Document:

<PAGE>

Exhibit 10.3

                               AMENDMENT NUMBER 1

                                       TO

                              COLLATERAL AGREEMENT

                  THIS AMENDMENT NUMBER 1, dated as of September 23, 2003 (the
"Amendment"), to the Collateral Agreement, dated as of November 16, 2001 (the
"Collateral Agreement"), by and among Cronos Equipment (Bermuda) Limited, a
company organized and existing under the laws of the Islands of Bermuda ("CEB"),
Cronos Finance (Bermuda) Limited, a company organized and existing under the
laws of the Islands of Bermuda ("CFL"), and Fortis Bank (Nederland) N.V. (f/k/a
MeesPierson N.V.), a Naamloze Vennootschap ("Secured Party").

                              W I T N E S S E T H :

                  WHEREAS, CFL, as Issuer, is a party to that certain Amended
and Restated Loan Agreement, dated as of July 19, 2001 (the "Loan Agreement")
with Secured Party, as the Agent and Initial Noteholder; and

                  WHEREAS, pursuant to the terms of the Loan Agreement, the
Initial Noteholder agreed to lend CFL up to $60,000,000 (the "Initial Secured
Amount"); and

                  WHEREAS, CEB, CFL and Secured Party have previously entered
into the Collateral Agreement; and

                  WHEREAS, the Collateral Agreement dated as of November 16,
2001 was registered as a charge over the assets of CEB, pursuant to section 55
of the Companies Act 1981, on November 27, 2001, bearing registration number
13378 (the "Original Charge");

                  WHEREAS, the amount due or owing on the Original Charge is up
to $60,000,000; and

                  WHEREAS, CFL, as Issuer, is a party to that certain Second
Amended and Restated Loan Agreement, dated as of September 23, 2003 (the "Second
Amended and Restated Loan Agreement") with Secured Party, as the Agent and
Initial Noteholder and NIB Capital Bank N.V. ("NIB"), a Naamloze Vennootschap,
and Hollandsche Bank-Unie ("HBU"), a Naamloze Vennootschap, each as a Noteholder
(each a "Noteholder"); and

                  WHEREAS, pursuant to the terms of the Second Amended and
Restated Loan Agreement, the Initial Noteholder has agreed to lend CFL up to
$40,000,000, NIB has agreed to lend CFL up to $25,000,000 and HBU has agreed to
lend CFL up to $5,000,000; and

                  WHEREAS, CFL's borrowings under the Second Amended and
Restated Loan Agreement are evidenced by Promissory Notes (the "Notes") in the
form of Exhibit C to the Second Amended and Restated Loan Agreement; and

                  WHEREAS, in order to secure the payment of all amounts due
under the Notes and the performance of CFL's covenants and agreements in the
Second Amended and Restated Loan Agreement in excess of the Initial Secured
Amount (collectively, the "Additional Secured Obligations"), CFL has

                                                                            E104
<PAGE>

Exhibit 10.3

granted the Noteholders a security interest in and to the "Collateral," as
defined in Section 401 of the Second Amended and Restated Loan Agreement; and

                  WHEREAS, the parties desire to amend the Collateral Agreement
in order to modify certain provisions thereof;

                  NOW, THEREFORE, in consideration of the agreements herein
contained, the parties agree as follows:

                           ARTICLE XIII DEFINED TERMS

                  Capitalized terms used in this Amendment and not otherwise
defined herein shall have the meanings assigned in the Collateral Agreement, or
if such terms are not defined therein, as defined in that certain Second Amended
and Restated Loan Agreement, dated as of September 23, 2003 (as the same may be
amended, restated, extended and renewed from time to time, the "Loan
Agreement"), among CFL, Secured Party, as "Agent" and as "Noteholder," and NIB
Capital Bank N.V., a Naamloze Vennootschap, and Hollandsche Bank-Unie N.V., a
Naamloze Vennootschap, each as a "Noteholder."

                  2.       AMENDMENTS TO COLLATERAL AGREEMENT

                  Effective upon the execution and delivery hereof, (i) each
reference in the Collateral Agreement to the term "Loan Agreement" when used in
the Collateral Agreement shall mean the Loan Agreement as such term is defined
in Section 1 of this Amendment, and (ii) Schedule 1 B to the Collateral
Agreement, the listing of CEB's Patents, is hereby supplemented and amended by
Schedule 1 C attached to this Amendment, to include reference to CEB's right,
title and interest in, to and under the Patents set forth thereon as
intellectual property acquired subsequent to the entering into of the Collateral
Agreement and thereby charged pursuant to the provisions of Section 1 thereof;
provided that such Schedule 1 B to the Collateral Agreement remains in full
force and effect.

                  3.       GRANT OF SECURITY INTEREST

                  As collateral security for the prompt and complete payment and
performance of the Additional Secured Obligations, and in consideration of the
payment by CFL of the Credit Enhancement Fee (Section 4 hereof), CEB hereby
grants to the Secured Party, for the benefit of the Noteholders under the Second
Amended and Restated Loan Agreement, a security interest in the Intellectual
Property as defined in the Collateral Agreement.

                  4.       CREDIT ENHANCEMENT FEE

                  In consideration of CEB's ratification and confirmation of the
Collateral Agreement pursuant to Section 7 hereof and the grant of a security
interest in the Intellectual Property pursuant to the provisions of Section 1
thereof, CFL agrees to pay CEB an additional Credit Enhancement Fee of Fourteen
Thousand Five Hundred Fifteen Dollars ($14,515), payable within three (3)
business days of the date of this Amendment, by wire transfer to CEB. CFL agrees
to provide notice of payment of the Credit Enhancement Fee to Secured Party
concurrently with the payment thereof to CEB. If the Credit Enhancement Fee is
not paid as aforesaid, then this Amendment shall become null and void.

                  5.       REPRESENTATIONS AND WARRANTIES

                                                                            E105
<PAGE>

Exhibit 10.3

                  CEB hereby confirms that each of the representations and
warranties set forth in Section 2 of the Collateral Agreement is true and
correct as of September 23, 2003 with the same effect as though each had been
made as of such date, except to the extent that any of such representations and
warranties expressly relate to earlier dates.

                  6.       EFFECTIVENESS OF AMENDMENT

                  (a)      This Amendment shall become effective as of September
23, 2003.

                  (b)      This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

                  (c)      On and after the execution and delivery hereof, (i)
this Amendment shall be a part of the Collateral Agreement, and (ii) each
reference in the Collateral Agreement to "this Agreement" or "hereof",
"hereunder" or words of like import, and each reference in any other document to
the Collateral Agreement shall mean and be a reference to the Collateral
Agreement as amended or modified hereby.

                  7.       FULL FORCE AND EFFECT

                  Other than as specifically modified hereby, the Collateral
Agreement shall remain in full force and effect in accordance with the terms and
provisions thereof (including, without limitation, the security interests
granted pursuant thereto to secure the Initial Secured Amount) and is hereby
ratified and confirmed by the parties hereto.

                  8.       EXECUTION IN COUNTERPARTS

                  This Agreement may be executed by the parties hereto in
counterparts, each of which shall be deemed to be an original, but all such
counterparts shall constitute one and the same instrument, and all signatures
need not appear on any one counterpart.

                  9.       GOVERNING LAW

                  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to the
principles of conflicts of law.

                                                                            E106
<PAGE>

Exhibit 10.3

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.

                                        CRONOS EQUIPMENT (BERMUDA) LIMITED

                                        By /s/ PETER J YOUNGER
                                           -------------------------------
                                        Name: Peter J Younger
                                        Its: Director

                                        CRONOS FINANCE (BERMUDA) LIMITED

                                        By /s/ DENNIS J TIETZ
                                           -------------------------------
                                        Name:  Dennis J Tietz
                                        Its: Director

                                        FORTIS BANK (NEDERLAND) N.V.

                                        By /s/ MENNO A.N. VAN LACUM
                                           -------------------------------
                                        Name: Menno A.N. van Lacum
                                        Its: Account Manager

                                        By /s/ PAUL R.G. ZAMAN
                                           -------------------------------
                                        Name: Paul R.G. Zaman
                                        Its: Deputy Director

                                                                            E107
<PAGE>

Exhibit 10.3

                  PATENTS

Schedule 1 C

<TABLE>
<CAPTION>
COUNTRY         NUMBER         CASE             STATUS            EXPIRY YEAR
-------         ------         ----             ------            -----------
<S>            <C>          <C>              <C>                  <C>
Austria        0206542      Pinched end      Granted patent           2006
Denmark        0708732      Slimwall         Granted patent           2013
Eire           0708732      Slimwall         Granted patent           2013
Greece         0708732      Slimwall         Granted patent           2013
Italy          0206542      Pinched end      Granted patent           2006
Sweden         0206542      Pinched end      Granted patent           2006
</TABLE>

                                                                            E108<PAGE>

Exhibit 10.4

                               AMENDMENT NUMBER 1

                        TO AMENDED AND RESTATED GUARANTY

         THIS AMENDMENT NUMBER 1, dated as of September 23, 2003 (the
"Amendment") to the Amended and Restated Guaranty, dated as of July 19, 2001
(together with any amendments and supplements, the "Guaranty"), between THE
CRONOS GROUP, as the Guarantor (together with its successors and permitted
assigns, the "Guarantor") and FORTIS BANK (NEDERLAND) N.V. in its capacity as
Agent (the "Agent") and in its capacity as a Noteholder (a "Noteholder"), and
NIB CAPITAL BANK N.V. and HOLLANDSCHE BANK-UNIE N.V., each as a Noteholder,

                              W I T N E S S E T H:

         WHEREAS, the Guarantor, the Agent and the Noteholder have previously
entered into the Guaranty;

         WHEREAS, the parties desire to amend the Guaranty in order to modify
certain provisions of the Guaranty;

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

                  Section 109. Defined Terms. Capitalized terms used in this
Amendment and not otherwise defined herein shall have the meanings assigned in
the Guaranty, or, if such terms are not defined therein, as defined in that
certain Second Amended and Restated Loan Agreement, dated as of September 23,
2003 (the "Loan Agreement"), among Cronos Finance (Bermuda) Limited, Fortis Bank
(Nederland) N.V., as "Agent" and as "Initial Noteholder", and NIB Capital Bank
N.V. and Hollandsche Bank-Unie N.V., each as a Noteholder.

                  Section 110. Full Force and Effect. Other than as specifically
modified hereby, the Guaranty shall remain in full force and effect in
accordance with the terms and provisions thereof and is hereby ratified and
confirmed by the parties hereto.

                  Section 111. Amendment to the Guaranty. Effective upon the
execution and delivery hereof, Section 7(h) of the Guaranty is hereby amended to
read in its entirety as follows:

                    "(h)     the occurrence of any event or the existence of any
                    condition, the effect of such event or condition is to cause
                    or permit holders of debt more than $1,000,000, individually
                    or in the aggregate of indebtedness for borrowed money of
                    The Cronos Group or any subsidiary of The Cronos Group to
                    become due before its (or their) stated maturity or before
                    its (or

                                                                            E109
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Exhibit 10.4

                    their) regularly scheduled dates of payments and such event
                    or condition remains unremedied for more than 60 days;"

                  Section 112. Representations and Warranties. The Guarantor,
the Agent and ther Noteholder each hereby confirms that each of the
representations and warranties set forth in Section 5 of the Guaranty are true
and correct as of the date first written above with the same effect as though
each had been made as of such date, except to the extent that any of such
representations and warranties expressly relate to earlier dates.

                  Section 113. Effectiveness of Amendment.

                  (a)      This Amendment shall become effective as of September
23, 2003.

                  (b)      This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

                  (c)      On and after the execution and delivery hereof, (i)
this Amendment shall be a part of the Guaranty, and (ii) each reference in the
Guaranty to "this Agreement" or "hereof", "hereunder" or words of like import,
and each reference in any other document to the Guaranty shall mean and be a
reference to the Guaranty as amended or modified hereby.

                  Section 114. Execution in Counterparts. This Amendment may be
executed by the parties hereto in separate counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and
the same agreement.

                  Section 115. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO
CONFLICT OF LAW PRINCIPLES, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK.

                            [Signature page follows.]

                                                                            E110
<PAGE>

Exhibit 10.4

         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment on the date first above written.

                                        THE CRONOS GROUP

                                        By: /s/ DENNIS J TIETZ
                                            ---------------------------
                                        Name: Dennis J Tietz
                                        Title: Chief Executive Officer

                                                                            E111
<PAGE>

Exhibit 10.4

APPROVED AND ACCEPTED

FORTIS BANK (NEDERLAND) N.V.,
as Agent and Noteholder

By: /s/ MENNO A.N. VAN LACUM
   -------------------------
Name: Menno A.N. van Lacum
Title: Account Manager

By: /s/ PAUL R.G. ZAMAN
   --------------------
Name: Paul R.G. Zaman
Title: Deputy Director

NIB CAPITAL BANK N.V., as Noteholder

By: /s/ DIETER P. FENNEMA                            By: /s/ CHRIS MULDER
   ----------------------                               -----------------
Name: Dieter P. Fennema                              Name: Chris Mulder
Title: Vice President                                Title: Legal Counsel

By: /s/ J.B.J. STEGMANN
   --------------------
Name: J.B.J. Stegmann
Title: Managing Director

HOLLANDSCHE BANK-UNIE N.V., as a Noteholder

By: /s/ L.J.M. BLOEMHEUEL
   ----------------------
Name: L.J.M. Bloemheuel
Title: Proxy

By: /s/ R.A.C. COENRAADTS
   ----------------------
Name: R.A.C. Coenraadts
Title: Proxy

                                                                            E112
<PAGE>

Exhibit 10.5

                   AMENDMENT NUMBER 2 TO MANAGEMENT AGREEMENT

         THIS AMENDMENT NUMBER 2, dated as of October 15, 2003 (this
"Amendment") to the Management Agreement, dated as of September 18, 2002 (as
amended, modified or otherwise supplemented from time to time in accordance with
the terms thereof, the "Management Agreement"), each by and between CF LEASING
LTD., a limited liability company organized and existing under the laws of
Bermuda (the "Borrower"), and CRONOS CONTAINERS (CAYMAN) LTD., a corporation
organized and existing under the laws of the Cayman Islands (the "Manager").

                                   WITNESSETH:

         WHEREAS, the Borrower and the Manager have previously entered into the
Management Agreement;

         WHEREAS, the parties desire to amend the Management Agreement in order
to modify certain provisions of the Management Agreement;

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

         SECTION 1. Defined Terms. Capitalized terms used in this Amendment and
not otherwise defined herein shall have the meanings assigned in the Management
Agreement and if not set forth therein, then in the Loan Agreement.

         SECTION 2. Full Force and Effect. Other than as specifically modified
hereby, the Management Agreement shall remain in full force and effect in
accordance with the terms and provisions thereof and is hereby ratified and
confirmed by the parties hereto.

         SECTION 3. Amendment to the Management Agreement. Effective on the date
hereof, following the execution and delivery hereof, the Management Agreement is
hereby amended as follows:

            (a)   Section 11.1(k) of the Management Agreement is hereby amended
                  and restated in its entirety as follows:

                                    "judgments are rendered against The Cronos
                  Group which individually or in the aggregate exceed the amount
                  of $3,000,000 accrued for litigation contingencies by The
                  Cronos Group in its annual report on Form 10-K filed with the
                  Securities and Exchange Commission for the fiscal year ended
                  December 31, 2002 by more than $1,000,000, and which
                  judgment(s) remains (i) unpaid and (ii) are not stayed by
                  notice of filing of an appeal, the

                                                                            E113
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Exhibit 10.5

                  posting of a bond, or by agreement with the judgment
                  creditor(s), for a period of sixty (60) days after the entry
                  thereof;";

            (b)   Section 11.1(p) of the Management Agreement is hereby amended
                  and restated in its entirety as follows:

                                    "the Consolidated Tangible Net Worth of The
                  Cronos Group (as reflected in the most recently available
                  financial statements of The Cronos Group delivered pursuant to
                  Section 7.12 hereof) shall be less than an amount equal to the
                  sum of (i) Forty-Five Million Dollars ($45,000,000) and (ii)
                  the product of (x) fifty percent (50%) and (y) all
                  consolidated net income (but not reduced for net losses),
                  determined in accordance with GAAP, of The Cronos Group and
                  its consolidated Subsidiaries for all periods commencing after
                  December 31, 2002;"; and

            (c)   Section 11.1(t) of the Management Agreement is hereby amended
                  by replacing the reference therein to "5.00" with "4.50".

         4.       Representations, Warranties and Covenants. The Manager hereby
confirms that each of the representations, warranties and covenants set forth in
Sections 14 and 20.1, and the Borrower hereby confirms that each of the
representations and warranties set forth in Section 20.2, of the Management
Agreement are true and correct as of the date first written above with the same
effect as though each had been made as of such date, except to the extent that
any of such representations, warranties and covenants expressly relate to
earlier dates.

         SECTION 5. Effectiveness of Amendment.

                  (a)      This Amendment shall become effective as of October
         15, 2003.

                  (b)      This Amendment shall be binding upon and inure to the
         benefit of the parties hereto and their respective successors and
         assigns.

                  (c)      On and after the execution and delivery hereof, (i)
         this Amendment shall be a part of the Management Agreement, and (ii)
         each reference in the Management Agreement to "this Agreement" and
         "hereof", "hereunder" or words of like import, and each reference in
         any other document to the Management Agreement shall mean and be a
         reference to the Management Agreement as amended or modified hereby.

         SECTION 6. Execution in Counterparts. This Amendment may be executed by
the parties hereto in separate counterparts, each of which shall be deemed to be
an original and all of which shall constitute together but one and the same
agreement.

         SECTION 7. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES; PROVIDED THAT SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW SHALL APPLY, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF

                                                                            E114

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