Document:

EXHIBIT 10.36

                    AMENDED AND RESTATED MANAGEMENT AGREEMENT

                     --------------------------------------

                                     between

                     TAL INTERNATIONAL CONTAINER CORPORATION
                                     Manager

                                       and

                               TAL ADVANTAGE I LLC
                                      Owner

                     --------------------------------------

                                   Dated as of
                                 April 12, 2006

                                TABLE OF CONTENTS

                                                                                                             PAGE

Section 1.      Definitions.................................................................................... 1

Section 2.      Appointment of the Manager..................................................................... 1

       2.1      Appointment of Manager......................................................................... 1

       2.2      Appointment of Subservicers.................................................................... 2

       2.3      Retention of Title............................................................................. 2

       2.4      Exclusive Representation of Owner.............................................................. 2

Section 3.      Manager's Services with Respect to the Managed Containers...................................... 2

       3.1      Non-Discrimination............................................................................. 2

       3.2      Terms of Lease Agreements...................................................................... 3

       3.3      Leasing........................................................................................ 3

       3.4      Maintenance and Repair......................................................................... 4

       3.5      Compliance With Law............................................................................ 4

       3.6      Markings....................................................................................... 4

       3.7      Casualty Losses; Sale of Managed Containers;  Lost or Destroyed Containers..................... 4

       3.8      Sales of Managed Containers.................................................................... 5

       3.9      Insurance...................................................................................... 5

       3.10     Books and Records; Inspection of Books and Records; Inspection of Managed Containers;
                Back-up Tape................................................................................... 6

       3.11     Concentration Account and Payment Instructions................................................. 7

       3.12     Identification of Funds in the Concentration Account........................................... 7

       3.13     Transfer of Funds Received by the Manager...................................................... 8

       3.14     Time and Attention to Duties................................................................... 8

Section 4.      Reporting Obligations of the Manager........................................................... 8

       4.1      Reports Due from the Manager................................................................... 8

       4.2      Manager Advances.............................................................................. 10

Section 5.      Deposits to Trust Account; Payment of Management Fee.......................................... 10

       5.1      Deposits...................................................................................... 10

       5.2      Compensation of Manager....................................................................... 11

Section 6.      Term.......................................................................................... 12

Section 7.      Reserved...................................................................................... 12

                                       -i-

                                TABLE OF CONTENTS
                                   (continued)

                                                                                                             PAGE

Section 8.      Representations and Warranties; Covenants..................................................... 12

       8.1      Manager Representations....................................................................... 12

       8.2      Owner Representations......................................................................... 14

       8.3      Covenants of the Manager...................................................................... 15

Section 9.      Manager Default............................................................................... 16

       9.1      Manager Default............................................................................... 16

       9.2      Remedies...................................................................................... 18

       9.3      Transfer of Managed Containers................................................................ 19

       9.4      Power of Attorney............................................................................. 19

       9.5      Owner Power of Attorney....................................................................... 20

Section 10.     No Partnership................................................................................ 21

Section 11.     No Warranties................................................................................. 21

Section 12.     Non-Exclusivity............................................................................... 21

Section 13.     Assignment.................................................................................... 22

Section 14.     Indemnification............................................................................... 22

       14.1     By the Owner.................................................................................. 22

       14.2     By the Manager................................................................................ 22

Section 15.     No Bankruptcy Petition Against the Owner...................................................... 23

Section 16.     Notices....................................................................................... 23

Section 17.     Governing Law; Consent to Jurisdiction........................................................ 25

       17.1     Governing Law................................................................................. 25

       17.2     Consent to Jurisdiction....................................................................... 25

       17.3     Waiver of Jury Trial.......................................................................... 25

Section 18.     Successors and Assigns........................................................................ 25

Section 19.     Severability.................................................................................. 25

Section 20.     Entire Agreement; Amendments; Waiver.......................................................... 25

Section 21.     Counterparts.................................................................................. 26

Section 22.     Intended Third Party Beneficiaries............................................................ 26

Section 23.     Effect on Prior Agreement..................................................................... 26

                                      -ii-

EXHIBIT A - MANAGER REPORT

EXHIBIT B - AFFILIATES OF MANAGER AND APPROVED SUBSERVICERS

EXHIBIT C - CREDIT AND COLLECTION POLICY

EXHIBIT D - AGREED UPON PROCEDURES

EXHIBIT E - DEPRECIATION POLICY

                                      -iii-

      This AMENDED AND RESTATED MANAGEMENT AGREEMENT, dated as of April 12, 2006
(as amended, modified or supplemented from time to time in accordance with the
terms hereof, this "Agreement"), between TAL ADVANTAGE I LLC, a limited
liability company organized and existing under the laws of the State of Delaware
(together with its successors and permitted assigns, the "Owner" or the
"Issuer") and TAL INTERNATIONAL CONTAINER CORPORATION, a Delaware corporation
(together with its successors and permitted assigns, "Manager").

                               W I T N E S S E T H

      WHEREAS, the Owner is the owner of the Managed Containers; and

      WHEREAS, the Manager is in the business of leasing Containers to shipping
lines and other container users, and is experienced in administration of a
container leasing business; and

      WHEREAS, the Owner wishes to contract with the Manager for the purposes of
(i) managing the operation and leasing of the Managed Containers and (ii)
performing other administrative duties for the Owner; and

      WHEREAS, the Manager has agreed to manage the Owner's business including
the Managed Containers and to operate and lease out the Managed Containers as
part of the Manager's Container Fleet and to perform other administrative duties
for the Owner; and

      NOW, THEREFORE, in consideration of the premises and the mutual
representations, warranties, covenants and agreements contained herein, the
parties hereto hereby agree as follows:

      Section 1.     Definitions. Terms capitalized but not defined herein shall
have the meanings ascribed thereto in Appendix A to that certain Amended and
Restated Indenture dated as of April 12, 2006, between the Issuer and U.S. Bank
National Association, as Indenture Trustee (as amended, restated or otherwise
modified from time to time in accordance with the terms thereof, the
"Indenture"), as such Appendix A may be amended, supplemented or otherwise
modified from time to time in accordance with the provisions of the Indenture.

      Section 2.     Appointment of the Manager.

      2.1     Appointment of Manager. The Owner hereby exclusively (i) appoints
the Manager as its agent to manage and administer its business, and to manage
the Managed Containers, including performance of all of the Owner's duties and
observance of all of the Owner's obligations under the Indenture and the other
Transaction Documents to which it is a party, and (ii) grants to the Manager the
authority on behalf of the Owner to enter into, administer, enforce and
terminate Lease Agreements relating to the Managed Containers, to sell, transfer
or otherwise dispose of and enforce the Owner's rights with respect to the
Managed Containers, to collect monies and make disbursements on behalf of the
Owner, and to manage its finances, all such activities described in clauses (i)
and (ii) to be conducted on the terms and subject to the conditions set forth
herein. The Manager hereby agrees to so manage the Managed Containers and
administer the Owner's business, including performance of all of the Owner's
duties and observance of all of the Owner's obligations under the Indenture and
the other

Transaction Documents to which the Owner is a party, upon the terms and
conditions herein; provided, however, that nothing contained in this Agreement
or any other Transaction Document shall be or shall be construed to be either
(x) an express or implied guaranty by the Manager of the Notes or any other
Outstanding Obligations incurred by the Owner or (y) an express or implied
agreement to make payments on the Notes or other Outstanding Obligations.

      2.2     Appointment of Subservicers. In performing its duties hereunder,
the Manager may, subject to the restrictions set forth herein, contract with any
of its Affiliates listed on Exhibit B hereto to provide the services required to
be rendered by the Manager hereunder (each resulting agreement, a "Subservicing
Agreement," and each Affiliate that is a party to such Subservicing Agreement, a
"Subservicer"); provided, however, that (i) the Manager shall be solely
responsible for the receipt and processing of all Container Revenues, Sales
Proceeds and Casualty Proceeds, (ii) each Subservicing Agreement (but not other
agreements to which the Manager may be a party) must expressly provide that such
Subservicing Agreement may be terminated by the Requisite Global Majority if a
Manager Default has occurred and is then continuing, and (iii) the Manager shall
be solely responsible for the payment to each such Subservicer of any and all
compensation, expenses and indemnities to each such Subservicer. The Manager
will require each Subservicer to forward weekly into a bank account in the name
of the Manager all Collections received by such Subservicer. The Manager will
not contract with any other Person to provide any of the services to be rendered
by the Manager to the Owner hereunder without the prior written consent of the
Requisite Global Majority. Notwithstanding any provision of such services by its
Subservicers, the Manager shall remain obligated and liable to the Owner, the
Indenture Trustee, each Series Enhancer (so long as such Series Enhancer is the
Control Party for a Series of Outstanding Notes) and the Noteholders for the
management and the administration of the Managed Containers in accordance with
the provisions of this Agreement, without diminution of such obligation or
liability by virtue of such agreements or arrangements with its Subservicers, to
the same extent and under the same terms and conditions as if the Manager alone
were servicing and administering the Managed Containers.

      2.3     Retention of Title. The Owner shall at all times retain full legal
and equitable title to the Managed Containers, notwithstanding the management
thereof by Manager hereunder. Manager shall not make reference to, or otherwise
deal with or treat, the Managed Containers in any manner except in conformity
with this Agreement.

      2.4     Exclusive Representation of Owner. Except as otherwise provided in
this Agreement, during the term of this Agreement, the Manager will be the
exclusive agent of the Owner with respect to the Owner's business and with
respect to the management of the Managed Containers and the Owner agrees that it
will not engage any other Person to perform, or pay any consideration to any
other Person for performing, the same or similar services with respect to the
owner's business or with respect to the Managed Containers.

      Section 3.     Manager's Services with Respect to the Managed Containers.

      3.1     Non-Discrimination. In performing its duties pursuant to this
Agreement, the Manager shall exercise substantially the same degree of skill and
care with which it services, leases and manages containers held for its own
account and consistent with the reasonable commercial practices of a prudent
container lessor engaged in the administration, leasing and

                                        2

servicing of shipping containers (such standard of care, the "Servicing
Standard"). Without limiting the foregoing, the Manager shall not knowingly
discriminate in favor of or against the Managed Containers in connection with
the management and operation of the Container Fleet.

      3.2     Terms of Lease Agreements. Without prejudice to the rights and
title of the Owner with respect to the Managed Containers, the Manager may
arrange for the leasing of the Managed Containers pursuant to Lease Agreements
that are in its own name as principal, and not as agent of the Owner; provided,
however, that it is understood and agreed that the Manager is acting thereunder
solely as agent of the Owner. The Manager shall have sole discretion to
determine to whom to lease, sell or otherwise dispose of the Managed Containers,
to determine the per diem rates and other charges to be paid and all other terms
and conditions of the Lease Agreements and to renegotiate, amend and consent to
waivers under such Lease Agreements. The Manager shall invoice and collect from
lessees all rental payments and other amounts due under and pursuant to the
Lease Agreements relating to the Managed Containers.

      3.3     Leasing. The Manager shall operate and lease the Managed
Containers as part of its Container Fleet and shall perform all managerial and
administrative functions and provide or arrange for the provision of all
services and documentation of any nature which it considers necessary or
desirable for such operation and leasing. The Manager shall, in compliance with
the Servicing Standard, take all actions the Manager deems appropriate to ensure
compliance by the Lessees with the terms of any Lease Agreement, including the
exercise of the rights of the lessor thereunder.

              3.3.1  With respect to the Managed Containers, the Manager shall
use reasonable efforts to include in the terms of lease agreements with lessees
a provision requiring lessees to comply with Applicable Law affecting the
Managed Containers and their use, operation and storage while the Managed
Containers are on-hire and the Manager shall use reasonable efforts to include
in the terms of depot agreements with third-party storage and repair depots a
provision requiring the depots to comply with Applicable Law affecting the
Managed Containers while the Managed Containers are off-hire and stored in the
depot.

              3.3.2  The Manager will monitor and record the status of the
Managed Containers in the same manner as for containers held for its own
account, i.e. for each Managed Container it will record the on-hire location,
the date of on-hire and the lessee to whom the Managed Container is on-hire, the
off-hire date of the Managed Container and the off-hire location, and the depot
where the Managed Container is located while off-hire.

              3.3.3  The Manager shall follow the Credit and Collection Policy
with respect to the leasing of the Managed Containers and, subject to the terms
of such Credit and Collection Policy, the Manager may, in its sole discretion
(a) determine and approve the creditworthiness of any lessee (though the Manager
makes no representation or warranty to the Owner as to the solvency or financial
stability of any lessee), (b) determine that any amount due from any lessee is
not collectible, (c) institute and prosecute legal proceedings against a lessee
as permitted by Applicable Law, (d) terminate or cancel any Lease Agreement, (e)
recover possession of the Managed Containers from any lessee, (f) settle,
compromise or release any proceeding or claim against a lessee in the name of
the Manager or, if appropriate, in the name of the Owner, or (g) reinstate any
Lease Agreement.

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              3.3.4  In performing its duties under this Agreement, the Manager
shall use reasonable efforts to comply with the Concentration Limits when
entering into new Lease Agreements and, in any event, shall not, without the
prior written consent of the Requisite Global Majority, lease all, or
substantially all, of the Managed Containers to an Affiliate of the Manager or
to a single lessee.

              3.3.5  The Manager hereby acknowledges that the Manager and its
Affiliates are holding the leases relating to the Managed Containers (but only
to the extent that such leases relate to the Managed Containers), on behalf of,
and for the benefit of, the Indenture Trustee.

      3.4     Maintenance and Repair. The Manager shall keep, or, with respect
to Managed Containers on lease, cause the related lessee, to keep, each Managed
Container (i) in good repair and working order in a manner consistent with past
practices, and (ii) in accordance with its maintenance and repair standards for
the Container Fleet. The Manager shall make, or cause to be made, all necessary
inspections, repairs, replacements, additions and improvements to each Managed
Container as are commercially reasonable for the conduct of its business in
accordance with the ordinary course of the Manager's business consistent with
past practices; it being understood that it may, in some cases, be commercially
reasonable not to repair a Managed Container. The Manager shall institute and
prosecute claims against the manufacturers and sellers of the Managed Containers
as the Manager may consider advisable for breach of warranty, any defect in
condition, design, operation or fitness or any other nonconformity with the
terms of manufacture. The Manager shall have no liability to the Owner for any
such breach of any manufacturer's or seller's or any other Person's warranty or
for any such defect in condition, design, operation or fitness or any other
nonconformity with the terms of manufacture. The Manager shall at all times use
the Managed Containers, and require the related lessee to use the Managed
Containers, in accordance with good operating practices. The Manager shall not
knowingly use (or knowingly permit the lessees to use) the Containers for
storage or transportation of contraband in violation of applicable United States
law.

      3.5     Compliance With Law. The Manager will comply, in all material
respects, with all acts, rules, regulations, orders, decrees and directions of
any governmental authority that are applicable to the Lease Agreements and the
Managed Containers or any part thereof except for any noncompliance which would
not reasonably be expected to result in a Material Adverse Change; provided,
however, that the Manager may contest any act, rule, regulation, order, decree
or direction in any reasonable manner which shall not materially and adversely
affect the Noteholders or any Series Enhancer; and provided, further, that such
contests shall be in good faith by appropriate proceedings and as to which
adequate reserves in accordance with GAAP have been established, but only so
long as such proceedings shall not, individually or in the aggregate, subject
any Series Enhancer, any Noteholder or Indenture Trustee to any civil or
criminal liability.

      3.6     Markings. The Manager shall ensure that each Managed Container
shall carry its Container Identification Number and other markings as may be
required for its operation in marine and intermodal shipping.

      3.7     Casualty Losses; Sale of Managed Containers; Lost or Destroyed
Containers. If any Managed Container shall suffer a Casualty Loss while it is
subject to the terms of this

                                        4

Agreement, the Manager shall remit to the Trust Account, in accordance with the
provisions of Section 5.1.1 hereof, the Casualty Proceeds (net of any expenses,
taxes or reserves in respect thereof), if any, received as a consequence of such
Casualty Loss.

      3.8     Sales of Managed Containers. The Manager shall have the ability in
its sole discretion to sell or otherwise dispose of any of the Managed
Containers, subject to compliance with the applicable provisions of Sections 404
and 606 of the Indenture. The Manager shall remit to the Trust Account, in
accordance with the provisions of Section 5.1.1 hereof, the Sales Proceeds (net
of any expenses, taxes or reserves in respect thereof) received as a consequence
of any such sale.

      3.9     Insurance. (a) The Manager will, in a manner consistent with its
normal procedures and the Servicing Standard, (i) effect and maintain with
financially sound and reputable companies general liability insurance, insuring
the Issuer and the Indenture Trustee (for the benefit of the Noteholders)
against liability for personal injury and property damage liability, caused by,
or relating to, the Managed Containers then off-lease, with such levels of
coverage and deductibles that are consistent with the levels in effect as of the
Initial Closing Date, and (ii) have a standard form of lease agreement that
requires each lessee to maintain (1) physical damage insurance in an amount not
less than the stipulated loss value agreed to by the lessee of the Managed
Containers on lease to it, and (2) comprehensive general liability insurance,
including contractual liability, against claims for bodily injury or death and
property damage. The Indenture Trustee reserves the right (but shall not have
the obligation) to obtain, at the direction of the Requisite Global Majority and
at the Manager's expense, insurance of the type described in clause (i) above if
the Manager shall fail to obtain such coverage in the specified amounts.
However, the Indenture Trustee will notify the Manager prior to obtaining such
insurance.

                     (b)   All insurance maintained by the Manager for loss or
damage of the Managed Containers shall provide that losses, if any, shall be
payable to the Issuer and the Indenture Trustee or its designee as an additional
loss payee and the Manager shall utilize its reasonable efforts to have all
checks relating to any such losses delivered promptly to the Indenture Trustee.
The Issuer and the Indenture Trustee shall be named as additional insureds with
respect to all such liability insurance maintained by the Manager (or on behalf
of the Manager by a direct or indirect parent company thereof). The Manager
shall pay the premiums with respect to all such insurance and deliver to
Indenture Trustee evidence of such insurance coverage as contemplated by Section
4.1.4. The Manager shall cause to be provided to the Indenture Trustee, not less
than fifteen (15) days prior to the scheduled expiration or lapse of such
insurance coverage, evidence reasonably satisfactory to the Indenture Trustee of
renewal or replacement coverage. The Manager shall use its commercially
reasonable efforts to have each insurer agree, by endorsement upon the policy or
policies issued by it or by independent instrument furnished to the Indenture
Trustee, that (i) it will give each additional insured and the loss payee thirty
(30) days' prior written notice of the effective date of any material
alteration, cancellation or non-renewal of such policy and (ii) in the event
that the cancellation of such coverage would result in a breach of this Section
3.9 by the Manager, it will permit the Issuer and/or the Indenture Trustee to
make payments to effect the continuation of coverage upon notice of cancellation
due to nonpayment of premium. Such insurance may be effected by a policy which
covers the entire Container Fleet, which policy shall include an additional
insured

                                        5

and loss payee endorsement with respect to the Managed Containers in favor of
the Indenture Trustee, for the benefit of the Noteholders.

      3.10    Books and Records; Inspection of Books and Records; Inspection of
Managed Containers; Back-up Tape.

              3.10.1 The Manager shall maintain at its offices (which, as of the
Initial Closing Date, are located at 100 Manhattanville Road, Purchase, New York
10577-2135 USA), such books and records (including computer records) with
respect to the Managed Containers as it maintains for the Container Fleet and
the leasing thereof, including a computer database including the Managed
Containers (containing sufficient information to generate the List of Containers
and the reports required to be delivered pursuant to this Agreement), any Lease
Agreements relating thereto, their lessees (if on-hire) or location (if
off-hire) and their Net Book Value.

              3.10.2 The Manager shall make available to the Owner and the
Indenture Trustee and each Series Enhancer, for inspection and copying, its
books, records and reports relating to the Managed Containers and copies of all
Lease Agreements or other documents relating thereto, all in the format which
the Manager uses for its own operations. The Person(s) desiring to conduct any
such inspection of the books, records and reports shall provide the Manager with
not less than (i) five (5) Business Days' notice if a Manager Default is not
then continuing or (ii) one (1) Business Day's notice if a Manager Default shall
have occurred and is then continuing, and shall specify in such notice the
matters to be addressed in such inspection; provided, however, that, unless an
Event of Default or Manager Default shall have occurred and is then continuing,
the Indenture Trustee shall not be permitted to deliver any such notice or to
seek the right to any such inspection pursuant to this Section 3.10.2, and the
Manager shall not be obligated to permit any such inspection pursuant to this
Section 3.10.2, in the event that the Indenture Trustee shall have consummated
two inspections pursuant to this Section 3.10.2 at any time in the previous
12-month period. All such inspections shall be conducted during normal business
hours and shall not unreasonably disrupt the Manager's business, and, subject to
the foregoing, the Owner, Indenture Trustee or Series Enhancer, as applicable
will be permitted to discuss, with any Authorized Officer, Managing Officer or
the Manager's independent accountants, the affairs, finances and accounts of the
Manager as they relate to the Managed Containers and this Agreement. All
inspections conducted by the Indenture Trustee shall be conducted by an
independent diligence service selected by the Administrative Agent (provided,
however, that if no Manager Default, Early Amortization Event or Event of
Default is continuing, the second annual inspection permitted pursuant to this
Section 3.10.2 shall not involve a collateral or field audit). So long as no
Manager Default, Early Amortization Event or Event of Default is continuing, the
Manager shall pay the reasonable and documented costs and expenses incurred by
such Person(s) in conducting not more than one such inspection in any calendar
year. In addition, the Manager shall pay the reasonable and documented costs and
expenses incurred by such Person(s) in conducting any such examinations during
the continuation of any of a Manager Default, Early Amortization Event or Event
of Default.

              The Owner acknowledges that the Manager uses certain software
under license from unrelated third parties and that the Manager shall grant the
Owner, the Indenture Trustee

                                        6

and each Series Enhancer access to the computer systems and data contained
therein, but not copies of the software itself.

              3.10.3 The Manager shall, in accordance with its then existing
disaster recovery plan, deliver periodically (but no less frequently than
weekly) to an independent data custodian (the "Data Custodian") reasonably
satisfactory to the Administrative Agent and each Series Enhancer an electronic
copy (the "Tape") of the following information, as of the most recently
available date, with respect to each of the Managed Containers: (i) the
Container Identification Number, (ii) if then on-lease, the name of the lessee
and the date of the related Lease Agreement, and (iii) if then off-lease, the
name and location of the depot in which stored. The Manager shall cause such
Data Custodian to make the most recent Tape available to the Owner, the
Indenture Trustee, the Administrative Agent and any Series Enhancer for
inspection upon reasonable notice to such Data Custodian and subject to the Data
Custodian's customary security requirements; provided, however, that, so long as
no Manager Default, Early Amortization Event or Event of Default is continuing,
not more than one such inspection shall be made in any calendar year. During the
continuation of any of a Manager Default, Early Amortization Event or Event of
Default, the Manager shall pay the reasonable and documented costs and expenses
incurred by such Person(s) in conducting all inspections made in accordance with
the provisions of this Section 3.10.3. Upon the termination of this Agreement
pursuant to Section 9.2, the Manager shall deliver to each of the Administrative
Agent and the Indenture Trustee a copy of the Tape containing information with
respect to the Managed Containers as of such date.

              3.10.4 Liens. The Manager agrees not to create, incur, assume or
grant, or suffer to exist, directly or indirectly, any lien, security interest,
pledge or hypothecation of any kind on or concerning the Managed Containers, the
related Lease (to the extent related to a Managed Container), title thereto or
any interest therein or in this Agreement to any Person other than the Owner,
except for Permitted Encumbrances. The Manager will promptly take or cause to be
taken such actions as may be necessary to discharge any such lien that arises
by, through or under the actions of the Manager in violation of this Section
3.10.4.

      3.11    Concentration Account and Payment Instructions. The Manager shall
maintain the Concentration Account. The Manager shall instruct all lessees to
submit all payments on the Leases directly to the Concentration Account (or to a
post office box or a lockbox from which the applicable payment items will be
removed and deposited in the Concentration Account). The Manager shall not grant
any lien or encumbrance in the Concentration Account to any Person other than
the Lien created pursuant to the Intercreditor Agreement.

      3.12    Identification of Funds in the Concentration Account. Weekly (or
more frequently at the Manager's option) beginning with the first full calendar
week following the Initial Closing Date, the Manager shall identify all
Container Revenues, Sales Proceeds or Casualty Proceeds received in the
Concentration Account during the preceding week as relating to either a Managed
Container or another container managed by the Manager. Any such Container
Revenues, Sales Proceeds or Casualty Proceeds that have been identified as
relating to a Managed Container shall be transferred by the Manager to the Trust
Account in accordance with the procedures outlined in Section 5.1 hereof. Prior
to such transfer to the Trust Account, all Container Revenues, Sales Proceeds
and Casualty Proceeds relating to a Managed Container

                                        7

received, or held by, the Manager shall be deemed to be held by the Manager in
trust for the benefit of Indenture Trustee.

      3.13    Transfer of Funds Received by the Manager. If, notwithstanding the
payment instructions given by the Manager to a lessee in the monthly invoice,
lease payments or other amounts in respect of the Managed Containers are
received directly by the Manager, the Manager agrees to hold any such lease
payments or other amounts in trust and, within two (2) Business Days after
receipt, transmit and deliver to the Concentration Account (or a related post
office box or lockbox), in the form received, all cash, checks and other
instruments or writings for the payment of money so received by the Manager.

      3.14    Time and Attention to Duties. The Manager shall devote such time
and attention to the performance of its duties hereunder as is reasonably
necessary, it being understood that the Manager shall not be required to devote
all of its time or attention to the performance of such duties, it being further
understood that the Manager manages, and may in the future manage, containers
other than the Managed Containers, either for third parties or for its own
account, and may, as well, conduct business unrelated to managing containers.
Nothing in this Agreement shall be construed to prohibit the Manager from
performing its obligations to owners of other containers or from engaging in
such (or any other) business activity.

      Section 4.     Reporting Obligations of the Manager.

      4.1     Reports Due from the Manager.

              4.1.1  Financial Statements. The Manager will maintain the Owner's
financial books and records and prepare the Owner's financial statements. The
Manager will deliver to the Indenture Trustee, the Rating Agencies, the
Administrative Agent and each Series Enhancer the financial statements required
to be delivered to the Indenture Trustee pursuant to Section 625 of the
Indenture. All such financial statements shall be prepared in accordance with
GAAP, subject to, in the case of unaudited financial statements, the absence of
footnotes, and in the quarterly financial statements, the absence of year-end
adjustments.

              4.1.2  Manager Reports. On or prior to each Determination Date,
the Manager shall deliver to the Owner and the Indenture Trustee a report as to
deposits into and instructions for payments out of the Trust Account,
substantially in the form of Exhibit A hereto (each such report, the "Manager
Report"), which report shall be certified by the chief financial officer,
controller, treasurer or other financial officer of the Manager with primary
responsibility for matters arising under this Agreement or another authorized
signatory acceptable to the Administrative Agent. Each such Manager Report shall
also include (a) evidence of the Manager's compliance with the financial
covenants set forth in Sections 9.1.9, 9.1.10 and 9.1.11 hereof, which
calculations shall be based on the most recently certified quarterly financial
information, (b) accounts receivable agings, (c) top-25 lessee concentrations,
(d) utilization ratios for both the Managed Containers and the Container Fleet,
(e) other information regarding the Container Fleet upon request, and (f) the
calculations required to demonstrate compliance by the Issuer with clauses (3),
(4), (5) and (6) of Section 1201 of the Indenture.

                                        8

              4.1.3  Asset Base Certificates. On or prior to (i) each
Determination Date, and (ii) each date on which an advance of funds to the
Issuer is to be made in accordance with the terms of a Supplement, the Manager
will deliver to the Owner, the Indenture Trustee and the Administrative Agent,
an Asset Base Certificate certified by the chief financial officer, controller,
treasurer or other financial officer of the Manager with primary responsibility
for matters arising under this Agreement or another authorized signatory
acceptable to the Administrative Agent as of the end of the month most recently
ended.

              4.1.4  Evidence of Insurance. The Manager will provide
confirmation of the renewal of the insurance required by Section 3.9 hereof
annually before the expiration date of such insurance each year, and will
forward copies of all certificates evidencing renewal, and all notices of
termination or non-renewal of such insurance, to the Indenture Trustee and the
Administrative Agent promptly after receipt.

              4.1.5  Other Reports. The Manager shall provide, in the format
which the Manager uses for its own operations, any reports filed by the Manager
with the Securities and Exchange Commission and any other reports and
information which are reasonably requested by the Owner, the Indenture Trustee,
any Series Enhancer, each Hedge Counterparty, the Administrative Agent or the
Rating Agencies provided that such reports and information are reasonably
available from the books and records of the Owner and can be generated by the
Manager's then existing data processing system.

              4.1.6  Independent Accountant's Report. The Manager shall, at its
sole cost and expense, deliver to the Issuer, Administrative Agent, the
Indenture Trustee, and each Series Enhancer a report from a firm of nationally
recognized independent certified public accountants, who may also render other
services to TAL International Group or any of its affiliates, on or before May
30th of each year (or 150 days after the end of the Manager's fiscal year, if
other than December 31st of each year), beginning on May 30, 2007, with respect
to the twelve months ended on the preceding December 31 (or other applicable
fiscal year-end date) (or such other period as shall have elapsed from the
Closing Date to the date of such statement), a report (the "Accountants'
Report") addressed to the Board of Directors of TAL International Group, to the
effect that such firm of accountants has audited the books and records of TAL
International Group, and issued its report thereon in connection with the audit
report on the consolidated financial statements of TAL International Group and
(1) such audit was made in accordance with generally accepted auditing
standards, and accordingly included such tests of the accounting records and
such other auditing procedures as such firm considered necessary in the
circumstances; (2) the firm is independent of TAL International Group within the
meaning of the Code of Professional Ethics of the American Institute of
Certified Public Accountants; and (3) specifies the results of the application
of such agreed upon procedures, as the Administrative Agent shall reasonably
agree from time to time, relating to (i) maintenance of the separateness of the
Issuer for bankruptcy remoteness purposes and (ii) three selected Manager
Reports and Asset Base Certificates delivered during the preceding year, to
achieve the objectives specified on Exhibit D hereto.

              4.1.7  Direction of Investments. The Manager in its sole
discretion and in accordance with its normal business practices shall direct the
Indenture Trustee, in accordance with the terms of the Indenture, as to which
Eligible Investments it shall invest funds on deposit

                                        9

in the Trust Account, the Restricted Cash Account, the Temporary Loss Account
and each Series Account.

              4.1.8  Interest Rate Hedge Agreements. When required by Section
628 of the Indenture, the Manager shall arrange for the Owner to enter into
Interest Rate Hedge Agreements (which Interest Rate Hedge Agreements must be in
form and substance reasonably satisfactory to the Administrative Agent) that
comply with the provisions of that Section.

      4.2     Manager Advances. The Manager may, at its option, remit to the
Trust Account by 1:00 p.m. New York time on the Business Day prior to a Payment
Date, an amount (a "Manager Advance") equal to the lesser of (a) 50% of the
accounts receivable of the Issuer then outstanding, and (b) any anticipated
shortfalls on the next Payment Date in payments for those items in (i)
paragraphs (1) through (14) of clause (I) of Section 302(c) of the Indenture or
(ii) paragraphs (1) through (14) of clause (II) of Section 302(c) of the
Indenture; provided, however, that any such Manager Advances shall only be used
to make such payments, and not to make any other payments. Under no
circumstances shall this Section 4.2 be interpreted as obligating the Manager to
make any Manager Advance. Notwithstanding the foregoing, the Manager shall not
make a Manager Advance unless it reasonably believes that such Manager Advance
shall be reimbursed in full on the next Payment Date from the Available
Distribution Amount (excluding any Manager Advance) pursuant to Section 302 of
the Indenture. The Manager shall be reimbursed for Manager Advances on each
Payment Date from amounts on deposit in the Trust Account, subject to the
priority of payments set forth in Sections 302 and 806 of the Indenture.

      Section 5.     Deposits to Trust Account; Payment of Management Fee.

      5.1     Deposits.

              5.1.1  Weekly Deposits to Trust Account. On or before the last
Business Day in New York of each calendar week beginning with the first full
calendar week following the week of the Initial Closing Date, the Manager shall
cause to be transferred from the Concentration Account to the Trust Account an
amount equal to the excess (if any) of (x) the sum of (A) the Manager's good
faith estimate of the Container Revenues for the Managed Containers received
during the immediately preceding calendar week (excluding any customer advance
payments, such advance payments to be included in the distribution for the month
earned) and (B) subject to Section 311 of the Indenture, the Manager's good
faith estimate of the Sales Proceeds and Casualty Proceeds received during the
immediately preceding calendar week, over (y) the Manager's good faith estimate
of Direct Operating Expenses for the Managed Containers accrued during the
immediately preceding calendar week (the excess of (x) over (y), the "Estimated
Net Operating Income"). The Manager agrees to identify and shall cause the
Issuer to transfer any Temporary Loss Amounts for deposit pursuant to the terms
of Section 311 of the Indenture. Prior to such transfer or deposit, all
Container Revenues, Sales Proceeds and Casualty Proceeds received, or held by,
the Manager with respect to the Managed Containers shall be deemed to be held by
the Manager in trust for the benefit of the Indenture Trustee.

              On or before each Determination Date, the Manager shall determine
the excess (if any) of (x) the aggregate amount of Container Revenues, Sales
Proceeds and Casualty Proceeds for the Managed Containers actually received
during the immediately preceding Collection

                                       10

Period over (y) the aggregate amount of Direct Operating Expenses accrued during
such Collection Period and to be paid in the current or a subsequent Collection
Period (the excess of (x) over (y), the "Actual Net Operating Income"). If the
Actual Net Operating Income for such Collection Period exceeds the Estimated Net
Operating Income for such Collection Period, then the Manager will cause to be
transferred from the Concentration Account to the Trust Account on such
Determination Date funds in an amount equal to such excess. However, if the
Estimated Net Operating Income for such Collection Period exceeds the Actual Net
Operating Income for such Collection Period, then the Manager shall indicate so
on that month's Manager Report and the amount of such excess (such excess, the
"Excess Deposit") will be distributed to the Manager on the immediately
succeeding Payment Date.

      5.2     Compensation of Manager.

              5.2.1  Management Fee. As compensation to the Manager for the
performance of its services hereunder, the Owner shall pay the Management Fee to
the Manager in arrears on each Payment Date (or, in the case of the first
payment of the Management Fee, on the Initial Closing Date). Subject to the
terms and conditions of the Indenture, the Management Fee shall be payable to
the Manager (to the extent not previously withheld in accordance with the terms
hereof) from amounts on deposit in the Trust Account to the extent monies are
available for the payment thereof in accordance with the provisions of Section
302(c) of the Indenture; provided, however, that, as long as no Manager Default
shall have occurred and been continuing for a period in excess of thirty (30)
days, the Manager shall be entitled to withhold in advance, at periodic
intervals more frequent than each Payment Date, the pro rata portion of the
Management Fee owing to the Manager for such interval from the actual Container
Revenues, Sales Proceeds or Casualty Proceeds received by it from lessees or
sublessees. For the sake of clarity, to the extent the Manager has withheld
amounts from the actual Container Revenues, Sales Proceeds or Casualty Proceeds
received by it from lessees or sublessees, then such amounts shall be deducted
from the Management Fee owing to the Manager from the Owner hereunder. On each
Payment Date, the Manager and the Owner shall determine whether the amounts
actually paid to or withheld by the Manager during the preceding calendar month
pursuant to the terms of this Section 5.2.1 accord with the Management Fee owing
under this Agreement for such month and shall arrange that any excess or
deficiency promptly be corrected (i.e., in the case of an overpayment to the
Manager, the Manager shall promptly repay such overpayment, and in the case of
an underpayment to the Manager such underpayment shall be added to the
Management Fee payable to the Manager on such Payment Date). Upon any
resignation or termination of the Manager in accordance with the terms of this
Agreement and the other Transaction Documents, such resigning or terminated
Manager shall not be entitled to receive any Management Fee accruing on or after
the effective date of such termination or resignation and such resigning or
terminated Manager shall immediately remit to the Trust Account any portion of
the Management Fee deducted in advance by such resigning or terminated Manager
which did not accrue as of the date following such termination or resignation on
which a replacement Manager has assumed the responsibilities of the resigning or
terminated Manager.

              5.2.2  Business Day. Notwithstanding anything to the contrary
contained herein, if any date on which a payment becomes due hereunder is not a
Business Day, then such

                                       11

payment may be made on the next succeeding Business Day with the same force and
effect as if made on such scheduled date.

              5.2.3  No Set-Off, Counterclaim, etc. The Manager's obligation
under this Agreement to transfer to or to deposit any amount to the Trust
Account shall (subject to the withholding of the Management Fee as contemplated
by Section 5.2.1 hereof) be absolute and unconditional and all payments thereof
shall be made free and clear of and without any deduction for or on account of
any set-off or counterclaim or any circumstance, recoupment, defense or other
right which the Manager may have against the Owner or any other Person for any
reason whatsoever (whether in connection with the transactions contemplated
hereby or any other transactions), including without limitation, (i) any defect
in title, condition, design or fitness for use, of, or any damage to or loss or
destruction of, any Managed Container, (ii) any insolvency, bankruptcy,
moratorium, reorganization or similar proceeding by or against the Manager or
any other Person, or (iii) any other circumstance, happening or event
whatsoever, whether or not unforeseen or similar to any of the foregoing.

              5.2.4  Manner of Payment. All payments hereunder shall be made in
United States Dollars by wire transfer of immediately available funds prior to
2:00 P.M. prevailing Eastern Time, on the date of payment.

      Section 6.     Term.

              6.1.1  Term. The Term of this Agreement shall commence on the date
hereof and shall end on the date on which all Outstanding Obligations have been
repaid, unless earlier terminated in accordance with the provisions hereof.

              6.1.2  Resignation by Manager. The Manager may not resign from its
obligations and duties as Manager hereunder, except (i) with the prior written
consent of Owner and the Requisite Global Majority or (ii) upon a determination
by the Manager that the performance by Manager of its duties under this
Agreement is no longer permissible under Applicable Law, which determination
shall be evidenced by an Opinion of Counsel, in form and substance reasonably
satisfactory to Owner and the Requisite Global Majority, to such effect
delivered to the Indenture Trustee, the Administrative Agent and each Series
Enhancer. No such resignation shall, to the extent consistent with Applicable
Law, become effective until a replacement Manager has assumed the
responsibilities of the resigning Manager in accordance with the terms of this
Agreement, Section 405 of the Indenture and the other Transaction Documents.

      Section 7.     Reserved.

      Section 8.     Representations and Warranties; Covenants.

      8.1     Manager Representations. The Manager represents and warrants to
the Owner, the Indenture Trustee and each Series Enhancer that:

              8.1.1  The Manager is a corporation duly organized and validly
existing under the laws of the State of Delaware and is duly qualified and is
authorized to do business and is in good standing (or its equivalent) in all
jurisdictions where it is required by Applicable Law to be

                                       12

so qualified (or its equivalent) and has all licenses, permits, charters and
registrations necessary for the operation of its container management business,
except for any such jurisdiction where the failure to be so qualified or for any
licenses the failure to hold which, either individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.

              8.1.2  The Manager has the requisite power and authority to enter
into and perform its obligations under this Agreement, and all requisite
corporate authorizations have been given for it to enter into this Agreement and
to perform all the matters envisaged hereby, this Agreement has been duly
executed and delivered and constitutes the valid, legally binding and
enforceable obligation of the Manager, subject to bankruptcy, insolvency,
moratorium, reorganization and other laws of general applicability relating to
or affecting creditors' rights and to general equity principles.

              8.1.3  The Manager has not breached its certificate of
incorporation or by-laws or any other agreement to which it is a party or by
which it is bound in the course of conduct of its business and corporate affairs
and has not breached any applicable laws and regulations, except for such
breaches which would not have a materially adverse effect on the Manager's
ability to perform its obligations under this Agreement.

              8.1.4  There are no Proceedings or investigations to which the
Manager or any of its Affiliates is a party pending or, to the Manager's
knowledge, threatened, before any court, regulatory body, administrative agency
or other tribunal or governmental instrumentality (A) asserting the invalidity
of this Agreement or any other Transaction Document, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement or any
other Transaction Document or (C) seeking any determination or ruling that is
reasonably likely to materially and adversely affect the performance by the
Manager of its obligations under, or the validity or enforceability of, this
Agreement or any other Transaction Document to which it is a party.

              8.1.5  The execution, delivery and performance of the transactions
contemplated by and the fulfillment of the terms of this Agreement and the other
Transaction Documents 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
or both) a default under, the organizational documents of the Manager, or any
material term of any indenture, agreement, mortgage, deed of trust, or other
instrument to which Manager 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, or violate any law or any order, rule, or regulation applicable to
Manager of any court or of any federal or state regulatory body, administrative
agency, or other Governmental Authority having jurisdiction over Manager or any
of its properties, in each case, other than any conflict, breach, default, Lien,
or violation that would not reasonably be expected to result in a Material
Adverse Change.

              8.1.6  The Manager shall take all actions as may be necessary to
perform the Issuer's obligations under Section 604 of the Indenture.

              8.1.7  The Manager will fulfill all of its obligations as lessor
under any Lease Agreement to which a Managed Container is subject except where
any such nonfulfillment

                                       13

would not reasonably be expected to materially and adversely affect the rights
of the Owner under such Lease. The Manager shall use commercially reasonable
efforts to perform all of the Owner's duties and obligations under the
Transaction Documents to which the Owner is a party; provided, however, that
nothing contained herein shall be construed as an express or implied guaranty by
the Manager of the Notes or any other Outstanding Obligation incurred by the
Owner.

              8.1.8  Promptly, but in any case within seven (7) Business Days of
an Authorized Officer becoming aware of a Manager Default, Early Amortization
Event or an Event of Default, and which, in each case, has not been waived in
writing by the Requisite Global Majority, the Manager shall deliver to the Owner
and the Indenture Trustee and each Series Enhancer a written notice describing
the nature of such event and period of existence and, in the case of a Manager
Default, the action the Manager is taking or proposed to take with respect
thereto.

              8.1.9  Since December 31, 2005, there has been no Material Adverse
Change in the financial condition of the Manager.

              8.1.10 The Manager will operate the Managed Containers so as not
knowingly cause a violation of the Trading With the Enemy Act (50 U.S.C. ss. 1
et seq., as amended) (the "Trading With the Enemy Act") or any of the foreign
assets control regulations of the United States Treasury Department (31 CFR,
Subtitle B, Chapter V, as amended) (the "Foreign Assets Control Regulations") or
any enabling legislation or executive order relating thereto (which for the
avoidance of doubt shall include, but shall not be limited to (a) Executive
Order 13224 of September 21, 2001 Blocking Property and Prohibiting Transactions
With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg.
49079 (2001)) (the "Executive Order") and (b) the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Public Law 107-56)). Furthermore, none of the Manager or
its Affiliates (i) is or will become a "blocked person" as described in the
Executive Order, the Trading With the Enemy Act or the Foreign Assets Control
Regulations or (ii) engages or will engage in any dealings or transactions, or
be otherwise associated, with any such "blocked person."

              8.1.11 The credit and collection policy used by the Manager as in
effect on the Initial Closing Date (which policy also addresses the criteria
under which a lessee is allowed to self-insure for property and liability risks)
is attached as Exhibit C hereto. The credit and collection policy used by the
Manager is subject to modification from time to time at the discretion of the
Manager. The "Credit and Collection Policy" shall mean the credit and collection
policy used by the Manager as modified by the Manager from time to time.

              8.1.12 The depreciation policy as in effect on the Restatement
Effective Date used in the calculation of the Asset Base for the purposes of the
Transaction Documents is attached as Exhibit E hereto.

      8.2     Owner Representations.  The Owner represents and warrants to the
Manager:

                                       14

              8.2.1  The Owner is a limited liability company duly organized and
validly existing under the laws of Delaware;

              8.2.2  The Owner has the requisite power and authority to enter
into and perform its obligations under this Agreement and all requisite limited
liability company authorizations have been given for it to enter into this
Agreement and to perform all the matters envisaged hereby, this Agreement has
been duly executed and delivered by the Owner and constitutes the valid, legally
binding and enforceable obligation of the Owner, subject to bankruptcy,
insolvency, moratorium, reorganization and other laws of general applicability
relating to or affecting creditors' rights and to general equity principles; and

              8.2.3  The Owner has not breached its limited liability company
agreement or any other agreement to which it is a party or by which it is bound
in the course of conduct of its business and corporate affairs and has not
breached any applicable laws and regulations of Delaware in such manner as would
in any case have a materially adverse effect on its ability to perform its
obligations under this Agreement.

              8.2.4  Since its formation, there has been no Material Adverse
Change in the financial condition of the Owner.

      8.3     Covenants of the Manager.

              8.3.1  Location of Books and Records. The Manager shall not change
the location at which the Owner's books and records are maintained unless (i)
the Manager shall have given the Indenture Trustee, the Administrative Agent and
each Series Enhancer at least thirty (30) days' prior written notice thereof and
(ii) the Manager shall cause to be filed any necessary registration of charges
or documents of similar import necessary to continue the Indenture Trustee's
security interest in the Collateral.

              8.3.2  Liens. Except for the Lien created pursuant to the
Contribution and Sale Agreement and Permitted Encumbrances: (a) Manager agrees
not to create, incur, or grant, directly or indirectly, any lien, security
interest, pledge or hypothecation of any kind on or concerning (i) its rights
under this Agreement or (ii) the Managed Containers or any interest therein; and
(b) Manager shall promptly take, or cause to be taken, such action as may be
necessary to discharge any such lien arising by, through or under the Manager.

              8.3.3  UNIDROIT Convention. The Manager will comply with the terms
and provisions of the UNIDROIT Convention on Intentional Interests in Mobile
Equipment or any other internationally recognized system for recording interests
in or liens against shipping containers at the time that such convention is
adopted for containers.

              8.3.4  Identification of Gross Lease Revenues and Direct Operating
Expense; Transfer of Gross Lease Revenues. The Manager will establish and
maintain such procedures as are necessary for determining and for identifying
Container Revenues and Direct Operating Expenses to a specific Managed
Container. Notwithstanding the foregoing, Manager shall have the right to
allocate various indirect overhead expenses among containers in the Container
Fleet (including the Managed Containers) in any way it deems appropriate as long
as such allocation is non-discriminatory, fair and equitable, after giving due
recognition to the cost, age and other

                                       15

factors relevant to the Managed Containers as compared to other containers in
the Container Fleet.

              8.3.5  Compliance with Credit and Collection Policy. The Manager
will comply in all material respects with the Credit and Collection Policy in
regard to the origination of, and amendments and modifications to, Leases of
Managed Containers. The Manager shall not amend the Credit and Collection Policy
in any respect which would materially and adversely affect the Noteholders
without the prior written consent of the Requisite Global Majority in each
instance. The Manager shall promptly provide the Owner and the Indenture Trustee
with a copy of all amendments to the Credit and Collection Policy.

              8.3.6  Inspections. The Manager shall, upon reasonable prior
notice, allow the Indenture Trustee, the Administrative Agent, each Hedge
Counterparty and each Series Enhancer to inspect, under guidance of officers of
the Manager, the Manager's facilities during normal business hours; provided,
however, that unless an Event of Default or a Manager Default shall have
occurred and then be continuing, the Indenture Trustee, the Administrative
Agent, the Hedge Counterparties and the Series Enhancers may request, in the
aggregate, only one inspection under this Section 8.3.6 during any twelve-month
period.

              8.3.7  Container Management System. Without the prior written
consent of the Indenture Trustee, acting at the direction of the Requisite
Global Majority, the Manager agrees that it will not grant to any Person, or
permit any Person to obtain, a Lien (other than items listed in clauses (i),
(ii), (iii), (iv) or (v) of the definition of "Permitted Encumbrances" (as
determined as though the Container Management System were deemed "Collateral"
for the purposes of the definition of "Permitted Encumbrance")) over the
Container Management System.

              8.3.8  Rating Agency Notices. Subject to the application of
applicable law, the Manager shall promptly deliver a copy of any written notice
concerning the Owner's credit rating received by it from any Rating Agency to
the Indenture Trustee and each Series Enhancer.

      Section 9.     Manager Default.

      9.1     Manager Default.  Each of the following is a Manager Default:

              9.1.1  The Manager shall fail to make any deposits of Container
Revenues, Sales Proceeds, Casualty Proceeds or any other amounts due and payable
under this Agreement to the Trust Account within three (3) Business Days after
the date such deposit is due; provided, that if such Container Revenues, Sales
Proceeds, Casualty Proceeds or other amounts are on deposit in the Concentration
Account (or a related post office box or lockbox), failure of the bank holding
the Concentration Account to comply with the instructions of the Manager (or to
comply with the terms of any intercreditor agreement) shall not constitute a
Manager Default.

              9.1.2  The Manager shall fail (A) to deliver any report required
to be delivered to the Indenture Trustee pursuant to the terms of Sections 4.1.2
or 4.1.3 hereof such failure shall continue unremedied for three (3) Business
Days or (B) in any material respect to perform the covenant of the Manager to
deliver financial statements set forth in the second sentence of Section 4.1.1
and such failure shall continue unremedied for thirty (30) days after the date
on which there has been given to the Manager by the Indenture Trustee, any
Series Enhancer or any

                                       16

Noteholder a written notice specifying such default or breach and requiring it
to be remedied; provided, however, that (x) if the reason for such failure is
primarily attributable to changes in accounting principles or interpretations or
the application of the same, (y) such changes are not related to the assets of
the Issuer and (z) no Manager Default then exists under Sections 9.1.9 through
9.1.12 of this Agreement, then such failure shall not constitute a Manager
Default under this subsection 9.1.2(B) unless such failure materially and
adversely affects the interests of any Noteholder or any Series Enhancer (if
such Series Enhancer is then the Control Party for a Series of Outstanding Notes
or shall have made an unreimbursed payment on its Policy).

              9.1.3  The Manager shall fail to (A) deliver any report required
to be delivered to the Indenture Trustee pursuant to the terms hereof or of any
other Transaction Document (which is not otherwise addressed in Section 9.1.2)
and such failure shall continue unremedied for thirty (30) days, or (B) perform
or observe, or cause to be performed or observed, in any material respect any
other covenant or agreement contained herein or in any other Transaction
Document (including in its capacity as Seller) (which is not otherwise addressed
in this Section 9.1), which failure materially and adversely affects the
interests of the Noteholders or (if it is then the Control Party for a Series of
Outstanding Notes or shall have made an unreimbursed payment on its Policy) any
Series Enhancer and such failure, if capable of remedy, shall continue
unremedied for a period of thirty (30) days after the date on which the Manager
has received written notice specifying such failure from the Owner, the
Indenture Trustee, any Noteholder, the Administrative Agent, any Series Enhancer
or any other Person.

              9.1.4  Any representation or warranty made by the Manager in this
Agreement or any other Transaction Document (including in its capacity as
Seller), or in any certificate, report or financial statement delivered by it
pursuant hereto or thereto proves to have been untrue in any material respect
when made, such breach materially and adversely affects the interests of the
Noteholders or (if it is then the Control Party for a Series of Outstanding
Notes or shall have made an unreimbursed payment on its Policy) any Series
Enhancer and such breach, if capable of remedy, shall continue unremedied for a
period of thirty (30) days after the date on which the Manager has received
written notice specifying such failure from the Owner, the Indenture Trustee,
any Noteholder, the Administrative Agent, any Series Enhancer or any other
Person.

              9.1.5  TAL ceases to be engaged in the container leasing business.

              9.1.6  The Manager shall commence a voluntary case concerning
itself under the Bankruptcy Code; or an involuntary case is commenced against
the Manager or any of its Subsidiaries and the petition is not controverted
within 10 days, or is not dismissed within 60 days, after commencement of the
case; or a custodian (as defined in the Bankruptcy Code) is appointed for, or
takes charge of, all or substantially all of the property of the Manager; or the
Manager commences any other proceeding under any reorganization, arrangement,
adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or
similar law of any jurisdiction whether now or hereafter in effect relating to
the Manager and such proceeding remains undismissed for a period of 60 days; or
the Manager is adjudicated insolvent or bankrupt; or any order of relief or
other order approving any such case or proceeding is entered; or the Manager
suffers any appointment of any custodian or the like for it or any substantial
part of its property to continue undischarged or unstayed for a period of 60
days; or the Manager makes a general

                                       17

assignment for the benefit of creditors; or any action is taken by the Manager
for the purpose of effecting any of the foregoing;

              9.1.7  Except as permitted by Sections 2 and 13 hereof, Manager
assigns or attempts to assign its interest under this Agreement.

              9.1.8  A Change of Control shall have occurred with respect to the
Manager.

              9.1.9  The Leverage Ratio of TAL International Group as of the
last day of any fiscal quarter shall be in excess of 4.75 to 1.00.

              9.1.10 As of the last day of each fiscal quarter, commencing with
the fiscal quarter ending on December 31, 2005, the Consolidated EBIT to
Consolidated Cash Interest Expense Ratio is less than 1.10 to 1.00.

              9.1.11 As of the last day of each fiscal quarter, commencing with
the fiscal quarter ending on March 31, 2006, the Consolidated Tangible Net Worth
of TAL International Group is less than the sum of (i) $321,351,326; plus (ii)
an amount equal to fifty percent (50%) of the cumulative sum of the aggregate
net income (or loss) of TAL International Group and its Consolidated
Subsidiaries (as such term is defined in the Credit Agreement) on a consolidated
basis, determined in accordance with GAAP for the period commencing on January
1, 2006 and terminating on such date of determination.

              9.1.12 TAL International Group, any Borrower (as such term is
defined in the Credit Agreement) or any Restricted Subsidiary (as such term is
defined in the Credit Agreement) fails to make any payment when due (beyond the
applicable grace or cure period with respect thereto, if any) or defaults in the
observance or performance (beyond the applicable grace or cure period with
respect thereto, if any) of any payment obligation, or any other agreement or
covenant with respect to the Indebtedness that, individually or in the aggregate
for all such Persons, exceeds Twenty Million Dollars ($20,000,000) and the
holder(s) of such Indebtedness has accelerated such Indebtedness.

A Manager Default may be waived in a written instrument executed by the
Requisite Global Majority in each such instance. Any such waiver of a Manager
Default shall not be construed as a waiver of any subsequent Manager Default. No
delay by the Requisite Global Majority or any of its assigns, shall constitute
any such waiver or prejudice the Requisite Global Majority in exercising any
right, power or privilege arising out of such Manager Default.

      9.2     Remedies. If a Manager Default shall have occurred and be
continuing, and any Notes are then Outstanding, the Indenture Trustee, acting at
the direction of the Requisite Global Majority and in the Requisite Global
Majority's discretion, shall have the right (upon written notice (a "Manager
Termination Notice") to the Manager, the Issuer and the Rating Agencies), in
addition to other rights or remedies that the Issuer or its assignee may have
under any Applicable Law or in equity to: (i) terminate this Agreement, (ii)
take control of the Managed Containers wherever located, subject to the rights
of lessees under Lease Agreements to which any of the Managed Containers shall
at the time be subject or to appoint a replacement Manager to manage the Managed
Containers, and (iii) appoint an independent auditor of national reputation and
mutually acceptable to the Issuer and the Requisite Global Majority to verify
that all prior

                                       18

Manager Reports and Asset Base Certificates prepared by the Manager are in
accordance with this Agreement. Notwithstanding such termination, until the
Manager is notified of the appointment of a replacement manager and the
replacement manager has assumed such responsibility, the Manager shall continue
to manage the Managed Containers and the Owner's business, and deposit into the
Trust Account all Container Revenues, Sales Proceeds, Casualty Proceeds and
other amounts, and submit all reports due hereunder and perform all other
services required hereunder, all in accordance with this Agreement.

      9.3     Transfer of Managed Containers. Upon any termination of this
Agreement pursuant to Section 9.2, the Manager shall cooperate with the Owner,
the Indenture Trustee, the Administrative Agent and the Requisite Global
Majority in transferring management of the Managed Containers as provided in the
Indenture, including, but not limited to making available all books and records
(including computer systems and data contained therein) pertaining to the
Manager's activities hereunder, providing access to, and cooperating in the
transfer of, information from the Manager's computer system to the Owner's or
its designee's system, promptly notifying lessees of the termination of
management of the Managed Containers by the Manager and assumption of management
by the Owner or its designee, depositing funds belonging to the Owner but not
yet in the Trust Account to such account as designated by the Owner or its
assignee, executing assignments of interests in Lease Agreements pertaining to
the Managed Containers and taking any other action as may be reasonably
requested by the Owner or its assignee to ensure the orderly assumption of
management of the Managed Containers by the Owner or its designee. During such
transition period, the outgoing Manager shall continue to provide notices
pursuant to Section 8.1.8 and Section 6.19 of the Indenture that relate to
occurrences of which it is aware.

      9.4     Power of Attorney. The Manager hereby irrevocably constitutes and
appoints the Indenture Trustee, with full power of substitution (such
appointment being coupled with an interest), as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of the Manager and in the name of the Manager or in its own name, for the
purpose of carrying out the terms of this Agreement, to take (subject to the
limitations set forth below) any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to
accomplish the purposes of this Agreement, and, without limiting the generality
of the foregoing, the Manager hereby gives the Indenture Trustee the power and
right, on behalf of the Manager, without notice to or assent by the Manager
(subject to the limitation set forth below), to do any or all of the following:

              (i)    So long as a Manager Default has occurred and is continuing
and a Manager Termination Notice has been delivered in accordance with the terms
hereof, at any time, in the name of the Manager or its own name, or otherwise,
to take possession of and endorse and collect any checks, drafts, notes,
acceptances or other instrument, general intangible or contract or any other
Collateral and to file any claim or to take any other action or proceeding in
any court of law or equity or otherwise deemed appropriate by the Indenture
Trustee or any Series Enhancer for the purpose of collecting any and all such
moneys due under any account, instrument, general intangible or contract with
respect to the Managed Containers and the other Collateral whenever payable;

                                       19

              (ii)   So long as a Manager Default has occurred and is continuing
and a Manager Termination Notice has been delivered in accordance with the terms
hereof, at any time, to enter and use the premises of the Manager and make use
of the Manager's computer database, software system and all other books and
records relating to the Managed Containers and the other Collateral. The Manager
hereby grants, and agrees to grant from time to time, to the Indenture Trustee a
non-exclusive royalty-free license (such license not to be exercised until, and
only so long as, a Manager Default has occurred and is continuing and a Manager
Termination Notice has been delivered in accordance with the terms hereof) of
all its intellectual property rights arising in connection with the software
system used by the Manager in connection with the Managed Containers, such
license to be irrevocable until the later of (a) the last date on which any Note
was Outstanding or (b) the date on which all amounts owed to any Series Enhancer
pursuant to the terms of the Indenture and the related Enhancement Agreement
shall have been paid in full, subject, in the case of intellectual property
rights held under license by the Manager, to the prior consent of the relevant
licensor, if required, which consent the Manager undertakes to use its
reasonable efforts forthwith to obtain at its own expense on terms reasonably
acceptable to the Indenture Trustee and any Series Enhancer so long as a Manager
Default has occurred and is continuing and a Manager Termination Notice has been
delivered in accordance with the terms hereof; and

              (iii)  So long as an Event of Default or Manager Default has not
occurred, upon the failure of the Manager to comply with the provisions of
Section 8.1.6 (and so long as an Event of Default or Manager Default has
occurred, whether or not the Manager has complied with the provisions of Section
8.1.6), to execute and deliver those agreements, instruments, documents and
papers (including, without limitation, deeds of trust) as the Manager may
otherwise be required to file in accordance with the provisions of Section 8.1.6
hereof.

              The Manager hereby ratifies and confirms and agrees to ratify and
confirm whatever any such attorney shall do or propose to do in the exercise or
purported exercise of all or any of the powers, authorities and discretion
referred to in this Section.

      9.5     Owner Power of Attorney. The Owner hereby irrevocably constitutes
and appoints the Indenture Trustee, with full power of substitution, as its true
and lawful attorney-in-fact with full irrevocable power and authority in the
place and stead of the Owner and in the name of the Owner or in its own name,
for the purpose of carrying out the terms of this Agreement and the other
Transaction Documents to which the Owner is a party, to take (subject to the
limitations set forth below) any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to
accomplish the purposes of this Agreement, and, without limiting the generality
of the foregoing, the Owner hereby gives the Indenture Trustee the power and
right, on behalf of the Owner, without notice to or assent by the Owner (subject
to the limitation set forth below), to do any or all of the following:

              (i)    So long as a Manager Default has occurred and is continuing
and a Manager Termination Notice has been delivered in accordance with the terms
hereof, at any time, in the name of the Owner or its own name, or otherwise, to
take possession of and indorse and collect any checks, drafts, notes,
acceptances or other instrument, general intangible or contract or any other
Collateral and to file any claim or to take any other action or proceeding in
any court of law or equity or otherwise deemed appropriate by the Indenture
Trustee or any

                                       20

Series Enhancer for the purpose of collecting any and all such moneys due under
any account, instrument, general intangible or contract with respect to the
Managed Containers and the other Collateral whenever payable;

              (ii)   So long as an Event of Default or Manager Default has
occurred and is continuing, at any time, to enter and use the premises of the
Owner and make use of the Owner's computer database, software system and all
other books and records relating to the Managed Containers and the other
Collateral. The Owner hereby grants, and agrees to grant from time to time, to
the Indenture Trustee a non-exclusive royalty-free license (such license not to
be exercised until, and only so long as, a Manager Default has occurred and is
continuing and a Manager Termination Notice has been delivered in accordance
with the terms hereof) of all its intellectual property rights arising in
connection with the software system used by the Owner in connection with the
Managed Containers, such license to be irrevocable until the later of (a) the
last date on which any Note was Outstanding or (b) the date on which all amounts
owed to any Series Enhancer pursuant to the terms of the Indenture and any
related Enhancement Agreement shall have been paid in full, subject, in the case
of intellectual property rights held under license by the Owner, to the prior
consent of the relevant licensor, if required, which consent the Owner
undertakes to use its reasonable efforts forthwith to obtain at its own expense
on terms reasonably acceptable to the Indenture Trustee and any Series Enhancer;
and

              (iii)  So long as an Event of Default or Manager Default has not
occurred, upon the failure of the Manager to comply with the provisions of
Section 8.1.6 (and so long as an Event of Default or Manager Default has
occurred, whether or not the Manager has complied with the provisions of Section
8.1.6), to execute and deliver those agreements, instruments, documents and
papers (including, without limitation, deeds of trust) as the Owner (or the
Manager, on behalf of the Owner) may otherwise be required to file in accordance
with the provisions of Section 8.1.6 hereof or in accordance with Section 604 of
the Indenture.

      Section 10.    No Partnership.

      Except as otherwise provided herein, the Manager's activities taken on
behalf of the Owner hereunder will be taken solely as manager of the Managed
Containers. The parties hereto expressly recognize and acknowledge that this
Agreement is not intended to create a partnership, joint venture or other entity
between the Manager and the Owner.

      Section 11.    No Warranties.

      THE MANAGED CONTAINERS ARE BEING DELIVERED BY THE OWNER TO THE MANAGER "AS
IS". THE OWNER MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, WITH
RESPECT TO THE CONDITION, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
OF THE MANAGED CONTAINERS, THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR
NOT DISCOVERABLE, THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT,
OR ANY OTHER REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED.

                                       21

      Section 12.    Non-Exclusivity.

      During the term of this Agreement, the Manager may provide container,
management, sales, leasing or remarketing services directly or indirectly to any
other Person or on behalf of any other Person.

      Section 13.    Assignment.

      This Agreement, and the rights and duties of the Manager hereunder, may
not be assigned by the Manager to any other Person without the prior written
consent of the Owner, the Indenture Trustee, the Administrative Agent and the
Requisite Global Majority. The Owner may charge, assign, pledge or hypothecate
its rights (but not its obligations) under this Agreement as provided herein.
The Manager hereby acknowledges that the Owner shall pledge all of its rights,
title and interest under this Agreement to the Indenture Trustee (for the
benefit of the Noteholders), and the Manager hereby consents to such pledge. The
Manager will give any Rating Agency prior notice of any assignment effected
pursuant to this Section 13.

      Section 14.    Indemnification.

      14.1    By the Owner. The Owner, at its own expense, shall defend,
indemnify and hold the Manager harmless from and against any and all claims,
actions, damages, losses, liabilities, costs and expenses (including reasonable
legal fees) (each, a "Claim") incurred by or asserted against the Manager to the
extent resulting or arising from the Manager's performance of its obligations
under this Agreement or from the Owner's failure to comply with or perform its
obligations under this Agreement, except for Claims which arise out of the
Manager's willful misconduct, or gross negligence, or failure to comply with or
perform its obligations under this Agreement. Manager subordinates its claims
under this Section 14.1 to all claims which have priority in payment pursuant to
the provisions of Section 302 and Section 806 of the Indenture.

      14.2    By the Manager.

              14.2.1 The Manager, in its capacity as the Manager, agrees to, and
hereby does, indemnify and hold harmless the Owner, the Indenture Trustee (for
the benefit of the Noteholders), any Series Enhancer, any Hedge Counterparty,
the Deal Agents (as such term is defined in the Note Purchase Agreement), the
Liquidity Agents (as such term is defined in the Note Purchase Agreement), the
Purchasers (as such term is defined in the Note Purchase Agreement), the
Administrative Agent and their respective officers, directors, employees and
agents (each of the foregoing, an "Indemnified Party") against any and all
liabilities, losses, damages, penalties, costs and expenses which may be
incurred or suffered by such Indemnified Party (except to the extent caused by
the gross negligence or willful misconduct on the part of the Indemnified Party)
as a result of claims, actions, suits or judgments asserted or imposed against
an Indemnified Party and arising out of (i) an action or inaction by the Manager
that is contrary to the Servicing Standard or otherwise in violation of the
terms of this Agreement; or (ii) any breach of or any inaccuracy in any
representation or warranty made by the Manager in this Agreement or in any
certificate delivered by the Manager pursuant hereto; or (iii) any breach of or
failure by the Manager to perform any covenant or obligation of the Manager set
out or contemplated in this Agreement; (iv) personal injury or property damage
claim arising out of or

                                       22

in connection with the negligence of the Manager; or (v) any defense, setoff or
counterclaim arising out of any negligence of the Manager or any acts or
omissions of the Manager related to the performance hereunder of its duties with
respect to the Managed Containers; provided however, that the foregoing
indemnity shall in no way be deemed to impose on the Manager any obligation to
reimburse an Indemnified Party for: (A) losses arising from the financial
inability of the related obligor on a Lease Agreement to make the payments due
thereunder or because the Leases otherwise are uncollectible, or (B) losses
arising from the failure of the remarketing proceeds of the Managed Containers
to achieve historical or projected levels for reasons other than the Manager's
failure to comply with the terms of this Agreement. The provisions of this
Section 14.2 shall run directly to and be enforceable by an injured party,
subject to the limitations hereof. The obligations of the Manager under this
Section 14.2 shall survive the resignation or removal of the Manager and each
Indemnified Party, the payment of the Notes and Outstanding Obligations and the
termination of this Agreement or the Indenture; it being understood and agreed
that the Manager shall have no liability for the actions or inactions of any
replacement Manager.

              14.2.2 The Manager shall pay any amounts owing by it pursuant to
this Section 14 directly to the Indemnified Party, and such amounts shall not be
deposited in the Trust Account.

              14.2.3 Indemnification payments owing pursuant to the provisions
of this Section 14 shall include, without limitation, reasonable and documented
fees and expenses of counsel and expenses of litigation reasonably incurred.

      Section 15.    No Bankruptcy Petition Against the Owner.

      The Manager will not, prior to the date that is one year and one day after
the payment in full of all Outstanding Obligations under the Indenture or
obligations of the Issuer under any of the other Transaction Documents,
institute against the Owner, or join any other Person in instituting against the
Owner, an Insolvency Proceeding. The provision of this Section 15 shall survive
the termination of this Agreement.

      Section 16.    Notices.

      All notices, demands or requests given pursuant to this Agreement shall be
in writing, sent by internationally recognized overnight courier service or by
telecopy or hand delivery, to the following addresses:

To the Manager:              TAL International Container Corporation
                             100 Manhattanville Road
                             Purchase, New York 10577-2135
                             Attn: Chand Khan, Vice President and Chief
                             Financial Officer
                             Fax: (914) 697-2526

                             with a copy to:

                             TAL International Container Corporation

                                       23

                             100 Manhattanville Road
                             Purchase, New York 10577-2135
                             Attn: Marc A. Pearlin, Vice President, General
                             Counsel & Secretary
                             Fax: (914) 697-2526

To the Owner:                TAL Advantage I LLC
                             100 Manhattanville Road
                             Purchase, New York 10577-2135
                             Attn: Chand Khan

                             with a copy to:

                             TAL International Container Corporation
                             100 Manhattanville Road
                             Purchase, New York 10577-2135
                             Attn: Chand Khan, Vice President and Chief
                             Financial Officer
                             Fax: (914) 697-2526

To the
Indenture Trustee:           U.S. Bank National Association
                             60 Livingston Avenue
                             St. Paul, Minnesota  55107
                             Attention: TAL Advantage I, LLC, Variable Rate
                             Secured Notes, Series 2005-1
                             Fax: 651-495-8090

To the
Administrative Agent:        Fortis Capital Corp.
                             Loan Syndications/Agency
                             520 Madison Avenue
                             New York, NY 10022
                             Attn: Gloria Beloti-Fields, Assistant Vice
                             President
                             Fax: 212-340-5450

                             With a copy to:

                             Fortis Capital Corp.
                             11001 West 120th Street, Suite 400
                             Broomfield, CO 80021
                             Attn: Milt Anderson, Managing Director
                             Fax: (303) 410-4571

To any Series Enhancer:      At the address set forth in the related Insurance
                             Agreement

To any Hedge Counterparty:   At the address set forth in the related

                                       24

                                 Hedge Agreement

      Notice shall be effective and deemed received (a) two days after being
delivered to the courier service, if sent by courier, (b) upon receipt of
confirmation of transmission, if sent by telecopy or (c) when delivered, if
delivered by hand.

      Section 17.    Governing Law; Consent to Jurisdiction.

      17.1    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT WITHOUT GIVING EFFECT TO
ANY OTHER PRINCIPLES OF CONFLICTS OF LAW).

      17.2    Consent to Jurisdiction. Any legal suit, action or proceeding
against Owner or Manager arising out of or relating to this Agreement, or any
transaction contemplated hereby, may be instituted in any federal or state court
in the County of New York, State of New York and each of Owner and Manager
hereby waives any objection which it may now or hereafter have to the laying of
venue of any such suit, action or proceeding, and, solely for the purposes of
enforcing this Agreement, Owner and Manager each hereby irrevocably submits to
the jurisdiction of any such court in any such suit, action or proceeding.

      17.3   Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY
WAIVES, AS AGAINST EACH OTHER PARTY HERETO, ANY RIGHTS IT MAY HAVE TO A JURY
TRIAL IN RESPECT OF ANY CIVIL ACTION OR PROCEEDING (WHETHER ARISING IN CONTRACT
OR TORT OR OTHERWISE), INCLUDING ANY COUNTERCLAIM ARISING UNDER THIS AGREEMENT
OR ANY OTHER TRANSACTION DOCUMENT, INCLUDING IN RESPECT OF THE NEGOTIATION,
ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF.

      Section 18.    Successors and Assigns.

      The terms and conditions of this Agreement shall inure to the benefit of
and be binding upon the successors and permitted assigns of the parties hereto.

      Section 19.    Severability.

      If any term or provision of this Agreement or the performance thereof
shall to any extent be or become invalid or unenforceable, such invalidity or
unenforceability shall not affect or render invalid or unenforceable any other
provisions of this Agreement, and this Agreement shall continue to be valid and
enforceable to the fullest extent permitted by law.

      Section 20.    Entire Agreement; Amendments; Waiver.

      This Agreement represents the entire agreement between the parties with
respect to the subject matter hereof and may not be amended or modified except
by an instrument in writing signed by the parties hereto and approved by the
Administrative Agent and the Requisite Global Majority and, if such amendment or
modification would cause any of the events set forth in

                                       25

Section 1002(a)(i) through (vii) of the Indenture to occur, each Series Enhancer
for a Series of Outstanding Notes if such Series Enhancer is adversely affected
thereby (but only if such Series Enhancer is then the Control Party for such
Series or shall have made an unreimbursed payment on its Policy); provided,
that, if any such amendment or modification would (i) reduce the amount payable
to such Series Enhancer, (ii) amend the relative priority of any such payment
pursuant to Sections 302 or 806 of the indenture (other than to increase the
priority thereof) or increase the amount of any applicable dollar limitations on
amounts having a higher payment priority to such payments pursuant to Sections
302 or 806 of the Indenture or otherwise change such payments in a manner
adverse to such Series Enhancer, (iii) change the date on which or the amount of
which, or the place or payment where, or the coin or currency in which, such
amount is paid to such Series Enhancer, (iv) increase or accelerate such Series
Enhancer's payment obligations under its Policy or otherwise materially and
adversely affect the rights, interests or obligations of such Series Enhancer
under this Agreement and the other Transaction Documents, or (v) modify
provisions of any Transaction Document relating to requirements that the consent
of such Series Enhancer be obtained, the approval of such Series Enhancer shall
be required. The Manager will send prior notice of any amendment or modification
to the Rating Agencies setting forth in general terms the substance of such
amendment or modification. Waiver of any terms or conditions of this Agreement
(including any extension of time required for performance) shall be effective
only if in writing and shall not be construed as a waiver of any subsequent
breach or waiver of the same terms or conditions or a waiver of any other term
or condition of this Agreement. No delay on the part of any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof.

      Section 21.    Counterparts.

      This Agreement may be executed in one or more counterparts, and by the
different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile shall be effective as delivery of
a manually executed counterpart of this Agreement.

      Section 22.    Intended Third Party Beneficiaries.

      Each of the Administrative Agent, each Series Enhancer, the Requisite
Global Majority and the Indenture Trustee are express third party beneficiaries
of this Agreement; and, as such, shall have full power and authority to enforce
the provisions of this Agreement against the parties hereto. Except as set forth
in the immediately preceding sentence, this Agreement shall be binding upon and
inure solely to the benefit of each party hereto, and nothing in this Agreement,
express or implied, is intended to or shall confer on any other Person any
right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

      Section 23.    Effect on Prior Agreement. This Management Agreement amends
and restates the Prior Management Agreement as of the Restatement Effective
Date. This Management Agreement shall not effect a termination of the
obligations of the Issuer or the Manager under the Prior Management Agreement,
but instead shall be merely a restatement and, where applicable, an amendment of
the terms governing such obligations.

                                       26

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

                                       TAL INTERNATIONAL CONTAINER CORPORATION,
                                       as Manager

                                       By:______________________________________
                                          Title:

                                                            MANAGEMENT AGREEMENT

                                       TAL ADVANTAGE I LLC, as Owner,
                                       By:  TAL International Container
                                            Corporation, its manager

                                       By:______________________________________
                                          Title:

                                                            MANAGEMENT AGREEMENT

                                    EXHIBIT A

                                 MANAGER REPORT

-----------------------------------------------------------------------------------------------------------------------------------
                                                        TAL ADVANTAGE 1 LLC
                                  ATTACHMENT A: MANAGER REPORT (PRIOR TO EARLY AMORTIZATION EVENT)
                                                    DETERMINATION DATE: X/XX/06
-----------------------------------------------------------------------------------------------------------------------------------
FOR THE COLLECTION PERIOD                                                                                      X/XX/2006-X/XX/2006
FOR THE PAYMENT DATE                                                                                                     X/XX/2006
-----------------------------------------------------------------------------------------------------------------------------------

SECTION 1: PAYMENT DATE BEGINNING ACCOUNT BALANCE
        Beginning Balance in the Trust Account at x/xx/06
        Beginning Balance in the Restricted Cash Account at x/xx/06
        Beginning Balance in the Temporary Loss Account at x/xx/06
        Beginning Series 2005-1 outstanding amount at x/xx/06 (Previous payment date)
        Beginning Series 2006-1 outstanding amount at x/xx/06 (Previous payment date)

SECTION 2: FUNDS ON DEPOSIT IN TRUST ACCOUNT

     1  Gross Revenues (including finance lease payments)
 2 & 3  + Sales + Casualty proceeds
     4  + Miscellaneous Revenues
     5  - Operating expenses

        Issuer proceeds

     6  - Management Fee
     7  + Manager advances
     8  + Amounts received from Interest Rate Hedge Provider (payment to be received on payment date)
     9  + Interest earned in the Trust Account
    10  + Excess amount in the restricted cash account
                                                                                                                        ____________
        AMOUNT AVAILABLE FOR DISTRIBUTIONS

SECTION 3: DISTRIBUTIONS PRIOR TO AN EARLY AMORTIZATION EVENT

    11  - Indenture Trustee fee
    12  - Administrative Agent Fee
    13  - Management Fees and Management Fee Arrearage to the extent not withheld by the Manager
    14  - Unpaid Manager Advances
    15  - Actual Auditing and related expenses and other Issuer Expenses
    16  Series Enhancer Premiums
    17  - Premium owed to the Series Enhancer
    18  - Series 2005-1 Interest Payments - Warehouse Facility (excluding commitment fees)
    19  - Series 2006-1 Interest Payments

    20  - Commitment Fees

    21  - Interest rate hedge provider payments (other than termination payments)

    22  - Restricted Cash Account to the extent needed

    23  - Minimum Principal Payment Amounts for Series 2005-1

    24  - Minimum Principal Payment Amounts for Series 2006-1

    25  - Scheduled Principal Payment Amounts for Series 2005-1

    26  - Scheduled Principal Payment Amounts for Series 2006-1

    27  - Supplemental Principal Payment Amounts for Series 2005-1

    28  - Supplemental Principal Payment Amounts for Series 2006-1

    29  - Other Noteholder and Series Enhancer payments

    30  - Interest Rate Hedge Provider payments not paid above (including termination payments
          unless counterparty breach)

    31  - Unpaid amounts under 1, 17, 18, 19 or 20 above

    32  - Any Interest rate Hedge Provider payments not paid above (including termination payments in
          case of counterparty breach)

    33  - Unpaid indemnification payments to the Issuer

    34  - Unpaid indemnification payments to the Manager                                                                ____________

        = SUM OF PAYMENTS DUE UNDER WATERFALL

        = REMAINING AMOUNTS DUE THE ISSUER OR ITS DESIGNEE

SECTION 4: PAYMENT DATE ENDING ACCOUNT BALANCE

        Ending balance in the Trust Account at x/xx/2006
        Ending balance in the Restricted Cash Account at x/xx/2006
        Ending balance in the Temporary Loss Account at x/xx/2006
        Ending series 2005-1 outstanding amount at x/xx/06 (Current payment date) after paydown
        Ending series 2006-1 outstanding amount at x/xx/06 (Current payment date) after paydown

                                    EXHIBIT B

                 AFFILIATES OF MANAGER AND APPROVED SUBSERVICERS

                                      NONE

                                    EXHIBIT C

                          CREDIT AND COLLECTION POLICY

                            On file with the Manager

                                    EXHIBIT D

                             AGREED UPON PROCEDURES

The accountants' report will address:

      o     Specified information contained in the March 31st, June 30th and
            December 31st Manager Report prepared by the Manager with respect to
            the Issuer; and

      o     Specified information contained in the March 31st, June 30th and
            December 31st Asset Base Certificate prepared by the Manager with
            respect to the Issuer.

      o     Where applicable, the accountant's reports relate to the 3 month
            periods ending March 31, June 30 and December 31.

Manager Report

      o     Verify the mathematical accuracy of each report

      o     Compare the Management Fee information as enumerated on the Manager
            Report to the amount contained in the Issuer's general ledger.

      o     Compare the Container Revenue and Sales Proceeds (including Casualty
            Proceeds) information as enumerated on the Manager Report to the
            amounts contained in the Issuer's general ledger.

Asset Base Certificate

      o     Verify the mathematical accuracy of each certification

      o     Agree each line item on the Asset Base Certificate to its source
            (note that the source of each line item will be agreed upon to by
            the parties at a later date).

      o     Randomly select a sample of 10 units from the Manager's equipment
            tracking system report ("TERMS") and trace to the Issuer's fixed
            asset accounting system by pool and recalculate depreciation as
            defined by the {NAME OF AGREEMENT}

      o     Randomly select a sample of 15 units from the Manager prepared
            listing of all purchased assets for the quarter and agree the serial
            number and book value to the Manager's equipment tracking system
            report ("TERMS")

      o     Randomly select a sample of 15 units from the Manager prepared
            listing of all purchased assets for the quarter and agree the cost
            basis per the Issuer's fixed asset accounting system to the
            applicable invoice and cash disbursement advice (e.g. wire transfer
            or cancelled check)

Assets Contributed and Sold by Issuer at Transaction Date:

      o     In conjunction with the accountant's quarterly report as of December
            31, 2005, the following procedures will be performed as of the
            Transaction Date:

                  o     Agree the total number of units transferred from the
                        {Schedule of Assets Transferred} to Issuer's fixed asset
                        accounting system

                                    EXHIBIT E

                               DEPRECIATION POLICY

Managed Containers (not subject to a Finance Lease) shall be recorded at their
Original Equipment Cost. All such Managed Containers (other than refrigerated
Containers) will be depreciated on a straight-line basis from the beginning of
the month following the month in which such Container was accepted over 12 years
to a 32% residual value. All refrigerated Containers will be depreciated on a
straight-line basis from the beginning of the month following the month in which
such Container was accepted over 12 years to a 20% residual value.

The foregoing notwithstanding, any portion of the Original Equipment Cost of
such Managed Container that is attributable to an improvement to such Managed
Container pursuant to clause (iii) of the definition of "Original Equipment
Cost", shall be depreciated on a straight-line basis from the beginning of the
month following the month in which such improvement was accepted over the
remaining depreciation period of such Managed Container to the applicable
residual value mentioned above.EXHIBIT 10.37

--------------------------------------------------------------------------------

              AMENDED AND RESTATED CONTRIBUTION AND SALE AGREEMENT

                                   ----------

                                     between

                    TAL INTERNATIONAL CONTAINER CORPORATION,

                                       and

                               TAL ADVANTAGE I LLC

                                   ----------

                                   Dated as of

                                 April 12, 2006

--------------------------------------------------------------------------------

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
ARTICLE I DEFINITIONS....................................................     1
   SECTION 1.01   Definitions............................................     1
   SECTION 1.02   General Interpretive Principles........................     1
ARTICLE II TRANSFER OF CONTAINERS........................................     2
   SECTION 2.01   Transfer of Transferred Assets on the Initial Closing
                  Date...................................................     2
   SECTION 2.02   Transferred Containers and Related Assets after the
                  Initial Closing Date...................................     2
   SECTION 2.03   Required Financing Statements; Marking of Records......     4
   SECTION 2.04   General Provisions Regarding All Transfers of
                  Containers.............................................     4
   SECTION 2.05   Transfer of the Subordinated Note......................     6
ARTICLE III REPRESENTATIONS AND WARRANTIES...............................     6
   SECTION 3.01   Representations and Warranties of the Seller...........     6
   SECTION 3.02   Representations and Warranties of the Issuer...........    12
   SECTION 3.03   Breach of Representations and Warranties Regarding
                  Certain Transferred Assets.............................    15
   SECTION 3.04   Substitute Container...................................    15
ARTICLE IV COVENANTS OF THE SELLER.......................................    16
   SECTION 4.01   Seller Covenants.......................................    16
   SECTION 4.02   Pledge of Transferred Assets...........................    19
ARTICLE V CONDITIONS PRECEDENT...........................................    19
   SECTION 5.01   Conditions to Issuer Obligations.......................    19
   SECTION 5.02   Conditions to the Seller's Obligations.................    19
   SECTION 5.03   Waiver of Conditions...................................    20
ARTICLE VI TERMINATION...................................................    20
   SECTION 6.01   Termination............................................    20
   SECTION 6.02   Effect of Termination..................................    20
ARTICLE VII INDEMNIFICATION PAYMENTS.....................................    20
   SECTION 7.01   Indemnification........................................    20
   SECTION 7.02   Procedure for Indemnification..........................    21
ARTICLE VIII MISCELLANEOUS PROVISIONS....................................    21
   SECTION 8.01   Amendment..............................................    21

                                      -i-

                                TABLE OF CONTENTS
                                   (continued)

                                                                            Page
                                                                            ----
   SECTION 8.02   Governing Law..........................................    22
   SECTION 8.03   Notices................................................    22
   SECTION 8.04   Severability of Provisions.............................    24
   SECTION 8.05   Assignment.............................................    24
   SECTION 8.06   Further Assurances.....................................    24
   SECTION 8.07   Waiver; Cumulative Remedies............................    24
   SECTION 8.08   Counterparts...........................................    24
   SECTION 8.09   Binding................................................    24
   SECTION 8.10   Merger and Integration.................................    24
   SECTION 8.11   Headings...............................................    25
   SECTION 8.12   Schedules and Exhibits.................................    25
   SECTION 8.13   Intended Third Party Beneficiaries.....................    25
   SECTION 8.14   Consent to Jurisdiction................................    25
   SECTION 8.15   WAIVER OF JURY TRIAL...................................    25
   SECTION 8.16   Effect on Prior Agreement..............................    25
   SECTION 8.17   No Claim...............................................    25

EXHIBIT A - List of Containers
EXHIBIT B - Container Transfer Certificate
EXHIBIT C - Form of Subordinated Note
SCHEDULE 3.01 - Other Names of Seller

                                      -ii-

              AMENDED AND RESTATED CONTRIBUTION AND SALE AGREEMENT

          THIS AMENDED AND RESTATED CONTRIBUTION AND SALE AGREEMENT, dated as of
April 12, 2006 (as amended, modified or supplemented from time to time in
accordance with the terms hereof, this "Agreement"), is entered into between TAL
INTERNATIONAL CONTAINER CORPORATION (together with its permitted successors and
assigns, the "Seller"), a Delaware corporation, and TAL ADVANTAGE I LLC
(together with its permitted successors and assigns, the "Issuer"), a limited
liability company organized under the laws of Delaware.

                                   WITNESSETH:

          WHEREAS, the Seller wishes to transfer to the Issuer from time to time
containers, leases and other related assets, and the Issuer desires to acquire
such assets from the Seller, in each case on the terms and conditions set forth
herein;

          WHEREAS, the assets transferred by the Seller to the Issuer hereunder
will subsequently be pledged by the Issuer to the Indenture Trustee as
collateral for the Notes to be issued from time to time pursuant to the terms of
the Indenture;

          NOW THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.01 Definitions. Capitalized terms used in this Agreement but
not defined herein shall have the meaning assigned to such terms in Appendix A
to the Amended and Restated Indenture dated as of April 12, 2006, between the
Issuer and U.S. Bank National Association, as Indenture Trustee, as such
Appendix A may be amended, supplemented or otherwise modified from time to time
in accordance with the terms of the Indenture.

          SECTION 1.02 General Interpretive Principles. For purposes of this
Agreement except as otherwise expressly provided or unless the context otherwise
requires:

          (a) the terms defined in this Agreement have the meanings assigned to
them in this Agreement and include the plural as well as the singular, and the
use of any gender herein shall be deemed to include the other gender;

          (b) accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with Generally Accepted Accounting Principles;

          (c) references herein to "Articles", "Sections", "Subsections",
"paragraphs", and other subdivisions without reference to a document are to
designated Articles, Sections, Subsections, paragraphs and other subdivisions of
this Agreement;

          (d) a reference to a Subsection without further reference to a Section
is a reference to such Subsection as contained in the same Section in which the
reference appears, and this rule shall also apply to paragraphs and other
subdivisions;

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

          (f) the term "include" or "including" shall mean without limitation by
reason of enumeration.

                                   ARTICLE II

                             TRANSFER OF CONTAINERS

          SECTION 2.01 Transfer of Transferred Assets on the Initial Closing
Date. On the Initial Closing Date, the Seller sold, transferred and conveyed to
the Issuer, and the Issuer acquired from the Seller, all of the Seller's rights,
title and interest in, and under (i) the Containers identified on Exhibit A
hereto and (ii) the Related Assets with respect thereto (the items described in
clauses (i) and (ii) collectively, the "Initial Transferred Assets"). The
purchase price for the Initial Transferred Assets was an amount equal to the sum
of (x) the sum of the Net Book Values (determined as of the last day of the
month preceding the Initial Closing Date) of such Containers, and (y) the sum of
the then Fair Market Values of such Related Assets (the sum of (x) and (y), the
"Initial Purchase Price"). The Initial Purchase Price was paid by the Issuer on
the Initial Closing Date by (i) making a cash payment to the Seller in an amount
equal to Seven Hundred Five Million Dollars ($705,000,000), and (ii) the
issuance by Issuer to the Seller of all of the authorized membership interests
of the Issuer. The excess of (a) the aggregate Fair Market Value of the Initial
Transferred Assets, over (b) the amount of cash described in the preceding
sentence, was treated as a contribution to capital of the Issuer.

          SECTION 2.02 Transferred Containers and Related Assets after the
Initial Closing Date.

          (a) Subsequent to the Initial Closing Date, the Seller may, from time
to time, sell, transfer and convey, to the Issuer, and the Issuer may in its
sole discretion, acquire from the Seller, all of such Seller's rights, title and
interest in, to and under such additional Containers and the Related Assets with
respect thereto (collectively, the "Additional Transferred Assets") as shall be
identified from time to time on a Container Transfer Certificate to be delivered
on such Transfer Date. The Seller and the Issuer hereby agree that the purchase
price of such Additional Transferred Assets (such purchase price, the
"Additional Purchase Price") sold by the Seller on any such subsequent Transfer
Date shall be an amount equal to the sum of (x) the sum of the Net Book Values
(determined as of the last day of the month preceding such Transfer Date) of
such additional Containers and (y) the sum of the Fair Market Values of such
Related Assets. The Additional Purchase Price will be paid on the related
Transfer Date in full by (x) wire transfer of immediately available funds on
such Transfer Date to the extent of funds available to the Issuer pursuant to
the terms of the Indenture and the Transaction Documents, and (y) if the
Additional Purchase Price to be paid to such Seller for the Additional
Transferred Assets exceeds the amount set forth in clause (x), by increasing the
principal balance of the Subordinated Note

                                      -2-

payable to the Seller by an amount equal to (1) the Additional Purchase Price
minus (2) the amount set forth in clause (x).

          Notwithstanding the foregoing, the principal balance of the
Subordinated Note shall not be increased, and no applicable Additional Purchase
Price shall be paid by means of the Subordinated Note, except to the extent
that, after giving effect to such increase, the Deferred Purchase Price
Condition is satisfied. "Deferred Purchase Price Condition" means that, at any
time, the result of (a) the Aggregate Net Book Value, plus (b) the aggregate
outstanding balance of any receivables resulting from the sale or disposition of
any Containers that were either owned by the Issuer or subject to a Finance
Lease for which the Issuer is the lessor, so long as such receivables were not
outstanding for more than ninety (90) days (measured from the issue date of such
receivables), less (c) the Outstanding Obligations, less (d) the Designated
Non-Investment Grade Exposure Amount, exceeds One Hundred Thousand Dollars
($100,000). "Designated Non-Investment Grade Exposure Amount" means, at any
time, an amount equal to the result of (a) three multiplied by (b) the highest
outstanding balance of a Lease of a Managed Container of any lessee which has no
long-term debt rating from S&P or Moody's or which has a long-term debt rating
from S&P or Moody's of less than "BBB-" or "Baa3", as applicable.

          At the option of the Seller, some or all of the Additional Transferred
Assets may be transferred by the Seller to the Issuer as a capital contribution.

          In connection with any transfer of Additional Transferred Assets to
the Issuer, the Seller shall, on or prior to the respective Transfer Date, (i)
execute and deliver each of the documents set forth in Section 2.02(b) hereof,
and (ii) complete the actions required by Section 2.03 hereof.

          (b) In connection with any transfer of Transferred Assets by the
Seller to the Issuer in accordance with the provisions of Section 2.01 or
Section 2.02 of this Agreement, the Seller shall execute and deliver to the
Issuer (and the Issuer shall deliver to the Administrative Agent and the
Indenture Trustee) on or before the related Transfer Date, each of the following
documents:

          (i) A completed Container Transfer Certificate which certificate shall
     operate as an assignment, without recourse, representation or warranty
     (except for the representations and warranties specifically set forth in
     this Agreement) of all such Seller's right, title, and interest in and to
     the Transferred Assets identified in such Container Transfer Certificate;

          (ii) Completed UCC financing statements and documents of similar
     import, if applicable, described in Section 2.03(a) hereof, together with
     evidence of filing of such financing statements, changes or similar
     documents, in the appropriate filing offices and jurisdictions as may be
     required to perfect the Issuer's ownership of the Related Assets; and

          (iii) A supplement to the List of Containers (or, in the case of the
     first Transfer Date, the List of Containers itself). Upon delivery of such
     supplement, the List of

                                      -3-

     Containers shall be deemed to have been amended to incorporate the
     information contained in such supplement.

          SECTION 2.03 Required Financing Statements; Marking of Records.

          (a) In connection with the transfer by it on any Transfer Date, the
Seller agrees to record and file, at its own expense, the following UCC
financing statements (and/or amendments to previously filed UCC financing
statements) with respect to the Related Assets, such filings to be made (unless
otherwise requested by the Administrative Agent or any Series Enhancer) in each
case only to the extent necessary pursuant to applicable law to perfect the
ownership interest of the Issuer:

          (i) UCC financing statements filed against the Seller and covering the
     Transferred Assets. Such financing statements (or documents of similar
     import) shall be filed in the appropriate filing offices in the
     jurisdiction in which the Seller is located (as defined in the UCC) or as
     otherwise required under Applicable Law;

          (ii) UCC financing statements or documents of similar import,
     evidencing the release of the security interest of any other Person with
     respect to any of the Transferred Assets; and

          (iii) With respect to each Finance Lease included in the Transferred
     Assets, a UCC financing statement (or document of similar import), naming
     each lessee of Containers subject to such Finance Lease, as debtor, the
     Seller, as secured party, and the Containers under such related Finance
     Lease as collateral, such financing statement against the lessee shall be
     filed in the appropriate filing offices in the jurisdiction in which the
     lessee is located (as determined under the UCC); provided, however, that
     the Seller shall not be required to change the name of the secured party as
     of record in any such filing office.

All UCC financing statements required pursuant to this Section 2.03 shall meet
the requirements of Applicable Law. Nothing contained in this Section 2.03 shall
limit the Seller's obligation to file continuation or termination statements in
accordance with Section 4.01(g) of this Agreement and Applicable Law.

The Seller shall forward, promptly upon receipt, file-stamped copies of all UCC
financing documents described in paragraphs (i) and (ii) above to the Indenture
Trustee and each Series Enhancer.

          (b) In connection with each transfer of Transferred Assets, the Seller
shall, at its own expense on or prior to each Transfer Date, cause its master
accounting and data processing records to be marked to indicate that all right,
title and interest in each Transferred Asset has been irrevocably and absolutely
transferred to the Issuer.

          SECTION 2.04 General Provisions Regarding All Transfers of Containers.

          (a) Except as specifically provided in Sections 3.03 and 7.01 of this
Agreement, all transfers of Transferred Assets by the Seller to the Issuer
pursuant to this

                                      -4-

Agreement shall be without recourse to the Seller; it being understood that the
Seller shall be liable to the Issuer for all representations, warranties,
covenants and indemnities made by the Seller pursuant to the terms of this
Agreement, all of which representations, warranties, covenants and
indemnifications shall survive the transfer of such Transferred Assts hereunder.
Notwithstanding any term or provision of this Agreement, nothing in this
Agreement shall create (or shall be deemed to create) recourse to the Seller for
(i) the failure of the lessees under the Leases included in the Transferred
Assets to make any payments under such Leases or the Leases otherwise being
uncollectible and/or (ii) the failure of the Issuer to realize an amount equal
to the sum of (x) the Net Book Value of a Transferred Container and (y) the Fair
Market Value of the Related Assets with respect to such Transferred Containers.

          (b) The Seller and the Issuer intend all transfers of Transferred
Assets to be "true sales" or "true contributions" by the Seller to the Issuer
that are absolute and irrevocable and that provide the Issuer with the full
benefits of ownership of the Transferred Assets, and neither the Seller nor the
Issuer intend the transactions contemplated hereunder to be, or for any purpose
to be characterized as, loans from the Issuer to the Seller. It is, further, not
the intention of the Issuer or the Seller that the conveyance of the Transferred
Assets by the Seller be deemed a grant of a security interest in the Transferred
Assets by the Seller to the Issuer to secure a debt or other obligation of the
Seller. However, in the event that, notwithstanding the intent of the parties,
any Transferred 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 Applicable Law, and (ii) the conveyance by the
Seller provided for in this Agreement shall be deemed to be a grant by the
Seller to the Issuer of, and the Seller hereby grants to the Issuer, a security
interest in and to all of the Seller's right, title and interest in, to and
under the Transferred Assets, whether now or hereafter existing or created, to
secure (A) the rights of the Issuer hereunder, (B) a loan by the Issuer to the
Seller in an amount equal to the sum of (1) the sum of the Net Book Values of
all Transferred Containers and (2) the sum of the Fair Market Values of all
Related Assets, in each case to the extent of all of the Transferred Containers
transferred or purported to be transferred by the Seller hereunder, (C) without
limiting the foregoing, the payment and performance of the Seller's obligations
(whether monetary or otherwise) hereunder, and (D) payment to the Issuer of all
lease rentals, and other payments in respect of the Leases and proceeds of the
Transferred Assets transferred or purported to be transferred hereunder. The
Seller and the Issuer 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 Transferred Assets, such security interest
would be deemed to be a perfected security interest of first priority in favor
of the Issuer under Applicable Law and will be maintained as such throughout the
term of this Agreement. The Seller hereby irrevocably authorizes the Issuer (and
the Issuer hereby authorizes the Indenture Trustee (as pledgee of the Issuer's
rights hereunder)), at any time, and from time to time, to file in any filing
office in any jurisdiction any initial financing statements or documents of
similar import and amendments thereto that (x) indicate Transferred Assets as
collateral regardless of whether any particular asset included in the
Transferred Assets falls within the scope of Article 9 of the UCC, and (y)
provide any other information required for the sufficiency or filing office
acceptance of any financing statement or document of similar import or
amendment. The Seller agrees to furnish any such information to the Issuer
promptly upon the Issuer's request, and the Issuer agrees to furnish any such
information to the Indenture Trustee (as pledgee of the Issuer's rights
hereunder) promptly upon the Indenture Trustee's request. The Seller also
ratifies its

                                      -5-

authorization for the Issuer and the Issuer also ratifies its authorization for
the Indenture Trustee having filed in any jurisdiction any financing statements
or documents of similar import or amendments thereto if filed prior to the date
hereof.

          (c) Consistent with the Issuer's ownership of the Transferred Assets,
as between the parties to this Agreement, the Issuer shall have the sole right
to service, administer and collect the Transferred Assets and to assign and/or
delegate such right to others;

          (d) Except as specifically provided for in Section 3.03 and Section
3.04 hereof, the Issuer shall have no obligation to account to the Seller for
the Transferred Assets. The Issuer shall have no obligation to account for, or
to return rental payments on or with respect to any Transferred 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
Initial Purchase Price or Additional Purchase Price, as appropriate, of such
Transferred Asset. The Issuer shall have the sole right to retain any gains or
profits created by buying, selling or holding the Transferred Assets and shall
have the sole risk of and responsibility for losses or damages created by such
buying, selling or holding;

          (e) The Issuer shall have the unrestricted right to further assign,
transfer, deliver, hypothecate, subdivide or otherwise deal with the Transferred
Assets, and all of the Issuer's right, title and interest in, to and under this
Agreement, on whatever terms the Issuer shall determine, pursuant to this
Agreement or otherwise.

          SECTION 2.05 Transfer of the Subordinated Note. The Seller
acknowledges and agrees that the Subordinated Note was issued in a transaction
that was not required to be registered under the Securities Act. Any transfer or
assignment of the Subordinated Note shall be subject to the same conditions as a
transfer or assignment of a Subject Note pursuant to Section 205(l) of the
Indenture. Each holder of a Subordinated Note hereby represents and covenants
that throughout the period during which such holder holds an interest in a
Subordinated Note, either: (i) such holder is not a partnership, grantor trust
or S corporation for United States federal income tax purposes; or (ii) such
holder is a partnership, grantor trust or S corporation for United States
federal income tax purposes, and with regard to each beneficial owner of such
holder, the principal purposes for the establishment or use of such holder to
hold the Subordinated Note do not include avoidance of the limitations set forth
in this paragraph.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.01 Representations and Warranties of the Seller. The Seller
hereby makes the following representations and warranties. The Issuer has relied
upon such representations and warranties in accepting the conveyance of the
Transferred Assets. Such representations and warranties are made only as of a
Transfer Date with respect to the Transferred Assets transferred to the Issuer
on such date and, with respect to the representation and warranty set forth in
clause (v) below, as of the date which is two Business Days following the later
of the acquisition of the applicable Transferred Asset by the Issuer or the
inclusion of

                                      -6-

the applicable Transferred Asset in the Asset Base, but shall survive each
transfer and conveyance of the respective Transferred Assets to the Issuer.

          (a) Organization and Good Standing. The Seller is a corporation duly
organized, validly existing and in compliance under the laws of the State of
Delaware, 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 Transferred Assets and to perform its obligations
hereunder and under any Transaction Document to which it is a party;

          (b) Due Qualification. The Seller is qualified as a foreign
corporation in each jurisdiction where failure to be so qualified would have a
material adverse effect upon its business and has obtained all necessary
licenses and approvals as required under Applicable Law, in each case, where the
failure to be so qualified, licensed or approved, would reasonably be expected
to materially and adversely affect the ability of the Seller to perform its
obligations under and comply with the terms of this Agreement and any other
Transaction Document to which it is a party;

          (c) Power and Authority; Due Execution and Delivery. The Seller has
the corporate power and authority to execute and deliver this Agreement and any
other Transaction Document to which it is a party and to carry out the terms
thereof; the Seller has duly authorized the transfer and conveyance to the
Issuer of the Transferred Assets by all necessary corporate action; the
execution, delivery, and performance by the Seller of this Agreement and any
other Transaction Document to which it is a party has been duly authorized by
the Seller by all necessary corporate action and this Agreement and any other
Transaction Document to which it is a party have been duly executed and
delivered by the Seller;

          (d) Legal Name. The legal name of the Seller is as set forth on the
signature page of the Seller for this Agreement, and, except as set forth in
Schedule 3.01 hereof, in the five years preceding the date of this Agreement:
(a) the Seller has not changed its name, the Seller has not used, and does not
currently use, any trade names, fictitious names, assumed names or "doing
business as" names, and (b) the Seller has not been known by any name other than
"TAL International Container Corporation";

          (e) Valid Assignment; Binding Obligations. This Agreement constitutes
a valid transfer and conveyance to the Issuer of all right, title, and interest
of the Seller in, to and under the Transferred Assets and the Transferred Assets
will be held by the Issuer free and clear of any Lien of any Person claiming
through or under the Seller, except for Permitted Encumbrances; and this
Agreement and each other Transaction Document to which the Seller 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 applicable
bankruptcy, reorganization, insolvency, moratorium, fraudulent conveyance or
other laws affecting creditors' rights generally and to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law);

                                      -7-

          (f) No Violation. The consummation of the transactions contemplated by
and the fulfillment of the terms of this Agreement and the Transaction Documents
to which it is a party 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 or both) a default under, the charter documents or by-laws of the Seller,
or any material term of any 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 and the Indenture, or violate any
material provision of any law, 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, in each case, other than any conflict, breach, default,
Lien, or violation that would not reasonably be expected to result in a Material
Adverse Change;

          (g) No Proceedings or Injunctions. There are (i) no actions, suits,
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 Transaction 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 Transaction 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 Transaction Document to which it
is a party, and (ii) no injunctions, writs, restraining orders or other orders
are in effect against the Seller that would materially and adversely affect its
ability to perform under this Agreement or any other Transaction Document to
which it is a party;

          (h) Compliance with Law. The Seller:

          (i) is not in violation of any laws, ordinances, governmental rules or
     regulations or any court order to which it is subject or by which it is
     bound, in each case the violation of which would reasonably be expected to
     materially and adversely affect the ability of the Seller to perform its
     obligations under this Agreement or any other Transaction Document to which
     it is a party; and

          (ii) has obtained all 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 Transaction
     Documents to which it is a party, in each case, other than any such
     license, permit, franchise or other authorization the failure to so obtain
     will not reasonably be expected to result in a Material Adverse Change;

          (i) Insolvency. The Seller is not insolvent under the Insolvency Law
and will not be rendered insolvent by the transactions contemplated by this
Agreement; the Seller is paying its debts as they become due and, after giving
effect to the transactions contemplated hereby, will have adequate capital to
conduct its business;

          (j) [Reserved];

                                      -8-

          (k) Place of Business. As of the Initial Closing Date, the principal
place of business and chief executive office of the Seller and the place where
the accounting books and records of the Seller are maintained is located at its
address set forth in Section 8.03 and has been located at such address at all
times since the later of (i) the date of formation of the Seller, and (ii) the
date that is five years prior to the Initial Closing Date;

          (l) Accounting and Tax Treatment. The Seller will treat the transfer
of the Transferred Assets to the Issuer pursuant to this Agreement as a capital
contribution (in part) and sale (in part) of such Transferred Assets (which
allocation between capital contribution and sale will be determined in
accordance with Sections 2.01 and 2.02 hereof) for financial reporting and
accounting purposes. The Seller will treat the transfer of the Transferred
Assets as a transfer to an entity disregarded as separate from its owner for
U.S. federal, state and local income tax purposes;

          (m) Bulk Transfer Provisions. No transfer, assignment or conveyance of
the Transferred Assets by the Seller to the Issuer contemplated by this
Agreement will be subject to the bulk transfer or any similar statutory
provisions in effect in any applicable jurisdiction;

          (n) All Representations and Warranties True. All representations,
warranties, certifications and statements made by the Seller in any certificate
or other document delivered in connection with the closing of the transactions
contemplated by the Transaction Documents including all representations,
warranties, certifications and statements made to Mayer, Brown, Rowe & Maw LLP
in support of its opinions issued and delivered in connection with the issuance
of the Notes and each of the factual assumptions contained in such opinions, to
the extent compliance with such assumptions is in the control of the Seller, are
true and correct in all material respects as of the date made and do not omit or
fail to state a material fact necessary to make the statements contained therein
not misleading as of such date.

          (o) Approvals. All approvals, authorizations, consents, orders or
other actions of any Person required to be obtained by the Seller in order to
execute and deliver this Agreement and any other Transaction Documents to which
it is a party have been or will be taken or obtained on or prior to the Closing
Date;

          (p) Financial Statements. The consolidated balance sheet of TAL
International Group at December 31, 2005 and the consolidated statements of
income, retained earnings and cash flows for the twelve months ended on such
date, are accompanied by reports thereon containing opinions without
qualification, except as therein noted, by the independent accountants, have
been prepared in accordance with Generally Accepted Accounting Principles
consistently applied, and present fairly the financial position of TAL
International Group and its consolidated Subsidiaries (including the Seller) as
of such dates and the results of their operations for such periods;

          Since December 31, 2005 there has been no change in the business or
financial condition of TAL International Group and its consolidated Subsidiaries
(including the Seller) except as disclosed in TAL International Group's
financial reports, or changes in the ordinary course of business, which
individually or in the aggregate may have been materially adverse. Neither TAL
International Group nor any of its consolidated Subsidiaries (including the
Seller)

                                      -9-

has any material liabilities or obligations other than those disclosed in the
financial statements (including the notes thereto) referred to in the preceding
paragraph or for which adequate reserves are reflected in such financial
statements or which were incurred in the ordinary course of business since the
date of such financial statements;

          (q) 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, delivery, legality, binding effect or enforceability of this
Agreement or any other Transaction Document to which it is a party or the
transfer and conveyance of the Transferred Assets hereunder except for (A) the
filing of any financing statements and (B) such the failure of which to make or
obtain, individually or in the aggregate, would not reasonably be expected to
result in a material adverse effect on the Seller;

          (r) Investment Company. The Seller is not an "investment company" or a
company controlled by an "investment company" within the meaning of the
Investment Company Act of 1940, as amended;

          (s) Substantive Consolidation. The Seller is operated such that the
Issuer would not be "substantively consolidated" in the bankruptcy estate of the
Seller and its separate existence disregarded in the event of the bankruptcy of
the Seller under any applicable Insolvency Law;

          (t) Financial Statements. The financial statements and books and
records of the Seller will reflect the separate existence of the Issuer, the
annual consolidated financial statements of the Seller after the date hereof
will contain disclosures to the effect that the Seller has or will have one or
more direct and indirect Subsidiaries that were or may be established as
bankruptcy remote entities to facilitate asset securitization transactions;

          (u) Valid Business Purpose. The transfers and conveyances of
Transferred Assets by the Seller to the Issuer pursuant to the terms of this
Agreement are being consummated by the Seller in good faith, with no
contemplation of insolvency and with no intent to hinder, delay or defraud any
of its present or future creditors of the Seller;

          (v) Title to Containers. Immediately prior to the transfer of any
Transferred Asset to the Issuer pursuant to the terms of this Agreement, the
Seller had good and marketable title to such Transferred Asset, free and clear
of all Liens, except (i) Permitted Encumbrances and (ii) a manufacturer's or
vendor's lien for the unpaid purchase price of such Transferred Asset so long as
such unpaid purchase price is paid within two Business Days following the later
of the acquisition of such Transferred Asset by the Issuer or the inclusion of
such Transferred Asset in the Asset Base. 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 Transferred Assets other than
any financing statement or document of similar import (i) in favor of the Issuer
pursuant to this Agreement or (ii) that has been terminated. The Seller is not
aware of any judgment or tax lien filings against the Seller;

                                      -10-

          (w) Rights to Lease Agreements are Assignable. The assignment of the
rights with respect to each Lease Agreement (to the extent related to a
Transferred Container) and all scheduled lease payments to become due thereunder
(which relate to a Transferred Container) pursuant to this Agreement does not
violate the terms of the applicable Lease Agreement and such assignment by the
Seller is permitted without the consent of any Person other than consents which
will have been obtained on or before the related Transfer Date;

          (x) All Necessary Action Taken. Immediately after each of the
transfers and conveyances to the Issuer as contemplated in this Agreement, all
necessary action will have been taken by the Seller to validly transfer and
convey to the Issuer all right, title and interest of the Seller in and to the
Transferred Containers and the Related Assets;

          (y) Eligible Container. As of the related Transfer Date for a
Container, such Container is an Eligible Container.

          (z) Ordinary Course of Business. All Lease Agreements related to
Transferred Containers were originated in the ordinary course of business of the
Seller's business and in accordance with the Credit and Collection Policy as in
effect on such origination date;

          (aa) Binding Obligation. Each Lease included in the Related Assets
being transferred to the Issuer on the applicable Transfer Date represents the
genuine, legal, valid and binding payment obligation in writing of the related
lessee, enforceable in accordance with its terms, except only as such
enforcement may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors' rights generally;

          (bb) No Defenses. No right of rescission, setoff, counterclaim or
defense exists or has been asserted in writing or threatened in writing with
respect to any Lease included in the Related Assets being transferred to the
Issuer on the applicable Transfer Date. The exercise of any right under any such
Lease will not render such Lease unenforceable in whole or in part or subject to
any such right of rescission, setoff, counterclaim or defense;

          (cc) Servicing. The servicing of each Lease included in the Related
Assets and the collection practices relating thereto have been lawful and in
accordance with the standards set forth in the Credit and Collection Policy;

          (dd) Seller Acquisition Cost. One of the following: (A) with respect
to any Container originally acquired by the Seller subsequent to the Initial
Closing Date, the vendor's or manufacturer's invoice price of such Container was
representative of the market price of containers of similar specifications with
such vendor or manufacturer on the date on which the Seller placed the order for
such Container with the vendor or manufacturer thereof; or (B) with respect to
any Container not covered by clause (A), the purchase price allocated to such
Container by the Seller was reflective of the market value (as determined by
appraisal) of such class of Container on the Initial Closing Date;

          (ee) Creation of Security Interest. In the event that, contrary to the
intention of the parties hereto, the transfer of the Transferred Assets pursuant
to the terms of this Agreement is held not to constitute a "true sale" or a
"true contribution", this Agreement creates a valid and continuing security
interest (as defined in the UCC) in the Transferred Assets in favor of the

                                      -11-

Issuer, which security interest is prior to all other Liens other than Permitted
Encumbrances, and is enforceable as such against creditors of and purchasers
from the Seller;

          (ff) UCC Classification. As of the Transfer Date for a Transferred
Container: (x) such Transferred Container constitutes "goods" within the meaning
of the applicable UCC; (y) the related Lease constitutes "tangible chattel
paper" within the meaning of the UCC; and (z) the lease receivables under such
Lease constitute "accounts" or "proceeds" of such Lease within the meaning of
the UCC;

          (gg) Perfection of Security Interest. The Seller has caused the filing
of all appropriate financing statements or documents of similar import in the
proper filing office in the appropriate jurisdictions under Applicable Law in
order to perfect the Issuer's ownership interest in the Transferred Assets. All
financing statements filed or to be filed against the Seller in favor of the
Issuer in connection herewith contain a statement to the following effect: "A
purchase of or any other security interest in any collateral described in this
financing statement will violate the rights of the Issuer and the Indenture
Trustee (as the pledgee of the Issuer)";

          (hh) Possession of Leases. Aside from any original counterparts of
such Lease included in such Transferred Assets in the possession of the lessee,
the only other original counterpart(s) of such Lease is in the possession of the
Manager or an Affiliate of the Manager. Such Lease (to the extent that such
Lease relates to the Transferred Containers) does not have any marks or
notations indicating that such Lease (to the extent that such Lease relates to
the Transferred Containers) has been pledged, assigned or otherwise conveyed to
any Person.

          SECTION 3.02 Representations and Warranties of the Issuer. The Issuer
hereby makes the following representations and warranties. The Seller has relied
upon such representations and warranties in transferring the Transferred Assets
to the Issuer. Such representations and warranties speak only as of the Transfer
Date with respect to the Transferred Assets transferred to the Issuer on such
date, but shall survive each transfer and conveyance of the respective
Transferred Assets to the Issuer.

          (a) Organization and Good Standing. The Issuer is a limited liability
company duly organized and validly existing in compliance under the laws of the
State of Delaware, with full corporate power and authority to own and operate
its properties and to conduct its business as presently conducted and to enter
into and perform its obligations under this Agreement and each other Transaction
Document to which it is a party and the transactions contemplated hereby and
thereby;

          (b) Due Qualification. The Issuer is duly qualified to do business as
a foreign company in good standing, and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property or
the conduct of its business requires such qualification, except to the extent
that the failure to be so qualified, licensed or approved would not, in the
aggregate, materially and adversely affect the ability of the Issuer to perform
its obligations under and comply with the terms of this Agreement or any other
Transaction Documents to which it is a party;

                                      -12-

          (c) Power and Authority. The Issuer has the corporate power and
authority to execute and deliver this Agreement and to carry out its terms; and
the execution, delivery, and performance of this Agreement by the Issuer have
been duly authorized by the Issuer by all necessary company action;

          (d) Binding Obligations. This Agreement and each other Transaction
Document to which the Issuer is a party, when duly executed and delivered by the
other parties hereto or thereto, will constitute a legal, valid, and binding
obligation of the Issuer enforceable in accordance with its terms subject as to
enforceability to applicable bankruptcy, reorganization, insolvency, moratorium
or other laws affecting creditors' rights generally and to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law);

          (e) No Violation. The consummation of the transactions contemplated by
and the fulfillment of the terms of this Agreement and the Transaction Documents
to which it is a party 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 or both) a default under, the charter documents or by-laws of the Issuer,
or any material term of any indenture, agreement, mortgage, deed of trust, or
other instrument to which the Issuer 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 pursuant to the Indenture, or violate any law or
any order, rule, or regulation applicable to the Issuer of any court or of any
federal or state regulatory body, administrative agency, or other Governmental
Authority having jurisdiction over the Issuer or any of its properties;

          (f) No Proceedings or Injunctions. There are (i) no proceedings or
investigations to which the Issuer is a party pending or, to the knowledge of
Issuer, threatened before any court, regulatory body, administrative agency or
other tribunal or Governmental Authority (A) asserting the invalidity of this
Agreement or any of the other Transaction Documents to which the Issuer is a
party, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents to
which the Issuer is a party, or (C) seeking any determination or ruling that
would materially and adversely affect the performance by the Issuer of its
obligations under, or the validity or enforceability of, this Agreement or the
other Transaction Documents to which the Issuer is a party and (ii) no
injunctions, writs, restraining orders or other orders are in effect against the
Issuer that would adversely affect its ability to perform under this Agreement
or the other Transaction Documents to which it is a party;

          (g) Approvals. All approvals, authorizations, consents, orders or
other actions of any Person required to be obtained by the Issuer in connection
with the execution and delivery of this Agreement or any other Transaction
Document to which it is a party have been or will be taken or obtained on or
prior to the Initial Closing Date;

          (h) Solvency. The Issuer is not insolvent under the Insolvency Law and
will not be rendered insolvent by the transactions contemplated by this
Agreement; the Issuer is paying its debts as they become due and, after giving
effect to the transactions contemplated hereby, will have adequate capital to
conduct its business;

                                      -13-

          (i) Principal Place of Business; Trade Names. The Issuer's only "place
of business" (as such term is referred to in Section 9-307 of the UCC) and its
"chief executive office" (as such term is referred to in Section 9-307 of the
UCC) is located at and has been located at such address at all times since the
date of formation of the Issuer, and the accounting books and records of the
Issuer are maintained at its address determined in accordance with Section 8.03.
The Issuer has not been known by any name other than "TAL ADVANTAGE I LLC";

          (j) Accounting and Tax Treatment. The Issuer will treat the transfer
of the Transferred Assets to the Issuer by the Seller pursuant to this Agreement
as a capital contribution (in part) and sale (in part) of such Transferred
Assets by the Seller (which allocation between capital contribution and sale
will be determined in accordance with Sections 2.01 and 2.02 hereof) for
financial reporting and accounting purposes. The Issuer will treat the transfer
of the Transferred Assets to the Issuer as a transfer to an entity disregarded
as separate from its owner for U.S. federal, state and local income tax
purposes;

          (k) Investment Company. The Issuer is not an "investment company" or a
company controlled by an "investment company" within the meaning of the
Investment Company Act of 1940, as amended;

          (l) Substantive Consolidation. The Issuer: (1) conducts its business
in its own name, it being understood that the Issuer's business will be managed
by the Manager in accordance with the terms of the Management Agreement, (2)
maintains its books and records separate from those of any other Person, (3)
does not commingle its funds with any other Person (except for any commingling
of Collections which may occur prior to the identification and segregation of
such amounts in accordance with the terms of the Management Agreement), (4)
maintains separate financial statements, showing its assets and liabilities
separate and apart from those of any other Person, (5) pays its own liabilities
and expenses only out of its own funds, (6) enters into transactions with an
Affiliate only if such transaction is commercially reasonable and on the same
terms as would be available in an arm's length transaction with a Person or
entity that is not an Affiliate, (7) allocates fairly and reasonably any
overhead expenses that are shared with an Affiliate, (8) holds itself out as a
separate entity, (9) maintains adequate capital in light of its contemplated
business operations, and (10) observes all other organizational formalities;

          (m) All Representations and Warranties True. All representations,
warranties, certifications and statements made by Issuer in any certificate or
document delivered in connection with the closing of the transactions
contemplated by the Transaction Documents including all representations,
warranties, certifications and statements made by the Issuer to Mayer, Brown,
Rowe & Maw LLP in support of its opinions issued and delivered in connection
with the issuance of the Notes and each of the factual assumptions contained in
such opinions, to the extent compliance with such assumptions is in the control
of the Issuer, are true and correct in all material respects as of the date made
and do not omit to state a material fact necessary to make the statements
contained therein not misleading as of such date;

          (n) Financial Statements. The financial statements and books and
records of the Issuer will reflect the separate existence of the Issuer and the
Seller;

                                      -14-

          (o) No Subsidiaries. The Issuer has no Subsidiaries; and

          (p) Ordinary Course. The transactions contemplated by this Agreement
are being consummated by the Issuer in good faith and in furtherance of the
Issuer's ordinary business purposes, with no contemplation of insolvency and
with no intent to hinder, delay or defraud any of its present or future
creditors.

          SECTION 3.03 Breach of Representations and Warranties Regarding
Certain Transferred Assets.

          (a) Upon discovery by the Seller or the Issuer (or any of their
respective successors or permitted assigns) of a breach of any of the Container
Representations and Warranties made by the Seller on the related Transfer Date,
the party (including any such successor or permitted assign) discovering such
breach shall give prompt written notice to the other party (and the Issuer shall
give prompt notice thereof to each of the Indenture Trustee and the
Administrative Agent). If the Issuer (or its successors or permitted assigns)
reasonably determines that such breach materially and adversely affects the
interests of the Issuer or its successors and permitted assigns, then, unless
the breach shall have been cured, or waived by the Issuer, within thirty (30)
days after the receipt by the Seller of written notice of such breach from the
Issuer (or its successors and permitted assigns), the Seller shall, on or prior
to such thirtieth (30th) day, repurchase the applicable Container (and all
Related Assets with respect thereto) by paying the Warranty Purchase Amount to
the Issuer for deposit into the Trust Account and, upon deposit of such payment
in the Trust Account, such repurchase shall occur automatically without further
action by any Person.

          (b) The Issuer agrees that the obligation of the Seller to make the
indemnification payments pursuant to this Section 3.03 shall constitute the sole
remedy available against such Seller by the Issuer and its successors and
permitted assigns for breach of a Container Representation or Warranty;
provided, however, that nothing contained herein shall derogate from the
Seller's indemnification obligations set forth in Section 7.01 hereof for
matters other than a breach of a Container Representation and Warranty.

          SECTION 3.04 Substitute Container.

          (a) The Seller will have the right (exercisable solely at its option)
at any time to transfer to the Issuer one or more Containers and Related Assets
(such Containers and Related Assets, collectively, a "Substitute Container") in
substitution for one or more Transferred Containers and Related Assets (such
Transferred Containers and Related Assets, collectively, a "Predecessor
Container") if:

          (i) the Predecessor Container is required to be repurchased pursuant
to Section 3.03 hereof;

          (ii) after giving effect to such substitution, no Asset Base
Deficiency shall exist;

          (iii) the Substitute Container, when considered with all other
Eligible Containers, will satisfy the Concentration Limits; and

                                      -15-

          (iv) the ownership of such containers by the Issuer will not result in
an Early Amortization Event.

If more than one Substitute Container is being transferred on any date, the
criteria set forth in clause (ii) above shall be determined on an aggregate
basis.

          (b) Any substitution pursuant to this Section 3.04 shall become
effective upon compliance with the provisions of Section 2.02(b) hereof. Upon
the effectiveness of such substitution, the Predecessor Container shall
automatically be reconveyed by the Issuer to the Seller without further action
by any Person.

                                   ARTICLE IV

                             COVENANTS OF THE SELLER

          SECTION 4.01 Seller Covenants. Seller hereby covenants and agrees with
the Issuer (and its successors and assigns) as follows:

          (a) Merger or Consolidation of, or Assumption of the Obligations of,
the Seller. Notwithstanding anything in this Agreement to the contrary, any
Person (i) into which the Seller may be merged or consolidated, (ii) resulting
from any merger, conversion, or consolidation to which the Seller shall be
party, or (iii) succeeding to the business of the Seller substantially as a
whole, will be the successor to the Seller under this Agreement, without the
execution or filing of any document or any further act on the part of any of the
parties to this Agreement; provided, however, that the Seller shall not enter
into any merger or consolidation unless (x) immediately after giving effect to
such transaction, no Event of Default or Early Amortization Event shall result
therefrom, (y) the Seller shall have delivered to the Issuer, an Officer's
Certificate and an Opinion of Counsel (which the Issuer shall forward to the
Indenture Trustee and the Administrative Agent) each stating that such
consolidation, merger, or succession complies with this Section 4.01 and that
all conditions precedent, if any, provided for in this Agreement relating to
such transaction have been complied with and (z) the Seller shall have delivered
to the Issuer an Opinion of Counsel (which the Issuer shall forward to the
Indenture Trustee and the Administrative Agent), either (1) stating that, in the
opinion of such counsel, all financing statements or other documents of similar
import, and amendments thereto have been executed (if applicable) and filed that
are necessary fully to perfect the interest of the Issuer in the Transferred
Assets, or (2) stating that, in the opinion of such counsel, no such action
shall be necessary to perfect such interest.

          (b) Limitation on Liability of the Seller and Others. The Seller and
any director, officer, employee or agent of the Seller may rely in good faith on
any document of any kind, prima facie properly executed and submitted by any
Person respecting any matters arising under this Agreement; provided, however,
that any such limitation does not affect the obligation of the Seller to accept
reconveyance of certain Containers and the Related Assets and to pay the
consideration therefor pursuant to Section 3.03. The Seller in its capacity as
such shall not be under any obligation to appear in, prosecute, or defend any
legal action that is not incidental to its obligations as the transferor of the
Transferred Assets under this Agreement and that in its opinion may involve it
in any expense or liability.

                                      -16-

          (c) Preservation of Name, etc. The Seller will not change its name,
identity, location of chief executive office, jurisdiction of incorporation or
corporate structure in any manner that would make ineffective any financing
statement, continuation statement, or documents of similar import, filed by the
Seller in accordance with Section 2.03 above unless (i) the Seller shall have
given the Issuer at least thirty (30) days' prior written notice thereof (which
the Issuer promptly shall forward to the Indenture Trustee and the
Administrative Agent), (ii) the Seller shall have filed any necessary financing
statements or amendments thereof or documents of similar import necessary to
continue the effectiveness of any financing statement or document of similar
import referred to in Section 2.03 above and (iii) the Seller shall have
delivered to the Issuer one or more Opinions of Counsel (which the Issuer
promptly shall forward to the Indenture Trustee and the Administrative Agent),
stating that, after giving effect to such change in name, identity, location of
chief executive office, jurisdiction of incorporation or corporate structure:
(A) the Seller and the Issuer will not, pursuant to applicable Insolvency Law,
be substantively consolidated in the event of any Insolvency Proceeding by, or
against, the Seller, (B) under applicable Insolvency Law, the transfers of
Transferred Assets made in accordance with the terms of this Agreement will be
treated as a "true sale" in the event of any Insolvency Proceeding by, or
against, the Seller and (C) either (1) in the opinion of such counsel, all
financing statements or other documents of similar import, and amendments
thereto have been executed (if applicable) and filed that are necessary fully to
perfect the interest of the Issuer in the Transferred Assets, or (2) stating
that, in the opinion of such counsel, no such action shall be necessary to
perfect such interest; provided that the opinions described in clause (A) and
clause (B) shall not be required unless, as a result of the Seller's change of
chief executive office or jurisdiction of incorporation, the Seller's chief
executive office or the Seller's jurisdiction of location is outside of the
United States. The Seller shall observe all formalities necessary to maintain
its corporate existence, subject to its rights under Section 4.01(a), and shall
maintain all licenses, permits, charters and registration, the suspension of
which or the failure to hold which, would reasonably be expected to result in a
Material Adverse Change.

          (d) Books and Records. The Seller will, at its own cost and expense,
mark its books and records (which may include computerized records) to the
effect that each Transferred Container and Related Assets have been transferred
to the Issuer.

          (e) Compliance with Law. The Seller will comply, in all material
respects, with all acts, rules, regulations, orders, decrees and directions of
any Governmental Authority except for any such noncompliance which would not
reasonably be expected to result in a Material Adverse Change; provided,
however, that the Seller may contest any act, rule, regulation, order, decree or
direction in any reasonable manner which shall not materially and adversely
affect the rights of the Issuer, the Noteholders, any Series Enhancers or the
Indenture Trustee in the Transferred Assets.

          (f) Conveyance of Transferred Assets; Security Interests. Except for
the transfers and conveyances hereunder, the Seller will not pledge, assign or
transfer to any other Person, or grant, create, incur or assume any Lien other
than Permitted Encumbrances on, any Transferred Asset, or any interest therein
and the Seller shall defend the right, title, and interest of the Issuer and its
successors and assigns in, to, and under the Transferred Assets, against all
claims of third parties claiming through or under the Seller.

                                      -17-

          (g) Notification of Breach. The Seller will advise the Issuer
promptly, in reasonable detail, upon discovery of the occurrence of any breach
in any material respect by the Seller of any of its representations, warranties
and covenants contained herein or in any other Transaction Documents (and the
Issuer promptly shall forward such notice to the Administrative Agent and the
Indenture Trustee).

          (h) Further Assurances. The Seller will make, execute or endorse,
acknowledge and file or deliver to the Issuer from time to time such UCC
financing statements or documents of similar import (including any termination
or continuation statements), schedules, confirmatory assignments, conveyances,
transfer endorsements, powers of attorney, certificates, reports and other
assurances or instruments and take such further steps relating to the
Transferred Assets and other rights covered by this Agreement, as the Issuer or
its successors and assigns may reasonably request. Any such requested UCC
financing statement or document of similar import must be required pursuant to
Applicable Law to fully preserve, maintain, and protect the interest of the
Issuer under this Agreement in the Transferred Assets. The Seller shall comply
with the terms and provisions of the UNIDROIT Convention or any other
internationally recognized system for recording interests in or license against
shipping containers at the time that such convention is adopted by the container
leasing industry.

          (i) Notice of Liens. The Seller shall notify the Issuer promptly after
becoming aware of any Lien other than Permitted Encumbrances on the Transferred
Assets (and the Issuer promptly shall forward such notice to the Administrative
Agent and the Indenture Trustee).

          (j) Transfer Taxes. The Seller shall pay any transfer taxes, if any,
required to be paid in connection with the conveyance of the Transferred Assets
by the Seller to the Issuer and acknowledges that the Issuer shall have no
responsibility with respect thereto.

          (k) No Bankruptcy Petition Against the Issuer. The Seller will not,
prior to the date that is one year and one day after the payment in full of all
amounts owing pursuant to the Indenture, this Agreement and the Transaction
Documents, institute against the Issuer, or join any other Person in instituting
against the Issuer, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceedings under the laws of any
applicable jurisdiction. This subsection 4.01(k) shall survive the termination
of this Agreement.

          (l) ERISA. The Seller agrees to indemnify, defend and hold the Issuer
harmless from and against any and all loss, liability, damage, judgment, claim,
deficiency, or expense (including interest, penalties, reasonable and documented
attorneys' fees and amounts paid in settlement) to which the Issuer may become
subject insofar as such loss, liability, damage, judgment, claim, deficiency or
expense arises out of any Plan of the Seller.

          (m) Issuer's Ownership. The Seller shall take no action inconsistent
with the Issuer's ownership of the Managed Containers (except for such actions
as are specifically authorized in the Management Agreement).

                                      -18-

          (n) Access to Information; Notices. In the event that the Seller is no
longer the Manager, the Seller shall continue to make available to the Issuer,
the Indenture Trustee and each Series Enhancer its books and records concerning
the Transferred Assets, subject to the terms and limitations set forth in
Section 3.10.2 of the Management Agreement.

          SECTION 4.02 Pledge of Transferred Assets. The Seller understands that
the Issuer has pledged the Transferred Assets and its rights under this
Agreement to the Indenture Trustee under the Indenture, and consents to such
pledge. The Seller agrees that the Indenture Trustee may exercise the rights of
the Issuer hereunder.

                                    ARTICLE V

                              CONDITIONS PRECEDENT

          SECTION 5.01 Conditions to Issuer Obligations. The obligations of the
Issuer to acquire Transferred Assets on any Transfer Date occurring on or after
the Initial Closing Date shall be subject to the satisfaction of the following
conditions (in addition to the procedures required by Section 2.02(b)):

          (a) All representations and warranties of the Seller contained in this
Agreement shall be true and correct in all material respects on such Transfer
Date (including without limitation the Container Representations and
Warranties);

          (b) All written information concerning the Transferred Assets provided
by the Seller to the Issuer shall be true and correct in all material respects;

          (c) The Seller shall have materially performed all other obligations
required to be performed by the Seller pursuant to the provisions of this
Agreement and the other Transaction Documents to which it is a party other than
any such obligation the failure to so perform shall have not materially and
adversely affected the interests of the Issuer;

          (d) All corporate and legal proceedings and all instruments in
connection with the transactions contemplated by this Agreement shall be
satisfactory in form and substance to the Issuer, and the Issuer shall have
received from the Seller copies of all documents (including without limitation
records of corporate proceedings) relevant to the transactions herein
contemplated as the Issuer may reasonably have requested;

          (e) No Event of Default, Early Amortization Event or Manager Default
shall have occurred and then be continuing (other than any such Event of
Default, Early Amortization Event or Manager Default that will be cured upon the
consummation of such acquisition) or result from the acquisition of such
Transferred Assets; and

          (f) The Issuer has adequate means of financing available in order to
complete the acquisition of such Transferred Assets.

Notwithstanding the foregoing conditions precedent, upon the making of a
transfer of Transferred Assets hereunder, all of Issuer's rights under this
Agreement (and by operation of

                                      -19-

law) shall vest in Issuer, whether or not the conditions precedent to such
transfer were in fact satisfied.

          SECTION 5.02 Conditions to the Seller's Obligations. The obligations
of the Seller to convey and contribute the Transferred Assets on any Transfer
Date occurring on or after the Initial Closing Date shall be subject to the
satisfaction of the following conditions (in addition to the procedures required
by Section 2.02 hereof):

          (a) All representations and warranties of the Issuer contained in this
Agreement shall be true and correct with the same effect as though such
representations and warranties had been made on such date; and

          (b) All corporate and legal proceedings and all instruments in
connection with the transactions contemplated by this Agreement shall be
satisfactory in form and substance to the Seller, and the Seller shall have
received from the Issuer copies of all documents (including without limitation
records of corporate proceedings) relevant to the transactions herein
contemplated as the Seller may reasonably have requested.

          SECTION 5.03 Waiver of Conditions. None of the conditions precedent
set forth in Section 5.01 or Section 5.02 may be waived without the prior
written consent of the Issuer and Indenture Trustee (acting at the direction of
the Requisite Global Majority) in each such instance.

                                   ARTICLE VI

                                   TERMINATION

          SECTION 6.01 Termination. The respective obligations and
responsibilities of the Seller and the Issuer created by this Agreement shall
not terminate prior to payment in full of all Outstanding Obligations.

          SECTION 6.02 Effect of Termination. No termination or rejection or
failure to assume the executory obligations of this Agreement in the bankruptcy
of the Seller or the Issuer shall be deemed to impair or affect the obligations
pertaining to any executed conveyance or executed obligations, including without
limitation breaches of representations and warranties by the Seller or the
Issuer occurring prior to the date of such termination. Without limiting the
foregoing, prior to termination, neither the failure of the parties to execute
and to deliver a Container Transfer Certificate pursuant to Section 2.02, nor
the failure of the Issuer to pay in cash or kind the compensation therefor shall
render such transfer or obligation executory, nor shall the continued duties of
the parties pursuant to Article IV or Section 8.06 of this Agreement render an
executed conveyance executory.

                                   ARTICLE VII

                            INDEMNIFICATION PAYMENTS

          SECTION 7.01 Indemnification. Subject to Section 3.03 hereof, the
Seller agrees to indemnify and hold harmless the Issuer, its successors and
assigns (which includes the

                                      -20-

third-party beneficiaries specified in Section 8.13) and their respective
officers, directors, employees, counsel and agents (each, an "Indemnified
Party") against any and all liabilities, losses, damages, penalties, costs and
expenses (including reasonable and documented out-of-pocket costs of defense and
legal fees (of one counsel) but excluding (A) any special, consequential or
punitive damages and (B) any damages on the basis of lost profits) which may be
incurred or suffered by such Indemnified Party (except to the extent caused by
the gross negligence, bad faith or willful misconduct of the Indemnified Party)
as a result of (i) a breach by the Seller of any of its covenants and agreements
set forth in this Agreement; (ii) any representation or warranty of the Seller
proven to have been false or misleading in any material respect when made or
deemed made in this Agreement; (iii) any information certified in any
certificate or document delivered by the Seller pursuant hereto not being true
in any material respect as of the date of such certificate or document (or, if
earlier, the date set forth in such certificate or document); (iv) any personal
injury or property damage claim or action arising out of or in connection with
any of the Transferred Assets in connection with any act or omission prior to
the related Transfer Date; (v) any defense, setoff or counterclaim arising out
of any acts or omissions of the Seller with respect to any Transferred Assets
transferred on or before the related Transfer Date; or (vi) any attempt by any
Person to void, rescind or set aside any transfer of the Seller's right, title
and interest in the Transferred Assets to the Issuer as provided herein under
statutory provisions or common law or equitable action, including any provision
of the Bankruptcy Code or other insolvency law. The obligations of the Seller
under this Section 7.01 shall survive the termination of this Agreement. It is
expressly agreed and understood that this Section does not (and shall not be
deemed to) create recourse to the Seller for the creditworthiness of any lessee
or, for avoidance of doubt, for losses due to a lessee's failure to make
payments under a Lease or for the uncollectibility of the Leases.

          SECTION 7.02 Procedure for Indemnification. Promptly after receipt by
an Indemnified Party of notice of the assertion of a claim or the commencement
of a proceeding by a third-party with respect to any matter referred to in
Section 7.01 which could be the subject of an indemnification claim against the
Seller hereunder, such Indemnified Party shall give written notice thereof to
the Seller and thereafter shall keep the Seller reasonably informed with respect
thereto; provided, however, that failure of an Indemnified Party to give the
Seller written notice as provided herein shall not relieve the Seller of its
obligations hereunder except to the extent that the Seller (x) incurs any
incremental costs directly related to the delay in failing to provide such
notice within a reasonable period of time or (y) is otherwise materially and
adversely prejudiced by such failure. If any such proceeding (including any
litigation, arbitration or similar proceeding) shall be brought against any
Indemnified Party, the Seller shall be entitled to assume the defense thereof at
the Seller's expense with counsel chosen by the Seller and reasonably
satisfactory to such Indemnified Party; provided, however, that any Indemnified
Party may at its own expense retain separate counsel to participate in such
defense. The Seller shall not be liable under this Article VII for any amount
paid in settlement of such claims or proceedings without the consent of the
Seller unless such consent is unreasonably withheld.

                                      -21-

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

          SECTION 8.01 Amendment. This Agreement may be amended from time to
time by the Seller and the Issuer only with the prior written consent of the
Indenture Trustee (acting at the direction of the Requisite Global Majority)
and, if such amendment or modification would cause any of the events set forth
in Section 1002(a)(i) through (vii) of the Indenture to occur, each Series
Enhancer for a Series of Outstanding Notes if such Series Enhancer is adversely
affected thereby (but only if such Series Enhancer is then the Control Party for
such Series or shall have made an unreimbursed payment on its Policy); provided,
that, if any such amendment or modification would (i) reduce the amount payable
to such Series Enhancer, (ii) amend the relative priority of any such payment
pursuant to Section 302 or 806 of the Indenture (other than to increase the
priority thereof) or increase the amount of any applicable dollar limitations on
amounts having a higher payment priority to such payments pursuant to Sections
302 or 806 of the Indenture or otherwise change such payments in a manner
adverse to such Series Enhancer, (iii) change the date on which or the amount of
which, or the place or payment where, or the coin or currency in which, such
amount is paid to such Series Enhancer, (iv) increase or accelerate such Series
Enhancer's payment obligations under its Policy or otherwise materially and
adversely affect the rights, interests or obligations of such Series Enhancer
under this Agreement, or (v) modify provisions of any Transaction Document
relating to requirements that the consent of such Series Enhancer be obtained,
the approval of such Series Enhancer shall be required. The Issuer shall forward
copies of any amendment to this Agreement to the Administrative Agent, each
Series Enhancer (so long as such Series Enhancer is the Control Party for a
Series of Outstanding Notes) and the Rating Agencies.

          SECTION 8.02 Governing Law. THIS AGREEMENT AND ANY AMENDMENT HEREOF
PURSUANT TO SECTION 8.01 SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT WITHOUT REGARD TO CHOICE OF
LAW PRINCIPLES) APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED THEREIN AND
THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION 8.03 Notices. All demands, notices, and communications under
this Agreement shall be in writing personally delivered, or sent by facsimile
(with subsequent telephone confirmation of receipt thereof) or sent by
internationally recognized overnight courier service, at the following address:

                                      -22-

           Seller:                 TAL International Container Corporation
                                   100 Manhattanville Road
                                   Purchase, New York 10577-2135
                                   Attn: Chand Khan, Vice President
                                         and Chief Financial Officer
                                   Fax: 914-697-2526

                                   with a copy to:

                                   TAL International Container Corporation
                                   100 Manhattanville Road
                                   Purchase, New York 10577-2135
                                   Attn: Marc A. Pearlin, Vice President,
                                         General Counsel & Secretary
                                   Fax: (914) 697-2526

           Issuer:                 TAL Advantage I LLC
                                   100 Manhattanville Road
                                   Purchase, New York 10577-2135
                                   Attn: Chand Khan

                                   With a copy to:

                                   TAL International Container Corporation
                                   100 Manhattanville Road
                                   Purchase, New York 10577-2135
                                   Attn: Chand Khan, Vice President
                                         and Chief Financial Officer

                                   Fax: 914-697-2526

           Indenture Trustee:      U.S. Bank National Association
                                   60 Livingston Avenue
                                   St. Paul, Minnesota 55107
                                   Attention: TAL Advantage I, LLC, Variable
                                   Rate Secured Notes, Series 2005-1

                                   Fax: 651-495-8090

                                      -23-

           Administrative Agent:   Fortis Capital Corp.
                                   520 Madison Avenue
                                   New York, NY 10022
                                   Attn: Gloria Beloti-Fields, Assistant Vice
                                         President
                                   Fax: 212-340-5450

                                   With a copy to:

                                   Fortis Capital Corp.
                                   11001 West 120th Street
                                   Suite 400
                                   Broomfield, CO 80021
                                   Attn:  Milt Anderson, Managing Director
                                   Fax: 303-410-4571

            Hedge Counterparty:    shall be set forth in any related Hedge
                                   Agreement

          or at such other address as shall be designated by such party in a
written notice to the other parties. Notice shall be effective and deemed
received (a) two days after being delivered to the courier service, if sent by
courier, (b) upon receipt of confirmation of transmission, if sent by telecopy,
or (c) when delivered, if delivered by hand. Any rights to notices conveyed to a
Rating Agency pursuant to the terms of the Indenture with respect to any Series
shall terminate immediately if such Rating Agency no longer has a rating
outstanding with respect to such Series.

          Wherever notice or a report is required to be given or delivered to or
from any party pursuant to this Agreement, a copy of such notice or report shall
also be given or delivered by the Issuer to the Administrative Agent and the
Indenture Trustee.

          SECTION 8.04 Severability of Provisions. If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions, or
terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement.

          SECTION 8.05 Assignment. Notwithstanding anything to the contrary
contained in this Agreement, this Agreement may not be assigned by the Seller
except as provided in Section 4.01(a), without the prior written consent of the
Issuer and the Indenture Trustee at the direction of the Requisite Global
Majority and, except as provided in Section 4.02, this Agreement may not be
assigned by the Issuer without the prior written consent of the Requisite Global
Majority. Whether or not expressly stated, all representations, warranties,
covenants and agreements of the Seller and the Issuer in this Agreement, or in
any document delivered by any of them in connection with this Agreement, shall
be for the benefit of, and (in the case of rights of the Issuer) shall be
exercisable by, the Indenture Trustee or by any other representative of the
Requisite Global Majority.

          SECTION 8.06 Further Assurances. Each of the Seller and the Issuer
agrees to do such further acts and things and to execute and deliver such
additional assignments,

                                      -24-

agreements, powers and instruments as are reasonably required to carry into
effect the purposes of this Agreement.

          SECTION 8.07 Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Issuer or the Seller, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise hereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exhaustive of any rights,
remedies, powers and privilege provided by law.

          SECTION 8.08 Counterparts. This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which shall constitute one and the same
instrument. Delivery of an executed counterpart of this Agreement by facsimile
or by electronic means shall be equally effective as of the delivery of an
originally executed counterpart.

          SECTION 8.09 Binding. This Agreement will inure to the benefit of and
be binding upon the parties hereto and their respective successors and permitted
assigns.

          SECTION 8.10 Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets 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.

          SECTION 8.11 Headings. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

          SECTION 8.12 Schedules and Exhibits. The schedules and exhibits
attached hereto and referred to herein shall constitute a part of this Agreement
and are incorporated into this Agreement for all purposes.

          SECTION 8.13 Intended Third Party Beneficiaries. Each of the
Administrative Agent, the Indenture Trustee, each Series Enhancer and the
Requisite Global Majority are express third party beneficiaries of this
Agreement and, as such, shall have full power and authority to enforce the
provisions of this Agreement against the parties hereto. Except as set forth in
the immediately preceding sentence, this Agreement shall be binding upon and
inure solely to the benefit of each party hereto, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other person any
right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement.

          SECTION 8.14 Consent to Jurisdiction. Any legal suit, action or
proceeding against the Seller or the Issuer arising out of or relating to this
Agreement or the Subordinated Note, or any transaction contemplated hereby or
thereby, may be instituted in any federal or state court in the County of New
York, State of New York and each of the Seller and the Issuer hereby waives any
objection which it may now or hereafter have to the laying of venue of any such
suit, action or proceeding, and, solely for the purposes of enforcing this
Agreement and the Subordinated Note, the Seller and the Issuer each hereby
irrevocably submits to the jurisdiction of any such court in any such suit,
action or proceeding.

                                      -25-

          SECTION 8.15 WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, AS AGAINST THE OTHER PARTY HERETO, ANY RIGHTS IT MAY HAVE TO
A JURY TRIAL IN RESPECT OF ANY CIVIL ACTION OR PROCEEDING (WHETHER ARISING IN
CONTRACT OR TORT OR OTHERWISE), INCLUDING ANY COUNTERCLAIM, ARISING UNDER OR
RELATING TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, INCLUDING IN
RESPECT OF THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT HEREOF OR THEREOF.

          SECTION 8.16 Effect on Prior Agreement. This Contribution and Sale
Agreement amends and restates the Prior Contribution and Sale Agreement as of
the Restatement Effective Date. This Contribution and Sale Agreement shall not
effect a termination of the obligations of the Issuer or the Seller under the
Prior Contribution and Sale Agreement, but instead shall be merely a restatement
and, where applicable, an amendment of the terms governing such obligations.

          SECTION 8.17 No Claim. Indemnity payments payable by the Issuer to the
Seller, the Indenture Trustee and Manager hereunder shall be non-recourse to the
Issuer and shall not constitute a claim (as defined in Section 101(5) of the
Bankruptcy Code) against the Issuer or the Collateral in the event such amounts
are not paid in accordance with Section 302 or 806 of the Indenture. Each of the
Seller, Indenture Trustee and Manager hereby subordinates its claims hereunder
to all claims which have priority in payment under Section 302 or 806 of the
Indenture, and further agrees that any such claims shall only be payable at the
times and in the amounts for which funds are available for such purpose pursuant
to Section 302 or 806 of the Indenture.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -26-

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

                                        TAL INTERNATIONAL CONTAINER CORPORATION

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                                 CONTRIBUTION AND SALE AGREEMENT

                                        TAL ADVANTAGE I LLC,
                                           By: TAL International Container
                                               Corporation, its Manager

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                                 CONTRIBUTION AND SALE AGREEMENT

                                    EXHIBIT A

                               LIST OF CONTAINERS

                           Separately delivered by CD.

                                      A-1-1

                                    EXHIBIT B

                         CONTAINER TRANSFER CERTIFICATE

          TAL INTERNATIONAL CONTAINER CORPORATION (the "Seller") and TAL
ADVANTAGE I LLC (the "Issuer"), pursuant to the Amended and Restated
Contribution and Sale Agreement, dated as of April 12, 2006 (as amended,
supplemented, or otherwise modified in accordance with its terms, the
"Agreement"), hereby confirm their understandings with respect to the transfer
and conveyance by the Seller to the Issuer of the Containers listed by Container
Identification Number on Schedule 1 attached hereto (the "Transferred
Containers") and Related Assets.

          Conveyance of Containers. The Seller hereby transfers and conveys to
the Issuer all of the Seller's rights, title and interest in, to, and under the
Transferred Containers and Related Assets with respect thereto. Such transfer
and conveyance is made without recourse to the Seller except to the extent
provided in the Agreement.

          Seller Certifications. The Seller hereby certifies that:

          (1) As of the date hereof (the "Transfer Date") for the Transferred
Containers being transferred on such date, the Seller was not insolvent under
the Insolvency Law and will not be rendered insolvent by the transactions
contemplated hereby; the Seller is paying its debts as they become due and,
after giving effect to the transactions contemplated hereby, will have adequate
capital to conduct its business.

          (2) As of such Transfer Date, each Transferred Container being
transferred on such date complies with the Container Representations and
Warranties made by the Seller pursuant to the Agreement as of such date.

          The Seller's Confirmations. The Seller hereby confirms that:

          (1) The sum of the Net Book Values of the Transferred Containers (as
of the applicable date determined in accordance with Article II of the
Agreement) is $_____.

          (2) The Seller intends that transfers of the Transferred Assets made
under this Container Transfer Certificate shall be removed from the Seller's
estate, as more particularly set forth in the Agreement.

          All terms and conditions of the Agreement with respect to the Issuer,
the Seller and the Transferred Assets are hereby ratified, confirmed and
incorporated herein.

                                      B-1-1

          Capitalized terms defined in (or by reference in) the Agreement and
not defined herein shall have their respective meanings as defined in (or by
reference in) the Agreement.

                                        TAL INTERNATIONAL CONTAINER CORPORATION

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                  CONTAINER TRANSFER CERTIFICATE

                                        TAL ADVANTAGE I LLC,
                                           By: TAL International Container
                                               Corporation, its Manager

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                                  CONTAINER TRANSFER CERTIFICATE

                                   SCHEDULE 1

                                    EXHIBIT C

                            FORM OF SUBORDINATED NOTE

                                                              ____________, ____

          FOR VALUE RECEIVED, the undersigned, TAL ADVANTAGE I LLC, a limited
liability company organized and existing under the laws of the State of Delaware
(the "Company"), promises to pay to TAL INTERNATIONAL CONTAINER CORPORATION, a
company organized and existing under the laws of Delaware (the "Seller" and
together with its successors and assigns, the "Holder"), on the terms and
subject to the conditions set forth in this promissory note (this "Subordinated
Note") and in the Amended and Restated Contribution and Sale Agreement, dated as
of April 12, 2006 (as amended, amended and restated or otherwise modified from
time to time, the "Agreement"), between TAL International Container Corporation
and the Company, an amount equal to the deferred purchase price owed by Company
to the Seller pursuant to Section 2.02 of the Agreement. Such amount, as shown
in the records of the Seller, will be rebuttable presumptive evidence of the
principal amount and interest owing under this Subordinated Note.

          (1) Incorporation of Agreement. This Subordinated Note is a
Subordinated Note described in, and is subject to the terms and conditions set
forth in, the Agreement. Reference is hereby made to the Agreement for a
statement of certain other rights and obligations of Company and the Seller.

          (2) Rules of Construction; Definitions. Certain rules of construction
governing the interpretation of this Subordinated Note are set forth in the
Agreement and, except as otherwise specifically provided herein, capitalized
terms defined in the Agreement (or by reference in the Agreement) used but not
defined herein have the meanings ascribed to them in (or by reference in) the
Agreement. In addition, as used herein, the following terms have the following
meanings:

               "Bankruptcy Proceedings" means any dissolution, winding up,
          liquidation, readjustment, reorganization or other similar event
          relating to Company, whether voluntary or involuntary, partial or
          complete, and whether in bankruptcy, insolvency, receivership or other
          similar proceedings, or upon an assignment for the benefit of
          creditors, or any other marshalling of the assets and liabilities of
          Company or any sale of all or substantially all of the assets of
          Company as part of such proceedings.

               "Highest Lawful Rate" has the meaning set forth in paragraph 9.

               "Junior Liabilities" means all obligations of Company to the
          Holder under this Subordinated Note.

               "Reference Rate" means LIBOR plus three and three quarters
          percent (3.75%) per annum.

                                      C-1-1

               "Senior Interests" means all obligations of Company to the
          Indenture Trustee, the Noteholders, each Series Enhancer and the other
          persons entitled to receive funds pursuant to the Indenture under, or
          in connection with, the Indenture and the other Transaction Documents,
          whether direct or indirect, absolute or contingent, now or hereafter
          existing, or due or to become due, including without limitation
          interest or other amounts due or to become due after the commencement
          of a Bankruptcy Proceeding.

               "Subordination Provisions" means, collectively, the provisions of
          paragraph 7.

          (3) Interest. Subject to the Subordination Provisions, the Company
promises to pay interest on the aggregate unpaid principal amount of this
Subordinated Note outstanding on each day at an adjustable rate per annum equal
to the Reference Rate, on the dates referred to in paragraph 4(a).

          (4) Interest Payment Dates. (a) Subject to the Subordination
Provisions, the Company shall pay accrued interest on this Subordinated Note on
each Payment Date. The Company also shall pay accrued interest on the principal
amount of each prepayment hereof on the date of such prepayment.

               (b) Notwithstanding the provisions of paragraph 4(a), in the
          event that on the date an interest payment is due hereunder the amount
          of funds available to the Issuer pursuant to Section 302 or Section
          806 of the Indenture is insufficient to pay any amount due pursuant to
          paragraph 4(a), then interest shall be payable only to the extent that
          funds are available to the Issuer in accordance with Section 302 or
          Section 806 of the Indenture, and any amount not paid because funds
          are not available to the Issuer in accordance with such Section 302 or
          Section 806 shall not constitute a claim (as defined in Section 101 of
          the Bankruptcy Code) against or corporate obligation of Company for
          any such insufficiency. All interest on this Subordinated Note that is
          not paid when due pursuant to this paragraph shall be payable on the
          next date on which an interest payment on this Subordinated Note is
          due and on which funds are available to the Issuer pursuant to Section
          302 or Section 806 of the Indenture, and all such unpaid interest
          shall accrue interest at the Reference Rate until paid in full.

          (5) Basis of Computation. Interest accrued hereunder shall be computed
for the actual number of days elapsed on the basis of a 360-day year.

          (6) Principal Payment Dates. Subject to the Subordination Provisions,
any unpaid principal of this Subordinated Note shall only become due and payable
on the date which is one year and one day after the date on which all Notes and
other amounts then due and owing by the Company under the Transaction Documents
have been paid in full. Subject to the Subordination Provisions, the principal
amount of and accrued interest on this Subordinated Note may be prepaid on any
Business Day without premium or penalty to the extent funds are available
therefor pursuant to the provisions of Section 302 or Section 806 of the
Indenture; provided, that no prepayment shall be made by the Company to the
extent that such prepayment

                                      C-1-2

would result in a default in the payment of any other amount required to be paid
by the Company under any Transaction Document.

          (7) Subordination Provisions. The Company covenants and agrees, and
the Holder, by its acceptance of this Subordinated Note, likewise covenants and
agrees, that the payment of all Junior Liabilities is hereby expressly
subordinated in right of payment to the payment and performance of the Senior
Interests to the extent and in the manner set forth in this paragraph:

               (a) In the event of any Bankruptcy Proceeding, the Senior
          Interests shall first be paid and performed in full and in cash before
          the Holder shall be entitled to receive and to retain any payment or
          distribution in respect of the Junior Liabilities. In order to
          implement the foregoing: (i) all payments and distributions of any
          kind or character in respect of the Junior Liabilities to which the
          Holder would be entitled except for this clause (a) shall be made
          directly to the Indenture Trustee (for the benefit of itself and the
          other Persons provided in the Indenture), and (ii) if a Bankruptcy
          Proceeding has been commenced, the Holder shall promptly file a claim
          or claims, in the form required in such Bankruptcy Proceeding, for the
          full outstanding amount of the Junior Liabilities, and shall use
          commercially reasonable efforts to cause said claim or claims to be
          approved and all payments and other distributions in respect thereof
          to be made directly to the Indenture Trustee (for the benefit of
          itself and the other Persons provided in the Indenture) but only until
          the Senior Interests shall have been paid and performed in full and in
          cash.

               (b) In the event that the Holder receives any payment or other
          distribution of any kind or character from the Company or from any
          other source whatsoever, in payment of the Junior Liabilities, after
          the commencement of any Bankruptcy Proceeding, such payment or other
          distribution shall be received in trust for the Indenture Trustee and
          the other Persons provided in the Indenture and shall be turned over
          by the Holder to the Indenture Trustee forthwith but only until the
          Senior Interests shall have been paid and performed in full and in
          cash.

               (c) Upon the final indefeasible payment in full and in cash of
          all Senior Interests, the Holder shall be subrogated to the rights of
          the Indenture Trustee and the other Persons provided in the Indenture
          to receive payments or distributions from the Company that are
          applicable to the Senior Interests until the Junior Liabilities are
          paid in full.

               (d) These Subordination Provisions are intended solely for the
          purpose of defining the relative rights of the Holder, on the one
          hand, and the Indenture Trustee and the other Persons provided in the
          Indenture on the other hand. Nothing contained in these Subordination
          Provisions or elsewhere in this Subordinated Note is intended to or
          shall impair, as between the Company, its creditors (other than the
          Indenture Trustee and the other Persons provided in the Indenture) and
          the Holder, the Company's obligation, which is unconditional and

                                      C-1-3

          absolute, to pay the Junior Liabilities as and when the same shall
          become due and payable in accordance with the terms hereof and of the
          Agreement or to affect the relative rights of the Holder and creditors
          of the Company (other than the Indenture Trustee and the other Persons
          provided in the Indenture).

               (e) The Holder shall not, until the Senior Interests have been
          finally paid and performed in full and in cash, (i) cancel, waive,
          forgive, transfer or assign, or commence legal proceedings to enforce
          or collect, or subordinate to any obligation of the Company (other
          than to the Senior Interests), howsoever created, arising or
          evidenced, whether direct or indirect, absolute or contingent, or now
          or hereafter existing, or due or to become due, the Junior Liabilities
          or any rights in respect hereof or (ii) convert the Junior Liabilities
          into an equity interest in the Company, unless, in the case of each of
          clauses (i) and (ii), the Holder shall have received the prior written
          consent of the Indenture Trustee, the Administrative Agent and each
          Series Enhancer in each case (if such Series Enhancer is then the
          Control Party for a Series of Outstanding Notes).

               (f) The Holder shall not commence, or join with any other Person
          in commencing, any proceeding of the type referred to in the
          definition of Bankruptcy Proceeding with respect to the Company until
          at least one year and one day shall have passed after the Senior
          Interests shall have been finally paid and performed in full and in
          cash; provided, however, that the Holder shall at all times have the
          right to file any claim in or otherwise take any action with respect
          to any proceeding of the type referred to in the definition of
          Bankruptcy Proceeding instituted against the Company by any Person
          other than the Holder (provided that no such action may be taken by
          the Holder until such proceeding has continued undismissed, unstayed
          and in effect for a period of 14 days).

               (g) If, at any time, any payment (in whole or in part) made with
          respect to any Note is rescinded or must be restored or returned by a
          Noteholder or another person who receives a payment from the Indenture
          Trustee (whether in connection with any Bankruptcy Proceedings or
          otherwise), these Subordination Provisions shall continue to be
          effective or shall be reinstated, as the case may be, as though such
          payment had not been made.

               (h) Each of the Indenture Trustee, the Administrative Agent, and
          each Series Enhancer (so long as such Series Enhancer is the Control
          Party for a Series of Outstanding Notes) may, from time to time, in
          its sole discretion, without notice to the Holder, and without waiving
          any of its rights under these Subordination Provisions, take any or
          all of the following actions: (i) retain or obtain an interest in any
          property to secure any of the Senior Interests, (ii) retain or obtain
          the primary or secondary obligations of any other obligor or obligors
          with respect to any of the Senior Interests, (iii) extend or renew for
          one or more periods (whether or not longer than the original period),
          alter, increase or exchange any of the Senior Interests, or release or
          compromise any obligation of any nature with respect to any of the
          Senior Interests, (iv) amend, supplement,

                                      C-1-4

          amend and restate, or otherwise modify any Transaction Document to
          which it is a party, (v) call, prepay or otherwise modify any or all
          of the Notes, (vi) release its security interest in, or surrender,
          release or permit any substitution or exchange for all or any part of
          any rights or property securing any of the Senior Interests, or extend
          or renew for one or more periods (whether or not longer than the
          original period), or release, compromise, alter or exchange any
          obligations of any nature of any obligor with respect to any such
          rights or property and (vii) take any other action contemplated by the
          Transaction Documents.

               (i) The Holder hereby waives: (i) notice of acceptance of these
          Subordination Provisions by the Indenture Trustee or any of the other
          Persons provided in the Indenture, (ii) notice of the existence,
          creation, non-payment or non-performance of all or any of the Senior
          Interests, and (iii) all diligence in enforcement, collection or
          protection of, or realization upon, the Senior Interests, or any
          thereof, or any security therefor.

               (j) These Subordination Provisions constitute a continuing offer
          from the Company to all Persons who become the holders of, or who
          continue to hold, Senior Interests, and these Subordination Provisions
          are made for the benefit of the Indenture Trustee and the other
          Persons provided in the Indenture, and the Indenture Trustee may
          proceed to enforce such provisions on behalf of each of such Persons.

          (8) General. No failure or delay on the part of the Holder in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right.
No amendment, modification or waiver of, or consent with respect to, any
provision of this Subordinated Note shall in any event be effective unless (a)
the same shall be in writing and signed and delivered by the Company and the
Seller, and (b) all consents required for such actions under the Transaction
Documents shall have been given by the appropriate Persons.

          (9) Limitation on Interest. Notwithstanding anything in this
Subordinated Note to the contrary, the Company shall never be required to pay
unearned interest on any amount outstanding hereunder, and shall never be
required to pay interest on the principal amount outstanding hereunder, at a
rate in excess of the maximum nonusurious interest rate that may be contracted
for, charged or received under applicable federal or state law (such maximum
rate being herein called the "Highest Lawful Rate"). If the effective rate of
interest that would otherwise be payable under this Subordinated Note would
exceed the Highest Lawful Rate, or the Holder shall receive any unearned
interest or shall receive monies that are deemed to constitute interest that
would increase the effective rate of interest payable by the Company under this
Subordinated Note to a rate in excess of the Highest Lawful Rate, then (a) the
amount of interest that would otherwise be payable by the Company under this
Subordinated Note shall be reduced to the amount allowed by applicable law, and
(b) any unearned interest paid by the Company or any interest paid by the
Company in excess of the Highest Lawful Rate shall be refunded to the Company.
Without limitation of the foregoing, all calculations of the rate of

                                      C-1-5

interest contracted for, charged or received by the Holder under this
Subordinated Note that are made for the purpose of determining whether such rate
exceeds the Highest Lawful Rate shall be made, to the extent permitted by
applicable usury laws (now or hereafter enacted), by amortizing, prorating and
spreading in equal parts during the actual period during which any amount has
been outstanding hereunder all interest at any time contracted for, charged or
received by the Holder in connection herewith. If at any time and from time to
time (i) the amount of interest payable to the Holder on any date shall be
computed at the Highest Lawful Rate pursuant to the provisions of this
paragraph, and (ii) in respect of any subsequent interest computation period the
amount of interest otherwise payable to the Holder would be less than the amount
of interest payable to the Holder computed at the Highest Lawful Rate, then the
amount of interest payable to the Holder in respect of such subsequent interest
computation period shall continue to be computed at the Highest Lawful Rate
until the total amount of interest payable to the Holder shall equal the total
amount of interest that would have been payable to the Holder if the total
amount of interest had been computed without giving effect to the provisions of
this paragraph.

          (10) No Negotiation. This Subordinated Note is not negotiable and may
not be transferred to any Person, other than in accordance with the provisions
of Section 2.05 of the Agreement.

          (11) Governing Law. THIS SUBORDINATED NOTE SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

          (12) No Grant of Security Interest. The Seller may not grant a
security interest in or otherwise pledge this Subordinated Note as security to
any Person.

          (13) Prepayments. On any Payment Date, the Issuer may prepay in whole,
without premium, the then unpaid principal balance of, and accrued interest on,
this Subordinated Note.

          (14) Captions. Paragraph captions used in this Subordinated Note are
provided solely for convenience of reference and shall not affect the meaning or
interpretation of any provision of this Subordinated Note.

                                        TAL ADVANTAGE I LLC,
                                           By: TAL International Container
                                               Corporation, its Manager

                                        By:
                                            ------------------------------------
                                        Title:
                                               ---------------------------------

                                      C-1-6

                                  SCHEDULE 3.01

                            OTHER NAMES OF THE SELLER

1.   Prior legal name: Transamerica Leasing Inc.

2.   Trade Names: Trader, Greyslot

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