Document:

EX-4.32

 EXHBIT 4.32 

AMENDMENT NUMBER 1 
 TO
CREDIT AGREEMENT 
 THIS AMENDMENT NUMBER 1, dated as of December 23, 2014 (this “Amendment”), by and among
TAP FUNDING LTD. (“TAP”), an exempted limited by shares incorporated under the laws of Bermuda (the “Borrower”), the financial institutions listed on the signature pages hereof under the headings
“LENDERS” (each a “Lender” and, collectively, the “Lenders”), or “INTEREST RATE HEDGE COUNTERPARTIES” (each an “Interest Rate Hedge
Counterparty” and, collectively, the “Interest Rate Hedge Counterparties”), and ABN AMRO CAPITAL USA LLC, as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”) is made to the Credit Agreement (as defined below). 
 WITNESSETH: 

WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to a Credit Agreement, dated as of April 26, 2013 (the
“Credit Agreement”); 
 WHEREAS, the parties desire to amend the Credit Agreement in order to modify
certain provisions thereof; and 
 NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, the parties hereto
agree as follows: 
 SECTION 1 Definitions; Interpretation.  

(a) Terms Defined in Credit Agreement. All capitalized terms used in this Amendment (including in the recitals hereof) and not
otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 (b) Interpretation. The rules of
interpretation set forth in Section 1.2 of the Credit Agreement shall be applicable to this Amendment and are incorporated herein by this reference. 

SECTION 2 Amendments to the Credit Agreement. Pursuant to Section 15.12 of the Credit Agreement, the Credit Agreement is hereby
amended on the Effective Date (as defined in Section 3 hereof) as follows: 
 (a) Section 1.1 of the Credit
Agreement is hereby amended as follows: 
 (i) Definition of Applicable Margin. By amending and restating the definition of
“Applicable Margin” to read as follows: 
 “Applicable Margin. With respect to each Loan for each Interest Period, one and
three quarters of one percent (1.75%) per annum.” 
 (ii) Definition of Commitment Fee Percentage. By amending and
restating the definition of “Commitment Fee Percentage” to read as follows: 

 “Commitment Fee Percentage. As of any date of determination, one of the following: 

(i) If the quotient (expressed as a percentage) obtained by dividing (y) the Aggregate Loan Principal Balance by (y) the Aggregate
Commitments shall be less than seventy percent (70%) as of such date of determination, fifty-five hundredths of one percent (0.55%) per annum; or 

(ii) If the quotient (expressed as a percentage) obtained by dividing (y) the Aggregate Loan Principal Balance by (y) the Aggregate
Commitments shall be equal to or greater than seventy percent (70%) as of such date of determination, three hundred sixty five thousandths of one percent (0.365%) per annum.” 

(iii) Definition of Maturity Date. By amending and restating the definition of “Maturity Date” to read as follows:

 “Maturity Date. The earlier to occur of (i) the date on which the Obligations have been accelerated in accordance with
Section 12.2(a) and (ii) December 24, 2018, as such date may be extended from time to time in accordance with Section 15.12.” 

(b) Clause (a) of Section 9.20 of the Credit Agreement is hereby amended and restated to read as follows: 

“(a) As of the last day of each fiscal quarter of the Borrower, the Tangible Net Worth of the Borrower shall not be an amount that is less
than Fifty Million Dollars ($50,000,000).” 
 (c) Schedule 1 to the Credit Agreement is hereby deleted and replaced with
Schedule 1 hereto. 
 (d) Schedule 2 to the Credit Agreement is hereby deleted and replaced with Schedule 2 hereto. 

SECTION 3 Conditions of Effectiveness. The amendments set forth in Section 2 of this Amendment shall become effective on the date on which
all of the following conditions have been satisfied (such date, the “Effective Date”): 
 (a) the execution and
delivery of this Amendment by the Borrower, the Administrative Agent, all of the Lenders and all of the Interest Rate Hedge Counterparties; and 

(b) each Lender shall have received an amendment fee in an amount equal to the product of (i) the amount of the Commitment of such Lender
as set forth on Schedule 2 hereto, and (ii) thirty five hundredths of one percent (0.35%). 

  
 2 

 SECTION 4 Representations and Warranties. To induce the Lenders, Administrative Agent and the Interest
Rate Hedge Counterparties to enter into this Amendment, the Borrower hereby confirms and restates, as of the date hereof, the representations and warranties made by the Borrower in Section 7 of the Credit Agreement. For the purposes of
this Section 4, any representations and warranties which relate solely to an earlier date shall not be deemed confirmed and restated as of the date hereof (provided that such representations and warranties shall be true,
correct and complete as of such earlier date). 
 SECTION 5 Miscellaneous.  

(a) Agreements Otherwise Not Affected. Except as expressly amended pursuant hereto, each of the Agreements shall remain unchanged and in
full force and effect and is hereby ratified and confirmed in all respects. The Lenders’, the Interest Rate Hedge Counterparties’ and the Administrative Agent’s execution and delivery of, or acceptance of, this Amendment shall not be
deemed to create a course of dealing or otherwise create any express or implied duty by any of them to provide any other or further amendments, consents or waivers in the future. 

(b) References Within the Agreements. Each reference in each Agreement to “this Agreement” and the words “hereof,”
“herein,” “hereunder,” or words of like import, shall mean and be a reference to such Agreement as amended by this Amendment. 

(c) No Reliance. The Borrower hereby acknowledges and confirms to the Administrative Agent, the Lenders and each Interest Rate Hedge
Counterparty that the Borrower is executing this Amendment on the basis of its own investigation and for its own reasons without reliance upon any agreement, representation, understanding or communication by or on behalf of any other Person. 

(d) Costs and Expenses. The Borrower agrees to pay to the Administrative Agent on demand the reasonable out-of-pocket expenses incurred
by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel to the Administrative Agent, in connection with the preparation, negotiation, execution and delivery of this Amendment. 

(e) Binding Effect. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the Borrower, the
Administrative Agent, each Lender, each Interest Rate Hedge Counterparty and their respective successors and assigns. 
 (f) Governing
Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION; PROVIDED
THAT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY. 
 (g) Complete Agreement; Amendments. This
Amendment, together with the other Loan Documents, contains the entire and exclusive agreement of the parties hereto and thereto with reference to the matters discussed herein and therein. This Amendment supersedes all prior commitments, drafts,
communications, discussions and understandings, oral or written, with respect thereto. This Amendment may not be modified, amended or otherwise altered except in accordance with the terms of Section 15.12 of the Credit Agreement. 

  
 3 

 (h) Severability. Whenever possible, each provision of this Amendment shall be interpreted
in such manner as to be effective and valid under all applicable laws and regulations. If, however, any provision of this Amendment shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such
jurisdiction, be deemed modified to conform to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without
affecting the remaining provisions of this Amendment, or the validity or effectiveness of such provision in any other jurisdiction. 
 (i)
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually
executed counterpart of this Amendment. 
 (j) Loan Documents. This Amendment shall constitute a Loan Document. 

[Signature Pages Follow] 

  
 4 

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

			
	THE BORROWER
	
	TAP FUNDING LTD.
		
	By		 /S/ Christopher C. Morris

	Name:		
	Title:		Vice President
	
	THE ADMINISTRATIVE AGENT
	
	ABN AMRO CAPITAL USA LLC
		
	By		 /S/ Ross Briggs

	Name:		
	Title:		VP
		
	By		 /S/ R.Bisscheroux

	Name:		
	Title:		Director

 TAP Revolver - Amendment 1 

 Schedule 2 

DEPRECIATION POLICY 
 1. For
purposes of any calculation of the Asset Base: 
 (a) a New Container that is a new Container is depreciated using the straight-line method,
over the estimated useful life of such type of Container (as set forth below) to the Residual Value of such type of Container (as set forth below). 

(b) an Existing Container is depreciated using the straight-line method, over the remaining estimated useful life (based upon a total
estimated useful life) of such type of Container (as set forth below) to the Residual Value of such type of Container (as set forth below). 

(c) a New Container that is a used Container is depreciated using the straight-line method, over the remaining estimated useful life of such
type of Container (as set forth below) at the date of acquisition (based upon a total estimated useful life of such type of Container (as set forth below) to the Residual Value of such type of Container (as set forth below). 

2. For any purpose other than that described in item 1 above, including without limitation the calculation of financial covenants, the
preparation of financial reports, and the calculation of the purchase price to be paid for any containers, the Depreciation Policy shall be in accordance with GAAP (provided that any change in the Depreciation Policy, as described in this item 2,
resulting from the application of GAAP, or from the requirements of the Borrower’s accountants applying GAAP, shall be deemed not to constitute a change to the Depreciation Policy under any of the Related Documents). 

Residual Values based upon GAAP on the Closing Date 
  

					
	 Container Type
	 	 Residual Value
	 	 Estimated Useful Life

	 2B
	 	604.00 	 	13
	 2C
	 	393.00 	 	13
	 2D
	 	845.00 	 	13
	 2F
	 	140.00 	 	13
	 2H
	 	666.00 	 	13
	 2L
	 	1,300.00    	 	14
	 2M
	 	834.00 	 	13
	 2R
	 	2,750.00    	 	12
	 2S
	 	1,050.00    	 	13
	 2T
	 	1,500.00    	 	14
	 2U
	 	2,377.00    	 	13
	 2W
	 	765.00 	 	13
	 2Y
	 	2,049.00    	 	12
	 2Z
	 	2,534.00    	 	13
	 4F
	 	820.00 	 	13
	 4H
	 	1,650.00    	 	13
	 4J
	 	1,500.00    	 	13
	 4L
	 	2,000.00    	 	14
	 4M
	 	1,169.00    	 	13
	 4N
	 	765.00 	 	13
	 4S
	 	1,300.00    	 	13
	 4T
	 	2,500.00    	 	14
	 4U
	 	2,288.00    	 	13
	 4W
	 	1,253.00    	 	13
	 4Y
	 	4,500.00    	 	12

 TAP Revolver - Amendment 1EX-4.40

 EXHIBIT 4.40 
  

 
 TEXTAINER MARINE CONTAINERS III
LIMITED 
 Issuer 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

Indenture Trustee 
  

 
 SERIES 2014-1
SUPPLEMENT 
 DATED AS OF OCTOBER 30, 2014 

TO 
 INDENTURE 

DATED AS OF SEPTEMBER 25, 2013 
  

 
 SERIES 2014-1
FIXED RATE ASSET-BACKED NOTES 
  
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
		
	ARTICLE I Definitions; Calculation Guidelines	  	 	1	  
			
	 Section 101.
	  	Definitions	  	 	1	  
		
	ARTICLE II Creation of the Series 2014-1 Notes	  	 	11	  
			
	 Section 201.
	  	Designation	  	 	11	  
	 Section 202.
	  	Authentication and Delivery	  	 	12	  
	 Section 203.
	  	Interest Payments on the Series 2014-1 Notes	  	 	13	  
	 Section 204.
	  	Principal Payments on the Series 2014-1 Notes	  	 	13	  
	 Section 205.
	  	Prepayment of Principal on the Series 2014-1 Notes	  	 	14	  
	 Section 206.
	  	Payments of Principal and Interest	  	 	15	  
	 Section 207.
	  	Restrictions on Transfer	  	 	15	  
	 Section 208.
	  	Grant of Security Interest	  	 	19	  
		
	ARTICLE III Series 2014-1 Series Account and Allocation and Application of Amounts Therein	  	 	20	  
			
	 Section 301.
	  	Series 2014-1 Series Account	  	 	20	  
	 Section 302.
	  	Series 2014-1 Restricted Cash Account	  	 	20	  
	 Section 303.
	  	Distributions from Series 2014-1 Series Account	  	 	22	  
	 Section 304.
	  	Allocation of Series 2014-1 Shared Available Funds	  	 	27	  
	 Section 305.
	  	Series 2014-1 L/C Cash Account	  	 	30	  
	 Section 306.
	  	Drawing on Eligible Letters of Credit	  	 	30	  
		
	ARTICLE IV Series-Specific Early Amortization Events, Manager Defaults, Events of Default and Covenants for the Series 2014-1 Notes	  	 	32	  
			
	 Section 401.
	  	Series-Specific Early Amortization Events	  	 	32	  
	 Section 402.
	  	Series-Specific Manager Defaults	  	 	33	  
	 Section 403.
	  	Series-Specific Events of Default	  	 	33	  
	 Section 404.
	  	Series 2014-1 Management Fee	  	 	34	  
	 Section 405.
	  	Additional Covenants	  	 	35	  
		
	ARTICLE V Conditions to Issuance	  	 	35	  
			
	 Section 501.
	  	Conditions to Issuance	  	 	35	  
		
	ARTICLE VI Representations and Warranties	  	 	35	  
			
	 Section 601.
	  	Existence	  	 	35	  
	 Section 602.
	  	Authorization	  	 	36	  
	 Section 603.
	  	No Conflict; Legal Compliance	  	 	36	  
	 Section 604.
	  	Validity and Binding Effect	  	 	36	  
	 Section 605.
	  	Financial Statements	  	 	36	  
	 Section 606.
	  	Place of Business	  	 	36	  
	 Section 607.
	  	No Agreements or Contracts	  	 	36	  
	 Section 608.
	  	Consents and Approvals	  	 	36	  
	 Section 609.
	  	Margin Regulations	  	 	37	  
	 Section 610.
	  	Taxes	  	 	37	  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 611.
	  	Other Regulations	  	 	37	  
	 Section 612.
	  	Solvency and Separateness	  	 	37	  
	 Section 613.
	  	Title; Liens	  	 	38	  
	 Section 614.
	  	No Default	  	 	38	  
	 Section 615.
	  	Litigation and Contingent Liabilities	  	 	38	  
	 Section 616.
	  	Subsidiaries	  	 	39	  
	 Section 617.
	  	No Partnership	  	 	39	  
	 Section 618.
	  	Pension and Welfare Plans	  	 	39	  
	 Section 619.
	  	Ownership of Issuer	  	 	39	  
	 Section 620.
	  	Security Interest Representations	  	 	39	  
	 Section 621.
	  	ERISA Lien	  	 	41	  
	 Section 622.
	  	Interest Rate Hedge Agreements	  	 	41	  
	 Section 623.
	  	Additional Funding Amount	  	 	41	  
	 Section 624.
	  	Survival of Representations and Warranties	  	 	42	  
		
	ARTICLE VII Miscellaneous Provisions	  	 	42	  
			
	 Section 701.
	  	Ratification of Indenture	  	 	42	  
	 Section 702.
	  	Counterparts	  	 	42	  
	 Section 703.
	  	Governing Law	  	 	42	  
	 Section 704.
	  	Notices	  	 	42	  
	 Section 705.
	  	Amendments and Modifications	  	 	43	  
	 Section 706.
	  	Consent to Jurisdiction	  	 	45	  
	 Section 707.
	  	Waiver of Jury Trial	  	 	45	  
	 Section 708.
	  	Successors	  	 	45	  
	 Section 709.
	  	Nonpetition Covenant	  	 	45	  
	 Section 710.
	  	Recourse Against the Issuer	  	 	46	  
	 Section 711.
	  	Reports, Financial Statements and Other Information to Series 2014-1 Noteholders	  	 	46	  

  
 - ii - 

 SERIES 2014-1 SUPPLEMENT, dated as of October 30, 2014 (as amended, restated, supplemented
or otherwise modified from time to time, this “Supplement”), between TEXTAINER MARINE CONTAINERS III LIMITED, an exempted company with limited liability incorporated in Bermuda (the “Issuer”), and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as Indenture Trustee (the “Indenture Trustee”). 
 WHEREAS, pursuant
to the Indenture, dated as of October 30, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), between the Issuer and the Indenture Trustee, the Issuer may from time to time direct
the Indenture Trustee to authenticate one or more new Series of Notes. The Principal Terms of any new Series are to be set forth in a Supplement to the Indenture; and 

WHEREAS, pursuant to this Supplement, the Issuer and the Indenture Trustee shall create a new Series of Notes and specify the Principal Terms
thereof. 
 NOW THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows: 

ARTICLE I 
 Definitions;
Calculation Guidelines 
 Section 101. Definitions. (a) Whenever used in this Supplement, the following words and phrases shall have
the following meanings, and the definitions of such terms are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 

“144A Book-Entry Notes” means the 144A Book-Entry Notes substantially in the form of Exhibit A-1 hereto. 

“Accelerated Measurement Period” shall have the meaning set forth in Section 205(c). 

“Advance Rate” means eighty percent (80%). 

“Aggregate L/C Available Amount” means as of any date of determination, an amount equal to the sum of the amount then
available for drawings under all Eligible Letters of Credit then in effect for Series 2014-1. 
 “Aggregate Invested
Amount” means of any date of determination, an amount equal to the sum of the Invested Amounts for all Series of Notes then Outstanding. 

“Asset Base” means, as of any date of determination for Series 2014-1, an amount equal to the sum of (a) the product of
(i) Asset Allocation Percentage for Series 2014-1 in effect on such date of determination, (ii) a percentage equal to one hundred percent (100%) minus the Series 2014-1 Required Overcollateralization Percentage in effect on such date
of determination and (iii) the sum of (x) the Aggregate Net Book Value (measured as of the last day of the 

 
immediately preceding calendar month) and (y) the aggregate outstanding balance of receivables resulting from the sale or disposition of Eligible Containers which have not been outstanding
for more than 60 days, plus (b) an amount equal to the sum of (i) the amount of cash and Eligible Investments on deposit in the Series 2014-1 Restricted Cash Account on such date of determination, and (ii) an amount equal to the
product of (x) the Series 2014-1 Asset Allocation Percentage in effect on such date of determination and (y) the amount of cash and Eligible Investments on deposit in the Excess Funding Account on such date of determination. 

“Closing Date” means October 30, 2014. 

“Consolidated Funded Debt” means, as of any date of determination, the total amount of all interest-bearing obligations
(determined in accordance with GAAP and including all issued and undrawn letters of credit) which obligations shall include, without limitation, (i) the principal amount outstanding under all indebtedness, (ii) all contingent obligations,
(iii) all capital lease obligations, (iv) all obligations for the deferred purchase price of equipment, and (v) the present value of all operating lease payments for leases of equipment (such present value shall be calculated using an
annual discount rate equal to LIBOR plus one and one-half (1.5%) percent, but shall exclude intracompany obligations); provided that “Consolidated Funded Debt” of TGH shall exclude the portion thereof attributable to any
Subsidiary of TGH, or to any joint venture of TGH or any such Subsidiary (each a “Specified Entity”), to the extent of any ownership interest in such Specified Entity held by any third party not an Affiliate of TGH. 

“Consolidated Tangible Net Worth” means, as of any date of determination, the excess of: (a) the tangible assets
calculated in accordance with GAAP, as reduced by adequate reserves in each case where reserves are proper, over (b) all Indebtedness; provided, however, that (i) in no event shall there be included in the above calculation any
intangible assets such as patents, trademarks, trade names, copyrights, licenses, goodwill, organizational costs, amounts relating to covenants not to compete, or any securities unless the same are marketable in the United States of America or
entitled to be used as a credit against federal income tax liabilities, (ii) securities included as such intangible assets shall be taken into account at their current market price or cost, whichever is lower, and (iii) any adjustments,
both positive and negative, to either or both of tangible assets and indebtedness arising from the implementation of Statement of Financial Accounting Standards No. 133 issued by the Financial Accounting Standards Board shall be disregarded for
purposes of this calculation; provided further that “Consolidated Tangible Net Worth” of TGH shall exclude the portion thereof attributable to any Subsidiary of TGH, or to any joint venture of TGH or any such Subsidiary (each a
“Specified Entity”), to the extent of any ownership interest in such Specified Entity held by any third party not an Affiliate of TGH. 

“Control Party” means, for Series 2014-1, Series 2014-1 Noteholders holding Series 2014-1 Note Principal Balances
representing more than fifty percent (50%) of the Unpaid Principal Balance. 
 “Default Interest” shall have the
meaning set forth in “Default Fees”. 
 “Default Fees” means, for any Payment Date, the amount of
incremental interest payable on the Series 2014-1 Notes in accordance with the provisions of Section 203(b). 

  
 2 

 “Downgraded Letter of Credit Bank” shall have the meaning set forth in
Section 306(e). 
 “DTC” shall have the meaning set forth in Section 207(b)(v). 

“EBIT” means, for any fiscal period, the Issuer’s earnings (or loss) before Interest Expense and taxes, determined in
accordance with GAAP, including gains and losses from the sale of assets and foreign exchange transactions, but excluding (i) gains or losses arising from changes in the applicable depreciation policy and (ii) unrealized gains or losses
arising from the implementation of Statement of Financial Accounting Standards No. 133 issued by the Financial Accounting Standards Board. 

“EBIT Ratio” means, for the Issuer, as of any Payment Date, the ratio of (x) EBIT to (y) Interest Expense, in each
case for the most recently concluded six (6) full fiscal quarters or, if fewer than six (6) full fiscal quarters have passed since September 25, 2013, for the number of full fiscal quarters that have passed since September 25,
2013. 
 “Eligible Bank” means a banking, financial or similar institution capable of issuing an Eligible Letter of Credit
which has long-term unsecured debt rating of “A” or better from the Rating Agency. 
 “Eligible Letter of Credit”
means any irrevocable, transferable, unconditional standby letter of credit (a) issued after the Rating Agency Condition has been satisfied by providing twenty (20) Business Days notice to the Rating Agency (which Rating Agency Condition
shall not require the affirmative response of the Rating Agency confirming the rating) by an Eligible Bank and for which the Indenture Trustee is the beneficiary, (b) that has a stated expiration date of not earlier than one year after its
issuance date and that permits drawing thereon prior to non-renewal of such Letter of Credit if not replaced by cash or a replacement Eligible Letter of Credit, (c) that may be drawn upon at the principal office of the Eligible Bank as the same
shall be designated from time to time by notice to the Indenture Trustee pursuant to the terms of such letter of credit, (d) which is payable in Dollars in immediately available funds in an amount of not less than the available drawing amount
specified therein, and (e) that may be transferred by the Indenture Trustee, without a fee payable by the Indenture Trustee and without the consent of the related Letter of Credit Bank, to any replacement indenture trustee appointed in
accordance with the terms of the Indenture. 
 “Finance Lease Management Fee” has the meaning set forth in Section
404(c). 
 “Initial Purchasers” means each of (i) Wells Fargo Securities, LLC, a limited liability company
organized and existing under the laws of the State of Delaware, (ii) Merrill Lynch, Pierce, Fenner & Smith Incorporated, a corporation organized and existing under the laws of the State of Delaware, (iii) Credit Suisse Securities
(USA) LLC, a Delaware limited liability company, (iv) RBC Capital Markets, LLC, a Minnesota limited liability company, (v) ABN AMRO Securities (USA) LLC, a Delaware limited liability company and (vi) KeyBanc Capital Markets Inc., an
Ohio corporation. 
 “Interest Accrual Period” means the period beginning with, and including, a Payment Date and ending on
(and including) the day before the next succeeding Payment Date; except that, in the case of the first Interest Accrual Period, the period beginning with and including the Closing Date and ending on and including the day before the initial Payment
Date. 

  
 3 

 “Interest Expense” means, for any fiscal period, the aggregate amount of
interest expense as shown for such period on the income statement of the Issuer, determined in accordance with GAAP. 
 “Interest
Payment” means, for Series 2014-1 on each Payment Date, an amount equal to the product of (i) the Series 2014-1 Note Interest Rate, (ii) the Unpaid Principal Balance on the immediately preceding Payment Date (or, in the case of
the first Payment Date, the Unpaid Principal Balance on the Series 2014-1 Closing Date), calculated after giving effect to all principal payments on the Series 2014-1 Notes actually paid on such date, and (iii) a fraction, the numerator of
which is equal to the number of days elapsed during the related Interest Accrual Period (calculated on the basis of a 360 day year consisting of twelve (12) thirty (30) day periods) and the denominator of which is 360. 

“Issuance Date” means, for Series 2014-1 Notes, the Closing Date. 

“Issuance Date Restricted Cash Amount” means an amount equal to the sum of the Series 2014-1 Restricted Cash Amount on the
Issuance Date of the Series 2014-1 Notes; this amount shall be Seven Million Three Hundred Ninety One Thousand Eight Hundred Thirty Five Dollars ($7,391,835.00). 

“Letter of Credit” means any irrevocable, transferable, unconditional standby letter of credit issued for the benefit of the
Indenture Trustee in accordance with the terms of this Supplement. 
 “Letter of Credit Bank” means the issuing bank of a
Letter of Credit. 
 “Letter of Credit Fee” means the periodic interest and/or fees payable by the Issuer to a Letter of
Credit Bank; provided, however, that in no event shall the Letter of Credit Fee include reimbursement for any unreimbursed draws made on the related Letter of Credit. 

“Letter of Credit Expiration Date” means, with respect to any Letter of Credit, the stated expiration date set forth in such
Letter of Credit, as such date may be extended in accordance with the terms of such Letter of Credit. 
 “Leverage Ratio”
means as of any date of determination for any Person on a consolidated basis, the ratio of (a) Consolidated Funded Debt to (b) Consolidated Tangible Net Worth. 

“LOC Pro Rata Share” means with respect to any Letter of Credit, a fraction (stated as percentage) the numerator of which is
the available amount of such Letter of Credit and the denominator of which is the then Aggregate L/C Available Amount. 

“Long-Term/PLB Management Fee” has the meaning set forth in Section 404(b). 

“Master Lease Management Fee” has the meaning set forth in Section 404(a). 

  
 4 

 “Minimum Principal Payment Amount” means, for Series 2014-1 on any Payment Date,
the difference, if any, of (x) the Unpaid Principal Balance minus (y) the Minimum Targeted Principal Balance for such Payment Date. 

“Minimum Targeted Principal Balance” means for Series 2014-1 on any Payment Date, the amount set forth opposite such Payment
Date on Schedule 1 hereto, as the amounts on Schedule 1 hereto may be amended from time to time in accordance with the provisions of this Supplement. 

“Permitted Interest Withdrawal” shall have the meaning set forth in Section 302(b). 

“Permitted Non-U.S. Person” means any Person (i) who is not a U.S. Person and (ii) to whom the offer and sale of
the Series 2014-1 Notes may be made without registration under the Securities Act in reliance upon Regulation S. 
 “Permitted
Payment Date Withdrawal” means, for any Payment Date, an amount equal to the sum of (i) the Permitted Interest Withdrawal for such Payment Date and (ii) the Permitted Principal Withdrawal for such Payment Date. 

“Permitted Principal Withdrawal” shall have the meaning set forth in Section 302(c). 

“Qualified Institutional Buyers” shall have the meaning set forth in Section 207(a)(i). 

“Regulation S” means Regulation S under the Securities Act. 

“Regulation S Temporary Book-Entry Notes” means the Regulation S Temporary Book-Entry Notes substantially in the form of
Exhibit A-2. 
 “Reimbursement Agreement” means an agreement between the Issuer and a Letter of Credit
Bank with respect to certain terms and conditions under which a letter of credit is issued, including Letter of Credit Fees payable by the Issuer and the reimbursement obligations of the Issuer. 

“Required Payments” means for Series 2014-1 shall be as follows: (A) if neither a Series 2014-1 Early Amortization Event
or a Series 2014-1 Event of Default is then continuing, the payments specified in Section 303(b)(i) through (xi), (B) if a Series 2014-1 Early Amortization Event shall then be continuing but no Event of Default for Series
2014-1 shall then be continuing (or a Series 2014-1 Event of Default is continuing but the Series 2014-1 Notes have not been accelerated in accordance with the Indenture), the payments set forth in Section 303(c)(i) through (xi),
or (C) if a Series 2014-1 Event of Default shall then be continuing and the Series 2014-1 Notes have been accelerated in accordance with the Indenture and such consequence shall not have been rescinded or annulled, the payments set forth in
Section 303(d)(i) through (ix). All such Required Payments shall be paid in ascending numerical order, with no payment being made to in respect of any item set forth in a clause having a higher numeric value until all payments
outlined in any clause having a lower numeric value have been paid in full. 
 “Rule 144A” shall have the meaning set forth
in Section 207(a)(i). 

  
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 “Sale Management Fee” has the meaning set forth in Section 404(d).

 “Scheduled Principal Payment Amount” means, for Series 2014-1 for any Payment Date, the difference, if any, of
(x) the Unpaid Principal Balance (after giving effect to any payment of the Minimum Principal Payment Amount actually paid on such Payment Date), minus (y) the Scheduled Targeted Principal Balance for such Payment Date. 

“Scheduled Targeted Principal Balance” means, for Series 2014-1 for any Payment Date, the amount set forth opposite such
Payment Date on Schedule 2 hereto, as the amounts on Schedule 2 hereto may be amended from time to time in accordance with the provisions of this Supplement. 

“Series 2014-1” means the Series of Notes the terms of which are specified in this Supplement. 

“Series 2014-1 Asset Allocation Percentage” means of any date of determination, the Series 2014-1 Asset Allocation
Percentage. 
 “Series 2014-1 Available Funds” means, as of any Payment Date, an amount equal to the sum of (i) an
amount equal to the product of (x) the Available Distribution Amount for the most recently completed Collection Period and (y) the Collection Allocation Percentage in effect on the related Determination Date for Series 2014-1,
(ii) all amounts transferred to the Series 2014-1 Series Account from the Series 2014-1 Restricted Cash Account on the related Determination Date pursuant to this Supplement, (iii) the amount of funds transferred to the Series 2014-1
Series Account on such Payment Date following transfer from the Excess Funding Account to the Trust Account pursuant to the Indenture, and (iv) the amount of any Shared Available Funds (as defined in the Supplements for each other Series of
Notes then Outstanding) deposited to the Series 2014-1 Series Account on such Payment Date in accordance with the terms of the Supplement for each other Series of Notes then Outstanding. 

“Series 2014-1 Collection Allocation Percentage” means for the Series 2014-1 Notes as of any date of determination, a
fraction (expressed as a percentage) equal to (A) divided by (B), as follows: 
 (A) the Series 2014-1 Invested Amount; and 

(B) the Aggregate Invested Amount (exclusive of the Invested Amount for any Liquidation Deficiency Series). 

“Series 2014-1 Early Amortization Event” means any Early Amortization Event for the Series 2014-1 Notes. 

“Series 2014-1 Event of Default” means any Event of Default for the Series 2014-1 Notes. 

  
 6 

 “Series 2014-1 Excess Concentration Percentage” means, as of any date of
determination, an amount equal to the sum of the following percentages: 
 (a) Maximum Concentration of Dry Freight
Special Containers. The amount by which (x) the sum of the Net Book Values of all Eligible Containers that are dry freight specialized Containers (other than refrigerated Containers), divided by the Aggregate Net Book Value, expressed as a
percentage, exceeds (y) twenty-five percent (25%); 
 (b) Maximum Concentration of Finance Leases (Total). The
amount by which (x) the sum of the Net Book Values of all Eligible Containers whose initial leases were Finance Leases divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) ten percent (10%); 

(c) Maximum Concentration of Non-Monthly Rental Payments. The amount by which (x) the sum of the Net Book Values of
all Eligible Containers subject to Leases for which rentals are payable less frequently than monthly, divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) two percent (2%); 

(d) Maximum Concentration of Non-U.S. Currency Rentals. The amount by which (x) the sum of the Net Book Values of
all Eligible Containers subject to Leases for which rentals are payable in a currency other than Dollars and which are not the subject of a currency hedge agreement, divided by the Aggregate Net Book Value, expressed as a percentage, exceeds
(y) two percent (2%); 
 (e) Maximum Concentration of Non-Marine Cargo Users. The amount by which (x) the
sum of the Net Book Values of all Eligible Containers subject to Leases under which the lessee is a Person that is not a marine cargo user divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) seven percent (7%); 

(f) Maximum Concentration of any Ten Lessees. The amount by which (x) the sum of the Net Book Values of all
Eligible Containers then on lease to any ten lessees or sublessees, divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) seventy-five percent (75%); 

(g) Maximum Concentration of a Single Lessee. The amount by which (x) the sum of the Net Book Values of all
Eligible Containers then on lease to any single lessee, divided by the Aggregate Net Book Value, expressed as a percentage, exceeds (y) twenty-five percent (25%); and 

(h) U.S. Government Leases. The amount by which (x) the sum of the Net Book Values of all Eligible Containers on
Lease to the U.S. government, divided by the Aggregate Net Book Value, exceeds (y) four percent (4%); provided that Leases for which (i) compliance with the Federal Assignment of Claims Act have been evidenced by a favorable Opinion
of Counsel or (ii) the U.S. government has executed a consent to assignment shall not be included in the foregoing clause (x).

  
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 “Series 2014-1 Expected Final Payment Date” means the Payment Date occurring in
October 2024. 
 “Series 2014-1 Invested Amount” means as of any date of determination for the Series 2014-1 Notes, one of
the following: (a) if no Early Amortization Event for any Series or Event of Default for any Series is then continuing, an amount equal to (x) the Issuance Date Series 2014-1 Note Principal Balance minus the Issuance Date Restricted Cash
Amount for Series 2014-1, divided by (y) 100% minus the Series 2014-1 Required Overcollateralization Percentage in effect on such date; or (b) if any Early Amortization Event for any Series or Event of Default for any Series is then
continuing, an amount (not less than zero) equal to (x) the Unpaid Principal Balance on the date on which such Early Amortization Event for any Series or Event of Default for any Series occurred, minus the amount then on deposit in the Series
2014-1 Restricted Cash Account on the date on which such Early Amortization Event for any Series or Event of Default for any Series occurred, divided by (y) 100% minus the Series 2014-1 Required Overcollateralization Percentage on the date on
which such Early Amortization Event for any Series or Event of Default for any Series occurred. 
 “Series 2014-1 L/C
Account” means the account of that name established in accordance with Section 305. 
 “Series 2014-1 Legal Final Payment
Date” means the Payment Date occurring in October 2039. 
 “Series 2014-1 Management Fee” means the sum of the
Master Lease Management Fee, the Long-Term/PLB Management Fee, the Finance Lease Management Fee and the Sale Management Fee. 

“Series 2014-1 Manager Default” means any Manager Default for the Series 2014-1 Notes. 

“Series 2014-1 Note” means any one of the notes issued pursuant to the terms of Section 201(a), substantially in
the form of Exhibit A-1, A-2, A-3 or A-4 to this Supplement, and any and all replacements or substitutions of such note. Each Series 2014-1 Note is designated as a “Senior Note” as defined in the Indenture. 

“Series 2014-1 Note Interest Rate” means, with respect to any Series 2014-1 Note, three and twenty seven hundredths of one
percent (3.27%) per annum. 
 “Series 2014-1 Note Principal Balance” means, with respect to any Series 2014-1 Note as
of any date of determination, an amount equal to the excess, if any, of (x) the initial unpaid principal balance of such Series 2014-1 Note as of the Closing Date, over (y) the cumulative amount of all Minimum Principal Payment Amounts for
Series 2014-1, Scheduled Principal Payment Amounts for Series 2014-1, Supplement Principal Payment Amounts for Series 2014-1 and any other principal payments (including Prepayments) actually paid to the related Series 2014-1 Noteholder subsequent to
the Closing Date. 
 “Series 2014-1 Note Purchase Agreement” means the Series 2014-1 Note Purchase Agreement, dated as of
October 27, 2014 (as amended, restated, supplemented or otherwise modified from time to time), among the Issuer, Textainer Limited, TGH and the Initial Purchasers. 

  
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 “Series 2014-1 Noteholder” means, on any date of determination, any Person in
whose name a Series 2014-1 Note is registered in the Note Register. 
 “Series 2014-1 Related Documents” means any and all
of the Indenture, this Supplement, the Series 2014-1 Notes, the Management Agreement, the Contribution and Sale Agreement, each Container Transfer Agreement, the Series 2014-1 Note Purchase Agreement, the Manager Transfer Facilitator Agreement, each
Reimbursement Agreement (upon execution thereof), each Interest Rate Hedge Agreement (if any, upon execution thereof), each Letter of Credit (upon execution thereof) and any and all other agreements, documents and instruments executed and delivered
by or on behalf or in support of the Issuer with respect to the issuance and sale of the Series 2014-1 Notes, as any of the foregoing may from time to time be amended, modified, supplemented or renewed. 

“Series 2014-1 Required Overcollateralization Percentage” means, as of any date of determination, an amount equal to
(a) one hundred percent (100%), minus (b) the Advance Rate plus (c) the Series 2014-1 Excess Concentration Percentage. 

“Series 2014-1 Restricted Cash Account” means the account of that name established in accordance with Section
302. 
 “Series 2014-1 Restricted Cash Amount” means, on each Payment Date, the product of (a) nine (9),
(b) one-twelfth, (c) the Series 2014-1 Note Interest Rate, and (d) the Unpaid Principal Balance as of such Payment Date, which Unpaid Principal Balance shall be calculated after giving effect to all advances of principal and principal
payments made on such Payment Date. 
 “Series 2014-1 Series Account” means the account of that name established in
accordance with Section 301. 
 “Series 2014-1 Shared Available Funds” means, on any Payment Date, the
portion of the Series 2014-1 Available Funds remaining after giving effect to all Required Payments to be made on such Payment Date. 

“Series 2014-1 Specific Collateral” shall have the meaning set forth in Section 208 hereto. 

“Supplemental Principal Payment Amount” has the meaning set forth in Section 205(a).  

“Transferor” shall have the meaning set forth in Section 207(b)(v). 

“Unrestricted Book-Entry Notes” means the Unrestricted Book-Entry Notes substantially in the form of Exhibit
A-3. 
 “U.S. Person” has the meaning set forth in Regulation S. 

  
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 “Weighted Average Age” means, for any date of determination, the quotient of
(A) the sum of the products of (i) the age in years (determined from the date of the initial sale thereof by the manufacturer) of each Managed Container being evaluated, multiplied by (ii) the Net Book Value of each Managed Container
being evaluated, divided by (B) the sum of the Net Book Values of all Managed Containers being evaluated. 
 (a) Capitalized terms used
herein and not otherwise defined shall have the meaning set forth in the Indenture or, if not defined therein, as defined in the Series 2014-1 Note Purchase Agreement, or, if not defined therein, as defined in the Management Agreement. 

(b) References in this Supplement and any other Series 2014-1 Related Document to any section of the Uniform Commercial Code or the UCC shall
mean, on or after the effective date of adoption of any revision to the Uniform Commercial Code or the UCC in the applicable jurisdiction, such revised or successor section thereto. 

  
 10 

 ARTICLE II 

Creation of the Series 2014-1 Notes 

Section 201. Designation. (a) There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Supplement to be
known as “Textainer Marine Containers III Limited Fixed Rate Asset-Backed Notes, Series 2014-1”. The Series 2014-1 Notes will be issued with an initial principal balance of Three Hundred One Million, Four Hundred Thousand Dollars
($301,400,000.00) and will not have priority over any other Series, except to the extent set forth in the Supplement for such other Series. 

(b) Payments of principal on the Series 2014-1 Notes shall be payable from funds on deposit in the Series 2014-1 Series Account or otherwise
at the times and in the amounts set forth in Article III of the Indenture and Article III of this Supplement. 
 (c) Each
Series 2014-1 Note is classified as a “Term Note”, as such term is used in the Indenture. 
 (d) Each of the following terms
defined in the Indenture shall have the following meanings with respect to the Series 2014-1 Notes: 
 (i) The “Available Funds”
(as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Available Funds” (as defined in Section 101(a)). 

(ii) The “Collection Allocation Percentage” ( as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1
Collection Allocation Percentage” (as defined in Section 101(a)). 
 (iii) The “Excess Concentration Percentage”
(as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Excess Concentration Percentage” (as defined in Section 101(a)). 

(iv) The “Expected Final Payment Date” (as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Expected
Final Payment Date” (as defined in Section 101(a)). 
 (v) The “Invested Amount” (as defined in
the Indenture) for Series 2014-1 shall be the “Series 2014-1 Invested Account” (as defined in Section 101(a)). 
 (vi)
The “Legal Final Payment Date” (as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Legal Final Payment Date” (as defined in Section 101(a)). 

(vii) The “Rating Agency” for Series 2014-1, as such term is used in the Indenture, shall be Standard & Poor’s. 

(viii) The initial “Payment Date” (as defined in the Indenture) for Series 2014-1 shall be November 20, 2014. 

  
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 (ix) The initial “Record Date” (as defined in the Indenture) for Series 2014-1 shall be
the Closing Date. 
 (x) The “Related Documents” for Series 2014-1, as such term is used in the Indenture, shall be the Series
2014-1 Related Documents (as defined in Section 101(a)). 
 (xi) The “Required Overcollateralization
Percentage” (as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Required Overcollateralization Percentage” (as defined in Section 101(a)). 

(xii) The “Restricted Cash Account” (as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Restricted Cash
Account” (as defined in Section 101(a)). 
 (xiii) The “Restricted Cash Amount” (as defined in the Indenture) for
Series 2014-1 shall be the “ Series 2014-1 Restricted Cash Amount” (as defined in Section 101(a)). 
 (xiv) The
“Series Account” (as defined in the Indenture) for Series 2014-1 shall be the “Series 2014-1 Series Account” (as defined in Section 101(a)). 

(xv) The “Series-Specific Collateral” (as defined in the Indenture) for Series 2014-1 shall be the “ Series 2014-1 Specific
Collateral” (as defined in Section 101(a)). 
 (xvi) The “Shared Available Funds” (as defined in the Indenture)
for Series 2014-1 shall be the “Series 2014-1 Shared Available Funds” (as defined in Section 101(a)). 
 (xvii) On the
Closing Date, the Issuer shall deposit into the Trust Account funds in an amount equal to the Additional Funding Amount for the Leases to be acquired by the Issuer on the Closing Date. 

(e) In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture, the terms and provisions of this Supplement shall govern. 
 Section 202. Authentication and Delivery. 

(a) On the Closing Date, Issuer shall sign, and shall direct the Indenture Trustee in writing pursuant to Section 204 of the Indenture to
duly authenticate, and the Indenture Trustee, upon receiving such direction, shall authenticate, subject to compliance with the conditions precedent set forth in Section 501, the Series 2014-1 Notes in accordance with such written
directions. 
 (b) In accordance with Section 202 of the Indenture, the Series 2014-1 Notes sold in reliance on Rule 144A shall be
represented by one or more 144A Book-Entry Notes. Any Series 2014-1 Notes sold in reliance on Regulation S shall be represented by one or more Regulation S Book-Entry Notes. Any Series 2014-1 Notes sold to Institutional Accredited Investors or other
Persons that are not Qualified Institutional Buyers or Permitted Non-U.S. Persons shall be represented by one or more Definitive Notes. 

  
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 (c) The Series 2014-1 Notes shall be executed by manual or facsimile signature on behalf of
Issuer by any officer of Issuer and shall be substantially in the forms of Exhibit A-1, A-2, A-3 and A-4 hereto, as applicable. 

(d) The Series 2014-1 Notes shall be issued in minimum denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

Section 203. Interest Payments on the Series 2014-1 Notes. 

(a) Interest on Series 2014-1 Notes. Interest on each Series 2014-1 Note shall (i) accrue during each Interest Accrual Period on
each Series 2014-1 Note in an amount equal to the Interest Payment, (ii) be calculated on the basis of a year consisting of twelve thirty (30) day months, (iii) be due and payable on each Payment Date, (iv) be calculated based on
the then Series 2014-1 Note Principal Balance of such Series 2014-1 Note and (v) be payable from the Series 2014-1 Series Account in accordance with Section 302 of the Indenture and in accordance with Section 303. 

(b) Interest on Overdue Amounts. If the Issuer shall default in the payment of (i) the Unpaid Principal Balance on the Series
2014-1 Legal Final Payment Date, (ii) any Interest Payment on any Series 2014-1 Note due on any Payment Date, or (iii) following the acceleration of the Series 2014-1 Notes in accordance with the terms of the Indenture, any other amount
owing under the Indenture not covered in clauses (i) and (ii) which is not paid when due, the Issuer shall, from time to time, pay interest on such unpaid amounts, to the extent permitted by Applicable Law, at a rate per annum equal
to the sum of (x) the interest rate otherwise in effect hereunder plus (y) two percent (2.00%), for the period during which such principal, interest or other amount shall be unpaid from the due date of such payment to but not including the
date of actual payment thereof (after as well as before judgment). Default Fees shall be payable at the times and subject to the priorities set forth in Section 303. 

(c) Maximum Interest Rate. In no event shall the interest charged with respect to a Series 2014-1 Note exceed the maximum amount
permitted by Applicable Law. If at any time the interest rate charged with respect to the Series 2014-1 Notes exceeds the maximum rate permitted by Applicable Law, the rate of interest to accrue pursuant to this Supplement and such Series 2014-1
Note shall be limited to the maximum rate permitted by Applicable Law. If the total amount of interest paid or accrued on the Series 2014-1 Note under the foregoing provisions is less than the total amount of interest that would have accrued if the
interest rate had at all times been in effect, the Issuer agrees to pay to the Series 2014-1 Noteholders an amount equal to the difference between (a) the lesser of (i) the amount of interest that would have accrued if the maximum rate
permitted by Applicable Law had at all times been in effect, or (ii) the amount of interest that would have accrued if the interest rate had at all times been in effect, and (b) the amount of interest accrued in accordance with the other
provisions of this Supplement. 
 Section 204. Principal Payments on the Series 2014-1 Notes. 

(a) The principal balance of the Series 2014-1 Notes shall be payable on each Payment Date from amounts on deposit in the Series 2014-1 Series
Account in an amount equal to (i) so long as no Series 2014-1 Early Amortization Event or Series 2014-1 Event of Default is 

  
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continuing, the sum of the Minimum Principal Payment Amount and the Scheduled Principal Payment Amount for such Payment Date, to the extent that funds are available for such purpose in accordance
with the provisions of Section 303(b), or (ii) if a Series 2014-1 Early Amortization Event is then continuing but no Series 2014-1 Event of Default is continuing (or a Series 2014-1 Event of Default is continuing but the Series
2014-1 Notes have not been accelerated in accordance with the provisions of Section 802 of the Indenture), the Unpaid Principal Balance shall be payable in full to the extent that funds are available for such purposes in accordance with the
provisions of Section 303(c). 
 (b) The unpaid principal amount of each Series 2014-1 Note together with all unpaid interest
(including all Default Fees), fees, expenses, costs and other amounts payable by the Issuer to the Series 2014-1 Noteholders and the Indenture Trustee pursuant to the terms of the Indenture and this Supplement, shall be due and payable in full on
the earlier to occur of (x) the date on which an Event of Default for Series 2014-1 shall occur and the Series 2014-1 Notes have been accelerated in accordance with the provisions of Section 802 of the Indenture and (y) the Series
2014-1 Legal Final Payment Date. 
 Section 205. Prepayment of Principal on the Series 2014-1 Notes. 

(a) The Issuer shall be required to prepay the Unpaid Principal Balance on any Payment Date in the amount of, and to the extent that, on such
Payment Date the Unpaid Principal Balance (calculated after giving effect to all Minimum Principal Payment Amounts and Scheduled Principal Payment Amounts actually paid on such Payment Date) exceeds an amount equal to the Asset Base for the Series
2014-1 Notes, determined as of the last day of the month immediately preceding such Payment Date (the “Supplemental Principal Payment Amount”). The Supplemental Principal Payment Amount shall be paid in accordance with the priority
of payments set forth in Section 303. The calculation of such Supplemental Principal Payment Amount shall be evidenced by the Asset Base Report received by the Indenture Trustee on or before the applicable Determination Date. 

(b) The Issuer will not be permitted to make a voluntary Prepayment of all, or any portion of, the principal balance of the Series 2014-1
Notes prior to the Payment Date occurring in November 2016. Beginning on that Payment Date and any Payment Date thereafter, the Issuer will have the option to prepay, without premium, on any Payment Date all, or a portion of, the Unpaid Principal
Balance, in a minimum amount of One Hundred Thousand Dollars ($100,000), together with accrued interest thereon, to be applied to the Series 2014-1 Notes. The Issuer shall provide prior written notice of any Prepayment to the Indenture Trustee and
the Series 2014-1 Noteholders. Any such Prepayment of the Unpaid Principal Balance shall also include accrued interest to the date of Prepayment on the principal balance being prepaid. The Issuer may not make such Prepayment from funds in the Trust
Account, the Series 2014-1 Restricted Cash Account, the Excess Funding Account, the Series 2014-1 L/C Account or the Series 2014-1 Series Account, except to the extent that funds in any such account would otherwise be payable to the Issuer in
accordance with the terms of this Supplement and the Indenture. 

  
 14 

 (c) In the event that the Issuer makes a Prepayment in accordance with the provisions of this
Section 205 of less than the Unpaid Principal Balance, the Issuer shall promptly (but in any event within five (5) Business Days after the date on which such Prepayment is made) thereafter recalculate the Minimum Targeted Principal
Balance and Scheduled Targeted Principal Balance for each future Payment Date such that the Minimum Targeted Principal Balance and Scheduled Targeted Principal Balance are reduced by an amount equal to the quotient of (i) the aggregate amount
of such Prepayment divided by (ii) the number of remaining Payment Dates to and including (A) the Series 2014-1 Legal Final Payment Date (in the case of the Minimum Targeted Principal Balance) and (B) the Series 2014-1 Expected Final
Payment Date (in the case of the Scheduled Targeted Principal Balance). In addition, if an Early Amortization Event has occurred and been subsequently cured and/or waived in accordance with the Series 2014-1 Related Documents (the period between
such occurrence and such cure or waiver being the “Accelerated Measurement Period”), the Minimum Targeted Principal Balance and Scheduled Targeted Principal Balance for each Payment Date following such Accelerated Measurement Period
shall be reduced, utilizing a similar methodology, by the amount of payments made pursuant to Section 303(c)(viii) and Section 303(d)(vii), as the case may be, during the Accelerated Measurement Period in excess of the
amounts that would have been paid pursuant to Section 303(b)(viii) and Section 303(b)(ix), as applicable, were such Accelerated Measurement Period not to have occurred. Promptly upon recalculating the Minimum Targeted
Principal Balances and the Scheduled Targeted Principal Balances, the Issuer shall deliver to the Indenture Trustee updated versions of Schedules 1 and 2 reflecting such revised balances. 

Section 206. Payments of Principal and Interest. All payments of principal and interest on the Series 2014-1 Notes shall be paid to the Series
2014-1 Noteholders reflected in the Note Register as of the related Record Date by wire transfer of immediately available funds for receipt prior to 11:00 a.m. (New York City time) on the related Payment Date. Any payments received by the Series
2014-1 Noteholders after 11:00 a.m. (New York City time) on any day shall be considered to have been received on the next succeeding Business Day. 

Section 207. Restrictions on Transfer. (a) On the Closing Date, the Issuer shall sell the Series 2014-1 Notes to the Initial Purchasers
pursuant to the Series 2014-1 Note Purchase Agreement and deliver such Series 2014-1 Notes in accordance herewith and therewith. Thereafter, no Series 2014-1 Note may be sold, transferred or otherwise disposed of except in compliance with the
provisions of the Indenture and except as follows: 
 (i) to Persons that take delivery of such Series 2014-1 Note in an amount of at least
$100,000 and that the transferring Person reasonably believes are qualified institutional buyers as defined in Rule 144A (“Qualified Institutional Buyers”) in reliance on the exemption from the registration requirements of the
Securities Act provided by Rule 144A promulgated thereunder (“Rule 144A”); 
 (ii) to Permitted Non-U.S.
Persons that take delivery of such Series 2014-1 Note in an amount of at least $100,000; 
 (iii) to Institutional Accredited Investors that
take delivery of such Series 2014-1 Note in an amount of at least $100,000 and that deliver to the Indenture Trustee a letter substantially in the form of Exhibit D to the Indenture to the Indenture Trustee; or 

  
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 (iv) to a Person that is taking delivery of such Series 2014-1 Note in an amount of at least
$100,000 and that is otherwise exempt from the registration requirements of the Securities Act and from any applicable State law securities registration or qualification requirements, as confirmed in an Opinion of Counsel addressed to the Indenture
Trustee and the Issuer, which counsel and opinion are satisfactory to the Indenture Trustee and the Issuer. 
 The Indenture Trustee shall have no
obligations or duties with respect to determining whether any transfers of the Series 2014-1 Notes are made in accordance with the Securities Act or any other law; provided that with respect to Definitive Notes, the Indenture Trustee shall
enforce such transfer restrictions in accordance with the terms set forth in this Supplement. 
 (b) Each purchaser (other than any Initial Purchaser) of
the Series 2014-1 Notes (including any purchaser, other than any Initial Purchaser, of an interest in the Series 2014-1 Notes which are Book-Entry Notes) shall be deemed to have acknowledged and agreed as follows: 

(i) It is (A) Qualified Institutional Buyer and is acquiring such Series 2014-1 Notes for its own institutional account or for the
account or accounts of a Qualified Institutional Buyer or (B) purchasing such Series 2014-1 Notes in a transaction exempt from registration under the Securities Act and in compliance with the provisions of this Supplement and in compliance with
the legend set forth in Section 207(b)(v) below or (C) not a U.S. Person and is acquiring such Series 2014-1 Notes outside of the United States. 

(ii) It is purchasing one or more Series 2014-1 Notes in an amount of at least $100,000 and it understands that such Series 2014-1 Notes may
be resold, pledged or otherwise transferred only in an amount of at least $100,000. 
 (iii) It represents and warrants to the Issuer, the
Indenture Trustee, each Initial Purchaser, the Manager and any successor Manager that (a) either (1) it is not, and is not acting on behalf of, a Plan or a governmental, church or non-U.S. plan which is subject to any federal, state,
local, or non-U.S. law that is similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and no part of the assets to be used by it to purchase or hold the Series 2014-1 Notes or any interest
therein constitutes the assets of any Plan or such a governmental, church, or non-U.S. plan; or (2) (A) the acquisition, holding, and disposition of any Series 2014-1 Note will not give rise to a nonexempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code (or, in the case of a governmental, church, or non-U.S. plan, a violation of any similar federal, state, local, or non-U.S. law) and (B) the Series 2014-1 Notes are rated investment
grade or better and such Person believes that the Series 2014-1 Notes are properly treated as indebtedness without substantial equity features for purposes of Section 2510.3-101 of the regulations issued by the U.S. Department of Labor, and
agrees to so treat the Series 2014-1 Notes; and (b) it will not sell or otherwise transfer the Series 2014-1 Notes or any interest therein otherwise than to a purchaser or transferee that represents and agrees with respect to its purchase,
holding, and disposition of the Series 2014-1 Notes to the same effect as the purchaser’s representation and agreement set forth in this Section 207(b)(ii). Alternatively, regardless of the rating of the Series 2014-1 Notes, such
Person may provide the Indenture Trustee with an Opinion of Counsel, which Opinion of Counsel will not be at the expense of the Issuer, the Indenture Trustee, the Manager or any successor Manager which

  
 16 

 
opines that the purchase, holding and transfer of such Series 2014-1 Notes or interest therein is permissible under applicable law, will not constitute or result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code and will not subject the Issuer, the Indenture Trustee, the Manager or any successor Manager to any obligation in addition to those undertaken in the Indenture; 

(iv) It understands that the Series 2014-1 Notes are being transferred to it in a transaction not involving any public offering within the
meaning of the Securities Act, and that, if in the future it decides to resell, pledge or otherwise transfer any Series 2014-1 Notes, such Series 2014-1 Notes may be resold, pledged or transferred only in accordance with applicable state securities
laws and (1) in a transaction meeting the requirements of Rule 144A, to a Person that the seller reasonably believes is a Qualified Institutional Buyer that purchases for its own account (or for the account or accounts of a Qualified
Institutional Buyer) and to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, or (2) (A) to a Person that is an Institutional Accredited Investor, is taking delivery of such Series 2014-1
Notes in an amount of at least $100,000, and delivers to the Indenture Trustee a letter substantially in the form of Exhibit D to the Indenture or (B) to a Person that is taking delivery of such Series 2014-1 Notes pursuant to a transaction
that is otherwise exempt from the registration requirements of the Securities Act and from any applicable state law securities registration or qualification requirements, as confirmed in an Opinion of Counsel addressed to the Indenture Trustee, the
Issuer and the transferor, which counsel and Opinion are satisfactory to the Indenture Trustee, the Issuer and the transferor, or (3) in an offshore transaction in accordance with Rule 903 or 904 of Regulation S. 

(v) It understands that each Series 2014-1 Note shall bear a legend substantially to the following effect: 

[For Book-Entry Notes Only: UNLESS THIS SERIES 2014-1 NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE TRANSFEROR OF SUCH SERIES 2014-1 NOTE (THE “TRANSFEROR”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SERIES 2014-1 NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
THE USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. ] 

THIS SERIES 2014-1 NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER
HEREOF, BY PURCHASING THIS SERIES 2014-1 NOTE, AGREES THAT SUCH SERIES 2014-1 NOTE MAY BE RESOLD, PLEDGED OR TRANSFERRED ONLY IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A
UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON THAT TAKES DELIVERY OF SUCH SERIES 2014-1 NOTE IN AN AMOUNT OF AT LEAST $100,000 AND THAT THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN
ACCOUNT (OR FOR THE ACCOUNT OR ACCOUNTS OF A QUALIFIED INSTITUTIONAL BUYER) AND TO WHOM NOTICE IS GIVEN 

  
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THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT WITH SUCH SERIES 2014-1 NOTE IN AN AMOUNT OF AT LEAST $100,000 OR (3) TO A PERSON (A) THAT IS AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, IS TAKING DELIVERY OF SUCH SERIES 2014-1 NOTE IN AN AMOUNT OF AT LEAST $100,000 AND DELIVERS TO THE INDENTURE TRUSTEE A LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D TO THE INDENTURE OR (B) THAT IS TAKING DELIVERY OF
SUCH SERIES 2014-1 NOTE IN AN AMOUNT OF AT LEAST $100,000 PURSUANT TO A TRANSACTION THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND FROM ANY APPLICABLE STATE LAW SECURITIES REGISTRATION OR QUALIFICATION
REQUIREMENTS, AS CONFIRMED IN AN OPINION OF COUNSEL ADDRESSED TO THE INDENTURE TRUSTEE AND THE ISSUER, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE ISSUER AND THE INDENTURE TRUSTEE. 

EACH PURCHASER OF A SERIES 2014-1 NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT TO THE INITIAL PURCHASERS, THE ISSUER, THE INDENTURE TRUSTEE
AND THE MANAGER THAT (I) EITHER (1) IT IS NOT ACQUIRING THE SERIES 2014-1 NOTE WITH THE ASSETS OF A PLAN; OR (2) (A) THE ACQUISITION AND HOLDING OF THE SERIES 2014-1 NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE AND (B) THE SERIES 2014-1 NOTE IS RATED INVESTMENT GRADE OR BETTER AND SUCH PERSON BELIEVES THAT THE SERIES 2014-1 NOTE IS PROPERLY TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY
FEATURES FOR PURPOSES OF THE DEPARTMENT OF LABOR REGULATIONS SECTION 2510.101, AND AGREES TO SO TREAT THE SERIES 2014-1 NOTE; AND (II) IT WILL NOT SELL OR OTHERWISE TRANSFER THE SERIES 2014-1 NOTES OR ANY INTEREST THEREIN OTHERWISE THAN TO A
PURCHASER OR TRANSFEREE THAT REPRESENTS AND AGREES WITH RESPECT TO ITS PURCHASE, HOLDING, AND DISPOSITION OF THE SERIES 2014-1 NOTES TO THE SAME EFFECT AS THE PURCHASER’S REPRESENTATION AND AGREEMENT SET FORTH IN CLAUSE (I) OF THIS
PARAGRAPH. 
 THIS SERIES 2014-1 NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 

(vi) Each Series 2014-1 Noteholder that is a Permitted Non-U.S. Person described in Section 207(b)(i)(C) understands that the
Series 2014-1 Notes have not and will not be registered under the Securities Act, that any offers, sales or deliveries of the Series 2014-1 Notes purchased by it in the United States or to U.S. Persons prior to the date that is 40 days after the
later of (i) the commencement of the distribution of the Series 2014-1 Notes and (ii) the Closing Date, may constitute a violation of United States law, and that distributions of principal and interest will be made in respect of such
Series 2014-1 Notes only following the delivery by the holder of a certification of non-U.S. beneficial ownership or the exchange of beneficial interest in Regulation S Temporary Book-Entry Notes for beneficial interests in the related Unrestricted
Book-Entry Notes (which in each case will itself require a certification of non-U.S. beneficial ownership), at the times and in the manner set forth in this Supplement. 

  
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 (vii) The Regulation S Temporary Book-Entry Notes representing the Series 2014-1 Notes sold to
each Series 2014-1 Noteholder that is a Permitted Non-U.S. Person described in Section 207(b)(i)(C) will bear a legend to the following effect, unless the Issuer determines otherwise consistent with Applicable Law: 

[FOR REGULATION S BOOK-ENTRY NOTES ONLY: THIS SERIES 2014-1 NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LATER OF (I) THE COMPLETION OF THE DISTRIBUTION OF THE SERIES 2014-1 NOTES AND (II) THE CLOSING DATE, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 

(viii) The Indenture Trustee shall not permit the transfer of any Series 2014-1 Notes unless such transfer complies with the terms of the
foregoing legends and, in the case of a transfer (i) to an Institutional Accredited Investor (other than a Qualified Institutional Buyer), the transferee delivers to the Indenture Trustee a letter substantially in the form of Exhibit D to the
Indenture, or (ii) to a Person other than a Qualified Institutional Buyer, an Institutional Accredited Investor or a Permitted Non-U.S. Person, upon delivery of an Opinion of Counsel satisfactory to the Indenture Trustee and the applicable
transferor, to the effect that the transferee is taking delivery of the Series 2014-1 Notes in a transaction that is otherwise exempt from the registration requirements of the Securities Act and from any applicable state law securities registration
or qualification requirements. 
 (c) The applicable transferor and transferee shall execute and deliver, or in the case of a Series 2014-1
Noteholder, is deemed to have executed and delivered, to the Indenture Trustee documentation in substantially the forms of (i) Exhibit(s) B through F hereto or (ii) Exhibit D to the Indenture, as appropriate, in connection
with any transfer of Series 2014-1 Notes. 
 Section 208. Grant of Security Interest. 

(a) In order to secure and provide for the repayment and payment of the Series 2014-1 Notes, the Issuer hereby grants a security interest in
and assigns, pledges, grants, transfers and sets over to the Indenture Trustee, for the benefit of the Series 2014-1 Noteholders, all of the Issuer’s right, title and interest in and to the following (whether now or hereafter existing or
accrued): (i) the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account and the Series 2014-1 L/C Cash Account; (ii) all funds on deposit in the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account, the
Series 2014-1 L/C Cash Account and all Security Entitlements credited thereto from time to time; (iii) all investments made at any time and from time to time with monies in the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series
Account and the Series 2014-1 L/C Cash Account, whether constituting securities, instruments, general intangibles, investment property, financial assets or other property; (v) all interest, dividends, cash, instruments and other property from
time to time received, receivable or otherwise distributed in respect of, or in exchange for, such Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account and the Series 2014-1 L/C Cash Account, the funds on deposit therein from time
to time or the investments made with such funds; (vi) any Eligible Letter of Credit provided by the Issuer and (vii) all proceeds of any and all of the foregoing, including, without limitation, cash (items described in clauses
(i) through (vii) collectively, the “Series 2014-1 Specific Collateral” for Series 2014-1). The Indenture Trustee shall possess all 

  
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right, title and interest in and to all funds on deposit from time to time in the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account and the Series 2014-1 L/C Cash Account
and in all proceeds thereof, and shall be the only person authorized to originate Entitlement Orders with respect thereto. The Issuer may deliver to the Indenture Trustee, for the benefit of the Series 2014-1 Noteholders, one or more Eligible
Letters of Credit in partial satisfaction of certain amounts that are required to be maintained on deposit in the Series 2014-1 Restricted Cash Account. No Series of Notes other than the Series 2014-1 Notes shall have an interest in such Letters of
Credit. 
 (b) The Issuer hereby irrevocably authorizes the Indenture Trustee at any time, and from time to time, to file in any filing
office in any UCC jurisdiction any financing statements with respect to the foregoing, including financing statements claiming a security interest in the Series 2014-1 Specific Collateral; provided, however, that the Indenture Trustee shall have no
responsibility or liability for or with respect to the perfection of any security interest. 
 (c) In furtherance of the foregoing, the
Issuer hereby grants, assigns, conveys, mortgages, pledges, charges, hypothecates and transfers to the Indenture Trustee, for the benefit of the Series 2014-1 Noteholders, a floating charge over all of the Series 2014-1 Specific Collateral. 

(d) Upon the occurrence of a Series-Specific Event of Default, the Control Party for Series 2014-1 shall direct the exercise of remedies with
respect to the Series 2014-1 Specific Collateral. 
 (e) In the event that Series 2014-1 shall be a Liquidating Series, the Control Party
may direct a partial sale of Terminated Managed Containers and Leases included in the Collateral in accordance with the provisions of Article VIII of the Indenture. 

ARTICLE III 
 Series 2014-1
Series Account and 
 Allocation and Application of Amounts Therein 

Section 301. Series 2014-1 Series Account. The Issuer shall establish on the Closing Date and maintain, so long as any Series 2014-1 Note is
Outstanding, an Eligible Account in the name of the Issuer with the Indenture Trustee which shall be designated as the Series 2014-1 Series Account, which account shall be pledged to the Indenture Trustee for the benefit of the Series 2014-1
Noteholders pursuant to the Indenture and this Supplement. All deposits of funds by, or for the benefit of, the Series 2014-1 Noteholders from the Trust Account and the Excess Funding Account, shall be accumulated in, and withdrawn from, the Series
2014-1 Series Account in accordance with the provisions of the Indenture and this Supplement. Any funds on deposit in the Series 2014-1 Series Account shall be invested in accordance with the provisions of Section 303 of the Indenture. 

Section 302. Series 2014-1 Restricted Cash Account. 

(a) The Issuer shall establish on or prior to the Closing Date, and shall thereafter maintain so long as any Series 2014-1 Note remains
Outstanding, an Eligible Account in the name of the Issuer with the Indenture Trustee which shall be designated as the “Series 2014-1 

  
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Restricted Cash Account”, which account shall be held by the Indenture Trustee for the benefit of the Series 2014-1 Noteholders pursuant to the terms of this Supplement. On the
Closing Date and on any date thereafter in the event that the Issuer receives a capital contribution for such purpose, the Issuer will deposit (or cause to be deposited) into the Series 2014-1 Restricted Cash Account an amount necessary to cause the
amount therein to be equal to the Series 2014-1 Restricted Cash Amount as of such date. In addition, on each Payment Date amounts shall be deposited in the Series 2014-1 Restricted Cash Account in accordance with Section 303. The Series
2014-1 Restricted Cash Account shall not be relocated to another financial institution except in accordance with the express provisions of Section 303(d) of the Indenture. Any and all monies on deposit in such account shall be invested in
Eligible Investments in accordance with Section 303 of the Indenture and shall be distributed in accordance with this Section 302. 

(b) In the event that the Manager Report with respect to any Determination Date shall state that the funds on deposit in the Series 2014-1
Series Account will not be sufficient to make payment in full on the related Payment Date of the Interest Payment then due for the Series 2014-1 Notes (the amount of such deficiency, the “Permitted Interest Withdrawal”), then the
Indenture Trustee shall on such Determination Date draw on the Series 2014-1 Restricted Cash Account in an amount equal to the lesser of (x) the Permitted Interest Withdrawal, and (y) the amount then on deposit in the Series 2014-1
Restricted Cash Account (as set forth in the Manager Report). As more fully set forth in Section 302(d) below, drawings in respect of the Permitted Interest Withdrawal will be made from the Series 2014-1 Restricted Cash Account before
any drawings are made on any Letters of Credit delivered pursuant to Section 306 hereof or drawings on the Series 2014-1 L/C Cash Account pursuant to Section 305 hereof. 

(c) In the event that the Manager Report delivered with respect to the Determination Date immediately preceding the Series 2014-1 Legal Final
Payment Date shall state that the funds on deposit in the Series 2014-1 Series Account will not be sufficient to make payment in full on the Series 2014-1 Legal Final Payment Date of the then Unpaid Principal Balance (the amount of such deficiency,
the “Permitted Principal Withdrawal”), then the Indenture Trustee shall on such Determination Date draw on the Series 2014-1 Restricted Cash Account in an amount equal to the least of (w) the Unpaid Principal Balance,
(x) the Permitted Principal Withdrawal and (y) the amount then on deposit in the Series 2014-1 Restricted Cash Account (as set forth in the Manager Report). As more fully set forth in Section 302(d) below, drawings in respect
of the Permitted Principal Withdrawal will be made from the Series 2014-1 Restricted Cash Account before any drawings are made on any Letters of Credit delivered pursuant to Section 306 hereof or drawings on the Series 2014-1 L/C Cash
Account pursuant to Section 305 hereof. 
 (d) Drawings will be made pursuant to Section 302(b) before any drawing
is made on the applicable Determination Date pursuant to Section 302(c). Such drawings from the Series 2014-1 Restricted Cash Account will be made before any drawings are made on any Letters of Credit delivered pursuant to the provisions
of Section 306 hereof or drawings on the Series 2014-1 L/C Cash Account pursuant to Section 305 hereof. Notice of each such drawing will be delivered to the Manager, by hand delivery or
facsimile transmission (or, if applicable, included in the respective Manager Report delivered to the Indenture Trustee). Any such funds actually received by the Indenture Trustee pursuant to Section 302(b) or (c) shall be
used solely to make payments of the Interest Payment or payment of the Unpaid Principal Balance, as the case may be. 

  
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 (e) On each Payment Date, the Indenture Trustee shall, in accordance with the Manager Report (or
in the absence of any Manager Report, in accordance with written instructions from the Control Party), deposit in the Series 2014-1 Series Account for distribution in accordance with the terms of this Supplement the difference, if any, of
(i) the amounts then on deposit in the Series 2014-1 Restricted Cash Account (after giving effect to any withdrawals therefrom on such Payment Date), minus (ii) an amount equal to the Series 2014-1 Restricted Cash Amount for such Payment
Date. 
 (f) On the Series 2014-1 Legal Final Payment Date or, at the direction of the Control Party upon the occurrence of a Series 2014-1
Event of Default, any remaining funds in the Series 2014-1 Restricted Cash Account will be deposited in the Series 2014-1 Series Account and be distributed in accordance with Section 303. 

(g) The Issuer shall have the option to satisfy a portion of the Series 2014-1 Restricted Cash Amount by the delivery to the Indenture Trustee
of one or more Eligible Letter of Credit(s) from an Eligible Bank; provided, however, Eligible Letters of Credit may not replace that portion of the Series 2014-1 Restricted Cash Amount equal to eleven and one ninth of one percent
(11.1111111%) of the Series 2014-1 Restricted Cash Amount. Any such Eligible Letters of Credit shall be drawn upon in accordance with Section 306 hereof. 

(h) If, subsequent to the Closing Date, the Issuer shall deliver to the Indenture Trustee one or more Eligible Letters of Credit in accordance
with clause (g) above, the Indenture Trustee (based on the Manager Report) shall, on the Payment Date immediately following the delivery of such Eligible Letters of Credit, draw from the Series 2014-1 Restricted Cash Account and remit to the
Issuer funds in an amount equal to the sum of the available drawing amount on all such delivered Eligible Letter(s) of Credit. 
 Section 303.
Distributions from Series 2014-1 Series Account. (a) On each Payment Date and on each other date on which any payment is to be made with respect to the Series 2014-1 Notes in accordance with Section 203, 204
or 205, based on the Manager Report (upon which the Indenture Trustee may conclusively rely) the Indenture Trustee shall distribute the Series 2014-1 Available Funds then on deposit in the Series 2014-1 Series Account in accordance with the
provisions of Section 303(b), (c) and (d). 
 (b) If neither a Series 2014-1 Early Amortization Event nor a
Series 2014-1 Event of Default shall have occurred and shall then be continuing: 
 (i) To the Indenture Trustee, an amount equal to the sum
of (A) the Indenture Trustee Fees then due and payable (subject to a per annum dollar limitation of $40,000 for each Series of Notes then Outstanding) and (B) an amount equal to the product of (i) the Series 2014-1 Asset Allocation
Percentage and (ii) any amounts payable to the Indenture Trustee on such Payment Date in accordance with the provisions of Section 403(e) of the Indenture; 

  
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 (ii) To the Manager, an amount equal to the Series 2014-1 Management Fees and any arrearages
thereof to the extent not offset in accordance with the terms of the Management Agreement; 
 (iii) To the Manager, an amount equal to the
product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) reimbursement for any unpaid Manager Advances; 
 (iv) To
each of the following on a pro rata basis: (A) to the Manager Transfer Facilitator, an amount equal to the sum of (x) Manager Transfer Facilitator Fees (not to exceed $4,800 per annum for each Series of Notes then Outstanding) and
(y) the Series 2014-1 Asset Allocation Percentage of any amounts incurred by the Manager Transfer Facilitator, including those related to the actual transfer from the Manager to the Back-up Manager, and (B) to Back-up Manager, an amount
equal to the product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) any Back-Up Manager fees then due and payable; 

(v) To the Persons entitled thereto, Issuer Expenses (not to exceed the product of the Series 2014-1 Asset Allocation Percentage and $50,000
annually); 
 (vi) To each of clause (A) and (B) on a pari passu basis: (A) to the Series 2014-1 Noteholders, on a
pro rata basis, the Interest Payment due and payable and (B) to each Letter of Credit Bank, on a pro rata basis, any Letter of Credit Fees then due and payable; 

(vii) To the Series 2014-1 Restricted Cash Account, an amount sufficient so that the total amount on deposit therein is equal to the Series
2014-1 Restricted Cash Amount and then to each Letter of Credit Bank, on a pro rata basis, in reimbursement of unpaid draws under each Letter of Credit; 

(viii) To the Series 2014-1 Noteholders, on a pro rata basis, the Minimum Principal Payment Amount; 

(ix) To the Series 2014-1 Noteholders, on a pro rata basis, the Scheduled Principal Payment Amount; 

(x) To the Series 2014-1 Noteholders, on a pro rata basis, the Supplemental Principal Payment Amount, if any; 

(xi) To the Series Accounts of each other Series pro rata based on all Series’ respective Required Payments remaining unpaid, for
application to such unpaid Required Payments in accordance with the terms of each such Supplement (with any amount of Series 2014-1’s contribution to such Shared Available Funds remaining after application to such other Series’ Required
Payments being returned to the Series 2014-1 Series Account). 
 (xii) To the Series 2014-1 Noteholders, all other unpaid amounts to the
Series 2014-1 Noteholders including indemnified amounts; 
 (xiii) On a pro rata basis (a) to the Manager Transfer Facilitator,
any amounts due and payable to the Manager Transfer Facilitator and (b) to the Back-up Manager, any unpaid amounts due to Back-up Manager, in each case calculated after giving effect to payments remaining after clause (iv) above; 

  
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 (xiv) To the Indenture Trustee, any remaining unpaid expenses and indemnified amounts; 

(xv) On a pro rata basis: (a) to the Issuer any unpaid indemnified amounts and (b) to the Manager any unpaid indemnified
amounts; and; 
 (xvi) All remaining Series 2014-1 Available Funds distributed to the Excess Funding Account. 

(c) If a Series 2014-1 Early Amortization Event shall then be continuing, but no Event of Default for Series 2014-1 shall then be continuing
(or a Series 2014-1 Event of Default is continuing but the Series 2014-1 Notes have not been accelerated in accordance with Section 802 of the Indenture or Section 403(b)): 

(i) To the Indenture Trustee, an amount equal to the sum of (A) the Indenture Trustee Fees then due and payable (subject to a per annum
dollar limitation of $40,000 for each Series of Notes then Outstanding) and (B) an amount equal to the product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) any amounts payable to the Indenture Trustee on such Payment
Date in accordance with the provisions of Section 403(e) of the Indenture; 
 (ii) To the Manager, an amount equal to the Series 2014-1
Management Fees and any arrearages thereof to the extent not offset in accordance with the terms of the Management Agreement; 
 (iii) To
the Manager, an amount equal to the product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) reimbursement for any unpaid Manager Advances; 

(iv) To each of the following on a pro rata basis: (A) to the Manager Transfer Facilitator, amount equal to the product of
(x) any Manager Transfer Facilitator Fees then due and payable (not to exceed $4,800 per annum) and (y) the Series 2014-1 Asset Allocation Percentage of any amounts incurred by the Manager Transfer Facilitator, including those
related to the actual transfer from the Manager to the Back-up Manager, and (B) to the Back-up Manager, an amount equal to the product of (x) the Series 2014-1 Asset Allocation Percentage and (y) any Back-Up Manager fees then due and
payable; 
 (v) To the Persons entitled thereto, Issuer Expenses (not to exceed the product of the Series 2014-1 Asset Allocation Percentage
and $50,000 annually); 
 (vi) To each of clause (A) and (B) on a pari passu basis: (A) to the Series 2014-1
Noteholders, on a pro rata basis, the Series 2014-1 Interest Payment due and payable and (B) to each Letter of Credit Bank, on a pro rata basis, any Letter of Credit Fees then due and payable; 

(vii) To the Series 2014-1 Restricted Cash Account, an amount sufficient so that the total amount on deposit therein is equal to the Series
2014-1 Restricted Cash Amount and then to each Letter of Credit Bank, on a pro rata basis, in reimbursement of unpaid draws under each Letter of Credit; 

  
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 (viii) To the Series 2014-1 Noteholders on a pro rata basis, all remaining funds to repay
the Unpaid Principal Balance until the Unpaid Principal Balance has been reduced to zero; 
 (ix) To the Series Accounts of each other
Series pro rata based on all Series’ respective Required Payments remaining unpaid, for application to such unpaid Required Payments in accordance with the terms of each such Supplement (with any amount of Series 2014-1’s
contribution to such Shared Available Funds remaining after application to such other Series’ Required Payments being returned to the Series 2014-1 Series Account). 

(x) To the Series 2014-1 Noteholders on a pro rata basis, any unpaid amounts owing to the Series 2014-1 Noteholders including
indemnified amounts; 
 (xi) On a pro rata basis (a) to the Manager Transfer Facilitator, any amounts due and payable to the
Manager Transfer Facilitator and (b) to the Back-up Manager, any unpaid amounts due to Back-up Manager, in each case calculated after giving effect to payments remaining after clause (iv) above; 

(xii) To the Indenture Trustee, any remaining unpaid expenses and indemnified amounts; 

(xiii) On a pro rata basis: (a) to the Issuer any unpaid indemnified amounts and (b) to the Manager any unpaid indemnified
amounts; and 
 (xiv) All remaining Series 2014-1 Available Funds distributed to the Excess Funding Account. 

(d) If a Series 2014-1 Event of Default shall have occurred and then be continuing and the Series 2014-1 Notes have been accelerated in
accordance with Section 802 of the Indenture or Section 403(b) and such consequence shall not have been rescinded or annulled: 

(i) To the Indenture Trustee, an amount equal to the sum of (A) the Indenture Trustee Fees then due and payable (subject to a per annum
dollar limitation of $75,000 for each Series of Notes then Outstanding) and (B) an amount equal to the product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) any amounts payable to the Indenture Trustee on such Payment
Date in accordance with the provisions of Section 403(e) of the Indenture; 
 (ii) To the Manager, an amount equal to the Series 2014-1
Management Fees and any arrearages thereof to the extent not offset in accordance with the terms of the Management Agreement; 
 (iii) To
the Manager, an amount equal to the product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) reimbursement for any unpaid Manager Advances; 

  
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 (iv) On a pro rata basis: (a) to the Manager Transfer Facilitator, an amount equal to
the sum of (x) Manager Transfer Facilitator Fees (not to exceed $4,800 per annum for each Series of Notes then Outstanding) and (y) the Series 2014-1 Asset Allocation Percentage of any amounts incurred by the Manager Transfer Facilitator,
including those related to the actual transfer from the Manager to the Back-up Manager, and (b) to Back-up Manager, an amount equal to the product of (i) the Series 2014-1 Asset Allocation Percentage and (ii) any Back-Up Manager Fees
then due and payable; 
 (v) To the Persons entitled thereto, Issuer Expenses (not to exceed the product of the Series 2014-1 Asset
Allocation Percentage and $100,000 annually); 
 (vi) To each of clause (A) and (B) on a pari passu basis: (A) to the
Series 2014-1 Noteholders, on a pro rata basis, the Series 2014-1 Interest Payment due and payable and (B) to each Letter of Credit Bank, on a pro rata basis, any Letter of Credit Fees then due and payable; 

(vii) To the Series 2014-1 Noteholders, on a pro rata basis, all remaining funds to repay the Unpaid Principal Balance until the Unpaid
Principal Balance has been reduced to zero; 
 (viii) To the Series Accounts of each other Series pro rata based on all Series’
respective Required Payments remaining unpaid, for application to such unpaid Required Payments in accordance with the terms of each such Supplement (with any amount of Series 2014-1’s contribution to such Shared Available Funds remaining after
application to such other Series’ Required Payments being returned to the Series 2014-1 Series Account). 
 (ix) To the Series 2014-1
Noteholders, on a pro rata basis, any unpaid amounts owing to the Series 2014-1 Noteholders including indemnified amounts; 
 (x) To
each Letter of Credit Bank, on a pro rata basis, in reimbursement of unpaid draws under each Letter of Credit; 
 (xi) On a pro rata
basis (a) to the Manager Transfer Facilitator, any amounts due and payable to the Manager Transfer Facilitator and (b) to the Back-up Manager, any unpaid amounts due to Back-up Manager, in each case calculated after giving effect to
payments remaining after clause (iv) above; 
 (xii) To the Indenture Trustee, any remaining unpaid expenses and indemnified amounts;

 (xiii) On a pro rata basis: (a) to the Issuer any remaining unpaid indemnified amounts and (b) to the Manager any
remaining unpaid indemnified amounts; and 
 (xiv) All remaining Series 2014-1 Available Funds will be treated as Shared Available Funds.

 (e) Any amounts payable to a Series 2014-1 Noteholder pursuant to this Section 303 shall be made by wire transfer of
immediately available funds to the account that such Series 

  
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 2014-1 Noteholder has designated to the Indenture Trustee in writing at least five (5) Business Days prior
to the applicable Payment Date. Any amounts payable by the Issuer hereunder are contingent upon the availability of funds to make such payment in accordance with the provisions of this Section 303 and, to the extent such funds are not
available, shall not constitute a “Claim” (as defined in Section 101(5) of the Bankruptcy Code) against the Issuer in any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings involving the Issuer in the event
that such amounts are not paid in accordance with this Section 303. 
 Section 304. Allocation of Series 2014-1 Shared Available Funds.

 (a) All Series 2014-1 Shared Available Funds that are available for distribution to other Series of Notes in accordance with the
provisions of Section 303 shall be allocated by the Manager to all Series of Notes then Outstanding (other than (i) the Series 2014-1 Notes and (ii) any Liquidation Deficiency Series) that have a Required Payment Deficiency on
the applicable Payment Date. Allocation of Series 2014-1 Shared Available Funds to any Liquidation Deficiency Series shall be made in accordance with Section 304(b) and only after all distributions shall have been made pursuant to this
Section 304(a). Allocations shall be made to each such Series having a Required Payment Deficiency in accordance with the following order of priorities, with no payment being made at any level of priority until all prior priorities have
been paid in full: 
 (1) to each Series that has not paid in full the Indenture Trustee Fees, indemnities and expenses payable by, or
allocable to, such Series, the amount of such unpaid Indenture Trustee Fees, indemnities and expenses; 
 (2) to each Series that has not
paid in full the Management Fee and Management Fee Arrearages payable by, or allocable to, such Series, the amount of such unpaid Management Fee and Management Fee Arrearages; 

(3) to each Series that has not paid in full the Manager Advances payable by, or allocable to, such Series, the amount of such unpaid Manager
Advances; 
 (4) to each Series that has not paid in full the Manager Transfer Facilitator Fees and Back-up Management Fees payable by, or
allocable to, such Series, the amount of such unpaid Manager Transfer Facilitator Fees and Back-up Management Fees and any other amount due and owing to the Manager Transfer Facilitator; 

(5) to each Series that has not paid in full the Issuer Expenses payable by, or allocable to, such Series, the amount of such unpaid Issuer
Expenses; 
 (6) to each Series that has not paid in full all interest payments (excluding Default Fees) payable with respect to the senior
Class of such Series and all commitment fees payable with respect to the senior Class of such Series, the amount of such unpaid interest payments and commitment fees; 

(7) to each Series that has not paid in full all regularly scheduled payments (excluding termination payments) owing to each Interest Rate
Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to one or more of the senior Class of such Series, the amount of such unpaid regularly scheduled payments; 

  
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 (8) to each Series that has not paid in full all interest payments (excluding Default Fees)
payable with respect to the subordinate Class of such Series and all commitment fees payable with respect to the subordinate Class of such Series, the amount of such unpaid interest payments and commitment fees; 

(9) to each Series that has not paid in full all Minimum Principal Payment Amounts for the senior Class of such Series, the amount of such
unpaid Minimum Principal Payment Amounts; 
 (10) to each Series that has not paid in full all Scheduled Principal Payment Amounts for the
senior Class of such Series, the amount of such unpaid Scheduled Principal Payment Amounts; 
 (11) to each Series that has not paid in full
all Supplemental Principal Payment Amounts for the senior Class of such Series, the amount of such unpaid Supplemental Principal Payment Amounts; 

(12) to each Series that has not paid in full all regularly scheduled payments (excluding termination payments) owing to each Interest Rate
Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to the subordinate Class of such Series, the amount of such unpaid regularly scheduled payments; 

(13) to each Series that has not paid in full all Minimum Principal Payment Amounts for the subordinate Class of such Series, the amount of
such unpaid Minimum Principal Payment Amounts; 
 (14) to each Series that has not paid in full all Scheduled Principal Payment Amounts for
the subordinate Class of such Series, the amount of such unpaid Scheduled Principal Payment Amounts; 
 (15) to each Series that has not
paid in full all Supplemental Principal Payment Amounts for the subordinate Class of such Series, the amount of such unpaid Supplemental Principal Payment Amounts; 

(16) on a pro rata basis: (a) to the Manager Transfer Facilitator, any amounts due and payable to the Manager Transfer Facilitator
and (b) to the Back-up Manager, any unpaid amounts due to Back-up Manager; 
 (17) to the Indenture Trustee, any remaining unpaid
expenses and indemnified amounts; 
 (18) on a pro rata basis: (a) to the Issuer, any unpaid indemnified amounts, and
(b) to the Manager, any unpaid indemnified amounts; and 

  
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 (19) to each Series of Notes that has not been paid in full, all other amounts owing to the
Noteholders of such Series. 
 If more than one Series shall be entitled to a distribution pursuant to a particular priority set forth in
Section 304(a), funds shall be allocated among each such entitled Series on a pro rata basis based on the relative amount owing to each such Series pursuant to such payment priority. 

(b) After the application of the allocation set forth in Section 304(a), any remaining Series 2014-1 Shared Available Funds shall
be allocated in accordance with the following order of priorities, with no payment being made at any level of priority until all prior priorities have been paid in full: 

(1) to each Liquidation Deficiency Series that has not paid in full the Indenture Trustee Fees, indemnities and expenses payable by, or
allocable to, such Liquidation Deficiency Series, the amount of such unpaid Indenture Trustee Fees, indemnities and expenses; 
 (2) to each
Liquidation Deficiency Series that has not paid in full the Management Fee and Management Fee Arrearages payable by, or allocable to, such Liquidation Deficiency Series, the amount of such unpaid Management Fee and Management Fee Arrearages; 

(3) to each Liquidation Deficiency Series that has not paid in full the Manager Advances payable by, or allocable to, such Liquidation
Deficiency Series, the amount of such unpaid Manager Advances; 
 (4) to each Liquidation Deficiency Series that has not paid in full the
Manager Transfer Facilitator Fees and Back-up Management Fees payable by, or allocable to, such Liquidation Deficiency Series, the amount of such unpaid Manager Transfer Facilitator Fees and Back-up Management Fees and any other amount due and owing
to the Manager Transfer Facilitator; 
 (5) to each Liquidation Deficiency Series that has not paid in full all interest payments (excluding
Default Fees) and commitment fees payable with respect to the Senior Notes of such Liquidation Deficiency Series, the amount of such unpaid interest payments and commitment fees; 

(6) to each Liquidation Deficiency Series that has not paid in full all regularly scheduled payments (excluding termination payments) owing to
each Interest Rate Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to such Liquidation Deficiency Series, the amount of such unpaid regularly scheduled payments; 

(7) to each Liquidation Deficiency Series that has not paid in full all Minimum Principal Payment Amounts to the Senior Notes of such
Liquidation Deficiency Series, the amount of such unpaid Minimum Principal Payment Amounts; 
 (8) to each Liquidation Deficiency Series
that has not paid in full all Scheduled Principal Payment Amounts to the Senior Notes of such Liquidation Deficiency Series, the amount of such unpaid Scheduled Principal Payment Amounts; 

  
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 (9) to each Liquidation Deficiency Series that has not paid in full all termination and all other
payments owing to each Interest Rate Hedge Counterparty that has entered into an Interest Rate Hedge Agreement with respect to such Liquidation Deficiency Series, the amount of such unpaid termination and other payments; 

(10) to each Liquidation Deficiency Series that has not paid in full all Minimum Principal Payment Amounts to the Senior Notes of such
Liquidation Deficiency Series, the amount of such unpaid Minimum Principal Payment Amounts; and 
 (11) to each Liquidation Deficiency
Series that has not paid in full all Scheduled Principal Payment Amounts to the Senior Notes of such Liquidation Deficiency Series, the amount of such unpaid Scheduled Principal Payment Amounts. 

If more than one Liquidation Deficiency Series shall be entitled to a distribution pursuant to a particular priority set forth in
Section 304(b), funds shall be allocated among each such entitled Liquidation Deficiency Series on a pro rata basis based on the relative amount owing to each such Liquidation Deficiency Series pursuant to such payment priority.

 Section 305. Series 2014-1 L/C Cash Account. 

(a) The Issuer has established and maintains with the Indenture Trustee, in the name of the Issuer, the Series 2014-1 L/C Cash Account, which
Series 2014-1 L/C Cash Account has been pledged to the Indenture Trustee for the benefit of the Holders of the Series 2014-1 Notes. Any and all amounts on deposit in the Series 2014-1 L/C Cash Account may be invested in Eligible Investments in
accordance with Section 303 of the Indenture. 
 (b) If the Series 2014-1 L/C Cash Account has been funded in accordance with the terms
of this Supplement, then the Indenture Trustee shall, based on the information set forth in the Manager Report, make drawings outlined in Section 306(a) from amounts on deposit in the Series 2014-1 L/C Cash Account before any drawings
are made on Eligible Letters of Credit. 
 (c) If, subsequent to the funding of the Series 2014-1 L/C Cash Account, the Issuer shall deliver
to the Indenture Trustee an Eligible Letter of Credit, the Indenture Trustee shall, on the next succeeding Payment Date (based on the Manager Report), withdraw from the Series 2014-1 L/C Cash Account and remit to the Issuer funds in an amount equal
to the available amount on such delivered Eligible Letter of Credit. 
 (d) At the direction of the Control Party upon the occurrence of a
Series 2014-1 Event of Default, the Indenture Trustee will withdraw all amounts then on deposit in the Series 2014-1 L/C Cash Account and deposit such amounts in the Series 2014-1 Series Account to be distributed in accordance with
Section 303. 
 Section 306. Drawing on Eligible Letters of Credit. 

(a) On each Determination Date, the Indenture Trustee shall, based on the Manager Report delivered on such Determination Date, submit a draw
request on the Letter(s) of Credit in an amount equal to the lesser of: 
 (x) the Aggregate L/C Available Amount; and 

  
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 (y) an amount equal to the excess of (x) the Permitted Payment Date Withdrawals for the
related Payment Date, over (y) any amounts drawn from the Series 2014-1 Restricted Cash Account on such Determination Date to satisfy such Permitted Payment Date Withdrawals in accordance with the terms of this Supplement. 

(b) If there is more than one Letter of Credit on the date of any draw on the Letter(s) of Credit pursuant to the terms of this Supplement,
the Indenture Trustee shall draw on each Letter of Credit in an amount equal to the LOC Pro Rata Share of the related Letter of Credit Bank. 

(c) The Indenture Trustee shall receive the proceeds of all drawings on the Letter(s) of Credit on behalf of the Series 2014-1 Noteholders.
Any drawings in respect of a Letter of Credit due to a non-renewal of a Letter of Credit or a downgrade in the credit rating of a Letter of Credit Bank shall be deposited into the Series 2014-1 L/C Cash Account and paid in accordance with the terms
of this Supplement. 
 (d) If, prior to the date which is ten (10) days prior to the then scheduled Letter of Credit Expiration Date of
a Letter of Credit, the Issuer has not either (i) deposited cash into the Series 2014-1 Restricted Cash Account and/or delivered to the Indenture Trustee an Eligible Letter of Credit in an amount that is equal to or greater than the available
amount on the expiring Letter of Credit or (ii) delivered to the Indenture Trustee an Eligible Letter of Credit having an available amount that is equal to or greater than the available amount on such expiring Letter of Credit, then the Manager
shall notify the Indenture Trustee in writing no later than two Business Days prior to such Letter of Credit Expiration Date of the available amount of such expiring Letter of Credit. Upon acknowledgment of receipt of such notice by the Indenture
Trustee on or prior to 10:00 a.m. (New York City time) on any Business Day, the Indenture Trustee shall, by 2:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Indenture Trustee after 10:00 a.m. (New York
City time), by 2:00 p.m. (New York City time) on the next following Business Day), draw on the expiring Letter of Credit an amount equal to the amount set forth above. The proceeds of any such drawing shall be deposited in the Series 2014-1 L/C Cash
Account. 
 (e) The Issuer shall, or shall cause the Manager to, notify the Indenture Trustee in writing within two Business Days after
becoming aware that the long-term senior unsecured debt credit rating of any Letter of Credit Bank has fallen below “A”, as determined by the Rating Agency (each such Letter of Credit Bank, a “Downgraded Letter of Credit
Bank”). The Downgraded Letter of Credit Bank and the Issuer shall have 60 days from the date of such downgrade to deliver to the Indenture Trustee a replacement Eligible Letter of Credit from an Eligible Bank having an available drawing
amount at least equal to the available drawing amount under the Letter of Credit issued by the Downgraded Letter of Credit Bank. If the Downgraded Letter of Credit Bank and/or the Issuer fail to either (i) deposited cash into the Series 2014-1
Restricted Cash Account and/or delivered to the Indenture Trustee an Eligible Letter of Credit in an amount that is equal to or greater than the available amount on the expiring Letter of Credit or (ii) deliver such replacement Eligible Letter
of Credit by the tenth day prior to the expiration of such 60 day period, the Issuer or the Manager shall notify the Indenture Trustee of the amount 

  
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available to be drawn on the Letter of Credit issued by such Downgraded Letter of Credit Bank. Upon acknowledgment of receipt of such notice by the Indenture Trustee on or prior to 10:00 a.m.
(New York City time) on any Business Day, the Indenture Trustee shall, by 2:00 p.m. (New York City time) on such Business Day (or, in the case of any notice given to the Indenture Trustee after 10:00 a.m. (New York City time), by 2:00 p.m. (New York
City time) on the next following Business Day), draw on such Letter of Credit in an amount equal to the full amount of available amount under the Letter of Credit issued by such Downgraded Letter of Credit Bank. The proceeds of any such drawing
shall be deposited in the Series 2014-1 L/C Cash Account. 
 (f) Upon the occurrence of a Series 2014-1 Event of Default, the Indenture
Trustee shall promptly submit a draw for the available amount on all Letters of Credit and deposit the amount of such drawing in the Series 2014-1 Series Account to be distributed in accordance with Section 303. 

ARTICLE IV 
 Series-Specific
Early Amortization Events, Manager Defaults, Events of Default and Covenants 
 for the Series 2014-1 Notes 

Section 401. Series-Specific Early Amortization Events. 

(a) Each of the following events or conditions shall constitute a “Series-Specific Early Amortization Event” for Series
2014-1: 
 (i) The occurrence and continuance of a Series-Specific Event of Default. 

(ii) As of any Payment Date, the EBIT Ratio shall be less than 1.1 to 1.0. 

(iii) As of any Payment Date, the Weighted Average Age of the Eligible Containers exceeds nine (9) years. 

(iv)    (A) a breach of any financial covenant of TGH set forth in the documents governing any Indebtedness of TGH in an
aggregate principal amount of $10,000,000 or greater (the “Funded Debt Documents”) shall have occurred and shall not have been permanently waived within sixty (60) days thereafter by the applicable lenders, or (B) any
default, not described in clause (A), under any Funded Debt Document shall have occurred and as a result the required lenders under the affected financing transaction have accelerated all or part of such Indebtedness. 

(b) Any Series-Specific Early Amortization Event described in Section 401(a)(ii) shall, for purposes of the
Related Documents, be deemed no longer to be continuing, if such condition does not exist on any two consecutive subsequent Payment Dates, immediately upon such second consecutive Payment Date. Any Series-Specific Early Amortization Event
described in Section 401(a)(iv) shall, for purposes of the Related Documents, be deemed no longer to be continuing immediately upon the cure or waiver thereof, within 60 days of the initial occurrence thereof, for purposes of the Funded
Debt Documents. Except as described in the preceding two sentences, if a Series 2014-1 Early Amortization Event exists on any Payment Date, then such Series 2014-1 Early Amortization Event shall be deemed to continue until the Business Day on which
the Series 2014-1 Control Party waives, in writing, such Series 2014-1 Early Amortization Event. The Indenture Trustee shall promptly provide notice of any such waiver to each Rating Agency for the Series 2014-1 Notes. 

  
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 (c) The existence of a Series 2014-1 Early Amortization Event (i) may alter the calculation
of the Invested Amount for the Series 2014-1 Notes and the allocation of funds from the Series Account for such Series of Notes and each other Series of Notes and (ii) will determine the method in which cash flows will be allocated and
distributed from the Series Account. The occurrence of a Series 2014-1 Early Amortization Event will not in and of itself result in the occurrence of a Trust Early Amortization Event or a Series-Specific Early Amortization Event for any other
Series. 
 (d) If a Series 2014-1 Early Amortization Event shall have occurred and then be continuing, the Indenture Trustee shall have, in
addition to the rights provided in the Related Documents, all rights and remedies provided under all applicable laws. 
 Section 402.
Series-Specific Manager Defaults. 
 (a) Each of the following events or conditions shall constitute a “Series-Specific
Manager Default” for Series 2014-1: 
 (i) The Leverage Ratio of TGH shall exceed 4.0 to 1.0 as of the end of any fiscal year. 

(ii) Any event described in Section 401(a)(iv) shall have occurred and such event shall not have been rescinded or waived within
sixty (60) days thereafter by the holders of the applicable indebtedness; provided that, in the event that the Funded Debt Documents shall have lapsed or been terminated, the financial covenants of TGH set forth therein (as in effect
immediately prior to such lapse or termination) shall survive for purposes of this definition, unless waived by the Control Party, until new Funded Debt Documents have been entered into. 

Section 403. Series-Specific Events of Default. 

(a) Each of the following events or conditions shall constitute a “Series-Specific Event of Default” for Series 2014-1: 

(i) The Issuer shall fail to pay (1) on any Payment Date, the full amount of the Interest Payments then due on the Series 2014-1 Notes,
or (2) on the Legal Final Payment Date, the then Unpaid Principal Balance. 
 (ii) The Issuer shall fail to pay, within three Business
Days after when due, any amounts owing to the Series 2014-1 Noteholders (unless constituting a Trust Event of Default or a Series-Specific Event of Default under Section 403(a)(i)). 

(iii) There shall occur any breach of any covenant of the Issuer or any Seller in any Series 2014-1 Related Document, which breach
(1) materially and adversely affects the interest of any Series 2014-1 Noteholder and (2) continues for a period of 60 days (subject to an additional 60-day cure period for defaults that the Issuer or any Seller is diligently attempting to
cure), in each case, unless such breach constitutes a Trust Event of Default or a Series-Specific Event of Default under Section 403(a)(i) or (ii). 

  
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 (iv) Any representation or warranty of the Issuer or any Seller made in any Series 2014-1 Related
Document shall prove to be incorrect in any material respect as of the time when the same shall have been made, which incorrectness (1) materially and adversely affects the interest of any Series 2014-1 Noteholder, and (2) if capable of
cure, continues for a period of 30 days (subject to an additional 30-day cure period for defaults that the Issuer or any Seller is diligently attempting to cure). 

(v) The Indenture Trustee shall fail to have a first priority perfected security interest in the Series 2014-1 Specific Collateral. 

(b) Upon the occurrence and during the continuance of a Series 2014-1 Event of Default, the Control Party may declare the Series 2014-1 Notes
to be immediately due and payable and may institute judicial proceedings for collection. 
 Section 404. Series 2014-1 Management Fee. As
contemplated by the Management Agreement, the Manager shall be entitled to a management fee for each Collection Period equal to the sum of the following: 

(a) A “Master Lease Management Fee”, in an amount equal to the product of (i) the product of (A) the Series 2014-1
Asset Allocation Percentage and (B) NOI (as defined in the Management Agreement) for the Master Lease Fleet (as defined in the Management Agreement) for such Collection Period (as defined in the Management Agreement), multiplied by
(ii) eleven percent (11.0%). 
 (b) A “Long-Term/PLB Management Fee”, in an amount equal to the product of
(i) the product of (A) the Series 2014-1 Asset Allocation Percentage and (B) the sum of the NOI (as defined in the Management Agreement) for such Collection Period (as defined in the Management Agreement) of (x) the Long-Term
Lease Fleet (as defined in the Management Agreement) plus (y) any Managed Containers (as defined in the Management Agreement) then subject to purchase-leasebacks, multiplied by (ii) eight percent (8.0%). 

(c) A “Finance Lease Management Fee”, in an amount equal to the product of (i) the product of (A) the Series 2014-1
Asset Allocation Percentage and (B) the Finance Lease Payments (excluding any payments relating to Managed Containers then subject to purchase-leasebacks) (as defined in the Management Agreement), multiplied by (ii) two percent (2.0%).

 (d) A “Sale Management Fee”, in an amount equal to the product of (i) the product of (A) the Series
2014-1 Asset Allocation Percentage and (B) the Sales Proceeds (as defined in the Management Agreement) from the sale or other disposition of any Managed Container during such Collection Period (except for any sale or disposition (x) to
Manager or any Affiliate of Manager, (y) pursuant to the exercise of a purchase option contained in a Lease, or (z) that is due to a Casualty Loss) (as defined in the Management Agreement), multiplied by (ii) five percent (5.0%). 

  
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 Section 405. Additional Covenants . In addition to the covenants set forth in Article VI of
the Indenture, the Issuer hereby makes the following additional covenants for the benefit of the Series 2014-1 Noteholders: 
 (a) Rule
144A. So long as any of the Series 2014-1 Notes are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, Issuer shall, unless it becomes subject to and complies with the reporting requirements of
Section 13 or 15(d) of the Exchange Act, or rule 12g3-2(b) thereunder, (i) provide to any Series 2014-1 Noteholder of such restricted securities, or to any prospective Series 2014-1 Noteholder of such restricted securities designated by a
Series 2014-1 Noteholder, upon the request of such Series 2014-1 Noteholder or prospective Series 2014-1 Noteholder, any information required to be provided by Rule 144A(d)(4) under the Securities Act and (ii) update such information to prevent
such information from becoming materially false and materially misleading in a manner adverse to any Series 2014-1 Noteholder. 
 (b) Use
of Proceeds. The proceeds from the issuance of the Series 2014-1 Notes shall be used to (i) to pay the purchase price of Eligible Containers to be acquired from TL and TMCLII, (ii) to fund the initial deposit into the Series 2014-1
Restricted Cash Account and (if required) to fund the Additional Funding Amount for the initial Transfer Date, (iii) to pay the costs of issuance of the Series 2014-1 Notes and (iv) for other general corporate purposes permitted under the
bye-laws of the Issuer, as contemplated in Section 624 of the Indenture. 
 (c) Perfection Requirements. The Issuer will not
(a) change any of (i) its corporate name or (ii) the name under which it does business or (b) amend any provision of its memorandum of association or bye-laws or become organized under the laws of any other jurisdiction without
the prior written consent of the Control Party. 
 ARTICLE V 

Conditions to Issuance 
 Section 501.
Conditions to Issuance. The Indenture Trustee shall not authenticate the Series 2014-1 Notes unless the Issuer shall have delivered a certificate to the Indenture Trustee to the effect that all conditions set forth in the Series 2014-1 Note
Purchase Agreement, other than the condition precedent set forth in Section 8(p) thereof, shall have been satisfied or waived. 

ARTICLE VI 
 Representations and
Warranties 
 To induce the Series 2014-1 Noteholders to purchase the Series 2014-1 Notes hereunder, the Issuer hereby represents and
warrants as of the Closing Date to the Indenture Trustee for the benefit of the Series 2014-1 Noteholders that: 
 Section 601. Existence.
Issuer is a company duly incorporated, validly existing and in compliance under the laws of Bermuda. Issuer is in good standing and is duly qualified to do business in each jurisdiction where the failure to do so would have a material adverse effect
upon the Issuer and in each jurisdiction in which a failure to so qualify would materially and adversely affect the ability of the Indenture Trustee to enforce its security interest in the Collateral. 

  
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 Section 602. Authorization. Issuer has the power and is duly authorized to execute and deliver this
Supplement and the other Series 2014-1 Related Documents to which it is a party; Issuer is and will continue to be duly authorized to borrow monies hereunder; and Issuer is and will continue to be authorized to perform its obligations under this
Supplement and under the other Series 2014-1 Related Documents. The execution, delivery and performance by Issuer of this Supplement and the other Series 2014-1 Related Documents to which it is a party and the borrowings hereunder do not and will
not require any consent or approval of any Governmental Authority, shareholder or any other Person which has not already been obtained. 
 Section 603.
No Conflict; Legal Compliance. The execution, delivery and performance of this Supplement and each of the other Series 2014-1 Related Documents and the execution, delivery and payment of the Series 2014-1 Notes will not: (a) contravene
any provision of the Issuer’s bye-laws or memorandum of association; (b) contravene, conflict with or violate any Applicable Law or regulation, or any order, writ, judgment, injunction, decree, determination or award of any Governmental
Authority; or (c) violate or result in the breach of, or constitute a default under the Indenture, the Series 2014-1 Related Documents, any other indenture or other loan or credit agreement, or other agreement or instrument to which Issuer is a
party or by which Issuer, or its property and assets may be bound or affected. Issuer is not in violation or breach of or default under any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award or any contract,
agreement, lease, license, indenture or other instrument to which it is a party. 
 Section 604. Validity and Binding Effect. This Supplement
is, and each Series 2014-1 Related Document to which Issuer is a party, when duly executed and delivered, will be, the legal, valid and binding obligation of Issuer, enforceable against Issuer in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity limiting the availability of equitable remedies. 

Section 605. Financial Statements. Since December 31, 2013, there has been no Material Adverse Change in the financial condition of any of
the Issuer, the Sellers or the Manager. 
 Section 606. Place of Business. The Issuer’s only “place of business” (within the
meaning of Section 9-307 of the UCC) is located at Century House, 16 Par-la-Ville Road, Hamilton HM HX, Bermuda. The Issuer does not maintain an office or assets in the United States, other than (i) the Trust Account, the Series 2014-1
Restricted Cash Account, the Excess Funding Account, the Series 2014-1 Series Account, the Series Accounts for each other Series of Notes Outstanding and the Series 2014-1 L/C Account and (ii) off-hire containers located in depots in the United
States and Managed Containers described in Section 606(g) of the Indenture and Leases pursuant to Section 7.7 of the Management Agreement. 

Section 607. No Agreements or Contracts. The Issuer is not a party to any contract or agreement (whether written or oral) other than the Related
Documents. 
 Section 608. Consents and Approvals . No approval, authorization or consent of any trustee or holder of any Indebtedness or
obligation of Issuer or of any other Person under any agreement, contract, lease or license or similar document or instrument to which Issuer is a party or by 

  
 36 

 
which Issuer is bound, is required to be obtained by Issuer in order to make or consummate the transactions contemplated under the Series 2014-1 Related Documents, except for those approvals,
authorizations and consents that have been obtained on or prior to the Closing Date. All consents and approvals of, filings and registrations with, and other actions in respect of, all Governmental Authorities required to be obtained by Issuer in
order to make or consummate the transactions contemplated under the Series 2014-1 Related Documents have been, or prior to the time when required will have been, obtained, given, filed or taken and are or will be in full force and effect. 

Section 609. Margin Regulations. Issuer does not own any “margin security”, as that term is defined in Regulation U of the Federal
Reserve Board, and the proceeds of the Series 2014-1 Notes issued under this Supplement will be used only for the purposes contemplated hereunder. None of such proceeds will be used, directly or indirectly, for the purpose of purchasing or carrying
any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the loans under this Supplement to be considered a
“purpose credit” within the meaning of Regulations T, U and X. Issuer will not take or permit any agent acting on its behalf to take any action which might cause this Supplement or any document or instrument delivered pursuant hereto to
violate any regulation of the Federal Reserve Board. 
 Section 610. Taxes. All federal, state, local and foreign tax returns, reports and
statements required to be filed by Issuer have been filed with the appropriate Governmental Authorities, and all taxes and other impositions shown thereon to be due and payable by Issuer have been paid prior to the date on which any fine, penalty,
interest or late charge may be added thereto for nonpayment thereof, or any such fine, penalty, interest, late charge or loss has been paid, or Issuer is contesting its liability therefor in good faith and has fully reserved all such amounts
according to GAAP in the financial statements provided to the Series 2014-1 Noteholders pursuant to Section 626 of the Indenture. Issuer has paid when due and payable all material charges upon the books of Issuer and no Governmental Authority
has asserted any Lien against Issuer with respect to unpaid taxes. Proper and accurate amounts have been withheld by Issuer from its employees for all periods in full and complete compliance with the tax, social security and unemployment withholding
provisions of applicable federal, state, local and foreign law and such withholdings have been timely paid to the respective Governmental Authorities. 

Section 611. Other Regulations. The Issuer is not, and is not controlled by, an “investment company” registered or required to be
registered under the Investment Company Act. The Issuer is not an “investment company” as defined in Section 3(a)(1) of the Investment Company Act, or, alternatively, the Issuer is relying on an exemption from such definition under
Rule 3(a)(5) under the Investment Company Act. The Issuer is not relying on the exemptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. The Issuer is structured so as not to constitute a “covered
fund” for purposes of the Volcker Rule under the Dodd-Frank Act. 
 Section 612. Solvency and Separateness. 

(a) The capital of the Issuer is adequate for the business and undertakings of the Issuer. 

  
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 (b) Other than with respect to the transactions contemplated hereby and by the other Related
Documents (including without limitation the Management Agreement, the Contribution and Sale Agreement and the Container Transfer Agreements), the Issuer is not engaged in any business transactions with the Sellers or the Manager. 

(c) The bye-laws of the Issuer provide that the Issuer shall have six (6) directors, unless increased to seven (7) directors under
certain circumstances described in the bye-laws including those discussed below. If a resolution of the directors is proposed which involves a Specified Matter and/or a Special Bye-law Amendment (as such capitalized terms are defined in the bye-laws
of the Issuer) then, in such instance, the number of directors of the Issuer shall automatically be increased to seven (7), and the quorum for any such vote shall be seven (7) directors, one of which must be an Independent Director who shall be
elected by an affirmative vote of all of the other directors from a pool of candidates (and such pool may consist of only one person) put forward by AMACAR Group, L.L.C. The Independent Director so elected shall be a director until the resolution
regarding the Specified Matter and/or the Special Bye-law Amendment has been voted upon and shall automatically cease to be a director of the Issuer immediately following such vote. 

(d) The Issuer’s funds and assets are not, and will not be, commingled with those of the Sellers or the Manager, except as permitted by
the Management Agreement. 
 (e) The bye-laws of the Issuer require it to maintain correct and complete books and records of account, and
Bermuda law requires it to maintain minutes of the meetings and other proceedings of its members. 
 (f) The Issuer is not insolvent under
the Insolvency Law and will not be rendered insolvent by the transactions contemplated by the Series 2014-1 Related Documents and after giving effect to such transactions, the Issuer will not be left with an unreasonably small amount of capital with
which to engage in its business nor will the Issuer have intended to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. The Issuer does not contemplate the commencement of insolvency, bankruptcy,
liquidation or consolidation proceedings or the appointment of a receiver, liquidator, trustee or similar official in respect of the Issuer or any of its assets. 

Section 613. Title; Liens. On the Closing Date, the Issuer will have good, legal and marketable title to each of its respective assets, and none
of such assets is subject to any Lien, except for Permitted Encumbrances. 
 Section 614. No Default. No Trust Event of Default or Trust Early
Amortization Event (or event or condition which with the giving of notice or passage of time or both would become a Trust Event of Default or Trust Early Amortization Event) has occurred and is continuing. 

Section 615. Litigation and Contingent Liabilities. No claims, litigation, arbitration proceedings or governmental Proceedings by any Governmental
Authority are pending or threatened against or are affecting the Issuer or any of its Affiliates the results of which might interfere with the consummation of any of the transactions contemplated by this Supplement or any document issued or
delivered in connection herewith. 

  
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 Section 616. Subsidiaries. Issuer has no subsidiaries. 

Section 617. No Partnership. Issuer is not a partner or joint venturer in any partnership or joint venture. 

Section 618. Pension and Welfare Plans. No accumulated funding deficiency (as defined in Section 412 of the Code or Section 302 of
ERISA) or reportable event (within the meaning of section 4043 of ERISA), has occurred with respect to any Plan of the Issuer or any ERISA Affiliate. The present value of all benefit liabilities under all Plans of the Issuer or any ERISA Affiliate
subject to Title IV of ERISA, as defined in Section 4001(a)(16) of ERISA, exceeds the fair market value of all assets of Plans subject to Title IV of ERISA (determined as of the most recent valuation date for such Plan on the basis of
assumptions prescribed by the Pension Benefit Guaranty Corporation for the purpose of Section 4044 of ERISA), by no more than $1.9 million. Neither Issuer nor any ERISA Affiliate is subject to any present or potential withdrawal liability
pursuant to Title IV of ERISA and no multi-employer plan (with the meaning of Section 4001(a)(3) of ERISA) to which the Issuer or any ERISA Affiliate has an obligation to contribute or any liability, is or is likely to be disqualified for tax
purposes, in reorganization within the meaning of Section 4241 of ERISA or Section 418 of the Code) or is insolvent (as defined in Section 4245 of ERISA). No liability (other than liability to make periodic contributions to fund
benefits) with respect to any Plan of Issuer, or Plan subject to Title IV of ERISA or any ERISA Affiliate, has been, or is expected to be, incurred by Issuer or an ERISA Affiliate, either directly or indirectly. All Plans of Issuer are in material
compliance with ERISA and the Code. No lien under Section 412 of the Code or 302(f) of ERISA or requirement to provide security under the Code or ERISA has been or is reasonably expected by Issuer to be imposed on its assets. The Issuer does
not have any obligation under any collective bargaining agreement. As of the Closing Date, the Issuer is not an employee benefit plan with the meaning of ERISA or a “plan” within the meaning of Section 4975 of the Code and assets of
the Issuer do not constitute “plan assets” within the meaning of Section 2510.3-101 of the regulations of the Department of Labor. 

Section 619. Ownership of Issuer. As of the Closing Date, the Issuer has one class of common shares issued and outstanding, all of which are owned
by TL. 
 Section 620. Security Interest Representations. 

(a) This Supplement creates a valid and continuing security interest (as defined in the UCC) in the Series 2014-1 Specific Collateral in favor
of the Indenture Trustee, for the benefit of the Series 2014-1 Noteholders, which security interest is prior to all other Liens (other than Permitted Encumbrances), and is enforceable as such as against creditors of and purchasers from the Issuer.

 (b) The Managed Containers constitute “goods” or “inventory” within the meaning of the applicable UCC. The Leases
constitute “tangible chattel paper” within the meaning of the UCC. The lease receivables constitute “accounts” or “proceeds” of the Leases within the meaning of the UCC. The Trust Account, the Series 2014-1 Restricted
Cash Account, the Excess Funding Account and the Series 2014-1 Series Account constitute “securities accounts” within the meaning of the UCC. The Issuer’s contractual rights under the Contribution and Sale Agreement, each Container
Transfer Agreement and the Management Agreement constitute “general intangibles” within the meaning of the UCC. 

  
 39 

 (c) The Issuer owns and has good and marketable title to the Collateral and any Series-Specific
Collateral, free and clear of any Lien (whether senior, junior or pari passu), claim or encumbrance of any Person, except for Permitted Encumbrances. 

(d) The Issuer has caused the filing of all appropriate financing statements or documents of similar import in the proper filing office in the
appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral and any Series-Specific Collateral granted to the Indenture Trustee in this Supplement and the Indenture. All financing statements filed
against the Issuer in favor of the Indenture Trustee in connection herewith describing the Collateral and any Series-Specific Collateral contain a statement to the following effect: “A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Indenture Trustee.” 
 (e) Other than the security interest
granted to the Indenture Trustee pursuant to this Supplement and the Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral and any Series-Specific Collateral, except as
permitted pursuant to the Indenture. The Issuer has not authorized the filing of, and is not aware of, any financing statements against the Issuer that include a description of collateral covering the Collateral and any Series-Specific Collateral
other than any financing statement or document of similar import (i) relating to the security interest granted to the Indenture Trustee in this Supplement or the Indenture or (ii) that has been terminated. The Issuer is not aware of any
judgment or tax lien filings against the Issuer. 
 (f) The Issuer has received a written acknowledgment from the Manager that the Manager
or an Affiliate thereof is holding the Leases, to the extent they relate to the Managed Containers, on behalf of, and for the benefit of, the Indenture Trustee and the other Persons set forth in the Indenture. None of the Leases that constitute or
evidence the Collateral and any Series-Specific Collateral have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person. The Sellers have caused the filing of all appropriate financing statements
or documents of similar import in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest of the Issuer (and the Indenture Trustee as its assignee) in the Leases (to the extent that
such Leases relate to the Managed Containers) granted to the Issuer in the Contribution and Sale Agreement and each Container Transfer Agreement. 

(g) The Issuer has received all necessary consents and approvals required by the terms of the Collateral and any Series-Specific Collateral to
the pledge to the Indenture Trustee of its interest and rights in such Collateral and any Series-Specific Collateral hereunder or under the Indenture. 

(h) The Issuer has taken all steps necessary to cause Wells Fargo Bank, National Association (in its capacity as securities intermediary) to
identify in its records the Indenture Trustee as the Person having a Securities Entitlement in each of the Trust Account, the Series 2014-1 Restricted Cash Account, the Excess Funding Account and the Series 2014-1 Series Account. 

  
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 (i) The Trust Account, the Series 2014-1 Restricted Cash Account, the Excess Funding Account and
Series 2014-1 Series Account are not in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to Wells Fargo Bank, National Association (as the Securities Intermediary of the Trust Account, the Series
2014-1 Restricted Cash Account, the Excess Funding Account and the Series 2014-1 Series Account) entering into any agreement in which it has agreed to comply with entitlement orders of any Person other than the Indenture Trustee. 

(j) All Eligible Investments have been and will have been credited to one of the Trust Account, the Excess Funding Account, the Series 2014-1
Restricted Cash Account, the Series 2014-1 Series Account and the Series L/C Account. The securities intermediary for each of the Trust Account, the Excess Funding Account, the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account
and the Series L/C Account has agreed to treat all assets credited to the Trust Account, the Excess Funding Account, the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account and the Series L/C Account as “financial
assets” within the meaning of the UCC. 
 (k) The Issuer has delivered to Indenture Trustee a fully executed agreement pursuant to
which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Trust Account, the Excess Funding Account, the Series 2014-1 Restricted Cash Account, the Series 2014-1 Series Account
and the Series L/C Account without further consent by the Issuer. 
 (l) No creditor of the Issuer (other than (x) with respect to the
Managed Containers, the related Lessee and (y) the Manager in its capacity as Manager under the Management Agreement) has in its possession any goods that constitute or evidence the Collateral or any Series-Specific Collateral. 

Any breaches of the representations and warranties set forth in this Section 620 may be waived by the Indenture Trustee, only with the prior
written consent of the Control Party and with the prior satisfaction of the Rating Agency Condition. 
 Section 621. ERISA Lien. As of the
Closing Date, the Issuer has not received notice that any Lien arising under ERISA has been filed against the assets of the Issuer. 
 Section 622.
Interest Rate Hedge Agreements. The Issuer has not entered into any Interest Rate Hedge Agreements in connection with the issuance of the Series 2014-1 Notes. The Issuer does not have any Interest Rate Hedge Agreements in effect on the Series
2014-1 Notes. 
 Section 623. Additional Funding Amount. The Issuer has deposited into the Trust Account on the Closing Date funds in an amount
equal to the Additional Funding Amount for the Leases to be acquired by the Issuer on the Closing Date. 

  
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 Section 624. Survival of Representations and Warranties. So long as any of the Series 2014-1 Notes
shall be Outstanding, the representations and warranties contained herein shall have a continuing effect as having been true when made. 

ARTICLE VII 
 Miscellaneous
Provisions 
 Section 701. Ratification of Indenture. As supplemented by this Supplement, the Indenture is in all respects ratified and
confirmed and the Indenture as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument. 
 Section 702.
Counterparts. This Supplement may be executed in two or more counterparts, and by different parties on separate counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument. Delivery of an
executed counterpart of this Supplement by facsimile or by electronic means shall be equally effective as of the delivery of an originally executed counterpart. 

Section 703. Governing Law. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS BUT OTHERWISE WITHOUT REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS. 
 Section 704. Notices. All demands, notices and communications hereunder shall be in writing, personally delivered, or by facsimile
(with subsequent telephone confirmation of receipt thereof), or sent by internationally recognized overnight courier service, (a) in the case of the Indenture Trustee, at the following address: Sixth Street and Marquette Avenue, MAC N9311-161,
Minneapolis, Minnesota, 55479, Attention: Corporate Trust Services/Asset-Backed Administration, (b) in the case of the Issuer, at the following address: Century House, 16 Par-la-Ville Road, Hamilton HM HX, Bermuda, Telephone:
(441) 292-2487, Facsimile: (441) 295-4164, Attention: Chief Financial Officer, with a copy to each: (i) Textainer Equipment Management Limited at its address at Century House, 16 Par-la-Ville Road, Hamilton HM HX, Bermuda, Telephone:
(441) 292-2487, Facsimile: (441) 295-4164, Attention: Chief Financial Officer, and (ii) Textainer Equipment Management (U.S.) Limited at its address at 650 California Street, 16th floor, San Francisco, CA 94108, Telephone:
(415) 658-8214, Facsimile: (415) 434-0599, Attention: Chief Financial Officer, and (c) in the case of Rating Agency, at the following address: Standard & Poor’s Ratings Services, 55 Water Street, New York, NY 10041-0003,
or at such other address as shall be designated by such party in a written notice to the other parties. Any notice required or permitted to be given to a Series 2014-1 Noteholder shall be given by certified first class mail, postage prepaid (return
receipt requested), or by courier, or by facsimile, with subsequent telephone confirmation of receipt thereof, in each case at the address of such Series 2014-1 Noteholder as shown in the Note Register or to the telephone and fax number furnished by
such Series 2014-1 Noteholder. Notice shall be effective and deemed received (A) upon receipt, if sent by courier or U.S. mail, (B) upon receipt of confirmation of transmission, if sent by facsimile, or (C) when delivered, if
delivered by hand. Any rights to 

  
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notices conveyed to a Rating Agency pursuant to the terms hereof with respect to any Series shall terminate immediately if such Rating Agency no longer has a rating outstanding with respect to
such Series. 
 Section 705. Amendments and Modifications. 

(a) Subject to the provisions of Sections 705(b) through (d), the terms of this Supplement may be waived or amended in a written
instrument signed by each of the Issuer and the Indenture Trustee (acting at the direction of the Control Party). For purposes of clarification, no change in the Depreciation Policy, for purposes other than calculating the Asset Base, by operation
of paragraph (ii) of the definition of “Depreciation Policy” shall be deemed an amendment or modification to this Supplement subject to the requirements of this Section 705. 

(b) Notwithstanding Section 705(a), but subject to Section 705(d), the Indenture Trustee shall execute and deliver any
amendment to this Supplement, without the consent or direction of any Series 2014-1 Noteholder, if the Issuer shall have provided to the Indenture Trustee an Officer’s Certificate of the Issuer to the effect that such amendment or modification
of this Supplement is for one of the following purposes: 
 (i) to add to the covenants of the Issuer in this Supplement, or to surrender
any right or power conferred upon the Issuer in this Supplement; 
 (ii) to cure any ambiguity herein or to correct or supplement any
provision hereof that may be inconsistent with any other provision hereof or of any other Related Document; 
 (iii) to correct or amplify
the description of any Series 2014-1 Specific Collateral, or better to assure, convey and confirm unto the Indenture Trustee any property purported to be Series 2014-1 Specific Collateral, or to subject additional property to the Lien of this
Supplement; 
 (iv) to add to the conditions, limitations and restrictions on the authorized amount, terms and purposes of issue,
authentication and delivery of the Series 2014-1 Notes, or additional conditions, limitations and restrictions thereafter to be observed by the Issuer with respect to the Series 2014-1 Notes; 

(v) to decrease the Advance Rate; or 

(vi) to add any additional Series-Specific Events of Default, Series-Specific Early Amortization Events or Series-Specific Manager Defaults.

 (c) Notwithstanding Section 705(a), but subject to Section 705(d), no amendment of this Supplement, or waiver of
any requirement herein set forth shall, without the consent of each Series 2014-1 Noteholder directly and adversely affected thereby: 
 (i)
reduce the principal amount of any Series 2014-1 Note, lengthen the Series 2014-1 Legal Final Payment Date, reduce the rate of interest payable on any Series 2014-1 Note, change the date on which, the amount of which, the place of payment where, or
the coin or currency in which, any Series 2014-1 Note or the interest thereon, is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Legal Final Payment Date of the Series 2014-1 Notes; 

  
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 (ii) amend or waive any provision of this Supplement which specifies that such provision cannot
be amended or waived without the consent of such Person; 
 (iii) amend this Section 705(c); 

(iv) amend the definitions of “Asset Base”, “Series 2014-1 Asset Allocation Percentage”, “Series 2014-1 Required
Overcollateralization Percentage” or “Control Party” or to increase the Advance Rate, except as permitted by the proviso at the end of this Section 705(c); or 

(v) permit the creation of any Lien on the Series 2014-1 Specific Collateral ranking prior to, or on a parity with, the Lien granted under
Section 208, or terminate such Lien, except as otherwise permitted in this Supplement. 
 (d) The obligation of the Indenture
Trustee to execute and deliver any waiver or amendment of this Supplement is subject to the satisfaction of all of the following conditions: 

(i) the Issuer shall have given the Indenture Trustee and the Manager not less than five days’ notice of such amendment and a copy of
such proposed amendment, it being understood that the Indenture Trustee and the Manager from time to time may waive the right to receive such notice; 

(ii) such waiver or amendment either (A) will not result in a Trust Early Amortization Event, Trust Event of Default or Asset Base
Deficiency (in each case calculated after giving effect to such proposed waiver, modification or amendment) or (B) shall have been approved by the Requisite Global Majority; 

(iii) the Issuer shall have delivered to the Indenture Trustee an Officer’s Certificate that all of the conditions specified in
Sections 705(d)(i) and (ii) have been satisfied; and 
 (iv) the Issuer shall have given the Indenture Trustee an Opinion of
Counsel stating that the execution of such waiver or amendment is authorized or permitted pursuant to the terms of this Supplement. 
 (e)
Prior to the execution of any written instrument pursuant to this Section 705, the Issuer shall provide a written notice to the Rating Agency setting forth in general terms the substance of any such written instrument. 

(f) Promptly after the execution by the Issuer and the Indenture Trustee of any written instrument pursuant to this Section 705,
the Indenture Trustee shall mail to the Series 2014-1 Noteholders and the Rating Agency a copy of the text of such written instrument. Any failure of the Indenture Trustee to mail such copy, or any defect therein, shall not, however, in any way
impair or affect the validity of any such written instrument. 

  
 44 

 (g)    (i) Any amendment or waiver of any Series-Specific Early Amortization
Event, Series-Specific Manager Default or Series-Specific Event of Default in accordance with this Section 705 shall be effective for purposes of all Series of Notes (and, similarly, any amendment or waiver of any Series-Specific Early
Amortization Event for any other Series of Notes, Series-Specific Manager Default for any other Series of Notes or Series-Specific Event of Default for any other Series of Notes in accordance with the provisions of the related Supplement shall be
effective for purposes of the Series 2014-1 Notes). 
 (ii) Any amendment or waiver of any Trust Early Amortization Event, Trust Manager
Default or Trust Event of Default in accordance with this Section 705 shall be effective as applied to Series 2014-1 only (and not for purposes of any other Series of Notes), unless similarly amended or waived in accordance with the
Indenture or the related Supplement for any other Series of Notes. 
 Section 706. Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING
AGAINST THE ISSUER ARISING OUT OF OR RELATING TO THIS SUPPLEMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY, MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, STATE OF NEW YORK AND THE ISSUER HEREBY WAIVES ANY OBJECTION WHICH IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF ENFORCING THIS SUPPLEMENT, THE ISSUER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION
OR PROCEEDING. 
 Section 707. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, AS AGAINST THE OTHER PARTIES HERETO,
ANY RIGHTS IT MAY HAVE TO A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION OR PROCEEDING (WHETHER ARISING IN CONTRACT OR TORT OR OTHERWISE), INCLUDING ANY COUNTERCLAIM, ARISING UNDER OR RELATING TO THIS SUPPLEMENT OR ANY OTHER SERIES 2014-1 RELATED
DOCUMENT, INCLUDING IN RESPECT OF THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF. 
 Section 708. Successors. This Supplement
shall inure to the benefit of and be binding upon the Issuer, the Indenture Trustee and, by its acceptance of any Series 2014-1 Note or any legal or beneficial interest therein, each Series 2014-1 Noteholder, and each of such Person’s
successors and assigns. 
 Section 709. Nonpetition Covenant. Each Series 2014-1 Noteholder by its acquisition of a Series 2014-1 Note shall be
deemed to covenant and agree that it will not institute against the Issuer any bankruptcy, reorganization, arrangement insolvency or liquidation Proceedings, or other Proceedings under any federal or state bankruptcy or similar law, at any time
other than on a date which is at least one (1) year and one (1) day after the later of (a) the last date on which any Note of any Series was Outstanding and (b) the date on which all amounts owing to each Series Enhancer pursuant
to the terms of the related Insurance Agreements have been paid in full. 

  
 45 

 Section 710. Recourse Against the Issuer. No recourse under or with respect to any obligation,
covenant or agreement (including, without limitation, the payment of any fees or any other obligations) of the Issuer as contained in this Supplement or any other agreement, instrument or document entered into by the Issuer pursuant hereto or in
connection herewith shall be had against any administrator of the Issuer or any incorporator, affiliate, shareholder, officer, employee, manager or director of the Issuer or of any such administrator, as such, by the enforcement of any assessment or
by any legal or equitable proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that the agreements of the Issuer contained in this Supplement and all of the other agreements, instruments and documents entered
into by the Issuer pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of the Issuer, and that no personal liability whatsoever shall attach to or be incurred by any administrator of the Issuer or any
incorporator, shareholder, affiliate, officer, employee, manager or director of the Issuer or of any such administrator, as such, or any other of them, under or by reason of any of the obligations, covenants or agreements of the Issuer contained in
this Supplement or in any other such instruments, documents or agreements, or which are implied therefrom, and that any and all personal liability of every such administrator of the Issuer and each incorporator, shareholder, affiliate, officer,
employee, manager or director of the Issuer or of any such administrator, as such, or any of them, for breaches by the Issuer of any such obligations, covenants or agreements, which liability may arise either at common law or at equity, by statute
or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Supplement. The provisions of this Section 710 shall survive the termination of this Supplement. 

Section 711. Reports, Financial Statements and Other Information to Series 2014-1 Noteholders. The Indenture Trustee will make available promptly
upon receipt thereof to the Series 2014-1 Noteholders via the Indenture Trustee’s internet website at www.CTSLink.com the financial statements referred to in Section 7.2 of the Management Agreement, the Manager Report, the Asset
Base Report, and the annual insurance confirmation; provided, that, as a condition to access to the Indenture Trustee’s website, the Indenture Trustee shall require each such Series 2014-1 Noteholder to execute the Indenture
Trustee’s standard form documentation, and upon such execution, each such Series 2014-1 Noteholder shall be deemed to have certified to the Indenture Trustee it (i) is a Series 2014-1 Noteholder, (ii) understands that such items
contain material nonpublic information (within the meaning of U.S. Federal Securities laws), (iii) is requesting the information solely for use in evaluating such party’s investment in the Series 2014-1 Notes and will keep such information
strictly confidential (with such exceptions and restrictions to distribution of the information as are more fully set forth in the information request certification) and (iv) is not a Competitor. Each time a Series 2014-1 Noteholder accesses
the internet website, it will be deemed to have confirmed the representations and warranties made pursuant to the confirmation as of the date of such access. The Indenture Trustee will provide the Issuer with copies of such information request
certification. Assistance in using the Indenture Trustee’s website can be obtained by calling the Indenture Trustee’s customer service desk at (866) 846-4526. 

[Signature pages follow] 

  
 46 

 IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Supplement to be duly
executed and delivered by their respective officers all as of the day and year first above written. 
  

			
	TEXTAINER MARINE CONTAINERS III LIMITED
		
	By		 /S/ Christopher C. Morris

	Name:		
	Title:		Executive Vice President

 Series 2014-1 Supplement 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee
		
	By:		 /S/ Brad Martin

	Name:		  

	Title:		 Vice President

 Series 2014-1 Supplement

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