Document:

EXHIBIT 10.6

                             INTERCREDITOR AGREEMENT

         This INTERCREDITOR AGREEMENT, dated as of November 3, 2004 (as amended,
modified or supplemented from time to time in accordance with the terms hereof,
this "Agreement"), is by and among TransAmerica Leasing Inc., a Delaware
corporation (together with its successors and assigns, "TLI"), Trans Ocean
Limited, a Delaware corporation (together with its successors and assigns,
"TOL"), Trans Ocean Container Corp., a Delaware corporation (together with its
successors and assigns, "TOCC"; each of TLI, TOL and TOCC, a "Senior Borrower"
and collectively, the "Senior Borrowers"), TAL International Inc., a Delaware
corporation (together with its successors and assigns, "TAL" or the
"Subordinated Borrower"), Fortis Bank (Nederland) N.V., an administrative agent
(together with its successors and assigns as administrative agent, "Fortis") for
the lenders under the Senior Credit Agreement (as hereafter defined) and
Transamerica Accounts Holding Corporation, a Delaware corporation as agent
(together with its successors and assigns in such capacity, the "Administrative
Agent") for the lenders under the Subordinated Credit Agreement (as hereinafter
defined).

                                    RECITALS

         WHEREAS, the Senior Borrowers, Fortis and various lenders are party to
a Credit Agreement, dated as of November 3, 2004 (as amended, modified or
supplemented from time to time in accordance with its terms, the "Senior Credit
Agreement") pursuant to which the Senior Borrowers may from time to time borrow
amounts from the lenders named therein;

         WHEREAS, TAL, the Administrative Agent and various lenders are party to
a Senior Subordinated Credit Agreement, dated as of November 3, 2004 (as
amended, modified or supplemented from time to time in accordance with its
terms, the "Subordinated Credit Agreement") pursuant to which TAL will borrow
Two Hundred Seventy-Five Million Dollars ($275,000,000) from the lenders named
therein;

         WHEREAS, it is a condition precedent to Fortis and the Senior Lenders
entering into the Senior Credit Agreement and to make any loans or otherwise
extend credit to the Senior Borrowers under the Senior Credit Agreement that the
Administrative Agent, on behalf of the Subordinated Lenders, enter into this
Agreement; and

         NOW THEREFORE, in consideration of the foregoing, the mutual agreements
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and as an inducement to Fortis and
the Senior Lenders to enter into the Senior Credit Agreement and to extend
credit to the Senior Borrowers, and in consideration of the granting, thereof,
the parties hereto hereby agree as follows:

         SECTION 1.    DEFINITIONS. Capitalized terms defined in the recitals
hereof shall have the meanings herein as are ascribed thereto in the recitals.
As used herein, the following terms shall have the following meanings:

                                       1

         Bankruptcy Code. Title 11, United States Code as in effect from time to
time (and any successor

thereto).

         Capital Stock. Any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a corporation) and any
and all warrants, rights or options to purchase any of the foregoing.

         Event of Default. This term shall have the meaning set forth in the
Senior Credit Agreement, as in effect on the date hereof.

         High Yield Bonds. Any issuance by TAL after the date hereof of notes or
other debt securities (other than the Exchange Notes (as defined in the
Subordinated Credit Agreement)) in a private placement or public offering
(including a Rule 144A offering or similar transaction) the proceeds of which
are used by TAL to refinance, in whole or in part, the Subordinated Debt
outstanding on the date hereof.

         Legal Final Payment Date. The Payment Date (as defined in the Senior
Credit Agreement) occurring in January 2012.

         Payment Blockage Notice.  This term is defined in Section 3(c) hereof.

         Payment Blockage Period.  This term is defined in Section 3(c) hereof.

         Remedy Blockage Notice.  This term is defined in Section 3(c) hereof.

         Remedy Blockage Period.  This term is defined in Section 3(c) hereof.

         Senior Credit Agreement.  This term shall have the meaning set forth in
the Recitals.

         Senior Debt. All indebtedness of the Senior Borrowers, their
Subsidiaries or any other Person arising under or in respect of the Senior Debt
Documents owing to Fortis and/or the Senior Lenders and/or their respective
assignees who may become holders or participants in any such indebtedness,
whether by amendment of the Senior Debt Documents or otherwise, and any
indebtedness arising out of any extension, refinancing or refunding of such
indebtedness, including without limitation, principal, reimbursement
obligations, interest (including, without limitation post-petition interest
whether or not a court of competent jurisdiction would allow payment thereof to
Fortis or the Senior Lenders under the Bankruptcy Code), fees, costs and
expenses, owing to Fortis and the Senior Lenders or any such holder or
participant of or in any loan made under the Senior Debt Documents in each case
whether direct or indirect, absolute or contingent, due or to become due, now
existing or hereafter arising and all obligations of the Borrowers and their
Subsidiaries to any of the Senior Lenders and/or Fortis with respect to any
Interest Rate Hedge Agreements; provided, however, that the term "Senior Debt"
shall not include any increases in the foregoing obligations owed under the
Senior Debt Documents to the extent of:

                  (a)  increases in the aggregate principal amount of the Senior
         Debt in excess of an amount equal

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         to the greater of (i) Eight Hundred Seventy Five Million Dollars
         ($875,000,000) and (ii) Eighty-Five percent (85%) of the book value of
         the consolidated total tangible assets of TAL and its Subsidiaries
         (including, without limitation, the Senior Borrowers);

                  (b)  increases in the weighted average annual interest margin
         over Libor (determined based on the average unpaid principal balance of
         the Senior Debt during the preceding twelve month period or such
         shorter period as the Senior Debt has been outstanding) that accrues
         with respect to all classes of Indebtedness of the Senior Borrowers to
         the Senior Lenders in excess of 3.0%; and

                  (c)  increases in the commitment fees, agent fees and other
         regularly occurring fees, charges or expenses provided for under the
         Senior Debt Documents as in effect on the date hereof; provided,
         however, that nothing contained in this clause (c) shall limit the
         amount of fees or expenses paid, or payable, to Fortis and the Senior
         Lenders in connection with the granting of any waiver, consent or
         modification to the Senior Debt Documents or in connection with the
         granting of any forbearance as a result of an event of default by the
         Senior Borrowers under the Senior Debt Documents.

         Senior Debt Collateral. The collateral described in the Senior Debt
Documents.

         Senior Debt Documents. All of the documents set forth on Exhibit A
hereto.

         Senior Lender.  A financial institution that is named as a "Lender"
under the Senior Credit Agreement.

         Subordinated Debt. All indebtedness of TAL, its Subsidiaries or any
other Person arising under or in respect of the Subordinated Debt Documents
owing to the Administrative Agent and/or the Subordinated Lenders and/or their
respective assignees who may become holders or participants in any such
indebtedness, whether by amendment of the Subordinated Debt Documents or
otherwise, and any indebtedness arising out of any extension, refinancing
(including the Exchange Notes (as defined in the Subordinated Debt Documents) or
refunding of such indebtedness, including without limitation, principal,
reimbursement obligations, interest (including, without limitation post-petition
interest whether or not a court of competent jurisdiction would allow payment
thereof to the Administrative Agent and/or the Subordinated Lenders under the
Bankruptcy Code), fees, costs and expenses owing to the Administrative Agent and
the Subordinated Lenders or any such holder or participant of or in any loan
made under the Subordinated Debt Documents in each case whether direct or
indirect, absolute or contingent, due or to become due, now existing or
hereafter arising.

         Subordinated Debt Documents.  All of the documents set forth on
Exhibit B hereto.

         Subordinated Lenders. The persons named as lenders under the
Subordinated Credit Agreement and the holders of the Exchange Notes (as defined
in the Subordinated Credit Agreement) issued in exchange for the Interim Loan
(as defined in the Subordinated Credit Agreement).

         SECTION 2.    SUBORDINATION. Anything herein to the contrary
notwithstanding, TAL, for itself, its Subsidiaries and their respective
successors, and the Administrative Agent, on

                                       3

behalf of the Subordinated Lenders, agrees that the payment of all Subordinated
Debt is subordinated, to the extent and in the manner provided herein, to the
prior satisfaction of the Senior Debt (including all obligations under the
Senior Credit Agreement, whether outstanding on the Closing Date or thereafter
incurred). This Section 2 shall constitute a continuing offer to all Persons who
become holders of, or continue to hold, the Senior Debt, and such provisions are
made for the benefit of the holders of Senior Debt and Fortis may enforce such
provisions.

         SECTION 3.    RESTRICTIONS ON PAYMENTS OF SUBORDINATED DEBT; PAYMENT
AND REMEDY BLOCKAGE PERIODS. (a) Until the Senior Debt shall have been repaid in
full in cash, and except as otherwise provided in this Section 3, TAL shall not
during the continuation of a Payment Blockage Period, directly or indirectly,
make any payment of, and none of the Administrative Agent or the Subordinated
Lenders shall accept payment of principal of, or interest on, or any other
amount on account of, any portion of the Subordinated Debt, or repurchase,
redeem or otherwise acquire any of the Subordinated Debt, nor cancel, rescind,
set off or otherwise discharge any part of the Subordinated Debt. In addition,
none of the Administrative Agent, TAL or any Subordinated Lender shall, during
the continuation of any Remedy Blockage Period, demand, sue for, or take any
other action to enforce or collect upon any such payment or to enforce its
rights with respect to the Subordinated Debt.

         (b)      Subject to the following restrictions set forth in this
Section 3(b), the Administrative Agent and the Subordinated Lenders may, upon
the occurrence and during the continuance of an event of default under the
Subordinated Credit Agreement, pursue its rights and remedies as a holder of
Subordinated Debt to enforce payment thereof subject to the following
restrictions:

                       (1) no Remedy Blockage Period is then in effect;

                       (2) the Administrative Agent shall provide Fortis with a
                  notice of such event of default not less than ten (10) days
                  prior to taking any such action;

                       (3) none of the Administrative Agent or any Subordinated
                  Lender shall file, and will not join with others in filing, a
                  bankruptcy petition against any of the Senior Borrowers until
                  at least one year and one day (or the longest preference
                  period under the Bankruptcy Code or state insolvency laws then
                  in effect) after all of the Senior Debt has been repaid in
                  full;

                       (4) to the extent that the Administrative Agent or any
                  Subordinated Lender obtains an interest in the Capital Stock
                  of any Senior Borrower or any Subsidiary of any Senior
                  Borrower, none of the Administrative Agent or any Subordinated
                  Lender shall, without the prior written consent of Fortis in
                  each instance, amend, or agree to the amendment of, the
                  organizational documents of any of the Senior Borrowers that
                  is material and adverse to the rights of the Senior Lenders
                  under the Senior Debt Documents; and

                       (5) none of the Administrative Agent or any Subordinated
                  Lender shall take any action, or join with others to take any
                  action, (i) challenging the validity or enforceability of any
                  lien or security interest granted by any of the Senior

                                       4

                  Borrowers in favor of Fortis and the Senior Lenders pursuant
                  to the terms of the Senior Debt Documents, or (ii) seeking
                  the "substantive consolidation" of any of the Senior
                  Borrowers or any of their Subsidiaries with TAL or any other
                  Person.

         (c)      For purposes of this paragraph 3, "Payment Blockage Period"
means (A) for so long as an Event of Default under any of Section 13.1(a),
13.1(b) or 13.1(d) of the Senior Credit Agreement has occurred and is
continuing, or (B) in the case of any other Event of Default under the Senior
Credit Agreement not dealt with in clause (A) above, the period commencing upon
the date on which Fortis sends a notice to the Administrative Agent of the
occurrence of such Event of Default (such notice to reference this Agreement and
state that it is a "Payment Blockage Notice") and ending on the earlier of (x)
the date which is 180 days after the commencement of such period and (y) the
first date after the commencement of such period on which all Events of Default
under the Senior Credit Agreement have been cured or waived; and "Remedy
Blockade Period" means any period commencing upon the date on which Fortis sends
a notice to the Administrative Agent of the occurrence of an Event of Default
under the Senior Credit Agreement (such notice to reference this Agreement and
state that it is a "Remedy Blockage Notice") and ending on the date which is the
earlier of (x) 30 days after the commencement of such period and (y) the first
day after the commencement of such period on which all Events of Default under
the Senior Credit Agreement have been cured or waived.

         Notwithstanding the foregoing, no Payment Blockage Period may be
commenced under clause (B) above as a result of an Event of Default if the same
Event of Default was the basis of the commencement of a prior Payment Blockage
Period unless such Event of Default shall have been cured or waived for at least
60 days. No Remedy Blockage Period may be commenced as a result of any Event of
Default under the Senior Credit Agreement if the same Event of Default under the
Senior Credit Agreement had been the basis for the commencement of a prior
Remedy Blockage Period unless such Event of Default under the Senior Credit
Agreement shall have been cured or waived for at least 60 days. Furthermore,
there may occur no more than one Remedy Blockage Period during the term of this
Agreement, and no more than one Payment Blockage Period during any 360 day
period.

         (d)      Upon any payment or distribution of assets of TAL or of any
Senior Borrower of any kind or character, whether in cash, property or
securities, to creditors upon any total or partial liquidation, dissolution,
winding-up, reorganization, assignment for the benefit of creditors or
marshaling of assets and liabilities of TAL or any Senior Borrower or any of
their respective Subsidiaries or in a bankruptcy, reorganization, insolvency,
receivership or other similar proceeding relating to TAL or any Senior Borrower
or any of their respective Subsidiaries or its assets, whether voluntary or
involuntary, all Senior Debt due or to become due shall first be paid in full in
cash or such payment duly provided for to the satisfaction of the holders of
Senior Debt, before any payment or distribution of any kind or character is made
on account of any Subordinated Debt or for the acquisition of any of
Subordinated Debt for cash or property or otherwise. Upon any such dissolution,
winding-up, liquidation, reorganization, receivership or similar proceeding, any
payment or distribution of assets of TAL or any Senior Borrower or any of their
respective Subsidiaries of any kind or character, whether in cash, property or
securities, to which the Administrative Agent or the Subordinated Lenders would
be entitled, except for the provisions hereof, shall be paid by TAL or the
Senior Borrowers, as the case may be, or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person

                                       5

making such payment or distribution, or by the Subordinated Lenders or by the
Administrative Agent if received by it, directly to the holders of Senior Debt
(pro rata to such holders on the basis of the respective amounts of Senior Debt
held by such holders) or their respective representatives, for application to
the payment of Senior Debt remaining unpaid until all such Senior Debt has been
paid in full in cash or cash equivalents after giving effect to any concurrent
payment, distribution or provision therefore to or for the holders of Senior
Debt.

         (e)      Anything contained herein to the contrary notwithstanding,
TAL is entitled to issue, and the Subordinated Lenders are entitled to accept,
the Exchange Notes (as defined in the Subordinated Credit Agreement) and TAL is
entitled to issue, and the holders of the Exchange Notes (as defined in the
Subordinated Debt Documents) are entitled to accept, the Exchange Notes as
defined in the registration rights agreement identified as a Subordinated Debt
Document.

         SECTION 4.    LEGENDS. Each instrument evidencing the Subordinated Debt
(including the Exchange Notes (as defined in the Subordinated Credit Agreement))
shall bear a legend or include a statement providing that payment of principal
thereof and interest thereon has been Subordinated to the Senior Debt in the
manner and to the extent set forth in this Agreement.

         SECTION 5.    SUBROGATION. The Administrative Agent and the
Subordinated Lender shall be subrogated to the rights of Fortis and the Senior
Lenders until the Subordinated Debt shall be paid in full; provided, that the
Administrative Agent and the Subordinated Lender shall be subrogated only to the
extent that amounts paid over to or collected by the Administrative Agent and
the Subordinated Lenders have been applied to the Senior Debt and such
applications have not been subsequently reversed; provided further, that the
Administrative Agent's and the Subordinated Lender's subrogation rights shall be
subordinated to the Senior Debt in the same manner as the Subordinated Debt
until the Senior Debt is paid in full in cash. For purposes of such subrogation,
no payments or distributions to Fortis or any Senior Lender by, or on behalf of,
TAL, or by, or on behalf of, the Administrative Agent or any Subordinated Lender
by virtue of this Agreement, which otherwise would have been made to the
Administrative Agent or a Subordinated Lender shall, as between TAL and the
Administrative Agent or a Subordinated Lender, as the case may be, be deemed to
be a payment by TAL to or on account of the Senior Debt, it being understood
that the provisions of this agreement are and are intended solely for the
purpose of defining the relative rights of the Administrative Agent and the
Subordinated Lenders, on the one hand, and Fortis and the Senior Lenders, on the
other hand.

         SECTION 6.    FORTIS' RIGHTS TO REALIZE UPON COLLATERAL. Fortis has
complete and sole discretion in, and shall not be liable to TAL or any
Subordinated Lender for determining, how, when, if, and in what manner Fortis
forecloses or otherwise realizes upon any Senior Debt Collateral or enforced or
exercises any rights or remedies of a secured party or lien creditor of any
other rights with respect to such Senior Debt Collateral or otherwise takes any
action with respect thereto provided, that prior to taking any action to dispose
of the Senior Debt Collateral Fortis shall provide the Administrative Agent with
(i) thirty (30) days' prior written notice of such action, and (ii) in the case
of a private sale of Senior Debt Collateral, information relating to the price
expected to be realized from such disposition. Subject to, but without in any
way limiting the foregoing, each of TAL and the Administrative Agent
specifically acknowledges and agrees that Fortis shall be entitled to take such
action as it deems appropriate to enforce the

                                       6

Senior Debt or with respect to any Senior Debt Collateral whether or not such
action is beneficial or detrimental to the interests of TAL or the holders of
the Subordinated Debt; provided, however, that Fortis acknowledges and agrees
that its sole recourse is, and shall be, recourse to the assets of the Senior
Borrowers (including the Senior Debt Collateral) and it has no, and shall not
seek any, recourse to TAL or its assets with respect to any such enforcement
action. Until the Senior Debt shall have been indefeasibly paid in full, none of
TAL, the Administrative Agent or any Subordinated Lender shall attach, foreclose
on, pursue any remedies otherwise available at law or in equity with respect to
the Senior Debt Collateral, or take any other action with respect to any of the
Senior Debt Collateral and shall have no rights to have the Senior Debt
Collateral or any part thereof marshaled upon any foreclosure, sale or other
realization thereon by Fortis; provided, however, that this sentence shall not
directly or indirectly prohibit or restrict the Administrative Agent or any
Subordinated Lender with respect to any attachment, foreclosure, or pursuit of
any other remedies otherwise available at law or in equity with respect to TAL
and its assets. Fortis' ability to enforce its rights on behalf of the Senior
Lenders in the Senior Debt Collateral, shall not be conditioned upon, and under
no circumstances shall Fortis or the Senior Lenders have any duty to any obligor
thereon or guarantor thereof or to resort to any other rights or remedies
whatsoever and Fortis and the Senior Lenders shall have the right to foreclose
or otherwise realize upon any part or all of the Senior Debt Collateral
irrespective of whether or not other proceedings or steps are pending seeking
resort to or realization upon or from any other obligor on or guarantor of the
Senior Debt.

         SECTION 7.    RECEIPTS BY ADMINISTRATIVE AGENT AND SUBORDINATED
LENDERS. In the event the Administrative Agent or any Subordinated Lender shall
receive any payment or distribution of assets of TAL or any Borrower of any kind
or character, whether in cash, properties or securities (including without
limitation any distributions received on account of any security interests,
liens, or other encumbrances), which are not permitted by or made and received
in accordance with the provisions of this Agreement, such payment or
distribution to the Administrative Agent or any Subordinated Lender shall not be
commingled with other funds and shall be held in trust for the benefit of, and
shall be paid over or delivered to, Fortis in precisely the form received
(except for the endorsement or assignment of the Administrative Agent or the
Subordinated Lenders where necessary). In the event of any failure by the
Administrative Agent or any Subordinated Lender to make any such endorsement or
assignment, Fortis is hereby irrevocably authorized to make the same.

         SECTION 8.    ISSUANCE OF HIGH YIELD BONDS. Until all Senior Debt has
been paid in full, TAL will not, without the prior written consent of Fortis,
issue any High Yield Bonds unless:

         (i)   the annual amount of interest that will be payable by TAL on
               such High Yield Bonds plus the annual amount of interest payable
               on any portion of the indebtedness evidenced by the Subordinated
               Credit Agreement that remains outstanding after the issuance of
               the High Yield Bonds (in each case without giving effect to any
               default interest) shall not exceed Thirty Million Dollars
               ($30,000,000);

         (ii)  the maturity date of the High Yield Bonds shall not be prior
               to the date that is one year and one day after the Legal Final
               Payment Date of the Senior Debt,

                                       7

                and no scheduled principal payments on such High Yield Bonds
                shall be payable prior to the date that is one year and one day
                after the Legal Final Payment Date of the Senior Debt;

         (iii)  the indenture or other document pursuant to which the High
                Yield Bonds are issued will contain subordination provisions
                with respect to the Senior Debt that have been approved by
                Fortis prior to the issuance of such High Yield Bonds, such
                approval not to be unreasonably withheld or conditioned upon
                the execution by the trustee of the High Yield Bonds of a
                separate subordination agreement with Fortis or any other
                Senior Lender; and

         (iv)   the other material terms and conditions of the High Yield
                Bonds including, without limitation, all terms relating to
                defaults, events of default and remedies are not materially
                more disadvantageous to the Senior Lenders, taken as a
                whole, than the then prevailing market terms for similar
                types of Indebtedness.

         SECTION 9.    SPECIFIC PERFORMANCE; WAIVER OF DEFENSES, ETC. Fortis, on
behalf of the Senior Lenders, is hereby authorized to demand specific
performance of this Agreement, whether or not Fortis, the Senior Borrowers or
the Senior Lenders shall have complied with the provisions hereof applicable to
it, at any time when TAL, the Administrative Agent or the Subordinated Lender
shall have failed to comply with any provision hereof applicable to it. Each of
TAL and the Administrative Agent, in its individual capacity and on behalf of
the Subordinated Lenders, hereby irrevocably waives any defense based on the
adequacy of a remedy at law which might be asserted as a bar to the remedy of
specific performance hereof in any action brought therefor by Fortis or any
Senior Lender. TAL and the Administrative Agent, in its individual capacity on
behalf of the Subordinated Lenders, further waives presentment, notice and
protest in connection with all negotiable instruments evidencing the Senior
Debt, notice of any loan made, letter of credit issued, extended or renewed,
extension granted or other action taken in reliance hereon and, except as
provided in this Agreement, all demands and notices of every kind in connection
with this Agreement or Senior Debt; subject to compliance with the provisions of
Section 14(b) hereof, assents to any renewal, extension or postponement of the
time of payment of Senior Debt or any other indulgence with respect thereto, to
any substitution, exchange or release of collateral therefor in accordance with
the terms hereof and to the addition or release of any person primarily or
secondarily liable thereon; and, subject to compliance with the provisions of
Section 14(b) hereof, agrees to the provisions of any instrument, security or
other writing evidencing Senior Debt. This Agreement on the part of TAL and the
Administrative Agent, in its individual capacity on behalf of the Subordinated
Lenders, shall be and remain absolute and unconditional under any and all
circumstances, and no act or omission on the part of TAL or the Administrative
Agent consistent with the terms of this Agreement shall affect or impair the
agreements of TAL or the Administrative Agent hereunder, unless Fortis shall
otherwise consent in writing.

         SECTION 10.   FURTHER ASSURANCES. The parties hereto shall execute and
deliver to each other party such further instruments and shall take such further
action as any party hereto may at any time or times reasonably request in order
to carry out the provisions and intent of this Agreement.

                                       8

         SECTION 11.   REVIVAL OF SENIOR DEBT. The Administrative Agent, in its
individual capacity and on behalf of the Subordinated Lenders, and TAL agree
that, if at any time all or any part of any payment previously applied by Fortis
to the Senior Debt is returned by or recovered from Fortis or any Senior Lender
by reason of any order of any bankruptcy court or by reason of the operation of
any other applicable law, this Agreement shall automatically be reinstated to
the same effect as if the prior application had not been made. It is further
agreed that any diminution (whether pursuant to court decree or otherwise,
including without limitation for any of the reasons described in the preceding
sentence) of the Senior Borrowers' obligation to make any distribution or
payment pursuant to any Senior Debt, except to the extent such diminution occurs
by reason of the repayment (which has not been disgorged or returned) of such
Senior Debt in cash, shall have no force or effect for purposes of the
subordination provisions contained in this Agreement, with any turnover of
payments as otherwise calculated pursuant to this Agreement to be made as if no
such diminution had occurred.

         SECTION 12.   AMENDMENT. The provisions hereof and the rights granted
to Fortis, on behalf of the Senior Lenders, hereunder are for the protection of
Fortis and the Senior Lenders and any other assignee who may become a holder of
or participant in any of the Senior Debt, whether by amendment to the Senior
Credit Agreement or otherwise, and not for the protection or benefit of the
Senior Borrowers. This Agreement may be amended only by an instrument in writing
signed by all of the parties hereto.

         SECTION 13.   COUNTERPARTS. This Agreement may be executed in any
number of counterparts, but all of such counterparts shall together constitute
but one agreement. In making proof of this Agreement, it shall not be necessary
to produce or account for more than one counterpart signed by each of the
parties hereto.

         SECTION 14.   REQUIRED CONSENTS FOR CERTAIN EVENTS AFFECTING
SUBORDINATED INDEBTEDNESS. (a) The Administrative Agent agrees with Fortis, for
the benefit of Fortis and the Senior Lenders, that the Administrative Agent will
not enter into any amendment of the material terms of any agreement, document or
instrument evidencing the Subordinated Debt including, without limitation, all
terms relating to subordination, payments, defaults and events of default,
remedies, the term, maturity, interest rate and fees applicable to such
indebtedness and any and all financial and other material covenants without the
prior written consent of Fortis.

         (b)   Fortis hereby agrees with TAL and the Administrative Agent that
it will not, without the prior written consent of the Administrative Agent,
enter into any amendment of the Senior Credit Agreement if the effect of such
amendment would alter the definition of the defined terms "Designated Event of
Default" or "IO Distributable Amount" or change the relative payment priority of
the "IO Distributable Amount".

         (c)   TAL agrees with Fortis that it shall promptly, and in any event
within five Business Days of the execution thereof, furnish to Fortis copies of
any amendment to the Subordinated Debt Documents.

         (d)   The Senior Borrowers agree with the Administrative Agent that
they shall promptly, and in any event within five Business Days of the execution
thereof, furnish to the Administrative Agent copies of any amendment to the
Senior Credit Agreement.

                                       9

         SECTION 15.   NOTICES. Any notice or other communication in connection
with this Agreement shall be in writing and in the case of a letter, either
mailed registered or certified, postage prepaid, in the United States mail or
telecopied to the addresses or telecopy numbers set forth below:

               If to the Administrative Agent:

                       c/o Transamerica Finance Corporation
                       9399 West Higgins Road, Suite 600
                       Rosemont, IL 60018
                       Fax:
                       Attn:

                       with a copy to:

                       c/o Transamerica Finance Corporation
                       9399 West Higgins Road, Suite 600
                       Rosemont, IL 60018
                       Fax: (847) 685-1143
                       Attn: Vincent Hillery, Esq.

               If to Fortis:

                       Coolsingel 93
                       P.O. Box 749
                       3000 AS Rotterdam,
                       The Netherlands - RO1.16.02
                       Fax:  011-31 (10) 401-6343
                       Attn: Menno van Lacum

               If to TAL, TLI, TOL or TOCC:

                       c/o TAL International Container Corporation
                       100 Manhattanville Road,
                       Purchase, New York  10577-2135
                       Fax:
                       Attn:

or in any case, at such other address or telecopy number for notice as shall
have last been furnished in writing to the party giving notice.

         Any such notice or demand shall be deemed to have been duly given or
made and to have become effective (i) if delivered by hand, overnight courier or
telecopy to any person above at the time of the receipt thereof by such person
or upon the sending of such telecopy and (ii) only in the case of notices or
demands being sent within the borders of the United States of America,

                                       10

if sent by registered or certified first-class mail, postage prepaid, on the
third Business Day following the mailing thereof.

         SECTION 16.   NO WAIVERS. No failure or delay on the part of any par
to exercise, and no course of dealing with respect to, any right, power or
privilege under this Agreement or any document or instrument relating to the
Senior Debt or the Subordinated Debt shall operate as a waiver thereof. No
single or partial exercise of any such right, power or privilege shall preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege.

         SECTION 17.   SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon and inure to the benefit of each of the parties hereto, and their
respective successors and assigns. None of the Administrative Agent or any
Subordinated Lender may sell, assign, pledge, encumber or otherwise dispose of
the Subordinated Debt unless (i) such sale, assignment, pledge, encumbrance or
disposition is made expressly subject to the terms and provisions of this
Agreement, and (ii) such purchaser, assignee or pledgee shall have executed and
delivered a joinder to this Agreement.

         SECTION 18.   SEVERABILITY. If any provision of this Agreement is held
to be illegal, invalid or unenforceable under present or future laws during the
term hereof, such provision shall be fully severable, this Agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part hereof, and the remaining provisions hereof shall
remain in full force and effect and shall not be affected by the illegal,
invalid or unenforceable provision or by its severance herefrom. Furthermore, in
lieu of such illegal, invalid or unenforceable provision there shall be added
automatically as a part of this Agreement a legal, valid and enforceable
provision as similar in terms to the illegal, invalid or unenforceable provision
as may be possible.

         SECTION 19.   COUNTERPARTS. This Agreement may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same instrument. In making proof of this Agreement it shall not be necessary to
produce or account for more than one such counterpart.

         SECTION 20.   GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (EXCEPT FOR THE CONFLICT OF LAWS
RULES THEREOF, BUT INCLUDING GENERAL OBLIGATIONS LAW SECTIONS 5-1401 AND
5-1402).

         SECTION 21.   ENTIRE AGREEMENT. THIS WRITTEN AGREEMENT REPRESENTS THE
FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

                                       11

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

                                  TRANSAMERICA LEASING INC.

                                  By:   /s/ A. Richard Caputo, Jr.
                                      ------------------------------------------
                                           Name:  A. Richard Caputo, Jr.
                                           Title: Authorized Officer

                                  TRANS OCEAN LTD.

                                  By:   /s/ A. Richard Caputo, Jr.
                                      ------------------------------------------
                                           Name:  A. Richard Caputo, Jr.
                                           Title: Authorized Officer

                                  TRANS OCEAN CONTAINER CORPORATION

                                  By:   /s/ A. Richard Caputo, Jr.
                                      ------------------------------------------
                                           Name:  A. Richard Caputo, Jr.
                                           Title: Authorized Officer

                                  TAL INTERNATIONAL INC.

                                  By:   /s/ A. Richard Caputo, Jr.
                                      ------------------------------------------
                                           Name:  A. Richard Caputo, Jr.
                                           Title: Authorized Officer

                                  TRANSAMERICA ACCOUNTS HOLDING CORPORATION

                                  By:   /s/ Vincent Hillery
                                      ------------------------------------------
                                           Name:  Vincent Hillery
                                           Title: Executive Vice President

                                       12

                                  FORTIS BANK (NEDERLAND) N.V.

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

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

                                       13EXHIBIT 10.8

                          TAL INTERNATIONAL GROUP, INC.

                         INVESTOR SUBSCRIPTION AGREEMENT

     THIS INVESTOR SUBSCRIPTION AGREEMENT, dated as of November 3, 2004 (this
"Agreement"), is made by and among TAL International Group, Inc., a Delaware
corporation (the "Company"), whose address is c/o The Jordan Company, L.P., 767
Fifth Avenue, 48th Floor, New York, New York 10153, and the persons and entities
whose names are set forth on Exhibit I hereto (collectively the "Shareholders").

     1. Share Subscriptions.

         (a) Each Shareholder herewith subscribes for the number of shares set
forth opposite such Shareholder's name in Exhibit I hereto of the Company's
Common Stock, par value $0.001 per share (the "Common Stock"), at a purchase
price of U.S. $1.00 per share and tenders cash in consideration of the
subscription for such shares of Common Stock.

         (b) Each Shareholder herewith subscribes for the number of shares set
forth opposite such Shareholder's name in Exhibit I hereto of the Company's
Series A 12% Cumulative Senior Preferred Stock, $0.001 par value (the "Preferred
Stock" and, together with the Common Stock, the "Shares"), at a purchase price
of U.S. $1,000.00 per share and tenders cash in consideration of the
subscription for such shares of Preferred Stock.

         (c) Each Shareholder acknowledges to the Company and the other
Shareholders that such Shareholder understands and agrees, as follows:

THE SHARES HAVE NOT BEEN REGISTERED UNDER FEDERAL OR STATE SECURITIES LAWS. THE
SHARES ARE VERY SPECULATIVE AND RISKY. THERE IS NO PUBLIC OR OTHER MARKET FOR
THE SHARES NOR IS ANY LIKELY TO DEVELOP. THE COMPANY AND ITS SUBSIDIARIES HAVE
BORROWED A SUBSTANTIAL PORTION OF THE FUNDS USED TO OPERATE ITS BUSINESS. EACH
SHAREHOLDER ACKNOWLEDGES THAT SUCH SHAREHOLDER MAY AND CAN AFFORD TO LOSE SUCH
SHAREHOLDER'S ENTIRE INVESTMENT IN THE SHARES AND THAT SUCH SHAREHOLDER
UNDERSTANDS SUCH SHAREHOLDER MAY HAVE TO HOLD THIS INVESTMENT INDEFINITELY.

     2. Seacon Claw-Back.

         (a) If upon an Exit the ROIC of the Resolute Investors with respect to
their equity securities in the Company, whether purchased hereunder or purchased
directly from the Company at any time in the future pursuant to an equity
issuance by the Company (and for the avoidance of doubt shall not include any
purchase of equity securities by the Resolute Investors from any Seacon
Investor, any other Resolute Investor or any third party) is less than the
minimum amounts specified in clause (b) below, then the Resolute Investors shall
have the

option of purchasing from the Seacon Investors the shares of Common Stock
purchased by them pursuant to this Agreement and all proceeds of such shares
other than Cash Dividends (as defined in the Escrow Agreement) (as defined
below)) at a purchase price of $0.01 per share (the "Claw-Back Option"). The
number of shares of Common Stock subject to the Claw-Back Option shall be equal
to the minimum number of shares of Common Stock that would enable the Resolute
Investors to achieve the ROIC specified in clause (b) below as of the date of
any Exit, but in any event, shall not be more than 4,875 shares of Common Stock
being purchased by the Seacon Investors hereunder, subject to adjustment for
stock splits, combinations, stock dividends, recapitalizations and similar
transactions (the "Option Shares").

         (b) For purposes of this Section 2, the minimum ROICs that will trigger
the Claw-Back Option are as follows:

               (i) If the Exit occurs after the date hereof but prior to the
three-year anniversary of the date hereof, then the minimum ROIC shall be equal
to two (2) times the amount of the Resolute Investors' invested capital in the
Company; provided that if an Exit, other than an Exit specified in clause (iii)
of the definition of "Exit", occurs after the date hereof but prior to the
one-year anniversary of the date hereof, then the minimum ROIC shall be equal to
one and one-half (1 1/2) times the amount of the Resolute Investors' invested
capital in the Company

               (ii) If the Exit occurs on or after the three-year anniversary of
the date hereof but prior to the four-year anniversary of the date hereof then
the minimum ROIC shall be equal to two and one-half (2 1/2) times the amount of
the Resolute Investors' invested capital in the Company;

               (iii) If the Exit occurs on or after the four-year anniversary of
the date hereof but prior to the five-year anniversary of the date hereof then
the minimum ROIC shall be equal to two and three-fourths (2 3/4) times the
amount of the Resolute Investors' invested capital in the Company; and

               (iv) If the Exit occurs on or after the five-year anniversary of
the date hereof then the minimum ROIC shall be equal to an amount or amounts
that produce a compounded annual internal rate of return on the Resolute
Investors' invested capital in the Company of at least twenty percent (20%).

         (c) The Resolute Investors may exercise the Claw-Back Option upon the
occurrence of an Exit by sending a written notice thereof to the Seacon
Investors (the "Exercise Notice"), which Exercise Notice shall specify the
number of Option Shares being purchased thereunder. Any Exercise Notice may be
sent to the Seacon Investors on or prior to the occurrence of an Exit and may be
conditioned on the consummation of the Exit. The purchase option under this
Section 2 shall be allocated among the Resolute Investors pro rata based on the
number of shares of Common Stock held by them at the date of exercise of the
Claw-Back Option.

         (d) For purposes of this Section 2, the following terms shall have the
corresponding meanings:

                                      -2-

               (i) "Exit" shall mean (i) the sale by the Resolute Investors of
all of their equity securities in the Company, (ii) the sale of all or
substantially all of the assets of the Company or (iii) the expiration of any
lock-up period or other transfer restrictions whether imposed by law or
agreement in connection with the consummation of initial public offering by the
Company in which all outstanding Preferred Stock is redeemed in full for cash.

               (ii) "Resolute Investors" shall mean The Resolute Fund, L.P., The
Resolute Fund Singapore PV, L.P., The Resolute Fund Netherlands PV I, L.P., The
Resolute Fund Netherlands PV II, L.P., The Resolute Fund NQP, L.P., JZ Equity
Partners PLC, Fairholme Partners, L.P., Fairholme Ventures II, LLC, Fairholme
Holdings, Ltd., Edgewater Private Equity Fund III, L.P., Edgewater Private
Equity IV, L.P., and their respective affiliates and Permitted Transferees (as
defined in the Shareholder Agreement (as defined below)). For the avoidance of
doubt, the rights granted to the Resolute Investors under this Section 2 shall
be transferable to their Permitted Transferees in connection with a permitted
transfer of their equity securities in the Company.

               (iii) "ROIC" shall mean (i) the actual amount of the purchase
price received by the Resolute Investors (net of all purchase price adjustments,
whether positive or negative) in a sale of the equity securities of the Company,
net of the Resolute Investors' pro rata portion of any reasonable investment
banking, broker, finder, attorneys, accounting and other fees and expenses
incurred in connection with such sale and (ii) all dividends or other
distributions or redemption proceeds received by the Resolute Investors with
respect to their equity securities of the Company. Proceeds shall not include
any monitoring or transaction fees received by the Resolute Investors and shall
not include the assumption of debt or any reasonable amounts paid in respect of
a non-compete agreement, transition services, consulting arrangements or similar
arrangements. Proceeds may be cash, stock, notes, or other securities or
property and shall be valued at their fair market value, as determined by the
Board of Directors of the Company in good faith.

               (iv) "Seacon Investors" shall mean shall mean Seacon Holdings
Limited and its affiliates and its Permitted Transferees. For the avoidance of
doubt, the obligations imposed on the Seacon Investors under this Section 2
shall be binding on their Permitted Transferees in connection with a permitted
transfer of the Option Shares.

         (b) As a condition precedent to the effectiveness of this Agreement,
the Seacon Investors shall execute and deliver to the Resolute Investors an
Escrow Agreement in the form of Exhibit II hereto (the "Escrow Agreement") in
order to secure the performance of the Seacon Investor's obligations under this
Section 2 and shall deliver the Option Shares to the Escrow Agent under the
Escrow Agreement with stock powers duly endorsed in blank.

     3. Proposed Transactions.

         (a) This Agreement references certain pertinent documents as well as
applicable laws and regulations. Each Shareholder acknowledges to the Company
and the other Shareholders that such references are not summaries or complete
and are qualified in their entirety by the complete texts of the documents, laws
and regulations so summarized.

                                      -3-

         (b) Each Shareholder acknowledges to the Company and the other
Shareholders that such Shareholder has had ample opportunity to ask questions
regarding each of the following documents:

               (i) Amended and Restated Certificate of Incorporation of the
Company;

               (ii) Bylaws of the Company;

               (iii) Stock Purchase Agreement, dated as of July 10, 2004, by and
between TA Leasing Holding Co., Inc. and Klesch & Company Limited, as amended,
including all exhibits and schedules thereto (the "Stock Purchase Agreement");

               (iv) Shareholders Agreement, dated as of the date hereof, by and
among the Company and the Shareholders, including all exhibits and schedules
thereto (the "Shareholder Agreement");

               (v) Management Subscription Agreement, dated as of the date
hereof, by and among the Company and the management shareholders named therein,
including all exhibits and schedules thereto (the "Management Subscription
Agreement");

               (vi) Management Consulting Agreement, dated as of the date
hereof, by and among the Company, its Related Companies and The Jordan Company,
L.P. ("TJC"), including all exhibits and schedules thereto (the "TJC Management
Consulting Agreement");

               (vii) Management Advisory Agreement, dated as of the date hereof,
by and among the Company, its Related Companies and the advisor party thereto,
including all exhibits and schedules thereto (the "Advisory Agreement");

               (viii) Transaction Fee Agreement, dated as of the date hereof, by
and between the Company and Seacon Holdings Limited (the "Seacon Fee
Agreement");

               (ix) Senior Subordinated Credit Agreement, dated as of November
3, 2004, by and among the Company and the lenders named therein, as such
agreement may be amended, waived or otherwise modified or refinanced from time
to time and all other agreements and documents related thereto (the "Loan
Agreement");

               (x) Credit Agreement, dated as of November 3, 2004, by and among
the Company, Fortis Bank, as Agent, Transamerica Leasing Inc. and TranOcean
Limited, as such agreement may be amended, waived or otherwise modified or
refinanced from time to time and all other agreements and documents related
thereto (the "Credit Agreement");

               (xi) The Company's 2004 Management Stock Plan (the "Management
Stock Plan"); and

               (xii) This Agreement and all exhibits and schedules hereto.

                                      -4-

         The documents referred to in (i) through (xii) are hereinafter
collectively referred to as the "Operative Documents", except that, for purposes
of Section 5(e) only, this Agreement will not be considered an Operative
Document.

     4. Shareholder Representations, Warranties and Covenants. Each Shareholder
represents, warrants and covenants to the Company and each other Shareholder
that:

         (a) Such Shareholder has the legal capacity, power and authority to
enter into and perform all of its obligations under this Agreement. The
execution, delivery and performance of this Agreement by such Shareholder will
not violate any other agreement to which such Shareholder is a party including,
without limitation, any voting agreement, shareholders agreement or voting
trust. This Agreement has been duly and validly authorized, executed and
delivered by such Shareholder and constitutes a valid and binding agreement of
such Shareholder, enforceable against such Shareholder in accordance with its
terms, except that such enforceability (i) may be limited by bankruptcy,
insolvency, moratorium or other similar laws affecting or relating to
enforcement of creditors' rights generally and (ii) is subject to general
principles of equity.

         (b) Such Shareholder will not (i) transfer any Shares if such transfer
would result in a default by the Company or its subsidiaries under any of the
provisions of the Operative Documents, (ii) except as required or contemplated
by the Operative Documents, grant any proxies, deposit any Shares into a voting
trust or enter into a voting agreement with respect to any Shares, or (iii) take
any action that would make any representation or warranty of such Shareholder
contained herein untrue or incorrect or have the effect of preventing or
disabling such Shareholder from performing his obligations under any of the
Operative Documents, or would result in a default by the Company or its
subsidiaries under the provisions of any of the Operative Documents. Each
Shareholder further agrees that such Shareholder's ability to transfer Shares is
subject to the limitations, restrictions and conditions of the Shareholder
Agreement and the other Operative Documents.

         (c) Such Shareholder has no pending or threatened claim, complaint,
action, suit, proceeding, hearing or investigation against the Company or its
subsidiaries for any period prior to the date hereof, nor does such Shareholder
intend to bring or file any claim, complaint, action, suit, proceeding, hearing
or investigation against the Company or its subsidiaries for any period prior to
the date hereof.

         (d) The Company has afforded such Shareholder and such Shareholder's
advisors, if any, the opportunity to discuss an investment in the Shares and to
ask questions of representatives of the Company concerning the terms and
conditions of the offering of the Shares and the Operative Documents, and such
representatives have provided answers to all such questions concerning the
offering of the Shares and the Operative Documents. Such Shareholder has
consulted its own financial, tax, accounting and legal advisors, if any, as to
such Shareholder's investment in the Shares and with the Operative Documents and
the consequences thereof and risks associated therewith. Such Shareholder and
such Shareholder's advisors, if any, have examined or have had the opportunity
to examine before the date hereof the Operative Documents and all information
that such Shareholder deems to be material to an understanding of the Company
and its subsidiaries, the proposed business of the Company and its subsidiaries,

                                      -5-

and the offering of the Shares. Such Shareholder also acknowledges that to such
Shareholder's knowledge there have been no general or public solicitations or
advertisements or other broadly disseminated disclosures (including, without
limitation, any advertisement, article, notice or other communication published
in any newspaper, magazine or similar media or broadcast over television, radio
or internet, or any seminar or meeting whose attendees have been invited by any
general solicitation or advertising) by or on behalf of the Company regarding an
investment in the Shares.

         (e) Such Shareholder represents to the Company and the other
shareholders of the Company that it knows and understands and has given full
consideration to and has had the opportunity to ask questions of any person
authorized to act on behalf of the Company concerning any aspect of the
transactions with affiliates being consummated by the Company in connection with
the Shareholders Agreement, the Loan Agreement, the Credit Agreement, the
Management Subscription Agreement, the TJC Management Consulting Agreement, the
Advisory Agreement, the Management Subscription Agreement, the Seacon Fee
Agreement and the Management Stock Plan, including all agreements, obligations,
covenants and arrangements contained therein or contemplated thereby, including
all exhibits and schedules thereto (collectively, the "Affiliate Transaction
Agreements").

     5. Risk Factors and Other Considerations: Each Shareholder acknowledges to
the Company and the other Shareholders that:

         (a) (i) The Company's subsidiaries are the Company's only material
assets, and that the Company and certain of its subsidiaries have borrowed a
substantial portion of the funds used to effect the purchase by the Company's
subsidiaries of the shares listed in the Stock Purchase Agreement; (ii) it is
unlikely that dividends will be paid on the Shares; (iii) there is no legal
requirement or promise made by the Company to declare or pay such dividends and
such dividends may not in any event be paid if such payment would violate any
term of the Operative Documents; and (iv) certain of the Operative Documents
severely restrict the ability of the Company to make any dividend or redemption
payments on the Shares in any case and such payment may be further restricted by
future agreements or instruments binding on the Company or its subsidiaries.

         (b) Any financial projections or forecasts with respect to the Company
and its subsidiaries are only forecasts prepared by management, which are
subject to many assumptions and factors beyond the Company's and its
subsidiaries' control, and that there can be no assurances that these forecasts
will be realized.

         (c) An investment in the Shares is a speculative investment which
involves a high risk of loss and that on and after the date hereof, there will
be no public market for the Shares and the Company does not contemplate that a
public market will develop.

         (d) Such Shareholder has given full consideration to and has had the
opportunity to ask questions of any person authorized to act on behalf of the
Company concerning any aspect of the transactions with affiliates being
consummated by the Company in connection with the Affiliate Transaction
Agreements.

                                      -6-

         (e) The Operative Documents and any other agreement or instrument that
may restrict the ability of the Company to make any dividend or redemption
payments may be created, amended, modified or supplemented, from time to time,
and may be refinanced, extended or substituted, from time to time, without
notice to, or the consent or approval of, the Shareholders.

     6. Securities Law and Other Matters. Each Shareholder represents and
warrants to the Company and the other Shareholders that:

         (a) Such Shareholder is an "accredited investor", as such term is
defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended
(the "Securities Act").

         (b) (i) Such Shareholder used no "purchaser's representative" (as that
term is used in Regulation D under the Securities Act) in connection with the
transactions contemplated by the Operative Documents; (ii) such Shareholder has
substantial knowledge and experience in financial, investment and business
matters, and specifically in the business of the Company and its subsidiaries,
and has the requisite knowledge and experience to evaluate the risks and merits
of its investment in the Shares; (iii) the decision of such Shareholder to
purchase the Shares hereunder has been made by such Shareholder independent of
any other Shareholder and independent of any statements, disclosures or
judgments as to the properties, business, prospects or condition (financial or
otherwise) of the Company and its subsidiaries which may have been made or given
by any Shareholder or other person.

         (c) (i) The Shares being purchased by such Shareholder hereunder have
not been registered under the Securities Act on the ground that the sales of
Shares pursuant to this Agreement are exempt under Section 4(2) of the
Securities Act as not constituting a distribution, and that the Company's
reliance on such exemption is predicated in part on each Shareholder's
representation which such Shareholder herewith makes that the Shares have been
acquired solely by and for the account of such Shareholder for investment
purposes only, and are not being purchased for subdivision, fractionalization,
resale or distribution and other than as expressly set forth in the Operative
Documents, such Shareholder has no contract, undertaking, agreement or
arrangement with any other Shareholder to sell, transfer or pledge to such other
Shareholder or anyone else the Shares being sold to such Shareholder (or any
part thereof), and such Shareholder has no present plans or intentions to enter
into any such contract, undertaking, agreement or arrangement; (ii) the Shares
being sold to such Shareholder must be held indefinitely unless they are
subsequently registered under the Securities Act or a transfer is made pursuant
to an exemption from such registration, including, for example, pursuant to Rule
144 thereunder and that except as set forth in the Shareholders Agreement, the
Company has no agreements in respect of registering the Shares under Federal or
state law; and (iii) such Shareholder's financial condition is such that such
Shareholder is not under any present necessity or constraint, and does not
foresee in the future any necessity or constraint, to dispose of the Shares to
satisfy any existing or contemplated debt or undertaking.

         (d) In the event that in the future the Company engages in any
negotiation or transaction (including a merger or consolidation or other
reorganization by or of the Company) in which Regulation D under the Securities
Act may or will be available to the Company, each of the Shareholders who is not
then a professional investor agrees irrevocably (and with the

                                      -7-

knowledge and intention that the other holders of the Company's stock of all
classes will rely thereon in making their respective present investment
decisions) that such Shareholder will, within five (5) business days of notice
from the Company, which notice may be given in the sole discretion of the
Company, appoint a purchaser's representative or representatives who shall be
qualified and acceptable to the Company and any other person(s) who is (are)
involved in the proposed transaction so that the maximum benefits of Regulation
D under the Securities Act shall be available to the Company and all of its
Shareholders.

     7. Registration Rights. The Shares have not been registered under the
Securities Act nor any state securities laws and, in consequence thereof, all of
the Shares must be held indefinitely unless (a) subsequently registered under
the Securities Act or other applicable federal and state securities laws or (b)
exemptions from such registration are available at the time of a proposed sale
or transfer thereof. Except as set forth in the Shareholders Agreement, the
Company has no agreements in respect of a registration statement under either
federal or state law.

     8. Legend. All certificates representing the Shares shall be endorsed as
follows:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO, AND ARE
TRANSFERABLE ONLY UPON COMPLIANCE WITH, THE PROVISIONS OF A SHAREHOLDERS
AGREEMENT, DATED AS OF NOVEMBER 3, 2004, AMONG THE COMPANY AND ITS SHAREHOLDERS
AND A SUBSCRIPTION AGREEMENT, DATED AS OF NOVEMBER 3, 2004, AMONG THE COMPANY
AND CERTAIN OR ITS SHAREHOLDERS. A COPY OF THE ABOVE REFERENCED AGREEMENTS MAY
BE OBTAINED FROM THE SECRETARY OF THE COMPANY.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT, OR AN EXEMPTION FROM REGISTRATION, UNDER SAID
ACT."

         Each Shareholder acknowledges to the Company and the other Shareholders
that (i) the effect of such legend, among other things, is or may be to limit or
destroy the value of the certificate for purposes of sale or for use as loan
collateral and that "stop transfer" instructions may be noted against the Shares
sold to such Shareholder hereunder; and (ii) any transferee of such Shareholder
is required to become a party to the Shareholders Agreement as a condition to
acquiring Shares.

     9. Miscellaneous.

         (a) Subject to the conditions of transfer of Shares hereunder and in
the Shareholders Agreement, this Agreement shall be binding upon and shall inure
to the benefit of each individual Shareholder and such Shareholder's respective
heirs, executors, administrators, assigns and legal representatives and to the
Company and its respective successors and assigns, by way of merger,
consolidation or operation of law or otherwise. Once a Shareholder is no longer
a shareholder of the Company all rights and benefits (but not the obligations)
previously

                                      -8-

enjoyed by such party pursuant to the terms of this Agreement shall
automatically terminate with respect to such party.

         (b) Prior to consummation of any transfer of Shares held by a
Shareholder permitted under the Shareholders Agreement, except for transfers
pursuant to a public offering, such party shall cause the transferee to execute
an agreement in which the transferee agrees to be bound by the terms of this
Agreement and the Shareholders Agreement.

         (c) The language used in this Agreement will be deemed to be the
language chosen by the parties hereto to express their mutual intent, and no
rule of strict construction will be applied against any person.

         (d) THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, APPLIED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. EACH OF
THE PARTIES HERETO ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF
THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY HARMED AND COULD
NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY
TO WHICH THEY MAY BE ENTITLED AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED
TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE CHOICE OF
FORUM SET FORTH IN THIS SECTION 9 SHALL NOT BE DEEMED TO PRECLUDE THE
ENFORCEMENT OF ANY JUDGMENT OF A NEW YORK FEDERAL OR STATE COURT OR THE TAKING
OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT IN ANY OTHER
APPROPRIATE JURISDICTION.

         (e) IN THE EVENT ANY PARTY TO THIS AGREEMENT COMMENCES ANY LITIGATION,
PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS
AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN
OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE UNDER ALL
CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY LITIGATION, PROCEEDING
OR OTHER LEGAL ACTION IN A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE
SOUTHERN DISTRICT OF NEW YORK, WHETHER A STATE OR FEDERAL COURT; (2) AGREE THAT
IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL
CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN
CLAUSE (1) OF THIS SECTION AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE
WITH THE RULES AND STATUTES GOVERNING SERVICE OF PROCESS (IT BEING UNDERSTOOD
THAT NOTHING IN THIS SECTION SHALL BE DEEMED TO PREVENT ANY PARTY FROM SEEKING
TO REMOVE ANY ACTION TO A FEDERAL COURT IN THE SOUTHERN DISTRICT OF NEW YORK;
(3) AGREE TO WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY
MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR
ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS
BROUGHT IN ANY INCONVENIENT FORUM; (4) AGREE, AFTER CONSULTATION WITH COUNSEL,
TO WAIVE ANY RIGHTS TO A JURY TRIAL TO

                                      -9-

RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO
DESIGNATE, APPOINT AND DIRECT AN AUTHORIZED AGENT TO RECEIVE ON ITS BEHALF
SERVICE OF ANY AND ALL PROCESS AND DOCUMENTS IN ANY LEGAL PROCEEDING IN THE
SOUTHERN DISTRICT OF NEW YORK; (6) AGREE TO PROVIDE THE OTHER PARTIES TO THIS
AGREEMENT WITH THE NAME, ADDRESS AND FACSIMILE NUMBER OF SUCH AGENT; (7) AGREE
AS AN ALTERNATIVE METHOD OF SERVICE TO SERVICE OF PROCESS IN ANY LEGAL
PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH
HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (8) AGREE THAT ANY SERVICE MADE AS
PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (9)
AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE
OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. TO THE EXTENT PERMITTED BY LAW
IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY
MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, AND AGREE TO TAKE ANY AND
ALL ACTION NECESSARY OR APPROPRIATE TO EFFECT SUCH WAIVER.

         (f) All personal pronouns used in this Agreement, whether used in
masculine, feminine or neuter gender, shall include all other genders if the
context so requires; the singular shall include the plural, and vice versa.

         (g) This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one
and the same instrument. If the requirements of this Agreement have otherwise
been met, new Shareholders may become parties to this Agreement by executing a
counterpart to this Agreement at which time the Company shall revise the
Exhibits as may be necessary or appropriate.

         (h) The words "sale," "sell," "transfer" and the like shall include any
disposition by way of transfer, with or without consideration to any person for
any purpose and shall include, but shall not be limited in any way to,
redemption (of other than its preferred stock) by the issuer, private or public
sale or exchanges of securities or any other similar transaction involving the
Shares.

         (i) In case any one or more of the provisions or parts of a provision
contained in this Agreement shall, for any reason, be held to be invalid,
illegal or unenforceable in any respect in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provision or part of a
provision of this Agreement or any other jurisdiction, but this Agreement shall
be reformed and construed in any such jurisdiction as if such invalid or illegal
or unenforceable provision or part of a provision had never been contained
herein and such provision or part shall be reformed so that it would be valid,
legal and enforceable to the maximum extent permitted in such jurisdiction.

         (j) This Agreement and the other agreements entered into on the date
hereof in connection with this Agreement supersede all prior agreements between
the parties with respect to the subject matter thereof (including the letter
agreement dated September 16, 2004, by and among The Resolute Fund, L.P., TMC
Holdings, Inc. and Klesch & Company Limited

                                      -10-

and the letter agreement dated September 16, 2004, by and between The Resolute
Fund, L.P. and Klesch & Company Limited) and constitute a complete and exclusive
statement of the terms of the agreements among the parties with respect to the
subject matter thereof.

         (k) Each of the parties hereto agrees to execute all such further
instruments and documents and to take all such further action as are necessary
to effectuate the terms and purposes of this Agreement.

         (l) Whenever notice is required to be given by any party hereunder,
such notice shall be deemed sufficient when delivered to the Company at its
address above and to each of the other Shareholders at such Shareholder's
address set forth on Exhibit I hereto or to such other address as the
Shareholder shall have furnished to the Company.

         (m) Each party to this Agreement represents and warrants to the other
parties to this agreement that, except as set forth on Exhibit III hereto, such
party has not used any broker, finder or legal, financial or other advisor in
connection with the transactions contemplated by this Agreement and the other
Operative Documents, and no party hereto has or shall have any liability or
otherwise suffer or incur any damage, cost or expense as a result of or in
connection with any brokerage or finder's fee or other commission or fee payment
(collectively, "Damages") of any person or entity retained by such party in
connection with any of the transactions contemplated by this Agreement and other
the Operative Documents. In addition, each party to this Agreement agrees to
indemnify and hold harmless each other party to this Agreement and their
respective affiliates for any Damages in connection with the transactions
contemplated by this Agreement and the other Operative Documents.

         (n) Each party shall be entitled to rely conclusively upon any notice
received, or the failure to receive any notice, from any other party with
respect to rights and obligations under this Agreement.

     10. Receipt of Share Certificates. Each Shareholder herewith acknowledges
receipt of the certificate(s) evidencing the Shares purchased by such
Shareholder.

                            [Signature Pages Follow]

                                      -11-

         IN WITNESS WHEREOF, each of the undersigned has signed this Agreement
as of the date first above written.

                        TAL INTERNATIONAL GROUP, INC.

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

                        THE RESOLUTE FUND, L.P.

                        By:  Resolute Fund Partners, LLC, its General Partner

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

                        THE RESOLUTE FUND SINGAPORE PV, L.P.

                        By:  Resolute Fund Partners, LLC, its General Partner

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

                        THE RESOLUTE FUND NETHERLANDS PV I, L.P.

                        By:  Resolute Fund Partners, LLC, its General Partner

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

                                      S-1

                        THE RESOLUTE FUND NETHERLANDS PV II, L.P.

                        By:  Resolute Fund Partners, LLC, its General Partner

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

                        THE RESOLUTE FUND NQP, L.P.

                        By:  Resolute Fund Partners, LLC, its General
                        Partner

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

                                      S-2

                        JZ EQUITY PARTNERS, PLC

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

                                      S-3

                        FAIRHOLME PARTNERS, L.P.

                        By:  Fairholme Capital Management, L.L.C., its
                             General Partner

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

                        FAIRHOLME VENTURES II, LLC.

                        By:  Fairholme Capital Management, L.L.C., its
                             Managing Member

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

                        FAIRHOLME HOLDINGS, LTD.

                        By:  Fairholme Capital Management, L.L.C., its
                             Investment Manager

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

                                      S-4

                        EDGEWATER PRIVATE EQUITY FUND III, L.P.

                        By:  Edgewater III Management L.P., its
                             General Partner

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

                        EDGEWATER PRIVATE EQUITY FUND IV, L.P.

                        By:  Edgewater IV Management LLC, its General Partner

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

                                      S-5

                        SEACON HOLDINGS LIMITED

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

                                      S-6

                                    EXHIBIT I

                              Shareholder Schedule

<TABLE>

             Shareholder                       Shares of Common Stock      Shares of Preferred Stock
---------------------------------------        ----------------------      -------------------------

The Resolute Fund, L.P.                                52,555.85                   119,785.41741
c/o The Jordan Company, L.P.
767 Fifth Avenue, 48th Floor
New York, New York 10153

The Resolute Fund Singapore PV, L.P.                    2,066.69                     4,710.39778
c/o The Jordan Company, L.P.
767 Fifth Avenue, 48th Floor
New York, New York 10153

The Resolute Fund Netherlands PV I, L.P.                2,480.02                     5,652.47563
c/o The Jordan Company, L.P.
767 Fifth Avenue, 48th Floor
New York, New York 10153

The Resolute Fund Netherlands PV II, L.P.               2,066.69                     4,710.39778
c/o The Jordan Company, L.P.
767 Fifth Avenue, 48th Floor
New York, New York 10153

The Resolute Fund NQP, L.P.                                62.00                       141.31140
c/o The Jordan Company, L.P.
767 Fifth Avenue, 48th Floor
New York, New York 10153

JZ Equity Partners PLC                                  6,372.84                    14,525.00000
17a Curzon Street
London, W1J 5HS
United Kingdom

Fairholme Partners, L.P.                                4,248.56                     9,683.33333
51 J F K Parkway
Short Hills, New Jersey 07078

Fairholme Ventures II, LLC                              4,248.56                     9,683.33333
51 J F K Parkway
Short Hills, New Jersey 07078

Fairholme Holdings, Ltd.                                4,248.57                     9,683.33334
51 J F K Parkway
Short Hills, New Jersey 07078

                                      I-i

Edgewater Private Equity Fund III, L.P.                   877.50                     2,000.00000
c/o The Edgewater Funds
900 N. Michigan Ave., Suite 1800
Chicago, IL 60611

Edgewater Private Equity Fund IV, L.P.                  5,495.34                    12,525.00000
c/o The Edgewater Funds
900 N. Michigan Ave., Suite 1800
Chicago, IL 60611

Seacon Holdings Limited                                11,943.75                     5,000.00000
Attn: Robert Taylor
PO Box 771,
2nd Floor
Thorp House
Rouge Bouillon, St Helier
Jersey JE4 ORX
Channel Islands
</TABLE>

                                      I-ii

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