Document:

Amendment No. 1 to that certain Second Amended and Restated Revolving Credit Agr

 EXHIBIT 10.1 
 AMENDMENT NO. 1 
 to that certain 
 SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT 
 This
AMENDMENT NO. 1 (this “Amendment”), dated as of February 26, 2008, is by and among CAI INTERNATIONAL, INC., a Delaware corporation (“CAI”), CONTAINER APPLICATIONS LIMITED, a corporation
organized under the laws of Barbados (“CAI Barbados” and, together with CAI, the “Borrowers”, and each, individually, a “Borrower”), the Guarantors listed on the signature pages hereto (each a
“Guarantor” and collectively, the “Guarantors”), BANK OF AMERICA, N.A., (“Bank of America”) and the other lending institutions from time to time party to the Credit Agreement referred to
below (collectively, the “Lenders”), Bank of America, as administrative agent for itself and the other Lenders (in such capacity, the “Administrative Agent”), and UNION BANK OF CALIFORNIA, N.A., as
co-agent for itself and the other Lenders (in such capacity, the “Co-Agent” and together with the Administrative Agent, the “Agents”). Capitalized terms used herein without definition shall have the respective
meanings provided therefor in the Credit Agreement referred to below. 
 WHEREAS, the Borrowers, the Lenders and the
Agents are parties to that certain Second Amended and Restated Revolving Credit Agreement, dated as of September 25, 2007 (as amended by this Amendment and as may be further amended, restated, amended and restated, supplemented and otherwise in
effect from time to time, the “Credit Agreement”), pursuant to which the Lenders, upon certain terms and conditions, have agreed to make loans and otherwise extend credit to the Borrowers; 
 WHEREAS, the Borrowers have requested an increase in the Total Commitment under the Credit Agreement from $200,000,000 to
$265,000,000 (such increase hereinafter referred to as the “Revolving Credit Increase”), and (i) certain existing Lenders under the Credit Agreement, have agreed to increase its Commitment under the Credit Agreement and
(ii) certain new financial institutions (the “Acceding Lenders”) have agreed to join the Credit Agreement as Lenders, in each case, to provide such Lender’s or such Acceding Lender’s share of the Revolving Credit
Increase; 
 WHEREAS, CAI has advised the Administrative Agent and the Lenders that it intends to make an Investment
in CAI Barbados which is permitted by §9.3(e) of the Credit Agreement in the form of a contribution of all of the Capital Stock held by CAI in each of the Subsidiaries set forth on Schedule 1 hereto (such Subsidiaries (other than CAIJ
(as defined on Schedule 1 hereto)) hereinafter referred to as the “CAI Foreign Subsidiaries”) to CAI Barbados, such that, after giving effect to such contribution, CAI will have two direct subsidiaries (i.e., CAI Barbados and
Sky Container Trading, Inc.) and all of the other Subsidiaries will be indirect subsidiaries of CAI and direct Subsidiaries of CAI Barbados (the transactions described in clauses (i) and (ii) above are collectively referred to herein as
the “Corporate Reorganization”); 
 WHEREAS, in connection with the Corporate Reorganization, CAI has
requested that the Administrative Agent release its security interests in and pledge of 66% of the Capital Stock of each of the CAI Foreign Subsidiaries held by the Administrative Agent for the benefit of the Secured Parties as collateral security
for all of the Obligations and, contemporaneously with such release, CAI Barbados, as the new owner of the equity interests in each of CAI Foreign Subsidiaries, intends to provide a security interest in and pledge of 100% of the Capital Stock of
each of the CAI Foreign Subsidiaries to the Administrative Agent for the benefit of the Secured Parties as collateral security for the Obligations of CAI Barbados; 
 WHEREAS, in connection with the Corporate Reorganization, each of the CAI Foreign Subsidiaries shall provide a guaranty of the Obligations of CAI Barbados to the Administrative Agent for
the benefit of the Secured Parties; and 
 WHEREAS, subject to the terms and conditions set forth herein, the
Administrative Agent and the Lenders party hereto have agreed to (i) approve the Revolving Credit Increase and (ii) amend the Credit Agreement, in each case, as hereinafter provided. 

 NOW THEREFORE, the parties hereto hereby agree as follows: 
 §1.        Amendments to Credit Agreement Relating to the Revolving Credit
Increase.   Subject to the satisfaction of the conditions precedent set forth in §6 below: 
 (a)        The Credit Agreement is hereby amended by deleting the last sentence of the definition of “Total Commitment” in Section 1.1 of the Credit Agreement and substituting the
following new sentence in lieu thereof: “The Total Commitment on the First Amendment Effective Date is $265,000,000.” 
 (b)        The Credit Agreement is hereby amended by deleting the definition of “Guaranty” in Section 1.1 of the Credit Agreement and substituting the following new definition in lieu
thereof: 
 Guaranty.     Collectively, (i) the Third Amended and Restated
Guaranty, dated as of November 15, 2007, made by Sky Container Trading, Inc., as guarantor, in favor of the Administrative Agent for the benefit of the Secured Parties pursuant to which such Guarantor guarantees to the Administrative Agent the
payment and performance of all of the Obligations, together with each other joinder and accession or guaranty delivered pursuant to §8.16 or any other Loan Document (collectively, the “Domestic Guaranties”), (ii) the
Guaranty made by (x) CAI under Article XVII and (y) any guaranty from time to time delivered in connection with this Agreement or any other Loan Document, pursuant to which CAI or such other guarantor guarantees to the Secured Parties (or
the Administrative Agent for the benefit of the Secured Parties) the payment and performance of the Obligations of CAI Barbados (collectively, the “CAI Barbados Guaranties”), and (iii) any other guaranty from time to time
delivered in connection with this Agreement or any other Loan Document, in each case, as the same may be amended, restated or otherwise supplemented from time to time. 
 (c)        The Credit Agreement is hereby amended by adding the following new definitions in Section 1.1 of the Credit Agreement in the appropriate
alphabetical order: 
 First Amendment Effective Date. February 26, 2008. 
 (d)        The Credit Agreement is hereby amended by deleting the existing Schedule 1 to
the Credit Agreement in its entirety and substituting in lieu thereof the new Schedule 1 to the Credit Agreement that is attached hereto as Annex A. 
 §2.        Amendments to Credit Agreement Relating to the Corporate Reorganization.   Subject to the satisfaction of the
conditions precedent set forth in §§6 and 7 below: 
 (a)        The Credit
Agreement is hereby amended by deleting the definition of “Guarantors” in Section 1.1 of the Credit Agreement and substituting the following new definition in lieu thereof: 
 Guarantors.     Collectively, each of (a) CAI with respect to its Guaranty under Article
XVII, (b) Sky Container Trading, Inc., a California corporation, (c) each direct or indirect Domestic Subsidiary of CAI which is required to become a Guarantor pursuant to §8.16 hereof, (d) with respect to the Obligations of CAI
Barbados, Container Applications International (U.K.) Limited, Container Applications International, Ltd., Container Applications (Malaysia) SDN BDH, Sky Container Trading Limited and Sky Domestic Container Leasing Limited and (e) each Foreign
Subsidiary of CAI Barbados which becomes a Guarantor pursuant to §8.19 hereof. Each Guarantor shall be a party to a Guaranty. 
 (b)        The Credit Agreement is hereby amended by deleting the definition of “Security Documents” in Section 1.1 of the Credit Agreement and substituting the following new definition
in lieu thereof: 
 Security Documents.     The Security Agreement, the Stock
Pledge Agreement, the Use and Access Agreement, the Barbados Security Documents, all Account Control Agreements and all other agreements, instruments, filings, records, registrations and documents, including without 

  

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limitation, Uniform Commercial Code financing statements (or the equivalent thereof in any applicable foreign jurisdiction) and the Perfection Certificates,
(a) required to be executed or delivered pursuant to any Loan Document or §§8.13, 8.15, 8.16, 8.17 or 8.19 or (b) that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured
Parties. 
 (c)        The Credit Agreement is hereby amended by deleting the
existing §§6.1 and 6.2 of the Credit Agreement in their entirety and substituting in lieu thereof the new §§6.1 and 6.2 set forth below: 
 6.1        Security of Borrowers and Guarantors.     All of the Obligations shall be secured by a perfected first
priority security interest (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets constituting Collateral (which shall include, without limitation, all Eligible Containers, Eligible Chassis, Direct
Finance Lease Receivables, and all products and proceeds thereof) of CAI and the Guarantors who are Domestic Subsidiaries, whether now owned or hereafter acquired, and a pledge of 100% of the Capital Stock of each of CAI’s Subsidiaries (or, in
the case of a Foreign Subsidiary that is a “controlled foreign corporation” under Section 957 of the Code, 66% of the Capital Stock of each such first-tier Foreign Subsidiary), in each case pursuant to the terms of, and as provided
in, the Security Documents to which CAI or such Guarantor is a party. In addition to the collateral security described in the immediately preceding sentence, the Obligations of CAI Barbados shall be further secured by a perfected first priority
security interest (subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets constituting Collateral (which shall include, without limitation, all Eligible Containers, Eligible Chassis, Direct Finance
Lease Receivables, and all products and proceeds thereof) of CAI Barbados, whether now owned or hereafter acquired, and a pledge of 100% of the Capital Stock of each of CAI Barbados’ Subsidiaries (or, in the event that a pledge of the Capital
Stock of such Subsidiary may cause material adverse tax consequences, such lesser percentage of the Capital Stock of each such Subsidiary as may be agreed to by CAI and the Administrative Agent), in each case pursuant to the terms of, and as
provided in, the Security Documents to which CAI Barbados is a party. In addition to the collateral security described in the immediately preceding two (2) sentences, to the extent the Borrowers make a request (and the Administrative Agent
agrees) to include assets of any Foreign Subsidiary in the Borrowing Base, and as otherwise provided in §8.20 with respect to accounts, the Obligations of CAI Barbados shall be further secured by a perfected first priority security interest
(subject only to Permitted Liens that are entitled to priority under applicable law) in all of the assets constituting Collateral of each Foreign Subsidiary of CAI Barbados, whether now owned or hereafter acquired, in each case pursuant to the terms
of, and as provided in, the Security Documents to which such Foreign Subsidiary is a party; provided, however, that, notwithstanding anything to the contrary contained herein, no assets of any Foreign Subsidiary (other than CAI
Barbados) shall be included in the Borrowing Base unless requested by the Borrowers and approved by the Administrative Agent. Notwithstanding anything to the contrary in this §6.1, a direct or indirect non-Guarantor Foreign Subsidiary of CAI
which is formed as a special purpose entity in connection with a secured financing transaction which is without recourse to CAI or any of its other Subsidiaries or any of their assets shall not be subject to the Capital Stock pledge requirements or
collateral security requirements of this §6.1. 
 6.2        Guaranties by CAI and Subsidiaries.     All of the Obligations shall be guaranteed by the Guarantors who are Domestic Subsidiaries pursuant to the terms of
the Domestic Guaranty. The Obligations of CAI Barbados shall be guaranteed by CAI pursuant to the terms of the Guaranty contained in §17. The Obligations of CAI Barbados shall be further guaranteed to the extent provided in §8.19 by each
Foreign Subsidiary of CAI Barbados in accordance with the terms of the CAI Barbados Guaranty to which such Person is a party. Notwithstanding anything to the contrary in this §6.2, a direct or indirect Foreign Subsidiary of CAI which is formed
as a special purpose entity in connection with a secured financing transaction which is without recourse to CAI or any of its other Subsidiaries or any of their assets shall not be subject to the guaranty requirements of this §6.2. 

(d)        The Credit Agreement is hereby amended by deleting the existing Schedule
7.19(a) to the Credit Agreement in its entirety and substituting in lieu thereof the new Schedule 7.19(a) to the Credit Agreement that is attached hereto as Annex B. 
  

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 (e)        The Credit Agreement is hereby amended
by deleting the heading of §8.16 of the Credit Agreement in its entirety and substituting in lieu thereof the following new heading to such §8.16 as set forth below: 
 8.16        New Domestic Subsidiary Guarantors; Collateral Security of New
Domestic Subsidiary Guarantors. 
 (f)        The Credit Agreement is hereby
amended by deleting the existing §8.17 of the Credit Agreement in its entirety and substituting in lieu thereof the new §8.17 set forth below: 
 8.17        Local Law Pledge of Capital Stock of Foreign Subsidiaries.     If, at any time, (a) any Foreign
Subsidiary owns assets with an aggregate book value in excess of $5,000,000 or (b) the aggregate book value of the assets held by all of the Foreign Subsidiaries whose Capital Stock has not been pledged in favor of the Administrative Agent
pursuant to instruments, agreements and documents governed by the applicable local laws of each such Foreign Subsidiary’s jurisdiction of organization exceeds ten percent (10%) of the aggregate book value of the consolidated total assets
of CAI and its Subsidiaries, CAI shall promptly notify the Administrative Agent thereof and, upon the request of the Administrative Agent, (i) in the case of clause (a), CAI and/or its relevant Subsidiaries and such Foreign Subsidiary and
(ii) in the case of clause (b), CAI and/or its relevant Subsidiaries and such relevant Foreign Subsidiaries required so that the aggregate book value of the assets held by all of the Foreign Subsidiaries whose Capital Stock has not been pledged
in favor of the Administrative Agent pursuant to instruments, agreements and documents governed by the applicable local laws of each such Foreign Subsidiary’s jurisdiction of organization no longer exceeds ten percent (10%) of the
aggregate book value of the consolidated total assets of CAI and its Subsidiaries, in each case, shall become a party to any instruments, agreements and documents and provide such other documentation as the Administrative Agent shall deem necessary
or desirable in order to provide a perfected first priority security interest under the applicable local laws of the jurisdiction of organization of each such Foreign Subsidiary to the Administrative Agent, for the benefit of the Administrative
Agent and the Lenders, on (x) in the case of pledges of Capital Stock of Foreign Subsidiaries that secure all of the Obligations, 66% of the Capital Stock of such Foreign Subsidiary and (y) in the case of pledges of Capital Stock of
Foreign Subsidiaries that secure only the Obligations of CAI Barbados, 100% of the Capital Stock of such Foreign Subsidiary, including, without limitation, pledge agreements governed by the applicable local law of such Foreign Subsidiary’s
jurisdiction of organization, any public filings or filings on the books, register and/or records of any Person to be made in connection therewith, favorable opinions of counsel (including local counsel) to such Foreign Subsidiary (which shall
cover, among other things, the legality, validity, binding effect, enforceability, security and perfection of, inter alia, the all such documents) and other documentation of the type required to be supplied by the Borrowers as a condition precedent
to the initial Revolving Credit Loans made hereunder pursuant to §11 hereof, all in form, content and scope reasonably satisfactory to the Administrative Agent. Notwithstanding anything to the contrary in this §8.17, a non-Guarantor
Foreign Subsidiary of CAI which is formed as a special purpose entity in connection with a securitization financing transaction which is without recourse to CAI or any of its other Subsidiaries or any of their assets shall not be subject to the
Capital Stock pledge requirements of this §8.17. 
 (g)        The Credit
Agreement is hereby amended by (i) renumbering existing §8.19 as §8.21 and (ii) adding the following new §§8.19 and 8.20 to the Credit Agreement set forth below: 
 8.19        Foreign Subsidiary Guarantors.    
Subject to any relevant restrictions or limitations imposed by applicable law, the Borrowers shall cause each Foreign Subsidiary of CAI Barbados to execute and deliver to the Administrative Agent a Guaranty, in form, substance and governed by
applicable law satisfactory to the Administrative Agent, pursuant to which such Foreign Subsidiary shall become a Guarantor for the purposes of guaranteeing the Obligations of CAI Barbados. Further, each Borrower and each such Foreign Subsidiary
shall execute and deliver to the Administrative Agent such other documentation as the Administrative Agent may reasonably request in furtherance of the intent of this §8.19, including, without limitation, an updated Schedule
7.19(a), if applicable, documentation with respect to such Foreign Subsidiary of the type required to be supplied by the Borrowers and initial Guarantors as a condition precedent to the initial Revolving Credit Loans made hereunder pursuant
to §11 hereof and, to the extent such Foreign Subsidiary’s Capital Stock is pledged pursuant to §8.17, or collateral security is 
  

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granted pursuant to §8.20, favorable opinions of counsel (including local counsel) to such Foreign Subsidiary (which shall cover, among other things,
the legality, validity, binding effect and enforceability of the relevant documentation and creation and perfection of liens) and documentation of the type required or reasonably requested to maintain compliance with §§6.1 and 6.2.

 8.20        Collateral Security of Foreign Subsidiary
Guarantors.     In the event that (a) any proceeds of Collateral of any Borrower (or of a Guarantor if such assets are included in the Borrowing Base) are paid or otherwise deposited into an account (whether deposit,
investment or other similar account) of a Foreign Subsidiary or (b) the Borrowers request that any assets of a Foreign Subsidiary be included in the Borrowing Base (but only if and to the extent that the inclusion of such assets in the
Borrowing Base is acceptable to the Administrative Agent and the Administrative Agent determines that a security interest having priority and effect similar to a security interest granted in the United States would be obtainable), then, the
Borrowers shall cause each relevant Foreign Subsidiary (including any Foreign Subsidiary who is a Guarantor) to execute and deliver to the Administrative Agent any applicable Security Documents for the purpose of securing the Obligations of CAI
Barbados, in form, substance and governed by applicable law satisfactory to the Administrative Agent, in order to provide a first priority perfected security interest in the Collateral of such Foreign Subsidiary to the Administrative Agent on behalf
of the Secured Parties. Further, each Borrower and each such Foreign Subsidiary shall execute and deliver to the Administrative Agent such other documentation as the Administrative Agent may reasonably request in furtherance of the intent of this
§8.20, including, without limitation, documentation with respect to such Foreign Subsidiary of the type required to be supplied by the Borrowers and initial Guarantors as a condition precedent to the initial Revolving Credit Loans made
hereunder pursuant to §11 hereof and, to the extent such Foreign Subsidiary’s Capital Stock is pledged pursuant to §8.17, or collateral security is granted pursuant to this §8.20, favorable opinions of counsel (including local
counsel) to such Foreign Subsidiary (which shall cover, among other things, the legality, validity, binding effect and enforceability of the relevant documentation and creation and perfection of liens) and documentation of the type required or
reasonably requested to maintain compliance with §§6.1 and 6.2. 
 §3.        Increase in Total Commitment.   Effective as of the First Amendment Effective Date (as defined below), (i) the Total Commitment is hereby increased
from $200,000,000 to $265,000,000, and (ii) each Lender shall make such dispositions and arrangements with each other Lender with respect to the then outstanding Revolving Credit Loans, participations in Swingline Loans and Reimbursement
Obligations (the “Adjustment”) as shall result in the amount of Revolving Credit Loans, participations in Swingline Loans and Reimbursement Obligations owed to each Lender being equal to the product of such Lender’s Commitment
Percentage (after giving effect to this Amendment) multiplied by the aggregate Revolving Credit Loans, participations in Swingline Loans and Reimbursement Obligations outstanding on the First Amendment Effective Date (the “Adjusted
Amount”). Each of the Borrowers and the Guarantors hereby agrees that each Lender’s Adjusted Amount shall be Revolving Credit Loans, participations in Swingline Loans and Reimbursement Obligations, as the case may be, owed by the
applicable Borrowers to such Lender as if such Lender had initially made Revolving Credit Loans, participations in Swingline Loans and extensions of credit relating to Reimbursement Obligations under the Credit Agreement to the Borrowers in the
amount of the Adjusted Amount. Subject to §5.11 of the Credit Agreement, the Borrowers also hereby agree to pay all amounts referred to in §5.9 of the Credit Agreement pursuant to the terms of such §5.9 arising in connection with the
Adjustment. Upon the occurrence of the Adjustment, the Administrative Agent shall appropriately adjust its records to reflect each Lender’s Adjusted Amount. The Lenders shall make any appropriate adjustments in payments received in respect of
the Obligations which are allocable to periods prior to the First Amendment Effective Date directly among themselves as shall be necessary to effect the proper allocation of such payments among the Lenders, reflecting their respective portions of
the applicable Obligations held by them from time to time. For the avoidance of doubt, after giving effect to the increase in the Total Commitment referred to in this §3, the Borrowers may request a further increase in the Total Commitment
pursuant to, and in accordance with, §2.11 of the Credit Agreement. 
 §4.        Representations and Warranties.   As of each of the First Amendment Effective Date and the Corporate Reorganization Effective Date, each of the Borrower and the
Guarantors, as the case may be, represents and warrants to the Lenders and the Agents as follows: 
  

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 (a)        Representations
and Warranties in Credit Agreement. The representations and warranties of the Borrowers contained in the Credit Agreement were true and correct in all material respects when made, and continue to be true and
correct on the date hereof. 
 (b)        Authority,
Etc. The execution and delivery by each of the Borrowers and the Guarantors of this Amendment and the performance by each of the Borrowers and the Guarantors of all of its respective agreements and obligations of this Amendment and the other
documents delivered in connection therewith (collectively, the “Amendment Documents”), the Credit Agreement as amended hereby and the other Loan Documents (i) are within the corporate or company authority of such
Borrower or such Guarantor, (ii) have been duly authorized by all necessary corporate or company proceedings by such Borrower and such Guarantor, (iii) do not conflict with or result in any breach or contravention of any provision of law,
statute, rule or regulation to which such Borrower or such Guarantor is subject or any judgment, order, writ, injunction, license or permit applicable to such Borrower or such Guarantor, (iv) do not conflict with any provision of the Governing
Documents of, or any agreement or other instrument binding upon, such Borrower or such Guarantor, and (v) do not require the approval or consent of, or filing with, any Person other than those already obtained. 
 (c)        Enforceability of Obligations. The Amendment
Documents, the Credit Agreement as amended hereby, and the other Loan Documents constitute the legal, valid and binding obligations of such Borrower or such Guarantor, enforceable against such Borrower or such Guarantor in accordance with their
respective terms. 
 (d)        No Default. Immediately
after giving effect to this Amendment, no Default or Event of Default exists under the Credit Agreement or any other Loan Document. 
 §5.        Affirmation of Borrowers and Guarantors. 
 (a)        Each Borrower hereby affirms its absolute and unconditional promise to pay to each Lender and the Agents the Revolving Credit Loan, the Swing Line Loans, the
Reimbursement Obligations and all other amounts due under the Revolving Credit Notes, the Letters of Credit, the Credit Agreement as amended hereby and the other Loan Documents, at the times and in the amounts provided for therein. Each Borrower
confirms and agrees that (i) the obligations of such Borrower to the Lenders and the Agents under the Credit Agreement as amended hereby are secured by and entitled to the benefits of the Security Documents and (ii) all references to the
term “Credit Agreement” in the Security Documents and the other Loan Documents shall hereafter refer to the Credit Agreement as amended hereby. 
 (b)        Sky Container Trading, Inc. hereby acknowledges that it has read and is aware of the provisions of this Amendment. Sky Container Trading, Inc.
hereby reaffirms its absolute and unconditional guaranty of the Borrowers’ payment and performance of its obligations to the Lenders and the Agents under the Credit Agreement as amended hereby. Sky Container Trading, Inc. hereby confirms and
agrees that all references to the term “Credit Agreement” in that certain Third Amended and Restated Guaranty, dated as of November 15, 2007, made by Sky Container Trading, Inc. in favor of the Administrative Agent for the benefit of
the Administrative Agent and the Lenders, shall hereafter refer to the Credit Agreement as amended hereby. 
 §6.        Conditions to Effectiveness to Amendments in §1.   The amendments provided for in §1 above shall take effect as of the date of this Amendment (the
“First Amendment Effective Date”) upon the satisfaction of the following conditions precedent: 
 (a)        the Administrative Agent shall have received a counterpart signature page to this Amendment, duly executed and delivered by each of the Borrowers, the Guarantors, the Required Lenders, each
Lender increasing its Commitment, each Acceding Lender and the Administrative Agent, and this Amendment shall be in full force and effect; 
  

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 (b)        the Administrative
Agent shall have received an Instrument of Accession substantially in the form of Annex C attached hereto duly executed by each of the Acceding Lenders, the Borrowers and the Administrative Agent; 
 (c)        the Administrative Agent shall have received an updated Schedule
1 to the Credit Agreement (attached hereto as Annex A); 
 (d)        the Administrative Agent shall have received, if requested by the relevant Lender or Acceding Lender, as the case may be, (i) a new Revolving Credit Note payable to each of the Lenders
increasing its Commitment, and (ii) a new Revolving Credit Note payable to the order of each Acceding Lender, in each case, duly executed by each of the Borrowers; 
 (e)        the Administrative Agent shall have received a certificate of the
authorized officer of each Borrower and each Guarantor dated the First Amendment Effective Date certifying as to (i) no amendments, modifications or supplements to the Governing Documents of any Borrower or Guarantor since the Closing Date and
that such Governing Documents are in full force and effect or attaching certified copies of any amendments, modifications or supplements thereto, (ii) all corporate or other organizational actions taken by each of the Borrowers and Guarantors
authorizing the execution, delivery, and performance of this Amendment and the other Amendment Documents and attaching copies of the board minutes and/or resolutions relating to such authorization and (iii) the names, titles, incumbency, and
specimen signatures of the authorized officers of each of the Borrowers and the Guarantors authorized to sign this Amendment and the other Amendment Documents on behalf of such Person; 
 (f)        the Administrative Agent shall have received a favorable legal opinion
addressed to the Lenders and the Administrative Agent, dated as of the First Amendment Effective Date, in form and substance satisfactory to the Lenders and the Administrative Agent, from (a) Perkins Coie LLP, counsel to the Borrowers and their
Subsidiaries, (b) Chancery Chambers, special Barbados counsel to CAI Barbados and (c) any other relevant local counsel to the Borrowers and their Subsidiaries; 
 (g)        a Borrowing Base Report, dated as of the date hereof, executed by the
Borrowers; 
 (h)        the Borrowers shall have paid to the Lenders
or the Administrative Agent, as appropriate, any and all fees due on or prior to the First Amendment Effective Date, together with the reasonable fees, expenses and disbursements of the Administrative Agent’s Special Counsel with respect to
which the Borrowers have received invoices on or prior to the First Amendment Effective Date. 
 §7.        Conditions to Effectiveness to Amendments in §2.   The amendments provided for in §2 above shall take effect as of the date (the “Corporate
Reorganization Effective Date”) on which all of the conditions contained in §6 above and each of the following conditions precedent are satisfied: 
 (a)        the Administrative Agent shall have received a pledge agreement in respect of 100% of the Capital Stock of each of the Foreign Subsidiaries of
CAI Barbados; 
 (b)        the Administrative Agent shall have
received a guaranty agreement from each of the Foreign Subsidiaries of CAI Barbados who are to become Guarantors; 
 (c)        the Administrative Agent shall have received any necessary amendments and/or revisions to the Barbados Security Agreements which are required pursuant to the transactions contemplated by
the Corporate Reorganization; 
 (d)        the Administrative Agent
shall have received a certificate of the authorized officer of each Borrower certifying as to all corporate or other organizational actions taken by each of the Borrowers and Guarantors authorizing the execution, delivery, and performance of the
Corporate Reorganization and the related transactions and attaching copies of the board minutes and/or resolutions relating to such authorization; 
  

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 (e)        the Administrative
Agent shall have received a certificate of the authorized officer of each of the CAI Foreign Subsidiaries certifying as to (i) the Governing Documents of such Person (and a certificate from an appropriate individual of the jurisdiction of
organization of such Person certifying the formation documents of such Person as of a recent date before the Corporate Reorganization Effective Date) and that such Governing Documents are in full force and effect, (ii) all corporate or other
organizational actions taken by such Person authorizing the execution, delivery, and performance its Guaranty and the related documents and attaching copies of the board minutes and/or resolutions relating to such authorization and (iii) the
names, titles, incumbency, and specimen signatures of the authorized officers of each such Person authorized to sign the relevant Guaranty and related documents on behalf of such Person; 
 (f)        the Administrative Agent shall have received such other documentation
as may be required in connection with the Corporate Reorganization and the related transaction (including documentation of the type described in §8.19 of the Credit Agreement); 
 (g)        The Borrowers shall have taken, executed and/or delivered or cause to
be taken, executed and/or delivered to the Administrative Agent each of the remaining outstanding actions or documents under the Post-Closing Agreement. 
 §8.        Satisfaction of Conditions.   Without limiting the generality of the foregoing §§6 and 7, for purposes of determining
compliance with the conditions specified in §§6 and/or 7, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required thereunder to
be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed First Amendment Effective Date or Corporate Reorganization Effective Date, as
the case may be, specifying its objection thereto. 
 §9.        Miscellaneous Provisions.   This Amendment shall constitute one of the Loan Documents referred to in the Credit Agreement. Except as otherwise expressly
provided by this Amendment, all of the terms, conditions and provisions of the Credit Agreement shall remain the same. It is declared and agreed by each of the parties hereto that the Credit Agreement, as amended hereby, shall continue in full force
and effect, and that this Amendment and the Credit Agreement shall be read and construed as one instrument. Nothing contained in this Amendment shall be construed to imply a willingness on the part of the Lenders or the Agents to grant any similar
or other future amendment of any of the terms and conditions of the Credit Agreement or the other Loan Documents or shall in any way prejudice, impair or effect any rights or remedies of the Lenders and the Agents under the Credit Agreement or the
other Loan Documents. THIS AMENDMENT SHALL BE CONSTRUED ACCORDING TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS
APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401)). This Amendment may be executed in any number of counterparts, but all such counterparts shall together constitute but one instrument.
Delivery of an executed signature page of this Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed counterpart thereof. In making proof of this Amendment it shall not be necessary to produce or
account for more than one counterpart signed by each party hereto by and against which enforcement hereof is sought. Headings or captions used in this Amendment are for convenience of reference only and shall not define or limit the provisions
hereof. The Borrowers hereby agree to pay to the Administrative Agent on demand all reasonable costs and expenses incurred or sustained by the Administrative Agent in connection with the preparation of this Amendment (including reasonable legal fees
and disbursements of the Administrative Agent’s Special Counsel). 
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as an
agreement as of the date first written above. 
  

					
	 CAI INTERNATIONAL, INC.

		
	 By:
	 	 /s/             Victor Garcia

		 	 Name:
	 	 Victor Garcia

		 	 Title:
	 	 Chief Financial Officer & Secretary

	
	 CONTAINER APPLICATIONS LIMITED

		
	 By:
	 	 /s/             Victor Garcia

		 	 Name:
	 	 Victor Garcia

		 	 Title:
	 	 Chief Financial Officer & Secretary

  
  
  
  
 Signature
Page to Amendment No. 1 

			
	 Guarantors:

  

					
	 SKY CONTAINER TRADING, INC.

		
	 By:
	 	 /s/             Victor Garcia

		 	 Name:
	 	 Victor Garcia

		 	 Title:
	 	 Chief Financial Officer & Secretary

  
  
  
  
  
 Signature Page to Amendment No. 1 

					
	 Lenders and Administrative Agent:

	
	 BANK OF AMERICA, N.A., as
Administrative Agent

		
	 By:
	 	 /s/ Matthew C. Correia

		 	 Name:
	 	 Matthew C. Correia

		 	 Title:
	 	 Vice President

	
	 BANK OF AMERICA, N.A., as Lender,
Swing Line Lender and L/C Issuer

		
	 By:
	 	 /s/ Judith A. Huckins

		 	 Name:
	 	 Judith A. Huckins

		 	 Title:
	 	 Vice President

  
  
  
  
 Signature
Page to Amendment No. 1 

 CERTIFICATE OF ACKNOWLEDGMENT 
  

			
	 COMMONWEALTH OR STATE OF CALIFORNIA
	  	 )

		  	 ) ss.

	 COUNTY OF SAN FRANCISCO
	  	                         )

 On this 22nd day of February, 2008, before me, the undersigned notary public,
personally appeared Victor Garcia, proved to me through satisfactory evidence of identification, which were             Driver’s
license            , to be the person whose name is signed on the preceding or attached document, and acknowledged to me that he signed it voluntarily for its stated purpose (as Chief
Financial Officer and Secretary for each of CAI International, Inc., a Delaware corporation, Container Applications Limited, a corporation organized under the laws of Barbados, and Sky Container Trading, Inc., a California corporation). 

 

	
	
	     /s/ SUSAN EILENE DANIELS        

	 (official signature and seal of notary)
 My commission expires: 12-27-09

  
  
  
  
 Acknowledgment to Amendment No. 1 

 CERTIFICATE OF ACKNOWLEDGMENT 
  

			
	 COMMONWEALTH OR STATE OF MASSACHUSETTS
	  	 )

			
		  	 ) ss.

	 COUNTY OF SUFFOLK
	  	 )

 On this 21st day of February, 2008, before me, the undersigned notary public,
personally appeared Matthew C. Correia, proved to me through satisfactory evidence of identification, which were Driver’s license    , to be the person whose name is signed on the preceding or attached document, and
acknowledged to me that s/he signed it voluntarily for its stated purpose (as Vice President of Bank of America, N.A., a national banking association). 
  

	
	
	 /s/ KALENS HEROLD

	 (official signature and seal of notary)

	     My commission expires: Jan. 25, 2013

  
  
  
  
 Acknowledgment to Amendment No. 1 

					
	 KEYBANK, N.A., as a Lender

		
	 By:
	 	 /s/ John Mc Cracken

		 	 Name:
	 	 JOHN MC CRACKEN

		 	 Title:
	 	 Director

  
  
  
  
  
  
 Signature Page to Amendment No. 1 

					
	 UNION BANK OF CALIFORNIA, N.A., as a Lender

		
	 By:
	 	 /s/ J. William Bloore

		 	 Name:
	 	 J. William Bloore

		 	 Title:
	 	 Vice President

  
  
  
  
  
 Signature Page to Amendment No. 1 

					
	 ING BANK N.V., as a Lender

		
	 By:
	 	 /s/ Mark Bekker

		 	 Name:
	 	 Mark Bekker

		 	 Title:
	 	 Director

		
	 By:
	 	 /s/ Jules Oscar E. Kollman

		 	 Name:
	 	 Jules Oscar E. Kollman

		 	 Title:
	 	 Managing Director

  
  
  
  
  
 Signature Page to Amendment No. 1 

					
	 CRÉDIT INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH, as a Lender

		
	 By:
	 	 /s/ Adrienne Molloy

		 	 Name:
	 	 Adrienne Molloy

		 	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ Alex Aupoix

		 	 Name:
	 	 Alex Aupoix

		 	 Title:
	 	 Vice President

  
  
  
  
  
 Signature Page to Amendment No. 1 

					
	 WELLS FARGO BANK, N.A., as a Lender

		
	 By:
	 	 /s/ Thomas M. Gloger

		 	 Name:
	 	 THOMAS M. GLOGER

		 	 Title:
	 	 VICE PRESIDENT

  
  
  
  
  
 Signature Page to Amendment No. 1 

					
	 BAYERISCHE HYPO-UND VEREINSBANK AG, as
 an Acceding Lender

		
	 By:
	 	 /s/ Seeland

		 	 Name:
	 	 Seeland

		 	 Title:
	 	 Vice President

		
	 By:
	 	 /s/ S. Gobel

		 	 Name:
	 	 S. Gobel

		 	 Title:
	 	 Vice President

  
  
  
  
  
 Signature Page to Amendment No. 1 

 SCHEDULE 1 
 CAI Foreign Subsidiaries 
 Container Applications International (U.K.) Limited (hereinafter
“CAI UK”), United Kingdom 
 Container Applications International, Ltd. (hereinafer “CAI Japan”), Japan 
 CAIJ, a Japanese Corporation (hereinafter “CAIJ”) (not wholly-owned; 80% owned by CAI), Japan 
 Container Applications (Malaysia) SDN BDH (hereinafter, “CAI Malaysia”), Malaysia 
 Sky Container Trading Limited (hereinafter, “Sky Containers UK”), United Kingdom 
 Sky Domestic Container Leasing Limited (hereinafter “Sky Domestic Containers”), United Kingdom 

 ANNEX A 
 Schedule 1 (Lenders and Commitments) 
  

					
	 LENDER;
 DOMESTIC LENDING OFFICE;
 EURODOLLAR LENDING OFFICE
	  	 Revolver
 Commitment
	  	 Revolver
 Commitment
 Percentage

	 	 	 
	 BANK OF
AMERICA, N.A.
 100 Federal Street
 Boston, MA 02110
 Telephone: (617) 434-0970
 Telecopier: (617) 434-1955
 Attn: Katherine Brand, Director
	  	$45,000,000.00	  	16.981132075%
	 	 	 
	 UNION
BANK OF CALIFORNIA, N.A.
 200 Pringle Avenue, Suite 500
 Walnut Creek, CA 94596
 Telephone: (925) 947-2439
 Telecopier: (925) 943-7442
 Attn: J. William Bloore, VP
	  	$40,000,000.00	  	15.094339623%
	 	 	 
	 ING BANK
N.V.
 Structured Finance
 Bijlmerplein 888, 1102 MZ Amsterdam
 The Netherlands
 Telephone: 31-20-56-39103
 Telecopier: 31-20-56-58210
 Attn: Mark Bekker/Hilmar de Vries
	  	$40,000,000.00	  	15.094339623%
	 	 	 
	 KEYBANK,
N.A.
 1 Embarcadero Center
 Suite 1100
 San Francisco, CA 94111
 Telephone: (415) 486-3411
 Telecopier: (415) 486-3415
 Attn: John McCracken, Director
	  	$35,000,000.00	  	13.207547170%
	 	 	 
	 COMERICA
BANK
 Two Embarcadero Center
 Suite 300
 Comerica Bank
 San Francisco, CA 94111
 Telephone: (415) 477-3286
 Telecopier: (415) 477-3270
 Attn: Daniel J. Grady, Vice President
	  	$30,000,000.00	  	11.320754717%
	 	 	 
	 CRÉDIT INDUSTRIEL ET COMMERCIAL,
NEW YORK BRANCH
 520 Madison Avenue
 New York, NY 10022
 Telephone:
(212) 715-4605
 Telecopier: (212) 715-4535
 Attn: Adrienne Molloy, Vice President
	  	$25,000,000.00	  	9.433962264%
	 	 	 
	 WELLS
FARGO BANK N.A.
 420 Montgomery Street
 9th Floor
 San Francisco, CA 94104
 Telephone: (415) 396-5939
 Telecopier: (415) 421-1352
 Attn: Thomas Gloger, Vice President
	  	$25,000,000.00	  	9.433962264%
	 	 	 
	 BAYERISCHE HYPO-UND VEREINSBANK
AG
 6100FSO2 Maritime Logistics
 Alter Wall 22
 20457 Hamburg
 Telephone: 49 - 40 - 3692 - 4392
 Telecopier: 49 - 40 - 3692 - 2516
 Attn: Diana Mueller, Credit Specialist
	  	$25,000,000.00	  	9.433962264%
	 	 	 
	 TOTAL
	  	$265,000,000.00	  	100.000000000%

 ANNEX B 
 REVOLVING CREDIT AGREEMENT 
 SCHEDULE 7.19 (Subsidiaries, etc.) 
 7.19(a) 
 Direct Subsidiaries 

  

					
	 NAME:
	  	 PLACE OF
ORGANIZATION:
	  	 PRINCIPAL PLACE
OF
BUSINESS/REGISTERED
OFFICE:

	 Container Applications Limited
	  	 Barbados
	  	 Chancery Chambers
 Chancery House
 High Street
 Bridgetown, Barbados
 West Indies

 

	 Sky Container Trading, Inc.
	  	 California
	  	 One Embarcadero Center
 Suite 2101
 San Francisco, CA
94111

 Indirect Subsidiaries (Subsidiaries of Container Applications Limited) 
  

					
	 NAME:
	  	 PLACE OF
ORGANIZATION:
	  	 PRINCIPAL PLACE
OF
BUSINESS/REGISTERED
OFFICE:

	 Container Applications
International (U.K.)
Limited
	  	 England and Wales
	  	 Ground Floor Office Suite
 Knight Court, 49 Crown Street
 Brentwood,
Essex
 CM 14 4BD
 United Kingdom

	 Container Applications
(Malaysia) SDN
BHD
	  	 Malaysia
	  	 Suite 10.05, Level 10, Menara Trend, Intan Millennium Square, 68 Jalan Batai Laut,
41300 Klang, Selangor Darul Ehsan, Malaysia

	 Container Applications
International
Ltd.
	  	 Japan
	  	 Shinwa Building 6F
 9-11 Toranomon 2-Chome
 Minato-Ku, Tokyo
105-0001
 Japan

	 Sky Domestic Container
Leasing
Limited
	  	 England and Wales
	  	 2nd Floor Office Suite
 Knight Court, 49 Crown Street
 Brentwood, Essex
 CM 14 BD
 United Kingdom

	 Sky Container Trading Limited
	  	 England and Wales
	  	 2nd Floor Office Suite
 Knight Court, 49 Crown Street
 Brentwood, Essex
 CM 14 BD
 United Kingdom

 ANNEX C 
 INSTRUMENT OF ACCESSION 
 dated as of February 26, 2008 
 Reference is hereby made to the Second Amended and Restated Revolving Credit Agreement, dated as of September 25, 2007 (as amended
by that certain Amendment No. 1 to that certain Second Amended and Restated Revolving Credit Agreement (the “Amendment”), dated as of February 26, 2008, and as may be further amended, restated, amended and restated, supplemented,
modified and otherwise in effect from time to time, the “Credit Agreement”), by and among CAI INTERNATIONAL, INC., a Delaware corporation (“CAI”), CONTAINER APPLICATIONS LIMITED, a corporation
organized under the laws of Barbados (“CAI Barbados” and, together with CAI, the “Borrowers”, and each, individually, a “Borrower”), the Guarantors thereto (each a “Guarantor” and
collectively, the “Guarantors”), BANK OF AMERICA, N.A., (“Bank of America”) and the other lending institutions from time to time party to the Credit Agreement (collectively, the “Lenders”),
Bank of America, as administrative agent for itself and the other Lenders (in such capacity, the “Administrative Agent”), and UNION BANK OF CALIFORNIA, N.A., as co-agent for itself and the other Lenders (in such capacity, the
“Co-Agent” and together with the Administrative Agent, the “Agents”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement. 
 Pursuant to the terms of the Revolving Credit Increase under and as defined in the Amendment, each of the Borrowers and
[                                    ] (the “Acceding
Lender”) hereby agree as follows: 
 1.            Subject to the terms and conditions of this Instrument of Accession, the Acceding Lender hereby agrees to assume, without recourse to the Lenders or any Agent, on the
Effective Date (as defined below), a Commitment of $[                        ] in accordance with the terms and conditions
set forth in the Amendment. Upon such assumption, the Total Commitment shall be automatically increased by the amount of such assumption. The Acceding Lender hereby agrees to be bound by, and hereby requests the agreement of the Borrowers and the
Administrative Agent that such Acceding Lender shall be entitled to the benefits of, all of the terms, conditions and provisions of the Credit Agreement as if such Acceding Lender had been one of the lending institutions originally executing the
Credit Agreement as a “Lender”; provided that nothing herein shall be construed as making any Acceding Lender liable to any Borrower or the other Lenders in respect of any acts or omissions of any party to the Credit Agreement or in
respect of any other event occurring prior to the Effective Date (as defined below) of this Instrument of Accession. 
 2.            The Acceding Lender (a) represents and warrants that (i) it is duly and legally authorized to enter into this Instrument of Accession, (ii) the
execution, delivery and performance of this Instrument of Accession do not conflict with any provision of law or of the charter or by-laws of such Acceding Lender, or of any agreement binding on such Acceding Lender, (iii) all acts, conditions
and things required to be done and performed and to have occurred prior to the execution, delivery and performance of this Instrument of Accession, and to render the same the legal, valid and binding obligation of such Acceding Lender, enforceable
against it in accordance with its terms, have been done and performed and have occurred in due and strict compliance with all applicable laws; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to §8.4 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Instrument of Accession; (c) agrees that
it will, independently and without reliance upon the Lenders or the Administrative Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the
Administrative Agent by the 

 -2- 
  

 
terms thereof, together with such powers as are reasonably incidental thereto; (e) agrees that it will perform in accordance with their terms all of the
obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender; and (f) acknowledges that it has made arrangements with the Administrative Agent satisfactory to the Acceding Lender with respect to its pro
rata share of Letter of Credit Fees in respect of outstanding Letters of Credit. 
 3.            The effective date for this Instrument of Accession shall be the Commitment Increase Effective Date (as defined in the Amendment). Following the execution of this
Instrument of Accession by the Borrowers and the Acceding Lender, it will be delivered to the Administrative Agent and the L/C Issuer for acceptance. Upon acceptance by the Administrative Agent and the L/C Issuer, Schedule 1 to the Credit
Agreement shall thereupon be replaced as of the Effective Date by the Schedule 1 annexed to the Amendment. The Administrative Agent shall thereafter notify the other Lenders of the revised Schedule 1 and the arrangements proposed to
ensure that the outstanding amount of the Revolving Credit Loans made by each Lender will correspond to its pro rata share of the Total Commitment after giving effect to the accession contemplated hereby. 
 4.            Upon such acceptance, from and after the Effective Date, the
Borrower shall make all payments in respect of the Acceding Lender’s Commitment (including payments of principal, interest, fees and other amounts) to the Administrative Agent for the account of such Acceding Lender. 
 5.            THIS INSTRUMENT OF ACCESSION SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 6.            This Instrument of Accession may be executed in any number of counterparts which shall together constitute but one and the same agreement. Delivery of a signature
page hereto by electronic transmission shall constitute the delivery of an original signature page hereof. 
 [Remainder of page
intentionally left blank.] 

 IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has
caused this Instrument of Accession to be executed on its behalf by its officer thereunto duly authorized, to take effect as of the Effective Date. 
  

			
	 CAI INTERNATIONAL, INC.,

	 as a Borrower

		
	 By:
	 	 /s/ Victor Garcia

		 	 Name: Victor Garcia

		 	 Title:   Chief Financial Officer & Secretary

	
	 CONTAINER APPLICATIONS LIMITED,

	 as a Borrower

		
	 By:
	 	 /s/ Victor Garcia

		 	 Name: Victor Garcia

		 	 Title:   Chief Financial Officer & Secretary

			
	 BAYERISCHE HYPO-UND VEREINSBANK AG,

	 as Acceding Lender

		
	 By:
	 	 /s/ Seeland

		 	 Name: Seeland

		 	 Title:   Vice President

		
	 By:
	 	 /s/ S. Gobel

		 	 Name: S. Gobel

		 	 Title: Vice President

			
	 Accepted and acknowledged as of
the date first written above:

	
	 BANK OF AMERICA, N.A.,
as Administrative Agent

		
	 By:
	 	 /s/ Matthew C. Correia

		 	 Name: Matthew C. Correia

		 	 Title:   Vice President

	
	 BANK OF AMERICA, N.A.,
as Lender, Swing Line Lender and L/C Issuer

		
	 By:
	 	 Judith A. Huckins

		 	 Name: Judith A. Huckins

		 	 Title:   Vice PresidentFirst Amendment to Credit Agreement

 Exhibit 10.16 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”), dated as of June 1, 2007, is by and among MORTON’S OF CHICAGO, INC., an Illinois corporation, (the “Borrower”), MORTON’S RESTAURANT GROUP, INC., a Delaware corporation (the
“Parent”), those Subsidiaries of the Parent identified as a “Guarantor” on the signature pages hereto (together with the Parent, the “Guarantors”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as
administrative agent for the Lenders (as defined below) under the Credit Agreement (defined below) (in such capacity, the “Administrative Agent”). 
 W I T N E S S E T H 
 WHEREAS, the Borrower, the Guarantors, the lenders party thereto (the
“Lenders”) and the Administrative Agent are parties to that certain Credit Agreement dated as of February 14, 2006 (as previously amended, modified or supplemented and as further amended, modified, supplemented, restated or
amended and restated from time to time, the “Credit Agreement”; capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement as amended hereby); 
 WHEREAS, the Credit Parties have requested certain amendments to the Credit Agreement as described herein; and 
 WHEREAS, the Administrative Agent (on behalf of the Required Lenders) is willing to make such amendments to the Credit Agreement, subject to the
terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 AMENDMENT TO CREDIT AGREEMENT 
 1.1 Quarterly Financial Statements. Section 5.1(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 “(b) Quarterly Financial Statements. As soon as available, and in any event no later than the earlier of (i) the date the
Parent is required by the SEC to deliver its Form 10-Q for any fiscal quarter of the Parent (taking into account any extension of the time to file by the SEC) and (ii) sixty days after the end of each of the fiscal quarters of the Parent, a
company-prepared consolidated balance sheet of the Parent and its consolidated Subsidiaries as at the end of such period and related company-prepared consolidated statements of income and retained earnings and cash flows for the Parent and its
consolidated Subsidiaries for such quarterly period and for the portion of the fiscal year ending with such period, in each case setting forth in comparative form consolidated figures for the corresponding period or periods of the preceding fiscal
year (subject to normal recurring year-end audit adjustments) and including management discussion and analysis of operating results inclusive of operating metrics in comparative form; and” 

 1.2 Maximum Consolidated Capital Expenditures. The table in
Section 5.9(c) of the Credit Agreement setting forth the maximum amount of Consolidated Capital Expenditures of the Parent and its Subsidiaries is hereby deleted in its entirety and replaced with the following: 
  

					
	 “Fiscal Year Ending
	  	Amount	 
	 December 31, 2006
	  	$	33,500,000	 
	 December 30, 2007
	  	$	32,500,000	 
	 December 28, 2008
	  	$	35,000,000	 
	 January 3, 2010
	  	$	40,000,000	 
	 January 2, 2011
	  	$	30,000,000	 
	 January 1, 2012
	  	$	30,000,000	”

 ARTICLE II 
 CONDITIONS TO EFFECTIVENESS 
 2.1 Closing Conditions. 
 This Amendment shall become effective as of the date hereof (the “First Amendment Effective Date”) upon satisfaction of the following
conditions (in form and substance reasonably acceptable to the Administrative Agent): 
 (a) Executed Amendment. The
Administrative Agent shall have received a copy of this Amendment duly executed by each of the Credit Parties and the Administrative Agent, on behalf of the Required Lenders. 
 (b) Executed Consents. The Administrative Agent shall have received executed consents, substantially in the form of
Exhibit A attached hereto, from each of the Required Lenders authorizing the Administrative Agent to enter into this Amendment on their behalf. 
 (c) Other. The Administrative Agent shall have received such other documents, agreements or information which it may reasonably request relating to the Credit Parties and the transactions contemplated by this
Amendment and any other matters relevant hereto or thereto, all in form and substance satisfactory to the Administrative Agent in its sole good faith discretion. 
 ARTICLE III 
 MISCELLANEOUS 
 3.1 Amended Terms. All references to the Credit Agreement in each of the Credit Documents shall hereafter mean the Credit
Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. 
 3.2 Representations and Warranties of Credit Parties. Each of the Credit Parties represents and warrants as follows:

 (a) It has taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b) This Amendment has been duly executed and delivered by such Person and constitutes such Person’s valid and legally binding
obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights
generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 
  

 2 

 (c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any Governmental Authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment. 
 (d) The representations and warranties set forth in Article III of the Credit Agreement are true and correct as of the date hereof (except
for those which expressly relate to an earlier date). 
 (e) Before and after giving effect to this Amendment, (1) no
Default or Event of Default exists; and (2) the Credit Parties are in compliance with all financial covenants set forth in Section 5.9 of the Credit Agreement. 
 (f) The Security Documents continue to create a valid security interest in, and Lien upon, the Collateral, in favor of the Administrative
Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other than Permitted Liens. 
 (g) The execution, delivery and performance of this Amendment by the Credit Parties will not violate any Requirement of Law or contractual
obligation of any Credit Party in any respect that could reasonably be expected to have a Material Adverse Effect. 
 3.3
Acknowledgment of Guarantors. The Guarantors acknowledge and consent to all of the terms and conditions of this Amendment and agree that this Amendment and all documents executed in connection herewith do not operate to
reduce or discharge the Guarantors’ obligations under the Credit Documents. 
 3.4 Credit Document. This
Amendment shall constitute a Credit Document under the terms of the Credit Agreement. 
 3.5 Entirety. This
Amendment and the other Credit Documents embody the entire agreement between the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 
 3.6 Counterparts; Telecopy. This Amendment may be executed in any number of counterparts, each of which when so executed and
delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy shall be effective as an original and shall constitute a representation that an original
will be delivered. 
 3.7 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 3.8 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The jurisdiction, services of
process and waiver of jury trial provisions set forth in Sections 9.14 and 9.17 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis. 
 3.9 Fees. The Borrower agrees to pay all reasonable out-of-pocket, due diligence expenses and other related expenses of the Administrative Agent in connection with the preparation,
execution and delivery of this Amendment, including, without limitation, the reasonable fees, disbursements and other charges of Moore & Van Allen PLLC. 
 3.10 Further Assurances. The Credit Parties agree to promptly take such action, upon the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.

 3.11 Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 
 [remainder of page intentionally left blank] 
  

 3 

 IN WITNESS WHEREOF the Borrower, the Guarantors, and the Administrative Agent (on behalf of itself and
the Lenders) have caused this Amendment to be duly executed on the date first above written. 
  

					
	BORROWER:	 	 MORTON’S OF CHICAGO, INC.,
 an Illinois
corporation

			
		 	By:	 	/s/    RONALD M. DINELLA        

		 	Name:	 	Ronald M. DiNella
		 	Title:	 	Sr. Vice President/CFO
		
	PARENT:	 	 MORTON’S RESTAURANT GROUP, INC.,
 a
Delaware corporation

			
		 	By:	 	/s/    RONALD M. DINELLA        

		 	Name:	 	Ronald M. DiNella
		 	Title:	 	Sr. Vice President/CFO

  

			
		
	 GUARANTORS:
	 	PORTERHOUSE, INC.,
		 	a Delaware corporation
		
		 	MORTON’S OF CHICAGO/ATLANTA, INC.,
		 	an Illinois corporation
		
		 	MORTON’S OF CHICAGO/BUCKHEAD, INC.,
		 	a Delaware corporation
		
		 	MORTON’S OF CHICAGO/CHICAGO, INC.,
		 	a Delaware corporation
		
		 	MORTON’S OF CHICAGO/CINCINNATI, INC.,
		 	a Delaware corporation
		
		 	MORTON’S OF CHICAGO/CLAYTON, INC.,
		 	a Delaware corporation
		
		 	MORTON’S OF CHICAGO/CLEVELAND, INC.,
		 	an Illinois corporation
		
		 	MORTON’S OF CHICAGO/COLUMBUS INC.,
		 	a Delaware corporation
		
		 	MORTON’S OF CHICAGO/DALLAS, INC.,
		 	an Illinois corporation
		
		 	 MORTON’S OF CHICAGO/DENVER, INC.,
 an Illinois
corporation

		
		 	 MORTON’S OF CHICAGO/DETROIT, INC.,
 a Delaware
corporation

  

 FIRST AMENDMENT TO CREDIT AGREEMENT 

			
		 	 MORTON’S OF CHICAGO/FIFTH AVENUE, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/FLAMINGO ROAD CORP.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/HOUSTON, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/MINNEAPOLIS, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/NASHVILLE, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/PALM DESERT, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/PHILADELPHIA, INC.,
 an Illinois
corporation

		
		 	 MORTON’S OF CHICAGO/PHOENIX, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/PITTSBURGH, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/PITTSBURGH LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/PORTLAND, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/PUERTO RICO, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/ROSEMONT, INC.,
 an Illinois
corporation

		
		 	 MORTON’S OF CHICAGO/SACRAMENTO, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/SAN ANTONIO, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/SAN DIEGO, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/SAN FRANCISCO, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/SANTA ANA, INC.,
 a Delaware
corporation

  

 FIRST AMENDMENT TO CREDIT AGREEMENT 

			
		 	 MORTON’S OF CHICAGO/SCOTTSDALE, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/SEATTLE, INC.,
 a Delaware
corporation

		
		 	 MORTON’S OF CHICAGO/VIRGINIA, INC.,
 an Illinois
corporation

		
		 	 MORTON’S OF CHICAGO/WASHINGTON D.C. INC.,
 a
Delaware corporation

		
		 	 MORTON’S OF CHICAGO/WASHINGTON SQUARE, INC.,
 a
Delaware corporation

		
		 	 MORTON’S OF CHICAGO/WESTBROOK, INC.,
 an Illinois
corporation

		
		 	 PORTERHOUSE OF LOS ANGELES, INC.,
 a Delaware corporation

		
		 	 MOCGC CORP.,
 a Virginia corporation

		
		 	 MORTON’S OF CHICAGO HOLDING, INC.,
 a Delaware
corporation

		
		 	 ARNIE MORTON’S OF CHICAGO/FIGUEROA LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO MARYLAND HOLDING, INC.,
 a
Delaware corporation

		
		 	 MORTON’S OF CHICAGO/BALTIMORE LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/BETHESDA LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/ANAHEIM LLC,
 a Delaware limited
liability company

		
		 	 MORTON’S OF CHICAGO/ATLANTIC CITY, LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO FLORIDA HOLDING, INC.,
 a
Delaware corporation

		
		 	 MORTON’S OF CHICAGO/BOCA RATON, LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/CORAL GABLES, LLC,
 a Delaware
limited liability company

  

 FIRST AMENDMENT TO CREDIT AGREEMENT 

			
		 	 MORTON’S OF CHICAGO/MIAMI LLC,
 a Delaware limited
liability company

		
		 	 MORTON’S OF CHICAGO/NORTH MIAMI BEACH LLC,
 a
Delaware limited liability company

		
		 	 MORTON’S OF CHICAGO/ORLANDO LLC,
 a Delaware limited
liability company

		
		 	 MORTON’S OF CHICAGO/PALM BEACH LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/BOSTON LLC,
 a Delaware limited
liability company

		
		 	 MORTON’S OF CHICAGO/CHARLOTTE LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/CRYSTAL CITY LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/DENVER CRESCENT TOWN CENTER, LLC,
 a Delaware limited liability company

		
		 	 MORTON’S OF CHICAGO/FORT LAUDERDALE, LLC,
 a
Delaware limited liability company

		
		 	 MORTON’S OF CHICAGO/GREAT NECK LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/HACKENSACK LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/HARTFORD LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/HONOLULU LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/INDIANAPOLIS LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/JACKSONVILLE LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/KANSAS CITY LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/KING OF PRUSSIA LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/LOUISVILLE LLC,
 a Delaware
limited liability company

  

 FIRST AMENDMENT TO CREDIT AGREEMENT 

			
		 	 MORTON’S OF CHICAGO/NEW ORLEANS LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/NORTHBROOK, LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/MCKINNEY, LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/RESTON LLC,
 a Delaware limited
liability company

		
		 	MORTON’S OF CHICAGO/RICHMOND LLC,
		 	a Delaware limited liability company
		
		 	 MORTON’S OF CHICAGO/SCHAUMBURG LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/SOUTHPARK, LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/STAMFORD LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/TROY, LLC,
 a Delaware limited
liability company

		
		 	 MORTON’S OF CHICAGO/WACKER PLACE, LLC,
 a Delaware
limited liability company

		
		 	 MORTON’S OF CHICAGO/WHITE PLAINS LLC,
 a Delaware
limited liability company

		
		 	 ITALIAN RESTAURANTS HOLDING CORP.,
 a Delaware
corporation

		
		 	 BERTOLINI’S RESTAURANTS, INC.,
 a Delaware
corporation

		
		 	 BERTOLINI’S OF CIRCLE CENTRE, INC.,
 a Delaware
corporation

		
		 	 BERTOLINI’S/KING OF PRUSSIA, INC.,
 a Delaware
corporation

		
		 	 BERTOLINI’S OF LAS VEGAS, INC.,
 a Delaware
corporation

  

 FIRST AMENDMENT TO CREDIT AGREEMENT 

					
		 	BERTOLINI’S AT VILLAGE SQUARE, INC.,
		 	a Delaware corporation
			
		 	By:	 	/s/    RONALD M. DINELLA        

		 	Name:	 	Ronald M. DiNella
		 	Title:	 	Sr. Vice President/CFO
		
		 	ARNIE MORTON’S OF CHICAGO/BURBANK LLC,
		 	a Delaware limited liability company
			
		 	By:	 	/s/    RONALD M. DINELLA        

		 	Name:	 	Ronald M. DiNella
		 	Title:	 	Sr. Vice President/CFO
		
		 	HOUSTON STEAKHOUSE, INC.,
		 	a Texas corporation
		
		 	CHICAGO STEAKHOUSE, INC.,
		 	a Texas corporation
		
		 	SAN ANTONIO STEAKHOUSE, INC.,
		 	a Texas corporation
			
		 	By:	 	/s/    RONALD M. DINELLA        

		 	Name:	 	Ronald M. DiNella
		 	Title:	 	Sr. Vice President/CFO

  

 FIRST AMENDMENT TO CREDIT AGREEMENT 

					
	 ADMINISTRATIVE AGENT:
	 	WACHOVIA BANK,
		 	NATIONAL ASSOCIATION,
		 	as Administrative Agent
		 	and of behalf of the Required Lenders
			
		 	By:	 	/s/    DENIS WALTRICH         
		 	Name:	 	Denis Waltrich
		 	Title:	 	Vice President

 EXHIBIT A 
 LENDER CONSENT 
 This Lender Consent is given pursuant to the Credit Agreement, dated as of
February 14, 2006 (as previously amended and modified, the “Credit Agreement”; and as further amended by the Amendment (as hereinafter defined), the “Amended Credit Agreement”), by and among MORTON’S OF
CHICAGO, INC., an Illinois corporation, (the “Borrower”), MORTON’S RESTAURANT GROUP, INC., a Delaware corporation (the “Parent”), those Subsidiaries of the Parent identified as a
“Guarantor” on the signature pages hereto (together with the Parent, the “Guarantors”), the lenders and other financial institutions from time to time party thereto (the “Lenders”) and WACHOVIA BANK,
NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement unless
otherwise defined herein. 
 The undersigned hereby approves the First Amendment to Credit Agreement (the “Amendment”),
dated as of June 1, 2007, by and among the Borrower, the Guarantors party thereto and the Administrative Agent and hereby authorizes the Administrative Agent to execute and deliver the Amendment on its behalf and, by its execution below, the
undersigned agrees to be bound by the terms and conditions of the Amendment and the Amended Credit Agreement. 
 Delivery of this Lender
Consent by telecopy shall be effective as an original. 
 A duly authorized officer of the undersigned has executed this Lender Consent as of
the      day of June, 2007. 
  

			
	                                      
                                        
     ,                
	as a Lender
		
	By:	 	 
	 Name: 
	 	 
	 Title:

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