Document:

EX-10.46

 Exhibit 10.46 
 CONFIDENTIAL TREATMENT REQUESTED: Certain portions of this document have been omitted pursuant to a request for confidential treatment and, where applicable, have been marked with an
asterisk (“[***]”) to denote where omissions have been made. The confidential material has been filed separately with the Securities and Exchange Commission. 

 
  

 
 RAILCAR MANAGEMENT AGREEMENT

 between 
 Longtrain Leasing I, LLC, 
 and 

AMERICAN RAILCAR LEASING LLC 
 Dated as of December 20, 2012 
  

 
  

 TABLE OF CONTENTS 
  

					
	 SECTION 1. DEFINED TERMS; RULES OF INTERPRETATION
	  	 	1	  
		
	 Section 1.1 Defined Terms
	  	 	1	  
	 Section 1.2 Rules of Interpretation
	  	 	3	  
		
	 SECTION 2. ENGAGEMENT OF MANAGER
	  	 	4	  
		
	 Section 2.1 Appointment; Independent Contractor
	  	 	4	  
	 Section 2.2 Standards of Performance
	  	 	4	  
	 Section 2.3 Conflicts of Interest
	  	 	5	  
	 Section 2.4 Subcontractors; Agents
	  	 	5	  
	 Section 2.5 Limitation on Authority
	  	 	5	  
	 Section 2.6 Similar Services
	  	 	5	  
		
	 SECTION 3. MANAGEMENT TERM
	  	 	6	  
		
	 Section 3.1 Duration of Management Term
	  	 	6	  
	 Section 3.2 Resignation by Manager
	  	 	6	  
	 Section 3.3 Termination with Respect to an Owner Equipment
	  	 	6	  
		
	 SECTION 4. OWNERSHIP, MARKING OF THE OWNER EQUIPMENT, LEASE LOCATION AND LEGEND
	  	 	6	  
		
	 Section 4.1 Retention of Title
	  	 	6	  
	 Section 4.2 Marking of Owner Equipment
	  	 	6	  
	 Section 4.3 Lease Location and Legend
	  	 	7	  
	 Section 4.4 Liens
	  	 	7	  
	 Section 4.5 Filings
	  	 	7	  
		
	 SECTION 5. ADDITIONAL DUTIES OF MANAGER
	  	 	8	  
		
	 Section 5.1 Marketing
	  	 	8	  
	 Section 5.2 Lease Agreement Obligations
	  	 	8	  
	 Section 5.3 Billing and Other Information
	  	 	8	  
	 Section 5.4 Defaults by Lessees; Lease Agreement Amendments and Waiver
	  	 	9	  
	 Section 5.5 Maintenance
	  	 	9	  
	 Section 5.6 Insurance
	  	 	10	  
	 Section 5.7 Taxes
	  	 	12	  
	 Section 5.8 Compliance with Law
	  	 	12	  
	 Section 5.9 Licenses
	  	 	12	  
	 Section 5.10 Transportation
	  	 	12	  
	 Section 5.11 Records and Information
	  	 	13	  
	 Section 5.12 Owner Equipment Hire Relief
	  	 	13	  
	 Section 5.13 Duties in Connection with Credit Agreement
	  	 	13	  
	 Section 5.14 Other Services
	  	 	13	  
		
	 SECTION 6. REPRESENTATIONS AND WARRANTIES
	  	 	14	  
		
	 SECTION 7. MODIFICATIONS
	  	 	15	  
		
	 SECTION 8. REPORTS AND INSPECTION
	  	 	15	  
		
	 Section 8.1 Operating Expenses and Other Expenditures
	  	 	15	  
	 Section 8.2 Inspection of the Owner Equipment and Records
	  	 	15	  
	 Section 8.3 Additional Information
	  	 	16	  
	 Section 8.4 Financial Information
	  	 	16	  

					
	 SECTION 9. COMPENSATION AND REIMBURSEMENT OF MANAGER
	  	 	16	  
		
	 Section 9.1 Compensation of Manager
	  	 	16	  
	 Section 9.2 Management Fee
	  	 	16	  
	 Section 9.3 Reimbursable Services
	  	 	17	  
		
	 SECTION 10. LOSS, DAMAGE OR SALE OF OWNER EQUIPMENT; ADDING OR TERMINATING OWNER EQUIPMENT
	  	 	17	  
		
	 Section 10.1 Loss or Damage
	  	 	18	  
	 Section 10.2 Sale
	  	 	19	  
	 Section 10.3 Replacing, Adding and Terminating Owner Equipment
	  	 	19	  
		
	 SECTION 11. TRANSACTIONS WITH AFFILIATES
	  	 	19	  
		
	 SECTION 12. RETURN OF OWNER EQUIPMENT UPON EXPIRATION OF MANAGEMENT TERM
	  	 	19	  
		
	 SECTION 13. INDEMNIFICATION BY MANAGER
	  	 	20	  
		
	 Section 13.1 Claims Excluded
	  	 	20	  
	 Section 13.2 Cooperation
	  	 	21	  
	 Section 13.3 Survival
	  	 	21	  
		
	 SECTION 14. MANAGER TERMINATION EVENTS; REMEDIES
	  	 	21	  
		
	 Section 14.1 Manager Termination Events
	  	 	21	  
	 Section 14.2 Remedies Upon Manager Termination Event
	  	 	22	  
	 Section 14.3 Remedies Cumulative
	  	 	23	  
		
	 SECTION 15. REPLACEMENT OF MANAGER
	  	 	23	  
		
	 SECTION 16. MISCELLANEOUS
	  	 	24	  
		
	 Section 16.1 Merger or Sale
	  	 	24	  
	 Section 16.2 Modification and Waiver
	  	 	24	  
	 Section 16.3 Communications
	  	 	25	  
	 Section 16.4 GOVERNING LAW; JURISDICTION; ETC.
	  	 	25	  
	 Section 16.5 Severability
	  	 	26	  
	 Section 16.6 Successors and Assigns
	  	 	26	  
	 Section 16.7 Assignment to the Administrative Agent
	  	 	27	  
	 Section 16.8 Third Party Beneficiaries
	  	 	27	  
	 Section 16.9 Counterparts; Integration; Effectiveness
	  	 	27	  
	 Section 16.10 No Bankruptcy Petition
	  	 	27	  
	 Section 16.11 WAIVER OF JURY TRIAL
	  	 	28	  
	
	 Exhibit A - Form of Notice of Addition/Removal of Owner Equipment
	   

  
 2 

 RAILCAR MANAGEMENT AGREEMENT 

This Railcar Management Agreement, dated as of December 20, 2012 (this “Agreement”) is between Longtrain Leasing I,
LLC, a Delaware limited liability company (“Owner”), and American Railcar Leasing LLC, a Delaware limited liability company (together with any successor manager or permitted assignee, “Manager”). 

RECITALS 

WHEREAS, Owner owns the Owner Equipment; 
 WHEREAS, Manager is engaged in the business, among others, of managing railcars; 

WHEREAS, Owner has entered into that certain Credit Agreement (the “Credit Agreement”), dated as of December 20,
2012, among Owner, Fifth Third Bank (the “Administrative Agent” and “Co-Syndication Agent”), Key Equipment Finance Inc. (the “Co-Syndication Agent”) and the various lenders party thereto (the
“Lenders”), pursuant to which the Lenders have provided a term loan to Owner in order to permit Owner to acquire certain Equipment and their related Lease Agreements; 

WHEREAS, as security for the loan made by the Lenders to Owner pursuant to the Credit Agreement, Owner has pledged the Owner’s
Collateral to the Administrative Agent for the benefit of itself and the Lenders pursuant to that certain Security Agreement (the “Security Agreement”), dated as of December 20, 2012, between Owner and the Administrative Agent,
as Secured Party; and 
 WHEREAS, Owner desires to retain Manager to manage the Owner’s Portfolio on Owner’s behalf,
and Manager desires to accept such engagement. 
 NOW, THEREFORE, the parties hereto, desiring legally to be bound, agree as
follows: 
 Section 1. Defined Terms; Rules of Interpretation. 

Section 1.1 Defined Terms. 
 The following terms shall have the following meanings for the purposes of this Agreement, and terms used herein but not defined shall have the respective meaning assigned to such terms in the Credit
Agreement: 
 “Administrative Agent” shall have the meaning assigned to such term in the Preamble. 

“Credit Agreement” shall have the meaning assigned to such term in the Recitals. 

“Excluded Expenses” shall have the meaning assigned to such term in Section 9.3. 

 “Final Termination Date” shall mean the earlier of (i) the date on
which all of the Obligations (other than contingent obligations not due and owing) are paid in full in cash and (ii) August 31, 2018. 
 “Gross Revenues” for any period shall mean with respect to the Owner Equipment, all revenues received for such period in the form of rents, equipment hire payments of any kind or any
similar payments in respect of such Owner Equipment, from any source in connection with the ownership, use, lease or operation of such Owner Equipment; provided, however, that Gross Revenues shall not include any payment (whether from
insurance, indemnity or otherwise) resulting from damage to or destruction of any railcar or any proceeds from the sale of the railcars, or rebates, reclamations, incentive load fees, or any revenues required to be remitted to third parties or
governmental agencies, including, without limitation, sales and use taxes, and tariffs. 
 “Imposition” shall
have the meaning assigned to such term in Section 5.7. 
 “Lien Claim” shall have the meaning assigned to
such term in Section 4.4. 
 “Management Term” shall have the meaning assigned to such term in
Section 3.1. 
 “Net Lease” shall mean a lease, where, as between the lessor and the lessee, the lessee is
responsible for all maintenance, repair, lining, insurance, taxes and other costs and expenses associated with the operation and use of the related Equipment. 
 “Net Sales Proceeds” shall mean the gross sales proceeds actually received in immediately available funds by Owner from a sale of Owner Equipment, less any costs of storage (paid to third
parties or properly chargeable to Owner), refurbishment or repair, broker’s commissions, advertising, legal fees and costs and any other out-of-pocket expense incurred by Owner in connection with the sale of any such Owner Equipment,
provided, however, that Owner shall not deduct from the gross sales proceeds any unpaid amounts due and payable to Manager applicable to such railcar Owner Equipment. 
 “Other Equipment” shall have the meaning assigned to such term in Section 2.3. 
 “Owner Equipment” shall mean all Equipment owned by the Borrower, which shall include, without limitation, Equipment listed on Schedule A to the Security Agreement and Schedule A-1 to any
Security Agreement Supplement. 
 “Owner’s Portfolio” shall mean all of the Owner Equipment and all of the
Lease Agreements related to such Owner Equipment. 
 “Required Modification” shall have the meaning assigned to
such term in Section 7.1. 
 “Subordinated Management Fees” shall have the meaning assigned to such term
in Section 9.2. 
 “Successor Manager” shall have the meaning assigned to such term in Section 15.

  
 2 

 “Tangible Net Worth” shall mean the tangible net members’ equity of
Manager (which shall represent total members’ equity of Manager less, without duplication, any intangibles or goodwill determined in accordance with GAAP). 
 Section 1.2 Rules of Interpretation. 
 For purposes of this Agreement
(including any Exhibit hereto), unless otherwise specified herein: 
  

	 	(a)	accounting terms used and not specifically defined therein shall be construed in accordance with GAAP; 

 

	 	(b)	the term “including” means “including without limitation,” and other forms of the verb “to include” have correlative meanings;

  

	 	(c)	references to any Person include such Person’s permitted successors or assigns (and references to any Governmental Authority include any Person succeeding to such
Governmental Authority’s functions); 

  

	 	(d)	in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words
“to” and “until” each means “to but excluding”; 

  

	 	(e)	the words “hereof”, “herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular
provision of this Agreement; 

  

	 	(f)	the term “or” means “and/or”, as applicable; 

  

	 	(g)	the meanings of defined terms are equally applicable to the singular and plural forms of such defined terms; 

 

	 	(h)	references to “Section” or “Exhibit” herein are references to Sections and Exhibits in this Agreement; 

 

	 	(i)	the defined term herein of “Owner” is intended to have the same meaning as the defined term “Borrower” in the Credit Agreement, and the defined term
herein of “Manager” is intended to have the same meaning as the defined term “Servicer” in the Credit Agreement; 

  

	 	(j)	to the extent that there is any ambiguity or conflict between any provision hereunder and the terms of the Credit Agreement, the terms of this Agreement shall control
Manager’s duties and responsibilities to Owner; 

  

	 	(k)	the various captions (including any table of contents) are provided solely for convenience of reference and shall not affect the meaning or interpretation of this
Agreement; 

  
 3 

	 	(l)	references to any statute or regulation refer to that statute or regulation as amended from time to time, and include any successor statute or regulation of similar
import; and 

  

	 	(m)	all references to any contract, document or agreement shall mean such contract, document or agreement as amended, supplemented, restated and otherwise modified and in
effect from time to time. 

 Section 2. Engagement of Manager. 

Section 2.1 Appointment; Independent Contractor. 
 (a) Owner hereby engages Manager to manage, operate, market, store, lease, re-lease, sublease, service, repair, overhaul, replace, and maintain the Owner Equipment on behalf of Owner and to perform the
services set forth herein with respect to the Owner’s Portfolio in accordance with the Servicing Standard, this Agreement, the Lease Agreements and the Loan Documents, and grants to Manager the authority to do and arrange for any of the
foregoing, including entering into agreements and arrangements in furtherance thereof on behalf of Owner, all on the terms and conditions set forth herein, and Manager hereby accepts such engagement Owner hereby constitutes and appoints Manager,
with full power of substitution, its true and lawful agent and attorney-in-fact, for it and in its name, place and stead, to make, execute, sign, acknowledge, swear to, deliver, record and file any and all registration documents, Lease Agreements,
work orders, repair or maintenance agreements, insurance applications or requests, and any and all other documents or instruments, and to do all other acts and things, which may be considered necessary or desirable to Manager to carry out fully the
provisions of this Agreement, consistent with Owner’s interests. Owner hereby ratifies and confirms all that said agent and attorney-in-fact shall lawfully do or cause to be done by virtue hereof so long as such actions are performed in
accordance with this Agreement, are within the powers granted to Manager hereunder and any expressly required prior consent or approval of Owner set forth herein shall have been obtained. 
 (b) Manager will act as an independent contractor on behalf of Owner and not as an agent or employee of Owner or any other Person. The duties and obligations of Manager are limited to those expressly set
forth in this Agreement, and Manager will not have any fiduciary or other duties or obligations, implied or otherwise, to Owner or any other Person. Nothing contained herein shall obligate (a) Owner to pay any taxes for or on behalf of Manager
or otherwise be responsible for the debts and obligations of Manager or (b) Manager to be responsible for the debts and obligations of Owner or to make guaranty the payment of amounts due as rent under any Lease or any variation thereof, be
otherwise responsible, as a guarantor or otherwise, for any of the foregoing or any other obligation or liability of any Person to any other Person, or indemnify any Person for any of the foregoing. 

Section 2.2 Standards of Performance. 
 Manager shall perform all of its duties and obligations under this Agreement in accordance with the Servicing Standard. The duties and obligations of Manager are limited to those expressly set forth in
this Agreement, and Manager will not have any fiduciary or other duties or obligations, implied or otherwise, to Owner or any other Person. Manager shall not be obligated to take any action or perform any activity under this Agreement that would
exceed the Servicing Standard, nor shall Manager be liable to Owner or any other Person for any failure to take such excess action or perform such activity. 

  
 4 

 Section 2.3 Conflicts of Interest. 

Manager shall perform its duties and obligations under this Agreement on a fair and equitable basis. Without prejudice to the generality
of the foregoing or to the duties and obligations of Manager referenced in Section 2.2, to the extent that any particular railcar owned, managed or leased by Manager other than an Owner Equipment (any such Other Equipment, an “Other
Equipment”) is substantially similar in terms of objectively identifiable characteristics that are relevant for purposes of the particular services to be performed, Manager will not discriminate between an Owner Equipment and any such Other
Equipment on any basis that could reasonably be considered discriminatory or adverse to Owner or the Owner Equipment, except that Manager is permitted to discriminate between an Owner Equipment, on one hand, and Other Equipment, on the other hand,
to the extent as directed by Owner so that Manager takes any action which, if not taken, would lead to or cause the Owner to default under any Loan Document Agreement. 
 Section 2.4 Subcontractors; Agents. 
 Subject to the provisions of
Section 11, Manager may execute any of its duties under this Agreement by or through agents, contractors, employees or attorneys-in-fact that may be Manager’s Affiliates and unrelated parties, and Manager may enter into such agreements and
arrangements with its agents, contractors, employees or attorneys-in-fact as Manager deems reasonably necessary or desirable to perform its duties under this Agreement; provided that (a) no such delegation shall release, limit, or reduce
in any way, any of Manager’s duties and obligations under this Agreement, (b) any such agent, contractor, employees or attorney-in-fact shall be a reputable and experienced provider of such services as it may be delegated, and
(c) Manager will be responsible for the compensation of such agent, contractor, employees or attorney-in-fact, except to the extent that Manager would be entitled to reimbursement, as a Reimbursable Expense, for performing such duties.

 Section 2.5 Limitation on Authority. 
 Manager shall not have any authority to do any act or thing with respect to the Owner’s Portfolio, unless authorized under this Agreement. 

Section 2.6 Similar Services. 
 It is expressly understood and agreed that nothing in this Agreement shall be construed to prevent, prohibit or restrict Manager or any Affiliate of Manager from providing the same or similar services as
those provided under this Agreement to any other Person or from manufacturing, selling, owning, leasing, managing or otherwise dealing in other railcars; provided that no such activity shall in any way diminish the obligations of Manager
hereunder. 

  
 5 

 Section 3. Management Term. 

Section 3.1 Duration of Management Term. 
 The term of Manager’s duties hereunder (the “Management Term”) shall commence as of the date hereof and, subject to the provisions of Sections 3.3 and 14, shall continue until
terminated by Owner as provided herein. Except as set forth in Section 14, the rights and obligations of Manager hereunder may not be terminated by, or on behalf of, Owner for any reason. Notwithstanding anything to the contrary herein or in
any other Loan Document, this Agreement and all of the Owner’s and Manager’s rights, duties, liabilities or obligations hereunder (except for those that by their own terms survive termination of this Agreement and payment in full of the
Obligations) shall, automatically and without further action from any party, terminate on the Final Termination Date. 

Section 3.2 Resignation by Manager. 
 Manager may not resign from its obligations and duties hereunder, except (a) with the prior written consent of Owner; or (b) upon a determination that Manager’s performance of such duties
is no longer permissible under applicable law. Any such determination permitting the resignation of Manager pursuant to clause (b) above shall be evidenced by an opinion of independent counsel, in form and substance reasonably satisfactory to
Owner, to such effect delivered to Owner. No such resignation will become effective until a Successor Manager (as defined in and appointed in accordance with the provisions in Section 15) has assumed servicing obligations and duties under this
Agreement in accordance with the terms hereof. 
 Section 3.3 Termination with Respect to an Owner Equipment.

 With respect to any Owner Equipment that suffers a Event of Loss or which is sold by Owner, all duties and obligations of
Manager hereunder shall terminate with respect to such Owner Equipment upon the date Manager has satisfied its duties and obligations under Section 10.1(b) or 10.2, as applicable, with respect to such Owner Equipment. 

Section 4. Ownership, Marking of the Owner Equipment, Lease Location and Legend. 

Section 4.1 Retention of Title. 
 Owner shall at all times retain full legal and equitable title to the Owner Equipment, notwithstanding the management thereof by Manager hereunder. Manager shall not make reference to or otherwise deal
with or treat the Owner Equipment in any manner except in conformity with this Section 4.1. 
 Section 4.2 Marking
of Owner Equipment. 
 Manager shall take all actions necessary to enable Borrower to comply at all times with
Section 4.7 of the Security Agreement. 

  
 6 

 Section 4.3 Lease Location and Legend. 

Manager shall take all actions necessary to enable Borrower to comply at all times with Section 5.2 of the Security Agreement.

 Section 4.4 Liens. 
 Manager will promptly pay or discharge any and all sums claimed by any party which, if unpaid, might become a lien, charge, security interest or other encumbrance upon or with respect to any Owner
Equipment, including any accession thereto, or any part thereof or the interest of Owner therein, other than Permitted Liens (any of the foregoing a “Lien Claim”), and will promptly discharge any such lien, charge, security interest
or other encumbrance, other than a Permitted Lien, that arises; provided, however, that Manager shall be under no obligation to pay or discharge any Lien Claim so long as it is contesting the validity thereof in good faith in a
reasonable manner and by appropriate legal proceedings and the nonpayment thereof does not, in Manager’s reasonable opinion, adversely affect the title, property or rights of Owner or any assignee thereof; and provided, further,
that Manager shall not be required to pay or discharge any Lien Claim (a) except to the extent that it results from Manager’s negligence, recklessness or willful misconduct or (b) unless prior to such payment or discharge Manager
receives from Owner the amount thereof. If any Lien Claim shall have resulted from Manager’s negligence, recklessness or willful misconduct and been paid by Owner, then Manager shall reimburse Owner, upon presentation of an invoice therefor;
provided that Owner or Manager shall have been legally liable with respect thereto or Owner shall have approved the payment thereof. All amounts expended by Manager pursuant to and in accordance with this Section 4.4 shall constitute a
Reimbursable Service. 
 Section 4.5 Filings. 

Manager will prepare, execute, acknowledge, deliver, file, register and record (and will refile, re-register or re-record whenever
required) any and all instruments for the purpose of protecting Owner’s title in the Owner Equipment and complying with the terms of the Security Agreement, in connection therewith, will promptly deliver to Owner proof of such filings. Such
filings shall include, but are limited to, the preparation and filing of (i) the Security Agreement and any Security Agreement Supplement with the STB and with the RGC, (ii) all financing and continuation statements to be filed with the
Secretary of State of the State of Delaware, and (ii) such other documents and all similar notices required by applicable law to be filed in such other jurisdictions and with such other Federal, state, provincial or local government or agency
thereof where the Secured Party deems it necessary or reasonably appropriate under the circumstances to perfect, protect, or preserve its lien on the Collateral, in order to fully preserve and protect the rights of the Secured Party under the Loan
Documents. All amounts expended by Manager pursuant to and in accordance with this Section 4.5 shall constitute a Reimbursable Service. 

  
 7 

 Section 5. Additional Duties of Manager. 

Manager shall, in accordance with the Servicing Standard and in addition to the duties and responsibilities described elsewhere in this
Agreement, provide or arrange for the provision of the services specified in this Section 5 to, and on behalf of, Owner during the Management Term. The parties hereto acknowledge and agree that certain Owner Equipment may be subject to Lease
Agreements that require the applicable Lessees to undertake certain of the obligations set forth in Sections 5.5, 5.6 and 5.7, and in such cases, Manager shall be responsible for verifying that such Lessees are complying with their respective
obligations under such Lease Agreements. 
 Section 5.1 Marketing. 

As instructed by the Owner, the Manager shall clearly identify any Lease Agreements entered into that are not Eligible Leases on the
Manager Report that is required to be delivered after such ineligible Lease Agreement is entered into. In addition, Manager shall, consistent with the Servicing Standard, negotiate the terms and conditions of such Lease Agreements; provided
that such terms and conditions must be consistent with those of Lease Agreements for the Other Equipment and, in any event, must comply with then generally accepted industry standards. In furtherance thereof, Manager shall cause its employees and
agents involved in the day-to-day marketing and re-leasing of railcars under Manager’s management to perform their respective responsibilities without any distinction between Owner Equipment and Other Equipment, except to the extent required by
this Agreement or the Loan Documents. 
 Section 5.2 Lease Agreement Obligations. 

Manager shall, consistent with the Servicing Standard, perform or cause to be performed the obligations of Owner under the Lease
Agreements; provided, however, that nothing contained in this Agreement shall obligate Manager to make or guaranty the payment of amounts due as rent under any Lease Agreement or any variation thereof. 

Section 5.3 Billing and Other Information. 
 During the Management Term and for so long as Owner is a party to the Lease Administration Agreement, Manager shall furnish to Administrators all information required to be delivered by Manager
thereunder, including all such information as may be necessary to enable Administrators to (a) bill, on behalf of Owner and Manager, for all rentals and other sums due to Owner and Manager with respect to the Owner Equipment, including
insurance benefits and railroad, Lessee or other indemnity payments in the event of damage to, or loss or destruction of, all or any of the Owner Equipment, (b) audit and direct disbursement by the Lockbox Bank under the Lease Administration
Agreement of mileage allowance reports and payments with respect to the Owner Equipment, and (c) perform when due Administrators other obligations under the Lease Administration Agreement. 

  
 8 

 Section 5.4 Defaults by Lessees; Lease Agreement Amendments and Waiver.

 (a) In the event of any breach or default by an Lessee under a Lease Agreement, Manager shall, consistent with the Servicing
Standard, take such actions with respect to such defaulted Lease Agreement, in the name of, and as specified in writing by Owner, and in such a manner so as to enable Borrower to at all times comply with the terms of the Security Agreement,
including (i) the termination of such Lease Agreement as to any or all Owner Equipment subject thereto, (ii) the recovery of possession of any or all Owner Equipment subject thereto, and (iii) the enforcement of any other rights or
remedies of Owner under such Lease Agreement, including the right to payment of any rent or other amounts owed by the Lessee under such Lease Agreement. In furtherance of the foregoing, Manager shall, consistent with the Servicing Standard,
(x) institute and prosecute such legal proceedings in the name of Owner as is permitted by applicable law in order to accomplish the foregoing, (y) settle, compromise or terminate such proceedings, or (z) reinstate such Lease
Agreement; provided that Manager shall not be required to take any such action if, in the exercise of its reasonable commercial judgment and subject to the Servicing Standard, Manager would not take such action if such Owner Equipment were
Other Equipment; further provided, that, without the prior written consent of Owner, Manager shall not take any such action under this Section 5.4(a) if, in the exercise of its reasonable commercial judgment, such action will cause
Manager to claim reimbursement in excess of $5,000. All amounts expended by Manager in connection with the performance of its obligations pursuant to the provisions of this Section 5.4, after reduction of such amounts for enforcement cost
actually received by Manager pursuant to the terms of the related Lease Agreements, shall be a Reimbursable Service. Owner reserves the right to take, upon written notice to Manager, in its sole discretion, any or all of the actions described in
this Section 5.4 directly in its own name and on its own behalf. In such event Manager, at Owner’s expense, shall cooperate with Owner and provide Owner with such assistance as Owner may reasonably request. 

(b) In performing its obligations hereunder, Manager may, acting in the name of Owner and without the necessity of obtaining the prior
consent of Owner or any other Person, grant consents or enter into and grant modifications, waivers and amendments to the terms of any Lease Agreement except for consents, modifications, waivers or amendments that are inconsistent with the Servicing
Standard, this Agreement or the requirements of the Loan Documents or, based on the facts and circumstances in existence at such time, Manager reasonably believes could have a Material Adverse Effect. Promptly upon the execution of any such consent,
modification, waiver or amendments, Manager shall forward a copy of such documents to Owner. 
 Section 5.5
Maintenance. 
 (a) Subject to Sections 7 and 10, Manager shall, consistent with the Servicing Standard, cause each
Owner Equipment to be maintained (i) in good repair, working order and condition, normal wear and tear (other than Owner Equipment being repaired, renewed, replaced, bettered or improved in accordance with this clause (i)), casualty and
condemnation excepted, in compliance with AAR mechanical regulations and industrial commercial acceptance standards, and shall from time to time make or be making all needful and proper repairs, renewals, replacements, extensions, additions,
betterments and improvements thereto so that at all times such Owner Equipment are reasonably preserved and maintained, or in the process of being reasonably preserved and maintained, in compliance with AAR mechanical regulations and industrial
commercial acceptance standards; (ii) in a manner consistent with the maintenance practices used by Manager in respect of Other Equipment; (iii) in accordance in all material respects with such Owner Equipment’s manufacturer’s
warranties and all applicable Equipment Insurance Policies; and (vi) in compliance in all material respects with the applicable Lease Agreement, and all Legal Requirements. All amounts to be expended for maintenance of the Owner Equipment
pursuant to this Section 5.5, are to be paid directly by Owner; provided that only amounts that Manager actually pays for any maintenance pursuant to this Section 5.5 or for maintenance payments pursuant to the terms of any related
Lease Agreement shall constitute a Reimbursable Service. 

  
 9 

 (b) Manager shall also periodically inspect all such Owner Equipment as it deems reasonably
necessary in order to determine whether the Owner Equipment are being properly used and maintained and shall notify Owner promptly upon obtaining actual knowledge of (i) and Event of Loss with respect to any Owner Equipment (other than an Event
of Loss impacting ten (10) or fewer Units at any time), (ii) the occurrence of any other event that would cause any Owner Equipment to be taken out of service for more than forty-five (45) consecutive days, or (iii) the
imposition of any new law or any rules or regulations that could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 Section 5.6 Insurance. 
 (a) Manager shall obtain and maintain in full
force and effect with respect to the Owner Equipment, Equipment Insurance Policies that comply with the specific requirements of Section 5.6(b) below and shall furnish to the Owner upon request full information as to the Equipment Insurance
Policies so carried. Such Equipment Insurance Policies shall be in addition to any Equipment Insurance Policies provided by a Lessee pursuant to the terms of any Lease Agreement to which such Owner Equipment is then subject. Owner reserves the right
to request Manager to provide or obtain insurance in addition to insurance provided pursuant to the preceding sentence, which Manager shall use reasonable efforts to obtain or provide. All insurance obtained by Manager with respect to the Owner
Equipment may (and shall to the extent reasonably practicable unless Owner objects) be maintained under Equipment Insurance Policies that Manager obtains for itself and the Other Equipment so long as Owner, Administrative Agent and any other Persons
designated by Owner or the Administrative Agent are either (x) an “insured” thereunder or (y) “additional insured” and “loss payee” thereunder, as their interests may appear, with respect to the Owner
Equipment. If at any time the Equipment Insurance Policies maintained by Manager on the Owner Equipment shall lapse or have limits lower than as described therein for whatever reason, Manager, promptly upon receipt of notice of the lapse of or
decrease in such insurance coverage, shall give notice to Owner of the same. Manager shall also notify Owner promptly with respect to any default in the payment of any premium or of any other act or omission of Manager or of any other person of
which Manager has knowledge that might invalidate, render unenforceable, result in a lapse of or reduce any insurance coverage on the Owner Equipment maintained by Manager pursuant to this Agreement. Manager shall collect any amounts due (including
any Equipment Insurance Proceeds) from the insurers under such Equipment Insurance Policies and deposit any such amounts in accordance with the terms of the Lease Administration Agreement and shall provide Owner with such reasonable assistance as
Owner may request in any dealings that Owner may have with such insurers, including the pursuit of any claims under such policies. 

  
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 (b) Each Equipment Insurance Policy maintained by Manager pursuant to the provisions of this
Section 5.6 shall be (i) maintained with insurers of recognized standing with a rating of at least A- by A.M. Best Company or other insurers reasonably approved by Administrative Agent, (ii) in amounts and against risks and with
deductibles and terms and conditions compliant with the Servicing Standard and not less than the insurance, if any, maintained by Manager with respect to Other Equipment. Without limiting the foregoing, Manager will in any event: (A) keep each
Unit of Equipment insured against physical damage (which may be accomplished pursuant to a contingent physical damage policy) in an amount not less than the Adjusted Appraised Value thereof, subject to an aggregate limit of not less than [***] per
occurrence; provided that such coverage may provide for deductible amounts of not more than [***] per occurrence, (B) maintain public liability insurance naming the Administrative Agent as an additional insured against bodily injury, death or
property damage arising out of the use or operation of the Owner Equipment with general and excess liability limits of not less than [***] per occurrence or in the aggregate, provided that such coverage may provide for deductible amounts not
exceeding [***] and (C) maintain environmental liability insurance, either through a separate policy or by extension to Manager’s general liability and excess liability coverage, naming the Administrative Agent as an additional insured
against any loss resulting from the presence, discharge, spillage, release or escape of Hazardous Material or damage to the environment arising out of the use or operation of the Owner Equipment with general and excess liability limits of not less
than [***] per occurrence or in the aggregate, provided that such coverage may provide for deductible amounts not exceeding [***]. In addition, each Equipment Insurance Policy maintained by Manager pursuant to the provisions of this Section 5.6
shall (i) expressly provide that no cancellation or termination thereof or material change therein shall be effective unless at least thirty (30) days’ prior written notice shall have been given to Owner and the Administrative Agent,
(ii) expressly provide that if such insurance shall be cancelled for any reason whatsoever, or if any substantial changes are made in the coverage that affect the interest of Owner, the Administrative Agent or any other Person listed as an
additional insured or loss payee, or if such insurance shall be allowed to lapse for nonpayment of premium, such cancellation, change or lapse shall not be effective as to Owner, the Administrative Agent and any such other Person for thirty
(30) days after receipt by Owner and the Administrative Agent of written notice from such insurers of such cancellation, change or lapse, (iii) permit Owner, the Administrative Agent or any such other Person to make payments to affect the
continuation of such insurance coverage upon notice of cancellation due to nonpayment of premium, and (iv) expressly provide that if such insurance shall not be renewed for any reason whatsoever, such insurers shall provide written notice of
such non-renewal to Owner and the Administrative Agent at least thirty (30) days prior to the expiration date of the policy. 
 (c) All amounts expended by Manager to (i) obtain the insurance (or enforce the terms hereof) or (ii) satisfy any deductible with respect to any policy of insurance covering the Owner Equipment,
in either case pursuant to the provisions of this Section 5.6, shall constitute a Reimbursable Service. 
 (d) In the event
that any insurance coverage required by this Section 5.6 or the limits, deductible amounts, or requirements thereof are not reasonably available and commercially feasible in the available insurance market, Manager shall promptly (i) notify
Owner thereof and (ii) provide Owner with written reports prepared by an independent insurance advisor certifying that such coverage, limits, deductible amounts, or requirements are not reasonably available and commercially feasible in the
available insurance market for railcars similar to the Owner Equipment and, where the required amount of coverage is not so available, certifying as to the maximum amount that is so available. 

  
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 Section 5.7 Taxes. 

(a) Manager shall prepare or cause to be prepared the necessary returns or other filings for all local, state, federal and foreign
personal property, sales or use taxes, license fees, assessments, charges, fines, interest and penalties (all such taxes, license fees, assessments, charges, fines, interest and penalties being hereinafter called “Impositions”)
imposed upon or against Owner or the Owner Equipment of whatever kind or nature and, where directed by Owner, protest the application of such Impositions or the rate or amount of assessment thereunder, but excluding taxes payable in respect of the
income of the Owner. All amounts expended by Manager to pursuant to the provisions of this Section 5.7, shall constitute a Reimbursable Service. 
 (b) Manager shall cause all Owner Equipment to be kept free and clear of all Impositions that might in any way affect the title of Owner or result in a lien (other than Permitted Liens) upon any Owner
Equipment; provided, however, that Manager shall not be required to pay any Imposition of any kind so long as it is contesting such Imposition at the direction of Owner and by appropriate legal proceedings in accordance with clause
(a) of this Section 5.7 if the nonpayment thereof does not, in Manager’s reasonable opinion, adversely affect the title, property or rights of Owner or its assignees. 

Section 5.8 Compliance with Law. 
 Manager shall, consistent with the Servicing Standard, cause the Owner Equipment to comply, and each Lease Agreement entered into or renewed after the date hereof shall require the Lessee thereunder to
comply, in all respects with all Legal Requirements. In the event that such Legal Requirements any Required Modification of an Owner Equipment, Manager shall make such Required Modification in accordance with provisions of Section 7.1. All
amounts expended by Manager pursuant to and in accordance with this Section 5.8 shall constitute a Reimbursable Service. 

Section 5.9 Licenses. 
 Manager shall apply for and use reasonable efforts to acquire, on behalf of and at Owner’s expense, all licenses, certificates and permits required by Owner in order for it to conduct its business
relating to the Owner Equipment. All amounts expended by Manager pursuant to and in accordance with this Section 5.9 shall constitute Reimbursable Servicing. 
 Section 5.10 Transportation. 
 When applicable, Manager shall,
consistent with the Servicing Standard, cause the Owner Equipment to be transported to required destination points under the related Lease Agreements and, upon the termination or expiration of such Lease Agreements, to be gathered and stored at
reasonable cost to the extent required. All amounts expended by Manager pursuant to and in accordance with this Section 5.10, including for demurrage, switching, storage, and all other services similar to any of the foregoing in respect of the
Owner Equipment or the movement thereof, including those services rendered in connection with the return provisions in any Lease Agreement shall constitute Reimbursable Services. 

  
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 Section 5.11 Records and Information. 

Manager shall perform all the administration and record keeping functions which are reasonably necessary in the course of the operation
and use of the Owner Equipment, including without limitation: (a) maintenance of separate, complete and accurate records relating to the Owner Equipment, including as to repair, maintenance and all other matters covered by this Agreement, in
the same form and to the same extent as Manager customarily maintains records in respect of the Other Equipment and consistent with the Servicing Standard; (b) preparation and filing of appropriate AAR documents; (c) preparation and filing
of such reports as may be required from time to time by the STB, RGC and other Governmental Authorities; and (d) to the extent not otherwise prepared by Administrator pursuant to the terms of the Lease Administration Agreement, preparation of
mileage accounting and mileage equalization records. Manager shall, upon request of Owner, promptly deliver to Owner or its designee such records pertaining to the Owner Equipment. 

Section 5.12 Owner Equipment Hire Relief. 
 Manager shall have the authority to enter into arrangements with railroads with respect to the Owner Equipment to grant car hire claim relief and to make equalization payments and all other adjustments
with railroads on such terms and conditions as Manager, acting in accordance with the Servicing Standard, reasonably deems appropriate. All costs incurred in connection therewith shall constitute Reimbursable Services. 

Section 5.13 Duties in Connection with Credit Agreement, Collateral Agency Agreement and Lease Administration Agreement.

 Manager shall take such actions as Manager shall deem reasonably necessary or appropriate or as Owner shall request to keep
Owner in compliance with its obligations under the Loan Documents, and to exercise its rights thereunder, including, without limitation, timely delivering to the Owner any information regarding the Manager that the Owner is required to deliver to
the Administrative Agent, the Collateral Agent or the Collection Bank. In accordance with the terms of the ARL Fee Letter, Manager shall remit, on behalf of Owner, the fees and expenses payable to the Collateral Agent and the Collection Bank, for
services provided by the Collateral Agent and the Collection Bank in connection with the Owner Portfolio. Fees and expenses paid to the Collateral Agent and the Bank shall constitute Reimbursable Services. 

Section 5.14 Other Services. 
 Manager shall be responsible for the provision of such other services incidental to the services set forth in this Agreement as may from time to time be required under the Lease Agreements or may be
reasonably necessary in connection with the ownership, leasing and operation of the Owner Equipment. In the event Manager is required or deems it necessary to retain services provided by outside counsel or other professionals to fulfill any of its
obligations hereunder, the expense thereof shall be borne by Owner as a Reimbursable Service, unless Owner has objected to the retention of such counsel or other professionals. In the event Owner objects thereto and does not designate alternate
counsel or other professionals reasonably acceptable to Manager, Manager shall not be required to fulfill such obligations. 

  
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 Section 6. Representations and Warranties. 

Each of Owner and Manager represents and warrants to the other as follows: 

(a) (i) it is duly organized and validly existing under the laws of the jurisdiction of its organization, (ii) is in good
standing under the laws of the jurisdiction of its organization, (iii) has the power and authority to own its property and to transact the business in which it is engaged and proposes to engage and (iv) are duly qualified and in good
standing in each jurisdiction where the ownership, leasing or operation of property or the conduct of its business requires such qualification, except, in each case of clauses (i), (ii), (iii) and (iv), where the same could not be reasonably
expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 (b) It has the power and authority to
enter into this Agreement and to perform all of its obligations hereunder. This Agreement has been duly authorized by proper corporate and/or other organizational proceedings, executed, and delivered by it and constitutes valid and binding
obligations of it enforceable against it in accordance with its terms, except as enforceability may be limited by Debtor Relief Laws and general principles of equity (regardless of whether the application of such principles is considered in a
proceeding in equity or at law). 
 (c) This Agreement does not, nor does the performance or observance by it of any of the
matters and things herein provided for, (i) contravene or constitute a material default under any applicable material Legal Requirement binding upon it or any provision of its Organization Documents, (ii) contravene or constitute a
material default under any material covenant, indenture or agreement of or affecting it or any of its Property, in each case where such violation, contravention or default, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect or (iii) result in the creation or imposition of any Lien on any Property it other than, in the case of the Owner, the Liens granted in favor of the Administrative Agent pursuant to the Collateral Documents and other
than Permitted Liens. 
 (d) No authorization, consent, license or exemption from, or filing or registration with, any
Governmental Authority, nor any approval or consent of any other Person, is or will be necessary to the valid execution, delivery or performance by it of this Agreement, except for (i) such approvals, authorizations, consents, licenses or
exemptions from, or filings or registrations which have been obtained prior to the date of this Agreement and remain in full force and effect and (ii) filings, authorizations, consents, licenses, exemptions or registrations which are necessary
to perfect the security interests created under the Collateral Documents. 

  
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 Section 7. Modifications. 

(a) Required Modifications. Manager shall, in accordance with the Servicing Standard, promptly as practicable replace, or cause
the applicable Lessee to replace, all appliances, parts, instruments, appurtenances, accessories, furnishings and other equipment of Owner Equipment that may from time to time become worn out, obsolete, lost, stolen, destroyed, seized, confiscated,
damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition, Manager shall make or cause to be made such modifications and improvements to Owner Equipment: (A) to the extent required of Borrower by the
terms of the applicable Lease Agreement or (B) as may be (x) set forth as requiring present compliance in any mandatory directives or standards adopted by any Governmental Authority, unless the validity of such standard is being contested
in good faith by appropriate proceedings or (y) required from time to time to meet the Servicing Standard. All amounts expended by Manager pursuant to and in accordance with this Section 7(a) shall constitute Reimbursable Servicing.

 (b) Optional Modifications. Manager may, with the prior written consent of Owner, alter or improve any Owner Equipment
in a manner which is not required pursuant to Section 7(a) hereof, including any Owner Equipment not then under an Lease Agreement (each occurrence, an “Optional Modification”), if Manager concludes in good faith that the
proposed Optional Modification is likely to enhance the marketability of such Owner Equipment (or such Optional Modification is request by an Lessee) and such Optional Modification; provided, that no Optional Modification shall diminish the
Appraised Value (as defined in the Credit Agreement), utility, capacity, residual value or remaining economic useful life of such Owner Equipment immediately prior to such Optional Modification, in more than a de minimis amount. 

Section 8. Reports and Inspection. 
 Section 8.1 Operating Expenses and Other Expenditures. 
 Within five
(5) Business Days after the end of each calendar month during the Management Term, Manager shall furnish Owner with a report itemizing, in reasonable detail, all information necessary for Owner to prepare and deliver the Servicer Report
pursuant to Section 6.1(c) of the Credit Agreement (such information to include the amounts incurred by Manager as Reimbursable Services during such month, as well as any other expenditures incurred on behalf of Owner during such month).

 Section 8.2 Inspection of the Owner Equipment and Records. 

Owner and during the occurrence of a Manager Termination Event, the Administrative Agent, shall have the right, at Owner’s expense,
for their respective representatives to inspect the Owner Equipment (subject to the terms of any applicable Lease Agreement), any records relating thereto, and the operations of Manager utilized in providing the services required of it hereunder at
such times during normal business hours as shall be reasonable to confirm to Owner and the Administrative Agent (when applicable) the existence of the Owner Equipment and records relating thereto, proper maintenance of the Owner Equipment in
accordance with Section 5.5, and the proper performance of services hereunder during the continuance of this Agreement and, in the case of the records, for one year thereafter. 

  
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 Section 8.3 Additional Information. 

Manager shall furnish such additional information as Owner may reasonably request from time to time in order to enable Owner to determine whether the
covenants, terms and provisions of this Agreement have been complied with by Manager, including, without limitation, information required by the Borrower to comply with its obligations under Section 6.2 (Appraisals) of the Credit Agreement.

 Section 8.4 Financial Information. 
 Manager will deliver the financial statements required to be delivered by Manager under Section 6.1(a) and (b) of the Credit Agreement. 

Section 9. Compensation and Reimbursement of Manager. 

Section 9.1 Compensation of Manager. 
 As compensation to Manager for the performance of its services hereunder, Owner shall pay to Manager the Management Fee and a charge for Reimbursable Services. The Management Fee and charges for
Reimbursable Services shall be payable to Manager by Owner as follows: 
 (a) on each Payment Date, an amount equal to the
Management Fee for the calendar month immediately preceding the month in which such Payment Date occurs; and 
 (b) on each
Payment Date, the amount of Reimbursable Services submitted by Manager to Owner on or prior to the last day of the calendar month immediately preceding the month in which such Payment Date occurs. 

Manager acknowledges and agrees that Management Fees and charges for Reimbursable Services shall be paid solely in accordance with (and
only to the extent of available funds) Section 2.7 of the Credit Agreement. 
 Section 9.2 Management Fee.

 The Manager’s fee (the “Management Fee”) for each calendar month (or any portion thereof) during
each of the following calendar years shall be the sum of (x) a monthly fee for Owner Equipment leased under any Full Service Leases equal to: 
  

	 	(a)	2012: [***] of monthly Gross Revenue associated with such Owner Equipment; 

 

	 	(b)	2013: [***] of monthly Gross Revenue associated with such Owner Equipment; 

 

	 	(c)	2014: [***] of monthly Gross Revenue associated with such Owner Equipment; 

  
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	 	(d)	2015 and subsequently: [***] of monthly Gross Revenue associated with such Owner Equipment; [***]; and 

(y) a monthly fee for the Owner Equipment leased under any Net Leases equal to [***] of monthly Gross Revenues associated with such Owner Equipment. In
calendar year 2015 and subsequently, Manager and Owner may, with ten (10) days advance written notice to the Agent of such agreement, agree to payment of other fees and expenses as such fees and expenses may arise; provided, however, in
the event that the amount of the Management Fee plus such additional fees exceeds [***] of Gross Revenue for any given month, such excess amount shall constitute subordinated management fees (“Subordinated Management Fees”) for such
month. 
 Section 9.3 Reimbursable Services. 

(a) Manager shall be separately compensated for all costs specified by Manager and incurred by Manager for services rendered on behalf of
Owner pursuant to and in accordance with this Agreement (collectively, the “Reimbursable Services”), including the following: (i) enforcement costs incurred pursuant to and in accordance with Section 5.4,
(ii) maintenance costs incurred in connection with Section 5.5, (iii) insurance costs incurred in connection with Section 5.6, and (iv) other specified costs incurred pursuant to and in accordance with Sections 4.4,
4.5, 5.7, 5.8, 5.9, 5.10, 5.13, 10.1 and 10.2; provided that, Reimbursable Services shall not include any of the following costs, fees and expenses (collectively, the “Excluded Expenses”): (A) salary, bonuses, company
cars and benefits of Manager’s employees; (B) office, office equipment and office rental expenses; (C) telecommunications expenses; (D) taxes on the income, receipts, profits, gains, net worth or franchise of Manager and payroll,
employment and social security taxes for employees of Manager; (E) any and all financing costs (including interests and fees) relating to any indebtedness of Manager; and (F) all other overhead expenses of Manager. Manager shall notify
Owner of the amounts of all expenses incurred in respect of Reimbursable Services in accordance with Section 8.1. 
 (b)
For purposes of calculating the value of Reimbursable Services in connection with the services provided under this Agreement by Manager, Owner will be charged for (i) materials at Manager’s actual cost therefor and (i) labor at hourly
rates established by Manager from time to time. Such hourly rates shall be based upon Manager’s direct costs of labor and shall include amounts for Manager’s plant or facility overhead based on Manager’s job cost system for allocating
overhead; provided that, the hourly rates for labor that are in effect at any time shall not exceed the then current standard rates published by the AAR for such types of labor. The costs to Owner for services performed by a third Person will
be the charges therefor as invoiced by such third Person, without mark-up by Manager. Such third Person charges will be reviewed and audited by Manager on behalf of Owner. 
 Section 10. Loss, Damage or Sale of Owner Equipment; Adding or Terminating Owner Equipment. 

  
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 Section 10.1 Loss or Damage. 

(a) If any Owner Equipment is rendered unusable as a result of any physical damage or contamination or otherwise suffers a Event of Loss,
and Manager obtains knowledge of such damage, contamination or Event of Loss (other than an Event of Loss impacting ten (10) or fewer Units at any time), then Manager shall (i) within (2) Business Days of obtaining such knowledge,
provide the Owner written notice of such Event of Loss setting forth the date of such Event of Loss and a description of the related Unit (including its Adjusted Appraised Value), (ii) within fifteen (15) days after the date such Owner
Equipment first becomes available for inspection by Manager, provide Owner with a written detailed description of notice of such damage, contamination or Event of Loss, and, if applicable, the recommendation of Manager regarding whether or not to
repair such Owner Equipment; (iii) investigate on behalf of Owner the facts and circumstances giving rise to such damage, contamination or Event of Loss; (iv) collect or arrange for appropriate payment of compensation, if any, from the
relevant railroad, Lessee, third party or other source, or combination thereof, and take such other steps, including field inspection and investigation, as deemed appropriate by Manager and (v) take all steps and actions, including the hiring
of attorneys and consultants, required with respect to physical damages or contamination as may be required under the Loan Documents or by direction of Owner. If, in compliance with the Servicing Standard, Manager would repair such Owner Equipment
if it were an Other Equipment and if Owner does not object in writing to such recommendation within ten (10) days after receipt of Manager’s recommendation, Manager shall cause such Owner Equipment to be repaired at Owner’s expense.
All amounts expended by Manager for such repair of the Owner Equipment, after deduction of payments actually received by Manager pursuant to the terms of any related Lease Agreement or from insurance maintained or provided with respect to such Owner
Equipment, shall be a Reimbursable Service. If any Owner Equipment suffers physical damage or contamination, which in Manager’s reasonable judgment, makes repair uneconomic or renders such Owner Equipment unfit for commercial use, Manager shall
not, without the prior receipt of the necessary repair costs from third parties (such as an Lessee or insurer), repair such Owner Equipment if the cost of repair is expected to be more than 10.0% of such Owner Equipment’s current Adjusted
Appraised Value. If in accordance with the provisions of this Section 10.1(a), it is determined that such Owner Equipment is not to be repaired, it shall be deemed to have suffered a Event of Loss as of the date such determination was made.
Owner shall promptly (and within no more than two (2) Business Days), notify the Administrative Agent of any determination not to repair Owner Equipment. 
 (b) With respect to any Owner Equipment suffering a Event of Loss, and in accordance with the performance of it services under Section 10.1(a), Manager is granted full power and authority, subject to
the terms and conditions of the relevant Lease Agreement, to sell (or dispose of as scrap) on Owner’s behalf any such Owner Equipment that has been settled for under the rules of the AAR or settled with any insurer and, upon direction of Owner,
Manager will effect such sale or disposition and take such other actions on behalf of Owner as necessary for Owner to comply with the relevant Lease Agreement, all in accordance with the Servicing Standard. Following such sale or disposition of the
Owner Equipment and transfer of any amounts received in connection with such sale or disposition in accordance with Section 10.1(c), Manager shall have no other obligation to Owner in respect of such Owner Equipment. Owner agrees to execute all
necessary powers of attorney and other documents evidencing such power and authority. 

  
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 (c) Promptly upon receipt, but in no case later than two (2) Business Days following
receipt thereof by Manager, of any insurance proceeds or any other payments from railroads, Lessees or third parties received in connection with any repair, sale or disposition of any Owner Equipment in connection with this Section 10, Manager
shall transfer to the Collection Account all such amounts received in connection with this Section 10, in accordance with the terms of the Lease Administration Agreement. 
 Section 10.2 Sale. 
 Manager, as attorney-in-fact for Owner, is
granted full power and authority to sell any Owner Equipment on Owner’s behalf under any of the following circumstances: 

(a) such Unit is not an Eligible Unit or the Lease Agreement related to such Unit is not an Eligible Lease Agreement; 

(b ) such sale is made pursuant to Section 10.1(b); or 
 (c) Owner consents to such sale. 
 Manager shall receive a [***] sales commission
of Net Sales Proceeds resulting from sales of Owner Equipment and such commission shall constitute a Reimbursable Service. 

Section 10.3 Replacing, Adding and Terminating Owner Equipment. 

Owner may, at its option, (a) add Equipment as new Owner Equipment subject to the terms of this Agreement or (b) remove
Equipment as Owner Equipment subject to the terms of this Agreement, in each case by delivering to Manager a notice to such effect substantially in the form attached as Exhibit A hereto; provided that Owner shall only remove Equipment as
Owner Equipment subject to the terms of this Agreement if such Equipment has been released from the Lien granted to the Administrative Agent in accordance with the terms of the Security Agreement. From and after the effective date of each such
notice (as set forth therein), the subject Equipment shall or shall no longer, as the case may be, be Owner Equipment under the terms of this Agreement. 
 Section 11. Transactions with Affiliates. 
 Subject to compliance with
the Servicing Standard, Manager may, directly or indirectly, enter into any transaction on behalf of Owner with Manager or any Affiliate of Manager; provided that the terms of such transaction are no less favorable to Owner than the terms that could
be obtained from an independent third Person. 
 Section 12. Return of Owner Equipment Upon Expiration of Management
Term. 
 Upon the expiration or earlier termination of the Management Term, Manager, at its expense (which shall be treated
as a Reimbursable Service), will deliver possession of each Owner Equipment then in its possession or control, but not subject to a Lease Agreement, to Owner upon such storage tracks within the continental United States that Manager is legally
entitled to use, and shall store the Owner Equipment on such tracks for a period not exceeding ninety (90) days and transport the same at any time within such 90-day period to any connecting carrier for shipment, all as directed by Owner upon
not less than thirty (30) days prior notice to Manager. 

  
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 Section 13. Indemnification By Manager. 

Manager shall defend, indemnify and hold Owner, the Administrative Agent and Collateral Agent and their respective Affiliates (other than
Manager) and the directors, officers, employees and agents of each such Person (collectively, the “Manager Indemnified Persons”) harmless from and against any and all losses, costs, expenses, damages or claims (collectively,
“Claims”) incurred by or asserted against any such Manager Indemnified Person to the extent resulting or arising from any of the following: 
 (a) any material breach of or any material inaccuracy in any representation or warranty made by Manager in this Agreement or in any certificate delivered pursuant hereto; 

(b) any material breach of or material failure by Manager to perform any covenant or obligation of Manager set out or contemplated in
this Agreement; 
 (c) the presence, discharge, spillage, release or escape of Hazardous Material or damage to the environment
or noncompliance with any applicable law with respect to Hazardous Material or the environment (i) at or arising from a facility owned, operated or controlled by Manager or any Subsidiary of Manager or (ii) arising from any act, failure to
act or omission by Manager or any Subsidiary of Manager; and 
 (c) the negligence, recklessness or willful misconduct of
Manager. 
 Section 13.1 Claims Excluded. 
 No Manager Indemnified Person shall be defended, indemnified, or held harmless from or against, nor exculpated from, any Claim under Section 13.1 to the extent caused by or resulting or arising from
such Person’s bad faith, willful misconduct, recklessness, gross negligence, or breach or failure to comply with or perform any obligation under this Agreement, and Manager shall not have any such obligation under Section 13.1 with respect
thereto. 
 In addition, the Manager Indemnified Persons understand that nothing set forth in the Loan Documents is intended to
cause the Manager to be treated as a guarantor of the obligations of Owner or any Lessee and no Manager Indemnified Person shall be entitled to indemnification from Manager based on Owner’s failure to repay the Loan or an Lessee’s failure
to make payments under any Lease Agreement to the extent such failures are attributable to credit performance of the applicable Lessee rather than a breach by the Manager of the performance of its duties undertaken as Manager under the Loan
Documents or as the original lessor under the Lease Agreements and other riders or schedules subject to the same master service or master lease agreement as the Lease Agreements. 

  
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 Section 13.2 Cooperation. 

Manager and each Manager Indemnified Person shall cooperate in furnishing evidence and testimony and in any other manner that the other
may reasonably request, and shall in all other respects have an obligation of good faith dealing, one to the other, so as not to unreasonably expose the other to an undue risk of loss. Each Manager Indemnified Person shall be entitled to
reimbursement for out-of-pocket expenses reasonably incurred by it in connection with such cooperation. Except for fees and expenses for which indemnification is provided pursuant to Section 13.1, as the case may be, and as provided in the
preceding sentence, each such Person shall bear its own fees and expenses incurred pursuant to this Section 13.2. 

Section 13.3 Survival. 
 The indemnity obligations of Manager pursuant to this Section 13 (including obligations to indemnify against third Person claims made after the expiration or termination of the Management Term) shall
survive for two years beyond the expiration or termination of the Management Term. 
 Section 14. Manager Termination
Events; Remedies. 
 Section 14.1 Manager Termination Events. 

The occurrence of any of the following events shall constitute a “Manager Termination Event” under this Agreement: 

(a) the failure by Manager to: (i) pay when due any amount payable by it hereunder, (ii) timely deliver to the Collection
Account any amounts received by Manager under the Loan Documents which constitute Collections with respect to the Owner’s Collateral, or (iii) comply with or perform any obligation set forth in Sections 4.2, 4.3, 5.6 or 5.13, and if
capable of cure, such default shall not have been remedied within five (5) days; 
 (b) the failure by Manager to deliver
any report or financial information when required under Section 8.1, 8.3 or 8.4, and if capable of cure, such failure has not been remedied within two (2) Business Days; 

(c) any representation or warranty made by Manager under this Agreement or in any writing delivered by Manager pursuant to this Agreement
or any other Loan Document shall prove to have been incorrect in any material respect when made; 
 (d) breach or failure to
comply with or perform any covenant or provision set forth in this Agreement (other than those referred to in clauses (a), (b) and (c) above) to be complied with or performed by Manager hereunder, and if capable of cure, such default
shall not have been remedied within thirty (30) days after the earlier of: (i) knowledge by Manager of such breach or failure to comply or perform and (ii) receipt by Manager of notice thereof from Owner; 

  
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 (e) Manager shall (i) have entered involuntarily against it an order for relief under
the United States Bankruptcy Code, as amended, (ii) not pay, or admit in writing its inability to pay, its debts generally as they become due, (iii) make an assignment for the benefit of creditors, (iv) apply for, seek, consent to or
acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its Property, (v) institute any proceeding seeking to have entered against it an order for relief under
the United States Bankruptcy Code to adjudicate it insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any Debtor Relief Law or fail to file an answer or other
pleading denying the material allegations of any such proceeding filed against it, (vi) take any action in furtherance of any matter described in parts (i) through (v) above, or (vii) fail to contest in good faith any appointment
or proceeding described in Section 14.1(f); 
 (f) a custodian, receiver, trustee, examiner, liquidator or similar official
shall be appointed for Manager, or any substantial part of any of its Property, or a proceeding described in Section 14.1(e)(v) shall be instituted against Manager, and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of 60 days; 
 (g) any final judgment or judgments for the payment of money in an aggregate
amount in excess of [***] or its equivalent in another currency is rendered against Manager and the same shall remain undischarged or effectively stayed for a period of sixty (60) days without being contested in good faith and by appropriate
proceedings; 
 (h) Manager or its Affiliates shall cease to be actively involved in the railcar management or maintenance
businesses (other than solely as Manager under this Agreement); or 
 (i) the Tangible Net Worth of Manager and its consolidated
subsidiaries at the end of any fiscal quarter or year is less than [***]. 
 Section 14.2 Remedies Upon Manager
Termination Event. 
 (a) Upon the occurrence and during the continuation of any Manager Termination Event, Owner may:
(i) terminate the Management Term by notice to Manager and the Administrator, which termination shall be effective as of the date of such notice or such later date as such notice may specify, (ii) proceed by appropriate court action to
enforce performance of this Agreement by Manager, or (iii) sue to recover actual direct damages (including lost rents but not including consequential damages) that result from a breach hereof, and Manager shall bear Owner’s costs and
expenses, including reasonable attorney’s fees in securing such enforcement or damages or the transfer of management. Notwithstanding the provisions of clause (i) of this Section 14.2(a), Manager or the Management Term may not be
terminated, in whole or in part, in connection with an exercise of remedies hereunder unless a Successor Manager has been appointed in accordance with Section 15. Upon the occurrence and during the continuation of any Manager Termination Event,
Owner and Administrative Agent is authorized and empowered to execute and deliver, on behalf of Manager, as attorney-in-fact or otherwise, any and all documents and perform any and all other acts or things necessary or appropriate to effect the
termination of Manager and the appointment of a Successor Manager. 

  
 22 

 (b) Upon the occurrence and during the continuation of any Manager Termination Event and the
termination of the Management Term as provided in Section 14.2(a), Owner or its assign (including, without limitation, the Administrative Agent) may (i) demand and be entitled to delivery of each Owner Equipment then in the possession or
control of Manager, but not subject to an Lease Agreement, pursuant to Section 12 (except that the costs and expenses of assembly, delivery, storage and transportation of such Owner Equipment in such case shall be at the expense of Manager);
(ii) enter upon any premises where such Owner Equipment not subject to an Lease Agreement may be located and take possession of them free from any rights of Manager; and (iii) demand and be entitled to receive copies of all of
Manager’s records regarding Owner Equipment. Manager (x) agrees to cooperate fully with Owner, the Administrative Agent and Collateral Agent in connection with the transfer of Manager’s rights and duties hereunder to a third Person
and (y) expressly waives any and all claims against Owner, the Administrative Agent and Collateral Agent for damages of whatever nature arising out of or resulting from the termination of Manager’s management rights as to the Owner
Equipment as properly permitted hereunder. 
 Section 14.3 Remedies Cumulative. 

Each and every right, power and remedy herein specifically given to Owner, the Administrative Agent, Collateral Agent and Manager shall
be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at law or in equity, and each and every right, power and remedy may be exercised from time to time and simultaneously and as often and in
such order as may be deemed expedient by Owner, the Administrative Agent, Collateral Agent or Manager, as the case may be. All such rights, powers and remedies shall be cumulative, and the exercise of one shall not be deemed a waiver of the right to
exercise any other or others. No delay or omission of Owner, the Administrative Agent, Collateral Agent or Manager, as the case may be, in the exercise of any such right, power or remedy and no extension of time for any payment due hereunder shall
impair any such right, power or remedy or shall be construed to be a waiver of any default or an acquiescence therein. Any extension of time for payment hereunder or other indulgence duly granted by Owner, the Administrative Agent, Collateral Agent
or Manager, as the case may be, shall not otherwise alter or affect the respective rights and obligations of Owner, the Administrative Agent, Collateral Agent or Manager, as the case may be. The acceptance of any payment by any Person after it shall
have become due hereunder shall not be deemed to alter or affect the respective rights or obligations of Owner, the Administrative Agent, Collateral Agent or Manager, as the case may be, with respect to any subsequent payments or defaults hereunder.

 Section 15. Replacement of Manager. 
 (a) Manager may not resign from its obligations and duties hereunder, nor may Manager be terminated in whole or in part, unless: (i) a successor Manager (the “Successor Manager”) has
been appointed by Owner, or by the Administrative Agent if a Servicer Replacement Event or Manager Termination Event has occurred; and (ii) such Successor Manager has accepted such appointment. Any Successor Manager, however appointed, shall
execute and deliver to Owner, the Administrative Agent and the predecessor Manager an instrument accepting such appointment, including customary confidentiality provisions in favor of the predecessor Manager and Owner, and thereupon such Successor
Manager, without further act, shall become vested with all the rights, powers, duties, responsibilities, obligations, and trusts of the predecessor Manager hereunder with like effect as if originally named the manager herein; provided, that
all liabilities of Manager to Owner, contingent or otherwise, for damages incurred by Owner resulting from any uncured Manager Termination Event shall remain the liability of Manager until so cured, and the Successor Manager shall have no liability
therefor. 

  
 23 

 (b) The predecessor Manager shall promptly (but in no event later than two (2) Business
Days) deliver to Administrator in accordance with the terms of the Lease Administration Agreement any funds that are required to be delivered pursuant to this Agreement and shall promptly (but in no event later than two (2) Business Days)
deliver to Collateral Agent or the Administrative Agent, as applicable, all related documents and statements held by it hereunder, and Manager shall account for all such funds. The predecessor Manager shall cooperate fully with Owner and the
Administrative Agent in connection with the transfer of predecessor Manager’s rights and duties hereunder to the Successor Manager, and shall execute and deliver all such instruments and do all such other things as may reasonably be required to
more fully and definitely vest and confirm in the Successor Manager all rights, powers, duties, responsibilities, obligations and liabilities of Manager under this Agreement. 
 Section 16. Miscellaneous. 
 Section 16.1 Merger or Sale.

 Any Person into which Manager may be merged or with which it may be consolidated, or any Person resulting from any merger or
consolidation to which Manager shall be a party, or any Person to which substantially all the business of Manager may be transferred, shall, so long as no Manager Termination Event is then continuing or would result from such transaction, be Manager
under this Agreement without any further act. Any successor Person resulting from such transaction shall deliver to Owner and the Administrative Agent an agreement, in form and substance reasonable satisfactory to Owner and the Administrative Agent,
that is a legal, valid, binding and enforceable assumption by such successor Person, of the due and punctual performance and observance of each covenant and condition of Manager under this Agreement. 

Section 16.2 Modification and Waiver. 
 This Agreement may not be waived, changed, altered, modified or amended in any respect without a writing to that effect, signed by both of the parties hereto. Failure of a party to enforce one or more of
the provisions of this Agreement or to exercise any option or other rights hereunder or to require at any time performance of any of the obligations hereof shall not in any manner be construed (a) to be a waiver of such provisions by such
party, (b) to affect the validity of this Agreement or such party’s right thereafter to enforce each and every provision of this Agreement, or (c) to preclude such party from taking any other action at any time that it would be
legally entitled to take. 

  
 24 

 Section 16.3 Communications. 

Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or electronic mail as follows: 

To Manager: 

American Railcar Leasing LLC 
 100 Clark Street, Suite 201 
 St. Charles, Missouri 63301 

Attention: Treasurer 
 Telephone no.: (636) 940-5000 
 Facsimile no.: (636) 940-6044 

To Owner: 

Longtrain Leasing I, LLC 
 c/o 100 Clark Street Suite 200 
 St. Charles, Missouri 63301 

Attention: Michael Obertop 
 Telephone: (636) 940-6000 
 Fax: (636) 940-6044 

To Administrative Agent: 
 Fifth Third Bank 
 Fifth Third Center 

38 Fountain Square Plaza 
 Cincinnati, OH 45263 
 Attention: Loan Syndications/Judy Huls 

Telephone no.: (513) 579-4224 
 Facsimile no.: (513) 534-0875 
 Notices sent by hand or overnight courier service, or mailed
by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile or electronic mail shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next business day for the recipient). 
 Section 16.4
GOVERNING LAW; JURISDICTION; ETC. 
 (A) GOVERNING LAW. THIS
AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE, OR CAUSE OF ACTION (WHETHER
IN CONTRACT OR TORT OR OTHERWISE) BASED ON, ARISING OUT OF, OR
RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE
NEW YORK GENERAL OBLIGATIONS LAW). 

  
 25 

 (B) JURISDICTION. OWNER
AND MANAGER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE
ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER
IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE,
AGAINST THE OTHER PARTY IN ANY WAY RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN THE COURTS
OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, AND
OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS
BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY
LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT A PARTY
MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS
AGREEMENT AGAINST THE OTHER PARTY OR ITS PROPERTIES IN THE COURTS OF
ANY JURISDICTION. 
 (C) WAIVER OF
VENUE. OWNER AND MANAGER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
COURT REFERRED TO IN SECTION 16.4(B) ABOVE. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (D) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS
TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 16.3. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW. 
 Section 16.5 Severability. 

Any provision of this Agreement which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. All rights, remedies and powers provided in this Agreement may be exercised only
to the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be
limited to the extent necessary so that they will not render this Agreement invalid or unenforceable. 
 Section 16.6
Successors and Assigns. 
 The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns permitted hereby, except that Owner may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent or except
as otherwise expressly contemplated by the terms of the Loan Documents. Subject to Section 16.8, nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
 26 

 Section 16.7 Assignment to the Administrative Agent. 

It is understood that the rights of Owner hereunder may be collaterally assigned to the Administrative Agent and enforced by the
Administrative Agent following an Event of Default. Manager expressly agrees to any such assignment and agrees that all of its duties, obligations, representations and warranties shall be for the benefit of, and, subject to the terms of the Loan
Documents, may be enforced by the Administrative Agent, and any successor to or assignee of the rights of the Loan Documents. 

Section 16.8 Third Party Beneficiaries. 
 The parties hereto hereby agree that the Administrative Agent is an express third-party beneficiary of this Agreement. 
 Section 16.9 Counterparts; Integration; Effectiveness. 
 This
Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement constitutes
the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall
have been executed by the parties hereto and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by facsimile or in electronic (i.e. “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 16.10 No Bankruptcy Petition 
 Manager will not, prior to the date that is one year and one day after the payment in full of all Obligations and other amounts owing pursuant to this Agreement and the other Loan Documents, institute
against Owner or join any other Person in instituting against Owner, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under any Debtor Relief Law. This Section 16.10 shall survive
the termination of this Agreement. 

  
 27 

 Section 16.11 Limitation on Liability. 

Notwithstanding anything in this Agreement to the contrary, neither party shall have any liability (including any such liability under any indemnity
obligations of either party) to the other party with respect to, and each party expressly waives, releases and agrees not to sue any of them for, (i) any special, indirect or consequential damages, regardless of their foreseeability, including,
without limitation, any lost rents, profits or revenues, and, to the extent permitted under applicable law, punitive damages suffered by either party or any other Person in connection with this Agreement or any breach or default hereunder by either
party, (ii) any act, conduct or omission, whether or not due to a breach, default or negligence of either party, for which actual damages exceed [***] in the aggregate for the Term, except for any act, conduct or omission of either party due to
gross negligence or willful illegal misconduct of such party, in which case the liability of the indemnifying party shall not exceed [***] in the aggregate for the Term. 
 Section 16.12 WAIVER OF JURY TRIAL 
 OWNER AND
MANAGER HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 [Signature page follows] 

  
 28 

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

			
	LONGTRAIN LEASING I, LLC
		
	By:	 	 /s/ Dale C. Davies

	Name:	 	Dale C. Davies
	Title:	 	Senior Vice President and CFO
	
	AMERICAN RAILCAR LEASING LLC
		
	By:	 	 /s/ Umesh Choksi

	Name:	 	Umesh Choksi
	Title:	 	President and CEOEX-10.47

 Exhibit 10.47 
 Execution Version 
  
  

 
 CONTRIBUTION
AND SALE AGREEMENT 
 between and among 

AMERICAN RAILCAR INDUSTRIES, INC., 

and 

LONGTRAIN LEASING I, LLC 
 Dated as of December 20, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	SECTION	    	HEADING	  	PAGE	 
			
	 ARTICLE I
	    	DEFINITIONS	  	 	1	  
			
	 Section 1.1
	    	 General
	  	 	1	  
	 Section 1.2
	    	 Specific Terms
	  	 	2	  
			
	 ARTICLE II
	    	CONVEYANCE OF THE EQUIPMENT, LEASE AGREEMENTS AND RELATED
ASSETS	  	 	4	  
			
	 Section 2.1.
	    	 Conveyance of the Equipment, Lease Agreements and Related Assets on the Closing Date
	  	 	4	  
	 Section 2.2.
	    	 Conveyance of Equipment, Lease Agreements and Related Assets after the Closing Date
	  	 	4	  
	 Section 2.3
	    	 General Provisions Regarding All Transfers of Equipment and Lease Agreements
	  	 	5	  
	 Section 2.4.
	    	 Grant of License for Marks
	  	 	7	  
			
	 ARTICLE III
	    	CONDITIONS OF CONVEYANCE	  	 	7	  
			
	 Section 3.1.
	    	 Conditions Precedent to Conveyance
	  	 	7	  
	 Section 3.2.
	    	 Additional Conditions Precedent to All Conveyances
	  	 	8	  
			
	 ARTICLE IV
	    	REPRESENTATIONS AND WARRANTIES	  	 	9	  
			
	 Section 4.1.
	    	 Representations and Warranties of the Seller—General
	  	 	9	  
	 Section 4.2.
	    	 Representations and Warranties—Assets
	  	 	12	  
	 Section 4.3.
	    	 Breach of Representations and Warranties Regarding Sold Assets
	  	 	14	  
	 Section 4.4.
	    	 Representations and Warranties of the Purchaser
	  	 	14	  
	 Section 4.5.
	    	 Indemnification
	  	 	16	  
			
	 ARTICLE V
	    	COVENANTS OF SELLER	  	 	18	  
			
	 Section 5.1.
	    	 Protection of Title of the Purchaser
	  	 	18	  
	 Section 5.2.
	    	 Other Liens or Interests
	  	 	19	  
	 Section 5.3.
	    	 No Bankruptcy Petition
	  	 	19	  
	 Section 5.4.
	    	 Separate Corporate Existence of the Purchaser
	  	 	20	  
	 Section 5.5.
	    	 Marking of Records
	  	 	20	  
			
	 ARTICLE VI
	    	MISCELLANEOUS	  	 	20	  
			
	 Section 6.1.
	    	 Amendment
	  	 	20	  
	 Section 6.2.
	    	 Notices
	  	 	20	  
	 Section 6.3.
	    	 Merger and Integration
	  	 	20	  
	 Section 6.4.
	    	 Severability of Provisions
	  	 	21	  

  
 - i -

							
	 Section 6.5.
	  	 Governing Law; Jurisdiction; Etc.
	  	 	21	  
	 Section 6.6.
	  	 Counterparts
	  	 	22	  
	 Section 6.7.
	  	 Binding Effect: Assignability
	  	 	22	  
	 Section 6.8.
	  	 Third Party Beneficiaries
	  	 	22	  
	 Section 6.9.
	  	 Term
	  	 	22	  
	 Section 6.10.
	  	 No Waiver, Cumulative Remedies
	  	 	22	  
	 Section 6.11.
	  	 Waiver of Jury Trial
	  	 	23	  
	 Section 6.12.
	  	 Heading
	  	 	23	  
	
	 EXHIBIT A     –     FORM
OF BILL OF SALE
	   

	EXHIBIT B     –     FORM OF ASSIGNMENT
AND ASSUMPTION	  
	EXHIBIT C     –     FORM OF DELIVERY
SCHEDULE	  

  
 - ii -

 CONTRIBUTION AND SALE
AGREEMENT 
 THIS CONTRIBUTION AND SALE
AGREEMENT is made as of December 20, 2012 (this “Agreement”) by and among AMERICAN RAILCAR INDUSTRIES, INC., a North Dakota corporation (the
“Seller”) and LONGTRAIN LEASING I, LLC, a Delaware limited liability company (the “Purchaser”). 
 W I T N E S S E T H: 

WHEREAS, the Purchaser has agreed to purchase from the Seller, and the Seller has agreed to sell to the Purchaser, certain
Equipment, including without limitation, the Equipment set out in Schedule A attached hereto, the Lease Agreements related to such Equipment, in effect on the Delivery Date and other Related Assets (each as hereinafter defined) on the terms and
subject to the conditions set forth herein; and 
 WHEREAS, the Purchaser has entered into that certain Credit
Agreement dated December 20, 2012, by and among the Seller, the various institutions from time to time party to the Credit Agreement, as Lenders (the “Lenders”), Fifth Third Bank, an Ohio banking corporation, as Administrative
Agent (the “Administrative Agent”) and Fifth Third Bank and Key Equipment Finance Inc. as Co-Syndication Agents (the “Co-Syndication Agents”). 

NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS

 Section 1.1 General. The specific terms defined in this Article include the plural as well as the singular.
Words herein importing a gender include the other gender. References herein to “writing” include printing, typing, lithography, and other means of reproducing words in visible form. References to agreements and other contractual
instruments include all subsequent amendments, restatements, supplements or other modifications thereto or changes therein entered into in accordance with their respective terms. References herein to Persons include their successors and assigns
permitted hereunder or under the Credit Agreement. The terms “include” or “including” mean “include without limitation” or “including without limitation”. The words “herein”, “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein, including in the Recitals, but not defined herein shall have the respective meanings assigned to such terms in the Credit Agreement. The phrase
“related Lease Agreement” means each Lease Agreement to which Equipment is then subject to the extent, but only to the extent, related to such Equipment. 

 Section 1.2 Specific Terms. Whenever used in this Agreement, the following words
and phrases, unless the context otherwise requires, shall have the following meanings: 
 “Asset Contribution”
means a capital contribution in the form of Sold Assets. 
 “Asset Representation” means any or all, as the
content may require, of the representations of the Seller set forth in Section 4.2 of this Agreement. 

“ARL” means American Railcar Leasing, LLC, the Servicer in this transaction. 

“Assignment and Assumption” means an Assignment and Assumption executed by the Seller, with countersignature block set
forth thereon for execution by the Purchaser, substantially in the form of Exhibit B attached hereto. 
 “Bill of
Sale” means a Bill of Sale executed by the Seller substantially in the form of Exhibit A attached hereto. 

“Convey” means to Sell Equipment, the Lease Agreements related to such Equipment (to the extent, but only to the extent,
related to such Equipment) that are in effect on such Delivery Date and Related Assets hereunder. 

“Conveyance” means the Sale by the Seller to the Purchaser, of Equipment, the Lease Agreements related to such Equipment
(to the extent, but only to the extent, related to such Equipment) and Related Assets. 
 “Credit Agreement”
has the meaning established in the preamble of this Agreement. 
 “Delivery Date” means the Closing Date and
each date thereafter on which a Conveyance occurs. 
 “Delivery Schedule” means a schedule, substantially in
the form of the schedule attached as Exhibit C hereto, in each case duly executed and delivered by the Seller to the Purchaser on a Delivery Date, which shall identify the Equipment to be Conveyed on such Delivery Date and identify each Lease
Agreement relating to any such Equipment that is in effect on such Delivery Date. 
 “Excluded Amounts” has the
meaning set forth in Section 4.5(a). 
 “Indemnified Person” has the meaning set forth in
Section 4.5(a). 
 “Managed Fleet” mean the overall pool of all Equipment owned or managed by the Seller.

 “Mark” means, with respect to a Unit, the reporting and identification mark, consisting of letters
registered in the name of the Seller and the Unit number, as registered with the Uniform Machine Language Equipment Register. 

  
 -2-

 “Miscellaneous Items” means, with respect to all Equipment and Lease
Agreements Conveyed pursuant to the terms of this Agreement, receivables, prepaid expenses, current assets, deferred origination costs, deferred tax assets, non-current assets, accounts payable and accrued liabilities, deferred tax liabilities,
unearned contract revenue, accrued interest, accrued professional fees, all tort claims or any other claims of any kind or nature and any payments in respect of such claims and accrued property and casualty insurance. For the sake of clarity, the
Marks relating to the Equipment Conveyed pursuant to the terms of this Agreement shall not be a Miscellaneous Items. 

“Purchase Price” means, with respect to the Equipment, the related Lease Agreements and Related Assets Conveyed to the
Purchaser pursuant hereto on any Delivery Date, an amount equal to the difference of (i) the product of (x) the aggregate Adjusted Appraised Value of all Equipment Conveyed as of such Delivery Date, and (y) 75%, and (ii) any
direct transaction costs related to the Conveyance of such Sold Assets, including, without limitation, accountants’ fees, consulting fees, reasonable and documented legal fees and expenses, filing and recording fees, and any other customary and
documented fees and out-of-pocket expenses actually incurred in connection with such Conveyance and the financing obtained by the Purchaser in connection therewith, including under the Credit Agreement and the other Loan Documents. 

“Purchased Portion” means, as of any Delivery Date, a fraction equal to the quotient of (i) the Purchase Price as
of such Delivery Date, and (ii) the aggregate Adjusted Appraised Value of all Equipment Conveyed on such Delivery Date. 

“Purchaser” has the meaning specified in the Preamble. 

“Related Assets” means, with respect to any Equipment or related Lease Agreement (to the extent, but only to the extent,
related to Equipment) that is Conveyed hereunder on any Delivery Date, all of the Seller’s right, title and interest in and to the following (as applicable): 

(a) with respect to each Unit of Equipment, all licenses, manufacturer’s warranties and other warranties,
accessories, equipment, parts, additions, improvements, accessions, attachments, repairs and appurtenances appertaining or attached to such Equipment, together with all the records, rents, mileage credits earned, issues, income, profits, avails and
other proceeds (including insurance proceeds) therefrom and, without duplication, any Miscellaneous Items relating to such Unit; 
 (b) with respect to each Lease Agreement, now or hereafter entered into relating to the Equipment (but to and only to the extent relating to the Equipment) including any extensions of the term of every
such Lease Agreements, all of Seller’s rights under any such Lease Agreements to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, waiver or
approval, together with full power and authority with respect to any such Lease Agreements to demand, receive, enforce, collect or give receipt for any of the foregoing rights or any property which is the subject of any of such Lease Agreement, to
enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing (but only insofar as such rights relate to the Equipment which is subject to such Lease Agreement), all
records related to such Lease Agreements, all Collections due and to become due under any such Lease Agreements and, without duplication, any Miscellaneous Items relating to such Lease Agreements. 

  
 -3-

 “Sale” means, with respect to any Person, the sale, transfer, assignment or
other conveyance, of the assets or property in question by such Person, and “Sell” means that such Person sells, transfers, assigns or otherwise conveys the assets or property in question. 

“Sold Assets” means, collectively, the Equipment, the Lease Agreements related to such Equipment and Related Assets
Conveyed pursuant to this Agreement. 
 ARTICLE II 

CONVEYANCE OF THE EQUIPMENT, LEASE AGREEMENTS
AND RELATED ASSETS 
 Section 2.1. Conveyance of the Equipment, Lease
Agreements and Related Assets on the Closing Date. (a) Subject to the terms and conditions of this Agreement, the Seller hereby agrees to Sell to the Purchaser on the Closing Date, without recourse (except to the extent specifically
provided in Section 4.3 and Section 4.5 hereof or in the applicable Bill of Sale and Assignment and Assumption), all right, title and interest of the Seller in and to (A) the Equipment, and each Lease Agreement to which such Equipment
is subject on the Closing Date (to the extent but only to the extent that such Lease Agreement relates to such Equipment) as identified on a Delivery Schedule delivered by the Seller in accordance with this Agreement and (B) all Related Assets
with respect thereto. On the Closing Date, the Purchaser shall (i) deliver immediately available funds to the Seller in an amount equal to the Purchase Price as of the Closing Date to purchase from the Seller the Purchased Portion of the Sold
Assets Conveyed on the Closing Date and (ii) accept an irrevocable Asset Contribution from the Seller, in an amount equal to the excess of the aggregate Adjusted Appraised Value of all Equipment Conveyed over the Purchase Price, in each case,
as of the Closing Date. 
 Section 2.2. Conveyance of Equipment, Lease Agreements and Related Assets after the Closing
Date. (a) Subject to the terms and conditions of this Agreement, the Seller may from time to time subsequent to the Closing Date, Sell to the Purchaser, without recourse (except to the extent specifically provided in Section 4.3 and
Section 4.5 hereof or in the applicable Bill of Sale and Assignment and Assumption), all right, title and interest of the Seller in and to (A) the Equipment and each Lease Agreement to which such Equipment is subject on the related
Delivery Date (to the extent but only to the extent that such Lease Agreement relates to such Equipment) as identified on a Delivery Schedule delivered by the Seller in accordance with this Agreement and (B) all Related Assets with respect
thereto. On any Delivery Date when such Sold Assets are Conveyed by the Seller to the Purchaser, the Purchaser shall (i) deliver immediately available funds to the Seller in an amount equal to the Purchase Price as of such Delivery Date to
purchase from the Seller the Purchased Portion of the Sold Assets Conveyed on such Delivery Date and (ii) accept an irrevocable Asset Contribution from the Seller, in an amount equal to the excess of the aggregate Adjusted Appraised Value of
all Equipment Conveyed over the Purchase Price, in each case, as of such Delivery Date. Such Purchase Price shall be paid, on each such Delivery Date, from amounts on deposit in the Cash Collateral Account in accordance with the terms of the Credit
Agreement. 

  
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 Section 2.3 General Provisions Regarding All Transfers of Equipment and Lease
Agreements. (a) Subject to the terms and conditions of this Agreement, the Purchaser hereby agrees to purchase, acquire, accept and assume (including by an assumption of the obligations of the “lessor” under such Lease Agreements)
on each Delivery Date, all right, title and interest of the Seller in and to such Equipment, the Lease Agreements related to such Equipment (to the extent, but only to the extent, related to such Equipment) and Related Assets. The Seller hereby
acknowledges that each Conveyance by the Seller to the Purchaser hereunder is absolute and irrevocable, without reservation or retention of any interest whatsoever by the Seller. 

(b) The Conveyances of Equipment, the Lease Agreements related to such Equipment (to the extent, but only to the extent, related to such
Equipment) and Related Assets by the Seller to the Purchaser pursuant to this Agreement are, and are intended to be, absolute and unconditional assignments and conveyances of ownership (free and clear of any Liens other than Permitted Liens) of all
of the Seller’s right, title and interest in, to and under such Equipment, each Lease Agreement related to such Equipment (to the extent, but only to the extent, related to such Equipment) and Related Assets for all purposes and, except to the
extent specifically provided herein or in the applicable Bill of Sale and Assignment and Assumption, without recourse. The Seller shall on each Delivery Date deliver to the Purchaser a Delivery Schedule identifying the Equipment and the related
Lease Agreements to be Conveyed by the Seller to the Purchaser on such Delivery Date. 
 (c) Except as specifically provided in
Section 4.3 and Section 4.5 of this Agreement, all transfers of Sold Assets pursuant to this Agreement shall be without recourse to the Seller; it being understood that the Seller shall be liable to the Purchaser and to each Indemnified
Person for all representations, warranties, covenants and indemnities made by the Seller pursuant to the terms of this Agreement or any instrument or certificate delivered pursuant to the terms thereof, all of which obligations are limited solely
and exclusively so as not to constitute credit recourse to the Seller for losses arising from the financial inability of any Lessee to make its rental and other payments owed under the related Lease Agreements and/or the failure of the Purchaser or
the Administrative Agent to realize any particular amount upon a sale or other disposition of Equipment, including in any foreclosure or similar liquidation. 

  
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 (d) The Seller and the Purchaser intend that all transfers of Sold Assets to be a “true
sale” by the Seller to the Purchaser that is absolute and irrevocable and that provides the Purchaser with the full benefits of ownership of the Sold Assets, and neither the Seller nor the Purchaser intends the transactions contemplated
hereunder to be, or for any purpose to be characterized as, loans from the Purchaser to the Seller. It is, further, not the intention of the Purchaser or the Seller that the Conveyance of the Sold Assets by the Seller be deemed a grant of a security
interest in the Sold Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller, except to the limited extent contemplated in Article 9 of the UCC in respect of sales of certain financial assets. However, in the event
that, notwithstanding the intent of the parties, any Sold Assets are considered to be property of the Seller’s estate, then (i) this Agreement also shall be deemed to be, and hereby is, a security agreement within the meaning of Articles 8
and 9 of the UCC, and (ii) the Conveyance by the Seller provided for in this Agreement shall be deemed to be a grant by the Seller to the Purchaser of, and the Seller hereby grants to the Purchaser, a security interest in and to all of the
Seller’s right, title and interest in, to and under the Sold Assets including, without limitation, all Inventory, Equipment, Chattel Paper, General Intangibles, Accounts, Goods, Documents, Supporting Obligations, Instruments, Commercial Tort
Claims, Deposit Accounts, Investment Property (all as defined in the UCC) and proceeds of the foregoing constituting part of the Sold Assets, whether now or hereafter existing or created, to secure (i) the rights of the Purchaser and its
assigns to receive all Collections on the Sold Assets Conveyed or purported to be Conveyed hereunder, (ii) the rights of the Purchaser hereunder, (iii) a loan by the Purchaser to the Seller in an amount equal to the aggregate Adjusted
Appraised Value of all Equipment as of the Closing Date and each Delivery Date thereafter, and (iv) without limiting the foregoing, the payment and performance of the Seller’s obligations (whether monetary or otherwise) hereunder. The
Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Sold Assets, such security interest would be
deemed to be a perfected security interest of first priority (subject only to Permitted Liens) in favor of the Purchaser and its assigns (including, without limitation, the Administrative Agent) under applicable law and will be maintained as such
throughout the term of this Agreement. 
 (e) Consistent with the Purchaser’s ownership of the Sold Assets, as between the
Seller and the Purchaser, the Purchaser shall have the sole right to service, administer and collect the Sold Assets and to assign and/or delegate such right to others. 
 (f) The Purchaser shall have no obligation to account for, or to return any Collections on or with respect to a Sold Asset, or any interest or other finance charge collected pursuant thereto, to the
Seller, irrespective of whether such collections and charges are in excess of the Adjusted Appraised Value of the Equipment. The Purchaser shall have the sole right to retain any gains or profits created by buying, selling or holding the Sold Assets
and shall have the sole risk of and responsibility for losses or damages created by such buying, selling or holding. 
 (g) The
Purchaser shall have the unrestricted right to further assign, transfer, deliver, hypothecate, subdivide or otherwise deal with the Sold Assets and all of the Purchaser’s right, title and interest in, to and under this Agreement, in accordance
with the terms of the Loan Documents. 
 (h) On and after each Delivery Date and upon payment of the Purchase Price and
acceptance of the Asset Contribution on such Delivery Date, the Purchaser shall own the Equipment, the Lease Agreements related to such Equipment (to the extent, but only to the extent, related to such Equipment) and Related Assets Conveyed (or
purported to be Conveyed) to the Purchaser on such date, and the Seller shall not take any action inconsistent with such ownership and shall not claim any ownership interest in such assets. 

(i) The Bill of Sale shall be delivered in the State of Missouri and the Conveyances of Equipment pursuant to this Agreement shall be
deemed to occur within the State of Missouri. 

  
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 Section 2.4. Grant of License for Marks. In connection with the Equipment
Conveyed by Seller to Purchaser pursuant to the terms of this Agreement, the Seller hereby grants to Purchaser a non-exclusive license to utilize the Marks with respect to such Equipment. No licensing fee shall be payable by the Purchaser to the
Seller with respect to such license, which license shall remain in effect until the Obligations have been paid in full and shall be non-terminable for any reason prior to such time. 

ARTICLE III 
 CONDITIONS OF CONVEYANCE 

Section 3.1. Conditions Precedent to Conveyance. Each Conveyance made pursuant to Article II or Article IV of this
Agreement is subject to the condition precedent that the Purchaser shall have received, and the Administrative Agent shall have received copies of, all of the following on or before the applicable Delivery Date, in form and substance satisfactory to
the Purchaser and the Administrative Agent (it being understood and agreed that the Purchaser and its assigns, including, without limitation, the Administrative Agent, may waive any and all conditions in its sole discretion; and that upon acceptance
of any portion of the Purchase Price or the Asset Contribution described in Section 2.1 or 2.2 to be made in connection with such Conveyance, such conditions shall be deemed satisfied with respect to such Conveyance): 

(i) a Delivery Schedule executed by the Seller and setting forth the Equipment and Lease Agreements to be Conveyed on the
applicable Delivery Date pursuant to this Agreement; 
 (ii) a related Bill of Sale; 

(iii) a related Assignment and Assumption; 

(iv) an Appraisal Report prepared by an Eligible Appraiser with respect to the Equipment to be Conveyed, with such
Appraisal Report dated (a) with respect to Equipment to be Conveyed on the Closing Date, no earlier than December 1, 2012, (b) with respect to Equipment to be Conveyed on a Delayed Draw Borrowing Date (if any), no earlier than ninety
(90) days prior to the Delayed Draw Borrowing Date; provided that no additional Appraisal Report is required with respect to any Equipment being Conveyed on such Delayed Draw Borrowing Date if such Equipment is included in the Appraisal
Report delivered on the Closing Date, and (c) and in the case of any other Conveyance, no earlier than ninety (90) days prior to the related Delivery Date, or as otherwise agreed by the Administrative Agent, the Purchaser and the Seller;

 (v) copies of proper UCC financing statements, accurately describing the Conveyed Equipment, Lease Agreements
and Related Assets and naming the Seller as the “Debtor” and the Purchaser as “Secured Party”, as well as applicable filings with the STB and with the RGC, or other similar instruments or documents, all in such manner and in such
places as may be required by law or as may be necessary or, in the opinion of the Purchaser or the Administrative Agent, desirable to perfect the Purchaser’s interest in all Conveyed Equipment, related Lease Agreements and Related Assets
(provided that no such filings shall be required to be made in Mexico); and 

  
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 (vi) copies of proper UCC financing statement terminations or partial
terminations, and STB and RGC releases or terminations of filings, in each case accurately describing the Conveyed Equipment, Lease Agreements and Related Assets, or other similar instruments or documents, in form and substance sufficient for filing
under applicable law of any and all jurisdictions as may be necessary to effect or evidence a release or termination of any pre-existing Lien evidenced by an existing filing of record in the applicable UCC, STB or RGC filing office against the
Conveyed Equipment, related Lease Agreements and Related Assets. 
 Section 3.2. Additional Conditions Precedent to All
Conveyances. The Conveyances to take place on any Delivery Date hereunder shall be subject to the further conditions precedent that (it being understood and agreed that the Purchaser and its assigns, including, without limitation, the
Administrative Agent, may waive any and all conditions in its sole discretion; and that upon acceptance of any portion of the Purchase Price or the Asset Contribution described in Section 2.1 or 2.2 to be made in connection with such
Conveyance, such conditions shall be deemed satisfied with respect to such Conveyance): 
 (a) The following
statements shall be true: 
 (i) the representations and warranties of the Seller contained in Article IV
shall be true and correct (or, in the case of any representation or warranty not qualified as to materiality, true and correct in all material respects) on and as of such Delivery Date (except to the extent the same expressly relate to an earlier
date, in which case they shall be true and correct (or, in the case of any representation or warranty not qualified as to materiality, true and correct in all material respects) as of such earlier date), both before and after giving effect to the
Conveyance to take place on such Delivery Date and to the application of proceeds therefrom, as though made on and as of such date; and 
 (ii) the Seller shall be in material compliance with all of its material covenants and other agreements set forth in this Agreement and the other Loan Documents to which it is a party. 

(b) The Purchaser shall have received a Delivery Schedule, dated the applicable Delivery Date, executed by the Seller,
listing the Equipment and Lease Agreements being Conveyed on such date. 
 (c) The Seller shall have taken such
other action, including delivery of approvals, consents, opinions, documents and instruments to the Purchaser, as the Purchaser or the Administrative Agent may reasonably request. 

  
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 (d) The Seller shall have taken all steps necessary under all applicable law
in order to Convey to the Purchaser the Equipment described on the applicable Delivery Schedules, all Lease Agreements related to such Equipment and all Related Assets related to such Equipment and/or Lease Agreements, and upon the Conveyance of
such Equipment, related Lease Agreements and Related Assets from the Seller to the Purchaser pursuant to the terms hereof, the Purchaser will have acquired on such date good and marketable title to and a valid and perfected ownership interest in the
Conveyed Equipment, related Lease Agreements and Related Assets, free and clear of any Lien (other than Permitted Liens). 

ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 

Section 4.1. Representations and Warranties of the Seller—General. The Seller makes the following representations and
warranties for the benefit of the Purchaser and the Administrative Agent, on which the Purchaser relies in acquiring the Equipment, the related Lease Agreements and Related Assets Conveyed by the Seller hereunder. Such representations are made as of
each Delivery Date, but shall survive until the Obligations shall have been paid in full. 
 (a) Organization and Good
Standing. The Seller is a corporation, with organization identification number 25,442,200, duly organized, validly existing and in compliance under the laws of the State of North Dakota, with power and authority to own its properties and to
conduct its business as such properties are currently owned and such business is currently conducted, had at all relevant times, and now has, power, authority, and legal right to acquire and own the Sold Assets and to perform its obligations
hereunder and under any Loan Document to which it is a party, and the Seller has had the same legal name for the past six years and the Seller does not do business under any other name, except that the Seller reincorporated in Delaware on
January 20, 2006 by way of merger and reincorporated in North Dakota on June 30, 2009 by way of merger; 
 (b) Due
Qualification. The Seller is qualified to transact business in each jurisdiction and has obtained all necessary licenses and approvals as required under Legal Requirements, in each case, where the failure to be so qualified, licensed or
approved, could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 
 (c) Power and
Authority. The Seller has the power and authority to execute and deliver this Agreement and each other Loan Document to which it is a party and to carry out their terms; the Seller has duly authorized the Conveyance to the Purchaser of the Sold
Assets by all necessary action; the execution, delivery, and performance of this Agreement and any other Loan Document to which it is a party has been duly authorized by the Seller by all necessary action and this Agreement and any other Loan
Document to which it is a party have been duly executed and delivered by the Seller; 

  
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 (d) Valid Assignment; Enforceable Obligations. This Agreement constitutes a valid and
absolute Conveyance of all right, title, and interest of the Seller in, to and under the Sold Assets; this Agreement and each other Loan Document to which it is a party, when duly executed and delivered by the other parties thereto, will constitute
a legal, valid, and binding obligation of the Seller enforceable against the Seller in accordance with its terms subject, as to enforceability, to Debtor Relief Laws and to general principles of equity (regardless of whether enforcement is sought in
a proceeding in equity or at law); 
 (e) No Violation of Agreements. The consummation of the transactions contemplated
by and the fulfillment of the terms of this Agreement and the Loan Documents to which it is a party will not conflict with any of the terms and provisions of, result in any breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the Organization Documents of the Seller, or any material term of any material indenture, agreement, mortgage, deed of trust, or other instrument to which the Seller is a party or by which it is
bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust, or other instrument, other than this Agreement, the Credit Agreement and the
Security Agreement, or violate any law or any order, rule, or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency, or other Governmental Authority having jurisdiction over the Seller or
any of its properties; 
 (f) No Proceedings or Injunctions. There are (i) no litigations, proceedings or
investigations pending, or, to the knowledge of the Seller, threatened, before any court, regulatory body, administrative agency, or other tribunal or Governmental Authority (A) asserting the invalidity of this Agreement or any other Loan
Document to which it is a party, (B) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Loan Document to which it is a party, or (C) seeking any determination or ruling that might
materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any other Loan Document to which it is a party and (ii) no injunctions, writs, restraining orders or
other orders in effect against the Seller that could reasonably be expected to have a Material Adverse Effect; 
 (g)
Compliance with Law. The Seller: 
 (i) is not in violation of (A) any laws, ordinances, governmental
rules or regulations, or (B) court orders to which it is subject or by which it is bound; 
 (ii) has
obtained any licenses, permits, franchises or other governmental authorizations necessary to the ownership of its property or to the conduct of its business including, without limitation, with respect to transactions contemplated by this Agreement
and the other Loan Documents to which it is a party; and 
 (iii) is not in violation in any respect of any term
of any agreement, or other instrument to which it is a party or by which it may be bound, 
 which violation or failure (as referenced in clause
(i), (ii) or (iii) above) to obtain could reasonably be expected to, individually or in the aggregate, to have a Material Adverse Effect; 

  
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 (h) Insolvency; Fraudulent Conveyance. The Seller is paying its debts as they become
due and is not “insolvent” within the meaning of any Debtor Relief Law in that: 
 (i) both immediately
before and after giving effect to the assignment, transfer and contribution of the Sold Assets, the present value of the Seller’s assets will be in excess of the amount that will be required to pay the Seller’s probable liabilities as they
then exist and as they become absolute and matured; and 
 (ii) both immediately before and after giving effect
to the assignment, transfer and contribution of the Sold Assets, the sum of the Seller’s assets will be greater than the sum of the Seller’s debts, valuing the Seller’s assets at a fair market value. 

Each transfer of Sold Assets has been made for “reasonably equivalent value” as such term is used in Section 548 of the United States
Bankruptcy Code) and not on account of “antecedent debt” (as such term is used in Section 547 of the United States Bankruptcy Code); 
 (i) Chief Executive Office; Registered Office. The principal place of business and chief executive office of the Seller is located at 100 Clark Street, St. Charles, Missouri 63301; 

(j) Accounting and Tax Treatment. The Seller will treat the transfer of the Sold Assets to the Purchaser pursuant to this
Agreement as a sale and/or capital contribution of such Sold Assets for financial reporting, accounting and all income tax purposes, it being understood that such transfers may not be recognized in the Seller’s consolidated financial statement
under GAAP and may not be recognized for federal or state income tax purposes due to the Purchaser’s status as a single member limited liability company, and the Seller has been advised by its independent accountants that such independent
accountants agree with such treatment; 
 (k) Approvals. All approvals, authorizations, consents, orders or other actions
of any Person required to be obtained by the Seller in connection with the execution and delivery of this Agreement or any other Loan Document to which it is a party have been or will be taken or obtained on or prior to the Closing Date; 

(l) Governmental Consent. No consent, approval or authorization of, or filing, registration or qualification with, any
Governmental Authority is or will be necessary or required on the part of the Seller in connection with the execution and delivery of this Agreement or the transfer and Conveyance of the Sold Assets hereunder; 

(m) Ordinary Course. The transactions contemplated by this Agreement and the other Loan Documents are being consummated by the
Seller in furtherance of the Seller’s ordinary business purposes and constitute a practical and reasonable course of action by the Seller designed to improve the financial position of the Seller, with no contemplation of insolvency and with no
intent to hinder, delay or defraud any of its present or future creditors; and 

  
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 (n) Defaults under Indebtedness. The Seller is not in default with respect to
(i) any Indebtedness or (ii) any other contractual obligation that could reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 
 Section 4.2. Representations and Warranties—Assets. The following representations and warranties are made with respect to each Delivery Date on which the Seller is to Convey assets to the
Purchaser, with respect to each representation and warranty expressed as a representation and warranty of the Seller, and are made for the benefit of the Purchaser and the Administrative Agent as of the date of any Delivery Schedule delivered by the
Seller to the Purchaser and solely with respect to the Equipment and Lease Agreements that are referred to in such Delivery Schedule and the Related Assets in respect of such Equipment and Lease Agreements. 

(a) Except as permitted under the Credit Agreement, each Unit of Equipment is an Eligible Unit and each related Lease Agreement is an
Eligible Lease Agreement; 
 (b) The Seller has, and the Bill of Sale to be delivered on the Delivery Date shall Convey to the
Purchaser, all legal and beneficial title to the Equipment (and Related Assets in respect of such Equipment) that are being Conveyed thereunder, free and clear of all Liens (other than Permitted Liens), and such Conveyance constitutes a valid and
absolute transfer of all right, title and interest of the Seller in, to and under the Equipment (and Related Assets in respect of such Equipment) being Conveyed; 
 (c) the Seller has, and the Assignment and Assumption to be delivered on the Delivery Date shall assign to the Purchaser, all legal and beneficial title to the Lease Agreements to the extent, but only to
the extent, related to the Equipment (and Related Assets in respect of such Lease Agreements) that are being Conveyed, free and clear of all Liens (other than Permitted Liens), and such assignment constitutes a valid and absolute transfer of all
right, title and interest of the Seller in, to and under such Lease Agreements to the extent, but only to the extent, related to the Equipment (and Related Assets in respect of such Lease Agreements) being Conveyed; 

(d) All Lease Agreements relating to the Equipment contain rental and other terms that are no different, taken as a whole, from those for
similar Equipment in the rest of the Managed Fleet; 
 (e) All sales, use or transfer taxes, if any, due and payable upon the
Conveyance of the Equipment, related Lease Agreements and Related Assets being Conveyed on the applicable Delivery Date will have been paid or such transactions will then be exempt from any such taxes and the Seller will cause any required forms or
reports in connection with such taxes to be filed in accordance with applicable laws and regulations; 
 (f) The Equipment being
Conveyed are substantially similar, in terms of objectively identifiable characteristics that are relevant for purposes of the services to be performed by the Servicer under the Railcar Management Agreement, to the equipment in the Managed Fleet;

  
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 (g) The Seller is not in material default of its obligations as “lessor” (or other
comparable capacity) under any Lease, and, to the best of the Seller’s knowledge, there are (i) no defaults existing as of the date of Conveyance by any Lessee under any Eligible Lease Agreement, except such defaults that are not payment
defaults (except to a de minimis extent (but giving effect to any applicable grace periods)) and are not material defaults under the applicable Eligible Lease Agreement, and (ii) no claims or liabilities arising as a result of the
operation or use of any Equipment prior to the date hereof, as to which the Purchaser would be or become liable, except for ongoing maintenance and other obligations of the “lessor” provided for under full-service Eligible Lease
Agreements, which obligations are required to be performed by the Servicer pursuant to the Railcar Management Agreement; 
 (h)
All written information provided by the Seller or any Affiliate of the Seller to the Eligible Appraiser with respect to the Equipment and Lease Agreements being Conveyed is true and correct in all material respects. 

(i) All information provided in the applicable Delivery Schedule, including each schedule thereto, is true and correct on and as of the
related Delivery Date, including without limitation, all information provided therein with respect to the Equipment purported to be covered thereby and all information provided therein with respect to each Lease Agreement relating to any such
Equipment. All other information concerning the Equipment, related Lease Agreements and Related Assets covered by the applicable Delivery Schedule that was provided to the Issuer or the Administrative Agent prior to the related Delivery Date was
true and correct in all material respects as of the date it was so provided; 
 (j) All necessary action will have been taken by
the Seller and the Purchaser to validly transfer and Convey to the Purchaser all right, title and interest of the Seller in and to the Equipment, the related Lease Agreements and the Related Assets to be Conveyed to the Purchaser hereunder, arising
on or after the related Delivery Date; 
 (k) The Seller has not assigned, sold, otherwise Conveyed or released any of the Sold
Assets, except for any pledge or security interest that is released concurrently with the transfer to the Purchaser. The Seller has not authorized the filing of, and is not aware of, any financing statements against the Seller that include a
description of collateral covering the Sold Assets other than any financing statement or document of similar import (i) relating to the security interest granted to the Purchaser in this Agreement or the security interest granted to the
Administrative Agent in the Credit Agreement or any Loan Documents or (ii) that has been terminated or released on or prior to the related Transfer Date. The Seller is not aware of any judgment or tax lien filings against the Seller;

 (l) The rights with respect to each Lease Agreement Conveyed and all scheduled payments thereunder pursuant to this Agreement
are assignable by the Seller without the consent of any Person other than consents which will have been obtained on or before the related Delivery Date; and 

  
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 (m) In connection with each Conveyance, Purchaser shall not be required to procure any
consents, licenses or other approvals of any Governmental Authority in order to own, manage, maintain, finance and lease the Equipment being Conveyed in the manner contemplated by the Loan Documents, other than those that will have been obtained,
effected or made prior to or concurrently with such Conveyance. 
 Section 4.3. Breach of Representations and Warranties
Regarding Sold Assets. (a) Upon discovery by the Seller or the Purchaser (or any of their respective successors or assigns, including, without limitation, the Administrative Agent) of a breach of any of the Asset Representations, the party
(including any such successor or assign) discovering such breach shall give prompt written notice to the other party. Unless the breach shall have been cured or waived in writing by the Purchaser and the Administrative Agent (acting at the direction
of the Required Lenders), within fifteen (15) days after the earlier of (x) actual knowledge of such breach by an officer of the Seller or (y) receipt by the Seller of written notice of such breach, the Seller shall on or prior to
such fifteenth (15th) day either: 
 (i) repurchase the non-conforming Equipment and the related Lease
Agreement in accordance with the provisions set forth in Section 6.13(c) of the Credit Agreement no later than such fifteenth (15) day; or 
 (ii) replace such Unit with a Replacement Unit as set forth in Section 6.13(e) of the Credit Agreement no later than such fifteenth (15) day. 

(b) With respect to all Equipment purchased or replaced by the Seller pursuant to this Section 4.3, the Purchaser hereby assigns to
the Seller, without recourse, representation or warranty (except as to the absence of liens, claims, or encumbrances resulting from actions taken, or failed to be taken, by the Purchaser), all of the Purchaser’s right, title and interest in and
to such Equipment and other related Sold Assets relating to such Equipment effective immediately after such repurchase or replacement in full. 
 (c) The Purchaser agrees that the obligation of the Seller to repurchase or, if available, substitute any Equipment pursuant to this Section 4.3 shall constitute the sole remedies available against
the Seller by the Purchaser and its successors and assigns for breach of an Asset Representation; provided, however, that nothing contained herein shall derogate from the Seller’s indemnification obligations set forth in Section 4.5
hereof. 
 Section 4.4. Representations and Warranties of the Purchaser. The Purchaser makes the following
representations and warranties for the benefit of the Seller, on which the Seller relies in Conveying Equipment, related Lease Agreements and Related Assets to the Purchaser hereunder. Such representations are made as of each applicable Delivery
Date. 
 (a) Organization and Good Standing. The Purchaser has been duly organized and is validly existing and in good
standing as a limited liability company under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had
at all relevant times, and has, full power, authority and legal right to acquire and own the Equipment, related Lease Agreements, and Related Assets Conveyed hereunder. 

  
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 (b) Due Qualification. The Purchaser is duly qualified (except where the failure to
be so qualified would not have a material adverse effect on its ability to carry on its business as now conducted or as contemplated to be conducted) to do business as a foreign limited liability company in good standing, and has obtained all
necessary licenses (except to the extent that such failure to obtain such licenses is inconsequential) and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification,
licenses and/or approvals. 
 (c) Power and Authority. The Purchaser has the power, authority and legal right to execute
and deliver this Agreement and to carry out the terms hereof and to acquire the Equipment, related Lease Agreements, and Related Assets Conveyed hereunder; and the execution, delivery and performance of this Agreement and all of the documents
required pursuant hereto have been duly authorized by the Purchaser by all necessary action. 
 (d) No Consent Required.
The Purchaser is not required to obtain the consent of any other Person, or any consent, license (except to the extent that such failure to obtain such licenses is inconsequential), approval or authorization or registration or declaration with, any
Governmental Authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the other Loan Documents to which it is a party, except for such as have been obtained, effected or made. 

(e) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms, subject, as to enforceability, to Debtor Relief Laws and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law). 

(f) No Violation. The execution, delivery and performance by the Purchaser of this Agreement, the consummation of the transactions
contemplated by this Agreement and the other Loan Documents to which it is a party and the fulfillment of the terms of this Agreement and the other Loan Documents to which it is a party do not and will not conflict with, result in any breach of any
of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the organizational documents of the Purchaser, or conflict with or breach any of the terms or provisions of, or constitute (with or without
notice or lapse of time) a default under, any indenture, agreement, mortgage, deed of trust or other instrument to which the Purchaser is a party or by which the Purchaser is bound or to which any of its properties are subject, or result in the
creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than liens created hereunder or under the Credit Agreement or the Security
Agreement), or violate any law or any order, rule or regulation, applicable to the Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other governmental instrumentality having jurisdiction over
the Purchaser or any of its properties. 

  
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 (g) No Proceedings. There are no proceedings or investigations pending, or, to the
Purchaser’s knowledge, threatened against the Purchaser before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Purchaser or its properties: (i) asserting the
invalidity of this Agreement or any of the other Loan Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the other Loan Documents, (iii) seeking any determination or
ruling that could have an adverse effect on the performance by the Purchaser of its obligations under, or the validity or enforceability of, this Agreement or any of the other Loan Documents, (iv) that may have an adverse effect on the federal
or state income tax attributes of, or seek to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Equipment, related Lease Agreements, and Related Assets Conveyed hereunder or (v) that could have an
adverse effect on the Equipment, related Lease Agreements, and Related Assets Conveyed to the Purchaser hereunder. 
 (h)
Consideration. The Purchaser has given fair consideration and reasonably equivalent value in exchange for the Conveyance of the Equipment, related Lease Agreements and Related Assets being Conveyed hereunder. 

In the event of any breach of a representation and warranty made by the Purchaser hereunder, the Seller covenants and agrees that the
Seller will not take any action to pursue any remedy that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since all Obligations under all other Loan Documents have been paid in full. The Seller and the
Purchaser agree that damages will not be an adequate remedy for a breach of this covenant and that this covenant may be specifically enforced by the Purchaser or any third party beneficiary described in Section 6.8. 

Section 4.5 Indemnification. (a) The Seller shall defend, indemnify and hold harmless the Purchaser, the Administrative
Agent, each of their respective Affiliates and each of the respective directors, officers, employees, successors and permitted assigns, agents and servants of the foregoing (each, an “Indemnified Person”) from and against any and
all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or liability in tort), that may be imposed
upon, incurred by, suffered by or asserted against any Indemnified Person arising out of or resulting from any breach of the Seller’s representations and warranties and covenants contained herein, except (i) those resulting solely from any
gross negligence, bad faith or willful misconduct of the particular Indemnified Person claiming indemnification hereunder, (ii) those in respect of taxes that are otherwise addressed by the provisions of (and subject to the limitations of)
subsection (c) of this Section 4.5 below, or (iii) to the extent that providing such indemnity would constitute recourse for losses due to the uncollectibility of sale proceeds (or any particular amount of sale proceeds) in respect of
the Equipment due to a diminution in market value of such Equipment, or of a Lease Agreement or other third party payments due to the insolvency, bankruptcy or financial inability of the related Lessee or other third party (the matters contemplated
by clauses (i), (ii) and (iii) may be referred to collectively as the “Excluded Amounts”). 
 (b) The
Seller will defend and indemnify and hold harmless each Indemnified Person against any and all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether or not on the
basis of negligence, strict or absolute liability or liability in tort), that may be imposed upon, incurred by, suffered by or asserted against such Indemnified Person, other than Excluded Amounts, arising out of or resulting from any action taken
by the Seller, other than in accordance with this Agreement or the Credit Agreement or other applicable Loan Document, in respect of any portion of the Equipment, related Lease Agreements and Related Assets that are Conveyed hereunder. 

  
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 (c) The Seller agrees to pay, and shall defend, indemnify and hold harmless each Indemnified
Person from and against, any taxes (other than taxes based upon the income of an Indemnified Person and taxes that would constitute Excluded Amounts) that may at any time be asserted against any Indemnified Person with respect to the transactions
contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege, or license taxes and costs and expenses in defending against the same, arising by
reason of the acts to be performed by the Seller or the Seller under this Agreement and imposed against such Person. Without limiting the foregoing, in the event that the Purchaser, the Seller or the Administrative Agent receives actual notice of
any transfer taxes arising out of the Conveyance of any Equipment, related Lease Agreements, or Related Assets from the Seller to the Purchaser under this Agreement, on written demand by such party, or upon the Seller otherwise being given notice
thereof, the Seller shall pay, and otherwise indemnify and hold harmless the applicable Indemnified Person and the Administrative Agent harmless, on an after-tax basis, from and against any and all such transfer taxes (it being understood that none
of the Purchaser, the Manager, the Administrative Agent or any other Indemnified Person shall have any contractual obligation to pay such transfer taxes). 
 (d) The Seller shall defend, indemnify, and hold harmless each Indemnified Person from and against any and all costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or
claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or liability in tort), to the extent that any of the foregoing may be imposed upon, incurred by, suffered by or asserted against such
Indemnified Person (other than Excluded Amounts) due to the negligence, willful misfeasance, or bad faith of the Seller in the performance of its duties under this Agreement or by reason of reckless disregard of the Seller’s or the
Seller’s obligations and duties under this Agreement. 
 (e) The Seller shall indemnify, defend and hold harmless each
Indemnified Person from and against any costs, expenses, losses, obligations, penalties, liabilities, damages, actions, or suits or claims of whatsoever kind or nature (whether or not on the basis of negligence, strict or absolute liability or
liability in tort), that may be imposed upon, incurred by, suffered by or asserted against such Indemnified Person, other than Excluded Amounts, as a result of the failure of any Equipment, related Lease Agreements, and Related Assets Conveyed
hereunder to comply with all requirements of applicable law as of the applicable Delivery Date. 
 Indemnification under this
Section 4.5 shall include reasonable fees and expenses of counsel and expenses of litigation. The indemnity obligations hereunder shall be in addition to any obligation that the Seller or the Seller may otherwise have under applicable law or
any other Loan Document. 

  
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 ARTICLE V 

COVENANTS OF SELLER 

Section 5.1. Protection of Title of the Purchaser. (a) On or prior to the date hereof, the Seller on behalf of the
Purchaser shall have filed or caused to be filed UCC financing statements, STB and RGC filings (each in form proper for filing in the applicable jurisdiction) naming the Purchaser as purchaser or secured party, naming the Administrative Agent as
assignee and describing the Equipment, related Lease Agreements and Related Assets Conveyed by it to the Purchaser as collateral, with the office of the Secretary of State of the State of North Dakota and the STB and RGC filing offices. Without
limiting the foregoing, the Seller hereby authorizes the Purchaser and/or any assignee thereof (including, without limitation, the Administrative Agent and its counsel) to prepare and file any such UCC-1 financing statements. From time to time
thereafter, the Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation statements, all in such manner and in such places as may be required by law (or deemed desirable by the Purchaser or any
assignee thereof) to fully perfect, preserve, maintain and protect the interest of the Purchaser under this Agreement, and the security interest of the Administrative Agent under the Credit Agreement and the Security Agreement, in the Equipment,
related Lease Agreements and Related Assets that are Conveyed hereunder and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Purchaser and the Administrative Agent file-stamped copies of, or filing receipts for,
any document filed as provided above, following such filing in accordance herewith. In the event that the Seller fails to perform its obligations under this subsection, the Purchaser or the Administrative Agent (and its counsel) may perform such
obligations, at the expense of the Seller, and the Seller hereby authorizes the Purchaser or the Administrative Agent (and its counsel) and grants to the Purchaser and the Administrative Agent (and its counsel) an irrevocable power of attorney to
take any and all steps in order to perform such obligations in the Seller’s or in its own name, as applicable, and on behalf of the Seller, as are necessary or desirable, in the determination of the Purchaser or Administrative Agent or any
assignee thereof, with respect to performing such obligations. 
 (b) On or prior to the applicable Delivery Date hereunder, the
Seller shall take all steps necessary under all applicable law in order to transfer and assign to the Purchaser the Equipment, the related Lease Agreements and Related Assets being Conveyed on such date to the Purchaser so that, upon the Conveyance
of such Equipment, related Lease Agreement or Related Assets from the Seller to the Purchaser pursuant to the terms hereof on the applicable Delivery Date, the Purchaser will have acquired good and marketable title to and a valid and perfected
ownership interest in such Equipment, related Lease Agreements and Related Assets, free and clear of any Lien (other than Permitted Liens). On or prior to the applicable Delivery Date hereunder, the Seller shall cooperate with the Purchaser in order
to take all steps required under applicable law in order for the Purchaser to grant to the Administrative Agent a first priority (subject only to Permitted Liens) perfected security interest in the Equipment, related Lease Agreements and Related
Assets being Conveyed to the Purchaser on such Delivery Date and, from time to time thereafter, the Seller shall cooperate with the Purchaser in order to take all such actions as may be required by applicable law (or deemed desirable by the
Purchaser) to fully preserve, maintain and protect the Purchaser’s ownership interest in, and the Administrative Agent’s first priority (subject only to Permitted Liens) perfected security interest in the Equipment, related Lease
Agreements and Related Assets which have been Conveyed to the Purchaser hereunder. Notwithstanding anything to the contrary in this Agreement, the Seller shall not be required pursuant to this Agreement to make any filings, registrations or
recordations in Mexico. 

  
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 (c) The Seller shall not change its name, identity, jurisdiction of organization, corporate
structure or type of organization in any manner that would or could make any financing statement or continuation statement filed by Purchaser in accordance with this Agreement seriously misleading within the meaning of Section 9-506 of the UCC
(or any similar provision of the UCC), unless the Seller shall have given the Administrative Agent at least fifteen (15) days’ prior written notice thereof, and shall promptly file and hereby authorizes the Purchaser or the Administrative
Agent to file appropriate new financing statements or amendments to all previously filed financing statements and continuation statements. 
 (d) The Seller shall give the Administrative Agent at least fifteen (15) days’ prior written notice of any relocation of its jurisdiction of organization if, as a result of such relocation, the
applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement. The Seller shall at all times maintain (i) its jurisdiction of
organization and its principal executive office within the United States of America and (ii) each office from which it manages or purchases Equipment and Lease Agreements related to the Purchaser within the United States of America or Canada.

 Section 5.2. Other Liens or Interests. Except for the Conveyances hereunder, the Seller will not sell, pledge,
assign, transfer or otherwise convey to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Equipment, Lease Agreements and Related Assets Conveyed hereunder or any interest therein (other than Permitted Liens), and
the Seller shall defend the right, title, and interest of the Purchaser and the Administrative Agent in and to such Equipment, Lease Agreements and Related Assets against all Liens or claims of Liens of third parties claiming through or under the
Seller (other than Permitted Liens). To the extent that any Equipment, Lease Agreement or Related Asset shall at any time secure any debt of the related Lessee to the Seller or any of its affiliates (other than Permitted Liens), the Seller agrees
that any security interest in its favor arising from such a provision shall be subordinate to the interest of the Purchaser (and its further assignees) in such Equipment, Lease Agreement or Related Asset. 

Section 5.3. No Bankruptcy Petition. The Seller will not, prior to the date that is one year and one day after the payment in
full of all Obligations and other amounts owing pursuant to the Credit Agreement and the Loan Documents, institute against the Purchaser or join any other Person in instituting against the Purchaser, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar involuntary proceedings under any Debtor Relief Law. This Section 5.3 shall survive the termination of this Agreement. 

  
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 Section 5.4. Separate Corporate Existence of the Purchaser. The Seller hereby
acknowledges that the Purchaser is entering into the transactions contemplated by the Loan Documents in reliance upon the Purchaser’s identity as a legal entity separate from the Seller. The Seller will take all reasonable steps to continue its
identity as a separate legal entity and to make it apparent to third Persons that it is an entity with assets and liabilities distinct from those of the Purchaser and that the Purchaser is not a division of the Seller or any other Person, and in
this regard agrees not to take or cause the Purchaser to take any actions that are inconsistent with the Purchaser’s covenants in regard to entity separateness set forth in Section 6.19 of the Credit Agreement. 

Section 5.5. Marking of Records. The Seller shall mark its master accounting and data processing records to evidence the
Conveyance of the Equipment and the other Sold Assets and such records shall be maintained at Seller’s place of business. 

ARTICLE VI 
 MISCELLANEOUS 
 Section 6.1. Amendment. This
Agreement may be amended by the Seller and the Purchaser only with the prior written consent of the Administrative Agent (acting at the direction of the Required Lenders). 
 Section 6.2. Notices. All demands, notices and communications required hereunder shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by facsimile or electronic mail as follows: (a) if to the Seller at the following address: 100 Clark Street, Suite 200, St. Charles, Missouri 63301, Attention: Diana Gould, Facsimile: (636) 940-6044; (b) if to
the Purchaser at the following address: c/o AMERICAN RAILCAR INDUSTRIES, INC., 100 Clark Street, Suite 200, St. Charles, Missouri 63301, Attention: Michael Obertop, Facsimile:
(636) 940-6044; (c) if to the Servicer, at the following address: AMERICAN RAILCAR LEASING, LLC, 100 Clark Street, Suite 201, St. Charles, Missouri 63301, Attention: Steve Unger Facsimile:
(636) 940-6044; and (d) if to the Administrative Agent, at the following address: c/o FIFTH THIRD BANK, 38 Fountain Square Plaza, Cincinnati Ohio 45263, Attention: Loan Syndications/Judy Huls,
Facsimile: (513) 534-0875, or such other address(es) as shall be designated by such party in a written notice delivered to the other parties hereto. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile or electronic mail shall be deemed
to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). 

Section 6.3. Merger and Integration. Except as specifically stated otherwise herein, this Agreement and the other Loan
Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the other Loan Documents. This Agreement may not be modified,
amended, waived or supplemented except as provided herein. 

  
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 Section 6.4. Severability of Provisions. If any one or more of the covenants,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement. 
 Section 6.5. Governing Law; Jurisdiction;
Etc. (A) GOVERNING LAW. THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE,
OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED
ON, ARISING OUT OF, OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PROVISIONS (OTHER THAN
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

(B) JURISDICTION. EACH OF THE SELLER
AND THE PURCHASER IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT
COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION,
WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR
OTHERWISE, AGAINST THE OTHER PARTY HERETO IN ANY WAY RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS RELATING HERETO IN ANY FORUM OTHER THAN
THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY, AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND
EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS
IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF
THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION,
LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT
THAT THE PURCHASER OR SELLER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST THE OTHER PARTY HERETO
OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(C) WAIVER OF VENUE. EACH OF
THE SELLER AND THE PURCHASER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION
OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
COURT REFERRED TO IN SECTION 6.5(B) ABOVE. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (D) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS
TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 6.2. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY
PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW. 

  
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 Section 6.6. Counterparts. For the purpose of facilitating the execution of this
Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 6.7. Binding Effect: Assignability. (a) This Agreement shall be binding upon and inure to the benefit of the
Seller, the Purchaser and their respective successors and assigns; provided, however, that Seller may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Purchaser and the
Administrative Agent (acting at the direction of the Required Lenders). The Purchaser may assign as collateral security all of its rights hereunder to the Administrative Agent, and such assignee shall have all rights of the Purchaser under this
Agreement (as if such assignee were the Purchaser hereunder). 
 (b) This Agreement shall create and constitute the continuing
obligation of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time when all Obligations are paid in full. 
 Section 6.8. Third Party Beneficiaries. Each of the parties hereto hereby acknowledges that the Purchaser has assigned as collateral security all of its rights under this Agreement to the
Administrative Agent (for the benefit of the Lenders) under the Credit Agreement, and the Seller hereby consents to such assignment and agrees that the Administrative Agent (for the benefit of the Lenders) shall be a third party beneficiary of this
Agreement and may exercise the rights of the Purchaser hereunder and shall be entitled to all of the rights and benefits of the Purchaser hereunder to the same extent as if it were party hereto. 

In addition, whether or not otherwise expressly stated herein, all representations, warranties, covenants and agreements of the Seller in
this Agreement or in any document delivered by any of them in connection with this Agreement (including without limitation, in any Delivery Schedule), shall be for the express benefit of the Administrative Agent, as an express third party
beneficiary, and shall be enforceable by the Administrative Agent as if such Person were a party hereto. The Seller hereby acknowledges and agrees that such representations, warranties, covenants and agreements are relied upon by the Administrative
Agent and each Lender. 
 Section 6.9. Term. This Agreement shall commence as of the date of execution and delivery
hereof and shall continue in full force and effect until the payment in full of all Obligations. 
 Section 6.10. No
Waiver, Cumulative Remedies. No delay or failure on the part of a party hereto in the exercise of any power or right under this Agreement shall operate as a waiver thereof or as an acquiescence in any default, nor shall any single or partial
exercise of any power or right preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies hereunder of the parties hereto are cumulative to, and not exclusive of, any rights or remedies which
any of them would otherwise have. 

  
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 Section 6.11. Waiver of Jury Trial. EACH OF
THE SELLER AND THE PURCHASER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 6.16. Heading. Section headings used in this Agreement are for reference only and shall not affect the
construction of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

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

			
	AMERICAN RAILCAR INDUSTRIES, INC.
		
	By:	 	/s/ James Cowan
		 	Name: James Cowan
		 	Title: President and CEO
	
	LONGTRAIN LEASING I, LLC
		
	By:	 	/s/ Dale C. Davies
		 	Name: Dale C. Davies
		 	Title: Sr. VP and CFO

 Signature Page to Contribution and Sale Agreement

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