Document:

SUBORDINATION
      AND INTERCREDITOR AGREEMENT

     

    THIS
      SUBORDINATION AND INTERCREDITOR AGREEMENT dated as of October 1, 2008 (this
      “Agreement”)
      is
      entered into among PAC-VAN,
      INC.
      (the
“Borrower”), GFN
      NORTH AMERICA CORP. (the
      “Company”),
      LAMINAR
      DIRECT CAPITAL, L.L.C.,
      as
      Senior Agent (as hereinafter defined) for the Senior Lenders (as hereinafter
      defined) under the Investment Agreement (as hereinafter defined), and
D.
      E. SHAW LAMINAR PORTFOLIOS, L.L.C. (the
      “Subordinated
      Lender”).

     

    RECITALS

    

    A. The
      Senior Agent, certain financial institutions (together with the successors
      and
      assigns thereof, “Senior
      Lenders”),
      the
      Borrower and Mobile Office Acquisition Corp. ("MOAC")
      have
      entered into an Investment Agreement, dated as of August 2, 2006 (as from time
      to time amended, modified, extended, renewed, refinanced or restated prior
      to
      the date hereof, the “Original
      Investment Agreement”),
      together with the other Loan Documents (as defined in the Original Investment
      Agreement, such documents, the "Original
      Loan Documents"),
      whereby the Subordinated Lenders have made available to the Borrower certain
      loans and other financial accommodations therein set forth. The Original Loan
      Documents include a Continuing Unconditional Guaranty dated as of August 2,
      2006
      (as from time to time amended, modified, extended, renewed or restated (the
      “Original
      Parent Guaranty”)
      by
      MOAC in favor of the Senior Agent. All of the Borrower’s and the Company’s
      obligations under the Senior Loan Documents (as hereinafter defined) are secured
      by assignments of and security interests in substantially all of the now or
      hereafter acquired assets of the Borrower and the Company, all as more fully
      set
      forth in the Senior Loan Documents.

     

    B. Borrower,
      the Company and the Subordinated Lender (in its capacity as a stockholder of
      MOAC) are parties to that certain Agreement and Plan of Merger, dated as of
      July
      28, 2008 (the “Merger
      Agreement”),
      pursuant to which MOAC is merging with and into the Company effective as of
      the
      date of this Agreement. Pursuant to Section 2.1 of the Merger Agreement, the
      Company has issued a promissory note dated as of the date hereof in the
      aggregate principal amount of $1,500,000 (the “Subordinated
      Note”,
      together with all guarantees and other debt documents or debt instruments
      executed in connection therewith (as from time to time modified, extended,
      renewed, refinanced or restated to the extent permitted by the terms of this
      Agreement), collectively the “Subordinated
      Documents”)
      in
      favor of the Subordinated Lender, which Subordinated Note, together with cash
      and shares of restricted common stock of General Finance Corporation, a Delaware
      corporation, in the amounts determined in accordance with Section 2.1 of the
      Merger Agreement, constitute the merger consideration to be received by the
      Subordinated Lender under the Merger Agreement in exchange for the cancellation
      of the Subordinated Lender’s shares of stock in MOAC.

     

    C. In
      connection with the transactions contemplated by the Merger Agreement, the
      parties to the Original Investment Agreement have agreed to amend and restate
      (i) the Original Investment Agreement in the form of that certain Amended and
      Restated Investment Agreement dated as of the date hereof by and among the
      Borrower, the Company, the Senior Lenders party thereto and the Senior Agent
      (as
      from time to time amended, modified, extended, renewed, refinanced, or restated,
      the "Investment
      Agreement"),
      (ii)
      the Original Parent Guaranty in the form of that certain Amended and Restated
      Continuing Unconditional Guaranty dated as of the date hereof by the Company
      in
      favor of the Senior Agent (the "Parent
      Guaranty")
      and
      (iii) certain of the other Original Loan Documents. In addition, the Company
      has
      agreed to enter into that certain Security Agreement dated as of the date hereof
      by and among the Company and the Senior Agent (the "Parent
      Security Agreement").

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    D. As
      a
      condition of the financing accommodations under the Senior Loan Documents,
      the
      parties hereto are required to enter into this Agreement to establish the
      relative rights and priorities of the Senior Agent, the Senior Lenders and
      the
      Subordinated Lender under the Senior Loan Documents and the Subordinated
      Documents.

     

    E. The
      Subordinated Lender will benefit from the financing accommodations made by
      the
      Senior Lenders under the Investment Agreement and the other Senior Loan
      Documents. The Subordinated Lender and the Company desire to enter into this
      Agreement in order to induce the Senior Lenders to amend and restate the
      Original Investment Agreement in the form of the Investment Agreement and to
      enter into the amendments of the other Loan Documents contemplated thereby.
      The
      Subordinated Lender acknowledges that the Senior Lenders would not amend the
      Senior Loan Documents but for the execution of this Agreement.

     

    In
      consideration of the mutual agreements herein contained, the parties hereto
      agree as follows:

     

    1. Definitions.
      Except
      as otherwise provided herein, all capitalized terms used in this Agreement
      shall
      have the meanings ascribed to such terms in the Investment Agreement, provided
      that the following terms shall have the meanings set forth below:

     

    “Bankruptcy
      Code”
means
      Title 11 of the United States Code (11 U.S.C. § 101 et. seq.) or
      any replacement or supplemental federal statute dealing with the bankruptcy
      of
      debtors.

     

    “Borrower”
shall
      have the meaning set forth in the recitals hereof.

     

    “Borrower
      Property”
means
      all assets, property and property rights, of any kind or nature, tangible or
      intangible, now or hereafter existing, in which the Borrower or any Obligor
      owns, asserts or maintains an interest.

     

    “Company”
shall
      have the meaning set forth in the recitals hereof.

     

    “Company
      Property”
means
      all assets, property and property rights, of any kind or nature, tangible or
      intangible, now or hereafter existing, in which the Company or any Obligor
      owns,
      asserts or maintains an interest.

     

    “Investment
      Agreement”
shall
      have the meaning set forth in the recitals hereof.

     

    “Finally
      Paid”
or
      “Final
      Payment,”
when
      used in connection with the Senior Indebtedness, means the full and indefeasible
      payment in cash of all of the Senior Indebtedness.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Liens”
means
      any mortgage, deed of trust, pledge, lien, security interest, charge, set-off
      right or other encumbrance, whether now existing or hereafter created, acquired
      or arising. 

     

    “Obligor”
means
      any guarantor or obligor of any Senior Indebtedness.

     

    “Proceeding”
means
      any voluntary or involuntary proceeding commenced by or against the Borrower,
      the Company or any Obligor under any provision of the Bankruptcy Code, or under
      any other bankruptcy or insolvency law, including assignments for the benefit
      of
      creditors, formal or informal moratoria, compositions, extensions generally
      with
      its creditors, or proceedings seeking dissolution, receivership, reorganization,
      arrangement, or other similar relief.

     

    “Senior
      Agent”
means
      Laminar Direct Capital, L.L.C., as Collateral Agent for Senior Lenders, or
      any
      other Person appointed by the holders of the Senior Indebtedness as collateral
      agent for purposes of the Senior Loan Documents and this Agreement, together
      with the successors and assigns of all of the foregoing.

     

    “Senior
      Indebtedness”
means
      all obligations, liabilities and indebtedness of every nature of the Borrower
      and the Company from time to time owed to the Senior Agent or any Senior Lender
      under the Senior Loan Documents, including the principal amount of all debts,
      claims and indebtedness, accrued and unpaid interest and all premium, fees,
      costs and expenses, whether primary, secondary, direct, contingent, fixed or
      otherwise, heretofore, now and from time to time hereafter owing, due or
      payable, whether before or after the filing of a Proceeding, together with
      (a)
      any indebtedness which refinances such principal, interest or other obligations
      and any amendments, modifications, renewals, restatements, refinancings or
      extensions thereof to the extent not prohibited by the terms of this Agreement
      and (b) any interest accruing thereon after the commencement of a Proceeding,
      without regard to whether or not such interest is allowed in any Proceeding.
      Senior Indebtedness shall be deemed to be outstanding until it is Finally
      Paid.

     

    “Senior
      Loan Documents”
means
      the Investment Agreement, the Parent Guaranty, the Parent Security Agreement,
      the Subdebt Parent Pledge Agreement (as defined in the Investment Agreement)
      and
      the other Loan Documents (as defined in the Investment Agreement) and all other
      agreements, documents and instruments executed from time to time in connection
      therewith, in each case as from time to time renewed, extended, amended,
      restated or modified and all agreements and instruments evidencing full or
      partial refundings or refinancings of the indebtedness thereunder.

     

    “Subordinated
      Documents”
shall
      have the meaning set forth in recitals hereof.

     

    “Subordinated
      Indebtedness”
means
      all obligations, liabilities and indebtedness of every nature of the Borrower
      and the Company from time to time owed to any Subordinated Lender under the
      Subordinated Documents, including the principal amount of all debts, claims
      and
      indebtedness, accrued and unpaid interest and all premium, fees, costs and
      expenses, whether primary, secondary, direct, contingent, fixed or otherwise,
      heretofore, now and from time to time hereafter owing, due or payable, whether
      before or after the filing of a Proceeding, together with (a) any amendments,
      modifications, renewals, restatements, refinancings or extensions thereof and
      (b) any interest accruing thereon after the commencement of a Proceeding,
      without regard to whether or not such interest is allowed in any Proceeding.
      

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Subordinated
      Lender Remedies”
means
      any action (a) to take from or for the account of the Borrower, the Company,
      any
      Obligor, any other guarantor of the Subordinated Indebtedness or any other
      Person, by set-off or in any other manner, the whole or any part of any moneys
      which may now or hereafter be owing by the Borrower, the Company (other than
      receipt of payments of Subordinated Indebtedness to the extent permitted by
      this
      Agreement), any Obligor, any such guarantor or any other Person with respect
      to
      the Subordinated Indebtedness, (b) to sue for payment of, or to initiate or
      participate with others in any suit, action or proceeding (including any
      Proceeding) against the Borrower, the Company, any Obligor, any such guarantor
      or any other Person to (i) enforce payment of or to collect the whole or any
      part of the Subordinated Indebtedness or (ii) commence judicial enforcement
      of
      any of the rights and remedies under the Subordinated Documents or applicable
      law with respect to the Subordinated Indebtedness, (c) to accelerate the
      Subordinated Indebtedness, (d) to exercise any put, repurchase or similar option
      or to cause the Borrower, the Company, any Obligor, any such guarantor or any
      other Person to honor any redemption or mandatory prepayment obligation under
      any Subordinated Document or (e) to take any action under the provisions of
      any
      state or federal law, including the UCC, or under any contract or agreement,
      to
      enforce, foreclose upon, take possession of or sell any Borrower Property,
      Company Property or any property or assets of any such guarantor or any other
      Person. Notwithstanding the foregoing, “Subordinated
      Lenders Remedies”
does
      not include any action to seek and obtain specific performance or injunctive
      relief to compel the Company or any Obligor to comply with (or not violate
      or
      breach) an obligation under the Subordinated Documents, so long as it is not
      accompanied by a claim for monetary damages.

     

    “Subordinated
      Lender”
shall
      have the meaning set forth in the recitals hereof.

     

    “Subordinated
      Note(s)”
shall
      have the meaning set forth in the recitals hereof.

     

    “UCC”
means
      Article 9 of the Uniform Commercial Code, as in effect in any relevant
      jurisdiction. 

     

    2. Subordination
      of Subordinated Indebtedness to Senior Indebtedness.
      The
      Borrower and the Company covenant and agree, and Subordinated Lender by its
      acceptance of the Subordinated Documents (whether upon original issue or upon
      transfer or assignment) likewise covenants and agrees, notwithstanding anything
      to the contrary contained in any of the Subordinated Documents, that the payment
      of any and all of the Subordinated Indebtedness shall be subordinate and subject
      in right and time of payment, to the extent and in the manner hereinafter set
      forth, to the Final Payment of all Senior Indebtedness. Each holder of Senior
      Indebtedness, whether now outstanding or hereafter created, incurred, assumed
      or
      guaranteed, shall be deemed to have acquired Senior Indebtedness in reliance
      upon the provisions contained in this Agreement. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3. Subordination
      of Liens.

     

    (a) Subordinated
      Lender hereby covenants and agrees that any Liens and rights of any kind such
      Subordinated Lender may now have and hereafter acquire (or be deemed to now
      have
      or hereafter acquire) against the Borrower, the Company or any Obligor and/or
      any Borrower Property or Company Property, if any, shall be subordinate and
      subject to the Liens and rights against the Borrower, the Company, Obligors
      and/or Borrower Property or Company Property of the Senior Lenders arising
      from
      or out of the Senior Indebtedness, regardless of the order, time or manner
      in
      which any Liens attach to or are perfected in any Borrower Property or Company
      Property.

     

    (b) If
      (x)
      the Borrower, the Company or any Obligor, as the case may be, desires to make
      any distribution or payment or to sell any Borrower Property or Company Property
      as to which the Senior Lenders have provided their written consent or which
      is
      otherwise permitted under the Senior Loan Documents or (y) the Senior Lenders
      release their Lien in connection with any sale or disposition of any Borrower
      Property or Company Property, the Subordinated Lender shall be deemed to have
      consented to such disposition and shall execute such releases with respect
      to
      such Borrower Property or Company Property to be sold as the Senior Agent or
      the
      Senior Lenders request to evidence the release of any Lien against such property
      the Subordinated Lender may have or be deemed to have. Each Subordinated Lender
      hereby irrevocably appoints the holders of the Senior Indebtedness, or the
      Senior Agent on their behalf, as the true and lawful attorneys of the
      Subordinated Lender for the purpose of executing and filing any such releases.
      Each Subordinated Lender hereby waives any rights such Subordinated Lender
      has
      or may have in the future to object to the appointment of a receiver for all
      or
      any portion of the equity or the assets of the Borrower, the Company or any
      Obligor or to require any Senior Lender to marshal the collateral and agrees
      that each Senior Lender may proceed against the collateral in any order that
      it
      deems appropriate in the exercise of its absolute discretion. 

     

    4. Warranties
      and Representations of Company and Subordinated Lender.

     

    (a) The
      Borrower, the Company and the Subordinated Lender hereby severally represent
      and
      warrant to the Senior Lenders that each Senior Lender has been furnished with
      a
      true and correct copy of all instruments and securities evidencing or pertaining
      to the Subordinated Indebtedness. 

     

    (b) The
      Borrower and the Company hereby represent and warrant to the Senior Lenders
      that
      this Agreement has been duly executed and delivered by the Borrower and the
      Company and constitutes a legal, valid and binding obligation of the Borrower
      and the Company enforceable in accordance with its terms except to the extent
      that the enforceability thereof may be limited by any applicable bankruptcy,
      insolvency, reorganization, moratorium or similar laws from time to time in
      effect affecting generally the enforcement of creditors’ rights and remedies and
      general principles of equity.

     

    (c) Subordinated
      Lender represents and warrants to the Senior Lenders: (i) that this Agreement
      has been duly executed and delivered by Subordinated Lender and constitutes
      a
      legal, valid and binding obligation of Subordinated Lender enforceable against
      Subordinated Lender in accordance with its terms, except to the extent that
      the
      enforceability thereof may be limited by any applicable bankruptcy, insolvency,
      reorganization, moratorium or similar laws from time to time in effect affecting
      generally the enforcement of creditors’ rights and remedies and general
      principles of equity; (ii) that Subordinated Lender has not relied and shall
      not
      rely on any representation or information of any nature made by or received
      from
      any Senior Lender relative to the Borrower, the Company or any Obligor in
      deciding to execute this Agreement or to permit it to continue in effect; and
      (iii) that Subordinated Lender is the current holder of the Subordinated
      Indebtedness.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d) The
      Senior Agent and each Senior Lender represents and warrants to the Subordinated
      Lenders: (i) that this Agreement has been duly executed and delivered by the
      Senior Agent, on its own behalf and on behalf of the Senior Lenders, and
      constitutes a legal, valid and binding obligation of the Senior Agent or such
      Senior Lender, as applicable, enforceable against the Senior Agent or such
      Senior Lender, as applicable, in accordance with its terms, except to the extent
      that the enforceability thereof may be limited by any applicable bankruptcy,
      insolvency, reorganization, moratorium or similar laws from time to time in
      effect affecting generally the enforcement of creditors’ rights and remedies and
      general principles of equity; (ii) that the Senior Agent or such Senior Lender,
      as applicable, has not relied and shall not rely on any representation or
      information of any nature made by or received from any Senior Lender relative
      to
      the Company or any Obligor in deciding to execute this Agreement or to permit
      it
      to continue in effect; and (iii) that such Senior Lender is a current holder
      of
      the Senior Indebtedness.

     

    (e) Notwithstanding
      anything contained in this Agreement to the contrary, Subordinated Lender hereby
      represents and warrants to the Senior Agent, the Borrower and the Company that,
      except for security interests and Liens subordinated to the Senior Indebtedness
      pursuant to a written subordination agreement, Subordinated Lender has no
      security interest in or Lien on any assets of the Borrower, the Company or
      any
      Obligor or any Borrower Property or any Company Property.

     

    5. Negative
      Covenants.
      Until
      all of the Senior Indebtedness has been Finally Paid: (A), except for security
      interests and Liens subordinated to the Senior Indebtedness pursuant to a
      written subordination agreement, the Subordinated Lender shall not demand,
      accept or acquire from the Borrower, the Company or any Obligor any security
      interest in or Lien on any assets of the Borrower, the Company or any Obligor
      or
      any Borrower Property or any Company Property, nor any collateral from the
      Borrower, the Company or any Obligor; (B) neither the Borrower nor the Company
      shall discharge the Subordinated Indebtedness other than in accordance with
      the
      terms of the Subordinated Documents; (C) the Subordinated Lender shall not
      demand or accept from the Borrower, the Company, any Obligor or other Person
      any
      consideration which would result in a discharge of the Subordinated Indebtedness
      other than in accordance with the terms of the Subordinated Documents; (D)
      the
      Subordinated Lender shall not hereafter give any subordination in respect of
      the
      Subordinated Indebtedness; and (E) neither the Borrower nor the Company shall
      hereafter issue any instrument, security or other writing evidencing any part
      of
      the Subordinated Indebtedness, and the Subordinated Lender shall not receive
      any
      such writing, except upon the condition that such security shall bear the legend
      referred to in Section
      25
      below
      and a true copy thereof shall be thereupon promptly furnished to the Senior
      Agent.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6. Permitted
      Payments.

     

    (a) Notwithstanding
      the terms of the Subordinated Documents, the Company hereby agrees that it
      shall
      not make (and will not permit any other Obligor to make), and Subordinated
      Lender hereby agrees that it will not accept, any payment or distribution with
      respect to the Subordinated Indebtedness including any payment or distribution
      received through the exercise of any right of setoff, counterclaim or
      crossclaim, until the Senior Indebtedness is Finally Paid; provided
      that the
      Company may make to the Subordinated Lender and the Subordinated Lender may
      accept any payments in respect of principal and interest on the Subordinated
      Indebtedness in an aggregate amount not to exceed $2,000,000.00, all in
      accordance with the terms of the Subordinated Documents, so long as no Default
      or Event of Default has occurred under the Investment Agreement and is
      continuing or would result from the making of such payment. 

     

    (b) The
      failure of the Company to make any payment with respect to the Subordinated
      Indebtedness by reason of the operation of this Section
      6
      shall
      not be construed as preventing the occurrence of a default under the
      Subordinated Documents.

     

    7. Forbearance
      of Legal Remedies.

     

    (a) Until
      the
      Senior Indebtedness is Finally Paid, the Subordinated Lender shall not, without
      the prior written consent of the Senior Agent, exercise any Subordinated Lender
      Remedies. 

     

    (b) Notwithstanding
      anything contained herein to the contrary or any rights or remedies available
      to
      the Subordinated Lender under any of the Subordinated Documents, applicable
      law
      or otherwise, prior to the time that the Senior Indebtedness has been Finally
      Paid, any payments, distributions or other proceeds obtained by Subordinated
      Lender from the exercise of any Subordinated Lender Remedies shall in any event
      be held in trust by it for the benefit of the Senior Agent and the Senior
      Lenders and promptly paid or delivered to the Senior Agent for the benefit
      of
      the Senior Lenders in the form received.

     

    8. Dissolution,
      Liquidation, Reorganization or Bankruptcy.
      (a) In
      the event of any Proceeding involving the Borrower, the Company or any
      Obligor:

     

    (i) all
      Senior Indebtedness shall be Finally Paid before the Subordinated Lender shall
      be entitled to receive any payment on account of any Subordinated Indebtedness;
      and

     

    (ii) any
      payment or distribution of assets of such Person of any kind or character,
      whether in cash, property or securities, to which the Subordinated Lender would
      be entitled except for these provisions, shall be paid by the liquidating
      trustee or agent or other Person making such payment or distribution directly
      to
      the Senior Agent, to the extent necessary to make Final Payment of all Senior
      Indebtedness remaining unpaid, after giving effect to any concurrent payment
      or
      distribution or provision therefor to the holders of such Senior Indebtedness.
      Subordinated Lender irrevocably authorizes, empowers and directs any debtor,
      debtor-in-possession, receiver, trustee or agent or other Person having
      authority, to pay or otherwise deliver all such payments or distributions to
      Senior Agent.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Until
      the
      Senior Indebtedness has been Finally Paid, if a Proceeding shall occur and
      be
      continuing, the Subordinated Lender shall file all claims they may have against
      the Borrower, the Company or any Obligor, and shall direct the debtor in
      possession or trustee in bankruptcy, as appropriate, to pay over to the Senior
      Agent all amounts due to the Subordinated Lender on account of the Subordinated
      Indebtedness until the Senior Indebtedness has been Finally Paid. If the
      Subordinated Lender fails to file such claims prior to 30 days before the
      expiration of time to do so, the Senior Agent may (but shall have no obligation
      to) file such claims in the Subordinated Lender’s name on behalf of the Senior
      Lenders; provided,
      that
      neither the Senior Agent nor any Senior Lender shall have any right whatsoever
      to vote any claim that the Subordinated Lender has in any such Proceeding to
      accept or reject any plan of partial or complete liquidation, reorganization,
      arrangement, composition or existence. 

     

    (c) Subordinated
      Lender agrees, in connection with any such Proceeding, that while it shall
      retain the right to vote and otherwise act in any such proceeding (including
      the
      right to vote to accept or reject any plan of partial or complete liquidation,
      reorganization, arrangement, composition or extension), it will not take any
      action or vote in any way so as to (i) contest the validity of the Liens
      securing the Senior Indebtedness, (ii) contest the enforceability of any of
      the
      Senior Loan Documents, (iii) contest the Senior Lenders’ priority position over
      the Subordinated Lender created by this Agreement or (iv) take any position
      or
      action which would have directly or indirectly any of the following effects:
      (A)
      extension of the final maturity of and/or forgiveness, reduction or cram-down
      of
      the Senior Indebtedness or deferral of any required payment in respect of Senior
      Indebtedness, (B) opposing or objecting to initiatives or claims by the Senior
      Lenders for adequate protection or relief from the automatic stay, use of cash
      collateral or super-priority expense of administration for failure of adequate
      protection, (C) challenging in any respect treatment of the Senior Indebtedness
      as a first priority perfected fully secured claim, (D) blocking current payment
      of any obligation in respect of Senior Indebtedness, (E) assenting to or
      supporting any requested extension of the exclusivity period for the submission
      by Borrower or Company of any plan of reorganization or liquidation under the
      Bankruptcy Code unless such extension is assented to or supported by the Senior
      Lenders; and (F) opposing or objecting to any sale or lease of any Borrower
      Property or Company Property that has been consented to by the holders of Senior
      Indebtedness. Except as expressly set forth in this Section 8(c) or otherwise
      in
      this Agreement, the Subordinated Agent and Subordinated Lender shall, in any
      Proceeding, be entitled to (x) file any pleadings, objections, motions or
      agreements which assert rights or interests available to unsecured creditors
      of
      the Company arising under either bankruptcy law or applicable non-bankruptcy
      law, (y) may file claims or statements of interest with respect to all or any
      portion of the Subordinated Indebtedness, (z) file any necessary responsive
      or
      defensive pleadings in opposition to any motion, claim, adversary proceeding
      or
      other pleading made by any person objecting to or otherwise seeking the
      disallowance of the claims of the Subordinated Agent or Subordinated Lender.
      

     

    (d) Until
      the
      Senior Indebtedness has been Finally Paid, if a Proceeding shall occur and
      be
      continuing, the Subordinated Lender hereby (i) expressly consents to any Senior
      Lender’s providing post-petition financing to the Borrower, the Company or any
      Obligor or the granting by the Borrower, the Company or any Obligor to any
      Senior Lender of senior liens and priorities in connection therewith and/or
      the
      use of cash collateral and (ii) agrees that adequate notice of such financing
      or
      cash collateral usage to the Subordinated Lender shall have been provided if
      the
      Subordinated Lender received notice in accordance with Section
      16
      hereof
      two (2) Business Days prior to the entry of any order approving such financing
      or cash collateral usage.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (e) If
      Subordinated Lender has or at any time acquires any Lien securing any
      Subordinated Indebtedness, such Subordinated Lender agrees not to (i) initiate
      any proceeding involving the marshalling of any of the Borrower Property or
      the
      Company Property (whether in a Proceeding or otherwise) or (ii) assert any
      right
      it may have to “adequate protection” of its interest, if any, in such security
      in any Proceeding and agrees that it will not seek to have the automatic stay
      lifted with respect to such security, in each case without the prior written
      consent of the Senior Agent. Subordinated Lender waives any claim or defense
      Subordinated Lender may now or hereafter have arising out of the election by
      any
      Senior Lender in any Proceeding instituted under Chapter 11 of the Bankruptcy
      Code of any use of cash collateral, any borrowing or any grant of a security
      interest under Sections 363 and/or 364 of the Bankruptcy Code by the Borrower,
      the Company or any Obligor, as debtor-in-possession. Subordinated Lender agrees
      that it will not object to or oppose a sale or other disposition of any property
      securing all or any part of the Senior Indebtedness free and clear of any Liens
      or other claims of Subordinated Lender under Section 363 of the Bankruptcy
      Code
      if the Senior Agent has consented to such sale or disposition. Subordinated
      Lender further agrees that it will not seek to participate on any creditors
      committee in respect of the Subordinated Indebtedness without the Senior Agent’s
      prior written consent. To the extent that any Senior Lender receives payments
      on, or proceeds of collateral for, the Senior Indebtedness which are
      subsequently invalidated, declared to be fraudulent or preferential, set aside
      and/or required to be repaid to a trustee, receiver or any other party under
      any
      bankruptcy law, state or federal law, common law, or equitable cause, then
      as
      between such Senior Lender and Subordinated Lender hereunder, to the extent
      of
      such payment or proceeds received, the Senior Indebtedness, or part thereof,
      intended to be satisfied shall be revived and continue in full force and effect
      as if such payments or proceeds had not been received by such Senior
      Lender.

     

    9. Obligation
      of Company Unconditional.
      Nothing
      contained herein or in the Senior Loan Documents is intended to or shall impair,
      as between the Company and the Subordinated Lender only, the obligation of
      the
      Company, which is absolute and unconditional, to pay to the Subordinated Lender
      the Subordinated Indebtedness as and when the same shall become due and payable
      in accordance with their terms, or to affect the relative rights of the
      Subordinated Lender and creditors of the Company other than the Senior
      Lenders.

     

    10. Subordination
      Rights Not Impaired by Acts or Omissions of the Borrower, the Company or Holders
      of Senior Indebtedness.

     

    (a) No
      right
      of any present or future holders of any Senior Indebtedness to enforce the
      subordination provisions as provided herein shall at any time in any way be
      prejudiced or impaired by any act or failure to act on the part of the Borrower
      or the Company; by any act or failure to act by any such holder; by any act
      or
      failure to act by any other holder of the Senior Indebtedness; or by any
      noncompliance by the Borrower or the Company with the terms hereof, regardless
      of any knowledge thereof which any such holder may have or be otherwise charged
      with. The Subordinated Lender shall not be released, nor shall the Subordinated
      Lender’s obligation hereunder be in anyway diminished, by any of the following:
      (i) the exercise or the failure to exercise by any Senior Lender of any rights
      or remedies conferred on it or them under the Senior Loan Documents hereunder
      or
      existing at law or otherwise, or against any Borrower Property or Company
      Property; (ii) the commencement of an action at law or the recovery of a
      judgment at law against the Borrower, the Company or any Obligor for the
      performance of the Senior Indebtedness and the enforcement thereof through
      levy
      or execution or otherwise; (iii) the taking or institution or any other action
      or proceeding against the Borrower, the Company or any Obligor; (iv) any delay
      in taking, pursuing, or exercising any of the foregoing actions, rights, powers,
      or remedies (even though requested by Subordinated Lender) by any Senior Lender
      or anyone acting for any Senior Lender; (v) any lack of validity or
      enforceability of any Senior Loan Document; (vi) the release or non-perfection
      of any collateral securing the Senior Indebtedness; or (vii) any other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, the Borrower, the Company or any Obligor in respect of the Senior
      Indebtedness or Subordinated Lender in respect of this
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) Without
      limiting the generality of the foregoing, and anything else contained herein
      to
      the contrary notwithstanding, any Senior Lender, from time to time, without
      prior notice to or the consent of the Subordinated Lender, may take all or
      any
      of the following actions without in any manner affecting or impairing the
      obligation or liability of the Subordinated Lender hereunder: (i) obtain a
      Lien
      in any property to secure any of the Senior Indebtedness; (ii) obtain the
      primary and secondary liability of any party or parties with respect to any
      of
      the Senior Indebtedness; (iii) renew, extend, or otherwise change the time
      for
      payment of the Senior Indebtedness or any installment thereof for any period,
      or
      change the interest rates and fees with respect to the Senior Indebtedness;
      (iv)
      renew, reaffirm, extend, release or otherwise change any liability of any nature
      of any Person, including any Obligor, with respect to the Senior Indebtedness;
      (v) exchange, enforce, waive, release, and apply any Borrower Property or
      Company Property and direct the order or manner of sale thereof as such Senior
      Lender may in its discretion determine; (vi) enforce its rights hereunder,
      whether or not such Senior Lender shall proceed against any other Person; (vii)
      exercise its rights to consent to any action or non-action of the Borrower,
      the
      Company or any Obligor which may violate the covenants and agreements contained
      in the Senior Loan Documents, with or without consideration, on such terms
      and
      conditions as may be acceptable to it; or (viii) exercise any of its rights
      conferred by the Senior Loan Documents or by law.

     

    11. Waivers.
      The
      Borrower, the Company and Subordinated Lender each hereby waive, to the fullest
      extent permitted by law, any defense based on the adequacy of a remedy at law
      which might be asserted as a bar to the remedy of specific performance of this
      Agreement in any action brought therefor by the Senior Lenders. To the fullest
      extent permitted by law and except as to any notices specified in this
      Agreement, notices regarding the intended sale or disposition of any portion
      of
      the collateral held by the Senior Lenders, or any notice which may not be waived
      in accordance with the UCC, the Borrower, the Company and Subordinated Lender
      each hereby further waive: presentment, demand, protest, notice of protest,
      notice of default or dishonor, notice of payment or nonpayment and any and
      all
      other notices and demands of any kind in connection with all negotiable
      instruments evidencing all or any portion of the Senior Indebtedness or the
      Subordinated Indebtedness to which the Borrower, the Company or the Subordinated
      Lender may be a party; prior notice of and consent to any loans made, extensions
      granted or other action taken in reliance thereon; and all other demands and
      notices of every kind in connection with this Agreement, the Senior Indebtedness
      or the Subordinated Indebtedness. Subordinated Lender consents to any release,
      renewal, extension, compromise or postponement of the time of payment of the
      Senior Indebtedness, to any substitution, exchange or release of collateral
      therefor, and to the addition or release of any Person primarily or secondarily
      liable thereon.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    12. No
      Estoppel.
      Neither
      the failure nor any delay on the part of any Senior Lender to exercise any
      right, remedy, power or privilege hereunder shall operate as a waiver thereof
      or
      give rise to an estoppel, nor be construed as an agreement to modify the terms
      of this Agreement, nor shall any single or partial exercise of any right,
      remedy, power or privilege with respect to any occurrence be construed as a
      waiver of such right, remedy, power or privilege with respect to any other
      occurrence. No waiver by a party hereunder shall be effective unless it is
      in
      writing and signed by the party making such waiver, and then only to the extent
      specifically stated in such writing.

     

    13. Incorrect
      Payments; Specific Performance.
      If the
      Borrower, the Company or any Obligor shall make or the Subordinated Lender
      shall
      collect any payment on account of the principal of, premium or interest on
      or
      any other amounts due under the Subordinated Indebtedness in contravention
      of
      this Agreement, such payments shall be held in trust by the Subordinated Lender
      and not commingled with any assets of Subordinated Lender and shall be paid
      over
      and delivered to the Senior Agent, for the benefit of the Senior Lenders,
      promptly upon receipt thereof. At any time Subordinated Lender fails to comply
      with any provision of this Agreement, the Senior Lenders may demand specific
      performance of this Agreement, whether or not the Borrower or the Company has
      complied with this Agreement, and may exercise any other remedy available at
      law
      or equity.

     

    14. Amendment
      of the Subordinated Documents and Senior Loan Documents.
      Subordinated Lender agrees that it will not, without the prior written consent
      of the Senior Agent, agree to any amendment, modification or supplement to
      the
      Subordinated Documents. The Senior Indebtedness may at any time be amended,
      modified, restated, refinanced or waived without limitation without notice
      to,
      or the consent of, the Subordinated Lender.

     

    15. Inconsistent
      or Conflicting Provisions; Construction.
      If a
      provision of the Senior Loan Documents or the Subordinated Documents is
      inconsistent or conflicts with the provisions of this Agreement, the provisions
      of this Agreement shall govern and prevail. The term "including" is not limiting
      and means "including without limitation." 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."

     

    16. Notices.
      Any
      notice, consent or other communication provided for in this Agreement shall
      be
      in writing and shall be delivered personally (effective upon delivery), via
      facsimile (effective upon confirmation of transmission), via overnight courier
      (effective the next Business Day after dispatch if instructed to deliver on
      next
      business day) or via U.S. Mail (effective 3 days after mailing, postage prepaid,
      first class) to each party at its address(es) and/or facsimile number(s) set
      forth on Annex
      I
      hereto,
      or to such other address as either party shall specify to the other in writing
      from time to time. The Subordinated Lender shall provide the Senior Agent with
      written notice promptly upon the occurrence of an event of default under the
      Subordinated Documents.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    17. Entire
      Agreement.
      This
      Agreement constitutes and expresses the entire understanding between the parties
      hereto with respect to the subject matter hereof, and supersedes all prior
      and
      contemporaneous agreements and understandings, inducements or conditions,
      whether express or implied, oral or written. Neither this Agreement nor any
      portion or provision hereof may be changed, waived or amended orally or in
      any
      manner other than by an agreement in writing signed by the Senior Agent and
      the
      Subordinated Lender; provided
      that any
      such change, waiver or amendment shall be binding upon the Borrower and the
      Company by their written consent thereto. This Agreement shall constitute a
      Loan
      Document and the recitals hereto shall constitute part of this
      Agreement.

     

    18. Additional
      Documentation.
      The
      Borrower, the Company and the Subordinated Lender shall execute and deliver
      to
      the Senior Agent such further instruments and shall take such further action
      as
      the Senior Agent may at any time or times reasonably request in order to carry
      out the provisions and intent of this Agreement.

     

    19. Expenses.
      The
      Borrower and the Company agrees to pay the Senior Agent and the Senior Lenders
      on demand all expenses of every kind, including Attorney Costs, that the Senior
      Agent or the Senior Lender incur in enforcing any of their rights against the
      Borrower, the Company and/or the Subordinated Lender under this
      Agreement.

     

    20. Successors
      and Assigns.

     

    (a) This
      Agreement shall inure to the benefit of each Senior Lender, Subordinated Lender,
      and their respective successors and assigns, and shall be binding upon the
      Borrower, the Company and their respective successors and assigns, and each
      Senior Lender, Subordinated Lender and their respective transferees, successors
      and assigns, including any subsequent holders of the Subordinated Note. Any
      Senior Lender, without prior notice or consent of any kind, may sell, assign
      or
      transfer any Senior Indebtedness, and in such event each and every immediate
      and
      successive assignee or transferee thereof may be given the right by such Person
      to enforce this Agreement in full against the Borrower, the Company and the
      Subordinated Lender, by suit or otherwise, for its own benefit.

     

    (b) Subordinated
      Lender shall not sell, assign, pledge, dispose of or otherwise transfer all
      or
      any portion of the Subordinated Indebtedness or any Subordinated Document:
      (i)
      unless, prior to the consummation of any such action, the transferee thereof
      shall execute and deliver to the Senior Agent a joinder to this Agreement,
      providing for the continued subordination of the Subordinated Indebtedness
      to
      the Senior Indebtedness as provided herein and for the continued effectiveness
      of all of the rights of the Senior Agent and the Senior Lenders arising under
      this Agreement, and (ii) unless the related Subordinated Documents evidencing
      such Subordinated Indebtedness contain the legend referred to in Section 25
      below.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Notwithstanding
      the failure of any transferee to execute or deliver an agreement substantially
      identical to this Agreement, the subordination effected hereby shall survive
      any
      sale, assignment, pledge, disposition or other transfer of all or any portion
      of
      the Subordinated Indebtedness, and the terms of this Agreement shall be binding
      upon the successors and assigns of each Subordinated Indebtedness, as provided
      in this Section
      20.

     

    (d) Subordinated
      Lender hereby agrees that any party that refinances the Senior Indebtedness
      of
      the Senior Lenders may rely on and enforce this Agreement as if it were such
      Senior Lender. Subordinated Lender further hereby agrees that it will, at the
      request of such Senior Lender, enter into an agreement, in the form of this
      Agreement, mutatis
      mutandis,
      to
      subordinate the Subordinated Indebtedness, to the same extent as provided
      herein, to the party refinancing all or a portion of such Senior Indebtedness;
      provided
      that the
      failure of the Subordinated Lender to execute such an agreement shall not affect
      such party’s right to rely on and enforce the terms of this
      Agreement.

     

    21. Covenant
      Not to Challenge.
      This
      Agreement has been negotiated by the parties with the expectation and in
      reliance upon the assumption that the instruments and documents evidencing
      the
      Senior Indebtedness are valid and enforceable. In determining whether to enter
      into this Agreement, the Subordinated Lender has assumed such validity and
      enforceability, and has agreed to the provisions contained herein, without
      relying upon any reservation of a right to challenge or call into question
      such
      validity or enforceability. As between any Senior Lender and Subordinated
      Lender, Subordinated Lender hereby covenants and agrees, to the fullest extent
      permitted by law, that it shall not initiate in any proceeding a challenge
      to
      the validity or enforceability of the documents and instruments evidencing
      the
      Senior Indebtedness or the validity, perfection or priority of any Lien of
      the
      Senior Agent or the Senior Lenders securing the Senior Indebtedness, nor shall
      the Subordinated Lender instigate other parties to raise any such challenges,
      nor shall the Subordinated Lender participate in or otherwise assert any such
      challenges which are raised by other parties. As between any Senior Lender
      and
      any Subordinated Lender, each Senior Lender hereby covenants and agrees, to
      the
      fullest extent permitted by law, that it shall not initiate in any proceeding
      a
      challenge to the validity or enforceability of the documents and instruments
      evidencing the Subordinated Indebtedness, nor shall the Senior Lenders instigate
      other parties to raise any such challenges, nor shall the Senior Lenders
      participate in or otherwise assert any such challenges which are raised by
      other
      parties.

     

    22. Subrogation.
      Subject
      to the Final Payment of all Senior Indebtedness and the provisions of
Section
      24
      hereof,
      the Subordinated Lender shall be subrogated to the rights of the Senior Lenders
      to receive payments and distributions of cash, property and securities
      applicable to the Senior Indebtedness to the extent that distributions otherwise
      payable to the Subordinated Lender have been applied to the Senior Indebtedness,
      until all amounts payable under the Subordinated Indebtedness shall have been
      paid in full. For purposes of such subrogation, no payments or distributions
      to
      the Senior Lenders of any cash, property or securities to which the Subordinated
      Lender would be entitled except for the provisions of this Agreement, and no
      payment pursuant to the provisions of this Agreement to the Senior Lenders
      by
      the Subordinated Lender shall, as among the Borrower, the Company and their
      respective creditors other than the Senior Lenders, be deemed to be a payment
      or
      distribution by the Borrower or the Company to or on account of the Senior
      Indebtedness. If the Borrower or the Company fails to make any payment on
      account of the Subordinated Indebtedness by reason of any provision contained
      herein, such failure shall, notwithstanding such provision contained herein,
      constitute a default with respect to the Subordinated Indebtedness if and to
      the
      extent such failure would otherwise constitute such a default in accordance
      with
      the terms of the Subordinated Indebtedness.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    23. Termination
      of Agreement.
      This
      Agreement shall continue and shall be irrevocable until the date all of the
      Senior Indebtedness has been Finally Paid or otherwise discharged and released
      in an express writing to such effect by the Senior Lenders. 

     

    24. Reinstatement.
      The
      obligations of the Subordinated Lender under the Agreement shall continue to
      be
      effective, or be reinstated, as the case may be, if at any time any payment
      in
      respect of any Senior Indebtedness is rescinded or must otherwise be restored
      or
      returned by any Senior Lender by reason of any bankruptcy, reorganization,
      arrangement, composition or similar proceeding or as a result of the appointment
      of a receiver, intervenor or conservator of, or trustee or similar officer
      for,
      the Borrower, the Company, any Obligor or any substantial part of its property,
      or otherwise, all as though such payment had not been made.

     

    25. Legends.
      Until
      the termination of this Agreement, Subordinated Lender will cause to be clearly,
      conspicuously and prominently inserted on the face of Subordinated Note and
      any
      other Subordinated Document, as well as any renewals or replacements thereof,
      the following legend:

     

    “THIS
      INSTRUMENT AND THE RIGHTS AND OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE
      IN
      THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AND
      INTERCREDITOR AGREEMENT (THE “SUBORDINATION
      AGREEMENT”)
      DATED
      AS OF OCTOBER 1, 2008 AMONG D. E. SHAW LAMINAR PORTFOLIOS, L.L.C., PAC-VAN,
      INC.
      (THE “BORROWER”),
      GFN
      NORTH AMERICA CORP. (THE
      “COMPANY”)
      AND
      LAMINAR DIRECT CAPITAL, L.L.C. (TOGETHER WITH ITS SUCCESSORS AND ASSIGNS, THE
      “SENIOR
      AGENT”),
      TO
      THE INDEBTEDNESS (INCLUDING INTEREST) OWED BY THE COMPANY PURSUANT TO THAT
      CERTAIN AMENDED AND RESTATED INVESTMENT AGREEMENT DATED AS OF OCTOBER 1, 2008
      AMONG THE COMPANY, THE SENIOR AGENT AND BORROWER, AND THE OTHER LOAN DOCUMENTS
      (AS DEFINED IN THE INVESTMENT AGREEMENT) AS SUCH INVESTMENT AGREEMENT AND OTHER
      LOAN DOCUMENTS MAY BE AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED
      FROM
      TIME TO TIME AND TO INDEBTEDNESS REFINANCING THE INDEBTEDNESS THEREUNDER AS
      CONTEMPLATED BY THE SUBORDINATION AGREEMENT; AND EACH HOLDER OF THIS INSTRUMENT,
      BY ITS ACCEPTANCE HEREOF, IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS
      OF
      THE SUBORDINATION AGREEMENT.”

    

    The
      Borrower’s and the Company’s books shall be marked to evidence the subordination
      of all of the Subordinated Indebtedness to the holders of Senior Indebtedness,
      in accordance with the terms of this Agreement. Each Senior Lender is authorized
      to examine such books from time to time in accordance with the terms of the
      Investment Agreement and to make any notations required by this
      Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    26. Governing
      Law.
      THIS
      AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS
      OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
      ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.
      THE
      BORROWER, THE COMPANY AND THE SUBORDINATED LENDER HEREBY AGREE THAT ALL ACTIONS
      OR PROCEEDINGS INITIATED BY THE BORROWER, THE COMPANY OR THE SUBORDINATED LENDER
      AND ARISING DIRECTLY OR INDIRECTLY OUT OF THIS AGREEMENT SHALL BE LITIGATED
      IN A
      NEW YORK COUNTY, NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
      DISTRICT OF NEW YORK OR, IF ANY SENIOR LENDER INITIATES SUCH ACTION, IN ADDITION
      TO THE FOREGOING COURTS, ANY COURT IN WHICH SUCH SENIOR LENDER SHALL INITIATE
      SUCH ACTION, TO THE EXTENT SUCH COURT HAS JURISDICTION. THE BORROWER, THE
      COMPANY AND THE SUBORDINATED LENDER EACH HEREBY EXPRESSLY SUBMIT AND CONSENT
      IN
      ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED BY ANY SENIOR
      LENDER AND HEREBY WAIVE ANY CLAIM THAT SUCH COURTS ARE AN INCONVENIENT FORUM
      OR
      AN IMPROPER FORUM BASED UPON LACK OF VENUE. THE EXCLUSIVE CHOICE OF FORUM AS
      SET
      FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT, BY ANY
      SENIOR LENDER, OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING, BY
      ANY
      SENIOR LENDER, OF ANY ACTION TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE
      JURISDICTION, AND THE BORROWER, THE COMPANY AND THE SUBORDINATED LENDER EACH
      HEREBY WAIVE THE RIGHT TO COLLATERALLY ATTACK SUCH JUDGMENT OR ACTION.

     

    27. Jury
      Trial.
      THE
      SENIOR AGENT, THE SUBORDINATED LENDER, THE BORROWER AND THE COMPANY WAIVE TRIAL
      BY JURY IN ANY DISPUTE ARISING FROM, UNDER OR IN CONNECTION WITH THIS AGREEMENT.
      

     

    28. Severability.
      The
      provisions of this Agreement are independent of and separable from each other.
      If any provision hereof shall for any reason be held invalid or unenforceable,
      it is the intent of the parties that such invalidity or unenforceability shall
      not affect the validity or enforceability of any other provision hereof, and
      that this Agreement shall be construed as if such invalid or unenforceable
      provision had never been contained herein.

     

    29. Counterparts.
      This
      Agreement may be executed in any number of separate counterparts, all of which,
      when taken together, shall constitute one and the same instrument,
      notwithstanding the fact that all parties did not sign the same counterpart.
      Receipt of an executed signature page to this Agreement by facsimile or other
      electronic transmission shall constitute effective delivery
      thereof.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    30. Sections.
      The
      section headings used in this Agreement are for convenience only and shall
      not
      affect the interpretation of any of the provisions hereof.

     

    31. Defines
      Rights of Creditors.
      The
      provisions of this Agreement are solely for the purpose of defining the relative
      rights of the Senior Lenders and the Subordinated Lender and shall not be deemed
      to create any rights or priorities in favor of any other Person, including
      the
      Borrower and the Company.

    

    [signature
      pages follow]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
      parties hereto have executed this Agreement as of the date first above
      written.

    

    
      	
              BORROWER:

            	
              PAC-VAN,
                INC.

            
	 	 
	 	
              By:

            	
              /s/
                Theodore M. Mourouzis

            
	 	
               
                Theodore M. Mourouzis, President

            
	 	 
	
              COMPANY:

            	
              GFN
                NORTH AMERICA CORP.

            
	 	 
	 	
              By:

            	
              /s/
                John O. Johnson

            
	 	
               
                John O. Johnson, Chief Operating Officer

            
	 	 
	
              SENIOR
                AGENT:

            	
              LAMINAR
                DIRECT CAPITAL, L.L.C.

            
	 	 
	 	
              By:

            	
              /s/
                Robert T. Ladd

            
	 	
               
                Robert T. Ladd, Authorized Signatory

            
	 	 
	
              SUBORDINATED
                LENDER:

            	
              D.
                E. SHAW LAMINAR PORTFOLIOS, L.L.C.

            
	 	 
	 	
              By:

            	
              /s/
                Robert T. Ladd

            
	 	
               
                Robert T. Ladd, Authorized
                Signatory

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ANNEX
      I

     

    NOTICE
      ADDRESSES

     

    BORROWER:

    

    Pac-Van,
      Inc.

    2995
      South Harding Street

    Indianapolis,
      Indiana 46225

    Attention:
      Theodore M. Mourouzis

    Facsimile:
      (317) 644-3117

    

    COMPANY:

    

    GFN
      North
      America Corp.

    39
      East
      Union Street

    Pasadena,
      California 91103

    Attention:
      Christopher A. Wilson, Esq.

    Facsimile:
      (626) 795-8090

    

    SENIOR
      AGENT:

    

    Laminar
      Direct Capital, L.L.C, as Collateral Agent

    10000
      Memorial Dr., Suite 500

    Houston,
      Texas 70024

    Telephone:
      (713)
      292-5404

    Facsimile:
      (713)
      292-5454

    Attention:
      Debbie
      Blank

    

    D.
      E.
      Shaw Laminar Portfolios, L.L.C.

    10000
      Memorial Dr., Suite 500

    Houston,
      Texas 70024

    Telephone:
      (713)
      292-5404

    Facsimile:
      (713)
      292-5454

    Attention:
      Debbie
      BlankPLEDGE
      AGREEMENT

     

    THIS
      PLEDGE AGREEMENT (this “Pledge
      Agreement”)
      is
      made and entered into as of October 1, 2008 by and among each of the undersigned
      pledgors (each, individually a “Pledgor”
and,
      collectively, the “Pledgors”),
      GENERAL FINANCE CORPORATION, a Delaware corporation (“Parent”),
      and
      GFN NORTH AMERICA CORP., a Delaware corporation (“Sub”
and
      collectively with Parent, the “Buyers”).

     

    W I T N E S S E T&am
p
      ;#1 60;H:

     

    WHEREAS,
      pursuant to that certain Agreement and Plan of Merger (the “Merger
      Agreement”)
      dated
      July 22, 2008 by and among Buyers, PAC-VAN, INC., an Indiana corporation
      (“Pac-Van”),
      MOBILE OFFICE ACQUISITION CORP., a Delaware corporation (“MOAC”)
      and
      the Pledgors, MOAC has been merged with and into Sub (the “Merger”),
      and
      each Pledgor will receive the shares of common stock of Parent set forth on
      Schedule
      I
      hereto
      (as to each Pledgor, the “Pledged
      Shares”),
      other
      shares of common stock of Parent not subject to this Agreement and other
      consideration in exchange for their stock in MOAC;

    

    WHEREAS,
      the Merger Agreement requires that each Pledgor pledge the Pledged Shares in
      favor of Buyers to secure the payment of the indemnification obligations of
      such
      Pledgor under Article 7 of the Merger Agreement; and

     

    WHEREAS,
      Buyers have required, as a condition to entering into the Merger Agreement,
      that
      Pledgors (i) pledge to Buyers, and grant to Buyers a security interest in,
      the Pledged Collateral (as defined herein) and (ii) execute and deliver
      this Pledge Agreement in order to secure the payment by each Pledgor of its
      Secured Obligations. 

     

    AGREEMENT

     

    NOW
      THEREFORE, in consideration of the premises and in order to induce Buyers to
      enter into the Merger Agreement, each Pledgor hereby agrees with Buyers as
      follows:

     

    SECTION
      1 Defined
      Terms. The
      following terms shall have the following respective meanings:

     

    “Additional
      Shares”
has
      the
      meaning specified in Section 8(b) hereof.

    

    “Pledged
      Collateral”
has
      the
      meaning specified in Section 2 hereof.

    

    “Pledged
      Shares”
has
      the
      meaning specified in the recitals hereof.

    

    “Secured
      Obligations”
has
      the
      meaning specified in Section 2 hereof.

    

    “Securities
      Act”
has
      the
      meaning specified in Section 12 hereof.

    

    “UCC”
has
      the
      meaning specified in Section 3 hereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    All
      other
      capitalized terms used herein and not otherwise defined herein shall have the
      meanings given in the Merger Agreement, or, if not defined therein, the meanings
      set forth in the UCC, except where the context otherwise requires.

    

    SECTION
      2 Pledge.
      Each
      Pledgor hereby pledges to Buyers, for their benefit, and grants to each Buyer,
      for their benefit, a continuing first priority and perfected security interest
      in, its right, title and interest in and to the following (collectively, the
      “Pledged
      Collateral”):
      

     

    (a)
      the
      Pledged Shares of such Pledgor, the Additional Shares applicable to such
      Pledgor's Pledged Shares and any certificates representing the Pledged Shares
      of
      such Pledgor and/or the Additional Shares applicable to such Pledgor's Pledged
      Shares; and

     

    (b)
      the
      proceeds (equal to $7.50 per share) of any sale of the Pledged Shares of such
      Pledgor and/or the Additional Shares applicable to such Pledgor's Pledged
      Shares.

     

    SECTION
      3 Security
      For Obligations.
      As to
      each Pledgor, this Pledge Agreement secures, and the Pledged Collateral of
      such
      Pledgor is collateral security for, the prompt payment in full when due of
      all
      Losses (as defined in the Merger Agreement) payable to Buyers from such Pledgor
      now or hereafter existing under Article 7 of the Merger Agreement and all
      amendments, extensions or renewals thereof (all such obligations under Article
      7
      of the Merger Agreement being collectively referred to herein as the
“Secured
      Obligations”).
      Cancellation of shares included in the Pledged Collateral shall be done solely
      in accordance with Section 7.3 of the Merger Agreement. If a Pledgor pays a
      Secured Obligation in cash in lieu of permitting Buyers to retain Pledged Shares
      as payment of such Secured Obligation, the number of shares included in the
      Pledged Collateral (assuming a $7.50 value per share) equal to the cash payment
      made by such Pledgor shall no longer be pledged to Buyers and Buyers shall
      promptly deliver to such Pledgor the certificates for such shares with the
      legend relating to this Pledge Agreement removed therefrom. 

     

    SECTION
      4 Delivery
      Of Pledged Collateral.
      All
      certificates or instruments representing or evidencing the Pledged Collateral
      shall be delivered to and held by or on behalf of the Buyers pursuant hereto.
      Such certificates or instruments shall be in suitable form for transfer by
      delivery, or shall be accompanied by instruments of transfer or assignment
      in
      blank (or such other documents or agreements necessary to give Buyers “control”
within the meaning of the UCC (as defined below)), all in form and substance
      reasonably satisfactory to Buyers. “UCC”
means
      the Uniform Commercial Code, as in effect from time to time, of the State of
      Delaware or of any other state the laws of which are required as a result
      thereof to be applied in connection with the issue of perfection of security
      interests in the Pledged Collateral; provided,
      that
      to the
      extent that the UCC is used to define any term herein or in any other documents
      and such term is defined differently in different Articles or Divisions of
      the
      UCC, the definition of such term contained in Article or Division 9 shall
      govern.

     

    SECTION
      5 Representations
      And Warranties.
      Each
      Pledgor represents and warrants as to the Pledged Collateral pledged by it
      as
      follows:

     

    (a) Such
      Pledgor is the legal and beneficial owner of the Pledged Collateral pledged
      by
      it, free and clear of any Lien on the Pledged Collateral.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (b) Upon
      the
      delivery to Buyers of the Pledged Collateral pledged by such Pledgor and the
      filing of a UCC-1 financing statement, the pledge of such Pledged Collateral
      pursuant to this Pledge Agreement will create a valid and perfected first
      priority Lien in such Pledged Collateral securing the payment of such Pledgor’s
      Secured Obligations for the benefit of Buyers.

     

    (c) No
      authorization, approval, or other action by, and no notice to or filing with,
      any Governmental Authority is required either for the pledge by such Pledgor
      of
      Pledged Collateral pursuant to this Pledge Agreement or for the execution,
      delivery or performance of this Pledge Agreement by such Pledgor.

     

    (d) Such
      Pledgor has full power and authority to enter into this Pledge Agreement and
      has
      the right to pledge and grant a security interest in the Pledged Shares pledged
      by it and the other Pledged Collateral pledged by it, in each case as provided
      by this Pledge Agreement.

     

    (e) This
      Pledge Agreement has been duly authorized, executed and delivered by such
      Pledgor and constitutes its legal, valid and binding obligation, enforceable
      against it in accordance with its terms except as enforceability may be limited
      by bankruptcy, insolvency, reorganization, receivership, moratorium or other
      laws affecting the rights and remedies of creditors generally and by general
      equitable principles. 

     

    SECTION
      6 Further
      Assurances.
      Each
      Pledgor agrees that at any time and from time to time, at its expense, it will
      promptly execute and deliver, or cause to be executed and delivered, all stock
      powers, assignments, acknowledgments, financing statements, instruments and
      documents and take all further action, at the Buyers’ request, that Buyers
      reasonably deem necessary or advisable in order to perfect any security interest
      granted or purported to be granted hereby or to enable Buyers to exercise and
      enforce their rights and remedies hereunder with respect to any Pledged
      Collateral pledged by such Pledgor and to carry out the provisions and purposes
      hereof. Each Pledgor will, promptly upon request, provide to Buyers all
      information and evidence it may reasonably request concerning the Pledged
      Collateral pledged by such Pledgor to enable Buyers to enforce the provisions
      of
      this Pledge Agreement.

     

    SECTION
      7 Voting
      Rights; Sale Proceeds.

     

    (a) Each
      Pledgor shall be entitled to exercise any and all voting and other consensual
      rights pertaining to the Pledged Shares pledged by such Pledgor or any part
      thereof for any purpose not inconsistent with the terms of this Pledge
      Agreement; provided,
      however,
      that no
      Pledgor shall exercise or shall refrain from exercising any such right if such
      action or inaction could reasonably be expected to adversely affect the
      validity, priority or perfection of the security interests granted hereunder
      or
      would otherwise be inconsistent with or violate any provisions of this Pledge
      Agreement.

     

    (b) Any
      and
      all cash or other proceeds (equal to $7.50 per share) paid, payable or otherwise
      distributed in redemption of, or in exchange for, any Pledged Shares, shall
      in
      each case be delivered forthwith to an escrow agent pursuant to an escrow
      agreement, both of which shall be mutually satisfactory to the selling Pledgor
      and Buyers to hold as Pledged Collateral and shall, if received by a Pledgor,
      be
      received in trust for the benefit of the Buyers, be segregated from the other
      property or funds of such Pledgor, and be forthwith delivered to such escrow
      as
      Pledged Collateral in the same form as so received (with any necessary or
      requested endorsement). The selling Pledgors shall bear all fees and costs
      of
      such escrow. Any amounts received paid, payable or otherwise distributed in
      redemption of, or in exchange for, any Pledged Shares in excess of $7.50 per
      share shall be retained by the selling Pledgor and shall not be subject to
      this
      Agreement in any manner. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    SECTION
      8 Transfers
      And Other Liens; Additional Shares. 

     

    (a) Each
      Pledgor agrees that it will not (i) sell or otherwise dispose of, or grant
      any
      option with respect to, any of the Pledged Collateral unless the proceeds of
      such sale up to $7.50 per share are delivered to escrow pursuant to Section
      6(b)
      and such sale is made in accordance with the Stockholders Agreement of even
      date
      herewith among Pledgors, Parent and other persons named therein; (ii) create
      or
      permit to exist any Lien upon or with respect to any of the Pledged Collateral,
      except for the security interest granted under this Pledge Agreement; or (iii)
      enter into any agreement or understanding that purports to or may restrict
      or
      inhibit Buyers’ rights or remedies hereunder, including, without limitation,
      Buyers’ right to retain the Pledged Collateral. In connection with any sale of
      the Pledged Collateral in accordance with clause (i) of this subsection, Buyers
      shall deliver to the selling Pledgor the certificates for the Pledged Collateral
      being sold. 

     

    (b) Each
      Pledgor agrees that it will deliver to Buyers hereunder, promptly upon its
      acquisition thereof, any and all additional shares of stock received as a result
      of a split or subdivision of such Pledgor’s Pledged Shares (“Additional
      Shares”).

     

    SECTION
      9 Buyers
      May Perform.
      If any
      Pledgor fails to perform any agreement contained herein, either Buyer may itself
      perform, or cause performance of, such agreement, and the reasonable expenses
      of
      Buyers incurred in connection therewith shall be payable by such Pledgor.

     

    SECTION
      10 No
      Assumption Of Duties; Reasonable Care.
      The
      rights and powers granted to Buyers hereunder are being granted in order to
      preserve and protect Buyers’ security interest in and to the Pledged Collateral
      granted hereby and shall not be interpreted to, and shall not, impose any duties
      on Buyers in connection therewith except the duty to exercise reasonable care
      in
      the custody and preservation of the Pledged Collateral in its possession. Buyers
      shall be deemed to have exercised reasonable care in the custody and
      preservation of the Pledged Collateral in its possession if the Pledged
      Collateral is accorded treatment substantially equal to that which Buyers
      accords its own property, it being understood that Buyers shall not have any
      responsibility for (i) ascertaining or taking action with respect to calls,
      conversions, exchanges, maturities, tenders or other matters relative to any
      Pledged Collateral, whether or not Buyers have or are deemed to have knowledge
      of such matters or (ii) taking any necessary steps to preserve rights against
      any parties with respect to any Pledged Collateral. 

     

    SECTION
      11 Subsequent
      Changes Affecting Pledged Collateral.
      Each
      Pledgor represents to Buyers that it has made its own arrangements for keeping
      informed of changes or potential changes affecting the Pledged Collateral
      (including, but not limited to, rights to convert, rights to subscribe, payment
      of dividends, payments of interest and/or principal, reorganization or other
      exchanges, tender offers and voting rights), and each Pledgor agrees that Buyers
      shall have no responsibility or liability for informing such Pledgor hereunder
      of any such changes or potential changes or for taking any action or omitting
      to
      take any action with respect thereto. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    SECTION
      12 Remedies
      Upon Default.
      If a
      Pledgor shall have failed to pay a Secured Obligation of such Pledgor under
      Article 7 of the Merger Agreement and such failure shall be continuing, the
      Pledged Shares of such Pledgor in the amount of such Secured Obligation
      (assuming a per share price of $7.50) shall be cancelled in accordance with
      the
      Merger Agreement. 

     

    SECTION
      13 Attorney’s
      Fees.
      The
      prevailing party(ies) in any litigation, arbitration, bankruptcy, insolvency
      or
      other proceeding (the "Proceeding") relating to the enforcement or
      interpretation of this Agreement may recover from the unsuccessful party(ies)
      all costs, and actual attorney's fees (including expert witness and other
      consultants' fees and costs) relating to or arising out of (a) the Proceeding
      (whether or not the Proceeding proceeds to judgment), and (b) any post-judgment
      or post-award proceeding including one to enforce or collect any judgment or
      award resulting from the Proceeding. All such judgments and awards will contain
      a specific provision for the recovery of all such subsequently incurred costs,
      expenses, and actual attorney's fees.

     

    SECTION
      14 Security
      Interest Absolute.
      All
      rights of Buyers and the security interests hereunder, and all obligations
      of
      the Pledgors hereunder, shall be absolute and unconditional irrespective of,
      and
      unaffected by any exchange, surrender, release or non-perfection of any other
      collateral, or any release or amendment or waiver of or consent to departure
      from any guaranty, for all or any of the Secured Obligations.

     

    SECTION
      15 Miscellaneous
      Provisions. 

     

    Section
      15.1 Notices. 
      All notices, approvals, consents or other communications required or desired
      to
      be given hereunder shall be in the form and manner, and delivered to the
      Pledgors (or any of them) and to the Buyers and to any other courtesy copy
      addressees, at their respective addresses set forth in Section 9.3
      of the
      Merger Agreement. 

     

    Section
      15.2 Headings. 
      The headings in this Pledge Agreement are for purposes of reference only and
      shall not affect the meaning or construction of any provision of this Pledge
      Agreement.

     

    Section
      15.3 Severability.
      The
      provisions of this Pledge Agreement are severable, and if any clause or
      provision shall be held invalid, illegal or unenforceable in whole or in part
      in
      any jurisdiction, then such invalidity or unenforceability shall affect in
      that
      jurisdiction only such clause or provision, or part thereof, and shall not
      in
      any manner affect such clause or provision in any other jurisdiction or any
      other clause or provision of this Pledge Agreement in any
      jurisdiction.

     

    Section
      15.4 Amendments,
      Waivers and Consents. 
      Any amendment of this Pledge Agreement shall not be effective unless the same
      shall be in writing and signed by Buyers and the Pledgors affected by such
      amendment. Any waiver of any provision of this Pledge Agreement and any consent
      to any departure by the Pledgors from any provision of this Pledge Agreement
      shall not be effective unless the same shall be in writing and signed by the
      waiving party and then such amendment or waiver shall be effective only in
      the
      specific instance and for the specific purposes for which given.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Section
      15.5 Interpretation
      of Agreement. 
      Time is of the essence in each provision of this Pledge Agreement of which
      time
      is an element. To the extent a term or provision of this Pledge Agreement
      conflicts with the Merger Agreement and is not dealt with herein with more
      specificity, the Merger Agreement shall control with respect to the subject
      matter of such term or provision. Acceptance of or acquiescence in a course
      of
      performance rendered under this Pledge Agreement shall not be relevant in
      determining the meaning of this Pledge Agreement even though the accepting
      or
      acquiescing party had knowledge of the nature of the performance and opportunity
      for objection.

     

    Section
      15.6 Continuing
      Security Interest; Transfer of Notes and Secured
      Obligations.
      This
      Pledge Agreement shall create a continuing security interest in the Pledged
      Collateral and shall (i) remain in full force and effect until full and final
      payment (including after twenty (20) months after the Closing Date) of the
      Secured Obligations, (ii) be binding upon each Pledgor, its successors,
      transferees and assigns and (iii) inure, together with the rights and
      remedies of Buyers hereunder, to the benefit of the successors, transferees
      and
      assigns of Buyers. 

     

    Section
      15.7 Reinstatement.
      To the
      maximum extent permitted by law, this Pledge Agreement shall continue to be
      effective or be reinstated, as the case may be, if at any time any amount
      received by Buyers in respect of the Secured Obligations is rescinded or must
      otherwise be restored or returned by Buyers upon the insolvency, bankruptcy,
      dissolution, liquidation or reorganization of any Pledgor or any other Person
      or
      upon the appointment of any receiver, intervenor, conservator, trustee or
      similar official for any Pledgor or any other Person or any substantial part
      of
      its assets, or otherwise, all as though such payments had not been
      made.

     

    Section
      15.8 Survival
      of Provisions. 
      All representations, warranties and covenants of the Pledgors contained herein
      shall survive the execution and delivery of this Pledge Agreement, and shall
      terminate upon the termination hereof.

     

    Section
      15.9 Authority
      of Buyers.
      Buyers
      shall have and be entitled to exercise all powers hereunder which are
      specifically granted to Buyers by the terms hereof, together with such powers
      as
      are reasonably incident thereto. Buyers may perform any of their duties
      hereunder or in connection with the Pledged Collateral by or through agents
      or
      employees and shall be entitled to retain counsel and to act in reliance upon
      the advice of counsel concerning all such matters. Buyers and their directors,
      officers, employees, attorneys and agents shall be entitled to rely on any
      communication, instrument or document reasonably believed by it or them to
      be
      genuine and correct and to have been signed or sent by the proper person or
      persons. 

     

    Section
      15.10 Release;
      Termination of Agreement. 
      This Pledge Agreement shall terminate on the third anniversary of the date
      hereof (the "Termination
      Date");
      provided, however, if indemnification claims are pending on the Termination
      Date
      under Section 7.2(a) of the Merger Agreement, then this Pledge Agreement shall
      terminate on the date on which such pending indemnification claims are paid
      in
      accordance with Article 7 of the Merger Agreement. At such termination date,
      Buyers shall, at the request and expense of Buyers, reassign and redeliver
      to
      each Pledgor all of the Pledged Collateral pledged by such Pledgor hereunder
      without any legend referencing this Pledge Agreement which has not been retained
      or applied by Buyers in accordance with the terms hereof. Such reassignment
      and
      redelivery shall be without warranty by or recourse to Buyers, except as to
      the
      absence of any prior assignments by Buyers of their interest in the Pledged
      Collateral, and shall be at the expense of Buyers.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Section
      15.11 Counterparts. 
      This Pledge Agreement may be executed in any number of counterparts and by
      the
      different parties hereto on separate counterparts, each of which, when so
      executed and delivered, shall be deemed an original but all of which shall
      together constitute one and the same agreement.

     

    Section
      15.12 Governing
      Law; Arbitration; Jury Trial Waiver.

     

    (a) THIS
      AGREEMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES
      HERETO DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE
      (AS OPPOSED TO THE CONFLICT-OF-LAWS PROVISIONS); PROVIDED THAT ISSUES WITH
      RESPECT TO CREATION, PERFECTION OR ENFORCEMENT OF LIENS UNDER ARTICLE 9 OF
      THE
      UCC MAY GIVE EFFECT TO APPLICABLE CHOICE OR CONFLICT OF LAW RULES SET FORTH
      IN
      ARTICLE 9 OF THE UCC OF THE STATE OF DELAWARE; PROVIDED
      THAT
      BUYERS AND THE PLEDGORS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL
      LAW.

     

    (b) NOTWITHSTANDING
      ANY OTHER PROVISION OF THIS AGREEMENT TO THE CONTRARY, ANY CONTROVERSY OR CLAIM
      BETWEEN OR AMONG THE PARTIES, ARISING OUT OF OR RELATING TO THIS PLEDGE
      AGREEMENT, SHALL BE DETERMINED BY BINDING ARBITRATION PURSUANT TO THE TERMS
      AND
      CONDITIONS OF SECTION 9.16 OF THE MERGER AGREEMENT, SUBJECT TO THE EXCEPTIONS
      SET FORTH IN SECTION 9.16 OF THE MERGER AGREEMENT. 

     

    (c) No
      provision of Section 10.12(b) shall limit the right of Buyers to exercise
      self-help remedies such as setoff, foreclosure against or sale of any personal
      property collateral or security, or obtaining provisional or ancillary remedies
      from a court of competent jurisdiction before, after, or during the pendency
      of
      any arbitration or other proceeding. The exercise of a remedy does not waive
      the
      right of either party to resort to arbitration. 

     

    Section
      15.13 Waiver
      Of Jury Trial.
      SUBJECT
      TO THE PROVISIONS OF SECTION 16.13(d), EACH PLEDGOR AND BUYER EACH
      IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR
      CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS PLEDGE
      AGREEMENT, THE MERGER AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
      THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT
      BY
      ANY OF THE PARTIES AGAINST ANY OTHER PARTY
      OR
      ASSIGNEE. EACH PLEDGOR AND BUYER AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION
      SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING,
      THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS
      WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
      PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR
      ENFORCEABILITY OF THIS PLEDGE AGREEMENT OR THE MERGER AGREEMENT OR ANY PROVISION
      HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
      RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS PLEDGE AGREEMENT AND THE MERGER
      AGREEMENT.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Section
      15.14 Limitation
      Of Liability.
      No
      Pledgor shall have any liability or obligation for any covenant of, or breach
      hereof by, any other Pledgor. Without limiting the generality of the foregoing,
      no Pledged Collateral pledged by a Pledgor shall be security for any obligations
      of any other Pledgor. No claim may be made by any party hereto against any
      other
      party hereto, or the affiliates, directors, officers, officers, employees,
      or
      agents of such parties, for punitive damages in respect of any claim for breach
      of contract or any other theory of liability arising out of or related to the
      transactions contemplated by this Pledge Agreement or the Merger Agreement,
      or
      any act, omission or event occurring in connection therewith, and each party
      hereto hereby waives, releases and agrees not to sue upon any claim for such
      punitive damages, whether or not accrued and whether or not known or suspected
      to exist in its favor.

     

    [SIGNATURE
      PAGES FOLLOW]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

      IN
        WITNESS WHEREOF, Pledgors and Buyers have each caused this Pledge Agreement
        to
        be duly executed and delivered as of the date first above
        written.

    

     

    
      	 	
              BUYERS:

            
	 	 
	 	
              GENERAL
                FINANCE CORPORATION

            
	 	 	 
	 	
              By:
                

            	/s/
              John O. Johnson
	 	 	
              Name:
                John O. Johnson

            
	 	 	
              Title:
                Chief Operating Officer

            
	 	 
	 	
              GFN
                NORTH AMERICA CORP.

            
	 	 	 
	 	
              By:
                

            	/s/
              Christopher A. Wilson
	 	 	
              Name:
                Christopher A. Wilson

            
	 	 	
              Title:
                General Counsel

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	
              PLEDGORS:

            	 
	 	
              /s/
                Ronald F. Valenta

            	 
	 	
              Ronald
                F. Valenta

            	 

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	 	/s/
              Ronald L. Havner, Jr.
	 	
              Ronald
                L. Havner, Jr., as Trustee of the Havner

              Family
                Trust dated July 24, 1995

            

    

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    
      	 	
              D.
                E. SHAW LAMINAR PORTFOLIOS, L.L.C.

            
	 	 
	 	
              By:
                

            	/s/
              Robert T. Ladd
	 	
              Name:
                Robert T. Ladd

            
	 	
              Title:
                Authorized Secretary

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    
      	 	
              KAISER
                INVESTMENTS LIMITED

            
	 	 
	 	
              By:

            	/s/
              Colin James
	 	
              Name:
                Colin James

            
	 	
              Title:
                Director

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      I

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    

    PLEDGE
      AMENDMENT

    

    This
      Pledge Amendment dated __________________ is delivered pursuant to Section 8(c)
      of the
      Pledge Agreement referred to below. The undersigned hereby agrees that this
      Pledge Amendment may be attached to the Pledge Agreement (the “Pledge
      Agreement”)
      dated
      as of July 22, 2008 among the undersigned and General Finance Corporation,
      a
      Delaware corporation (“Parent”),
      and
      GFN North America Corp., a Delaware corporation (“Sub”
and
      collectively with Parent, “Buyers”);
      capitalized terms defined therein being used herein as therein defined and
      that
      the shares and other instruments listed on this Pledge Amendment shall be deemed
      to be part of the Pledged Collateral and shall secure all Secured Obligations
      of
      the undersigned.

    
      

        
          	 	 	
                  [PLEDGOR]_____________________________,

                
	 	 	
                  a
                    ______________________________________________

                
	 	 	 	 	 
	
                  Date:

                	 	 	
                  By:

                	 	 
	 	 	 	
                  Name:
                    

                	 
	 	 	 	
                  Title:
                    

                	 

        

      

    

     

    
      
        
        

      

      
        15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]