeemed in part, the portion of the principal amount of
such Securities to be redeemed and that, after the redemption date
and upon surrender of such Security, a new Security or Securities
in principal amount equal to the unredeemed portion of the original
Security shall be issued in the name of the Holder thereof upon
cancellation of the original Security;

 

(e)
that Securities of
the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price;

 

 

15

 

 

(f)
that interest on
Securities of the Series called for redemption ceases to accrue on
and after the redemption date unless the Company defaults in the
deposit of the redemption price;

 

(g)
the CUSIP number,
if any; and

 

(h)
any other
information as may be required by the terms of the particular
Series or the Securities of a Series being redeemed.

 

At the
Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense,
provided, however, that the Company has delivered to the Trustee,
at least 10 days (unless a shorter time shall be acceptable to the
Trustee) prior to the notice date, an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the
information to be stated in such notice.

 

Section 3.4.
Effect of Notice of
Redemption.

 

Once
notice of redemption is sent as provided in Section 3.3, Securities
of a Series called for redemption become due and payable on the
redemption date and at the redemption price. Except as otherwise
provided in the supplemental indenture, Board Resolution or
Officer’s Certificate for a Series, a notice of redemption
may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued
interest to the redemption date.

 

Section 3.5.
Deposit of Redemption
Price.

 

On or
before 11:00 a.m., New York City time, on the redemption date, the
Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all
Securities to be redeemed on that date.

 

Section 3.6.
Securities Redeemed in
Part.

 

Upon
surrender of a Security that is redeemed in part, the Trustee shall
authenticate for the Holder a new Security of the same Series and
the same maturity equal in principal amount to the unredeemed
portion of the Security surrendered.

 

ARTICLE
IV.

COVENANTS

 

Section 4.1.
Payment of Principal and
Interest.

 

The
Company covenants and agrees for the benefit of the Holders of each
Series of Securities that it will duly and punctually pay the
principal of and interest, if any, on the Securities of that Series
in accordance with the terms of such Securities and this Indenture.
On or before 11:00 a.m., New York City time, on the applicable
payment date, the Company shall deposit with the Paying Agent money
sufficient to pay the principal of and interest, if any, on the
Securities of each Series in accordance with the terms of such
Securities and this Indenture.

 

 

16

 

 

Section 4.2.
SEC Reports.

 

To the
extent any Securities of a Series are outstanding, the Company
shall deliver to the Trustee within 15 days after it files them
with the SEC copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of
the foregoing as the SEC may by rules and regulations prescribe)
which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Exchange Act. The Company also shall
comply with the other provisions of TIA § 314(a). Reports,
information and documents filed with the SEC via the EDGAR system
will be deemed to be delivered to the Trustee as of the time of
such filing via EDGAR for purposes of this Section
4.2.

 

Delivery of
reports, information and documents to the Trustee under this
Section 4.2 is for informational purposes only and the
Trustee’s receipt of the foregoing shall not constitute
constructive or actual notice of any information contained therein
or determinable from information contained therein, including the
Company’s compliance with any of the covenants hereunder (as
to which the Trustee is entitled to rely exclusively on
Officer’s Certificates). All such reports, information or
documents referred to in this Section 4.2 that the Company files
with the SEC via the SEC’s EDGAR system shall be deemed to be
filed with the Trustee and transmitted to Holders at the time such
reports, information or documents are filed via the EDGAR system
(or any successor system).

 

Section 4.3.
Compliance
Certificate.

 

To the
extent any Securities of a Series are outstanding, the Company
shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating
that a review of the activities of the Company and its Subsidiaries
during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining
whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to each
such Officer signing such certificate, that to the best of his/her
knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms,
provisions and conditions hereof (or, if a Default or Event of
Default shall have occurred, describing all such Defaults or Events
of Default of which the Officer may have knowledge).

 

Section 4.4.
Stay, Extension and Usury
Laws.

 

The
Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the
performance of this Indenture or the Securities; and the Company
(to the extent it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will
not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no
such law has been enacted.

 

 

17

 

 

ARTICLE
V.

SUCCESSORS

 

Section 5.1.
When Company May Merge,
Etc.

 

The
Company shall not consolidate with or merge with or into, or
convey, transfer or lease all or substantially all of its
properties and assets to, any person (a “successor person”)
unless:

 

(a)
the Company is the
surviving entity or the successor person (if other than the
Company) is a corporation, partnership, trust or other entity
organized and validly existing under the laws of any U.S. domestic
jurisdiction and expressly assumes the Company’s obligations
on the Securities and under this Indenture; and

 

(b)
immediately after
giving effect to the transaction, no Default or Event of Default,
shall have occurred and be continuing.

 

The
Company shall deliver to the Trustee prior to the consummation of
the proposed transaction an Officer’s Certificate to the
foregoing effect and an Opinion of Counsel stating that the
proposed transaction and any supplemental indenture comply with
this Indenture.

 

Notwithstanding the
above, any Subsidiary of the Company may consolidate with, merge
into or transfer all or part of its properties to the Company.
Neither an Officer’s Certificate nor an Opinion of Counsel
shall be required to be delivered in connection
therewith.

 

Section 5.2.
Successor Corporation
Substituted.

 

Upon
any consolidation or merger, or any sale, lease, conveyance or
other disposition of all or substantially all of the assets of the
Company in accordance with Section 5.1, the successor corporation
formed by such consolidation or into or with which the Company is
merged or to which such sale, lease, conveyance or other
disposition is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor person has been
named as the Company herein; provided, however, that the predecessor
Company in the case of a sale, conveyance or other disposition
(other than a lease) shall be released from all obligations and
covenants under this Indenture and the Securities.

 

ARTICLE
VI.

DEFAULTS
AND REMEDIES

 

Section 6.1.
Events of Default.

 

“Event of Default,” wherever used
herein with respect to Securities of any Series, means any one of
the following events, unless in the establishing Board Resolution,
supplemental indenture or Officer’s Certificate, it is
provided that such Series shall not have the benefit of said Event
of Default:

 

 

18

 

 

(a)
default in the
payment of any interest on any Security of that Series when it
becomes due and payable, and continuance of such default for a
period of 30 days (unless the entire amount of such payment is
deposited by the Company with the Trustee or with a Paying Agent
prior to 11:00 a.m., New York City time, on the 30th day of such
period); or

 

(b)
default in the
payment of principal of any Security of that Series at its
Maturity; or

 

(c)
default in the
performance or breach of any covenant or warranty of the Company in
this Indenture (other than defaults pursuant to paragraph (a) or
(b) above or pursuant to a covenant or warranty that has been
included in this Indenture solely for the benefit of a Series of
Securities other than that Series), which default continues uncured
for a period of 60 days after there has been given, by registered
or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount
of the outstanding Securities of that Series a written notice
specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default”
hereunder; or

 

(d)
the Company
pursuant to or within the meaning of any Bankruptcy
Law:

 

(i) commences a
voluntary case,

 

(ii) consents
to the entry of an order for relief against it in an involuntary
case,

 

(iii) consents
to the appointment of a Custodian of it or for all or substantially
all of its property,

 

(iv) makes
a general assignment for the benefit of its creditors,
or

 

(v) generally is unable
to pay its debts as the same become due; or

 

(e)
a court of
competent jurisdiction enters an order or decree under any
Bankruptcy Law that:

 

(i) is for relief
against the Company in an involuntary case,

 

(ii) appoints
a Custodian of the Company or for all or substantially all of its
property, or

 

(iii) orders
the liquidation of the Company,

 

and the
order or decree remains unstayed and in effect for 60 days;
or

 

(f)
any other Event of
Default provided with respect to Securities of that Series, which
is specified in a Board Resolution, a supplemental indenture hereto
or an Officer’s Certificate, in accordance with Section
2.2.18.

 

 

19

 

 

The
term “Bankruptcy
Law” means title 11, U.S. Code or any similar Federal
or State law for the relief of debtors. The term
“Custodian”
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.

 

The
Company will provide the Trustee written notice of any Default or
Event of Default within 30 days of becoming aware of the occurrence
of such Default or Event of Default, which notice will describe in
reasonable detail the status of such Default or Event of Default
and what action the Company is taking or proposes to take in
respect thereof.

 

Section 6.2.
Acceleration of Maturity; Rescission
and Annulment.

 

If an
Event of Default with respect to Securities of any Series at the
time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such
case the Trustee or the Holders of not less than 25% in principal
amount of the outstanding Securities of that Series may declare the
principal amount (or, if any Securities of that Series are Discount
Securities, such portion of the principal amount as may be
specified in the terms of such Securities) of and accrued and
unpaid interest, if any, on all of the Securities of that Series to
be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount) and accrued
and unpaid interest, if any, shall become immediately due and
payable. If an Event of Default specified in Section 6.1(d) or (e)
shall occur, the principal amount (or specified amount) of and
accrued and unpaid interest, if any, on all outstanding Securities
shall ipso facto become and
be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holder.

 

At any
time after such a declaration of acceleration with respect to any
Series has been made and before a judgment or decree for payment of
the money due has been obtained by the Trustee as hereinafter in
this Article provided, the Holders of a majority in principal
amount of the outstanding Securities of that Series, by written
notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if all Events of Default with
respect to Securities of that Series, other than the non-payment of
the principal and interest, if any, of Securities of that Series
which have become due solely by such declaration of acceleration,
have been cured or waived as provided in Section 6.13.

 

No such
rescission shall affect any subsequent Default or impair any right
consequent thereon.

 

Section 6.3.
Collection of Indebtedness and Suits
for Enforcement by Trustee.

 

The
Company covenants that if:

 

(a)
default is made in
the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of
30 days, or

 

(b)
default is made in
the payment of principal of any Security at the Maturity thereof,
or

 

 

20

 

 

(c)
default is made in
the deposit of any sinking fund payment, if any, when and as due by
the terms of a Security,

 

then, the Company will, upon demand of the Trustee, pay to
it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities for principal and
interest and, to the extent that payment of such interest shall be
legally enforceable, interest on any overdue principal and any
overdue interest at the rate or rates prescribed therefor in such
Securities, and, in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection,
including the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel.

 

If the
Company fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so
due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other
obligor upon such Securities and collect the moneys adjudged or
deemed to be payable in the manner provided by law out of the
property of the Company or any other obligor upon such Securities,
wherever situated.

 

If an
Event of Default with respect to any Securities of any Series
occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of
Securities of such Series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any
such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper
remedy.

 

Section 6.4.
Trustee May File Proofs of
Claim.

 

In case
of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other
obligor upon the Securities or the property of the Company or of
such other obligor or their creditors, the Trustee (irrespective of
whether the principal of the Securities shall then be due and
payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand on
the Company for the payment of overdue principal or interest) shall
be entitled and empowered, by intervention in such proceeding or
otherwise,

 

(a)
to file and prove a
claim for the whole amount of principal and interest owing and
unpaid in respect of the Securities and to file such other papers
or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation,
reasonable expenses, disbursements and advances of the Trustee, its
agents and counsel) and of the Holders allowed in such judicial
proceeding, and

 

(b)
to collect and
receive any moneys or other property payable or deliverable on any
such claims and to distribute the same,

 

and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount
due it for the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 7.7.

 

 

21

 

 

Nothing
herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

 

Section 6.5.
Trustee May Enforce Claims Without
Possession of Securities.

 

All
rights of action and claims under this Indenture or the Securities
may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in
any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision
for the payment of the compensation, reasonable expenses,
disbursements and advances of the Trustee, its agents and counsel,
be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.

 

Section 6.6.
Application
of Money Collected.

 

Any
money or property collected by the Trustee pursuant to this Article
shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money or
property on account of principal or interest, upon presentation of
the Securities and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully
paid:

 

First:                      To
the payment of all amounts due the Trustee under Section 7.7;
and

 

Second:               
To the payment of the amounts then due and unpaid for principal of
and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the amounts due
and payable on such Securities for principal and interest,
respectively; and

 

Third:                      To
the Company.

 

Section 6.7.
Limitation on
Suits.

 

No
Holder of any Security of any Series shall have any right to
institute any proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless

 

(a)
such Holder has
previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that
Series;

 

 

22

 

 

(b)
the Holders of not
less than 25% in principal amount of the outstanding Securities of
that Series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its
own name as Trustee hereunder;

 

(c)
such Holder or
Holders have offered to the Trustee indemnity or security
satisfactory to the Trustee against the costs, expenses and
liabilities which might be incurred by the Trustee in compliance
with such request;

 

(d)
the Trustee for 60
days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding;
and

 

(e)
no direction
inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in
principal amount of the outstanding Securities of that
Series;

 

it
being understood, intended and expressly covenanted by the Holder
of every Security with every other Holder and the Trustee that no
one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this
Indenture to affect, disturb or prejudice the rights of any other
of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right
under this Indenture, except in the manner herein provided and for
the equal and ratable benefit of all such Holders of the applicable
Series.

 

Section 6.8.
Unconditional Right of Holders to
Receive Principal and Interest.

 

Notwithstanding any
other provision in this Indenture, the Holder of any Security shall
have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security
on the Maturity of such Security, including the Stated Maturity
expressed in such Security (or, in the case of redemption, on the
redemption date) and to institute suit for the enforcement of any
such payment, and such rights shall not be impaired without the
consent of such Holder.

 

Section 6.9.
Restoration of Rights and
Remedies.

 

If the
Trustee or any Holder has instituted any proceeding to enforce any
right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company,
the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.

 

Section
6.10. Rights and Remedies
Cumulative.

 

Except
as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities in Section 2.8, no
right or remedy herein conferred upon or reserved to the Trustee or
to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not, to the extent permitted
by law, prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

 

23

 

 

Section
6.11. Delay or Omission Not
Waiver.

 

No
delay or omission of the Trustee or of any Holder of any Securities
to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may
be.

 

Section
6.12. Control by
Holders.

 

The
Holders of a majority in principal amount of the outstanding
Securities of any Series shall have the right to direct the time,
method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the Securities of such
Series, provided that

 

(a)
such direction
shall not be in conflict with any rule of law or with this
Indenture,

 

(b)
the Trustee may
take any other action deemed proper by the Trustee which is not
inconsistent with such direction,

 

(c)
subject to the
provisions of Section 7.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer of the Trustee, determine that the
proceeding so directed would involve the Trustee in personal
liability, and

 

(d)
prior to taking any
action as directed under this Section 6.12, the Trustee shall be
entitled to indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in
compliance with such request or direction.

 

Section
6.13. Waiver of Past
Defaults.

 

The
Holders of not less than a majority in principal amount of the
outstanding Securities of any Series may on behalf of the Holders
of all the Securities of such Series, by written notice to the
Trustee and the Company, waive any past Default hereunder with
respect to such Series and its consequences, except a Default in
the payment of the principal of or interest on any Security of such
Series (provided, however, that the Holders of a majority in
principal amount of the outstanding Securities of any Series may
rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration). Upon any
such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured, for
every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent
thereon.

 

 

24

 

 

Section
6.14. Undertaking for
Costs.

 

All
parties to this Indenture agree, and each Holder of any Security by
his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, the filing by any party litigant in such suit of
an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the Company, to
any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10%
in principal amount of the outstanding Securities of any Series, or
to any suit instituted by any Holder for the enforcement of the
payment of the principal of or interest on any Security on or after
the Maturity of such Security, including the Stated Maturity
expressed in such Security (or, in the case of redemption, on the
redemption date).

 

ARTICLE
VII.

TRUSTEE

 

Section 7.1.
Duties of Trustee.

 

(a)     
If an Event of
Default has occurred and is continuing, the Trustee shall exercise
the rights and powers vested in it by this Indenture and use the
same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of
such person’s own affairs.

 

(b)
Except during the
continuance of an Event of Default:

 

(i) The Trustee need
perform only those duties that are specifically set forth in this
Indenture and no others.

 

(ii) In
the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officer’s Certificates or
Opinions of Counsel furnished to the Trustee and conforming to the
requirements of this Indenture; however, in the case of any
such Officer’s Certificates or Opinions of Counsel which by
any provisions hereof are specifically required to be furnished to
the Trustee, the Trustee shall examine such Officer’s
Certificates and Opinions of Counsel to determine whether or not
they conform to the form requirements of this
Indenture.

 

(c)
The Trustee may not
be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except
that:

 

(i) This paragraph does
not limit the effect of paragraph (b) of this Section.

 

 

25

 

 

(ii) The
Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent
facts.

 

(iii) The
Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it with respect to Securities of
any Series in good faith in accordance with the direction of the
Holders of a majority in principal amount of the outstanding
Securities of such Series relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such Series in
accordance with Section 6.12.

 

(d)
Every provision of
this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.

 

(e)
The Trustee may
refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against the costs, expenses
and liabilities which might be incurred by it in performing such
duty or exercising such right or power.

 

(f)
The Trustee shall
not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except
to the extent required by law.

 

(g)
No provision of
this Indenture shall require the Trustee to risk its own funds or
otherwise incur any financial liability in the performance of any
of its duties, or in the exercise of any of its rights or powers,
if adequate indemnity against such risk is not assured to the
Trustee in its satisfaction.

 

(h)
The Paying Agent,
the Registrar and any authenticating agent shall be entitled to the
protections and immunities as are set forth in paragraphs (e), (f)
and (g) of this Section and in Section 7.2, each with respect to
the Trustee.

 

Section 7.2.
Rights of Trustee.

 

(a)          
The
Trustee may rely on and shall be protected in acting or refraining
from acting upon any document (whether in its original or facsimile
form) believed by it to be genuine and to have been signed or
presented by the proper person. The Trustee need not investigate
any fact or matter stated in the document.

 

(b)
Before the Trustee
acts or refrains from acting, it may require an Officer’s
Certificate or an Opinion of Counsel or both. The Trustee shall not
be liable for any action it takes or omits to take in good faith in
reliance on such Officer’s Certificate or Opinion of
Counsel.

 

(c)
The Trustee may act
through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. No Depositary
shall be deemed an agent of the Trustee and the Trustee shall not
be responsible for any act or omission by any
Depositary.

 

 

26

 

 

(d)
The Trustee shall
not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or
powers, provided that the Trustee’s conduct does not
constitute willful misconduct or negligence.

 

(e)
The Trustee may
consult with counsel and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder
without willful misconduct or negligence, and in reliance
thereon.

 

(f)
The Trustee shall
be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any
of the Holders of Securities unless such Holders shall have offered
to the Trustee security or indemnity satisfactory to it against the
costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction.

 

(g)
The Trustee shall
not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see
fit.

 

(h)
The Trustee shall
not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge
thereof or unless written notice of any event which is in fact such
a default is received by the Trustee at the Corporate Trust Office
of the Trustee, and such notice references the Securities generally
or the Securities of a particular Series and this
Indenture.

 

(i)
In no event shall
the Trustee be liable to any person for special, punitive,
indirect, consequential or incidental loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the
Trustee has been advised of the likelihood of such loss or
damage.

 

(j)
The permissive
right of the Trustee to take the actions permitted by this
Indenture shall not be construed as an obligation or duty to do
so.

 

Section 7.3.
Individual Rights of
Trustee.

 

The
Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the
Company or an Affiliate of the Company with the same rights it
would have if it were not Trustee. Any Agent may do the same with
like rights. The Trustee is also subject to Sections 7.10 and
7.11.

 

Section 7.4.
Trustee’s
Disclaimer.

 

The
Trustee makes no representation as to the validity or adequacy of
this Indenture or the Securities, it shall not be accountable for
the Company’s use of the proceeds from the Securities, and it
shall not be responsible for any statement in the Securities other
than its authentication.

 

 

27

 

 

Section 7.5.
Notice of
Defaults.

 

If a
Default or Event of Default occurs and is continuing with respect
to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send to each
Securityholder of the Securities of that Series notice of a Default
or Event of Default within 90 days after it occurs or, if later,
after a Responsible Officer of the Trustee has knowledge of such
Default or Event of Default. Except in the case of a Default or
Event of Default in payment of principal of or interest on any
Security of any Series, the Trustee may withhold the notice if and
so long as its corporate trust committee or a committee of its
Responsible Officers in good faith determines that withholding the
notice is in the interests of Securityholders of that
Series.

 

Section 7.6.
Reports by Trustee to
Holders.

 

Within
60 days after each anniversary of this Indenture, the Trustee shall
transmit by mail to all Securityholders, as their names and
addresses appear on the register kept by the Registrar, a brief
report dated as of such anniversary date, in accordance with, and
to the extent required under, TIA § 313.

 

A copy
of each report at the time of its mailing to Securityholders of any
Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The
Company shall promptly notify the Trustee in writing when
Securities of any Series are listed on any national securities
exchange.

 

Section 7.7.
Compensation and
Indemnity.

 

The
Company shall pay to the Trustee from time to time compensation for
its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not
be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee upon request for all
reasonable out of pocket expenses incurred by it. Such expenses
shall include the reasonable compensation and expenses of the
Trustee’s agents and counsel.

 

The
Company shall indemnify each of the Trustee and any predecessor
Trustee (including for the cost of defending itself) against any
cost, expense or liability, including taxes (other than taxes based
upon, measured by or determined by the income of the Trustee)
incurred by it except as set forth in the next paragraph in the
performance of its duties under this Indenture as Trustee or Agent.
The Trustee shall notify the Company promptly of any claim for
which it may seek indemnity. Failure by the Trustee to so notify
the Company shall not relieve the Company of its obligations
hereunder, unless and to the extent that the Company is materially
prejudiced thereby. The Company shall defend the claim and the
Trustee shall cooperate in the defense. The Trustee may have one
separate counsel and the Company shall pay the reasonable fees and
expenses of such counsel. The Company need not pay for any
settlement made without its consent, which consent will not be
unreasonably withheld. This indemnification shall apply to
officers, directors, employees, shareholders and agents of the
Trustee.

 

The
Company need not reimburse any expense or indemnify against any
loss or liability incurred by the Trustee or by any officer,
director, employee, shareholder or agent of the Trustee through
willful misconduct or negligence.

 

 

28

 

 

To
secure the Company’s payment obligations in this Section, the
Trustee shall have a lien prior to the Securities of any Series on
all money or property held or collected by the Trustee, except that
held in trust to pay principal of and interest on particular
Securities of that Series.

 

When
the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.1(d) or (e) occurs, the expenses and
the compensation for the services are intended to constitute
expenses of administration under any Bankruptcy Law.

 

The
provisions of this Section shall survive the termination of this
Indenture.

 

Section 7.8.
Replacement of
Trustee.

 

A
resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this
Section.

 

The
Trustee may resign with respect to the Securities of one or more
Series by so notifying the Company at least 30 days prior to the
date of the proposed resignation. The Holders of a majority in
principal amount of the Securities of any Series may remove the
Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to
Securities of one or more Series if:

 

(a)
the Trustee fails
to comply with Section 7.10;

 

(b)
the Trustee is
adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)
a Custodian or
public officer takes charge of the Trustee or its property;
or

 

(d)
the Trustee becomes
incapable of acting.

 

If the
Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee
takes office, the Holders of a majority in principal amount of the
then outstanding Securities may appoint a successor Trustee to
replace the successor Trustee appointed by the
Company.

 

If a
successor Trustee with respect to the Securities of any one or more
Series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of at least a majority in principal amount of the
Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor
Trustee.

 

 

29

 

 

A
successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately
after that, the retiring Trustee shall transfer all property held
by it as Trustee to the successor Trustee subject to the lien
provided for in Section 7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee
shall have all the rights, powers and duties of the Trustee with
respect to each Series of Securities for which it is acting as
Trustee under this Indenture. A successor Trustee shall mail a
notice of its succession to each Securityholder of each such
Series. Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7
hereof shall continue for the benefit of the retiring Trustee with
respect to expenses and liabilities incurred by it for actions
taken or omitted to be taken in accordance with its rights, powers
and duties under this Indenture prior to such
replacement.

 

Section 7.9.
Successor Trustee by Merger,
Etc.

 

If the
Trustee consolidates with, merges or converts into, or transfers
all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further
act shall be the successor Trustee, subject to Section
7.10.

 

Section
7.10. Eligibility;
Disqualification.

 

This
Indenture shall always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee
shall always have a combined capital and surplus of at least
$25,000,000 as set forth in its most recent published annual report
of condition. The Trustee shall comply with TIA §
310(b).

 

Section
7.11. Preferential Collection of Claims
Against Company.

 

The
Trustee is subject to TIA § 311(a), excluding any creditor
relationship listed in TIA § 311(b). A Trustee who has
resigned or been removed shall be subject to TIA § 311(a) to
the extent indicated.

 

ARTICLE
VIII.

SATISFACTION
AND DISCHARGE; DEFEASANCE

 

Section 8.1.
Satisfaction and Discharge of
Indenture.

 

This
Indenture shall upon Company Order be discharged with respect to
the Securities of any Series and cease to be of further effect as
to all Securities of such Series (except as hereinafter provided in
this Section 8.1), and the Trustee, at the expense of the Company,
shall execute instruments acknowledging satisfaction and discharge
of this Indenture, when

 

(a)
either

 

(i) all Securities of
such Series theretofore authenticated and delivered (other than
Securities that have been destroyed, lost or stolen and that have
been replaced or paid) have been delivered to the Trustee for
cancellation; or

 

(ii) all
such Securities of such Series not theretofore delivered to the
Trustee for cancellation:

 

(1)           have
become due and payable by reason of sending a notice of redemption
or otherwise, or

 

 

30

 

 

(2)           will
become due and payable at their Stated Maturity within one year,
or

 

(3)           have
been called for redemption or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Company, or

 

(4)           are
deemed paid and discharged pursuant to Section 8.3, as
applicable;

 

and the
Company, in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be deposited with the Trustee as trust funds
in trust an amount of money or U.S. Government Obligations, which
amount shall be sufficient for the purpose of paying and
discharging each installment of principal (including mandatory
sinking fund or analogous payments) of and interest on all the
Securities of such Series on the dates such installments of
principal or interest are due;

 

(b)
the Company has
paid or caused to be paid all other sums payable hereunder by the
Company; and

 

(c)
the Company has
delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent
provided for relating to the satisfaction and discharge
contemplated by this Section have been complied with.

 

Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of
the Company to the Trustee under Section 7.7, and, if money shall
have been deposited with the Trustee pursuant to clause (a) of this
Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5
shall survive.

 

Section 8.2.
Application of Trust Funds;
Indemnification.

 

(a)      
Subject
to the provisions of Section 8.5, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the
Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received
by the Trustee in respect of U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it,
in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the persons entitled thereto, of the
principal and interest for whose payment such money has been
deposited with or received by the Trustee or to make mandatory
sinking fund payments or analogous payments as contemplated by
Sections 8.1, 8.3 or 8.4.

 

(b)
The Company shall
pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against U.S. Government Obligations
or Foreign Government Obligations deposited pursuant to Sections
8.1, 8.3 or 8.4 or the interest and principal received in respect
of such obligations other than any payable by or on behalf of
Holders.

 

 

31

 

 

(c)
The Trustee shall
deliver or pay to the Company from time to time upon Company Order
any U.S. Government Obligations or Foreign Government Obligations
or money held by it as provided in Sections 8.3 or 8.4 which, in
the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a
written certification thereof delivered to the Trustee, are then in
excess of the amount thereof which then would have been required to
be deposited for the purpose for which such U.S. Government
Obligations or Foreign Government Obligations or money were
deposited or received. This provision shall not authorize the sale
by the Trustee of any U.S. Government Obligations or Foreign
Government Obligations held under this Indenture.

 

Section 8.3.
Legal Defeasance of Securities of any
Series.

 

Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2,
to be inapplicable to Securities of any Series, the Company shall
be deemed to have paid and discharged the entire indebtedness on
all the outstanding Securities of any Series on the 91st day after
the date of the deposit referred to in subparagraph (d) hereof, and
the provisions of this Indenture, as it relates to such outstanding
Securities of such Series, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall, upon receipt of a
Company Order, execute instruments acknowledging the same), except
as to:

 

(a)
the rights of
Holders of Securities of such Series to receive, from the trust
funds described in subparagraph (d) hereof, (i) payment of the
principal of and each installment of principal of and interest on
the outstanding Securities of such Series on the Maturity of such
principal or installment of principal or interest and (ii) the
benefit of any mandatory sinking fund payments applicable to the
Securities of such Series on the day on which such payments are due
and payable in accordance with the terms of this Indenture and the
Securities of such Series;

 

(b)
the provisions of
Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6;
and

 

(c)
the rights, powers,
trusts and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith;

 

provided
that, the following conditions shall have been
satisfied:

 

(d)
the Company shall
have irrevocably deposited or caused to be deposited (except as
provided in Section 8.2(c)) with the Trustee as trust funds
specifically pledged as security for and dedicated solely to the
benefit of the Holders of such Securities (i) in the case of
Securities of such Series denominated in Dollars, cash in Dollars
and/or U.S. Government Obligations, or (ii) in the case of
Securities of such Series denominated in a Foreign Currency (other
than a composite currency), money and/or Foreign Government
Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and
without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent public accountants or
investment bank expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of
principal of and interest, on and any mandatory sinking fund
payments in respect of all the Securities of such Series on the
dates such installments of principal or interest and such sinking
fund payments are due;

 

 

32

 

 

(e)
such deposit will
not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which
the Company is a party or by which it is bound;

 

(f)
no Default or Event
of Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such deposit or during
the period ending on the 91st day after such date;

 

(g)
the Company shall
have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel to the effect that (i) the Company has received
from, or there has been published by, the Internal Revenue Service
a ruling, or (ii) since the date of execution of this Indenture,
there has been a change in the applicable Federal income tax law,
in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the Holders of the Securities of
such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and
discharge and will be subject to Federal income tax on the same
amount and in the same manner and at the same times as would have
been the case if such deposit, defeasance and discharge had not
occurred;

 

(h)
the Company shall
have delivered to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Company with the
intent of defeating, hindering, delaying or defrauding any other
creditors of the Company; and

 

(i)
the Company shall
have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent
provided for relating to the defeasance contemplated by this
Section have been complied with.

 

Section 8.4.
Covenant
Defeasance.

 

Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2 to
be inapplicable to Securities of any Series, the Company may omit
to comply with respect to the Securities of any Series with any
term, provision or condition set forth under Sections 4.2, 4.3, 4.4
and 5.1 and, unless otherwise specified therein, any additional
covenants specified in a supplemental indenture for such Series of
Securities or a Board Resolution or an Officer’s Certificate
delivered pursuant to Section 2.2 (and the failure to comply with
any such covenants shall not constitute a Default or Event of
Default with respect to such Series under Section 6.1) and the
occurrence of any event specified in a supplemental indenture for
such Series of Securities or a Board Resolution or an
Officer’s Certificate delivered pursuant to Section 2.2 and
designated as an Event of Default shall not constitute a Default or
Event of Default hereunder, with respect to the Securities of such
Series, but, except as specified above, the remainder of this
Indenture and such Securities will be unaffected thereby; provided
that the following conditions shall have been
satisfied:

 

 

33

 

 

(a)
with reference to
this Section 8.4, the Company has irrevocably deposited or caused
to be irrevocably deposited (except as provided in Section 8.2(c))
with the Trustee as trust funds in trust for the purpose of making
the following payments specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities
(i) in the case of Securities of such Series denominated in
Dollars, cash in Dollars and/or U.S. Government Obligations, or
(ii) in the case of Securities of such Series denominated in a
Foreign Currency (other than a composite currency), money and/or
Foreign Government Obligations, which through the payment of
interest and principal in respect thereof in accordance with their
terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day
before the due date of any payment of money, an amount in cash,
sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank
expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal
(including mandatory sinking fund or analogous payments) of and
interest on all the Securities of such Series on the dates such
installments of principal or interest are due;

 

(b)
such deposit will
not result in a breach or violation of, or constitute a default
under, this Indenture or any other agreement or instrument to which
the Company is a party or by which it is bound;

 

(c)
no Default or Event
of Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such
deposit;

 

(d)
the Company shall
have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel to the effect that the Holders of the Securities
of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit and covenant
defeasance and will be subject to Federal income tax on the same
amount and in the same manner and at the same times as would have
been the case if such deposit and covenant defeasance had not
occurred;

 

(e)
The Company shall
have delivered to the Trustee an Officer’s Certificate
stating the deposit was not made by the Company with the intent of
defeating, hindering, delaying or defrauding any other creditors of
the Company; and

 

(f)
The Company shall
have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the covenant defeasance
contemplated by this Section have been complied with.

 

Section 8.5.
Repayment to
Company.

 

Subject
to applicable abandoned property law, the Trustee and the Paying
Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed
for two years. After that, Securityholders entitled to the money
must look to the Company for payment as general creditors unless an
applicable abandoned property law designates another
person.

 

 

34

 

 

Section 8.6.
Reinstatement.

 

If the
Trustee or the Paying Agent is unable to apply any money deposited
with respect to Securities of any Series in accordance with Section
8.1 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture with respect to the
Securities of such Series and under the Securities of such Series
shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.1 until such time as the Trustee or the
Paying Agent is permitted to apply all such money in accordance
with Section 8.1; provided, however, that if the Company
has made any payment of principal of or interest on or any
Additional Amounts with respect to any Securities because of the
reinstatement of its obligations, the Company shall be subrogated
to the rights of the Holders of such Securities to receive such
payment from the money or U.S. Government Obligations held by the
Trustee or Paying Agent after payment in full to the
Holders.

 

ARTICLE
IX.

AMENDMENTS
AND WAIVERS

 

Section 9.1.
Without Consent of
Holders.

 

The
Company and the Trustee may amend or supplement this Indenture or
the Securities of one or more Series without the consent of any
Securityholder:

 

(a)
to cure any
ambiguity, defect or inconsistency;

 

(b)
to comply with
Article V;

 

(c)
to provide for
uncertificated Securities in addition to or in place of
certificated Securities;

 

(d)
to add guarantees
with respect to Securities of any Series or secure Securities of
any Series;

 

(e)
to surrender any of
the Company’s rights or powers under this
Indenture;

 

(f)
to add covenants or
events of default for the benefit of the holders of Securities of
any Series;

 

(g)
to comply with the
applicable procedures of the applicable depositary;

 

(h)
to make any change
that does not adversely affect the rights of any
Securityholder;

 

(i)
to provide for the
issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this
Indenture;

 

(j)
to evidence and
provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more Series and to
add to or change any of the provisions of this Indenture as shall
be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee; or

 

 

35

 

 

(k)
to comply with
requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA.

 

Section 9.2.
With Consent of
Holders.

 

The
Company and the Trustee may enter into a supplemental indenture
with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities of each Series
affected by such supplemental indenture (including consents
obtained in connection with a tender offer or exchange offer for
the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Securityholders of each
such Series. Except as provided in Section 6.13, the Holders of at
least a majority in principal amount of the outstanding Securities
of any Series by notice to the Trustee (including consents obtained
in connection with a tender offer or exchange offer for the
Securities of such Series) may waive compliance by the Company with
any provision of this Indenture or the Securities with respect to
such Series.

 

It
shall not be necessary for the consent of the Holders of Securities
under this Section 9.2 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be
sufficient if such consent approves the substance thereof. After a
supplemental indenture or waiver under this section becomes
effective, the Company shall send to the Holders of Securities
affected thereby, a notice briefly describing the supplemental
indenture or waiver. Any failure by the Company to send such
notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture or
waiver.

 

Section 9.3.
Limitations.

 

Without
the consent of each Securityholder affected, an amendment or waiver
may not:

 

(a)
reduce the
principal amount of Securities whose Holders must consent to an
amendment, supplement or waiver;

 

(b)
reduce the rate of
or extend the time for payment of interest (including default
interest) on any Security;

 

(c)
reduce the
principal or change the Stated Maturity of any Security or reduce
the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;

 

(d)
reduce the
principal amount of Discount Securities payable upon acceleration
of the maturity thereof;

 

(e)
waive a Default or
Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the
Securities of any Series by the Holders of at least a majority in
principal amount of the outstanding Securities of such Series and a
waiver of the payment default that resulted from such
acceleration);

 

 

36

 

 

(f)
make the principal
of or interest, if any, on any Security payable in any currency
other than that stated in the Security;

 

(g)
make any change in
Sections 6.8, 6.13 or 9.3 (this sentence); or

 

(h)
waive a redemption
payment with respect to any Security, provided that such redemption
is made at the Company’s option.

 

Section 9.4.
Compliance with Trust Indenture
Act.

 

Every
amendment to this Indenture or the Securities of one or more Series
shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect.

 

Section 9.5.
Revocation and Effect of
Consents.

 

Until
an amendment is set forth in a supplemental indenture or a waiver
becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a
Security or portion of a Security that evidences the same debt as
the consenting Holder’s Security, even if notation of the
consent is not made on any Security. However, any such Holder or
subsequent Holder may revoke the consent as to his Security or
portion of a Security if the Trustee receives the notice of
revocation before the date of the supplemental indenture or the
date the waiver becomes effective.

 

Any
amendment or waiver once effective shall bind every Securityholder
of each Series affected by such amendment or waiver unless it is of
the type described in any of clauses (a) through (h) of Section
9.3. In that case, the amendment or waiver shall bind each Holder
of a Security who has consented to it and every subsequent Holder
of a Security or portion of a Security that evidences the same debt
as the consenting Holder’s Security.

 

The
Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or
permitted to be taken pursuant to this Indenture. If a record date
is fixed, then notwithstanding the second immediately preceding
paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only those persons, shall be
entitled to give such consent or to revoke any consent previously
given or take any such action, whether or not such Persons continue
to be Holders after such record date. No such consent shall be
valid or effective for more than 120 days after such record
date.

 

Section 9.6.
Notation on or Exchange of
Securities.

 

The
Company or the Trustee may place an appropriate notation about an
amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that
Series may issue and the Trustee shall authenticate upon receipt of
a Company Order in accordance with Section 2.3 new Securities of
that Series that reflect the amendment or waiver.

 

 

37

 

 

Section 9.7.
Trustee Protected.

 

In
executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 7.1)
shall be fully protected in relying upon, an Officer’s
Certificate or an Opinion of Counsel or both complying with Section
10.4. The Trustee shall sign all supplemental indentures upon
delivery of such an Officer’s Certificate or Opinion of
Counsel or both, except that the Trustee need not sign any
supplemental indenture that adversely affects its rights, duties,
liabilities or immunities under this Indenture.

 

ARTICLE
X.

MISCELLANEOUS

 

Section
10.1. Trust Indenture Act
Controls.

 

If any
provision of this Indenture limits, qualifies, or conflicts with
another provision which is required or deemed to be included in
this Indenture by the TIA, such required or deemed provision shall
control.

 

Section
10.2. Notices.

 

Any
notice or communication by the Company or the Trustee to the other,
or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail
(registered or certified, return receipt requested), facsimile
transmission, email or overnight air courier guaranteeing next day
delivery, to the others’ address:

 

if to
the Company:

 

AEHR
Test Systems

400
Kato Terrace

Fremont, California
94539

Attention: Kenneth
Spink

Telephone: (510)
623-9400

 

with a
copy to:

 

Latham
& Watkins LLP

140
Scott Drive

Menlo
Park, California 94025

Attention: Jack
Sheridan

Telephone: (650)
328-4600

 

if to
the Trustee:

 

[_____]

Attention:
[____]

Telephone:
[____]

 

 

38

 

 

with a
copy to:

 

[_____]

Attention:
[____]

Telephone:
[____]

 

The
Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or
communications.

 

Any
notice or communication to a Securityholder shall be sent
electronically or by first-class mail to his, her or its address
shown on the register kept by the Registrar, in accordance with the
procedures of the Depositary. Failure to send a notice or
communication to a Securityholder of any Series or any defect in it
shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.

 

If a
notice or communication is sent or published in the manner provided
above, within the time prescribed, it is duly given, whether or not
the Securityholder receives it.

 

If the
Company sends a notice or communication to Securityholders, it
shall send a copy to the Trustee and each Agent at the same
time.

 

Notwithstanding any
other provision of this Indenture or any Security, where this
Indenture or any Security provides for notice of any event
(including any notice of redemption) to a Holder of a Global
Security (whether by mail or otherwise), such notice shall be
sufficiently given to the Depositary for such Security (or its
designee) pursuant to the customary procedures of such
Depositary.

 

Section
10.3. Communication by Holders with Other
Holders.

 

Securityholders of
any Series may communicate pursuant to TIA § 312(b) with other
Securityholders of that Series or any other Series with respect to
their rights under this Indenture or the Securities of that Series
or all Series. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA § 312(c).

 

Section
10.4. Certificate and Opinion as to
Conditions Precedent.

 

Upon
any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the
Trustee:

 

(a)
an Officer’s
Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with;
and

 

(b)
an Opinion of
Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

 

 

39

 

 

Section
10.5. Statements Required in Certificate or
Opinion.

 

Each
certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA § 314(a)(4)) shall comply
with the provisions of TIA § 314(e) and shall
include:

 

(a)
a statement that
the person making such certificate or opinion has read such
covenant or condition;

 

(b)
a brief statement
as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or
opinion are based;

 

(c)
a statement that,
in the opinion of such person, such person has made such
examination or investigation as is necessary to enable such person
to express an informed opinion as to whether or not such covenant
or condition has been complied with; and

 

(d)
a statement as to
whether or not, in the opinion of such person, such condition or
covenant has been complied with.

 

Section
10.6. Rules by Trustee and
Agents.

 

The
Trustee may make reasonable rules for action by or a meeting of
Securityholders of one or more Series. Any Agent may make
reasonable rules and set reasonable requirements for its
functions.

 

Section
10.7. Legal Holidays.

 

A
“Legal Holiday”
is any day that is not a Business Day. If a payment date is a Legal
Holiday at a place of payment, payment may be made at that place on
the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period.

 

Section
10.8. No Recourse Against
Others.

 

A
director, officer, employee or stockholder (past or present), as
such, of the Company shall not have any liability for any
obligations of the Company under the Securities or the Indenture or
for any claim based on, in respect of or by reason of such
obligations or their creation. Each Securityholder by accepting a
Security waives and releases all such liability. The waiver and
release are part of the consideration for the issue of the
Securities.

 

Section
10.9. Counterparts.

 

This
Indenture may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. The exchange
of copies of this Indenture and of signature pages by facsimile or
electronic format (e.g., “.pdf” or “.tif”)
transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of
the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile or electronic format (e.g.,
“.pdf” or “.tif”) shall be deemed to be
their original signatures for all purposes.

 

 

40

 

 

Unless
otherwise provided herein or in any other Securities, the words
“execute”, “execution”,
“signed”, and “signature” and words of
similar import used in or related to any document to be signed in
connection with this Indenture, any Securities or any of the
transactions contemplated hereby (including amendments, waivers,
consents and other modifications) shall be deemed to include
electronic signatures and the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature in ink or the use
of a paper-based recordkeeping system, as applicable, to the
fullest extent and as provided for in any applicable law, including
the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and
any other similar state laws based on the Uniform Electronic
Transactions Act, provided that, notwithstanding anything herein to
the contrary, the Trustee is not under any obligation to agree to
accept electronic signatures in any form or in any format unless
expressly agreed to by such Trustee pursuant to procedures approved
by such Trustee.

 

Section
10.10. Governing Law; Waiver of Jury Trial;
Consent to Jurisdiction.

 

THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY
ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES,
SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

THE
COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE
SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY.

 

Any
legal suit, action or proceeding arising out of or based upon this
Indenture or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America located in
the City of New York or the courts of the State of New York in each
case located in the City of New York (collectively, the
“Specified
Courts”), and each party irrevocably submits to the
nonexclusive jurisdiction of such courts in any such suit, action
or proceeding. Service of any process, summons, notice or document
by mail (to the extent allowed under any applicable statute or rule
of court) to such party’s address set forth above shall be
effective service of process for any suit, action or other
proceeding brought in any such court. The Company, the Trustee and
the Holders (by their acceptance of the Securities) each hereby
irrevocably and unconditionally waive any objection to the laying
of venue of any suit, action or other proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to
plead or claim any such suit, action or other proceeding has been
brought in an inconvenient forum.

 

 

41

 

 

Section
10.11. No Adverse Interpretation of Other
Agreements.

 

This
Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary of the Company. Any
such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

Section
10.12. Successors.

 

All
agreements of the Company in this Indenture and the Securities
shall bind its successor. All agreements of the Trustee in this
Indenture shall bind its successor.

 

Section
10.13. Severability.

 

In case
any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

 

Section
10.14. Table of Contents, Headings,
Etc.

 

The
Table of Contents, Cross Reference Table, headings of the Articles
and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions
hereof.

 

Section
10.15. Securities in a Foreign
Currency.

 

Unless
otherwise specified in a Board Resolution, a supplemental indenture
hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series
of Securities, whenever for purposes of this Indenture any action
may be taken by the Holders of a specified percentage in aggregate
principal amount of Securities of all Series or all Series affected
by a particular action at the time outstanding and, at such time,
there are outstanding Securities of any Series which are
denominated in more than one currency, then the principal amount of
Securities of such Series which shall be deemed to be outstanding
for the purpose of taking such action shall be determined by
converting any such other currency into a currency that is
designated upon issuance of any particular Series of Securities.
Unless otherwise specified in a Board Resolution, a supplemental
indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 of this Indenture with respect to a
particular Series of Securities, such conversion shall be at the
spot rate for the purchase of the designated currency as published
in The Financial Times in the “Currency Rates” section
(or, if The Financial Times is no longer published, or if such
information is no longer available in The Financial Times, such
source as may be selected in good faith by the Company) on any date
of determination. The provisions of this paragraph shall apply in
determining the equivalent principal amount in respect of
Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities
pursuant to the terms of this Indenture.

 

All
decisions and determinations provided for in the preceding
paragraph shall, in the absence of manifest error, to the extent
permitted by law, be conclusive for all purposes and irrevocably
binding upon the Trustee and all Holders.

 

 

42

 

 

Section
10.16. Judgment Currency.

 

The
Company agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining
judgment in any court it is necessary to convert the sum due in
respect of the principal of or interest or other amount on the
Securities of any Series (the “Required Currency”) into a
currency in which a judgment will be rendered (the
“Judgment
Currency”), the rate of exchange used shall be the
rate at which in accordance with normal banking procedures the
Trustee could purchase in The City of New York the Required
Currency with the Judgment Currency on the day on which final
unappealable judgment is entered, unless such day is not a New York
Banking Day, then the rate of exchange used shall be the rate at
which in accordance with normal banking procedures the Trustee
could purchase in The City of New York the Required Currency with
the Judgment Currency on the New York Banking Day preceding the day
on which final unappealable judgment is entered and (b) its
obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender,
any recovery pursuant to any judgment (whether or not entered in
accordance with subsection (a)), in any currency other than the
Required Currency, except to the extent that such tender or
recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) shall be enforceable as an
alternative or additional cause of action for the purpose of
recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the
Required Currency so expressed to be payable, and (iii) shall not
be affected by judgment being obtained for any other sum due under
this Indenture. For purposes of the foregoing, “New York Banking Day” means any
day except a Saturday, Sunday or a legal holiday in The City of New
York on which banking institutions are authorized or required by
law, regulation or executive order to close.

 

Section
10.17. Force Majeure.

 

In no
event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and
hardware) services, it being understood that the Trustee shall use
reasonable best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as
practicable under the circumstances.

 

Section
10.18. U.S.A. Patriot
Act.

 

The
parties hereto acknowledge that in accordance with Section 326 of
the U.S.A. Patriot Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity
that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide
the Trustee with such information as it may request in order for
the Trustee to satisfy the requirements of the U.S.A. Patriot
Act.

 

 

43

 

 

ARTICLE
XI.

SINKING
FUNDS

 

Section
11.1. Applicability of
Article.

 

The
provisions of this Article shall be applicable to any sinking fund
for the retirement of the Securities of a Series if so provided by
the terms of such Securities pursuant to Section 2.2, except as
otherwise permitted or required by any form of Security of such
Series issued pursuant to this Indenture.

 

The
minimum amount of any sinking fund payment provided for by the
terms of the Securities of any Series is herein referred to as a
“mandatory sinking fund
payment” and any other amount provided for by the
terms of Securities of such Series is herein referred to as an
“optional sinking fund
payment.” If provided for by the terms of Securities
of any Series, the cash amount of any sinking fund payment may be
subject to reduction as provided in Section 11.2. Each sinking fund
payment shall be applied to the redemption of Securities of any
Series as provided for by the terms of the Securities of such
Series.

 

Section
11.2. Satisfaction of Sinking Fund Payments
with Securities.

 

The
Company may, in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of any Series to be made
pursuant to the terms of such Securities (1) deliver outstanding
Securities of such Series to which such sinking fund payment is
applicable (other than any of such Securities previously called for
mandatory sinking fund redemption) and (2) apply as credit
Securities of such Series to which such sinking fund payment is
applicable and which have been repurchased by the Company or
redeemed either at the election of the Company pursuant to the
terms of such Series of Securities (except pursuant to any
mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions
pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officer’s
Certificate with respect thereto, not later than 15 days prior to
the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose
by the Trustee at the price specified in such Securities for
redemption through operation of the sinking fund and the amount of
such sinking fund payment shall be reduced accordingly. If as a
result of the delivery or credit of Securities in lieu of cash
payments pursuant to this Section 11.2, the principal amount of
Securities of such Series to be redeemed in order to exhaust the
aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash
payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, provided, however, that the Trustee or
such Paying Agent shall from time to time upon receipt of a Company
Order pay over and deliver to the Company any cash payment so being
held by the Trustee or such Paying Agent upon delivery by the
Company to the Trustee of Securities of that Series purchased by
the Company having an unpaid principal amount equal to the cash
payment required to be released to the Company.

 

 

44

 

 

Section
11.3. Redemption of Securities for Sinking
Fund.

 

Not
less than 45 days (unless otherwise indicated in the Board
Resolution, supplemental indenture hereto or Officer’s
Certificate in respect of a particular Series of Securities) prior
to each sinking fund payment date for any Series of Securities, the
Company will deliver to the Trustee an Officer’s Certificate
specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the
portion thereof, if any, which is to be satisfied by payment of
cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to
Section 11.2, and the optional amount, if any, to be added in cash
to the next ensuing mandatory sinking fund payment, and the Company
shall thereupon be obligated to pay the amount therein specified.
Not less than 30 days (unless otherwise indicated in the Board
Resolution, Officer’s Certificate or supplemental indenture
in respect of a particular Series of Securities) before each such
sinking fund payment date the Securities to be redeemed upon such
sinking fund payment date will be selected in the manner specified
in Section 3.2 and the Company shall send or cause to be sent a
notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in and in
accordance with Section 3.3. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and
in the manner stated in Sections 3.4, 3.5 and 3.6.

 

 

 

 

45

 

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to
be duly executed as of the day and year first above
written.

 

AEHR
TEST SYSTEMS

 

 

 

By:                                                                 

Name:

Its:

 

 

 

[_____], as
Trustee

 

 

 

By:                                                                 

Name:

Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00333-of-00352.parquet"}]]