Document:

EXHIBIT
      10.1

     

    SECURED
      SENIOR SUBORDINATED PROMISSORY NOTE

     

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY TO THE EXTENT
      THAT SUCH ACT APPLIES TO A TRANSFER OR DISPOSAL, NOT BE SOLD, TRANSFERRED,
      OR
      OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

     

    THIS
      NOTE
      AND THE INDEBTEDNESS EVIDENCED HEREBY IS SUBORDINATED IN THE MANNER AND TO
      THE
      EXTENT SET FORTH IN THAT CERTAIN ROYAL WOLF INTERCREDITOR DEED, DATED AS OF
      MAY
      1, 2008, BY AND BETWEEN AUSTRALASIA NEW ZEALAND BANKING GROUP AND
      BISON
      CAPITAL AUSTRALIA, L.P., AND EACH HOLDER OF THIS NOTE, BY ITS
      ACCEPTANCE HEREOF, SHALL BE BOUND BY THE PROVISIONS OF SUCH SUBORDINATION
      AGREEMENT.

     

    GFN
      AUSTRALIA FINANCE PTY LTD

     

    13.50%
      SECURED SENIOR SUBORDINATED PROMISSORY NOTE

     

    
      	
              AUD
                $5,889,281.50

            	
              Sydney,
                Australia

            
	 	
              May
                1, 2008

            

    

     

    FOR
      VALUE
      RECEIVED, GFN AUSTRALASIA FINANCE PTY LTD (ACN 121 227 790), an
      Australian corporation (the "Maker), hereby promises to pay to the order of
      BISON CAPITAL AUSTRALIA, L.P., a Delaware limited partnership ("Bison Capital"),
      or its registered assigns (along with Bison Capital, each a "Holder"), on the
      Maturity Date (as hereinafter defined) the principal sum constituting the amount
      of Australian dollars that converts into US$5,500,000.00 which is the amount
      of
      U.S. dollars that Bison Capital used to purchase this Note on the date hereof,
      or in the case of a prepayment, such portion thereof being prepaid, with
      interest thereon from time to time as provided herein.

     

    This
      13.5% Secured Senior Subordinated Promissory Note (this “Note”)
      is
      subject to the terms and conditions of that certain Securities Purchase
      Agreement (the "Purchase
      Agreement"),
      dated
      as of September 13, 2007 and as amended pursuant to that certain First Amendment
      to Securities Purchase Agreement dated May 1, 2008 by and among the Maker,
      General Finance Corporation, a Delaware corporation ("GFN"),
      Bison
      Capital, GFN Australasia Holdings, Inc. and GFN Australasia Holdings Pty Ltd
      to
      the same extent and with the same effect as if originally issued thereunder,
      including, without limitation, the provisions relating to acceleration and
      to
      optional and mandatory prepayment in whole or in part as provided herein. The
      Holder is entitled to the benefits of this Note and the Purchase Agreement,
      as
      it relates to this Note, and may enforce the agreements of the Maker contained
      herein and therein and exercise the remedies provided for hereby and thereby
      or
      otherwise available in respect hereto and thereto. Capitalized terms used herein
      without definition are used herein with the meanings ascribed to such terms
      in
      the Purchase Agreement. This Note is secured and guaranteed as provided in
      the
      Related Agreements.

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    1. Interest.

     

    (a) Subject
      to Section
      1(b)
      hereof,
      the Maker promises to pay interest on the principal amount of this Note from
      time to time outstanding (the “Principal
      Amount”)
      at the
      per annum rate equal to thirteen and 50/100 percent (13.50%) (the "Scheduled
      Interest Rate").
      All
      accrued interest payable pursuant to this Section
      1(a)
      shall be
      due and payable in arrears on the first date of each quarter or, if any such
      date shall not be a Business Day, on the next succeeding Business Day to occur
      after such date (the "Interest
      Payment Date"),
      beginning on July 1, 2008 and shall be paid in immediately available funds
      to an
      account designated by the Holder. All interest payable pursuant to this
Section
      1(a)
      shall
      accrue and be paid in Australian dollars.

     

    (b) If
      at any
      time (i) Maker fails to make any payment of principal as and when due (whether
      at stated maturity, upon acceleration or required prepayment or otherwise),
      (ii)
      Maker fails to make any payment of interest, premium, if any, fees, costs,
      expenses or other amounts due hereunder within one (1) Business Day after the
      date when due, or (iii) any other Event of Default has occurred and is
      continuing, then, in addition to the rights and remedies available to the Holder
      under the Purchase Agreement, this Note, the other Related Agreements and
      Applicable Laws, Maker shall pay interest in cash on the unpaid principal
      balance of, premium, if any, and accrued and unpaid interest on this Note at
      a
      rate per annum (the "Default
      Rate")
      equal
      to fifteen and 50/100 percent (15.50%) from the date specified in Section 11.1
      of the
      Purchase Agreement until such time as such Event of Default is cured or waived
      and, additionally, the Holder may demand immediate repayment of the Principal
      Amount (which such Principal Amount shall be deemed to be the Optional
      Prepayment Amount (as hereinafter defined) if such demand to accelerate
      repayment of the Principal Amount occurs within the time period provided for
      such Optional Prepayment Amount in Section 3(a)) and any accrued but unpaid
      interest, and the Repayment Premium (if applicable and as hereinafter defined).
      

     

    (c) Interest
      payable under this Note shall accrue from and including the date of issuance
      through and until repayment of the principal and payment of all accrued interest
      and premium, if any, in full. All interest payable under this Note shall accrue
      on a quarterly basis and be computed on the basis of a 360-day year of twelve
      30-day months. 

     

    2. Maturity
      Date.
      The
      outstanding principal balance of this Note, together with all premiums, if
      any,
      accrued and unpaid interest on, and all other amounts owing under this Note,
      shall be due and payable on June 30, 2010 (the
      "Maturity
      Date").
      Notwithstanding the foregoing, the Maker may, at its sole option, elect to
      extend the Maturity Date up to an additional twelve (12) months, provided that
      no event described in Section 1(b)(i)-(iii) has occurred and is continuing.
      Additionally, the Holder may demand immediate repayment of the Principal Amount
      (which such Principal Amount shall be deemed to be the Optional Prepayment
      Amount (as hereinafter defined) if such demand to accelerate the repayment
      of
      the Principal Amount occurs within the time period provided for such Optional
      Prepayment Amount in Section 3(a)), any accrued but unpaid interest and the
      Repayment Premium (if applicable and as hereinafter defined) or any such amounts
      under any agreement that replaces or refinances the amounts owing under this
      Note, upon the occurrence of any event as provided in Section 1(b)(i)-(iii),
      upon acceleration of the Senior Debt as defined under the terms of the Royal
      Wolf Amended and Restated Intercreditor Deed, dated May 1, 2008, by and among
      Australia and New Zealand Banking Group, Bison Capital, Maker and certain other
      parties (the "Subordination
      Agreement"),
      subject to the terms and conditions of such Subordination Agreement, or upon
      the
      acceleration of any other Senior Indebtedness.

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    3. Optional
      Prepayments.

     

    (a) Except
      as
      provided in Section
      4
      below,
      Maker may not prepay the unpaid principal balance of this Note prior to the
      first anniversary of the Closing Date. Thereafter, subject to Section
      3(b),
      this
      Note may be voluntarily prepaid, at the sole option of Maker, in whole or in
      part, as follows: (i) at 103.0% of the Principal Amount being prepaid at any
      time on or after the first anniversary of the Closing Date and prior to the
      second anniversary of the Closing Date; (ii) at 102.0% of the Principal Amount
      being prepaid at any time on or after the second anniversary of the Closing
      Date
      and prior to the third anniversary of the Closing Date; (iii) at 101.0% of
      the
      Principal Amount being prepaid at any time on or after the third anniversary
      of
      the Closing Date and prior to the fourth anniversary of the Closing Date; and
      (iv) at 100.0% of the Principal Amount being prepaid at any time on or after
      the
      fourth anniversary of the Closing Date. The optional prepayment amount as
      provided in each of Sections 3(a)(i)-(ii) shall be referred to as an
      "Optional
      Prepayment Amount".
      Any
      prepayment of this Note under this Section
      3
      shall
      also include all accrued and unpaid interest on the outstanding principal
      balance of this Note through and including the date of prepayment.

     

    (b) Maker
      shall give the Holder written notice of each voluntary prepayment not less
      than
      thirty (30) nor more than ninety (90) days prior to the date of prepayment.
      Such
      notice shall specify the Principal Amount of this Note to be prepaid on such
      date. Notice of prepayment having been given as aforesaid, a payment in an
      amount equal to the Principal Amount of this Note specified in such prepayment
      notice shall become due and payable on such prepayment date, together with
      all
      accrued and unpaid interest on the outstanding principal balance of this Note
      through and including the date of prepayment. All prepayments of principal
      shall
      be in minimum increments of Five Hundred Thousand Australian Dollars
      (AUD$500,000) or the entire unpaid Principal Amount, if less than
      AUD$500,000.

     

    4. INTENTIONALLY
      OMITTED]

     

    5. Change
      in Control Prepayment.
      The
      Holder may require the Maker to prepay the outstanding principal balance of
      this
      Note, in whole or in part, and shall be entitled to all premiums that Holder
      would otherwise be entitled to under this Note (including any Repayment Premium
      and/or Optional Prepayment Amount) as a result of an acceleration of the amounts
      owing under this Note, as requested by the Holder, at any time during the ninety
      (90)-day period following the consummation of any transaction which constitutes
      a Change in Control (as such term is defined below), at the prepayment amount
      set forth below. For the purposes of this Note, a "Change
      in Control"
      shall
      mean:

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    (a) Any
      transaction or other event (including, without limitation, any merger,
      consolidation, sale or other transfer of stock or voting rights with respect
      thereto, issuance of stock, death or other transaction or event) by virtue
      of
      which GFN fails to own, directly or indirectly through one or more of its
      Affiliates, at least a majority of the outstanding Capital Stock of Maker or
      any
      of its Subsidiaries through which the Covered Business is principally conducted;
      or

     

    (b) Any
      sale,
      lease, transfer, assignment or other disposition of all or substantially all
      of
      the assets of Maker (excluding assets sold in connection with any asset
      securitization transaction in the ordinary course of Maker's business) or any
      of
      its Subsidiaries.

     

    The
      prepayment amount under this Section 5 shall be equal to the Principal
      Amount being prepaid, plus accrued and unpaid interest thereon through and
      including the date of prepayment. Maker shall notify the Holder of the date
      on
      which a Change in Control has occurred within one (1) Business Day after such
      date and shall, in such notification, inform the Holder of the Holder's right
      to
      require Maker to prepay this Note as provided in this Section
      5
      and of
      the date on which such right shall terminate. If the Holder elects to require
      Maker to prepay this Note pursuant to this Section
      5,
      it
      shall furnish written notice to Maker advising Maker of such election and the
      amount of principal of this Note to be prepaid. Maker shall prepay this Note
      in
      accordance with this Section
      5
      and such
      written notice within three (3) Business Days after its receipt of such written
      notice.

     

    6. Security.
      The
      obligations of the Maker to the Holder, including, without limitation, those
      obligations existing under this Note or the Purchase Agreement, shall be secured
      by a lien granted to the Holder by the Maker and its subsidiaries in
      substantially all of their respective corporate assets, including all of the
      outstanding capital stock of Maker’s subsidiaries; provided, however, that
      Holder's lien shall be subject only to a first priority lien and security
      interest of a Senior Lender (as defined under the Subordination Agreement)
      on
      such corporate assets, in accordance with the terms and conditions of the
      Subordination Agreement, and to any "Permitted Liens" (as defined in the
      Purchase Agreement).

     

    7. Manner
      of Payment.
      Payments of principal, interest and other amounts due under this Note shall
      be
      made no later than 12:00 p.m. (noon) (Los Angeles time) on the date when due
      and
      in lawful money of the Commonwealth of Australia (by wire transfer in funds
      immediately available at the place of payment) to such account as the Holder
      may
      designate in writing to the Maker. Any payments received after 12:00 p.m. (noon)
      (Los Angeles time) shall be deemed to have been received on the next succeeding
      Business Day. Any payments due hereunder which are due on a day which is not
      a
      Business Day shall be payable on the first succeeding Business Day and such
      extension of time shall be included in the computation.

     

    8. Maximum
      Lawful Rate of Interest.
      The
      rate of interest payable under this Note shall in no event exceed the maximum
      rate permissible under applicable law. If the rate of interest payable on this
      Note is ever reduced as a result of this Section
      8
      and at
      any time thereafter the maximum rate permitted under applicable law exceeds
      the
      rate of interest provided for in this Note, then the rate provided for in this
      Note shall be increased to the maximum rate provided for under applicable law
      for such period as is required so that the total amount of interest received
      by
      the Holder is that which would have been received by the Holder but for the
      operation of the first sentence of this Section
      8.

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    9. Maker's
      Waivers.
      Except
      as otherwise provided herein, the Maker hereby waives presentment for payment,
      demand, protest, notice of protest and notice of dishonor hereof, and all other
      notices of any kind to which it may be entitled under applicable law or
      otherwise.

     

    10. Transfer.

     

    (a) The
      term
      "Holder" as used herein shall also include any transferee of this Note whose
      name has been recorded by the Maker in the Register (as hereinafter defined).
      Each transferee of this Note acknowledges that this Note has not been registered
      under the Securities Act, and may be transferred only pursuant to an effective
      registration statement under the Securities Act or pursuant to an applicable
      exemption from the registration requirements of the Securities Act.

     

    (b) The
      Maker
      shall maintain at its principal executive office a register for the registration
      of transfers of this Note (the "Register").
      The
      name and address of the Holder, each transfer thereof and the name and address
      of each transferee shall be registered in the Register. Prior to due presentment
      for registration of transfer, absent demonstrable error, the Person in whose
      name this Note is registered shall be deemed and treated as the owner and holder
      thereof for all purposes hereof. Any transfer of this Note shall be effective
      only upon appropriate entries with respect thereto being made in the
      Register.

     

    11. Persons
      Deemed Owners; Participations.
       

     

    (a) Prior
      to
      due presentment for registration of any assignment, Maker may treat the Person
      in whose name any Note is registered pursuant to the Register as the owner
      and
      Holder of such Note for all purposes whatsoever, and Maker shall not be affected
      by notice to the contrary. Subject to the preceding sentence, the Holder may
      grant to any other Person participations from time to time in all or any part
      of
      this Note on such terms and conditions as may be determined by the Holder in
      its
      sole and absolute discretion, subject to applicable federal and state securities
      laws, provided, however, that unless the Holder has assigned or transferred
      all
      or any portion of this Note in accordance with Section 12 hereof by surrendering
      this Note at Maker's principal executive office for registration of any such
      assignment or transfer, Maker shall continue to treat the Person in whose name
      this Note is registered as the owner of purposes, including payments.
      Notwithstanding anything to the contrary contained herein or otherwise, nothing
      in the Purchase Agreement, this Note or any other Related Agreement or otherwise
      shall confer upon the participant any rights in the Purchase Agreement or any
      Related Agreement, and the Holder shall retain all rights with respect to the
      administration, waiver, amendment, collection and enforcement of, compliance
      with and consent to the terms and provisions of the Purchase Agreement, this
      Note or any other Related Agreement.

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    (b) In
      addition, the Holder may, without the consent of the participant, give or
      withhold its consent or agreement to any amendments to or modifications of
      the
      Purchase Agreement, this Note or any other Related Agreement, waive any of
      the
      provisions hereof or thereof or exercise or refrain from exercising any other
      rights or remedies which the Holder may have under the Purchase Agreement,
      this
      Note or any other Related Agreement or otherwise. 

     

    12. Assignment
      and Transfer.
      Subject
      to compliance with Applicable Law and except as otherwise provided in the
      Purchase Agreement, the Holder may, at any time and from time to time and
      without the consent of Maker, assign or transfer to one or more Persons all
      or
      any portion of this Note or any portion thereof (but not less than AUD$500,000
      in Principal Amount in any single assignment (unless such lesser amount
      represents the entire outstanding principal balance hereof)) or any rights
      hereunder. Upon surrender of this Note at Maker's principal executive office
      for
      registration of any such assignment or transfer, accompanied by a duly executed
      instrument of transfer, Maker shall, at its expense and within three (3)
      Business Days of such surrender, execute and deliver one or more new notes
      of
      like tenor in the requested principal denominations and in the name of the
      assignee or assignees and bearing the legend set forth on the face of this
      Note,
      and this Note shall promptly be canceled. If the entire outstanding principal
      balance of this Note is not being assigned, Maker shall issue to the Holder
      hereof, within three (3) Business Days of the date of surrender hereof, a new
      note which evidences the portion of such outstanding principal balance not
      being
      assigned. If this Note is divided into one or more notes and is held at any
      time
      by more than one Holder, any payments of principal of, premium, if any, and
      interest or other amounts on this Note which are not sufficient to pay all
      interest or other amounts due thereunder, shall be made pro rata with respect
      to
      all such notes in accordance with the outstanding Principal Amounts thereof,
      respectively. At any time that the original Note issued on the Closing Date
      is
      divided into two or more smaller Notes, all consents, approvals, waivers,
      demands and decisions that the Holder is entitled to make under this Note shall
      be made only by the Holders of a majority of the Principal Amounts of the Notes
      outstanding. 

     

    13. Loss,
      Theft, Destruction or Mutilation.
      Upon
      receipt of evidence reasonably satisfactory to the Maker of the loss, theft,
      destruction or mutilation of this Note and, in the case of any such loss, theft
      or destruction, upon receipt of an indemnity agreement or other indemnity
      reasonably satisfactory to the Maker or, in the case of any such mutilation,
      upon surrender and cancellation of such mutilated Note, the Maker shall make
      and
      deliver within three (3) Business Days a new note, of like tenor, in lieu of
      the
      lost, stolen, destroyed or mutilated Note.

     

    14. Costs
      of Collection.
      The
      Maker agrees to pay all costs and expenses, including the reasonable fees and
      expenses of any attorneys, accountants and other experts retained by the Holder,
      which are expended or incurred by the Holder following an Event of Default
      in
      connection with (a) the enforcement of this Note or the collection of any sums
      due hereunder, whether or not suit is commenced; (b) any actions for declaratory
      relief in any way related to this Note; (c) the protection or preservation
      of
      any rights of the Holder under this Note; (d) any actions taken by the Holder
      in
      negotiating any amendment, waiver, consent or release of or under this Note;
      (e)
      any actions taken in reviewing the Maker's or any of its Subsidiaries' financial
      affairs if an Event of Default has occurred or the Holder has determined in
      good
      faith that an Event of Default may likely occur, including, without limitation,
      the following actions: (i) inspect the facilities of the Maker and any of its
      Subsidiaries or conduct appraisals of the financial condition of the Maker
      and
      any of its Subsidiaries; (ii) have an accounting firm chosen by the Holder
      review the books and records of the Maker and any of its Subsidiaries and
      perform a thorough and complete examination thereof; (iii) interview the Maker's
      and each of its Subsidiaries' employees, accountants, customers and any other
      individuals related to the Maker or its Subsidiaries which the Holder believes
      may have relevant information concerning the financial condition of the Maker
      and any of its Subsidiaries; and (iv) undertake any other action which the
      Holder believes is necessary to assess accurately the financial condition and
      prospects of the Maker and any of its Subsidiaries; (f) the Holder's
      participation in any refinancing, restructuring, bankruptcy or insolvency
      proceeding involving the Maker, any of its Subsidiaries or any other Affiliate
      of the Maker; (g) any effort by the Holder to protect, assemble, complete,
      collect, sell, liquidate or otherwise dispose of any collateral, including
      in
      connection with any case under Bankruptcy Law; or (h) any refinancing or
      restructuring of this Note at the request or instigation of Maker, including,
      without limitation, any restructuring in the nature of a "work out" or in any
      insolvency or bankruptcy proceeding of Maker.  

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    15. Extension
      of Time.
      The
      Holder, at its option, may extend the time for payment of this Note, postpone
      the enforcement hereof, or grant any other indulgences without affecting or
      diminishing the Holder's right to recourse against the Borrower, which right
      is
      expressly reserved.

     

    16. Notations.
      Before
      disposing of this Note or any portion thereof, the Holder may make a notation
      thereon (or on a schedule attached thereto) of the amount of all principal
      payments previously made by Maker with respect thereto.

     

    17. GOVERNING
      LAW.
      THIS
      NOTE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
      THE
      LAWS OF THE STATE OF NEW SOUTH WALES, AUSTRALIA. TO
      THE
      EXTENT NECESSARY THE PROVISIONS OF ALL OTHER DOCUMENTS REFERRED TO HEREIN
      (INCLUDING WITHOUT LIMITATION THE PROVISIONS OF THE PURCHASE AGREEMENT AND
      SPECIFICALLY THE REPRESENTATIONS, WARRANTIES, COVENANTS AND EVENTS OF DEFAULT
      PROVIDED IN FAVOUR OF OR FOR THE BENEFIT OF THE HOLDER) SHALL BE DEEMED TO
      BE
      INCLUDED HEREIN AS IF SET OUT IN FULL HEREIN AND SHALL BE GOVERNED BY AND
      CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW SOUTH WALES AUSTRALIA
      EVEN IF EXPRESSED IN THE OTHER DOCUMENTS TO BE GOVERNED BY THE LAWS OF ANOTHER
      JURISDICTION. THE ENFORCEMENT BY THE HOLDER OF THE PURCHASE AGREEMENT OR ANY
      OTHER DOCUMENT UNDER THE LAWS OF ANOTHER JURISDICTION DO NOT RESTRAIN OR IN
      ANY
      WAY IMPACT UPON THE ABILITY OF THE HOLDER TO ENFORCE THIS NOTE OR ANY GUARANTEE,
      LIEN OR SECURITY INTEREST HELD BY THE HOLDER IN RESPECT OF THE INDEBTEDNESS
      CREATED BY THIS NOTE OR OTHERWISE UNDER THE LAWS OF THE STATE OF NEW SOUTH
      WALES
      AUSTRALIA.

     

    18. Choice
      of Jurisdiction.
      The
      Maker hereby consents and agrees that all actions, suits or other proceedings
      arising under or in connection with this Note or any other related document
      shall be finally settled by arbitration administered by the International Centre
      for Dispute Resolution in accordance with its International Arbitration Rules,
      by one arbitrator appointed in accordance with the said Rules. The arbitration
      shall be conducted in Los Angeles, California in the English language.

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      10.1

     

    19. WAIVER
      OF JURY TRIAL.
      THE
      MAKER AND THE HOLDER (BY ACCEPTANCE THEREOF) HEREBY WAIVE THE RIGHT TO A TRIAL
      BY JURY IN ANY ACTION, SUIT OR OTHER PROCEEDING BROUGHT TO RESOLVE ANY CLAIM,
      CONTROVERSY OR DISPUTE ARISING UNDER OR RELATING TO THIS NOTE, THE PURCHASE
      AGREEMENT, ANY OTHER RELATED AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
      OR THEREBY, REGARDLESS OF WHICH PARTY INITIATES SUCH ACTION, SUIT OR OTHER
      PROCEEDING.

     

    20. Severability.
      If any
      one or more of the provisions contained herein, or the application thereof
      in
      any circumstance, is held invalid, illegal or unenforceable in any respect
      for
      any reason, the validity, legality and enforceability of any such provision
      in
      every other respect and of the remaining provisions hereof shall not be in
      any
      way impaired, unless the provisions held invalid, illegal or unenforceable
      substantially impair the benefits of the remaining provisions
      hereof.

     

    21. Headings.
      The
      headings in this Note are for convenience of reference only and shall not limit
      or otherwise affect the meaning hereof.

    

    [SIGNATURE
      PAGE FOLLOWS]

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, this Secured Senior Subordinated Promissory Note is executed
      as
      of the date first above written.

     

    
      	
              GFN
                AUSTRALASIA FINANCE PTY LTD,

            
	
              an
                Australian corporation

            
	 	 
	
              By

            	   

	 	
              John
                O. Johnson, Director

            
	 	 
	
              By

            	   

	 	
              Robert
                Allan, Director

            

    

    
      
        
        

      

      
        -9-EXHIBIT
      10.2

    

    FIRST
      AMENDMENT TO SECURITIES PURCHASE AGREEMENT

     

    THIS
      FIRST AMENDMENT TO SECURITIES PURCHASE AGREMEENT (this “Amendment”)
      is
      entered into as of May 1, 2008 by and among Bison
      Capital Australia, L.P., a Delaware limited partnership (“Purchaser”),
      on
      the one hand, and General
      Finance Corporation, a Delaware corporation (“GFN”),
      GFN
      U.S.
      Australasia Holdings, Inc.,
      a
      Delaware corporation (“GFN
      (US)”),
      GFN
      Australasia Holdings Pty Ltd, a company organized under the laws of Australia
      (“GFN
      Holdings”),
      and
      GFN Australasia Finance Pty Ltd, a company organized under the laws of Australia
      (“Company”),
      on
      the other hand.

    

    RECITALS

    

    A. Purchaser,
      GFN, GFN (US), GFN Holdings and Company entered into that certain Securities
      Purchase Agreement dated September 13, 2007 (the “Agreement”).

    

    B. Each
      of
      the parties hereto desires to amend the Agreement as set forth herein, and
      desires that, except as set forth in this Amendment, the Agreement shall remain
      in full force and effect.

    

    NOW
      THEREFORE, in consideration of the premises and the respective representations,
      warranties, covenants, agreements and conditions hereinafter set forth, and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby acknowledged, the parties hereto hereby agree as follows:

    

    1. Definitions.
      Capitalized terms used herein and not otherwise defined herein shall have the
      meanings ascribed to them in the Agreement (without regard to this
      Amendment).

    

    2. Amendment.
      The
      Agreement is hereby amended as follows on and as of, and only upon, the date
      hereof:

    

    (a) The
      definition of “Permitted Expenses” set forth in Section 1.1 of the Agreement is
      amended and restated as follows:“’Permitted
      Expenses’
      means
      payments of up to $1,500,000 in any 12-month period made by the GFN (US)
      Entities to GFN and/or a GFN Related Entity for administrative, expenses,
      overhead charges, support charges and similar expenses; provided, that if at
      any
      time GFN or a GFN Related Party acquires or establishes another business or
      company, Permitted Expenses in any 12-month period shall be multiplied by the
      Reduction Percentage on a prospective basis. For purposes of the foregoing,
      the
      "Reduction
      Percentage"
      shall
      be that percentage obtained by dividing the revenues of the Covered Business
      by
      the total revenues of GFN (determined on a consolidated basis in accordance
      with
      GAAP); provided that Permitted Expenses shall never be less than US $750,000.
      Payments on debt owed to GFN and/or the GFN Related Parties, and dividends
      and
      distributions to GFN (US) stockholders with respect to their shareholdings,
      are
      not expenses included in Permitted Expenses so long as (x) such debt or shares
      are, in each case, issued with the approval of Purchaser (to the extent such
      approval is required hereunder), and (y) such debt or shares were not issued
      in
      consideration of the forgiveness, payment or deferral of administrative
      expense payments, reimbursements or distributions made by any GFN (US) Entity
      to
      GFN or any GRN Related Entity.” 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.2

    

    3. References.
      All
      references in this Amendment to “Amendment,” “herein,” “hereof,” or terms of
      like import referring to the Amendment or any portion thereof are hereby amended
      to refer to the Agreement as amended by this Amendment.

    

    4. No
      Implied Amendments.
      Except
      as expressly provided herein, the Waiver is not being amended, supplemented,
      or
      otherwise modified, and the Waiver shall continue in force and effect in
      accordance with its terms.

    

    5. Counterparts.
      This
      Amendment may be executed in one or more counterparts, each of which shall
      be
      deemed an original but all such counterparts together shall constitute but
      one
      and the same agreement.

    

    6. Successors
      and Assigns.
      This
      Amendment shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns.

    

    7. Governing
      Law.
      This
      Amendment shall be governed by and construed in accordance with the internal
      laws (and not the law of conflicts) of the State of California.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      EXHIBIT
        10.2

       

    

    [SIGNATURE
      PAGE TO FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT]

    

    IN
      WITNESS WHEREOF, each of the parties hereto has executed this Amendment, or
      caused this Amendment to be executed on its behalf by a representative duly
      authorized, as of the date first above written.

     

    
      	
              GENERAL
                FINANCE CORPORATION,

            
	
              a
                Delaware corporation

            
	 
	
              By

            	 
	 	
              John
                O. Johnson

              Chief
                Operating Officer

            

    

     

    
      
        	
                BISON
                  CAPITAL AUSTRALIA, L.P.,

              
	
                a
                  Delaware limited partnership

              
	 
	
                By:

              	
                BISON
                  CAPITAL AUSTRALIA GP, LLC,

                its
                  general partner

              

      

    

    

    
      	
              By:

            	 
	 	
              Douglas
                B. Trussler

              Managing
                Member

            

    

    

    
      	
              GFN
                U.S. AUSTRALASIA HOLDINGS, INC.,

            
	
              a
                Delaware corporation

            
	 
	
              By

            	 
	 	
              John
                O. Johnson

              Chief
                Operating Officer

            

    

     

    
      
        	
                GFN
                  AUSTRALASIA HOLDINGS PTY LTD

              
	 
	
                By:

              	 
	
                           John
                  O. Johnson, Director

              

      

    

     

    
      
        	
                By:

              	 
	
                           Robert
                  Allan, Director

              

        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

      

    

     

    
      EXHIBIT
        10.2

       

    

    
      
        	
                GFN
                  AUSTRALASIA FINANCE PTY LTD

              
	 
	
                By:

              	 
	
                           John
                  O. Johnson, Director

              

      

       

      
        
          	
                  By:

                	 
	
                             Robert
                    Allan, Director

                

        

      

    

     

    
      
        
        

      

      
        4

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