Document:

EXHIBIT 10.29
	 
		EXECUTION VERSION
	 

	 
		CREDIT AGREEMENT
	 

	 
		Dated as of
	 

	 
		July 19, 2007
	 

	 
		by and among
	 

	 
		CLI FUNDING II LLC
	 

	 
		as Borrower
	 

	 
		BEAR STEARNS CORPORATE LENDING
		INC.
	 

	 
		CITIGROUP GLOBAL MARKETS REALTY
		CORP.
	 

	 
		DEUTSCHE BANK TRUST COMPANY AMERICAS,
		
	 

	 
		as Lenders
	 

	 
		CITIGROUP GLOBAL MARKETS REALTY
		CORP.,
	 

	 
		as Agent
	 

	 
		and
	 

	 
		BEAR, STEARNS & CO. INC.
	 

	 
		CITIGROUP GLOBAL MARKETS REALTY
		CORP.
	 

	 
		DEUTSCHE BANK SECURITIES INC.,
		
	 

	 
		as Joint Lead Arrangers
	 

	 
		 
	 

	 
	 

	 

	 
		TABLE OF CONTENTS
	 

	 
		 
	 

	 
			
				
				  1.
				

			 	
				
				   
				

			 	
				
				  DEFINITIONS AND RULES OF
				  INTERPRETATION
				

			 	
				
				   
				

			 	
				
				  1
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  1.1.
				

			 	
				
				  Definitions
				

			 	
				
				   
				

			 	
				
				  1
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  1.2.
				

			 	
				
				  Rules of Interpretation
				

			 	
				
				   
				

			 	
				
				  27
				

			 	
				
				   
				

			 
	
				
				  2.
				

			 	
				
				   
				

			 	
				
				  THE CREDIT FACILITY
				

			 	
				
				   
				

			 	
				
				  28
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.1.
				

			 	
				
				  Commitment to Lend
				

			 	
				
				   
				

			 	
				
				  28
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.2.
				

			 	
				
				  Term Loan Facility
				

			 	
				
				   
				

			 	
				
				  28
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.3.
				

			 	
				
				  The Notes
				

			 	
				
				   
				

			 	
				
				  28
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.4.
				

			 	
				
				  Interest on Credit Loans
				

			 	
				
				   
				

			 	
				
				  28
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.5.
				

			 	
				
				  Requests for Credit Loans
				

			 	
				
				   
				

			 	
				
				  29
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.6.
				

			 	
				
				  Continuation of Type of Credit
				  Loan
				

			 	
				
				   
				

			 	
				
				  29
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  2.7.
				

			 	
				
				  Funds for Credit Loan
				

			 	
				
				   
				

			 	
				
				  29
				

			 	
				
				   
				

			 
	
				
				  3.
				

			 	
				
				   
				

			 	
				
				  REPAYMENT OF THE CREDIT LOANS
				

			 	
				
				   
				

			 	
				
				  31
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  3.1.
				

			 	
				
				  Maturity
				

			 	
				
				   
				

			 	
				
				  30
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  3.2.
				

			 	
				
				  Mandatory Repayments of Credit
				  Loans
				

			 	
				
				   
				

			 	
				
				  30
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  3.3.
				

			 	
				
				  Optional Repayments of Credit
				  Loans
				

			 	
				
				   
				

			 	
				
				  31
				

			 	
				
				   
				

			 
	
				
				  4.
				

			 	
				
				   
				

			 	
				
				  TRUST ACCOUNT
				

			 	
				
				   
				

			 	
				
				  31
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  4.1.
				

			 	
				
				  Trust Account
				

			 	
				
				   
				

			 	
				
				  31
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  4.2.
				

			 	
				
				  Investments
				

			 	
				
				   
				

			 	
				
				  34
				

			 	
				
				   
				

			 
	
				
				  5.
				

			 	
				
				   
				

			 	
				
				  CERTAIN GENERAL PROVISIONS
				

			 	
				
				   
				

			 	
				
				  35
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.1.
				

			 	
				
				  Funds for Payments
				

			 	
				
				   
				

			 	
				
				  35
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.2.
				

			 	
				
				  Computations
				

			 	
				
				   
				

			 	
				
				  38
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.3.
				

			 	
				
				  Inability to Determine LIBOR
				  Rate
				

			 	
				
				   
				

			 	
				
				  38
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.4.
				

			 	
				
				  Illegality
				

			 	
				
				   
				

			 	
				
				  38
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.5.
				

			 	
				
				  Additional Costs, etc
				

			 	
				
				   
				

			 	
				
				  39
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.6.
				

			 	
				
				  Capital Adequacy
				

			 	
				
				   
				

			 	
				
				  40
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.7.
				

			 	
				
				  Certificate
				

			 	
				
				   
				

			 	
				
				  40
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.8.
				

			 	
				
				  Indemnity
				

			 	
				
				   
				

			 	
				
				  41
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.9.
				

			 	
				
				  Limitation on Increased Costs
				

			 	
				
				   
				

			 	
				
				  41
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  5.10.
				

			 	
				
				  Interest After Default
				

			 	
				
				   
				

			 	
				
				  41
				

			 	
				
				   
				

			 
	
				
				  6.
				

			 	
				
				   
				

			 	
				
				  COLLATERAL SECURITY
				

			 	
				
				   
				

			 	
				
				  41
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  6.1.
				

			 	
				
				  Security of Borrower
				

			 	
				
				   
				

			 	
				
				  41
				

			 	
				
				   
				

			 
	
				
				  7.
				

			 	
				
				   
				

			 	
				
				  REPRESENTATIONS AND
				  WARRANTIES
				

			 	
				
				   
				

			 	
				
				  42
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.1.
				

			 	
				
				  Corporate Authority
				

			 	
				
				   
				

			 	
				
				  42
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.2.
				

			 	
				
				  Governmental Approvals
				

			 	
				
				   
				

			 	
				
				  42
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.3.
				

			 	
				
				  Title to Properties; Leases
				

			 	
				
				   
				

			 	
				
				  43
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.4.
				

			 	
				
				  Financial Statements
				

			 	
				
				   
				

			 	
				
				  43
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.5.
				

			 	
				
				  [Reserved.]
				

			 	
				
				   
				

			 	
				
				  43
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.6.
				

			 	
				
				  Litigation
				

			 	
				
				   
				

			 	
				
				  43
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.7.
				

			 	
				
				  No Materially Adverse Contracts,
				  etc
				

			 	
				
				   
				

			 	
				
				  44
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		-i-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  7.8.
				

			 	
				
				  Compliance with Other Instruments,
				  Laws, etc
				

			 	
				
				   
				

			 	
				
				  44
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.9.
				

			 	
				
				  Tax Status
				

			 	
				
				   
				

			 	
				
				  44
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.10.
				

			 	
				
				  Investment Company Act
				

			 	
				
				   
				

			 	
				
				  44
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.11.
				

			 	
				
				  Perfection of Security
				  Interest
				

			 	
				
				   
				

			 	
				
				  44
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.12.
				

			 	
				
				  Employee Benefit Plans
				

			 	
				
				   
				

			 	
				
				  44
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.13.
				

			 	
				
				  Place of Business
				

			 	
				
				   
				

			 	
				
				  46
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.14.
				

			 	
				
				  Subsidiaries, etc
				

			 	
				
				   
				

			 	
				
				  46
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.15.
				

			 	
				
				  Bank Accounts
				

			 	
				
				   
				

			 	
				
				  46
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.16.
				

			 	
				
				  Disclosure
				

			 	
				
				   
				

			 	
				
				  46
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.17.
				

			 	
				
				  Foreign Assets Control Regulations,
				  Etc
				

			 	
				
				   
				

			 	
				
				  46
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.18.
				

			 	
				
				  Margin Regulations
				

			 	
				
				   
				

			 	
				
				  46
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.19.
				

			 	
				
				  Solvency and Separateness
				

			 	
				
				   
				

			 	
				
				  47
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.20.
				

			 	
				
				  No Default
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.21.
				

			 	
				
				  Ownership of the Borrower
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.22.
				

			 	
				
				  Use of Proceeds
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.23.
				

			 	
				
				  ERISA Lien
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  7.24.
				

			 	
				
				  Tax Election of the Borrower
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				  8.
				

			 	
				
				   
				

			 	
				
				  AFFIRMATIVE COVENANTS
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.1.
				

			 	
				
				  [Reserved]
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.2.
				

			 	
				
				  Maintenance of Office
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.3.
				

			 	
				
				  Records and Accounts
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.4.
				

			 	
				
				  Financial Statements, Certificates
				  and Information
				

			 	
				
				   
				

			 	
				
				  48
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.5.
				

			 	
				
				  Notices
				

			 	
				
				   
				

			 	
				
				  50
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.6.
				

			 	
				
				  Legal Existence; Maintenance of
				  Properties
				

			 	
				
				   
				

			 	
				
				  51
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.7.
				

			 	
				
				  Insurance
				

			 	
				
				   
				

			 	
				
				  51
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.8.
				

			 	
				
				  Taxes
				

			 	
				
				   
				

			 	
				
				  51
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.9.
				

			 	
				
				  Inspection of Properties and Books,
				  etc
				

			 	
				
				   
				

			 	
				
				  51
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.10.
				

			 	
				
				  Compliance with Laws, Contracts,
				  Licenses, and Permits
				

			 	
				
				   
				

			 	
				
				  53
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.11.
				

			 	
				
				  Use of Proceeds
				

			 	
				
				   
				

			 	
				
				  53
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.12.
				

			 	
				
				  Employee Benefit Plans
				

			 	
				
				   
				

			 	
				
				  53
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.13.
				

			 	
				
				  Further Assurances
				

			 	
				
				   
				

			 	
				
				  53
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.14.
				

			 	
				
				  Non-Consolidation of the
				  Borrower
				

			 	
				
				   
				

			 	
				
				  54
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.15.
				

			 	
				
				  Investment Company Act
				

			 	
				
				   
				

			 	
				
				  54
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.16.
				

			 	
				
				  Payments of Collateral
				

			 	
				
				   
				

			 	
				
				  54
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.17.
				

			 	
				
				  UNIDROIT Convention
				

			 	
				
				   
				

			 	
				
				  55
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  8.18.
				

			 	
				
				  Hedging Requirements
				

			 	
				
				   
				

			 	
				
				  55
				

			 	
				
				   
				

			 
	
				
				  9.
				

			 	
				
				   
				

			 	
				
				  CERTAIN NEGATIVE COVENANTS
				

			 	
				
				   
				

			 	
				
				  55
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.1.
				

			 	
				
				  Restrictions on Indebtedness
				

			 	
				
				   
				

			 	
				
				  55
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.2.
				

			 	
				
				  Restrictions on Liens
				

			 	
				
				   
				

			 	
				
				  55
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.3.
				

			 	
				
				  Restrictions on Investments
				

			 	
				
				   
				

			 	
				
				  56
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.4.
				

			 	
				
				  Restricted Payments
				

			 	
				
				   
				

			 	
				
				  56
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.5.
				

			 	
				
				  Merger, Consolidation and
				  Disposition of Assets
				

			 	
				
				   
				

			 	
				
				  57
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.6.
				

			 	
				
				  Sale and Leaseback
				

			 	
				
				   
				

			 	
				
				  58
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.7.
				

			 	
				
				  Compliance with Environmental
				  Laws
				

			 	
				
				   
				

			 	
				
				  58
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		-ii-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  9.8.
				

			 	
				
				  Employee Benefit Plans
				

			 	
				
				   
				

			 	
				
				  58
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.9.
				

			 	
				
				  Business Activities
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.10.
				

			 	
				
				  Fiscal Year
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.11.
				

			 	
				
				  Transactions with Affiliates
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.12.
				

			 	
				
				  [Reserved]
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.13.
				

			 	
				
				  Other Agreements
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.14.
				

			 	
				
				  Charter Documents
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.15.
				

			 	
				
				  Capital Expenditures
				

			 	
				
				   
				

			 	
				
				  59
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.16.
				

			 	
				
				  Permitted Activities; Compliance
				  with Organizational Documents
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.17.
				

			 	
				
				  Subsidiaries
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.18.
				

			 	
				
				  Amendment of Intercreditor
				  Agreement
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.19.
				

			 	
				
				  Depreciation Policy
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  9.20.
				

			 	
				
				  OFAC
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				  10.
				

			 	
				
				   
				

			 	
				
				  [reserved]
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				  11.
				

			 	
				
				   
				

			 	
				
				  CLOSING CONDITIONS
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.1.
				

			 	
				
				  Loan Documents, etc
				

			 	
				
				   
				

			 	
				
				  60
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.2.
				

			 	
				
				  Certified Copies of Governing
				  Documents
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.3.
				

			 	
				
				  Corporate or Other Action
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.4.
				

			 	
				
				  Incumbency Certificate
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.5.
				

			 	
				
				  Validity of Liens
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.6.
				

			 	
				
				  Perfection Certificates and UCC
				  Search Results
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.7.
				

			 	
				
				  Financial Statements
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.8.
				

			 	
				
				  Certificates of Insurance
				

			 	
				
				   
				

			 	
				
				  61
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.9.
				

			 	
				
				  Acquisition
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.10.
				

			 	
				
				  Borrowing Base Report
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.11.
				

			 	
				
				  Solvency Certificate
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.12.
				

			 	
				
				  Opinion of Counsel
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.13.
				

			 	
				
				  Payment of Fees
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.14.
				

			 	
				
				  Representations True; No Event of
				  Default
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.15.
				

			 	
				
				  Equity Investments
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.16.
				

			 	
				
				  Indebtedness to be Paid
				

			 	
				
				   
				

			 	
				
				  62
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.17.
				

			 	
				
				  Acquired Business Financial
				  Statements
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.18.
				

			 	
				
				  Pro Forma Financial Statements;
				  Projections
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.19.
				

			 	
				
				  No Material Adverse Change
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11.20.
				

			 	
				
				  Maximum Number of Funding
				  Dates
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				  12.
				

			 	
				
				   
				

			 	
				
				  [reserved].
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				  13.
				

			 	
				
				   
				

			 	
				
				  EVENTS OF DEFAULT; ACCELERATION;
				  ETC
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  13.1.
				

			 	
				
				  Events of Default and
				  Acceleration
				

			 	
				
				   
				

			 	
				
				  63
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  13.2.
				

			 	
				
				  Reserved
				

			 	
				
				   
				

			 	
				
				  66
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  13.3.
				

			 	
				
				  Remedies
				

			 	
				
				   
				

			 	
				
				  66
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  13.4.
				

			 	
				
				  Distribution of Collateral
				  Proceeds
				

			 	
				
				   
				

			 	
				
				  67
				

			 	
				
				   
				

			 
	
				
				  14.
				

			 	
				
				   
				

			 	
				
				  THE AGENT.
				

			 	
				
				   
				

			 	
				
				  67
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.1.
				

			 	
				
				  Authorization; Reliance by
				  Agent.
				

			 	
				
				   
				

			 	
				
				  67
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.2.
				

			 	
				
				  Delegation of Duties
				

			 	
				
				   
				

			 	
				
				  69
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.3.
				

			 	
				
				  Exculpatory Provisions
				

			 	
				
				   
				

			 	
				
				  69
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.4.
				

			 	
				
				  No Representations
				

			 	
				
				   
				

			 	
				
				  70
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		-iii-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  14.5.
				

			 	
				
				  Payments
				

			 	
				
				   
				

			 	
				
				  70
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.6.
				

			 	
				
				  Holders of Notes
				

			 	
				
				   
				

			 	
				
				  71
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.7.
				

			 	
				
				  Reimbursement by Lenders
				

			 	
				
				   
				

			 	
				
				  71
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.8.
				

			 	
				
				  Rights as Lender
				

			 	
				
				   
				

			 	
				
				  72
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.9.
				

			 	
				
				  Resignation of Agent
				

			 	
				
				   
				

			 	
				
				  72
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.10.
				

			 	
				
				  Notification of Defaults and Events
				  of Default
				

			 	
				
				   
				

			 	
				
				  73
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.11.
				

			 	
				
				  Duties in the Case of
				  Enforcement
				

			 	
				
				   
				

			 	
				
				  73
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.12.
				

			 	
				
				  Agent May File Proofs of
				  Claim
				

			 	
				
				   
				

			 	
				
				  73
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  14.13.
				

			 	
				
				  No Other Duties, etc
				

			 	
				
				   
				

			 	
				
				  74
				

			 	
				
				   
				

			 
	
				
				  15.
				

			 	
				
				   
				

			 	
				
				  ASSIGNMENT.
				

			 	
				
				   
				

			 	
				
				  74
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.1.
				

			 	
				
				  General Conditions
				

			 	
				
				   
				

			 	
				
				  74
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.2.
				

			 	
				
				  Assignments
				

			 	
				
				   
				

			 	
				
				  74
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.3.
				

			 	
				
				  Register
				

			 	
				
				   
				

			 	
				
				  75
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.4.
				

			 	
				
				  Participations
				

			 	
				
				   
				

			 	
				
				  76
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.5.
				

			 	
				
				  Certain Pledges
				

			 	
				
				   
				

			 	
				
				  76
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.6.
				

			 	
				
				  New Notes
				

			 	
				
				   
				

			 	
				
				  77
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  15.7.
				

			 	
				
				  Assignment by Borrower
				

			 	
				
				   
				

			 	
				
				  77
				

			 	
				
				   
				

			 
	
				
				  16.
				

			 	
				
				   
				

			 	
				
				  PROVISIONS OF GENERAL
				  APPLICATIONS
				

			 	
				
				   
				

			 	
				
				  77
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.1.
				

			 	
				
				  Setoff; Proration of Payments
				

			 	
				
				   
				

			 	
				
				  77
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.2.
				

			 	
				
				  Expenses
				

			 	
				
				   
				

			 	
				
				  78
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.3.
				

			 	
				
				  Indemnification
				

			 	
				
				   
				

			 	
				
				  78
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.4.
				

			 	
				
				  Treatment of Certain Confidential
				  Information
				

			 	
				
				   
				

			 	
				
				  79
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.5.
				

			 	
				
				  Survival of Covenants, Etc
				

			 	
				
				   
				

			 	
				
				  81
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.6.
				

			 	
				
				  Notices
				

			 	
				
				   
				

			 	
				
				  81
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.7.
				

			 	
				
				  Governing Law; Submission to
				  Jurisdiction; Waiver of Venue
				

			 	
				
				   
				

			 	
				
				  82
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.8.
				

			 	
				
				  Headings
				

			 	
				
				   
				

			 	
				
				  82
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.9.
				

			 	
				
				  Counterparts
				

			 	
				
				   
				

			 	
				
				  83
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.10.
				

			 	
				
				  Entire Agreement, Etc
				

			 	
				
				   
				

			 	
				
				  83
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.11.
				

			 	
				
				  Waiver of Jury Trial
				

			 	
				
				   
				

			 	
				
				  83
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.12.
				

			 	
				
				  Consents, Amendments, Waivers,
				  Etc
				

			 	
				
				   
				

			 	
				
				  83
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.13.
				

			 	
				
				  Severability
				

			 	
				
				   
				

			 	
				
				  85
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  16.14.
				

			 	
				
				  Joint Lead Arranger
				

			 	
				
				   
				

			 	
				
				  85
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		-iv-
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Exhibits
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Exhibit A
				

			 	
				
				   
				

			 	
				
				  Form of Borrowing Base Report
				

			 
	
				
				  Exhibit B
				

			 	
				
				   
				

			 	
				
				  Form of Note
				

			 
	
				
				  Exhibit C
				

			 	
				
				   
				

			 	
				
				  Form of Loan Request
				

			 
	
				
				  Exhibit D
				

			 	
				
				   
				

			 	
				
				  Form of Compliance
				  Certificate
				

			 
	
				
				  Exhibit E
				

			 	
				
				   
				

			 	
				
				  Assignment and Acceptance
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Schedules
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Schedule 1
				

			 	
				
				   
				

			 	
				
				  Lenders and Commitments
				

			 
	
				
				  Schedule 2
				

			 	
				
				   
				

			 	
				
				  Prior Transaction Documents
				

			 
	
				
				  Schedule 7.12
				

			 	
				
				   
				

			 	
				
				  ERISA Disclosure
				

			 
	
				
				  Schedule 7.15
				

			 	
				
				   
				

			 	
				
				  Bank Accounts
				

			 

 

	 
		 
	 

	 
		-v-
	 

	 
		 
	 

	 
	 

	 

	 
		CREDIT AGREEMENT
	 

	 
		This Credit Agreement is made as of July 19,
		2007, by and among CLI FUNDING II
		LLC (the “Borrower”), a
		Delaware limited liability company having its principal place of business at
		One Maynard Drive, Park Ridge, New Jersey 07656, BEAR STEARNS CORPORATE LENDING INC. (“Bear”), CITIGROUP GLOBAL MARKETS REALTY CORP., (“Citigroup”), DEUTSCHE BANK TRUST COMPANY AMERICAS, a banking corporation organized under the laws of the
		State of New York (“DB”; each of Bear, Citigroup and DB, a
		“Lender” and collectively, the “Lenders”), and
		CITIGROUP GLOBAL MARKETS REALTY
		CORP., a corporation organized under
		the laws of the State of New York, as Agent for itself and such other lending
		institutions (the “Agent”), and each of Bear, Stearns & Co. Inc.
		(“BSC”), Citigroup and Deutsche Bank Securities Inc.
		(“DBSI”), as a joint lead arranger (each, a “Joint Lead
		Arranger” and collectively, the “Joint Lead Arrangers”). 
	 

	 
		WITNESSETH:
	 

	 
		In consideration of the mutual covenants and
		agreements set forth herein below, and other good and valuable consideration,
		the receipt and sufficiency of which are hereby acknowledged, the parties
		hereto hereby agree as follows:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  1.
				

			 	
				
				  DEFINITIONS AND RULES OF
				  INTERPRETATION. 
				

			 

 

	 
		1.1.
		Definitions. As used in this Credit Agreement, the following terms
		shall have the following meanings:
	 

	 
		Acquired Business. All of the container and chassis businesses of
		Interpool Inc. and its Subsidiaries.
	 

	 
		Acquisition. The transaction described in the Merger
		Agreement.
	 

	 
		Administrative
		Questionnaire. An Administrative
		Questionnaire in a form supplied by the Agent.
	 

	 
		Affiliate. Any Person which, directly or indirectly, controls, is
		controlled by or is under common control with another Person.
		“Control” of a Person means the power, directly or indirectly, (a) to
		vote ten percent (10%) or more of the Capital Stock (on a fully diluted basis)
		of such Person having ordinary voting power for the election of directors,
		managing members or general partners (as applicable); or (b) to direct or cause
		the direction of the management and policies of such Person (whether by
		contract or otherwise).
	 

	 
		Agent. As defined in the preamble hereto and each other
		Person appointed as the successor Agent in accordance with Section 14.9.
	 

	 
		Agent Fee. This term shall have the meaning set forth in the Fee
		Letter.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Agent’s Office. The Agent’s office located at 390 Greenwich
		Street, New York, New York 10013, or at such other location as the Agent may
		designate from time to time.
	 

	 
		Agent’s Special
		Counsel. Thacher Proffitt & Wood
		LLP or such other counsel as may be selected by the Agent.
	 

	 
		Aggregate Net Book Value. As of any date of determination, an amount equal to
		the sum of the then Net Book Values of all Eligible Containers that are not
		then subject to a Direct Finance Lease.
	 

	 
		Aggregate Net Present Value of Direct
		Finance Lease Receivables. As of any
		date of determination, the sum of the then Net Present Value of Direct Finance
		Lease Receivables of all Eligible Containers that are then subject to a Direct
		Finance Lease.
	 

	 
		Aggregate Note Principal
		Balance. As of any date of
		determination, an amount equal to the sum of the then unpaid principal balances
		of all Notes.
	 

	 
		Applicable Margin. The Applicable Margin for each Interest Period shall
		be as set forth in the Fee Letter.
	 

	 
		Applicable Pension
		Legislation. At any time, any pension
		or retirement benefits legislation (be it national, federal, provincial,
		territorial or otherwise) then applicable to the Borrower.
	 

	 
		Approved Fund. Any Fund that is administered or managed by (a) an
		Initial Lender, (b) an Affiliate of an Initial Lender or (c) an entity or an
		Affiliate of an entity that administers or manages an Initial Lender.
	 

	 
		Assignment and Acceptance. An assignment and acceptance entered into by a Lender
		and an Eligible Assignee (with the consent of any party whose consent is
		required by Section 15.2), and accepted by the Agent, in substantially the form
		of Exhibit E or any other form approved by the Agent.
	 

	 
		Available Distribution
		Amount. This term is defined in Section
		4.1(d) hereof.
	 

	 
		Average Age. As of any Determination Date, an amount equal to the
		quotient of (a) the sum, for each vintage year (based on date of manufacture)
		of an amount equal to the product of (i) the number of Containers (including
		any Container subject to a Direct Finance Lease) included in such vintage year,
		multiplied by (ii) the age of such Containers (measured from the date of
		manufacture thereof) divided by (b) the aggregate number (measured in units) of
		all such Containers. 
	 

	 
		Balance Sheet Date. May 31, 2007.
	 

	 
		Bankruptcy Code. The Bankruptcy Reform Act of 1978, as amended.
	 

	 
		Base Rate. The higher of (a) the variable annual rate of interest
		so designated from time to time by the Agent as its “prime rate”,
		such rate being a reference rate and
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		not necessarily representing the lowest or
		best rate being charged to any customer, and (b) one-half of one percent (0.5%)
		above the Federal Funds Effective Rate. For the purposes of this definition,
		“Federal Funds Effective Rate” shall mean for any day, the rate per
		annum equal to the weighted average of the rates on overnight federal funds
		transactions with members of the Federal Reserve System arranged by federal
		funds brokers, as published for such day (or, if such day is not a Business
		Day, for the next preceding Business Day) by the Federal Reserve Bank of New
		York, or, if such rate is not so published for any day that is a Business Day,
		the average of the quotations for such day on such transactions received by the
		Agent from three (3) funds brokers of recognized standing selected by the
		Agent. Changes in the Base Rate resulting from any publicly announced changes
		in the Agent’s “prime rate” shall take place immediately without
		notice or demand of any kind.
	 

	 
		Base Rate Loans. Those Credit Loans bearing interest calculated by
		reference to the Base Rate.
	 

	 
		Bear. As defined in the preamble hereto.
	 

	 
		Borrower. As defined in the preamble hereto.
	 

	 
		Borrower Security
		Agreement. The Security Agreement,
		dated or to be dated on or prior to the Closing Date, between the Borrower and
		the Agent and in form and substance satisfactory to the Agent.
	 

	 
		Borrowing Base. At the relevant time of reference thereto, an amount,
		determined by the Agent by reference to the most recent Borrowing Base Report
		delivered to the Lenders and the Agent pursuant to Section 8.4(e), which is
		equal to the sum, without duplication, of (i) 85% of the Aggregate Net Book
		Value, measured as of the last day of the month immediately preceding such date
		of determination, plus (ii) 85% of the Aggregate Net Present Value of Direct
		Finance Lease Receivables, measured as of the last day of the month immediately
		preceding such date of determination.
	 

	 
		Borrowing Base Deficiency. The condition existing as of any date of
		determination, if the then Aggregate Note Principal Balance would exceed the
		Borrowing Base. If such term is used in a quantitative context, the amount of
		the Borrowing Base Deficiency shall be equal to the amount of such excess.
		
	 

	 
		Borrowing Base Report. A Borrowing Base Report signed by the Treasurer or the
		Vice President - Finance of the Borrower.
	 

	 
		Business Day. Any day on which banking institutions in New York, New
		York, are open for the transaction of banking business and, in the case of
		LIBOR Rate Loans, also a day which is a LIBOR Business Day.
	 

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

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		Capitalized Lease. A Lease under which the Borrower is the lessee or
		obligor, the discounted future rental payment obligations under which are
		required to be capitalized on the balance sheet of the lessee or obligor in
		accordance with GAAP.
	 

	 
		Cash Trapping Event: As of any Payment Date, the occurrence or existence of
		any of the following events or conditions:
	 

	 
		(1) Either an Early Amortization Event
		or an Event of Default shall have occurred and then be continuing; or
	 

	 
		(2) As of the related Determination
		Date, the Three Month Average Utilization Ratio is less than eighty-five
		percent (85%).
	 

	 
		If a Cash Trapping Event exists on any
		Payment Date, then such Cash Trapping Event shall be deemed to continue until
		the earliest to occur of (i) the Business Day on which the Required Lenders
		waive, in writing, such Cash Trapping Event, and (ii) the next succeeding
		Payment Date on which both of the events described in clauses (A) and (B) have
		been satisfied: (A) no Early Amortization Event or Event of Default is
		continuing, and (B) the Three Month Average Utilization Ratio exceeds
		eighty-five percent (85% for each of the three immediately preceding
		Determination Dates. 
	 

	 
		Casualty Event. With respect to any property (including any interest
		in property) of the Borrower, any loss of, damage to, or condemnation or other
		taking of, such property for which the Borrower receives insurance proceeds,
		proceeds of a condemnation award or other compensation.
	 

	 
		Casualty Proceeds. For any accounting period, all proceeds received by
		the Borrower or the Manager on behalf of the owners of such related Containers,
		from insurance or other sources, as a result of a Casualty Event.
	 

	 
		Citigroup. As defined in the preamble hereto.
	 

	 
		CLI. Container Leasing International, LLC, a limited
		liability company organized and existing under the laws of the State of New
		York.
	 

	 
		Closing Date. July 19, 2007.
	 

	 
		Code. The Internal Revenue Code of 1986, as amended from
		time to time, and the regulations promulgated and rulings issued thereunder.
		Section references to the Code are to the Code as in effect at the date of this
		Credit Agreement and any subsequent provisions of the Code amendatory thereof,
		supplemental thereto or substituted therefor.
	 

	 
		Collateral. All of the property, rights and interests of the
		Borrower that are or are intended to be subject to the Liens created by the
		Security Documents.
	 

	 
		Collection Period. The period from the first day of the calendar month
		immediately preceding the month in which such Payment Date occurs through and
		including the last day of such calendar month.
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		Collections. With respect to any Collection Period, Gross Revenue
		allocated or allocable to the Containers pursuant to the provisions of (i)
		during the Servicing Transition Period, the Management Agreement and (ii)
		thereafter, the Management Agreement and the Intercreditor Agreement.
	 

	 
		Commitment. With respect to each Lender, the amount set forth on
		Schedule 1 hereto as the amount of such Lender’s commitment to make Credit
		Loans to the Borrower, as the same may be reduced from time to time.
	 

	 
		Commitment Percentage. With respect to each Lender, the percentage set forth
		on Schedule 1 hereto as such Lender’s percentage of the aggregate
		Commitments of all of the Lenders.
	 

	 
		Compliance Certificate. A compliance certificate, substantially in the form of
		Exhibit D attached hereto.
	 

	 
		Concentration Limits. The following limitations relate to those Containers
		that are eligible for inclusion in the calculation of the Borrowing
		Base:
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Maximum Average
				  Age. After giving effect to the
				  inclusion of such Containers, the Average Age shall be less than 8.5
				  years;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Maximum Concentration of
				  Containers Leased to a Single Lessee.
				  All Containers then on lease to any single Lessee and its Affiliates shall not
				  exceed any of the following limitations, in each case, subject to the provision
				  regarding merger and consolidation at the conclusion of this definition:
				  
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  If the Aggregate Note Principal
				  Balance is less than $100,000,000, (1) for any Lessee that is not rated by
				  Dynamar or that has a Dynamar Rating of “5”, “6”,
				  “7”, “8”, “9” or “10”, ten percent
				  (10%) of an amount equal to the sum of (x) the Aggregate Net Book Value and (y)
				  the Aggregate Net Present Value of Direct Finance Lease Receivables and (2) for
				  any Lessee that has a Dynamar Rating of “1”, “2”, or
				  “3” or “4”, forty percent (40%) of an amount equal to the
				  sum of (x) the Aggregate Net Book Value and (y) the Net Present Value of
				  Finance Lease Receivables (provided that, in any event, the limit for CMA
				  C.G.M. S.A. shall be forty percent (40%)); 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  if the Aggregate Note Principal
				  Balance is greater than $100,000,000, for any Lessee (1) for any Lessee that is
				  not rated by Dnamar or that has a Dynamar Rating of “5”,
				  “6”, “7”, “8”, “9” or “10”,
				  fifteen percent (15%) of an amount equal to the sum of (x) the Aggregate Net
				  Book Value and (y) the Aggregate Net Present Value of Direct Finance Lease
				  Receivables, and (2) for any Lessee that has a 
				

			 

 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		Dynamar Rating of “1”,
		“2”, “3”, or “4”, twenty percent (20%) of an
		amount equal to the sum of (x) the Aggregate Net Book Value and (y) the
		Aggregate Net Present Value of Direct Finance Lease Receivables; 
	 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Maximum Concentration of
				  Containers Leased to the Three Largest Lessees. All Containers then on lease to any three Lessees and
				  their respective Affiliates shall not exceed any of the following limitations,
				  in each case, subject to the provision regarding merger and consolidation at
				  the conclusion of this definition:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  If the Aggregate Note Principal
				  Balance is greater than $100,000,000, and (1) each such Lessee is not rated by
				  Dynamar or has a Dynamar Rating of “5”, “6”, “7”
				  ,”8”, “9” or “10”, forty percent (40%) of the sum
				  of (x) the Aggregate Net Book Value and (y) the Aggregate Net Present Value of
				  Direct Finance Lease Receivables, or (2) any one of such Lessees has a Dynamar
				  Rating of “1”, “2”, “3” or “4”,
				  forty-five percent (45%) of an amount equal to the sum of the (x) Aggregate Net
				  Book Value and (y) the Aggregate Net Present Value of Direct Finance Lease
				  Receivables; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  If the Aggregate Note Principal
				  Balance is less than $100,000,000, seventy-five percent (75%) of an amount
				  equal to the sum of (x) the Aggregate Net Book Value and (y) the Aggregate Net
				  Present Value of Direct Finance Lease Receivables;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Maximum Concentration of
				  Non-Monthly Rental Payments. The sum of
				  (i) the Net Book Values and (ii) the Net Book Values of Direct Finance Lease
				  Receivables of all Eligible Containers subject to Lease Agreements for which
				  rentals are billed and payable less frequently than monthly shall not exceed
				  ten percent (10%) of an amount equal to the sum of (x) the Aggregate Net Book
				  Value and (y) the Aggregate Net Present Value of Direct Finance Lease
				  Receivables; 
				

			 

 

	 
		To the extent two or more Lessees shall
		engage in any transaction whether through merger, consolidation, stock sale,
		asset sale, or otherwise pursuant to which a Lessee shall become the owner of,
		or interest holder in, any other Lessee’s leasehold interests in one or
		more Eligible Containers and the effect of such transaction is to cause a
		breach of the related Concentration Limit, all of the Eligible Containers as of
		such transaction date shall remain Eligible Containers in spite of the breach
		of the related Concentration Limit provided, however, that any Containers
		leased by the Borrower to such combined entity after the date of such merger,
		consolidation, stock sale, asset sale, or other transaction 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		will not be considered Eligible Containers
		until such breach of the Concentration Limit has been cured. 
	 

	 
		Consolidated or
		consolidated. With reference to any
		term defined herein, shall mean that term as applied to the accounts of the
		Borrower and its Subsidiaries, consolidated in accordance with GAAP.
	 

	 
		Consolidated Tangible Net
		Worth. The excess of Consolidated Total
		Assets over Consolidated Total Liabilities (excluding in each case adjustments
		to translate foreign assets and liabilities for changes in foreign exchange
		rates made in accordance with Financial Accounting Standards Board Statement
		(“FASB”) No. 52 and further excluding adjustments due to derivative
		transactions and other interest rate swap and hedging transactions made in
		accordance with FASB No. 133), and less the total book value of all assets
		properly classified as intangible assets under GAAP, including such items as
		goodwill, the purchase price of acquired assets in excess of the fair market
		value thereof, trademarks, trade names, service marks, brand names, copyrights,
		patents and licenses, and rights with respect to the foregoing.
	 

	 
		Consolidated Total Assets. The sum of (a) all assets (“consolidated balance
		sheet assets”) of CLI and its Subsidiaries determined on a consolidated
		basis in accordance with GAAP, plus (b) without duplication, all assets of CLI
		or any Subsidiary as lessee under any Synthetic Lease to the extent that such
		assets would have been consolidated balance sheet assets had the Synthetic
		Lease been treated for accounting purposes as a Capitalized Lease.
	 

	 
		Consolidated Total
		Liabilities. The sum of (a) all
		liabilities of CLI and its Subsidiaries determined on a consolidated basis in
		accordance with GAAP and classified as such on the consolidated balance sheet
		of CLI and its Subsidiaries and all other Indebtedness of CLI and its
		Subsidiaries, whether or not so classified plus (b) without duplication, all
		liabilities leased by CLI or any Subsidiary as lessee under any Synthetic Lease
		to the extent that such liabilities would have been included in Consolidated
		Total Liabilities had the Synthetic Lease been treated for accounting purposes
		as a Capitalized Lease.
	 

	 
		Container Management
		System. The tracking and billing system
		used by the Manager and its Affiliates and any upgrade of, successor to, or
		replacement for, such system.
	 

	 
		Container Representations and
		Warranties. This term shall have the
		meaning set forth in the Contribution and Sale Agreement.
	 

	 
		Containers. The marine and intermodal cargo containers to which
		the Borrower (i) has good title, or (ii) is the lessor under a Direct Finance
		Lease and, in either such case, is held for sale or re-sale by the Borrower in
		the conduct of its business.
	 

	 
		Contract Payments. With respect to a Lease, the minimum periodic
		contractual payment to be made by a Lessee pursuant to the terms of such
		Lease.
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		Contribution and Sale
		Agreement. The Contribution and Sale
		Agreement, dated as of July 19, 2007, between the Seller and the Borrower, as
		such agreement may be amended, modified or supplemented from time to time in
		accordance with its terms.
	 

	 
		Control Agreement. The account control agreement, dated on or about the
		Closing Date, among the Borrower, the Agent and U.S. Bank National
		Association.
	 

	 
		Credit Agreement. This Credit Agreement, including the Schedules and
		Exhibits hereto.
	 

	 
		Credit Loan Request. See Section 2.5.
	 

	 
		Credit Loans. Credit loans made or to be made by the Lenders to the
		Borrower pursuant to Section 2.
	 

	 
		DB. As defined in the preamble hereto.
	 

	 
		Default. See Section 13.1.
	 

	 
		Defaulted Finance Lease. Any Direct Finance Lease for which (A) any regularly
		scheduled rental payment or other material payment (or portion thereof) owing
		pursuant to the terms of such Direct Finance Lease is more than one hundred
		twenty (120) days delinquent (measured from its contractual due date), provided
		that a Direct Finance Lease shall not be deemed to be a Defaulted Finance Lease
		pursuant to this clause (A) if all of the following apply: (i) no regularly
		scheduled rental payment or other material payment (or potion thereof) owing
		pursuant to the terms of such Direct Finance Lease is more than one hundred
		fifty (150) days delinquent, and (ii) the Manager has a commercially reasonable
		expectation that the delinquent amounts shall be paid under the insurance
		policy covering lessee defaults held by the Manager, and (iii) the Net Present
		Value of Direct Finance Lease Receivables of such Direct Finance Lease,
		together with the sum of (x) the Net Present Value of Direct Finance Lease
		Receivables of all other Direct Finance Leases which comply with the terms of
		this proviso, and (y) the Net Book Value of all Eligible Containers which are
		subject to Leases which comply with the equivalent proviso in the Definition of
		Defaulted Operating Lease shall not exceed an amount equal to two percent (2%)
		of the then NBV or (B) the Manager has repossessed the Container that is
		subject to such Direct Finance Lease or is otherwise exercising remedies
		pursuant to the terms of such Direct Finance Lease, or (C) the Manager has
		otherwise determined that all or any regularly scheduled rental payments or end
		of term payments owing pursuant to the terms of such Direct Finance Lease are
		wholly or partially uncollectible, or (D) both of the following shall have
		occurred with respect to such Direct Finance Lease: (i) the lessee under such
		Direct Finance Lease is the subject of a bankruptcy or insolvency proceeding
		under applicable law, and (ii) such lessee is not current in the payment of
		rental or other payments owing by the lessee thereunder within ninety (90) days
		subsequent to the commencement of such bankruptcy or insolvency proceedings.
		
	 

	 
		Defaulted Lease. Any Defaulted Finance Lease or Defaulted Operating
		Lease.
	 

	 
		 
	 

	 
		8
	 

	 
	 

	 

	 
		Defaulted Operating Lease. Any Lease (other than a Direct Finance Lease) for
		which (A) any regularly scheduled rental payment or other material payment (or
		portion thereof) owing pursuant to the terms of such Lease is more than one
		hundred twenty (120) days delinquent (measured from its contractual due date),
		provided that a Lease shall not be deemed to be a Defaulted Operating Lease
		pursuant to this clause (A) if all of the following apply: (i) no regularly
		scheduled rental payment or other material payment (or potion thereof) owing
		pursuant to the terms of such Lease is more than one hundred fifty (150) days
		delinquent, and (ii) the Manager has a commercially reasonable expectation that
		the delinquent amounts shall be paid under the insurance policy covering lessee
		defaults held by the Manager, and (iii) the sum of the Net Book Values of all
		Eligible Containers then subject to the terms of such, together with the sum of
		(x) the Net Book Values of all Eligible Containers that are then subject to all
		other Leases which comply with the terms of this proviso, and (y) the Net
		Present Value of Direct Finance Lease Receivables of all other Direct Finance
		Leases which comply with the terms of the equivalent proviso in the definition
		of Defaulted Finance Lease, shall not exceed two percent (2%) of the then NBV
		or (B) the Manager has repossessed the Container that is subject to such Lease
		or is otherwise exercising remedies pursuant to the terms of such Lease, or (C)
		the Manager has otherwise determined that all or any regularly scheduled rental
		payments or end of term payments owing pursuant to the terms of such Lease are
		wholly or partially uncollectible, or (D) both of the following shall have
		occurred with respect to such Lease: (i) the lessee under such Lease is the
		subject of a bankruptcy or insolvency proceeding under applicable law, and (ii)
		such lessee is not current in the payment of rental or other payments owing by
		the lessee thereunder within ninety (90) days subsequent to the commencement of
		such bankruptcy or insolvency proceedings. 
	 

	 
		Depreciation Policy. One of the following: (i) the depreciation policy that
		conforms with GAAP utilized by the Borrower, or if the context so requires, the
		Seller, on the Closing Date, or (ii) such other subsequent depreciation policy
		that conforms with GAAP that is utilized by the Borrower, or if the context so
		requires, the Seller subsequent to the Closing Date, provided that,
		any such depreciation policy shall be at least as conservative as the
		depreciation policy in effect for CLI prior to the Closing Date (e.g., use of
		depreciation policy would result in (a) a higher annual amount of depreciation
		or (b) a lower estimated residual value).
	 

	 
		Determination Date. The third Business Day prior to any Payment
		Date.
	 

	 
		Direct Finance Lease
		Receivables. All rights of the Borrower
		to contractual rental payments owing by a Lessee in respect of a Direct Finance
		Leases.
	 

	 
		Direct Finance Lease Rate. With respect to any Direct Finance Lease, the implicit
		interest rate applicable to such Direct Finance Lease, as such interest rate is
		determined by the Company in accordance with GAAP applied on a consistent
		basis.
	 

	 
		Direct Finance Leases. A Lease that satisfies the criteria for classification
		as a capital lease pursuant to GAAP, including under Financial Accounting
		Standards Board Statement No. 13, as amended. 
	 

	 
		 
	 

	 
		9
	 

	 
	 

	 

	 
		Distribution. The declaration or payment of any dividend on or in
		respect of any shares of any class of Capital Stock of a Person, other than
		dividends payable solely in shares of Capital Stock of such Person; the
		purchase, redemption, defeasance, retirement or other acquisition of any shares
		of any class of Capital Stock of a Person, directly or indirectly through a
		Subsidiary of such Person or otherwise (including the setting apart of assets
		for a sinking or other analogous fund to be used for such purpose); the return
		of capital by a Person to its shareholders as such; or any other distribution
		on or in respect of any shares of any class of Capital Stock of a
		Person.
	 

	 
		Dollars or $. Dollars in
		lawful currency of the United States of America.
	 

	 
		Dynamar: Dynamar B.V., a company organized under the laws of
		the Kingdom of the Netherlands.
	 

	 
		Dynamar Rating: With respect to a Person, the most recently available
		credit rating, ranging from 1 (low risk) to 10 (high risk), assigned to such
		Person by Dynamar. If Dynamar shall cease to be in existence or is no longer
		engaged in the business of issuing credit ratings; the Borrower and the Agent
		(acting at the direction of the Required Lenders) shall choose a mutually
		acceptable alternative for this function.
	 

	 
		Early Amortization Event. As of any date of determination, the occurrence or
		existence of any one of the following conditions or events:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  An Event of Default shall have
				  occurred and then be continuing;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  A Manager Default shall have
				  occurred and then be continuing;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (3)
				

			 	
				
				  As of any Determination Date, the
				  Interest Coverage Ratio of the Borrower is less than two hundred percent
				  (200%); 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (4)
				

			 	
				
				  As of any Determination Date, the
				  Three Month Average Utilization Rate is less than seventy percent (70%);
				

			 

 

	 
			
				
				   
				

			 	
				
				  (5)
				

			 	
				
				  The Consolidated Tangible Net Worth
				  of CLI and its Subsidiaries shall be less than $200,000,000; or
				

			 

 

	 
			
				
				   
				

			 	
				
				  (6)
				

			 	
				
				  The Aggregate Note Principal Balance
				  exceeds the Asset Base and such condition continues unremedied for ten
				  days.
				

			 

 

	 
		If an Early Amortization Event exists on any
		Payment Date, then such Early Amortization Event shall be deemed to continue
		until the Business Day on which the Required Lenders waive, in writing, such
		Early Amortization Event.
	 

	 
		Eligible Assignee. Any of (a) an Initial Lender, (b) an Affiliate of an
		Initial Lender, (c) an Approved Fund and (d) any other Person (other than (x)
		the Borrower, (y) any Affiliate of the Borrower or Subsidiary of the Borrower,
		or (z) a natural person) approved by (i) the Agent (such approval not to be
		unreasonably withheld or delayed), and (ii) unless a Default or an Event of
		Default has occurred and is then continuing, the 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		Borrower (such approval not to be
		unreasonably withheld or delayed so long as, after giving effect to the
		assignment under consideration, each Initial Lender which is the assignor will
		hold Credit Loans having an aggregate unpaid principal balance equal to at
		least 51% of the Commitment of such Lender on the Closing Date).
	 

	 
		Eligible Containers. Containers which (a) are subject to a first priority
		fully perfected security interest in favor of the Agent for the benefit of the
		Lenders, (b) are subject to no other Liens other than Permitted Liens, (c) are
		in a serviceable condition in the normal course of business, subject to
		ordinary wear and tear and ordinary maintenance and repair, and substantially
		conform to the standard specifications used by the Borrower for that category
		of container and applicable industry standards including, without limitation,
		The Customs Convention on Containers, The International Convention for Safe
		Containers and the International Organization for Standardization, (d) have a
		then Net Book Value greater than zero, (e) has not suffered an Event of Loss,
		(f) is not then on lease to a Sanctioned Person or a Sanctioned Entity, (g)
		individually, and, if applicable, when considered with all other Eligible
		Containers, satisfy each of the Concentration Limits and applicable Container
		Representations and Warranties. 
	 

	 
		Eligible Direct Finance
		Lease. A Direct Finance Lease that
		complies with all of the following: (a) the related lessee is not an Affiliate
		of the Borrower or a Sanctioned Person or a Sanctioned Entity; (b) the Direct
		Finance Lease is not a Defaulted Finance Lease; and (c) such Direct Finance
		Lease and the related receivables are subject to no other Liens other than
		Permitted Liens, and (d) such Direct Finance Lease, individually and, if
		applicable, when considered with all other Eligible Direct Finance Leases,
		satisfy each of the applicable Concentration Limits and Container
		Representations and Warranties.
	 

	 
		Eligible Interest Rate Hedge
		Counterparty. One of the following: (a)
		any bank that has a short-term unsecured debt rating of at least
		“A-1” by Standard & Poor’s and “P-1” by
		Moody’s (or their equivalent) and a long-term unsecured debt rating of at
		least “A+” by Standard & Poor’s and “A2” by
		Moody’s (or their equivalent) or (b) any other Person acceptable to the
		Required Lender with the prior satisfaction of the Rating Agency
		Condition.
	 

	 
		Eligible Investments. One or more of the following:
	 

	 
		(i) direct obligations of, and
		obligations fully guaranteed as to the timely payment of principal and interest
		by, the United States of America or obligations of any agency or
		instrumentality thereof when such obligations are backed by the full faith and
		credit of the United States of America;
	 

	 
		(ii) certificates of deposit and
		bankers’ acceptances (that shall each have an original maturity of not
		more than 365 days) of any depository institution or trust company, provided
		that the long-term unsecured senior debt obligations of such depository
		institution or trust company at the date of acquisition thereof have been rated
		at least “Aa3” by Moody’s and “AA-” by Standard &
		Poor’s, or the 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		short-term unsecured senior debt obligations
		of such depository institution or trust company are rated by each Rating Agency
		in its highest rating category;
	 

	 
		(iii) commercial paper (having original
		maturities of not more than 270 days) of any corporation (other than the
		Borrower or CLI), incorporated under the laws of the United States of America
		or any state thereof which on the date of acquisition has been rated by each
		Rating Agency in the highest short-term unsecured commercial paper rating
		category;
	 

	 
		(iv) any money market fund that has
		been rated by each Rating Agency, in its highest rating category (including any
		designations of “plus” or “minus”) or that invests solely
		in Eligible Investments;
	 

	 
		(v) eurodollar deposits (which shall
		each have an original maturity of not more than 365 days) of any depository
		institution or trust company, provided that the long-term unsecured senior debt
		obligations of such depository institution or trust company at the date of
		acquisition thereof have been rated “AA-” by Standard &
		Poor’s or “Aa3” by Moody’s, or the short-term unsecured
		senior debt obligations of such depository institution or trust company are
		rated by each Rating Agency in its highest rating category; and
	 

	 
		(vi) other obligations or securities
		that are acceptable to the Required Lenders as an Eligible Investment
		hereunder.
	 

	 
		Employee Benefit Plan. Any employee benefit plan within the meaning of
		§3(3) of ERISA maintained or contributed to by the Borrower or any ERISA
		Affiliate, other than a Guaranteed Pension Plan or a Multiemployer Plan.
	 

	 
		Environmental Laws. Any applicable local, state, federal, or other laws in
		the United States of America, or any other laws relating to the environment or
		natural resources or the regulation of releases or threatened releases of
		Hazardous Substances into ambient air, water, or land, or otherwise relating to
		the manufacture, processing, generation, distribution, use, treatment, storage,
		disposal, cleanup, transport or handling of Hazardous Substances, and all
		rules, orders and regulations currently promulgated thereunder.
	 

	 
		ERISA. The Employee Retirement Income Security Act of 1974,
		as amended from time to time, and the regulations promulgated and rulings
		issued thereunder. Section references to ERISA are to ERISA as in effect at the
		date of this Credit Agreement and any subsequent provisions of ERISA amendatory
		thereof, supplemental thereto or substituted therefor.
	 

	 
		ERISA Affiliate. Any Person which is treated as a single employer with
		the Borrower under §414 of the Code.
	 

	 
		ERISA Reportable Event. A reportable event with respect to a Guaranteed
		Pension Plan within the meaning of §4043 of ERISA and the regulations
		promulgated thereunder.
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		Eurocurrency Reserve Rate. For any day with respect to a LIBOR Rate Loan, the
		maximum rate (expressed as a decimal) at which any bank subject thereto would
		be required to maintain reserves under Regulation D of the Board of Governors
		of the Federal Reserve System (or any successor or similar regulations relating
		to such reserve requirements) against “Eurocurrency Liabilities” (as
		that term is used in Regulation D), if such liabilities were outstanding. The
		Eurocurrency Reserve Rate shall be adjusted automatically on and as of the
		effective date of any change in the Eurocurrency Reserve Rate.
	 

	 
		Event of Default. See Section 13.1.
	 

	 
		Event of Loss. With respect to any Container, the occurrence or
		existence of any of the following: 
	 

	 
		(a) total loss or destruction
		thereof;
	 

	 
		(b) theft or disappearance thereof
		without recovery within sixty (60) days after such theft or disappearance
		becomes known to the Borrower or the Manager; 
	 

	 
		(c) thirty (30) days after damage
		rendering such Container unfit for normal use and, in the judgment of the
		Borrower or the Manager, beyond repair at reasonable cost;
	 

	 
		(d) any condemnation or seizure for
		more than sixty (60) days after the earlier of (i) receipt of notice thereof by
		the Borrower and (ii) actual knowledge thereof by the Borrower; and
	 

	 
		(e) if such Container is subject to a
		Lease, such Container shall be deemed to have to have suffered a Casualty Loss
		(or similar term) under the terms of such Lease.
	 

	 
		Fee Letter. That certain letter agreement, dated July 19, 2007,
		among the Borrower, the Agent, the Lenders and the Joint Lead Arrangers.
	 

	 
		Fees. The fees to be paid to the Lenders, the Joint Lead
		Arrangers and the Agent pursuant to the terms of the Fee Letter.
	 

	 
		Financial Affiliate. A Subsidiary of the bank holding company controlling
		any Lender, which Subsidiary is engaging in any of the activities permitted by
		§4(e) of the Bank Holding Company Act of 1956 (12 U.S.C.
		§1843).
	 

	 
		Fortress Entity. Any of (i) any investment fund controlled or managed
		by Fortress Investment Group LLC, a Delaware limited liability company
		(“Fortress”), including Fortress Investment Fund III LP, a Delaware
		limited partnership, or any Affiliate of Fortress, or (ii) any Person of which
		the majority of its Capital Stock is owned, directly or indirectly, by any
		Person described in the foregoing clause (i).
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		Fortress Investment Group. Collectively, each Fortress Entity that holds Capital
		Stock of the Borrower.
	 

	 
		Fund. Any Person (other than a natural person) that is (or
		will be) engaged in making, purchasing, holding or otherwise investing in
		commercial loans and similar extensions of credit in the ordinary course of its
		business.
	 

	 
		Funding Date. The date on which any Credit Loan is made or is to be
		made pursuant to the terms hereof. 
	 

	 
		GAAP or generally accepted accounting principles. (a) When
		used in Section 10, whether directly or indirectly through reference to a
		capitalized term used therein, means (i) principles that are consistent with
		the principles promulgated or adopted by the Financial Accounting Standards
		Board and its predecessors, in effect for the fiscal year ended on the Balance
		Sheet Date, and (ii) to the extent consistent with such principles, the
		accounting practice of the Borrower reflected in its financial statements for
		the year ended on the Balance Sheet Date, and (b) when used in general, other
		than as provided above, means principles that are (i) consistent with the
		principles promulgated or adopted by the Financial Accounting Standards Board
		and its predecessors, as in effect from time to time, and (ii) consistently
		applied with past financial statements of the Borrower adopting the same
		principles, provided that in each case referred to in this definition of
		“GAAP” a certified public accountant would, insofar as the use of
		such accounting principles is pertinent, be in a position to deliver an
		unqualified opinion (other than a qualification regarding changes in GAAP) as
		to financial statements in which such principles have been properly
		applied.
	 

	 
		Governing Documents. With respect to any Person, its certificate or
		articles of incorporation (if applicable), its articles of organization and
		certificate of formation (if applicable), its by-laws, operating agreement and
		all shareholder agreements, voting trusts and similar arrangements applicable
		to any of its Capital Stock or other membership interests.
	 

	 
		Governmental Authority. Any foreign, federal, state, regional, local,
		municipal or other government, or any department, commission, board, bureau,
		agency, public authority or instrumentality thereof, or any court or
		arbitrator.
	 

	 
		Gross Revenue. All revenue (without reduction for expenses or costs),
		calculated on a cash basis in accordance with GAAP, earned in connection with
		the ownership, use and/or operation of the Containers including, but not
		limited to, rental, handling, location revenue, damage protection and other
		rental-related charges arising from the leasing of such Containers, and
		principal payments on Direct Finance Leases, in each case allocated or
		allocable to the Containers, including any Miscellaneous Borrower Proceeds,
		Casualty Proceeds, Indemnification Proceeds, and Net Cash Sales
		Proceeds.
	 

	 
		Guaranteed Pension Plan. Any employee pension benefit plan within the meaning
		of §3(2) of ERISA maintained or contributed to by the Borrower or any
		ERISA Affiliate
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		the benefits of which are guaranteed on
		termination in full or in part by the PBGC pursuant to Title IV of ERISA, other
		than a Multiemployer Plan.
	 

	 
		Hazardous Substances. Those substances or materials that are prohibited,
		limited or regulated by any Environmental Law.
	 

	 
		Hedge Agreement. Any forward contract, futures contract, swap, option
		or other financing agreement or arrangement (including, without limitation,
		caps, floors, collars and similar agreements), the value of which is dependent
		upon movements in interest rates, currency exchange rates, commodities or other
		indices, to which the Borrower is a party.
	 

	 
		ICL. Interpool Containers Limited, a Barbados corporation.
		
	 

	 
		Indebtedness. As to any Person and whether recourse is secured by or
		is otherwise available against all or only a portion of the assets of such
		Person and whether or not contingent, but without duplication: 
	 

	 
		(a) every obligation of such Person for money
		borrowed,
	 

	 
		(b) every obligation of such Person
		evidenced by bonds, debentures, notes or other similar instruments, including
		obligations incurred in connection with the acquisition of property, assets or
		businesses, 
	 

	 
		(c) every reimbursement obligation of
		such Person with respect to letters of credit, bankers’ acceptances or
		similar facilities issued for the account of such Person, 
	 

	 
		(d) every obligation of such Person
		issued or assumed as the deferred purchase price of property or services
		(including securities repurchase agreements but excluding operating leases,
		trade accounts payable and accrued liabilities arising in the ordinary course
		of business which are not overdue or which are being contested in good faith),
		
	 

	 
		(e) every obligation of such Person
		under any Capitalized Lease,
	 

	 
		(f) every obligation of such Person
		under any Synthetic Lease,
	 

	 
		(g) all sales by such Person of (i)
		accounts or general intangibles for money due or to become due, (ii) chattel
		paper, instruments or documents creating or evidencing a right to payment of
		money or (iii) other receivables (collectively “receivables”),
		whether pursuant to a purchase facility or otherwise, other than in connection
		with the disposition of the business operations of such Person relating thereto
		or a disposition of defaulted receivables for collection and not as a financing
		arrangement, and together with any obligation of such Person to pay any
		discount, interest, fees, indemnities, penalties, recourse, expenses or other
		amounts in connection therewith, 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		(h) every obligation of such Person
		(i) to purchase, redeem, retire or otherwise acquire for value any shares
		of Capital Stock issued by such Person or any rights measured by the value of
		such Capital Stock (an “equity related purchase obligation”), and
		(ii) under any forward contract, futures contract, swap, option or other
		financing agreement or arrangement, the value of which is dependent upon
		movements in interest rates, currency exchange rates, commodities or other
		indices (a “derivative contract”),
	 

	 
		(i) every obligation in respect of
		Indebtedness of any other entity (including any partnership in which such
		Person is a general partner) to the extent that such Person is liable therefor
		as a result of such Person’s ownership interest in or other relationship
		with such entity, except to the extent that the terms of such Indebtedness
		provide that such Person is not liable therefor and such terms are enforceable
		under applicable law,
	 

	 
		(j) every obligation, contingent or
		otherwise, of such Person guaranteeing, or having the economic effect of
		guarantying or otherwise acting as surety for, any obligation of a type
		described in any of clauses (a) through (i) (the “primary
		obligation”) of another Person (the “primary obligor”), in any
		manner, whether directly or indirectly, and including, without limitation, any
		obligation of such Person (i) to purchase or pay (or advance or supply funds
		for the purchase of) any security for the payment of such primary obligation,
		(ii) to purchase property, securities or services for the purpose of assuring
		the payment of such primary obligation, or (iii) to maintain working capital,
		equity capital or other financial statement condition or liquidity of the
		primary obligor so as to enable the primary obligor to pay such primary
		obligation.
	 

	 
		The “amount” or “principal
		amount” of any Indebtedness at any time of determination represented by
		(i) any Indebtedness, issued at a price that is less than the principal amount
		at maturity thereof, shall be the amount of the liability in respect thereof
		determined in accordance with GAAP, (ii) any Capitalized Lease shall be the
		principal component of the aggregate of the rentals obligation under such
		Capitalized Lease payable over the term thereof that is not subject to
		termination by the lessee, (iii) any sale of receivables shall be the amount of
		recourse to the Borrower in respect thereto, (iv) any Synthetic Lease shall be
		the net present value, calculated at the discount rate implicit in such
		Synthetic Lease, of all present and future obligations under such lease
		(including any residual obligations), (v) any derivative contract shall be the
		maximum amount of any termination, unwind or loss payment required to be paid
		by such Person if such derivative contract were, at the time of determination,
		to be terminated by reason of any event of default or early termination event
		thereunder, whether or not such event of default or early termination event has
		in fact occurred, (vi) any equity related purchase obligation shall be the
		maximum fixed redemption or purchase price thereof inclusive of any accrued and
		unpaid dividends to be comprised in such redemption or purchase price, (vii)
		any Indebtedness shall be reduced by the amount of any irrevocable reserve or
		defeasance for the payment thereof, and (viii) any guaranty or other contingent
		liability referred to in clause (ix) shall be an amount equal to the stated or
		determinable amount of the primary obligation in respect of which such guaranty
		or other contingent obligation is 
	 

	 
		 
	 

	 
		16
	 

	 
		 
	 

	 
	 

	 

	 
		made or, if not stated or determinable, the
		maximum reasonably anticipated liability in respect thereof (assuming such
		Person is required to perform thereunder) as determined by such Person in good
		faith.
	 

	 
		Indemnification Proceeds. For any accounting period, all proceeds received by
		the Manager from Lessees pursuant to the Leases, insurance or other sources,
		including amounts received from the insurance specified in the Management
		Agreement, for indemnification of liability and loss with respect to the
		Containers, excluding Casualty Proceeds, Net Cash Sales Proceeds and
		Miscellaneous Borrower Proceeds, in each case allocable to the Containers
		(during the Servicing Transition Period, as set forth in the Management
		Agreement, and at any time following the end of the Servicing Transition
		Period, as set forth in the Intercreditor Agreement).
	 

	 
		Independent Person. A natural person who at the date of his appointment as
		a manager, director or officer possesses the following qualifications: (a) has
		prior experience as an independent director for a company, the corporate
		instruments of which require the unanimous consent of all independent directors
		thereof before such corporation could consent to the institution of bankruptcy
		or insolvency proceedings against it or could file a petition seeking relief
		under any applicable law; and (b) has at least three years of employment
		experience with and is employed by one or more entities that provide, in the
		ordinary course of their respective businesses, advisory, management or
		placement services to issuers of securitization or structured finance
		instruments, agreements or securities; provided always
		that such individual at the date of his appointment as such manager, director
		or officer, or at any time in the preceding five years, or during such
		person’s tenure shall not be: (i) an employee, director, shareholder,
		manager, partner or officer of CLI or an Affiliate thereof (other than such
		person’s service as an independent director or manager of CLI or an
		Affiliate thereof); (ii) a customer or supplier of CLI or an Affiliate thereof;
		(iii) a beneficial owner at the time of such individual’s appointment
		as an independent manager, or at any time thereafter while serving as an
		independent manager, of more than 2% of the voting securities of CLI or an
		Affiliate thereof; (iv) affiliated with a significant customer, supplier
		or creditor of CLI or an Affiliate thereof; (v) a party to any significant
		personal service contracts with CLI or an Affiliate thereof; or (vi) a member
		of the immediate family of a person described in (i) or (ii) above
		and provided further that an Independent Person may serve in a similar
		capacity for other special purpose entities formed by CLI or its Affiliates;
		provided however, a person elected by Global Securitization Services, LLC or
		any other similar professional service provider shall be an “Independent
		Person” regardless of whether such person is, or is affiliated with or
		related to, a customer or supplier of CLI. No resignation or removal of an
		Independent Person shall be effective until a successor Independent Person has
		been elected to replace such Independent Person.
	 

	 
		Ineligible Securities. Securities which may not be underwritten or dealt in
		by member banks of the Federal Reserve System under Section 16 of the Banking
		Act of 1933 (12 U.S.C. §24, Seventh), as amended.
	 

	 
		Initial Lender. Each of Bear, Citigroup and DB. 
	 

	 
		 
	 

	 
		17
	 

	 
		 
	 

	 
	 

	 

	 
		Insolvency Law. The Bankruptcy Code or similar bankruptcy, insolvency,
		reorganization or creditors’ rights law in any state or other foreign
		jurisdiction.
	 

	 
		Intercreditor Agreement. The Second Amended and Restated Intercreditor
		Collateral Agreement dated as of October 26, 2001, and amended and restated as
		of August 24, 2006 (as the same may be amended, amended and restated or
		otherwise modified and in effect from time to time), among the Agent, CLIF, the
		Trustee, U.S. Bank National Association, as collateral agent, and the Borrower
		and in form and substance satisfactory to the Agent.
	 

	 
		Intercreditor Waiver
		Agreement. That certain Waiver to the
		Intercreditor Agreement, dated as of July 19, 2007. 
	 

	 
		Interest Coverage Ratio. As of any Determination Date, the ratio (expressed as
		a percentage) calculated according to the following formula:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ICR
				

			 	
				
				  =
				

			 	
				
				   
				

			 	
				
				  TCC – FEES
				

				
				  
				        INT
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Where:
				

			 	
				
				   
				

			 	
				
				  ICR
				

			 	
				
				  =
				

			 	
				
				   
				

			 	
				
				   Interest Coverage Ratio;
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  TCC
				

			 	
				
				  =
				

			 	
				
				   
				

			 	
				
				  the total Collections during the
				  twelve (12) (or, in the case of the first eleven (11) Determination Dates, the
				  actual number of Collection Periods that have been completed since the Closing
				  Date) most recently completed Collection Periods; 
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  FEES
				

			 	
				
				  =
				

			 	
				
				   
				

			 	
				
				  the amount of the Management Fees
				  and Agent Fees paid during the twelve (12) (or, in the case of the first eleven
				  (11) Determination Dates, the actual number of Collection Periods that have
				  been completed since the Closing Date) most recently completed Collection
				  Periods;
				

			 
	 	 	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  INT
				

			 	
				
				  =
				

			 	
				
				   
				

			 	
				
				  the excess of (A) the sum of (i) all
				  interest due to all Lenders and (ii) payments due under any Interest Rate Hedge
				  Agreement (excluding termination payments), less (B) payments received under
				  any Interest Rate Hedge Agreement (excluding termination payments); in each
				  case during the twelve (12) (or, in the case of the first eleven (11)
				  Determination Dates, the actual number of Collection Periods that have been
				  completed since the Closing Date) most recently completed Collection
				  Periods.
				

			 

 

	 
		Interest Period. With respect to all or any relevant portion of any
		Credit Loan, (a) initially, the period commencing on the Closing Date and
		ending on the close of business on the day preceding the immediately following
		Payment Date, and (b) thereafter, each period commencing on a Payment Date and
		ending (i) for any Base Rate Loan, the day immediately preceding the next
		succeeding Payment Date; and (ii) for any LIBOR Rate Loan, the day preceding
		the 1 month anniversary of such Payment Date, as selected by
	 

	 
		 
	 

	 
		18
	 

	 
		 
	 

	 
	 

	 

	 
		 the Borrower; provided that
		all of the foregoing provisions relating to Interest Periods are subject to the
		following:
	 

	 
		(A) if any Interest Period with respect
		to a LIBOR Rate Loan would otherwise end on a day that is not a LIBOR Business
		Day, that Interest Period shall be extended to the next succeeding LIBOR
		Business Day unless the result of such extension would be to carry such
		Interest Period into another calendar month, in which event such Interest
		Period shall end on the immediately preceding LIBOR Business Day;
	 

	 
		(B) if any Interest Period with respect
		to a Base Rate Loan would end on a day that is not a Business Day, that
		Interest Period shall end on the next succeeding Business Day;
	 

	 
		(C) any Interest Period relating to any
		LIBOR Rate Loan that begins on the last LIBOR Business Day of a calendar month
		(or on a day for which there is no numerically corresponding day in the
		calendar month at the end of such Interest Period) shall end on the last LIBOR
		Business Day of a calendar month; and
	 

	 
		(D) any Interest Period that would
		otherwise extend beyond the Maturity Date shall end on the Maturity
		Date.
	 

	 
		Interest Rate Hedge
		Agreement. An ISDA interest rate swap
		or cap agreement between the Borrower and an Interest Rate Hedge Provider named
		therein, including any schedules and confirmations prepared and delivered in
		connection therewith, each as reasonably acceptable to the Required Lender,
		pursuant to which (i) the Borrower will receive payments from or make payments
		to the Interest Rate Hedge Provider based on the LIBOR Rate and (ii) recourse
		by the Interest Rate Hedge Provider to the Borrower is limited to the Available
		Distribution Amount which pursuant to the terms of this Credit Agreement is
		available for such purpose.
	 

	 
		Interest Rate Hedge
		Provider. Any Eligible Interest Rate
		Hedge Counterparty to an Interest Rate Hedge Agreement with the Borrower
		together with its subrogee. An Eligible Interest Rate Hedge Counterparty that
		has entered into an Interest Rate Hedge Agreement but thereafter ceases to meet
		the criteria set forth in the definition of Eligible Interest Rate Hedge
		Counterparty shall continue to be an Interest Rate Hedge Provider until it is
		terminated or replaced under the applicable Interest Rate Hedge
		Agreement.
	 

	 
		Investments. All expenditures made and all liabilities incurred
		(contingently or otherwise) for the acquisition of stock or Indebtedness of, or
		for loans, advances, capital contributions or transfers of property to, or in
		respect of any guaranties (or other commitments as described under
		Indebtedness), or obligations of, any Person. In determining the aggregate
		amount of Investments outstanding at any particular time: (a) the amount of any
		Investment represented by a guaranty shall be taken at not less than the
		principal amount of the obligations guaranteed and still outstanding; (b) there
		shall be deducted in respect of each such Investment any amount received as a
		return of capital 
	 

	 
		 
	 

	 
		19
	 

	 
		 
	 

	 
	 

	 

	 
		(but only by repurchase, redemption,
		retirement, repayment, liquidating dividend or liquidating distribution); (c)
		there shall not be deducted in respect of any Investment any amounts received
		as earnings on such Investment, whether as dividends, interest or otherwise;
		and (d) there shall not be deducted from the aggregate amount of Investments
		any decrease in the value thereof.
	 

	 
		Lease or Lease Agreement. Each and every installment sales agreement, equipment
		lease or rental agreement (including progress payment authorizations) to which
		a Container is subject (to the extent related to such Container) and shall
		include (1) all rental payments to be made by the Lessee thereunder, (2) all
		rights of the lessor thereunder, and (3) any and all amendments, renewals or
		extensions thereof.
	 

	 
		Lender. As defined in the preamble hereto and any other Person
		who becomes an assignee of any rights and obligations of a Lender pursuant to
		Section 15.
	 

	 
		Lender Affiliate. (a) With respect to any Lender, (i) an Affiliate of
		such Lender or (ii) any entity (whether a corporation, partnership, limited
		liability company, trust or legal entity) that is engaged in making,
		purchasing, holding or otherwise investing in bank loans and similar extensions
		of credit in the ordinary course of its business and is administered or managed
		by such Lender or an Affiliate of such Lender and (b) with respect to any
		Lender that is a fund which invests in bank loans and similar extensions of
		credit, any other entity (whether a corporation, partnership, limited liability
		company, trust or other legal entity) that is a fund that invests in bank loans
		and similar extensions of credit and is managed by the same investment advisor
		as such Lender or by an Affiliate of such investment advisor.
	 

	 
		Lessee. Each Lessee that leases a Container pursuant to a
		Lease Agreement.
	 

	 
		LIBOR Business Day. Any day on which commercial banks are open for
		international business (including dealings in Dollar deposits) in London or
		such other eurodollar interbank market as may be selected by the Agent in its
		sole discretion acting in good faith.
	 

	 
		LIBOR Rate. For any Interest Period with respect to a LIBOR Rate
		Loan, the rate of interest equal to (i) the rate determined by the Agent at
		which Dollar deposits for such Interest Period are offered based on information
		presented on Reuters Screen LIBOR01 Page as of 11:00 a.m. London time on the
		second LIBOR Business Day prior to the first day of such Interest Period,
		divided by (ii) a number equal to 1.00 minus the Eurocurrency Reserve Rate. If
		the rate described above does not appear on the Reuters Screen LIBOR01 Page on
		any applicable interest determination date, the LIBOR Rate shall be the rate
		(rounded upward, if necessary, to the nearest one hundred-thousandth of a
		percentage point), determined on the basis of the offered rates for deposits in
		Dollars for a period of time comparable to such LIBOR Rate Loan which are
		offered by four major banks in the London interbank market at approximately
		11:00 a.m. London time, on the second LIBOR Business Day prior to the first day
		of such Interest Period as selected by the Agent. The principal London office
		of each of the four major London banks will be requested to provide a quotation
		of its Dollar deposit offered rate. If at 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		least two such quotations are provided, the
		rate for that date will be the arithmetic mean of the quotations. If fewer than
		two quotations are provided as requested, the rate for that date will be
		determined on the basis of the rates quoted for loans in Dollars to leading
		European banks for a period of time comparable to such Interest Period offered
		by major banks in New York City at approximately 11:00 a.m. New York City time,
		on the second LIBOR Business Day prior to the first day of such Interest
		Period. In the event that the Agent is unable to obtain any such quotation as
		provided above, it will be considered that LIBOR Rate pursuant to a LIBOR Rate
		Loan cannot be determined. As used herein, “Reuters Screen LIBOR01
		Page” means the display page currently so designated on the Reuters
		Monitor Money Rates Service (or such other page as may replace such page on
		such service for the purpose of displaying the rates at which dollar deposits
		are offered by leading banks in the London interbank deposit market), as
		reported by Bloomberg Financial Markets Commodities News (or by another source
		selected by the Agent and notified by the Agent to the Manager). 
	 

	 
		LIBOR Rate Loans. Credit Loans bearing interest calculated by reference
		to the LIBOR Rate.
	 

	 
		Lien. Any mortgage, deed of trust, security interest,
		pledge, hypothecation, assignment, attachment, deposit arrangement,
		encumbrance, lien (statutory, judgment or otherwise), or other security
		agreement or preferential arrangement of any kind or nature whatsoever
		(including any conditional sale or other title retention agreement, any
		Capitalized Lease, any Synthetic Lease, any financing lease involving
		substantially the same economic effect as any of the foregoing and the filing
		of any financing statement under the UCC or comparable law of any
		jurisdiction).
	 

	 
		Loan. Any Credit Loan. 
	 

	 
		Loan Documents. This Credit Agreement, the Notes, the Security
		Documents, the Fee Letter, the Management Agreement, the Contribution and Sale
		Agreement, the Merger Agreement, the CLI Performance Guaranty, any Hedge
		Agreement(s), the Intercreditor Waiver Agreement and, from and after the end of
		the Servicing Transition Period, the Intercreditor Agreement.
	 

	 
		Management Agreement. The Management Agreement, dated as of July 19, 2007,
		entered into 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.
	 

	 
		Management Fee. This term shall have the meaning set forth in the
		Management Agreement.
	 

	 
		Management Fee Arrearage. For any Payment Date, an amount equal to any unpaid
		Management Fee from all prior Collection Periods.
	 

	 
		Manager. The Person performing the duties of the Manager under
		the Management Agreement, initially, CLI.
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
	 

	 

	 
		Manager Advances. This term shall have the meaning set forth in the
		Management Agreement.
	 

	 
		Manager Collection
		Account. An account established and
		maintained pursuant to the Intercreditor Agreement into which, from and after
		the end of the Servicing Transition Period, the Manager will direct (i) all
		payments from Lessees, (ii) all Sale Proceeds, (iii) all Casualty Proceeds and
		(iv) all other proceeds and Gross Revenues related to the Containers including
		Miscellaneous Borrower Proceeds and Indemnification Proceeds.
	 

	 
		Manager Default. The occurrence of any of the events or conditions set
		forth in Section 10.01 of the Management Agreement after giving effect to any
		expressly applicable notice and grace periods contained in such Section.
	 

	 
		Manager Fleet. During the Servicing Transition Period, the Containers
		and thereafter, the fleet of containers owned and/or managed by the Manager,
		including the Containers.
	 

	 
		Manager Report. This term shall have the meaning set forth in the
		Management Agreement.
	 

	 
		Manager Termination
		Notice. A written notice to be provided
		to the Manager pursuant to Section 10.02 of the Management Agreement.
	 

	 
		Material Adverse Effect. Any event or occurrence of whatever nature (including
		any adverse determination in any litigation, arbitration or governmental
		investigation or proceeding) which results in:
	 

	 
		(a) a material adverse effect on the
		business, properties, financial condition, assets or operations of the
		Borrower;
	 

	 
		(b) a material adverse effect on the ability
		of the Borrower to perform its obligations under the Loan Documents; 
	 

	 
		(c) a material adverse effect on (i) the
		validity, binding effect or enforceability of the Borrower’s obligations
		under any of the Loan Documents to which such Person is a party, or (ii) the
		rights, remedies or benefits available to the Agent or any Lender under any
		Loan Document; or 
	 

	 
		(d) a material adverse effect on the
		attachment, perfection or priority of any Lien of the Agent under the Security
		Documents on the Collateral included in the Borrowing Base.
	 

	 
		Maturity Date. January 16, 2009.
	 

	 
		Merger Agreement. The Agreement and Plan of Merger, dated as of April
		20, 2007, by and among Chariot Acquisition Holding LLC, Chariot Acquisition Sub
		Inc. and Interpool Inc.
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
	 

	 

	 
		Miscellaneous Borrower
		Proceeds. The sum of amounts received
		by the Manager (i) from the manufacturers or sellers of Containers for breach
		of sale warranties relating thereto, and (ii) in payment or settlement of any
		claims, losses, disputes or Proceedings relating to the Containers, including
		insurance proceeds from the insurance specified in the Management Agreement for
		damage to the Containers; provided,
		however, Miscellaneous Borrower
		Proceeds shall not include Net Cash Sales Proceeds, Casualty Proceeds or
		Indemnification Proceeds.
	 

	 
		Moody’s. Moody’s Investors Services, Inc.
	 

	 
		Multiemployer Plan. Any multiemployer pension plan within the meaning of
		§3(37) of ERISA maintained or contributed to by the Borrower or any ERISA
		Affiliate.
	 

	 
		NBV: At any date of determination, collectively, the
		Aggregate Net Book Value and the Aggregate Net Present Value of Direct Finance
		Lease Receivables as of such date of determination.
	 

	 
		Net Book Value. With respect to any date of determination for any
		Eligible Container, an amount equal to the excess of: 
	 

	 
		(i) the Original Cost of such Eligible
		Container over
	 

	 
		(ii) accumulated depreciation on such
		Eligible Container from the original acquisition date of such Eligible
		Container by ICL or one of its Affiliates, (provided that,
		any write-up of such Container in a subsequent acquisition thereof shall be in
		accordance with GAAP) to such date of determination, measured utilizing the
		Depreciation Policy.
	 

	 
		Net Cash Sale Proceeds. The net cash proceeds received by a Person in respect
		of any sale or other disposition of assets, net of all reasonable out-of-pocket
		fees, commissions and other reasonable and customary direct expenses actually
		incurred and paid in connection with such asset sale or disposition, including
		the amount of any transfer or documentary taxes required to be paid by such
		Person in connection with such asset sale or disposition.
	 

	 
		Net Present Value of Direct Finance Lease
		Receivables. As of any date of
		determination, with respect to any Eligible Container that is then subject to
		an Eligible Direct Finance Lease, an amount in Dollars equal to the present
		value of the remaining Contract Payments becoming due under such Direct Finance
		Lease after such date of determination, discounted monthly at one-twelfth of
		the applicable Direct Finance Lease Rate; provided, however, that (i) the Net Present Value of Direct Finance Lease
		Receivables of (A) any Direct Finance Lease that is a Defaulted Finance Lease,
		or (B) a Direct Finance Lease that has been repurchased or is required to be
		repurchased by the Seller shall, in each case, be equal to zero, and (ii) with
		respect to any Contract Payment that remains unpaid for more than 30 days
		(measured from its contractual due date), such Contract Payment shall be deemed
		to have a value of zero for purposes of calculating the Net Present Value of
		Direct Finance Lease Receivables of such Direct Finance Lease.
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
	 

	 

	 
		Note Record. A Record with respect to a Note.
	 

	 
		Notes. See Section 2.3.
	 

	 
		Obligations. All indebtedness, obligations and liabilities of any
		of the Borrower to any of the Lenders and the Agent, individually or
		collectively, existing on the date of this Credit Agreement or arising
		thereafter, direct or indirect, joint or several, absolute or contingent,
		matured or unmatured, liquidated or unliquidated, secured or unsecured, arising
		by contract, operation of law or otherwise, arising or incurred under this
		Credit Agreement or any of the other Loan Documents or any Hedge Agreement or
		in respect of any of the Credit Loans made or any of the Notes or other
		instruments at any time evidencing any thereof.
	 

	 
		OFAC. The U.S. Department of the Treasury’s Office of
		Foreign Assets Control.
	 

	 
		Original Cost. With respect to any Container, an amount equal to the
		sum of (i) the manufacturer’s or vendor’s, as applicable, invoice
		prices, (ii) reasonable and customary out-of-pocket inspection, transport and
		initial positioning costs that were necessary and directly related to putting
		such Container in initial service and (iii) reasonable acquisition fees, which,
		in the case of clauses (ii) and (iii) are capitalized, as determined in
		accordance with GAAP, consistently applied.
	 

	 
		outstanding or Outstanding.
		With respect to the Credit Loans, the aggregate unpaid principal thereof as of
		any date of determination.
	 

	 
		Payment Date. The 18th day of each month, commencing on September
		18, 2007, or, if such day is not a Business Day, the next succeeding Business
		Day. 
	 

	 
		Payment Exception Lessees. Navigation Maritime Bulgare.
	 

	 
		PBGC. The Pension Benefit Guaranty Corporation created by
		§4002 of ERISA and any successor entity or entities having similar
		responsibilities.
	 

	 
		Perfection Certificate. The perfection certificate as defined in the Security
		Agreement.
	 

	 
		Permitted Liens. Liens permitted by Section 9.2.
	 

	 
		Person. Any individual, corporation, limited liability
		company, partnership, limited liability partnership, trust, other
		unincorporated association, business, or other legal entity, and any
		Governmental Authority.
	 

	 
		PNC Collection Account. An account into which the Manager will direct lessees
		and other obligors to deposit, at all times during the Servicing Transition
		Period, (i) all payments from Lessees other than the Payment Exception Lessees,
		(ii) all Sales Proceeds, (iii) all Casualty Proceeds and (iv) all other
		Proceeds and Gross Revenues related to the Containers including Miscellaneous
		Borrower Proceeds and Indemnification Proceeds.
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 
	 

	 

	 
		Prior Transaction
		Documents. The documents listed on
		Schedule 2 hereto. 
	 

	 
		Real Estate. All real property at any time owned or leased (as
		lessee or sublessee) by the Borrower.
	 

	 
		Record. The grid attached to a Note, or the continuation of
		such grid, or any other similar record, including computer records, maintained
		by any Lender with respect to any Credit Loan referred to in such Note.
	 

	 
		Register. See Section 15.3.
	 

	 
		Related Parties. With respect to any specified Person, such
		Person’s Affiliates and the respective directors, officers, employees,
		agents and advisors of such Person and such Person’s Affiliates.
	 

	 
		Required Lenders. As of any date, Lenders holding at least fifty-one
		percent (51%) of the Aggregate Note Principal Balance on such date
	 

	 
		Restricted Payment. In relation to the Borrower, any (a) Distribution, (b)
		payment or prepayment by the Borrower to the Borrower’s shareholders (or
		other equity holders), (c) derivatives or other transactions with any financial
		institution, commodities or stock exchange or clearinghouse (a
		“Derivatives Counterparty”) obligating the Borrower to make payments
		to such Derivatives Counterparty as a result of any change in market value of
		any Capital Stock of the Borrower, (d) payments of management, consulting or
		similar fees to Affiliates of the Borrower, or (e) payment of Subordinated
		Debt.
	 

	 
		Sanctioned Entity. Means (i) an agency of the government of, (ii) an
		organization directly or indirectly controlled by or (iii) a natural person
		resident in a country that is subject to a sanctions program identified on the
		list maintained by OFAC and available at
		http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise
		published from time to time as such program may be applicable to such agency,
		organization or person.
	 

	 
		Sanctioned Person. A person named on the list of Specially Designated
		Nationals or Blocked Persons maintained by OFAC available at
		http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise
		published from time to time.
	 

	 
		Security Documents. The Borrower Security Agreement, the Control Agreement
		and all other instruments and documents, including without limitation Uniform
		Commercial Code financing statements, pursuant to which security is granted to
		the Agent, and, from and after the end of the Servicing Transition Period, the
		Intercreditor Agreement.
	 

	 
		Seller. CLI.
	 

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 
	 

	 

	 
		Senior Executive Officer. Any of the president, chief financial offer, treasurer
		or controller of the Borrower, Seller or Manager, as the case may be.
	 

	 
		Standard &
		Poor’s or S&P.
		Standard & Poor’s Ratings Group.
	 

	 
		Subsidiary. Any corporation, association, trust, or other business
		entity of which the designated parent shall at any time own directly or
		indirectly through a Subsidiary or Subsidiaries at least a majority (by number
		of votes) of the outstanding Voting Stock.
	 

	 
		Synthetic Lease. Any lease of goods or other property, whether real or
		personal, which is treated as an operating lease under GAAP and as a loan or
		financing for U.S. income tax purposes.
	 

	 
		TEU. A twenty (20) foot equivalent unit, an industry
		standard measure based on the physical dimensions of a Container.
	 

	 
		Three Month Average Utilization
		Rate. As of any
		Determination Date, the mathematical average of the Utilization Rate for such
		Determination Date and the two immediately preceding Determination
		Dates.
	 

	 
		Total Commitment. The sum of the Commitments of the Lenders, as in
		effect from time to time, but in no event to exceed Four Hundred Five Million
		Dollars ($405,000,000).
	 

	 
		Trust Account. The bank account designated as such that has been
		established by the Borrower in accordance with the provisions of Section 4.1
		hereof.
	 

	 
		Type. As to any Credit Loan, its nature as a Base Rate Loan
		or a LIBOR Rate Loan.
	 

	 
		U.S. Person. A “United States person” as such term is
		defined in Section 7701(a)(30)(A), (B) or (C) of the Code.
	 

	 
		Utilization Rate. As of any Determination Date, a fraction (expressed as
		a percentage), calculated as of the close of business on the last day of the
		immediately preceding month end, the numerator of which equal to the aggregate
		number of all Containers which are then subject to a Lease which is not a
		Defaulted Lease, and the denominator of which is equal to the aggregate number
		of all Containers (including all Containers subject to a Direct Finance
		Lease).
	 

	 
		Voting Stock. Stock or similar interests, of any class or classes
		(however designated), the holders of which are at the time entitled, as such
		holders, to vote for the election of a majority of the directors (or persons
		performing similar functions) of the corporation, association, trust or other
		business entity involved, whether or not the right so to vote exists by reason
		of the happening of a contingency.
	 

	 
		Warranty Purchase Amount. This term shall have the meaning set forth in the
		Contribution and Sale Agreement.
	 

	 
		 
	 

	 
		26
	 

	 
		 
	 

	 
	 

	 

	 
		1.2. Rules of
		Interpretation. 
	 

	 
		1.2.1.1. A reference to any document or agreement shall include
		such document or agreement as amended, modified or supplemented from time to
		time in accordance with its terms and the terms of this Credit
		Agreement.
	 

	 
		1.2.1.2. The singular includes the plural and the plural includes
		the singular.
	 

	 
		1.2.1.3. A reference to any law includes any amendment or
		modification to such law.
	 

	 
		1.2.1.4. A reference to any Person includes its permitted
		successors and permitted assigns.
	 

	 
		1.2.1.5. Accounting terms not otherwise defined herein have the
		meanings assigned to them by GAAP applied on a consistent basis by the
		accounting entity to which they refer.
	 

	 
		1.2.1.6. The words “include”, “includes” and
		“including” are not limiting.
	 

	 
		1.2.1.7. All terms not specifically defined herein or by GAAP,
		which terms are defined in the Uniform Commercial Code as in effect in the
		State of New York, have the meanings assigned to them therein, with the term
		“instrument” being that defined under Article 9 of the Uniform
		Commercial Code.
	 

	 
		1.2.1.8. The words “herein”, “hereof”,
		“hereunder” and words of like import shall refer to this Credit
		Agreement as a whole and not to any particular section or subdivision of this
		Credit Agreement.
	 

	 
		1.2.1.9. Unless otherwise expressly indicated, in the computation
		of periods of time from a specified date to a later specified date, the word
		“from” means “from and including”, the words “to”
		and “until” each mean “to but excluding”, and the word
		“through” means “to and including.”
	 

	 
		1.2.1.10. This Agreement and the other Loan Documents may use
		several different limitations, tests or measurements to regulate the same or
		similar matters. All such limitations, tests and measurements are, however,
		cumulative and are to be performed in accordance with the terms thereof.
	 

	 
		1.2.1.11. This Agreement and the other Loan Documents are the
		result of negotiation among, and have been reviewed by counsel to, 
	 

	 
		 
	 

	 
		27
	 

	 
		 
	 

	 
	 

	 

	 
		among others, the Agent and the Borrower and
		are the product of discussions and negotiations among all parties. Accordingly,
		this Credit Agreement and the other Loan Documents are not intended to be
		construed against the Agent or any of the Lenders merely on account of the
		Agent’s or any Lender’s involvement in the preparation of such
		documents.
	 

	 
		2. THE CREDIT
		FACILITY. 
	 

	 
		2.1.
		Commitment to Lend. Subject to the
		terms and conditions set forth in this Credit Agreement, each of the Lenders
		severally agrees to lend to the Borrower on the Closing Date, and on one
		additional Funding Date, upon notice by the Borrower to the Agent given in
		accordance with Section 2.5, a sum up to a maximum aggregate amount outstanding
		(after giving effect to the Credit Loans requested) equal to such Lender’s
		Commitment, provided that the Aggregate Note Principal Balance (after giving
		effect to all amounts requested) shall not at any time exceed the lesser of (i)
		the Total Commitment at such time and (ii) the Borrowing Base at such time. The
		Credit Loans shall be made pro
		rata in accordance with each Lender’s Commitment
		Percentage. The request for the Credit Loan hereunder shall constitute a
		representation and warranty by the Borrower that the conditions set forth in
		Section 11 have been satisfied on the date of such request.
	 

	 
		2.2. Term Loan
		Facility. The credit facility evidenced
		by this Credit Agreement is a term loan facility. Accordingly, the principal
		balance of any Credit Loan that has been repaid by the Borrower may not be
		re-borrowed.
	 

	 
		2.3. The
		Notes. The Credit Loans shall be
		evidenced by separate promissory notes of the Borrower in substantially the
		form of Exhibit B hereto (each a “Note”), dated as of the Closing
		Date (or such other date on which a Lender may become a party hereto in
		accordance with Section 15) and completed with appropriate insertions. One Note
		shall be payable to the order of each Lender in a principal amount equal to
		such Lender’s Commitment or, if less, the outstanding amount of the Credit
		Loan made by such Lender on the Closing Date, plus interest accrued thereon, as
		set forth below. The Borrower irrevocably authorizes each Lender to make or
		cause to be made, at or about the time of the Drawdown Date of the Credit Loan
		or at the time of such Lender’s receipt of any payment of principal on
		such Lender’s Note, an appropriate notation on such Lender’s Note
		Record reflecting the making of such Credit Loan or (as the case may be) the
		receipt of such payment. The outstanding amount of the Credit Loans set forth
		on such Lender’s Note Record shall be prima facie evidence of the
		principal amount thereof owing and unpaid to such Lender as described in
		Section 5.2, but the failure to record, or any error in so recording, any such
		amount on such Lender’s Note Record shall not limit or otherwise affect
		the obligations of the Borrower hereunder or under any Note to make payments of
		principal of or interest on any Note when due.
	 

	 
		2.4. Interest
		on Credit Loans. (a) Except as
		otherwise provided in Section 5.10,
	 

	 
		 
	 

	 
		28
	 

	 
		 
	 

	 
	 

	 

	 
		2.4.1.1. Each Credit Loan which is a Base Rate Loan shall bear
		interest for the period commencing with the Drawdown Date thereof and ending on
		the last day of the Interest Period with respect thereto at the rate per annum
		equal to the Base Rate plus the
		Applicable Margin with respect to Base Rate Loans as in effect from time to
		time.
	 

	 
		2.4.1.2. Each Credit Loan which is a LIBOR Rate Loan shall bear
		interest for the period commencing with the Drawdown Date thereof and ending on
		the last day of the Interest Period with respect thereto at the rate per annum
		equal to the LIBOR Rate determined for such Interest Period plus the Applicable
		Margin with respect to LIBOR Rate Loans as in effect from time to time.
	 

	 
		The Borrower promises to pay interest on
		each Credit Loan in arrears on each Payment Date.
	 

	 
		(b) In no event shall the interest charged
		with respect to a Loan exceed the maximum amount permitted by applicable law.
		If at any time the interest rate charged with respect to a Credit Loan exceeds
		the maximum rate permitted by applicable law, the rate of interest to accrue
		pursuant to such Credit Loan shall be limited to the maximum rate permitted by
		applicable law.
	 

	 
		2.5. Requests
		for Credit Loans. 
	 

	 
		The Borrower shall give to the Agent written
		notice in the form of Exhibit C hereto (or telephonic notice confirmed in a
		writing in the form of Exhibit C hereto) of each Credit Loan requested
		hereunder (a “Credit Loan Request”) by 11:00 a.m. (New York time) no
		less than three (3) LIBOR Business Days prior to the requested Funding Date,
		provided, however, that the Borrower shall only be permitted to make a maximum
		of two Credit Loan Requests. Promptly upon receipt of any such notice, the
		Agent shall notify each of the Lenders thereof. The Credit Loan Request shall
		be irrevocable and binding on the Borrower upon delivery thereof and shall
		obligate the Borrower to accept the Credit Loan requested from the Lenders on
		the related Funding Date.
	 

	 
		2.6.
		Continuation of Type of Credit Loan. Any Credit Loan of any Type may, upon the expiration of
		an Interest Period with respect thereto, be continued as a Credit Loan of the
		same Type; provided that no LIBOR Rate Loan may be continued as such when any
		Default or Event of Default has occurred and is continuing, but shall be
		automatically converted to a Base Rate Loan on the last day of the first
		Interest Period relating thereto ending during the continuance of any Default
		or Event of Default of which officers of the Agent active upon the
		Borrower’s account have actual knowledge. The Agent shall notify the
		Lenders promptly when any such automatic conversion contemplated by this
		Section 2.6 is scheduled to occur.
	 

	 
		2.7. Funds for
		Credit Loan. 
	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 
	 

	 

	 
		2.7.1. Funding Procedures.
		Not later than 2:00 p.m. (New York
		time) on the proposed Funding Date of any Credit Loans, and provided that each
		of the Lenders have been given notice of the Credit Loan Request, each of the
		Lenders will make available to the Agent, at the Agent’s Office, in
		immediately available funds, the amount of such Lender’s Commitment
		Percentage of the amount of the requested Credit Loans. Upon receipt from each
		Lender of such amount, and upon receipt of the documents required by Section 11
		and the satisfaction of the other conditions set forth therein, to the extent
		applicable, the Agent will make available to the Borrower the aggregate amount
		of such Credit Loans made available to the Agent by the Lenders. The failure or
		refusal of any Lender to make available to the Agent at the aforesaid time and
		place on any Funding Date the amount of its Commitment Percentage of the
		requested Credit Loans shall not relieve any other Lender from its several
		obligation hereunder to make available to the Agent the amount of such other
		Lender’s Commitment Percentage of any requested Credit Loans.
	 

	 
		2.7.2. Advances by Agent.
		The Agent may, unless notified to the
		contrary by any Lender prior to a Funding Date, assume that such Lender has
		made available to the Agent on such Funding Date the amount of such
		Lender’s Commitment Percentage of the Credit Loans to be made on such
		Funding Date, and the Agent may (but it shall not be required to), in reliance
		upon such assumption, make available to the Borrower a corresponding amount. If
		any Lender makes available to the Agent such amount on a date after such
		Funding Date, such Lender shall pay to the Agent on demand an amount equal to
		the product of (a) the average computed for the period referred to in clause
		(c) below, of the weighted average interest rate paid by the Agent for federal
		funds acquired by the Agent during each day included in such period, times (b)
		the amount of such Lender’s Commitment Percentage of such Credit Loans,
		times (c) a fraction, the numerator of which is the number of days that elapse
		from and including such Funding Date to the date on which the amount of such
		Lender’s Commitment Percentage of such Credit Loans shall become
		immediately available to the Agent, and the denominator of which is 360. A
		statement of the Agent submitted to such Lender with respect to any amounts
		owing under this paragraph shall be prima facie evidence of the amount due and
		owing to the Agent by such Lender. If the amount of such Lender’s
		Commitment Percentage of such Credit Loans is not made available to the Agent
		by such Lender within three (3) Business Days following such Funding Date, the
		Agent shall be entitled to recover such amount from the Borrower on demand,
		with interest thereon at the rate per annum applicable to the Credit Loans made
		on such Funding Date.
	 

	 
		3. REPAYMENT
		OF THE CREDIT LOANS. 
	 

	 
		3.1. Maturity.
		The Borrower promises to pay on the
		Maturity Date, and there shall become absolutely due and payable on the
		Maturity Date, all of the Credit Loans outstanding on such date, together with
		any and all accrued and unpaid interest thereon and all other amounts owing by
		the Borrower pursuant to the terms of the Loan Documents.
	 

	 
		 
	 

	 
		30
	 

	 
		 
	 

	 
	 

	 

	 
		3.2. Mandatory Repayments of Credit
		Loans. 
	 

	 
		3.2.1. Borrowing Base
		Imbalance. If at any time the Aggregate
		Note Principal Balance exceeds the Borrowing Base at such time, then the
		Borrower shall immediately pay the amount of such excess to the Agent, for the
		respective accounts of the Lenders, to reduce, on a pro rata basis,
		the unpaid principal balance of the Credit Loans. Each prepayment of Credit
		Loans shall be allocated among the Lenders, in proportion, as nearly as
		practicable, to the respective unpaid principal amount of each Lender’s
		Note, with adjustments to the extent practicable to equalize any prior payments
		or repayments not exactly in proportion. 
	 

	 
		3.2.2. Disposition of
		Assets. In addition to the foregoing,
		concurrently with the receipt by the Borrower of Net Cash Sale Proceeds from
		sales or other disposition of assets, (other than sales in the ordinary course
		of business pursuant to clauses (e), (g) or (h) of Section 9.5.2) the Borrower
		shall pay to the Agent for the respective accounts of the Lenders an amount
		equal to one hundred percent (100%) of such Net Cash Sale Proceeds, to be
		applied in the manner set forth in Section 3.2.1 above.
	 

	 
		3.3. Optional
		Repayments of Credit Loans. The
		Borrower shall have the right, at its election, to repay the outstanding amount
		of the Credit Loans, as a whole or in part, at any time without penalty or
		premium, provided that any full or partial prepayment of the outstanding amount
		of any LIBOR Rate Loans pursuant to this Section 3.3 may be made only on a
		Payment Date unless accompanied by all amounts owing pursuant to Section 5.8
		herein. The Borrower shall give the Agent, no later than 11:00 a.m. (New York
		time) at least one (1) Business Day’s prior written notice of any proposed
		prepayment pursuant to this Section 3.3 of Base Rate Loans, and three (3) LIBOR
		Business Days notice of any proposed prepayment pursuant to this Section 3.3 of
		LIBOR Rate Loans, in each case specifying the proposed date of prepayment of
		Credit Loans and the principal amount to be prepaid. Each such partial
		prepayment of the Credit Loans shall be in an integral multiple of $500,000,
		and shall be applied, in the absence of instruction by the Borrower, first to
		the principal of Base Rate Loans and then to the principal of LIBOR Rate Loans.
		Each partial prepayment shall be allocated among the Lenders, in proportion, as
		nearly as practicable, to the respective unpaid principal amount of each
		Lender’s Note, with adjustments to the extent practicable to equalize any
		prior repayments not exactly in proportion.
	 

	 
		4. TRUST
		ACCOUNT. 
	 

	 
		4.1. Trust
		Account. (a) On or prior to the Closing
		Date, the Borrower shall establish and maintain the Trust Account. The Trust
		Account shall be established in the name of the Borrower for the benefit of the
		Lenders with a bank or trust company acceptable to the Agent and the Lenders.
		The Trust Account shall at all times be under the “control” (as
		defined in the UCC) of the Agent for the benefit of itself, the Lender and the
		Interest Rate Hedge Counterparties 
	 

	 
		 
	 

	 
		31
	 

	 
		 
	 

	 
	 

	 

	 
		(b) The Borrower shall not establish any
		additional Trust Accounts without prior written notice to, and the prior
		written consent of, the Agent, in each instance.
	 

	 
		(c) The Borrower shall cause the Manager to
		deposit into the Trust Account, at the times and in the amounts required
		pursuant to the terms of the Management Agreement and, from and after the end
		of the Transition Period, the Intercreditor Agreement, all Gross Revenue
		relating to the Containers. The Borrower shall cause any Gross Revenue not
		deposited (i) during the Transition Period, into the PNC Collection Account and
		(ii) thereafter, into a Manager Collection Account (as defined in the
		Management Agreement), including any such amounts received by the Manager, the
		Seller or any of their Affiliates, to be deposited into the Trust Account
		within three Business Days after receipt of such payment. So long as no Early
		Amortization Event or Manager Default shall have occurred and then be
		continuing, the Manager shall be permitted to request the Agent to withdraw (to
		the extent not previously withheld) from amounts on deposit in the Trust
		Account, or otherwise net out, from amounts otherwise required to be deposited
		to the Trust Account the amount of any Management Fee or Management Fee
		Arrearage that would otherwise be due and payable on the immediately succeeding
		Payment Date.
	 

	 
		(d) On each Payment Date, the Borrower,
		based on the Manager Report, shall distribute funds in an amount equal to the
		sum (without duplication) of (i) all of the Collections less an amount up to
		the Management Fee and Management Fee Arrearage deducted in accordance with the
		Credit Agreement and the other Loan Documents received during the related
		Collection Period, (ii) all amounts received by the Borrower during the related
		Collection Period pursuant to any Interest Rate Hedge Agreement, (iii) any
		Warranty Purchase Amounts received by the Borrower during the related
		Collection Period, (iv) the amount of all Manager Advances for use on such
		Payment Date, (v) any earnings on Eligible Investments in the Trust Account, to
		the extent that such earnings were credited to such account during the related
		Collection Period, (vi) any amounts otherwise distributable to the Borrower on
		a prior Payment Date but retained in the Trust Account on such Payment Date due
		to the existence of a Cash Trapping Event, and (vii) other payments required by
		the Loan Documents to be deposited therein (the sum of the amounts described in
		clauses (i) through (vii), the “Available Distribution Amount”). Such
		Available Distribution Amount shall be distributed 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:
	 

	 
		(I) On each Payment Date, if neither an
		Early Amortization Event nor an Event of Default shall have occurred and then
		be continuing, in the following order of priority:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  To the Manager, the Management Fee
				  and any Management Fee Arrearage, in each case to the extent not previously
				  withheld by, or
				

			 

 

	 
		 
	 

	 
		32
	 

	 
		 
	 

	 
	 

	 

	 
		distributed to, the Manager in accordance
		with the terms of the Loan Documents;
	 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  To the Manager, in reimbursement of
				  any unreimbursed Manager Advances in accordance with the terms of the Loan
				  Documents;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (3)
				

			 	
				
				  To the Lenders, on a pro rata basis
				  based on the amounts then owing pursuant to this clause (3), all interest
				  payments then due and owing on the Notes;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (4)
				

			 	
				
				  To each Interest Rate Hedge
				  Provider, on a pro rata basis based on the amounts then owing pursuant to this
				  clause (4), the amount of any scheduled payments (but not termination payments)
				  then due and payable pursuant to the terms of any Interest Rate Hedge Agreement
				  then in effect, together with any such amounts past due and any interest
				  thereon;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (5)
				

			 	
				
				  To the Agent, the Agent Fee then due
				  and owing;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (6)
				

			 	
				
				  Each of the following on a
				  pro rata basis: 
				

			 

 

	 
		(A) To each Lender, on a pro rata basis
		(calculated based on the then unpaid principal balance of their respective
		Notes), an amount equal to any principal prepayment required pursuant to
		Section 3.2 hereof; and
	 

	 
		(B) To each Interest Rate Hedge Provider, on
		a pro rata basis based on the amounts then owing pursuant to this
		clause (8), the amount of any unpaid payments then due and payable (including
		termination payments) pursuant to the terms of any Interest Rate Hedge
		Agreement then in effect;
	 

	 
			
				
				   
				

			 	
				
				  (7)
				

			 	
				
				  To each Lender, on a pro rata basis
				  based on amounts then owing to each such lender pursuant to this clause (7),
				  all taxes, increased costs, indemnification, expenses and any other amounts due
				  and owing to such Lender pursuant to the terms of the Loan Documents;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (8)
				

			 	
				
				  To the Borrower, if no Cash Trapping
				  Event is then continuing, any remaining Available Distribution Amount.
				

			 

 

	 
		II On each Payment Date, if an Early
		Amortization Event or an Event of Default shall have occurred and then be
		continuing, in the following order of priority:
	 

	 
			
				
				   
				

			 	
				
				  (1)
				

			 	
				
				  To the Manager, the Management Fee
				  and any Management Fee Arrearage, in each case to the extent not previously
				  withheld by, or distributed to, the Manager in accordance with the terms of the
				  Loan Documents;
				

			 

 

	 
		 
	 

	 
		33
	 

	 
		 
	 

	 
	 

	 

	 
			
				
				   
				

			 	
				
				  (2)
				

			 	
				
				  To the Manager, in reimbursement of
				  any unreimbursed Manager Advances in accordance with the terms of the Loan
				  Documents;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (3)
				

			 	
				
				  To the Lenders, on a pro rata basis
				  based on amounts then owing pursuant to this clause (3), all interest payments
				  then due and owing on the Notes;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (4)
				

			 	
				
				  To each Interest Rate Hedge
				  Provider, on a pro rata basis based on the amounts then owing pursuant to this
				  clause (4), the amount of any scheduled payments (but not termination payments)
				  then due and payable pursuant to the terms of any Interest Rate Hedge Agreement
				  then in effect, together with any such amounts past due and any interest
				  thereon;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (5)
				

			 	
				
				  To the Agent, the Agent Fee then due
				  and owing;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (6)
				

			 	
				
				  Each of the following on a
				  pro rata basis, all remaining Available Distribution
				  Amount:
				

			 

 

	 
		(A) To each Lender, on a pro rata basis
		(calculated based on the then unpaid principal balance of their respective
		Notes), the unpaid principal balance of the Notes until the Aggregate Note
		Principal Balance has been reduced to zero; and
	 

	 
		(B) To each Interest Rate Hedge Provider, on
		a pro rata basis, the amount of any unpaid payments then due and
		payable (including termination payments) pursuant to the terms of any Interest
		Rate Hedge Agreement then in effect;
	 

	 
			
				
				   
				

			 	
				
				  (7)
				

			 	
				
				  To each Lender, on a pro rata basis
				  based on amounts then owing to each such lender pursuant to this clause (7),
				  all taxes, increased costs, indemnification, expenses and any other amounts due
				  and owing to such Lender pursuant to the terms of the Loan Documents;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (8)
				

			 	
				
				  To the Borrower, any remaining
				  Available Distribution Amount.
				

			 

 

	 
		4.2.
		Investments
	 

	 
		(a) Funds which may at any time be held in
		the Trust Account may be invested and reinvested by, or on behalf of, the
		Borrower in one or more Eligible Investments. 
	 

	 
		(b) Each investment made pursuant to this
		Section 4.2 on any date shall mature not later than the Business Day
		immediately preceding the Payment Date next succeeding the day such investment
		is made, except that any investment made on the day preceding a Payment Date
		shall mature on such Payment Date.
	 

	 
		 
	 

	 
		34
	 

	 
		 
	 

	 
	 

	 

	 
		(c) Subject to the other provisions hereof,
		the Agent shall have sole “control” (as defined in the UCC) over each
		such investment and the income thereon, and any certificate or other instrument
		evidencing any such investment, if any, shall be delivered directly to the
		Agent or its agent, together with each document of transfer, if any, necessary
		to transfer title to such investment to the Agent.
	 

	 
		(d) All monies on deposit in the Trust
		Account, together with any deposits or securities in which such moneys may be
		invested or reinvested, and any gains from such investments, shall constitute
		Collateral.
	 

	 
		5. CERTAIN
		GENERAL PROVISIONS. 
	 

	 
		5.1. Funds for
		Payments. 
	 

	 
		5.1.1. Payments to Agent.
		All payments of principal, interest,
		Fees and any other amounts due hereunder or under any of the other Loan
		Documents shall be made on the due date thereof to the Agent in Dollars, for
		the respective accounts of the Lenders and the Agent, at the Agent’s
		Office or at such other place that the Agent may from time to time designate,
		in each case at or about 11:00 a.m. (New York time or other local time at the
		place of payment) and in immediately available funds.
	 

	 
		5.1.2. No Offset, etc. All payments by the Borrower hereunder and under any of
		the other Loan Documents shall be made without recoupment, setoff or
		counterclaim and free and clear of and without deduction for any taxes, levies,
		imposts, duties, charges, fees, deductions, withholdings, restrictions or
		conditions of any nature now or hereafter imposed or levied by any jurisdiction
		or any political subdivision thereof or taxing or other authority therein with
		respect to such payments (but excluding any tax imposed on or measured by the
		net income, net profits or net worth of any Lender or the Agent and any
		franchise taxes imposed on any Lender or the Agent in each case as a result of
		a present or former connection between such Lender or Agent and such
		jurisdiction or any political subdivision or taxing authority thereof or
		therein (other than solely as a result of entering into this Credit Agreement
		or any of the other Loan Documents or performing any obligations, receiving
		payments or enforcing any rights hereunder or thereunder) or as a result of any
		Lender or the Agent not being a U.S. Person) unless the Borrower is compelled
		by law to make such deduction or withholding. If any such obligation is imposed
		upon the Borrower with respect to any amount payable by it hereunder or under
		any of the other Loan Documents, the Borrower will pay to the Agent, for the
		account of the Lenders or (as the case may be) the Agent, on the date on which
		such amount is due and payable hereunder or under such other Loan Document,
		such additional amount in Dollars as shall be necessary to enable the Lenders
		or the Agent to receive the same net amount which the Lenders or the Agent
		would have received on such due date had no such obligation been imposed upon
		the Borrower. The Borrower will deliver promptly to the Agent certificates or
		other valid vouchers reasonably available to 
	 

	 
		 
	 

	 
		35
	 

	 
		 
	 

	 
	 

	 

	 
		it for all taxes or other charges deducted
		from or paid with respect to payments made by the Borrower hereunder or under
		such other Loan Document.
	 

	 
		Notwithstanding the foregoing, the Borrower
		shall not be obligated to pay any additional amount pursuant to this Section
		5.1.2 to any Lender or the Agent if such Lender or the Agent is not a U.S.
		Person and (a) is legally eligible but fails to comply with the requirements of
		Section 5.1.3 or (b) is not legally eligible to comply with the requirements of
		Section 5.1.3.
	 

	 
		If the Borrower is required to pay
		additional amounts to or for the account of any Lender pursuant to this Section
		5.1.2, then such Lender will, at the request of the Borrower, change the
		jurisdiction of its applicable lending office if such change (i) would
		eliminate or reduce any such additional payment which may thereafter accrue and
		(ii) is, in such Lender’s sole good faith discretion, determined not to be
		non-immaterially disadvantageous or cause non-immaterial hardship to such
		Lender; provided that any out-of-pocket costs or expenses that are incurred in
		connection with such change shall be borne by the Borrower on behalf of such
		Lender.
	 

	 
		Each Lender and the Agent agrees that it
		will, to the extent not non-immaterially disadvantageous or causing
		non-immaterial hardship, (y) take all reasonable actions reasonably requested
		by the Borrower that are consistent with all legal and regulatory restrictions
		applicable to it to maintain all exemptions, if any, available to it from
		withholding taxes (whether available by treaty or existing administrative
		waiver) and (z) otherwise cooperate with the Borrower to minimize any amounts
		payable by the Borrower under this Section 5.1.2; provided, however, that in
		each case, all out-of-pocket costs of each Lender and the Agent relating to
		such action or cooperation requested by the Borrower shall be borne by the
		Borrower.
	 

	 
		5.1.3. Tax Forms. Each Lender (which term, for purposes of this Section
		5.1.3, shall include the Agent if the Agent is acting as a Lender) that is not
		a U.S. Person agrees to deliver to the Borrower and the Agent on or prior to
		the Closing Date, or in the case of a Lender that is an assignee or transferee
		of an interest under the terms of Section 15 of this Credit Agreement (unless
		such Lender was already a Lender hereunder immediately prior to such assignment
		or transfer), on or prior to the date of such assignment or transfer to such
		Lender, an accurate, complete and executed form or certification as may be
		required in order to establish such Lender’s entitlement as of such date
		to a complete exemption from U.S. withholding tax with respect to payments by
		the Borrower hereunder and under any of the other Loan Documents and any other
		forms or certifications that the Borrower may reasonably request from time to
		time. In addition, each Lender that is not a U.S. Person agrees that from time
		to time, when a lapse in time or change in circumstances renders the previous
		form or certification obsolete or inaccurate in any material respect, it will
		deliver to the Borrower and the Agent a new accurate, complete and executed
		form or certification as may be required in order to confirm or establish such
		Lender’s entitlement as of such date 
	 

	 
		 
	 

	 
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		to a continued complete exemption from U.S.
		withholding tax with respect to payments by the Borrower hereunder and under
		any of the other Loan Documents.
	 

	 
		5.1.4. Other Taxes. The Borrower shall pay, and hold the Lenders, the Agent,
		and its affiliates harmless from and against, any present or future stamp,
		documentary, registration, excise, property, intangibles, transfer, license,
		sales, use, value added or ad valorem taxes, charges or similar levies
		(including any interest and penalties in respect thereto and associated
		liabilities, losses, damages and expenses) which arise from any payment made
		hereunder or from the execution, delivery or registration of, or otherwise with
		respect to, this Credit Agreement or any other Loan Document or the
		transactions contemplated thereby (hereinafter referred to as “Other
		Taxes”) unless arising as a result of any Lender’s or the
		Agent’s connection to the taxing jurisdiction (other than solely as a
		result of entering into this Credit Agreement or any of the other Loan
		Documents or performing any obligations, receiving payments or enforcing any
		rights hereunder or thereunder) or as a result of the gross negligence or
		willful misconduct of such Lender or the Agent; provided that the Borrower
		shall not be liable for any Other Taxes arising from any Lender’s or the
		Agent’s failure to give timely notice thereof. Such Lender or the Agent,
		as the case may be, shall give prompt notice to the Borrower of any assertion
		of Other Taxes so that the Borrower may, at its option, contest such assertion.
		Such Lender or the Agent, as the case may be, agrees that the Borrower shall
		exercise control over any such contest; provided that (i) no other taxes of
		such Lender or the Agent, as the case may be, shall be adversely affected
		thereby, (ii) the Borrower shall have acknowledged in writing its liability for
		such contested Taxes in the event such contest is not successful; provided that
		such acknowledgment of liability will not be binding if the contest is resolved
		by the written decision of the taxing authority or a court of competent
		jurisdiction which states with reasonable clarity the reasons for sustaining
		the proposed adjustment and such reasons would not have resulted in an
		obligation of the Borrower to indemnify the Lender or the Agent, as the case
		may be, in the absence of such acknowledgment (but provided, further, that the
		Lender or the Agent, as the case may be, shall exercise control over any such
		contest (including without limitation the right to withhold consent to any
		settlement of the contest) with respect to the response (including the manner
		of making the response) to any assertion or proposed assertion by the
		applicable taxing authority or the Borrower of any such reasons), (iii) no
		Event of Default or payment default or bankruptcy default shall have occurred
		and be continuing, and (iv) if such contested Taxes are required to be paid
		prior to or as a condition of the initiation of such contest, the Borrower
		shall have paid such Taxes. If and to the extent the Borrower indemnifies the
		Agent or any Lender for any Other Taxes, the Borrower shall have all rights of
		subrogation with respect thereto. The covenants contained in this Section 5.1.4
		shall survive payment or satisfaction in full of all other Obligations.
	 

	 
		5.1.5. Tax Savings. If a Lender or the Agent becomes aware that it has
		obtained or received a tax refund or credit or other tax benefit in respect of
		
	 

	 
		 
	 

	 
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		any amount for which it has been indemnified
		by the Borrower or with respect to which the Borrower has paid additional
		amounts pursuant to Section 5.1.2, then, within thirty (30) days of becoming so
		aware, such Lender or the Agent (as the case may be) shall, if in its sole
		discretion it reasonably determines that it can do so without any
		non-immaterial adverse consequences for such Lender or the Agent (as the case
		may be), reimburse such amount of tax refund or credit or other tax benefit to
		the Borrower. Each Lender and the Agent agrees to act in good faith with
		respect to any such refund, credit and other tax benefits without
		discriminating against the Borrower. If and to the extent the Borrower
		indemnifies the Agent or any Lender for any taxes, the Borrower shall have all
		rights of subrogation with respect thereto.
	 

	 
		5.2.
		Computations. All computations of
		interest on LIBOR Rate Loans shall be based on a 360-day year and paid for the
		actual number of days elapsed. All computations of interest on Base Rate Loans
		and all other fees calculated hereunder shall be based on a 365-day year and
		paid for the actual number of days elapsed. Except as otherwise provided in the
		definition of the term “Interest Period” with respect to LIBOR Rate
		Loans, whenever a payment hereunder or under any of the other Loan Documents
		becomes due on a day that is not a Business Day, the due date for such payment
		shall be extended to the next succeeding Business Day, and interest shall
		accrue during such extension at the rate otherwise applicable pursuant to
		Section 2.4. The outstanding amount of the Credit Loans as reflected on the
		Note Records from time to time shall be considered correct and binding on the
		Borrower absent manifest error unless within fifteen (15) Business Days after
		receipt of any notice from the Agent or any of the Lenders of such outstanding
		amount, the Borrower shall notify the Agent or such Lender to the
		contrary.
	 

	 
		5.3. Inability
		to Determine LIBOR Rate. In the event,
		prior to the commencement of any Interest Period relating to any LIBOR Rate
		Loan, the Agent shall determine or be notified by the Required Lenders that (a)
		adequate and reasonable methods do not exist for ascertaining the LIBOR Rate
		that would otherwise determine the rate of interest to be applicable to any
		LIBOR Rate Loan during any Interest Period or (b) the LIBOR Rate determined or
		to be determined for such Interest Period will not adequately and fairly
		reflect the cost to the Lenders of making or maintaining their LIBOR Rate Loans
		during such period, the Agent shall forthwith give notice of such determination
		(which shall be conclusive and binding on the Borrower and the Lenders) to the
		Borrower and the Lenders. In such event (i) any Credit Loan Request for LIBOR
		Rate Loans shall be automatically withdrawn and shall, in the case of such a
		Credit Loan Request, be deemed a request for, a Base Rate Loan, (ii) each LIBOR
		Rate Loan will automatically, on the last day of the then current Interest
		Period relating thereto, become a Base Rate Loan, and (iii) the obligations of
		the Lenders to make LIBOR Rate Loans shall be suspended, in each case, until
		the Agent determines in good faith that the circumstances giving rise to such
		suspension no longer exist, whereupon the Agent shall promptly so notify the
		Borrower and the Lenders.
	 

	 
		5.4.
		Illegality. Notwithstanding any other
		provisions herein, if any present or future law, regulation, treaty or
		directive or the interpretation or application thereof shall 
	 

	 
		 
	 

	 
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		make it unlawful for any Lender to make or
		maintain LIBOR Rate Loans, such Lender shall forthwith give notice of such
		circumstances to the Borrower and the other Lenders and thereupon (a) the
		commitment of such Lender to make LIBOR Rate Loans shall forthwith be suspended
		and (b) such Lender’s Credit Loans then outstanding as LIBOR Rate Loans,
		if any, shall be converted automatically to Base Rate Loans on the last day of
		each Interest Period applicable to such LIBOR Rate Loans or within such earlier
		period as may be required by law. The Borrower hereby agrees promptly to pay
		the Agent for the account of such Lender, upon demand by such Lender describing
		in reasonable detail the nature of such increased costs and showing the
		calculation thereof in reasonable detail, any additional amounts necessary to
		compensate such Lender for any increased costs incurred by such Lender in
		making any conversion made necessary by events described above in this Section
		5.4, including any interest or fees payable by such Lender to lenders of funds
		obtained by it in order to make or maintain its LIBOR Rate Loans
		hereunder.
	 

	 
		5.5.
		Additional Costs, etc. If any present
		or future applicable law, which expression, as used herein, includes statutes,
		rules and regulations thereunder and interpretations thereof by any competent
		court or by any governmental or other regulatory body or official charged with
		the administration or the interpretation thereof and requests, directives,
		instructions and notices at any time or from time to time hereafter made upon
		or otherwise issued to any Lender or the Agent by any central bank or other
		fiscal, monetary or other authority (whether or not having the force of law),
		shall:
	 

	 
		(a) impose or increase or render applicable
		(other than to the extent specifically provided for elsewhere in this Credit
		Agreement, including without limitation, to the extent considered in the
		calculation of the LIBOR Rate) any special deposit, reserve, assessment,
		liquidity, capital adequacy or other similar requirements (whether or not
		having the force of law) against assets held by, or deposits in or for the
		account of, or loans by, or letters of credit issued by, or commitments of an
		office of any Lender, or
	 

	 
		(b) impose on any Lender or the Agent any
		other conditions or requirements with respect to this Credit Agreement, the
		other Loan Documents, the LIBOR Rate Loans, such Lender’s Commitment to
		make LIBOR Rate Loans, or any class of loans or commitments of which any of the
		LIBOR Rate Loans or such Lender’s Commitment to make LIBOR Rate Loans
		forms a part, and the result of any of the foregoing is:
	 

	 
		(c) to increase the cost to any Lender of
		making, funding, issuing, renewing, extending or maintaining any of the LIBOR
		Rate Loans or such Lender’s Commitment to make LIBOR Rate Loans, or
	 

	 
		(d) to reduce the amount of principal,
		interest, or other amount payable to such Lender or the Agent hereunder on
		account of such Lender’s Commitment to make LIBOR Rate Loans, or any of
		the LIBOR Rate Loans, or
	 

	 
		 
	 

	 
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		(e) to require such Lender or the Agent to
		make any payment or to forego any interest or other sum payable hereunder in
		respect of any LIBOR Rate Loans, the amount of which payment or foregone
		interest or other sum is calculated by reference to the gross amount of any sum
		receivable or deemed received by such Lender or the Agent from the Borrower
		hereunder in respect thereof,
	 

	 
		then, and in each such case, the Borrower
		will, upon demand made by such Lender or (as the case may be) the Agent at any
		time and from time to time and as often as the occasion therefor may arise, pay
		to such Lender or the Agent such additional amounts as will be sufficient to
		compensate such Lender or the Agent for such additional cost, reduction,
		payment or foregone interest or other sum.
	 

	 
		5.6. Capital
		Adequacy. If after the date hereof any
		Lender or the Agent determines that (a) the adoption of or change in any law,
		governmental rule, regulation, policy, guideline or directive (whether or not
		having the force of law) regarding capital requirements for Lenders or Lender
		holding companies or any change in the interpretation or application thereof by
		a Governmental Authority with appropriate jurisdiction, or (b) compliance by
		such Lender or the Agent or any corporation controlling such Lender or the
		Agent with any law, governmental rule, regulation, policy, guideline or
		directive (whether or not having the force of law) of any such entity regarding
		capital adequacy, has the effect of reducing the return on such Lender’s
		or the Agent’s commitment with respect to any Credit Loans to a level
		below that which such Lender or the Agent could have achieved but for such
		adoption, change or compliance (taking into consideration such Lender’s or
		the Agent’s then existing policies with respect to capital adequacy and
		assuming full utilization of such entity’s capital) by any amount deemed
		by such Lender or (as the case may be) the Agent to be material, then such
		Lender or the Agent may notify the Borrower of such fact. To the extent that
		the amount of such reduction in the return on capital is not reflected in the
		Base Rate or LIBOR Rate, the Borrower agrees to pay the Agent for the account
		of each Lender entitled thereto for the amount of such reduction in the return
		on capital as and when such reduction is determined upon presentation by such
		Lender or (as the case may be) the Agent of a certificate in accordance with
		Section 5.7. Neither the Agent nor any Lender shall be entitled to assert any
		claim under this Section 5.6 in respect of taxes. Each of the Lenders and the
		Agent agrees that, in the event any of the circumstances of the type described
		in this Section 5.6, it shall allocate such cost increases among its customers
		in good faith and on a non-discriminatory basis.
	 

	 
		5.7.
		Certificate. A certificate setting
		forth in reasonable detail a description of any additional amounts payable
		pursuant to Sections 5.5 or 5.6 and the calculations necessary to establish
		such amounts which are due and a brief explanation sufficient to evidence the
		affected Lender’s or the Agent’s entitlement thereto, submitted by
		any Lender or the Agent to the Borrower, shall be conclusive, absent manifest
		error, that such amounts are due and owing. In determining such additional
		amounts, each Lender or the Agent will act reasonably and in good faith and
		will use allocation and attribution methods which are reasonable.
	 

	 
		 
	 

	 
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		5.8. Indemnity. The Borrower agrees to indemnify each Lender and to hold
		each Lender harmless from and against any loss, cost or expense (excluding loss
		of anticipated profits) that such Lender may sustain or incur as a consequence
		of (a) default by the Borrower in payment of the principal amount of or any
		interest on any LIBOR Rate Loans as and when due and payable, including any
		such loss or expense arising from interest or fees payable by such Lender to
		banks of funds obtained by it in order to maintain the respective LIBOR Rate
		Loan or Loans which are the subject of such default, (b) default by the
		Borrower in making a borrowing or conversion after the Borrower has given (or
		is deemed to have given) a Credit Loan Request in accordance with Section 2.5
		or (c) the making of any payment of a LIBOR Rate Loan or the making of any
		conversion of any such Credit Loan to a Base Rate Loan on a day that is not the
		last day of the applicable Interest Period with respect thereto, including
		interest or fees payable by such Lender to lenders of funds obtained by it in
		order to maintain any such Credit Loans.
	 

	 
		5.9. Limitation on Increased Costs.
		Notwithstanding anything to the
		contrary contained in Sections 5.4, 5.5 or 5.6, unless a Lender or the Agent
		gives notice to the Borrower that it is obligated to pay an amount under any
		such Section within ninety (90) days after the later of (a) the date such
		Lender or the Agent (as the case may be) actually incurs the respective
		increased costs, loss, expense or liability, or reduction in return on capital
		and (b) the date such Lender or the Agent (as the case may be) has actual
		knowledge of its incurrence of the respective increased costs, loss, expense or
		liability, or reduction in the return on capital, then such Lender or the Agent
		(as the case may be) shall only be entitled to be compensated for such amount
		by the Borrower pursuant to said Sections 5.4, 5.5 or 5.6 (as the case may be)
		to the extent the costs, loss, expense or liability, or reduction in return on
		capital are incurred or suffered on or after the date which occurs ninety (90)
		days prior to such Lender or the Agent giving notice to the Borrower that it is
		obligated to pay the respective amounts pursuant to said Sections 5.4, 5.5 or
		5.6 (as the case may be).
	 

	 
		5.10. Interest After Default.
		Upon the occurrence and during the
		continuance of any Event of Default, and upon notice from the Agent to the
		Borrower, amounts due and payable under any of the Loan Documents shall bear
		interest (compounded monthly and payable on demand in respect of overdue
		amounts) at a rate per annum which is equal to two percent (2%) above the rate
		of interest otherwise applicable to such amounts (or if no rate of interest is
		otherwise applicable, two percent (2%) above the Base Rate) until such amount
		is paid in full or (as the case may be) such Event of Default has been cured or
		waived in writing by the Lenders (after as well as before judgment).
	 

	 
		6. COLLATERAL SECURITY.
	 

	 
		6.1. Security of Borrower.
		The Obligations shall be secured by a
		perfected first priority security interest (subject only to Permitted Liens) in
		favor of the Agent on behalf of the Lenders in all of the assets of the
		Borrower which are the subject of the Security Documents, whether now owned or
		hereafter acquired, pursuant to the terms of the Security Documents.
	 

	 
		 
	 

	 
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		7. REPRESENTATIONS AND WARRANTIES.
		
	 

	 
		The Borrower represents and warrants to the
		Lenders and the Agent as follows (it being understood and agreed that any
		representation or warranty which by its terms is made as of a specified date
		shall be required to be true and correct only as of such specified
		date):
	 

	 
		7.1. Corporate Authority. 
	 

	 
		7.1.1. Incorporation; Good
		Standing. The Borrower (a) is duly
		organized, validly existing and in good standing (to the extent the concept
		applies to such entity) under the laws of Delaware, (b) has all requisite power
		to own its property and conduct its business as now conducted and as presently
		contemplated, and (c) is in good standing (to the extent the concept applies to
		such entity) and is duly authorized to do business in each jurisdiction where
		such qualification is necessary except where a failure to be so qualified would
		not reasonably be expected to have a Material Adverse Effect.
	 

	 
		7.1.2. Authorization. The execution, delivery and performance of this Credit
		Agreement and the other Loan Documents to which the Borrower is or is to become
		a party and the transactions contemplated hereby and thereby (a) are within the
		company authority of such Person, (b) have been duly authorized by all
		necessary company proceedings, (c) do not and will not conflict with or result
		in any breach or contravention of any provision of law, statute, rule or
		regulation to which the Borrower is subject or any judgment, order, writ,
		injunction, license or permit applicable to the Borrower and (d) do not
		conflict with any provision of the Governing Documents of, or any material
		agreement or other instrument binding upon, the Borrower.
	 

	 
		7.1.3. Enforceability. The execution and delivery of this Credit Agreement and
		the other Loan Documents to which the Borrower is or is to become a party will
		result in valid and legally binding obligations of such Person enforceable
		against it in accordance with the respective terms and provisions hereof and
		thereof, except as enforceability is limited by bankruptcy, insolvency,
		reorganization, moratorium or other laws relating to or affecting generally the
		enforcement of creditors’ rights and except to the extent that
		availability of the remedy of specific performance or injunctive relief is
		subject to the discretion of the court before which any proceeding therefor may
		be brought.
	 

	 
		7.2. Governmental Approvals.
		The execution, delivery and performance
		by the Borrower of this Credit Agreement and the other Loan Documents to which
		the Borrower is or is to become a party and the transactions contemplated
		hereby and thereby do not require the approval or consent of, or filing with,
		any governmental agency or authority other than (i) those already obtained,
		(ii) filings and other actions necessary to perfect Liens created by the Loan
		Documents and (iii) others approvals, consents and filings which the failure to
		obtain would not reasonably be expected to have a Material Adverse
		Effect.
	 

	 
		 
	 

	 
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		7.3. Title to Properties; Leases.
		The Borrower owns all of the material
		assets reflected in the consolidated balance sheet of the Borrower as at the
		Balance Sheet Date or acquired since that date (except property and assets sold
		or otherwise disposed of in the ordinary course of business or as permitted
		hereunder since that date), subject to no Liens or other rights of others,
		except Permitted Liens.
	 

	 
		7.4. Financial Statements. 
	 

	 
		7.4.1. Fiscal Year. The Borrower has a fiscal year which is the twelve
		months ending on December 31 of each calendar year.
	 

	 
		7.4.2. Financial Statements.
		There has been furnished to the Agent
		and each Lender a consolidated balance sheet of CLI as at December 31, 2006,
		and a consolidated statement of income and cash flows of CLI and its
		Subsidiaries for the fiscal year then ended, audited and certified by Ernst
		& Young, LLP or other independent certified public accountants of national
		standing reasonably satisfactory to the Agent. In addition, there has been
		furnished to the Agent and each Lender unaudited consolidated balance sheets
		and unaudited consolidated statements of income and cash flows of CLI for the
		fiscal quarter ending March 31, 2007. Such balance sheets and statements of
		income and cash flows have been prepared in accordance with GAAP and fairly
		present in all material respects the financial condition of CLI as at the close
		of business on the date thereof and the results of operations for the fiscal
		period then ended, subject to year-end audit adjustments and the absence of
		footnotes with respect to the quarterly financial statements. There are no
		contingent liabilities of CLI as of such dates involving material amounts,
		known to the officers of CLI, which were not disclosed in such balance sheets
		and the notes related thereto, subject to year-end audit adjustments and the
		absence of footnotes with respect to quarterly financial statements. 
	 

	 
		There has been furnished to the Agent and
		each Lender a pro forma consolidated balance sheet of (i) the Borrower and (ii)
		CLI and its Subsidiaries as at the Balance Sheet Date, and after giving effect
		to the proposed initial acquisition of the Containers under the Contribution
		and Sale Agreement. Such pro forma consolidated balance sheet was prepared in
		good faith based upon assumptions believed to be reasonable at such
		time.
	 

	 
		7.5. [Reserved.]
	 

	 
		7.6. Litigation. There are no actions, suits, proceedings or
		investigations of any kind pending or threatened against the Borrower before
		any Governmental Authority (a) as to which there is a reasonable likelihood of
		an adverse determination and that, if adversely determined, could reasonably be
		expected to, either in any one case or in the aggregate of all such cases, have
		a Material Adverse Effect, or (b) as of the date hereof, which question the
		validity of this Credit Agreement or any of the other Loan Documents, or any
		action taken or to be taken pursuant hereto or thereto.
	 

	 
		 
	 

	 
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		7.7. No Materially Adverse Contracts,
		etc. (a) The Borrower is not subject to
		any Governing Document or other legal restriction, or any judgment, decree,
		order, law, statute, rule or regulation that has or is expected in the future
		to have a Material Adverse Effect. 
	 

	 
		(b) The Borrower is not now, and has not
		been a party to any contract or agreement (whether written or oral) other than
		(i) the Loan Documents and (ii) the Prior Transaction Documents. All
		obligations and liabilities (including contingent liabilities) of the Borrower
		under the Prior Transaction Documents have previously been repaid in full and
		the Prior Transaction Documents have been terminated.
	 

	 
		7.8. Compliance with Other Instruments,
		Laws, etc. The Borrower is not in
		violation of any provision of its Governing Documents, or any agreement or
		instrument to which it may be subject or by which it or any of its properties
		may be bound or any decree, order, judgment, statute, license, rule or
		regulation, in any of the foregoing cases in a manner that could have a
		Material Adverse Effect.
	 

	 
		7.9. Tax Status. The Borrower (a) has made or filed all material federal,
		state and foreign income and all other tax returns, reports and declarations
		required to have been made or filed by any jurisdiction to which it is subject,
		(b) have paid all material taxes and other governmental assessments and charges
		shown or determined to be due on such returns, reports and declarations, except
		those being contested in good faith and by appropriate proceedings and (c) have
		set aside on their books provisions reasonably adequate for the payment of all
		material taxes for periods subsequent to the periods to which such returns,
		reports or declarations apply. There are no unpaid taxes in any material amount
		claimed to be due by the taxing authority of any jurisdiction, and none of the
		officers of the Borrower know of any basis for any such claim. The amount of
		reserves established by the Borrower and each of its Subsidiaries to cover the
		Borrower’s or such Subsidiary’s material sales or use tax obligations
		in each jurisdiction where the Borrower or such Subsidiary is required to pay
		such taxes is adequate for the payment of all of such obligations.
	 

	 
		7.10. Investment Company Act.
		The Borrower is not an “investment
		company”, or an “affiliated company” or a “principal
		underwriter” of an “investment company”, as such terms are
		defined in the Investment Company Act of 1940.
	 

	 
		7.11. Perfection of Security Interest.
		As of the date hereof, to the extent
		required by the Security Documents, all filings, assignments, pledges and
		deposits of documents or instruments have been made (or will, within ten (10)
		days of the Closing Date, be made) and all other actions have been taken (or
		will, within ten (10) days of the Closing Date, be taken) that are necessary or
		(if requested by the Agent) advisable, under applicable law, to establish and
		perfect the Agent’s security interest in the Collateral. The Collateral
		and the Agent’s rights with respect to the Collateral are not subject to
		any setoff, claims, withholdings or other defenses (other than in connection
		with Permitted Liens). 
	 

	 
		7.12. Employee Benefit Plans. 
	 

	 
		 
	 

	 
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		7.12.1. In General. Each Employee Benefit Plan and each Guaranteed Pension
		Plan has been maintained and operated in compliance in all material respects
		with the provisions of ERISA and all Applicable Pension Legislation and, to the
		extent applicable, the Code, including but not limited to the provisions
		thereunder respecting prohibited transactions and the bonding of fiduciaries
		and other persons handling plan funds as required by §412 of ERISA. The
		Borrower has heretofore delivered to the Agent the most recently completed
		annual report, Form 5500, with all required attachments, and actuarial
		statement required to be submitted under §103(d) of ERISA, with respect to
		each Guaranteed Pension Plan.
	 

	 
		7.12.2. Welfare Plans. Except as disclosed on Schedule 7.12, no Employee
		Benefit Plan, which is an employee welfare benefit plan within the meaning of
		§3(1) or §3(2)(B) of ERISA, provides benefit coverage subsequent to
		termination of employment, except as required by Title I, Part 6 of ERISA or
		the applicable state insurance laws. 
	 

	 
		7.12.3. Guaranteed Pension Plans.
		Each contribution required to be made
		to a Guaranteed Pension Plan, whether required to be made to avoid the
		incurrence of an accumulated funding deficiency or the notice or lien
		provisions of §302(f) of ERISA, has been timely made. No waiver of an
		accumulated funding deficiency or extension of amortization periods has been
		received with respect to any Guaranteed Pension Plan, and neither the Borrower
		nor any ERISA Affiliate is obligated to or has posted security in connection
		with an amendment to a Guaranteed Pension Plan pursuant to §307 of ERISA
		or §401(a)(29) of the Code. No liability to the PBGC (other than required
		insurance premiums, all of which have been paid) has been incurred by the
		Borrower or any ERISA Affiliate with respect to any Guaranteed Pension Plan and
		there has not been any ERISA Reportable Event (other than an ERISA Reportable
		Event as to which the requirement of 30 days notice has been waived), or any
		other event or condition which presents a material risk of termination of any
		Guaranteed Pension Plan by the PBGC. Based on the latest valuation of each
		Guaranteed Pension Plan (which in each case occurred within twelve months of
		the date of this representation), and on the actuarial methods and assumptions
		employed for that valuation, the aggregate benefit liabilities of all such
		Guaranteed Pension Plans within the meaning of §4001 of ERISA did not
		exceed the aggregate value of the assets of all such Guaranteed Pension Plans,
		disregarding for this purpose the benefit liabilities and assets of any
		Guaranteed Pension Plan with assets in excess of benefit liabilities.
	 

	 
		7.12.4. Multiemployer Plans.
		Neither the Borrower nor any ERISA
		Affiliate has incurred any material liability (including secondary liability)
		to any Multiemployer Plan as a result of a complete or partial withdrawal from
		such Multiemployer Plan under §4201 of ERISA or as a result of a sale of
		assets described in §4204 of ERISA. Neither the Borrower nor any ERISA
		Affiliate has been notified that any Multiemployer Plan is in reorganization or
		insolvent under and within the meaning of §4241 or §4245 of ERISA or
		is at risk of entering 
	 

	 
		 
	 

	 
		45
	 

	 
		 
	 

	 
	 

	 

	 
		reorganization or becoming insolvent, or
		that any Multiemployer Plan intends to terminate or has been terminated under
		§4041A of ERISA.
	 

	 
		7.13. Place of Business. The Borrower’s only “place of business”
		(within the meaning of 9-307 of the UCC) is located at c/o Container Leasing
		International, LLC, One Maynard Drive, Park Ridge, New Jersey 07656.
	 

	 
		7.14. Subsidiaries, etc. As of the date hereof, the Borrower has no Subsidiaries
		and is not party to any joint ventures or partnerships between the Borrower and
		any other Person. 
	 

	 
		7.15. Bank Accounts. As of the date hereof, the Borrower maintains the
		deposit accounts listed on Schedule 7.15 hereto and no other deposit accounts.
		In the event the Borrower opens or maintains any additional deposit accounts
		other than the deposit accounts listed on Schedule 7.15 hereto, the Borrower
		shall immediately provide the Agent with notice of such deposit accounts and
		shall otherwise comply (to the extent applicable) with the provisions of the
		Security Agreement. 
	 

	 
		7.16. Disclosure. None of this Credit Agreement or any of the other Loan
		Documents contains any untrue statement of a material fact or omits to state a
		material fact (known to the Borrower in the case of any document or information
		not furnished by it or any of its Subsidiaries) necessary in order to make the
		statements herein or therein not misleading.
	 

	 
		7.17. Foreign Assets Control Regulations,
		Etc. (a) None of the requesting or
		borrowing of the Credit Loans, or the use of the proceeds of any thereof will
		violate the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended)
		(the “Trading With the Enemy Act”) or any of the foreign assets
		control regulations of the United States Treasury Department (31 CFR, Subtitle
		B, Chapter V, as amended) (the “Foreign Assets Control Regulations”)
		or any enabling legislation or executive order relating thereto (which for the
		avoidance of doubt shall include, but shall not be limited to (a) Executive
		Order 13224 of September 21, 2001 Blocking Property and Prohibiting
		Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism
		(66 Fed. Reg. 49079 (2001)) (the “Executive Order”) and (b) the
		Uniting and Strengthening America by Providing Appropriate Tools Required to
		Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56)). 
	 

	 
		(b) None of the Borrower, any Subsidiary of
		the Borrower or any Affiliate of the Borrower (i) is a Sanctioned Person, (ii)
		has more than 10% of its assets in Sanctioned Entities, or (iii) derives more
		than 10% of its operating income from investments in, or transactions with
		Sanctioned Persons or Sanctioned Entities. The proceeds of any Credit Loan will
		not be used and have not been used to fund any operations in, finance any
		investments or activities in or make any payments to, a Sanctioned Person or a
		Sanctioned Entity.
	 

	 
		7.18. Margin Regulations. The Borrower does not own any “margin
		security”, as that term is defined in Regulation U of the Federal Reserve
		Board, and the proceeds of 
	 

	 
		 
	 

	 
		46
	 

	 
		 
	 

	 
	 

	 

	 
		the Credit Loan will be used only for the
		purposes contemplated hereunder. None of such proceeds will be used, directly
		or indirectly, for the purpose of purchasing or carrying any margin security,
		for the purpose of reducing or retiring any Indebtedness which was originally
		incurred to purchase or carry any margin security or for any other purpose
		which might cause of the Credit Loans under this Credit Agreement to be
		considered a “purpose credit” within the meaning of Regulations T, U,
		and X. The Borrower will not take or permit any agent acting on its behalf to
		take any action which might cause this Credit Agreement or any document or
		instrument delivered pursuant hereto to violate any regulation of the Federal
		Reserve Board.
	 

	 
		7.19. Solvency and
		Separateness.
	 

	 
		(i) The capital of the Borrower is adequate
		for the business and undertakings of the Borrower;
	 

	 
		(ii) Other than with respect to the
		transactions contemplated hereby and by the other Loan Documents, the Borrower
		is not engaged in any business transactions with any of the Seller or the
		Manager;
	 

	 
		(iii) At all times, at least two (2) members
		of the Board of Managers of the Borrower comply with the definition of
		Independent Person;
	 

	 
		(iv) The Borrower’s funds and assets
		are not, and will not be, commingled with those of the Seller or the Manager,
		except as permitted by, (i) during the Transition Period, the Management
		Agreement and (ii), thereafter, the Management Agreement and the Intercreditor
		Agreement;
	 

	 
		(v) The limited liability company agreement
		of the Borrower requires it to maintain (A) correct and complete books and
		records of account, and (B) minutes of the meetings and other proceedings of
		its members;
	 

	 
		(vi) The Borrower has not engaged in any
		business activities, except as permitted by the present and express terms of
		the Loan Documents, the Prior Transaction Documents and Section 2.3 of the
		limited liability company agreement;
	 

	 
		(vii) The Borrower is not insolvent under
		the Insolvency Law and will not be rendered insolvent by the transactions
		contemplated by the Loan Documents and after giving effect to such
		transactions, the Borrower will not be left with an unreasonably small amount
		of capital with which to engage in its business nor will the Borrower have
		intended to incur, or believe that it has incurred, debts beyond its ability to
		pay such debts as they mature. The Borrower does not contemplate the
		commencement of insolvency, bankruptcy, liquidation, or consolidation
		Proceedings or the appointment of a receiver, liquidator, trustee, or similar
		official in respect of the Borrower or any of its assets; and
	 

	 
		(viii) The Borrower is not liable for any
		unbonded or uninsured final nonappealable judgments or liabilities which in
		aggregate exceed $250,000.
	 

	 
		 
	 

	 
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		7.20. No Default. No Event of Default, Manager Default, or Early
		Amortization Event has occurred and is continuing and no event has occurred
		that with the passage of time would become an Event of Default, Manager
		Default, or Early Amortization Event.
	 

	 
		7.21. Ownership of the
		Borrower. On the Closing Date, all of
		the Capital Stock of the Borrower is owned by CLI.
	 

	 
		7.22. Use of Proceeds. The Borrower shall use the proceeds from the Credit
		Loan as follows: (i) to acquire the Collateral on the Closing Date pursuant to
		the terms of the Contribution and Sale Agreement, and (ii) for other general
		business purposes.
	 

	 
		7.23. ERISA Lien. As of the Closing Date, the Borrower has not received
		notice that any Lien arising under ERISA has been filed against the assets of
		the Borrower.
	 

	 
		7.24. Tax Election of the
		Borrower. None of the Borrower, any of
		its members or any other Person has elected, or agreed to elect, to treat the
		Borrower as an association taxable as a corporation for United States federal
		income tax purposes.
	 

	 
		8. AFFIRMATIVE COVENANTS. 
	 

	 
		The Borrower covenants and agrees that, so
		long as any Credit Loan or Note is outstanding or any Lender has any obligation
		to make any Credit Loans:
	 

	 
		8.1. [Reserved]. 
	 

	 
		8.2. Maintenance of Office.
		The Borrower will maintain its chief
		executive office in Park Ridge, New Jersey, or at such other place in the
		United States of America as the Borrower shall designate upon written notice to
		the Agent, where notices, presentations and demands to or upon the Borrower in
		respect of the Loan Documents to which the Borrower is a party may be given or
		made.
	 

	 
		8.3. Records and Accounts.
		The Borrower will (a) keep proper
		records and books of account in which full, true and correct entries in all
		materials respects will be made in accordance with GAAP, (b) maintain adequate
		accounts and reserves for all taxes (including income taxes), depreciation,
		depletion, obsolescence and amortization of its properties and the properties
		of its Subsidiaries, contingencies, and other reserves, and (c) at all times
		engage Ernst & Young, LLP or other independent certified public accountants
		reasonably satisfactory to the Agent as the independent certified public
		accountants of CLI and the Borrower and will not permit more than thirty (30)
		days to elapse between the cessation of such firm’s (or any successor
		firm’s) engagement as the independent certified public accountants of CLI
		and the Borrower and the appointment in such capacity of a successor firm as
		shall be satisfactory to the Agent and each Lender.
	 

	 
		8.4. Financial Statements, Certificates
		and Information. The Borrower will
		deliver to each of the Lenders:
	 

	 
		 
	 

	 
		48
	 

	 
		 
	 

	 
	 

	 

	 
		(a) as soon as practicable, but in any event
		not later than one hundred twenty (120) days after the end of each fiscal year
		of the Borrower, the consolidated balance sheet of (i) the Borrower and (ii)
		CLI and its Subsidiaries, in each case, as at the end of such year, and the
		related consolidated and consolidating statement of income and consolidated
		statement of cash flow for such year, each setting forth in comparative form
		the figures for the previous fiscal year and all such consolidated statements
		to be in reasonable detail, prepared in accordance with GAAP, audited and
		certified, without qualification and without an expression of uncertainty as to
		the ability of the Borrower or CLI, as the case may be, to continue as going
		concerns, by Ernst & Young, LLP or other independent certified public
		accountants reasonably satisfactory to the Agent;
	 

	 
		(b) as soon as practicable, but in any event
		not later than sixty (60) days after the end of each of the fiscal quarters of
		the Borrower and CLI, copies of the unaudited consolidated balance sheet of (i)
		the Borrower and (ii) CLI and its Subsidiaries, in each case as at the end of
		such quarter, and the related consolidated statement of income and consolidated
		statement of cash flow for the portion of the Borrower’s or CLI’s, as
		the case may be, fiscal year then elapsed, all in reasonable detail and
		prepared in accordance with GAAP, together with a certification by the
		principal financial or accounting officer of the Borrower or CLI, as the case
		may be, that the information contained in such financial statements fairly
		presents in all material respects the financial position of the Borrower or CLI
		and its Subsidiaries, as the case may be, on the date thereof (subject to
		normal year-end adjustments made in accordance with GAAP and the absence of
		footnotes);
	 

	 
		(c) simultaneously with the delivery of the
		financial statements referred to in subsections (a) and (b) above, a statement
		certified by the principal financial or accounting officer of the Borrower in
		substantially the form of Exhibit D hereto (a “Compliance
		Certificate”) and setting forth in reasonable detail computations
		evidencing the Consolidated Tangible Net Worth of CLI and its Subsidiaries and
		(if applicable) reconciliations to reflect changes in GAAP since the Balance
		Sheet Date;
	 

	 
		(d) contemporaneously with the filing or
		mailing thereof, copies of all material of a financial nature filed by CLI or
		any of its Subsidiaries with the Securities and Exchange Commission;
	 

	 
		(e) (i) on each Determination Date and (ii)
		within five (5) Business Days prior to the date of any removal or sale of any
		assets from the Borrowing Base, a Borrowing Base Report setting forth the
		Borrowing Base as at the end of such calendar month, sale date or other date so
		requested by the Agent;
	 

	 
		(f) together with the quarterly financials
		delivered pursuant to Section 8.4(b), a separate calculation of the Utilization
		Rate for the Eligible Containers as 
	 

	 
		 
	 

	 
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		a group and a separate weighted average
		calculation of the per diem rate for the preceding fiscal quarter for the
		Eligible Containers as a group; and
	 

	 
		(g) from time to time such other financial
		data and information (including accountants’ management letters) as the
		Agent or any Lender may reasonably request.
	 

	 
		8.5. Notices. 
	 

	 
		8.5.1. Defaults. The Borrower will, within three (3) days of the
		occurrence thereof, notify the Agent in writing of the occurrence of any
		Default, Event of Default, Cash Trapping Event, or Early Amortization Event,
		together with a reasonably detailed description thereof, and the actions the
		Borrower proposes to take with respect thereto. If any Person shall give any
		notice or take any other enforcement action in respect of a claimed default
		(whether or not constituting an Event of Default) under this Credit Agreement
		or any other note, evidence of indebtedness, indenture or other obligation to
		which or with respect to which the Borrower is a party or obligor, whether as
		principal, guarantor, surety or otherwise, the Borrower shall forthwith give
		written notice thereof to the Agent and each of the Lenders, describing the
		notice or action and the nature of the claimed default.
	 

	 
		8.5.2. Environmental Events.
		The Borrower will provide notice to the
		Agent within ten (10) days (a) of any violation of any Environmental Law that
		the Borrower reports in writing or is reportable by the Borrower (to the extent
		that such violation is known or knowable to the Borrower after reasonable
		investigation and diligence) in writing (or for which any written report
		supplemental to any oral report is made) to any Governmental Authority and (b)
		upon becoming aware thereof, of any inquiry, proceeding, investigation, or
		other action, including a notice from any agency or any Governmental Authority
		of a potential environmental liability that would have a Material Adverse
		Effect.
	 

	 
		8.5.3. Notification of Claim against
		Collateral. The Borrower will, within
		three (3) days of becoming aware thereof, notify the Agent in writing of any
		Lien upon any of the Collateral if the aggregate value of the affected
		Collateral is $100,000 or more.
	 

	 
		8.5.4. Notice of Litigation and
		Judgments. The Borrower will give
		notice to the Agent and each of the Lenders in writing within fifteen (15) days
		of becoming aware of any litigation or proceedings threatened in writing or any
		pending litigation and proceedings affecting the Borrower or to which the
		Borrower is or becomes a party involving an uninsured claim against the
		Borrower that could reasonably be expected to have a Material Adverse Effect on
		the Borrower and stating the nature and status of such litigation or
		proceedings. The Borrower will give notice to the Agent and each of the
		Lenders, in writing, in form and detail satisfactory to the Agent, within ten
		(10) days of any judgment 
	 

	 
		 
	 

	 
		50
	 

	 
		 
	 

	 
	 

	 

	 
		not covered by insurance, final or
		otherwise, against the Borrower in an amount in excess of $250,000.
	 

	 
		8.5.5. Notices Concerning Tax Treatment.
		In the event the Borrower determines to
		take any action inconsistent with its intention to not treat the Credit Loans,
		Letters of Credit and/or related transactions hereunder as a “reportable
		transaction” (within the meaning of Treasury Regulation Section 1.6011-4),
		it will promptly notify the Agent in writing thereof and will provide the Agent
		with a duly completed copy of IRS Form 8886 or any successor form.
	 

	 
		8.6. Legal Existence; Maintenance of
		Properties. The Borrower will do or
		cause to be done all things necessary to preserve and keep in full force and
		effect its legal existence, rights and franchises, except as otherwise
		contemplated or not prohibited by this Credit Agreement. It (a) will cause all
		of its properties and those of its Subsidiaries material to the conduct of its
		business or the business of its Subsidiaries to be maintained and kept in good
		condition, repair and working order, ordinary wear and tear excepted, and
		supplied with all necessary equipment, (b) will cause to be made all necessary
		repairs, renewals, replacements, betterments and improvements thereof, all as
		in the judgment of the Borrower may be necessary so that the business carried
		on in connection therewith may be properly and advantageously conducted at all
		times, and (c) will continue to engage primarily in the businesses now
		conducted by them and in related businesses; provided, that nothing in this
		Section 8.6 shall prevent the Borrower from discontinuing the operation and
		maintenance of any of its properties if such discontinuance is, in the judgment
		of the Borrower, desirable in the conduct of its or their business and does not
		in the aggregate have a Material Adverse Effect.
	 

	 
		8.7. Insurance. The Borrower will, and will cause each of the Lessees
		except as otherwise permitted under the Management Agreement, to maintain with
		financially sound and reputable insurers insurance with respect to its
		properties and business against such casualties and contingencies as shall be
		in accordance with the general practices of businesses engaged in similar
		activities in similar geographic areas and in amounts, containing such terms,
		in such forms and for such periods as may be reasonable and prudent.
	 

	 
		8.8. Taxes. The Borrower will duly pay and discharge, or cause to be
		paid and discharged, before the same shall become overdue, all material taxes,
		assessments and other governmental charges imposed upon it and its properties,
		sales and activities, or any part thereof, or upon the income or profits
		therefrom, as well as all material claims for labor, materials, or supplies
		that if unpaid might by law become a Lien or charge upon any of its property;
		provided, that any such tax, assessment, charge, levy or claim need not be paid
		if the validity or amount thereof shall currently be contested in good faith by
		appropriate proceedings and if the Borrower shall have set aside on its books
		adequate reserves with respect thereto; and provided, further, that the
		Borrower will pay all such material taxes, assessments, charges, levies or
		claims forthwith upon the commencement of proceedings to foreclose any Lien
		that may have attached as security therefor.
	 

	 
		8.9. Inspection of Properties and Books,
		etc. 
	 

	 
		 
	 

	 
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		8.9.1. General. The Borrower shall permit the Agent, any Initial Lender,
		or any of its designated representatives:
	 

	 
		(a) if no Default or Event of Default then
		exists, once per year at the expense of the Borrower, and otherwise at the
		expense of the Lenders and at such reasonable times and intervals as the Agent
		or any Lender may reasonably request in writing, to visit and inspect any of
		the properties of the Borrower, to examine the books of account of the Borrower
		(and to make copies thereof and extracts therefrom), and to discuss the
		affairs, finances and accounts of the Borrower with, and to be advised as to
		the same by, its and their officers, and to conduct examinations and
		verifications (whether by internal commercial finance examiners or independent
		auditors) of all components included in the Borrowing Base; and
	 

	 
		(b) if a Default or Event of Default then
		exists, at the expense of the Borrower at all such times and as often as the
		Agent or any Initial Lender requests, to visit and inspect any of the
		properties of the Borrower, to examine the books of account of the Borrower
		(and to make copies thereof and extracts therefrom), and to discuss the
		affairs, finances and accounts of the Borrower with, and to be advised as to
		the same by, its and their officers, and to conduct examinations and
		verifications (whether by internal commercial finance examiners or independent
		auditors) of all components included in the Borrowing Base.
	 

	 
		8.9.2. Commercial Finance Examinations.
		Once during each calendar year
		(provided that the Agent and the Lenders shall use commercially reasonable
		efforts to schedule such examination simultaneously with the commercial finance
		examination of the Manager pursuant to the Management Agreement), or more
		frequently if the Agent or any Lender reasonably determines or if an Event of
		Default shall have occurred and be continuing, upon the request of the Agent or
		any Lender, the Borrower will obtain and deliver to the Agent or, if the Agent
		so elects, will cooperate with the Agent in obtaining, a report of an
		independent commercial finance examiner satisfactory to the Agent (which may be
		affiliated with one of the Lenders) with respect to the Eligible Containers and
		Eligible Direct Finance Leases included in the Borrowing Base, which report
		shall indicate whether or not the information set forth in the Borrowing Base
		Report most recently delivered is accurate and complete in all material
		respects based upon a review by such auditors of the Eligible Containers and
		Eligible Direct Finance Leases. Prior to an Event of Default, one (1) such
		commercial finance examinations per annum shall be conducted and made at the
		expense of the Borrower and any additional commercial finance examinations
		shall be conducted and made at the expense of the Lenders. After the occurrence
		and during the continuance of an Event of Default, all such commercial finance
		examinations shall be conducted and made at the expense of the Borrower. The
		Agent agrees to make all such commercial finance examinations available to each
		of the Lenders.
	 

	 
		 
	 

	 
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		8.10. Compliance with Laws, Contracts,
		Licenses, and Permits. The Borrower
		will comply with (a) all laws, rules, regulations and orders of any
		Governmental Authority applicable to it or its property, (b) the provisions of
		its Governing Documents and (c) all material agreements and instruments by
		which it or any of its properties may be bound, except where, in all such
		instances, the failure to do so, individually or in the aggregate, would not
		reasonably be expected to result in a Material Adverse Effect. If any
		authorization, consent, approval, permit or license from any officer, agency or
		instrumentality of any government shall become necessary or required in order
		that the Borrower may fulfill any of its obligations hereunder or under any of
		the other Loan Documents to which the Borrower is a party, the Borrower will
		immediately take or cause to be taken all reasonable steps within the power of
		the Borrower to obtain such authorization, consent, approval, permit or license
		and furnish the Agent and the Lenders with evidence thereof.
	 

	 
		8.11. Use of Proceeds. 
	 

	 
		8.11.1. General. The Borrower will use the proceeds of the Credit Loans
		solely to (i) acquire from the Seller on the Closing Date the Collateral in
		accordance with the terms of the Contribution and Sale Agreement, and (ii) for
		other general business purposes.
	 

	 
		8.11.2. Regulations U and X.
		No portion of any Credit Loan is to be
		used for the purpose of purchasing or carrying any “margin security”
		or “margin stock” as such terms are used in Regulations U and X of
		the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 221 and
		224.
	 

	 
		8.11.3. Ineligible Securities.
		No portion of the proceeds of any
		Credit Loans is to be used for the purpose of knowingly purchasing, or
		providing credit support for the purchase of, during the underwriting or
		placement period or within thirty (30) days thereafter, any Ineligible
		Securities underwritten or privately placed by a Financial Affiliate.
	 

	 
		8.12. Employee Benefit Plans.
		The Borrower will (a) upon the
		Agent’s request, furnish to the Agent a copy of the most recent actuarial
		statement required to be submitted under §103(d) of ERISA and Annual
		Report, Form 5500, with all required attachments, in respect of each Guaranteed
		Pension Plan, and (b) within thirty (30) days after receipt or dispatch,
		furnish to the Agent any notice, report or demand sent or received in respect
		of a Guaranteed Pension Plan under §§302, 4041, 4042, 4043, 4063,
		4066 and 4068 of ERISA, or in respect of a Multiemployer Plan, under
		§§4041A, 4202, 4219, 4242, or 4245 of ERISA.
	 

	 
		8.13. Further Assurances.
		The Borrower will, and will cause each
		of its Restricted Subsidiaries to, cooperate with the Agent and execute such
		further instruments and documents as the Agent shall reasonably request to
		satisfactorily effectuate the transactions contemplated by this Credit
		Agreement and the other Loan Documents.
	 

	 
		 
	 

	 
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		8.14. Non-Consolidation of the Borrower.
		
	 

	 
		(a) The Borrower shall be operated in such a
		manner that it shall not be substantively consolidated with the trust estate of
		any other Person in the event of the bankruptcy or insolvency of the Borrower
		or such other Person. Without limiting the foregoing the Borrower shall (1)
		conduct its business in its own name, (2) maintain its books and records
		separate from those of any other Person, (3) maintain its bank accounts
		separate from those of any other Person, (4) maintain separate financial
		statements, showing its assets and liabilities separate and apart from those of
		any other Person, (5) pay its own liabilities and expenses only out of its own
		funds, (6) enter into a transaction with an Affiliate only if such transaction
		is intrinsically fair, commercially reasonable and on the same terms as would
		be available in an arm’s length transaction with a Person or entity that
		is not an Affiliate, (7) allocate fairly and reasonably any overhead expenses
		that are shared with an Affiliate, (8) hold itself out as a separate entity and
		maintain adequate capital in light of its contemplated business operations and
		(9) observe all other appropriate organizational formalities.
	 

	 
		(b) Notwithstanding any provision of law
		which otherwise empowers the Borrower, the Borrower shall not (1) hold itself
		out as being liable for the debts of any other Person, (2) act other than in
		its limited liability company name and through its duly authorized officers or
		agents, (3) engage in any joint activity or transaction of any kind with or for
		the benefit of any affiliate including any loan to or from or guarantee of the
		indebtedness of any Affiliate, except payment of lawful distributions to its
		stockholders, (4) other than as permitted in (i) during the Servicing
		Transition Period, the Management Agreement and (ii) thereafter, the Management
		Agreement and the Intercreditor Agreement, commingle its funds or other assets
		with those of any other person, (5) create, incur, assume, guarantee or in any
		manner become liable in respect of any indebtedness (except pursuant to this
		Credit Agreement) other than trade payables and expense accruals incurred in
		the ordinary course of its business or (6) take any other action that would be
		inconsistent with maintaining the separate legal identity of the Borrower or
		engage in any other activity not contemplated by this Credit Agreement and
		related documents.
	 

	 
		8.15. Investment Company
		Act. The Borrower will conduct its
		operations, and will cause the Manager to conduct the Borrower’s
		operations, in a manner which will not subject it to registration as an
		“investment company” under the Investment Company Act of 1940, as
		amended.
	 

	 
		8.16. Payments of
		Collateral. If the Borrower shall
		receive from any Person any payments with respect to the Collateral (to the
		extent such Collateral has not been released from the Lien of the Security
		Documents), the Borrower shall receive such payment in trust for the Agent and
		the Lender, and subject to the security interest in favor of the Agent and
		shall immediately deposit such payment in the Trust Account.
	 

	 
		 
	 

	 
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		8.17. UNIDROIT Convention. The Borrower shall comply with the terms and
		provisions of the UNIDROIT Convention or any other internationally recognized
		system for recording interests in or liens against shipping containers at the
		time that such convention is adopted by the container leasing industry.
	 

	 
		8.18. Hedging
		Requirements. Not later than July 31,
		2007, the Borrower shall enter into and maintain one or more Interest Rate
		Hedge Agreements having an average aggregate notional balance of not less than
		an amount equal to seventy-five percent (75%) of the Aggregate Note Principal
		Balance, each as determined on such Determination Date (after giving effect to
		all payments to be made on the corresponding Payment Date). The Borrower will
		not allow the aggregate notional balance of such Interest Rate Hedge Agreements
		to exceed one hundred percent (100%) of the then Aggregate Note Principal
		Balance. All payments made by an Interest Rate Hedge Provider shall be
		deposited directly into the Trust Account in accordance with Section 4.1
		hereof.
	 

	 
		9. CERTAIN NEGATIVE COVENANTS.
		
	 

	 
		The Borrower covenants and agrees that, so
		long as any Credit Loan or Note is outstanding or any Lender has any obligation
		to make any Credit Loan:
	 

	 
		9.1. Restrictions on Indebtedness.
		The Borrower will not create, incur,
		assume, guarantee or be or remain liable, contingently or otherwise, with
		respect to any Indebtedness other than:
	 

	 
		(a) Indebtedness to the Lenders and the
		Agent arising under any of the Loan Documents;
	 

	 
		(b) Indebtedness under Interest Rate Hedge
		Agreements in accordance with Section 8.18; and
	 

	 
		(c) endorsements for collection, deposit or
		negotiation and warranties of products or services, in each case incurred in
		the ordinary course of business.
	 

	 
		9.2. Restrictions on Liens.
		The Borrower will not (a) create or
		incur or suffer to be created or incurred or to exist any Lien upon any of its
		property or assets of any character whether now owned or hereafter acquired, or
		upon the income or profits therefrom; (b) transfer any of such property or
		assets or the income or profits therefrom for the purpose of subjecting the
		same to the payment of Indebtedness or performance of any other obligation in
		priority to payment of its general creditors; (c) acquire, or agree or have an
		option to acquire, any property or assets upon conditional sale or other title
		retention or purchase money security agreement, device or arrangement; (d)
		suffer to exist for a period of more than thirty (30) days after the same shall
		have been incurred any Indebtedness or claim or demand against it that if
		unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given
		any priority whatsoever over its general creditors; or (e) sell, assign, pledge
		or otherwise transfer any “receivables” as defined in clause (g) of
		the definition of the term “Indebtedness”, with or without recourse;
		
	 

	 
		 
	 

	 
		55
	 

	 
		 
	 

	 
	 

	 

	 
		provided, that the Borrower may create or
		incur or suffer to be created or incurred or to exist:
	 

	 
		(i) Liens to secure taxes, assessments and
		other government charges in respect of obligations not overdue or that are
		being contested in good faith by appropriate proceedings that are not
		reasonably likely to result in any civil or criminal penalty to the Agent or
		any Lender and for the payment of which adequate reserves are maintained in
		accordance with GAAP;
	 

	 
		(ii) Liens of carriers, warehousemen,
		mechanics and materialmen, and other like Liens on properties, in existence
		less than 60 days after the Borrower or the Manager has knowledge thereof or
		that are being contested in good faith by appropriate proceedings that are not
		reasonably likely to result in any civil or criminal penalty to the Agent or
		the Lender and for the payment of which adequate reserves are maintained in
		accordance with GAAP; 
	 

	 
		(iii) Liens in favor of the Agent for the
		benefit of the Lenders and the Agent under the Loan Documents;
	 

	 
		(iv) Liens consisting of interests of
		lessees of the Containers or arising from precautionary UCC financing statement
		filings regarding leases entered into in the ordinary course;
	 

	 
		(v) Liens in favor of banks on items in
		collection (and the documents related thereto) arising in the ordinary course
		of business of the Borrower under Article IV of the Uniform Commercial Code.
		
	 

	 
		9.3. Restrictions on Investments.
		The Borrower will not make or permit to
		exist or to remain outstanding any Investment except Investments in:
	 

	 
		(a) Eligible Investments with respect to
		funds on deposit in the Trust Account;
	 

	 
		(b) Investments consisting of accounts
		receivable owing to the Borrower in the ordinary course of business and payable
		or dischargeable in accordance with customary terms;
	 

	 
		(c) Investments received in connection with
		the bankruptcy or reorganization of, or settlement of delinquent accounts and
		disputes with Lessees arising in the ordinary course of business;
	 

	 
		9.4. Restricted Payments.
		The Borrower will not make any
		Restricted Payments if a Default, an Event of Default or Early Amortization
		Event is then continuing or would result from such payment; provided, that the
		Borrower may make 
	 

	 
		 
	 

	 
		56
	 

	 
		 
	 

	 
	 

	 

	 
		payments to its Affiliates with respect to
		services rendered or products delivered to the extent not prohibited by Section
		9.11.
	 

	 
		9.5. Merger, Consolidation and
		Disposition of Assets. 
	 

	 
		9.5.1. Mergers and Acquisitions.
		The Borrower will not become a party to
		any merger, amalgamation or consolidation, or agree to or effect any asset
		acquisition of a facility, division or line or business or acquisition of a
		majority of the Voting Stock of any Person (other than the acquisition of
		Containers in the ordinary course of business consistent with past practices
		shall not be prohibited).
	 

	 
		9.5.2. Disposition of Assets. 
	 

	 
		9.5.2.1. The Borrower will not become a party to or agree to or
		effect any sale, transfer, conveyance, lease or other disposition of assets,
		other than pursuant to Section 9.5.2.2 or (a) the sale of Investments permitted
		pursuant to Section 9.3 hereof; (b) leases of assets in the ordinary course of
		business consistent with past practices. (c) in connection with a substitution
		pursuant to the Contribution and Sale Agreement, (d) sales of Containers to
		Persons that are not Sanctioned Persons for Net Cash Sales Proceeds of not less
		than the sum of the then Net Book Values or Net Present Value of Direct Finance
		Lease Receivables, as the case may be, of the Containers and/or Leases to be
		sold, regardless of whether such sales are considered to have been made in the
		ordinary course of business, (e) so long as an Early Amortization Event or
		Event of Default is not then continuing or would result from such sale of
		Containers and/or Leases, sales of Containers and/or Leases, in the ordinary
		course of business (including any such sales resulting from the sell/repair
		decision of the Manager) to Persons that are not Sanctioned Persons regardless
		of the amount of Net Cash Sales Proceeds realized therefrom, (f) in connection
		with a sale to a Lessee or its designee pursuant to the terms of a Direct
		Finance Lease, (g) sales of obsolete or irreparably damaged Containers to
		Persons that are not Sanctioned Persons, (h) for so long as an Early
		Amortization Event shall have occurred and be continuing, sales of Containers
		to unaffiliated third parties (that are not Sanctioned Persons) in bonafide
		arm’s length transactions within the normal course of business for Net
		Cash Sales Proceeds not less than the sum of the Net Book Value or Net Present
		Value of Direct Finance Lease Receivables, as the case may be, of such
		Containers (including any such sales resulting from the sell/repair decision of
		the Manager), so long as (i) the sum of the Net Book Values or Net Present
		Value of Direct Finance Lease Receivables, as the case may be, of all such
		Containers shall not exceed an amount equal to (A) ten percent (10)% per annum
		and (B) a cumulative amount on an aggregate basis of twenty-five percent (25%),
		determined in each case based on the average Borrowing Base as of the last day
		of each of the four (4) immediately preceding 
	 

	 
		 
	 

	 
		57
	 

	 
		 
	 

	 
	 

	 

	 
		Collection Periods, as determined at the
		time of such event and (ii) immediately following such sale, no Early
		Amortization Event shall then exist. 
	 

	 
		9.5.2.2. The Borrower will not become a party to or agree to or
		effect any sale, transfer, conveyance, lease or other disposition of all or
		substantially of the Containers subject to a Direct Finance Lease unless,
		immediately after giving effect to such transaction, no Borrowing Base
		Deficiency would then exist. 
	 

	 
		9.6. Sale and Leaseback. The Borrower will not enter into any arrangement,
		directly or indirectly, whereby the Borrower shall sell or transfer any
		property owned by it in order then or thereafter to lease such property or
		lease other property that the Borrower intends to use for substantially the
		same purpose as the property being sold or transferred.
	 

	 
		9.7. Compliance with Environmental Laws.
		The Borrower will not (a) use any
		Container for the handling, processing, storage or disposal of Hazardous
		Substances in any material respect, (b) otherwise use any Container or
		Generator in any manner that would violate in any material respect any
		Environmental Law or bring such Container or Generator, as the case may be
		(with respect to each clause (a) or (b) of this Section), in violation of any
		Environmental Law in any material respect.
	 

	 
		9.8. Employee Benefit Plans.
		Neither the Borrower nor any ERISA
		Affiliate will:
	 

	 
		(a) engage in any “prohibited
		transaction” within the meaning of §406 of ERISA or §4975 of the
		Code which could result in a material liability for the Borrower or any of its
		ERISA Affiliates; or
	 

	 
		(b) permit any Guaranteed Pension Plan to
		incur an “accumulated funding deficiency”, as such term is defined in
		§302 of ERISA, whether or not such deficiency is or may be waived;
		or
	 

	 
		(c) fail to contribute to any Guaranteed
		Pension Plan to an extent which, or terminate any Guaranteed Pension Plan in a
		manner which, could result in the imposition of a lien or encumbrance on the
		assets of the Borrower or any of its ERISA Affiliates pursuant to §302(f)
		or §4068 of ERISA; or
	 

	 
		(d) amend any Guaranteed Pension Plan in
		circumstances requiring the posting of security pursuant to §307 of ERISA
		or §401(a)(29) of the Code;
	 

	 
		(e) permit or take any action which would
		result in the aggregate benefit liabilities (with the meaning of §4001 of
		ERISA) of all Guaranteed Pension Plans exceeding the value of the aggregate
		assets of such Plans, disregarding for this purpose the benefit liabilities and
		assets of any such Plan with assets in excess of benefit liabilities; or
	 

	 
		 
	 

	 
		58
	 

	 
		 
	 

	 
	 

	 

	 
		(f) permit or take any action which would
		contravene any Applicable Pension Legislation and would have a Material Adverse
		Effect.
	 

	 
		9.9. Business Activities.
		The Borrower will not change the
		general nature of their primary businesses conducted by them on the Closing
		Date.
	 

	 
		9.10. Fiscal Year. The Borrower will not change the date of the end of its
		fiscal year from that set forth in Section 7.4.1.
	 

	 
		9.11. Transactions with Affiliates.
		Except as expressly permitted under
		Sections 9.1, 9.2, 9.3, 9.4 and 9.5, the Borrower will not engage in any
		transaction with any Affiliate, including any contract, agreement or other
		arrangement providing for the furnishing of services to or by, providing for
		rental of real or personal property to or from, or otherwise requiring payments
		to or from any such Affiliate or, to the knowledge of the Borrower, any
		corporation, partnership, trust or other entity in which any such Affiliate has
		a substantial interest or is an officer, director, trustee or partner, on terms
		more favorable to such Person than would have been obtainable on an
		arm’s-length basis in the ordinary course of business; provided, this
		Section 9.11 shall not prohibit any of the transactions between the Borrower
		and CLI contemplated by the Loan Documents.
	 

	 
		9.12. [Reserved].
	 

	 
		9.13. Other Agreements. 
	 

	 
		(a) The Borrower will not after the Closing
		Date enter into, or become a party to, any agreements or instruments other than
		(i) the Loan Documents or any other agreement(s) contemplated hereby or thereby
		or related hereto or thereto, (ii) any agreement(s) for disposition of the
		Containers and Leases permitted by the terms of this Credit Agreement, and
		(iii) any agreement(s) for the sale or re-lease of a Container made in
		accordance with the provisions of the Management Agreement.
	 

	 
		(b) The Borrower will not amend, modify or
		waive any provision of any Loan Documents or give any approval or consent or
		permission provided for therein, except in accordance with the express terms of
		such Loan Document.
	 

	 
		9.14. Charter Documents. The Borrower will not amend or modify its
		organizational documents.
	 

	 
		9.15. Capital
		Expenditures. The Borrower will not
		make any expenditure (by long-term or operating lease or otherwise) for capital
		assets (both realty and personalty), except for (a) acquisition of additional
		Containers from the Seller in accordance with the terms of the Contribution and
		Sale Agreement or (b) capital improvements to the Containers made in the
		ordinary course of its business and in accordance with the terms of the
		Management Agreement.
	 

	 
		 
	 

	 
		59
	 

	 
		 
	 

	 
	 

	 

	 
		9.16. Permitted Activities; Compliance
		with Organizational Documents. The
		Borrower will not engage in any activity or enter into any transaction except
		as permitted under its organizational documents as in effect on the date on
		which this Credit Agreement is executed. The Borrower will observe all company,
		organizational and managerial procedures required by its organizational
		documents and applicable law.
	 

	 
		9.17. Subsidiaries. The Borrower shall not create any Subsidiaries.
	 

	 
		9.18. Amendment of Intercreditor
		Agreement. The Borrower shall not
		consent to any amendment, modification or revision to the Intercreditor
		Agreement except for any supplement thereto needed to designate an additional
		“Managed Equipment Owner” or “Managed Equipment Lender”, as
		each such term is defined in the Intercreditor Agreement.
	 

	 
		9.19. Depreciation Policy. The Borrower will not amend or modify the depreciation
		policy in effect on the Closing Date with respect to the Containers included in
		the Borrowing Base, except if the resulting depreciation policy shall be at
		least as conservative as the depreciation policy in effect on the Closing Date
		(e.g., use of such depreciation policy would result in (a) a higher annual
		amount of depreciation or (b) a lower estimated residual value) and is
		otherwise in accordance with GAAP.
	 

	 
		9.20. OFAC. The Borrower shall not lease, or consent to the
		sublease of, a Container to a “prohibited person” or an entity
		organized in a “prohibited jurisdiction”. If the Borrower obtains
		knowledge that a Container is subleased to a “prohibited person” or
		located or used in a “prohibited jurisdiction” (other than by the
		United States government, or pursuant to a license issued by the Office of
		Foreign Assets Control), then the Borrower shall, within ten (10) Business Days
		after obtaining knowledge thereof, remove such Container from the Borrowing
		Base for so long as such condition continues.
	 

	 
		10. [RESERVED]. 
	 

	 
		11. CLOSING CONDITIONS. 
	 

	 
		The obligations of the Lenders to make the
		Credit Loans shall be subject to the satisfaction of the following conditions
		precedent:
	 

	 
		11.1. Loan Documents, etc.
		All proceedings in connection with the
		transactions contemplated by this Credit Agreement, the other Loan Documents
		and all other documents incident thereto shall be satisfactory in substance and
		in form to the Lenders and to the Agent and the Agent’s Special Counsel,
		and the Lenders, the Agent and such counsel shall have received all information
		and such counterpart originals or certified or other copies of such documents
		as the Agent or any Lender may reasonably request.
	 

	 
		11.1.1. Loan Documents. Each of the Loan Documents shall have been duly executed
		and delivered by the respective parties thereto, shall be in full force and
		effect and shall be in form and substance satisfactory to the Agent and 
	 

	 
		 
	 

	 
		60
	 

	 
		 
	 

	 
	 

	 

	 
		each Lender. Each Lender shall have received
		a fully executed copy of each such document.
	 

	 
		11.2.
		Certified Copies of Governing Documents. The Agent shall have received from each of the Borrower,
		the Seller and the Manager a copy, certified by a duly authorized officer of
		such Person to be true and complete on the Closing Date, of each of its
		Governing Documents as in effect on such date of certification.
	 

	 
		11.3.
		Corporate or Other Action. All
		corporate (or other) action necessary for the valid execution, delivery and
		performance by each of the Borrower, the Seller and the Manager of this Credit
		Agreement and the other Loan Documents to which it is or is to become a party
		shall have been duly and effectively taken, and evidence thereof satisfactory
		to the Agent shall have been provided to each of the Lenders.
	 

	 
		11.4.
		Incumbency Certificate. The Agent shall
		have received from each of the Borrower, the Seller and the Manager an
		incumbency certificate, dated as of the Closing Date, signed by a duly
		authorized officer of such Person, and giving the name and bearing a specimen
		signature of each individual who shall be authorized: (a) to sign, in the name
		and on behalf of such Person each of the Loan Documents to which it is or is to
		become a party; (b) to make Credit Loan Requests; and (c) to give notices and
		to take other action on its behalf under the Loan Documents.
	 

	 
		11.5. Validity
		of Liens. The Security Documents shall
		be effective to create in favor of the Agent a legal, valid and enforceable
		first (except for Permitted Liens entitled to priority under applicable law)
		security interest in and Lien upon the Collateral. All filings, recordings,
		deliveries of instruments and other actions necessary or desirable in the
		opinion of the Agent to protect and preserve such security interests shall have
		been duly effected. The Agent shall have received evidence thereof in form and
		substance satisfactory to the Agent.
	 

	 
		11.6.
		Perfection Certificates and UCC Search Results. The Agent shall have received from each of the Borrower,
		the Seller and ICL, a completed and fully executed Perfection Certificate and
		the results of UCC and similar domestic searches with respect to the
		Collateral, indicating no Liens other than Permitted Liens and otherwise in
		form and substance satisfactory to the Agent.
	 

	 
		11.7.
		Financial Statements. The Agent shall
		have received the financial statements described in Section 7.4.2, in form and
		substance reasonably satisfactory to the Agent and each Lender.
	 

	 
		11.8.
		Certificates of Insurance. The Agent
		shall have received (a) a certificate of insurance from an independent
		insurance broker dated as of the Closing Date, identifying insurers, types of
		insurance, insurance limits, and policy terms, and otherwise describing the
		insurance obtained in accordance with the provisions of the Security Agreement
		and (b) certified copies of all policies evidencing such insurance (or
		certificates therefor signed by the insurer or an agent authorized to bind the
		insurer).
	 

	 
		 
	 

	 
		61
	 

	 
		 
	 

	 
	 

	 

	 
		11.9. Acquisition. The Agent shall have received from the Borrower evidence
		acceptable to the Agent and each Lender that the Acquisition has been
		consummated on terms and conditions acceptable to the Agent and the Required
		Lenders.
	 

	 
		11.10.
		Borrowing Base Report. The Agent shall
		have received from the Borrower the initial Borrowing Base Report dated as of
		the Closing Date. 
	 

	 
		11.11.
		Solvency Certificate. Each of the
		Lenders shall have received an officer’s certificate of the Borrower dated
		as of the Closing Date as to the solvency of the Borrower and its Subsidiaries
		following the consummation of the transactions contemplated herein and in form
		and substance satisfactory to the Lenders.
	 

	 
		11.12. Opinion
		of Counsel. The Agent shall have
		received a favorable legal opinion addressed to the Lenders and the Agent,
		dated as of the Closing Date, in form and substance reasonably satisfactory to
		the Agent, from:
	 

	 
		(a) Sidley Austin LLP, special counsel to
		the Borrower, the Seller and the Manager; 
	 

	 
		(b) Lisa Leach, Esq., general counsel to the
		Borrower and the Manager;
	 

	 
		(c) Lex Caribbean, Barbados counsel to
		ICL;
	 

	 
		11.13. Payment
		of Fees. The Borrower shall have paid
		to the Lenders or the Agent, as appropriate, the Fees and shall have paid all
		reasonable outstanding legal and other professional fees pursuant to Section
		16.2.
	 

	 
		11.14.
		Representations True; No Event of Default. Each of the representations and warranties of any of the
		Borrower and its Affiliates contained in this Credit Agreement, the other Loan
		Documents or in any document or instrument delivered pursuant to or in
		connection with this Credit Agreement shall be true as of the date as of which
		they were made and shall also be true at and as of the time of the making of
		such Credit Loan, with the same effect as if made at and as of that time
		(except to the extent of changes resulting from transactions contemplated or
		not prohibited by this Credit Agreement and the other Loan Documents and no
		Default, Event of Default or Early Amortization Event shall have occurred and
		be continuing or would result from the making of such Credit Loan. The Agent
		shall have received a certificate of the Borrower signed by an authorized
		officer of the Borrower to such effect.
	 

	 
		11.15. Equity
		Investments. The transaction described
		in the Merger Agreement shall have occurred.
	 

	 
		11.16.
		Indebtedness to be Paid. The Agent and
		each Lender shall have received satisfactory evidence that all loans
		outstanding under, and all other amounts due in respect of, the Collateral
		shall have been repaid in full (or satisfactory arrangements made 
	 

	 
		 
	 

	 
		62
	 

	 
		 
	 

	 
	 

	 

	 
		for such repayment) and the commitments
		thereunder shall have been permanently terminated.
	 

	 
		11.17.
		Acquired Business Financial Statements.
		The Agent and each Lender shall have received (a) audited consolidated and
		consolidating balance sheets and related statements of income,
		stockholders’ equity and cash flows of the Acquired Business for the three
		fiscal years ended before the Closing Date (without any qualified audit opinion
		thereon) and (b) unaudited consolidated and consolidating balance sheets and
		related statements of income, stockholders’ equity and cash flows of the
		Acquired Business for each completed fiscal quarter since the date of such
		audited financial statements ended at least 45 days prior to the Closing Date,
		all of which shall be prepared in accordance with U.S. GAAP.
	 

	 
		11.18. Pro
		Forma Financial Statements; Projections. The Lenders shall have received a pro forma consolidated
		balance sheet of each of (a) CLI and its Subsidiaries and (b) the Borrower, in
		each case as of the Balance Sheet Date, after giving effect to the Credit Loans
		to be made on the Closing Date, together with a certificate of an authorized
		officer of an entity acceptable to the Agent and each Lender to the effect that
		(i) such statements (other than financial projections) accurately present in
		all material respects the pro forma financial position of each of (x) CLI and
		its Subsidiaries and (y) the Borrower in accordance with U.S. GAAP and (ii) all
		financial projections have been prepared in good faith based upon assumptions
		believed by management to be reasonable at the time made. The Fortress Entities
		and the Acquired Business shall have delivered the Acquired Business’s
		most recent projections through the 2009 fiscal year.
	 

	 
		11.19. No
		Material Adverse Change. There shall
		not have been a Material Adverse Effect with respect to CLI and its
		Subsidiaries since December 31, 2006, except as disclosed in the unaudited
		financial statements for the fiscal quarter ender March 31, 2007 delivered to
		the Lenders. 
	 

	 
		11.20. Maximum
		Number of Funding Dates. After giving
		effect to the Requested Credit Loan, the Lenders shall not have made more than
		two (2) Credit Loans to the Borrower. 
	 

	 
		12.
		[RESERVED]. 
	 

	 
		13. EVENTS OF
		DEFAULT; ACCELERATION; ETC. 
	 

	 
		13.1. Events
		of Default and Acceleration. If any of
		the following events (“Events of Default” or, if the giving of notice
		or the lapse of time or both is required, then, prior to such notice or lapse
		of time, “Defaults”) shall occur:
	 

	 
		(a) the Borrower shall fail to pay the then
		unpaid principal of the Credit Loans when the same shall become due and
		payable, whether at the Maturity Date or any accelerated date of maturity or at
		any other date fixed for payment (other than as set forth in Section 3.2.1,
		which failure to pay is dealt with in Section 13.1 (m) hereof);
	 

	 
		 
	 

	 
		63
	 

	 
		 
	 

	 
	 

	 

	 
		(b) the Borrower shall fail to pay (i) on
		any Payment Date any interest on the Credit Loans or any Fees then due and
		payable, or (ii) other sums due hereunder or under any of the other Loan
		Documents, within three (3) Business Days of the date the same shall become due
		and payable, whether at the stated date of maturity or any accelerated date of
		maturity or at any other date fixed for payment (other than as set forth in
		Section 3.2.1, which failure to pay is dealt with in Section 13.1 (m)
		hereof);
	 

	 
		(c) the Borrower shall fail to comply (i)
		with any of its covenants contained in Section 9 (with the exception of
		Section 9.7), or (ii) within ten (10) days after the delivery dates
		required therein, with any of its covenants contained in Sections 8.4 or 8.9;
		
	 

	 
		(d) the Borrower shall default in the
		observation or performance of any other covenant (not otherwise covered by
		Section 13.1) of the Borrower set forth in this Credit Agreement or other Loan
		Document, which continues for a period of thirty (30) days after the earliest
		of (x) any Senior Executive Officer of the Borrower, first acquiring knowledge
		thereof, (y) the Agent’s giving written notice thereof to the Borrower, or
		(z) any Lender giving written notice thereof to the Borrower and the
		Agent.
	 

	 
		(e) any representation or warranty of the
		Borrower or the Seller (other than, in the case of the Seller, the Container
		Representations and Warranties) made in any other Loan Document shall prove to
		be incorrect in any material respect as of the time when the same shall have
		been made which continues and if capable of cure, the continuance of such
		condition for a period of thirty (30) days after the earliest of (i) any Senior
		Executive Officer of the Borrower or the Seller, as the case may be, first
		acquiring knowledge thereof, (ii) the Agent’s giving written notice
		thereof to the Borrower or the Seller, as the case may be, or (iii) any Lender
		giving written notice thereof to the Borrower or the Seller, as the case may
		be, and the Agent;
	 

	 
		(f) All of the following: (A) a Manager
		Default shall have occurred and be continuing, (B) the Required Lenders have
		notified the Manager of their intent to locate a successor Manager in
		accordance with the terms of the Loan Documents and (C) no successor Manager
		shall have assumed the duties of the Manager pursuant to a successor management
		agreement in accordance with the terms of the Management Agreement and the
		other Loan Documents within the earlier of (i) sixty (60) days from the date on
		which the Required Lenders shall notify the Manager of their intent to locate a
		successor Manager in accordance with the terms of the Loan Documents and at any
		time during such sixty (60) day period a Borrowing Base Deficiency shall exist
		or (ii) ninety (90) days from the date which the Required Lenders shall notify
		the Manager of their intent to locate a successor Manager in accordance with
		the terms of the Loan Documents; 
	 

	 
		(g) the Borrower shall make an assignment
		for the benefit of creditors, or admit in writing its inability to pay or
		generally fail to pay its debts as they 
	 

	 
		 
	 

	 
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		mature or become due, or shall petition or
		apply for the appointment of a trustee or other custodian, liquidator or
		receiver of the Borrower or of any substantial part of the assets of the
		Borrower or shall commence any case or other proceeding relating to the
		Borrower under any bankruptcy, reorganization, arrangement, insolvency,
		readjustment of debt, dissolution or liquidation or similar law of any
		jurisdiction, now or hereafter in effect, or shall take any action to authorize
		or in furtherance of any of the foregoing, or if any such petition or
		application shall be filed or any such case or other proceeding shall be
		commenced against the Borrower and the Borrower shall indicate its approval
		thereof, consent thereto or acquiescence therein or such petition or
		application shall not have been dismissed within sixty (60) days following the
		filing thereof;
	 

	 
		(h) a decree or order is entered appointing
		any such trustee, custodian, liquidator or receiver or adjudicating the
		Borrower bankrupt or insolvent, or approving a petition in any such case or
		other proceeding, or a decree or order for relief is entered in respect of the
		Borrower or any Subsidiary of the Borrower in an involuntary case under any
		Insolvency Law as now or hereafter constituted;
	 

	 
		(i) there shall remain in force,
		undischarged, unsatisfied and unstayed, for more than thirty (30) consecutive
		days, any final judgment against the Borrower not covered by insurance that,
		with other outstanding final judgments, undischarged, against the Borrower not
		covered by insurance exceeds in the aggregate $250,000;
	 

	 
		(j) if any of the Loan Documents shall be
		cancelled, terminated, revoked or rescinded or if the Agent’s security
		interests, mortgages or liens in of the Collateral shall cease to be perfected,
		or shall cease to have the priority contemplated by the Security Documents, in
		each case otherwise than in accordance with the terms thereof or with the
		express prior written agreement, consent or approval of the Lenders, or any
		action at law, suit or in equity or other legal proceeding to cancel, revoke or
		rescind any of the Loan Documents shall be commenced by or on behalf of the
		Borrower party thereto or any of their respective members or stockholders (as
		the case may be), or any court of competent jurisdiction or any other
		governmental or regulatory authority or agency of competent jurisdiction shall
		make a determination that, or issue a judgment, order, decree or ruling to the
		effect that, any one or more of the Loan Documents is illegal, invalid or
		unenforceable in accordance with the terms thereof;
	 

	 
		(k) the Borrower or any ERISA Affiliate
		incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title
		IV of ERISA in an aggregate amount exceeding $250,000, or the Borrower or any
		ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA
		by a Multiemployer Plan requiring aggregate annual payments exceeding $250,000,
		or any of the following occurs with respect to a Guaranteed Pension Plan: (i)
		an ERISA Reportable Event, or a failure to make a required installment or other
		payment (within the meaning of §302(f)(1) of ERISA), provided, that the
		Agent determines 
	 

	 
		 
	 

	 
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		in its reasonable discretion that such event
		(A) could be expected to result in liability of the Borrower to the PBGC or
		such Guaranteed Pension Plan in an aggregate amount exceeding $250,000 and (B)
		could constitute grounds for the termination of such Guaranteed Pension Plan by
		the PBGC, for the appointment by the appropriate United States District Court
		of a trustee to administer such Guaranteed Pension Plan or for the imposition
		of a lien in favor of such Guaranteed Pension Plan; or (ii) the appointment by
		a United States District Court of a trustee to administer such Guaranteed
		Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate
		such Guaranteed Pension Plan;
	 

	 
		(l) CLI shall at any time (i) own less than
		all of the Capital Stock of the Borrower unless waived by the Required Lenders
		or (ii) fail to have sole control of the Borrower and, legally and
		beneficially, own less than a majority of 51% of Capital Stock of the Borrower
		unless waived by the Required Lenders;
	 

	 
		(m) the Aggregate Note Principal Balance
		exceeds the Borrowing Base at such time and the Borrower does not remedy such
		situation (by payment of the amount set forth in Section 3.2 or otherwise)
		within sixty (60) days; or
	 

	 
		(n) there shall occur the loss, suspension
		or revocation of, or failure to renew, any license or permit now held or
		hereafter acquired by the Borrower if such loss, suspension, revocation or
		failure to renew would reasonably be expected to have a Material Adverse
		Effect; 
	 

	 
		(o) if on any Determination Date, the
		Utilization Ratio is less than sixty percent (60%);
	 

	 
		then, and in any such event, so long as the
		same may be continuing, the Agent may, and upon the request of the Required
		Lenders shall, by notice in writing to the Borrower declare all amounts owing
		with respect to this Credit Agreement, the Notes and the other Loan Documents
		to be, and they shall thereupon forthwith become, immediately due and payable
		without presentment, demand, protest or other notice of any kind, all of which
		are hereby expressly waived by the Borrower; provided, that in the event of any
		Event of Default specified in Sections 13.1(g) or 13.1(h), all such amounts
		shall become immediately due and payable automatically and without any
		requirement of notice from the Agent or any Lender.
	 

	 
		13.2.
		Reserved. 
	 

	 
		13.3.
		Remedies. In case any one or more of
		the Events of Default shall have occurred and be continuing, and whether or not
		the Lenders shall have accelerated the maturity of the Credit Loans pursuant to
		Section 13.1, each Lender, if owed any amount with respect to the Credit Loans
		may, with the consent of the Required Lenders but not otherwise, proceed to
		protect and enforce its rights by suit in equity, action at law or other
		appropriate proceeding, whether for the specific performance of any covenant or
		agreement contained in this Credit Agreement and the other Loan Documents or
		any 
	 

	 
		 
	 

	 
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		instrument pursuant to which the Obligations
		to such Lender are evidenced, including as permitted by applicable law the
		obtaining of the ex
		parte appointment of a receiver, and,
		if such amount shall have become due, by declaration or otherwise, proceed to
		enforce the payment thereof or any other legal or equitable right of such
		Lender. No remedy herein conferred upon any Lender or the Agent or the holder
		of any Note is intended to be exclusive of any other remedy and each and every
		remedy shall, to the extent permitted by applicable law, be cumulative and
		shall be in addition to every other remedy given hereunder or now or hereafter
		existing at law or in equity or by statute or any other provision of
		law.
	 

	 
		13.4.
		Distribution of Collateral Proceeds. In
		the event that, following the occurrence or during the continuance of any Event
		of Default, the Agent or any Lender, as the case may be, receives any monies in
		connection with the enforcement of any of the Security Documents, or otherwise
		with respect to the realization upon any of the Collateral, such monies shall
		be distributed for application as follows:
	 

	 
		(a) First, to the payment of, or (as the
		case may be) the reimbursement of the Agent for or in respect of all reasonable
		costs, expenses, disbursements and losses which shall have been incurred or
		sustained by the Agent in connection with the collection of such monies by the
		Agent, for the exercise, protection or enforcement by the Agent of all or any
		of the rights, remedies, powers and privileges of the Agent under this Credit
		Agreement or any of the other Loan Documents or in respect of the Collateral or
		in support of any provision of adequate indemnity to the Agent against any
		taxes or liens which by law shall have, or may have, priority over the rights
		of the Agent to such monies;
	 

	 
		(b) Second, to all other Obligations;
		provided, however, that (i) distributions shall be made (A)
		pari passu among Obligations with respect to the Fees and all
		other Obligations and (B) with respect to each type of Obligation owing to the
		Lenders, such as interest, principal, fees and expenses, among the Lenders
		pro rata, and (ii) the Agent may in its discretion make proper
		allowance to take into account any Obligations not then due and payable;
	 

	 
		(c) Third, upon payment and satisfaction in
		full or other provisions for payment in full satisfactory to the Lenders and
		the Agent of all of the Obligations, to the payment of any obligations required
		to be paid pursuant to §9-608(a)(1)(C) or 9 615(a)(3) of the Uniform
		Commercial Code of the State of New York; and
	 

	 
		(d) Fourth, the excess, if any, shall be
		returned to the Borrower or, to the extent directed by applicable legal
		authority, to such other Persons as are legally entitled thereto.
	 

	 
		14. THE AGENT.
		
	 

	 
		14.1.
		Authorization; Reliance by Agent. 
	 

	 
		 
	 

	 
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		(a) Appointment and Authority. Each of the Lenders hereby irrevocably appoints
		Citigroup Global Markets Realty Corp. to act on its behalf as the Agent
		hereunder and under the other Loan Documents and authorizes the Agent to take
		such actions on its behalf and to exercise such powers as are delegated to the
		Agent by the terms hereof or thereof, together with such actions and powers as
		are reasonably incidental thereto. The provisions of this Article are solely
		for the benefit of the Agent and the Lenders and the Borrower shall not have
		rights as a third party beneficiary of, nor otherwise have any incremental
		obligations on account of, any of such provisions. 
	 

	 
		(b) The Agent shall be entitled to rely
		upon, and shall not incur any liability for relying upon, any notice, request,
		certificate, consent, statement, instrument, document or other writing
		(including any electronic message, Internet or intranet website posting or
		other distribution) believed by it to be genuine and to have been signed, sent
		or otherwise authenticated by the proper Person. The Agent also may rely upon
		any statement made to it orally or by telephone and believed by it to have been
		made by the proper Person, and shall not incur any liability for relying
		thereon. In determining compliance with any condition hereunder to the making
		of a Credit Loan, that by its terms must be fulfilled to the satisfaction of a
		Lender, the Agent may presume that such condition is satisfactory to such
		Lender unless the Agent shall have received notice to the contrary from such
		Lender prior to the making of such Credit Loan. The Agent may consult with
		legal counsel (who may be counsel for the Borrower), independent accountants
		and other experts selected by it, and shall not be liable for any action taken
		or not taken by it in accordance with the advice of any such counsel,
		accountants or experts. 
	 

	 
		(c) The relationship between the Agent and
		each of the Lenders is that of an independent contractor. The use of the term
		“Agent” is for convenience only and is used to describe, as a form of
		convention, the independent contractual relationship between the Agent and each
		of the Lenders. Nothing contained in this Credit Agreement nor the other Loan
		Documents shall be construed to create an agency, trust or other fiduciary
		relationship between the Agent and any of the Lenders.
	 

	 
		(d) As an independent contractor empowered
		by the Lenders to exercise certain rights and perform certain duties and
		responsibilities hereunder and under the other Loan Documents, the Agent is
		nevertheless a “representative” of the Lenders, as that term is
		defined in Article 1 of the Uniform Commercial Code, for purposes of actions
		for the benefit of the Lenders and the Agent with respect to all collateral
		security and guaranties contemplated by the Loan Documents. Such actions
		include the designation of the Agent as “secured party”,
		“mortgagee” or the like on all financing statements and other
		documents and instruments, whether recorded or otherwise, relating to the
		attachment, perfection, priority or enforcement of any security interests,
		mortgages or deeds of trust in collateral security intended to secure the
		payment or performance of any of the Obligations, all for the benefit of the
		Lenders and the Agent.
	 

	 
		 
	 

	 
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		14.2.
		Delegation of Duties. The Agent may
		perform any and all of its duties and exercise its rights and powers hereunder
		or under any other Loan Document by or through any one or more sub-agents
		appointed by the Agent, and all reasonable fees and expenses of any such
		Persons shall be paid by the Borrower. The Agent and any such sub-agent may
		perform any and all of its duties and exercise its rights and powers by or
		through their respective Related Parties. The exculpatory provisions of this
		Article shall apply to any such sub-agent and to the Related Parties of the
		Agent and any such sub-agent, and shall apply to their respective activities in
		connection with the syndication of the credit facilities provided for herein as
		well as activities as Agent. 
	 

	 
		14.3.
		Exculpatory Provisions. The Agent shall
		not have any duties or obligations except those expressly set forth herein and
		in the other Loan Documents. Without limiting the generality of the foregoing,
		the Agent: 
	 

	 
		(a) shall not be subject to any fiduciary or
		other implied duties, regardless of whether a Default or an Event of Default
		has occurred and is continuing; 
	 

	 
		(b) shall not have any duty to take any
		discretionary action or exercise any discretionary powers, except discretionary
		rights and powers expressly contemplated hereby or by the other Loan Documents
		that the Agent is required to exercise as directed in writing by the Required
		Lenders (or such other number or percentage of the Lenders as shall be
		expressly provided for herein or in the other Loan Documents), provided that
		the Agent shall not be required to take any action that, in its opinion or the
		opinion of its counsel, may expose the Agent to liability or that is contrary
		to any Loan Document or applicable law; and 
	 

	 
		(c) shall not, except as expressly set forth
		herein and in the other Loan Documents, have any duty to disclose, and shall
		not be liable for the failure to disclose, any information relating to the
		Borrower or any of its Affiliates that is communicated to or obtained by the
		Person serving as the Agent or any of its Affiliates in any capacity. 
	 

	 
		The Agent shall not be liable for any action
		taken or not taken by it (i) with the consent or at the request of the Required
		Lenders (or such other number or percentage of the Lenders as shall be
		necessary), or as the Agent shall believe in good faith shall be necessary,
		under the circumstances as provided in Sections 16.12 and 13.3 or (ii) in the
		absence of its own gross negligence or willful misconduct. The Agent shall be
		deemed not to have knowledge of any Default or an Event of Default unless and
		until notice describing such Default or an Event of Default is given to the
		Agent by the Borrower or a Lender. 
	 

	 
		The Agent shall not be responsible for or
		have any duty to ascertain or inquire into (i) any statement, warranty or
		representation made in or in connection with this Credit Agreement or any other
		Loan Document, (ii) the contents of any certificate, report or other document
		delivered hereunder or thereunder or in connection herewith or therewith, (iii)
		the performance or observance of any of the covenants, agreements or other
		terms or 
	 

	 
		 
	 

	 
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		conditions set forth herein or therein or
		the occurrence of any Default or an Event of Default, (iv) the validity,
		enforceability, effectiveness or genuineness of this Credit Agreement, any
		other Loan Document or any other agreement, instrument or document, (v) the
		value of any Collateral or (vi) the satisfaction of any condition set forth in
		Section 11 or elsewhere herein, other than to confirm receipt of items
		expressly required to be delivered to the Agent. 
	 

	 
		14.4. No
		Representations. 
	 

	 
		14.4.1. General. The Agent has not made nor does it now make any
		representations or warranties, express or implied, nor does it assume any
		liability to the Lenders, with respect to the credit worthiness or financial
		conditions of the Borrower. 
	 

	 
		14.4.2. Closing Documentation, etc.
		For purposes of determining compliance
		with the conditions set forth in Section 11, each Lender that has executed this
		Credit Agreement shall be deemed to have consented to, approved or accepted, or
		to be satisfied with, each document and matter either sent, or made available,
		by the Agent to such Lender for consent, approval, acceptance or satisfaction,
		or required thereunder to be consented to or approved by or acceptable or
		satisfactory to such Lender, unless an officer of the Agent active upon the
		Borrower’s account shall have received notice from such Lender prior to
		the Closing Date specifying such Lender’s objection thereto and such
		objection shall not have been withdrawn by notice to the Agent to such effect
		on or prior to the Closing Date.
	 

	 
		14.4.3. Non-Reliance on Agent and Other
		Lenders. Each Lender acknowledges that
		it has, independently and without reliance upon the Agent or any other Lender
		or any of their Related Parties and based on such documents and information as
		it has deemed appropriate, made its own credit analysis and decision to enter
		into this Credit Agreement. Each Lender also acknowledges that it will,
		independently and without reliance upon the Agent or any other Lender or any of
		their Related Parties and based on such documents and information as it shall
		from time to time deem appropriate, continue to make its own decisions in
		taking or not taking action under or based upon this Credit Agreement, any
		other Loan Document or any related agreement or any document furnished
		hereunder or thereunder. 
	 

	 
		14.5.
		Payments. 
	 

	 
		14.5.1. Payments to Agent.
		A payment by the Borrower to the Agent
		hereunder or any of the other Loan Documents for the account of any Lender
		shall constitute a payment to such Lender. The Agent agrees promptly to
		distribute to each Lender such Lender’s pro rata share
		of payments received by the Agent for the account of the Lenders except as
		otherwise expressly provided herein or in any of the other Loan
		Documents.
	 

	 
		 
	 

	 
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		14.5.2. Distribution by Agent.
		If in the opinion of the Agent the
		distribution of any amount received by it in such capacity hereunder, under the
		Notes or under any of the other Loan Documents might involve it in liability,
		it may refrain from making distribution until its right to make distribution
		shall have been adjudicated by a court of competent jurisdiction. If a court of
		competent jurisdiction shall adjudge that any amount received and distributed
		by the Agent is to be repaid, each Person to whom any such distribution shall
		have been made shall either repay to the Agent its proportionate share of the
		amount so adjudged to be repaid or shall pay over the same in such manner and
		to such Persons as shall be determined by such court.
	 

	 
		14.5.3. Delinquent Lenders.
		Notwithstanding anything to the
		contrary contained in this Credit Agreement or any of the other Loan Documents,
		any Lender that fails (a) to make available to the Agent its pro rata share
		of any Credit Loan or (b) to comply with the provisions of Section 16.1 with
		respect to making dispositions and arrangements with the other Lenders, where
		such Lender’s share of any payment received, whether by setoff or
		otherwise, is in excess of its pro
		rata share of such payments due and
		payable to all of the Lenders, in each case as, when and to the full extent
		required by the provisions of this Credit Agreement, shall be deemed delinquent
		(a “Delinquent Lender”) and shall be deemed a Delinquent Lender until
		such time as such delinquency is satisfied. A Delinquent Lender shall be deemed
		to have assigned any and all payments due to it from the Borrower, whether on
		account of outstanding Credit Loans, interest, fees or otherwise, to the
		remaining nondelinquent Lenders for application to, and reduction of, their
		respective pro rata shares of all outstanding Credit Loans. The Delinquent
		Lender hereby authorizes the Agent to distribute such payments to the
		nondelinquent Lenders in proportion to their respective pro rata shares
		of all outstanding Credit Loans. A Delinquent Lender shall be deemed to have
		satisfied in full a delinquency when and if, as a result of application of the
		assigned payments to all outstanding Credit Loans of the nondelinquent Lenders,
		the Lenders’ respective pro
		rata shares of all outstanding Credit
		Loans have returned to those in effect immediately prior to such delinquency
		and without giving effect to the nonpayment causing such delinquency.
	 

	 
		14.6. Holders
		of Notes. The Agent may deem and treat
		the payee of any Note as the absolute owner or purchaser thereof for all
		purposes hereof until it shall have been furnished in writing with a different
		name by such payee or by a subsequent holder, assignee or transferee.
	 

	 
		14.7.
		Reimbursement by Lenders. To the extent
		that the Borrower for any reason fails to indefeasibly pay any amount required
		under Section 16.2 or Section 16.3 to be paid by it to the Agent (or
		any sub-agent thereof) or any Related Party of the Agent, each Lender severally
		agrees to pay to the Agent (or any such sub-agent) or such Related Party, as
		the case may be, such Lender’s Commitment Percentage (determined as of the
		time that the applicable unreimbursed expense or indemnity payment is sought)
		of such unpaid amount, provided that
		the unreimbursed expense or indemnified loss, claim, damage, liability or
		related expense, as the case may be, was incurred by or asserted 
	 

	 
		 
	 

	 
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		against the Agent (or any such sub-agent) or
		against any Related Party of any of the foregoing acting for the Agent (or any
		such sub-agent) in connection with such capacity. The obligations of each
		Lender under this Section 14.7 are several.
	 

	 
		14.8. Rights
		as Lender. The Person serving as the
		Agent hereunder shall have the same rights and powers in its capacity as a
		Lender as any other Lender and may exercise the same as though it were not the
		Agent and the term “Lender” or “Lenders” shall, unless
		otherwise expressly indicated or unless the context otherwise requires, include
		the Person serving as the Agent hereunder in its individual capacity. Such
		Person and its Affiliates may accept deposits from, lend money to, act as the
		financial advisor or in any other advisory capacity for and generally engage in
		any kind of business with the Borrower or other Affiliate thereof as if such
		Person were not the Agent hereunder and without any duty to account therefor to
		the Lenders.
	 

	 
		14.9.
		Resignation of Agent. The Agent may at
		any time by giving thirty (30) days prior written notice of its resignation to
		the Lenders and the Borrower. Upon receipt of any such notice of resignation,
		the Required Lenders shall have the right to appoint a successor, which (i)
		shall be a bank with an office in the United States, or an Affiliate of any
		such bank with an office in the United States and (ii) unless a Default or
		Event of Default shall have occurred and be continuing, shall be acceptable to
		the Borrower. If no such successor shall have been so appointed by the Required
		Lenders and shall have accepted such appointment within 30 days after the
		retiring Agent gives notice of its resignation, then the retiring Agent may on
		behalf of the Lenders, appoint a successor Agent which shall be a financial
		institution having a rating of not less than “A” or its equivalent by
		S&P. If the Agent shall notify the Borrower and the Lenders that no
		qualifying Person has accepted such appointment, then such resignation shall
		nonetheless become effective in accordance with such notice and (1) the
		retiring Agent shall be discharged. from its duties and obligations hereunder
		and under the other Loan Documents (except that in the case of any collateral
		security held by the Agent on behalf of the Lenders under any of the Loan
		Documents, the retiring Agent shall continue to hold such collateral security
		until such time as a successor Agent is appointed) and (2) all payments,
		communications and determinations provided to be made by, to or through the
		Agent shall instead be made by or to each Lender directly, until such time as
		the Required Lenders appoint a successor Agent as provided for above in this
		paragraph. Upon the acceptance of a successor’s appointment as Agent
		hereunder, such successor shall succeed to and become vested with all of the
		rights, powers, privileges and duties of the retiring (or retired) Agent, and
		the retiring (or retired) Agent shall be discharged from all of its duties and
		obligations hereunder or under the other Loan Documents (if not already
		discharged therefrom as provided above in this paragraph). The fees payable by
		the Borrower to a successor Agent shall be the same as those payable to its
		predecessor unless otherwise agreed between the Borrower and such successor.
		After the retiring (or retired) Agent’s resignation hereunder and under
		the other Loan Documents, the provisions of this Article and Section 16.3 shall
		continue in effect for the benefit of such retiring (or retired) Agent, its
		sub-agents and their respective Related Parties in respect of any actions taken
		or omitted to be taken by any of them while the retiring (or retired) Agent was
		acting as Agent. 
	 

	 
		 
	 

	 
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		14.10.
		Notification of Defaults and Events of Default. Each Lender hereby agrees that, upon learning of the
		existence of a Default or an Event of Default, it shall promptly notify the
		Agent thereof. The Agent hereby agrees that upon receipt of any notice under
		this Section 14.10, the Agent shall promptly notify the other Lenders of the
		existence of such Default or Event of Default.
	 

	 
		14.11. Duties
		in the Case of Enforcement. In case one
		of more Events of Default have occurred and shall be continuing, and whether or
		not acceleration of the Obligations shall have occurred, the Agent shall, if
		(a) so requested by the Required Lenders and (b) the Lenders have provided to
		the Agent such additional indemnities and assurances against expenses and
		liabilities as the Agent may reasonably request, proceed to enforce the
		provisions of the Security Documents authorizing the sale or other disposition
		of all or any part of the Collateral and exercise all or any such other legal
		and equitable and other rights or remedies as it may have in respect of such
		Collateral. The Required Lenders may direct the Agent in writing as to the
		method and the extent of any such sale or other disposition, the Lenders hereby
		agreeing to indemnify and hold the Agent, harmless from all liabilities
		incurred in respect of all actions taken or omitted in accordance with such
		directions, provided that the Agent need not comply with any such direction to
		the extent that the Agent reasonably believes the Agent’s compliance with
		such direction to be unlawful or commercially unreasonable in any applicable
		jurisdiction.
	 

	 
		14.12. Agent
		May File Proofs of Claim.
	 

	 
		(a) In case of the pendency of any
		receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
		adjustment, composition or other judicial, administrative or like proceeding or
		any assignment for the benefit of creditors relative to the Borrower, the Agent
		(irrespective of whether the principal of any Credit Loan shall then be due and
		payable as herein expressed or by declaration or otherwise and irrespective of
		whether the Agent shall have made any demand on the Borrower) shall be entitled
		and empowered, by intervention in such proceeding, under any such assignment or
		otherwise:
	 

	 
		(i) to file and prove a claim for the whole
		amount of the principal and interest owing and unpaid in respect of the Credit
		Loans and all other Obligations that are owing and unpaid and to file such
		other documents as may be necessary or advisable in order to have the claims of
		the Lenders and the Agent (including any claim for the reasonable compensation,
		expenses, disbursements and advances of the Lenders and the Agent and their
		respective agents and counsel and all other amounts due the Lenders and the
		Agent under the terms of this Credit Agreement and the other Loan Documents)
		allowed in such proceeding or under any such assignment; and
	 

	 
		 
	 

	 
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		(ii) to collect and receive any monies or
		other property payable or deliverable on any such claims and to distribute the
		same;
	 

	 
		(b) Any custodian, receiver, assignee,
		trustee, liquidator, sequestrator or other similar official in any such
		proceeding or under any such assignment is hereby authorized by each Lender to
		make such payments to the Agent and, in the event that the Agent shall consent
		to the making of such payments directly to the Lenders, nevertheless to pay to
		the Agent any amount due for the reasonable compensation, expenses,
		disbursements and advances of the Agent and its agents and counsel, and any
		other amounts due the Agent under Sections 4.1, 5.1 and 16.2.
	 

	 
		(c) Nothing contained herein shall authorize
		the Agent to consent to or accept or adopt on behalf of any Lender any plan of
		reorganization, arrangement, adjustment or composition affecting the
		Obligations owed to such Lender or the rights of any Lender or to authorize the
		Agent to vote in respect of the claim of any Lender in any such proceeding or
		under any such assignment.
	 

	 
		14.13. No
		Other Duties, etc. Anything herein to
		the contrary notwithstanding, none of the Joint Lead Arrangers listed on the
		cover page hereof shall have any powers, duties or responsibilities under this
		Credit Agreement or any of the other Loan Documents, except in its capacity, as
		applicable, as the Agent or a Lender hereunder. 
	 

	 
		15.
		ASSIGNMENT. 
	 

	 
		15.1. General
		Conditions. The provisions of this
		Credit Agreement shall be binding upon and inure to the benefit of the parties
		hereto and their respective successors and assigns permitted hereby, except
		that the Borrower may not assign or otherwise transfer any of its rights or
		obligations hereunder without the prior written consent of the Agent and each
		Lender and no Lender may assign or otherwise transfer any of its rights or
		obligations hereunder except (a) to an Eligible Assignee in accordance with the
		provisions of Section 15.2, (b) by way of participation in accordance with the
		provisions of Section 15.4, or (c) by way of pledge or assignment of a security
		interest subject to the restrictions of Section 15.7 (and any other attempted
		assignment or transfer by any party hereto shall be null and void). Nothing in
		this Credit Agreement, expressed or implied, shall be construed to confer upon
		any Person (other than the parties hereto, their respective successors and
		assigns permitted hereby, Participants to the extent provided in Section 15.4
		and, to the extent expressly contemplated hereby, the Related Parties of each
		of the Agent and the Lenders) any legal or equitable right, remedy or claim
		under or by reason of this Credit Agreement or any of the other Loan
		Documents.
	 

	 
		15.2.
		Assignments. Any Lender may at any time
		assign to one or more Eligible Assignees all or a portion of its rights and
		obligations under this Credit Agreement (including all or a portion of its
		Commitment and the Loans at the time owing to it); provided that: 
	 

	 
		 
	 

	 
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		(a) except in the cases of an assignment of
		the entire remaining amount of the assigning Lender’s Commitment and the
		Loans at the time owing to it or of an assignment to a Lender, an Affiliate of
		a Lender or an Approved Fund, the aggregate amount of the Commitment (which for
		this purpose includes Loans outstanding thereunder) or, if the applicable
		Commitment is not then in effect, the principal outstanding balance of the Loan
		of the assigning Lender subject to each such assignment (determined as of the
		date on which the Assignment and Acceptance with respect to such assignment is
		delivered to the Agent) shall not be less than $5,000,000 unless each of the
		Agent and, so long as no Default or Event of Default has occurred and is
		continuing, the Borrower otherwise consent (each such consent not to be
		unreasonably withheld or delayed); 
	 

	 
		(b) each partial assignment shall be made as
		an assignment of a proportionate part of all the assigning Lender’s rights
		and obligations under this Credit Agreement with respect to the Loan or the
		Commitment assigned; 
	 

	 
		(c) any assignment of a Commitment must be
		approved by the Agent (such consent not to be unreasonably withheld or delayed)
		unless the Person that is the proposed assignee is itself a Lender, an
		Affiliate of a Lender or an Approved Fund; and
	 

	 
		(d) the parties to each assignment shall
		execute and deliver to the Agent an Assignment and Acceptance, together with a
		processing and recordation fee of $3,500, and the Eligible Assignee, if it
		shall not be a Lender, shall deliver to the Agent an Administrative
		Questionnaire.
	 

	 
		Subject to acceptance and recording thereof
		by the Agent pursuant to Section 15.3, from and after the effective date
		specified in each Assignment and Acceptance, the assignee thereunder shall be a
		party to this Credit Agreement and, to the extent of the interest assigned by
		such Assignment and Acceptance have the rights and obligations of a Lender
		under this Credit Agreement, and the assigning Lender thereunder shall, to the
		extent of the interest assigned by such Assignment and Acceptance, be released
		from its obligations under this Credit Agreement (and, in the case of an
		Assignment and Acceptance covering all of the assigning Lender’s rights
		and obligations under this Credit Agreement, such Lender shall cease to be a
		party hereto) but shall continue to be entitled to the benefits of (i) Sections
		5.1.2, 5.1.4, 5.4, 5.5, 5.6, and 5.8 with respect to facts and circumstances
		occurring prior to the effective date of such assignment and (ii) Section 16.3
		notwithstanding such assignment. Any assignment or transfer by a Lender of
		rights or obligations under this Credit Agreement that does not comply with
		this paragraph shall be null and void. 
	 

	 
		15.3.
		Register. The Agent, acting solely for
		this purpose as an agent of the Borrower, shall maintain at the Agent’s
		Office a copy of each Assignment and Acceptance delivered to it and a register
		for the recordation of the names and addresses of the Lenders, and the
		Commitments of, and principal amounts of the Credit Loans owing to, each Lender
		pursuant to the terms hereof from time to time (the “Register”).
		
	 

	 
		 
	 

	 
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		The entries in the Register shall be
		conclusive, and the Borrower, the Agent and the Lenders may treat each Person
		whose name is recorded in the Register pursuant to the terms hereof as a Lender
		hereunder for all purposes of this Credit Agreement, notwithstanding notice to
		the contrary. The Register shall be available for inspection by the Borrower
		and any Lender, at any reasonable time and from time to time upon reasonable
		prior notice.
	 

	 
		15.4.
		Participations. Any Lender may at any
		time sell participations to any Person (other than a natural person or the
		Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
		“Participant”) in all or a portion of such Lender’s rights
		and/or obligations under this Credit Agreement (including all or a portion of
		its Commitment and/or the Loans owing to it); provided that (a) such
		Lender’s obligations under this Credit Agreement shall remain unchanged,
		(b) such Lender shall remain solely responsible to the other parties hereto for
		the performance of such obligations, (c) the Borrower, the Agent and the other
		Lenders shall continue to deal solely and directly with such Lender in
		connection with such Lender’s rights and obligations under this Credit
		Agreement, and (d) so long as no Default or Event of Default has occurred and
		is then continuing, the approval of the Borrower (such approval not to be
		unreasonably withheld or delayed if, after giving effect to the participation
		under consideration, each Initial Lender shall hold interest in Credit Loans
		having an aggregate unpaid principal balance of at least 51% of the Commitment
		of such Lender on the Closing Date) shall be required to the sale of a
		participant interest to a Person other than (i) an Initial Lender, (ii) an
		Affiliate of an Initial Lender, and (iii) an Approved Fund. 
	 

	 
		Any agreement or instrument pursuant to
		which a Lender sells such a participation shall provide that such Lender shall
		retain the sole right to enforce this Credit Agreement and to approve any
		amendment, modification or waiver of any provision of this Credit Agreement;
		provided that such agreement or instrument may provide that such Lender will
		not, without the consent of the Participant, agree to any amendment,
		modification or waiver of the type described in Section 16.12(a) or
		Section 16.12(b), that in each case, affects such Participant. Subject to
		the last paragraph of this Section 15.4, the Borrower agrees that each
		Participant shall be entitled to the benefits of Sections 5.1.2, 5.1.4,
		5.4, 5.5, 5.6 and 5.8 to the same extent as if it were a Lender and had
		acquired its interest by assignment pursuant to Sections 15.2. To the
		extent permitted by law, each Participant also shall be entitled to the
		benefits of Section 16.1 as though it were a Lender, provided such
		Participant agrees to be subject to Section 16.1 as though it were a
		Lender. 
	 

	 
		A Participant that would be a Foreign Lender
		if it were a Lender shall not be entitled to the benefits of Section 5.1.2
		unless the Borrower is notified of the participation sold to such Participant
		and such Participant agrees, for the benefit of the Borrower, to comply with
		Section 5.1.3 as though it were a Lender.
	 

	 
		15.5. Certain
		Pledges. A Lender may at any time grant
		a security interest in all or any portion of its rights under this Credit
		Agreement to secure obligations of such Lender, including without limitation
		(a) any pledge or assignment to secure obligations to any of the twelve Federal
		Reserve Banks organized under §4 of the Federal Reserve Act, 
	 

	 
		 
	 

	 
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		12 U.S.C. §341 and (b) with respect to
		any Lender that is a Fund, to any lender or any trustee for, or any other
		representative of, holders of obligations owed or securities issued by such
		Fund as security for such obligations or securities or any institutional
		custodian for such Fund or for such lender; provided that no such grant shall
		release such Lender from any of its obligations hereunder or substitute any
		such secured party for such Lender as a party hereto. 
	 

	 
		15.6. New
		Notes. Upon its receipt of an
		Assignment and Acceptance executed by the parties to such assignment, together
		with each Note subject to such assignment, the Agent shall (a) record the
		information contained therein in the Register, and (b) give prompt notice
		thereof to the Borrower and the Lenders (other than the assigning Lender). The
		Borrower, at its own expense, shall, promptly upon its receipt thereof, execute
		and deliver to the Agent, in exchange for each surrendered Note, a new Note to
		the order of such Assignee in an amount equal to the amount assumed by such
		Assignee pursuant to such Assignment and Acceptance and, if the assigning
		Lender has retained some portion of its obligations hereunder, a new Note to
		the order of the assigning Lender in an amount equal to the amount retained by
		it hereunder. Such new Notes shall provide that they are replacements for the
		surrendered Notes, shall be in an aggregate principal amount equal to the
		aggregate principal amount of the surrendered Notes (after giving effect to any
		permanent reductions in the applicable Commitments), shall be dated the
		effective date of such Assignment and Acceptance and shall otherwise be in
		substantially the form of the assigned Notes. The surrendered Notes shall be
		cancelled and returned to the Borrower.
	 

	 
		15.7.
		Assignment by Borrower. The Borrower
		shall not assign or transfer any of its rights or obligations under any of the
		Loan Documents without the prior written consent of each of the Lenders.
	 

	 
		16. PROVISIONS
		OF GENERAL APPLICATIONS. 
	 

	 
		16.1. Setoff;
		Proration of Payments. The Borrower
		hereby grants to the Agent and each of the Lenders a continuing lien, security
		interest and right of setoff as security for all liabilities and obligations to
		the Agent and each Lender, whether now existing or hereafter arising, upon and
		against all deposits, credits, collateral and property, now or hereafter in the
		possession, custody, safekeeping or control of the Agent or such Lender or any
		Lender Affiliate and their successors and assigns or in transit to any of them.
		Regardless of the adequacy of any collateral, if any of the Obligations are due
		and payable and have not been paid or any Event of Default shall have occurred,
		any deposits or other sums credited by or due from any of the Lenders to the
		Borrower and any securities or other property of the Borrower in the possession
		of such Lender may, to the extent permitted by applicable law, be applied to or
		set off by such Lender against the payment of Obligations and any and all other
		liabilities, direct, or indirect, absolute or contingent, due or to become due,
		now existing or hereafter arising, of the Borrower to such Lender. ANY AND ALL
		RIGHTS TO REQUIRE ANY LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO
		ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS
		RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY
		
	 

	 
		 
	 

	 
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		OF THE BORROWER ARE HEREBY KNOWINGLY,
		VOLUNTARILY AND IRREVOCABLY WAIVED. 
	 

	 
		Each of the Lenders agree with each other
		Lender that (a) if an amount to be set off is to be applied to Indebtedness of
		the Borrower to such Lender, other than Indebtedness evidenced by the Notes
		held by such Lender, such amount shall be applied ratably to such other
		Indebtedness and to the Indebtedness evidenced by all such Notes held by such
		Lender, and (b) if such Lender shall receive from the Borrower, whether by
		voluntary payment, exercise of the right of setoff, counterclaim, cross action,
		enforcement of the claim evidenced by the Notes held by such Lender by
		proceedings against the Borrower at law or in equity or by proof thereof in
		bankruptcy, reorganization, liquidation, receivership or similar proceedings,
		or otherwise, and shall retain and apply to the payment of the Note or Notes
		held by such Lender any amount in excess of its ratable portion of the payments
		received by all of the Lenders with respect to the Notes held by all of the
		Lenders, such Lender will make such disposition and arrangements with the other
		Lenders with respect to such excess, either by way of distribution,
		pro tanto assignment of claims, subrogation or otherwise as shall
		result in each Lender receiving in respect of the Notes held by it, its
		proportionate payment as contemplated by this Credit Agreement; provided, that
		if all or any part of such excess payment is thereafter recovered from such
		Lender, such disposition and arrangements shall be rescinded and the amount
		restored to the extent of such recovery, but without interest.
	 

	 
		16.2.
		Expenses. The Borrower agrees to pay
		(a) the reasonable costs of the Agent in producing and reproducing this Credit
		Agreement, the other Loan Documents and the other agreements and instruments
		mentioned herein, (b) the reasonable fees, expenses and disbursements of the
		Agent’s Special Counsel or any local counsel to the Agent incurred in
		connection with the preparation, syndication, administration or interpretation
		of the Loan Documents and other instruments mentioned herein, each closing
		hereunder, any amendments, modifications, approvals, consents or waivers hereto
		or hereunder requested by the Borrower, or the cancellation of any Loan
		Document upon payment in full in cash of all of the Obligations or pursuant to
		any terms of such Loan Document for providing for such cancellation, (c) the
		reasonable fees, expenses and disbursements of the Agent or any of its
		affiliates incurred by the Agent or such affiliate in connection with the
		preparation, administration or interpretation of the Loan Documents and other
		instruments mentioned herein as provided in the Fee Letter, including all
		commercial finance examination charges, (d) all reasonable out-of-pocket
		expenses (including without limitation reasonable attorneys’ fees and
		costs, which attorneys may be employees of any Lender or the Agent, and
		reasonable consulting, accounting, appraisal, commercial finance examination,
		investment banking and similar professional fees and charges) incurred by any
		Lender or the Agent in connection with (i) the enforcement of or
		preservation of rights under any of the Loan Documents against the Borrower or
		the administration thereof after the occurrence of a Default or Event of
		Default and (ii) any litigation, proceeding or dispute whether arising
		hereunder or otherwise, in any way related to any Lender’s or the
		Agent’s relationship with the Borrower in connection herewith and
		(e) all reasonable fees, expenses and disbursements of the Agent incurred
		in connection with UCC searches, UCC filings or mortgage 
	 

	 
		 
	 

	 
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		recordings relating to the Loan Documents.
		The covenants contained in this Section 16.2 shall survive payment or
		satisfaction in full of all other Obligations.
	 

	 
		16.3.
		Indemnification. The Borrower agrees to
		indemnify and hold harmless the Agent, its affiliates, its sub-agents, each
		Lender, and each Related Party of any of the foregoing (each, an
		“Indemnified Party”) from and against any and all claims, actions and
		suits whether groundless or otherwise, and from and against any and all
		liabilities, losses, damages and related expenses of every nature and character
		(other than taxes) arising out of this Credit Agreement or any of the other
		Loan Documents, the performance by the respective parties of their obligations
		hereunder or thereunder, or the consummation of the transactions contemplated
		hereby including, without limitation, (a) any actual or proposed use by the
		Borrower of the proceeds of any of the Credit Loans, (b) the reversal or
		withdrawal of any provisional credits granted by the Agent upon the transfer of
		funds from lock box, bank agency, concentration accounts or otherwise under any
		cash management arrangements with the Borrower or any Subsidiary or in
		connection with the provisional honoring of funds transfers, checks or other
		items, (c) any actual or prospective claim, litigation, investigation or
		proceeding relating to any of the foregoing, whether based on contract, tort,
		or any other theory, and regardless of whether any Indemnified Party is a party
		thereof, (d) any civil penalty or fine assessed by OFAC against, and all
		reasonable costs and expenses (including reasonable counsel fees and
		disbursements) incurred in connection with defense thereof by, the Agent or any
		Lender as a result of conduct of the Borrower that violates a sanction enforced
		by OFAC or (e) with respect to the Borrower and its Subsidiaries and their
		respective properties and assets, the violation of any Environmental Law, the
		presence, disposal, escape, seepage, leakage, spillage, discharge, emission,
		release or threatened release of any Hazardous Substances or any action, suit,
		proceeding or investigation brought or threatened with respect to any Hazardous
		Substances (including, but not limited to, claims with respect to wrongful
		death, personal injury or damage to property), in each case including, without
		limitation, the reasonable fees and disbursements of counsel and allocated
		costs of internal counsel incurred in connection with any such investigation,
		litigation or other proceeding; provided, however, the Borrower shall not be
		responsible for any liabilities, losses, damages and/or expenses under this
		Section 16.3 were caused by such Indemnified Party’s own gross negligence
		or willful misconduct. In litigation, or the preparation therefor, the Lenders
		and the Agent and its affiliates shall be entitled to select their own counsel
		and, in addition to the foregoing indemnity, the Borrower agrees to pay
		promptly the reasonable fees and expenses of such counsel. To the extent that
		the respective interests of the Lenders and the Agent in such litigation do
		not, and reasonably could not be expected to, conflict (such determination of
		existing or potential conflict to be made by the Lenders and the Agent using
		their reasonable good faith judgment), the Lenders and the Agent shall make
		reasonable efforts to use common counsel in connection with such litigation and
		the preparation therefor. If, and to the extent that the obligations of the
		Borrower under this Section 16.3 are unenforceable for any reason, the Borrower
		hereby agrees to make the maximum contribution to the payment in satisfaction
		of such obligations which is permissible under applicable law. The covenants
		contained in this Section 16.3 shall survive payment or satisfaction in full of
		all other Obligations. 
	 

	 
		16.4.
		Treatment of Certain Confidential Information. 
	 

	 
		 
	 

	 
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		16.4.1. Confidentiality. Each of the Lenders and the Agent agrees, on behalf of
		itself and each of its affiliates, directors, officers, employees and
		representatives, to use reasonable precautions to keep confidential, in
		accordance with their customary procedures for handling confidential
		information of the same nature and in accordance with safe and sound banking
		practices, any non-public information supplied to it by the Borrower pursuant
		to this Credit Agreement that is identified by such Person as being
		confidential at the time the same is delivered to the Lenders or the Agent,
		provided that nothing herein shall limit the disclosure of any such information
		(a) after such information shall have become public other than through a
		violation of this Section 16.4, or becomes available to any of the Lenders or
		the Agent on a nonconfidential basis from a source other than the Borrower, (b)
		to the extent required by statute, rule, regulation or judicial process, (c) to
		counsel for any of the Lenders or the Agent, (d) to bank examiners or any other
		regulatory authority having jurisdiction over any Lender or the Agent, or to
		auditors or accountants, so long as such information is disclosed to such
		Persons on a confidential basis and such Persons are made aware of the
		applicability thereto of the provisions of this Section 16.4.1, (e) to the
		Agent, any Lender or any Financial Affiliate, (f) in connection with any
		litigation to which any one or more of the Lenders, the Agent or any Financial
		Affiliate is a party, or in connection with the enforcement of rights or
		remedies hereunder or under any other Loan Document, (g) to a Lender Affiliate
		or a Subsidiary or affiliate of the Agent, so long as such information is
		disclosed to such Persons on a confidential basis and such Persons are made
		aware of the applicability thereto of the provisions of this Section 16.4.1,
		(h) to any actual or prospective assignee or any actual or prospective
		counterparty (or its advisors) to any swap or derivative transactions
		referenced to credit or other risks or events arising under this Credit
		Agreement or any other Loan Document so long as such assignee or counterparty,
		as the case may be, agrees to be bound by the provisions of Section 16.4 or (i)
		with the prior written consent of the Borrower. Notwithstanding anything herein
		to the contrary: (i) each party hereto (and each employee, representative or
		other agent of such party) may disclose to any and all Persons, beginning
		immediately upon commencement of discussions regarding the transactions
		contemplated hereby, and without limitation of any kind, any information with
		respect to the “tax treatment” and “tax structure” (in each
		case, within the meaning of Treasury Regulation Section 1.6011-4) of the
		transactions contemplated hereby and all materials of any kind (including
		opinions or other tax analyses) that are provided to such party (or such
		employee, representative or other agent of such party) relating to such tax
		treatment and tax structure; provided that with respect to any document or
		similar item that in either case contains information concerning the tax
		treatment or tax structure of the transaction as well as other information,
		this sentence shall only apply to such portions of the document or similar item
		that relate to the tax treatment or tax structure of the Loans, Letters of
		Credit and transactions contemplated hereby; and (ii) any Lender may disclose
		confidential information, without notice to the Borrower, to governmental
		regulatory authorities in connection with any regulatory examination of such
		Lender or in accordance with such Lender’s regulatory compliance
		policy.
	 

	 
		 
	 

	 
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		16.4.2. Prior Notification.
		Unless specifically prohibited by
		applicable law or court order, each of the Lenders and the Agent shall, prior
		to disclosure thereof, notify the Borrower of any request for disclosure of any
		such non-public information by any governmental agency or representative
		thereof (other than any such request in connection with an examination of the
		financial condition of such Lender by such governmental agency) or pursuant to
		legal process. 
	 

	 
		16.4.3. Other. In no event shall any Lender or the Agent be obligated
		or required to return any materials furnished to it or any Financial Affiliate
		by the Borrower. The obligations of each Lender under this Section 16.4 shall
		supersede and replace the obligations of such Lender under any confidentiality
		letter in respect of this financing signed and delivered by such Lender to the
		Borrower prior to the date hereof and shall be binding upon any assignee of any
		interest in any of the Credit Loans and shall apply to all information
		delivered to such Person either before or after the date of this Credit
		Agreement. 
	 

	 
		16.5. Survival
		of Covenants, Etc. All covenants,
		agreements, representations and warranties made herein, in the Notes, in any of
		the other Loan Documents or in any documents or other papers delivered by or on
		behalf of the Borrower pursuant hereto shall be deemed to have been relied upon
		by the Lenders and the Agent, notwithstanding any investigation heretofore or
		hereafter made by any of them, and shall survive the making by the Lenders of
		any of the Credit Loans as herein contemplated, and shall continue in full
		force and effect so long as any amount due under this Credit Agreement or the
		Notes or any of the other Loan Documents remains outstanding or any Lender has
		any obligation to make any Credit Loans, and for such further time as may be
		otherwise expressly specified in this Credit Agreement. All statements
		contained in any certificate or other paper delivered to any Lender or the
		Agent at any time by or on behalf of the Borrower pursuant hereto or in
		connection with the transactions contemplated hereby shall constitute
		representations and warranties by the Borrower or such Subsidiary hereunder
		that the matters set forth therein are true and correct in all material
		respects as of the time delivered.
	 

	 
		16.6. Notices. Except as otherwise expressly provided in this Credit
		Agreement, all notices and other communications made or required to be given
		pursuant to this Credit Agreement or the Notes shall be in writing and shall be
		delivered in hand, mailed by United States registered or certified first class
		mail, postage prepaid, sent by overnight courier, or sent by telegraph,
		telecopy, facsimile or telex and confirmed by delivery via courier or postal
		service, addressed as follows:
	 

	 
		(a) if to the Borrower, at One Maynard
		Drive, Park Ridge, New Jersey 07656, Attention: Lisa Leach, or at such other
		address for notice as the Borrower shall last have furnished in writing to the
		Person giving the notice;
	 

	 
		(b) if to the Agent, at 388 Greenwich St.
		19th Floor, New York, NY 10013, or such other address for notice as the Agent
		shall last have furnished in writing to the Person giving the notice;
		and
	 

	 
		 
	 

	 
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		(c) if to any Lender, at such Lender’s
		address set forth on Schedule 1 hereto, or such other address for notice as
		such Lender shall have last furnished in writing to the Person giving the
		notice.
	 

	 
		Any such notice or demand shall be deemed to
		have been duly given or made and to have become effective (i) if delivered by
		hand, overnight courier or facsimile to a responsible officer of the party to
		which it is directed, at the time of the receipt thereof by such officer or the
		confirmation of transmission of such facsimile and (ii) if sent by registered
		or certified first-class mail, postage prepaid, on the fifth Business Day
		following the mailing thereof. Any notice or other communication to be made
		hereunder or under the Notes, even if otherwise required to be in writing under
		other provisions of this Credit Agreement, the Notes may alternatively be made
		in an electronic record transmitted electronically under such authentication
		and other procedures as the parties hereto may from time to time agree in
		writing (but not an electronic record), and such electronic transmission shall
		be effective at the time set forth in such procedures. Unless otherwise
		expressly provided in such procedures, such an electronic record shall be
		equivalent to a writing under the other provisions of this Credit Agreement,
		the Notes, and such authentication, if made in compliance with the procedures
		so agreed by the parties hereto in writing (but not an electronic record),
		shall be equivalent to a signature under the other provisions of this Credit
		Agreement or the Notes.
	 

	 
		16.7.
		Governing Law; Submission to Jurisdiction; Waiver of Venue. THIS AGREEMENT AND, EXCEPT AS OTHERWISE SPECIFICALLY
		PROVIDED THEREIN, EACH OF THE OTHER LOAN DOCUMENTS ARE CONTRACTS UNDER THE LAWS
		OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE
		WITH AND GOVERNED BY THE LAWS OF SAID STATE OF NEW YORK INCLUDING SECTIONS
		5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAWS THEREOF BUT OTHERWISE WITHOUT
		REGARD TO THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW. The Borrower
		irrevocably and unconditionally submits, for itself and its property, to the
		nonexclusive jurisdiction of the courts of the State of New York sitting in New
		York County and of the United States District Court of the Southern District of
		New York, and any appellate court from any thereof, in any action or proceeding
		arising out of or relating to this Credit Agreement or any other Loan Document,
		or for recognition or enforcement of any judgment, and each of the parties
		hereto irrevocably and unconditionally agrees that all claims in respect of any
		such action or proceeding may be heard and determined in such New York State
		court or, to the full extent permitted by applicable law, in such Federal
		court. Each of the parties hereto agrees that a final judgment in any such
		action or proceeding shall be conclusive and may be enforced in other
		jurisdictions by suit on the judgment or in any other manner provided by law.
		Nothing in this Credit Agreement or in any other Loan Document shall affect any
		right that the Agent or any Lender may otherwise have to bring any action or
		proceeding relating to this Credit Agreement or any other Loan Document against
		the Borrower or its properties in the courts of any jurisdiction.
	 

	 
		16.8.
		Headings. The captions in this Credit
		Agreement are for convenience of reference only and shall not define or limit
		the provisions hereof.
	 

	 
		 
	 

	 
		82
	 

	 
		 
	 

	 
	 

	 

	 
		16.9.
		Counterparts. This Agreement and any
		amendment hereof may be executed in several counterparts and by each party on a
		separate counterpart, each of which when executed and delivered shall be an
		original, and all of which together shall constitute one instrument. In proving
		this Credit Agreement it shall not be necessary to produce or account for more
		than one such counterpart signed by the party against whom enforcement is
		sought. Delivery by facsimile by any of the parties hereto of an executed
		counterpart hereof or of any amendment or waiver hereto shall be as effective
		as an original executed counterpart hereof or of such amendment or waiver and
		shall be considered a representation that an original executed counterpart
		hereof or such amendment or waiver, as the case may be, will be
		delivered.
	 

	 
		16.10. Entire
		Agreement, Etc. The Loan Documents and
		any other documents executed in connection herewith or therewith express the
		entire understanding of the parties with respect to the transactions
		contemplated hereby. Neither this Credit Agreement nor any term hereof may be
		changed, waived, discharged or terminated, except as provided in Section
		16.12.
	 

	 
		16.11. Waiver
		of Jury Trial. THE BORROWER HEREBY
		WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING
		OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, THE NOTES OR ANY OF THE
		OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE
		PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS OR ANY COURSE OF CONDUCT, COURSE OF
		DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY,
		INCLUDING ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF
		THE AGENT OR ANY LENDER RELATING TO THE ADMINISTRATION OF THE LOANS OR
		ENFORCEMENT OF THE LOAN DOCUMENTS AND AGREES THAT IT WILL NOT SEEK TO
		CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT
		BE OR HAS NOT BEEN WAIVED. EXCEPT AS PROHIBITED BY LAW, THE BORROWER HEREBY
		WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO
		IN THE PRECEDING SENTENCE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
		DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. THE
		BORROWER (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY LENDER
		OR THE AGENT HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH LENDER OR THE
		AGENT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
		WAIVERS AND (B) ACKNOWLEDGES THAT THE AGENT AND THE LENDERS HAVE BEEN INDUCED
		TO ENTER INTO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS TO WHICH IT IS A PARTY
		BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN.
	 

	 
		16.12.
		Consents, Amendments, Waivers, Etc. Any
		consent or approval required or permitted by this Credit Agreement to be given
		by the Lenders may be given, and any term of this Credit Agreement, the other
		Loan Documents or any other 
	 

	 
		 
	 

	 
		83
	 

	 
		 
	 

	 
	 

	 

	 
		instrument related hereto or mentioned
		herein may be amended, and the performance or observance by the Borrower of any
		terms of this Credit Agreement, the other Loan Documents or such other
		instrument or the continuance of any Default or Event of Default may be waived
		(either generally or in a particular instance and either retroactively or
		prospectively) with, but only with, the written consent of the Borrower and the
		written consent of the Required Lenders. Notwithstanding the foregoing, no
		amendment, modification or waiver shall:
	 

	 
		(a) without the written consent of the
		Borrower and each Lender directly affected thereby:
	 

	 
		(i) reduce or forgive the principal amount
		of any Credit Loans, or reduce the rate of interest on the Notes (other than
		interest accruing pursuant to Section 5.10 following the effective date of any
		waiver by the Required Lenders of the Default or Event of Default relating
		thereto);
	 

	 
		(ii) increase the amount of such
		Lender’s Commitment or extend the expiration date of such Lender’s
		Commitment (it being understood that any amendments or waivers that have the
		effect of waiving or eliminating any Default or Event of Default shall not
		constitute an increase in any Lender’s Commitment);
	 

	 
		(iii) postpone or extend the Maturity Date
		or any other regularly scheduled dates for payments of principal of, or
		interest on, the Credit Loans or any Fees or other amounts payable to such
		Lender (it being understood that (A) a waiver of the application of the default
		rate of interest pursuant to Section 5.10, and (B) any vote to rescind any
		acceleration made pursuant to Section 13.1 of amounts owing with respect to the
		Credit Loans and other Obligations shall require only the approval of the
		Required Lenders); and
	 

	 
		(iv) other than pursuant to a transaction
		permitted by the terms of this Credit Agreement, release all or substantially
		all of the Collateral (excluding, if the Borrower becomes a debtor under the
		Bankruptcy Code, the release of “cash collateral”, as defined in
		Section 363(a) of the Bankruptcy Code pursuant to a cash collateral stipulation
		with the debtor approved by the Required Lenders);
	 

	 
		(b) without the written consent of all of
		the Lenders, amend or waive this Section 16.12 or the definition of Required
		Lenders;
	 

	 
		(c) without the written consent of the
		Agent, amend or waive Section 14, the amount or time of payment of the Fees
		payable for the Agent’s account or any other provision applicable to the
		Agent.
	 

	 
		 
	 

	 
		84
	 

	 
		 
	 

	 

	 
	 

	 

	 
		No waiver shall extend to or affect any
		obligation not expressly waived or impair any right consequent thereon. No
		course of dealing or delay or omission on the part of the Agent or any Lender
		in exercising any right shall operate as a waiver thereof or otherwise be
		prejudicial thereto. No notice to or demand upon the Borrower shall entitle the
		Borrower to other or further notice or demand in similar or other
		circumstances. The Required Lenders shall take such actions, including
		executing and filing appropriate releases in connection with a sale, transfer
		or other disposition (including by lease) of Collateral permitted by the terms
		of this Credit Agreement.
	 

	 
		16.13.
		Severability. The provisions of this
		Credit Agreement are severable and if any one clause or provision hereof shall
		be held invalid or unenforceable in whole or in part in any jurisdiction, then
		such invalidity or unenforceability shall affect only such clause or provision,
		or part thereof, in such jurisdiction, and shall not in any manner affect such
		clause or provision in any other jurisdiction, or any other clause or provision
		of this Credit Agreement in any jurisdiction.
	 

	 
		16.14. Joint
		Lead Arranger. Each of the Joint Lead
		Arrangers shall not have any additional rights or obligations under this Credit
		Agreement solely as a consequence of holding such title.
	 

	 
		[Remainder of Page Intentionally
		Blank]
	 

	 
		 
	 

	 
		85
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, the undersigned have
		duly executed this Credit Agreement as of the date first set forth
		above.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CLI FUNDING II LLC, as
				  Borrower
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Lisa D. Leach
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Lisa D. Leach
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  VP and General Counsel
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BEAR STEARNS CORPORATE LENDING INC.,
				  as Lender
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Victor Bulzacchelli
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Victor Bulzacchelli
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Vice President
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  BEAR, STEARNS & CO. INC., as
				  Joint Lead Arranger
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Victor Bulzacchelli
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Victor Bulzacchelli
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Vice President
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CITIGROUP GLOBAL MARKETS REALTY
				  CORP., as Lender and Joint Lead Arranger
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ John Pawlowski
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  John Pawlowski
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Authorized Signer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK TRUST COMPANY
				  AMERICAS, as Lender
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Susan LeFevre
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Susan LeFevre
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Director
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Omayra Laucella
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Omayra Laucella
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Vice President
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE BANK SECURITIES INC., as
				  Joint Lead Arranger
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Craig Frehron
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Craig Frehron
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  MD
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Kristoffe Mack
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Kristoffe Mack
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  MD
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  CITIGROUP GLOBAL MARKETS REALTY
				  CORP., as Agent
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ John Pawlowski
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  John Pawlowski
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Authorized Signer
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit Agreement
	 

	 
		 
	 

	 
	 

	 

	 
		Schedule 1
	 

	 
		Lenders and Commitments
	 

	 
		 
	 

	 
			
				
				  Lenders
				

			 	
				
				   
				

			 	
				
				  Commitment
				

			 	
				
				   
				

			 	
				
				  Commitment
 Percentage
				

			 
	
				
				  Bear Stearns Corporate Lending
				  Inc.
				

			 	
				
				   
				

			 	
				
				  $
				

			 	
				
				  135,000,000
				

			 	
				
				   
				

			 	
				
				  33.333
				

			 	
				
				  %
				

			 
	
				
				  Citigroup Global Markets Realty
				  Corp.
				

			 	
				
				   
				

			 	
				
				  $
				

			 	
				
				  135,000,000
				

			 	
				
				   
				

			 	
				
				  33.333
				

			 	
				
				  %
				

			 
	
				
				  Deutsche Bank Trust Company
				  Americas
				

			 	
				
				   
				

			 	
				
				  $
				

			 	
				
				  135,000,000
				

			 	
				
				   
				

			 	
				
				  33.333
				

			 	
				
				  %
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		Credit AgreementEXHIBIT 10.30

CREDIT AGREEMENT (2007-A)

by and among

SEACASTLE INC.,

as Parent

SEACASTLE OPERATING COMPANY LTD.

as Borrower,

CITICORP NORTH AMERICA, INC.,

BEAR STEARNS CORPORATE LENDING INC. and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Lenders

and

CITICORP NORTH AMERICA, INC.,

as Agent

and

THE OTHER LENDERS PARTY HERETO FROM TIME TO TIME

Dated as of July 26, 2007

 

 

TABLE OF CONTENTS

 

	
       
 	
       
 	
       
 	
       
 	
      Page
 
	
                        ARTICLE I
 Definitions and Terms
 
	 	 	 	 	 
	
                        1.1.
 	
                         
 	
                        Definitions
 	
                         
 	
                        1
 
	1.2.
	 	Rules of Interpretation
	 	18

	 	
                         
 	 	
                         
 	 
	
                        ARTICLE II
 The Revolving Credit Facility
 
	 	 	 	 	 
	
                        2.1.
 	
                         
 	
                        Revolving Loans
 	
                         
 	
                        19
 
	
                        2.2.
 	
                         
 	
                        Payment of Interest & Fees
 	
                         
 	
                        21
 
	
                        2.3.
 	
                         
 	
                        Payment of Principal
 	
                         
 	
                        21
 
	
                        2.4.
 	
                         
 	
                        Manner of Payment
 	
                         
 	
                        22
 
	
                        2.5.
 	
                         
 	
                        Notes
 	
                         
 	
                        23
 
	
                        2.6.
 	
                         
 	
                        Pro Rata Payments
 	
                         
 	
                        23
 
	
                        2.7.
 	
                         
 	
                        Reductions
 	
                         
 	
                        23
 
	
                        2.8.
 	
                         
 	
                        Conversions and Elections of Subsequent Interest Periods
 	
                         
 	
                        24
 
	
                        2.9.
 	
                         
 	
                        Increase and Decrease in Amounts
 	
                         
 	
                        24
 
	
                        2.10.
 	
                         
 	
                        Fees
 	
                         
 	
                        24
 
	
                        2.11.
 	
                         
 	
                        Deficiency Advances
 	
                         
 	
                        25
 
	2.12.
	 	Use of Proceeds
	 	25

	 	
                         
 	 	
                         
 	 
	
                        ARTICLE III

                        

                          LETTERS OF CREDIT

	 	 	 	 	 
	
                        3.1.
 	
                         
 	
                        L/C Commitment
 	
                         
 	
                        25
 
	
                        3.2.
 	
                         
 	
                        Procedure for Issuance of Letter of Credit
 	
                         
 	
                        26
 
	
                        3.3.
 	
                         
 	
                        Fees and Other Charges
 	
                         
 	
                        26
 
	
                        3.4.
 	
                         
 	
                        L/C Participations
 	
                         
 	
                        26
 
	
                        3.5.
 	
                         
 	
                        Reimbursement Obligation of the Borrower
 	
                         
 	
                        28
 
	
                        3.6.
 	
                         
 	
                        Obligations Absolute
 	
                         
 	
                        28
 
	
                        3.7.
 	
                         
 	
                        Letter of Credit Payments
 	
                         
 	
                        28
 
	3.8.
	 	Applications
	 	29

	 	
                         
 	 	
                         
 	 
	
                        ARTICLE IV
 Security
 
	 	 	 	 	 
	
                        4.1.
 	
                         
 	
                        Security
 	
                         
 	
                        29
 
	
                        4.2.
 	
                         
 	
                        Further Assurances
 	
                         
 	
                        29
 
	4.3.
	 	Information Regarding Collateral
	 	29

	 	
                         
 	 	
                         
 	 
	
                        ARTICLE V
 Change in Circumstances

                         

	
                        5.1.
 	
                         
 	
                        Requirements of Law
 	
                         
 	
                        29
 
	
                        5.2.
 	
                         
 	
                        Limitation on Types of Loans
 	
                         
 	
                        31
 
	
                        5.3.
 	
                         
 	
                        Illegality
 	
                         
 	
                        31
 
	
                        5.4.
 	
                         
 	
                        Treatment of Affected Loans
 	
                         
 	
  31
 

 

 

i

 

 

	
       
 	
       
 	
       
 	
       
 	
      Page
 
	
                        5.5.
 	
                         
 	
                        Compensation
 	
                         
 	
                        32
 
	
                        5.6.
 	
                         
 	
                        Taxes
 	
                         
 	
                        32
 
	
                         

                        ARTICLE VI

                          Conditions

                         

	
                        6.1.
 	
                         
 	
                        Conditions of Effectiveness of this Agreement
 	
                         
 	
                        35
 
	
                        6.2.
 	
                         
 	
                        Conditions of Revolving Loans
 	
                         
 	
                        36
 
	
                         

                        ARTICLE VII

                          Representations and Warranties

                         

	
                        7.1.
 	
                         
 	
                        Organization and Authority
 	
                         
 	
                        37
 
	
                        7.2.
 	
                         
 	
                        Loan Documents
 	
                         
 	
                        38
 
	
                        7.3.
 	
                         
 	
                        Solvency
 	
                         
 	
                        38
 
	
                        7.4.
 	
                         
 	
                        Subsidiaries and Stockholders
 	
                         
 	
                        38
 
	
                        7.5.
 	
                         
 	
                        Financial Condition
 	
                         
 	
                        39
 
	
                        7.6.
 	
                         
 	
                        Liens
 	
                         
 	
                        39
 
	
                        7.7.
 	
                         
 	
                        Title to Properties
 	
                         
 	
                        39
 
	
                        7.8.
 	
                         
 	
                        Taxes
 	
                         
 	
                        39
 
	
                        7.9.
 	
                         
 	
                        Other Agreements
 	
                         
 	
                        40
 
	
                        7.10.
 	
                         
 	
                        Litigation
 	
                         
 	
                        40
 
	
                        7.11.
 	
                         
 	
                        Federal Regulations
 	
                         
 	
                        40
 
	
                        7.12.
 	
                         
 	
                        Investment Company
 	
                         
 	
                        40
 
	
                        7.13.
 	
                         
 	
                        Patents, Etc
 	
                         
 	
                        40
 
	
                        7.14.
 	
                         
 	
                        No Untrue Statement
 	
                         
 	
                        41
 
	
                        7.15.
 	
                         
 	
                        No Consents, Etc
 	
                         
 	
                        41
 
	
                        7.16.
 	
                         
 	
                        Employee Benefit Plans
 	
                         
 	
                        41
 
	
                        7.17.
 	
                         
 	
                        No Default
 	
                         
 	
                        42
 
	
                        7.18.
 	
                         
 	
                        Environmental Laws
 	
                         
 	
                        42
 
	
                         

                        ARTICLE VIII

                          Affirmative Covenants

                         

	
                        8.1.
 	
                         
 	
                        Financial Reports, Etc
 	
                         
 	
                        42
 
	
                        8.2.
 	
                         
 	
                        Maintain Properties
 	
                         
 	
                        44
 
	
                        8.3.
 	
                         
 	
                        Existence, Qualification, Etc
 	
                         
 	
                        44
 
	
                        8.4.
 	
                         
 	
                        Regulations and Taxes
 	
                         
 	
                        44
 
	
                        8.5.
 	
                         
 	
                        Intentionally Deleted
 	
                         
 	
                        44
 
	
                        8.6.
 	
                         
 	
                        True Books
 	
                         
 	
                        44
 
	
                        8.7.
 	
                         
 	
                        Right of Inspection
 	
                         
 	
                        44
 
	
                        8.8.
 	
                         
 	
                        Observe all Laws
 	
                         
 	
                        45
 
	
                        8.9.
 	
                         
 	
                        Governmental Licenses
 	
                         
 	
                        45
 
	
                        8.10.
 	
                         
 	
                        Officer’s Knowledge of Default or Material Adverse Effect
 	
                         
 	
                        45
 
	
                        8.11.
 	
                         
 	
                        Suits or Other Proceedings
 	
                         
 	
                        45
 
	
                        8.12.
 	
                         
 	
                        Notice of Environmental Complaint or Condition
 	
                         
 	
                        45
 
	
                        8.13.
 	
                         
 	
                        Indemnification
 	
                         
 	
                        45
 
	
                        8.14.
 	
                         
 	
                        Additional Guarantors
 	
                         
 	
                        46
 
	
                        8.15.
 	
                         
 	
                        Further Assurances
 	
                         
 	
                        46
 
	
                        8.16.
 	
                         
 	
                        Continued Operations
 	
                         
 	
  46
 

 

 

ii

 

 

	
       
 	
       
 	
       
 	
       
 	
      Page
 
	
                        8.17.
 	
                         
 	
                        Employee Benefit Plans
 	
                         
 	
                        46
 
	
                        8.18.
 	
                         
 	
                        Post-Closing Undertakings
 	
                         
 	
                        46
 
	
                         

                        ARTICLE IX

                          Negative Covenants

                         

	
                        9.1.
 	
                         
 	
                        [reserved]
 	
                         
 	
                        47
 
	
                        9.2.
 	
                         
 	
                        [reserved]
 	
                         
 	
                        47
 
	
                        9.3.
 	
                         
 	
                        Liens
 	
                         
 	
                        47
 
	
                        9.4.
 	
                         
 	
                        Indebtedness
 	
                         
 	
                        50
 
	
                        9.5.
 	
                         
 	
                        Transfer of Assets
 	
                         
 	
                        52
 
	
                        9.6.
 	
                         
 	
                        Subsidiaries; Investments
 	
                         
 	
                        52
 
	
                        9.7.
 	
                         
 	
                        Merger or Consolidation
 	
                         
 	
                        52
 
	
                        9.8.
 	
                         
 	
                        Transactions with Affiliates
 	
                         
 	
                        52
 
	
                        9.9.
 	
                         
 	
                        Single Employer Plans; ERISA Affiliates
 	
                         
 	
                        52
 
	
                        9.10.
 	
                         
 	
                        Fiscal Year
 	
                         
 	
                        53
 
	
                        9.11.
 	
                         
 	
                        Change in Control
 	
                         
 	
                        53
 
	
                        9.12.
 	
                         
 	
                        Negative Pledge Clauses
 	
                         
 	
                        53
 
	
                        9.13.
 	
                         
 	
                        Partnerships
 	
                         
 	
                        53
 
	
                        9.14.
 	
                         
 	
                        Restricted Payments
 	
                         
 	
                        53
 
	
                        9.15.
 	
                         
 	
                        Clauses Restricting Restricted Payments
 	
                         
 	
                        54
 
	
                        9.16.
 	
                         
 	
                        Intentionally Deleted
 	
                         
 	
                        54
 
	
                        9.17.
 	
                         
 	
                        Organizational Documents
 	
                         
 	
                        55
 
	
                        9.18.
 	
                         
 	
                        Tangible Net Worth
 	
                         
 	
                        55
 
	
                         

                        ARTICLE X

                          Events of Default and Acceleration

                         

	
                        10.1.
 	
                         
 	
                        Events of Default
 	
                         
 	
                        55
 
	
                        10.2.
 	
                         
 	
                        Agent to Act
 	
                         
 	
                        58
 
	
                        10.3.
 	
                         
 	
                        Cumulative Rights
 	
                         
 	
                        58
 
	
                        10.4.
 	
                         
 	
                        No Waiver
 	
                         
 	
                        59
 
	
                        10.5.
 	
                         
 	
                        Allocation of Proceeds
 	
                         
 	
                        59
 
	
                         

                        ARTICLE XI

                          The Agent

                         

	
                        11.1.
 	
                         
 	
                        Appointment, Powers, and Immunities
 	
                         
 	
                        60
 
	
                        11.2.
 	
                         
 	
                        Reliance by Agent
 	
                         
 	
                        60
 
	
                        11.3.
 	
                         
 	
                        Defaults
 	
                         
 	
                        61
 
	
                        11.4.
 	
                         
 	
                        Rights as Lender
 	
                         
 	
                        61
 
	
                        11.5.
 	
                         
 	
                        Indemnification
 	
                         
 	
                        61
 
	
                        11.6.
 	
                         
 	
                        Non-Reliance on Agent and Other Lenders
 	
                         
 	
                        62
 
	
                        11.7.
 	
                         
 	
                        Resignation of Agent
 	
                         
 	
                        62
 
	
                        11.8.
 	
                         
 	
                        Fees
 	
                         
 	
                        62
 
	
                         

                        ARTICLE XII

                          Miscellaneous

                         

	
                        12.1.
 	
                         
 	
                        Assignments and Participations
 	
                         
 	
                        62
 
	
                        12.2.
 	
                         
 	
                        Notices
 	
                         
 	
  64
 

 

 

iii

 

 

	
       
 	
       
 	
       
 	
       
 	
      Page
 
	
                        12.3.
 	
                         
 	
                        Right of Set-off; Adjustments
 	
                         
 	
                        65
 
	
                        12.4.
 	
                         
 	
                        Survival
 	
                         
 	
                        66
 
	
                        12.5.
 	
                         
 	
                        Expenses
 	
                         
 	
                        66
 
	
                        12.6.
 	
                         
 	
                        Amendments and Waivers
 	
                         
 	
                        67
 
	
                        12.7.
 	
                         
 	
                        Counterparts
 	
                         
 	
                        68
 
	
                        12.8.
 	
                         
 	
                        Return of Funds
 	
                         
 	
                        68
 
	
                        12.9.
 	
                         
 	
                        Indemnification; Limitation of Liability
 	
                         
 	
                        68
 
	
                        12.10.
 	
                         
 	
                        Severability
 	
                         
 	
                        69
 
	
                        12.11.
 	
                         
 	
                        Entire Agreement
 	
                         
 	
                        69
 
	
                        12.12.
 	
                         
 	
                        Payments
 	
                         
 	
                        69
 
	
                        12.13.
 	
                         
 	
                        Confidentiality
 	
                         
 	
                        69
 
	
                        12.14.
 	
                         
 	
                        Governing Law; Waiver of Jury Trial
 	
                         
 	
                        70
 
	
                        12.15.
 	
                         
 	
                        Judgment Currency
 	
                         
 	
                        70
 
	
                        12.16.
 	
                         
 	
                        USA PATRIOT Act
 	
                         
 	
  71
 

  	
      EXHIBITS
 	
       
 	
       
 
	 	 	 
	
                        EXHIBIT A
 	
                         
 	
                        Applicable Commitment Percentages
 
	
                        EXHIBIT B
 	
                         
 	
                        Form of Assignment and Acceptance
 
	
                        EXHIBIT C
 	
                         
 	
                        [reserved]
 
	
                        EXHIBIT D
 	
                         
 	
                        Form of Borrowing Notice
 
	
                        EXHIBIT E
 	
                         
 	
                        Form of Interest Rate Selection Notice
 
	
                        EXHIBIT F
 	
                         
 	
                        Form of Note
 
	
                        EXHIBIT G
 	
                         
 	
                        [reserved]
 
	
                        EXHIBIT H
 	
                         
 	
                        Compliance Certificate
 
	
                        EXHIBIT I
 	
                         
 	
                        Form of Facility Guaranty
 
	
                        EXHIBIT J-1
 	
                         
 	
                        Form of Bermuda Pledge
 
	
                        EXHIBIT J-2
 	
                         
 	
                        Form of Marshall Islands Pledge
 
	
                         
 	
                         
 	
                         
 
	
                        SCHEDULES
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        Schedule 1.1A
 	
                         
 	
                        Guarantors
 
	
                        Schedule 1.1.B
 	
                         
 	
                        Certain Persons who are not Eligible Assignees
 
	
                        Schedule 4.3
 	
                         
 	
                        Information Regarding Collateral
 
	
                        Schedule 7.4
 	
                         
 	
                        Subsidiaries
 
	
                        Schedule 7.8
 	
                         
 	
                        Tax Matters
 
	
                        Schedule 7.10
 	
                         
 	
                        Litigation
 
	
                        Schedule 7.18
 	
                         
 	
                        Environmental Matters
 
	
                        Schedule 9.4
 	
                         
 	
                        Indebtedness
 
	
                        Schedule 9.8
 	
                         
 	
                        Affiliate Transactions
 
	
                        Schedule 9.12
 	
                         
 	
  Negative Pledge Clauses
 

 

 

iv

 

CREDIT AGREEMENT

THIS CREDIT AGREEMENT (2007-A), dated as of July 26, 2007, (as may be amended, supplemented or otherwise modified from time to time, the “Agreement”), made by and among, SEACASTLE INC., a corporation organized and existing under the laws of the Marshall Islands (“Parent”), SEACASTLE OPERATING COMPANY LTD., a company incorporated and existing under the laws of Bermuda (the “Borrower”), CITICORP NORTH AMERICA, INC., a national banking association, in its capacity as a Lender (“CNAI”), BEAR STEARNS CORPORATE LENDING INC., a
national banking corporation, DEUTSCHE BANK TRUST COMPANY AMERICAS, a banking corporation organized under the laws of the State of New York, and each other financial institution party hereto (such financial institutions, and their successors and permitted assigns, a “Lender”;  collectively the “Lenders”), and CITICORP NORTH AMERICA, INC., in its capacity as agent for the Lenders (in such capacity, and together with any successor agent appointed in accordance with the terms of

Section 11.7, the “Agent”);

WITNESSETH:

WHEREAS, the Borrower has requested that the Lenders make available to the Borrower a revolving credit facility of up to $250,000,000, the proceeds of which are to be used by the Borrower for working capital and other general corporate purposes; and

WHEREAS, the Lenders and the Agent, subject to the conditions set forth herein (including the conditions set forth in Section 6.1), are willing to make such revolving credit facility available to the Borrower;

NOW, THEREFORE, the Parent, the Borrower, the Lenders and the Agent hereby agree as follows:

ARTICLE I

DEFINITIONS AND TERMS

1.1. Definitions. For the purposes of this Agreement, in addition to the definitions set forth above, the following terms shall have the respective meanings set forth below:

“Account” means any general corporate account of the Borrower.

“Affiliate” means any Person (i) which directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with any Guarantor or the Borrower; or (ii) which beneficially owns or holds 10% or more of any class of the outstanding Voting Stock (or in the case of a Person which is not a corporation, 10% or more of the equity interest or beneficial interest) of any Guarantor or the Borrower; or 10% or more of any class of the outstanding Voting Stock (or in the case of a Person which is not a corporation, 10% or more of the equity interest or beneficial interest) of which is beneficially owned or held by any Guarantor or the 

 

 

Borrower; provided, however, at the time any Guarantor registers any security issued by it pursuant to the Securities Act of 1933, as amended, the figure “10%” used in this definition shall automatically change to “5%” without further action. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of Voting Stock, by contract or otherwise. 

“Agreement” has the meaning given to such term in the first recital to this Agreement.

“Applicable Commitment Percentage” means, with respect to each Lender at any time, a fraction, the numerator of which shall be such Lender’s Revolving Credit Commitment and the denominator of which shall be the Total Revolving Credit Commitment, which Applicable Commitment Percentage for each Lender as of the Closing Date is as set forth in Exhibit A; provided that the Applicable Commitment Percentage of each Lender shall be increased or decreased to reflect any assignments to or by such Lender effected in accordance with
Section 12.1.

“Applicable Lending Office” means, for each Lender and for each Type of Loan, the “Lending Office” for such Lender (or of an affiliate of such Lender) designated for such Type of Loan on the signature pages hereof or such other office of such Lender (or an affiliate of such Lender) as such Lender may from time to time specify to the Agent and the Borrower by written notice in accordance with the terms hereof as the office by which its Loans are to be made and maintained.

“Applicable Margin” means:

(a) with respect to the Eurodollar Rate, 1.50%; and

(b) with respect to the Base Rate, 0.50%.

“Application” means an application, in such form as the applicable Issuing Lender may specify from time to time, requesting such Issuing Lender to open a Letter of Credit.

“Assignment and Acceptance” means an Assignment and Acceptance substantially in the form of Exhibit B (with blanks appropriately filled in) delivered to the Agent in connection with an assignment of a Lender’s interest under this Agreement pursuant to Section 12.1.

“Authorized Representative” means any of the President, Chief Executive Officer, Chief Operating Officer, Chief Financial Officer or Vice President of the Borrower or any other officer of the Borrower so designated by any of the foregoing officers.

“Base Rate” means, for any day, the rate per annum equal to the sum of (a) the higher of (i) the Federal Funds Rate for such day plus one-half of one percent (0.5%) and (ii) the Prime Rate for such day, plus (b) the Applicable Margin. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective on the effective date of such change in the Prime Rate or Federal Funds Rate.

 

 

2

 

“Base Rate Loan” means a Loan for which the rate of interest is determined by reference to the Base Rate.

“Board” means the Board of Governors of the Federal Reserve System (or any successor body).

“Borrower” has the meaning given to such term in the preamble to this Agreement.

“Borrowing Notice” means the notice delivered by an Authorized Representative in connection with a Loan under the Revolving Credit Facility, in the form of Exhibit D.

“Business Day” means, (i) with respect to any Base Rate Loan, any day which is not a Saturday, Sunday or a day on which banks in the State of New York are authorized or obligated by law, executive order or governmental decree to be closed and, (ii) with respect to any Eurodollar Rate Loan, any day which is a Business Day, as described above, and on which the relevant international financial markets are open for the transaction of business contemplated by this Agreement in London, England and New York, New York.

“Capital Stock” means, with respect to any Person, all of the shares, interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities).

“Capitalized Leases” means leases under which the Borrower or any of its Subsidiaries is the lessee or obligor, the discounted future rental payment obligations under which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP.

“Cash Equivalents” means (i) securities issued or directly and fully guaranteed or insured by the United States Government, or any agency or instrumentality thereof, having maturities of not more than one year from the date of acquisition; (ii) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s; (iii) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of not more than one year from the date
of acquisition thereof issued by any commercial bank the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by S&P, or “A” or the equivalent thereof by Moody’s, and having capital and surplus in excess of $500 million; (iv) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (i), (ii) and (iii) entered into with any bank meeting the qualifications specified in clause (iii) above; (v) commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by S&P or “P-2” or the equivalent thereof 

 

 

3

 

by Moody’s, or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing ratings of investments, and in either case maturing within one year after the date of acquisition thereof; and (vi) interests in any investment company which invests solely in instruments of the type specified in clauses (i) through (v) above. 

“Change of Control” means (i) at any time prior to a Parent IPO, (x) Permitted Investors shall fail to own, directly or indirectly, beneficially and of record, 100% of the common Capital Stock of the Parent (other than Management Equity), or (y) the Parent shall fail to own, directly, beneficially and of record, 100% of the Capital Stock of the Borrower (other than Management Equity); and (ii) at any time after a Parent IPO, the (x) Permitted Investors fail to own, directly or indirectly, beneficially and of record, more of the Capital Stock of the Parent than any other “person” or “group” (as such terms are used in Section 13(d) of the Securities Exchange Act of 1934, as amended), (y) the Parent shall fail to own, directly, beneficially and of
record, 100% of the Capital Stock of the Borrower (other than Management Equity) or (z) the board of directors of the Parent shall cease to consist of a majority of the Continuing Directors.

“Closing Date” means the date as of which this Agreement is executed by the Parent, the Borrower, the Lenders and the Agent and on which the conditions set forth in Section 6.1 have been satisfied or waived.

“Code” means the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder.

“Collateral” means, collectively, the Pledged Interests and the other collateral described in the Pledge Agreement and any other Security Instrument.

“Contingent Obligation” of any Person means all contingent liabilities required (or which, upon the creation or incurring thereof, would be required) to be included in the financial statements (including footnotes) of such Person in accordance with GAAP, including Statement No. 5 of the Financial Accounting Standards Board, all Rate Hedging Obligations and any obligation of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including obligations of such Person however incurred:

(1) to purchase such Indebtedness or other obligation or any property or assets constituting security therefor;

(2) to advance or supply funds in any manner (i) for the purchase or payment of such Indebtedness or other obligation, or (ii) to maintain a minimum working capital, net worth or other balance sheet condition or any income statement condition of the primary obligor;

(3) to grant or convey any lien, security interest, pledge, charge or other encumbrance on any property or assets of such Person to secure payment of such Indebtedness or other obligation;

 

 

4

 

(4) to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner or holder of such Indebtedness or obligation of the ability of the primary obligor to make payment of such Indebtedness or other obligation; or

(5) otherwise to assure the owner of the Indebtedness or such obligation of the primary obligor against loss in respect thereof.

“Continue”, “Continuation”, and “Continued” refers to the continuation pursuant to Section 2.8 hereof of a Eurodollar Rate Loan of one Type as a Eurodollar Rate Loan of the same Type from one Interest Period to the next Interest Period.

“Continuing Directors” means the directors of the Parent on the Closing Date, and each other director of the Parent, if, in each case, such other director’s nomination for election to the board of directors of the Parent is recommended by at least 66% of the then Continuing Directors or such other director receives the vote of the Permitted Investors in his or her election by the shareholders of the Parent.

“Convert”, “Conversion”, and “Converted” refers to a conversion pursuant to Section 2.8 or Article V of one Type of Loan into another Type of Loan.

“Credit Party” means, collectively, the Borrower, each Guarantor, and each other Person providing Collateral pursuant to any Security Instrument. 

“Default” means any event or condition which, with the giving or receipt of notice or lapse of time or both, would constitute an Event of Default hereunder.

“Default Rate” means (i) with respect to each Eurodollar Rate Loan, until the end of the Interest Period applicable thereto, a rate of two percent (2%) above the Eurodollar Rate applicable to such Loan, and thereafter at a rate of interest per annum which shall be two percent (2%) above the Base Rate, (ii) with respect to Base Rate Loans, at a rate of interest per annum which shall be two percent (2%) above the Base Rate and (iii) in any case, the maximum rate permitted by applicable law, if lower.

“Dollars” and the symbol “$” means dollars constituting legal tender for the payment of public and private debts in the United States of America.

“Eligible Assignee” means (i) a Lender, (ii) an affiliate of a Lender, and (iii) any other financial institution approved by the Agent, subject to the terms and conditions of Section 12.1 hereof.

“Employee Benefit Plan” means, at a particular time, any employee benefit plan that is covered by ERISA and in respect of which any Guarantor or the Borrower or any of their respective ERISA Affiliates is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

 

 

5

 

“Environmental Laws” means any federal, state or local statute, law, ordinance, code, rule, regulation, order, decree, permit or license regulating, relating to, or imposing liability or standards of conduct concerning, any environmental matters or conditions, environmental protection or conservation, including, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended; the Superfund Amendments and Reauthorization Act of 1986, as amended; the Resource Conservation and Recovery Act, as amended; the Toxic Substances Control Act, as amended; the Clean Air Act, as amended; the Clean Water Act, as amended; together with all regulations promulgated thereunder, and any other “Superfund” or “Superlien” law.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

“ERISA Affiliate” means an entity, whether or not incorporated, that is under common control with any Guarantor or the Borrower within the meaning of Section 4001 of ERISA or is part of a group that includes any Guarantor or the Borrower and that is treated as a single employer within the meaning of Section 414 of the Code.

“Eurodollar Rate” means the interest rate per annum calculated according to the following formula:

 

	
                         
 	Eurodollar

            Rate
	
                        =
 	
                        Interbank Offered Rate
 	
                        +
 	
                        Applicable
 Margin
 
	
                        1 – Reserve Requirement
 

 

“Eurodollar Rate Loan” means a Loan for which the rate of interest is determined by reference to the Eurodollar Rate.

“Event of Default” means any of the occurrences set forth as such in Section 10.1.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the regulations promulgated thereunder.

“Facility Guaranty” means the Guaranty Agreement between the Guarantors and the Agent for the benefit of the Lenders (substantially in the form of Exhibit I attached hereto), delivered as of the Closing Date and otherwise pursuant to Section 6.1 or 8.14, as the same may be amended, modified or supplemented from time to time.

“Federal Funds Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds
Rate for such day shall be the average rate charged to

 

 

6

 

the Agent (in its individual capacity) on such day on such transactions as determined by the Agent.

“Fee Letter” means the Fee Letter dated July 26, 2007, by Citigroup Global Markets, Inc. (as arranger and bookrunner), Bear Stearns & Co. Inc. (as arranger and bookrunner), Bear Stearns Corporate Lending Inc., Deutsche Bank Securities Inc. (as arranger and bookrunner) and accepted and agreed to by the Parent.

“Fee Payment Date” means, for any month in which a commitment fee is due, the twentieth (20th ) calendar day of each calendar month (or, if such day is not a Business Day, on the next succeeding Business Day).

“Fiscal Year” means the twelve-month fiscal period of the Parent and its Subsidiaries commencing on January 1 of each calendar year and ending on December 31 of each calendar year.

“GAAP” or “Generally Accepted Accounting Principles” means generally accepted accounting principles, being those principles of accounting set forth in pronouncements of the Financial Accounting Standards Board, the American Institute of Certified Public Accountants or which have other substantial authoritative support and are applicable in the circumstances as of the date of a report.

“Governmental Authority” means any Federal, state, municipal, national or other government (whether foreign or domestic and including the European Union) or governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state or local government of the United States, the United States, or a foreign entity or foreign government. 

“Guarantors” means, at any date, the collective reference to the Parent, Seacastle Holdings LLC and SCT Chassis Inc., each a direct Subsidiary of the Borrower, and any other Subsidiary that shall hereinafter become a Guarantor pursuant to the terms of 

Section 8.14.

“Hazardous Material” means and includes any pollutant, contaminant, or hazardous, toxic or dangerous waste, substance or material (including without limitation petroleum products, asbestos-containing materials and lead), the generation, handling, storage, transportation, disposal, treatment, release, discharge or emission of which is subject to any Environmental Law.

“Hedging Agreement” means one or more agreements between the Borrower or any Guarantor and any Lender or any Affiliate thereof, on terms mutually acceptable to the Borrower or any Guarantor and such Lender (or Affiliate), which agreements create Rate Hedging Obligations.

“Indebtedness” means with respect to any Person, without duplication, all Indebtedness for Money Borrowed, all indebtedness of such Person for the acquisition of 

 

 

7

 

property or arising under Rate Hedging Obligations, all indebtedness secured by any Lien on the property of such Person whether or not such indebtedness is assumed, all liability of such Person by way of endorsements (other than for collection or deposit in the ordinary course of business), all Contingent Obligations, and other items which in accordance with GAAP is required to be classified as a liability on a balance sheet; but excluding all accounts payable in the ordinary course of business so long as payment therefor is due within one year; provided that in no event shall the term Indebtedness include surplus and retained earnings, lease obligations, reserves for deferred income taxes and investment credits, other deferred credits or reserves or deferred compensation obligations.

“Indebtedness for Money Borrowed” means with respect to any Person, without duplication, all indebtedness in respect of money borrowed, as reflected on the balance sheet of such Person in accordance with GAAP, including without limitation the deferred purchase price of any property or asset, evidenced by a promissory note, bond, debenture or similar written obligation for the payment of money (including conditional sales or similar title retention agreements), other than trade payables incurred in the ordinary course of business.

“Initial Lender” means each of Citicorp North America, Inc., Bear Stearns Corporate Lending Inc. and Deutsche Bank Trust Company Americas.

“Insolvency” means, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of Section 4245 of ERISA.

“Insolvent” means to pertain to a condition of Insolvency.

“Interbank Offered Rate” means, with respect to any Eurodollar Rate Loan for the Interest Period applicable thereto, the rate per annum (rounded upwards, if necessary), to the nearest 1/100 of 1%) appearing on Reuters Page LIBOR01 (or any successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period (or, if no such comparable term is quoted, an interpolated rate as reasonably determined by the Agent). If for any reason such rate is not available, the term “Interbank Offered Rate” shall mean, with respect to any Eurodollar
Rate Loan for the Interest Period applicable thereto, the rate at which U.S. dollar deposits in an amount corresponding to the amount of such Loan and for the applicable maturity are offered by the principal London office of the Agent in immediately available funds in the London interbank market at approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. 

“Interest Payment Date” means (a) as to any Base Rate Loan, the last day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Rate Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is 

 

 

8

 

three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan, the date of repayment or prepayment made in respect thereof.

“Interest Period” means, for each Eurodollar Rate Loan, a period commencing on the date such Eurodollar Rate Loan is made or Converted or on the last day of the preceding Interest Period, as the case may be, and ending on (x) the numerically corresponding day in the calendar month that is 1, 2, 3 or 6 months thereafter, as the Borrower may elect or (y) in the case of an Interest Period of one week, the last day of such week (provided, that Interest Periods of one week in duration may not be selected by the Borrower other than in anticipation of a prepayment of a Loan); provided, that,

(a) if an Interest Period for a Eurodollar Rate Loan would end on a day which is not a Business Day, such Interest Period shall be extended to the next Business Day (unless such extension would cause the applicable Interest Period to end in the succeeding calendar month, in which case such Interest Period shall end on the next preceding Business Day); and

(b) except in the case of a one-week Interest Period, any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.

“Interest Rate Selection Notice” means the written notice delivered by an Authorized Representative in connection with the election of a subsequent Interest Period for any Eurodollar Rate Loan or the Conversion of any Base Rate Loan into a Eurodollar Rate Loan, in the form of Exhibit E.

“Investment” means with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan (other than advances to customers in the ordinary course of business) or other extension of credit (including by way of guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such Person and all other items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP; provided that none of the following will be deemed to be an Investment:  (a) Rate Hedging Obligations entered into in the ordinary course of business and in compliance with this Agreement; (b) endorsements of negotiable instruments and documents in the ordinary course of business; and (c) any acquisition of assets, Capital Stock or other securities by a Credit Party or a Subsidiary for consideration to the extent such consideration consists of common equity securities of a Credit Party or a Subsidiary.

 

 

9

 

“Issuing Lender” means each of Citicorp North America, Inc. and Deutsche Bank Trust Company Americas, or any affiliate thereof, in its capacity as issuer of any Letter of Credit.

“L/C Commitment” means $25,000,000. 

“L/C Obligations” means at any time, an amount equal to the sum of (i) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (ii) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5.

“L/C Participants” means the collective reference to all the Lenders other than the Issuing Lender that issued the applicable Letter of Credit.

“Lender” has the meaning given to such term in the preamble to this Agreement.

“Letters of Credit” has the meaning given to such term in Section 3.1(a).

“Lien” means any interest in property securing any obligation owed to, or a claim by, a Person other than the owner of the property, whether such interest is based on the common law, statute or contract, and including but not limited to the lien or security interest arising from a mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. For the purposes of this Agreement, the Parent and any Subsidiary shall be deemed to be the owner of any property which it has acquired or holds subject to a conditional sale agreement, financing lease, or other arrangement pursuant to which title to the property has been retained by or vested in some other Person for security purposes.

“Loan” or “Loans” means any of the Revolving Loans.

“Loan Documents” means this Agreement, the Notes (if any), the Security Instruments, the Facility Guaranty, the Fee Letter and all other instruments and documents heretofore or hereafter executed or delivered to or in favor of any Lender or the Agent in connection with the Loans made and transactions contemplated under this Agreement, as the same may be amended, supplemented or replaced from the time to time.

“Material Adverse Effect” means a material adverse effect on (i) the ability of the Credit Parties, taken as a whole, to pay or perform their respective obligations, liabilities and indebtedness under the Loan Documents as such payment or performance becomes due in accordance with the terms thereof, or (ii) the rights, powers and remedies of the Agent or any Lender under any Loan Document or the validity, legality or enforceability thereof.

“Management Equity” means common equity of the Parent or the Borrower (or options or warrants to acquire such common equity or restricted units that are convertible into or exchangeable for common equity) issued to management of the Parent or the Borrower.

 

 

10

 

“Maturity Date” means the Stated Termination Date, subject to extension as provided in Section 2.3(a).

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

“Multiemployer Plan” means an Employee Benefit Plan that is a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the Borrower or any ERISA Affiliate is making, or is accruing an obligation to make, contributions or has made, or been obligated to make, contributions within the preceding six (6) Fiscal Years.

“Net Available Proceeds” means, in the case of any Parent IPO or other equity issuance, the aggregate amount of all cash received by the Parent and its Subsidiaries in respect of such Parent IPO or equity issuance net of actual out-of-pocket expenses incurred by the Parent  and/or its Subsidiaries in connection therewith, including, but not limited to, any attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other fees and expenses in connection therewith.

“Non-Recourse Indebtedness” means Indebtedness secured solely by assets of the applicable borrower or guarantor thereunder (i) as to which neither the Borrower nor any Guarantor (a) provides any guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise, other than, in the case of clauses (a) and (b) above, (1) any pledge of any ownership interest in a Subsidiary not included in the Collateral, (2) any guarantee or other support in respect of obligations in connection with the purchase (but not the financing of such purchase) or sale of any container, ship, chassis and/or related intermodal transportation assets, (3) in
connection with any lease of any container, ship, chassis and/or related intermodal transportation assets pursuant to which a Subsidiary is the lessor or any operating lease or (4) any support in respect of the performance of non-payment obligations of a Subsidiary, including undertakings by a Guarantor not to permit such Subsidiary to take actions prohibited by agreements to which such Subsidiary is a party, and (ii) the terms of which provide that there is no recourse against any of the assets of the Borrower or the Guarantors (other than (1) ownership interests in Subsidiaries of the Borrower or any Guarantor not included in the Collateral, (2) to the extent attributable to any guarantee or other support in respect of obligations in connection with the purchase (but not the financing of such purchase) or sale of any container, ship, chassis and/or related intermodal transportation assets, (3) in connection with the lease of any container, ship, chassis and/or related intermodal
transportation assets pursuant to which a Subsidiary is the lessor or any operating lease or (4) to the extent attributable to any support in respect of the performance of non-payment obligations of a Subsidiary, including undertakings by a Guarantor not to permit such Subsidiary to take actions prohibited by agreements to which such Subsidiary is a party), provided that, personal recourse of any Person for any such Indebtedness for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification 

 

 

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agreements in non-recourse financing shall not, by itself, cause such Indebtedness to not be characterized as a “Non-Recourse Indebtedness”. 

Non-Recourse Subsidiary” means, at the time of determination, any Subsidiary of the Parent that does not directly, indirectly or beneficially own any Capital Stock of, any subordinated Indebtedness of, or own or hold any Lien on any property of, the Borrower or any parent of the Borrower or any other Subsidiary of the Parent that is not a Non-Recourse Subsidiary; provided that such Subsidiary, at the time of determination, (a) only has Non-Recourse Indebtedness; (b) is a person with respect to which neither the Parent nor any of its Subsidiaries that is not a Non-Recourse Subsidiary has any direct or indirect obligation (x) to subscribe for additional equity interests or (y) to maintain or preserve such Person’s financial condition
or to cause such Person to achieve any specified levels of operating results, other than to the extent implied by undertakings by the Parent or Subsidiaries that are not Non-Recourse Subsidiaries not to permit a Non-Recourse Subsidiary to take actions prohibited by agreements to which such Non-Recourse Subsidiary is a party (provided that, personal recourse of any Person for any such Indebtedness for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purposes entity covenants, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements in non-recourse financing shall not, by itself, cause such Subsidiary to not be characterized as a “Non-Recourse Subsidiary”); and (c) has not guaranteed or otherwise directly
or indirectly provided credit support for any Indebtedness of the Parent or any of its Subsidiaries that are not a Non-Recourse Subsidiary.

“Notes” means, collectively, the promissory notes (if any) of the Borrower evidencing Revolving Loans executed and delivered to the Lenders as provided in Section 2.5 substantially in the form of Exhibit F, with appropriate insertions as to amounts, dates and names of Lenders.

“Obligations” means the unpaid principal of and interest on (including, without limitation, interest accruing after the maturity of the Loans and Reimbursement Obligations and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Agent (acting in any capacity) or to any Lender (or, in the case of Rate Hedging Obligations, any affiliate of any Lender), whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in
connection with, this Agreement, any other Loan Document, the Letters of Credit, any Rate Hedging Obligation entered into with any Lender or any affiliate of any Lender or any other document made, delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all reasonable fees, charges and disbursements of counsel to the Agent (acting in any capacity) or to any Lender that are required to be paid by the Borrower pursuant thereto) or otherwise.

 

 

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“Operating Circular” means an operating circular issued by the Federal Reserve Bank.

“Organizational Action” means with respect to any corporation, limited liability company, partnership, limited partnership, limited liability partnership, trust or other legally authorized incorporated or unincorporated entity, any corporate, organizational or partnership action (including any required shareholder, trustee, member or partner action), or other similar official action, as applicable, taken by such entity.

“Organizational Documents” means with respect to any corporation, limited liability company, partnership, limited partnership, limited liability partnership, trust or other legally authorized incorporated or unincorporated entity, (i) the articles of incorporation, certificate of incorporation, articles of organization, certificate of limited partnership, trust agreement or other applicable organizational or charter documents relating to the creation of such entity and (ii) the bylaws, bye-laws, operating agreement, partnership agreement, limited partnership agreement or other applicable documents relating to the operation, governance or management of such entity.

“Parent” has the meaning given to such term in the preamble to this Agreement. 

“Parent IPO” means the issuance by the Parent or any direct or indirect parent of Parent of its Capital Stock in an underwritten primary public offering (other than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering).

“Partnership Interests” has the meaning therefor provided in the Pledge Agreement.

“Payment Date” means any date provided for herein on which the principal of, interest on or other amounts in respect of the Loans is due and payable.

“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any successor thereto.

“Permitted Investors” means, collectively, one or more investment funds managed and/or controlled by Fortress Investment Group LLC or any of its Affiliates.

“Permitted Lien” means any Lien permitted by Section 9.3.

“Person” means an individual, partnership, corporation, limited liability company, limited liability partnership, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

“Pledge Agreement” means, collectively (or individually as the context may indicate), (i) those certain Pledge and Security Agreements or Share Charges dated as of the Closing Date, and (ii) any additional Pledge and Security Agreement or Share Charge (substantially in the form of Exhibit J-1 or J-2 attached hereto, as applicable), delivered to 

 

 

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the Agent pursuant to Section 6.1 or 8.14, as hereafter amended, supplemented or replaced from time to time.

“Pledged Interests” has the meaning given to such term in the Pledge Agreement.

“Prime Rate” means the per annum rate of interest established from time to time by the Reference Bank as its prime or reference rate, which rate may not be the lowest rate of interest charged by the Reference Bank to its customers.

“Principal Office” means the principal office of the Agent presently located at 2 Penns Way, Suite 100, New Castle, DE 19720 or such other office and address as the Agent may from time to time designate.

“Quarterly Covenant Compliance Report” has the meaning given such term in Section 8.1(c).

“Quarterly Period” means a fiscal quarter of the Parent and its Subsidiaries.

“Rate Hedging Obligations” means any and all obligations of the Parent or any Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (i) any and all agreements, devices or arrangements designed to protect at least one of the parties thereto from the fluctuations of interest rates, exchange rates or forward rates applicable to such party’s assets, liabilities or exchange transactions, including, but not limited to, Dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options,
puts, warrants and those commonly known as interest rate “swap” agreements; and (ii) any and all cancellations, buybacks, reversals, terminations or assignments of any of the foregoing.

“Reference Bank” means Citicorp North America, Inc.

“Regulation A” means a Regulation A circular issued by such Federal Reserve Bank.

“Regulation D” means Regulation D of the Board as the same may be amended or supplemented from time to time.

“Regulatory Change” means any change effective after the Closing Date in United States federal or state laws or regulations (including Regulation D and capital adequacy regulations) or foreign laws or regulations or the adoption or making after such date of any interpretations, directives or requests applying to a class of banks, which includes any of the Lenders, under any United States federal or state or foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof or compliance by any Lender with any request or directive regarding capital adequacy, including those relating to “highly leveraged transactions,” whether or not having the force of
law, and whether or

 

 

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not failure to comply therewith would be unlawful and whether or not published or proposed prior to the date hereof.

“Reimbursement Obligation” means the obligation of the Borrower to reimburse the applicable Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit.

“Reorganization” means, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty (30) day notice period is waived by the PBGC.

“Required Lenders” means, as of any date, Lenders on such date having Credit Exposures (as defined below) aggregating more than 50% of the aggregate Credit Exposures of all the Lenders on such date. For purposes of the preceding sentence, the amount of the “Credit Exposure” of each Lender shall be equal at all times (a) other than following the occurrence and during the continuance of an Event of Default, to the amount of its Revolving Credit Commitment; and (b) following the occurrence and during the continuance of an Event of Default, such Lender’s Applicable Commitment Percentage of Revolving Credit Outstandings; provided that, for the purpose of this definition only, if any Lender shall have failed to fund its Applicable Commitment Percentage of any Loan or Letter of Credit participation, the Revolving Credit Commitment of such Lender shall be deemed reduced by the amount it so failed to fund for so long as such failure shall continue and such Lender’s Credit Exposure attributable to such failure shall be deemed held by any Lender making more than its Applicable Commitment Percentage of such Loan or Letter of Credit participation to the extent it covers such failure.

“Requirement of Law” means as to any Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

“Reserve Requirement” means, at any time, the maximum rate at which reserves (including, without limitation, any marginal, special, supplemental, or emergency reserves) are required to be maintained under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) by member banks of the Federal Reserve System against “Eurocurrency liabilities” (as such term is used in Regulation D). Without limiting the effect of the foregoing, the Reserve Requirement shall reflect any other reserves required to be maintained by such member banks with respect to (i) any category of liabilities which includes deposits by reference to which the Eurodollar Rate is to be determined, or (ii) any category of extensions of credit or other
assets which include Eurodollar Rate Loans. The Eurodollar Rate shall be adjusted automatically on and as of the effective date of any change in the Reserve Requirement.

 

 

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“Restricted Investment” means any Investment that is not permitted pursuant to Section 9.6.

“Restricted Payment” has the meaning given in Section 9.14.

“Revolving Credit Commitment” means, with respect to each Lender, the obligation of such Lender to make Revolving Loans to, or participate in Letters of Credit for the account of, the Borrower, up to an aggregate principal amount at any one time outstanding equal to such Lender’s Applicable Commitment Percentage of the Total Revolving Credit Commitment.

“Revolving Credit Facility” means the facility described in Articles II and III hereof providing for Loans to, and Letters of Credit for the account of, the Borrower by the Lenders in the aggregate principal amount of the Total Revolving Credit Commitment.

“Revolving Credit Outstandings” means, as of any date of determination, the sum of (i) the aggregate principal amount of all Revolving Loans then outstanding and (ii) the L/C Obligations then outstanding.

“Revolving Credit Termination Date” means the earliest of (i) the Stated Termination Date, (ii) the date of termination of Lenders’ obligations pursuant to Section 10.1 upon the occurrence of an Event of Default, or (iii) such date as the Borrower may voluntarily and permanently terminate the Revolving Credit Facility by payment in full of all Revolving Credit Outstandings, together with all accrued and unpaid interest thereon and reduce the Total Revolving Credit Commitment to zero pursuant to Section 2.7. 

“Revolving Loan” or “Revolving Loans” means any borrowing pursuant to a Loan under the Revolving Credit Facility in accordance with Article II.

“S&P” means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

“Secured Party” has the meaning given in the Security Agreement.

“Securitization Interest” means the equity or subordinated interests received by the Parent or any of its Subsidiaries pursuant to the sale, transfer, conveyance or other disposition of any container, ship, chassis and/or related intermodal transportation assets or direct or indirect interest therein in connection with the securitization by the Parent, an Affiliate thereof, or any of its Subsidiaries, of such container, ship, chassis and/or related intermodal transportation assets or interest therein.

“Security Instruments” means, collectively, the Pledge Agreement  and all other agreements, instruments and other documents, whether now existing or hereafter in effect, pursuant to which any Guarantor, the Borrower, any Subsidiary or any other Person shall grant or convey to the Agent or the Lenders a Lien in property as security for all or any portion of the Obligations, as any of them may be amended, modified or supplemented from time to time.

 

 

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“Single Employer Plan” means any Employee Benefit Plan covered by Title IV of ERISA which is not a Multiemployer Plan.

“Solvent” means, when used with respect to any Person, that at the time of determination:

(i) the fair value of its assets (both at fair valuation and at present fair saleable value on an orderly basis) is in excess of the total amount of its liabilities, including Contingent Obligations; and

(ii) it is then able and expects to be able to pay its debts as they mature;

(iii) it has capital sufficient to carry on its business as conducted and as proposed to be conducted; and

(iv) with respect to any Person incorporated in Bermuda, such Person is able to pay its liabilities as they become due, the realisable value of such company’s assets is not less than the aggregate of all its liabilities and issued capital of all classes and share premium accounts.

“Stated Termination Date” means 364 days after the date hereof. 

“Subsidiary” means any corporation or other entity in which more than 50% of its outstanding Voting Stock or more than 50% of all equity interests is owned directly or indirectly by the Parent, including any trust with respect to which a Guarantor or the Parent or any of its Subsidiaries has a beneficial interest.

“Synthetic Lease” means any lease of goods or other property, whether real or personal, which is treated as an operating lease under GAAP and as a loan or financing for U.S. income tax purposes.

“Tangible Net Worth” means at any date, the sum for the Parent and its Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) of the following:

(i) the amount of capital stock; plus

(ii) the amount of surplus and retained earnings (or, in the case of a surplus or retained earnings deficit, minus the amount of such deficit); minus

(iii) the sum of the following:  cost of treasury shares and the book value of all assets that should be classified as intangibles (without duplication of deductions in respect of items already deducted in arriving at surplus and retained earnings) but in any event including goodwill, minority interests, research and development costs, trademarks, trade names, copyrights, patents and franchises, unamortized debt discount and expense, all reserves and any

 

 

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write up in the book value of assets resulting from a revaluation thereof subsequent to consummation of the purchase accounting relating to the combination of Seacastle Holdings LLC, Seacastle Operating Company Ltd. and SCT Chassis Inc. and their respective subsidiaries under the common ownership of Seacastle, Inc.

“Taxes” means all present or future taxes, levies, imposts, duties, charges, fees, deductions or withholdings imposed, levied, collected, withheld or assessed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

“Termination Event” means: (i) a “Reportable Event”; or (ii) the termination of a Single Employer Plan or the filing of a notice of intent to terminate a Single Employer Plan; or (iii) the institution of proceedings to terminate a Single Employer Plan by the PBGC; or (iv) the partial or complete withdrawal of the Borrower or any ERISA Affiliate from a Multiemployer Plan; or (v) the imposition of a Lien pursuant to Section 412 of the Code or Section 302 of ERISA in favor of the PBGC or a Employee Benefit Plan; or (vi) any event or condition which results in the Reorganization or Insolvency of a Multiemployer Plan; or (vii) any event or condition which results in the termination of a Multiemployer Plan under Section 4041A of ERISA or the institution by the PBGC of
proceedings to terminate a Multiemployer Plan under Section 4042 of ERISA.

“Total Revolving Credit Commitment” means a principal amount equal to $250,000,000, as may be reduced from time to time in accordance with Section 2.7.

“Type” means any type of Loan (i.e., a Base Rate Loan or a Eurodollar Rate Loan).

“Voting Stock” means shares of capital stock issued by a corporation, issued shares in a company or equivalent interests in any other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the happening of such a contingency.

1.2. Rules of Interpretation.

(a) All accounting terms not specifically defined herein shall have the meanings assigned to such terms and shall be interpreted in accordance with GAAP applied on a consistent basis.

(b) The headings, subheadings and table of contents used herein or in any other Loan Document are solely for convenience of reference and shall not constitute a part of any such document or affect the meaning, construction or effect of any provision thereof.

(c) Except as otherwise expressly provided, references herein to articles, sections, paragraphs, clauses, annexes, appendices, exhibits and schedules are

 

 

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references to articles, sections, paragraphs, clauses, annexes, appendices, exhibits and schedules in or to this Agreement.

(d) All definitions set forth herein or in any other Loan Document shall apply to the singular as well as the plural form of such defined term, and all references to the masculine gender shall include reference to the feminine or neuter gender, and vice versa, as the context may require.

(e) When used herein or in any other Loan Document, words such as “hereunder”, “hereto”, “hereof” and “herein” and other words of like import shall, unless the context clearly indicates to the contrary, refer to the whole of the applicable document and not to any particular article, section, subsection, paragraph or clause thereof.

(f) References to “including” means including without limiting the generality of any description preceding such term, and for purposes hereof the rule of ejusdem generis shall not be applicable to limit a general statement, followed by or referable to an enumeration of specific matters, to matters similar to those specifically mentioned.

(g) All dates and times of day specified herein shall refer to such dates and times in New York, New York.

(h) Each of the parties to the Loan Documents and their counsel have reviewed and revised, or requested (or had the opportunity to request) revisions to, the Loan Documents, and any rule of construction that ambiguities are to be resolved against the drafting party shall be inapplicable in the construing and interpretation of the Loan Documents and all exhibits, schedules and appendices thereto.

(i) Any reference to an officer of the Borrower or any other Person by reference to the title of such officer shall be deemed to refer to each other officer of such Person, however titled, exercising the same or substantially similar functions.

(j) All references to any agreement or document as amended, modified or supplemented, or words of similar effect, shall mean such document or agreement, as the case may be, as amended, modified or supplemented from time to time only as and to the extent permitted therein and in the Loan Documents.

ARTICLE II

THE REVOLVING CREDIT FACILITY

2.1. Revolving Loans.

(a) Commitment. Subject to the terms and conditions of this Agreement, each Lender severally agrees to make Loans to the Borrower under the Revolving Credit Facility from time to time from the Closing Date until the Revolving Credit 

 

 

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Termination Date on a pro rata basis as to the total borrowing requested by the Borrower on any day determined by such Lender’s Applicable Commitment Percentage up to but not exceeding the Revolving Credit Commitment of such Lender, provided, however, that the Lenders will not be required and shall have no obligation to make any such Loan (i) so long as a Default or an Event of Default has occurred and is continuing or (ii) if the Agent has accelerated the maturity of any of the Loans as a result of an Event of Default; and provided, further, that immediately
after giving effect to each such Loan the amount of Revolving Credit Outstandings shall not exceed the Total Revolving Credit Commitment. Within such limits, the Borrower may borrow, repay and reborrow under the Revolving Credit Facility on a Business Day from the Closing Date until, but (as to borrowings and reborrowings) not including, the Revolving Credit Termination Date; provided, however, that (1) no Revolving Loan that is a Eurodollar Rate Loan shall be made which has an Interest Period that extends beyond the Maturity Date and (2) each Revolving Loan that is a Eurodollar Rate Loan may, subject to the provisions of Section 2.7, be repaid only on the last day of the Interest Period with respect thereto unless such payment is accompanied
by the additional payment, if any, required by Section 5.5.

(b) Amounts. Each Revolving Loan hereunder and each Conversion under Section 2.8, shall be in an amount of at least $500,000.

(c) Procedures. An Authorized Representative shall give the Agent (i) at least three (3) Business Days’ irrevocable written notice of an Interest Rate Selection Notice with appropriate insertions, effective upon receipt, of each Revolving Loan that is to be, or to be Converted into, a Eurodollar Rate Loan prior to 11:00 A.M. and (ii) at least one (1) Business Day’s written notice, revocable only on or before noon the following Business Day of a Borrowing Notice with appropriate insertions, effective upon receipt, of each Revolving Loan which shall be borrowed as a Base Rate Loan prior to 11:00 A.M. and (iii) at least one (1) Business Day’s irrevocable written notice of an Interest Rate Selection Notice with appropriate insertions, effective upon receipt, of each
Revolving Loan that is to be Converted into a Base Rate Loan prior to 11:00 A.M. Each such notice shall specify the amount of the borrowing, the date of borrowing or Conversion (as applicable), type of Revolving Loan (Base Rate or Eurodollar Rate), the date of borrowing and, if a Eurodollar Rate Loan, the Interest Period to be used in the computation of interest. Notice of receipt of such Borrowing Notice or Interest Rate Selection Notice, as the case may be, together with the amount of each Lender’s portion of a Loan requested thereunder, shall be provided by the Agent to each Lender by facsimile transmission with reasonable promptness, but (provided the Agent shall have received such notice by 11:00 A.M.) not later than 1:30 P.M. on the same day as the Agent’s receipt of such notice. 

(i) Promptly (and, to the extent feasible, not later than 2:30 P.M.) on the date specified for each borrowing under this Section 2.1, each Lender shall, pursuant to the terms and subject to the conditions of this Agreement, make the amount of the Loan or Loans to be made by it on such day available by wire 

 

 

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transfer to the Agent in the amount of its pro rata share, determined according to such Lender’s Applicable Commitment Percentage of the Revolving Loan or Revolving Loans to be made on such day. Such wire transfer shall be directed to the Agent at the Principal Office and shall be in the form of Dollars constituting immediately available funds. The amount so received by the Agent shall, subject to the terms and conditions of this Agreement, be made available to the Borrower by delivery of the proceeds thereof to the Borrower’s Account or otherwise as shall be directed in the applicable Borrowing Notice by an Authorized Representative and reasonably acceptable to the Agent. 

(ii) Each borrowing initially shall be of the type as specified in the applicable Borrowing Notice and, in the case of a Eurodollar Rate Loan, shall have an initial Interest Period as specified in such Borrowing Notice. The Borrower shall have the option to elect the duration of the initial and any subsequent Interest Periods and to Convert the Revolving Loans in accordance with Section 2.8. Eurodollar Rate Loans and Base Rate Loans may be outstanding at the same time, provided, however, no more than five (5) Eurodollar Rate Loans shall be outstanding at any one time. If the Agent does not receive an Interest Rate Selection
Notice giving notice of election of the duration of an Interest Period by the time prescribed by Section 2.8, the Borrower shall be deemed to have elected for any Eurodollar Loan an Interest Period of one month duration. 

2.2. Payment of Interest & Fees.

(a) The Borrower shall pay interest to the Agent for the account of each Lender on the outstanding and unpaid principal amount of each Loan made by such Lender for the period commencing on the date of such Loan until such Loan shall be due at the then applicable Base Rate for Base Rate Loans or applicable Eurodollar Rate for Eurodollar Rate Loans, as designated by the Authorized Representative pursuant to Section 2.1. Interest shall be payable in arrears on each Interest Payment Date; provided, however, that if any Event of Default shall occur and be continuing, upon the demand of the Agent all amounts outstanding hereunder shall
bear interest during such period at the Default Rate.

(b) Interest on each Loan shall be computed on the basis of a year of 360 days and calculated in each case for the actual number of days elapsed, except that, with respect to Base Rate Loans on which interest is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. Fees and commissions payable pursuant hereto shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. 

2.3. Payment of Principal.

(a) Scheduled Repayment. The principal amount of each Revolving Loan shall be due and payable to the Agent for the benefit of each Lender in full on the 

 

 

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Maturity Date, or earlier as specifically provided herein. The Borrower may, by notice to the Agent (which shall promptly notify the Lenders) not more than 30 days and not less than 10 days prior to Stated Termination Date, elect to extend the Maturity Date to the date falling 180 days after the Stated Termination Date or, if such date is not a Business Day, the next preceding Business Day. Notwithstanding the foregoing, the extension of the Maturity Date shall be effective only if (i) no Default shall have occurred and be continuing on each of the date of the notice electing such extension and on the Stated Termination Date, (ii) each of the representations and warranties made in Article VII shall be true and correct in all material respects on and as of each of the date of the notice electing such extension and on the Stated Termination Date with the same force and effect as
if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date) and (iii) the Borrower shall have paid or shall simultaneously pay the fees required by Section 2.10(c).

(b) Voluntary Prepayments. The Borrower may prepay the outstanding principal amount of any Eurodollar Loan, in whole or in part, upon two Business Days’ notice to the Agent and, in the case of Base Rate Loans, upon same day notice to the Agent. All such prepayments must be accompanied by accrued interest up to, and including, the date of such prepayment and any compensation due under Section 5.5.

(c) Mandatory Prepayments. Upon the issuance of any Capital Stock pursuant to a Parent IPO, or otherwise by the Borrower or the Parent (excluding in connection with (x) any equity contribution by any Permitted Investor of an equity interest in the Parent or (y) any Management Equity), an amount equal to 100% of the Net Available Proceeds thereof shall be applied on the date of such issuance towards the prepayment of the Loans.

2.4. Manner of Payment. Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to the Lenders with respect to the Loans, shall be made to the Agent at the Principal Office, for the account of each Lender, in Dollars and in immediately available funds without setoff, deduction or counterclaim before 12:30 P.M. on the date such payment is due. 

(a) The Agent shall deem any payment made by or on behalf of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 12:30 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received by the Agent until the time such funds become available funds. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payable.

 

 

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(b) In the event that any payment hereunder becomes due and payable on a day other than a Business Day, then such due date shall be extended to the next succeeding Business Day unless provided otherwise under clause (a) of the definition of “Interest Period”; provided that interest shall continue to accrue during the period of any such extension and provided, further, that in no event shall any such due date be extended beyond the Revolving Credit Termination Date. 

2.5. Notes. At the request of any Lender, Revolving Loans made by such Lender shall be evidenced by a Note payable to the order of such Lender in the respective amount of its Revolving Credit Commitment and shall be duly completed, executed and delivered by the Borrower.

2.6. Pro Rata Payments. Except as otherwise provided herein, each payment on account of the principal of and interest on the Loans and the fees described in Section 2.10 shall be made to the Agent for the account of the Lenders pro rata based on their Applicable Commitment Percentages and the Agent will promptly distribute to the Lenders in immediately available funds payments received in fully collected, immediately available funds from the Borrower.

2.7. Reductions. 

(a) Voluntary Reductions. The Borrower shall, by notice from an Authorized Representative, have the right from time to time but not more frequently than once each calendar month, upon not less than three (3) Business Days’ written notice to the Agent, effective upon receipt, to reduce all or a portion of the Total Revolving Credit Commitment. The Agent shall give each Lender, within one (1) Business Day of receipt of such notice, facsimile notice, or telephonic notice (confirmed in writing), of such reduction. Each such reduction shall be in the aggregate amount of $5,000,000 or such greater amount which is in an integral multiple of $1,000,000, or the entire remaining Total Revolving Credit Commitment, and shall permanently reduce the Total Revolving Credit Commitment. Each
reduction of the Total Revolving Credit Commitment shall be accompanied by payment of the Revolving Loans to the extent that the Revolving Credit Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such reduction, together with accrued and unpaid interest on the amounts prepaid, and, if the Revolving Credit Outstandings exceeds the Total Revolving Credit Commitment after giving effect to such payment, the Borrower shall, to the extent of such excess, deposit an amount in cash in a cash collateral account established with the Agent for the benefit of the Lenders on terms and conditions satisfactory to the Agent. No such reduction shall result in the payment of any Eurodollar Rate Loan other than on the last day of the Interest Period of such Eurodollar Rate Loan unless such prepayment is accompanied by amounts due, if any, under Section
5.5.

(b) Mandatory Reductions. Unless previously terminated, the Total Revolving Credit Commitment shall terminate on the Stated Termination Date.

 

 

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2.8. Conversions and Elections of Subsequent Interest Periods. Subject to the limitations set forth below and in Article V, the Borrower may:

(a) upon delivery, effective upon receipt, of a properly completed Interest Rate Selection Notice to the Agent on or before 11:00 A.M. on any Business Day, Convert all or a part of Eurodollar Rate Loans to Base Rate Loans on the last day of the Interest Period for such Eurodollar Rate Loans; and

(b) provided that no Default or Event of Default shall have occurred and be continuing and upon delivery, effective upon receipt, of a properly completed Interest Rate Selection Notice to the Agent on or before 11:00 A.M. three (3) Business Days’ prior to the date of such election or Conversion:

(i) elect a subsequent Interest Period for all or a portion of Eurodollar Rate Loans to begin on the last day of the then current Interest Period for such Eurodollar Rate Loans; and

(ii) Convert Base Rate Loans to Eurodollar Rate Loans on any Business Day.

Each election and Conversion pursuant to this Section 2.8 shall be subject to the limitations on Eurodollar Rate Loans set forth in the definition of “Interest Period” herein and in Sections 2.1, 2.3 and Article V. The Agent shall give written notice to each Lender of such notice of election or Conversion prior to 3:00 P.M. on the day such notice of election or Conversion is received. All such Continuations or Conversions of Loans shall be effected pro rata based on the Applicable Commitment Percentages of the Lenders.

2.9. Increase and Decrease in Amounts. The amount of the Total Revolving Credit Commitment that shall be available to the Borrower as Loans shall be reduced by the aggregate amount of Revolving Credit Outstandings.

2.10. Fees. The Borrower shall pay:

(a) the fees specified in the Fee Letters to the Persons and on the dates specified therein;

(b) a commitment fee for the period from and including the date hereof to the Revolving Credit Termination Date, computed at a rate of (A) 0.25% per annum if the average daily amount of Revolving Credit Outstandings during the period for which such payment is made are less than $125,000,000 or (B) 0.125% per annum if the average daily amount of Revolving Credit Outstandings during the period for which such payment is made are equal to or greater than $125,000,000, in each case on the average daily amount of the available unused Revolving Credit Commitment of such Lender during the period for which payment is made, payable monthly in arrears on each Fee Payment Date, commencing on the first such date to occur after the date hereof; and

 

 

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(c) if the Maturity Date is extended pursuant to Section 2.3(a), an extension fee equal to 0.25% of the Revolving Credit Outstandings as of the Stated Termination Date, payable on the Stated Termination Date.

2.11. Deficiency Advances. No Lender shall be responsible for any default of any other Lender in respect to such other Lender’s obligation to make any Loan hereunder nor shall the Revolving Credit Commitment of any Lender hereunder be increased as a result of such default of any other Lender. Without limiting the generality of the foregoing, in the event any Lender shall fail to advance funds to the Borrower as herein provided, the Agent may in its discretion and in its capacity as a Lender, but shall not be obligated to, advance all or any portion of such amount or amounts (each, a “deficiency advance”) and shall thereafter be entitled to payments of principal of and interest on such deficiency advance in
the same manner and at the same interest rate or rates as if it had originally made such Loan; provided that, (i) such defaulting Lender shall not be entitled to receive payments of principal, interest or fees with respect to such deficiency advance until such deficiency advance shall be paid by such Lender and (ii) upon payment to the Agent from such other Lender of the entire outstanding amount of each such deficiency advance, together with accrued and unpaid interest thereon, from the most recent date or dates interest was paid to the Agent by the Borrower on each Loan comprising the deficiency advance at the interest rate per annum for overnight borrowing by the Agent from the Federal Reserve Bank, then such payment shall be to the Agent as a Lender in full payment of such deficiency advance and the Borrower shall be deemed to have borrowed the amount of such deficiency advance from such other Lender as
of the most recent date or dates, as the case may be, upon which any payments of interest were made by the Borrower thereon.

2.12. Use of Proceeds. The proceeds of each Loan made pursuant to the Revolving Credit Facility hereunder shall be used for working capital and other general corporate purposes.

ARTICLE III

LETTERS OF CREDIT

3.1. L/C Commitment. 

(b) Subject to the terms and conditions hereof, each Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of the Borrower on any Business Day during the period from the Closing Date until the Revolving Credit Termination Date in such form as may be approved from time to time by such Issuing Lender; provided that no Issuing Lender shall have an obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the aggregate
amount of the Revolving Credit Outstandings would exceed the Total Revolving Credit Commitment. Each Letter of Credit shall (i) be denominated in Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Maturity Date, provided that any Letter of Credit with a

 

 

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one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above).

(c) No Issuing Lender shall at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law.

3.2. Procedure for Issuance of Letter of Credit. The Borrower may from time to time request that either Issuing Lender issue a Letter of Credit by delivering to such Issuing Lender at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other papers and information as such Issuing Lender may request. Upon receipt of any Application, such Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall such Issuing Lender be required to issue any Letter of Credit earlier than three
Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by such Issuing Lender and the Borrower. The applicable Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The applicable Issuing Lender shall promptly furnish to the Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof).

3.3. Fees and Other Charges. 

(b) The Borrower will pay a fee on the undrawn and unexpired amount of all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Credit Facility, shared ratably among the Lenders and payable quarterly in arrears on each Fee Payment Date after the issuance date. In addition, the Borrower shall pay to each Issuing Lender for its own account a fronting fee of 0.125% per annum on the undrawn and unexpired amount of each outstanding Letter of Credit issued by it, payable quarterly in arrears on each Fee Payment Date after the issuance date.

(c) In addition to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit.

3.4. L/C Participations. 

(a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce such Issuing Lender to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from such Issuing Lender, on the terms and conditions set forth 

 

 

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below, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Applicable Commitment Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit issued by it and the amount of each draft paid by such Issuing Lender thereunder. Each L/C Participant agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit issued by it for which such Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement, such L/C Participant shall pay to such Issuing Lender upon demand at such Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Applicable Commitment Percentage of the amount of such draft, or any part thereof, that is not so reimbursed. Each L/C Participant’s
obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against such Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article VI, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any other Credit Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

(b) If any amount required to be paid by any L/C Participant to any Issuing Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit issued by it is not paid to such Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to such Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to such Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If
any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not paid to any Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, such Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to Base Rate Loans under the Revolving Credit Facility. A certificate of any Issuing Lender submitted to any L/C Participant with respect to any amounts owing to it under this Section shall be conclusive in the absence of manifest error.

(c) Whenever, at any time after any Issuing Lender has made payment under any Letter of Credit issued by it and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, such Issuing 

 

 

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Lender will distribute to such L/C Participant its pro rata share thereof; provided, however, that in the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to it.

3.5. Reimbursement Obligation of the Borrower. If any draft is paid under any Letter of Credit, the Borrower shall reimburse the Issuing Lender that issued such Letter of Credit for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment, not later than 12:00 Noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice. Each such payment shall be made to such Issuing Lender at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the Default Rate.

3.6. Obligations Absolute. The obligations of the Borrower under this Article III shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against any Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with each Issuing Lender that such Issuing Lender shall not be responsible for, and the Reimbursement Obligations of the Borrower under Section 3.5 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any
dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. Neither Issuing Lender shall be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Issuing Lender. The Borrower agrees that any action taken or omitted by any Issuing Lender under or in connection with any Letter of Credit issued by it or the related drafts or documents, if done in the absence of gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of such
Issuing Lender to the Borrower.

3.7. Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender that issued such Letter of Credit shall promptly notify the Borrower of the date and amount thereof. The responsibility of any Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit issued by it shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

 

 

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3.8. Applications. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

ARTICLE IV

SECURITY

4.1. Security. As security for the full and timely payment and performance of all Obligations, the Borrower will, or will cause the Credit Parties to, on or before the date of the initial Loan, deliver to Agent, for the benefit of the Lenders, each document (including, without limitation, any Uniform Commercial Code financing statement) required by the Security Instruments, by applicable law or as reasonably requested by the Agent to be filed, registered or recorded in order to create in favor of the Agent, for the benefit of the Lenders, a duly perfected first priority security interest in the Collateral, subject to no prior Lien other than Permitted Liens, in proper form for filing, registration or recordation.

4.2. Further Assurances. At the request of the Agent, the Borrower will, or will cause the other Credit Parties (as the case may be), to, execute, by its duly authorized officers, alone or with the Agent, any certificate, instrument, statement or document, or to procure any such certificate, instrument, statement or document, or to take such other action (and pay all connected costs) which the Agent reasonably deems necessary from time to time to create, continue or preserve the liens and security interests in Collateral (and the perfection and priority thereof) of the Agent contemplated hereby and by the other Loan Documents whether at or after the Closing Date.

4.3. Information Regarding Collateral. The Borrower represents, warrants and covenants that (i) the chief executive office of each Credit Party providing Collateral pursuant to a Security Instrument (each, a “Grantor”) at the Closing Date is located at the address or addresses specified on Schedule 4.3, and (ii) Schedule 4.3 (as may be amended, supplemented or modified from time to time) contains a true and complete list of (a) the name and address of each Grantor and (b) each location of the chief executive office and principal place of business of each
Grantor. Neither the Parent nor the Borrower shall change, or permit any other Grantor to change, the location of its chief executive office or principal place of business, except upon giving not less than thirty (30) days’ prior written notice to the Agent and taking or causing to be taken all such action at the Parent’s, the Borrower’s or such other Grantor’s expense as may be reasonably requested by the Agent to perfect or maintain the perfection of the Lien of the Agent in Collateral.

ARTICLE V

CHANGE IN CIRCUMSTANCES

5.1. Requirements of Law.

(a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request

 

 

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or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof:

(i) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurodollar Rate; or

(ii) shall impose on such Lender any other condition;

and the result of any of the foregoing is to increase the cost (other than a Tax) to such Lender, by an amount that such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Rate Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable hereunder in respect thereof (other than by reason of any Tax), then, in any such case, the Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the Agent) of the event by reason of which it has become so entitled.

(b) If any Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time
to time, after submission by such Lender to the Borrower (with a copy to the Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction. 

(c) Each Lender shall promptly notify the Borrower and the Agent of any event of which it has knowledge occurring after the date hereof, which will entitle a Lender to compensation pursuant to this Section 5.1, and such Lender shall, upon written request by the Borrower, designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Lender, be otherwise disadvantageous to it. A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender to the Borrower (with a copy to the Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything
to the contrary in this Section, the Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts incurred more than three months 

 

 

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prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such three-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant to this Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

5.2. Limitation on Types of Loans. If on or prior to the first day of any Interest Period for any Eurodollar Rate Loan:

(a) the Agent determines (which determination shall be conclusive) that by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period; or

(b) the Required Lenders determine (which determination shall be conclusive) and notify the Agent that the Eurodollar Rate will not adequately and fairly reflect the cost to the Lenders of funding Eurodollar Rate Loans for such Interest Period;

then the Agent shall give the Borrower prompt notice thereof specifying the relevant Type of Loans and the relevant amounts or periods, and so long as such condition remains in effect, the Lenders shall be under no obligation to make additional Loans of such Type, Continue Loans of such Type or to Convert Loans of any other Type into Loans of such Type, and the Borrower shall, jointly and severally, on the last day(s) of the then current Interest Period(s) for the outstanding Loans of the affected Type, either prepay such Loans or Convert such Loans into Base Rate Loans in accordance with the terms of this Agreement.

5.3. Illegality. Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any Lender or its Applicable Lending Office to make, maintain, or fund Eurodollar Rate Loans hereunder, then such Lender shall promptly notify the Borrower thereof and such Lender’s obligation to make or Continue Eurodollar Rate Loans and to Convert other Types of Loans into Eurodollar Rate Loans shall be suspended until such time as such Lender may again make, maintain, and fund Eurodollar Rate Loans (in which case the provisions of Section 5.4 shall be applicable).

5.4. Treatment of Affected Loans. If the obligation of any Lender to make a Eurodollar Rate Loan or to Continue, or to Convert Loans of any other Type into, Loans of a particular Type shall be suspended pursuant to Section 5.1 or 5.3 (Loans of such Type being herein called “Affected Loans” and such Type being herein called the “Affected Type”), such Lender’s Affected Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for Affected Loans (or, in the case of a Conversion required
by Section 5.3, on such earlier date as such Lender may specify to the Borrower with a copy to the Agent) and, unless and until such Lender gives notice as provided below that the circumstances specified in Section 5.1 or 5.3 that gave rise to such Conversion no longer exist:

 

 

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(a) to the extent that such Lender’s Affected Loans have been so Converted, all payments and prepayments of principal that would otherwise be applied to such Lender’s Affected Loans shall be applied instead to its Base Rate Loans; and

(b) all Loans that would otherwise be made or Continued by such Lender as Loans of the Affected Type shall be made or Continued instead as Base Rate Loans, and all Loans of such Lender that would otherwise be Converted into Loans of the Affected Type shall be Converted instead into (or shall remain as) Base Rate Loans.

If such Lender gives notice to the Borrower (with a copy to the Agent) that the circumstances specified in Section 5.1 or 5.3 that gave rise to the Conversion of such Lender’s Affected Loans pursuant to this Section 5.4 no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when Loans of the Affected Type made by other Lenders are outstanding, such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding Loans of the Affected Type, to the extent necessary so that, after giving effect thereto, all Loans held by the Lenders holding Loans of the Affected Type and by such Lender are held pro rata
(as to principal amounts, Types, and Interest Periods) in accordance with their respective Revolving Credit Commitments.

5.5. Compensation. Upon the request of any Lender, the Borrower shall pay to such Lender such amount or amounts as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost, or expense incurred by it as a result of:

(a) any payment, prepayment, or Conversion of a Eurodollar Rate Loan for any reason (including, without limitation, the acceleration of the Loans pursuant to Section 10.1) on a date other than the last day of the Interest Period for such Loan; or

(b) any failure by the Borrower for any reason (including, without limitation, the failure of any condition precedent specified in Article VI to be satisfied) to borrow, Convert, Continue, or prepay a Eurodollar Rate Loan on the date for such borrowing, Conversion, Continuation, or prepayment specified in the relevant notice of borrowing, prepayment, Continuation, or Conversion under this Agreement.

5.6. Taxes. 

(a) Any and all payments by the Borrower to or for the account of any Lender or the Agent hereunder or under any other Loan Document shall be made free and clear of and without deduction or withholding for any and all Taxes, and all liabilities with respect thereto, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding, in the case of each Lender and the Agent, Taxes imposed on its income, receipts, capital, net worth or items of tax preference and franchise, doing business and similar Taxes (imposed on it in lieu of net income taxes), imposed on such Lender or Agent as a 

 

 

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result of a present or former connection between the Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document). If any such non-excluded Taxes (“Indemnified Taxes”) or Other Taxes (as defined below) are required to be withheld after the date hereof from or in respect of any sum payable under this Agreement or any other Loan Document to any Lender or the Agent, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 5.6) such Lender or the Agent receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall timely pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law, and (iv) the Borrower shall furnish to the Agent, at its address referred to in Section 12.2, the original or a certified copy of a receipt evidencing payment thereof or other evidence of payment reasonably acceptable to such Lender or the Agent; provided however, that the Borrower shall not be required to increase such amounts payable to any Lender with respect to any Taxes (i) that
are attributable to such Lender’s failure to comply with the requirements of paragraph (d), (e) or (f) of this Section or (ii) that are United States withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a party to this Agreement, except to the extent that such Lender’s assignor (if any) was entitled, at the time of assignment, to receive additional amounts from the Borrower with respect to such Taxes pursuant to this paragraph.

(b) In addition, the Borrower agrees to timely pay any and all present or future stamp or documentary taxes which arise from the execution or delivery of this Agreement or any other Loan Document or the provision of the security interest in any Collateral required hereunder (hereinafter referred to as “Other Taxes”).

(c) The Borrower agrees, to indemnify each Lender and the Agent for the full amount of Indemnified Taxes and Other Taxes (including, without limitation, any Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 5.6) paid by such Lender or the Agent (as the case may be) and any liability (including penalties, interest, and expenses) arising therefrom or with respect thereto.

(d) Each Lender, on or prior to the date of its execution and delivery of this Agreement in the case of each Lender listed on the signature pages hereof and on or prior to the date on which it becomes a Lender in the case of each other Lender, and from time to time thereafter if requested in writing by the Borrower or the Agent (unless such failure is due to a change in treaty, law or regulation occurring subsequent to the date on which a form originally was required to be provided), shall provide the Borrower and the Agent with (i) a complete and properly 

 

 

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executed Internal Revenue Service Form W-8BEN, W-8ECI or W-8IMY (including all required accompanying information), as appropriate, or any successor form prescribed by the Internal Revenue Service (including a United States taxpayer identification number), certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is a party which reduces the rate of withholding tax on payments of interest, certifying that the Lender is eligible for the “portfolio interest exemption” or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States or (ii) Internal Revenue Service Form W-9 or any successor form prescribed by the Internal Revenue Service. In addition, each Lender and the Agent agrees that it will (i) take all actions reasonably requested
by the Borrower in writing that are consistent with applicable legal and regulatory restrictions to claim any available reductions or exemptions from Indemnified Taxes or Other Taxes  and (ii) otherwise cooperate with the Borrower to minimize any amounts payable by the Borrower under this Section 5.6; provided, however, that in each case, any out-of-pocket cost relating to such action or cooperation requested by the Borrower shall be borne by the Borrower and no Lender shall be required to take any action that it determines in its sole good faith discretion, may be adverse in any non de minimis respect to it and not indemnified to its satisfaction.

(e) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Agent), at the time or times prescribed by applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or submission would not materially prejudice the legal position
of such Lender.

(f) If the Borrower is required to pay additional amounts to or for the account of any Lender pursuant to this Section 5.6, then such Lender will agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue if such change, in the sole judgment of such Lender, is not otherwise disadvantageous to such Lender.

(g) Within thirty (30) days after the date of any payment of Taxes, the Borrower shall furnish to the Agent the original or a certified copy of a receipt evidencing such payment or otherwise evidence of such payment as is reasonably acceptable to the Agent.

(h) If the Agent or any Lender receives a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 5.6, it 

 

 

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shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 5.6 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any net increase in Taxes imposed on such Person by reason of such refund and the payment by such Person pursuant to this sentence) of the Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Agent or such Lender in the event the Agent or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person.

(i) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 5.6 shall survive the termination of the Revolving Credit Commitments and the payment in full of the Loans.

ARTICLE VI

CONDITIONS

6.1. Conditions of Effectiveness of this Agreement. The effectiveness of this Agreement is subject to the prior or concurrent satisfaction or waiver of each of the conditions precedent set forth in this Section 6.1. For the limited purpose of this Section 6.1, the phrases “shall have received”, “shall have approved”, “shall have demonstrated”, “shall have delivered” and similar phrases contemplating that future performances were required shall be construed as being performed or waived as of the Closing Date:

 The Agent shall have received, as of the Closing Date, in form and substance satisfactory to the Agent and Lenders, the following:

(i) executed originals of each of this Agreement, the Notes (if applicable), the Facility Guaranty and the Pledge Agreement, together with all schedules and exhibits thereto;

(ii) the favorable written opinion or opinions with respect to the Loan Documents and the transactions contemplated thereby of special counsel to the Credit Parties dated the Closing Date (including opinions of New York, Marshall Islands and Bermuda counsel), addressed to the Agent (for itself and on behalf of the Lenders), in form reasonably acceptable to the Agent; 

(iii) resolutions of the boards of directors or other appropriate governing body (or of the appropriate committee thereof) of each Credit Party, 

 

 

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certified by its secretary or assistant secretary as of the Closing Date, approving and adopting the Loan Documents to be executed by such Person, and authorizing the execution and delivery thereof;

(iv) specimen signatures of officers of each Credit Party executing the Loan Documents on behalf of such party, certified by the secretary or assistant secretary of such party or such other officer or director of such party;

(v) the Organizational Documents of each Credit Party certified as of a recent date by the Secretary of State or comparable official of its jurisdiction of organization;

(vi) certificates issued as of a recent date by the Secretaries of State or comparable officials of the respective jurisdictions of formation of each of the Credit Parties as to the due existence and good standing of such Person;

(vii) [reserved];

(viii) Uniform Commercial Code financing statements appropriate for filing in all places required by applicable law to perfect the Liens of the Agent under the Security Instruments as a first priority Lien as to items of Collateral in which a security interest may be perfected by the filing of financing statements, and such other documents and/or evidence of other actions as may be necessary under applicable law to perfect the Liens of the Agent under the Security Instruments as a first priority Lien in and to the Collateral as the Agent may reasonably require;

(ix) the delivery by the Borrower and other Credit Parties of all stock certificates and other certificates, if any, evidencing ownership of any Pledged Interests, accompanied in each case by duly executed stock or transfer powers (or other appropriate transfer documents) in blank affixed thereto; 

(x) a certificate of the Chief Financial Officer of the Borrower certifying, and containing calculations demonstrating, compliance with Section 9.18 on a pro forma basis after giving effect to the initial borrowings hereunder and the use of the proceeds thereof; and

(xi) evidence that any fees payable by any Credit Party on the Closing Date to the Agent and the Lenders have been paid in full.

6.2. Conditions of Revolving Loans. The obligation of the Lenders to make Revolving Loans to or issue Letters of Credit for the account of the Borrower hereunder on or subsequent to the Closing Date is subject to the conditions precedent that:

(a) the representations and warranties of the Credit Parties set forth in Article VII and in each of the other Loan Documents shall be true and correct in all material respects on and as of the date of such Loan or of the issuance of such Letter of Credit, with the same effect as though such representations and warranties 

 

 

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had been made on and as of such date, except to the extent that such representations and warranties expressly relate to an earlier date;

(b) the Agent shall have received a Borrowing Notice at least one Business Day prior to the date of such Loan to be borrowed as a Base Rate Loan, and at least three Business Days prior to the date of such Loan to be borrowed as a Eurodollar Rate Loan;

(c) at the time of (and after giving effect to) such Loan or the issuance of such Letter of Credit, no Default or Event of Default specified in Article X shall have occurred and be continuing; and

(d) immediately after giving effect to such Loan or the issuance of such Letter of Credit;

(i) the aggregate principal balance of all outstanding Revolving Loans for each Lender shall not exceed such Lender’s Revolving Credit Commitment; and

(ii) the Revolving Credit Outstandings shall not exceed the Total Revolving Credit Commitment.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

The Borrower and each Guarantor represents and warrants with respect to itself, its respective Subsidiaries (if any) and each other Credit Party (which representations and warranties shall survive the delivery of the documents mentioned herein and the making of Loans and issuance of Letters of Credit), that:

7.1. Organization and Authority.

(a) The Borrower, each Subsidiary and each other Credit Party is a corporation, partnership or limited liability company duly organized and validly existing under the laws of the jurisdiction of its formation;

(b) The Borrower, each Subsidiary and each other Credit Party (x) has the requisite power and authority to own its properties and assets and to carry on its business as now being conducted and as contemplated in the Loan Documents, and (y) is qualified to do business in every jurisdiction in which failure so to qualify would have a Material Adverse Effect;

(c) The Borrower has the power and authority to execute, deliver and perform this Agreement and to execute, deliver and perform each of the other Loan Documents to which it is a party;

 

 

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(d) Each Credit Party (other than the Borrower) has the power and authority to execute, deliver and perform each of the Loan Documents to which it is a party; and 

(e) When executed and delivered, each of the Loan Documents to which any Credit Party is a party will be the legal, valid and binding obligation or agreement, as the case may be, of such Credit Party (as the case may be), enforceable against such Credit Party (as the case may be) in accordance with its terms, subject to the effect of any applicable bankruptcy, moratorium, insolvency, reorganization or other similar law affecting the enforceability of creditors’ rights generally and to the effect of general principles of equity (whether considered in a proceeding at law or in equity);

7.2. Loan Documents. The execution, delivery and performance by each Credit Party of each of the Loan Documents to which it is a party:

(a) have been duly authorized by all requisite Organizational Action of such Credit Party (as the case may be) required for the lawful execution, delivery and performance thereof;

(b) do not violate in any material respect any provisions of (i) applicable law, rule or regulation, or (ii) any judgment, writ, order, determination, decree or arbitral award of any Governmental Authority or arbitral authority binding on such Credit Party or their respective properties;

(c) do not violate any provisions of the Organizational Documents of such Credit Party;

(d) does not and will not be in conflict with, result in a breach of or constitute an event of default, or an event which, with notice or lapse of time or both, would constitute an event of default, under any contract, indenture, agreement or other instrument or document to which such Credit Party is a party, or by which the properties or assets of such Credit Party are bound, except to the extent the same could not reasonably be expected to have a Material Adverse Effect; and

(e) does not and will not result in the creation or imposition of any Lien upon any of the properties or assets of such Credit Party or any Subsidiary except any Liens in favor of the Agent and the Lenders created by the Security Instruments;

7.3. Solvency. At the time of each Loan to the Borrower, the Borrower and each Guarantor is Solvent after giving effect to the transactions contemplated by the Loan Documents;

7.4. Subsidiaries and Stockholders. As of the date hereof, the Borrower (i) owns the percentage specified on Schedule 7.4 of the beneficial interest of each of its direct Subsidiaries and (ii) does not have any direct Subsidiaries other than those included in the Pledged Interests and listed as being owned by the Borrower on Schedule 7.4; each Subsidiary of the Borrower (i) owns the percentage specified on Schedule 7.4 of the beneficial interest of each of its direct Subsidiaries and (ii) does not have any direct Subsidiaries other than those listed as being
owned by such Subsidiary on Schedule 7.4;

 

 

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7.5. Financial Condition. The unaudited consolidated financial statements of Carlisle Leasing International LLC and its Subsidiaries dated March 31, 2007, copies of which have been furnished to the Agent on or before the Closing Date, have been prepared in accordance with GAAP and present fairly in all material respects the financial position of Carlisle Leasing International LLC and its Subsidiaries on a consolidated basis as at the date thereof, and the results of operations and statements of cash flows for the period then ended, subject to normal year-end audit adjustments and the absence of footnotes. The unaudited consolidated financial statements of Interpool Inc. and its Subsidiaries dated March 31, 2007, copies of which have been furnished to the Agent on or before the Closing Date, have been
prepared in accordance with GAAP and present fairly in all material respects the financial position of Interpool Inc. and its Subsidiaries on a consolidated basis as at the date thereof, and the results of operations and statements of cash flows for the period then ended, subject to normal year-end audit adjustments and the absence of footnotes. None of Carlisle Leasing International LLC, Interpool Inc. and their respective Subsidiaries had, to the knowledge of the Parent or the Borrower, as at March 31, 2007, any material Contingent Obligation, contingent liability or liability for taxes, or any long term lease, including, without limitation, any interest rate or foreign currency swap or exchange transaction, which is not reflected in the foregoing statements or in the notes thereto and which, to the knowledge of the Parent or the Borrower, could reasonably be expected to result in a material cost or loss. 

The pro forma consolidated balance sheet of the Parent and its Subsidiaries as of May 31, 2007 has been prepared in good faith based on assumptions that are believed by the Parent and the Borrower to be reasonable at the time made (it being understood that such assumptions are based on good faith estimates with respect to certain items and that the actual amounts of such items on the Closing Date is subject to material variation), and  presents fairly, in all material respects, the pro forma financial position of the Parent and its Subsidiaries as of May 31, 2007, as if the combination of Seacastle Holdings LLC, Seacastle Operating Company Ltd. and SCT Chassis Inc. and their respective subsidiaries under the common ownership of Seacastle Inc. had occurred on such date; provided that such pro forma
balance sheet has been prepared without giving effect to purchase accounting or similar adjustments.

Since March 31, 2007 there has been no development or event which has had a Material Adverse Effect; 

7.6. Liens. Upon the proper filing or recordation of the documents contemplated by the Security Instruments, the Agent (on behalf of the Secured Parties) will have a first priority perfected Lien (subject to Permitted Liens) on all Collateral under the Security Instruments;

7.7. Title to Properties. The Borrower and each of its Subsidiaries, each Guarantor and each other Credit Party has good and marketable title to all its material real and personal properties, subject to no transfer restrictions or Liens of any kind except as provided in the Security Instruments and Permitted Liens;

7.8. Taxes. Except as set forth in Schedule 7.8, the Borrower, each of its Subsidiaries, each Guarantor and each other Credit Party has filed or caused to be filed all federal, state, local and foreign Tax returns in each case that are required to be filed by it and 

 

 

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that, the failure to file, would have a Material Adverse Effect (individually or in the aggregate) and, except for Taxes and assessments being contested in good faith by appropriate proceedings diligently conducted and against which reserves in accordance with GAAP reflected in the financial statements most recently delivered pursuant to Section 8.1(a) and satisfactory to the Parent’s independent certified public accountants have been established, have paid or caused to be paid all Taxes as shown on said returns or on any assessment received by it, to the extent that such Taxes have become due;

7.9. Other Agreements. No Guarantor nor other Credit Party:

(i) is a party to or subject to any judgment, order, decree, agreement, lease or instrument, or subject to other restrictions, which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect; or

(ii) is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which such Guarantor, or other Credit Party is a party, which default has, or if not remedied within any applicable grace period could reasonably be expected to have, a Material Adverse Effect; 

7.10. Litigation. Except as set forth in Schedule 7.10, there is no action, suit, investigation or proceeding at law or in equity or by or before any governmental instrumentality or agency or arbitral body pending, or, to the knowledge of the Borrower, threatened by or against any Guarantor, the Borrower or any other Credit Party or affecting any such Person or any properties or rights of any such Person, which could reasonably be expected to have a Material Adverse Effect;

7.11. Federal Regulations. No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used (a) for “buying” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time hereafter in effect for any purpose that violates the provisions of the Regulations of the Board or (b) for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Agent, the Borrower will furnish to the Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U; 

7.12. Investment Company. No Credit Party is an “investment company,” or “promoter” or “principal underwriter” for, an “investment company”, as such terms are defined in the Investment Company Act of 1940, as amended (15 U.S.C. § 80a-1, et seq.). The application of the proceeds of the Loans and Letters of Credit and repayment thereof by the Borrower and the performance by the Borrower and the other Credit Parties of the transactions contemplated by the Loan Documents will not violate any provision of said Act, or any rule, regulation or order issued by the Securities and Exchange Commission thereunder, in each case as in effect on the date hereof;

7.13. Patents, Etc. The Borrower, each Guarantor and each other Credit Party owns or has the right to use, under valid license agreements or otherwise, all material patents, 

 

 

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licenses, franchises, trademarks, trademark rights, trade names, trade name rights, trade secrets and copyrights necessary to or used in the conduct of its businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trade secret, trade name, copyright, other proprietary right of any other Person except, in each case, as could not reasonably be expected to have a Material Adverse Effect;  

7.14. No Untrue Statement. Neither (a) this Agreement nor any other Loan Document or certificate or document executed and delivered by or on behalf of the Borrower or any other Credit Party in accordance with or pursuant to any Loan Document nor (b) any written statement, representation, or warranty provided to the Agent in connection with the negotiation or preparation of the Loan Documents contains any misrepresentation or untrue statement of material fact or omits to state a material fact necessary, in light of the circumstance under which it was made, in order to make any such warranty, representation or statement contained therein not misleading in any material respect, provided that any projections and pro forma financial information contained in the materials delivered to the Agent and/or the Lenders are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Agent and the Lenders that such financial information as it relates to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount; 

7.15. No Consents, Etc. Neither the execution and delivery by the Borrower and the other Credit Parties of the Loan Documents to which it is a party nor the performance by the Borrower and the Credit Parties of such Loan Documents and the transactions contemplated thereby shall require a consent, approval or authorization of, or filing, registration or qualification with, any Governmental Authority or any other Person on the part of any Credit Party as a condition to the execution, delivery and performance of, or consummation of the transactions contemplated by the Loan Documents, which, in each case, if not obtained or effected, could be reasonably expected to have a Material Adverse Effect, or if so, such consent, approval, authorization, filing,
registration or qualification has been duly obtained or effected, as the case may be;

7.16. Employee Benefit Plans.

(a) Neither the Borrower nor any ERISA Affiliate has incurred any “accumulated funding deficiency” within the meaning of Section 412 of the Code or Section 302 of ERISA with respect to any Single Employer Plan, whether or not waived, during the six-year period prior to the date on which this representation is made or deemed made or any other liability to the PBGC which remains outstanding, in each case, in an amount that could be reasonably likely to have a Material Adverse Effect;

(b) No Termination Event has occurred during the six-year period prior to the date on which this representation is made or deemed made or is reasonably expected to occur with respect to any Single Employer Plan or Multiemployer Plan, neither the Borrower nor any ERISA Affiliate has incurred any unpaid 

 

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withdrawal liability with respect to any Multiemployer Plan that, in each case, could be reasonably expected to have a Material Adverse Effect; and

(c) The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Single Employer Plan) did not, as of the last annual valuation date prior to the date on which this representation is made or deemed made for each such plan, exceed the then current value of the assets of such Single Employer Plan allocable to such benefits by a material amount;

7.17. No Default. As of the date hereof, there does not exist any Default or Event of Default hereunder; and

7.18. Environmental Laws. Except as listed on Schedule 7.18, the Borrower, each of its Subsidiaries, each Guarantor and each other Credit Party is in compliance in all material respects with all applicable Environmental Laws and has been issued and currently maintains all required federal, state and local permits, licenses, certificates and approvals material to its business.  Except as listed on Schedule 7.18, neither the Borrower, any of its Subsidiaries, any Guarantor nor any other Credit Party has been notified of any pending or threatened action, suit, proceeding or investigation, and
neither the Borrower, any of its Subsidiaries, any Guarantor nor other Credit Party is aware of any facts, which (a) calls into question, or could reasonably be expected to call into question, material compliance by the Borrower, any of its Subsidiaries, any Guarantor or any other Credit Party with any Environmental Laws, (b) seeks, or could reasonably be expected to form the basis of a meritorious proceeding, to suspend, revoke or terminate any material license, permit or approval necessary for the operation of the Borrower’s, any of its Subsidiary’s, any Guarantor’s or any other Credit Party’s business or facilities or for the generation, handling, storage, treatment or disposal of any Hazardous Materials, or (c) seeks to cause, or could reasonably be expected to form the basis of a meritorious proceeding to cause, any property of the Borrower, any of its Subsidiaries, any Guarantor or other Credit Party to be subject to any material restrictions on ownership,
use, occupancy or transferability under any Environmental Law.

ARTICLE VIII

AFFIRMATIVE COVENANTS

Unless the Required Lenders shall otherwise consent in writing, the Borrower will, and where applicable will cause each Guarantor and each Subsidiary (if any) to:

8.1. Financial Reports, Etc.

(a) As soon as practical and in any event within 120 days after the end of each Fiscal Year, or such earlier date on which financial statements are required to be filed with the Securities and Exchange Commission, deliver or cause to be delivered to the Agent audited consolidated balance sheets of the Parent and its Subsidiaries as at the end of such Fiscal Year, and the notes thereto (if any), and the relating audited consolidated statements of income, changes in stockholders’ (or 

 

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members’) equity and cash flows, and the respective notes thereto (if any), for such Fiscal Year, setting forth comparative financial statements for the preceding year (if applicable), reported on by Ernst & Young or other independent certified public accountants of nationally recognized standing all prepared in accordance with GAAP and accompanied by a certificate of an Authorized Representative, which certificate shall be in the form of Exhibit H; provided that the Borrower shall be deemed to have satisfied their delivery obligations with respect to the above financial statements (but not the certificate referred to above) if the full text of such financial statements have been posted to and are generally
available on the Parent’s website or are otherwise publicly available;

(b) commencing from and after the fiscal quarter ending September 30, 2007, as soon as practical and in any event within 60 days after the end of each fiscal quarter (except the last fiscal quarter of the Fiscal Year and, with respect to the fiscal quarter ending September 30, 2007, within 90 days after the end of such fiscal quarter), deliver to the Agent the consolidated balance sheet and the related consolidated statements of income, changes in stockholders’ (or members’) equity and cash flows of the Parent and its Subsidiaries prepared in accordance with GAAP and accompanied by a certificate of an Authorized Representative to the effect that such financial statements present fairly, in all material respects, the financial position of the Parent and its Subsidiaries as of the end of such fiscal period and the results of their operations for such
fiscal period;  provided that the Borrower shall be deemed to have satisfied their delivery obligations with respect to the above financial statements (but not the certificate referred to above) if the full text of such financial statements have been posted to and are generally available on the Parent’s website or are otherwise publicly available;

(c) as soon as practical and in any event within 30 days after the end of each fiscal quarter, deliver or cause to be delivered (i) a report, in form and substance reasonably satisfactory to the Agent, stating that the Borrower is in compliance in all material respects with the covenants and terms hereof and that no Default or Event of Default has occurred and is continuing (or, if a Default or Event of Default exists, specifying the details thereof and any action taken or proposed to be taken with respect thereto), in each case as of the end of such month (the “Quarterly Covenant Compliance Report”) and (ii) an updated Schedule 7.4;

(d) promptly upon their becoming available to the Borrower, the Borrower shall deliver to the Agent a copy of (i) all regular or special reports or effective registration statements which the Parent or any Subsidiary shall file with the Securities and Exchange Commission (or any successor thereto) or any securities exchange, (ii) any proxy statement distributed by the Borrower, any Guarantor or any Subsidiary to its shareholders, bondholders or the financial community in general, and (iii) any management letter or other report submitted to the Borrower, any Guarantor or any Subsidiary by independent accountants in connection with any annual, interim or special audit of the Parent, the Borrower or any Subsidiary; and

 

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(e) promptly, from time to time, deliver or cause to be delivered to the Agent such other information regarding the Borrower’s, any Guarantor’s and any Subsidiary’s operations, business affairs and financial condition as the Agent or such Lender may reasonably request.

Subject to Section 12.15, the Agent and the Lenders are hereby authorized to deliver a copy of any such financial or other information delivered hereunder to the Lenders (or any affiliate of any Lender) or to the Agent, to any Governmental Authority having jurisdiction over the Agent or any of the Lenders pursuant to any written request therefor or in the ordinary course of examination of loan files, or to any other Person who shall acquire or consider the assignment of, or acquisition of any participation interest in, any Obligation permitted by this Agreement; 

8.2. Maintain Properties. Maintain all properties necessary to its operations in good working order and condition, make all needed repairs, replacements and renewals to such properties, and maintain free from Liens all trademarks, trade names, patents, copyrights, trade secrets, know-how, and other intellectual property and proprietary information (or adequate licenses thereto) in each case as are reasonably necessary to conduct its business as currently conducted, except in each case to the extent such failure could not reasonably be expected to cause a Material Adverse Effect; 

8.3. Existence, Qualification, Etc. Except as otherwise expressly permitted under Section 9.7, do or cause to be done all things necessary to preserve and keep in full force and effect its existence and all material rights and franchises, and maintain its license or qualification to do business as a foreign corporation and good standing in each jurisdiction, in each case in which failure to do so could reasonably be expected to have a Material Adverse Effect; 

8.4. Regulations and Taxes. Comply with or contest in good faith all statutes and governmental regulations and timely pay all Taxes, assessments, governmental charges, claims for labor, supplies, rent and any other obligation which, if unpaid, would become a Lien other than a Permitted Lien against any of its properties, except in each case, to the extent such failure could not reasonably be expected to have a Material Adverse Effect; 

8.5. Intentionally Deleted.

8.6. True Books. Keep true books of record and account in which full, true and correct entries in all material respects will be made of all of its dealings and transactions, and set up on its books such reserves as may be required by GAAP with respect to doubtful accounts and all taxes, assessments, charges, levies and claims and with respect to its business in general, and include such reserves in interim as well as year-end financial statements;

8.7. Right of Inspection. Permit any Person designated by any Lender or the Agent to visit and inspect any corporate book or financial report of the Parent, the Borrower or any Subsidiary and to discuss its affairs, finances and accounts with its principal officers and independent certified public accountants, all at reasonable times, at reasonable intervals and with reasonable prior notice and, with respect to one such visit and inspection per fiscal year of the Borrower, at the Borrower’s sole cost and expense and, otherwise, at such Lender’s or the Agent’s 

 

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sole cost and expense; provided that upon any Event of Default, such access shall be at any time and shall be at the sole cost and expense of the Borrower;

8.8. Observe all Laws. Conform to and duly observe all laws, rules and regulations and all other valid requirements of any Governmental Authority with respect to the conduct of its business unless the failure to so conform or observe could not reasonably be expected to have a Material Adverse Effect; 

8.9. Governmental Licenses. Obtain and maintain all licenses, permits, certifications and approvals of all applicable Governmental Authorities of which the failure to so obtain and maintain could not reasonably be expected to have a Material Adverse Effect; 

8.10. Officer’s Knowledge of Default or Material Adverse Effect. Upon any officer of any Guarantor or the Borrower obtaining knowledge of any Default or Event of Default hereunder, or any event, development or occurrence which could reasonably be expected to have a Material Adverse Effect, cause such officer or an Authorized Representative to promptly notify the Agent of the nature thereof, the period of existence thereof, and what action the Borrower or such Subsidiary or other Credit Party proposes to take with respect thereto;

8.11. Suits or Other Proceedings. Upon any officer of any Guarantor or the Borrower obtaining knowledge of any action, suit, litigation, investigation, or other proceeding being instituted or threatened against the Borrower or any Subsidiary or other Credit Party, in any court or before any Governmental Authority, or any attachment, levy, execution or other process being instituted against any assets of the Borrower or any Subsidiary or other Credit Party, making a claim or claims that are not covered by insurance in an aggregate amount greater than $10,000,000 (exclusive of punitive damages), or otherwise to the extent the same could reasonably be expected to have a Material Adverse Effect, promptly deliver to the Agent written notice thereof
stating the nature and status of such action, suit, litigation, investigation, dispute, proceeding, levy, execution or other process;

8.12. Notice of Environmental Complaint or Condition. Promptly provide to the Agent true, accurate and complete copies of any and all notices, complaints, orders, directives, claims or citations received by the Borrower, any Guarantor or any Subsidiary relating to any (a) material violation or alleged material violation by the Borrower, any Guarantor or any Subsidiary of any applicable Environmental Law; (b) material release or threatened material release by the Borrower, any Guarantor or any Subsidiary, or by any Person handling, transporting or disposing of any Hazardous Material on behalf of the Borrower, any Guarantor or any Subsidiary, or at any facility or property owned or leased or operated by the Borrower, any Guarantor or any Subsidiary,
of any Hazardous Material, except where occurring legally pursuant to a permit, license or applicable law; or (c) liability or alleged liability of the Borrower, any Guarantor or any Subsidiary reasonably estimated to be in excess of $10,000,000 for the costs of cleaning up, removing, remediating or responding to a release of Hazardous Materials;

8.13. Indemnification. Without limiting the generality of Section 12.9, the Parent and the Borrower hereby agrees to indemnify and hold the Agent and the Lenders, and their respective officers, directors, employees and agents, harmless from and against any and all 

 

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claims, losses, penalties, liabilities, damages and expenses (including assessment and cleanup costs and reasonable attorneys’, consultants’ or other expert fees, expenses and disbursements) arising directly or indirectly from, out of or by reason of (a) the violation of any Environmental Law by the Parent, the Borrower or any Subsidiary or with respect to any property owned, operated or leased by the Parent, the Borrower or any Subsidiary or (b) the handling, storage, transportation, treatment, emission, release, discharge or disposal of any Hazardous Materials by or on behalf of the Parent, the Borrower or any Subsidiary, or on or with respect to property owned or leased or operated by the Parent, the Borrower or any Subsidiary.  The provisions of this Section 8.13 shall survive repayment of the
Obligations and expiration or termination of this Agreement; 

8.14. Additional Guarantors. With respect to (a) any direct Subsidiary of the Borrower (other than a Non-Recourse Subsidiary) formed or acquired after the Closing Date, to the extent not prohibited by Requirements of Law or contractual obligations in effect on the Closing Date or at the time of its acquisition, as applicable, from becoming a Guarantor, and (b) any direct Subsidiary (other than a Non-Recourse Subsidiary) of the Borrower that is prohibited by Requirements of Law or contractual obligations in effect on the Closing Date or at the time of its acquisition from becoming a Guarantor, promptly upon such formation or acquisition or such prohibitions ceasing to be in effect, as the case may be, cause such Subsidiary
to become a Guarantor party to the Facility Guaranty.

8.15. Further Assurances. At the Borrower’s cost and expense, upon request of the Agent, duly execute and deliver or cause to be duly executed and delivered, to the Agent such further instruments, documents (including any additional Facility Guaranties and additional Pledge Agreements, in each case, in connection with new Guarantors pursuant to Section 8.14), certificates, financing and continuation statements, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more effectively the provisions and purposes of this Agreement, the Security Instruments and the other Loan Documents; 

8.16. Continued Operations. Continue at all times to conduct its business and engage principally in the same line or lines of business substantially as heretofore conducted and any other business that is reasonably related thereto; and

8.17. Employee Benefit Plans. Without limiting the generality of Section 9.9, with reasonable promptness, and in any event within thirty (30) days after the Borrower knows or has reason to know thereof, give notice to the Agent of (a) the establishment of any Single Employer Plan (which notice shall include a copy of such plan), (b) the failure of the Borrower or any ERISA Affiliate to make a required installment or payment under Section 302 of ERISA or Section 412 of the Code by the due date; (c) the occurrence
of a Termination Event with respect to any Single Employer Plan or Multiemployer Plan; and (d) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any ERISA Affiliate or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan.

8.18. Post-Closing Undertakings. By not later than the 10th Business Day following the Closing Date, take such actions as shall be necessary to permit the unrestricted 

 

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transfer by the Collateral Agent (as defined in the applicable Pledge Agreement) or at its direction of the Pledged Interests constituting equity interests in limited liability companies upon the exercise of remedies pursuant to such Pledge Agreement and admission to membership of the transferee(s) of such Pledged Interests, including by delivering to the Agent of (i) written consents, satisfactory to the Agent in form and substance, executed by each Person whose consent is required by Applicable Law or the terms of the applicable Organizational Documents of the issuer of such Pledged Interests to permit any such transfer or admission or (ii) to the extent that such a consent contemplated by (i) above is not sufficient to permit the unrestricted transfer and admission with respect to such equity interests, written amendments, reasonably satisfactory to the Agent in form and substance, to the
applicable Organization Documents of the issuer of such Pledged Interests permitting such transfer and admission.

ARTICLE IX

NEGATIVE COVENANTS

Unless the Required Lenders shall otherwise consent in writing, the Parent and the Borrower will not, and will cause each Subsidiary thereof (other than a Non-Recourse Subsidiary) not to: 

9.1. [reserved];

9.2. [reserved]; 

9.3. Liens. Incur, create or permit to exist any Lien, charge or other encumbrance of any nature whatsoever with respect to any property or assets now owned or hereafter acquired by the Borrower, any other Credit Party or any of their respective Subsidiaries, except the following (the “Permitted Liens”):

(i) Liens created under the Security Instruments in favor of the Agent for the benefit of the Lenders and any other Secured Party;

(ii) Liens securing Indebtedness set forth on Schedule 9.4 and existing on the date hereof;

(iii) Liens imposed by law for Taxes (A) not yet delinquent or (B) which are being contested in good faith by appropriate proceedings diligently conducted, if, with respect to each Lien described in this clause (B) unless such Lien could not reasonably be expected to have a Material Adverse Effect, adequate reserves with respect thereto are maintained on the books of the Parent and/or its Subsidiaries in accordance with GAAP;

(iv) statutory Liens of landlords and Liens of mechanics, materialmen and other Liens imposed by law or created in the ordinary course of business and (i) for amounts not yet delinquent or (ii) which are being contested in good faith by appropriate proceedings diligently conducted, which are inferior in respect of the Collateral to the Liens conferred under the Security Instruments or with 

 

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respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;

(v) Liens arising out of any judgment or award that has been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or with respect to which an appeal or proceeding for review is being prosecuted in good faith by appropriate proceedings diligently conducted, and with respect to which a stay of execution is in effect, or to the extent such judgment or award does not otherwise constitute a Default under Section 10.1(k) and, in each case, with 

respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP;

(vi) Liens securing Indebtedness described in Section 9.4(f), and any Liens granted in connection with any refinancing or renewal of such Indebtedness, provided, that such Liens encumber only the same property as secured by the Indebtedness that was refinanced or renewed, together with any assets acquired after the date hereof and financed with the additional Indebtedness contemplated by clause (y) of Section 9.4(f); 

(vii) [reserved];

(viii) deposits or pledges made in connection with, or to secure payment of, workmen’s compensation, unemployment insurance, old age pensions or other social security obligations, and pledges and cash deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

(ix) easements, rights-of-way, restrictions and other encumbrances incurred in the ordinary course of business or any other encumbrance on title including defects and irregularities in title so long as the same individually and/or in the aggregate could not reasonably be expected to have a Material Adverse Effect; 

(x) Liens in respect of repurchase obligations entered into in the ordinary course of business; 

(xi) additional Liens securing Indebtedness in an aggregate amount not exceeding $1,000,000; 

(xii) [reserved]; 

(xiii) Liens granted by any Credit Party and any of their Subsidiaries in favor of a Lender or an Affiliate of a Lender in an aggregate amount not to exceed $75,000,000, in connection with Indebtedness permitted under Section 9.4(c);

 

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(xiv) Liens arising out of the sale, assignment, pledge or transfer of assets to any Subsidiary of the Borrower arising in connection with a securitization;

(xv) Liens in favor of lessors of property leased to the Borrower or any of its Subsidiaries;

(xvi)  Liens consisting of interests of lessees of assets of the Borrower, any Guarantor or any other Subsidiary or arising from precautionary UCC financing statement filings regarding leases entered into in the ordinary course; 

(xvii) Liens in favor of banks on items in collection (and the documents related thereto) arising in the ordinary course of business under the Uniform Commercial Code; 

(xviii)  purchase money security interests in or purchase money mortgages on real or personal property acquired after the date hereof to secure purchase money Indebtedness, incurred to finance the acquisition of such property, which security interests or mortgages cover only the real or personal property so acquired; 

(xix) Liens upon assets of the Borrower or any Subsidiary subject to Capitalized Leases or Synthetic Leases, provided, that (A) such Liens only secure the payment of Indebtedness arising under such Capitalized Leases or Synthetic Leases and (B) the Liens encumbering the assets leased in such Capitalized Leases or Synthetic Leases do not encumber any other assets (other than proceeds of such leased assets); 

(xx) Liens on fixed or capital assets and any other container, ship, chassis and/or related intermodal transportation assets acquired, constructed or improved by Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness permitted by Section 9.4(h), (ii) such Liens and the Indebtedness secured thereby are initially incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (iii) such Liens shall only apply to the assets so acquired, constructed or improved by Borrower or any Subsidiary and shall not be spread to apply to any other property or assets of Borrower or its Subsidiaries;

(xxi) any right of set-off, refund or charge-back available to any bank or other financial institution by statute or pursuant to customary account agreements entered into in the ordinary course of business; 

(xxii) cash deposits to secure the payment and performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; and 

 

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(xxiii) any Lien existing on any property or asset prior to the acquisition thereof by any Credit Party or any of its Subsidiaries or existing on any property or asset of any Person that becomes a Subsidiary of any Credit Party after the date hereof prior to the time such Person becomes a Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of any Credit Party or its Subsidiaries and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals, consolidation and replacements
thereof that do not increase the outstanding principal amount thereof.

9.4. Indebtedness. Incur, create, assume or permit to exist any Indebtedness, howsoever evidenced, except:

(a) Indebtedness owing to (including guaranties in favor of) the Agent for the benefit of the Lenders and any other Secured Party in connection with this Agreement, any Note or any other Loan Document; 

(b) the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business;

(c) Indebtedness arising from Hedging Agreements entered into in the ordinary course of business;

(d) unsecured intercompany Indebtedness for loans and advances made by and among the Borrower and/or its Subsidiaries, provided that with respect to any such intercompany Indebtedness by a Credit Party to a Subsidiary that is not a Credit Party, such Indebtedness shall be evidenced by a promissory note or similar written instrument acceptable to the Agent which provides that such Indebtedness is subordinated to obligations, liabilities and undertakings of the holder or owner thereof under the Loan Documents in the form of a subordination agreement reasonably satisfactory in form and substance to the Agent; 

(e) Contingent Obligations of any Credit Party or any of its Subsidiaries with respect to the obligations of any other Credit Party or any of its Subsidiaries; provided, that Contingent Obligations of any Credit Party with respect to obligations of any Subsidiary that is not a Credit Party shall be permitted only in support of (i) obligations in connection with the purchase (but not the financing of such purchase) or sale of any container, ship, chassis and/or related intermodal transportation assets, (ii) in connection with the lease of container, ship, chassis and/or related intermodal transportation assets pursuant to which a Subsidiary is the lessor, (iii) to the extent attributable to any support in respect of the performance of non-payment obligations of a Subsidiary, including
undertakings by a Credit Party not to permit such Subsidiary to take actions prohibited by agreements to which such Subsidiary is a party (including, without limitation, any 

 

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guarantee for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of single purpose entity covenants, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in separate guaranty or indemnification agreements), or (iv) such Contingent Obligations in the aggregate that do not exceed $20,000,000 at any time outstanding (excluding any amounts attributable to Contingent Obligations permitted by (i)-(iii) above);

(f) Indebtedness existing on the date hereof and listed on Schedule 9.4 hereof and any refinancing or renewal of such Indebtedness; provided, that any such refinancing or renewal does not (i) increase the aggregate amount of such Indebtedness, except (x) by the amount of any premium or fee paid or payable in connection with such extension, renewal or replacement, (y) by the amount of any additional Indebtedness permitted pursuant to Section 9.4(h) and/or (z) in connection with any refinancing or renewal of any of the chassis indebtedness identified on Schedule 9.4(f) (and the parties agree that the proceeds of such refinancing or
renewal may be used in any manner that is not otherwise prohibited by this Agreement or the other Loan Documents), or (ii) add to the collateral, if any, securing such Indebtedness except for the addition of Liens against any assets acquired after the date hereof and financed with the additional Indebtedness contemplated by clause (y);

(g) Repurchase obligations entered into in the ordinary course of business;

(h) Indebtedness of Borrower or any of its Subsidiaries incurred to finance the acquisition, construction or improvement of any fixed or capital assets and any other container, ship, chassis and/or related intermodal transportation assets, in each case in a principal amount not exceeding 100% of the cost to so acquire, construct or improve such assets, and extensions, renewals and replacements of any such Indebtedness and any refinancing or renewal of such Indebtedness; provided, that any such refinancing or renewal does not (i) increase the aggregate amount of such Indebtedness, except (x) by the amount of any premium or fee paid or payable in connection with such extension, renewal or replacement and/or (y) by the amount of any additional Indebtedness otherwise permitted under this
paragraph (h) or (ii) add to the collateral, if any, securing such Indebtedness except for the addition of Liens against any assets acquired after the date hereof and financed with the additional Indebtedness contemplated by clause (y);

(i) Indebtedness assumed in connection with the acquisition of any assets, and/or secured by a Lien on any such assets prior to the acquisition thereof or existing with respect to any Person that becomes a Subsidiary after the date hereof; provided that (i) such Indebtedness exists at the time such Person becomes a Subsidiary or such assets are acquired and is not created in contemplation of or in connection with such Person becoming a Subsidiary or such asset acquisition, and (ii) no Default shall exist after giving effect to such transaction;

 

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(j) Indebtedness of Borrower or any of its Subsidiaries as an account party in respect of trade letters of credit; 

(k) Indebtedness in respect of netting services, overdraft protection and otherwise in connection with customary deposit accounts maintained by Borrower or any of its Subsidiaries as part of its ordinary cash management program; 

(l) [reserved];

(m) additional unsecured Indebtedness of the Parent, the Borrower and its Subsidiaries of up to but not exceeding $20,000,000 at any one time outstanding.

9.5. Transfer of Assets. Sell, lease, transfer or otherwise dispose of any Collateral, any Securitization Interest or any Capital Stock of any Subsidiary to any Person which is not the Borrower or a Guarantor (or a Person that becomes a Guarantor at the time of the transaction), unless (i) such sale, lease, transfer or disposition is for cash or Cash Equivalents and upon fair and reasonable terms no less favorable to the Borrower or the Guarantors, as applicable, than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate; or (ii) in connection with any transaction involving the sale, transfer or contribution of such assets to a special purpose entity, a titling trust or similar entity for the purposes of
facilitating or structuring Indebtedness permitted under Section 9.4 hereof;

9.6. Subsidiaries; Investments. Make or permit to remain outstanding (i) any Investments in any Person that is an Affiliate of the Parent but not of the Borrower or a wholly-owned direct or indirect Subsidiary of the Borrower; provided that the Borrower and its Subsidiaries may make or permit to remain outstanding Investments in an aggregate amount up to but not exceeding $50,000,000 at any time outstanding in Persons that are Affiliates of the Borrower but not wholly-owned direct or indirect Subsidiaries of the Borrower, or (ii) any Investment constituting a Securitization Interest owned by a Person that is not a Subsidiary of the Borrower; 

9.7. Merger or Consolidation. (i) Consolidate, amalgamate or merge with any other Person, or (ii) in the case of the Borrower only, liquidate, wind-up or dissolve; unless, in the case of clause (i), the surviving entity is the Borrower or a Credit Party or, if not, such Person, by a written instrument, assumes the obligations of the Borrower or the applicable Credit Party and, provided, further, that if such transaction involves a Subsidiary that is not a Credit Party, the surviving entity shall be a Subsidiary upon the consummation of such transaction;

9.8. Transactions with Affiliates. Except for those transactions contemplated by Schedule 9.8 hereto, with respect to any Person, enter into any transaction, including, without limitation, the purchase, sale, lease or exchange of property, real or personal, or the rendering of any service, with any Affiliate of such Person (other than the Borrower or a Credit Party), except to the extent any such transaction is entered into in the ordinary course of business and upon fair and reasonable terms no less favorable to the parties thereto than would be obtained in a comparable arm’s-length transaction by and between unrelated Persons; 

9.9. Single Employer Plans; ERISA Affiliates. Sponsor any Single Employer Plan or any Multiemployer Plan or agree to have any obligation to fund any such plan, except to 

 

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the extent that such sponsorship or obligation could not reasonably be expected to give rise to a Material Adverse Effect;

9.10. Fiscal Year. Change its Fiscal Year, or have any fiscal year other than the Fiscal Year; 

9.11. Change in Control. Cause, suffer or permit to exist or occur any Change of Control; 

9.12. Negative Pledge Clauses. Enter into or cause, suffer or permit to exist any agreement with any Person other than the Agent and the Lenders pursuant to this Agreement or any other Loan Documents which prohibits or limits the ability of such party to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the agreements set forth in Schedule 9.12; provided:

(a) the foregoing shall not apply to (w) restrictions and conditions imposed by law or by this Agreement, (x) restrictions and conditions existing on the date hereof and (y) restrictions and conditions imposed on a Person by any indenture, agreement or other contractual arrangement that was in effect at the time such Person became a Subsidiary, or imposed on any property that was in effect at the time such property was acquired, and in each case not entered into in contemplation of such Person becoming such a Subsidiary or such property being acquired and (z) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is
permitted hereunder; and

(b) this Section 9.12 shall not apply to customary provisions in leases, agreements entered into with respect to any Indebtedness permitted by Section 9.4 (provided such restrictions and conditions apply only to the Subsidiary that is a party to such agreement) and other contracts restricting the assignment thereof.

9.13. Partnerships. Become a general partner in any general or limited partnership, except in connection with any Investment permitted under Section 9.6(i);

9.14. Restricted Payments. Declare or pay any dividend (other than dividends payable solely in common stock of the Person making such dividend) on, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of the Borrower or any Guarantor, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of any Subsidiary (collectively, “Restricted Payments”), except that: 

(i) any Subsidiary may make Restricted Payments to the Borrower or any Subsidiary of the Borrower that is a Guarantor; 

 

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(ii) so long as no Default or Event of Default shall have occurred and be continuing or shall occur after giving effect thereto, the Parent may make Restricted Payments in an amount to be determined by the Parent; 

(iii) [reserved];

(iv) prior to a Parent IPO, so long as no Default or Event of Default shall have occurred and be continuing or shall occur after giving effect thereto, the Borrower may make Restricted Payments to Parent in an aggregate amount not to exceed $50,000,000; 

(v) following a Parent IPO, so long as no Default or Event of Default shall have occurred and be continuing or shall occur after giving effect thereto, the Borrower may make Restricted Payments to the Parent; and

(vi) the Borrower and each Guarantor (and each Subsidiary thereof) may make Restricted Payments to Parent (or any direct or indirect parent thereof) to enable Parent to pay federal state, local and foreign tax liabilities then due.

Nothing herein shall be deemed to prohibit the declaration and making of any Restricted Payment by any Subsidiary of the Borrower to the Borrower or to any Subsidiary.

9.15. Clauses Restricting Restricted Payments. Permit any Guarantor to enter into or suffer to exist or become effective any consensual encumbrance or restriction on its ability to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any Guarantor or (b) make loans or advances to, or other Investments in, a Subsidiary that is a Guarantor, provided:

(a) the foregoing shall not apply to (w) restrictions and conditions imposed by law or by this Agreement, (x) restrictions and conditions existing on the date hereof and (y) restrictions and conditions imposed on a Person by any indenture, agreement or other contractual arrangement that was in effect at the time such Person became a Subsidiary, or imposed on any property that was in effect at the time such property was acquired, and in each case not entered into in contemplation of such Person becoming such a Subsidiary or such property being acquired and (z) customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is
permitted hereunder; and

(b) this Section 9.15 shall not apply to customary provisions in leases, agreements entered into with respect to any Indebtedness permitted by Section 9.4 (provided such restrictions and conditions apply only to the Subsidiary that is a party to such agreement) and other contracts restricting the assignment thereof.

9.16. Intentionally Deleted.

 

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9.17. Organizational Documents. Amend the Organizational Documents of any Credit Party or any Person whose equity interests constitute Pledged Interests without the consent of the Lenders and the Collateral Agent (as defined in the Security Agreement for such Credit Party) in a manner that is materially adverse to the Lenders or the Collateral Agent, as applicable; or

9.18. Tangible Net Worth. Permit Tangible Net Worth at any time to be less than $500,000,000.

ARTICLE X

EVENTS OF DEFAULT AND ACCELERATION

10.1. Events of Default. If any one or more of the following events (herein called “Events of Default”) shall occur and be continuing:

(a) if default shall be made in the due and punctual payment of the principal of any Loan or any Reimbursement Obligation when and as the same shall be due and payable whether pursuant to any provision of Article II, Article III, at maturity, by acceleration or otherwise; or

(b) if default shall be made in the due and punctual payment of any amount of interest on any Loan or other Obligation or of any fees or other amounts payable to any of the Lenders or the Agent within three (3) Business Days after the date on which the same shall be due and payable; or

(c) if default shall be made in the performance or observance of any covenant set forth in Section 8.10, Section 8.18 or Article IX hereunder; or

(d) if a default shall be made in the performance or observance of, or shall occur under, any covenant, agreement or provision contained in this Agreement (other than as described in clauses (a), (b) or (c) above), or if a default shall be made in the performance or observance of, or shall occur under, any covenant, agreement or provision contained in any of the other Loan Documents (beyond any applicable grace period, if any, contained therein) or in any instrument or document evidencing or creating any obligation, guaranty, or Lien in favor of the Agent (acting in any capacity) or any of the Lenders or delivered to the Agent (acting in any capacity) or any of the Lenders in connection with or pursuant to this Agreement or any of the Obligations, and such default shall continue for 30 or more days after the earlier of receipt of notice of such default to an
Authorized Representative from the Agent (acting in any capacity) or an officer of the Borrower becomes aware of such default, or

(e) if any Loan Document ceases to be in full force and effect (other than by reason of any action by the Agent (acting in any capacity)), or if without the written consent of the Lenders, this Agreement or any other Loan Document shall be disaffirmed or shall terminate, be terminable or be terminated or become void or 

 

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unenforceable for any reason whatsoever (other than in accordance with its terms in the absence of default or by reason of any action by the Lenders or the Agent (acting in any capacity); or

(f) if there shall occur (i) a default, which is not waived, in the payment of any principal, interest, premium or other amount with respect to any Indebtedness or Rate Hedging Obligation (other than the Loans and other Obligations) of the Parent or any of its Subsidiaries in the aggregate amount of at least $10,000,000, or (ii) a default, which is not waived, in the performance, observance or fulfillment of any term or covenant contained in any agreement or instrument under or pursuant to which any such Indebtedness or Rate Hedging Obligation in an aggregate amount of at least $10,000,000 may have been issued, created, assumed, guaranteed or secured by the Parent or any of its Subsidiaries, or (iii) any other event of default as specified in any agreement or instrument under or pursuant to which any such Indebtedness or Rate Hedging Obligation may have been
issued, created, assumed, guaranteed or secured by the Parent or any of its Subsidiaries, and such default or event of default under clause (i), (ii) or (iii) above shall continue for more than the period of grace, if any, therein specified, or such default or event of default under clause (i), (ii) or (iii) above shall permit the holder of any such Indebtedness in the aggregate amount of at least $10,000,000 (or any agent or trustee acting on behalf of one or more holders) to accelerate the maturity thereof; or

(g) if any representation, warranty or other statement of fact contained in any Loan Document or in any writing, certificate, report or statement at any time furnished to the Agent (acting in any capacity) or any Lender by or on behalf of the Borrower or any other Credit Party pursuant to or in connection with any Loan Document, or otherwise, shall be false or misleading in any material respect when given, and shall remain incorrect for ten (10) Business Days after receipt by the Borrower of written notice thereof; or

(h) if any of the Borrower, the Subsidiaries and the other Credit Parties shall be unable to pay its debts generally as they become due; or any of the Borrower, the Subsidiaries and the other Credit Parties shall file a petition to take advantage of any insolvency statute; make an assignment for the benefit of its creditors; commence a proceeding for the appointment of a receiver, trustee, examiner, liquidator or conservator of itself or of the whole or any substantial part of its property; file a petition or answer seeking liquidation, reorganization, examination or arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute; or

(i) if a court of competent jurisdiction shall enter an order, judgment or decree appointing a custodian, receiver, trustee, examiner, liquidator or conservator of any of the Borrower, the Subsidiaries and the other Credit Parties or of the whole or any substantial part of any such Person’s properties and such order, judgment or decree continues unstayed and in effect for a period of sixty (60) days, or approve a petition filed against any of the Borrower, the Subsidiaries and the 

 

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other Credit Parties seeking liquidation, reorganization, examination or arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state, which petition is not dismissed within sixty (60) days; or if, under the provisions of any other law for the relief or aid of debtors, a court of competent jurisdiction shall assume custody or control of the Borrower, the Subsidiaries and the other Credit Parties or of the whole or any substantial part of any such Person’s properties, which control is not relinquished within sixty (60) days; or if there is commenced against the Borrower, the Subsidiaries and the other Credit Parties any proceeding or petition seeking reorganization, arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute of the United States
of America or any state which proceeding or petition remains undismissed for a period of sixty (60) days; or if any of the Borrower, the Subsidiaries and the other Credit Parties takes any action to indicate its consent to or approval of any such proceeding or petition; or

(j) if any Lien of the Agent pursuant to any Loan Document shall for any reason not be, or be asserted by the Borrower or any other Credit Party not to be a valid, first priority perfected Lien on the Collateral identified therein (except to the extent that such Lien is not required hereunder or under the Security Agreement to be a valid, first priority perfected Lien on such Collateral), subject to no other Liens except Permitted Liens; or

(k) one or more judgments for the payment of money in an aggregate amount in excess of $10,000,000 (not paid or fully covered by insurance) shall be rendered against the Borrower or any other Credit Party or Subsidiary or any combination thereof and the same shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof;

(l) (i) any Person shall engage in any non-exempt “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Employee Benefit Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any Single Employer Plan or any Lien in favor of the PBGC or a Single Employer Plan shall arise on the assets of the Borrower or any ERISA Affiliate, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is reasonably likely to result in the termination of such Single Employer Plan for purposes of Title IV of
ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the Borrower or any ERISA Affiliate shall, or in the reasonable opinion of the Required Lenders is reasonably likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Employee Benefit Plan; and in each case in clauses (i) through (vi) above, such event or condition, together with 

 

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all other such events or conditions, if any, could reasonably be expected to have a Material Adverse Effect; 

then, and in any such event and at any time thereafter, if such Event of Default or any other Event of Default shall continue to exist and not have been cured or waived,

(A) either or both of the following actions may be taken:  (i) the Agent, with the consent of the Required Lenders, may, and at the direction of the Required Lenders shall, declare any obligation of the Lenders to make further Loans or issue additional Letters of Credit terminated, whereupon the obligation of each Lender to make further Loans or issue Letters of Credit hereunder shall terminate immediately, and (ii) the Agent shall at the direction of the Required Lenders, at their option, declare by notice to the Borrower any or all of the Obligations (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) to be immediately due and payable, and the same, including all interest accrued thereon and all other obligations of the Borrower to the
Agent and the Lenders, shall forthwith become immediately due and payable without presentment, demand, protest, notice or other formality of any kind, all of which are hereby expressly waived, anything contained herein or in any instrument evidencing the Obligations to the contrary notwithstanding; provided, however, that notwithstanding the above, if there shall occur an Event of Default under clause (h) or (i) above, then the obligation of the Lenders to make Loans and issue Letters of Credit hereunder shall automatically terminate and any and all of the Obligations (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall be immediately due and payable without the necessity of any action by the Agent or the Required Lenders or notice to the Agent or the Lenders; and

(B) the Agent and each of the Lenders shall have all of the rights and remedies available under the Loan Documents or under any applicable law, including without limitation all of the rights and remedies of a secured party under any applicable Uniform Commercial Code or any other applicable law.

10.2. Agent to Act. In case any one or more Events of Default shall occur and be continuing and not have been waived, the Agent may, and at the direction of the Required Lenders shall, proceed to protect and enforce their rights or remedies either by suit in equity or by action at law, or both, whether for the specific performance of any covenant, agreement or other provision contained herein or in any other Loan Document, or to enforce the payment of the Obligations or any other legal or equitable right or remedy.

10.3. Cumulative Rights. No right or remedy herein conferred upon the Lenders or the Agent is intended to be exclusive of any other rights or remedies contained herein or in any other Loan Document, and every such right or remedy shall be cumulative and shall be in addition to every other such right or remedy contained herein and therein or now or hereafter existing at law or in equity or by statute, or otherwise.

 

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10.4. No Waiver. No course of dealing between the Borrower and any Lender or the Agent or any failure or delay on the part of any Lender or the Agent in exercising any rights or remedies under any Loan Document or otherwise available to it shall operate as a waiver of any rights or remedies and no single or partial exercise of any rights or remedies shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or of the same right or remedy on a future occasion.

10.5. Allocation of Proceeds. If an Event of Default has occurred and not been waived, and the maturity of the Loans has been accelerated pursuant to Article X hereof, all payments received by the Agent hereunder, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrower hereunder, shall be applied by the Agent in the following order (or in such manner as the Required Lenders may determine):

(a) With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this Article X, the Borrower shall at such time deposit in a cash collateral account opened by the Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit.  Amounts held in such cash collateral account shall be applied by the Agent to the payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the other Loan Documents.  After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations
of the Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto).  Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower;

(b) amounts due to the Lenders pursuant to Sections 2.10 and 12.5;

(c) amounts due to the Agent pursuant to Section 11.8;

(d) payments of interest on Loans and Letters of Credit, to be applied for the ratable benefit of the Lenders and amounts due to any of the Lenders in respect of Obligations consisting of liabilities under any Hedging Agreement with any of the Lenders on a pro rata basis according to the amounts owed;

(e) payments of principal of Loans and Reimbursement Obligations, to be applied for the ratable benefit of the Lenders;

(f) amounts due to the Lenders pursuant to Sections 8.13 and 12.9;

(g) payments of all other amounts due under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders, as their interests appear; and

 

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(h) any surplus remaining after application as provided for herein, to the Borrower or otherwise as may be required by applicable law.

ARTICLE XI

THE AGENT

11.1. Appointment, Powers, and Immunities. Each Lender hereby irrevocably appoints and authorizes the Agent to act as its agent under this Agreement and the other Loan Documents, with such powers and discretion as are specifically delegated to the Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.  The Agent (which term as used in this sentence and in Section 11.5 and the first sentence of Section 11.6 hereof shall include its affiliates and its own and its affiliates’ officers, directors, employees, and agents):

(a) shall not have any duties or responsibilities except those expressly set forth in the Loan Documents and shall not be a trustee or fiduciary for any Lender;

(b) shall not be responsible to the Lenders for any recital, statement, representation, or warranty (whether written or oral) made in or in connection with any Loan Document or any certificate or other document referred to or provided for in, or received by any of them under, any Loan Document, or for the value, validity, effectiveness, genuineness, enforceability, or sufficiency of any Loan Document, or any other document referred to or provided for therein or for any failure by any Credit Party or any other Person to perform any of its obligations thereunder;

(c) shall not be responsible for or have any duty to ascertain, inquire into, or verify the performance or observance of any covenants or agreements by any Credit Party or the satisfaction of any condition or to inspect the property (including the books and records) of any Credit Party or any of its Subsidiaries or affiliates;

(d) shall not be required to initiate or conduct any litigation or collection proceedings under any Loan Document; and

(e) shall not be responsible for any action taken or omitted to be taken by it under or in connection with any Loan Document, except for its own gross negligence or willful misconduct. 

The Agent may employ agents and attorneys-in-fact and shall not be responsible for the negligence or misconduct of any such agents or attorneys-in-fact selected by it with reasonable care.

11.2. Reliance by Agent. The Agent shall be entitled to rely upon any certification, notice, instrument, writing, or other communication (including, without limitation, any thereof by telephone or facsimile) believed by it to be genuine and correct and to have been 

 

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signed, sent or made by or on behalf of the proper Person or Persons, and upon advice and statements of legal counsel (including counsel for any Credit Party), independent accountants, and other experts selected by the Agent. The Agent may deem and treat the payee of any Note as the holder thereof for all purposes hereof unless and until the Agent receives and accepts an Assignment and Acceptance executed in accordance with Section 12.1. As to any matters not expressly provided for by the Loan Documents, the Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding on all of the Lenders;
provided, however, that the Agent shall not be required to take any action that exposes the Agent to personal liability or that is contrary to any Loan Document or applicable law or unless it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking any such action.

11.3. Defaults. The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received written notice from a Lender or the Borrower specifying such Default or Event of Default and stating that such notice is a “Notice of Default”. In the event that the Agent receives such a notice of the occurrence of a Default or Event of Default, the Agent shall give prompt notice thereof to the Lenders. The Agent shall (subject to Section 11.2) take such action with respect to such Default or Event of Default as shall reasonably be directed by
the Required Lenders, provided that, unless and until the Agent shall have received such directions, the Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interest of the Lenders.

11.4. Rights as Lender. With respect to its Revolving Credit Commitment and the Loans made by it or with respect to any Letters of Credit issued or participated in by it, Citicorp North America, Inc. (and any successor acting as Agent) in its capacity as a Lender hereunder shall have the same rights and powers hereunder as any other Lender and may exercise the same as though it were not acting as the Agent, and the term “Lender” or “Lenders” shall, unless the context otherwise indicates, include the Agent in its individual capacity. The Agent and its affiliates may (without having to account therefor to any Lender) accept deposits from, lend money to, make
investments in, provide services to, and generally engage in any kind of lending, trust, or other business with any Credit Party or any of its Subsidiaries or affiliates as if it were not acting as Agent, and Citicorp North America, Inc. (and any successor acting as Agent) and its affiliates may accept fees and other consideration from any Credit Party or any of its Subsidiaries or affiliates for services in connection with this Agreement or otherwise without having to account for the same to the Lenders.

11.5. Indemnification. The Lenders agree to indemnify the Agent (to the extent not reimbursed under Section 12.9, but without limiting the obligations of the Borrower under such Section) ratably in accordance with their respective Revolving Credit Commitments, for any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable attorneys’ fees), or disbursements of any kind and nature whatsoever that may be imposed on, incurred by or asserted against the Agent (including by any Lender) in any way relating to or arising out of any Loan
Document or the transactions contemplated thereby or any action taken or omitted by the Agent under any Loan Document; 

 

 

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provided that no Lender shall be liable for any of the foregoing to the extent they arise from the gross negligence or willful misconduct of the Person to be indemnified. Without limitation of the foregoing, each Lender agrees to reimburse the Agent promptly upon demand for its ratable share of any costs or expenses payable by the Borrower under Section 12.5, to the extent that the Agent is not promptly reimbursed for such costs and expenses by the Borrower. The agreements contained in this Section 11.5 shall survive payment in full of the Loans and all other amounts payable under this Agreement.

11.6. Non-Reliance on Agent and Other Lenders. Each Lender agrees that it has, independently and without reliance on the Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of the Credit Parties and their Subsidiaries and decision to enter into this Agreement and that it will, independently and without reliance upon the Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own analysis and decisions in taking or not taking action under the Loan Documents. Except for notices, reports, and other documents and information expressly
required to be furnished to the Lenders by the Agent hereunder, the Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the affairs, financial condition, or business of any Credit Party or any of its Subsidiaries or affiliates that may come into the possession of the Agent or any of its affiliates.

11.7. Resignation of Agent. The Agent may resign at any time by giving notice thereof to the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Agent, subject (so long as no Default or Event of Default has occurred and is continuing) to the written consent of an Authorized Representative, which consent shall not be unreasonably withheld. If no successor Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Agent’s giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders, appoint a successor Agent
which shall be a commercial bank organized under the laws of the United States of America having combined capital and surplus of at least $500,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor, such successor shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges, and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations hereunder. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Article XI shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent.

11.8. Fees. The Borrower agrees to pay to the Agent, for its individual account, an Agent’s fee as from time to time agreed to by the Parent or the Borrower and the Agent in writing.

ARTICLE XII

MISCELLANEOUS

12.1. Assignments and Participations. (a) Each Lender (including any affiliate of any Issuing Lender that issues any Letter of Credit) may assign to one or more Eligible 

 

 

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Assignees all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Loans, its Note and its Revolving Credit Commitment); provided, however, that:

(i) each such assignment shall be to an Eligible Assignee;

(ii) except in the case of an assignment to another Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, any such partial assignment shall be in an amount at least equal to $5,000,000 or an integral multiple of $1,000,000 in excess thereof;

(iii) each such assignment by a Lender shall be of a constant, and not varying, percentage of all of its rights and obligations under this Agreement;

(iv) the parties to such assignment shall execute and deliver to the Agent for its acceptance an Assignment and Acceptance in the form of Exhibit B hereto, together with any Note subject to such assignment and a processing fee of $3,500 (which amount shall not be payable by the Borrower);

(v) except in the case of an assignment to another Lender, any assignment hereunder shall require the consent of the Agent, each Issuing Lender and, unless a Default or Event of Default has occurred and is continuing, the Borrower, such consent in each case not to be unreasonably withheld; and

(vi) neither the Parent nor the Borrower shall incur any greater expense or liabilities (including, without limitation, indemnities and increased costs (other than with respect to taxes, which shall be governed by the provisions of Section 5.6)) than it would have incurred had such assignment not taken place.

Upon execution, delivery, and acceptance of such Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of such assignment, have the obligations, rights, and benefits of a Lender hereunder and the assigning Lender shall, to the extent of such assignment, relinquish its rights and be released from its obligations under this Agreement. Upon the consummation of any assignment pursuant to this Section, the assignor, the Agent and the Borrower shall make appropriate arrangements so that, if required, new Notes are issued to the assignor and the assignee. If the assignee is a Non-U.S. Lender, it shall deliver to the Borrower and the Agent certification as to exemption from deduction or withholding of Taxes in accordance with Section 5.6.

(b) The Agent shall maintain at its address referred to in Section 12.2 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Revolving Credit Commitment of, and principal amount of the Loans and L/C Obligations owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Parent, the Borrower, the Agent, the Issuing Lenders and the Lenders may treat each Person whose name is recorded in the Register as a
Lender hereunder for all purposes of this Agreement. The Register shall be available for 

 

 

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inspection by the Parent, the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.

(c) Upon its receipt of an Assignment and Acceptance executed by the parties thereto, together with any Note subject to such assignment and payment of the processing fee, the Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit B hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the parties thereto.

(d) Each Lender may sell participations to one or more Persons in all or a portion of its rights, obligations or rights and obligations under this Agreement (including all or a portion of its Revolving Credit Commitment or its Loans); provided, however, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participant shall be entitled to the benefit of the yield protection provisions contained in Article V and the right of set-off contained in Section 12.3, (iv) neither the Parent nor the Borrower shall have any greater obligation to a participant than it would have had to such Lender in the absence of the existence of such participant and (v) the Parent and the Borrower shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower relating to its Loans and to approve any amendment, modification, or waiver of any provision of this Agreement (other than amendments, modifications, or waivers decreasing the amount of principal of or the rate at which interest or fees are payable on such Loans, extending any scheduled principal payment date or date fixed for the payment of interest on such Loans, releasing all or substantially all of the Collateral, releasing all or substantially all of the
Guarantors, or extending or increasing its Revolving Credit Commitment).

(e) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time assign and pledge all or any portion of its Loans to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by such Federal Reserve Bank. No such assignment shall release the assigning Lender from its obligations hereunder.

(f) Any Lender may furnish any information concerning the Parent or any of its Subsidiaries in the possession of such Lender from time to time to assignees and participants (including prospective assignees and participants), subject, however, to the provisions of Section 12.15.

12.2. Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid by certified or registered mail, return receipt requested, or, in the case of telecopy notice, when received, addressed as 

 

 

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follows in the case of the Parent, the Borrower and the Agent, and as set forth in an administrative questionnaire delivered to the Agent in the case of the Lenders, or to such other address as may be hereafter notified by the respective parties hereto

(a) if to the Borrower (or, in connection with notice of service of process with respect to any Credit Party):

Seacastle Operating Company Ltd.

c/o Fortress Investment Group LLC

1345 Avenue of the Americas

New York, New York USA 10105

Attn: Joseph P. Adams, Jr.

Telephone Number: 212-798-6100

Facsimile Number: 212-798-6075

(b) if to the Agent:

Citigroup Global Markets, Inc.

2 Penns Way

Suite 100

New Castle, DE 19720

Attn: Valerie Burrows

E-Mail: Valerie.r.burrows@citi.com

Telephone Number: 302-894-6065

Facsimile Number: 212-994-0961

with a copy to:

Citigroup Global Markets, Inc

390 Greenwich Street, 1st Floor

New York, NY 10013

Attn: Ryan Davis

E-Mail: ryan.davis@citi.com

Telephone Number: 212-723-6209

Facsimile Number: 646-291-5942

(c) if to any other Credit Party, at the address set forth on the signature page of the Facility Guaranty or Security Instrument executed by such Credit Party, as the case may be.

12.3. Right of Set-off; Adjustments. 

(a) Upon the occurrence and during the continuance of any Event of Default, each Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other 

 

 

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indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement and the Note held by such Lender, irrespective of whether such Lender shall have made any demand under this Agreement or such Note and although such obligations may be unmatured. Each Lender agrees promptly to notify the Borrower after any such set-off and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender under this Section 12.3 are in addition to other rights and remedies (including, without limitation, other rights of set-off) that such Lender may have.

(b) If any Lender (a “benefitted Lender”) shall at any time receive any payment of all or part of the Loans owing to it, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans owing to it, or interest thereon, such benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loans owing to it, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such benefitted Lender to share the excess payment or
benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. The Borrower agrees that any Lender so purchasing a participation from a Lender pursuant to this Section 12.3 may, to the fullest extent permitted by law, exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Person were the direct creditor of the Borrower in the amount of such participation.

12.4. Survival. All covenants, agreements, representations and warranties made herein shall survive the making by the Lenders of the Loans and the execution and delivery to the Lenders of this Agreement and any Notes and shall continue in full force and effect so long as any of Obligations remain outstanding or any Lender has any Loan hereunder or the Borrower has continuing obligations hereunder unless otherwise provided herein. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and permitted assigns of such party and all covenants, provisions and agreements by or on behalf of the Borrower which are contained
in the Loan Documents shall inure to the benefit of the successors and permitted assigns of the Lenders or any of them.

12.5. Expenses. The Borrower agrees to pay on demand (subject, in the case of preparation, execution, delivery and administration costs, to the Fee Letter), all reasonable costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification, and amendment of this Agreement, the other Loan Documents, subject to any cap that may have otherwise been agreed, and the other documents to be delivered hereunder, including, without limitation, the reasonable fees and expenses of counsel for the 

 

 

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Agent (excluding the cost of internal counsel) with respect thereto and with respect to advising the Agent as to its rights and responsibilities under the Loan Documents. The Borrower further agrees to pay on demand all costs and expenses of the Agent and the Lenders, if any (including, without limitation, reasonable external attorneys’ fees and expenses), in connection with the enforcement (whether through negotiations, legal proceedings, or otherwise) of the Loan Documents and the other documents to be delivered hereunder.

12.6. Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 12.6. The Required Lenders and each Credit Party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Agent and each Credit Party to the relevant Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in
any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) forgive the principal amount or extend the final scheduled date of maturity of any Loan or Reimbursement Obligation, reduce the stated rate of any interest or fee payable hereunder (except that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or
extend the scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Revolving Credit Commitment, in each case without the written consent of each Lender directly affected thereby; (ii) eliminate or reduce the voting rights of any Lender under this Section 12.6 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or release all or substantially all of the Guarantors from their obligations under the various Facility Guaranties, in the case of clauses (i) through (iii) without the written consent of all Lenders; (iv) amend, modify or waive any provision of Article XI without the written consent of
the Agent; or (v) amend, modify or waive any provision of Article III without the written consent of each Issuing Lender. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Credit Parties, the Lenders, the Agent and all future holders of the Loans. In the case of any waiver, the Credit Parties, the Lenders and the Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon;

No notice to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances, except as otherwise expressly provided herein. No delay or omission on any Lender’s or the Agent’s part in exercising any right, remedy or option shall operate as a waiver of such or any other right, remedy or option or of any Default or Event of Default.

 

 

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12.7. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such fully-executed counterpart.

12.8. Return of Funds. If after receipt of any payment of all or any part of the Obligations, any Lender is for any reason compelled to surrender such payment to any Person because such payment is determined to be void or voidable as a preference, impermissible setoff, a diversion of trust funds or for any other reason, this Agreement shall continue in full force and the Borrower shall be liable to, and shall indemnify and hold the Agent or such Lender harmless for, the amount of such payment surrendered until the Agent or such Lender shall have been finally and irrevocably paid in full. The provisions of the foregoing sentence shall be and remain effective notwithstanding any
contrary action which may have been taken by the Agent or the Lenders in reliance upon such payment, and any such contrary action so taken shall be without prejudice to the Agent or the Lenders’ rights under this Agreement and shall be deemed to have been conditioned upon such payment having become final and irrevocable.

12.9. Indemnification; Limitation of Liability. 

(a) The Borrower agrees to indemnify and hold harmless the Agent and each Lender and each of their affiliates and their respective officers, directors, employees, agents, and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities, costs, and expenses (including, without limitation, reasonable external attorneys’ fees, but excluding principal and accrued interest on any Loan) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation, or proceeding or preparation of defense in connection therewith) the Loan Documents, any of the transactions contemplated
herein or other Collateral, any possession, performance, transportation, management, sale, ownership, registration, mortgage, charging, control, maintenance, service, repair, design, testing, defect, overhaul, purchase, bearing, use or operation of any Collateral, or the actual or proposed use of the proceeds of the Loans and the Letters of Credit, except to the extent such claim, damage, loss, liability, cost, or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 12.9 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnified Party or any other
Person or any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. The Parent and the Borrower agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to it, any of its Subsidiaries, any Guarantor or any security holders or creditors thereof arising out of, related to or in connection with the transactions contemplated in any Loan Document, except to the extent that such liability directly results from such Indemnified Party’s gross negligence or willful 

 

 

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misconduct. The Parent and the Borrower agree not to assert any claim against the Agent, any Lender, any of their affiliates, or any of their respective directors, officers, employees, attorneys, agents, and advisers, on any theory of liability, for special, indirect, consequential, or punitive damages arising out of or otherwise relating to the Loan Documents, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Loans and the Letters of Credit.

(b) Without prejudice to the survival of any other agreement of the Parent and the Borrower hereunder, the agreements and obligations of the Parent and the Borrower contained in this Section 12.9 shall survive the payment in full of the Loans and all other amounts payable under this Agreement.

12.10. Severability. If any provision of this Agreement or the other Loan Documents shall be determined to be illegal or invalid as to one or more of the parties hereto, then such provision shall remain in effect with respect to all parties, if any, as to whom such provision is neither illegal nor invalid, and in any event all other provisions hereof shall remain effective and binding on the parties hereto.

12.11. Entire Agreement. This Agreement, together with the other Loan Documents, constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all previous proposals, negotiations, representations, and other communications between or among the parties, both oral and written, with respect thereto.

12.12. Payments. All principal, interest, and other amounts to be paid by the Borrower under this Agreement and the other Loan Documents shall be paid to the Agent at the Principal Office in Dollars and in immediately available funds, without setoff, deduction or counterclaim. Subject to the definition of “Interest Period” herein, whenever any payment under this Agreement or any other Loan Document shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time in such case shall be included in the computation of interest and fees, as applicable, and as the case may be.

12.13. Confidentiality. The Agent and each Lender (each, a “Lending Party”) agrees to keep confidential any information furnished or made available to it by the Borrower or any other Credit Party or any Affiliate thereof, pursuant to or in connection with this Agreement or the other Loan Documents; provided that nothing herein shall prevent any Lending Party from disclosing such information (a) to any other Lending Party or any affiliate of any Lending Party, or any officer, director, employee, agent, or advisor of any
Lending Party or affiliate or any Lending Party, (b) to any other Person if reasonably incidental to the administration of the credit facility provided herein, (c) as required by any law, rule, or regulation, (d) upon the order of any court or administrative agency, (e) upon the request or demand of any regulatory agency or authority, (f) that is or becomes available to the public or that is or becomes available to any Lending Party other than as a result of a disclosure by any Lending Party prohibited by this Agreement, (g) in connection with any litigation to which such Lending Party or any of its affiliates may be a party, (h) to the extent necessary in connection with the exercise of any remedy under this Agreement or any other Loan Document, and (i) subject to provisions 

 

 

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substantially similar to those contained in this Section, to any actual or proposed participant or assignee.

12.14. Governing Law; Waiver of Jury Trial.

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

(b) THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY AGREES AND CONSENTS THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREIN MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, UNITED STATES OF AMERICA AND, BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER EXPRESSLY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN, OR TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY, ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, THE BORROWER HEREBY IRREVOCABLY SUBMITS GENERALLY AND UNCONDITIONALLY TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

(c) THE BORROWER AGREES THAT SERVICE OF PROCESS MAY BE MADE BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO THE ADDRESS PROVIDED IN SECTION 12.2(a), OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE LAWS IN EFFECT IN THE STATE OF NEW YORK.

(d) NOTHING CONTAINED IN SUBSECTIONS (a) OR (b) HEREOF SHALL PRECLUDE THE AGENT OR ANY LENDER FROM BRINGING ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT IN THE COURTS OF ANY OTHER JURISDICTION. 

(e) IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER OR RELATED TO ANY LOAN DOCUMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION THEREWITH, THE BORROWER, THE AGENT AND THE LENDERS HEREBY AGREE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND HEREBY IRREVOCABLY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PERSON MAY HAVE TO TRIAL BY JURY IN ANY SUCH ACTION OR PROCEEDING.

12.15. Judgment Currency.

 

 

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(a) To the extent permitted by applicable law, if for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in United States Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be determined in accordance with Section 1.3 of this Agreement on the Business Day preceding that on which final judgment is given.

(b) To the extent permitted by applicable law, the obligation of each Credit Party in respect of any sum due in United States Dollars from it to any Lender or the Agent hereunder shall, notwithstanding any judgment in a currency other than United States Dollars, be discharged only to the extent that on the Business Day following receipt by such Lender or the Agent (as the case may be) of any sum adjudged to be so due in such other currency, such Lender or the Agent (as the case may be) may in accordance with normal banking procedures purchase United States Dollars with such other currency; if the United States Dollars so purchased are less than such sum due to such Lender or the Agent (as the case may be) in United States Dollars, each Credit Party agrees, to the extent permitted by applicable law, as a separate obligation and notwithstanding any such judgment,
to indemnify such Lender or the Agent (as the case may be) against such loss, and if the United States Dollars so purchased exceed such sum due to any Lender or the Agent (as the case may be) in United States Dollars, such Lender or the Agent (as the case may be) agrees to remit to each such Credit Party such excess.

12.16. USA PATRIOT Act. Each Lender hereby notifies 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 “Act”), it is 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 such Lender to identify the Borrower in accordance with the Act.

 

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

 

	
                         
 	
                         
 	
                        SEACASTLE INC.,
 as Parent
 
	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Randal Nardone
 
	
                         
 	
                         
 	
                         
 	
                        Name: Randal Nardone
 Title: Vice President
 

 

 

Signature Page to Revolving Credit Agreement (2007-A)

 

 

	
                         
 	
                         
 	
                        SEACASTLE OPERATING COMPANY LTD.,
 as Borrower
 
	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Joseph P. Adams, Jr.
 
	
                         
 	
                         
 	
                         
 	
                        Name: Joseph P. Adams, Jr.
 Title: Vice President
 

 

 

Signature Page to Revolving Credit Agreement (2007-A)

 

 

	
                         
 	
                         
 	
                        CITICORP NORTH AMERICA, INC.,
 as Agent
 
	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Arnold Y. Wong
 
	
                         
 	
                         
 	
                         
 	
                        Name: Arnold Y. Wong
 Title: Vice President
 

 

 

Signature Page to Revolving Credit Agreement (2007-A)

 

 

	
                         
 	
                         
 	
                        CITICORP NORTH AMERICA, INC.,
 as a Lender
 
	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Arnold Y. Wong
 
	
                         
 	
                         
 	
                         
 	
                        Name: Arnold Y. Wong
 Title: Vice President
 

 

 

Signature Page to Revolving Credit Agreement (2007-A)

 

 

	
                         
 	
                         
 	
                        BEAR STEARNS CORPORATE LENDING INC.,
 as a Lender
 
	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Victor F. Bulzacchelli
 
	
                         
 	
                         
 	
                         
 	
                        Name: Victor F. Bulzacchelli
 Title: Vice President
 

 

 

Signature Page to Revolving Credit Agreement (2007-A)

 

 

	
                         
 	
                         
 	
                        DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as a Lender
 
	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Omayra Laucella
 
	
                         
 	
                         
 	
                         
 	
                        Name: Omayra Laucella
 Title: Vice President
 

 

	
                          
 	
                         
 	
                        By: 
 	
                        

          /s/ Paul O’Leary
 
	
                         
 	
                         
 	
                         
 	
                        Name: Paul O’Leary
 Title: Vice President
 

 

 

Signature Page to Revolving Credit Agreement (2007-A)

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