Document:

exv10w15

 

Exhibit 10.15

Executive Services Agreement

between

Royal Wolf Trading Australia Pty Ltd

(ABN 38 069 244 417)

and

James Harold Warren

THIS IS CERTIFIED AS A

TRUE COPY

     /s/ Simon David Barnet     16/12/03     

SIMON DAVID BARNETT

SOLICITOR, SYDNEY

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	 	 	 
	number	 	Heading	 	Page
	1.

	 	Definitions and interpretation
	 	 	1	 
	2.

	 	Employment and Duties of Executive
	 	 	3	 
	3.

	 	Commencement and Termination
	 	 	5	 
	4.

	 	Remuneration
	 	 	7	 
	5.

	 	Performance Bonus
	 	 	8	 
	6.

	 	Leave
	 	 	8	 
	7.

	 	Illness and Sick Leave
	 	 	8	 
	8.

	 	Superannuation
	 	 	9	 
	9.

	 	Travel by the Executive
	 	 	9	 
	10.

	 	Policies and Procedures
	 	 	9	 
	11.

	 	Confidentiality
	 	 	10	 
	12.

	 	Restrictions
	 	 	10	 
	13.

	 	Documents and other Property of the Company
	 	 	12	 
	14.

	 	Copyright, Intellectual Property and Invention
	 	 	12	 
	15.

	 	Continuing Obligations
	 	 	13	 
	16.

	 	Governing law and jurisdiction
	 	 	13	 
	17.

	 	Notices
	 	 	13	 
	18.

	 	Assignment
	 	 	14	 
	19.

	 	Severability
	 	 	14	 
	20.

	 	Waiver and Variation
	 	 	14	 
	21.

	 	Entire agreement
	 	 	15	 
	22.

	 	No Representations and Warranties
	 	 	15	 
	23.

	 	Independent Legal Advice
	 	 	15	 

	 	 	 	 	 
	Schedule 1

	 	 	16	 
	Job description

	 	 	16	 
	Schedule 2

	 	 	18	 
	Confidential Information

	 	 	18	 
	Schedule 3

	 	 	19	 
	Remuneration Details

	 	 	19	 

 

 

Executive Services Agreement

			
	 	 	 
	This Agreement is made on
	 	2003.

Between

Royal Wolf Trading Australia Pty Ltd (ABN 38 069 244 417) of Suite 202, Level 2,
22-28 Edgeworth David Avenue, Hornsby, NSW 2077 (the “Company”)

And

James Harold Warren of 10 Sofala Avenue, Lane Cove NSW, 2066 (the “Executive”)

Recital

The Company has agreed to appoint the Executive to the Position on the terms and
conditions set out in this Agreement

Operative provisions

	1.	 	Definitions and interpretation
	 
	1.1	 	The following words have these meanings in this Agreement unless the contrary intention
appears.

“Applicable Rate” has the meaning given to it in clause 8.1.

“Additional Hours” has the meaning given to it in clause 2.7.

“Area of Restraint” means, during the Executive’s Employment, anywhere in the
Commonwealth of Australia arid New Zealand or, if for any reason that area is held by a court of
competent jurisdiction to be unreasonable, anywhere in the Commonwealth of Australia, and means,
between the Termination Date and the end of the Period of Restraint, anywhere in the Commonwealth
of Australia.

“Basic Salary” has the meaning given to it in Schedule 3.

“Business” means the activities carried out by Royal Wolf Australia Pty Limited being the hire
and sale of new, refurbished, specialised and customised shipping containers throughout
Australia.

“Commencement Date” has the meaning given to it in Schedule 3.

 

 

“CPI” means the Consumer Price Index, All Groups, Sydney.

“Directors” means all or some of the directors of the Company acting as a board or a
committee of the board.

“Document” has the same meaning as in the Evidence Act 1995 (NSW).

“Duties” means the Executive’s duties, functions and responsibilities under this
Agreement. “Employment” means employment under this Agreement.

“Financial Year” means a period commencing on 1 January and concluding on 31 December.

“Group” means the Company and its related bodies corporate (as defined in Section
50 of the Corporations Act 2001 and “Group Company” means any one of them.

“Intellectual Property” has the meaning given to it in clause 14.1.

“Invent” means invent, conceive, make or suggest and “Invented” has a corresponding
meaning.

“Investor” means Equity Partners Two Pty Ltd (ACN 093 766 280) (as trustee for
Equity Partners Two Trust) of Level 12, 60 Margaret Street, Sydney, NSW 2000.

“Managing Director” means the managing director of the Company.

“Performance Bonus” has the meaning given to it in clause 5.1.

“Position” means the position designated in Schedule 3.

“Period of Restraint” means, subject to clause 12.3, the period starting
on the Commencement Date and finishing on (i) the third anniversary or, if for any reason
that period is held by a court of competent jurisdiction to be unreasonable, (ii) the second
anniversary or, if for any reason that period is held by a court of competent jurisdiction
to be unreasonable, (iii) the anniversary of the later to occur of:

	 	(a)	 	disposal by the Executive of all or the remainder of the ordinary shares that
he holds in the Company; or
	 
	 	(b)	 	the Termination Date.

“Remuneration Committee” means the remuneration committee of the Company appointed
from time to time in accordance with the Shareholders’ Agreement.
“Shareholders’ Agreement” means the shareholders’ agreement between the Company,
the Investor, the Executive and certain other persons, executed on or about the date of this
Agreement.

“Sick Leave” has the meaning given to it in clause 7.1.

 

 

“Subsidiaries” means the subsidiaries of the Company from time to time (if any) as that term
is defined in Section 9 of the Corporations Act 2001.

“Termination Date” means the date of termination of the Executive’s employment or
engagement with the Company, however caused.

“Writing” -includes typewriting, printing, -lithography,
photography and other modes of representing or reproducing words in a visible form and
“Written” has a corresponding meaning.

	1.2	 	In this Agreement unless the contrary intention appears:

	 	(a)	 	a reference to this Agreement or another instrument includes any
variation or replacement of either of them which has been agreed in writing
between both parties;
	 
	 	(b)	 	a reference to a statute, ordinance, code or other law includes
regulations and other instrument under it and consolidations, amendments,
reenactments or replacements of any of them;
	 
	 	(c)	 	the singular includes the plural and vice versa;
	 
	 	(d)	 	the word “person” includes a firm, a partnership, a body
corporate, an unincorporated association or an authority;
	 
	 	(e)	 	a reference to a person includes a reference to the person’s
executors, administrators, successors, substitutes (including, but not limited
to, persons taking by novation) and assigns;
	 
	 	(f)	 	if a period of time is specified and dates from a given day or
the day of an act or event, it is to be calculated exclusive of that day;
	 
	 	(g)	 	a reference to a clause is a reference to a clause of or to this
Agreement; and
	 
	 	(h)	 	a reference to a day is to be interpreted as the period of time
commencing at midnight and ending 24 hours later.

	1.3	 	Where a day specified by this Agreement for the payment of money falls on a Saturday,
Sunday or a day appointed under the Banks and Bank Holidays Act 1912 as a holiday for the
whole day, the day so specified will be taken to be the day preceding the day so specified
which is not in turn a Saturday, Sunday or day so appointed as a holiday for the whole
day.
	 
	1.4	 	Headings are inserted for convenience and do not affect the interpretation of this
Agreement.
	 
	2.	 	Employment and Duties of Executive
	 
	2.1	 	The Company employs the Executive and the Executive will serve the Company in the
Position and in any additional or substituted employment as may be agreed in writing by
the parties.

 

 

	2.2	 	The Executive will be responsible to the Directors.
	 
	2.3	 	The Executive agrees to faithfully and diligently perform the Duties and exercise the
powers, consistent with the Position:

	 	(a)	 	as set out in Schedule 1;
	 
	 	(b)	 	as from time to time may be reasonably assigned to or vested in the
	 
	 	 	 	Executive by the Directors;
	 
	 	(c)	 	subject to clause 9, in Sydney, unless otherwise agreed with
the Directors;
	 
	 	(d)	 	on behalf of any Group Company as if they were Duties to be performed on
behalf of the Company, as may reasonably be required by the Directors from time to
time.

	2.4	 	The Executive undertakes that, subject to clauses 2.5, 2.6 and 2.7, be will not at
any time during the period of Employment without the consent in writing of the Investor hold
any position for monetary or other reward which conflicts with the Executive’s performance of
the Duties.
	 
	2.5	 	The Executive is not prevented from reasonable involvement in any professional or educational
activity or body.
	 
	2.6	 	Nothing in clause 2.4 prevents the Executive from:

	 	(a)	 	holding for investment purposes only, marketable securities quoted at the
time of acquisition on a recognised stock exchange in Australia or elsewhere being
collectively not more than 5% of the issued share capital of the listed company; or
	 
	 	(b)	 	being interested in a company, a firm or a business:

	 	(i)	 	if that interest has been disclosed in writing to the Investor
prior to the Commencement Date; or
	 
	 	(ii)	 	with the prior approval of a majority of the board
of directors of the Company (including at least one director appointed by
the Investor), such approval not to be unreasonably withheld, having
regard to the business interests of the Group and subject always to the
majority of such board being satisfied that the Executive will continue
to be able to satisfy fully his obligations under this Agreement; or
	 
	 	(iii)	 	with the prior written consent of the Investor.

	2.7	 	The Executive agrees to devote all of his time, attention, and skills during business hours
of the Company (which shall be 40 hours per week) and at such other times as

 

 

	 	 	may be reasonably necessary for the proper performance of the Duties (the “Additional
Hours”), without payment of additional remuneration, to:

	 	(a)	 	the business of the Company; and
	 
	 	(b)	 	the performance of the Executive’s Duties,

	 	 	unless prevented by ill-health or accident and except during annual holidays or public
holidays under any statute. The Executive acknowledges that the Additional Hours have
been taken into account in calculating the Executive’s remuneration and, accordingly, the
Executive will not receive additional remuneration for the Additional Hours.
	 
	2.8	 	The Executive agrees to:

	 	(a)	 	obey all reasonable and lawful directions of the Directors; and
	 
	 	(b)	 	provide the Directors with information and reports:

	 	(i)	 	as to the affairs of the Company as the Directors
may reasonably request from time to time; and
	 
	 	(ii)	 	generally, so as to keep the Directors informed of
all material developments in or relevant to the Company’s affairs within
the scope of the Executive’s Duties.

	2.9	 	The Executive undertakes not to accept payment or other benefit in money or kind from a
person as an inducement or reward for any act or forbearance in connection with any matter or
business transacted by or on behalf of the Company or its Group Companies.
	 
	3.	 	Commencement and Termination
	 
	3.1	 	The Employment will commence on the Commencement Date specified in Schedule 3 and will
continue indefinitely until it is terminated under any of clauses 3.2, 3.4 or 3.6.
	 
	3.2	 	Subject to clause 3.2A, either party may terminate this Agreement by providing the other
with three months’ prior notice of termination or, in the case of the Company, by making a
payment of three months’ remuneration in lieu thereof.
	 
	3.2A	 	The Company may only terminate this Agreement pursuant to Clause 3.2 if a trigger event, as
described in Clause 26 of the Shareholders’ Agreement, occurs and the Company is acting
accordance with the processes set out in Clause 26 of the Shareholders’ Agreement.
	 
	3.3	 	If the Executive or the Company gives to the other notice under clause 3.2, the Company will
not be obliged to provide the Executive with any work during the notice period and may require
that the Executive does not during all or part of any notice period:

 

 

	 	(a)	 	enter or attend the premises of the Company or any Group Company;
	 
	 	(b)	 	contact or have any communication with any customer or client of the
Company or any Group Company;
	 
	 	(c)	 	contact or have any communication with any employee, officer, director or
agent or consultant of the Company or any Group Company in relation to the business
of the Company or any Group Company; or
	 
	 	(d)	 	remain or become involved in any aspect of the business of the Company or
any Group Company.

	3.4	 	At any time, the Company may by notice in writing summarily terminate the Employment if the
Executive:

	 	(a)	 	engages in any act or omission constituting gross misconduct;
	 
	 	(b)	 	commits a serious or, after written warning, serious and persistent
breach of this Agreement;
	 
	 	(c)	 	if he is a director of the Company or any Group Company, becomes
disqualified under statute from serving as a director;
	 
	 	(d)	 	is convicted of an indictable offence (other than a road traffic offence
for which a non-custodial penalty is imposed);
	 
	 	(e)	 	seriously and materially breaches the Shareholders’ Agreement and that
breach is not capable of remedy or the Executive fails to remedy the breach within
14 days of being given written notice of the breach.

	3.5	 	If it is alleged that the Executive has engaged in conduct of a type referred to in clause
3.4:

	 	(a)	 	the Directors shall appoint a person to conduct any investigation they
think fit into the allegations of the relevant circumstances;
	 
	 	(b)	 	the Executive must attend the office of the Company or elsewhere and give
information, explanation or other assistance to the person conducting the
investigation, as directed by the Directors; and
	 
	 	(c)	 	during the whole or part of a period of investigation, the Directors may
in their sole discretion suspend the Executive with pay for a period:

	 	(i)	 	to be in the sole discretion of the Directors but
not exceeding three weeks; and
	 
	 	(ii)	 	during which the Company is not obliged to provide
the Executive with work.

	3.6	 	If the Executive is unable to perform the Duties because of illness or injury (other than
illness or injuries which arise as a result of the Executive’s Employment) for a period exceeding a total of 12 weeks in any consecutive period of 24
weeks the Company may terminate the Employment by giving the

 

 

	 	 	Executive three months’ notice. Such notice of termination must be given whilst the incapacity continues. The
Company must withdraw any such notice if, during the currency of the notice, the
Executive returns to full time duties and provides a doctor’s certificate satisfactory to
the Company to the effect that the Executive has fully recovered his health and that no
recurrence of his illness, injury or incapacity is anticipated.
	 
	3.7	 	If the Employment is terminated for any reason, the Executive must immediately resign from
any office in the Company and any Group Company to which he has been appointed.
	 
	4.	 	Remuneration
	 
	4.1	 	The Company agrees to provide the Executive during his Employment with the remuneration
package set out in Schedule 3.
	 
	4.2	 	The Basic Salary payable to the Executive is set out in Schedule 3 and:

	 	(a)	 	accrues from month to month;
	 
	 	(b)	 	is to be paid by equal monthly instalments on or about the
15th day of each
month;
	 
	 	(c)	 	is inclusive of any superannuation contributions required by law, any car
allowance, FBT arid any other entitlements the Executive may wish to package;
	 
	 	(d)	 	is inclusive of any remuneration received or receivable by him in respect
of any office or employment in the Company or any Group Company; and
	 
	 	(e)	 	will be subject to annual increase (but not decrease) in accordance with
any increase in CPI only.

	4.3 	 	The Executive acknowledges that his first salary review will take place on or around 1
January 2005.
	 
	4.4	 	The Company agrees, on the production of receipts in a form reasonably acceptable to the
Company, to reimburse the Executive all out-of-pocket expenses reasonably incurred by the
Executive in the proper performance of his Duties including reasonable expenses relating to
entertainment, accommodation, meals, and travel.
	 
	4.5	 	The Executive agrees to the deduction from his salary or other sums due to him of:

	 	(a)	 	statutory deductions, including tax;
	 
	 	(b)	 	any deductions which the Executive has authorised the Company to make;

 

 

	 	(c)	 	contributions payable by the Executive under any superannuation scheme or
fund nominated by the Executive of which he is a member; and
	 
	 	(d)	 	other amounts owed by the Executive on any account to the Company or any
Group Company.

	5.	 	Performance Bonus
	 
	5.1	 	The Executive shall be entitled to a Performance Bonus (which will be subject to annual
CPI adjustment), as detailed in Schedule 3, which shall be structured so that:

	 	(a)	 	The Performance Bonus is only payable if the Key Performance Indicators
(KPI’s) set out in Schedule 3 have been met for the relevant period;
	 
	 	(b)	 	Subject to (a) above, the Performance Bonus will be payable in two
instalments: 40% of the Performance Bonus will be payable after the mid-point of the
Company’s financial year, in relation to year-to-date performance of the Company for
the first six months of the financial year; and 60% of the Performance Bonus will be
payable after the end of the financial year once the Company’s Board has accepted
the Company’s full year results;
	 
	 	(c)	 	if no Performance Bonus is payable after the mid-point of the Company’s
financial year, that part may still be recouped at the end of the year if at that
point the Company has achieved all of its KPI’s as set out in Schedule 3; and
	 
	 	(d)	 	if at the end of the full financial year the Company’s cumulative
year-to-date KPI’s as specified in Schedule 3 have not been achieved, then the
Executive must repay any Performance Bonus already received in relation to that
year.

	6.	 	Leave
	 
	6.1	 	The Executive is entitled to 20 days annual leave in accordance with the relevant State
legislation, as amended from time to time. The Executive will also be entitled to any unused
annual leave which has been accumulated by the Executive in the course of his employment by
the Company prior to the Commencement Date.
	 
	6.2	 	The Executive will be entitled to long service leave in accordance with the relevant State
legislation, as amended from time to time. For the purposes of calculating any long service
leave entitlements, the Executive’s employment is deemed to have commenced on 25 May 1998. The
Company and the Executive agree that the dollar value of the Executive’s long service leave
entitlement for the period from 25 May 1998 until the Commencement Date is $17,504.41. Any
additional long service leave which will accrue from the Commencement Date will be calculated
based on the Executive’s Basic Salary from time to time under this Agreement.

 

 

	7.	 	Illness and Sick Leave
	 
	7.1	 	If the Executive:

	 	(a)	 	is prevented by illness, accident or an or cause from duly performing his
Duties; and
	 
	 	(b)	 	furnishes evidence if so required to the Company, satisfactory to the
Company (acting reasonably) of his incapacity,

	 	 	the Executive will receive his full salary under this Agreement for the period of
incapacity not exceeding a period of ten days during any year of service (“Sick Leave”),
unless the Company, at its absolute discretion, agrees to increase this period in any
calendar year.
	 
	7.2	 	Any period of Sick Leave which remains untaken will accumulate from year to year. However,
the Executive may not take more than fifteen days Sick Leave in any calendar year.
	 
	7.3	 	The Executive is not entitled to any payment with respect to untaken Sick Leave upon the
termination of the Employment.
	 
	7.4	 	The Executive must notify a Director as early as possible on each day of his absence from
work, giving the reason for, and likely duration of his absence.
	 
	7.5	 	The Executive must give the Company a medical certificate for absences through illness or
injury of more than three consecutive days.
	 
	   8.	 	Superannuation
	 
	   8.1	 	As set out in clause 4.2(c), the Basic Salary includes the superannuntion
contributions payable at the rate applicable (currently 9%) under the relevant
superannuation legislation and related legislation (the “Applicable Rate”).
	 
	   8.2	 	Therefore, if the Applicable Rate increases so that it exceeds 9%, additional
contributions to the Executive’s nominated superannuation fund (if required) will
be made out of the Basic Salary.
	 
	   9.	 	Travel by the Executive

The Executive agrees to travel without further remuneration (except out-of-pocket expenses, as
provided by clause 4.4) within or outside Australia on the business of the Company or any Group
Company as and when necessary for the performance of the Duties and as may reasonably be required
of him by the Directors.

	   10.	 	Policies and Procedures

The Executive will comply with the Company’s staff policy agreement as amended from time to
time. To the extent that the staff policy agreement is inconsistent with the terms and conditions
of this Agreement, this Agreement will prevail.

 

 

	11.	 	Confidentiality
	 
	11.1	 	Subject to clause 11.2, except with the consent of the Company (including at least one
director appointed by the Investor), the Executive will not, either during the period of his
employment or for the Period of Restraint anywhere in the Area of Restraint make use of or
divulge to any person any confidential technical or commercial information including customer
lists and supply lists or any manufacturing, marketing or promotional know how or technique of
a secret or confidential nature relating to the Business or its promotion and development
except in the proper performance of his Duties. Nothing in this clause will prohibit
disclosure of marketing or promotional know how to other Royal Wolf companies
	 
	11.2	 	The Executive undertakes that he will during the period of the Employment use his best
endeavours to prevent the publication, use or disclosure of any trade secret or confidential
information referred to in clause 11.1.
	 
	11.3	 	Without limiting the generality of the trade secrets or confidential information described in
clause 11.1, the undertaking in this clause will also apply to the confidential information
which is listed in Schedule 2 to this Agreement by the Company.
	 
	11.4	 	Upon being requested to do so by the Company, the Executive undertakes to enter into such
confidentiality agreements with the Company, any Group Company, or any of their respective
clients, as the Company may require.
	 
	12.	 	Restrictions
	 
	12.1	 	Subject to clause 12.2, except with the consent of the Company (including at least one
director appointed by the Investor), the Executive will not, during the Period of Restraint
and anywhere in the Area of Restraint:

	 	(a)	 	either directly or indirectly and whether as principal, partner,
director, agent, consultant, employee, assistant, investor or otherwise howsoever be
engaged, participate or be interested in carrying on any business in competition
with the Business or the business of any Subsidiary, nor permit any of their names
to be used in connection with such business, with the exception of such businesses
(if any) as may have been notified in writing by the Executive to the Company before
the Commencement Date or agreed to by the Investor during the period of its
investment in the Company; or
	 
	 	(b)	 	entice or endeavour to entice into employment any person who was a
director or an employee of the Company at any time in the 12 months prior to the
Termination Date.

	12.2	 	Nothing in clauses 11 or 12 prevents the Executive from:

 

 

	 	(a)	 	holding for investment purposes only, marketable securities quoted at the
time of acquisition on a recognised stock exchange in Australia or elsewhere being
collectively not more than 5% of the issued share capital of the listed company; or
	 
	 	(b)	 	being interested in a company, a firm or a business:

	 	(i)	 	if that interest has been disclosed in wiiting to the
Investor prior to the Commencement Date; or
	 
	 	(ii)	 	with the prior approval of a majority of the board
of directors of the Company (including at least one director appointed by
the Investor), such approval not to be unreasonably withheld, having
regard to the business interests of the Group and subject always to the
majority of such board being satisfied that the Executive will continue
to be able to satisfy fully his obligations under this Agreement; or
	 
	 	(iii)	 	with the prior written consent of the Company
(including at least one director appointed by the Investor).

	12.3	 	If the Company terminates the Employment, or if the Executive ceases to be employed by the
Company as a result of the Investor exercising a right under this Agreement or the
Shareholders Agreement, then the Executive and the Company must meet for the purpose of
agreeing whether the Period of Restraint shall be varied or waived. In the absence of any such
agreement, the Period of Restraint shall be deemed to be the period commencing on the
Commencement Date and ending:

	 	(i)	 	36 months or, if for any reason that period is held by a court of
competent jurisdiction to be unreasonable,
	 
	 	(ii)	 	24 months or, if for any reason that period is held by a court of
competent jurisdiction to be unreasonable,
	 
	 	(iii)	 	12 months,

	 	 	after (a) the event giving rise to the operation of this clause 12.3, or (b) the date
when the Executive ceased to be a shareholder under the Shareholders’ Agreement.
	 
	12.4	 	The Executive acknowledges that during the Employment with the Company the Executive has or
will become possessed of secret and confidential information relating to the trade secrets and
business or finances of the Company or its Group Companies, and their respective clients and
customers, and the disclosure or use of such knowledge and information could materially harm
the Company and therefore agrees that the covenants contained in clauses 11 and 12 are
reasonable and necessary for the protection of the business of the Group.
	 
	12.5	 	Without limiting the operation of the Restraint of Trade Act 1976 (NSW), if:

	 	(a)	 	any of the restrictions contained in this clause are judged to
be unenforceable by a Court or Tribunal because they go beyond what is reasonable
to protect the business of the Company, and

 

 

	 	(b)	 	these restrictions would be judged reasonable by that Court or Tribunal
if the extent of the restrictions (including, but not limited to, the time periods
or geographical areas) were reduced,

	 	 	then these restrictions will be reduced by the minimum amount required by that Court or
Tribunal to make them enforceable.
	 
	13.	 	Documents and other Property of the Company
	 
	13.1	 	Upon the termination of this Agreement the Executive agrees to deliver to the Company or
its authorised representative without any further demand:

	 	(a)	 	documents in the Executive’s possession or control relating in any way to
any confidential information or trade secrets of the Company or any Group Company or
its or their clients, or to the business or affairs of the Company or any Group
Company or its or their clients; and
	 
	 	(b)	 	any property of the Company or any Group Company or thing to which the
Company or any Group Company is entitled.

	13.2	 	The Executive is not entitled to retain a copy of a document referred to in clause 13.1.
	 
	14.	 	Copyright, Intellectual Property and Invention
	 
	14.1	 	If at any time in the course of the Employment the Executive makes or discovers or
participates in the making or discovery of any invention or protectible work or design
(“Intellectual Property”) he shall immediately disclose full details of such Intellectual
Property to the Company and at the request and expense of the Company he shall do all things
which may be necessary or desirable for obtaining appropriate forms of protection for the
Intellectual Property in such parts of the world as may be specified by the Company and for
vesting all rights in the same in the Company or its nominee.
	 
	14.2	 	The Executive hereby irrevocably appoints the Company to be his attorney in his name and on
his behalf to sign or execute any instrument or do any thing and generally to use his name for
the purpose of giving to the Company or its nominee the full benefit of the provisions of this
clause relating to Intellectual Property.
	 
	14.3	 	The Executive hereby waives, to the extent permitted by law, all of his moral rights in
respect of any acts of the Company or any acts of third parties done with the Company’s
authority in relation to any Intellectual Property that is the property of the Company.
	 
	14.4	 	All rights and obligations under this clause in of Intellectual Property or discovered by
the Executive during the Employment shall continue in full force and effect after the
termination of the Employment and shall be binding upon the Executive’s personal
representatives.

 

 

	15.	 	Continuing Obligations

Any provision of this Agreement remaining to be performed or observed by the Executive
or having affect after the termination of this Agreement for whatever reason remains in full
force and effect and is binding on the Executive.

	16.	 	Governing law and jurisdiction
	 
	16.1	 	This Agreement and the transactions contemplated by this Agreement are governed by
the law in force in New South Wales.
	 
	16.2	 	Each party irrevocably and unconditionally submits to the non-exclusive
jurisdiction of the courts of New South Wales and courts of appeal from them for
determining any dispute concerning this Agreement or the transactions contemplated by
this Agreement.
	 
	16.3	 	Without preventing any other mode of service, any document in an action
(including, but not limited to, any writ of summons or other originating process or any
third or other party notice) may be served on any party by being delivered to or
left for that party at its address for service of notices under
clause 17.
	 
	17.	 	Notices
	 
	17.1	 	A notice, approval, consent, or other communication in connection with this
Agreement:

	 	(a)	 	must be in writing; and
	 
	 	(b)	 	must be left at the address of the addressee, or sent by
prepaid ordinary post (airmail if posted to or from a place outside
Australia) to the address of the addressee which is specified in this clause
or, if the addressee has notified the other party that another
address is the address for service, then to that address, or sent by
facsimile to the other party.

	 	 	The address of each party is:

	 	 	 	 	 
	 

	 	The Company	 	 
	 

	 	Address:
	 	Suite 202. Level 2,
	 

	 	 	 	22-28 Edgeworth David Avenue
	 

	 	 	 	Hornsby NSW 2077
	 

	 	Fax:
	 	9482 3477
	 
	 	 	 	 
	 

	 	The Executive	 	 
	 

	 	Address:
	 	10 Sofala Avenue
	 

	 	 	 	LANE COVE NSW 2066

 

 

	17.2	 	A notice, approval, consent or other communication takes effect from the time it is received
unless a later time is specified in it.
	 
	17.3	 	A letter or facsimile is taken to be received:

	 	(a)	 	in the case of a posted letter, on the third (seventh, if posted to or
from a place outside Australia) day after posting; and
	 
	 	(b)	 	in the case of facsimile, on production of a transmission report by the
machine from which the facsimile was sent which indicates that the facsimile was
sent in its entirety to the facsimile number of the recipient.

	18.	 	Assignment

The rights under this Agreement are personal. A party may not assign his rights under this
Agreement without the written consent of the other party.

	19.	 	Severability

	(a)	 	The parties consider the covenants, obligations and restrictions contained in this
Agreement (“the Covenants”) to be reasonable in all the circumstances of the Employment.
	 
	(b)	 	Subject always to clause 12.5 and the operation of the Restraint of Trade Act 1976 (NSW),
each and every part of the Covenants will be taken to be a severable and independent covenant
with the intent that, if they are, taken together, adjudged to go beyond what is reasonable in
all the circumstances but would be adjudged reasonable with any one or more Covenants or any
one or more parts of the Covenants deleted, the Covenants will be taken to apply as if those
Covenants or parts of Covenants so adjudged unreasonable were deleted.

	20.	 	Waiver and Variation
	 
	20.1	 	Failure or omission by the Company at any time to enforce or require strict or timely
compliance with any provision of this Agreement does not affect or impair that provision in
any way or the rights of the Company to avail itself of the remedies it may have in respect of
any breach of that provision.
	 
	20.2	 	A provision of or a right created by this Agreement may not be:

 

 

	 	(a)	 	waived except in writing signed by the party granting the waiver; or
	 
	 	(b)	 	varied except in writing signed by the parties.

	21.	 	Entire agreement

Unless the contrary intention appears, this Agreement constitutes the entire agreement of the
parties and its subject matter and any previous agreements, understandings and negotiations on that
subject matter cease to have any effect.

	22.	 	No Representations and Warranties

The Executive acknowledges that in entering into this Agreement he has not relied on any
representations or warranties about the subject matter of this Agreement except as provided in this
Agreement.

	23.	 	Independent Legal Advice

The Executive acknowledges that he has read the terms of this Agreement and understands it.
The Executive further acknowledges that he has had a reasonable opportunity to obtain independent
legal advice regarding the effect and impact of this Agreement, and in particular clauses 11, 12,
13 and 14.

 

 

Schedule1

Job description

	 	 	 
	Job Title:

	 	Chief Operating Officer
	Reports to:

	 	Chief Executive Officer and Board

SUMMARY

Manages and directs the Company and the Group toward its primary objectives, being the achievement
of and growth in profit and return on capital as targeted in the Group’s annual budgeted profit and
loss statement, by performing the following duties personally or through subordinate managers.

ESSENTIAL DUTIES AND RESPONSIBILITIES include the following. Other duties may be assigned.

	 	•	 	Plan, coordinate, and manage the daily operation of the Group through the
organisation’s managers to ensure the optimum health and performance of the Group at all
times.
	 
	 	•	 	Establish and strive for current and long-range goals, objectives, strategic and
operating plans and policies, subject to approval by the board of Directors.
	 
	 	•	 	Dispense advice, guidance, direction and authorisation to carry out major plans,
standards and procedures, consistent with established policies and approval of the board
of Directors.
	 
	 	•	 	Work with the Company’s other executives on a day-to-day basis to ensure that
operations are .being executed in accordance with the Group’s policies.
	 
	 	•	 	Oversee the adequacy and soundness of the Group’s financial structure.
	 
	 	•	 	Review operating results of the Group, comparing them to established objectives, and
take the necessary steps to ensure that appropriate remedial measures are taken in a
timely and efficient manner in order to correct unsatisfactory results/trends.
	 
	 	•	 	Plan and head all investigations and negotiations pertaining to mergers, joint
ventures, the acquisition of businesses, or the sale of major assets with approval of the
board of Directors.
	 
	 	•	 	Encourage and maintain optimum inter and intra company communications.
	 
	 	•	 	Represent the Group toward and with major clients, our shareholders, the financial
community and the general public (end consumers).

 

 

	 	•	 	Guide, direct and encourage management in the development, production, promotion, and
financial aspects of the Group’s products and services.
	 
	 	•	 	Direct the preparation of short-term and long-range plans and budgets based on
broad corporate goals and growth objectives.
	 
	 	•	 	Oversee the Group’s senior management team in the establishment and employment of
best-practice operating policies.
	 
	 	•	 	Implement programs that meet corporate goals and objectives.
	 
	 	•	 	Create the structure and processes necessary to manage the Group’s current activities
and its projected growth.
	 
	 	•	 	Maintain a sound plan of corporate Royal Wolf, establishing policies to ensure
adequate management development and to provide for capable management succession.
	 
	 	•	 	Evaluate the results of overall operations regularly and systematically report these
results to the board of Directors.
	 
	 	•	 	Ensure that the responsibilities, authorities and accountability of all direct
subordinates are clearly defined and understood by each party.
	 
	 	•	 	Ensure that all Group activities and operations are carried out in compliance with
local, state and federal regulations and laws governing business operations.
	 
	 	•	 	Oversee and direct treasury, budgeting, audit, tax, accounting, purchasing, real
estate, long range forecasting, and insurance activities for the Group.

 

 

Schedule 2

Confidential Information

	1.	 	The Group’s business and strategic plans.
	 
	2.	 	The Group’s budgets and financial projections.
	 
	3.	 	Information, documents or knowledge that by their nature are confidential relating to the
business affairs, finances or transactions of the Group.
	 
	4.	 	Manuals, procedures, computer programs, policies and procedures of the Group.
	 
	5.	 	Details of customers and clients.
	 
	6.	 	Pricing information.
	 
	7.	 	Information or data that is designated, labelled or treated by the Company or any of the
Group Companies as confidential.

 

 

Schedule 3

Remuneration Details

	 	 	 
	Position:

	 	Chief Operating Officer.
	 
	 	 
	Basic Salary:

	 	$225,000. This amount is inclusive of
superannuation, car allowance, FBT and any other
entitlements the Executive may wish to package.
This amount will be increased (but not decreased)
by CPI only each year.
	 
	 	 
	Performance Bonus:

	 	Maximum Performance Bonus of $150,000 (also
increased but not decreased by CPI each year), of
which up to 40% is payable after the first six
months of the Company’s financial year, with the
balance payable after completion of the full
financial year.
	 
	 	 
	 

	 	Payment of the Performance Bonus is conditional
upon the achievement of the KPI’s set out below.
Once the KPI’s are satisfied, calculation of the
amount of the bonus to be paid is determined by
reference to % achievement of budgeted Group
EBITDA in accordance with the following schedule:

	 	 	 	 	 	 	 
	 	 	% of Budgeted	 	Bonus Payable for full
	 	 	RWTA EBITDA	 	year
	 

	 	80-85
	 	$	 50,000	 
	 

	 	>85-90
	 	$	 75,000	 
	 

	 	>90-95
	 	$	100,000	 
	 

	 	>95-100
	 	$	130,000	 
	 

	 	>100-105
	 	$	135,000	 
	 

	 	>105-110
	 	$	140,000	 
	 

	 	>110-115
	 	$	145,000	 
	 

	 	>115
	 	$	150,000	 

	 	 	 
	 

	 	The initial budgeted RWTA EBITDA target for
calendar 2004 is $8.0m.
	 
	 	 
	 

	 	The Performance Bonus is payable in cash and is
inclusive of any superannuation payable.
	 
	 	 
	KPI’s:

	 	Up to the date of payment of the Performance
	 

	 	Bonus:
	 

	 	- All debt covenants have been met and
complied with; and
	 

	 	- All external financial obligations,
including payments for vendor finance and
preferred dividends to “B” shareholders, have been
met and complied with.
	 
	 	 
	Benefits:

	 	Car parking, mobile phone, notebook computer
	 
	 	 
	Commencement Date:

	 	The date of this Agreement.

 

 

	 	 	 	 	 	 	 
	Executed as an agreement
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	)	 	 	 
	Signed by

	 	 	)	 	 	 
	Royal Wolf Trading Australia Pty Ltd

	 	 	)	 	 	 
	by a director and secretary/director:

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ P. B. Johnson

	 	 	 	 	 	/s/ M. P. Baxter
	 

	 	 	 	 	 	 
	Signature of secretary/director

	 	 	 	 	 	Signature of director
	 
	 	 	 	 	 	 
	/s/ P. B. Johnson

	 	 	 	 	 	/s/ M. P. Baxter
	 

	 	 	 	 	 	 
	Name of Secretary/director (please print)

	 	 	 	 	 	Name of Director
	 

	 	 	 	 	 	(please print)
	 
	 	 	 	 	 	 
	Signed by

	 	 	)	 	 	 
	James Warren

	 	 	)	 	 	 
	representative in the presence of:

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	 
	 	 	 	 	 	 
	/s/ P. B. Johnson

	 	 	 	 	 	/s/ James Warren
	 

	 	 	 	 	 	 
	Signature of witness

	 	 	 	 	 	Signature of James Warren
	 
	 	 	 	 	 	 
	/s/ Simon David Barnett
 

Name of witness (please print)exv10w16

 

Exhibit 10.16

Execution Version

SECURITIES PURCHASE AGREEMENT

by and among

BISON CAPITAL AUSTRALIA, L.P.,

GENERAL FINANCE CORPORATION,

GFN U.S. AUSTRALASIA HOLDINGS, INC.,

GFN AUSTRALASIA HOLDINGS PTY LTD,

and

GFN AUSTRALASIA FINANCE PTY LTD

 

AUD$20,000,000 Principal Amount

Secured Senior Subordinated Promissory Note

 

Dated as of [                    ], 2007

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1.
	 	DEFINITIONS; DETERMINATIONS	 	 	1	 
	 
	 	1.1      Definitions	 	 	1	 
	 
	 	1.2      Independence of Covenants	 	 	14	 
	2.
	 	PURCHASE AND SALE OF SECURITIES	 	 	14	 
	 
	 	2.1      Authorization	 	 	14	 
	 
	 	2.2      Purchase of the Note and the Bison Warrant	 	 	15	 
	 
	 	2.3      Closing	 	 	15	 
	 
	 	2.4      Use of Proceeds	 	 	15	 
	3.
	 	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	 	 	15	 
	 
	 	3.1      Organization and Good Standing	 	 	15	 
	 
	 	3.2      Subsidiaries	 	 	16	 
	 
	 	3.3      Qualification	 	 	16	 
	 
	 	3.4      Authorization; Binding Obligations	 	 	16	 
	 
	 	3.5      No Violation; Existing Defaults; Senior Indebtedness	 	 	16	 
	 
	 	3.6      Governmental and Other Third Party Consents	 	 	17	 
	 
	 	3.7      Capitalization	 	 	17	 
	 
	 	3.8      Financial Statements	 	 	18	 
	 
	 	3.9      Transactions with Affiliates	 	 	18	 
	 
	 	3.10      Environmental Compliance	 	 	18	 
	 
	 	3.11      Existing Indebtedness;
Liens; Investments; Etc.	 	 	19	 
	 
	 	3.12      Certain Changes	 	 	19	 
	 
	 	3.13      Material Contracts	 	 	21	 
	 
	 	3.14      Employee Benefit Plans	 	 	21	 
	 
	 	3.15      Labor Matters	 	 	21	 
	 
	 	3.16      Reserved	 	 	21	 
	 
	 	3.17      Taxes	 	 	21	 
	 
	 	3.18      Litigation	 	 	23	 
	 
	 	3.19      Governmental Regulation; Margin Stock	 	 	23	 
	 
	 	3.20      Compliance with Laws; Licenses and Permits	 	 	23	 
	 
	 	3.21      Title to Properties and Assets; Liens	 	 	23	 
	 
	 	3.22      Intellectual Property	 	 	24	 
	 
	 	3.23      Brokers; Certain Expenses	 	 	25	 
	 
	 	3.24      [Reserved]	 	 	25	 
	 
	 	3.25      Powers of Attorney	 	 	25	 
	 
	 	3.26      Insurance	 	 	25	 
	 
	 	3.27      Books and Records	 	 	25	 
	 
	 	3.28      Solvency	 	 	25	 
	 
	 	3.29      Reserved	 	 	25	 
	 
	 	3.30      Public Holding Company; Investment Company	 	 	26	 
	 
	 	3.31      Senior Indebtedness	 	 	26	 
	 
	 	3.32      Certain Business Practices	 	 	26	 
	 
	 	3.33      Depository and Other Accounts	 	 	26	 
	 
	 	3.34      Listing of Capital Stock	 	 	26	 

-i-

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	3.35      Disclosure	 	 	26	 
	4.
	 	REPRESENTATIONS AND WARRANTIES OF GFN	 	 	27	 
	 
	 	4.1      Organization and Good Standing	 	 	27	 
	 
	 	4.2      Authorization; Binding Obligations	 	 	27	 
	 
	 	4.3      No Violation; Existing Defaults; Senior Indebtedness	 	 	27	 
	 
	 	4.4      Validity and Issuance of Bison Warrant Shares	 	 	28	 
	 
	 	4.5      Subsidiaries	 	 	28	 
	 
	 	4.6      Governmental and Other Third-Party Consents	 	 	28	 
	 
	 	4.7      Certain Changes	 	 	28	 
	 
	 	4.8      No Undisclosed Liabilities	 	 	29	 
	 
	 	4.9      Litigation	 	 	29	 
	 
	 	4.10      Brokers; Certain Expenses	 	 	29	 
	 
	 	4.11      GFN SEC Documents	 	 	29	 
	 
	 	4.12      Disclosure	 	 	30	 
	5.
	 	REPRESENTATIONS AND WARRANTIES OF GFN (US) AND GFN HOLDINGS	 	 	30	 
	 
	 	5.1      Organization and Good Standing	 	 	30	 
	 
	 	5.2      Authorization; Binding Obligations	 	 	30	 
	 
	 	5.3      No Violation; Existing Defaults	 	 	31	 
	 
	 	5.4      Validity and Issuance of Retained Interest	 	 	31	 
	6.
	 	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER	 	 	31	 
	 
	 	6.1      Organization and Good Standing	 	 	31	 
	 
	 	6.2      Authorization	 	 	31	 
	 
	 	6.3      Due Execution and Delivery; Binding Obligations	 	 	32	 
	 
	 	6.4      No Violation	 	 	32	 
	 
	 	6.5      Investment Intent	 	 	32	 
	 
	 	6.6      Accredited Investor Status	 	 	32	 
	 
	 	6.7      Purchaser Consents	 	 	32	 
	 
	 	6.8      Brokers	 	 	32	 
	7.
	 	CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER	 	 	33	 
	 
	 	7.1      Representations and Warranties; No Default	 	 	33	 
	 
	 	7.2      Closing and Other Fees	 	 	33	 
	 
	 	7.3      Second Completion under Share Sale Deed	 	 	33	 
	 
	 	7.4      Purchase Permitted By Applicable Laws	 	 	33	 
	 
	 	7.5      No Material Adverse Changes	 	 	33	 
	 
	 	7.6      No Injunction or Order	 	 	33	 
	 
	 	7.7      Opinion of Counsel	 	 	34	 
	 
	 	7.8      Delivery of Certain Closing Documents	 	 	34	 
	 
	 	7.9      Collateral Documents	 	 	34	 
	 
	 	7.10      Delivery of Company Corporate Documents	 	 	35	 
	 
	 	7.11      Delivery of Subsidiary Corporate Documents	 	 	35	 
	 
	 	7.12      Delivery of GFN, GFN (US) and GFN Holdings Corporate Documents	 	 	36	 
	 
	 	7.13      Repayment of Existing Indebtedness	 	 	36	 
	 
	 	7.14      Insurance	 	 	36	 
	 
	 	7.15      Third Party Consents	 	 	36	 
	 
	 	7.16      Use of Proceeds	 	 	37	 

-ii-

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	7.17      No Cease Trade Orders	 	 	37	 
	 
	 	7.18      Senior Credit Documents; Liquidity	 	 	37	 
	 
	 	7.19      Documents in Satisfactory Form	 	 	37	 
	8.
	 	CONDITIONS TO THE OBLIGATIONS OF THE COMPANY, GFN AND GFN (US)	 	 	37	 
	 
	 	8.1      Representations and Warranties	 	 	37	 
	 
	 	8.2      Purchase Permitted By Applicable Laws	 	 	38	 
	 
	 	8.3      No Material Judgment or Order	 	 	38	 
	 
	 	8.4      Payment for the Securities	 	 	38	 
	 
	 	8.5      Second Completion under Share Sale Deed	 	 	38	 
	9.
	 	AFFIRMATIVE COVENANTS	 	 	38	 
	 
	 	9.1      Payments with Respect to the Note	 	 	38	 
	 
	 	9.2      Information Covenants	 	 	38	 
	 
	 	9.3      Performance of Related Agreements and ANZ Credit Documents	 	 	41	 
	 
	 	9.4      Legal Existence; Compliance with Laws	 	 	41	 
	 
	 	9.5      Books, Records and Inspections	 	 	41	 
	 
	 	9.6      Insurance	 	 	42	 
	 
	 	9.7      Taxes	 	 	42	 
	 
	 	9.8      Communication with Accountants	 	 	42	 
	 
	 	9.9      Transactions with GE	 	 	42	 
	 
	 	9.10      ERISA	 	 	42	 
	 
	 	9.11      Exchange Act Compliance	 	 	43	 
	 
	 	9.12      Additional Guarantors	 	 	43	 
	 
	 	9.13      Consents, Waivers and Amendments	 	 	43	 
	 
	 	9.14      Intercreditor Agreements	 	 	44	 
	 
	 	9.15      Additional Tax Matters	 	 	44	 
	 
	 	9.16      U.S.A. Patriot Act Information	 	 	45	 
	 
	 	9.17      Board of Director Approval	 	 	45	 
	 
	 	9.18      Further Assurances	 	 	45	 
	10.
	 	NEGATIVE COVENANTS	 	 	45	 
	 
	 	10.1      Limitations on Indebtedness	 	 	45	 
	 
	 	10.2      Limitations on Liens	 	 	46	 
	 
	 	10.3      Limitations on Investments in Capital Stock	 	 	46	 
	 
	 	10.4      Limitation on Restricted Payments	 	 	46	 
	 
	 	10.5      Subsidiaries; Changes in Business	 	 	46	 
	 
	 	10.6      Acquisitions	 	 	47	 
	 
	 	10.7      Limitations on Transactions with Affiliates	 	 	47	 
	 
	 	10.8      Limitations on Sale-Leaseback Arrangements	 	 	47	 
	 
	 	10.9      Restrictions on Fundamental Changes	 	 	47	 
	 
	 	10.10     Agreements Affecting Capital Stock	 	 	48	 
	 
	 	10.11     No Issuances of Equity Rights	 	 	48	 
	 
	 	10.12     Payment Restrictions Affecting Certain Subsidiaries	 	 	48	 
	 
	 	10.13     No Commitment or Agreement	 	 	48	 
	 
	 	10.14     No New Loans and Advances	 	 	48	 
	 
	 	10.15     Financial Covenants	 	 	49	 
	11.
	 	INDEMNIFICATION	 	 	51	 

-iii-

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	11.1      Transfer Taxes	 	 	51	 
	 
	 	11.2      Losses	 	 	51	 
	 
	 	11.3      Indemnification Procedures	 	 	52	 
	 
	 	11.4      Contribution	 	 	53	 
	 
	 	11.5      Costs of Collection	 	 	53	 
	12.
	 	DEFAULTS AND REMEDIES	 	 	54	 
	 
	 	12.1      Events of Default	 	 	54	 
	 
	 	12.2      Acceleration	 	 	56	 
	 
	 	12.3      Other Remedies	 	 	57	 
	 
	 	12.4      Waiver of Past Defaults	 	 	59	 
	13.
	 	MISCELLANEOUS	 	 	59	 
	 
	 	13.1      Consent to Amendments; Waivers	 	 	59	 
	 
	 	13.2      Survival of Representations and Warranties; Purchaser Investigation	 	 	59	 
	 
	 	13.3      Entire Agreement	 	 	59	 
	 
	 	13.4      Successors and Assigns; Assignments	 	 	60	 
	 
	 	13.5      Severability	 	 	60	 
	 
	 	13.6      Notices	 	 	60	 
	 
	 	13.7      Accounting Terms and Computations	 	 	61	 
	 
	 	13.8      Descriptive Headings; Construction and Interpretation	 	 	62	 
	 
	 	13.9      Counterparts	 	 	62	 
	 
	 	13.10     Fees and Expenses	 	 	62	 
	 
	 	13.11     Governing Law	 	 	62	 
	 
	 	13.12     Consent to Jurisdiction and Venue	 	 	62	 
	 
	 	13.13     Federal Anti-Money Laundering Law	 	 	63	 
	 
	 	13.14     Time of the Essence	 	 	63	 
	 
	 	13.15     Press Release	 	 	63	 
	 
	 	13.16     Limitation on Liability	 	 	63	 
	 
	 	13.17     Proprietary Information	 	 	64	 

-iv-

 

EXHIBITS

Exhibit A — Compliance Certificate

DISCLOSURE SCHEDULES

	 	 	 
	Schedule 2.2
	 	  —       Purchase of the Note and the Bison Warrant
	Schedule 2.4
	 	  —       Use of Proceeds
	Schedule 3.2
	 	  —       Subsidiaries
	Schedule 3.5(b)
	 	  —       Defaults
	Schedule 3.9
	 	  —       Transactions with Affiliates
	Schedule 3.11(a)
	 	  —       Existing Indebtedness
	Schedule 3.12
	 	  —       Certain Changes
	Schedule 3.13(a)
	 	  —       Material Contracts
	Schedule 3.17
	 	  —       Taxes
	Schedule 3.18
	 	  —       Litigation
	Schedule 3.22
	 	  —       Intellectual Property
	Schedule 3.26
	 	  —       Insurance
	Schedule 3.33
	 	  —       Depository and Other Accounts
	Schedule 4.3(b)
	 	  —       Existing Defaults
	Schedule 4.5
	 	  —       GFN Subsidiaries
	Schedule 4.7(a)
	 	  —       Certain Changes
	Schedule 5.3(b)
	 	  —       No Violation; Existing Defaults

-v-

 

     THIS SECURITIES PURCHASE AGREEMENT is entered into as of the 13th day of September,
2007 (this “Agreement”), by and between BISON CAPITAL AUSTRALIA, L.P., a Delaware limited
partnership (the “Purchaser”), on the one hand, and GENERAL FINANCE CORPORATION, a Delaware
corporation (“GFN”), GFN U.S. AUSTRALASIA HOLDINGS, INC. a Delaware corporation (“GFN
(US)”), GFN AUSTRALASIA HOLDINGS PTY LTD, a company organized under the laws of Australia
(“GFN Holdings”), and GFN AUSTRALASIA FINANCE PTY LTD, a company organized under the laws
of Australia (the “Company,” and together with GFN, GFN (US) and GFN Holdings, the “GFN
Group”), on the other hand.

RECITALS

     A. Purchaser, GFN and the Company, among others, are parties to that certain Share Sale Deed
dated September 12, 2006, as amended by Deeds of Variation dated January 19, 2007, March 9, 2007
and March 30, 2007, respectively (as so amended, the “Share Sale Deed”), with respect to
the purchase and sale of the outstanding capital stock of RWA Holdings Pty Limited (“Royal
Wolf”).

     B. The Company is a wholly owned subsidiary of GFN Holdings.

     C. As contemplated in the Share Sale Deed, upon consummation of the Second Completion (as
defined in the Share Sale Deed), the parties desire that GFN (US) (rather than the Company as
specified in the Share Sale Deed) issue to Purchaser the Retained Interest (as defined in the Share
Sale Deed and set forth herein).

     D. As contemplated by the Share Sale Deed, the Company desires to issue and sell to the
Purchaser, and the Purchaser desires to purchase from the Company, on the terms and subject to the
conditions set forth herein, a Secured Senior Subordinated Promissory Note in the aggregate
principal amount of AUD$20,000,000.

     E. As an inducement to the Purchaser to purchase the Secured Senior Subordinated Note being
sold by the Company hereunder and as contemplated by the Share Sale Deed, GFN desires to issue to
the Purchaser, on the terms and subject to the conditions set forth herein, warrants to purchase
500,000 shares of Common Stock (as hereinafter defined).

AGREEMENT

     In consideration of the mutual covenants and agreements set forth herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, on the
terms and subject to the conditions set forth in this Agreement, the parties agree as follows:

1. DEFINITIONS; DETERMINATIONS.

     1.1
Definitions. For the purpose of this Agreement, the following capitalized terms
shall have the meanings set forth below (unless otherwise specified, the plural shall mean the
singular and vice versa):

-1-

 

          “Affiliate” shall mean, when used with reference to any specified Person, (i) any
other Person that, directly or indirectly, owns or controls, or has the right to acquire, whether
beneficially or of record, or as a trustee, guardian or other fiduciary (other than a commercial
bank or trust company), twenty five percent (25%) or more of the Capital Stock of such specified
Person having ordinary voting power in the election of directors of such specified Person, (ii) any
other Person that, directly or indirectly, controls, is controlled by, is under direct or indirect
common control with or is included in the Immediate Family of, such specified Person or any
Affiliate of such specified Person, and (iii) any executive officer, director, joint venturer,
partner or member of such specified Person or any Person included in the Immediate Family of any of
the foregoing. For the purposes of this definition, “control”, when used with respect to any
specified Person, shall mean the power to direct or cause the direction of management or policies
of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of
the foregoing. Notwithstanding the foregoing, for the purposes of this Agreement and the Related
Agreements, neither the Purchaser nor any of its Affiliates, officers, directors, partners or
employees shall be deemed to be Affiliates of the GFN Group or of any Affiliate of the GFN Group.

          “Agreement” shall mean this Agreement, including the Exhibits and Schedules, in each
case as amended, supplemented or otherwise modified from time to time.

          “AMEX” shall mean the American Stock Exchange.

          “ANZ” shall mean Australia and New Zealand Banking Group Limited.

          “ANZ Credit Documents” shall mean the Letter of Offer dated September 14, 2007 by and
among ANZ, GFN Holdings, the Company, Royal Wolf Hi-Tech Pty Ltd, and Royal Wolf Trading Australia
Pty Ltd and the related documents referenced therein and entered into contemporaneously therewith
in connection with the credit facilities provided by ANZ thereunder, as such documents may be
amended, restated, supplemented, modified, renewed, refinanced or restructured (in each case,
solely with ANZ) from time to time.

          “ANZ Non-Convertible Note Facility” shall mean the current Non-Convertible Note
facility among Royal Wolf, ANZ and other parties, including any renewal, extension or replacement
thereof.

          “ANZ Subordination Agreement” shall mean that certain Royal Wolf Intercreditor Deed
dated the date hereof by and among the Purchaser, ANZ, GFN, GFN Holdings, the Company, Royal Wolf
Hi-Tech Pty Ltd, and Royal Wolf Trading Australia Pty Ltd, as the same may be amended, restated,
supplemented, modified, renewed, refinanced or restructured (in each case, solely with ANZ) from
time to time.

          “Applicable Laws” shall mean (i) the applicable provisions of all constitutions,
treaties, statutes, laws, rules, regulations and ordinances of any Governmental Authority, (ii) any
Consents of any Governmental Authority and (iii) any orders, decisions, rulings, judgments or
decrees of any Governmental Authority.

          “Assignee” shall have the meaning set forth in Section 13.4.

-2-

 

          “Bankruptcy Law” shall mean Title 11 of the United States Code (11 U.S.C. Section 101
et seq.) or any similar federal or state law for the relief of debtors, as amended from time to
time.

          “Bison Warrant” shall have the meaning set forth in Section 2.1.

          “Bison Warrant Shares” shall mean any and all shares of Common Stock issued or
issuable upon exercise of, or otherwise under, the Bison Warrant (including, without limitation,
any Bison Warrant Shares or other shares issued as an “anti-dilution” or other adjustment).

          “Board” or “Board of Directors” shall mean, with respect to any Person, the
board of directors (or similar governing body) of such Person.

          “Business Day” shall mean any day except Saturday, Sunday and any day which either is
a legal holiday under the laws of the State of California or is a day on which banking institutions
located in such state are authorized or obligated to close.

          “Capital Expenditures” shall mean, with respect to a Person, with respect to any
period, the aggregate of all expenditures (whether paid in cash or accrued) of such Person and its
Subsidiaries made during such period, including all Capital Lease Obligations, for property, plant
and equipment (other than repairs), other fixed assets and improvements, or for replacements,
substitutions or additions thereto, that are required to be capitalized on the consolidated balance
sheet of such Person and its Subsidiaries in accordance with GAAP (if such Person is a U.S. entity)
or IFRS (if such Person is not a U.S. entity).

          “Capital Lease Obligations” shall mean, with respect to a Person, any obligations of
such Person and its Subsidiaries under all leases of real or personal property that are required to
be recorded as a capitalized lease on the consolidated balance sheet of such Person and its
Subsidiaries in accordance with GAAP (if such Person is a U.S. entity) or IFRS (if such Person is
an Australian entity).

          “Capital Stock” shall mean, with respect to any Person, (i) if such Person is a
corporation, any and all shares of capital stock or other equity interests of such Person, (ii) if
such Person is a limited liability company, any and all membership interests or other equity
interests, or (iii) if such Person is a partnership or other entity, any and all partnership
interests or other equity interests.

          “Change in Control” shall have the meaning set forth in Section 5 of the Note.

          “Closing” shall have the meaning specified in Section 2.3.

          “Closing Date” shall have the meaning specified in Section 2.3.

          “Code” shall have the meaning specified in Section 3.17(c).

          “Collateral” shall mean the collateral under the Collateral Documents, however
defined.

-3-

 

          “Collateral Documents” shall mean, collectively, the Security Agreements, the landlord
waivers and consents, the notices of security interest in deposit accounts and all other
agreements, instruments and documents delivered from time to time in connection therewith or
otherwise to secure the Obligations to the Purchaser or any other obligations of the GFN Group
under this Agreement, the Note or any other Related Agreement, in each case as amended, restated,
supplemented or otherwise modified from time to time.

          “Common Stock” shall mean the common stock, $0.001 par value per share, of GFN.

          “Company” shall have the meaning set forth in the preamble.

          “Company Financial Statements” shall have the meaning set forth in Section
3.8.

          “Compliance Certificate” shall have the meaning set forth in Section 9.2(g).

          “Consent” shall mean any consent, approval, authorization, waiver, permit, grant,
franchise, license, exemption or order of, any registration, certificate, qualification,
declaration or filing with, or any notice to, any Person, including, without limitation, any
Governmental Authority.

          “Contingent Obligations” shall mean, with respect to any Person, any obligation,
direct or indirect, contingent or otherwise, of such Person (i) with respect to any Indebtedness or
other obligation of another Person, including, without limitation, any direct or indirect Guarantee
of such Indebtedness (other than any endorsement for collection or deposit in the ordinary course
of business) or any other direct or indirect obligation, by agreement or otherwise, to purchase or
repurchase any such Indebtedness or obligation or any security therefor, or to provide funds for
the payment or discharge of any such Indebtedness or obligation (whether in the form of loans,
advances, stock purchases, capital contributions, dividends or otherwise), letters of credit and
reimbursement obligations for letters of credit, (ii) to provide funds to maintain the financial
condition of any other Person, or (iii) otherwise to indemnify or hold harmless the holders of
indebtedness or other obligations of another Person against loss in respect thereof.

          “Convertible Securities” shall mean, with respect to a Person, any securities or other
obligations issued or issuable by such Person that are exercisable or exchangeable for, or
convertible into, any Capital Stock of such Person.

          “Covered Business” shall mean the sale and lease of portable storage containers,
portable container buildings and freight containers, as such Covered Business may from time to time
change with the consent of the Purchaser.

          “Custodian” shall mean any receiver, trustee, assignee, liquidator, sequestrator or
similar official under any Bankruptcy Law.

          “Default” shall mean any event or condition which, with the giving of notice or the
lapse of time or both, would become an Event of Default.

-4-

 

          “Disclosure Schedules” shall mean the schedules delivered to Purchaser at or prior to
the Closing setting forth specific exceptions to the representations and warranties of the GFN
Group.

          “Distribution” shall have the meaning specified in Section 9.15(d).

          “Distribution Target Amount” shall have the meaning specified in Section
9.15(d).

          “EBITDA” shall mean earnings before interest, taxes, depreciation and amortization.

          “Enterprise Value” shall have the meaning specified in Section 10.6.

          “Equity Rights” shall mean, with respect to a Person, any warrants, options or other
rights to subscribe for or purchase, or obligations to issue, any Capital Stock of such Person, or
any Convertible Securities, or any stock appreciation rights, including, without limitation, any
options or similar rights issued or issuable under any employee stock option plan, pension plan or
other employee benefit plan of such Person.

          “ERISA” shall mean the Employee Retirement Income Security Act of 1974.

          “Event of Default” shall have the meaning specified in Section 12.1.

          “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder, as the same shall be in effect at the time.

          “Existing Indebtedness” shall have the meaning set forth in Section
3.11(a)(i); for purposes of clarification, Existing Indebtedness shall be the Indebtedness
itself, and not the amount of such Indebtedness at the Closing or any other time.

          “Existing Liens” shall mean all Liens against the Company, its Subsidiaries or their
respective assets and properties existing as of the Closing Date after giving effect to the Lien
terminations required under Section 7.13(a).

          “Expense Advances” shall have the meaning set forth in Section 10.14.

          “Financial Statements” shall have the meaning specified in Section 4.11.

          “Fully Diluted Basis” shall mean, with respect to any Person, at any time, a basis
that includes all shares of Capital Stock of such Person issued and outstanding at such time and
all additional shares of Capital Stock of such Person that would be issued upon the conversion or
exercise of all Equity Rights of such Person outstanding at such time.

          “GAAP” shall mean United States generally accepted accounting principles and practices
set forth in the statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant
segment of the accounting profession, all as in effect on the date hereof, applied on a basis
consistent with prior periods.

-5-

 

          “GE” shall mean, collectively, the General Electric Company, General Electric Pension
Trust and GE Asset Management, LP.

          “GFN” shall have the meaning set forth in the preamble.

          “GFN Group” shall have the meaning set forth in the preamble.

          “GFN Guaranty” shall mean the Guaranty dated as of the Closing Date, by GFN, GFN (US)
and GFN Holdings, as the same may be amended, restated, supplemented, modified, renewed, refinanced
or restructured from time to time.

          “GFN Holdings” shall have the meaning set forth in the preamble.

          “GFN Related Entity” shall mean any Subsidiary of GFN other than a GFN (US) Entity.

          “GFN SEC Documents” shall mean all registration statements, prospectuses, reports,
schedules, forms, statements and other documents (including all exhibits, schedules and other
information included or incorporated by reference therein) filed by GFN on or prior to the date
hereof with the SEC under the Securities Act, the Exchange Act or the rules and regulations
promulgated thereunder.

          “GFN (US)” shall have the meaning set forth in the preamble.

          “GFN (US) Entity” shall mean GFN (US) and any of its Subsidiaries.

          “Governmental Authority” shall mean any nation or government, and any state or
political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory
or administrative functions of or pertaining to government, and any court, tribunal or
arbitrator(s) of competent jurisdiction, and any self-regulatory organization.

          “Guarantee” shall mean, with respect to any Person, (i) any guarantee (other than by
endorsement of negotiable instruments for collection in the ordinary course of business), direct or
indirect, of any indebtedness or other obligation of any other Person and (ii) any agreement,
direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way
the payment or performance (or payment of damages in the event of non-performance) of any
indebtedness or other obligation of such other Person, including, without limitation, any
indemnification agreement, warranty and agreement to pay amounts drawn down by letters of credit.
The amount of a Guarantee shall be deemed to be the maximum amount of the obligation guaranteed for
which the guarantor could be held liable under such Guarantee.

          “Guarantors” shall mean GFN, GFN (US), GFN Holdings, and each Subsidiary of the
Company (if any and as may exist from time to time), and any other Person that is or becomes a
“Guarantor” under the GFN Guaranty.

-6-

 

          “Holder” shall mean any Person (including, without limitation, the Purchaser) in whose
name the Note is registered in the register maintained by the Company pursuant to Section 11(a) of
the Note.

          “Immediate Family” of a Person includes such Person’s spouse, and the parents,
children and siblings of such Person or his or her spouse and their spouses and other Persons
related to the foregoing by blood, adoption or marriage within the second degree of kinship.

          “Indebtedness” shall mean, with respect to a Person, without duplication, (i) any
indebtedness or obligations, contingent or otherwise, for borrowed money; (ii) all obligations
evidenced by bonds, notes, debentures or similar instruments other than trade payables for the
purchase of property or services in the ordinary course of business that have been converted into
notes; (iii) all Capital Lease Obligations; (iv) all Contingent Obligations of such Person and its
Subsidiaries, whether for letters of credit or bankers’ acceptances or otherwise; (v) all
obligations under facilities for the discount or sale of receivables; (vi) the maximum fixed
repurchase price of any redeemable stock of such Person and its Subsidiaries; (vii) all obligations
secured by a Lien other than a Permitted Lien to which any property or assets owned by the Company
or any of its Subsidiaries is subject, whether or not the obligations secured thereby have been
assumed by the Company or any such Subsidiaries; (viii) all obligations to pay the deferred
purchase price of a company or business; and (ix) all Guarantees of items which would be included
within this definition (regardless of whether such items would appear upon such balance sheet).

          “Indemnified Parties” shall have the meaning specified in Section 11.2(a).

          “Indemnifying Parties” shall have the meaning specified in Section 11.2(a).

          “Intellectual Property” shall mean all intellectual property, including, without
limitation, (i) patents, patent registrations, patent applications, patent disclosures and any
related continuation, continuation-in-part, divisional, reissue, reexamination, utility, model and
certificate of invention; (ii) trademarks, service marks, trade dress, logos, trade names, domain
names and corporate names, and any registrations and applications for registration thereof; (iii)
copyrights and registrations and applications for copyrights, including, without limitation, any
proprietary scoring and underwriting model; (iv) computer software, data and documentation; (v)
trade secrets, know-how, processes and techniques, research and development, works, financial,
marketing and business data, pricing and cost information, business and marketing plans, customer
and supplier lists and any other confidential information; (vi) all proprietary rights relating to
any of the foregoing; and (vii) copies and tangible embodiments thereof.

          “Intercreditor Agreement” shall mean any existing or future intercreditor agreement,
whether now existing or hereafter entered into, made by a Subordinated Lender in favor of the
Purchaser that expressly provides that such Subordinated Lender’s Subordinated Indebtedness is
subordinate in right of payment or rights upon liquidation to any Obligations of the Purchaser, in
each case, as such Intercreditor Agreement may be amended, supplemented or otherwise modified from
time to time in accordance with this Agreement. Any new Intercreditor Agreement shall be in the
form as may be agreed between Purchaser, the Company (or its Subsidiaries, as applicable), and the
Subordinated Lender.

-7-

 

          “Interim Note” shall mean the note given by GFN to the Purchaser to pay a portion of
the purchase price for the capital stock of Royal Wolf pursuant to the Share Sale Deed.

          “Investments” shall mean, as applied to any Person, (i) any direct or indirect
acquisition by such Person of any Capital Stock of any other Person, or all or any substantial part
of the business or assets of such other Person, and (ii) any direct or indirect loan, advance or
capital contribution by such Person to any other Person (including, without limitation, any
Affiliate, officer, director or employee of any member of the GFN Group).

          “IRC” shall mean the Internal Revenue Code of 1986, as amended, or any successor
statute, and the treasury regulations promulgated thereunder.

          “Knowledge of the Company” shall mean the actual knowledge, after reasonable inquiry,
of Ronald F. Valenta, John O. Johnson, Charles E. Barrantes, Robert Allan and Peter McCann;
provided, that reasonable inquiry shall mean the inquiry that should have been made by a
reasonably prudent person with the same position in GFN or any of its Subsidiaries.

          “Licenses and Permits” shall mean, with respect to a Person, collectively, all
licenses, franchises, permits, consents, approvals, registrations, certificates and authorizations
of all Governmental Authorities necessary to the conduct of the businesses of such Person and its
Subsidiaries, including, without limitation, all licenses issued or issuable under the finance laws
in each jurisdiction in which the activities of such Person and its Subsidiaries, respectively,
would require such licensing, licenses required for the sale or brokerage of insurance products,
compliance with all bonding requirements of any Governmental Authority and any licenses,
franchises, permits, consents, approvals, registrations, certificates and authorizations required
to be held to comply with or obtain exemptions from the usury laws of any state.

          “Lien” shall mean any lien, pledge, mortgage, security interest, charge or encumbrance
of any kind (including, without limitation, the interest of a lessor under a Capital Lease
Obligation having substantially the same economic effect), any agreement to give or refrain from
giving any lien, pledge, mortgage, security interest, charge or other encumbrance of any kind, any
conditional sale or other title retention agreement, any lease in the nature thereof and the filing
of any financing statement or other similar form of notice under the laws of any jurisdiction.

          “Losses” shall have the meaning specified in Section 11.2(a).

          “Margin Regulations” shall mean Regulations T, U and X of the Board of Governors of
the Federal Reserve System, or any successor thereto, as amended from time to time.

          “Margin Stock” shall mean “margin stock” as defined in the Margin Regulations.

          “Material Adverse Effect” or “Material Adverse Change” shall mean, with
respect to any Person, a material adverse effect on or material adverse change in, as the case may
be, (i) the business, assets, condition (financial or otherwise), properties, and results of
operations of such Person, or (ii) the ability of such Person to perform its obligations under this
Agreement or any Related Agreement; provided, that the occurrence of any default, event of
default,

-8-

 

acceleration of payment, increase in interest or other payment, late charge or other penalty
under any Senior Indebtedness shall constitute a Material Adverse Effect and a Material Adverse
Change with respect to the Company and its Subsidiaries, taken as a whole.

          “Material Contracts” shall mean the following Contracts to which the Company or any
Subsidiary of the Company is a party; provided, that for purposes of determining whether a
Contract meets the following dollar limits, the obligations of the Company and its Affiliates under
such Contract shall be considered cumulatively (including if such Contract involves the Company or
any of its Affiliates as counterparties to each other): (a) any contract or agreement for
Indebtedness in excess of $500,000; (b) any employment or similar compensatory contract or
agreement with an executive officer that provides for annual compensation in excess of $200,000 or
requires a payment in excess of $200,000 in connection with a change in control or termination of
employment by the Company or Subsidiary without cause; (c) any personal property lease of which the
Company or Subsidiary is the lessee that provides for annual lease payments in excess of $250,000;
(d) any contract or agreement pursuant to which the Company or any of its Subsidiaries is a lessor,
lessee, sublessor, sublessee, licensor or licensee of real property and the annual lease or rental
payments exceed $250,000; and (e) Contracts involving payment obligations in excess of $250,000 in
any year other than Contracts evidencing Indebtedness, employment or compensatory Contracts, real
and personal property leases, and Contracts for the purchase of containers and related goods or
property to be sold, leased or otherwise used in the ordinary course of business.

          “Nasdaq” shall mean The Nasdaq Stock Market or any successor stock exchange.

          “NYSE” shall mean The New York Stock Exchange, Inc.

          “Note” shall have the meaning set forth in Section 2.1.

          “Obligations to the Purchaser” shall mean any and all Indebtedness, claims,
liabilities or obligations of any member of the GFN Group and any of their respective Subsidiaries
owing to the Purchaser or any Affiliate of the Purchaser (or any successor, assignee or transferee
of the Purchaser or such Affiliate) under or with respect to this Agreement, the Note, the Bison
Warrant, the Registration Rights Agreement, the GFN Guaranty, the Collateral Documents and the
other Related Agreements, the Bison Warrant Shares and any and all agreements, instruments or other
documents heretofore or hereafter executed or delivered in connection with any of the foregoing, of
whatever nature, character or description, including, without limitation, any claims for rescission
or other damages under applicable federal and state securities laws, in each case, whether due or
not due, direct or indirect, joint and/or several, absolute or contingent, voluntary or
involuntary, liquidated or unliquidated, determined or undetermined, now or hereafter existing,
amended, renewed, extended, exchanged, restated, refinanced, refunded or restructured, whether or
not from time to time decreased or extinguished and later increased, created or incurred, whether
for principal, interest, premiums, fees, costs, expenses (including, without limitation, reasonable
attorneys’ fees) or other amounts incurred for administration, collection, enforcement or
otherwise, whether or not arising after the commencement of any proceeding under the Bankruptcy
Laws (including, without limitation, post-petition interest) whether or not allowed or allowable as
a claim in any such proceeding, and
whether or not recovery of any such obligation or liability may be barred by any statute of
limitations or such Indebtedness, claim, liability or obligation may otherwise be unenforceable.

-9-

 

          “Permitted Expenses” means payments of up to $1,000,000 in any 12-month period made by
the GFN (US) Entities to GFN and/or a GFN Related Entity for administrative expenses, overhead
charges, support charges and similar costs and expenses; provided, that if at any time GFN
or a GFN Related Entity acquires or establishes another business or company, Permitted Expenses in
any 12-month period shall be multiplied by the Reduction Percentage on a prospective basis. For
purposes of the foregoing, the “Reduction Percentage” shall be that percentage obtained by
dividing the revenues of the Covered Business by the total revenues of GFN (determined on a
consolidated basis in accordance with GAAP); provided, that Permitted Expenses shall never
be less than $500,000. Payments on debt owed to GFN and/or the GFN Related Entities, and dividends
and distributions to the GFN (US) stockholders in respect of their shareholdings, are not expenses
included in Permitted Expenses so long as (x) such debt or shares are, in each case, issued with
the approval of the Purchaser (to the extent such approval is required hereunder), and (y) such
debt or shares were not issued in consideration of the forgiveness, payment or deferral of
administrative expense payments, reimbursements or distributions made by any GFN (US) Entity to GFN
or any GFN Related Entity.

          “Permitted Liens” shall mean:

          (a) judgment and attachment Liens in connection with (a) judgments that do not constitute an
Event of Default so long as the judgment creditor has not succeeded in the foreclosure thereof and
reserves have been established to the extent required by GAAP as in effect at such time and (b)
litigation and legal proceedings that are being contested in good faith by appropriate proceedings
(or as to which the Company or any of its Subsidiaries, as the case may be, is preparing to
promptly initiate in appropriate proceedings) so long as adequate reserves have been established in
accordance with GAAP and so long as such Liens do not encumber assets in an aggregate amount
(together with the amount of any unstayed judgments against the Company or any of its Subsidiaries)
in excess of $500,000 (which amount may be increased with the consent of the Purchaser, which
consent shall not be unreasonably withheld);

          (b) Liens for Taxes, assessments or other governmental charges or levies on property of the
Company or any of its Subsidiaries if the same shall not at the time be delinquent or thereafter
can be paid without penalty, or are being contested in good faith by appropriate proceedings, and
Liens for personal property Taxes so long as such Liens do not secure an amount in excess of
$500,000 (which amount may be increased with the consent of the Purchaser, which consent shall not
be unreasonably withheld);

          (c) pledges or deposits by the Company or any of its Subsidiaries under workers’ compensation
laws, unemployment insurance laws or similar legislation;

          (d) Liens on the property of the Company or any of its Subsidiaries incurred in the ordinary
course of business to secure performance of obligations with respect to statutory or regulatory
requirements, performance or return-of-money bonds, surety or indemnity bonds or other obligations
of like nature and incurred in a manner consistent with industry practice, in each case which are
not incurred in connection with the borrowing of money, the obtaining of

-10-

 

advances or credit or the payment of the deferred purchase price of property (provided that
the Company may incur Liens to secure surety or indemnity bonds or other obligations of like nature
outside of the ordinary course of business so long as such Liens do not encumber assets in excess
of $500,000 in the aggregate (which amount may be increased with the consent of the Purchaser,
which consent shall not be unreasonably withheld)) ;

          (e) Liens imposed by operation of law, such as carriers’, warehousemen’s and mechanics’ Liens,
on property of the Company or any of its Subsidiaries arising in the ordinary course of business
and securing payment of obligations which are not more than ninety (90) days past due or are being
contested in good faith by appropriate proceedings and, if required by GAAP, are appropriately
reserved for on the books of the Company or such Subsidiary, as the case may be;

          (f) Purchase money security interests in connection with the purchase of property, assets or
business; and

          (g) utility easements, building restrictions and such other encumbrances or charges against
real property as are of a nature generally existing with respect to properties of a similar
character;

provided, however, that each of the Liens described in the foregoing clauses (a)
through (g) inclusive shall only constitute a Permitted Lien so long as such Liens do not
materially interfere with the conduct of the business of the Company and its Subsidiaries,
individually or taken as a whole, or result in a Material Adverse Change; and, provided
further, that no Lien shall become a Permitted Lien by virtue of any waiver or consent of ANZ.

          “Person” shall mean any individual, trustee, sole proprietorship, partnership, joint
venture, trust, unincorporated organization, association, corporation, limited liability company,
limited liability partnership, other business entity or Governmental Authority.

          “Proprietary Information” shall have the meaning specified in Section
13.17(a).

          “Purchase Price” shall have the meaning specified in Section 2.2.

          “Purchaser” shall have the meaning set forth in the preamble.

          “Registration Rights Agreement” shall mean the Registration Rights Agreement dated as
of the Closing Date, by and between the Purchaser and GFN, as the same may be amended, restated,
supplemented, modified, renewed, refinanced or restructured from time to time.

          “Retained Interest” shall have the meaning set forth in the recitals and shall be
1,380 shares of common stock, par value $0.0001 per share, of GFN (US).

          “Related Agreements” shall mean, collectively, the Note, the Registration Rights
Agreement, the GFN Guaranty, the Collateral Documents, the Bison Warrant, the ANZ Subordination
Agreement, the Intercreditor Agreements and any and all other agreements,
instruments, certificates and documents executed or delivered in connection herewith or
therewith, as the same may be amended, supplemented or otherwise modified from time to time.

-11-

 

          “Relevant Period” shall have the meaning specified in Section 10.5(b).

          “Restricted Payment” shall mean any one or more of the following:

          (a) any dividend or other distribution, direct or indirect, on account of any Capital Stock of
a Person now or hereafter outstanding;

          (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition
for value, direct or indirect, of any shares of any Capital Stock of a Person now or hereafter
outstanding;

          (c) any payment or prepayment of principal of, premium, if any, or interest, fees or other
charges on or with respect to, and any redemption, purchase, retirement, defeasance, sinking fund
or similar payment with respect to any Subordinated Indebtedness (provided that any payments
required to be made by the Company under the terms of the Existing Indebtedness shall not
constitute a Restricted Payment); and

          (d) any payment by the Company or any of its Subsidiaries to GFN, GFN (US), GFN Holdings or
any GFN Related Entity except as otherwise expressly permitted hereunder;

provided, however, that the following shall not constitute a Restricted Payment so
long as (i) the Company and each of its Subsidiaries is Solvent, (ii) no Default or Event of
Default has occurred and is continuing, (iii) no Default or Event of Default would occur as a
result thereof, and (iv) the following payments or distributions are made only to a Guarantor and
the payee or distributee does not thereafter pay or distribute such payments or distributions to a
party that is not a Guarantor: (A) any dividend or other distribution, direct or indirect, on
account of any Capital Stock of such Person now or hereafter outstanding which is payable solely in
shares of Common Stock; (B) any regularly scheduled payments of principal of and/or interest on
any Subordinated Indebtedness made in accordance with the terms and provisions of the Intercreditor
Agreements; (C) any dividend or other distribution, direct or indirect, on account of any Capital
Stock (now or hereafter outstanding) of any of the Company’s Subsidiaries to the Company; (D) any
dividend or distribution, by any Subsidiary of the Company to the Company or another Subsidiary;
(E) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for
value, direct or indirect, of any shares of any Capital Stock of any Subsidiary held by the Company
or any Subsidiary; (F) to the extent made in accordance with the terms and provisions of any
applicable Intercreditor Agreement, any payment or prepayment of principal of, premium, if any, or
interest, fees or other charges on or with respect to, and any redemption, purchase, retirement,
defeasance, sinking fund or similar payment with respect to any Subordinated Indebtedness
(including, for the avoidance of doubt, the RWA Purchase Note) by GFN Holdings or any of its
Subsidiaries to such Person’s direct or indirect parent that is a GFN (US) Entity; (G) the
cancellation or acquisition of any Capital Stock of the Company as payment to the Company of the
exercise price of any Equity Rights of the Company; (H) payments to the GFN Group or any GFN
Related Entity made as Permitted Expenses; and (I) payments to GFN
or a GFN Related Entity for the purchase of assets at or below market rates in the ordinary course
of the Covered Business.

-12-

 

          “Royal Wolf” shall have the meaning set forth in the recitals.

          “RWA Purchase Note” shall mean a note in the amount of approximately $26,525,000 given
by the Company to GFN Holdings to pay the purchase price for some of the capital stock of Royal
Wolf immediately after the Closing.

          “Sale” shall have the meaning specified in Section 9.15(c).

          “Sale Target Amount” shall have the meaning specified in Section 9.15(c).

          “SEC” shall mean the Securities and Exchange Commission, or any successor agency.

          “Securities” shall have the meaning set forth in Section 2.1.

          “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder, all as the same shall be in effect at the time.

          “Security Agreements” shall mean each Deed of Charge dated as of the Closing Date, by
and between the Purchaser, on the one hand, and each of the Company, its Subsidiaries and GFN
Holdings, on the other hand, as such documents may be amended, restated, supplemented, modified,
renewed, refinanced or restructured from time to time.

          “Senior Indebtedness” shall mean the principal amount of, premium, if any, and
interest on (i) any Indebtedness of the Company, whether now outstanding or hereafter created,
incurred, assumed or guaranteed, unless in the instrument creating or evidencing such Indebtedness
or pursuant to which such Indebtedness is outstanding it is provided that such Indebtedness is
subordinate in right of payment or rights upon liquidation to any other Indebtedness of the
Company, and (ii) refundings, renewals, extensions, modifications, restatements, and increases of
any such Indebtedness. Except as set forth in the Note and the ANZ Subordination Agreement, upon
the Closing, the term “Senior Indebtedness” shall include any and all Indebtedness and other
amounts owing under the Note.

          “Shareholders Agreement” shall mean that certain Shareholders Agreement dated as of
even date herewith by and among GFN, GFN (US) and the Purchaser.

          “Share Sale Deed” shall have the meaning set forth in the recitals.

          “Side Letter” shall mean that certain Side Letter Agreement dated as of April 24, 2007
by and between the Purchaser and GFN.

          “Solvent” shall mean, with respect to any Person, that on the date of determination:
(i) the present fair saleable value of the assets of such Person will exceed the amount that will
be required to pay the probable liability on the existing Indebtedness (whether matured or
unmatured, liquidated or unliquidated, absolute, fixed or contingent) of such Person

-13-

 

as they become absolute and matured; (ii) the sum of the Indebtedness (whether matured or
unmatured, liquidated or unliquidated, absolute, fixed or contingent) of such Person will not
exceed all of the assets of such Person at a fair valuation; and (iii) the capital of such Person
will not be unreasonably small for such Person to carry on its businesses.

          “Subordinated Indebtedness” shall mean Indebtedness that is not Senior Indebtedness,
as such Indebtedness may be refinanced, renewed, replaced, restructured or exchanged from time to
time in accordance with this Agreement.

          “Subordinated Lenders” shall mean the lenders of Subordinated Indebtedness, as may
exist from time to time.

          “Subsidiary” and “Subsidiaries” shall mean, with respect to any Person, any
other Person of which more than fifty percent (50%) of the total voting power of Capital Stock
entitled to vote (without regard to the occurrence of any contingency) in the election of the Board
of Directors are at the time directly or indirectly (including, without limitation, through another
Subsidiary) owned by such first Person. For the avoidance of doubt, the Subsidiaries of the
Company include Royal Wolf and each of the Subsidiaries of Royal Wolf. Unless otherwise indicated,
the term “Subsidiary” refers to a Subsidiary of the Company.

          “Tax” or “Taxes” shall mean any present and future income, excise, sales, use,
stamp or franchise taxes and any other taxes, fees, duties, levies, withholdings or other charges
of any nature whatsoever imposed by any taxing authority, whether federal, state, local or foreign,
together with any interest and penalties and additions to tax.

          “Third Party” shall have the meaning specified in Section 13.17(b).

          “Third Party Intellectual Property Rights” shall have the meaning specified in
Section 3.22(a).

          “UCC” shall mean the Uniform Commercial Code, as adopted and in force in the State of
California as from time to time in effect, and the Uniform Commercial Code of any other
jurisdiction as required under Division 9103 of the California Commercial Code.

     1.2 Independence of Covenants. All covenants and agreements under this Agreement shall
each be given independent effect so that if a particular action or condition is not permitted by
any such covenant, the fact that it would be permitted by another covenant, by an exception
thereto, or be otherwise within the limitations thereof, shall not avoid the occurrence of a
Default or an Event of Default if such action is taken or condition exists.

2. PURCHASE AND SALE OF SECURITIES.

     2.1 Authorization. The Company has currently issued and sold to the Purchaser a Secured
Senior Subordinated Promissory Note in the principal amount of AUD$20,000,000 dated the date hereof
(as the same
may be amended, restated, supplemented, modified, renewed, refinanced or restructured from time to
time, the “Note”). GFN has concurrently herewith issued and sold to the Purchaser warrants
to purchase 500,000 shares of Common Stock dated the date hereof (as the same may be amended,
restated, supplemented, modified, renewed, refinanced or

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restructured from time to time, the
“Bison Warrant”). GFN (US) has authorized the issuance and delivery to the Purchaser of
the Retained Interest as contemplated by the Share Sale Deed. The Note, the Bison Warrant and the
Retained Interest are sometimes collectively referred to herein as the “Securities.”

     2.2 Purchase of the Note and the Bison Warrant. Subject to the terms and conditions
contained herein, and in reliance upon the representations, warranties, covenants and agreements
contained herein, at the Closing, (a) the Company shall issue, sell and deliver to the Purchaser,
and the Purchaser shall purchase from the Company, the Note and (b) GFN shall issue and sell to the
Purchaser, and the Purchaser shall purchase from GFN, the Bison Warrant. The aggregate purchase
price to be paid by the Purchaser for the Note and the Bison Warrant shall be AUD$20,000,000 (the
“Purchase Price”), paid in accordance with Section 2.3.

     2.3 Closing. The closing (the “Closing”) of the issuance, sale and delivery of the
Securities to be purchased by the Purchaser under this Agreement shall take place at the offices of
Sheppard, Mullin, Richter & Hampton LLP, 1901 Avenue of the Stars, 16th Floor, Los Angeles,
California 90067, on the date hereof or as soon as practicable thereafter immediately following the
satisfaction or waiver of the conditions precedent set forth in Section 7 and Section
8 (such date being the “Closing Date”). At the Closing, the Company and GFN, as
applicable, shall deliver to the Purchaser, the Note and the Bison Warrant, duly executed by the
Company and GFN, respectively, against the payment and delivery by the Purchaser of the Purchase
Price and other Closing deliveries hereunder. The Purchase Price shall be paid by wire transfer in
immediately available funds to such bank as the Company may request in writing (which request shall
be made in writing at least one (1) Business Day prior to the Closing Date) for credit to an
account designated by the Company in such request; provided, however, that the
Purchaser may withhold from the Purchase Price the closing fee described in Section 7.2 and
the amount of the Interim Note, which funds shall be deemed used by the Company to repay the
Interim Note immediately following the Closing. Also at the Closing, GFN (US) shall issue and
deliver to the Purchaser the Retained Interest. The parties acknowledge and agree that the
issuance and delivery by GFN (US) to the Purchaser of the Retained Interest and the payment by the
Company of the fees and expenses of the Purchaser relating thereto shall be in full satisfaction of
the obligations of the Company under the Share Sale Deed relating to the Retained Interest.

     2.4 Use of Proceeds. The proceeds to be received by the Company from the sale of the Note
and the Bison Warrant hereunder shall be used solely for the purposes set forth on Schedule
2.4 (and applied in accordance with the terms therein).

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     Each member of the GFN Group, jointly and severally, hereby represents and warrants to the
Purchaser that the following statements are true and correct:

     3.1 Organization and Good Standing. The Company is a corporation duly organized, validly
existing and in good standing under the laws of Australia. The Company has all power and
authority, and all Licenses and Permits, necessary to own or lease and operate its properties and
assets and to carry on its business as now being conducted and as proposed to be conducted.

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The Company has the requisite power and authority to enter into this Agreement and each Related
Agreement to which it is a party, to issue, sell and deliver the Note and to consummate the other
transactions contemplated hereby and by the Related Agreements to which it is a party.

     3.2 Subsidiaries. Schedule 3.2 sets forth a true, correct and complete list of all
direct and indirect Subsidiaries of GFN, including, without limitation, the Company and its direct
and indirect Subsidiaries, setting forth, as to each Subsidiary, its name, the jurisdiction of its
formation, the address of its principal executive offices, the number of outstanding shares of its
Capital Stock and the number of such outstanding shares owned, directly or indirectly, by the
Company. Each Subsidiary is duly organized, validly existing and, if applicable, in good standing
under the laws of the jurisdiction of its formation and has all power and authority, and all
Licenses and Permits, necessary to own or lease and operate its properties and to carry on its
business as now conducted except to the extent the failure to hold such Licenses or Permits would
not have a Material Adverse Effect on the Company and its Subsidiaries taken as a whole.

     3.3 Qualification. Each of the Company and its Subsidiaries is duly qualified or licensed
and in good standing to do business in each jurisdiction in which the character of the properties
owned or the nature of the activities conducted makes such qualification or licensing necessary,
except where the failure to be so qualified or licensed would not have a Material Adverse Effect on
the Company and its Subsidiaries taken as a whole.

     3.4 Authorization; Binding Obligations. (a) The execution, delivery and performance of
this Agreement and each of the Related Agreements to which it is a party by the Company and its
Subsidiaries, (b) the issuance, sale and delivery of the Note, (c) the grant of the Liens in favor
of the Purchaser pursuant to the Security Agreements and the other Collateral Documents, and (d)
the consummation of the other transactions contemplated hereby and thereby have been duly
authorized by all necessary action on the part of the Company or any of its Subsidiaries, as
applicable. This Agreement has been duly executed and delivered by the Company, and, at the
Closing, each of the Related Agreements will be duly executed and delivered by the Company or its
Subsidiaries that is a party thereto. This Agreement is, and each Related Agreement will at the
time of the Closing be, a legal, valid and binding obligation of the Company or its Subsidiaries
that is a party thereto,
enforceable against such Person in accordance with its terms, except as enforcement may be limited
by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or conveyance or similar
laws relating to or limiting creditors’ rights generally or by equitable principles relating to
enforceability and except as rights of indemnity or contribution may be limited by federal or state
securities or other laws or the public policy underlying such laws.

     3.5 No Violation; Existing Defaults; Senior Indebtedness.

          (a) (i) The execution, delivery and performance by the Company of this Agreement and each of
the Related Agreements by the Company and its Subsidiaries to which it is a party, (ii) the
issuance, sale and delivery of the Note, (iii) the grant of the Liens in favor of the Purchaser
pursuant to the Security Agreements and the other Collateral Documents, and (iv) the consummation
of the other transactions contemplated hereby and thereby do not and will not violate or conflict
with, or cause a default under, or give rise to a right of termination under, (A) the charter or
bylaws of the Company or any of its Subsidiaries, as in effect on the date

-16-

 

hereof; (B) any
Applicable Laws; or (C) any term of any lease, credit agreement, indenture, note, mortgage,
instrument or other agreement to which the Company or any of its Subsidiaries is a party or by
which any of its or their properties or assets are bound, except, in the case of clause (C), where
the same would not have a Material Adverse Effect on the Company and its Subsidiaries, taken as a
whole.

          (b) Except as set forth in Schedule 3.5(b), neither the Company nor any of its
Subsidiaries is in default, breach or violation of (i) its charter or bylaws, (ii) any term of any
material lease, credit agreement, note, instrument or other agreement to which it is a party or by
which any of its properties or assets are bound or (iii) any Applicable Laws, except, in the case
of clauses (ii) and (ii), where the same would not result in a Material Adverse Effect on the
Company and its Subsidiaries, taken as a whole. Without limiting the generality of the foregoing,
except as set forth in Schedule 3.5(b) and except such as would not have a Material Adverse
Effect on the Company or its Subsidiaries, taken as a whole, no “default” or “event of default” has
occurred and is continuing under any agreement, instrument or other document to which the Company
or any of its Subsidiaries is a party which evidences or governs any Indebtedness of the Company or
its Subsidiaries, as the case may be (other than such “defaults” or “events of default” as have
been duly waived by the appropriate Person pursuant to waivers which are in effect as of the date
hereof).

          (c) Except as set forth in the Note and the ANZ Subordination Agreement, upon the Closing (i)
the Indebtedness evidenced by the Note will constitute Senior Indebtedness and (ii) there will be
no agreement, indenture, instrument or other document to which the Company or any of its
Subsidiaries is a party or by which it or they are bound that requires the subordination in right
of payment or rights upon liquidation of any Obligations to the Purchaser to the repayment of any
other Indebtedness of the Company or any of its Subsidiaries.

          (d) There are no contractual or other restrictions or limitations which prohibit the issuance,
sale and delivery by the Company of the Note as contemplated hereunder.

     3.6 Governmental and Other Third Party Consents. Neither the Company nor any of its Subsidiaries or other Affiliates is required to obtain any
Consent in connection with the execution, delivery or performance of this Agreement or any Related
Agreement, the issuance, sale and delivery of the Note or the grant of the Liens in favor of the
Purchaser, or for the purpose of maintaining in full force and effect any Licenses and Permits,
from (a) any Governmental Authority or (b) any other Person, except where the failure to obtain
such consent or maintain any such License or Permit, as the case may be, would not have a Material
Adverse Effect on the Company and its Subsidiaries, taken as a whole.

     3.7 Capitalization.

          (a) The issued Capital Stock of the Company consists of one ordinary share held by GFN
Holdings. The issued ordinary share of the Capital Stock of the Company has been duly authorized
and is validly issued and fully paid, and is free and clear of any Liens and other restrictions
(including any restrictions on the right to vote, sell or otherwise dispose of such Capital Stock)
and of any preemptive or other similar rights to subscribe for or to purchase any such Capital
Stock. There are: (i) no outstanding Equity Rights with respect to the Capital Stock

-17-

 

of the Company; (ii) no voting trusts or other agreements or undertakings with respect to the voting of
the Capital Stock of the Company); (iii) no obligations or rights (whether fixed or contingent) on
the part of the Company, any of its directors or officers or, to the Knowledge of the Company, any
other Person to purchase, repurchase, redeem or “put” any outstanding shares of the Capital Stock
of the Company or Equity Rights with respect to Capital Stock of the Company; and (iv) no
agreements to which the Company, any of its directors or officers or, to the Knowledge of the
Company, any other Person is a party granting any other Person any rights of first offer or first
refusal, registration rights or “drag-along,” “tag-along” or similar rights with respect to any
transfer of any Capital Stock of the Company or Equity Rights with respect to the Capital Stock of
the Company. All shares of Capital Stock of the Company and Equity Rights that have been issued by
the Company have been offered, issued and sold in compliance with all applicable federal and state
securities laws.

          (b) No shares of Capital Stock of GFN or its Subsidiaries will become issuable to any Person
pursuant to any “anti-dilution” or other provisions contained in any issued and outstanding Equity
Rights on account of the issuance of the Bison Warrant (or the exercise thereof) or the application
of the “anti-dilution” provisions contained in the Bison Warrant.

     3.8 Financial Statements. The Company has delivered to the Purchaser copies of the
audited consolidated balance sheets of Royal Wolf and its Subsidiaries as of June 30, 2005, 2006
and 2007, and audited consolidated statements of operations, shareholders’ equity and changes in
financial position or cash flows for each of the three (3) years then ended, together with a report
and an unqualified opinion of the Company’s independent public accountants (the “Company
Financial Statements”). The Company Financial Statements have been prepared in accordance with
IFRS and fairly present the consolidated and consolidating financial position and results of
operations of Royal Wolf and its Subsidiaries as of the dates and for the periods indicated
therein.

     3.9 Transactions with Affiliates.

          (a) Except as set forth in Schedule 3.9, since January 1, 2007, no executive officer
of the Company or any of its Subsidiaries or, to the Knowledge of the Company, any Affiliate or
immediate family member of any such executive officer, has (i) made any loan to, (ii) received a
loan from, (iii) sold property to, (iv) purchased property from, or (v) other than compensatory
Contracts and Contracts specifically identified in the Share Sale Deed, is or has been a party to a
Contract for the payment of money or license or other disposition of assets with the Company or any
of its Subsidiaries in any transaction involving amounts in excess of $100,000.

          (b) Schedule 3.9 sets forth a true, complete and accurate description of the terms of
each transaction or relationship required to be set forth on Schedule 3.9.

     3.10 Environmental Compliance. Neither the Company nor any of its Subsidiaries is in
breach of any environmental law. There is no environmental damage to the facilities occupied or
owned by the Company or its Subsidiaries (the “Facilities”). There are no notices relating
to the Facilities which have been issued under any environmental law and are still outstanding. No
Facilities are under watch or supervision by any Governmental Authority. No pollutants or other
hazardous materials are made, stored, used or dealt with in any manner on the Facilities.

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     3.11 Existing Indebtedness; Liens; Investments; Etc.

          (a) Schedule 3.11(a) sets forth a true and correct list, and describes, as of the date
or dates indicated therein, as applicable:

               (i) all Indebtedness of the Company and its Subsidiaries on a consolidated basis
(collectively, “Existing Indebtedness”) showing, as to each Indebtedness, the payee thereof
and the total amount outstanding (by principal, interest and other amounts, if applicable);

               (ii) (A) all UCC financing statements (and similar filings in applicable jurisdictions) on
file as of the “time of request” set forth therein, naming the Company as a debtor, and (B) all
material pledges and other material Liens on the assets of the Company for which no UCC financing
statement (or similar filing in applicable jurisdictions) has been filed;

               (iii) all debt and equity investments in Persons other than the Company and its Subsidiaries;
and

               (iv) all Guarantees of the Company and its Subsidiaries existing as of the Closing.

          (b) Immediately following the Closing, the Company and its Subsidiaries will not have any
Indebtedness, whether accrued, absolute, contingent or otherwise (whether individually or in the
aggregate), except for (i) the Indebtedness set forth on Schedule 3.11(a); (ii) the Note;
and (iii) the RWA Purchase Note, which shall be subordinated to the Note.

          (c) Neither the Company nor any of its Subsidiaries has any liabilities or obligations,
whether accrued, absolute, contingent or otherwise (whether individually or in the aggregate),
required to be disclosed on the face of a balance sheet prepared in accordance with IFRS; except
for (i) liabilities and obligations reflected in the Pro Forma Closing Balance Sheet; (ii) trade
payables and other accrued expenses incurred in the ordinary course of business; (iii) obligations
and liabilities under this Agreement and the Related Agreements; and (iv) liabilities or
obligations which, either individually or in the aggregate, have not had and will not have a
Material Adverse Effect on the Company and its Subsidiaries, taken as a whole.

     3.12 Certain Changes. Except as set forth on Schedule 3.12 or as contemplated by
the Share Sale Deed, since March 31, 2007, there has not been:

          (a) any damage or destruction to, or loss of, any asset of the Company or any of its
Subsidiaries, whether or not covered by insurance, which could have a Material Adverse Effect on
the Company or its Subsidiaries, taken as a whole;

          (b) any waiver by the Company or any of its Subsidiaries of a valuable right or of a material
debt owed to it;

-19-

 

          (c) any satisfaction or discharge of any Lien or payment of any obligation by the Company or
any of its Subsidiaries outside of the ordinary course of business;

          (d) any material change or amendment to any Material Contract by which the Company, any of its
Subsidiaries or any of its or their respective properties or assets is bound or subject;

          (e) any Material Adverse Change;

          (f) any change in the Contingent Obligations of the Company or any of its Subsidiaries, by way
of Guarantees or otherwise, outside of the ordinary course of business;

          (g) any declaration or payment of any dividend or other distribution of assets of the Company
to its shareholders, or the adoption or consideration of any plan or arrangement with respect
thereto;

          (h) any resignation or termination of the employment of any director or officer of the Company
or any of its Subsidiaries;

          (i) any Investment by the Company or any of its Subsidiaries in the Capital Stock of any
Person;

          (j) any offer, issuance or sale of any shares of Capital Stock of the Company or any Equity
Rights with respect to the Capital Stock of the Company;

          (k) any change in the Company’s credit guidelines and policies, charge-off policies or
accounting methods, procedures or policies;

          (l) any incurrence of any Indebtedness by the Company or any of its Subsidiaries other than as
contemplated in this Agreement and the Related Agreements;

          (m) any agreement or commitment to do any of the foregoing; or

          (n) any other event or condition of any character which has had a Material Adverse Effect.

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     3.13 Material Contracts. Schedule 3.13(a) sets forth a true and complete list of
all Material Contracts. Each Material Contract is legal, valid, binding and enforceable against
the parties thereto in accordance with its terms and is in full force and effect as of the date
hereof. The Company and its Subsidiaries (as applicable) and, to the Knowledge of the Company, all
other parties to the Material Contracts are in compliance with the terms thereof, and no default or
event of default by the Company or, to the Knowledge of the Company, any such other party, exists
thereunder, except such as would not have a Material Adverse Effect. Neither the Company nor any
of its Subsidiaries is a party to any contract, commitment, license, agreement, obligation or
arrangement that restricts it from carrying on its business or any part thereof, or from competing
in any line of business or with any other Person.

     3.14 Employee Benefit Plans. Neither the Company nor any of its Subsidiaries is subject to
ERISA.

     3.15 Labor Matters. There is no strike or other labor dispute involving the Company or any
of its Subsidiaries pending or, to the Knowledge of the Company, threatened. Neither the Company
nor any of its Subsidiaries is aware of any labor organization activity involving the employees of
the Company or any of its Subsidiaries, or of any officer or key employee, or any group of officers
or key employees, that intends to terminate his or her employment with the Company or any of its
Subsidiaries.

     3.16 Reserved.

     3.17 Taxes

          (a) All Tax returns required to be filed by or on behalf of GFN and each GFN (US) Entity on or
before the date hereof were true, correct and complete as of the date filed, or if amended on or
before the date hereof, were true, correct and complete after giving effect to such amendment. All
such Tax returns that were required to be filed were duly and timely filed and all Taxes
(including, Taxes withheld from employees’ salaries and all other withholding Taxes and obligations
and deposits required to be made by or with respect to GFN and each GFN (US) Entity) due have been
timely paid, or to the extent not due and payable as of the date hereof, adequate provision for the
payment thereof has been made on the financial statements or the books of account of GFN and each
GFN (US) Entity.

          (b) Except as set forth on Schedule 3.17, (i) no audit or other examination of any Tax
return of GFN or any GFN (US) Entity is presently in progress, nor has GFN or any GFN (US) Entity
been notified of any request for such an audit or other examination; (ii) there is no Tax
deficiency outstanding or assessed against GFN or any GFN (US) Entity, or any of the assets or
properties of any of them; (iii) neither GFN nor any GFN (US) Entity has received any notice of a
proposed assessment of Taxes, or executed any waiver of any statute of limitations
on, or extending the period for, the assessment or collection of any Tax which is still in
effect; and (iv) there are no actions, suits, proceedings or claims now pending by or against GFN
or any of GFN (US) Entity in respect of any Taxes or assessments. No claim has ever been made by
an authority in a jurisdiction where GFN or any GFN (US) Entity does not file Tax returns that it
is or may be subject to taxation by that jurisdiction. There is not outstanding any power of
attorney that is currently in force with respect to any matter relating to Taxes for which GFN or
any of its Subsidiaries could be liable.

-21-

 

          (c) Neither GFN nor any GFN (US) Entity (i) has been a United States real property holding
corporation within the meaning of Section 897(c)(2) of the Internal Revenue Code of 1986, as
amended (the “Code”) during the applicable period specified in Section 897(c)(1)(A)(ii) of
the Code; (ii) has submitted a request for a private letter ruling (or comparable procedure under
state or local law) to the IRS or any state or local taxing authority, which request has not yet
been issued or denied; (iii) has agreed to, or is required to include in income, any adjustment
pursuant to Section 482 of the Code (or similar provision of other law or regulations) (nor has any
Tax authority proposed, or is any Tax authority considering, such adjustment); or (iv) is or has
been required to make a basis reduction pursuant to Treasury Regulation Section 1.1502-20(b) or
Treasury Regulation Section 1.337(d)-2(b).

          (d) Neither GFN nor any GFN (US) Entity has been a member of an affiliated group of
corporations within the meaning of Section 1504 of the Code (or any similar provision of state,
local or foreign law), other than an affiliated group of which GFN was the common parent. Neither
GFN nor any GFN (US) Entity has any liability for the Taxes of any Person under Treasury Regulation
Section 1.1502–6 (or any similar provision of state, local or foreign law), as a transferee or
successor, by contract, or otherwise, other than liabilities arising with respect to the affiliated
group of corporations of which GFN was the common parent. Neither GFN nor any GFN (US) Entity is a
party to or is bound by any tax sharing, tax indemnity, or tax allocation agreement or other
similar arrangement.

          (e) Neither GFN nor any GFN (US) Entity will be required to include any item of income in, or
exclude any item of deduction from, its taxable income for any taxable period (or portion thereof)
ending after the date hereof as a result of any (i) change in method of accounting for a taxable
period ending on or prior to the date hereof under Section 481(c) of the Code (or any corresponding
or similar provision of state, local or foreign income Tax law); (ii) “closing agreement” as
described in Section 7121 of the Code (or any corresponding or similar provision of state, local or
foreign income Tax law) executed on or prior to the date hereof; (iii) installment sale or open
transaction disposition made on or prior to the date hereof; or (iv) prepaid amount received on or
prior to the date hereof.

          (f) There are no Liens for Taxes (other than for current Taxes not yet due and payable) upon
the assets of GFN or any GFN (US) Entity.

          (g) Neither GFN nor any GFN (US) Entity has an interest in or is subject to any joint venture,
partnership, or other arrangement or contract which is treated as a partnership for U.S. federal
income tax purposes. Neither GFN nor any GFN (US) Entity is a successor to any other Person by way
of merger, reorganization or similar transaction.

          (h) Neither GFN nor any GFN (US) Entity has made any payment(s), is obligated to make any
payment(s) or is party to any agreement that could obligate it to make any payment(s) that would
not be deductible under either Section 280G or Section 162(m) of the Code.

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          (i) None of the assets of GFN or any GFN (US) Entity are treated as “tax-exempt use property”
within the meaning of Section 168(h) of the Code.

          (j) GFN and each GFN (US) Entity has disclosed on its Tax returns all positions taken therein
that could give rise to a substantial understatement of Tax within the meaning of Section 6662 of
the Code.

          (k) GFN and each GFN (US) Entity has disclosed all “reportable transactions” within the
meaning of Treasury Regulation Section 1.6011-4(b) (or similar provision of state law) to which it
has been a party.

     3.18 Litigation. Except as set forth on Schedule 3.18, there are no (a) actions,
suits, proceedings or investigations pending or, to the Knowledge of the Company, threatened before
any Governmental Authority against or affecting the Company or any of its Subsidiaries or
Affiliates that could, individually or in the aggregate, have a Material Adverse Effect on the
Company and its Subsidiaries, taken as a whole, or (b) orders, decrees, judgments, injunctions or
rulings of any Governmental Authority against the Company or any of its Subsidiaries or Affiliates.
Schedule 3.18 sets forth, as to each matter identified therein, the names of the parties
thereto, the forum for such matter, a summary of the nature of the matter, the settlement or other
disposition of the matter (including the monetary value of such settlement or other disposition)
or, if such matter is still pending, a statement to that effect. There is no action, suit or other
proceeding pending or, to the Knowledge of the Company, threatened which questions the validity of
this Agreement, the Note or the other Related Agreements or any action taken or to be taken
pursuant hereto or thereto, or which could, individually or in the aggregate, have a Material
Adverse Effect on the Company and its Subsidiaries, taken as a whole.

     3.19 Governmental Regulation; Margin Stock. Neither the Company nor any of its
Subsidiaries is subject to the Investment Company Act of 1940, as amended, or to any Applicable
Laws limiting its ability to incur Indebtedness or to create Liens on any of its properties or
assets to secure such Indebtedness. Neither the Company nor any of its Subsidiaries is engaged
principally, or as one of its important activities, in the business of extending credit for the
purposes of purchasing or carrying Margin Stock. The value of all Margin Stock held by the Company
and its Subsidiaries constitutes less than 5.0% of the value, as determined in accordance with the
Margin Regulations, of all assets of the Company and its Subsidiaries.

     3.20 Compliance with Laws; Licenses and Permits. The Company and each of its Subsidiaries
is in compliance with all Applicable Laws, except where the failure to comply would not have a
Material Adverse Effect on the Company and its
Subsidiaries, taken as a whole. The Company and each of its Subsidiaries hold all material
Licenses and Permits required under Applicable Laws to own their respective assets or conduct their
respective businesses as now conducted. All of the Licenses and Permits are validly issued and in
full force and effect, and the Company and its Subsidiaries have full power and authority to
operate thereunder.

     3.21 Title to Properties and Assets; Liens. Each of the Company and its Subsidiaries has
good and marketable title to all of its properties and assets (including, without limitation, all
shares of Capital Stock owned or held by it), and none of such properties or assets is subject to
any Liens except for the Existing Liens and the Permitted Liens. Each of the Company and its

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Subsidiaries enjoys quiet possession under all material leases to which they are parties as
lessees, and all of such leases are valid, subsisting and in full force and effect. None of such
material leases contains any provision restricting the incurrence of indebtedness by the lessee or
any unusual or burdensome provision materially adversely affecting the operations of the Company
and its Subsidiaries as now conducted.

     3.22 Intellectual Property.

          (a) Each of the Company and its Subsidiaries owns, or is licensed or otherwise possesses
legally enforceable rights to use, all Intellectual Property that is used in the conduct of its
business as currently conducted and as proposed to be conducted. Schedule 3.22 lists (i)
all patents, patent applications, trademarks, servicemarks, trademark and servicemark applications,
copyrights, trade names and domain names owned or held by the Company or any of its Subsidiaries
and used in the conduct of its or their businesses, including the jurisdictions in which each such
Intellectual Property right has been issued or registered or in which any such application for such
issuance or registration has been filed; (ii) all material written licenses, sublicenses and other
agreements to which the Company or any of its Subsidiaries is a party and pursuant to which any
Person (other than employees of the Company in the course of their employment) is authorized to use
any such Intellectual Property rights; and (iii) all material written licenses, sublicenses and
other agreements to which the Company or any of its Subsidiaries is a party and pursuant to which
the Company or any of its Subsidiaries is authorized to use any third party patents, trademarks or
copyrights, including computer software which are used in the businesses of the Company or the
Subsidiaries or which form a part of any product or service of the Company or its Subsidiaries
other than generally distributed off-the-shelf software subject to shrink-wrap or other
non-negotiated licenses or other rights (“Third Party Intellectual Property Rights”), all
of which are in full force and effect. The Company has made available to the Purchaser correct and
complete copies of all such patents, registrations, applications, licenses and agreements and
related documentation, all as amended to date. Except as set forth on Schedule 3.22,
neither the Company nor any of its Subsidiaries has agreed to indemnify any Person for or against
any infringement, misappropriation or other conflict with respect to any item of Intellectual
Property that the Company owns or uses. Neither the Company nor any of its Subsidiaries is a party
to any oral license, sublicense or agreement which, if reduced to written form, would be required
to be listed in Schedule 3.22 under the terms of this Section 3.22(a).

          (b) Neither the Company nor any of its Subsidiaries will be, as a result of the execution and
delivery of this Agreement or the performance of the Company’s obligations under this Agreement, in
breach of any license, sublicense or other agreement relating to the Intellectual Property or Third
Party Intellectual Property Rights.

          (c) Neither the Company nor any of its Subsidiaries has been named in any suit, action or
other proceeding which involves a claim of infringement of any Intellectual Property rights of any
third party. Except as disclosed in Schedule 3.22, (i) the performance of the services
offered by the Company and its Subsidiaries do not infringe upon any Intellectual Property right of
any other Person, and (ii) to the Knowledge of the Company, the Intellectual Property rights of the
Company and its Subsidiaries are not being infringed upon by activities, products or services of
any third party.

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     3.23 Brokers; Certain Expenses. Neither the Company nor any of its Subsidiaries has paid
or is obligated to pay any fee or commission to any broker, finder, investment banker or other
intermediary in connection with this Agreement, any Related Agreement or any of the transactions
contemplated hereby or thereby. Neither the Company nor any of its Subsidiaries is bound by any
agreement or commitment for the provision of investment banking or financial advisory services with
respect to any proposed recapitalization, issuance of debt or equity securities or other
transactions involving the Company or any of its Subsidiaries or the provision of any other
investment banking or financial advisory services to the Company or any of its Subsidiaries.

     3.24 [Reserved]

     3.25 Powers of Attorney. There are no outstanding powers of attorney granted by or on
behalf of the Company or any of its Subsidiaries.

     3.26 Insurance. Schedule 3.26 sets forth a true and complete list of all material
liability and other insurance policies insuring the Company and its Subsidiaries against losses
arising out of or related to the businesses of the Company and its Subsidiaries (and accurately
describes the coverage carried and expiration dates of such policies) and all key man life
insurance policies owned or maintained by the Company. All such policies are in full force and
effect. Each of the Company and its Subsidiaries is covered by insurance in scope and amount
customary and reasonable for the businesses in which it is engaged and will be so covered after
consummation of the transactions contemplated hereby.

     3.27 Books and Records. To the Knowledge of the Company, the minute books and other
similar records of the Company and its Subsidiaries contain true and complete records of all
actions taken at any meetings of the Board of Directors of the Company and its Subsidiaries or any
committees thereof and shareholders of the Company and its Subsidiaries and of all written consents
executed in lieu of the holding of any such meetings. The books and records of the Company and
its Subsidiaries accurately reflect in all material respects the assets, liabilities, business,
financial condition and results of operations of the Company and its Subsidiaries, and, to the
Knowledge of the Company, have been maintained in accordance with good business, accounting and
bookkeeping practices.

     3.28 Solvency. Each of the Company and its Subsidiaries is, and immediately following the
consummation of the transactions contemplated by this Agreement each of the Company and its
Subsidiaries will be, Solvent. Neither the Company nor any of its Subsidiaries will, by virtue of
the consummation of the transactions contemplated hereby and by the Related Agreements, incur debts
that will be beyond its ability to pay as they mature. No transfer of property is being made and
no obligation is being incurred in connection with the transactions contemplated by this Agreement
and the Related Agreements with the intent to hinder, delay or defraud either present or future
creditors of the Company or its Subsidiaries.

     3.29 Reserved.

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     3.30 Public Holding Company; Investment Company. Neither the Company nor any of its
Subsidiaries is a “holding company” or a “subsidiary company” of a “holding company,” or an
“affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” as such
terms are defined in the Public Utility Holding Company Act of 1935, as amended. The Company 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.

     3.31 Senior Indebtedness. The amounts available under the ANZ Credit Documents will be
sufficient for the uses set forth on Schedule 2.4 and the ongoing and projected working
capital needs of the Company and its Subsidiaries (in each case, when combined with the other
sources set forth on Schedule 2.4).

     3.32 Certain Business Practices. To the Knowledge of the Company, neither the Company nor
any of its Subsidiaries, nor any director, officer, agent or employee of the Company or any of its
Subsidiaries, has (a) used any funds for unlawful contributions, gifts, entertainment or other
unlawful expenses related to political activity, (b) made any unlawful payment or offered anything
of value to foreign or domestic government officials or employees or to foreign or domestic
political parties or campaigns, (c) made any other unlawful payment, or (d) violated any applicable
export control, money laundering or anti-terrorism law or regulation, nor have any of them
otherwise taken any action which would cause the Company or any of its Subsidiaries to be in
violation of the Foreign Corrupt Practices Act of 1977, as amended, or any Applicable Law of
similar effect.

     3.33 Depository and Other Accounts. Schedule 3.33 sets forth a true and complete
list of all banks and other financial institutions and depositories at which the Company or any of
its Subsidiaries maintains (or has caused to be maintained) deposit accounts, spread accounts,
yield supplement reserve accounts, operating accounts, trust accounts, trust receivable accounts or
other accounts of any kind or nature into which funds of the Company or any of its Subsidiaries
(including funds in which the Company maintains a contingent or residual interest) is deposited
from time to time. Schedule 3.33 correctly identifies the name and address of each
depository, the name in which each account is held, the purpose of the account, the account number,
the contact person at such depository and his or her telephone number.

     3.34 Listing of Capital Stock. No Capital Stock or other securities of the Company or any
of its Subsidiaries are listed for trading on any securities exchange.

     3.35 Disclosure. To the Knowledge of the Company, no representation, warranty or other
statement made by or on behalf of the Company, its Subsidiaries or its or their respective
representatives and agents to the Purchaser, whether written or oral, whether included in any
materials provided to the Purchaser prior to the date hereof or included in this Agreement, any
Related Agreement, any Exhibit, Schedule or in any other document or instrument delivered at any
time prior to the Closing, is, or will be, untrue with respect to any material fact or omits, or
will omit, to state a material fact necessary in order to make the statement made herein or
therein, in light of the circumstances in which such statement was made, not misleading.

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4. REPRESENTATIONS AND WARRANTIES OF GFN.

     GFN hereby represents and warrants to the Purchaser that the following statements are true and
correct as of the date hereof:

     4.1 Organization and Good Standing. GFN is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware. GFN has all corporate power and
authority, and all Licenses and Permits, necessary to own or lease and operate its properties and
assets and to carry on its business as now being conducted. GFN has the requisite corporate power
and authority to enter into this Agreement and each Related Agreement to which it is a party and to
consummate the transactions contemplated hereby and by the Related Agreements.

     4.2 Authorization; Binding Obligations. The execution, delivery and performance by GFN of
this Agreement and each of the Related Agreements, the issuance, sale and delivery of the Bison
Warrant, and the consummation of the other transactions contemplated hereby and thereby have been
duly authorized by all necessary action on the part of GFN. This Agreement has been duly executed
and delivered by GFN, and, at the Closing, each of the Related Agreements will be duly executed and delivered by GFN that it
is a party thereto. This Agreement is, and each Related Agreement will at the time of the Closing
be, a legal, valid and binding obligation of GFN, enforceable against GFN in accordance with its
terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer or conveyance or similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability and except as rights of indemnity
or contribution may be limited by federal or state securities or other laws or the public policy
underlying such laws.

     4.3 No Violation; Existing Defaults; Senior Indebtedness.

          (a) The execution, delivery and performance by GFN of this Agreement and each of the Related
Agreements by GFN, the issuance, sale and delivery of the Bison Warrant, and the consummation of
the other transactions contemplated hereby and thereby do not and will not violate or conflict
with, or cause a default under, or give rise to a right of termination under, (i) the charter or
bylaws of GFN, as in effect on the date hereof; (ii) any Applicable Laws; or (iii) any term of any
lease, credit agreement, indenture, note, mortgage, instrument or other agreement to which GFN is a
party or by which any of its properties or assets are bound.

          (b) Except as set forth in Schedule 4.3(b), GFN is not in default, breach or violation
of (i) its charter or bylaws, as in effect on the date hereof, (ii) any term of any material lease,
credit agreement, note, instrument or other agreement to which it is a party or by which any of its
properties or assets are bound such that the default, breach or violation would result in a
Material Adverse Effect or (iii) any Applicable Laws such that the default, breach or violation
would result in a Material Adverse Effect. Without limiting the generality of the foregoing,
except as set forth in Schedule 4.3(b), no “default” or “event of default” has occurred and
is continuing under any agreement, instrument or other document to which GFN is a party which
evidences or governs any Indebtedness of GFN (other than such “defaults” or “events of default” as
have been duly waived by the appropriate Person pursuant to waivers which are in effect as of the
date hereof).

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          (c) There are no contractual or other restrictions or limitations which prohibit the issuance,
sale and delivery by GFN of the Bison Warrant, as contemplated hereunder.

     4.4 Validity and Issuance of Bison Warrant Shares. The Bison Warrant Shares, when issued,
delivered and paid for pursuant to the terms of the Bison Warrant, will be duly and validly issued,
fully paid and nonassessable.

     4.5 Subsidiaries.

          (a) Schedule 4.5 sets forth a true, correct and complete list of all direct and
indirect Subsidiaries of GFN (other than Subsidiaries of the Company), setting forth, as to each
such Subsidiary, its name, the jurisdiction of its formation, the address of its principal
executive offices, the number of outstanding shares of its Capital Stock and the number of such
outstanding shares owned, directly or indirectly, by GFN. Each such Subsidiary is duly organized,
validly existing and, if applicable, in good standing under the laws of the jurisdiction of its
formation and has all power and authority, and all Licenses and Permits, necessary to own or lease
and operate its properties and to carry on its business as now conducted and as proposed to be
conducted.

          (b) All of the outstanding Capital Stock of each such Subsidiary has been duly authorized and
is validly issued, fully paid and non-assessable, and is owned by GFN or its Subsidiaries as
specified in Schedule 4.5, in each case free and clear of any Liens and of any other
restrictions (including any restrictions on the right to vote, sell or otherwise dispose of such
Capital Stock) except as set forth on Schedule 4.5.

     4.6 Governmental and Other Third-Party Consents. Neither GFN nor any of its Subsidiaries
or other Affiliates is required to obtain any Consent in connection with execution, delivery or
performance of this Agreement or any Related Agreement, the issuance, sale and delivery of the
Securities or the grant of the Liens in favor of the Purchaser, or for the purpose of maintaining
in full force and effect any Licenses and Permits, from (a) any Governmental Authority or (b) any
other Person, except for Consents that shall have been obtained as of the Closing or where the
failure to obtain such Consent or maintain any such License or Permit, as the case may be, would
not have a Material Adverse Effect.

     4.7 Certain Changes.

          (a) Except as set forth in Schedule 4.7(a), since June 30, 2007, there has not been
any Material Adverse Change with respect to GFN.

          (b) Neither GFN nor any of its Subsidiaries (i) is contemplating the filing of a petition
under the Bankruptcy Laws, or the liquidation of all or any major portion of its or their assets or
properties, or (ii) is aware of any Person contemplating the filing of any petition against GFN or
any of its Subsidiaries under the Bankruptcy Laws.

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          (c) GFN is not aware of any fact or circumstance that would cause GFN’s independent public
accountants to render a qualified opinion with respect to the consolidated financial statements of
GFN and its Subsidiaries for the fiscal year ending June 30, 2008.

     4.8 No Undisclosed Liabilities. Neither GFN nor any of its Subsidiaries (other than the
Company and its Subsidiaries) has any liabilities or obligations, whether accrued, absolute,
contingent or otherwise (whether individually or in the aggregate), required to be disclosed on the
face of a consolidated balance sheet prepared in accordance with GAAP; except for (i) liabilities
and obligations reflected in the Financial Statements; (ii) obligations and liabilities under this
Agreement and the Related Agreements; and (iii) liabilities or obligations that have arisen in the
ordinary course of business that, either individually or in the aggregate, have not and would not
have a Material Adverse Effect.

     4.9 Litigation. There are no (a) actions, suits, proceedings or investigations pending or, to the Knowledge of
the Company, threatened before any Governmental Authority against GFN or any of its Subsidiaries
(other than the Company and its Subsidiaries) or (b) orders, decrees, judgments, injunctions or
rulings of any Governmental Authority against GFN or any of its Subsidiaries (other than the
Company and its Subsidiaries).

     4.10 Brokers; Certain Expenses. Neither GFN nor any of its Subsidiaries has paid or is
obligated to pay any fee or commission to any broker, finder, investment banker or other
intermediary in connection with this Agreement, any Related Agreement or any of the transactions
contemplated hereby or thereby. Neither GFN nor any of its Subsidiaries is bound by any agreement
or commitment for the provision of investment banking or financial advisory services with respect
to any proposed recapitalization, issuance of debt or equity securities or other transactions
involving GFN or any of its Subsidiaries (other than the Company and its Subsidiaries) or the
provision of any other investment banking or financial advisory services to GFN or any of its
Subsidiaries (other than the Company and its Subsidiaries).

     4.11 GFN SEC Documents. As of their respective dates, the GFN SEC Documents complied in
all material respects with the requirements of the Securities Act or the Exchange Act, as the case
may be, and none of the GFN SEC Documents, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not
misleading. The financial statements of GFN included in the GFN SEC Documents (collectively, the
“Financial Statements”) complied as to form, as of their respective dates of filing with
the SEC, in all material respects with applicable accounting requirements and the published rules
and regulations of the SEC with respect thereto, were prepared in accordance with GAAP (except, in
the case of unaudited statements, as permitted by Form 10-Q and the rules and regulations of the
SEC) applied on a consistent basis during the periods involved and fairly present the consolidated
financial position of GFN and its consolidated Subsidiaries as of the dates thereof and the
consolidated results of their operations and cash flows for the periods then ended (subject, in the
case of unaudited statements, to normal year-end audit adjustments). GFN has timely filed with,
and furnished or otherwise transmitted to, the SEC all GFN SEC Reports. Each GFN SEC Report, at
the time it was filed, complied as to form in all material respects with the requirements of the
Securities Act and the Securities Exchange Act, as the case may be, and the rules and regulations
of the SEC promulgated thereunder applicable to such GFN SEC Reports.

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     4.12 Disclosure. To the Knowledge of the Company, no representation, warranty or other
statement made by or on behalf of GFN, its Subsidiaries or its or their respective representatives
and agents to the Purchaser, whether written or oral, whether included in any materials provided to
the Purchaser prior to the date hereof or included in this Agreement or any Related Agreement or in
any Exhibit or Schedule or in any other document or instrument delivered at any time prior to the
Closing, is, or will be, untrue with respect to any material fact or omits, or will omit, to state
a material fact necessary in order to make the statement made herein or therein, in light of the
circumstances in which such statement was made, not misleading.

	5.	 	REPRESENTATIONS AND WARRANTIES OF GFN (US) AND GFN HOLDINGS

     GFN (US), GFN Holdings and GFN jointly and severally hereby represent and warrant to the
Purchaser that the following statements are true and correct as of the date hereof:

     5.1 Organization and Good Standing. Each of GFN (US) and GFN Holdings is a corporation
duly organized, validly existing and in good standing under the laws of its state of incorporation.
Each of GFN (US) and GFN Holdings has all corporate power and authority, and all Licenses and
Permits, necessary to own or lease and operate its properties and assets and to carry on its
business as now being conducted. Each of GFN (US) and GFN Holdings has the requisite corporate
power and authority to enter into this Agreement and each Related Agreement to which it is a party
and to consummate the transactions contemplated hereby and by the Related Agreements.

     5.2 Authorization; Binding Obligations. The execution, delivery and performance by each of
GFN (US) and GFN Holdings of this Agreement and each of the Related Agreements by GFN (US) and GFN
Holdings and the consummation of the transactions contemplated hereby and thereby (including the
issuance, sale and delivery of the Retained Interest by GFN (US)) have been duly authorized by all
necessary action on the part of GFN (US) and GFN Holdings. This Agreement has been duly executed
and delivered by GFN (US) and GFN Holdings, and, at the Closing, each of the Related Agreements
will be duly executed and delivered by each of GFN (US) and GFN Holdings that it is a party
thereto. This Agreement is, and each Related Agreement will at the time of the Closing be, a
legal, valid and binding obligation of GFN (US) and GFN Holdings, enforceable against GFN (US) and
GFN Holdings in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or conveyance or similar laws relating
to or limiting creditors’ rights generally or by equitable principles relating to enforceability
and except as rights of indemnity or contribution may be limited by federal or state securities or
other laws or the public policy underlying such laws.

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     5.3 No Violation; Existing Defaults.

          (a) The execution, delivery and performance by each of GFN (US) and GFN Holdings of this
Agreement and each of the Related Agreements by GFN (US) and GFN Holdings and the consummation of
the transactions contemplated hereby and thereby (including the issuance, sale and delivery of the
Retained Interest by GFN (US)) do not and will not violate or conflict with, or cause a default
under, or give rise to a right of termination under, (i) the charter or bylaws (and similar
organization documents) of GFN (US) or GFN Holdings, as in effect on the date hereof; (ii) any
Applicable Laws; or (iii) any term of any lease, credit agreement, indenture, note, mortgage,
instrument or other agreement to which GFN (US) or GFN Holdings is a party or by which any of their
respective properties or assets are bound.

          (b) Except as set forth in Schedule 5.3(b), neither GFN (US) nor GFN Holdings is in
default, breach or violation of (i) its charter or bylaws (and similar organization documents), as
in effect on the date hereof, (ii) any material term of any material lease, credit agreement, note,
instrument or other agreement to which it is a party or by which any of its properties or assets
are bound or (iii) any Applicable Laws. Without limiting the generality of the foregoing, except
as set forth in Schedule 5.3(b), no “default” or “event of default” has occurred and is
continuing under any agreement, instrument or other document to which GFN (US) or GFN Holdings is a
party which evidences or governs any Indebtedness of GFN (US) or GFN Holdings, as the case may be
(other than such “defaults” or “events of default” as have been duly waived by the appropriate
Person pursuant to waivers which are in effect as of the date hereof).

          (c) There are no contractual or other restrictions or limitations which prohibit the issuance,
sale and delivery by GFN (US) of the Retained Interest, as contemplated hereunder.

     5.4 Validity and Issuance of Retained Interest. The Retained Interest, when issued,
delivered and paid for, will be duly and validly issued, fully paid and nonassessable. Immediately
following the issuance thereof, the Retained Interest will be 13.8% of the issued and outstanding
Capital Stock of the Company on a Fully Diluted Basis.

     6. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.

     The Purchaser represents and warrants to the GFN Group that the following statements are true
and complete as of the date hereof:

     6.1 Organization and Good Standing. The Purchaser is a limited partnership formed and
validly existing under the laws of the State of Delaware, and has all requisite power and authority
to enter into this Agreement and each Related Agreement to which it is a party and to consummate
the transactions contemplated hereby and thereby.

     6.2 Authorization. The execution, delivery and performance of this Agreement and of each
of the Related Agreements to which the Purchaser is a party, and the consummation of the
transactions contemplated hereby and thereby have been duly authorized by all necessary action on
the part of the Purchaser.

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     6.3 Due Execution and Delivery; Binding Obligations. This Agreement has been duly executed
and delivered by the Purchaser. This Agreement is, and at the time of the Closing each Related
Agreement to which the Purchaser is a party will be, a legal, valid and binding obligation of the
Purchaser, enforceable against the Purchaser in accordance with its terms, except as enforcement
may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or
conveyance or similar laws relating to or
limiting creditors’ rights generally or by equitable principles relating to enforceability and
except as rights of indemnity or contribution may be limited by federal or state securities or
other laws or the public policy underlying such laws.

     6.4 No Violation. The execution, delivery and performance by the Purchaser of this
Agreement and each Related Agreement to which the Purchaser is a party, and the consummation of the
transactions contemplated hereby, do not violate (a) any law, statute, rule or regulation
applicable to the Purchaser, (b) the limited partnership agreement of the Purchaser in effect on
the date hereof, (c) any order, ruling, judgment or decree of any Governmental Authority binding
the Purchaser or (d) any term of any material indenture, mortgage, lease, agreement or instrument
to which the Purchaser is a party.

     6.5 Investment Intent. The Purchaser is acquiring the Note and the Bison Warrant for its
own account, for investment purposes, and not with a view to or for sale in connection with any
distribution thereof. The Purchaser understands that issuance and sale of the Note and the Bison
Warrant have not been registered under the Securities Act or registered or qualified under any
state securities law in reliance upon specific exemptions therefrom, which exemptions may depend
upon, among other things, the bona fide nature of the Purchaser’s investment intent as expressed
herein.

     6.6 Accredited Investor Status. The Purchaser is an “accredited investor” (as such term is
defined in Rule 501 of Regulation D under the Securities Act). By reason of its business and
financial experience, the Purchaser has such knowledge, sophistication and experience in business
and financial matters so as to be capable of evaluating the merits and risks of the investment in
the Note and the Bison Warrant, has the capacity to protect its own interests, and is able to bear
the economic risk of such investment. The Purchaser has had an opportunity to review the books and
records of the GFN Group and to ask questions of representatives of the GFN Group concerning the
terms and conditions of the transactions contemplated by this Agreement.

     6.7 Purchaser Consents. The execution and delivery by the Purchaser of this Agreement and
each of the Related Agreements to which it is a party, and the consummation by the Purchaser of the
transactions contemplated hereby, do not and will not require the Consent of any Governmental
Authority or any other Person, other than Consents that have already been obtained or made.

     6.8 Brokers. Neither the Purchaser nor any of its Affiliates have paid or are obligated to
pay any fee or commission to any broker, finder, investment banker or other intermediary in
connection with this Agreement, any Related Agreement or any of the transactions contemplated
hereby or thereby.

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	7.	 	CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER.

     The obligation of the Purchaser to consummate the transactions contemplated hereby are subject
to the satisfaction, prior to or at the Closing, of the conditions set forth in this Section
7; provided, however, that any or all of such conditions may be waived, in
whole or in part, by the Purchaser in its sole and absolute discretion:

     7.1 Representations and Warranties; No Default. Each of the representations and warranties
made by the Company, GFN, GFN (US) and GFN Holdings contained in this Agreement shall be true and
correct in all material respects as of the date made, and shall be true and correct in all material
respects as of the Closing Date, with the same effect as if made on and as of the Closing Date.
Each of the covenants, agreements and obligations of the Company, GFN, GFN (US) and GFN Holdings
under this Agreement to be performed or satisfied by it or them on or prior to the Closing Date
shall have been performed or satisfied by it or them on or before the date hereof; and no Default
or Event of Default shall exist or result from the issuance and sale of the Securities or the other
transactions contemplated by this Agreement. Each of the Company, GFN, GFN (US) and GFN Holdings
shall have delivered to the Purchaser an officers’ certificate, signed by the President and the
Chief Financial Officer of such entity, dated as of the Closing Date, to such effect and to the
effect that each of the other conditions set forth in this Section 7.1 have been satisfied
and fulfilled.

     7.2 Closing and Other Fees. The Company shall have paid to the Purchaser a non-
refundable, non-accountable closing fee of AUS$400,000, which shall be withheld by the Purchaser
from the Purchase Price and which withholding shall constitute payment in full of the Company’s
obligation with respect to such closing fee.

     7.3 Second Completion under Share Sale Deed. The Second Completion (as defined in the
Share Sale Deed) and the terms and conditions set forth in the Side Letter to be completed prior to
or at the Closing shall have been completed or will be completed upon the Closing, including,
without limitation, all payments under the Share Sale Deed owed to the Management Vendors and the
Purchaser.

     7.4 Purchase Permitted By Applicable Laws. The consummation of the transactions
contemplated by this Agreement shall not be prohibited by or violate any Applicable Laws. Without
limiting the generality of the foregoing, the consummation of the transactions contemplated hereby
shall otherwise comply with all applicable requirements of federal securities and state securities
or “blue sky” laws and similar laws of Australia.

     7.5 No Material Adverse Changes. Since the date of this Agreement, there shall not have
occurred a material adverse change, as reasonably determined by the Purchaser, in the financial or
capital markets generally, or in the markets for subordinate debt or warrants or other equity securities in particular that has caused
or could reasonably be expected to adversely impact the Purchaser’s investment in the Note and the
Bison Warrant.

     7.6 No Injunction or Order. There shall not have been issued any injunction, order, decree
or ruling that prohibits or limits any of the transactions contemplated by this Agreement or the
Related Agreements, and there shall not be any action, suit, proceeding or investigation

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pending or, to the Knowledge of the Company, threatened against GFN of any of its Subsidiaries that (a)
draws into question the validity, legality or enforceability of this Agreement or the Related
Agreements or the consummation of the transactions contemplated hereby or thereby or (b) might
result, in the judgment of the Purchaser, in the imposition of a penalty if the Securities were
delivered as contemplated hereunder or in any Material Adverse Change.

     7.7 Opinion of Counsel. The Purchaser shall have received opinion letters of Troy & Gould
Professional Corporation, special counsel to GFN and GFN (US), and from Robert Barnes, special
counsel to the Company and GFN Holdings, dated the Closing Date and addressed to the Purchaser, in
customary form and substance reasonably satisfactory to the Purchaser and its legal counsel.

     7.8 Delivery of Certain Closing Documents. GFN, GFN (US), GFN Holdings and the Company
shall have delivered or caused to be delivered to the Purchaser the following closing documents:

          (a) This Agreement, duly executed by GFN, GFN (US), GFN Holdings and the Company, together
with the Disclosure Schedules;

          (b) The Note, duly executed by the Company;

          (c) The Bison Warrant, duly executed by GFN;

          (d) The Retained Interest;

          (e) The Registration Rights Agreement, duly executed by GFN;

          (f) The GFN Guaranty, duly executed by the parties thereto; and

          (g) Such other documents as the Purchaser may reasonably request in order to effectuate the
transactions contemplated hereby and by the Related Agreements.

     7.9 Collateral Documents. The Company shall have delivered to the Purchaser at or prior to
the Closing the following collateral documents, each dated as of the Closing Date:

          (a) The Security Agreements, duly executed by each of the Company, its Subsidiaries and GFN
Holdings, together with the exhibits and schedules thereto;

          (b) Evidence in a form that is reasonably satisfactory to the Purchaser of security interests
in the Collateral;

          (c) Notices of security interests in Deposit Accounts, in form and substance satisfactory to
the Purchaser, duly executed by the Company with respect to such banks and other financial
institutions as designated by the Purchaser;

          (d) The ANZ Subordination Agreement, duly executed by the Company and its Subsidiaries;

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          (e) A power of attorney in form reasonably satisfactory to the Purchaser from each of the
Company, its Subsidiaries and GFN Holdings permitting the Purchaser to create, charge, file, amend,
maintain and perfect (as applicable) its Liens against the Company, its Subsidiaries and GFN
Holdings pursuant to the security interests;

          (f) Intercreditor Agreements with Subordinated Lenders, if any; and

          (g) Such other documents relating to the Collateral as the Purchaser may reasonably request in
order to create, charge, file, amend, maintain or perfect (as applicable) the Liens in favor of the
Purchaser pursuant to the Security Agreements and the other Collateral Documents.

     7.10 Delivery of Company Corporate Documents. The Company shall have delivered to the
Purchaser at or prior to the Closing the following corporate documents with respect to the Company:

          (a) Certified copies of its charter or similar organizational documents as amended through the
Closing Date, certified by its Secretary as being in full force and effect as of the Closing Date;

          (b) Copies of its bylaws or similar governing document as amended through the Closing Date,
certified by its Secretary as being in full force and effect as of the Closing Date;

          (c) Resolutions of its Board of Directors approving and authorizing the execution and delivery
of this Agreement, the Note and the other Related Agreements to which it is a party and the
consummation of the transactions contemplated thereby, certified by its Secretary as being in full
force and effect as of the Closing Date;

          (d) Incumbency certificates of its officers who are authorized to execute, deliver and perform
this Agreement, the Related Agreements and any other agreements, instruments, certificate or other
documents required to be executed by it in connection herewith; and

          (e) Such other documents as the Purchaser may reasonably request relating to the Company’s
organization or other corporate matters.

     7.11 Delivery of Subsidiary Corporate Documents. The Company shall have delivered to the
Purchaser at or prior to the Closing the following corporate documents with respect to each
Subsidiary:

          (a) Certified copies of its charter or similar organizational documents as amended through the
Closing Date, certified by its Secretary as being in full force and effect as of the Closing Date;

          (b) Copies of its bylaws or similar governing document as amended through the Closing Date,
certified by its Secretary as being in full force and effect as of the Closing Date;

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          (c) Resolutions of its Board of Directors approving and authorizing the execution and delivery
of the Related Agreements to which it is a party and the consummation of the transactions
contemplated thereby; and

          (d) Such other documents as the Purchaser may reasonably request relating to the Subsidiaries’
organization or other corporate matters.

     7.12 Delivery of GFN, GFN (US) and GFN Holdings Corporate Documents. Each of GFN, GFN (US)
and GFN Holdings shall have delivered to the Purchaser at or prior to the Closing the following
corporate documents with respect to such entity:

          (a) Certified copies of its charter or similar organizational documents as amended through the
Closing Date, certified by its Secretary as being in full force and effect as of the Closing Date;

          (b) A good standing (or similar) certificate and, if available, a good standing (or similar)
tax certificate, issued by the applicable Governmental Authority, in each case dated as of a recent
practicable date prior to the Closing Date;

          (c) Foreign good standing (or similar) certificates from each jurisdiction in which it is
required to be qualified to transact business as a foreign corporation or other entity, in each
case dated as of a recent practicable date prior to the Closing Date;

          (d) Copies of its bylaws or similar governing document as amended through the Closing Date,
certified by its Secretary as being in full force and effect as of the Closing Date;

          (e) Resolutions of its Board of Directors approving and authorizing the execution and delivery
of the Related Agreements to which it is a party and the consummation of the transactions
contemplated thereby; and

          (f) Such other documents as the Purchaser may reasonably request relating to the organization
or other corporate matters of GFN, GFN (US) or GFN Holdings.

     7.13 Repayment of Existing Indebtedness. Prior to or simultaneously with the Closing, the
Company shall have paid in full all Indebtedness, liabilities and other obligations owing under the
ANZ Non-Convertible Note Facility and the Company shall have delivered to the Purchaser written
evidence of the same.

     7.14 Insurance. The Company shall deliver to the Purchaser evidence of compliance with the
requirements of Section 9.6 with respect to the Purchaser.

     7.15 Third Party Consents. GFN and each of its Subsidiaries shall have obtained all
Consents required to be obtained in connection with the transactions contemplated by this
Agreement.

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     7.16 Use of Proceeds. Upon the Closing, the debt and equity interests of the Purchaser and
its Affiliates in the GFN (US) Entities will be as set forth on Schedule 2.4, and the
Company and its Subsidiaries will have access to the funds set forth on such Schedule.

     7.17 No Cease Trade Orders. No order, ruling or determination having the effect of
suspending the sale or ceasing the trading of the GFN Common Stock or any other securities of GFN
shall have been issued or made by any Governmental Authority or securities exchange and shall be
continuing in effect and no proceedings for that purpose shall have been instituted or shall be
pending, contemplated or threatened by any such authority or under any Applicable Laws.

     7.18 Senior Credit Documents; Liquidity. The Company shall have delivered the fully
executed ANZ Credit Documents in form and substance acceptable to the Purchaser. Without limiting
the foregoing, the Purchaser shall be satisfied in its sole and absolute discretion with (a) the
sufficiency of amounts available under the ANZ Credit Documents to meet the uses set forth on
Schedule 2.4 and the ongoing and projected working capital needs of the Company and its
Subsidiaries (in each case, when combined with the other sources set forth on Schedule
2.4), (b) the terms of repayment of borrowings under the ANZ Credit Documents and (c) all other
terms and conditions of the ANZ Credit Documents.

     7.19 Documents in Satisfactory Form. All proceedings taken prior to or at the Closing in
connection with the issuance and sale of the Securities, the grant of Liens in favor of the
Purchaser and the consummation of the other
transactions contemplated hereby, and all papers and other documents relating thereto, shall be in
form and substance satisfactory to the Purchaser and its legal counsel, and the Purchaser shall
have received copies of such documents and papers, all in form and substance satisfactory to the
Purchaser and its counsel, all such documents, where appropriate, to be counterpart originals and/
or certified by proper authorities, corporate officials and other Persons. Without limiting the
generality of the foregoing, the Company shall have made such arrangements as may be requested by
the Purchaser for the direct payment to the Purchaser’s third party service providers of the costs
and expenses incurred by the Purchaser, as provided in Section 13.10.

	8.	 	CONDITIONS TO THE OBLIGATIONS OF THE COMPANY, GFN AND GFN (US).

     The obligation of the Company, GFN, GFN Holdings and GFN (US) to consummate the transactions
contemplated hereby is subject to the satisfaction, prior to the Closing, of the conditions set
forth in this Section 8; provided, however, that any or all of such
conditions may be waived, in whole or in part, by GFN in its sole and absolute discretion:

     8.1 Representations and Warranties. The representations and warranties of the Purchaser
contained in this Agreement shall be true and correct in all material respects at and as of the
Closing Date after giving effect to the transactions contemplated by this Agreement, as if made on
and as of such date, and the Purchaser shall have performed or satisfied all of its covenants and
agreements hereunder to be performed or satisfied on or prior to the Closing Date.

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     8.2 Purchase Permitted By Applicable Laws. The consummation of the transactions
contemplated by this Agreement shall not be prohibited by or violate any Applicable Laws and shall
not subject any party to any Tax, penalty or liability, under or pursuant to any Applicable Laws,
and shall not be enjoined (temporarily or permanently) under, or prohibited by or contrary to, any
injunction, order or decree. Without limiting the generality of the foregoing, the consummation of
the transactions contemplated hereby shall otherwise comply with all applicable requirements of
federal and state securities laws.

     8.3 No Material Judgment or Order. There shall not be any judgment, ruling or order of any
Governmental Authority which, in the reasonable judgment of GFN, would prohibit the issuance or
delivery of the Securities, or subject GFN or its Subsidiaries to any material penalty if the
Securities were to be delivered hereunder.

     8.4 Payment for the Securities. The Purchaser shall have delivered to the Company the
Purchase Price required to be paid by Section 2.2.

     8.5 Second Completion under Share Sale Deed. The Second Completion (as defined in the Share Sale Deed) shall have been completed or will be
completed upon the Closing, including, without limitation, the sale of all of the capital stock of
Royal Wolf to GFN and/or its Subsidiaries.

	9.	 	AFFIRMATIVE COVENANTS.

     The covenants set forth in this Section 9 shall survive until all Indebtedness
(including, without limitation, all principal of, premium, if any, and interest) and other amounts
owing under the Note has been paid in full.

     9.1 Payments with Respect to the Note. The Company shall pay all principal of, premium, if
any, interest and other amounts due pursuant to the terms of the Note on the dates and in the
manner provided for therein including, without limitation, all mandatory prepayments of principal
of and interest on the Note as specifically required under the terms of the Note.

     9.2 Information Covenants. The Company shall furnish to the Purchaser:

     (a) As soon as available, but within one hundred ten (120) days after the end of each fiscal
year of GFN, (i) the audited consolidated balance sheets of GFN and its Subsidiaries at the end of
such year, and (ii) the related audited consolidated statements of income, stockholders’ equity and
cash flows for such fiscal year, setting forth in comparative form with respect to such financial
statements figures for the previous fiscal year, all in reasonable detail, together with the
opinion thereon of independent public accountants selected by GFN and reasonably satisfactory to
the Purchaser (it being understood that the current accountants of the Company are satisfactory to
the Purchaser), which opinion shall be unqualified and shall state that such financial statements
have been prepared in accordance with GAAP applied on a basis consistent with that of the preceding
fiscal year (except for changes, if any, which shall be specified and approved by the Purchaser in
advance of the delivery of such opinion) and that the audit by such accountants in connection with
such financial statements has been made in accordance with generally accepted auditing standards;
provided, however, that such accountants’ certification may be limited to the
consolidated financial statements; provided

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further, however, that the Company
shall not be required to furnish to the Purchaser the information set forth in this clause (a) if
GFN is required to file with the SEC, by the time such information is required to be furnished to
the Purchaser under this clause (a), the information, documents and other reports required to be
filed with the SEC pursuant to Section 13, 14 or 15(d) of the Exchange Act;

          (b) As soon as available, but within fifty five (55) days after the end of each of the first
three (3) quarterly accounting periods in each fiscal year of GFN, (i) the unaudited consolidated
balance sheet of GFN and its Subsidiaries as at the end of such period, and (ii) the related
unaudited consolidated statements of income and cash flows for such period and for the period from
the beginning of the current fiscal year to the end of such period, all in reasonable detail and
signed by the Chief Financial Officer of GFN; provided, however, that the Company
shall not be required to furnish to the Purchaser the information set forth in this clause (b) if
the Company is required to file with the SEC, by the time such information is required to be
furnished to the Purchaser under this clause (b), the information, documents and other reports
required to be filed with the SEC pursuant to Section 13, 14 or 15(d) of the Exchange Act;

          (c) Promptly (but not later than five (5) Business Days) after their becoming available,
copies of any material notices and other material communications from the SEC or from any other
Governmental Authority which specifically relate to GFN or any of its Subsidiaries;

          (d) Promptly (but not later than five (5) Business Days) following receipt thereof, copies of
all audit reports and management letters, if any, submitted to the Company or any of its
Subsidiaries by independent public accountants in connection with each interim or special audit of
the books of the Company or any of its Subsidiaries made by such accountants and copies of all
financial statements, reports, notices and proxy statements, if any, sent by the Company to its
stockholders generally;

          (e) As soon as practicable (but not later than five (5) Business Days) following, notice of:
(i) the institution or commencement of any action, suit, proceeding or investigation by or against
or affecting the Company or any of its Subsidiaries or any of its or their respective assets
involving the SEC or a securities exchange; (ii) any litigation or proceeding instituted by or
against the Company or any of its Subsidiaries, or any judgment, award, decree, order or
determination relating to any litigation or proceeding involving the Company or any of its
Subsidiaries that could have a Material Adverse Effect on the Company and its Subsidiaries, taken
as a whole; and (iii) the imposition or creation of any Lien against any asset of the Company or
any of its Subsidiaries other than renewals or extensions of Existing Liens and other than
Permitted Liens; provided, that at the time the information is so furnished, it shall not
contain any untrue statement of a material fact and shall not omit to state a material fact known
to the Company necessary in order to make the statements contained therein not misleading in light
of the circumstances under which such information is furnished;

          (f) As soon as practicable (but not later than five (5) Business Days) following receipt or
issuance by the Company or any of its Subsidiaries, true and complete copies of (i) all covenant
compliance certificates, budgets, financials, projections, requests for waivers, notices of
default, requests for amendments or other material documents relating to any

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agreements, instruments or other documents evidencing or governing any Indebtedness, and (ii) any agreements,
instruments and other material documents relating to any Senior Indebtedness entered into by the
Company or any of its Subsidiaries;

          (g) Not later than the twenty fifth (25th) day after the end of each quarterly
accounting period, a certificate of the Chief Financial Officer of the Company, in substantially
the form of Exhibit A (a “Compliance Certificate”), setting forth, among other
things, the calculations required to establish compliance with the financial covenants set forth in
Section 10.16 and the absence of Liens except as permitted under Section 10.2, in
each case, with respect to such quarterly accounting period; provided, that at the time the
information is so furnished, it shall not contain any untrue statement of a material fact, shall be
complete and correct in all material respects to the extent necessary to give the Purchaser
sufficient and accurate knowledge of the subject matter thereof, and shall not omit to state a
material fact necessary in order to make the statements contained therein not misleading in light of the
circumstances under which such information is furnished; provided, however, that if
a Default or Event of Default has occurred and is then existing, then the Company shall provide a
Compliance Certificate not later than the twenty fifth (25th) day after the end of each
month;

          (h) Concurrently with its delivery to the members of the Board of the Company or its
Subsidiaries, true and complete copies of all reports, budgets, materials and other information
furnished to such Board members in contemplation of, or in response to subsequent information
requests made at, a Board meeting with respect to the Company and its Subsidiaries in contemplation
of, or in response to subsequent information requests made at, a Board meeting (subject to the
limitation in the last sentence of Section 9.5), including, without limitation, copies of
the information package delivered to such Board members in connection with, or in response to
subsequent information requests made at, each Board meeting, which package shall consist of (i)
financial statements; (ii) financial ratio analysis and departmental cost accounting information;
(iii) an executive summary with respect to performance; and (iv) such additional information as may
be included therein; provided, however, that if the information package for any
quarter or the annual operating budget for any fiscal year is not delivered to the Board members
with respect to any particular quarter or fiscal year, as the case may be, the Company shall
nonetheless deliver the same to the Purchaser within thirty (30) days after the end of such quarter
or not later than thirty (30) days prior to the commencement of such fiscal year, as the case may
be; and, provided, further, that if a Default or Event of Default has occurred and
is then existing, then the Company shall provide information packages as described in this
paragraph not later than the twenty fifth (25th) day after the end of each month;

          (i) Promptly after its request, true and complete copies of such other information concerning
the business, affairs and condition of the Company and its Subsidiaries as the Purchaser may from
time to time reasonably request;

          (j) As soon as practicable (but within ten (10) Business Days of the establishment thereof),
written notice of the establishment of any new deposit account, spread account, yield supplement
reserve account, operating account, trust account, trust receivable account or other account of any
kind or nature into which material funds of the Company or any of its Subsidiaries (including funds
in which the Company maintain a contingent or residual interest) will be deposited from time to
time; and

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          (k) As soon as practicable (but not later than five (5) Business Days) after any member of the
GFN Group has knowledge of a breach of any representation, warranty or covenant of any member of
the GFN Group set forth herein, written notice of such breach.

     9.3 Performance of Related Agreements and ANZ Credit Documents. The Company and its
Subsidiaries (to the extent that they are parties thereto) shall perform, comply in all material
respects with and observe in all material respects all of its obligations under the Related
Agreements and the ANZ Credit Documents.

     9.4 Legal Existence; Compliance with Laws. Each GFN (US) Entity shall (a) maintain its legal existence; (b) maintain all properties which
are reasonably necessary for the conduct of such business, now or hereafter owned, in good repair,
working order and condition; (c) take all actions necessary to maintain and keep in full force and
effect all of its Licenses and Permits necessary for the conduct of its business as from time to
time conducted; and (d) comply in all material respects with all Applicable Laws (including,
without limitation, the Foreign Corrupt Practices Act of 1977, as amended, or any Applicable Law of
similar effect) in respect of the conduct of its business and the ownership of its properties in
the jurisdictions in which it conducts its business; provided, however, that
nothing in this Section 9.4 shall be interpreted to restrict or in any manner affect, so
long as each GFN (US) Entity confirms, reestablishes or ratifies (as may be necessary) all security
interests of Bison in the Collateral and all guarantees for the benefit of Bison contemplated in
this Agreement and the Related Agreements: (i) any GFN (US) Entity’s right to merge or consolidate
with another GFN (US) Entity or liquidate and dissolve if all of its assets (net of liabilities, if
such liabilities are not assumed) are distributed transferred to another GFN (US) Entity; (ii) the
Company’s or any of its Subsidiaries’ ability to elect to discontinue any line of business or to
discontinue doing business in any jurisdiction, if the Board of the Company or of such Subsidiary,
as the case may be, deems such discontinuance to be in its best interests.

     9.5 Books, Records and Inspections. The Company shall, and shall cause each of its
Subsidiaries to, keep proper books of record and account in which full, true and complete entries
in conformity with IFRS or GAAP and all requirements of Applicable Laws shall be made of all
dealings and transactions in relation to its business and activities. The Company shall, and shall
cause each of its Subsidiaries to, permit officers and designated representatives and/or agents of
the Purchaser to visit and inspect any of the properties of the Company or such Subsidiaries, to
examine the books of account of the Company or such Subsidiaries and to discuss the affairs,
finances and accounts of the Company or such Subsidiaries with, and be advised as to the same by,
its officers and independent accountants, all at such reasonable times and intervals and to such
reasonable extent as the Purchaser may then request. The Purchaser shall have the right to attend
and receive materials provided as part of Board meetings of the Company and any of its Subsidiaries
in which the results, prospects and strategy of the Company or any of its Subsidiaries are
discussed. Unless there is an Event of Default (as defined below) the Purchaser may elect to have
the Company reimburse one representative of the Purchaser for the reasonable costs (coach airfare)
of attending one Board meeting that is being held in Australia in any twelve (12) month period.
Notwithstanding the foregoing, the Purchaser shall not be entitled to be present at any
discussions, or receive board package or other materials that involve matters between the Company
and the Purchaser (or its Affiliates) or to participate in discussions involving third party claims
(or potential third party claims) against the Company at which

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Company legal counsel is present and
the attendance by the Purchaser would, in the opinion of legal counsel, cause the Company to lose
attorney-client privilege with respect to such discussions.

     9.6 Insurance. The Company shall maintain with financially sound and reputable insurers
policies of insurance, coverage amounts and related terms and conditions for the Company and its
Subsidiaries normally maintained by companies engaged in the same or similar business as the
Company and its Subsidiaries against loss or damage and such other policies of insurance and
coverage amount as may be reasonably requested by the Purchaser. Such insurance shall include,
without limitation, comprehensive general liability, fire and extended coverage, product liability
and recall, property damage, workers’ compensation, flood insurance (if customarily maintained in
locations in which the Company or any of its Subsidiaries is located), earthquake loss insurance
(if customarily maintained in locations in which the Company or any of its Subsidiaries is
located), environmental liability insurance, business interruption insurance (either for loss of
revenues or for additional expenses) and directors and officers liability insurance. All insurance
covering liability shall name the Purchaser as additional insureds, and all insurance proceeds
covering property subject to a Lien in favor of the Purchaser shall, with respect to any casualty
or loss, be used to repair or replace such property, or, if not so applied, shall be paid to the
Purchaser, subject to the ANZ Subordination Agreement. Each of the insurance policies required to
be maintained under this Section 9.6 shall provide for at least thirty (30) days’ prior
written notice to the Purchaser of the cancellation or substantial modification thereof.

     9.7 Taxes. The Company shall, and shall cause each of its Subsidiaries to, pay and
discharge when due all Taxes, except as contested in good faith and by appropriate proceedings if
adequate reserves (in the good faith judgment of the management of the Company) have been
established with respect thereto.

     9.8 Communication with Accountants. So long as no Default or Event of Default has occurred
and is continuing, the Purchaser shall not communicate directly with the Company’s independent
certified public accountants without the prior written consent of GFN, which consent shall not be
unreasonably withheld. If any Default or Event of Default has occurred and is continuing, GFN
hereby authorizes its independent certified public accountants to (a) furnish to the Purchaser any
and all financial statements and other supporting financial documents, work papers and schedules as
the Purchaser may request and (b) discuss with the Purchaser, as often as the Purchaser may
reasonably request, the accounts, financial condition, business and affairs of the Company and its
Subsidiaries, in each case, without the consent of any member of the GFN Group.

     9.9 Transactions with GE. The Company shall provide the Purchaser with written notice no
less than fifteen (15) days prior to the occurrence, to the Knowledge of the Company, of the
issuance by GFN or any of its Subsidiaries of any Capital Stock or Equity Rights of GFN or any of
its Subsidiaries to GE or any of its Affiliates; provided, that the foregoing does not
apply to the issuance of the Bison Warrant or Capital Stock upon exercise of the Bison Warrant.

     9.10 ERISA. In the event that any GFN (US) Entity becomes subject to ERISA, such GFN (US)
Entity shall promptly provide written notice thereof to the Purchaser, and, to the extent that a
GFN (US) Entity is subject to ERISA, such GFN (US) Entity shall comply with all applicable
provisions thereof.

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     9.11 Exchange Act Compliance. GFN shall timely file with the SEC and the AMEX (or other
applicable securities exchange) all documents required to be filed under the Exchange Act. Each
document to be filed will comply in all material respects with all applicable requirements of the
Securities Act, the Exchange Act, and the rules of such securities exchange, as applicable. The
financial statements of GFN included in each document to be filed by GFN with the SEC will comply
in all material respects as to form, as of the date of its filing with the SEC, with applicable
accounting requirements and the published rules and regulations of the SEC with respect thereto,
will be prepared in accordance with GAAP (except, in the case of unaudited statements, as permitted
by the SEC) and will fairly present in all material respects the consolidated financial position of
GFN and its Subsidiaries as of the dates thereof and the consolidated results of their operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
year-end audit adjustments consistent with past practices and consistently applied).

     9.12 Additional Guarantors. The GFN Group shall take all such action, and will cause each
of its Subsidiaries to take all such action, from time to time as shall be necessary to ensure that
all Subsidiaries of GFN (US) are Guarantors under the GFN Guaranty or the Security Agreements.
Without limiting the generality of the foregoing, if, subject to Section 10.5 and to the
extent permitted by Applicable Law, GFN (US) or any of its Subsidiaries forms or acquires any new
Subsidiary after the date hereof, the GFN Group shall provide written notice of such formation or
acquisition to the Purchaser, and GFN ((US) or such Subsidiary will cause such new Subsidiary to
execute and deliver: (a) a joinder to the GFN Guaranty and/or the Security Agreements, in form and
substance satisfactory to the Purchaser, pursuant to which such Subsidiary would become a
Guarantor, (b) (if such Subsidiary has any Subsidiaries) stock pledge agreements, together with (i)
certificates representing all of the Capital Stock of any Person owned by such Subsidiary, (ii)
undated stock powers executed in blank and (iii) such opinions of counsel and such approving
certificates of such Subsidiary as the Purchaser may request in respect of complying with any
legend on any such certificate or any other matter relating to such shares, and (c) such other
agreements, instruments, approvals or other documents as may be requested by the Purchaser in order
to create, perfect, establish, and maintain (as applicable) the first priority of any Lien in favor
of the Purchaser to effect the intent that such Subsidiary shall become bound by all of the terms,
covenants and agreements contained in the Related Agreements to which Guarantors are parties and
that all property and assets of such Subsidiary shall become Collateral for the Obligations to the
Purchaser. In addition, GFN (US) or such Subsidiary shall grant to the Purchaser a valid security
interest in the Capital Stock of such new Subsidiary to secure the Obligations to the Purchaser.
The Purchaser acknowledges and agrees that the Subsidiaries of GFN that are not direct or indirect
Subsidiaries of GFN (US) shall not be Guarantors.

     9.13 Consents, Waivers and Amendments. Notwithstanding anything to the contrary herein, in
connection with any request by any member of the GFN Group for the Purchaser to provide a Consent
or approve an amendment with respect to this Agreement or the Related Agreements, such request
shall contain information that, at the time the information is so furnished, shall not contain any
untrue statement of a material fact, is complete and correct in all

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material respects to the extent necessary to give the
Purchaser sufficient and accurate knowledge of the subject matter thereof, and does not omit to
state a material fact known to the GFN Group necessary in order to make the statements contained
therein not misleading in light of the circumstances under which such information is furnished.

     9.14 Intercreditor Agreements. Prior to incurring any Subordinated Indebtedness, the
Company and its Subsidiaries shall cause the applicable Subordinated Lender to enter into an
Intercreditor Agreement with the Purchaser.

     9.15 Additional Tax Matters. Notwithstanding anything to the contrary herein and without
limiting Section 11, the parties agree as follows:

          (a) that the Purchaser has caused elections to be made to disregard, for United States federal
income Tax purposes, each of the Subsidiaries of Royal Wolf to be effective prior to the Closing;
provided, however, that GFN and the GFN (US) Entities shall fully indemnify the
Purchaser to the extent that any such election results in the recognition by the Purchaser of any
income or gain for United States federal income tax purposes;

          (b) that GFN may make an election under section 338(g) of the IRC with respect to its
acquisition of Royal Wolf from the Purchaser; provided, however, that GFN and the
GFN (US) Entities shall fully indemnify the Purchaser to the extent that such election causes any
increase in the net Tax liability of the direct and indirect partners of the Purchaser in the
taxable year in which the acquisition takes place, as compared to the net Tax liability that would
have been incurred as a result of the acquisition had a section 338(g) election not been made;

          (c) that, on a sale of Royal Wolf or any subsidiary of Royal Wolf, or a sale of any entity
that owns a direct or indirect interest in any of the foregoing (a “Sale”), the Purchaser
shall receive for, or in respect of, its Retained Interest the amount it would have received had
the Retained Interest been an ownership interest in an Australian entity treated as a corporation
for United States federal income Tax purposes that directly owned Royal Wolf and all steps were
taken (under Australian domestic law or applicable treaties) to mitigate to the greatest extent
possible any Australian Taxes incurred on such Sale (the “Sale Target Amount”);

          (d) with respect to any distributions by a GFN (US) Entity (a “Distribution”), the
Purchaser shall receive with respect to its Retained Interest the amount it would have received had
the Retained Interest been an ownership interest in an Australian entity treated as a corporation
for United States federal income Tax purposes that directly owned Royal Wolf and all steps were
taken (under Australian domestic law or applicable treaties) to mitigate to the greatest extent
possible any Australian Taxes incurred on such Distribution (the “Distribution Target
Amount”);

          (e) the Note shall be treated consistently by the parties as debt for United States federal
income Tax purposes; and

          (f) all payments of interest on the Note are to be made without any deduction or withholding
for or on account of any Tax (including without limitation any Australian interest withholding
Tax). In the case of a Sale or Distribution, GFN shall, and shall cause its Subsidiaries to,
indemnify the Purchaser to the extent it receives proceeds or distributions that

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are less than the
Sale Target Amount or the Distribution Target Amount, respectively. The indemnity, with respect to
a Sale, shall be deemed satisfied by GFN’s election to purchase the Retained Interest from the
Purchaser for the Sale Target Amount in cash and simultaneous with the Sale.

     9.16 U.S.A. Patriot Act Information. To help the government fight the funding of terrorism
and money laundering activities, federal law may require the Purchaser to obtain, verify and record
certain information. Each member of the GFN Group agrees to provide all such information and
documentation as to themselves as requested by the Purchaser to ensure compliance with federal law.

     9.17 Board of Director Approval. Immediately following the Closing, the GFN Group shall
cause the board of directors of each of GFN Holdings and its Subsidiaries to pass resolutions
approving the ANZ Credit Documents and the transactions contemplated thereby, and, notwithstanding
any other provision to the contrary herein, the failure to do so within one (1) Business Day of the
Closing Date shall be an incurable Event of Default.

     9.18 Further Assurances. From time to time after the date hereof, GFN, GFN (US), GFN
Holdings and the Company will execute and deliver, and will cause any of their respective
Subsidiaries and any other Persons to execute and deliver, such additional instruments,
certificates and documents, and will take all such actions, as the Purchaser may reasonably request
for the purposes of implementing or effectuating the provisions of this Agreement, the Securities
or any other Related Agreement or to establish, maintain, perfect or continue (as applicable) the
Purchaser’s security interests in the Collateral. Without limiting the foregoing, the Company and
its Subsidiaries will provide within ten (10) Business Days following the Closing Date a true and
complete statutory declaration (in a form reasonably satisfactory to the Purchaser) setting forth
the location of the assets of the Company and its Subsidiaries.

	10.	 	NEGATIVE COVENANTS.

     The covenants set forth in this Section 10 shall survive until all Indebtedness
(including, without limitation, all principal of, premium, if any, and interest) and other amounts
owing under the Note has been paid in full.

     10.1 Limitations on Indebtedness. Without the prior written consent of the Purchaser, the
Company shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or become
or remain liable in respect of any Indebtedness, except for:

          (a) Obligations to the Purchaser;

          (b) Existing Indebtedness, including any refinancings, extensions, increases, renewals,
replacements, restructurings or exchanges thereof; provided, that in connection with any
increase in the credit limit of the Senior Indebtedness owed to ANZ, the interest rate (or the
spread over the applicable index) shall not be increased by more than 3.0% per annum;

          (c) Unsecured Subordinated Indebtedness that is expressly made subordinate in right of payment
and rights upon liquidation to all Senior Indebtedness, including, without limitation, the
Indebtedness evidenced by the Note; provided, that such Indebtedness is on terms and
conditions reasonably satisfactory to the Purchaser, and the creditor and Purchaser enter into an
Intercreditor Agreement;

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          (d) Indebtedness in the form of Capital Lease Obligations used to finance the acquisition,
construction or improvement of assets of the Company or any of its Subsidiaries in an aggregate
amount not to exceed $5,000,000 during any fiscal year;

          (e) Purchase-money Indebtedness incurred in connection with the acquisition by the Company or
any of its Subsidiaries of any property, assets or business;

          (f) Indebtedness solely between the Company and one or more or its Subsidiaries or solely
between two or more of the Company’s Subsidiaries;

          (g) The Interim Note; and

          (h) The RWA Purchase Note.

     10.2 Limitations on Liens. Without the prior written consent of the Purchaser, the Company
shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create, incur,
assume or suffer to exist, any mortgage, lien, charge or encumbrance on, or security interest in,
or pledge of, or conditional sale or other title retention agreement with respect to, any real or
personal property (tangible or intangible, now existing or hereafter acquired), except for:

          (a) Liens in favor of the Purchaser;

          (b) Permitted Liens;

          (c) Existing Liens; and

          (d) Any Lien constituting a renewal, extension or replacement of any Existing Lien;
provided, that the principal amount of any Indebtedness or other obligation secured by such
renewal, extension or replacement Lien does not exceed the principal amount of the Indebtedness or
other obligation renewed, extended or replaced.

     10.3 Limitations on Investments in Capital Stock. Without the prior written consent of the Purchaser, no GFN (US) Entity shall, directly or
indirectly, purchase Capital Stock of, or make an equity contribution to, any Person unless
immediately following such purchase or contribution the GFN (US) Entities own all of the issued and
outstanding Capital Stock of such Person.

     10.4 Limitation on Restricted Payments. Without the prior written consent of the
Purchaser, no GFN (US) Entity shall make any Restricted Payment.

     10.5 Subsidiaries; Changes in Business. Without the prior written consent of the
Purchaser, no GFN (US) Entity shall:

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          (a) create any additional Subsidiaries, except that the Company or any of its Subsidiaries may
create an additional Subsidiary for the purpose of acquiring or owning any assets or business
acquired by the Company or any of its Subsidiaries;

          (b) change the nature or scope of the business of the GFN (US) Entities as a whole or commence
any new business that is not ancillary or incidental to the Covered Business or any other business
conducted by the GFN (US) Entities except that in a connection with the acquisition of a business,
if such business derived less than 20% of its total revenues from business other than Covered
Business for the Relevant Period, the GFN (US) Entities may conduct such business for up to 12
months following the closing of the acquisition, after which period, such business shall be ceased
or divested. For this purpose, the “Relevant Period” shall mean the 12-month period ending
on the last day of the calendar quarter immediately preceding the calendar quarter in which the GFN
(US) Entity enters into an agreement for such purchase of equity interests or assets or merger.

     10.6 Acquisitions 

     Without the prior consent of the Purchaser and without limiting Sections 10.3 or
10.15, no GFN (US) Entity may acquire any business or company with an Enterprise Value in
excess of $20 million. For the avoidance of doubt, any acquisition of a business or company with
an Enterprise Value of $20 million or less shall be permitted only if such acquisition is for 100%
of the company (if an acquisition of equity interests) and the Company and its Subsidiaries are not
in breach of the financial covenants set forth in Section 10.15 and would not become in
breach of those covenants as a result of the acquisition (whether an acquisition of a business or a
company). For this purpose, the “Enterprise Value” of a business or company shall mean the
purchase price paid by the GFN (US) Entities for the stock or assets of such business or company
plus all Indebtedness of such business or company assumed or paid by the GFN (US) Entities.

     10.7 Limitations on Transactions with Affiliates. Without the prior written consent of the
Purchaser, and except for the Existing Indebtedness, the Interim Note and the RWA Purchase Note,
the Company shall not, and shall not permit any of its Subsidiaries to, extend Indebtedness to, or
incur any Indebtedness from, purchase any property from, or sell any property to, any Affiliate of
the Company (other than the Company
and Subsidiaries of the Company) at any time on terms that are less favorable to the Company or
such Subsidiary, as the case may be, than those that might be obtained in an arm’s length
transaction at such time from a Person who is not an Affiliate of the Company or the Purchaser.

     10.8 Limitations on Sale-Leaseback Arrangements. Without the prior written consent of the
Purchaser, no GFN (US) Entity shall enter into any arrangement with any Person providing for the
leasing by any GFN or its Subsidiaries of property which has been or is to be sold or transferred
by GFN or its Subsidiaries to such Person or to any other Person to whom funds have been or are to
be advanced by such Person on the security of such property or rental obligations of GFN or its
Subsidiaries.

     10.9 Restrictions on Fundamental Changes. Without the prior written consent of the
Purchaser, the Company shall not, and shall not permit any of its Subsidiaries to:

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          (a) amend or change its organizational documents to the extent such amendment or change would
impair the ability of the Company to satisfy the Obligations to the Purchaser;

          (b) sell, lease, transfer or otherwise dispose of, in one transaction or a series of
transactions to any Person other than the Company and/or its Subsidiaries, all or a significant
portion of its assets, other than dispositions of assets in the ordinary course of business or for
so long as there has not occurred, is currently existing and would not occur as a result of such
dispositions, a Default or Event of Default;

          (c) merge or consolidate with any person that results in a change of control of any GFN (US)
Entity or otherwise effect a transaction that results in a change in control of any GFN (US)
Entity; or

          (d) with respect to the non-operating members of the Company and its Subsidiaries only,
liquidate, wind up or dissolve.

     10.10 Agreements Affecting Capital Stock

     Without the prior written consent of the Purchaser, the Company shall not, and shall not permit any
of its Subsidiaries to enter into any voting agreement, voting trust, irrevocable proxy or other
agreement affecting the voting rights of shares of the Capital Stock of the Company (other than
revocable proxies in connection with meetings of shareholders of the Company) or its Subsidiaries,
except as contemplated by this Agreement or any Related Agreement.

     10.11 No Issuances of Equity Rights. Without the prior written consent of the Purchaser,
no Subsidiary of the Company shall issue any Equity Rights except to the Company or another
Subsidiary of the Company.

     10.12 Payment Restrictions Affecting Certain Subsidiaries. Except for the ANZ Credit Documents, without the prior written consent of the Purchaser, the
Company shall not, and shall not permit any of its Subsidiaries to, enter into or permit to exist
any agreement, instrument or other document which, directly or indirectly, prohibits or restricts
in any manner, or would have the effect of prohibiting or restricting in any manner, the ability of
any such Subsidiary to (a) pay dividends or make other distributions in respect of its Capital
Stock owned by the Company or any other such Subsidiary, (b) pay or repay any Indebtedness owed to
the Company or any other such Subsidiary, (c) make loans or advances to the Company, or (d)
transfer any of its properties or assets to the Company or any other such Subsidiary.

     10.13 No Commitment or Agreement. Without the prior written consent of the Purchaser, the
Company shall not take any action (that with the passage of time, provision of notice or both) or
enter into, or commit to enter into any arrangement, agreement or understanding that would result
in a breach or violation of any of the covenants set forth in this Section 10.

     10.14 No New Loans and Advances. From and after the Closing Date, without the prior
written consent of the Purchaser, the Company shall not, and shall not permit any of its
Subsidiaries to, make any loans or advances to any directors or executive officers of GFN or any

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of its Subsidiaries, or renew, refinance or restructure any of such loans or advances or the terms
thereof, without the prior written consent of the Purchaser; provided, however,
that the Company and its Subsidiaries may make advances for reasonable and incidental business
expenses (“Expense Advances”) not to exceed $5,000 in any one (1) month to any employee in
the ordinary course of business, all of which shall be repaid (except to the extent used for
reimbursable expenses) within sixty (60) days after the date such loan or advance is made. The
Company shall ensure that all loans and advances (other than Expense Advances) made by the Company,
whether made prior to, on or after the date hereof, are evidenced by a promissory note or other
written instrument or agreement (copies of which shall be provided to the Purchaser) which provides
for the repayment in full in cash of such loans and advances. In addition, if on the last Business
Day of a calendar quarter there are any such loans or advances outstanding (other than Expense
Advances), commencing with September 2007, the Company shall deliver to the Purchaser a
certificate, duly signed by the Chief Financial Officer of the Company, listing all such loans and
advances (other than Expense Advances) made to executive officers or directors of the Company or
any Subsidiary of the Company, including the dates made, the names of the obligors and the
outstanding principal, interest and other amounts due, and certifying that such list is true,
accurate and complete as of the date of such certificate. .

     10.15 Financial Covenants.

     (a) Maximum Capital Expenditures. Without the prior written consent of the Purchaser,
the Company and its Subsidiaries shall not incur Capital Expenditures (other than for containers
and related property to be leased or sold in the ordinary course of business) during any fiscal
year, commencing with the fiscal year ending June 30, 2008, in excess of $3,500,000. For
avoidance of doubt, Capital Expenditures do not include acquisitions of businesses or companies,
regardless of whether the acquisition of stock or assets.

     (b) Minimum EBITDA. Without the prior written consent of the Purchaser, the Company
and its Subsidiaries shall maintain a minimum level of EBITDA (determined on a consolidated basis
in accordance with GAAP or IFRS, as applicable), based on the last twelve months results, measured
at each calendar quarter, as follows:

	 	 	 
	Calendar Quarter	 	Minimum EBITDA (AUD)
	December 31, 2007
	 	$12,000,000
	March 31, 2008
	 	$12,500,000
	June 30, 2008
	 	$13,000,000
	September 30, 2008
	 	$13,500,000
	December 31, 2008
	 	$14,000,000
	March 31, 2009
	 	$14,500,000
	June 30, 2009
	 	$15,000,000
	September 30, 2009
	 	$15,500,000
	December 31, 2009
	 	$16,000,000
	March 31, 2010
	 	$16,500,000
	June 30, 2010
	 	$17,000,000
	September 30, 2010
	 	$17,500,000

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	Calendar Quarter	 	Minimum EBITDA (AUD)
	December 31, 2010
	 	$18,000,000
	March 31, 2011
	 	$18,500,000
	June 30, 2011
	 	$19,000,000
	September 30, 2011
	 	$19,500,000
	December 31, 2011
	 	$20,000,000
	March 31, 2012
	 	$20,500,000
	June 30, 2012
	 	$21,000,000
	September 30, 2012
	 	$21,500,000
	December 31, 2012
	 	$22,000,000
	March 31, 2013
	 	$22,500,000
	June 30, 2013
	 	$23,000,000
	September 30, 2013
	 	$23,500,000
	December 31, 2013
	 	$24,000,000

          (c) Leverage Ratio. Without the prior written consent of the Purchaser, the Company
and its Subsidiaries shall maintain a maximum leverage ratio (defined as total Indebtedness of the
Company and its Subsidiaries (other than the RWA Purchase Note and other than Indebtedness to GFN
or any GFN (US) Entity; provided, that with respect the RWA Purchase Note and other
Indebtedness to GFN or any GFN (US) Entity, the RWA Purchase Note and such other Indebtedness shall
be subject to an Intercreditor Agreement and interest shall not have been paid during the
calculation period unless the Purchaser has consented in writing to the payment of interest on the
RWA Purchase Note and other Indebtedness to GFN or any GFN (US) Entity) to last twelve months of
EBITDA) (determined on a consolidated basis in accordance with GAAP or IFRS, as applicable), based
on the last twelve months’ results, measured at each calendar quarter, as follows:

	 	 	 
	Calendar Quarter	 	Leverage Ratio
	December 31, 2007
	 	5.50x
	March 31, 2008
	 	5.50x
	June 30, 2008
	 	5.50x
	September 30, 2008
	 	5.50x
	December 31, 2008
	 	5.50x
	March 31, 2009
	 	5.50x
	June 30, 2009
	 	5.50x
	September 30, 2009
	 	5.50x
	December 31, 2009
	 	5.50x
	March 31, 2010
	 	5.25x
	June 30, 2010
	 	5.25x
	September 30, 2010
	 	5.25x
	December 31, 2010
	 	5.25x
	March 31, 2011
	 	5.25x
	June 30, 2011
	 	5.25x
	September 30, 2011
	 	5.25x
	December 31, 2011
	 	5.25x

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	Calendar Quarter	 	Leverage Ratio
	March 31, 2012
	 	5.00x
	June 30, 2012
	 	5.00x
	September 30, 2012
	 	5.00x
	December 31, 2012
	 	5.00x
	March 31, 2013
	 	5.00x
	June 30, 2013
	 	5.00x
	September 30, 2013
	 	5.00x
	December 31, 2013
	 	5.00x

          (d) In the event that the Company or any of its Subsidiaries makes an acquisition of a
business or company as permitted hereunder, then in determining compliance with the financial
covenants herein, (i) the EBITDA of the acquired business or company (which would become a
Guarantor if it is a separate legal entity) shall be added the EBITDA of the Company and its
Subsidiaries, (ii) the Indebtedness of the acquired business or company shall be added the
Indebtedness of the Company and its Subsidiaries; and (iii) the minimum EBTIDA targets set forth in
this Section shall be correspondingly adjusted upward for 80% of such incremental EBITDA.

	11.	 	INDEMNIFICATION.

     11.1 Transfer Taxes. GFN shall, or shall cause any of its Subsidiaries to, pay all stamp,
transfer and other similar Taxes (together in each case with interest and penalties, if any)
payable or determined to be payable in connection with the execution and delivery of this Agreement
or the issuance and sale of the Securities (but not the transfer of Securities by the Purchaser or
any other Person) and shall hold harmless the Purchaser from and against any and all liabilities
with respect to or resulting from any delay in paying, or omission to pay, such Taxes.

     11.2 Losses.

     (a) Whether or not the transactions contemplated by this Agreement are consummated, the
Company, GFN, GFN Holdings and GFN (US) (collectively, the “Indemnifying Parties”) shall
jointly and severally indemnify and hold harmless the Purchaser, its successors and assigns, and
its Affiliates, employees, partners, officers, directors, representatives, agents, attorneys,
successors and assigns (the “Indemnified Parties”), from and against any and all losses
(including, without limitation, any loss, cost or expense under any and all rate swap transactions,
basis swaps, credit derivative transactions, forward rate transactions, interest rate options,
forward foreign exchange transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency options, spot
contracts, or any other similar transactions or any combination of any of the foregoing (including
any options to enter into any of the foregoing), whether or not any such transaction is governed by
or subject to any master agreement, entered into by the Purchaser from time to time in connection
with this Agreement), claims, damages, liabilities, judgments, expenses and costs, including,
without limitation, reasonable attorneys’ fees and other fees and expenses incurred in, and the
costs of preparing for, investigating or defending any matter (collectively, “Losses”),
incurred by such Indemnified Party in connection with or arising from:

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               (i) Any breach of any warranty or the inaccuracy of any representation made by any member of
the GFN Group or any of their respective Subsidiaries in this Agreement or any Related Agreement;

               (ii) The failure of GFN, GFN (US), GFN Holdings, the Company or any of their respective
Subsidiaries to fulfill any of its covenants, agreements or undertakings under this Agreement or
any Related Agreement (or any other document or instrument executed herewith or pursuant hereto);

               (iii) Any third party actions, suits, proceedings or claims brought against any Indemnified
Party in connection with, arising out of or with respect to (A) any other matters arising out of or
in connection with the transactions contemplated by this Agreement or the Securities, or (B) the
business, operations or affairs of the Company (including, without limitation, any litigation in
which any Company is involved), except to the extent such Losses are attributable to the bad faith,
gross negligence or willful misconduct of any of the Indemnified Parties; and

               (iv) Any indemnity obligations of GFN pursuant to the Side Letter.

          (b) The Indemnifying Parties shall either pay directly all Losses which it is required to pay
hereunder or reimburse any Indemnified Party within thirty (30) days after any request for such
payment. The obligations of the Indemnifying Parties to the Indemnified Parties under this
Section 11.2(b) shall be separate obligations to each Indemnified Party, and the liability
of the Indemnifying Parties to such Indemnified Parties hereunder shall not be extinguished solely
because any Indemnified Party is not entitled to indemnity hereunder.

          (c) The obligations of the Indemnifying Parties to the Indemnified Parties under this
Section 11.2(c) shall survive (i) the repayment of the Note (whether at maturity, by
prepayment or acceleration or otherwise), (ii) any transfer of the Note or any interest
therein, (iii) the termination of this Agreement or any Related Agreement and (iv) the issuance,
exercise, assignment and/or sale of the Bison Warrant (or any interest therein) or the sale of any
Bison Warrant Shares.

          (d) The indemnification rights hereunder shall be in addition to any rights that any
Indemnified Party may have at common law, in equity or otherwise.

     11.3 Indemnification Procedures. Any Person entitled to indemnification under this
Section 11.3 shall (a) give prompt written notice to the Company of any claim with respect
to which it seeks indemnification and (b) permit the Company to assume the defense of such claim
with counsel selected by the Company and reasonably acceptable to such Person; provided,
however, that any Person entitled to indemnification hereunder shall have the right to
employ separate counsel (but not more than one firm for all Indemnified Parties) and to participate
in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of
such Person, unless (i) the Company has agreed to pay such fees or expenses; (ii) the Company has
failed to notify such Person in writing within twenty (20) days of its receipt of such written
notice of claim that it will assume the defense of such claim and employ counsel reasonably
satisfactory to such Person; or (iii) in the judgment of any such Person, based upon the written

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advice of counsel, a conflict of interest may exist between such Person and the Company with
respect to such claims (in which case, if the Person notifies the Company in writing that such
Person elects to employ separate counsel at the expense of the Company, the Company shall not have
the right to assume the defense of such claim on behalf of such Person). The Company will not be
subject to any liability for any settlement made without its consent (but such consent may not be
unreasonably withheld). No Indemnified Party may, without the consent (which consent will not be
unreasonably withheld) of the Company, consent to entry of any judgment or enter into any
settlement which does not include as an unconditional term thereof the giving by the claimant or
plaintiff to the Company of a release from all liability in respect of such claim or litigation.

     11.4 Contribution. If the indemnification provided for in this Section 11 is
unavailable to the Purchaser or any other Indemnified Party in respect of any Losses, then the GFN
Group, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or
payable by the Indemnified Party as a result of such Losses, in such proportion as is appropriate
to reflect the relative fault of the GFN Group, on the one hand, and such Indemnified Party on the
other hand, in connection with the actions, statements or omissions which resulted in such Losses,
as well as any other relevant equitable considerations. The relative fault of the GFN Group, on
the one hand, and such Indemnified Party on the other hand, shall be determined by reference to,
among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact, has been
taken by, or relates to information supplied by, either the GFN Group or such Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent any such action, statement or omission. The parties agree that it would not be just and
equitable if contribution pursuant to this Section 11.4 were determined by pro rata
allocation or by any other
method of allocation which does not take account of the equitable considerations referred to above.
No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

     11.5 Costs of Collection. The GFN Group agrees to pay all costs and expenses, including
the reasonable fees and expenses of any attorneys, accountants and other experts retained by the
Holder, which are expended or incurred by the Holder in connection with (a) the enforcement of the
Note or the collection of any sums due thereunder following an Event of Default, whether or not
suit is commenced; (b) any actions for declaratory relief in any way related to the Note following
an Event of Default; (c) the protection or preservation of any rights of the Holder under the Note;
(d) any actions taken by the Holder in negotiating any amendment, waiver, consent or release of or
under the Note; (e) any actions taken in reviewing the Company’s or any of its Affiliates’
financial affairs if a Default or Event of Default has occurred or the Holder has determined in
good faith that a Default or Event of Default may likely occur, including, without limitation, the
following actions: (i) inspect the facilities of the Company and any of its Subsidiaries or
conduct appraisals of the financial condition of the Company and any of its Affiliates; (ii) have
an accounting firm chosen by the Holder review the books and records of the Company and any of its
Affiliates and perform a thorough and complete examination thereof; (iii) interview the Company’s
and each of its Affiliates’ employees, accountants, customers and any other individuals related to
the Company or its Affiliates which the Holder believes may have relevant information concerning
the financial condition of the Company and

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any of its Subsidiaries; and (iv) undertake any other
action which is reasonably necessary to assess accurately the financial condition and prospects of
the Company and any of its Affiliates; (f) the Holder’s participation in any refinancing,
restructuring, bankruptcy or insolvency proceeding involving the Company, any of its Subsidiaries
or any other Affiliate of the Company; (g) creating, verifying, maintaining or perfecting any
security interest or other Lien granted to the Holder in any Collateral; (h) any effort by the
Holder to protect, assemble, complete, collect, sell, liquidate or otherwise dispose of any
Collateral, including in connection with any case under Bankruptcy Law; or (i) any refinancing or
restructuring of the Note, including, without limitation, any restructuring in the nature of a
“work out” or in any insolvency or bankruptcy proceeding of the Company.

	12.	 	DEFAULTS AND REMEDIES.

     12.1 Events of Default. An “Event of Default” occurs if:

          (a) Upon notice from the Purchaser, if the Company (i) fails to pay as and when due (whether
at stated maturity, upon acceleration or required prepayment or otherwise) any principal on the
Note, or (ii) fails to pay any interest, premium, if any, fees, costs, expenses or other amounts
payable under this Agreement, the Securities or any other Related Agreement within one (1) Business
Day after the date due thereunder; or

          (b) Any member of the GFN Group breaches or fails to perform, comply with or observe, in any
non-monetary respect, any material agreement, covenant or obligation required to be performed by it
under this Agreement or any Related Agreement after notice from the Purchaser of the same to the
Company and a reasonable opportunity (not to exceed thirty (30) days) to cure, if susceptible, in
the Purchaser’s reasonable discretion, of a cure; provided, that if such breach relates to
Section 10.2, then the Company shall have thirty (30) days to have any such Lien removed
from the date such Lien is first charged, filed, created or perfected (as applicable),
notwithstanding whether the Purchaser has theretofore provided a notice to the Company; or

          (c) Upon notice from the Purchaser to the Company, if any representation or warranty made by
the GFN Group under this Agreement or any Related Agreement was materially false or misleading when
made (or deemed made); or

          (d) Upon notice from the Purchaser to the Company, if the Company or any of its Subsidiaries:

               (i) defaults in the payment (whether at stated maturity, upon acceleration or required
prepayment or otherwise), beyond any period of grace provided therefor, of any principal of or
interest on any other Indebtedness with a principal amount in excess of $1,000,000 and such default
continues for ten (10) Business Days; or

               (ii) commits any breach of or default under (other than as provided in Section
12.1(d)(i) above) any term of any agreement, indenture or instrument evidencing or governing
any other Indebtedness (other than Capital Lease Obligations) in excess of $1,000,000 individually
or $2,000,000 in the aggregate, if the effect of such breach or default is to cause, or to permit
the holder or holders of such other Indebtedness to cause (upon the giving of notice or

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the passage
of time or both), (A) such other Indebtedness to become or be declared due and payable, or required
to be prepaid, redeemed, purchased or defeased (or an offer of prepayment, redemption, purchase or
defeasance is made) prior to its stated maturity, or (B) the collateral securing such other
Indebtedness to be foreclosed upon, unless (in the case of clause (A) or (B)) such breach or
default has been waived within ten (10) days following such breach or default by the Person or
Persons entitled to give such waiver; or

               (iii) is in default of any of its lease obligations (whether Capital Lease Obligations or
otherwise) in excess of $1,000,000 at any time outstanding and the lessor under any defaulted
capital lease to which the Company or any of its Subsidiaries is a party retakes possession of the
property leased thereunder or initiates legal proceedings to repossess (or recover possession of)
such leased property.

          (e) There is an event of default under the ANZ Credit Documents and ANZ declares any
Indebtedness under the ANZ Credit Documents immediately due and payable; or

          (f) Upon notice from the Purchaser to the Company, if GFN (US) or any of its Subsidiaries is
enjoined, restrained, or in any way prevented by court order or other legal requirement from
continuing to conduct all or any material part of its business affairs for ten (10) Business Days
or more; provided, that the GFN Group shall be provided an opportunity to cure
within ninety (90) days of such court order or legal requirement if the affected GFN (US)
Entity provides evidence, reasonably satisfactory to the Purchaser, that all reasonable efforts to
cure are being undertaken;

          (g) Upon notice from the Purchaser to the Company if this Agreement or any Related Agreement,
or any material provision hereof or thereof, ceases to be of full force and effect for any reason
other than in accordance with its terms, or GFN or any of its Subsidiaries repudiates or disavows
any of its obligations under or the validity or enforceability of this Agreement or any Related
Agreement, or any material provision thereof, including by operation of law or otherwise; or

          (h) There is commenced against GFN, GFN (US) or any of its Subsidiaries an involuntary case
seeking the liquidation or reorganization of such Person under the Bankruptcy Code or any similar
proceeding under any other Applicable Law or an involuntary case or proceeding seeking the
appointment of a Custodian or to take possession of all or a substantial portion of its properties
or to operate all or a substantial portion of its business, and any of the following events occur:
(i) any such Person consents to the institution of the involuntary case or proceeding; (ii) the
petition commencing the involuntary case or proceeding is not timely controverted; (iii) the
petition commencing the involuntary case or proceeding remains undismissed and unstayed for a
period of sixty (60) days; or (iv) an order for relief is issued or entered therein; or

          (i) GFN or any of its Subsidiaries (i) institutes a voluntary case seeking liquidation or
reorganization under the Bankruptcy Code or any similar proceeding under any other Applicable Law,
or shall consent thereto; (ii) consents to the conversion of an involuntary case to a voluntary
case; (iii) files a petition, answer a complaint or otherwise institutes any proceeding seeking, or
consents or acquiesces to the appointment of, a Custodian to take

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possession of all or a
substantial portion of its property or to operate all or a substantial portion of its business;
(iv) makes a general assignment for the benefit of creditors; (v) generally does not pay its debts
as they become due; or (vi) the Board of Directors of any such Person (or any committee thereof)
adopts any resolution or otherwise authorizes action to approve any of the foregoing; or

          (j) Upon notice from the Purchaser to the Company, the Company or any of its Subsidiaries
suffers any money judgments, writs, warrants of attachment or other orders that involve an amount
or value in excess of $1,000,000, and such judgments, writs, warrants or other orders continue
unsatisfied and unstayed for a period of thirty (30) days; or

          (k) Without the prior written consent of the Purchaser, there occurs a Change in Control;

provided, that if there is a breach hereunder arising from the failure to timely provide
notice of a breach in accordance with this Agreement, then nothing herein shall be construed to
provide an additional time period within which to provide notice of such breach.

Notwithstanding when the Events of Default under the foregoing paragraphs (a) through (k) shall
have been deemed to have occurred, assuming the Event of Default does occur (e.g. upon notice
from the Purchaser where notice is required), any adjustments in the interest rate under the Note
shall begin to apply, at the following times:

               (i) in the case of the clause (a) above, as of 12:00 p.m. (noon) (Los Angeles time) on the day
on which such payment is due but has not been paid;

               (ii) in the case of clause (b) above, as of the close of business on the day of such breach;

               (iii) in the case of clause (c) above, as of the Closing Date;

               (iv) in the case of clause (d)(i) above, as of the close of business on the day on which such
payment of principal or interest is due, or in the case of clause (d)(ii), as of the close of
business on the tenth day following such breach or default if such breach or default has not been
waived by the Person or Persons entitled to give such waiver, or in the case of (d)(iii), as of the
close of business on the earlier of the day that such lessor retakes possession of the leased
property or initiates legal proceedings to repossess;

               (v) in the case of clause (e) above, immediately upon the declaration by ANZ that an event of
default has occurred;

               (vi) in the case of clause (f) above, immediately upon the applicable GFN (US) Entity being
enjoined, restrained or otherwise prevented;

               (vii) in the case of clause (g) above, immediately upon this Agreement or any Related
Agreement, or any material provision hereof or thereof, ceasing to be in full force or effect or
immediately upon the repudiation or disavowal by GFN or any of its Subsidiaries;

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               (viii) in the case of clauses (h) and (i) above, immediately prior to the occurrence of any of
the events enumerated therein;

               (ix) in the case of clause (j) above, immediately upon the occurrence of the events enumerated
therein; and

               (x) in the case of clauses (k) above, immediately upon the occurrence of the Change in
Control.

     12.2 Acceleration. (a) If any Event of Default (other than an Event of Default specified
in clause (f) or (g) of Section 12.1) occurs and is continuing, the Purchaser may, by
written notice to the Company, declare all outstanding principal of, and accrued and unpaid
interest on, the Notes to be due and payable. Upon any such declaration of acceleration, such
principal and interest shall become immediately due and payable. If an Event of Default specified
in clause (f) or (g) of Section 12.1 occurs, all outstanding principal of, and accrued and
unpaid interest on, the Notes shall become immediately due and payable without any declaration or
other act on the part of the Purchaser. GFN and each of its Subsidiaries hereby waives all
presentment for payment, demand, protest,
notice of protest and notice of dishonor, and all other notices of any kind to which it may be
entitled under Applicable Law or otherwise.

     12.3 Other Remedies. If any Default or Event of Default occurs and is continuing, the
Purchaser may proceed to protect and enforce its rights and remedies under this Agreement and any
Related Agreement by exercising all rights and remedies available under this Agreement, any Related
Agreement or Applicable Laws (including, without limitation, the UCC and similar laws), either by
suit in equity or by action at law, or both, whether for the collection of principal of or interest
on the Note, to enforce the specific performance of any covenant or other term contained in this
Agreement or any Related Agreement. No remedy conferred in this Agreement upon the Purchaser is
intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative
and shall be in addition to every other remedy conferred herein or now or hereafter existing at law
or in equity or by statute or otherwise. Without limiting anything in this Section 12.3,
if any Default or Event of Default occurs and is continuing addition, the Purchaser may, by notice
to the Company and subject to the ANZ Subordination Agreement, do any one or more of the following:

          (a) Cause the third parties to hold all returned inventory or equipment in trust for the
Purchaser, segregate all such returned inventory or equipment and conspicuously label said returned
inventory or equipment as the property of the Purchaser;

          (b) Without notice to or demand upon any GFN (US) Entity, make such payments and do such acts
as the Purchaser consider necessary or reasonable to protect its security interests in the
Collateral. Each GFN (US) Entity agrees to assemble the Collateral if the Purchaser so require,
and to make the Collateral available to the Purchaser at a place that the Purchaser may designate
which is reasonably convenient to the parties. Each GFN (US) Entity authorizes the Purchaser to
enter the premises where the Collateral is located, to take and maintain possession of the
Collateral, or any part of it, and to pay, purchase, contest, or compromise any Lien that in the
Purchaser’s determination appears to conflict with Purchaser’s Liens and to pay all expenses
incurred in connection therewith and to charge the applicable GFN

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(US) Entity therefor. With respect to any owned or leased premises of the Company or its Subsidiaries, each GFN (US) Entity
hereby grants Purchaser a non-exclusive royalty free license to enter into possession of such
premises and to occupy the same, without charge, in order to exercise any of the Purchaser’s rights
or remedies provided herein, at law, in equity, or otherwise;

          (c) Without notice to GFN or any of its Subsidiaries (such notice being expressly waived), and
without constituting a retention of any collateral in satisfaction of an obligation (within the
meaning of the UCC), set off and apply to the Obligations to the Purchaser any and all (i) balances
and deposits of any Guarantor held by the Purchaser or its Affiliates; (ii) Indebtedness at any
time owing to or for the credit or the account of any Guarantor held by the Purchaser or its
Affiliates; and (iii) amounts due or payable from time to time by the Purchaser or its Affiliates
to any Guarantor under this Agreement, any Related Agreement or the Shareholders Agreement.

          (d) Hold, as cash collateral, any and all balances and deposits of any Guarantor held by the
Purchaser or its Affiliates to secure the full and final repayment of all of the Obligations to the
Purchaser;

          (e) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for
sale, and sell (in the manner provided for herein or in any Related Agreement) the Collateral.
Each Guarantor hereby grants to the Purchaser a non-exclusive royalty free license or other right
to use, without charge, such Person’s proprietary rights, labels, and advertising matter, or any
property of a similar nature, as it pertains to the Collateral, in completing production of,
advertising for sale, and selling any Collateral and such Person’s rights under all licenses and
all franchise agreements shall inure to the Purchaser’s benefit;

          (f) Sell the Collateral at either a public or private sale, or both, by way of one or more
contracts or transactions, for cash or on terms, in such manner and at such places (including the
premises of each Guarantor) as the Purchaser determines is commercially reasonable. It is not
necessary that the Collateral be present at any such sale;

          (g) The Purchaser shall give notice of the disposition of the Collateral as follows:

               (i) The Purchaser shall give the Company (for the benefit of the GFN Group) a notice in
writing of the time and place of public sale, or, if the sale is a private sale or some other
disposition other than a public sale is to be made of the Collateral, the time on or after which
the private sale or other disposition is to be made; and

               (ii) The notice shall be personally delivered or mailed, postage prepaid, to the Company as
provided in Section 13.6, at least ten (10) days before the earliest time of disposition
set forth in the notice; no notice needs to be given prior to the disposition of any portion of the
Collateral that is perishable or threatens to decline speedily in value or that is of a type
customarily sold on a recognized market;

          (h) The Purchaser may credit bid and purchase at any public sale;

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          (i) The Purchaser may seek the appointment of a receiver or keeper to take possession of all
or any portion of the Collateral or to operate the same and, to the maximum extent permitted by
law, may seek the appointment of such a receiver without the requirement of prior notice or a
hearing.

     12.4 Waiver of Past Defaults. The Purchaser may, by written notice to the Company, waive
any Default or Event of Default and its consequences with respect to this Agreement, the Note or
any other Related Agreement; provided, however, that no such waiver will extend to
any subsequent or other Default or Event of Default or impair any rights of the Purchaser which may
arise as a result of such Default or Event of Default.

13. MISCELLANEOUS.

     13.1 Consent to Amendments; Waivers. No amendment, supplement or other modification to, or
waiver of, any provision of this Agreement or any Related Agreement shall be effective unless the
same shall be in writing and signed by the Purchaser, and none of the members of the GFN Group may
take any action herein prohibited, or omit to perform any act herein required to be performed by
it, unless, it has obtained the prior written consent of the Purchaser to such action or omission.
No waiver by the Purchaser of any Default, Event of Default, misrepresentation, or breach of
warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or
subsequent Default, Event of Default, misrepresentation, or breach of warranty or covenant or
affect in any way any rights arising because of any prior or subsequent such occurrence. No course
of dealing between any member of the GFN Group, on the one hand, and the Purchaser (or any other
Holder), on the other hand, nor any delay in exercising any rights hereunder or under the Note or
any other Related Agreement shall operate as a waiver of any rights of the Purchaser (or any other
Holder).

     13.2 Survival of Representations and Warranties; Purchaser Investigation. All
representations, warranties, covenants and agreements of GFN, GFN (US), GFN Holdings and the
Company contained herein, or made in writing by or on behalf of GFN, GFN (US) or the Company
pursuant hereto or in connection herewith, shall survive the execution and delivery of this
Agreement, the issuance, sale and delivery of the Securities, the repayment of the Note, and the
exercise of the Bison Warrant, and the due diligence or other investigation of GFN, GFN (US), GFN
Holdings, the Company and their respective Subsidiaries made by and on behalf of the Purchaser.
GFN, GFN (US), GFN Holdings and the Company each hereby agrees that neither the Purchaser’s review
of the books and records or condition (financial or otherwise), business, assets, properties,
operations or prospects of GFN, GFN (US), GFN Holdings, the Company or any of their respective
Subsidiaries or other Affiliates, nor any other due diligence investigation conducted by or on
behalf of the Purchaser, shall be deemed to constitute knowledge by the Purchaser of the existence
or absence of any facts or any other matters so as so reduce the Purchaser’s right to rely on the
accuracy of the representations and warranties of GFN, GFN (US), GFN Holdings and the Company
contained in this Agreement or any Related Agreement.

     13.3 Entire Agreement. This Agreement, together with the Exhibits and Schedules, the Note,
the other Related Agreements, the Side Letter and the confidentiality agreement dated September 6,
2006 constitute the full and entire agreement and understanding among the parties

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relating to the subject matter hereof and thereof, and supersede all prior oral and written, and all
contemporaneous oral, agreements and understandings relating to the subject matter hereof. For
avoidance of doubt, that certain letter of intent letter agreement dated January 30, 2007, as
extended by letter dated March 23, 2007 by and between GFN and the Purchaser, is hereby terminated
and the obligations of the parties are hereby terminated notwithstanding language in such letter
that they shall survive termination of the agreement.

     13.4 Successors and Assigns; Assignments. This Agreement shall inure to the benefit of,
and be binding upon, the parties and their respective successors and permitted assigns. The
Purchaser may, without the consent of any member of the GFN Group, sell, assign or delegate to one
or more Persons other than a Person engaged, directly or indirectly, in a business that is
competitive with the business of the GFN Group as of the time at any time (each an
“Assignee”) all or any part of its right, title and interest in and to this Agreement, the
Securities or any other Related Agreement, including, without limitation, all or any part of the
Obligations to the Purchaser, subject to compliance with applicable federal and state securities
laws; provided, however, that, in any privately negotiated transaction involving a
sale or assignment by the Purchaser of any such right, title or interest, the Purchaser shall
obtain from the Assignee in writing investment intent representations which would be customarily
obtained in transactions of such nature; and, provided further, however, that the
applicable member of the GFN Group may continue to deal solely and directly with the Purchaser in
connection with any right, title or interest so assigned until written notice of such assignment,
together with payment instructions, addresses and related information with respect to the Assignee,
shall have been given to such member. If the Purchaser assigns to any Assignee or Assignees a
fifty percent (50.0%) or lesser interest in and to the aggregate principal amount of the Note then
outstanding, any consents, approvals, waivers, demands and other decisions that the Purchaser is
entitled to make under this Agreement, the Note and the other Related Agreements shall be made by
the Purchaser, and the Company may continue to deal solely and directly with respect to the
Purchaser in connection with the interests so assigned to the Assignee(s), and the Purchaser shall
indemnify, defend and hold harmless the Company from any Losses suffered or sustained by the
Company in reliance upon direction from the Purchaser with respect to the interests so assigned.
At any time that the original Note issued on the Closing Date is divided into two or more smaller
Notes, all consents, approvals, waivers, demands and decisions that the Purchaser is entitled to
make under this Agreement, the Note and the other Related Agreements shall be made only by the
holders of a majority of the principal amount of the Notes then outstanding.

     13.5 Severability. Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof or affecting the validity
or enforceability of such provisions in any other jurisdiction.

     13.6 Notices. All notices, requests, demands and other communications which are required
or may be given under this Agreement shall be in writing and shall be deemed to have been duly
given if transmitted by telecopier with receipt acknowledged, or upon delivery, if delivered
personally or by recognized commercial courier with receipt acknowledged, or upon the expiration of
72 hours after mailing, if mailed by registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

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(i)     If to the Purchaser, at:

Bison Capital Australia, L.P.

10877 Wilshire Blvd., Suite 1520

Los Angeles, California 90024

Attention:          Douglas B. Trussler

Telephone:         (310) 260-6570

Facsimile:          (310) 260-6576

with a copy to:

Sheppard, Mullin, Richter & Hampton, LLP

333 South Hope Street, 48th Floor

Los Angeles, California 90071-1448

Attention:          David H. Sands

Telephone:         (213) 617-5536

Facsimile:          (213) 830-2056

(ii)     If to the Company, GFN, GFN (US), or GFN Holdings, at:

c/o General Finance Corporation

260 S. Los Robles, Suite 217

Pasadena, California 91101

Attention:          John O. Johnson

Telephone:         (626) 584-9722

Facsimile:          (626) 795-8090

with a copy to:

Troy & Gould Professional Corporation

1801 Century Park East, 16th Floor

Los Angeles, California 90067

Attention:          Alan B. Spatz

Telephone:         (310) 553-4441

Facsimile:          (310) 201-4746

or at such other address or addresses as a party may specify to the parties by written notice given
in accordance with this Section 13.6.

     13.7 Accounting Terms and Computations. For purposes of this Agreement, except as
otherwise specified herein, (a) all accounting terms used in this Agreement with respect to United
States Persons have the meanings given to them under GAAP, (b) all accounting terms used in this
Agreement with respect to Australian Persons have the meanings given to them under IFRS or GAAP, as
applicable, (b) all computations made pursuant to this Agreement or any Related Agreement shall be
made in accordance with GAAP, (c) all financial statements and other financial information of
United States Persons to be delivered hereunder or under any Related Agreement shall be prepared in
accordance with GAAP, except that any interim financial statements or other financial information which are
unaudited may be subject to year-

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end audit adjustments and may omit footnotes, and (c) all
financial statements and other financial information of Australian Persons to be delivered
hereunder or under any Related Agreement shall be prepared in accordance with IFRS or GAAP, as
determined by the GFN Group.

     13.8 Descriptive Headings; Construction and Interpretation. The descriptive headings of
this Agreement are for convenience of reference only, do not constitute a part of this Agreement
and are not to be considered in construing or interpreting this Agreement. All section, preamble,
recital, exhibit, schedule, disclosure schedule, annex, clause and party references are to this
Agreement unless otherwise stated. No party, nor its counsel, shall be deemed the drafter of this
Agreement for purposes of construing the provisions of this Agreement, and all provisions of this
Agreement shall be construed in accordance with their fair meaning, and not strictly for or against
any party. References to dollars and “$” shall be to United States Dollars, unless otherwise
specified. All references herein to the masculine, feminine, neuter, or singular shall be
construed to include the masculine, feminine, neuter, or plural, where applicable.

     13.9 Counterparts. This Agreement may be executed in two or more counterparts and by
facsimile or email scan, each of which shall be deemed an original, but all of which together shall
constitute one instrument.

     13.10 Fees and Expenses. The Company shall reimburse the Purchaser, up to a maximum of
$250,000, for all reasonable and actual out-of-pocket costs and expenses of every type and nature
(including, without limitation, reasonable fees and expenses of counsel, accounting fees and
expenses, fees and expenses related to any due diligence investigation and all other deal-related
costs and expenses) incurred by or on behalf of the Purchaser in connection with the preparation,
negotiation, execution and delivery of this Agreement, the Securities and the other Related
Agreements and the consummation of the transactions contemplated hereby. For the avoidance of
doubt, this Section 13.10 shall not limit any obligation of GFN, the Company or their
Affiliates to reimburse the Purchaser or its Affiliates for costs and expenses relating to the
transfer of equity interests of Royal Wolf or its Subsidiaries pursuant to the Share Sale Deed,
which reimbursement obligation is separate from any obligation herein.

     13.11 Governing Law. In all respects, including matters of construction, validity and
performance, this Agreement shall be governed by, and construed and enforced in accordance with,
the internal laws of the State of California applicable to contracts made and performed in that
state (without regard to the choice of law or conflicts of law provisions thereof).

     13.12 Consent to Jurisdiction and Venue.

          (a) Each of the parties hereby consents and agrees that all actions, suits or other
proceedings arising under or in connection with this Agreement, the Securities or any other Related
Agreement shall be tried and litigated in state or federal courts located in Los Angeles,
California, which courts shall have exclusive jurisdiction to hear and determine any and all
claims, controversies and disputes arising out of or related to this Agreement, the Securities or
any other Related Agreement. Notwithstanding the foregoing, nothing contained in this Section
13.12 shall preclude the Purchaser from bringing any action, suit or other proceeding in the
courts of any other location where the assets of any member of the GFN Group or the
Collateral may be found or located or to enforce any judgment or other court order in favor of the Purchaser.

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          (b) Each of the parties hereby (i) irrevocably submits to the jurisdiction of any such court
and consents in advance to such jurisdiction in any action, suit or other proceeding commenced in
any such court, (ii) waives any right it may have to assert the doctrine of forum non conveniens or
any objection that such Person may have based upon lack of personal jurisdiction or improper venue
and (iii) consents to the granting of such legal or equitable relief as is deemed appropriate by
such court. Each of the parties hereby waives personal service of the summons, complaint or other
process issued in any such action, suit or other proceeding and agrees that service of such
summons, complaint and other process may be made by registered or certified mail addressed to such
party at the address set forth in Section 13.6 and that service so made shall be deemed
completed upon the earlier of such Person’s actual receipt thereof or five (5) days after deposit
in the United States mail, proper postage prepaid.

          (c) To the extent permitted under Applicable Laws of any such jurisdiction, each member of the
GFN Group hereby waives, in respect of any such action, suit or other proceeding, the jurisdiction
of any other court or courts that now or hereafter, by reason of such Person’s present or future
domicile, or otherwise, may be available to it.

     13.13 Federal Anti-Money Laundering Law. To help the government fight the funding of
terrorism and money laundering activities, federal law requires financial institutions (which may
include the Purchaser and its Affiliates) to obtain, verify and record information that identifies
each person who opens an account or other formal customer relationship. Accordingly, in connection
with this Agreement, the Purchaser may require that the GFN Group provide certified copies of their
articles of incorporation, certificate of formation, operating agreement or other similar
identifying documents. Further, each member of the GFN Group confirms that its legal name and
address, as set forth in this Agreement, are correct and complete and covenant and agree to provide
such other information as may be necessary to allow the Purchaser and its Affiliates to comply with
such laws.

     13.14 Time of the Essence. Time is of the essence in the Agreement and Related Agreements.

     13.15 Press Release. Each party will consult with the other before issuing, and provide each other the opportunity to
review, comment upon and concur with and use reasonable efforts to agree on, any press release
announcing principally the transactions contemplated by this Agreement, and shall not issue any
such press release prior to such consultation, except as either party may determine is required
under Applicable Laws or by obligations pursuant to any listing agreement with any securities
exchange. The parties agree that the initial press release to be issued with respect to the
transactions contemplated by this Agreement shall be in the form heretofore agreed to by the
parties.

     13.16 Limitation on Liability. No claim shall be made by any party or any of their
Affiliates against any other party, or any Affiliates, partners, directors, officers, employees,
agents or representatives of such other party, for any special, indirect, consequential or punitive
damages in respect of any claim for breach of contract or under any other theory of liability

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arising out of or related to the transactions contemplated by this Agreement, the Securities, any
other Related Agreement, or any act, omission or event occurring in connection therewith. Each
party hereby waives, releases and agrees not to sue upon any claim for such damages, whether or not
accrued and whether or not known or suspected to exist in its favor.

     13.17 Proprietary Information.

          (a) All nonpublic information provided to, or obtained by, a party regarding another party in
connection with the transactions contemplated hereby shall be “Proprietary Information”.
Notwithstanding the foregoing, the term Proprietary Information shall not include information that
(i) is or becomes within the public domain through no act of the receiving party in breach of this
Section 13.17, (ii) was in the possession of the receiving party prior to its disclosure or
transfer hereunder other than, with respect to the Purchaser, all information pertaining to Royal
Wolf and its Subsidiaries that is not presently in the public domain (which information shall be
Proprietary Information), (iii) is independently developed by the receiving party, or (iv) is
received from another source without any restriction on use or disclosure through no act of the
receiving party in breach of this Section 13.17.

          (b) Except as specifically provided herein, each party agrees that it shall not disclose any
Proprietary Information to any third party nor use any Proprietary Information of another party for
any purpose other than as may be necessary in connection with the transactions contemplated hereby.
The parties shall each protect all Proprietary Information with the same degree of care as it
applies to protect its own proprietary information. As used herein, the term “third party”
shall be broadly interpreted to include any corporation, company, partnership or individual.

          (c) Notwithstanding the foregoing, a party may disclose such Proprietary Information to their
respective directors, officers, employees, consultants, agents and representatives who need to know
such Proprietary Information in connection with the transactions contemplated hereby and thereby
(it being understood that such directors, officers, consultants, agents and representatives shall
be informed by the receiving party of the
confidential nature of such Proprietary Information); provided, that, the receiving party
agrees to be responsible for any breach of this Section 13.17 by such persons.

          (d) In the event a party is legally requested or required to disclose Proprietary Information
of the other party, the receiving party shall, to the extent practicable and permitted by law or
order, promptly notify the disclosing party of such request or requirement so that the disclosing
party may seek an appropriate protective order or waive the provisions of this Section
13.17. In the event that such protection or other remedy is not obtained or that the
disclosing party waives compliance, the receiving party agrees to furnish only that portion of the
Proprietary Information which it reasonably determines is legally required. Notwithstanding
anything to the contrary in this Agreement, a disclosing party shall not be required to provide any
information to any other party which it reasonably believes it may not provide to another party by
reason of applicable law, rules or regulations, which constitutes information protected by
attorney/client privilege, or which the disclosing party or any subsidiary is required to keep
confidential by reason of contract, agreement or understanding with third parties.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by
their duly authorized representatives as of the date first written above.

	 	 	 	 	 
	 	“PURCHASER”

BISON CAPITAL AUSTRALIA, L.P.

By: BISON CAPITAL AUSTRALIA GP, LLC,

its general partner

 	 
	 	By:  	/s/ Douglas B. Trussler
 	 
	 	 	Name:  	Douglas B. Trussler 	 
	 	 	Title:  	 	 
	 
	 	

“GFN”

GENERAL FINANCE CORPORATION

 	 
	 	By:  	
/s/ John O. Johnson
 	 
	 	 	Name:  	John O. Johnson 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	“GFN (US)”

GFN U.S. AUSTRALASIA HOLDINGS, INC.

 	 
	 	By:  	/s/ John O. Johnson
 	 
	 	 	Name:  	John O. Johnson 	 
	 	 	Title:  	Chief Operating Officer 	 
	 
	 	“GFN HOLDINGS”

GFN AUSTRALASIA HOLDINGS PTY LTD

 	 
	 	By:  	/s/ John O. Johnson
 	 
	 	 	John O. Johnson, Director 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	                                    /s/ Robert Barnes
 	 
	 	 	Robert Barnes, Director 	 
	 	 	 	 
	 
	 	“COMPANY”

GFN AUSTRALASIA FINANCE PTY LTD

 	 
	 	By:  	/s/ John O. Johnson
 	 
	 	 	John O. Johnson, Director 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	/s/ Robert Barnes
 	 
	 	 	Robert Barnes, Director 	 
	 	 	 	 
	 

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