Document:

exv10w45

 

EXHIBIT 10.45

EXECUTION VERSION

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION. THIS NOTE MAY NOT BE OFFERED
FOR SALE, TRANSFER OR ASSIGNMENT UNLESS (1) 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 AND (2) SUCH TRANSACTION COMPLIES WITH THE PROVISIONS SET
FORTH IN SECTION 211 OF THE MASTER LOAN AGREEMENT. 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 TO THE AGENT.

     EACH PURCHASER OF A CLASS C NOTE SHALL BE DEEMED TO REPRESENT AND WARRANT TO THE AGENT THAT
EITHER (1) IT IS NOT ACQUIRING A CLASS C NOTE WITH THE ASSETS OF AN “EMPLOYEE BENEFIT PLAN” AS
DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR A
“PLAN” WITHIN THE MEANING OF SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986; OR (2) THE
ACQUISITION AND HOLDING OF A CLASS C NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE.

CRONOS FUNDING (BERMUDA) LIMITED

SECURED NOTES, CLASS C

			
	$7,305,000
	 	No. 1

     KNOW ALL PERSONS BY THESE PRESENTS that CRONOS FUNDING (BERMUDA) LIMITED, a company organized
and existing under the laws of Bermuda (the “Company”), for value received, hereby promises to pay
to CRONOS EQUIPMENT (BERMUDA) LIMITED, or its registered assigns, at the principal office of the
Agent named below, (i) the principal sum of Seven Million Three Hundred Five Thousand Dollars
($7,305,000), which sum shall be payable on the dates and in the amounts set forth herein and in
the Amended and Restated Master Loan Agreement, dated as of August 15, 1997 and amended and
restated as of February 4, 2005 (as amended, modified or supplemented, the “Master Loan
Agreement”), between the Company and Fortis Bank (Nederland) N.V. (the “Agent”) and (ii) interest
on the outstanding principal amount of this Class C Note (as hereinafter defined) on the dates and
in the amounts set forth in the Master Loan Agreement. Capitalized terms not otherwise defined
herein will have the meaning set forth in the Master Loan Agreement.

     Payment of the principal of and interest on this Class C 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. The principal balance of, and interest on this Class C Note,

 

 

is payable at the times and in the amounts set forth in the Master Loan Agreement by wire
transfer of immediately available funds to the account designated by the Holder of record on the
immediately preceding Record Date.

     This Note is one of the authorized notes identified in the title hereto and issued in the
aggregate principal amount of $7,305,000 (the “Class C Notes”). The Class C Notes are issued
pursuant to the Master Loan Agreement. In addition, the Company has also issued two additional
classes of subordinated notes (the “Class A Notes” and the “Class B Notes”) in the aggregate
principal amounts of $14,672,474 and $4,000,000, respectively. The Class A Notes will have
priority over the Class B Notes and the Class C Notes with respect to the payment of principal, and
the Class B Notes will have priority over the Class C Notes with respect to the payment of
principal.

     The Class C Notes and interest due thereon shall be an obligation of the Company, and shall be
secured by the Collateral, all as defined in, and subject to limitations set forth in, the Master
Loan Agreement, for the equal and ratable benefit of the Holders, from time to time, of the Class C
Notes (the “Noteholders”). No other Person shall be liable for any obligation of the Company under
the Master Loan Agreement or this Class C Note or any losses incurred by the Holder of this Class C
Note.

     No recourse may be taken, directly or indirectly, with respect to the obligations of the
Issuer on this Class C Note or under the Master 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 Issuer or any
predecessor, successor, Affiliate (other than the Guarantor to the extent set forth in the
Guaranty) or controlling person of the Issuer, 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 each holder of this
Class C Note, by its acceptance thereof, shall be deemed to have consented and agreed) that
recourse shall be solely to the Collateral. The Issuer and any director or officer or employee or
agent of the Issuer 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 Class C Note, the Master Loan Agreement or any agreement,
instrument, certificate or other document delivered in connection therewith.

     The Agent or Company may require payment by the Holder of a sum sufficient to cover any tax
expense or other governmental charge payable in connection with any transfer or exchange of the
Class C Notes.

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

     The Class C Notes are subject to prepayment, at the Company’s option, solely at the times and
in the amounts set forth in the Master Loan Agreement.

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

     The Master Loan Agreement permits, with certain exceptions as therein provided, the issuance
of Amendments to the Master Loan Agreement with the consent of the Noteholders, in certain
specifically described instances. Any consent given by the Noteholders shall be conclusive and
binding upon the Holder of this Class C Note and on all future holders of this Class C Note and of
any Class C Note issued in lieu hereof whether or not notation of such consent is made upon this
Class C Note. Amendments to the Master Loan Agreement may be made only to the extent and in
circumstances permitted by the Master Loan Agreement.

     The Holder of this Class C Note shall have no right to enforce the provisions of the Master
Loan Agreement or to institute action to enforce the covenants, or to take any action with respect
to a default under the Master 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 Master Loan Agreement; provided, however, that nothing contained in the Master Loan Agreement
shall affect or impair any right of enforcement conferred on the Holder hereof to enforce any
payment of the principal of and interest on this Class C Note on or after the due date thereof;
provided further, however, that by acceptance hereof the Holder is deemed to have covenanted and

agreed that it will not institute against the Company any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceeding under any federal or state bankruptcy or
similar law, at any time other than at such time as permitted by Section 1311 of the Master Loan
Agreement.

     All terms and provisions of the Master 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 Master Loan Agreement
and the issuance of this Class C Note and the issue of which it is a part, do exist, have happened
and have been timely performed in regular form and manner as required by law.

     Unless the certificate of authentication hereon has been executed by the Agent by manual
signature of one of its authorized officers, this Class C Note shall not be entitled to any benefit
under the Master Loan Agreement, or the be valid or obligatory for any purpose.

     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.

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     IN WITNESS WHEREOF, Cronos Funding (Bermuda) Limited has caused this Class C Note to be duly
executed by its duly authorized representative, on this 4th day of February 2005.

	 	 	 	 	 	 
	 	 	CRONOS FUNDING (BERMUDA) LIMITED	 
	 
	 	 	 	 	 
	

	 	By:
	 	/s/ Evelyn Euchevarria	 
	

	 	 	 	 	 
	

	 	Its:
	 	Vice President	 

4exv10w46

 

EXHIBIT 10.46

EXECUTION VERSION

GUARANTY

     This GUARANTY (as amended, modified or supplemented from time to time in accordance with the
terms hereof, this “Guaranty”), dated as of February 4, 2005, is made by THE CRONOS GROUP, a
société anonyme holding organized and existing under the laws of the Grand Duchy of Luxembourg
(“Guarantor”), in favor of FORTIS BANK (NEDERLAND) N.V., a Naamloze Vennootschap (in its individual
capacity, “Fortis” and in its capacity as agent, the “Agent”), on behalf of, and for the benefit
of, itself as Agent and as the representative of the holders of the Class A Notes and Class B Notes
(collectively, the “Notes”) issued by Cronos Funding (Bermuda) Limited (such holders, the
“Noteholders”).

RECITALS

     WHEREAS, Cronos Funding (Bermuda) Limited, a company organized and existing under the laws of
the Islands of Bermuda (the “Issuer”) and the Agent have entered into a certain Amended and
Restated Master Loan Agreement, dated as of August 15, 1997 and amended and restated as of February
4, 2005 (as the same may hereafter from time to time be amended, modified, supplemented or restated
in accordance with its terms, the “Loan Agreement”), pursuant to which the Noteholders have made
loans to the Issuer;

     WHEREAS, Fortis and Fortis’s affiliate, FB Aviation and Intermodal Holding B.V. (“FB”), are
willing to purchase from Wachovia Bank, National Association all of the Class A Notes and Class B
Notes, respectively, that were issued to Wachovia Bank, National Association pursuant to the terms
of the Loan Agreement and which have unpaid principal balances as of February 4, 2005 of Five
Million Eight Hundred Eighty-One Thousand Five Hundred Dollars ($5,881,500) and Seven Million
Dollars ($7,000,000), respectively. In connection with such purchase, Fortis is willing to make
certain other amendments to the Loan Agreement and the other Related Documents, including, without
limitation, transferring certain dividend rights and surrendering certain warrants, in
consideration for receiving a guaranty from the Guarantor on the terms provided herein;

     WHEREAS, Guarantor is the indirect parent of the Issuer, and is desirous that Fortis acquire
such Class A Notes and that FB acquire such Class B Notes and that Fortis, as Agent, consent to
certain amendments to the Loan Agreement and certain other Related Documents, and Guarantor will
obtain substantial direct and indirect benefit from the purchase by Fortis of the Class A Notes and
by FB of the Class B Notes and the corresponding amendments to the Loan Agreement and the other
Related Documents;

     NOW, THEREFORE, in consideration of the foregoing recitals and other good consideration, the
receipt and adequacy is hereby acknowledged, and intending to be legally bound, the parties hereto
do hereby agree as follows:

 

 

AGREEMENT

     Section 1. Definitions. Unless otherwise defined in this Guaranty, capitalized terms used
herein shall have the meanings set forth in the Loan Agreement. In addition, the following terms
used herein shall have the following meanings:

     “Aggregate Maximum Guaranteed Payment”: This term shall have the meaning set forth in Section
2(a) hereof.

     “Aggregate Net Book Value”: As of any date of determination, an amount equal to the sum of
the Net Book Values, measured as of the end of the immediately preceding Collection Period, of all
Containers (excluding Containers that have been sold by the Issuer or have been subject to a
Casualty Loss).

     “Aggregate Note Principal Balance”: As of any date of determination, an amount equal to the
sum of the Class A Note Principal Balance and the Class B Note Principal Balance as of the end of
the immediately preceding Collection Period.

     “Change of Control”: With respect to the Guarantor, any of the following events: (i) any
“person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Securities Act)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Act,
except that a person shall be deemed to have “beneficial ownership” of all securities that such
Person has the right to acquire, whether such right is exercisable immediately or only after the
passage of time), directly or indirectly, of more than fifty percent (50%) of the aggregate voting
power of all classes of voting stock of the Guarantor; or (ii) the Guarantor amalgamates or
consolidates with, or merges with or into, another Person or sells, assigns, conveys, transfers,
leases or otherwise disposes of all, or substantially all, of its assets to any Person, or any
Person amalgamates or consolidates with, or merges with or into, the Guarantor, in any such event
pursuant to a transaction in which the outstanding voting stock of all classes of the Guarantor is
converted into or exchanged for cash, securities or other property, other than any such transaction
in which (i) the outstanding voting stock of each class of the Guarantor is converted into or
exchanged for voting stock (other than redeemable capital stock) of the surviving or transferee
company or corporation and (ii) the holders of each class of the voting stock of the Guarantor
immediately prior to such transaction own, directly or indirectly, not less than a majority of each
class of the voting stock of the surviving or transferee company or corporation immediately after
such transaction.

     “Consolidated Tangible Net Worth Leverage Ratio”: For the Guarantor, the ratio of (i) Total
Liabilities to (ii) consolidated Tangible Net Worth.

     “Debt Service Coverage”: For the Guarantor at the end of each of the four (4) immediately
preceding fiscal quarters, the ratio of (i) the sum of (a) the consolidated net earnings for the
three (3) month period immediately preceding each such quarter end date, plus (b) depreciation and
amortization for the three (3) month period immediately preceding each such quarter end date, plus
(c) non-cash charges (including, but not limited to, deferred taxes) for the three (3) month period
immediately preceding each such quarter end date, less (d) non-cash income for the three (3) month
period immediately preceding each such quarter end date, divided

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by (ii) the aggregate principal portion of interest bearing consolidated funded indebtedness
of the Guarantor due within the following twelve (12) months, in each case as determined in
accordance with GAAP and as reported on the most recently available quarterly financial statements
of the Guarantor.

     “EBIT”: For the Guarantor for any fiscal period, the Guarantor’s earnings (loss) before
Interest Expense and taxes, including gains and losses from the sale of assets and foreign exchange
transactions, determined in accordance with GAAP.

     “EBIT Ratio”: For the Guarantor as of any date of determination, the ratio of (a) the
Guarantor’s aggregate EBIT to (b) aggregate Interest Expense, in each case for the most recently
concluded six (6) fiscal quarters.

“Effective Date”: February 4, 2005

     “Excess Note Principal Balance”: For each Collection Period Date, an amount equal to the
excess (if any) of (x) the Aggregate Note Principal Balance as of such Collection Period Date and
(y) the Asset Base as of such Collection Period Date.

     “Guaranteed Parties”: This term shall have the meaning set forth in Section 2(a) hereof.

     “Guaranteed Obligations”: This term shall have the meaning set forth in Section 2(a) hereof.

     “Guarantor Documents”: This term has the meaning set forth in Section 5(b) hereof.

     “Guarantor Event of Default”: Any of the events or conditions set forth in Section 7 hereof.

     “Interest Expense”: For the Guarantor for any period, the aggregate amount of interest expense
as shown for such period on the income statement of the Guarantor, determined in accordance with
GAAP.

     “Solvent”: As to any Person at any time means, that (a) the fair value of the property of
such Person is greater than the amount of such Person’s liabilities (including disputed, contingent
and unliquidated liabilities, taking into account the probability that such disputed, contingent or
unliquidated liabilities will become due) as such value is established and liabilities evaluated
for purposes of Section 101(31) of Title 11 of the Bankruptcy Code or the Bermuda Bankruptcy Act,
1989, as applicable; (b) the present fair saleable value of the property in an orderly liquidation
of such Person is not less than the amount that will be required to pay the probable liability of
such Person on its debts as they become absolute and matured; (c) such Person is able to realize
upon its property and pay its debts and other liabilities (including disputed, contingent and
unliquidated liabilities, taking into account the probability that such disputed, contingent or
unliquidated liabilities will become due) as they mature in the normal course of business; (d) such
Person does not intend to, and does not believe that it will, incur debts or liabilities beyond
such Person’s ability to pay as such debts and liabilities mature; and

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(e) such Person is not engaged in business or a transaction, and is not about to engage in
business or a transaction, for which such Person’s property would constitute unreasonably small
capital.

     “Tangible Net Worth”: As of any date of determination, an amount equal to the excess of:

     (a) the total stockholders’ equity of the Guarantor and its consolidated Subsidiaries, over

     (b) all intangible assets included in the amount set forth in clause (a), in each case as
determined in accordance with GAAP and as reported on the most recently available financial
statements of the Guarantor delivered to the Agent in accordance with Section 6(g) hereof;

     provided, however, that for purposes of this definition, any adjustments, both positive and
negative, to either or both of the amounts set forth in either clause (a) or clause (b) arising
from the implementation of Statement of Financial Accounting Standards No. 133 issued by the
Financial Accounting Standards Board shall be disregarded for purposes of this calculation..

     “Total Liabilities”: With respect to the Guarantor as of any date of determination, the sum of
all liabilities of the Guarantor, as determined in accordance with GAAP and as reported on the most
recently available quarterly financial statements of the Guarantor.

     Section 2. Acknowledgment; Guaranty.

     (a) Guarantor hereby consents to the sale to Fortis of the Class A Notes and to FB of the
Class B Notes to be made on or about the date hereof and agrees to the amendment and restatement of
the Loan Agreement to be made simultaneously with such sales. Guarantor hereby unconditionally,
absolutely and irrevocably guarantees to the Agent and the Noteholders (each, a “Guaranteed Party”
and collectively, the “Guaranteed Parties”): (i) the full and prompt payment on each Payment Date
of the Excess Note Principal Balance (if any) as of the most recent Collection Period Date; (ii)
the full and prompt payment when due of interest on the outstanding principal balance of the Notes,
whether at the stated maturity date thereof or at such earlier date as may result from the
acceleration thereof following an Event of Default; (iii) the full and prompt payment when due of
the principal balance of the Notes and the indebtedness represented thereby, whether at the stated
maturity thereof or at such earlier date as may result from the acceleration thereof as a result of
the occurrence of an Event of Default (as such terms are defined in the Loan Agreement); (iv) the
full and prompt payment of an amount equal to any and all payments and other sums when and as the
same shall become due, required to be paid by the Issuer, any Seller or the Manager to any
Guaranteed Party under the terms of the Loan Agreement or any other Related Document; and (v) the
full and prompt performance and observance by the Issuer of all of its obligations, covenants and
agreements required to be performed and observed pursuant to the terms of the Loan Agreement or any
other Related Document (items (i) through (iv) collectively, the “Guaranteed Obligations”);
provided, however, that, subject to the provisions of Section 15 hereof, the maximum aggregate
amount of

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funds paid by the Guarantor under this Guaranty (such maximum aggregate amount, the “Aggregate
Maximum Guaranteed Payment”) throughout the entire term of this Guaranty shall not exceed an amount
equal to Ten Million Dollars ($10,000,000).

     (b) The Agent, on behalf of the Guaranteed Parties, shall be entitled to submit one or more
claims under this Guaranty. The Agent shall be entitled to submit a claim under this Guaranty on
the date on which any Guaranteed Obligation is due hereunder or under the Loan Agreement.

     Section 3. Guaranty Unconditional. The obligations of Guarantor hereunder are irrevocable,
absolute and unconditional, irrespective of the value, genuineness, regularity, validity or
enforceability of the Guaranteed Obligations or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor. No set-off,
abatement, recoupment, counterclaim, off-set, reduction or diminution of an obligation, or any
defense of any kind or nature (other than performance by Guarantor of its obligations hereunder)
which Guarantor has or may have with respect to a claim under this Guaranty, shall be available
hereunder to Guarantor against the Agent or any Noteholder. The Guaranteed Obligations are direct,
unconditional and completely independent of the obligations of any other Person or entity, and a
separate cause of action or separate causes of action may be brought and prosecuted against the
Guarantor without the necessity of joining any other party or previous proceeding with or
exhausting any other remedy against any other Person who might have become liable for the
indebtedness or of realizing upon any security held by or for the benefit of the Agent.

     Section 4. Payments. All payments to be made by Guarantor to or for the benefit of the
Guaranteed Party hereunder shall be made in lawful money of the United States of America, in
immediately available funds, payable (x) in the case of Excess Note Principal Balance, on or before
the third (3rd) Payment Date following the date on which a demand for such amount is
made and (y) in all other cases, immediately, in each case for deposit into the Trust Account and
shall be accompanied by a notice from Guarantor stating that such payments are made under this
Guaranty. Such amounts shall be applied in accordance with Section 302 of the Loan Agreement.

     Section 5. Representations and Warranties of Guarantor. Guarantor hereby represents and
warrants to the Guaranteed Parties as of the Effective Date that:

     (a) The Guarantor is a société anonyme duly organized, validly existing and in good standing
under the laws of Luxembourg, has the power to own its assets and to engage in the activities in
which it is now engaged and is duly qualified and in good standing under the laws of each
jurisdiction where the conduct of its activities requires such qualification, if the failure to so
qualify would have a material adverse effect (a) on the financial condition of the Guarantor, (b)
the enforceability or effectiveness of this Guaranty or (c) the transactions contemplated by the
Loan Agreement and the other Related Documents;

     (b) The Guarantor has full power, authority and legal right to execute, deliver and perform
this Guaranty and each other Related Document to which it is a party (collectively, the “Guarantor
Documents”) and has taken all necessary action to authorize the execution,

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delivery and performance by it of the Guarantor Documents. No consent, license, permit,
approval or authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any Governmental Authority or body or official is required for the execution,
delivery and performance by the Guarantor of the Guarantor Documents which has not been obtained,
made, given or accomplished. Each of the Guarantor Documents has been duly executed and delivered
by a duly authorized representative of the Guarantor, and each such Guarantor Document constitutes
the valid, legal and binding obligations of the Guarantor, enforceable against the Guarantor in
accordance with its terms;

     (c) The execution, delivery and performance by the Guarantor of the Guarantor Documents will
not violate any provision of any existing law or regulation applicable to the Guarantor, or of any
order, judgment, award or decree of any court, arbitrator or governmental authority applicable to
the Guarantor or the organizational documents of the Guarantor or any mortgage, indenture, lease,
contract or other agreement, instrument or undertaking to which the Guarantor is a party or by
which the Guarantor or any of its assets may be bound, and will not result in, or require, the
creation or imposition of any Lien on any of its property, assets or revenues pursuant to the
provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or
undertaking;

     (d) Other than as disclosed in Guarantor’s Form 8-K SEC filing dated December 13, 2004, no
litigation, investigation or administrative proceeding of or before any court, arbitrator or
governmental authority is pending or, to the Guarantor’s knowledge, threatened against the
Guarantor which if decided adversely to the Guarantor, would materially affect the condition
(financial or otherwise), business or operations of the Guarantor, or the ability of the Guarantor
to perform its obligations under the Guarantor Documents;

     (e) All approvals, authorizations, consents, orders or other actions of any person,
corporation or other organization, or of any court required in connection with the execution and
delivery of the Guarantor Documents by the Guarantor, have been or will be taken or obtained on or
prior to the Effective Date;

     (f) The consolidated balance sheet of the Guarantor at September 30, 2004 and the consolidated
statements of income, retained earnings and cash flows for the fiscal quarter then ended fairly
present in all material respects, subject to normal year-end audit adjustments and the absence of
footnotes to such statements, the financial condition of the Guarantor and the results of the
operations for the period ended on such date, all in accordance with generally accepted accounting
principles applied on a consistent basis.

     (g) Guarantor is Solvent as of the Effective Date and will be Solvent after giving effect to
the transactions contemplated by this Guaranty and the other Related Documents. The incurrence of
Guarantor’s obligations under the Guarantor Documents will not cause Guarantor: (i) to be left with
unreasonably small capital for any business or transaction in which Guarantor is presently engaged
or plans to be engaged; or (ii) to be unable to pay its debts as such debts mature.

     Section 6. Covenants of the Guarantor. The Guarantor agrees that, so long as this Guaranty
shall remain in effect or any Outstanding Obligations under the Loan

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Agreement shall be outstanding, it shall or, in the case of paragraph (h) below, it shall not,
without the prior written consent of the Agent and all of the Noteholders in each instance (which
consent shall not be unreasonably withheld or delayed):

     (a) Preservation of Properties; Enforcement of Rights. Materially preserve and
protect the usefulness and value of its properties and assets, maintain the same in good repair,
working order and condition, and from time to time make, or cause to be made, all needed and proper
repairs, renewals, replacements, betterments and improvements thereto.

     (b) Payment of Debts. Pay its debts, liabilities and obligations when due except
those which are contested in good faith and for which the Guarantor has maintained adequate
reserves satisfactory to Agent; provided that such contest shall not result in a material
lien being placed on its properties and assets or any part thereof or result in any of its
properties and assets being subject to loss or forfeiture.

     (c) Payment of Taxes and Claims. Prepare and timely file all tax returns required to
be filed by Guarantor and pay and discharge all taxes, assessments and other governmental charges
or levies imposed upon Guarantor or in respect of any of its properties and assets before the same
shall become in default, as well as all lawful claims which, if unpaid, might become a material
lien or charge upon its properties and assets or any part thereof, except those which are contested
in good faith by the Guarantor and for which the Guarantor has maintained adequate reserves
satisfactory to the Agent; provided that such contest shall not result in a material lien
being placed on any of its properties and assets or any part thereof being subject to forfeiture.

     (d) Notification of Event of Default. Give prompt written notice to the Agent of (i)
any Guarantor Event of Default hereunder or (to the extent to which Guarantor has actual or
constructive notice thereof) any Event of Default under the Loan Agreement or a default under any
other Related Document or of any condition, event or act which with the giving of notice or the
passage of time, or both, would constitute a Guarantor Event of Default, specifying the same and
the steps being taken to remedy the same and (ii) any default, event of default or any condition,
event or act which, with the giving of notice or the lapse of time, or both would constitute such a
default or event of default under any agreement or contract to which Guarantor is a party or by
which any of its property or assets is bound.

     (e) Existence. Keep in full effect its existence, rights and franchises as a company
under the laws of Luxembourg, and will obtain and preserve its qualification as a foreign company
in each jurisdiction in which such qualification is necessary to protect the validity and
enforceability of this Guaranty.

     (f) Notification of Litigation and Adverse Business Development. Give immediate
written notice to Agent of (a) any action, proceeding or investigation pending or threatened
against Guarantor before any court or governmental instrumentality or other administrative agency
which involves the possibility of any judgment or liability which would result in any material
adverse change in the business, properties or assets of Guarantor, and (b) any Materially Adverse
Change in the financial condition, assets, liabilities, business or operations of Guarantor.

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     (g) Financial Statements. Deliver to the Agent and to the Noteholders:

          (1) Annual Statements — within 120 days after the end of each fiscal year of the
Guarantor, one copy of the:

	 	(i)  	consolidated balance sheet of the
Guarantor and its subsidiaries, at the end of such fiscal year;
and
	 
	 	(ii)  	consolidated statement of income,
retained earnings and cash flows of the Guarantor and its
subsidiaries for the fiscal year then ended, setting forth in
each case in comparative form the figures for the previous
fiscal year, all in reasonable detail and accompanied by an
opinion of a firm of independent certified public accountants of
recognized national standing, stating that such financial
statements present fairly in all material respects the
consolidated financial condition of the Guarantor and its
subsidiaries and have been prepared in accordance with generally
accepted accounting principles consistently applied (except for
changes in application in which such accountants concur and
footnote), and that the examination of such accountants in
connection with such financial statements has been made in
accordance with generally accepted auditing standards;

          (2) Quarterly Statements — within 60 days after the end of each fiscal quarter of the
Guarantor, one copy of the:

	 	(i)  	consolidated balance sheet of the
Guarantor and its subsidiaries, at the end of such fiscal
quarter; and
	 
	 	(ii)  	consolidated statement of income,
retained earnings and cash flows of the Guarantor and its
consolidated subsidiaries for the fiscal quarter and that
portion of the fiscal year then ended, setting forth in each
case in comparative form the figures for the equivalent
timeframe for the previous year;

          (3) SEC and Other Reports — promptly upon their becoming available, one copy of each
report (if any), definitive proxy statement, registration statement (upon it becoming effective)
and definitive prospectus filed by the Guarantor with or delivered to any securities exchange or
the Securities and Exchange Commission or any successor agency;

          (4) Compliance Certificate — Concurrently with the financial statements delivered
pursuant to Sections 6(g)(1) and 6(g)(2) hereof, a certificate of an officer of the Guarantor, in
the form of Exhibit A hereto, certifying compliance with the covenants set forth in Section
6 hereof and showing the calculations required to determine compliance with Section 7(l) hereof in
reasonable detail; and

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          (5) Requested Information — with reasonable promptness, but in any event within two
calendar weeks of the date requested, (A) any data and information so requested and (B) any other
publicly available information with respect to the Guarantor, in each case as may be reasonably
requested from time to time by the Agent or any Noteholder.

     (h) Merger and Sale of Assets.

          (1) Merge, consolidate with or sell substantially all of its assets to any other Person unless
(i) all of the requirements set forth in the immediately succeeding paragraph have been satisfied,
and (ii) the surviving entity, if not the Guarantor, is capable of performing all the obligations
of Guarantor hereunder, and shall execute and deliver to the Agent, in form and substance
satisfactory to Agent, an instrument in writing expressly assuming all the obligations of the
Guarantor hereunder; provided, however that, except as specifically set forth above, (x) any
Person succeeding to the business of the Guarantor shall be the successor of the Guarantor
hereunder, without the execution or filing of any paper or any further act on the part of any of
the parties hereto, anything herein to the contrary notwithstanding, (y) nothing contained herein
shall be deemed to release the Guarantor from any obligation in the event that the Guarantor
continues to exist after the consummation of such transaction (other than if Guarantor continues to
exist for the sole purpose of winding up and dissolving and the surviving entity has taken all of
the actions and met all of the requirements of this Section 6(h)) and (z) the successor or
surviving Person to the Guarantor shall execute such agreement(s) evidencing such succession and
assumption as the Agent may request.

          (2) The Guarantor shall provide prior written notice to the Agent and each Noteholder of any
merger, consolidation or succession pursuant to this Section 6(h). Notwithstanding the permissive
provisions of Section(h)(1) and the giving of such notice, the Guarantor shall not merge or
consolidate with any other Person or permit any other Person to become a successor to the
Guarantor’s business, unless (x) immediately after giving effect to such transaction, the covenant
made pursuant to Section 6(h)(1) shall not have been breached (for purposes hereof, such covenant
shall speak as of the date of the consummation of such merger, consolidation, or succession) and no
event that, after notice or lapse of time, or both, would become a Guarantor Event of Default,
Potential Event of Default, Event of Default or Manager Default shall have occurred and be
continuing and (y) the Guarantor shall have delivered to the Agent an Officer’s Certificate stating
that such consolidation, merger or succession and such agreement of assumption comply with this
Section 6(h) and that all conditions precedent, if any, provided for in this Guaranty relating to
such transaction have been complied with. In addition to the foregoing, if any such merger,
consolidation or succession of the Guarantor shall result in a Change of Control of the Guarantor,
then the Noteholders shall have the rights set forth in the Loan Agreement and the Guaranteed
Parties shall have the rights set forth herein.

     Section 7. Guarantor Events of Default. Any one or more of the following events shall
constitute a Guarantor Event of Default:

     (a) the Guarantor shall default in making payment when due of any Guaranteed Obligation;

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     (b) breach by the Guarantor of any of the covenants set forth in Section 6(g) (which breach of
such Section 6(g) shall not have been cured within 10 days) or Section 6(h) hereof;

     (c) default in the performance, or breach, of any covenant of the Guarantor in any Related
Document (to the extent not otherwise addressed in this Section 7), the breach or non-performance
of which is reasonably likely to have material and adverse effect on the Issuer, the Agent or any
Noteholder and (where capable of remedy) continues for a period of 30 days after the earliest of
(i) any Authorized Officer of the Guarantor, first acquiring knowledge thereof, (ii) the Agent’s
giving written notice thereof to the Guarantor, or (iii) any Noteholder giving written notice
thereof to the Guarantor and the Agent;

     (d) any representation or warranty of the Guarantor made in any other Related Document shall
prove to be incorrect in any material respect as of the time when the same shall have been made
which breach materially and adversely affects the interest of the Agent or any Noteholder;

     (e) the entry of a decree or order for relief by a court having jurisdiction in respect of the
Guarantor in any involuntary case under any applicable Insolvency Law, or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, or
sequestrator (or other similar official) for the Guarantor, or for any substantial part of its
properties, or ordering the winding up or liquidation of their respective affairs, and the
continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days;

     (f) the commencement by the Guarantor of a voluntary case under any applicable Insolvency Law,
or other similar law now or hereafter in effect, or the consent by the Guarantor to the appointment
of or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or
other similar official) of the Guarantor or any substantial part of their respective properties, or
the making by the Guarantor of any general assignment for the benefit of creditors, or the failure
by the Guarantor generally to pay its debts as they become due, or the taking of any action by the
Issuer in furtherance of any such action; and

     (g) if any judgment against the Guarantor or any attachment, execution, levy or restraining
notice against its property in excess of $2,000,000 remains unpaid, unstayed on appeal,
undischarged, unbonded or undismissed for a period of thirty (30) days or more;

     (h) a default by the Guarantor or any subsidiary of the Guarantor in the payment of any
principal or interest on any indebtedness for borrowed money which, individually or in the
aggregate, exceeds Two Million Dollars ($2,000,000) beyond the period of grace, if any, specified
therefor in the applicable instrument evidencing such indebtedness; or the occurrence of any event
or the existence of any condition, the effect of which is to cause or permit holders of debt more
than Two Million Dollars ($2,000,000), individually or in the aggregate, of indebtedness for
borrowed money of the Guarantor or any subsidiary thereof to become due before its (or their)
stated maturity date(s) or regularly scheduled dates of payments and such event or condition
remains unremedied for more than sixty (60) days;

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     (i) if the validity or enforceability of this Guaranty or any other Guarantor Document is
contested (by the Guarantor or any Affiliate thereof) or if Guarantor or party to any other
Guarantor Document denies liability thereunder;

     (j) the Guarantor shall fail to carry and maintain (or cause to be carried and maintained)
liability insurance and, to the extent such insurance is available on commercially reasonable
terms, physical loss and damage insurance with respect to the Containers for a period of more than
thirty (30) days from the earlier to occur of (A) an officer of Guarantor obtaining actual
knowledge of such failure and (B) receipt of written notice by an officer of Guarantor of such
failure;

     (k) a Change of Control shall occur with respect to the Guarantor, unless all of the following
conditions are satisfied after giving effect to such Change of Control: (A) the provisions of
Section 6(h) shall have been fully complied with, (B) no Manager Default (or event or condition
which with the giving of notice or the passage of time or both would become a Manager Default)
would otherwise occur after giving effect to such Change of Control, and (C) after giving effect to
such Change of Control, the Guarantor or any successor thereto (whether by merger, amalgamation or
otherwise) has a consolidated Tangible Net Worth greater than or equal to the Guarantor’s
consolidated Tangible Net Worth at the end of the fiscal quarter immediately preceding such Change
of Control; or

     (l) the Guarantor shall fail to maintain any of the following financial covenants as of the
end of any fiscal quarter of the Guarantor: (A) a minimum consolidated Tangible Net Worth (as
reflected in the most recently available financial statements of the Guarantor) of at least an
amount equal to the sum of (i) Forty-Five Million Dollars ($45,000,000) and (ii) the product of (x)
fifty percent (50%) and (y) all consolidated net income (but not reduced for net losses),
determined in accordance with GAAP, of the Guarantor and its consolidated Subsidiaries for all
periods commencing after December 31, 2002; (B) a minimum Debt Service Coverage of 1.25 to 1.00;
(C) a maximum consolidated Tangible Net Worth Leverage Ratio of 4.50 to 1.00; or (D) a minimum EBIT
Ratio (measured on a consolidated basis) of 1.10:1.00, as calculated on a rolling six-quarter
basis, as of the end of any fiscal quarter.

     Section 8. Remedies. In case a Guarantor Event of Default shall have occurred under
Subsections 7(e) or 7(f), all of the Guaranteed Obligations shall forthwith automatically be
immediately due and payable, subject to the Aggregate Maximum Guaranteed Payment, and the Agent
shall have all the rights and remedies set forth below in subsections (b) through (e). In case any
other Guarantor Event of Default shall have occurred the Agent shall have the following rights and
remedies:

     (a) at any time thereafter and so long as such Guarantor Event of Default shall be continuing,
to declare all of the Guaranteed Obligations to be immediately due and payable;

     (b) upon the occurrence of a Guarantor Event of Default, to demand payment of an amount equal
to the difference between (x) the Aggregate Maximum Guaranteed Payment and (y) the aggregate amount
of all payments previously made by the Guarantor under this Guaranty;

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     (c) to take any action at law or in equity to enforce payment, performance and observance of
the Guaranteed Obligations, or to recover damages for breach thereof;

     (d) to exercise any and all rights under the Guaranty and each of the other Related Documents;

     (e) to exercise any and all rights and remedies conferred upon the Agent by applicable law;
and

     (f) to exercise the right of setoff against any assets of the Guarantor held by Agent.

     The Agent, in its sole discretion, shall have the right to proceed first and directly against
Guarantor under this Guaranty without proceeding against or exhausting any other remedies which it
may have and without resorting to any other security held by the Agent under the other Related
Documents.

     Section 9. Consents. Guarantor hereby consents that any or all of the following actions may
be taken or things done without notice to Guarantor and without affecting the liability of
Guarantor under this Guaranty:

     (a) The time for Issuer’s or Manager’s performance of or compliance with any of the
obligations under the Loan Agreement or any other Related Document may be accelerated or extended
or such performance or compliance may be waived by the Agent in accordance with the terms and
conditions thereof, acting on behalf of and as directed by the Noteholders (including, without
limitation, the renewal, extension, acceleration or other change in the time of payment, or other
terms of, the indebtedness, such as an increase or decrease in the rate of interest thereon);

     (b) Any of the acts referred to in the Related Documents may be performed, upon default
thereunder, by or on behalf of Agent; and

     (c) The terms of any of the Guaranteed Obligations or any term or condition in the Loan
Agreement may be amended as provided for therein by Issuer and the Agent for the purpose of adding
any provisions thereto or changing in any manner the rights or obligations of Issuer or the Agent
thereunder; provided, however, that no such amendment shall, without Guarantor’s consent, increase
the limit on the Guarantor’s liability hereunder as provided in the Aggregate Maximum Guaranteed
Payment.

     Section 10. Due Diligence. Guarantor acknowledges, independently of and without reliance on
the Agent, Noteholders or any other party to the Related Documents, that it is satisfied that the
Issuer has the resources to meet its obligations under the Related Documents and performed its own
legal review of this Guaranty, the Loan Agreement and all of the other Related Documents and all
related filings, and Guarantor is not relying on any of such Persons with respect to any of the
aforesaid items. Guarantor has established adequate means of obtaining from Issuer, each Seller
and the Manager on a continuing basis financial and other information pertaining to its financial
condition. Guarantor agrees to keep adequately informed from such means of any facts, events or
circumstances which might in any way affect

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Guarantor’s risks hereunder, and Guarantor further agrees that neither the Agent nor any
Noteholder shall have any obligation to disclose to Guarantor information or material with respect
to Issuer, any Seller or the Manager acquired in the course of each such person’s respective
relationships with those Persons.

     Section 11. Tolling of Statute of Limitations. Guarantor agrees that any payment or
performance of any of the Guaranteed Obligations or other acts which tolls any statute of
limitations applicable to the Guaranteed Obligations shall also toll the statute of limitations
applicable to Guarantor’s liability under this Guaranty.

     Section 12. Waiver. Guarantor hereby expressly waives diligence, presentment, demand for
payment, protest, benefit of any statute of limitations affecting Issuer’s liability under the
Notes, the Loan Agreement or any other Related Document or the enforcement of this Guaranty,
discharge due to any disability of Issuer, any Seller or the Manager, any defenses of Issuer, any
Seller or the Manager to its obligations under the Notes, the Loan Agreement or any other Related
Document which under the law has the effect of discharging such Person from the Guaranteed
Obligations as to which this Guaranty is sought to be enforced, the benefit of any act or omission
by any Person which directly or indirectly results in or aids the discharge of Issuer from any of
the Guaranteed Obligations by operation of law or otherwise, all notices whatsoever, including,
without limitation, notice of acceptance of this Guaranty and the incurring of the Guaranteed
Obligations, and any requirement that the Agent exhaust any right, power or remedy or proceed
against Issuer, the Collateral or any other guarantor of, or any other Person liable for, any of
the Guaranteed Obligations, or any portion thereof. Guarantor specifically agrees that it will not
be necessary or required, and Guarantor shall not be entitled to require, that the Agent file suit
or proceed to assert or obtain a claim for personal judgment against Issuer, any Seller or the
Manager, as applicable for the Guaranteed Obligations or to make any effort at collection or
enforcement of the Guaranteed Obligations from Issuer or file suit or proceed to obtain or assert a
claim for personal judgment against Guarantor or any other guarantor or other party liable for the
Guaranteed Obligations or make any effort at collection of the Guaranteed Obligations from any such
party or exercise or assert any other right or remedy to which the Agent is or may be entitled in
connection with the Guaranteed Obligations or guaranty relating thereto or assert or file any claim
against the assets of Issuer, before or as a condition of enforcing the liability of Guarantor
under this Guaranty.

     Section 13. Certain Rights. In pursuing their respective rights under this Guaranty, neither
the Agent nor any Noteholder need (i) join Guarantor in any suit against the Issuer, any Seller or
the Manager, as the case may be, nor (ii) join the Issuer, any Seller or the Manager, as the case
may be, in any suit against Guarantor or any Affiliate of the Guarantor.

     Section 14. Continuing Guaranty. This Guaranty shall be a continuing guaranty and any other
guarantors of all or a portion of the Guaranteed Obligations may be released without affecting the
liability of Guarantor hereunder.

     Section 15. Indemnity. In addition to and without limiting or impairing in any manner
whatsoever Guarantor’s other obligations under this Guaranty or any other document executed and
delivered by Guarantor to a Noteholder or the Agent, Guarantor agrees to indemnify the Agent and
each Noteholder, from and against any and all reasonable costs,

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expenses, losses and liabilities relating to the enforcement of claims under this Guaranty
(including, without limitation, enforcement of this Guaranty), except claims, costs, expenses,
losses or liabilities resulting from such Noteholder’s or Agent’s gross negligence or willful
misconduct. The amount of the indemnities payable by the Guarantor pursuant to this Section 15
shall not be subject to the limitation on payments set forth in Section 2 of this Guaranty.

     Section 16. Notice. All notices and other communications provided for hereunder shall be in
writing or telex: (i) if to Guarantor, at its address at 16 Allée Marconi L-2120 Luxembourg,
Attention: Chief Financial Officer, Fax # 352-453-147, copy to Cronos Containers Limited at its
address at The Ice House, Dean Street, Marlow, Buckinghamshire SL7 3AB, England, Attn: Senior Vice
President of Finance, Tel: 011.44.1628.405580, Fax: 011.44.1628.405648, (ii) if to the Agent, at
its address at Fortis Bank (Nederland) N.V., Aviation and Intermodal Group, R01.16.02, P.O. Box
749, 3000 AS Rotterdam, The Netherlands, Tel: +31 10 40 19676, Fax # +31 10 40 16343, and (iii) if
to any Noteholder, at the respective addresses set forth in the Note Register. All such notices
and communications shall be sent in the manner, and shall be effective on the dates, set forth in
Section 1207 of the Loan Agreement.

     Section 17. Reinstatement. Notwithstanding any provision in the Loan Agreement, the Notes or
any other Related Document to the contrary, the liability of Guarantor hereunder shall be
reinstated and revived and the rights of each Guaranteed Party shall continue if and to the extent
that for any reason any payment by or on behalf of Issuer, any Seller or the Manager, as the case
may be, is rescinded or must be otherwise restored by a Guaranteed Party, whether as a result of
any proceedings in bankruptcy or reorganization or otherwise, all as though such amount had not
been paid. The determination as to whether any such payment must be rescinded or restored shall be
made by such Guaranteed Party in its sole discretion; provided, however, that if any Guaranteed
Party chooses to contest any such matter at the request of Guarantor, Guarantor agrees to indemnify
and hold harmless any such Guaranteed Party from all costs and expenses (including, without
limitation, attorneys’ fees) related to such request.

     Section 18. No Waiver, Amendments, Etc. No failure on the part of any Guaranteed Party to
exercise, no delay in exercising and no course of dealing with respect to, any right hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law. This Guaranty may
not be amended or modified except by written agreement executed by each of the Guarantor, the Agent
and each Noteholder and no consent or waiver hereunder shall be valid unless in writing and
executed in accordance with the provisions of this Guaranty.

     Section 19. Compromise and Settlement. No compromise, settlement, release, renewal, extension,
indulgence, change in, waiver or modification of any of the Guaranteed Obligations or the release
or discharge of Issuer, any Seller or Manager, as the case may be, from the performance of any of
the Guaranteed Obligations shall release or discharge Guarantor from this Guaranty.

     Section 20. Insolvency. The voluntary or involuntary liquidation, dissolution, sale or other
disposition of all or substantially all the assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, or other

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proceeding affecting any Issuer, any Seller, the Manager or the Guarantor or the disaffirmance
of Notes, the Loan Agreement or any Related Document, or Guarantor’s obligations hereunder in any
such proceeding shall not release or discharge Guarantor from this Guaranty.

     Section 21. Expenses. In addition to its guaranty hereunder of the Guaranteed Obligations,
Guarantor hereby agrees to pay all reasonable costs and expenses, including, without limitation,
attorneys’ fees, paid or incurred by the Agent and each Noteholder in collecting or enforcing any
or all of the Guaranteed Obligations or in connection with the enforcement of this Guaranty.

     Section 22. Entire Agreement. This Guaranty and all documents mentioned or contemplated herein
constitute and contain the entire agreement of the parties and supersede any and all prior and
contemporaneous agreements, negotiations, correspondence, understandings and communications between
the parties, whether written or oral, respecting the subject matter hereof.

     Section 23. Severability. If any provision of this Guaranty is held to be unenforceable for
any reason, it shall be adjusted, if possible, rather than voided in order to achieve the intent of
the parties to the extent possible. In any event, all other provisions of this Guaranty shall be
deemed valid and enforceable to the fullest extent possible.

     Section 24. Subordination of Indebtedness. Any indebtedness or other obligation of Issuer, any
Seller or Manager now or hereafter held by or owing to Guarantor is hereby subordinated in time and
right of payment of the Guaranteed Obligations to the Guaranteed Parties; and any such indebtedness
to Guarantor is assigned to the Guaranteed Parties, as collateral security for this Guaranty and
the Guaranteed Obligations, and if any the Guaranteed Parties so requests, shall be collected,
enforced and received by Guarantor in trust for the Guaranteed Parties, and be paid over to the
Guaranteed Parties, but without reducing or affecting in any manner the liability of Guarantor
under the other provisions of this Guaranty. Any notes now or hereafter evidencing any such
indebtedness to Guarantor shall be marked with a legend that the same are subject to this Guaranty
and shall be delivered to the Agent. Guarantor will, and the Agent is hereby authorized, in the
name of Guarantor from time to time, to execute and file financing statements and continuation
statements and execute such other documents and take such other action as the Agent deems necessary
or appropriate to perfect, preserve and enforce the rights of the Guaranteed Parties hereunder.

     Section 25. Governing Law. This Guaranty shall be governed by, and construed in accordance
with, the laws of the State of New York without giving effect to the conflict of laws principles
thereof.

     Section 26. Actions by Guaranteed Parties. Subject to the limitations and subordination set
forth in the Loan Agreement, each of the Guaranteed Parties shall have the power to enforce this
Guaranty against Guarantor to the full extent of Guarantor’s obligations hereunder.

     Section 27. Consent to Jurisdiction. Guarantor hereby irrevocably consents to the
non-exclusive personal jurisdiction of the State and Federal courts located in the Southern

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District of New York, in any action, claim or other proceeding arising out of any dispute in
connection with this Guaranty, any rights or obligations hereunder or thereunder or the performance
of such rights and obligations. Guarantor hereby irrevocably consents to the service of a summons
and complaint and other process in any action, claim or proceeding brought by any Noteholder in
connection with this Guaranty, any rights or obligations hereunder or thereunder or the performance
of such rights and obligations, on behalf of itself or its property, in the manner specified in
Section 16 above. Nothing in this Section 27 shall affect the right of any Noteholder to serve
legal process in any other manner permitted by applicable law or affect the right of any Noteholder
to bring any action or proceeding against Guarantor or its properties in the courts of any other
jurisdictions.

     Section 28. Termination of Guaranty. This Guaranty shall terminate upon payment in full of
the Guaranteed Obligations; provided, however, this Section shall not affect the obligations of
Guarantor pursuant to Section 15 of this Guaranty.

     Section 29. Waiver of Jury Trial. GUARANTOR HEREBY IRREVOCABLY WAIVES ITS RIGHTS TO A JURY
TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING ARISING OUT OF ANY DISPUTE IN
CONNECTION WITH THIS GUARANTY, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE
OF SUCH RIGHTS AND OBLIGATIONS.

     Section 30. Waiver of Specific Rights. GUARANTOR HEREBY IRREVOCABLY WAIVES AND RELEASES:

     (a) ANY AND ALL RIGHTS IT MAY HAVE AT ANY TIME (WHETHER ARISING DIRECTLY OR INDIRECTLY, BY
OPERATION OF LAW, CONTRACT OR OTHERWISE) TO REQUIRE THE MARSHALING OF ANY ASSETS OF ISSUER, ANY
SELLER OR MANAGER, AS THE CASE MAY BE, WHICH RIGHT OF MARSHALING MIGHT OTHERWISE ARISE FROM ANY
SUCH PAYMENTS MADE OR OBLIGATIONS PERFORMED;

     (b) UNTIL SUCH TIME AS THE GUARANTEED OBLIGATIONS ARE PAID IN FULL AND ALL RIGHTS THAT WOULD
RESULT IN GUARANTOR BEING DEEMED A “CREDITOR” OF ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY BE,
UNDER THE UNITED STATES BANKRUPTCY CODE, ON ACCOUNT OF PAYMENTS MADE OR OBLIGATIONS PERFORMED BY
GUARANTOR TO THE EXTENT SUCH CHARACTERIZATION MATERIALLY IMPAIRS THE RIGHT OF ANY GUARANTEED PARTY
HEREUNDER; AND

     (c) UNTIL SUCH TIME AS THE GUARANTEED OBLIGATIONS ARE PAID IN FULL, ANY CLAIM, RIGHT OR REMEDY
WHICH GUARANTOR MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST ISSUER, ANY SELLER OR MANAGER, AS THE
CASE MAY BE, THAT ARISES HEREUNDER AND/OR FROM THE PERFORMANCE BY GUARANTOR HEREUNDER INCLUDING,
WITHOUT LIMITATION, ANY CLAIM, REMEDY OR RIGHT OF SUBROGATION, REIMBURSEMENT, EXONERATION,
CONTRIBUTION, INDEMNIFICATION, OR

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PARTICIPATION IN ANY CLAIM, RIGHT OR REMEDY OF ANY GUARANTEED PARTY AGAINST ISSUER, ANY SELLER
OR MANAGER, AS THE CASE MAY BE, OR ANY COLLATERAL SECURITY WHICH ANY GUARANTEED PARTY NOW HAS OR
MAY HEREAFTER ACQUIRE, WHETHER OR NOT SUCH CLAIM, RIGHT OR REMEDY ARISES IN EQUITY, UNDER CONTRACT,
BY STATUTE, UNDER COMMON LAW OR OTHERWISE.

     (d) ANY RIGHT TO ASSERT A COUNTERCLAIM IN ANY ACTION OR PROCEEDING BROUGHT AGAINST IT BY THE
AGENT OR ANY LENDER.

     Section 31. General Interpretive Principles. For purposes of this Guaranty except as
otherwise expressly provided or unless the context otherwise requires:

     (a) the terms defined in this Guaranty have the meanings assigned to them in this Guaranty and
include the plural as well as the singular, and the use of any gender herein shall be deemed to
include the other gender;

     (b) accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles as in effect on the date hereof;

     (c) references herein to “Articles”, “Sections”, “Subsections”, “paragraphs”, and other
subdivisions without reference to a document are to designated Articles, Sections, Subsections,
paragraphs and other subdivisions of this Guaranty;

     (d) a reference to a Subsection without further reference to a Section is a reference to such
Subsection as contained in the same Section in which the reference appears, and this rule shall
also apply to paragraphs and other subdivisions;

     (e) the words “herein”, “hereof”, “hereunder” and other words of similar import refer to this
Guaranty as a whole and not to any particular provision; and

     (f) the term “include” or “including” shall mean without limitation by reason of enumeration.

     Section 32. Further Assurances. Guarantor agrees to do such further acts and things and to
execute and deliver such additional assignments, agreements, powers and instruments as are required
to carry into effect the purposes of this Guaranty or to better assure and confirm unto the
Guaranteed Parties their rights, powers and remedies hereunder.

     Section 33. Counterparts. This Guaranty may be executed in two or more counterparts (and by
different parties on separate counterparts), each of which shall be an original, but all of which
shall constitute one and the same instrument.

     Section 34. Waiver of Immunity. To the extent that any party hereto or any of its property is
or becomes entitled at any time to any immunity on the grounds of sovereignty or otherwise from any
legal actions, suits or proceedings, from set-off or counterclaim, from the jurisdiction or
judgment of any competent court, from service of process, from execution of a

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judgment, from attachment prior to judgment, from attachment in aid of execution, or from
execution prior to judgment, or other legal process in any jurisdiction, such party, for itself and
its successors and assigns and its property, does hereby irrevocably and unconditionally waive, and
agrees not to plead or claim, any such immunity with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with this Guaranty, the other Related
Documents or the subject matter hereof or thereof, subject, in each case, to the provisions of the
Related Documents and mandatory requirements of applicable law.

     Section 35. Judgment Currency. This is an international financing transaction in accordance
with which the specification of Dollars is of the essence, and Dollars shall be the currency of
account in the case of all obligations under the Related Documents. The payment obligations of any
Person under the Related Documents shall not be discharged by an amount paid in a currency, or in a
place other than that specified with respect to such obligations, whether pursuant to a judgment or
otherwise, to the extent that the amount so paid on prompt conversion to Dollars and transfer to
the specified place of payment under normal banking procedures does not yield the amount of
Dollars, in such place, due under the governing Related Documents. In the event that any payment,
whether pursuant to a judgment or otherwise, upon conversion and transfer does not result in
payment of such amount of Dollars in the specified place of payment, the obligee of such payment
shall have a separate cause of action against the party making the same for the additional amount
necessary to yield the amount due and owing under such Related Documents. If, for the purpose of
obtaining a judgment in any court with respect to any obligation of a party under any of the
Related Documents or any of the agreements contemplated thereby, it shall be necessary to convert
to any other currency any amount in Dollars due thereunder and a change shall occur between the
rate of exchange applied in making such conversion and the rate of exchange prevailing on the date
of payment of such judgment, the respective judgment debtor agrees to pay such additional amounts
(if any) as may be necessary to insure that the amount paid on the date of payment is the amount in
such other currency which, when converted into Dollars and transferred to New York, New York, in
accordance with normal banking procedures will result in the amount then due under the respective
Related Document in Dollars. Any amount due from the respective judgment debtor shall be due as a
separate debt and shall not be affected by or merged into any judgment being obtained for any other
sum due under or in respect of any Related Document. In no event, however, shall the respective
judgment debtor be required to pay a larger amount in such other currency, at the rate of exchange
in effect on the date of payment than the amount of Dollars stated to be due under the respective
Related Document, so that in any event the obligations of the respective judgment debtor under the
Related Document will be effectively maintained as Dollar obligations.

     Section 36. No Subrogation. Notwithstanding any payments made by the Guarantor hereunder, or
any set-off or application of funds of the Guarantor by the Guaranteed Parties, the Guarantor
waives, for so long as the Guaranteed Obligations remain outstanding, any right that it may have to
be subrogated to any of the rights of the Guaranteed Parties against any Person or any right of
offset held by the Agent for the payment of the Guaranteed Obligations or to otherwise seek
reimbursement, indemnity or contribution or any other payment from the any Person.

-18-

 

     Section 37. Successors and Assigns. This Guaranty shall be binding upon the Guarantor and its
permitted successors and assigns, and shall inure to the benefit of the Guaranteed Parties and
their respective successors and assigns. The Guarantor shall not assign its obligations hereunder
without the prior written consent of the Agent and the Majority of the Holders.

     Section 38. Beneficiaries. The Guarantor is issuing this Guaranty for the sole and exclusive
benefit of the Guaranteed Parties.

-19-

 

     IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty as of the date first
written above.

	 	 	 	 	 
	 	 	THE CRONOS GROUP
	 
	 	 	 	 
	

	 	By:    /s/ Peter J. Younger            	 	 
	

	 	Name: Peter J. Younger	 	 
	

	 	Title: Director	 	 

Guaranty

 

 

APPROVED AND ACCEPTED:

FORTIS BANK (NEDERLAND) N.V.,

as Agent and Noteholder

	 
	By:    /s/ M.A.N.Van Lacum                

	Name: M.A.N.Van Lacum

	Title:

	 

	By:    /s/ M.P.A. Zonday                     

	Name: M.P.A. Zonday

	Title:

FB AVIATION AND INTERMODAL HOLDING B.V.,

as Noteholder

	 
	By:    /s/ M.A.N.Van Lacum                

	Name: M.A.N.Van Lacum

	Title:

	 

	By:    /s/ M.P.A. Zonday                     

	Name: M.P.A. Zonday

	Title:

Guaranty

 

 

EXHIBIT A

QUARTERLY COMPLIANCE REPORT

THE CRONOS GROUP

CERTIFICATE OF OFFICER

TO:       FORTIS BANK (NEDERLAND) N.V. (“Agent”)

     This certificate is delivered to you pursuant to Section 6(g)(4) of the Guaranty (defined
below). Unless otherwise defined herein or the context requires otherwise, all capitalized terms
used herein shall have the same meaning herein as given to such terms in the Guaranty, dated as of
February 4, 2005 (the “Guaranty”), made by the The Cronos Group, and its successors and permitted
assigns, in favor of the Agent for the benefit of the Noteholders, as amended, supplemented and
otherwise modified from time to time.

     I, [Name of Officer], certify in my capacity as an officer of The Cronos Group (“Cronos”)
that:

	1.  	I am an Officer of Cronos and have knowledge of the matters certified to herein.
	 
	2.  	I have reviewed the terms of the Guaranty and I have made, or caused to be made under my
supervision, a review of the transactions and conditions of Cronos during the quarterly or
annual period ending on the following quarterly or annual anniversary of the Restatement Date:
___, 200___[Enter Date] (such date, the “Measurement Date”).
	 
	3.  	Each and every representation and warranty made by the Guarantor in the Guaranty is true and
correct on and as of the Measurement Date.
	 
	4.  	No Guarantor Event of Default has occurred and is continuing as of the Measurement Date
[except as set forth in paragraph 7 below].
	 
	5.  	The Guaranty is in full force and effect as of the Measurement Date.
	 
	6.  	Cronos has duly performed and complied with all covenants contained in the Guaranty as of the
Measurement Date.
	 
	7.  	Described below are the exceptions, if any, to paragraph 4, listing, in detail, the nature of
the condition or event, the period during which it has existed and the action which Cronos has
taken, is taking, or proposes to take with respect to each such condition or event:
	 
	   	____________[continue on separate page if necessary]
	 
	8.  	As of the Measurement Date, Cronos maintained:

A-1

 

	 	(a)  	a minimum Debt Service Coverage of 1.25 to 1.00, as evidenced by the
calculations attached hereto on Annex A:
	 
	 	   	Current Ratio =__________________
	 
	 	(b)  	a maximum consolidated Tangible Net Worth Leverage Ratio of 4.50 to 1.00, as
evidenced by the calculations attached hereto on Annex A:
	 
	 	   	Current Ratio =__________________
	 
	 	(c)  	a minimum EBIT Ratio (measured on a consolidated basis) of 1.10:1.00, as
evidenced by the calculations attached hereto on Annex A:
	 
	 	   	Current Ratio =__________________

	9.  	As of the Measurement Date, Cronos maintained a minimum consolidated Tangible Net Worth (as
reflected in the most recently available financial statements of Cronos) of at least an amount
equal to the sum of (i) Forty-Five Million Dollars ($45,000,000) and (ii) the product of (x)
fifty percent (50%) and (y) all consolidated net income (but not reduced for net losses),
determined in accordance with GAAP, of Cronos and its consolidated Subsidiaries for all
periods commencing after December 31, 2002.

	 	 	 
	

	 	THE CRONOS GROUP
	 
	 	 
	

	 	

	

	 	Name:

Title:

DATED: ________________, 200__

A-2

 

Annex A to Compliance Certificate

[Attach Financial Covenant Calculations]

A-3

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