Document:

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 DATED AS OF AUGUST 2, 2006 (AS AMENDED BY THE FIRST
      AMENDMENT THERETO DATED AUGUST 23, 2007 AND THE SECOND AMENDMENT THERETO DATED
      AS OF SEPTEMBER 23, 2008, THE "SUBORDINATION
      AGREEMENT")
      AMONG
      LAMINAR DIRECT CAPITAL, L.L.C. (AS SUCCESSOR TO LAMINAR DIRECT CAPITAL L.P.),
      PAC-VAN, INC. (THE "COMPANY")
      AND
      LASALLE BANK NATIONAL ASSOCIATION (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 CREDIT AGREEMENT DATED AS OF AUGUST 23, 2007 AMONG
      THE COMPANY, THE SENIOR AGENT AND THE SENIOR LENDERS FROM TIME TO TIME PARTY
      THERETO (THE "LOAN
      AGREEMENT"),
      AND
      THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT) AS SUCH LOAN
      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.

    

    SECURITY
      AGREEMENT

    

    THIS
      SECURITY AGREEMENT (this "Agreement")
      dated
      as of October 1, 2008
      is
      by and among GFN NORTH AMERICA CORP., a Delaware corporation
      (the "Debtor")
      and
      LAMINAR DIRECT CAPITAL, L.L.C., as collateral agent (in such capacity, the
      "Agent")
      for
      the for the lenders (collectively, the "Lenders"
      and
      each individually, a "Lender")
      from
      time to time party to the Investment Agreement described below.

    

    RECITALS

    

    A. The
      Lenders have made certain financial accommodations to Pac-Van, Inc., an Indiana
      corporation (the "Borrower"),
      pursuant to that certain Investment Agreement made and entered into as of August
      2, 2006, among the Borrower (as successor in interest to PVI Acquisition
      Corporation, an Indiana corporation), Mobile Office Acquisition Corp., a
      Delaware corporation ("MOAC"),
      the
      Lenders from time to time party thereto and the Agent (as successor to Laminar
      Direct Capital L.P.) (as amended by the First Amendment to Investment Agreement
      and Waiver dated as of August 23, 2007 and the Second Amendment to Investment
      Agreement dated as of September 23, 2008, the "Original
      Investment Agreement"),
      and
      as evidenced by the Notes.

    

    B. Pursuant
      to the Parent Merger Agreement, MOAC has agreed to consummate a merger (the
      "Parent
      Merger")
      with
      the Assignor in which the Assignor will be the surviving corporation and as
      a
      result of which the Assignor shall (i) assume all of the obligations and
      liabilities of MOAC, including becoming a party to and assuming all of the
      obligations of MOAC under the Loan Documents and (ii) acquire all of the assets
      of MOAC, including all of the issued and outstanding Capital Stock of the
      Borrower.

    

    C. In
      connection with the transactions contemplated by the Parent Merger Agreement,
      (i) the parties to the Original Investment Agreement have agreed to amend and
      restate 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 Guarantor, the Lenders from time to time party thereto and the
      Agent (as from time to time amended, modified, extended, renewed, refinanced,
      or
      restated, the "Investment
      Agreement")
      and
      (ii) the Lenders have required the Assignor to amend and restate that certain
      Continuing Unconditional Guaranty dated as of August 2, 2006 (which was given
      by
      MOAC in favor of the Agent, for the ratable benefit of the Lenders, connection
      with the closing of the Original Investment Agreement) in the form of that
      certain Amended and Restated Continuing Unconditional Guaranty dated as of
      the
      date hereof (as from time to time amended, modified, extended, renewed,
      refinanced, or restated, the "Subdebt
      Parent Guaranty").

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    E. In
      connection with the transactions contemplated by the Parent Merger Agreement,
      and as a condition to the Agent's and the Lenders' consent to the Parent Merger,
      entering into the Investment Agreement and continued extension and continuation
      of credit by the Lenders to the Borrower under the Investment Agreement and
      the
      Notes, the Lenders require that the Debtor
      shall
      have executed and delivered this Agreement to the Collateral
      Agent
      for the
      ratable benefit of the Lenders to secure the performance of the Debtor under
      the
      Subdebt Parent Guaranty and of the Borrower under the Investment Agreement
      and
      the Notes;

    .

    NOW,
      THEREFORE,
      in
      consideration of the premises and other good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, the parties hereto
      agree as follows:

     

    1. Definitions.

    

    
      	 	 	
              (a)

            	
              Capitalized
                terms used and not otherwise defined herein shall have the meanings
                ascribed to such terms in the Investment Agreement, and the following
                terms which are defined in the Uniform Commercial Code in effect
                in the
                State of New York except as such terms may be used in connection
                with the
                perfection of the Collateral and then the applicable jurisdiction
                with
                respect to such affected Collateral shall apply (as hereinafter defined)
                (the
                "UCC")
                on
                the date hereof are used herein as so defined: Accessions, Account
                Debtor,
                Accounts, As-Extracted Collateral, Certificated Security, Chattel
                Paper,
                Commercial Tort Claims, Commingled Goods, Consumer Goods, Control,
                Deposit
                Accounts, Documents, Electronic Chattel Paper, Equipment, Farm Products,
                Financial Assets, Fixtures, General Intangibles, Goods,
                Health-care-insurance Receivable, Instruments, Inventory, Investment
                Property, Letter-of-Credit Rights, Manufactured Homes, Payment Intangible,
                Proceeds, Promissory Note, Securities Account, Securities Intermediary,
                Security, Security Entitlement, Software, Standing Timber, Supporting
                Obligation, Tangible Chattel Paper and Uncertificated Security.
                

            

    

    

    
      	
            	(b)	
              In
                addition, the following terms shall have the following
                meanings:

            

    

    

    "Collateral"
      has the
      meaning set forth in Section
      2
      hereof.

     

    "Lender"
      has the
      meaning set forth in the Preamble hereof. 

    

    "Secured
      Obligations"
      means,
      without duplication, (i) all of the Subdebt Obligations and
      (ii)
      all costs and expenses incurred in connection with enforcement and collection
      of
      the Subdebt Obligations, including reasonable attorneys’ fees.

    

    
      	
              2.

            	
              Grant
                of Security Interest in the Collateral.
                To secure the prompt and full payment and complete performance of
                all
                Secured Obligations of Debtor to the Lenders, for valuable consideration,
                the receipt and sufficiency of which are hereby acknowledged, Debtor
                hereby grants, pledges and assigns to the Agent, for the benefit
                of the
                Lenders, a continuing security interest in, and a right of set off
                against, any and all right, title and interest of the Debtor in and
                to the
                following described property of the Debtor (collectively, the
                "Collateral"):
                

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (a) All
      property of, or for the account of, the Debtor now or hereafter coming into
      the
      possession, Control or custody of, or in transit to, the Lenders or any agent
      or
      bailee for the Lenders or any parent, affiliate or subsidiary of the Lenders
      or
      any participant with the Lenders in the Loan (whether for safekeeping, deposit,
      collection, custody, pledge, transmission or otherwise), including all earnings,
      dividends, interest, or other rights in connection therewith and the products
      and proceeds therefrom, including the proceeds of insurance thereon; and

    

    (b) The
      additional property of the Debtor, whether now existing or hereafter arising
      or
      acquired, and wherever now or hereafter located, together with all additions
      and
      accessions thereto, substitutions for, and replacements, products and proceeds
      therefrom, and all of the Debtor's books and records and recorded data relating
      thereto (regardless of the medium of recording or storage), together with all
      of
      the Debtor's right, title and interest in and to all computer software required
      to utilize, create, maintain and process any such records or data on electronic
      media, identified and set forth as follows: 

    

    (i) All
      Accounts and all Goods whose sale lease or other disposition by the Debtor
      has
      given rise to Accounts and have been returned to, or repossessed or stopped
      in
      transit by, the Debtor, or rejected or refused by an Account Debtor;

    

    (ii) All
      Inventory, including, without limitation, raw materials, work-in-process and
      finished goods; 

    

    (iii) All
      Goods, including, without limitation, embedded software, Equipment, vehicles,
      furniture and Fixtures

    

    (iv) All
      Software and computer programs; 

    

    (v) All
      Securities, Investment Property, Financial Assets and Deposit
      Accounts;

    

    (vi) All
      Chattel Paper, Electronic Chattel Paper, Instruments, Documents, Letter of
      Credit Rights, all proceeds of letters of credit, Health-care-insurance
      Receivables, Supporting Obligations, notes secured by real estate, Commercial
      Tort Claims and General Intangibles (including, without limitation, patents,
      trademarks, copyrights, applications therefore and licenses thereof, and Payment
      Intangibles);

    

    (vii) All
      Commercial Tort Claims described on Schedule
      1
      hereto.

    

    (viii) All
      insurance policies and proceeds insuring the foregoing property or any part
      thereof, including unearned premiums; and

    

    (ix) To
      the
      extent not otherwise included, all Accessions and Proceeds of any and all of
      the
      foregoing.

    

    Debtor
      and the Agent, on behalf of the Lenders, hereby acknowledge and agree that
      the
      security interest created hereby in the Collateral (i) constitutes continuing
      collateral security for all of the Secured Obligations, whether now existing
      or
      hereafter arising and (ii) is not to be construed as an assignment of any
      copyrights, copyright licenses, patents, patent licenses, trademarks or
      trademark licenses (or any applications therefore).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3. General
      Representations and Covenants.
      In each
      case subject to the provisions of the Intercreditor Agreement, Debtor
      represents, warrants and covenants as follows: 

    

    (a) (i)
      Debtor
      is, or as to Collateral arising or to be acquired after the date hereof, shall
      be, the sole owner of the Collateral free from any and all Liens, security
      interests, encumbrances claims and interests (other than Liens permitted by
      the
      Investment Agreement); and (ii) no security agreement financing statement,
      equivalent security or lien instrument or continuation statement covering any
      of
      the Collateral is on file or of record in any public office (other than in
      respect of the Liens permitted under the Investment Agreement). 

    

    (b) Debtor
      shall not create, permit or suffer to exist, and shall take such action as
      is
      necessary to remove, any claim to or interest in or Lien or encumbrance upon
      the
      Collateral (other than Liens permitted under the Investment Agreement) and
      shall
      defend the right, title and interest of the Agent and Lenders in and to the
      Collateral against all claims and demands of all persons and entities at any
      time claiming the same or any interest therein. 

    

    (c) Debtor
      is
      a corporation organized and existing under the laws of the State of Indiana.
      Debtor's principal place of business and chief executive office is located
      at
      the address set forth on Schedule
      2
      attached
      hereto ("Executive
      Office").
      Debtor has no other place of business, except as shown in Schedule
      2
      attached
      to, and made a part of this Agreement. Debtor shall not change its Executive
      Office or do business at a location not shown on Schedule
      2
      without
      Agent's prior written consent. Debtor's records concerning the Accounts, Chattel
      Paper, General Intangibles, Payment Intangibles, Inventory and other Collateral
      shall be maintained at the Debtor's Executive Office. 

    

    (d) At
      least
      thirty (30) days prior to the occurrence of any of the following events, Debtor
      shall deliver to Agent written notice of such impending events: (i) a change
      in
      Debtor's Executive Office or place of business; (ii) the opening or closing
      of
      any other place of business; or (iii) a change in Debtor's name, identity or
      corporate structure. 

    

    (e) Subject
      to any limitation stated therein or in connection therewith, all information
      furnished by Debtor concerning the Collateral or otherwise in connection with
      the Secured Obligations, is or shall be at the time the same is furnished,
      accurate, correct and complete in all material respects. 

    

    (f) The
      Collateral is and shall be used primarily for business purposes. 

    

    (g) None
      of
      the Collateral consists of, or is the Accessions or the Proceeds of,
      As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes,
      or
      timber to be cut.

    

    (h) Schedule
      1
      hereto
      sets forth each Commercial Tort Claim by or in favor of the Debtor. Debtor
      shall
      (i) promptly notify the Administrative Agent in writing of the initiation of
      any
      Commercial Tort Claim by or in favor of the Debtor, and (ii) execute and deliver
      such statements, documents and notices and do and cause to be done all such
      things as the Agent may reasonably deem necessary or appropriate, or as are
      required by law, to create, perfect and maintain the Agent’s security interest
      in any Commercial Tort Claim.

    

    (i) This
      Agreement creates a valid security interest in favor of the Agent, for the
      benefit of the Lenders, in the Collateral of the Debtor and, when properly
      perfected by filing, shall constitute a valid perfected security interest in
      such Collateral, to the extent such security interest can be perfected by filing
      under the UCC, free and clear of all Liens except for Liens permitted under
      the
      Investment Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (j) If
      any
      amount payable under or in connection with any of the Collateral shall be or
      become evidenced by any Instrument or Tangible Chattel Paper, or if any property
      constituting Collateral shall be stored or shipped subject to a Document, Debtor
      shall (i) ensure that such Instrument, Tangible Chattel Paper or Document is
      either in the possession of Debtor at all times or, if requested by the Agent,
      is promptly delivered to the Agent, duly endorsed in a manner satisfactory
      to
      the Agent and (ii) at the Agent’s request, ensure that any Collateral consisting
      of Tangible Chattel Paper is marked with a legend acceptable to the Agent
      indicating the Agent’s security interest in such Tangible Chattel
      Paper.

    

    (k) Execute
      and deliver all agreements, assignments, instruments or other documents as
      the
      Agent shall reasonably request for the purpose of obtaining and maintaining
      control within the meaning of the UCC with respect to any Collateral consisting
      of Deposit Accounts, Investment Property, Letter-of-Credit Rights and Electronic
      Chattel Paper.

    

    (l) If
      any
      Collateral with a value in excess of $500,000 is at any time in the possession
      or control of a warehouseman or bailee of Debtor, Debtor shall notify the Agent
      of such possession or control, and if requested by the Agent (i) notify such
      Person of the Agent’s security interest in such Collateral, (ii) instruct such
      Person to hold all such Collateral for the Agent’s account and subject to the
      Agent’s instructions and (iiii) use commercially reasonable efforts to obtain an
      acknowledgment from such Person that it is holding such Collateral for the
      benefit of the Agent.

    

    
      	
              4.

            	
              Collection
                of Receivables.
                Unless otherwise directed by the Agent after the occurrence and during
                the
                continuance of an Event of Default under the Investment Agreement,
                Debtor
                shall collect all of Debtor's acceptances, Accounts, Chattel Paper,
                Electronic Chattel Paper, contract rights, Documents, drafts Financial
                Assets, General Intangibles, Investment Property, Security Entitlements,
                Securities, Letter of Credit Rights, Proceeds of letters of credit,
                Supporting Obligations, Payment Intangibles, income and all other
                tax
                refunds, Instruments, negotiable documents and notes (individually,
                "Receivable"
                and, collectively, "Receivables"),
                and, after an Event of Default, whenever Debtor shall receive payment
                of
                any Receivable, Debtor shall hold such payment in trust for Agent
                for the
                benefit of Lenders and shall forthwith deliver the same to Agent
                for the
                benefit of Lenders in the form received by Debtor without commingling
                with
                any funds belonging to Debtor. After the occurrence of an Event of
                Default, Debtor authorizes Agent to endorse the name of Debtor upon
                any
                checks or other items received in payment of any Receivable and to
                do any
                and all things necessary in order to reduce the same to money. All
                amounts
                received by Agent for the benefit of Lenders representing payment
                of
                Receivables may be applied by Agent for the benefit of Lenders to
                the
                payment of the Secured Obligations in such order or preference as
                Lenders
                may determine, or Agent may, at its option, impound all or any portion
                of
                such amounts and retain said amounts for the benefit of Lenders as
                security for the payment of the Secured Obligations, with the right
                on the
                part of Debtor, upon approval by Lenders, to obtain the release of
                all or
                part of such impounded amounts. Agent may, however, at any time,
                apply all
                or any part of such impounded amounts as aforesaid. Debtor also authorizes
                Agent for the benefit of Lenders at any time, after the occurrence
                of an
                Event of Default, without notice, to appropriate and apply any balances,
                credits, deposits, accounts or money of Debtor in Lenders' possession,
                custody or control to the payment of any of the Secured Obligations.
                If
                any of Debtor's Receivables arise out of contracts with or orders
                from the
                United States or any State or any department, agency or instrumentality
                thereof, Debtor shall immediately notify Agent thereof in writing
                and
                shall execute any instrument and take any steps required by Agent
                in order
                that all money due and to become due under such contract or order
                shall be
                assigned to Agent for the benefit of Lenders and due notice thereof
                given
                to the appropriate governmental agency. Debtor agrees to execute,
                deliver,
                file and record all such notices, affidavits, assignments, financing
                statements and other instruments as shall in the judgment of Lenders
                be
                necessary or desirable to evidence, validate and perfect the security
                interest of Agent for the benefit of Lenders in the Receivables.
                After the
                occurrence of an Event of Default, Agent shall have the right to
                notify
                any persons or entities owning any Receivables and to demand and
                receive
                payment, but Agent shall have no duty so to do. Upon request of Agent
                at
                any time, after the occurrence of an Event of Default, Debtor shall
                notify
                such account debtors and shall indicate on all invoices to such account
                debtors that the accounts are payable to Agent for the benefit of
                Lender.
                

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              5.

            	
              Insurance.
                Debtor shall have and maintain insurance at all times with respect
                to all
                Equipment, Inventory and other tangible real and personal property
                (i)
                insuring against risks of fire (including so-called extended coverage),
                explosion, theft sprinkler leakage and such other casualties as Agent
                may
                designate, and (ii) insuring against liability for personal injury
                and
                property damage relating to the Equipment and Inventory of the Debtor,
                containing such terms, in such form, for such periods and written
                by such
                companies as required by the Investment Agreement. Notwithstanding
                any
                provision of this Agreement or any note or guaranty secured hereby
                to the
                contrary, such policy or policies of insurance shall contain a mortgagee,
                lender loss payee, union, standard or New York clause, in each case
                as
                required by the Intercreditor Agreement. All policies of insurance
                shall
                provide for thirty (30) days' written minimum cancellation notice
                to
                Agent, and, at request of Agent, shall be delivered to and held by
                it.
                Agent may act as attorney for Debtor in obtaining, adjusting, settling
                and
                canceling such insurance and endorsing any drafts. In the event of
                failure
                to provide insurance as herein provided, Agent may, at its option,
                provide
                such insurance and Debtor shall pay to Agent, for the benefit of
                Lenders,
                upon demand, the cost thereof. Should Debtor fail to pay said sum
                to Agent
                upon demand, interest shall accrue thereon, from the date of demand
                until
                paid in full, at the highest rate set forth in any document or instrument
                evidencing any of the Secured Obligations.

            

    

    

    
      	
              6.

            	
              Inspection.
                Debtor shall at all times keep accurate and complete records of the
                Receivables and Debtor shall, at all reasonable times and from time
                to
                time, allow Agent, by or though any of its officers, agents, attorneys
or
                accountants, to examine, inspect and make extracts from Debtor's
                books and
                records and, after the occurrence of an Event of Default, to arrange
                for
                verification of the Receivables directly with account debtors or
                by other
                methods and to examine and inspect the Collateral wherever located.
                Debtor
                shall perform, do, make, execute and deliver all such additional
                and
                further acts, things, deeds, assurances and instruments as Agent
                may
                require to more completely vest in and assure to Agent and Lenders
                their
                rights hereunder and in or to the Collateral.

            

    

    

    
      	7.	
              Preservation
                and Disposition of Collateral.
                

            

    

    

    (a) Debtor
      shall keep the Collateral free from any and all Liens, security interests
      encumbrances, claims and interests (other than Liens arising under the Senior
      Transaction Documents or Liens otherwise permitted by the Investment Agreement).
      Debtor shall advise Agent promptly, in writing and in reasonable detail, (i)
      of
      any material encumbrance upon or claim asserted against any of the Collateral;
      (ii) of any material change in the composition of the Collateral; (iii) of
      any
      change in location of the Collateral; and (iv) of the occurrence of any other
      event that would have a material effect upon the aggregate value of the
      Collateral or upon the security interest Lenders. 

    

    (b) Except
      for the sale of Inventory in the ordinary course of business, Debtor shall
      not
      sell or otherwise dispose of the Collateral; provided,
      however,
      that
      until default, Debtor may use the Equipment and Inventory in any lawful manner
      not inconsistent with this Agreement or with the terms or conditions of any
      policy of insurance thereon. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) Debtor
      shall keep the Collateral in good condition and shall not misuse, abuse,
      secrete, waste or destroy any of the same, but only to the extent that such
      action would have a material adverse effect on the Collateral. 

    

    (d) Debtor
      shall not use the Collateral in violation of any statute, ordinance regulation,
      rule, decree or order. 

    

    (e) Debtor
      shall pay promptly when due all taxes, assessments, charges or levies upon
      the
      Collateral or in respect to the income or profits therefrom, except that no
      such
      charge need be paid if (i) the validity thereof is being contested in good
      faith
      by appropriate proceedings; (ii) such proceedings do not involve any danger
      of
      sale, forfeiture or loss of any Collateral or any interest therein; and (iii)
      such charge is adequately reserved against in accordance with generally accepted
      accounting principles. 

    

    (f) At
      its
      option, Agent may, for the benefit of Lenders, discharge taxes, liens security
      interests or other encumbrances at any time levied or placed on the Collateral
      and may pay for the maintenance and preservation of the Collateral. Debtor
      agrees to reimburse Agent upon demand for any payment made or any expense
      incurred (including reasonable attorneys' fees) by Agent pursuant to the
      foregoing authorization. Should Debtor fail to pay said sum to Agent upon
      demand, interest shall accrue thereon, from the date of demand until paid in
      full, at the highest rate set forth in any document or instrument evidencing
      any
      of the Secured Obligations. 

    

    (g) Upon
      Agent's request at any time or times, Debtor shall assign and deliver to Agent,
      for the benefit of Lenders, any collateral and shall furnish to Agent additional
      collateral of value and character satisfactory to Lenders as security for the
      Secured Obligations. 

    

    
      	
              8.

            	
              Extensions
                and Compromises.
                With respect to any Collateral held by Agent, for the benefit of
                Lenders,
                as security for the Secured Obligations, Debtor assents to all extensions
                or postponements of the time of payment thereof or any other indulgence
                in
                connection therewith, to each substitution exchange or release of
                Collateral, to the addition or release of any party primarily or
                secondarily liable, to the acceptance of partial payments thereon
                and to
                the settlement, compromise or adjustment thereof, all in such manner
                and
                at such time or times as Lenders may deem advisable. Neither Agent
                nor
                Lenders shall have any duty as to the collection or protection of
                Collateral or any income therefrom, nor as to the preservation of
                rights
                against prior parties, nor as to the preservation of any right pertaining
                thereto, beyond the safe custody of Collateral in the possession
                of Agent
                or Lenders. 

            

    

    

    
      	
              9.

            	
              Perfection
                of Security Interests; Financing Statements.
                At the request of Agent, (a) Debtor shall execute
                and deliver to the Agent such agreements, assignments or instruments
                (including affidavits, notices, reaffirmations and amendments and
                restatements of existing documents, as the Agent may reasonably request)
                and do all such other things as the Agent may reasonably deem necessary
                or
                appropriate (i) to assure to the Agent the effectiveness and priority
                of
                its security interests hereunder, including (A) such instruments
                as the
                Agent may from time to time reasonably request in order to perfect
                and
                maintain the security interests granted hereunder in accordance with
                the
                UCC, (B) such other instruments as the Agent may from time to time
                reasonably request for filing with the United States Patent and Trademark
                office with respect to patents, trademarks, copyright of the Debtor
                and
                applications therefore.
                To
                that end, Debtor authorizes the Agent to file one or more financing
                statements (which may describe the collateral as "all assets" or
                "all
                personal property") disclosing the Agent’s security interest in any or all
                of the Collateral of the Debtor without Debtor's signature
                thereon.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

    
      	
              10.

            	
              Agent's
                Appointment as Attorney-in-Fact.
                Debtor hereby irrevocably constitutes and appoints Agent and any
                officer
                or agent thereof, with full power of substitution, as Debtor's true
                and
                lawful attorney-in-fact with full irrevocable power and authority,
                after
                the occurrence and during continuance of an Event of Default, in
                the place
                and stead of Debtor and in the name of Debtor or in Agent's own name,
                from
                time to time in Agent's discretion, for the purpose of carrying out
                the
                terms of this Agreement, to take any and all appropriate action and
                to
                execute any and all documents and instruments that may be necessary
                or
                desirable to accomplish the purposes of this Agreement and, without
                limiting the generality of the foregoing, hereby grants to Agent,
                for the
                benefit of Lenders, the power and right, on behalf of Debtor without
                notice to or assent by Debtor: 

            

    

    

    (a) To
      execute, file and record all such financing statements, certificates of title
      and other certificates of registration and operation and similar documents
      and
      instruments including, but not limited to, those relating to aircraft or marine
      vessels, as Agent may deem necessary or desirable to protect, perfect and
      validate the security interest of Agent therein. 

    

    (b) Upon
      the
      occurrence and continuance of any Event of Default, (i) to sign and endorse
      any
      invoices, freight or express bills, bills of lading, storage or warehouse
      receipts, drafts against debtors, assignments verifications and notices in
      connection with accounts and other documents relating to the Collateral; (ii)
      to
      commence and prosecute any suits, actions or proceedings at law or in equity
      in
      any court of competent jurisdiction to collect the Collateral or any part
      thereof and to enforce any other right in respect of any Collateral; (iii)
      to
      defend any suit, action or proceeding brought against Debtor with respect to
      any
      Collateral; (iv) to settle, compromise or adjust any suit, action or proceeding
      described above and, in connection therewith, to give such discharges or
      releases as Lenders may deem appropriate; and (v) generally, to sell, transfer,
      pledge, make any agreement with respect to or otherwise deal with any of the
      Collateral as fully and completely as though Lenders were the absolute owner
      thereof for all purposes and to do, at Agent's option and Debtor's expense,
      at
      any time or from time to time, all acts and things which Lenders deem necessary
      to protect, preserve or realize upon the Collateral and Agent's security
      interest therein, in order to effect the intent of this Agreement, all as fully
      and effectively as Debtor might do. 

    

    Debtor
      hereby ratifies all that said attorneys shall lawfully do or cause to be done
      by
      virtue hereof. This power of attorney is a power coupled with an interest and
      shall be irrevocable. The powers conferred upon Agent hereunder are solely
      to
      protect the Lenders' interests in the Collateral and shall not impose any duty
      upon Agent or Lenders to exercise any such powers. Agent and Lenders shall
      be
      accountable only for amounts that Agent or Lenders actually receive as a result
      of the exercise of such powers and neither Agent, any Lenders nor any of their
      respective officers, directors, employees or agents shall be responsible to
      Debtor for any act or failure to act, except for Agent's or Lenders' own gross
      negligence or willful misconduct. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              11.

            	
              Default.
                If any Event of Default shall occur and be continuing:
                

            

    

    

    (a) Agent
      may, at its option and without notice, declare the unpaid balance of any or
      all
      of the Secured Obligations immediately due and payable and this Agreement and
      any or all of the Secured Obligations in default. 

    

    (b) All
      payments received by Debtor under or in connection with any of the Collateral
      shall be held by Debtor in trust for Agent, shall be segregated from other
      funds
      of Debtor and shall forthwith upon receipt by Debtor be turned over to Agent
      in
      the same form as received by Debtor (duly endorsed by Debtor to Agent, if
      required). Any and all such payments so received by Agent (whether from Debtor
      or otherwise) may, in the sole discretion of Lenders, be held by Lenders as
      collateral security for, and/or then or at any time thereafter be applied in
      whole or in part by Lenders against, all or any part the Secured Obligations
      in
      such order as Lenders may elect. Any balance of such payments held by Agent
      or
      Lenders and remaining after payment in full of all the Secured Obligations
      shall
      be paid over to Debtor or to whomsoever may be lawfully entitled to receive
      the
      same. Nothing set forth in this subparagraph (b) shall authorize or be construed
      to authorize Debtor to sell or otherwise dispose of any Collateral without
      the
      prior written consent of Lender. 

    

    (c) Agent
      shall have the rights and remedies of a secured party under this Agreement,
      under any other instrument or agreement securing, evidencing relating to the
      Secured Obligations and under the law of the State of New York. Without limiting
      the generality of the foregoing, Agent shall have the right to take possession
      of the Collateral and all books and records relating to the Collateral and
      for
      that purpose Agent may enter upon, in accordance with law, any premises on
      which
      the Collateral or books and records relating to the Collateral or any part
      thereof may be situated and remove the same therefrom. Debtor expressly agrees
      that Agent, without demand of performance or other demand, advertisement or
      notice of any kind (except the notices specified below of time and place of
      public sale or disposition or time after which a private sale or disposition
      is
      to occur) to or upon Debtor or any other person or entity (all and each of
      which
      demands, advertisements and/or notices are hereby expressly waived), may
      forthwith collect, receive, appropriate and realize upon the Collateral, or
      any
      part thereof, and/or may forthwith sell, lease, assign, give option or options
      to purchase or sell or otherwise dispose of and deliver the Collateral (or
      contract to do so), or any part thereof, in one or more parcels at public or
      private sale or sales, at any of the offices of any of Lenders or elsewhere
      at
      such prices as Lenders may deem best, for cash or on credit or for future
      delivery without assumption of any credit risk. Lenders shall have the right
      upon any such public sale or sales, and, to the extent permitted by law, upon
      any such private sale or sales, to purchase the whole or any part of the
      Collateral so sold, free of any right or equity of redemption in Debtor. Debtor
      further agrees, at Agent's request, to assemble the Collateral and to make
      it
      available to Agent at such places as Agent may reasonably select whether at
      Debtor's premises or elsewhere. Debtor further agrees to allow Agent to use
      or
      occupy Debtor's premises, without charge, for the purpose of effecting Agent's
      remedies in respect of the Collateral. Lenders shall apply the net proceeds
      of
      any such collection, recovery, receipt, appropriation, realization or sale,
      after deducting all reasonable costs and expenses of every kind incurred in
      connection therewith or incidental to the care or safekeeping of any or all
      of
      the Collateral or in any way relating to the rights of Agent hereunder,
      including reasonable attorneys' fees and legal expenses, to the payment in
      whole
      or in part of the Secured Obligations, in such order as Lenders may elect,
      and
      only after so paying over such net proceeds and after the payment by Lenders
      of
      any other amount required by any provision of law, including Indiana Code
§26-1-9.1-615(a), need Agent or Lenders account for the surplus if any to
      Debtor. To the extent permitted by applicable law, Debtor waives all claims,
      damages and demands against Agent and Lenders arising out of the repossession,
      retention, sale or disposition of the Collateral and waives relief from
      valuation and appraisement laws. Debtor agrees that Agent need not give more
      than ten (10) days' notice (which notification shall be deemed given when
      mailed, postage prepaid, addressed to Debtor at Debtor's address set forth
      at
      the beginning of this Agreement, or when telecopied or telegraphed to that
      address or when telephoned or otherwise communicated orally to Debtor or any
      agent of Debtor at that address) of the time and place of any public sale or
      of
      the time after which a private sale may take place and that such notice is
      reasonable notification of such matters. Debtor shall remain liable for any
      deficiency if the proceeds of any sale or disposition of the Collateral are
      insufficient to pay all amounts to which Lenders are entitled. Debtor shall
      also
      be liable for the costs of collecting any of the Secured Obligations otherwise
      enforcing the term thereof or of this Agreement including reasonable attorneys'
      fees. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              12.

            	
              Rights
                of Lenders; Collateral, Payments and Proceeds of
                Collateral.
                During the term of the Loans and until all Secured Obligations of
                Debtor
                to Lenders have been fully performed and paid in full, and so long
                as any
                commitment of the Lenders is outstanding, without limiting any other
                right
                power or remedy of Lenders or Agent, if any Lenders (a "Benefitted
                Lender")
                shall at any time receive any payment (other than regularly scheduled
                payments of principal and interest prior to any Event of Default)
                of all
                or any part of the Loans, or interest thereon, or receive any Collateral
                in respect thereof (whether by setoff or otherwise) in a greater
                proportion than its pro rata
                share, such Benefitted Lender shall purchase for cash from the other
                Lenders such portions of the other Lenders' Notes, or shall provide
                such
                other Lenders with the benefits of any such Collateral, or the proceeds
                thereof, as shall be necessary to cause the Benefitted Lender to
                share the
                excess payment or benefits of such Collateral or proceeds ratably
                with the
                other Lenders; provided however, that if all or any portion of such
                excess
                payment or benefits is thereafter recovered from the Benefitted Lender,
                such purchase shall be rescinded, and the purchase price and benefits
                returned to the extent of such recovery, but without interest. Debtor
                agrees that, to the extent that Debtor makes a payment or payments
                to the
                Agent or any Lender, or the Agent or any Lender receives any proceeds
                of
                Collateral, which payment or payments or proceeds or any part thereof
                are
                subsequently invalidated, declared to be fraudulent or preferential,
                set
                aside and/or required to be repaid to Debtor, its estate, trustee,
                receiver or any other party, including, without limitation, any guarantor,
                under any bankruptcy law, state or federal law, common law or equitable
                cause, then to the extent of such payment or repayment, the Secured
                Obligations or the part thereof which has been paid, reduced or satisfied
                by such amount shall be reinstated and continued in full force and
                effect
                as of the date such initial payment, reduction or satisfaction occurred
                and shall be secured by the Collateral.

            

    

    

    
      	
              13.

            	
              General.
                Any provision of this Agreement which is prohibited or unenforceable
                in
                any jurisdiction shall, as to such jurisdiction, be ineffective to
                the
                extent of such prohibition or unenforceability without invalidating
                the
                remaining provisions hereof, and any such prohibition or unenforceability
                in any jurisdiction shall not invalidate or render unenforceable
                such
                provision in any other jurisdiction. Neither Agent nor Lenders shall
                be
                deemed to have waived any of their rights hereunder or under any
                other
                agreement instrument or paper signed by Debtor unless such waiver
                be in
                writing and signed by Agent and Lender. No delay or omission on the
                part
                of Agent or Lenders exercising any right shall operate as a waiver
                of such
                right or any other right. All of Agent's and Lenders' rights and
                remedies,
                whether evidenced hereby or by any other agreement, instrument or
                paper,
                shall be cumulative and may be exercised singularly or concurrently.
                Any
                written demand upon or written notice to Debtor shall be effective
                when
                deposited in the mails addressed to Debtor at the address shown at
                the
                beginning of this Agreement. This Agreement and all rights and obligations
                hereunder, including matters of construction, validity and performance,
                shall be governed by the law of the State of New York. The provisions
                hereof shall, as the case may require, bind or inure to the benefit
                of,
                the respective heirs, successors, legal representatives and assigns
                of
                Debtor, Agent and Lenders. 

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              14.

            	
              Authority
                of Agent.
                Debtor acknowledges that notwithstanding any provision of this Agreement
                to the contrary Agent may act on behalf of Lenders and may enforce
                on
                behalf of all Lenders any right, remedy or power granted Lenders
                under
                this Agreement. Debtor hereby waives any defense based on lack of
                authority of the Agent. 

            

    

    

    
      	
              15.

            	
              Notices.
                Any notices required hereby shall be given as provided in Section
                10.09
                of
                the Investment Agreement. 

            

    

    

    
      	
              16.

            	
              Counterparts.
                This Agreement may be executed in two or more counterparts and when
                so
                executed each counterpart shall constitute an original of this Agreement
                which taken together shall be one and the same agreement.
                

            

    

    

    
      	
              17.

            	
              Control
                Collateral Held by Control Agent.
                Notwithstanding any provision to the contrary herein, any Collateral
                that
                constitutes Control Collateral (as defined in the Intercreditor Agreement)
                that is held by the Agent hereunder shall be deemed to be held by
                the
                Control Agent (as defined in the Intercreditor Agreement) in accordance
                with the Intercreditor Agreement.

            

    

     

    
      	
              18.

            	
              Intercreditor
                Provision.
                Notwithstanding anything herein to the contrary, the lien and security
                interest granted to the Agent pursuant to this Agreement and the
                exercise
                of any right or remedy by the Agent hereunder are subject to the
                provisions of the Intercreditor Agreement, as the same may be amended,
                supplemented, modified or replaced from time to time. In the event
                of any
                conflict between the terms of the Intercreditor Agreement and this
                Security Agreement, the terms of the Intercreditor Agreement shall
                govern.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

     

    
      	
              DEBTOR:

            
	 
	
              GFN
                NORTH AMERICA CORP.

            
	 	 
	
              By:

            	/s/
              John O. Johnson
	
              Name:

            	John
              O. Johnson
	
              Title:

            	Chief
              Operating Officer
	 	 
	
              AGENT:

            
	 
	
              LAMINAR
                DIRECT CAPITAL, L.L.C.

            
	
              in
                its capacity as Collateral Agent

            
	 	 
	
              By:

            	/s/
              Robert T. Ladd
	
              Name:
                

            	Robert
              T. Ladd
	
              Title:

            	Authorized
              Secretary

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      1

    

    Commercial
      Tort Claims

    

    NONE

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
      2

    

    Executive
      Office

    

    GFN
      North
      America Corp.

    39
      East
      Union Street

    Pasadena,
      California 91103THIS
      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 "SENIOR
      DEBT SUBORDINATION AGREEMENT")
      DATED
      AS OF OCTOBER 1, 2008 AMONG GFN NORTH AMERICA CORP., D.E. SHAW LAMINAR
      PORTFOLIOS, L.L.C. PAC-VAN, INC. (THE "COMPANY")
      AND
      LASALLE BANK NATIONAL ASSOCIATION (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 CREDIT AGREEMENT DATED AS OF AUGUST 23, 2007 AMONG
      THE COMPANY, THE SENIOR AGENT AND THE SENIOR LENDERS FROM TIME TO TIME PARTY
      THERETO (THE "LOAN
      AGREEMENT"),
      AND
      THE OTHER LOAN DOCUMENTS (AS DEFINED IN THE LOAN AGREEMENT) AS SUCH LOAN
      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 SENIOR DEBT SUBORDINATION
      AGREEMENT; AND EACH HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF,
      IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF THE SENIOR DEBT
      SUBORDINATION AGREEMENT.

    

    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 "JUNIOR
      DEBT SUBORDINATION AGREEMENT")
      DATED
      AS OF OCTOBER 1, 2008 AMONG GFN NORTH AMERICA CORP., D.E. SHAW LAMINAR
      PORTFOLIOS, L.L.C. PAC-VAN, INC. (THE "COMPANY")
      AND
      LAMINAR DIRECT CAPITAL, L.L.C. (TOGETHER WITH ITS SUCCESSORS AND ASSIGNS, THE
      "SUBORDINATED
      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 SUBORDINATED AGENT AND THE SUBORDINATED LENDERS FROM
      TIME
      TO TIME PARTY THERETO (THE "INVESTMENT
      AGREEMENT"),
      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 JUNIOR DEBT
      SUBORDINATION AGREEMENT; AND EACH HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE
      HEREOF, IRREVOCABLY AGREES TO BE BOUND BY THE PROVISIONS OF THE JUNIOR DEBT
      SUBORDINATION AGREEMENT.

    

    CONTINUING
      UNCONDITIONAL GUARANTY

    

    This
      CONTINUING UNCONDITIONAL GUARANTY dated as of October 1, 2008 (the "Guaranty"),
      is
      executed by PAC-VAN,
      INC., an
      Indiana corporation
      (the "Guarantor"),
      to
      and for the benefit of D.E.
      SHAW CAPITAL PORTFOLIOS, L.L.C., a
      Delaware limited liability company ("Holder").

    

    WHEREAS,
      the
      Guarantor, GFNA North America Corp. ("GFNA") and the Holder (in its capacity
      as
      a stockholder of Mobile Office Acquisition Corp. ("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
      GFNA effective as of the date of this Agreement. Pursuant to Section 2.1 of
      the
      Merger Agreement, GFNA has
      issued to Holder that certain 8% Subordinated Promissory Note dated as of the
      date hereof in the aggregate principal amount of $1,500,000
      (the
      "Note"),
      which
      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 Holder under the Merger Agreement in
      exchange for the cancellation of the Holders shares of stock in MOAC.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WHEREAS,
      the Guarantor is a wholly owned subsidiary of GFNA and desires the Holder to
      extend credit to GFNA and accept partial merger consideration in the form of
      the
      Note, and Holder has required that Guarantor execute and deliver this Guaranty
      to the Holder as a condition to such extension and continuation of credit by
      Holder in the form of the Note; and

    

    WHEREAS,
      the extension or continued extension of credit, as aforesaid, by the Holder
      is
      necessary and desirable to the conduct and operation of the business of GFNA
      and
      the Guarantor and will inure to the financial benefit of the
      Guarantor.

    

    NOW,
      THEREFORE, FOR VALUE RECEIVED, it is agreed that the preceding provisions and
      recitals are an integral part hereof and that this Guaranty shall be construed
      in light thereof, and in consideration of advances, credit or other financial
      accommodation heretofore afforded, concurrently herewith being afforded or
      hereafter to be afforded to GFNA by the Holder, the Guarantor hereby
      unconditionally and absolutely guarantees to the Holder or other person paying
      or incurring the same, irrespective of the validity, regularity or
      enforceability of any instrument, writing, arrangement or credit agreement
      relating to or the subject of any such financial accommodation, the prompt
      payment in full of: (a) the Note Obligations (as hereinafter defined) in full
      when due (whether stated at maturity, as a mandatory prepayment, by acceleration
      or otherwise, strictly in accordance with the terms thereof, plus
      (b) all
      costs, legal expenses and attorneys’ and paralegals’ fees of every kind
      (including those costs, expenses and fees of attorneys and paralegals who may
      be
      employees of the Holder, its parent or affiliates), paid or incurred by the
      Holder in endeavoring to collect all or any part of the Note Obligations, or
      in
      enforcing their rights in connection with any collateral therefor, or in
      enforcing this Guaranty, or in defending against any defense, counterclaim,
      setoff or crossclaim based on any act of commission or omission by the Holder
      with respect to the foregoing indebtedness, any collateral therefor, or in
      connection with any Repayment Claim (as hereinafter defined), plus
      (c)
      interest on the foregoing from and after demand from the Holder to the Guarantor
      for payment of the foregoing, at a floating per annum rate of interest equal
      to
      four percent (4.00%) over the Prime Rate (as hereinafter defined) (collectively,
      the "Guaranteed
      Debt").
      In
      addition, the Guarantor hereby unconditionally and absolutely guarantees to
      the
      Holder the prompt, full and faithful performance and discharge by GFNA of each
      of the terms, conditions, agreements, representations and warranties on the
      part
      of GFNA contained in any agreement, or in any modification or addenda thereto
      or
      substitution thereof in connection with any of the Guaranteed Debt.

    

    Certain
      Defined Terms:

    

    As
      used
      herein the following terms have the meanings set forth below:

    

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

    

    "Note
      Obligations"
      shall
      mean all
      advances to, and debts, liabilities, fees, commissions, obligations, covenants
      and duties of, GFNA arising under the Note or otherwise with respect to the
      Note, whether direct or indirect (including those acquired by assumption),
      absolute or contingent, due or to become due, now existing or hereafter arising
      and including interest and fees that accrue after the commencement by or against
      any Holder or any affiliate thereof of any proceeding under any Debtor Relief
      Laws naming Holder or such affiliate as the debtor in such proceeding,
      regardless of whether such interest and fees are allowed claims in such
      proceeding.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    "Person"
      means
      any individual, sole proprietorship, partnership, joint venture, limited
      liability company, trust, unincorporated organization, association, corporation,
      institution, entity or government (whether national, Federal, state, county,
      city, municipal or otherwise, including, without limitation, any
      instrumentality, division, agency, body or department thereof).

    

    "Prime
      Rate"
      shall
      mean the floating per annum rate of interest which at any time, and from time
      to
      time, shall be most recently announced by LaSalle Bank National Association
      (or
      any successor thereto) as its Prime Rate, which is not intended to be the lowest
      or most favorable rate of interest at any one time. The effective date of any
      change in the Prime Rate shall for purposes hereof be the date the Prime Rate
      is
      changed by LaSalle Bank National Association (or any successor thereof). The
      Holder shall not be obligated to give notice of any change in the Prime Rate.
      The Prime Rate shall be computed on the basis of a year consisting of 360 days
      and shall be paid for the actual number of days elapsed.

    

    Guarantor
      shall not, directly or indirectly, except in each case as expressly permitted
      by
      the Loan Agreement and the Investment Agreement (i) enter into any agreement
      (including any agreement for incurrence or assumption of debt, any purchase,
      sale, lease or exchange of any property or the rendering of any service),
      between itself and any other Person, (ii) engage in any business or conduct
      any
      activity (including the making of any investment or payment) or transfer any
      of
      its assets or (iii) consolidate or merge with or into any other Person.
      Guarantor shall preserve, renew and keep its existence in full force and effect.
      

     

    In
      case
      of any bankruptcy, reorganization, debt arrangement or other proceeding under
      any bankruptcy or insolvency law, any dissolution, liquidation or receivership
      proceeding is instituted by or against either GFNA or the Guarantor, or any
      default by the Guarantor of any of the covenants, terms and conditions set
      forth
      herein, all of the Guaranteed Debt shall, without notice to anyone, immediately
      become due or accrued and shall be payable by the Guarantor. The Guarantor
      hereby expressly and irrevocably: (a) waives, to the fullest extent possible,
      on
      behalf of itself and its successors and assigns (including any surety) and
      any
      other person, any and all rights at law or in equity to subrogation,
      reimbursement, exoneration, contribution, indemnification, set off or to any
      other rights that could accrue to a surety against a principal, a guarantor
      against a maker or obligor, an accommodation party against the party
      accommodated, a holder or transferee against a maker, or to the holder of a
      claim against any person, and which the Guarantor may have or hereafter acquire
      against any person in connection with or as a result of the Guarantor’s
      execution, delivery and/or performance of this Guaranty, or any other documents
      to which the Guarantor is a party or otherwise; (b) waives any "claim" (as
      such
      term is defined in the United States Bankruptcy Code) of any kind against GFNA,
      and further agrees that it shall not have or assert any such rights against
      any
      person (including any surety), either directly or as an attempted set off to
      any
      action commenced against the Guarantor by the Holder or any other person; and
      (c) acknowledges and agrees (i) that foregoing waivers are intended to benefit
      the Holder and shall not limit or otherwise affect the Guarantor’s liability
      hereunder or the enforceability of this Guaranty, (ii) that GFNA and its
      successors and assigns are intended third party beneficiaries of the foregoing
      waivers, and (iii) the agreements set forth in this paragraph and the Holder’
rights under this paragraph shall survive payment in full of the Guaranteed
      Debt.

    

    Subject
      to the terms of each of the Senior Debt Subordination Agreement and the Junior
      Debt Subordination Agreement, (a) all
      dividends or other payments received
      by the Holder on account of the Guaranteed Debt, from whatever source derived,
      shall be taken and applied by the Holder toward the payment of the Guaranteed
      Debt and in such order of application as Holder may, in its sole discretion,
      from time to time elect
      and (b)
Holder
      shall
      have the exclusive right to determine how, when and what application of payments
      and credits, if any, whether derived from GFNA or any other source, shall be
      made on the Guaranteed Debt and such determination shall be conclusive upon
      the
      Guarantor.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    This
      Guaranty shall in all respects be continuing, absolute and unconditional, and
      shall remain in full force and effect with respect to the Guarantor until:
      (i)
      written notice from the Holder to the Guarantor by United States certified
      mail
      of its discontinuance as to the Guarantor; or (ii) until all Guaranteed Debt
      created or existing before receipt of either such notice shall have been fully
      paid. In the event of the dissolution of the Guarantor, this Guaranty shall
      continue as to all of the Guaranteed Debt theretofore incurred by GFNA even
      though the Guaranteed Debt is renewed or the time of maturity of GFNA’s
      obligations is extended without the consent of the successors or assigns of
      the
      Guarantor.

    

    No
      compromise, settlement, release or discharge of, or indulgence with respect
      to,
      or failure, neglect or omission to enforce or exercise any right against any
      other guarantor shall release or discharge the Guarantor.

    

    The
      Guarantor’s liability under this Guaranty shall in no way be modified, affected,
      impaired, reduced, released or discharged by any of the following (any or all
      of
      which may be done or omitted by the Holder in its sole discretion, without
      notice to anyone and irrespective of whether the Guaranteed Debt shall be
      increased or decreased thereby): (a) any acceptance by the Holder of any new
      or
      renewal note or notes of GFNA, or of any security or collateral for, or other
      guarantors or obligors upon, any of the Guaranteed Debt; (b) any compromise,
      settlement, surrender, release, discharge, renewal, refinancing, extension,
      alteration, exchange, sale, pledge or election with respect to the Guaranteed
      Debt, or any note by GFNA, or with respect to any collateral under Section
      1111
      or take any action under Section 364, or any other section of the United States
      Bankruptcy Code, now existing or hereafter amended, or other disposition of,
      or
      substitution for, or indulgence with respect to, or failure, neglect or omission
      to realize upon, or to enforce or exercise any liens or rights of appropriation
      or other rights with respect to, the Guaranteed Debt or any security or
      collateral therefor or any claims against any person or persons primarily or
      secondarily liable thereon; (c) any failure, neglect or omission to perfect,
      protect, secure or insure any of the foregoing security interests, liens, or
      encumbrances of the properties or interests in properties subject thereto;
      (d)
      the granting of credit from time to time by the Holder to GFNA in excess of
      the
      amount, if any, to which the right of recovery under this Guaranty is limited
      (which is hereby expressly authorized); (e) any change in GFNA’s name or the
      merger of GFNA into another corporation;
      (f) any
      act of commission or omission of any kind or at any time upon the part of the
      Holder with respect to any matter whatsoever, other than the execution and
      delivery by the Holder to the Guarantor of an express written release or
      cancellation of this Guaranty; or (g) the payment in full of the Guaranteed
      Debt. The Guarantor hereby consents to all acts of commission or omission of
      the
      Holder set forth above and agrees that the standards of good faith, diligence,
      reasonableness and care shall be measured, determined and governed solely by
      the
      terms and provisions hereof.

    

    In
      order
      to hold the Guarantor liable hereunder, there shall be no obligation on the
      part
      of the Holder, at any time, to resort for payment from GFNA or to anyone else,
      or to any collateral, security, property, liens or other rights and remedies
      whatsoever, all of which are hereby expressly waived by the
      Guarantor.

    

    The
      Guarantor hereby expressly waives diligence in collection or protection,
      presentment, demand or protest or in giving notice to anyone of the protest,
      dishonor, default, or nonpayment or of the creation or existence of any of
      the
      Guaranteed Debt or of any security or collateral therefor or of the acceptance
      of this Guaranty or of extension of credit or indulgences hereunder or of any
      other matters or things whatsoever relating hereto.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      Guarantor waives any and all defenses, claims and discharges of GFNA, or any
      other obligor, pertaining to the Guaranteed Debt, except the defense of
      discharge by payment in full. Without limiting the generality of the foregoing,
      the Guarantor will not assert, plead or enforce against the Holder any defense
      of waiver, release, discharge in bankruptcy, statute of limitations, res
      judicata, statute of frauds, anti-deficiency statute, fraud, incapacity,
      minority, usury, illegality or unenforceability which may be available to GFNA
      or any other person liable in respect of any of the Guaranteed Debt, or any
      setoff available against the Holder to GFNA or any such other person, whether
      or
      not on account of a related transaction. The Guarantor expressly agrees that
      the
      Guarantor shall be and remain liable for any deficiency remaining after
      foreclosure of any mortgage or security interest securing the Guaranteed Debt,
      whether or not the liability of GFNA or any other obligor for such deficiency
      is
      discharged pursuant to statute or judicial decision.

    

    The
      Holder may, without demand or notice of any kind to anyone, apply or set off
      any
      balances, credits, deposits, accounts, moneys or other indebtedness at any
      time
      credited by or due from the Holder to the Guarantor against the amounts due
      hereunder and in such order of application as the Holder may from time to time
      elect. Any notification of intended disposition of any property required by
      law
      shall be deemed reasonably and properly given if given in the manner provided
      by
      the applicable statute. 

    

    THE
      GUARANTOR WAIVES EVERY DEFENSE, CAUSE OF ACTION, COUNTERCLAIM OR SETOFF WHICH
      THE GUARANTOR MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY THE HOLDER
      IN
      ENFORCING THIS GUARANTY. ANY AND ALL DEBTS AND LIABILITIES NOW OR HEREAFTER
      ARISING AND OWING TO THE GUARANTOR BY GFNA, OR TO ANY OTHER PARTY LIABLE TO
      THE
      HOLDER FOR THE GUARANTEED DEBT, ARE HEREBY SUBORDINATED TO THE HOLDER’S CLAIMS
      AND ARE HEREBY ASSIGNED TO THE HOLDER. THE GUARANTOR HEREBY AGREES THAT THE
      GUARANTOR MAY BE JOINED AS A PARTY DEFENDANT IN ANY LEGAL PROCEEDING (INCLUDING,
      BUT NOT LIMITED TO, A FORECLOSURE PROCEEDING) INSTITUTED BY THE HOLDER AGAINST
      GFNA. THE GUARANTOR AND THE HOLDER, AFTER CONSULTING OR HAVING HAD THE
      OPPORTUNITY TO CONSULT WITH COUNSEL, EACH KNOWINGLY, VOLUNTARILY AND
      INTENTIONALLY WAIVE IRREVOCABLY THE RIGHT TO TRIAL BY JURY WITH RESPECT TO
      ANY
      SUCH LEGAL PROCEEDING IN WHICH THE GUARANTOR AND THE HOLDER ARE ADVERSE PARTIES.
      THIS PROVISION IS A MATERIAL INDUCEMENT TO THE HOLDER GRANTING ANY FINANCIAL
      ACCOMMODATION TO GFNA AND ACCEPTING THIS GUARANTY.

    

    Should
      a
      claim (a "Repayment
      Claim")
      be
      made upon the Holder at any time for repayment of any amount received by the
      Holder in payment of the Guaranteed Debt, or any part thereof, whether received
      from GFNA, the Guarantor pursuant hereto, or received by the Holder as the
      proceeds of collateral, by reason of: (i) any judgment, decree or order of
      any
      court or administrative body having jurisdiction over the Holder or any of
      its
      property; or (ii) any settlement or compromise of any such Repayment Claim
      effected by the Holder, in their sole discretion, with the claimant (including
      GFNA), the Guarantor shall remain liable to the Holder for the amount so repaid
      to the same extent as if such amount had never originally been received by
      the
      Holder, notwithstanding any termination hereof or the cancellation of any note
      or other instrument evidencing any of the Guaranteed Debt.

    

    The
      Holder may, without notice to anyone, sell or assign the Guaranteed Debt, or
      any
      part thereof, or grant participations therein, and in any such event each and
      every immediate or remote assignee or holder of, or participant in, all or
      any
      of the Guaranteed Debt shall have the right to enforce this Guaranty, by suit
      or
      otherwise for the benefit of such assignee, holder, or participant, as fully
      as
      if herein by name specifically given such right herein, but the Holder shall
      have an unimpaired right, prior and superior to that of any such assignee,
      holder or participant, to enforce this Guaranty for the benefit of the Holder,
      as to any part of the Guaranteed Debt retained by the Holder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Unless
      and until all of the Guaranteed Debt has been paid in full, no release or
      discharge of any other person, whether primarily or secondarily liable for
      and
      obligated with respect to the Guaranteed Debt, or the institution of bankruptcy,
      receivership, insolvency, reorganization, dissolution or liquidation proceedings
      by or against the Guarantor or any other person primarily or secondarily liable
      for and obligated with respect to the Guaranteed Debt, or the entry of any
      restraining or other order in any such proceedings, shall release or discharge
      the Guarantor, or any other guarantor of the indebtedness, or any other person,
      firm or corporation liable to the Holder for the Guaranteed Debt.

    

    All
      references herein to GFNA and to the Guarantor, respectively, shall be deemed
      to
      include any successors or assigns, whether immediate or remote, to such
      corporation.

    

    If
      this
      Guaranty contains any blanks when executed by the Guarantor, the Holder is
      hereby authorized, without notice to the Guarantor, to complete any such blanks
      according to the terms upon which this Guaranty is executed by the Guarantor
      and
      is accepted by the Holder.

    

    This
      Guaranty has been delivered to the Holder at its offices in Houston, Texas
      and
      the rights, remedies and liabilities of the parties shall be construed and
      determined in accordance with the laws of the State of New York.

    

    TO
      INDUCE
      THE HOLDER TO GRANT FINANCIAL ACCOMMODATIONS TO GFNA, THE GUARANTOR IRREVOCABLY
      AGREES THAT ALL ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT OR IN
      CONSEQUENCE OF THIS GUARANTY SHALL BE INSTITUTED AND LITIGATED ONLY IN COURTS
      HAVING SITUS IN THE CITY OF NEW YORK, NEW YORK. THE GUARANTOR HEREBY CONSENTS
      TO
      THE EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT LOCATED
      AND
      HAVING ITS SITUS IN NEW YORK, NEW YORK, AND WAIVES ANY OBJECTION BASED ON FORUM
      NON CONVENIENS. THE GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL
      PROCESS, AND CONSENTS TO THE SERVICE OF PROCESS BY CERTIFIED MAIL, RETURN
      RECEIPT REQUESTED, DIRECTED TO THE GUARANTOR AT THE ADDRESS INDICATED IN THE
      HOLDER’S RECORDS IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF
      COURT OR OTHERWISE. FURTHERMORE, THE GUARANTOR WAIVES ALL NOTICES AND DEMANDS
      IN
      CONNECTION WITH THE ENFORCEMENT OF THE HOLDER’ RIGHTS HEREUNDER, AND HEREBY
      CONSENTS TO, AND WAIVES NOTICE OF THE RELEASE, WITH OR WITHOUT CONSIDERATION,
      OF
      GFNA OR ANY OTHER PERSON RESPONSIBLE FOR PAYMENT OF THE GUARANTEED DEBT, OR
      OF
      ANY COLLATERAL THEREFOR.

    

    Wherever
      possible each provision of this Guaranty shall be interpreted in such manner
      as
      to be effective and valid under applicable law, but if any provision of this
      Guaranty shall be prohibited by or invalid under such law, such provision shall
      be ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provision or the remaining provisions of
      this
      Guaranty.

    

    It
      is
      agreed that the Guarantor’s liability is independent of any other guaranties at
      any time in effect with respect to all or any part of the Guaranteed Debt,
      and
      that the Guarantor’s liability hereunder may be enforced regardless of the
      existence of any such other guaranties.

    

    No
      delay
      on the part of the Holder in the exercise of any right or remedy shall operate
      as a waiver thereof, and no single or partial exercise by the Holder of any
      right or remedy shall preclude other or further exercise thereof, or the
      exercise of any other right or remedy. No modification, termination, discharge
      or waiver of any of the provisions hereof shall be binding upon the Holder,
      except as expressly set forth in a writing duly signed and delivered on behalf
      of the Holder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    The
      execution, delivery and performance of this Guaranty by the Guarantor are within
      the corporate powers of the Guarantor, have been duly authorized by all
      necessary corporate action on the part of the Guarantor and do not and will
      not
      (i) require any consent or approval of the board of directors or
      stockholders of
      the
      Guarantor which has not been obtained, (ii) violate any provision of the
      articles of incorporation or bylaws of the Guarantor or of any law, rule,
      regulation, order, writ, judgment, injunction, decree, determination or award
      presently in effect having applicability to the Guarantor; (iii) require the
      consent or approval of, or filing or registration with, any governmental body,
      agency or authority, (iv)
      result in a breach of or constitute a default under, or (v)
      result
      in
      the imposition of any lien, charge or encumbrance upon any property of the
      Guarantor pursuant to, any indenture or other agreement or instrument under
      which the Guarantor is a party or by which it or any of its properties may
      be
      bound or affected
      other
      than liens, charges and encumbrances arising under the Loan
      Documents.
      The
      officer or officers executing
      and delivering this Guarantor for and on behalf of the Guarantor, is/are duly
      authorized to so act. The Holder, in extending financial accommodations to
      GFNA,
      are expressly acting and relying upon the aforesaid representations and
      warranties.

    

    This
      Guaranty: (i) is valid, binding and enforceable in accordance with its
      provisions, and no conditions exist to the legal effectiveness of this Guaranty
      as to the Guarantor; (ii) contains the entire agreement between the Guarantor
      and the Holder; (iii) is the final expression of their intentions; and (iv)
      supersedes all negotiations, representations, warranties, commitments, offers,
      contracts (of any kind or nature, whether oral or written) prior to or
      contemporaneous with the execution hereof. No prior or contemporaneous
      representations, warranties, understandings, offers or agreements of any kind
      or
      nature, whether oral or written, have been made by the Holder or relied upon
      by
      the Guarantor in connection with the execution hereof.

    

    The
      term
      "Guarantor" as used herein shall mean all parties signing this Guaranty, and
      the
      provisions hereof shall be binding upon the Guarantor, and each one of them,
      and
      all such parties, their respective successors and assigns shall be jointly
      and
      severally obligated hereunder. This Guaranty shall inure to the benefit of
      the
      Holder and their successors and assigns.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Guarantor has executed and delivered this Continuing
      Unconditional Guaranty as of the date set forth above.

    

      
        	 	
                PAC-VAN,
                  INC.,

              
	 	
                an
                  Indiana corporation

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/
                  Theodore M. Mourouzis

              
	 	
                Name:  

              	
                Theodore
                  M. Mourouzis

              
	 	
                Title:

              	
                President

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