Document:

exv10w6

 

Exhibit 10.6

AMENDMENT NUMBER 5

TO AMENDED AND RESTATED LOAN AGREEMENT

          THIS AMENDMENT NUMBER 5, dated as of June 15, 2004 (this “Amendment”) to the Amended and
Restated Loan Agreement, dated as of March 7, 2003 (as amended or supplemented from time to time as
permitted thereby, the “Loan Agreement”), among CF LEASING LTD., a company with limited liability
organized and existing under the laws of Bermuda (together with its successors and permitted
assigns, the “Borrower”), FORTIS BANK (NEDERLAND) N.V., a Naamloze Vennootschap (“Fortis”), as
agent on behalf of the Lenders (in such capacity, the “Agent”), BTM CAPITAL CORPORATION (“BTMCC”),
a Delaware corporation, HSH NORDBANK AG, NEW YORK BRANCH (“HSH”), a banking institution duly
organized and validly existing under the laws of Germany, and the other financial institutions from
time to time party hereto (each, including Fortis, BTMCC and HSH, a “Lender” or “Co-Purchaser” and
collectively, the “Lenders” or the “Co-Purchasers”).

W I T N E S S E T H:

          WHEREAS, the Borrower, Fortis and BTM have previously entered into the Loan Agreement, dated
as of September 18, 2002, as amended and restated as of March 7, 2003, and subsequently amended by
Amendment Number 1 thereto, dated as of October 15, 2003, Amendment Number 2 thereto, dated as of
March 4, 2004, Amendment Number 3 thereto, dated as of April 30, 2004, and Amendment Number 4
thereto, dated as of May 31, 2004;

          WHEREAS, the parties desire to further amend the Loan Agreement in order to (i) increase the
Aggregate Commitment from Eighty Million Dollars ($80,000,000) to One Hundred Fifty Million Dollars
($150,000,000), (ii) increase the Class A Commitment with respect to Fortis from Thirty-Five
Million Dollars ($35,000,000) to Forty-Five Million Dollars ($45,000,000), (iii) increase the
portion of the Class A Commitment with respect to BTMCC from Forty Million Dollars ($40,000,000) to
Fifty Million Dollars ($50,000,000), (iv) add HSH as a Lender under the terms of the Loan Agreement
with a Class A Commitment of Fifty Million Dollars ($50,000,000), (v) extend the Conversion Date
from June 15, 2004 to June 15, 2005, (vi) exchange the promissory notes issued pursuant to the Loan
Agreement as amended by Amendment No. 1 to the Loan Agreement, dated as of October 15, 2003, for
new Notes, and (vii) to make certain other amendments, all upon the terms, and subject to the
conditions, hereinafter set forth, and in reliance on the representations and warranties of
Borrower set forth herein;

          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 Loan Agreement.

          SECTION 2. Full Force and Effect. Other than as specifically modified hereby, the Loan
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.

 

 

Exhibit 10.6

          SECTION 3. Amendment to the Loan Agreement. Effective upon the date hereof, following
the execution and delivery hereof, the following Sections are hereby amended as follows:

          (a) Section 101 is hereby amended by deleting the term “Aggregate Principal Balance” in its
entirety and replacing such term with the following:

     “Aggregate Principal Balance: As of any date of determination, an amount equal to the sum of the
then Principal Balance of all Notes then Outstanding.”;

          (b) Section 101 is hereby amended by deleting the term “Aggregate Asset Base” in its entirety
and replacing such term with the following:

     “Aggregate Asset Base: As of any date of determination, an amount equal to: the sum, without
duplication, of:

	 	(1)	 	the product of (x) eighty percent (80%) and (y) the sum of the Net
Book Values (determined as of the last day of the Collection Period immediately
preceding such date of determination) of all Eligible Containers (to the extent
not then subject to a Finance Lease);
	 
	 	(2)	 	the amount of cash and the face amount of Eligible Investments then on
deposit in the Trust Account (excluding the amount necessary to pay all
interest and principal which shall be due and owing as of the next succeeding
Payment Date on all Notes then Outstanding) and the Restricted Cash Account;
and
	 
	 	(3)	 	the product of (x) eighty percent (80%) and (y) the sum of the then
Net Book Values of all Eligible Containers then subject to Finance Leases.”;

           (c) Section 101 is hereby amended by deleting the term “Commitment Fee Percentage” in its
entirety and replacing such term with the following:

     “Commitment Fee Percentage: The percentage specified as such in the letter agreement, dated as of
June 15, 2004, between the Borrower and the Agent, as such letter agreement may be amended,
modified or supplemented from time to time in accordance with its terms.”;

          (d) Section 101 is hereby amended by deleting the term “Conversion Date” in its entirety and
replacing such term with the following:

     “Conversion Date: With respect to the Commitment of any Lender, the earlier to occur of (i) June
15, 2005 (as such date may be extended in accordance with Section 201(f)), and (ii) the date on
which an Early Amortization Event initially occurs.”;

          (e) Section 101 is hereby amended by adding the following defined term in the proper
alphabetical order:

     “Co-Purchaser: This term shall mean any Lender.”;

 

 

Exhibit 10.6

          (f) Section 101 is hereby amended by adding the following defined term in the proper
alphabetical order:

     “Effective Date: June 15, 2004.”;

          (g) Section 101 is hereby amended by deleting the term “Eligible Container” in its entirety
and replacing such term with the following:

     “Eligible Container: Any Container which shall comply with each of the following requirements as
of the date indicated below:

     (i) Purchase Parameters. Such Container conformed, on the date of
its original acquisition by the Borrower, with the Purchase Parameters in effect on such
date of acquisition;

     (ii) Casualty Losses. Such Container shall not have suffered a
Casualty Loss on such date of determination;

     (iii) Title. The Borrower shall have had good and marketable title
to such Container, free and clear of all Liens other than Permitted Liens, on such date of
determination;

     (iv) Maximum Concentration of Non-Monthly Lease Agreements. If such
Container is on lease, then when considered with all other Eligible Containers owned by the
Borrower, the sum of the Net Book Values of all Eligible Containers then subject to a Lease
for which rent is payable on other than a monthly basis shall not exceed five percent (5%)
of the Aggregate Net Book Value;

     (v) Valid and Perfected Security Interest. The Security Agreement is
effective to create in favor of the Agent a valid and perfected first security interest in
such Container, subject only to Permitted Liens;

     (vi) Maximum Concentration of Refrigerated Containers. When
considered with all other Eligible Containers owned by the Borrower, the sum of the Net Book
Values of all refrigerated Containers will not exceed an amount equal to thirty-five percent
(35%) of the then Aggregate Net Book Value;

     (vii) Specialized Containers. When considered with all other
Eligible Containers owned by the Borrower, all of the following are correct: (A) the sum of
the Net Book Values of all Specialized Containers (other than refrigerated Containers) will
not exceed an amount equal to twenty-five percent (25%) of the then Aggregate Net Book
Value, (B) the sum of the Net Book Values of a particular type of Specialized Container
(other than refrigerated Containers) shall not exceed Fifteen Million Dollars ($15,000,000),
and (C) all Specialized Containers acquired by the Borrower on or after the Restatement Date
shall be twenty feet (20’) long or forty feet (40’) long;

     (viii) Maximum Lessee Concentrations. If such Container is then on
lease, then, when considered with all other Eligible Containers then on lease, the sum of
the Net

 

 

Exhibit 10.6

Book Values of all Eligible Containers then on lease to any single lessee will not
exceed the following:

     (a) if such lessee is set forth on Exhibit E hereto, an amount equal to the
greater of (x) twelve Million Dollars ($12,000,000) and (y) twelve percent (12%) of
the then Aggregate Net Book Value; or

     (b) in all other instances not covered by clause (a), an amount equal to the
greater of (x) five Million Dollars ($5,000,000) and (y) five percent (5%) of the
then Aggregate Net Book Value;

     (ix) Maximum Concentration of Finance Leases. If such Container is
then subject to the terms of a Finance Lease, then, when considered with all other Eligible
Containers then on lease, the sum of the Net Book Values of all Containers subject to
Finance Leases shall not exceed twenty (20%) of the then Aggregate Net Book Value;

     (x) Maximum Concentration of Non-USD Denominated Leases. When
considered with all other Eligible Containers owned by the Borrower, the sum of the Net Book
Values of all Containers subject to Non-USD Denominated Leases will not exceed an amount
equal to five percent (5%) of the then Aggregate Net Book Value;

     (xi) Compliance with ISO; Age; Term Lease. Each New Container
acquired by the Borrower on or after the Restatement Date shall comply with all of the
following: (A) be an ISO compliant Container (excluding any tank containers), (B) be less
than twenty-four (24) months old as of the date of acquisition by the Borrower, and (C) when
considered with all other Eligible Containers owned by the Borrower, at least eighty-five
percent (85%) of such New Containers (based on the sum of the Net Book Values of all such
New Containers) shall then be subject to a Term Lease;

     (xii) Purchase Price. The purchase price for any New Container
acquired by the Borrower on or after the Restatement Date shall not exceed its then fair
market value; and

     (xiii) Lessee Bankruptcy. If such Container is then subject to a
Finance Lease, the related lessee is not, to the knowledge of the Borrower or the Manager,
subject to bankruptcy, insolvency or similar proceedings.”;

          (h) Section 101 is hereby amended by deleting the term “Eligible Interest Rate Hedge Provider”
in its entirety and replacing it with the following:

     “Eligible Interest Rate Hedge Provider: One of the following:

     (i) so long as the Notes are not rated by a Rating Agency, either (A) Bank of
Tokyo — Mitsubishi Ltd., New York Branch or any of its Affiliates, (B) HSH Nordbank
AG, New York Branch or any of its Affiliates, or (C) a bank or financial institution
that has a long-term unsecured indebtedness rated not less than “A” by S&P or “A3”
by Moody’s and which is reasonably satisfactory to the Agent; or

 

 

Exhibit 10.6

     (ii) if the Notes are rated by a Rating Agency, a bank or financial institution
that has (A) a long-term unsecured indebtedness rated not less than “A+” by S&P or
“A3” by Moody’s, or (B) made arrangements satisfactory to the Rating Agencies to
secure its obligations under such Hedge Agreement.”;

          (i) Section 101 is hereby amended by deleting the term “Final Payment Date” in its entirety
and replacing such term with the following:

     “Final Payment Date: The Payment Date occuring on June 15, 2013.”;

          (j) Section 101 is hereby amended by amending and restating the defined term “Interest Rate”
to read as follows:

     “(A) if no Early Amortization Event has occurred and is then continuing, with respect to the
Class A Notes, a rate per annum equal to the sum of (i) Adjusted LIBOR (or, if a Eurodollar
Disruption Event is then continuing, the Prime Rate) for such Interest Period, plus (ii) one
of the following: (x) during the period from and including the Effective Date to, but
excluding, the Conversion Date, one and one-half of one percent (1.50%) per annum, (y) during
the period from and including the Conversion Date to, but excluding, the one year anniversary
thereof, one and three-quarters of one percent (1.75%) per annum or (z) thereafter, two
percent (2%) per annum;

     “(B) if no Early Amortization Event has occurred and is then continuing, with respect to the
Class B Notes, a rate per annum equal to the sum of (i) Adjusted LIBOR (or, if a Eurodollar
Disruption Event is then continuing, the Prime Rate) for such Interest Period, plus (ii) four
and one-half of one percent (4.50%) per annum;

     (C) if an Early Amortization Event has occurred and is then continuing, with
respect to the Class A Notes, a rate per annum equal to the sum of (i) Adjusted
LIBOR (or, if a Eurodollar Disruption Event is then continuing, the Prime Rate) for
such Interest Period, plus (ii) two and three-quarters percent (2.75%) per annum;
and

     (D) if an Early Amortization Event has occurred and is then continuing, with
respect to the Class B Notes, a rate per annum equal to the sum of (x) Adjusted
LIBOR (or, if a Eurodollar Disruption Event is then continuing, the Prime Rate) for
such Interest Period, plus (y) five and one-half percent (5.50%) per annum.”;

          (k) Section 101 is hereby amended by inserting the following defined term in the appropriate
alphabetical order:

     “Non-USD Denominated Leases: Leases of Containers under which the related rent is payable in
currencies other than United States Dollars and the Lease does not contain a clause providing for
adjustment of such rent to reflect exchange rate movements between such currency and the United
States Dollar.”;

 

 

Exhibit 10.6

          (l) Section 101 is hereby amended by deleting the table in clause (2) of the defined term
“Principal Payment Amount” in its entirety and replacing such table with the following:

“

	 	 	 	 	 	 	 	 	 
	 	 	Number of Payment Dates After	 	 
	 	 	Conversion Date	 	Annual Principal Reduction Required
	 
	 	 	1-12	 	 	 	10.0	%
	 
	 	 	13-24	 	 	 	10.0	%
	 
	 	 	25-36	 	 	 	12.5	%
	 
	 	 	37-48	 	 	 	12.5	%
	 
	 	 	49-60	 	 	 	12.5	%
	 
	 	 	61-72	 	 	 	12.5	%
	 
	 	 	73-84	 	 	 	15.0	%
	 
	 	 	85-96	 	 	 	15.0	%”;

          (m) Clause (a) of Section 201 is hereby amended by deleting the reference to “Eighty Million
Dollars ($80,000,000)” and replacing it with “One Hundred Fifty Million Dollars ($150,000,000)”;

          (n) Clause (b) of Section 201 is hereby amended by deleting it in its entirety and replacing
such clause with the following:

     “(b) Advances. Prior to the Conversion Date, each of the Class A Notes and
Class B Notes shall be a revolving note with a maximum principal amount equal to the then current
Class A Commitment and Class B Commitment, respectively, for the related Lender, and the Borrower
may, subject to the terms and conditions of this Loan Agreement, borrow, repay and reborrow amounts
in respect of such Class A Commitment and Class B Commitment; provided, however, that if the
Aggregate Class A Principal Balance shall be less than the then current Class A Aggregate
Commitment, then the Lenders shall, at the request of the Borrower and subject to compliance with
the terms of Section 1002 of this Agreement, make one or more Class A Advances (for each such
Lender, pro rata, in proportion to such Lender’s Class A Commitment) in such aggregate amount that
the Aggregate Class A Principal Balance (after giving effect to such Class A Advance(s)) then
Outstanding shall not exceed One Hundred Forty-Five Million Dollars ($145,000,000); provided,
further, that in no event shall any Lender be required to make a Class A Advance that, when
considered with all unpaid Class A Advances previously made by such Lender, would exceed the
related Class A Commitment of such Lender. The failure of any Lender to make an Advance on any
Funding Date shall not relieve any other Lender of its obligation to make an Advance, but no Lender
shall (i) be responsible for the failure of any other

 

 

Exhibit 10.6

Lender to make an Advance on any Funding Date or (ii) be obligated to make an incremental Advance
on behalf of such non-performing Lender. Each Lender, or the Agent on its behalf, shall maintain a
record of all Advances and repayments made on the Notes and such records shall be conclusive absent
manifest error. On the Original Closing Date, the Borrower issued a note (the “Closing Date Note”)
to Fortis in a maximum principal amount equal to Thirty-Five Million Dollars ($35,000,000). On the
Restatement Date, the Borrower issued the following Notes to the respective Lenders: (i) a Class A
Note in the maximum principal balance of Twenty Million Dollars ($20,000,000) (of which Eight
Million Eight Hundred Forty-Seven Thousand One Hundred Twenty-Two and 47/100 Dollars
($8,847,122.47) was outstanding after giving effect to the Advances made on the Restatement Date)
to Fortis, (ii) a Class A Note in the maximum principal amount of Twenty-Five Million Dollars
($25,000,000) (of which Eleven Million Fifty-Eight Thousand Nine Hundred Three and 08/100 Dollars
($11,058,903.08) was outstanding after giving effect to the Advances made on the Restatement Date)
to BTMCC and (iii) a Class B Note in the maximum principal balance of Five Million Dollars
($5,000,000) (of which Five Million Dollars ($5,000,000) was outstanding after giving effect to the
Advances made on the Restatement Date, and such amount being the maximum principal balance of such
Class B Note permitted hereunder, there were no additional Advances available to the Borrower with
respect to such Class B Note) to Fortis. Immediately thereafter, the Closing Date Note was
cancelled. On October 15, 2003, the Borrower exchanged the Class A Notes issued to Fortis and
BTMCC on March 7, 2003 pursuant to this Loan Agreement and issued the following Notes to the
respective Lenders: (i) a Class A Note in the maximum principal balance of Thirty-Five Million
Dollars ($35,000,000) to Fortis and (ii) a Class A Note in the maximum principal balance of Forty
Million Dollars ($40,000,000) to BTMCC. On the Effective Date, Fortis and BTMCC will exchange the
Class A Notes issued to them on October 15, 2003 pursuant to this Loan Agreement for: (i) in the
case of Fortis, a Class A Note in the maximum principal balance of Forty-Five Million Dollars
($45,000,000) and (ii) in the case of BTMCC, a Class A Note in the maximum principal balance of
Fifty Million Dollars ($50,000,000). In addition, the Borrower will issue to HSH on the Effective
Date a Class A Note in the maximum principal balance of Fifty Million Dollars ($50,000,000). On
the Effective Date, HSH will make an Advance that will be used to prepay the principal balance of
the Class A Notes issued to Fortis and BTMCC in the amounts of Nine Million Six Hundred Forty-Two
Thousand Seven Hundred Eighty-Eight and 23/100 Dollars ($9,642,788.23) and Eleven Million Six
Hundred Twenty-Eight Thousand Sixty-Eight and 16/100 Dollars ($11,628,068.16), respectively. After
giving effect to such advance and prepayment, the unpaid principal balance of the Class A Notes
issued to BTMCC, Fortis and HSH will be Twenty-One Million Two Hundred Seventy Thousand Eight
Hundred Fifty-Six and 40/100 Dollars ($21,270,856.40), Nineteen Million One Hundred Forty-Three
Thousand Seven Hundred Seventy and 76/100 Dollars ($19,143,770.76) and Twenty-One Million Two
Hundred Seventy Thousand Eight Hundred Fifty-Six and 40/100 Dollars ($21,270,856.40),
respectively;”

          (o) Clauses (c) and (d) of Section 201 are hereby amended by deleting all references to
“Seventy-Five Million Dollars ($75,000,000)” and replacing them with “One Hundred Forty-Five
Million Dollars ($145,000,000)”;

          (p) The last sentence of Section 504 is hereby amended in its entirety by deleting such
sentence and replacing it with the following:

 

 

Exhibit 10.6

     “None of the Purchase Agreement, the CFB Purchase Agreement, the CCCL Purchase Agreement, the
Security Agreement or any Interest Rate Hedge Agreement have been supplemented, amended or
otherwise modified since the Original Closing Date.”;

          (q) The first sentence of Section 1002 shall be amended by deleting the reference to
“Seventy-Five Million Dollars ($75,000,000)” and replacing it with “One Hundred Forty-Five Million
Dollars ($145,000,000)”;

          (r) Clause (c) of Section 1002 is hereby amended by deleting such clause in its entirety and
replacing it with the following:

     “(c) Asset Base Certificate. Borrower shall have delivered to the Agent a duly completed
and executed Asset Base Certificate, determined as of the last day of the immediately preceding
Collection Period and calculated to give effect to the Containers to be acquired with the proceeds
of such Advance, which certificate shall comply with the requirements therefor set forth in the
Loan Agreement”;

          (s) Clause (f) of Section 1002 shall be amended by deleting the reference to “Section 202” and
replacing it with “Section 201”;

          (t) Clause (5) of Section 1101 is hereby amended by deleting such clause in its entirety and
replacing it with the following:

     “(5) The Weighted Average Age of all Eligible Containers as of the last day of any Collection
Period Date is eight (8) years or more;”;

          (u) Clause (D) of Section 1203(i) is hereby amended by deleting such clause in its entirety
and replacing it with the following:

     “(D) increase the Commitment of a Lender over the amount thereof in effect (it being understood
and agreed that a waiver of any Potential Event of Default, Manager Default, or Event of Default or
a mandatory reduction in the Commitments shall not constitute a change in the terms of any
Commitment of any Lender) or at any time permit either the Principal Balances of all Class A Notes
then Outstanding to exceed One Hundred Forty-Five Million Dollars ($145,000,000) or the Aggregate
Commitment to exceed One Hundred Fifty Million Dollars ($150,000,000);”; and

          (v) Article XII of the Loan Agreement is hereby amended to include the following Section 1225
after Section 1224:

     “ Section 1225. Role of Co-Purchaser. The parties hereto agree that each Co-Purchaser
shall have no duties or obligations under this Loan Agreement beyond its duties and/or obligations
as a Lender.”;

          (w) Schedule 1 of the Loan Agreement is hereby amended by deleting it in its entirety and
replacing it with Schedule 1 attached hereto.

          (x) Schedule 11.01 of the Loan Agreement is hereby amended by deleting it in its entirety and
replacing it with Schedule 11.01 attached hereto.

 

 

Exhibit 10.6

          SECTION 4. Representations, Warranties and Covenants.

          The Borrower hereby confirms that each of the representations, warranties and covenants set
forth in Articles V and VI of the Loan 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 and warranties expressly relate to earlier dates.

          SECTION 5. Amendment to Purchase Parameters.

          By executing this Amendment, each of the Borrower, the Agent and the Lenders evidence their
consent to the amendment of the Purchase Parameters effected by the amendment attached as Schedule
2 hereto.

          SECTION 6. Effectiveness of Amendment; Terms of this Amendment.

          (a) This Amendment shall become effective on the date on which all of the conditions precedent
set forth below are satisfied, which shall be in no event later than June 15, 2004:

(i) Amendment. The Agent shall have received this Amendment,
in form and substance satisfactory to the Lenders, executed and delivered by
Borrower and all other parties hereto;

(ii) Notes. The Agent shall have received separate Notes executed
by the Borrower in favor of each Lender;

(iii) Certificate of Officer/Secretary; Organizational Documents.
The Agent shall have received separate certificates, each dated the
Effective Date, executed by authorized signatories of each of the Manager
and the Borrower, certifying (A) that attached to such certificate(s) is a
true, correct and complete copy of the Memorandum of Association or other
organizational document of such company certified by the Secretary of the
Borrower or the Manager, as applicable, as of a date close to the Effective
Date, (B) that attached to such certificate is a true, correct and complete
copy of the bylaws and each other organizational document of such company
then in full force and effect, (C) that attached to such certificate is a
Certificate of Compliance from the Secretary of State (or equivalent) of any
other jurisdiction where such company is required to be qualified to do
business, dated as of a date close to the Effective Date, (D) that attached
to such certificate is a true, correct and complete copy of the resolutions
adopted by the board of directors of each such company then in full force
and effect authorizing the execution, delivery and performance by such
company of each of the amendment documents to which it is a party and (E)
the name of the officer(s) of such company authorized to execute amendment
documents on behalf of such company;

 

 

Exhibit 10.6

(iv) Asset Base Certificate. The Borrower shall have delivered to
the Agent and each Lender a duly executed Asset Base Certificate calculated
as of the Effective Date;

(v) Opinions. Conyers Dill & Pearman shall have delivered to the
Agent its corporate matters opinion for the Borrower with regard to the
documents executed on or as of the Effective Date and a reliance letter with
respect to its September 18, 2002 opinion regarding true sale and
non-consolidation. Maples & Calder shall have delivered to the Agent its
corporate matters opinion for the Manager with regard to the documents
executed on or as of the Effective Date and a re-issuance of its September
18, 2002 opinion regarding true sale and non-consolidation. Denton Wilde
Sapte shall have delivered to the Agent a reliance letter with respect to
its September 18, 2002 opinion regarding the Purchase Agreement. Thacher
Proffitt & Wood LLP shall have delivered to the Agent its opinion letter
regarding the enforceability of the documents executed on or as of the
Effective Date, a reliance letter with respect to its September 18, 2002
opinion regarding security interest and a reliance letter with respect to
its September 18, 2002 opinion regarding enforceability; and

(vi) Payment of Fees. All fees due to the Lenders on or before the
Effective Date shall have been paid to the extent notified to the Borrower
in writing.

          (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
Loan Agreement, and (ii) each reference in the Loan Agreement to “this Agreement” or “hereof”,
“hereunder” or words of like import, and each reference in any other document to the Loan Agreement
shall mean and be a reference to the Loan Agreement as amended or modified hereby.

          (d) Except as expressly amended or modified hereby, the Loan Agreement shall remain in full
force and effect and is hereby ratified and confirmed by the parties hereto.

          SECTION 7. 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 8. 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; PROVIDED THAT
SECTION 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 THE
STATE OF NEW YORK.

 

 

Exhibit 10.6

          SECTION 9. Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE
AGENT ARISING OUT OF OR RELATING TO THIS AMENDMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY, MAY BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY AND COUNTY OF NEW YORK, STATE OF NEW YORK AND
THE AGENT AND THE BORROWER EACH HEREBY WAIVE ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF
ENFORCING THIS AMENDMENT, THE AGENT, EACH LENDER AND THE BORROWER EACH HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE AGENT AND THE
BORROWER HEREBY EACH IRREVOCABLY APPOINTS AND DESIGNATES CT CORPORATION SYSTEM, HAVING AN ADDRESS
AT 111 EIGHTH AVENUE, NEW YORK, NEW YORK, 10011, ITS TRUE AND DULY AUTHORIZED AGENT FOR THE LIMITED
PURPOSE OF RECEIVING AND FORWARDING LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND THE
AGENT AND THE BORROWER EACH AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY SHALL CONSTITUTE PERSONAL
SERVICE OF SUCH PROCESS ON SUCH PERSON. PURSUANT TO NEW YORK GENERAL OBLIGATIONS LAW SECTION
5-1402, THE AGENT AND THE BORROWER SHALL EACH MAINTAIN THE DESIGNATION AND APPOINTMENT OF SUCH
AUTHORIZED AGENT UNTIL ALL AMOUNTS PAYABLE UNDER THE LOAN AGREEMENT SHALL HAVE BEEN PAID IN FULL.
IF SUCH AGENT SHALL CEASE TO SO ACT, THE AGENT OR THE BORROWER, AS THE CASE MAY BE, SHALL
IMMEDIATELY DESIGNATE AND APPOINT ANOTHER SUCH AGENT SATISFACTORY TO THE AGENT AND SHALL PROMPTLY
DELIVER TO THE AGENT EVIDENCE IN WRITING OF SUCH OTHER AGENT’S ACCEPTANCE OF SUCH APPOINTMENT.

          SECTION 10. No Novation. Notwithstanding that the Loan Agreement is hereby amended by
this Amendment as of the date hereof, nothing contained herein shall be deemed to cause a novation
or discharge of any existing indebtedness of the Borrower under the Loan Agreement, or the security
interest in the Collateral created thereby.

[Signature page follows.]

 

 

Exhibit 10.6

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

	 	 	 	 	 	 	 
	 	 	CF LEASING LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ DENNIS J. TIETZ	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Dennis J. Tietz	 	 
	 	 	Title: Director	 	 

Amendment
No. 5 to A&R Loan Agt.

 

 

Exhibit 10.6

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

	 	By:
	 	/s/ M. A. N. VAN LACUM	 	 
	 

	 	 	 	 	 	 
	 	 	Name: M. A. N. van Lacum	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ P. R. G. ZAMAN	 	 
	 

	 	 	 	 	 	 
	 	 	Name: P. R. G. Zaman	 	 
	 	 	Title: Deputy Director	 	 

Amendment
No. 5 to A&R Loan Agt.

 

 

Exhibit 10.6

	 	 	 	 	 	 	 
	 	 	BTM CAPITAL CORPORATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ JOHN F. McCARTHY	 	 
	 

	 	 	 	 	 	 
	 	 	Name: John F. McCarthy	 	 
	 	 	Title: Vice President	 	 

	 	 	 	 	 
	 

	 	Address:
	 	111 Huntington Avenue, Suite 400
	 

	 	 	 	Boston, MA 02199
	 
	 	 	 	 
	 

	 	Attention:
	 	Vice President — Administration
	 

	 	Facsimile:
	 	(617) 345-1444
	 

	 	Telephone:
	 	(617) 345-5727

Amendment
No. 5 to A&R Loan Agt.

 

 

Exhibit 10.6

	 	 	 	 	 	 	 
	 	 	HSH NORDBANK AG, NEW YORK BRANCH,

as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ MATHIS SHINNICK	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Mathis Shinnick	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ STEPHANIE PIEH	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Stephanie Pieh	 	 
	 	 	Title: Vice President	 	 

Amendment
No. 5 to A&R Loan Agt.

 

 

Exhibit 10.6

SCHEDULE 1

LIST OF LENDERS AND RESPECTIVE COMMITMENTS

	 	 	 	 	 
	       
           Lender	 	Commitment
	Fortis Bank (Nederland) N.V.
	 	$45,000,000 Class A Commitment

	 
	 	and

	 
	 	$5,000,000 Class B Commitment
	 
	 	 	 	 
	BTM Capital Corporation
	 	$50,000,000 Class A Commitment
	 
	 	 	 	 
	HSH Nordbank AG, New York Branch
	 	$50,000,000 Class A Commitment

 

 

Exhibit 10.6

SCHEDULE 2

FORM OF AMENDMENT TO PURCHASE PARAMETERS

     Effective as of June 15, 2004, the term “Purchase Parameter” in Section 1.1 of the Members
Agreement (as defined in the Loan Agreement), shall be amended to read as follows:

     “Purchase Parameters. The policy employed by the Manager from time to time in acquiring New
Containers for the account of the Borrower, as such policy may be amended from time to time by a
Board Majority. The “Purchase Parameters” are as follows:

     (i) the maximum purchase price to be paid by the Borrower for any standard dry
cargo Container shall not exceed $2,100 per CEU;

     (ii) the maximum purchase price to be paid by the Borrower for any Specialized
Containers shall not exceed the amount in effect and previously approved by a Board
Majority;

     (iii) if such Container is a New Container and will be subject to either a Term
Lease or a Finance Lease on the date on which it is acquired by the Borrower, the
projected ARPEC for such Lease shall be not less than the sum of (A) three month
LIBOR on such date and (B) eleven percent (11%). In this regard, “ARPEC” shall mean
a fraction (expressed as a percentage) the numerator of which is equal to the
product of (A) the daily lease rental attributable to such Container pursuant to the
terms of such Lease and (B) 365, and the denominator of which is equal to the
original equipment cost of such Container; and

     (iv) if such Container is a New Container and will be subject to a Master Lease
on the date of acquisition by the Borrower, then, when considered with all other New
Containers then owned by the Borrower, the sum of the Net Book Values of all New
Containers then subject to the terms of a Master Lease will shall not exceed an
amount equal to the product of (A) fifteen percent (15%) and (B) the sum of the then
Net Book Values of all New Containers then owned by the Borrower.”.

 

 

Exhibit 10.6

SCHEDULE 11.01

NOTICE ADDRESSES

	 	 	 	 	 
	If to the Borrower:	 	CF Leasing Ltd.
	 	 	Clarendon House
	 	 	Church Street
	 	 	Hamilton HM 11
	 	 	Bermuda
	 	 	Attn: Secretary
	 

	 	Telephone: 441 295-1422
	 	
	 

	 	Telefax: 441 292-4720
	 	
	 
	 	 	 	 
	with a copy to:	 	Cronos Containers Limited
	 	 	The Ice House
	 	 	Dean Street
	 	 	Marlow
	 	 	Buckinghamshire SL7 3AB
	 	 	England
	 	 	Attn: Peter J. Younger
	 

	 	Telephone: 44 1628-405580
	 	
	 

	 	Telefax: 44 1628-405648
	 	
	 
	 	 	 	 
	If to the Agent:	 	Fortis Bank (Nederland) N.V.
	 	 	Coolsingel 93/1
	 	 	P.O. Box 749
	 	 	3000 AS Rotterdam
	 	 	The Netherlands
	 

	 	Attention: Menno van Lacum
	 	
	 

	 	Telephone: 31 10 401 6160
	 	 
	 

	 	Telefax:31 10 401 6014
	 	 

Schedule 11.01-1

 

Exhibit 10.6

	 	 	 	 	 
	If to the Lender(s):	 	Fortis Bank (Nederland) N.V.
	 	 	Coolsingel 93/1
	 	 	P.O. Box 749
	 	 	3000 AS Rotterdam
	 	 	The Netherlands
	 

	 	Attention: Menno van Lacum
	 	
	 

	 	Telephone: 31 10 401 6160
	 	
	 

	 	Telefax: 31 10 401 6014
	 	
	 
	 	 	 	 
	 	 	BTM Capital Corporation
	 	 	111 Huntington Avenue, Suite 400
	 	 	Boston, Massachusetts 02199
	 

	 	Attention: Senior Vice President — Administration
	 	
	 

	 	Telephone: (617) 573-9000
	 	
	 

	 	Telefax: (617) 345-1444
	 	
	 
	 	 	 	 
	 

	 	and	 	 
	 
	 	 	 	 
	 	 	HSH Nordbank AG, New York Branch
	 	 	590 Madison Avenue
	 	 	New York, NY 10022-2540
	 

	 	Attention: Stephanie Pieh or Linh Duong
	 	
	 

	 	Tel.: (212) 407-6065 or (212) 407-6072
	 	
	 

	 	Fax: (212) 407-6033
	 	

Schedule 11.01-2exv10w7

 

Exhibit 10.7

AMENDMENT NUMBER 6

TO AMENDED AND RESTATED LOAN AGREEMENT

          THIS AMENDMENT NUMBER 6, dated as of June 15, 2005 (this “Amendment”) to the Amended and
Restated Loan Agreement, dated as of March 7, 2003 (as amended, modified, restated or supplemented
from time to time as permitted thereby, the “Loan Agreement”), among CF LEASING LTD., a company
organized and existing under the laws of the Islands of Bermuda (together with its successors and
permitted assigns, the “Borrower”), FORTIS BANK (NEDERLAND) N.V., a Naamloze Vennootschap
(“Fortis”), as agent on behalf of the Lenders (in such capacity, the “Agent”), BTM CAPITAL
CORPORATION (“BTMCC”), a Delaware corporation, HSH NORDBANK AG, NEW YORK BRANCH (“HSH”), a banking
institution duly organized and validly existing under the laws of Germany, WESTLB AG, a joint stock
company duly organized and validly existing under the laws of Germany, acting through its NEW YORK
BRANCH (“WestLB”), NIB CAPITAL BANK N.V., a Naamloze Vennootschap (“NIBC”) and the other financial
institutions from time to time party hereto (each, including Fortis, BTMCC, HSH, WestLB and NIBC, a
“Lender” or “Co-Purchaser” and collectively, the “Lenders” or the “Co-Purchasers”) and West LB, as
documentation agent (together with its successors and assigns in such capacity, the “Documentation
Agent”).

W I T N E S S E T H:

          WHEREAS, the Borrower, Fortis, HSH and BTM have previously entered into the Loan Agreement,
dated as of September 18, 2002, as amended and restated as of March 7, 2003, and subsequently
amended by Amendment Number 1 thereto, dated as of October 15, 2003, Amendment Number 2 thereto,
dated as of March 4, 2004, Amendment Number 3 thereto, dated as of April 30, 2004, Amendment Number
4 thereto, dated as of May 31, 2004, and Amendment Number 5 thereto, dated as of June 15, 2004
(such amendment, “Amendment Number 5”);

          WHEREAS, the parties desire to further amend the Loan Agreement in order to (i) increase the
Aggregate Commitment from One Hundred Fifty Million Dollars ($150,000,000) to Three Hundred Million
Dollars ($300,000,000), (ii) increase the portion of the Commitment with respect to Fortis from
Fifty Million Dollars ($50,000,000) to Eighty-Seven Million Five Hundred Thousand Dollars
($87,500,000), (iii) increase the portion of the Commitment with respect to BTMCC from Fifty
Million Dollars ($50,000,000) to Seventy Million Dollars ($70,000,000), (iv) increase the portion
of the Commitment with respect to HSH from Fifty Million Dollars ($50,000,000) to Eighty-Seven
Million Five Hundred Thousand Dollars ($87,500,000), (v) add WestLB as a Lender under the terms of
the Loan Agreement with a Commitment of Thirty-Seven Million Five Hundred Thousand Dollars
($37,500,000), (vi) add NIBC as a Lender under the terms of the Loan Agreement with a Commitment of
Seventeen Million Five Hundred Thousand Dollars ($17,500,000), (vii) extend the Conversion Date
from June 15, 2005 to June 14, 2006, (vii) exchange all existing Notes for new Notes issued to the
Lenders reflecting the Commitments of such Lenders on the date hereof, and (viii) make certain
other amendments, all upon the terms, and subject to the conditions, hereinafter set forth, and in
reliance on the representations and warranties of Borrower set forth herein;

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

 

 

Exhibit 10.7

          SECTION 1. Defined Terms. Capitalized terms used in this Amendment and not otherwise
defined herein shall have the meanings assigned in the Loan Agreement.

          SECTION 2. Full Force and Effect. Other than as specifically modified hereby, the Loan
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 Loan Agreement. Effective upon the date hereof, following
the execution and delivery hereof, the following Sections are hereby amended as follows:

          (a) Section 101 is hereby amended by deleting the following defined terms in their entirety:

Aggregate Class A Principal Balance;

Aggregate Class B Principal Balance;

Class A Advance;

Class A Aggregate Commitment;

Class A Asset Base;

Class A Commitment;

Class A Note;

Class B Advance;

Class B Aggregate Commitment;

Class B Commitment;

Class B Note.

          (b) Section 101 is hereby amended by amending and restating the following defined terms in
their entirety:

     “Advance: A disbursement of funds made by one or more Lenders to the Borrower with respect to the
Notes pursuant to the provisions of this Loan Agreement.”

     “Aggregate Commitment: As of any date of determination, an amount equal to the sum of the
Commitments of all Lenders then a party to this Loan Agreement.”

     “Aggregate Principal Balance: As of any date of determination, an amount equal to the sum of the
then Principal Balance of all Notes then Outstanding.”

     “Availability: With respect to any Lender as of any date of determination, an amount equal to the
lesser of (A) the excess, if any, of (x) the Commitment of such Lender on such date of

 

 

Exhibit 10.7

determination, over (y) the Principal Balance then Outstanding of the Note owned by such Lender on
such date of determination, and (B) the excess, if any, of (i) such Lender’s Pro Rata interest with
respect to the Aggregate Asset Base on such date of determination, over (ii) the Principal Balance
then Outstanding of the Note owned by such Lender on such date of determination.”

     “Commitment: With respect to any Lender, the commitment of such Lender to make Advances in
accordance with the provisions of this Loan Agreement in an aggregate amount outstanding at any
time not to exceed the amount set forth opposite the name of such Lender on Schedule 1
hereto.”

     “Commitment Fee Percentage: The percentage specified as such in the letter agreement, dated as of
June 15, 2005, between the Borrower and the Agent, as such letter agreement may be amended,
modified or supplemented from time to time in accordance with its terms.”

     “Conversion Date: With respect to the Commitment of any Lender, the earlier to occur of (i) June
14, 2006 (as such date may be extended in accordance with Section 201(f)), and (ii) the date on
which an Early Amortization Event initially occurs.”

     “Effective Date: June 15, 2005.”

     “Eligible Container: Any Container which shall comply with each of the following requirements as
of the date indicated below:

     (i) Purchase Parameters. Such Container conformed, on the date of
its original acquisition by the Borrower, with the Purchase Parameters in effect on such
date of acquisition;

     (ii) Casualty Losses. Such Container shall not have suffered a
Casualty Loss on such date of determination;

     (iii) Title. The Borrower shall have had good and marketable title
to such Container, free and clear of all Liens other than Permitted Liens, on such date of
determination;

     (iv) Maximum Concentration of Non-Monthly Lease Agreements. If such
Container is on lease, then when considered with all other Eligible Containers owned by the
Borrower, the sum of the Net Book Values of all Eligible Containers then subject to a Lease
for which rent is payable on other than a monthly basis shall not exceed five percent (5%)
of the Aggregate Net Book Value;

     (v) Valid and Perfected Security Interest. The Security Agreement is
effective to create in favor of the Agent a valid and perfected first security interest in
such Container, subject only to Permitted Liens;

     (vi) Maximum Concentration of Refrigerated Containers. When
considered with all other Eligible Containers owned by the Borrower, the sum of the Net Book
Values of all refrigerated Containers will not exceed an amount equal to thirty percent
(30%) of the then Aggregate Net Book Value;

 

 

Exhibit 10.7

     (vii) Specialized Containers. Both of the following: (A) When
considered with all other Eligible Containers owned by the Borrower, the sum of the Net Book
Values of all Specialized Containers (other than refrigerated Containers) will not exceed an
amount equal to thirty percent (30%) of the then Aggregate Net Book Value, and (B) all
Specialized Containers (other than rolltrailers) acquired by the Borrower after the
Restatement Date shall be twenty feet (20’) long, forty feet (40’) long, or forty-five feet
(45’) long;

     (viii) Maximum Lessee Concentrations. If such Container is then on
lease, then, when considered with all other Eligible Containers then on lease, the sum of
the Net Book Values of all Eligible Containers then on lease to any single lessee will not
exceed the following:

     (a) if such lessee is set forth on Exhibit E hereto, twelve percent
(12%) of the then Aggregate Net Book Value; or

     (b) in all other instances not covered by clause (a), five percent (5%) of the
then Aggregate Net Book Value;

     (ix) Maximum Concentration of Finance Leases. If such Container is
then subject to the terms of a Finance Lease, then, when considered with all other Eligible
Containers then on lease, the sum of the Net Book Values of all Containers subject to
Finance Leases shall not exceed twenty (20%) of the then Aggregate Net Book Value;

     (x) Maximum Concentration of Non-USD Denominated Leases. When
considered with all other Eligible Containers owned by the Borrower, the sum of the Net Book
Values of all Containers subject to Non-USD Denominated Leases will not exceed an amount
equal to five percent (5%) of the then Aggregate Net Book Value;

     (xi) Compliance with ISO; Age; Term Lease. Each New Container
acquired by the Borrower on or after the Restatement Date shall comply with all of the
following: (A) be an ISO compliant Container (excluding any tank containers), (B) be less
than twenty-four (24) months old as of the date of acquisition by the Borrower, and (C) when
considered with all other Eligible Containers owned by the Borrower, at least seventy-five
percent (75%) of such New Containers (based on the sum of the Net Book Values of all such
New Containers) shall then be subject to a Term Lease; provided, that clauses (B) and (C)
shall not apply to the acquisition by the Borrower of approximately $72,000,000 of New
Containers from Cronos Finance (Bermuda) Limited expected to occur in June 2005;

     (xii) Purchase Price. The purchase price for any New Container
acquired by the Borrower on or after the Restatement Date shall not exceed its then fair
market value; and

     (xiii) Lessee Bankruptcy. If such Container is then subject to a
Finance Lease, the related lessee is not, to the knowledge of the Borrower or the Manager,
subject to bankruptcy, insolvency or similar proceedings.”

 

 

Exhibit 10.7

     “Final Payment Date: The Payment Date occuring on June 15, 2016.”

     “Interest Rate: For each Interest Period, one of the following:

     (A) if no Early Amortization Event has occurred and is then continuing, a rate
per annum equal to the sum of (i) Adjusted LIBOR (or, if a Eurodollar Disruption
Event is then continuing, the Prime Rate) for such Interest Period, plus (ii) (x)
during the period from and including the Effective Date to, but excluding, the
Conversion Date, one and five-eighths of one percent (1.625%) per annum, or (y) on
and after the Conversion Date, one and seven-eighths of one percent (1.875%) per
annum; or

     (B) if an Early Amortization Event has occurred and is then continuing, a rate
per annum equal to the sum of (i) Adjusted LIBOR (or, if a Eurodollar Disruption
Event is then continuing, the Prime Rate) for such Interest Period, plus (ii) two
and three-eighths percent (2.375%) per annum.”

     “Management Agreement: The Amended and Restated Management Agreement, dated as of June 15, 2004,
by and between the Manager and the Borrower, as such agreement shall be amended, supplemented or
modified from time to time in accordance with its terms.”

     “Members Agreement: The Members Agreement, dated as of September 18, 2002, among the Borrower,
Cronos Equipment (Bermuda) Limited and FB Aviation and Intermodal Holding B.V. (f/k/a MeesPierson
Transport & Logistics Holding BV) and joined by Cronos Containers (Cayman) Ltd. and by The Cronos
Group, as such agreement shall be amended, supplemented or modified from time to time in accordance
with its terms.”

     “Note: Any one of the promissory notes issued by the Borrower pursuant to the terms of this Loan
Agreement, substantially in the form of Exhibit C hereto.”

     “Principal Payment Amount: For any Note owned by a Lender on any Payment Date on which no Early
Amortization Event is then continuing, one of the following:

     (1) on any Payment Date prior to the Conversion Date for such
Lender, zero;

     (2) on any Payment Date occurring subsequent to the Conversion Date for such Lender, an
amount for each such Payment Date equal to the product of (x) the Principal Balance of such
Note on such Conversion Date, (y) the applicable percentage set forth below in the column
entitled “Annual Principal Reduction Required” opposite the applicable Payment Date, and (z)
one-twelfth;

	 	 	 	 	 	 
	Number of Payment Dates After	 	 	Annual Principal Reduction
	Conversion Date	 	 	Required
	1-12

	 	 	 	10.0	%
	13-24

	 	 	 	10.0	%
	25-36

	 	 	 	10.0	%

 

 

Exhibit 10.7

	 	 	 	 	 	 
	Number of Payment Dates After	 	 	Annual Principal Reduction
	Conversion Date	 	 	Required
	37-48

	 	 	 	10.0	%
	49-60

	 	 	 	10.0	%
	61-72

	 	 	 	10.0	%
	73-84

	 	 	 	10.0	%
	85-96

	 	 	 	10.0	%
	97-108

	 	 	 	10.0	%
	109-120

	 	 	 	10.0	%

     (3) on the Final Maturity Date, an amount equal to the then Principal Balance of such
Note.”

     “Restricted Cash Account Requirement: As of any date of determination, an amount equal to the
quotient of (A) the then Aggregate Principal Balance multiplied by the Interest Rate then
applicable to the Notes, divided by (B) four (4).”

          (c) Paragraph (a) of Section 201 is hereby amended by deleting the reference to “One Hundred
Fifty Million Dollars ($150,000,000)” and replacing it with “Three Hundred Million Dollars
($300,000,000)”;

          (d) Paragraph (b), (c) and (d) of Section 201 are hereby amended by deleting them in their
entirety and replacing such paragraphs with the following:

     “(b) Advances. Prior to the Conversion Date, each of the Notes shall be a revolving note
with a maximum principal amount equal to the then current Commitment for the related Lender, and
the Borrower may, subject to the terms and conditions of this Loan Agreement, borrow, repay and
re-borrow amounts in respect of such Commitment; provided, however, that if the Aggregate Principal
Balance shall be less than the then current Aggregate Commitment, then the Lenders shall, at the
request of the Borrower and subject to compliance with the terms of Section 1002 of this Agreement,
make one or more Advances (for each such Lender, pro rata, in proportion to such Lender’s
Commitment) in such aggregate amount that the Aggregate Principal Balance (after giving effect to
such Advance(s)) shall not exceed Three Hundred Million Dollars ($300,000,000); provided, further,
that in no event shall any Lender be required to make an Advance that, when considered with all
unpaid Advances previously made by such Lender, would exceed the related Commitment of such Lender.
The failure of any Lender to make an Advance on any Funding Date shall not relieve any other
Lender of its obligation to make an Advance, but no Lender shall (i) be responsible for the failure
of any other Lender to make an Advance on any Funding Date or (ii) be obligated to make an
incremental Advance on behalf of such non-performing Lender. Each Lender, or the Agent on its
behalf, shall maintain a record of all Advances and repayments made on the Notes and such records
shall be conclusive absent manifest error.

 

 

Exhibit 10.7

     (c) Funding of Advance. On any Business Day requested by the Borrower and presuming
that the Borrower shall have satisfied all applicable conditions precedent set forth in Article X
hereof, each Lender shall, subject to the terms and conditions of this Loan Agreement, deposit
with the account designated by the Borrower by wire transfer of same day funds not later than 4:00
p.m. (Amsterdam time) an amount equal to its Pro Rata share of the requested Advance; provided,
however, that each Advance by each Lender shall be for an amount (A) not less than the lesser of
(x) its then Unused Commitment and (y) such Lender’s Pro Rata share of Five Hundred Thousand
Dollars ($500,000), and (B) not greater than the Availability of such Lender on such Business Day
or such greater amount to which such Lender may consent in its sole discretion (provided that the
Aggregate Principal Balance (after giving effect to such Advance) shall not exceed Three Hundred
Million ($300,000,000)).

     (d) Request for Advance. Each Drawdown Notice shall be submitted in writing to the
Agent by not later than 4:00 p.m. (Amsterdam time) on the third (3rd) Business Day (or such shorter
time as the Agent and the Lenders shall agree) prior to the date of the requested Advance (provided
however, with respect to any request for an Advance to be made on the Restatement Date such
Drawdown Notice shall be submitted not later than 4:00 p.m. (Amsterdam time) on the first (1st)
Business Day prior to the date of such requested Advance), and the Agent shall promptly provide
each Lender with a copy of each such Drawdown Notice. Such notice shall include (i) a calculation
of the Aggregate Asset Base (calculated to include any Eligible Containers to be acquired with the
proceeds of such Advance), as applicable, and (ii) the amount of such Advance to be funded by each
Lender. Such Drawdown Notice shall be irrevocable when given and shall be in a minimum aggregate
amount equal to the lesser of (i) Five Hundred Thousand Dollars ($500,000) and (ii) the then unused
Aggregate Commitment (or such greater amount to which the Lenders may consent in their respective
sole discretion (provided that the Aggregate Principal Balance (after giving effect to such
requested Advance) shall not exceed Three Hundred Million Dollars ($300,000,000)). Borrower shall
pay interest on the Notes at the rates and in the manner set forth in Section 202 hereof. Each
Drawdown Notice shall constitute a reaffirmation by Borrower that (1) no Event of Default, Early
Amortization Event or Manager Default has occurred and is continuing and (2) the representations
and warranties of the Facility Parties contained in the Transaction Documents are true, correct and
complete in all material respects to the same extent as though made on and as of the date of the
request, except to the extent such representations and warranties specifically relate to an earlier
date, in which event they shall be true, correct and complete in all material respects as of such
earlier date.

          A Drawdown Notice, once delivered to the Agent, shall be irrevocable and binding on the
Borrower. If any Advance requested by the Borrower is not, for any reason whatsoever related to a
default or nonperformance by the Borrower, made or effectuated on the specified Funding Date, the
Borrower shall pay Breakage Costs. In connection with any Advance or any Funding Date, all of the
Lenders may, in their collective and absolute discretion, grant the Borrower extensions and/or
waivers in fulfilling its obligations under this Section 201 and in fulfilling the conditions set
forth in Section X herein.”

          (e) Section 203 is hereby amended by deleting such section in its entirety and replacing it
with the following:

          “Section 203. Principal Payments On The Notes.

 

 

Exhibit 10.7

          (a) Scheduled Principal Amortization of Notes. The Principal Balance of each Note
shall be payable on each Payment Date from amounts on deposit in the Trust Account and in
accordance with the priority of payments set forth in Section 302(a) hereof in an amount equal to
(i) so long as no Early Amortization Event is continuing, the Principal Payment Amount for such
Note for such Payment Date, or (ii) if an Early Amortization Event is then continuing, the then
Principal Balance of such Note shall be payable in full to the extent that funds are available for
such purposes in accordance with the provisions of Section 302(a) hereof. The Principal Balance of
each Note, together with all unpaid interest (including all Overdue Interest), fees (including all
Commitment Fees), expense, costs and other amounts payable by the Borrower to such Lender pursuant
to the terms of the Transaction Documents, shall be due and payable in full on the earlier to occur
of (x) the date on which an Event of Default shall occur and the Notes have been accelerated in
accordance with Section 802 hereof and (y) the Final Payment Date.

          (b) Voluntary Prepayment of Notes. The Borrower may, from time to time, and upon at
least five (5) Business Days’ prior written irrevocable notice to the Agent and each Lender, make
an optional prepayment of principal of the Notes, in whole or in part; provided, however, that (i)
any partial prepayment of principal shall be in a minimum amount of Two Hundred Fifty Thousand
Dollars ($250,000), and (ii) the Borrower may not utilize any funds on deposit in either the Trust
Account (except to the extent that such funds are otherwise distributable to the Borrower in
accordance with the provisions of Section 302) or the Restricted Cash Account for such purposes.
The Borrower shall promptly confirm any telephonic notice of prepayment in writing. Any optional
prepayment of principal made by the Borrower pursuant to this Section 203(b) shall also include (i)
accrued interest to the date of the prepayment on the Principal Balance being prepaid, (ii) any
termination, notional reduction, breakage and other fees and costs assessed by any Eligible
Interest Rate Hedge Provider and (iii) if such prepayment is being made on a day other than a
Payment Date, any Breakage Costs.

          (c) [Reserved].

          (d) Mandatory Prepayment of Notes Due to Asset Base Deficiency. If the Manager Report
delivered on any Determination Date indicates that an Asset Base Deficiency exists, the Borrower
shall promptly (but in any event no later than the Payment Date after an executive officer of the
Borrower or Manager obtains knowledge of such condition) make a mandatory prepayment of such Asset
Base Deficiency. In connection with any prepayment made in accordance with this Section 203(d),
the Borrower shall pay (i) accrued interest to the date of prepayment on the Principal Balance
being prepaid, (ii) any Breakage Costs assessed by each Lender and (iii) any termination, notional
reduction, breakage or other fees or costs assessed by any Eligible Interest Rate Hedge Provider.”

          (f) Section 302 is hereby amended by deleting such section in its entirety and replacing it
with the following:

     “Section 302. Distributions from The Trust Account. (a) On each Payment Date, the Agent,
based on the Manager Report, shall distribute an amount equal to the sum of (1) all amounts on
deposit in the Trust Account as of the last day of the related Collection Period, (2) payments
received by the Borrower pursuant to an Interest Rate Hedge Agreement and (3) any

 

 

Exhibit 10.7

earnings on investments in the Trust Account pursuant to Section 303 of this Loan Agreement (the
sum of (1), (2) and (3), the “Distributable Cash Flow”), to the following Persons in the following
order of priority, with no payment being made toward any item unless and until all prior items have
been fully satisfied:

	 	(1)	 	to such Persons as the Manager shall direct, the amount of any
Borrower Expenses then due and payable that have not been paid by the Manager
in accordance with the terms of the Management Agreement, not to exceed
$100,000 annually;
	 
	 	(2)	 	to the Manager by wire transfer of immediately available funds,
an amount equal to the sum of (x) Management Fee Arrearage and (y) Management
Fee;
	 
	 	(3)	 	to each Eligible Interest Rate Hedge Provider, any payments
(other than termination payments) owing by the Borrower pursuant to all
Interest Rate Hedge Agreements then in effect;
	 
	 	(4)	 	to the Agent, by wire transfer of immediately available funds,
the sum of (A) Four Thousand Dollars ($4,000) and (B) any other fees and
expenses of the Agent then due and payable;
	 
	 	(5)	 	[intentionally omitted]
	 
	 	(6)	 	to each Lender, on a Pro Rata basis, by wire transfer of
immediately available funds (to the account that the Lender has designated to
the Agent in writing on or prior to the Business Day immediately preceding such
Payment Date), an amount equal to the sum of (A) the sum of (x) the Interest
Payment for the Notes and (y) Interest Arrearage for the Notes, if any, and (B)
the sum of (x) the Commitment Fees for the Notes then owing and (y) any unpaid
Commitment Fees for the Notes from all prior Payment Dates;
	 
	 	(7)	 	to the Restricted Cash Account, an amount necessary to increase
the balance thereof (calculated after giving effect to any deposits on such
Payment Date) to the Restricted Cash Account Requirement;
	 
	 	(8)	 	one of the following amounts:
	 
	 	 	 	(A) if no Early Amortization Event has occurred and is then continuing, to
each Lender for the Notes, on a Pro Rata basis, an amount equal to the sum
of (i) the Principal Payment Amount for the Notes for such Payment Date and
(ii) if an Asset Base Deficiency exists after giving effect to the payment
described in clause (i), any prepayment required with respect to the Notes
pursuant to the provisions of Section 203(d); or
	 
	 	 	 	(B) if an Early Amortization Event has occurred and is then continuing, any
remaining Distributable Cash Flow shall be paid as follows: on a Pro

 

 

Exhibit 10.7

	 	 	 	Rata and pari passu basis, (i) to each Eligible Interest Rate Hedge Provider
(regardless of whether such Person then qualifies as an Eligible Interest
Rate Hedge Provider), any payments (excluding any termination payments)
owing by the Borrower pursuant to all Interest Rate Hedge Agreements then in
effect, and (ii) to each Lender for the Notes, in repayment of principal of
the Notes until the Aggregate Note Principal Balance has been reduced to
zero; or

	 	(9)	 	if no Early Amortization Event has occurred, to each Eligible
Interest Rate Hedge Provider (regardless of whether such Person then qualifies
as an Eligible Interest Rate Hedge Provider), any termination payments owing
under all Interest Rate Hedge Agreement then in effect;
	 
	 	(10)	 	to each Lender, any Overdue Interest, Other Taxes or
indemnification payments (including any amounts payable pursuant to Section 208
and Section 210 hereof) then due and payable;
	 
	 	(11)	 	to the Manager, any Disposition Fees then due and payable;
	 
	 	(12)	 	to the Manager, any indemnification payments owing by the
Borrower to the Manager pursuant to Section 18 of the Management Agreement;
	 
	 	(13)	 	to such Person(s) as the Manager may direct, any unpaid
Borrower Expenses;
	 
	 	(14)	 	to the Borrower or its designee, any remaining Distributable
Cash Flow.

(b) If the amounts to be distributed on any Payment Date are not sufficient to make payment in full
to the Lenders with respect to any of clauses described in Section 302(a) above, then payments to
Lenders pursuant to any such clause will be allocated among such Lenders on a pro rata basis based
on the amount payable to each such Lender pursuant to each such clause.”; and

          (g) The lead in language in Section 1002 is hereby amended by deleting such language in its
entirety and replacing it with the following:

     “Section 1002. Subsequent Advances. The obligation of each of the Lenders to advance any
additional principal on the Notes pursuant to its Commitment under this Loan Agreement or, in each
Lender’s sole discretion, to advance any additional principal on the Notes in excess of its
Commitment (provided that the Aggregate Principal Balance (after giving effect to any such
requested Advance) shall not exceed Three Hundred Million ($300,000,000)) is subject to the
following further conditions precedent:”; and

          (h) Paragraph (k) of Section 1002 is hereby amended by deleting it in its entirety and
replacing such paragraph with the following:

          “(k) Replacement Notes. If any Lender, in its sole discretion, shall consent to make an
Advance in an amount greater than its then current Commitment, a separate replacement Note executed
by the Borrower shall be issued to each such Lender in the aggregate amount of up to such Lender’s
then current Commitment plus all Advances to be made by such

 

 

Exhibit 10.7

Lender in excess thereof on the related Funding Date; provided that upon its receipt of any
replacement Note pursuant to this Section 1002(k), each Lender shall surrender or cause to be
surrendered its prior Note.”

          (i) Paragraph (i)(D) of Section 1203 is hereby amended by deleting it in its entirety and
replacing such paragraph with the following:

          “(D) increase the Commitment of a Lender over the amount thereof in effect (it being understood
and agreed that a waiver of any Potential Event of Default, Manager Default, or Event of Default or
a mandatory reduction in the Commitments shall not constitute a change in the terms of any
Commitment of any Lender) or at any time permit either the Aggregate Principal Balance to exceed
Three Hundred Million Dollars ($300,000,000) or the Aggregate Commitment to exceed Three Hundred
Million Dollars ($300,000,000);”

          (j) Paragraph (i)(H) of Section 1203 is hereby amended by deleting it in its entirety and
replacing such paragraph with the following:

          “(H) amend or modify the definition of the terms “Aggregate Asset Base”, “Early Amortization
Event”, “Asset Base Deficiency”, “Conversion Date” or “Event of Default” (or any definition used
therein); or”

          (k) New Sections 1225 and 1226 are added to the Loan Agreement, each of which reads as
follows:

          “Section 1225. USA Patriot Action Notice. The Lenders hereby notify the
Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub.L. 107.56
(signed into law October 26, 2001) (the “Patriot Act”), the Lenders are required to obtain, verify
and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow the Lenders to identify the Borrower
in accordance with the Patriot Act.

          Section 1226. Role of Documentation Agent. The Borrower hereby appoints WestLB as
documentation agent (in such capacity, the “Documentation Agent”). The parties hereto agree that
the Documentation Agent shall not have any duties or obligations under this Loan Agreement beyond
its respective duties and/or obligations as a Lender.”

          (l) Exhibits C-1 and C-2 to the Loan Agreement is hereby amended by deleting
them in their entirety and replacing them with Exhibit C attached hereto.

          (m) Schedule 1 of the Loan Agreement is hereby amended by deleting it in its entirety
and replacing it with Schedule 1 attached hereto.

          (n) Schedule 11.01 of the Loan Agreement is hereby amended by deleting it in its
entirety and replacing it with Schedule 11.01 attached hereto.

          SECTION 4. Representations, Warranties and Covenants.

          The Borrower hereby confirms that each of the representations, warranties and covenants set
forth in Articles V and VI of the Loan Agreement are true and correct as of the

 

 

Exhibit 10.7

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 5. Effectiveness of Amendment; Terms of this Amendment.

          (a) This Amendment shall become effective on the date on which all of the conditions precedent
set forth below are satisfied, which shall be in no event later than June 15, 2005:

(i) Amendment. The Agent shall have received this Amendment,
in form and substance satisfactory to the Lenders, executed and delivered by
Borrower and all other parties hereto;

(ii) Notes. The Agent shall have received separate Notes executed
by the Borrower in favor of each Lender;

(iii) Certificate of Officer/Secretary; Organizational Documents.
The Agent shall have received separate certificates, each dated the
Effective Date, executed by authorized signatories of each of the Manager
and the Borrower, certifying (A) that attached to such certificate(s) is a
true, correct and complete copy of the Memorandum of Association or other
organizational document of such company certified by the Secretary of the
Borrower or the Manager, as applicable, as of a date close to the Effective
Date, (B) that attached to such certificate is a true, correct and complete
copy of the bylaws (or bye-laws) and each other organizational document of
such company then in full force and effect, (C) that attached to such
certificate is a Certificate of Compliance from the Secretary of State (or
equivalent) of any other jurisdiction where such company is required to be
qualified to do business, dated as of a date close to the Effective Date,
(D) that attached to such certificate is a true, correct and complete copy
of the resolutions adopted by the board of directors of each such company
then in full force and effect authorizing the execution, delivery and
performance by such company of each of the amendment documents to which it
is a party and (E) the name of the officer(s) of such company authorized to
execute amendment documents on behalf of such company;

(iv) Asset Base Certificate. The Borrower shall have delivered to
the Agent and each Lender a duly executed Asset Base Certificate calculated
as of the Effective Date;

(v) Opinions. Conyers Dill & Pearman shall have delivered to the
Agent its corporate matters opinion for the Borrower with regard to the
documents executed on or as of the Effective Date. Maples & Calder shall
have delivered to the Agent its corporate matters opinion for the Manager
with regard to the documents executed on or as of the Effective Date.
Thacher Proffitt & Wood llp shall have delivered to the Agent its
opinion

 

 

Exhibit 10.7

letter regarding the enforceability of the documents executed on or as of
the Effective Date;

(vi) Payment of Fees. All fees due to the Lenders on or before the
Effective Date shall have been paid to the extent notified to the Borrower
in writing;

(vii) Request for an Advance. The Borrower shall have submitted a
Drawdown Notice in accordance with Section 201(d) of the Loan Agreement
requesting an Advance from WestLB, the proceeds of which will be used to
repay amounts owing to the other Lenders such that, after giving effect to
such repayment, the Advance(s) owing to all Lenders (including WestLB) are
proportional to their relative Commitments; and

(ix) Amendment Number 1 to Amended and Restated Management
Agreement. The Agent shall have received a fully executed Amendment
Number 1 to the Amended and Restated Management Agreement. By executing
this Amendment, each lender hereby authorized the Agent to execute such
Agreement.

          (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
Loan Agreement, and (ii) each reference in the Loan Agreement to “this Agreement” or “hereof”,
“hereunder” or words of like import, and each reference in any other document to the Loan Agreement
shall mean and be a reference to the Loan Agreement as amended or modified hereby.

          (d) Except as expressly amended or modified hereby, the Loan Agreement shall remain in full
force and effect and is hereby ratified and confirmed by the parties hereto.

          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 REFERENCE TO CONFLICT OF LAW PRINCIPLES; PROVIDED THAT
SECTION 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 THE
STATE OF NEW YORK.

          SECTION 8. Consent to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST THE
AGENT ARISING OUT OF OR RELATING TO THIS AMENDMENT, OR ANY TRANSACTION CONTEMPLATED HEREBY, MAY BE
INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY AND COUNTY OF

 

 

Exhibit 10.7

NEW YORK, STATE OF NEW YORK AND THE AGENT AND THE BORROWER EACH HEREBY WAIVE ANY OBJECTION
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING,
AND, SOLELY FOR THE PURPOSES OF ENFORCING THIS AMENDMENT, THE AGENT, EACH LENDER AND THE BORROWER
EACH HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR
PROCEEDING. THE AGENT AND THE BORROWER HEREBY EACH IRREVOCABLY APPOINTS AND DESIGNATES CT
CORPORATION SYSTEM, HAVING AN ADDRESS AT 111 EIGHTH AVENUE, NEW YORK, NEW YORK, 10011, ITS TRUE AND
DULY AUTHORIZED AGENT FOR THE LIMITED PURPOSE OF RECEIVING AND FORWARDING LEGAL PROCESS IN ANY SUCH
SUIT, ACTION OR PROCEEDING, AND THE AGENT AND THE BORROWER EACH AGREE THAT SERVICE OF PROCESS UPON
SUCH PARTY SHALL CONSTITUTE PERSONAL SERVICE OF SUCH PROCESS ON SUCH PERSON. PURSUANT TO NEW YORK
GENERAL OBLIGATIONS LAW SECTION 5-1402, THE AGENT AND THE BORROWER SHALL EACH MAINTAIN THE
DESIGNATION AND APPOINTMENT OF SUCH AUTHORIZED AGENT UNTIL ALL AMOUNTS PAYABLE UNDER THE LOAN
AGREEMENT SHALL HAVE BEEN PAID IN FULL. IF SUCH AGENT SHALL CEASE TO SO ACT, THE AGENT OR THE
BORROWER, AS THE CASE MAY BE, SHALL IMMEDIATELY DESIGNATE AND APPOINT ANOTHER SUCH AGENT
SATISFACTORY TO THE AGENT AND SHALL PROMPTLY DELIVER TO THE AGENT EVIDENCE IN WRITING OF SUCH OTHER
AGENT’S ACCEPTANCE OF SUCH APPOINTMENT.

          SECTION 9. No Novation. Notwithstanding that the Loan Agreement is hereby amended by
this Amendment as of the date hereof, nothing contained herein shall be deemed to cause a novation
or discharge of any existing indebtedness of the Borrower under the Loan Agreement, or the security
interest in the Collateral created thereby.

[Signature pages follow]

 

 

Exhibit 10.7

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

	 	 	 	 	 	 	 
	 	 	CF LEASING LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ DENNIS J. TIETZ	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Dennis J. Tietz	 	 
	 	 	Title: Director	 	 

Amendment No. 6 to A&R Loan Agt.

 

 

Exhibit 10.7

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

	 	By: /s/ R. J. VAN DAM	 	 
	 

	 	 
	 	 
	 	 	Name: R. J. van Dam	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By: /s/
	 	H. P. DE KOOL	 	 
	 

	 	 
	 	 
	 	 	Name: H. P. de Kool	 	 
	 	 	Title: Manager	 	 

Amendment No. 6 to A&R Loan Agt.

 

 

Exhibit 10.7

	 	 	 	 	 	 	 
	 	 	BTM CAPITAL CORPORATION, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ CHERYL A. BEHAN	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Cheryl A. Behan	 	 
	 	 	Title: Senior Vice President	 	 

Amendment No. 6 to A&R Loan Agt.

 

 

Exhibit 10.7

	 	 	 	 	 	 	 
	 	 	HSH NORDBANK AG, NEW YORK BRANCH,	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ HARI RAGHAVAN	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Hari Raghavan	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ LINH DUONG	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Linh Duong	 	 
	 	 	Title: Assistant Vice President	 	 

Amendment No. 6 to A&R Loan Agt.

 

 

Exhibit 10.7

	 	 	 	 	 	 	 
	 	 	WESTLB AG, NEW YORK BRANCH, as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ CARYN SUFFREDINI	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Caryn Suffredini	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ WALTER T. DUFFY III	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Walter T. Duffy III	 	 
	 	 	Title: Director	 	 

Amendment No. 6 to A&R Loan Agt.

 

 

Exhibit 10.7

	 	 	 	 	 	 	 
	 	 	NIB CAPITAL BANK N.V., as a Lender
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ T. TH. VAN DER MAST	 	 
	 

	 	 	 	 	 	 
	 	 	Name: T. Th. van der Mast	 	 
	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ D. P. FENNEMA	 	 
	 

	 	 	 	 	 	 
	 	 	Name: D. P. Fennema	 	 
	 	 	Title: Associate Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ C. MULDER	 	 
	 

	 	 	 	 	 	 
	 	 	Name: C. Mulder	 	 
	 	 	Title: Legal Counsel	 	 

Amendment No. 6 to A&R Loan Agt.

 

 

Exhibit 10.7

Exhibit C

FORM OF NOTE

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED,
UNLESS SO REGISTERED OR THE TRANSACTION RELATING THERETO SHALL BE EXEMPT WITHIN THE MEANING OF SUCH
ACT AND THE RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE COMMISSION ADOPTED THEREUNDER.
BECAUSE OF THE PROVISIONS FOR THE PAYMENT OF PRINCIPAL CONTAINED HEREIN, THE OUTSTANDING PRINCIPAL
AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. ANYONE PURCHASING THIS
NOTE MAY ASCERTAIN THE OUTSTANDING PRINCIPAL AMOUNT HEREOF BY INQUIRY OF THE AGENT.

CF LEASING LTD.

SECURED NOTE

			
	 	 	 
	up to $                    
	 	No. ___

          KNOW ALL PERSONS BY THESE PRESENTS that CF LEASING LTD., a company organized and existing
under the laws of the Islands of Bermuda (the “Borrower”), for value received, hereby promises to
pay to [LENDER], or its registered assigns, at the principal office of the Agent named below, the
principal sum of up to                      Dollars and ___/100 ($                    ), which sum shall be
payable on the dates and in the amounts set forth in the Amended and Restated Loan Agreement, dated
as of March 7, 2003 (as amended or supplemented from time to time, the “Loan Agreement”), among the
Borrower, Fortis Bank (Nederland) N.V., as agent (the “Agent”) and as lender, BTM Capital
Corporation, HSH Nordbank AG, New York Branch, WestLB AG, New York Branch, NIB Capital Bank N.V.
and the other financial institutions from time to time party thereto, as lenders. Capitalized
terms not otherwise defined herein will have the meaning set forth in the Loan Agreement as the
same may be amended or supplemented from time to time.

          Payment of the principal and interest on this Note shall be made in lawful money of the United
States of America which at the time of payment is legal tender for payment of public and private
debts. Principal and interest are payable on each Payment Date in immediately available funds to
the extent set forth in the Loan Agreement from funds on deposit in the Trust Account and the
Restricted Cash Account and as further set forth in Articles II and III of the Loan Agreement.
This Note is one of the authorized notes identified in the title hereto and such authorized notes
have been issued in the aggregate principal amount of up to                      Dollars and ___/100
($                    ) pursuant to the Loan Agreement.

          This Note shall bear interest on the unpaid principal balance hereof at a rate per annum equal
to the Interest Rate for the applicable Interest Period. Interest payable on this Note shall be
calculated as set forth in the Loan Agreement. Payments of principal on this Note shall be made as
provided in the Loan Agreement.

 

 

Exhibit 10.7

          This Note shall be an obligation of the Borrower, and shall be secured by the Collateral, all
as defined in, and subject to limitations set forth in, the Loan Agreement, for the equal and
ratable benefit of the lenders from time to time party to the Loan Agreement (the “Lenders”). No
Person other than the Borrower shall be liable for any obligation of the Borrower under the Loan
Agreement or this Note or any losses incurred by the Lenders.

          No recourse may be taken, directly or indirectly, with respect to the obligations of the
Borrower on this Note or under the Loan Agreement or any certificate, statement or other writing
delivered in connection herewith or therewith, against any incorporator, subscriber, agent,
administrator, shareholder, partner, officer or director, as such, of the Borrower or any
predecessor, successor, affiliate or controlling person of the Borrower, or against any stockholder
of a corporation, partner of a partnership or beneficiary or equity owner of a trust, succeeding
thereto (all of the foregoing, collectively, the “Exculpated Parties”), it being understood (and
any holder of this Note, by its acceptance thereof, shall be deemed to have consented and agreed)
that recourse shall be solely to the Collateral. The Borrower and any director or officer or
employee or agent of the Borrower may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters arising
hereunder. No suit, claim or proceeding shall be brought against the Exculpated Parties or any of
them for any obligation under or relating to this Note, the Loan Agreement or any agreement,
instrument, certificate or other document delivered in connection therewith.

          The Agent or Borrower may require payment by the Lender of a sum sufficient to cover any tax
expense or other governmental charge payable in connection with any transfer or exchange of this
Note.

          The Borrower, the Agent and any agent of the Borrower may treat the person in whose name this
Note is registered as the absolute owner hereof for all purposes, and neither the Borrower, the
Agent, nor any other such agent shall be affected by notice to the contrary.

          This Note may be prepaid as set forth in Section 203 of the Loan Agreement, at the Borrower’s
option, upon such notice and in the minimum amounts set forth in Section 203 of the Loan Agreement.

          If an Event of Default shall occur and be continuing, the principal of and accrued interest on
this Note may be declared to be due and payable in the manner and with the effect provided in the
Loan Agreement.

          The Lender shall have no right to enforce the provisions of the Loan Agreement or to institute
an action to enforce the covenants, or to take any action with respect to a default under the Loan
Agreement, or to institute, appear in or defend any suit or other proceedings with respect thereto,
except as provided under certain circumstances described in the Loan Agreement; provided, however,
that nothing contained in the Loan Agreement shall affect or impair any right of enforcement
conferred on the Lender to enforce any payment of the principal of and interest on this Note on or
after the due date thereof; provided further, however, that by acceptance hereof the Lender is
deemed to have covenanted and agreed that it will not institute against the Borrower any
bankruptcy, reorganization, arrangement, insolvency or liquidation

 

 

Exhibit 10.7

proceedings, or other proceedings under any federal or state bankruptcy or similar law, at any
time other than at such time as permitted in Section 1224 of the Loan Agreement.

          All terms and provisions of the Loan Agreement are herein incorporated by reference as if set
forth herein in their entirety.

          IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that all acts, conditions and things required to
exist, happen and be performed precedent to the execution and delivery of the Loan Agreement and
the issuance of this Note, do exist, have happened and have been timely performed in regular form
and manner as required by law.

          This Note, and the rights and obligations of the parties hereunder, shall be governed by, and
construed and interpreted with, the laws of the State of New York, without giving effect to the
principles of conflicts of laws.

[Signature page follows]

 

 

Exhibit 10.7

          IN WITNESS WHEREOF, CF Leasing Ltd. has caused this Note to be duly executed by its duly
authorized representative, on this ___day of                      200___.

	 	 	 	 	 	 	 
	 	 	CF LEASING LTD.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Its:
	 	 	 	 

 

 

Exhibit 10.7

SCHEDULE 1

LIST OF LENDERS AND RESPECTIVE COMMITMENTS

	 	 	 	 	 
	Lender
	 	Commitment
	Fortis Bank (Nederland) N.V.
	 	$	87,500,000	 
	 
	 	 	 	 
	BTM Capital Corporation
	 	$	70,000,000	 
	 
	 	 	 	 
	HSH Nordbank AG, New York Branch
	 	$	87,500,000	 
	 
	 	 	 	 
	WestLB
	 	$	37,500,000	 
	 
	 	 	 	 
	NIB Capital Bank N.V.
	 	$	17,500,000	 

 

 

Exhibit 10.7

SCHEDULE 11.01

NOTICE ADDRESSES

	 	 	 	 	 
	If to the Borrower:	 	CF Leasing Ltd.
	 	 	Clarendon House
	 	 	Church Street
	 	 	Hamilton HM 11
	 

	 	Bermuda	 	 
	 

	 	Attn: Secretary
	 

	 	Telephone: 441 295-1422
	 

	 	Telefax: 441 292-4720
	 
	 	 	 	 
	with a copy to:	 	Cronos Containers Limited
	 	 	The Ice House
	 	 	Dean Street
	 

	 	Marlow	 	 
	 	 	Buckinghamshire SL7 3AB
	 

	 	England	 	 
	 

	 	Attn: Peter J. Younger
	 

	 	Telephone: 44 1628-405580
	 

	 	Telefax: 44 1628-405648
	 
	 	 	 	 
	If to the Agent:	 	Fortis Bank (Nederland) N.V.
	 	 	Coolsingel 93/1
	 	 	P.O. Box 749
	 	 	3000 AS Rotterdam
	 	 	The Netherlands
	 

	 	Attention: Menno van Lacum
	 

	 	Telephone: 31 10 401 6160
	 

	 	Telefax: 31 10 401 6014

 

 

Exhibit 10.7

	 	 	 	 	 
	If to the Lender(s):	 	Fortis Bank (Nederland) N.V.
	 	 	Coolsingel 93/1
	 	 	P.O. Box 749
	 	 	3000 AS Rotterdam
	 	 	The Netherlands
	 

	 	Attention: Harmen de Kool
	 

	 	Telephone: 31 10 401 9676
	 

	 	Telefax: 31 10 401 6343
	 
	 	 	 	 
	 	 	BTM Capital Corporation
	 	 	111 Huntington Avenue, Suite 400
	 	 	Boston, Massachusetts 02199
	 

	 	Attention: Senior Vice President — Administration
	 

	 	Telephone: (617) 573-9000
	 

	 	Telefax: (617) 345-1444
	 
	 	 	 	 
	 	 	HSH Nordbank AG, New York Branch
	 	 	230 Park Avenue
	 	 	New York, NY 10169
	 

	 	Attention: Linh Duong
	 

	 	Tel.: (212) 407-6072
	 

	 	Fax: (212) 407-6033
	 
	 
	 	 	West LB AG, New York Branch
	 	 	1211 Avenue of the Americas
	 	 	New York, NY 10036
	 

	 	Attention: Amir Oren, Credit Management
	 

	 	Tel.: 212-852-6165
	 

	 	Fax: 212-869-7634
	 
	 
	 

	 	and	 	 
	 
	 	 	 	 
	 	 	NIB Capital Bank N.V.
	 	 	Carnegieplein 4
	 	 	P.O. Box 380
	 	 	2501 BH Den Haag
	 	 	The Netherlands
	 

	 	Attention: Dieter Fennema/Kartal Cona
	 

	 	Tel.: 31 70 342 53 57
	 

	 	Fax: 31 70 342 55 77

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