Document:

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EXHIBIT 10.17

                        CONSULTING AND SERVICES AGREEMENT

This Consulting and Services Agreement (hereinafter referred to as the
"Agreement") has been executed by and between the following parties on April 5,
2005 in Guangzhou.

Party A: Guangzhou 3G Information Technology Co., Ltd. (Chinese Company Name
"________________"), a company incorporated in Guangzhou, China whose principal
place of business is 11 Caipin Road, Science City, High & New Technology
Industrial Development Zone, Guangzhou, 510730, China (Chinese Address
"________________"

Party B: An affiliated Chinese entity of Party A: Guangzhou Sunroom Information
Industrial Co, Ltd., (Chinese Company Name "________________") a company
incorporated in Guangzhou, China whose principal place of business is 15/F,
Huajian Building. No. 233, Tianfu Road. Tianhe Guangzhou 510630, China (Chinese
address "________________")

WHEREAS:

(1) Party A is a wholly foreign owned enterprise established in the People's
Republic of China (hereinafter referred to as "China"), and has the resources to
provide technical and consulting services;

(2) Party B is a company with exclusively domestic capital registered in China
and may engage in the business of providing value-added telecom services (VAS),
internet and mobile entertainment application development, mobile game software
design and development, mobile customer relationship management (CRM) services
for China's telecom operators, mobile marketing and promotion services,
management and consulting services, mobile internet information technology,
mobile payment and mobile point of sale (POS) solutions, mobile consumer
analytics, mobile data-mining, internet e-commerce and mobile commerce, mobile
applications based on WAP, KJava, IVR, MS, MFLASH, short messaging services
(SMS), multimedia messaging services (MMS), outsourced game development, and
other mobile value-added services (VAS) in the PRC, and operates the following
internet and mobile gaming web sites: www.vs366.com.

(3) Party A agrees to provide Party B with exclusive technical consulting and
related services in telecommunications value-added business during the term of
this Agreement utilizing its own advantages in human capital and information,
and Party B agrees to accept the technical consultations and services provided
by Party A.

Wherefore, through mutual discussion, the parties have reached the following
agreements:

1. Exclusive Consultations and Services: Exclusive Interest

1.1 During the term of this Agreement, Party A agrees to provide Party B with
relevant technical consultations and services as Party B's exclusive provider of
technical and consultation services, in accordance with the conditions of this
Agreement (for specific contents, see Attachment 1).

1.2 Party B agrees to accept the technical consultations and services provided
by Party A. Party B further agrees that unless Party A consents in writing in
advance, during the term of this Agreement, Party B shall not accept technical
consultations and services provided by any third party regarding the
aforementioned business.

1.3 Party A shall have exclusive interests in all rights, ownership, interests
and intellectual properties arising from the performance of this Agreement,
including but not limited to copyrights, patents, technical secrets, trade
secrets and others, regardless of whether they have been developed by Party A or
by Party B based on Party A's intellectual properties.

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2. The Calculation and Payment of the Technical Consulting and Service Fee
(hereinafter referred to as "Consulting Service Fee")

The parties agree that the Consulting Service Fee under this Agreement shall be
determined and paid based on the methods set forth in Attachment 2.

3.       Representations and Warranties

3.1      Party A hereby represents and warrants as follows:

3.2.1    Party A is a wholly foreign owned enterprise legally registered and
         validly existing in accordance with Chinese laws.

3.2.2    Party A's execution and performance of this Agreement is within the
         scope of its business operations; Party A has taken necessary corporate
         actions and given appropriate authorization and has obtained the
         consent and approval from third parties and government agencies, and
         will not violate the restrictions of laws binding or having an impact
         thereon.

3.2.3    This Agreement shall constitute Party A's legitimate and valid
         obligations as soon as it is executed, and shall be enforceable against
         it.

3.2      Party B hereby represents and warrants as follows:

3.2.1    Party B is a company legally registered and validly existing in
         accordance with Chinese laws and may engage in VAS business as
         approved by the authority Chinese government departments;

3.2.2    Party B's execution and performance of this Agreement is within the
         scope of its business operations; Party B has taken necessary corporate
         actions and given appropriate authorization and has obtained the
         consent and approval from third parties and government agencies, and
         will not violate the restrictions of laws binding or having an impact
         thereon.

3.2.3    This Agreement shall constitute Party B's legitimate and valid
         obligations as soon as it is executed, and shall be enforceable against
         it.

4.       Confidentiality Clauses

4.1 Party B agrees to maintain the confidentiality of confidential materials and
information (hereinafter referred to as "Confidential Information") of Party A
that Party B learns or has access to due to its acceptance of Party A's
exclusive consultations and services, and shall take various security measures
designed to maintain such confidentiality; without the prior written consent of
Party A, Party B shall not disclose, give or transfer such Confidential
Information to any third party. Upon the termination of this Agreement, Party B
shall return any document, material or software that contains such Confidential
Information to Party A at Party A's request, or shall destroy same on his own
and shall delete any Confidential Information from the relevant memory devices
and shall not continue to use such Confidential Information.

4.2 The parties agree that this section shall survive changes to, rescission or
termination of this Agreement.

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5. Indemnification

Party B shall indemnify Party A for and hold Party A harmless from any loss,
injury, obligation or expenses caused by any lawsuit, claims or other demands
against Party A arising from or caused by contents of consultations and services
requested by Party B.

6. Effectiveness and Term

6.1 This Agreement shall be executed on the date first above written and shall
take effect as of the even date therewith. Unless terminated early in accordance
with the provisions of this Agreement or relevant agreements separately executed
between the parties, the term of this Agreement shall be years.

6.2 The term of this Agreement shall not be extended unless confirmed in writing
by Party A prior to the expiration thereof. The extended term shall be
determined by the parties to this Agreement through consensus.

7. Termination

7.1 Termination upon date of expiration. Unless renewed in accordance with the
relevant terms of this Agreement, this Agreement shall be terminated upon the
date of expiration thereof.

7.2 Early termination. During the term of this Agreement, unless Party A commits
a gross fault, fraudulent act, other illegal acts or becomes bankrupt, Party B
shall not terminate this Agreement early. Notwithstanding the aforementioned
covenant, Party A shall have the right to terminate this Agreement upon 30 days
of written notice to Party B at any time.

7.3 Terms that survive termination. The rights and obligations of the parties
under Article 4 and Article 5 shall survive the termination of this Agreement.

8. Resolution of Disputes

In the event of any dispute with respect to the construction and performance of
the provisions of this Agreement, the parties shall hold consultations in good
faith to resolve same. Upon failure of such consultations, either party may
submit the relevant dispute to the China International Economics and Foreign
Trade Arbitration Commission for resolution by arbitration, in accordance with
its current arbitration rules. The arbitration shall be performed in Shanghai,
and the language used during arbitration shall be Chinese. The arbitration
ruling shall be final and binding on both parties.

9. Force Majeure

9.1 "Force majeure" shall refer to any event beyond the reasonable control of
either party and that still cannot be avoided even if the party affected has
exercised reasonable care, including but not limited government actions, acts of
God, fire, explosions, storms, flood, earthquakes, tides, lightning or war. But
a lack of credit, funds or financing shall not be deemed a circumstances beyond
the reasonable control of either party. The party affected by a "force majeure
event" shall notify the other party of such relief from liability as soon as
possible.

9.2 In the event that the performance of this Agreement is delayed or impeded by
the aforementioned "force majeure," the party affected by such force majeure
shall not be liable in any way under this Agreement to the extent of such delay
or impedance. The party affected shall take appropriate measures to mitigate or
eliminate the impact of such "force majeure" and shall attempt to resume the
performance of obligations delayed or impeded by such "force majeure." As soon
as the force majeure event is eliminated, the parties agree to use their best
efforts to resume the performance of this Agreement.

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10. Notices

Notices or other communications sent by either party as required by this
Agreement shall be written in Chinese, and a notice shall be deemed served when
it is delivered to the address of either party or the addresses of both parties
below by personal delivery, registered mail, mail with prepaid postage or
recognized express mail or facsimile.

         To Party A :
         Attn:             Mr. Liao Mengjiang AIAI1/2-, General Manager
                           Guangzhou 3G Information Technology Co., Ltd
                           ("________________")
                           11 Caipin Road, Science City, High & New Technology
                           Industrial Development Zone, Guangzhou, 510730,
                           China (Chinese Address "________________")

         To Party B
         Attn:             Mr. Wang, Yongchao IoOA(3)<172>, General Manager
                           Guangzhou Sunroom Informaiton Industrial Co., Ltd
                           ("________________")
                           15/F, Huajian Building. No. 233, Tianfu Road.
                           Tianhe Guangzhou 510630, China (Chinese Address
                           ("________________")

11. ASSIGNMENT

Unless Party A's prior written consent is obtained, Party B shall not assign the
rights enjoyed to thereby and obligations undertaken thereby under this
Agreement to any third party.

12. SEVERABILITY

In the event that any provisions of this Agreement are invalid or unenforceable
due to inconsistency with law, then such provisions shall only be invalid or
unenforceable to the extent of the jurisdiction of such law, and shall not
affect the legal validity of the remaining provisions of this Agreement.

13. AMENDMENTS AND SUPPLEMENTS

Any amendments and supplements to this Agreement shall be in writing. The
amendment agreements and supplementary agreements that have been signed by the
parties and that relate to this Agreement shall be an integral part of this
Agreement and shall have the same legal validity as this Agreement.

14. GOVERNING LAWS

This Agreement shall be governed by laws of China and shall be construed in
accordance therewith.

IN WITNESS WHEREOF, the parties have caused their authorized representatives to
execute this Agreement as of the date first above written.

Party A: Guangzhou 3G Information Technology Co., Ltd (Chinese Company Name
"________________")

                                     By: /s/ Liao, Mengjiang
                                         -----------------------------------
                                         Name: Liao, Mengjiang
                                         Title: General Manager

Party B: An affiliated Chinese entity of Party A: Guangzhou Sunroom Information
Industrial Co, Ltd., (Chinese Company Name "________________")

                                     By: /s/ Wang Yongchao
                                         -----------------------------------
                                         Name: Wang Yongchao
                                         Title: General Manager

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ATTACHMENT 1: Table of Contents of Technical Consultations and Services

Including furnishing of training of personnel, network platforms appurtenant to
management and information services required for Party B's business, making
recommendations to Party B regarding the telecommunications value-added and
other forms of services accepted by the parties.

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ATTACHMENT 2: The Calculation and Payment of the Technical Consulting and
Service Fee

For each Value-added Service sold by Party B, Party B shall pay Party A 100% of
each income in technical consulting and service fee. Party B shall settle and
pay the aforementioned technical consulting and service fee by the 15th of each
month.

The aforementioned method of calculation may be adjusted quarterly by Party A
and Party B depending on the current actual circumstances.

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                             SHARE PLEDGE AGREEMENT

This Share Pledge Agreement (hereinafter referred to as this "Agreement") has
been executed by and between the following parties on April 5, 2005 in
Guangzhou, PRC.

PLEDGEE: Guangzhou 3G Information & Technology Limited.

PLEDGOR: Sun,Zhengquan (PRC ID: 420111196801105655), Liao, Mengjiang (PRC ID:
432503197202144812), and Wang, Yongchao (PRC ID: 440823197306096917),
shareholders of an Affiliated Chinese Entity of Pledgee, located at Room 201,
No. 56 Tianhedong Road, Tianhe, Guangdong, China; at Suntek New Technology
Research & Design Co, Ltd., Nanda Road, Shipai Tianhe, Guangzhou, Guangdong,
China(pound)>>and Suntek New Technology Research & Design Co, Ltd., Nanda Road,
Shipai Tianhe, Guangzhou, Guangdong, China respectively (hereinafter jointly
referred to as the "PLEDGORS");

WHEREAS:

1. Pledgors are citizens of the People's Republic of China (hereinafter referred
to as "China"), and hold 100% of the shares in Guangzhou Sunroom Information
Industrial Co., Ltd. ("Guangzhou Sunroom"). Guangzhou Sunroom is a limited
liability company registered in Guangzhou, China.

2. Pledgee is a wholly foreign owned entity registered in Guangzhou, China, and
is engaged in the business of providing technical and consulting services.

3. Pledgee and Guangzhou Sunroom executed a Consulting Services Agreement
(hereinafter referred to as the "Service Agreement") on April 5, 2005;

3. To ensure that Pledgee collects consulting and service fees regularly from
Guangzhou Sunroom owned by Pledgors, Pledgors hereby pledge all of the shares in
Guangzhou Sunroom held by him as security for the consulting and service fees
under the Service Agreement.

To perform the provisions of the Service Agreement, Pledgors and Pledgee have
mutually agreed to execute this Agreement upon the following terms.

1. Unless otherwise provided herein, the terms below shall have the following
meanings:

1.1 Pledge: shall refer to the entire content set forth in Article 2 of this
Agreement.

1.2 Shares: shall refer to all of the shares lawfully held by Pledgors in
Guangzhou Sunroom.

1.3 Pledge Ratio: shall refer to the ratio between value of the pledge under
this Agreement and the service fees payable by Guangzhou Sunroom to Pledgee.

1.4 Term of Pledge: shall refer to the term set forth in Section 3.2 of this
Agreement.

1.5 Service Agreement: shall refer to the Consulting Services Agreement executed
by and between Guangzhou Sunroom owned by Pledgors and Pledgee on April 5, 2005.

1.6 Event of Default: shall refer to any circumstances set forth in Article 7 of
this Agreement.

1.7 Notice of Default: shall refer to the notice issued by Pledgee in accordance
with this Agreement declaring an Event of Default.

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2. THE PLEDGE

2.1 Pledgors hereby pledge to Pledgee all of his shares in Guangzhou Sunroom.
"Pledge" shall refer to the right of Pledgee to be compensated on a preferential
basis with the conversion, auction or sales price of the shares held by
Pledgors.

3. THE PLEDGE RATIO AND TERM OF PLEDGE

3.1 The Pledge Ratio

3.1.1 The Pledge Ratio of the Pledge shall be approximately 100%.

3.2 Term of Pledge

3.2.1 The Pledge in accordance with this Agreement shall take effect as of the
date of recording on the shareholders list of Guangzhou Sunroom, and the
effective term of the Pledge shall be the same as the effective term of the
Service Agreement. The parties agree to complete the filing procedures of the
Pledge with the industry and commerce administration government authorities with
which Guangzhou Sunroom was registered after this Agreement takes effect.

3.2.2 DURING THE TERM OF THE PLEDGE, IN THE EVENT THAT PLEDGORS FAIL TO PAY THE
EXCLUSIVE TECHNICAL CONSULTING SERVICE FEES IN ACCORDANCE WITH THE SERVICE
AGREEMENT, PLEDGEE SHALL HAVE THE RIGHT TO DISPOSE OF THE PLEDGE IN ACCORDANCE
WITH THE PROVISIONS OF THIS AGREEMENT.

4. CUSTODY OF RECORDS FOR SHARES SUBJECT TO PLEDGE

4.1 During the Term of Pledge set forth in this Agreement, Pledgors shall submit
to Pledgee's custody the capital contribution certificate for the Shares and the
shareholder's list within one week from the execution of this Agreement.

4.2 Pledgee shall have the right to collect dividends generated by the Shares.

5. REPRESENTATIONS AND WARRANTIES OF PLEDGORS

5.1 Pledgors are the lawful owners of the Shares.

5.2 Whenever Pledgee exercises its right with respect to the Pledge in
accordance with this Agreement, there shall not be any intervention from any
other parties.

5.3 Pledgee shall have the right to dispose of and transfer the Pledge in
accordance with the provisions set forth in this Agreement.

5.4 Except the Pledgee, the Pledgors have not placed any other pledge rights on
the Shares.

6. COVENANTS OF THE PLEDGORS

6.1 Pledgors hereby promise to the Pledge for the interest of the Pledgee, that
during the term of this Agreement, Pledgors shall:

6.1.1 Not transfer the Shares, place or permit the existence of any pledge that
may affect the Pledgee's rights and interests in the Shares, without the prior
written consent of Pledgee;

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6.1.2 Comply with the provisions of all laws and regulations applicable to the
pledge of rights, and within 5 days of receipt of any notice, order or
recommendation issued or prepared by relevant competent authorities regarding
the Pledge, shall present the aforementioned notice, order or recommendation to
Pledgee, and shall comply with the aforementioned notice, order or
recommendation or submit objections and representations with respect to the
aforementioned matters upon Pledgee's reasonable request or upon consent of
Pledgee;

6.1.3 Promptly notify Pledgee of any event or notice received by Pledgee that
may have an impact on Pledgee's rights to the Shares or any portion thereof, as
well as promptly notify Pledgee of any event or notice received by Pledgee that
may have an impact on any guarantees and other obligations of Pledgor arising in
connection with this Agreement.

6.2 Pledgors agree that the rights acquired by Pledgee in accordance with this
Pledge Agreement with respect to Pledge shall not be interrupted or harmed by
Pledgors or any heirs or representatives of Pledgors or any other persons
through operation of law.

6.3 Pledgors hereby warrant to Pledgee that to protect or perfect the guarantee
provided by this Agreement for payment of the consulting service fees under the
Service Agreement, Pledgors hereby execute in good faith and shall cause other
parties who have a stake in the Pledge to execute all rights certificates,
agreements, deeds and/or covenants required by Pledgee and / or shall perform
and shall cause other parties who have a stake in the Pledge to perform actions
required by Pledgee, and facilitate the exercise by Pledgee of its rights and
authority granted thereto by this Agreement, execute all relevant documents that
modify stock certificates with Pledgee or designee(s) of Pledgee (natural
persons / legal persons), and shall provide to Pledgee within a reasonable time
all notices, orders and decisions regarding the Pledge that are required by
Pledgee.

6.4 Pledgors hereby warrant to Pledgee that for Pledgee's interest, Pledgors
shall comply with representations and conditions under this Agreement. In the
event of failure or partial performance of its guarantees, promises, agreements,
representations and conditions, Pledgors shall indemnify Pledgee for all of its
losses resulting therefrom.

7. EVENT OF DEFAULT

7.1 The following circumstances shall be deemed Events of Default:

7.1.1 Guangzhou Sunroom fails to pay in full the exclusive technical service
fees payable under the Service Agreement;

7.1.2 Any representation or warranty by Pledgors in Article 5 of this Agreement
contains material misrepresentations or errors, and/or Pledgors violate any of
the warranties in Article 5 of this Agreement;

7.1.3 Pledgors breach any of the covenants in Article 6 of this Agreement;

7.1.4 Pledgors breach any provisions of this Agreement;

7.1.5 Pledgors give up the Shares pledged or assign the Shares pledged without
the written consent of Pledgee;

7.1.6 Any of Pledgors' own loans, guarantees, indemnification, promises or other
debt liabilities to any third party or parties (1) have been subject to a demand
of early repayment or performance; or (2) have become due but are not capable of
being repaid or performed in a timely manner, thus leading Pledgee to believe
that Pledgors' ability to perform its obligations under this Agreement has been
affected;

7.1.7 Pledgors are unable to repay general debts and other debts;

7.1.8 The promulgation of applicable laws have rendered this Agreement illegal
or have rendered it impossible for Pledgors to continue to perform its
obligations under this Agreement;

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7.1.9 All approvals, licenses, permits or authorizations of government agencies
that make this Agreement enforceable, legal and effective have been withdrawn,
terminated, invalidated or substantively changed;

7.1.10 Adverse changes in properties owned by Pledgors, which lead Pledgee to
believe that that Pledgors' ability to perform its obligations under this
Agreement has been affected;

7.1.11 The successor or custodian of Guangzhou Sunroom is capable of only
partially perform or refuses to perform the payment obligations under the
Service Agreement;

7.1.12 Breach of this Agreement resulting from breach of other provisions of
this Agreement by Pledgors' action or omission; and

7.1.13 Other circumstances where Pledgee is unable to exercise its right with
respect to the Pledge.

7.2 Upon information or discovery of the occurrence of any circumstances or
event that may lead to the aforementioned circumstances described in Section
7.1, Pledgors shall immediately notify Pledgee in writing. Unless an Event of
Default set forth in this Section 7.1 has been successfully resolved to
Pledgee's satisfaction, Pledgee may issue a Notice of Default to Pledgors in
writing upon the occurrence of the Event of Default or at any time thereafter
and demand that Pledgors immediately pay all outstanding payments due under the
Service Agreement and all other payments due to Pledgee, or dispose of the
Pledge in accordance with the provisions of Article 8 of this Agreement.

8. EXERCISE OF PLEDGE

8.1 Prior to the full payment of the consulting service fee described in the
Service Agreement, without the Pledgee's written consent, Pledgors shall not
assign the Pledge.

8.2 Pledgee shall issue a Notice of Default to Pledgors when exercising the
Pledge.

8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to
dispose of the Pledge concurrently with the issuance of the Notice of Default in
accordance with Section 7.2 or at any time after the issuance of the Notice of
Default.

8.4 Pledgee shall have the right to be compensated with the conversion price of
the Shares under this Agreement in part or in whole, in accordance with legally
mandated procedures, or with the auction or sale price of such Shares on a
preferential basis, until all outstanding consulting service fees and all other
outstanding payments under the Service Agreement have been paid off.

8.5 When Pledgee disposes of the Pledge in accordance with this Agreement,
Pledgors shall not erect any impediment, and shall provide necessary assistance
to enable Pledgee to realize its Pledge.

9. ASSIGNMENT

9.1 Unless Pledgee consents in advance, Pledgors shall not have the right to
assign or delegate its rights and obligations under this Agreement.

9.2 This Agreement shall be binding on Pledgors and the successors thereof, and
shall be valid with respect to Pledgee and each of the successors and assigns
thereof.

9.3 At any time, Pledgee may assign any and all of its rights and obligations
under the Service Agreement to its designee(s) (natural / legal persons), in
which case the assigns shall have the rights and obligations of Pledgee under
this Agreement, as if it were a party to this Agreement. When the Pledgee
assigns the rights and obligations under the Service Agreement, upon Pledgee's
request, Pledgors shall execute relevant agreements and / or documents relating
to such an assignment.

<PAGE>

9.4 In the event of a change in Pledgee due to an assignment, the new parties to
the Pledge shall execute a new pledge agreement.

10. TERMINATION

10.1Upon the payoff of the consulting service fees under the Service Agreement
and Pledgors no longer undertakes any obligations under the Service Agreement,
this Pledge Agreement shall be terminated, and Pledgors shall then cancel or
terminate this Agreement as soon as reasonably practicable.

11. HANDLING FEES AND OTHER EXPENSES

11.1 All fees and out of pocket expenses relating to this Agreement, including
but not limited legal costs, cost of production, stamp tax and any other taxes
and fees shall be borne by Pledgors. In the event that the law requires Pledgee
to pay relevant taxes, Pledgors shall provide full reimbursement for all taxes
already paid by Pledgee.

11.2 IN THE EVENT THAT PLEDGORS FAIL TO PAY ANY TAXES AND FEES IN ACCORDANCE
WITH THE PROVISIONS OF THIS AGREEMENT OR IN THE EVENT THAT DUE TO OTHER REASONS,
PLEDGEE ATTEMPTS TO RECOVER TAXES AND FEES PAYABLE BY PLEDGORS THROUGH ANY
MEANS, ALL EXPENSES (INCLUDING BUT NOT LIMITED TO VARIOUS TAXES, HANDLING FEES,
MANAGEMENT FEES, COST OF LITIGATION, ATTORNEY'S FEES AND VARIOUS INSURANCE
PREMIUMS, ETC.) RESULTING THEREFROM SHALL BE BORNE BY PLEDGORS.

12. FORCE MAJEURE

12.1 "Force majeure" shall refer to any event beyond the reasonable control of
either party and that still cannot be avoided even if the party affected has
exercised reasonable care, including but not limited government actions, acts of
God, fire, explosions, storms, flood, earthquakes, tides, lightning or war. But
a lack of credit, funds or financing shall not be deemed a circumstances beyond
the reasonable control of either party. The party affected by a "force majeure
event" shall notify the other party of such relief from liability as soon as
possible.

12.2 In the event that the performance of this Agreement is delayed or impeded
by the aforementioned "force majeure," the party affected by such force majeure
shall not be liable in any way under this Agreement to the extent of such delay
or impedance. The party affected shall take appropriate measures to mitigate or
eliminate the impact of such "force majeure" and shall attempt to resume the
performance of obligations delayed or impeded by such "force majeure." As soon
as the force majeure event is eliminated, the parties agree to use their best
efforts to resume the performance of this Agreement.

13. RESOLUTION OF DISPUTES

13.1 This Agreement shall be governed by laws of China and shall be construed in
accordance therewith.

13.2 In the event of any dispute with respect to the construction and
performance of the provisions of this Agreement, the parties shall negotiate in
good faith to resolve same. Upon failure of such negotiations, any party may
submit the relevant disputes to the China International Economics and Foreign
Trade Arbitration Commission for resolution by arbitration, in accordance with
its current arbitration rules., and the language used during arbitration shall
be Chinese. The arbitration ruling shall be final and binding on both parties.

14. NOTICES

14.1 Notices sent by the parties to perform the rights and obligations under
this Agreement shall be in writing. If sent by personal delivery, such a notice
shall be deemed served upon actual delivery; if sent by telex or facsimile, such
a notice shall be deemed served at the time of transmission. If the date of
transmission is not a business day or if transmission is after hours, then the
next consecutive business day shall be the date of service. The address of
service shall be the addresses of the two parties on the first page of this
Agreement or addresses notified in writing at any time subsequently. In writing
shall include facsimiles and telexes.

<PAGE>

15. ATTACHMENTS

The attachments set forth in this Agreement shall be an integral part hereof.

16. EFFECTIVENESS

Any amendments, changes and supplements to this Agreement shall be in writing
and shall take effect upon affixation of the signatures and seals of the
parties.

16.2 This Agreement is written in English in triplicate copies.

                           (Signature Page to Follow)

PLEDGEE: Guangzhou 3G Information Technology Co., Ltd.

Authorized representative: /s/ Liao Mengjiang
                           ------------------------
                              Liao Mengjiang
Title: General Manager

PLEDGORS:

/s/ Sun Zhengquan

Sun Zhengquan:
               -----------------------------

/s/ Wang Yongchao

Wang Yongchao:
               -----------------------------

/s/ Liao Mengjiang

Liao Mengjiang:
               -----------------------------

<PAGE>

                                POWER OF ATTORNEY

We SUN ZHENGQUAN (PRC ID: 420111196801105655), LIAO MENGJIANG (PRC ID:
432503197202144812), and WANG, YONGCHAO - (PRC ID: 440823197306096917), hereby
irrevocably authorize Mr. Victor Tongto exercise the following rights during the
term of this Power of Attorney:

Mr. Victor Tong is hereby authorized to exercise on my behalf at shareholders
meetings of GUANGZHOU SUNROOM INFORMATION INDUSTRIAL CO., LTD. (the "Company"),
all the shareholder's voting rights I am entitled to under Chinese laws and the
Company's bylaws, including but not limited to the sale or transfer of the
shares I hold in the Company in part or in whole, and designate and appoint on
my behalf at the shareholders meetings of the Company, the chief executive
officer of the Company.

The aforementioned authorization shall be subject to Mr. Victor Tong being an
employee of PACIFICNET STRATEGIC INVESTMENT HOLDINGS LIMITED. ("PacificNet
Strategic"). As soon as Mr. Victor Tong no longer holds any position with
PacificNet Strategic, I shall withdraw the authorization granted thereto herein,
and shall designate / authorize another employee of PacificNet Strategic to
exercise all of my shareholders voting rights at shareholders meetings of the
Company.

During the valid existence of the Company, unless the Operating Agreement
jointly executed by and between Guangzhou 3G Information Technology Co., Ltd.
and the Company is terminated early due to any reason, the term of this Power of
Attorney shall be 5 years from the date of execution of this Power of Attorney.

SIGNATURE:

Sun Zhengquan:  /s/ Sun Zhengquan

Liao Mengjiang: /s/ Liao Mengjiang

Wang Yongchao: /s/ Wang Yongchao

Date: March 28, 2005

<PAGE>

                        CONSULTING AND SERVICES AGREEMENT

This Consulting and Services Agreement (hereinafter referred to as the
"Agreement") has been executed by and between the following parties on October
10, 2004 in Guangzhou.

Party A: Guangzhou Dianxun Digital Network Technology Co., Ltd (Chinese Company
Name "________________"), a company incorporated in Guangzhou, China whose
principal place of business is Room 803, GuangRi Building, Si You Nan Road,
Wuyang XinCheng, Guangzhou 510613, China (Chinese Address "________________")

Party B: An affiliated Chinese entity of Party A: GuangZhou DianXun Company
Limited (Chinese Company Name "________________"), a company incorporated in
Guangzhou, China whose principal place of business is Room 803, GuangRi
Building, Si You Nan Road, Wuyang XinCheng, Guangzhou 510613, China (Chinese
Address "________________") .

WHEREAS:

(1) Party A is a wholly foreign owned enterprise established in the People's
Republic of China (hereinafter referred to as "China"), and has the resources to
provide technical and consulting services;

(2) Party B is a company with exclusively domestic capital registered in China
and may engage in the business of providing value-added telecom services (VAS),
internet and mobile entertainment application development, mobile game software
design and development, mobile customer relationship management (CRM) services
for China's telecom operators, mobile marketing and promotion services,
management and consulting services, mobile internet information technology,
mobile payment and mobile point of sale (POS) solutions, mobile consumer
analytics, mobile data-mining, internet e-commerce and mobile commerce, mobile
applications based on WAP, KJava, BREW, EMS, short messaging services (SMS),
multimedia messaging services (MMS), outsourced game development, and other
mobile value-added services (VAS) in the PRC, and operates the following
internet and mobile gaming web sites:
www.Mo168.com;

(3) Party A agrees to provide Party B with exclusive technical consulting and
related services in VAS service business during the term of this Agreement
utilizing its own advantages in human capital and information, and Party B
agrees to accept the technical consultations and services provided by Party A.

(4) Party A and Party B previously executed a Consulting Services Contract on
Dec 1, 2004, and the parties now desire to make amendments to the conditions of
said contract, and to execute this Agreement to replace said Consulting Services
Contract.

Wherefore, through mutual discussion, the parties have reached the following
agreements:

1. Exclusive Consultations and Services: Exclusive Interest

1.1 During the term of this Agreement, Party A agrees to provide Party B with
relevant technical consultations and services as Party B's exclusive provider of
technical and consultation services, in accordance with the conditions of this
Agreement (for specific contents, see Attachment 1).

1.2 Party B agrees to accept the technical consultations and services provided
by Party A. Party B further agrees that unless Party A consents in writing in
advance, during the term of this Agreement, Party B shall not accept technical
consultations and services provided by any third party regarding the
aforementioned business.

1.3 Party A shall have exclusive interests in all rights, ownership, interests
and intellectual properties arising from the performance of this Agreement,
including but not limited to copyrights, patents, technical secrets, trade
secrets and others, regardless of whether they have been developed by Party A or
by Party B based on Party A's intellectual properties.

<PAGE>

2. The Calculation and Payment of the Technical Consulting and Service Fee
(hereinafter referred to as "Consulting Service Fee")

The parties agree that the Consulting Service Fee under this Agreement shall be
determined and paid based on the methods set forth in Attachment 2.

Representations and Warranties

3.1 Party A hereby represents and warrants as follows:

3.2.1 Party A is a wholly foreign owned enterprise legally registered and
validly existing in accordance with Chinese laws.

3.2.2 Party A's execution and performance of this Agreement is within the scope
of its business operations; Party A has taken necessary corporate actions and
given appropriate authorization and has obtained the consent and approval from
third parties and government agencies, and will not violate the restrictions of
laws binding or having an impact thereon.

3.2.3 This Agreement shall constitute Party A's legitimate and valid obligations
as soon as it is executed, and shall be enforceable against it.

3.2 Party B hereby represents and warrants as follows:

3.2.1 Party B is a company legally registered and validly existing in accordance
with Chinese laws and may engage in VAS business as approved by authority
Chinese government departments;

3.2.2 Party B's execution and performance of this Agreement is within the scope
of its business operations; Party B has taken necessary corporate actions and
given appropriate authorization and has obtained the consent and approval from
third parties and government agencies, and will not violate the restrictions of
laws binding or having an impact thereon.

3.2.3 This Agreement shall constitute Party B's legitimate and valid obligations
as soon as it is executed, and shall be enforceable against it.

4. Confidentiality Clauses

4.1 Party B agrees to maintain the confidentiality of confidential materials and
information (hereinafter referred to as "Confidential Information") of Party A
that Party B learns or has access to due to its acceptance of Party A's
exclusive consultations and services, and shall take various security measures
designed to maintain such confidentiality; without the prior written consent of
Party A, Party B shall not disclose, give or transfer such Confidential
Information to any third party. Upon the termination of this Agreement, Party B
shall return any document, material or software that contains such Confidential
Information to Party A at Party A's request, or shall destroy same on his own
and shall delete any Confidential Information from the relevant memory devices
and shall not continue to use such Confidential Information.

4.2 The parties agree that this section shall survive changes to, rescission or
termination of this Agreement.

5. Indemnification

Party B shall indemnify Party A for and hold Party A harmless from any loss,
injury, obligation or expenses caused by any lawsuit, claims or other demands
against Party A arising from or caused by contents of consultations and services
requested by Party B.

6. Effectiveness and Term

6.1 This Agreement shall be executed on the date first above written and shall
take effect as of the even date therewith. Unless terminated early in accordance
with the provisions of this Agreement or relevant agreements separately executed
between the parties, the term of this Agreement shall be ten years.

<PAGE>

6.2 The term of this Agreement shall not be extended unless confirmed in writing
by Party A prior to the expiration thereof. The extended term shall be
determined by the parties to this Agreement through consensus.

7. Termination

7.1 Termination upon date of expiration. Unless renewed in accordance with the
relevant terms of this Agreement, this Agreement shall be terminated upon the
date of expiration thereof.

7.2 Early termination. During the term of this Agreement, unless Party A commits
a gross fault, fraudulent act, other illegal acts or becomes bankrupt, Party B
shall not terminate this Agreement early. Notwithstanding the aforementioned
covenant, Party A shall have the right to terminate this Agreement upon 30 days
of written notice to Party B at any time.

7.3 Terms that survive termination. The rights and obligations of the parties
under Article 4 and Article 5 shall survive the termination of this Agreement.

8. Resolution of Disputes
In the event of any dispute with respect to the construction and performance of
the provisions of this Agreement, the parties shall hold consultations in good
faith to resolve same. Upon failure of such consultations, either party may
submit the relevant dispute to the China International Economics and Foreign
Trade Arbitration Commission Guangzhou Chapter for resolution by arbitration, in
accordance with its current arbitration rules. The arbitration shall be
performed in Guangzhou, and the language used during arbitration shall be
Chinese. The arbitration ruling shall be final and binding on both parties.

9. Force Majeure

9.1 "Force majeure" shall refer to any event beyond the reasonable control of
either party and that still cannot be avoided even if the party affected has
exercised reasonable care, including but not limited government actions, acts of
God, fire, explosions, storms, flood, earthquakes, tides, lightning or war. But
a lack of credit, funds or financing shall not be deemed a circumstances beyond
the reasonable control of either party. The party affected by a "force majeure
event" shall notify the other party of such relief from liability as soon as
possible.

9.2 In the event that the performance of this Agreement is delayed or impeded by
the aforementioned "force majeure," the party affected by such force majeure
shall not be liable in any way under this Agreement to the extent of such delay
or impedance. The party affected shall take appropriate measures to mitigate or
eliminate the impact of such "force majeure" and shall attempt to resume the
performance of obligations delayed or impeded by such "force majeure." As soon
as the force majeure event is eliminated, the parties agree to use their best
efforts to resume the performance of this Agreement.

10. Notices
Notices or other communications sent by either party as required by this
Agreement shall be written in Chinese, and a notice shall be deemed served when
it is delivered to the address of either party or the addresses of both parties
below by personal delivery, registered mail, mail with prepaid postage or
recognized express mail or facsimile.

     To Party A (Licensor):
     Attn:                 Mr. Zhang, MingOAA/, General Manager
                           Guangzhou Dianxun Digital Network Technology Co., Ltd
                           ("________________")
                           Room 803, GuangRi Building, Shi You Nan Road,
                           Wuyang XinCheng, Guangzhou 510613, China
                           (Chinese Address "________________")

     To Party B:
     Attn:                 Mr. Zhang, MingOAA/, General Manager
                           GuangZhou DianXun Company Limited
                           ("________________")
                           Room 803, GuangRi Building, Shi You Nan Road,
                           Wuyang XinCheng, Guangzhou 510613, China
                           (Chinese Address "________________")

<PAGE>

11. Assignment
Unless Party A's prior written consent is obtained, Party B shall not assign the
rights enjoyed to thereby and obligations undertaken thereby under this
Agreement to any third party.

12. Severability
In the event that any provisions of this Agreement are invalid or unenforceable
due to inconsistency with law, then such provisions shall only be invalid or
unenforceable to the extent of the jurisdiction of such law, and shall not
affect the legal validity of the remaining provisions of this Agreement.

13. Amendments and Supplements
Any amendments and supplements to this Agreement shall be in writing. The
amendment agreements and supplementary agreements that have been signed by the
parties and that relate to this Agreement shall be an integral part of this
Agreement and shall have the same legal validity as this Agreement.

14. Governing Laws
This Agreement shall be governed by laws of China and shall be construed in
accordance therewith.

IN WITNESS WHEREOF, the parties have caused their authorized representatives to
execute this Agreement as of the date first above written.

                           (Signature Page to Follow)

<PAGE>

Party A: Guangzhou Dianxun Digital Network Technology Co., Ltd
(Chinese Company Name "________________")

                        By:          /s/ Mr. Zhang, Ming
                                     ------------------------------------------
                        Name:        Mr. Zhang, Ming
                        Title:       Legal Representative and
                                     General Manager

Party B: An affiliated Chinese entity of Party A:
GuangZhou DianXun Company Limited (Chinese Company Name "________________")

                        By:           /s/ Mr. Zhang, Ming
                                     ------------------------------------------
                        Name:        Mr. Zhang, Ming
                        Title:       Legal Representative and
                                     General Manager

<PAGE>

ATTACHMENT 1: Table of Contents of Technical Consultations and Services

Including furnishing of training of personnel, network platforms appurtenant to
management and information services required for Party B's business, making
recommendations to Party B regarding the telecommunications value-added and
other forms of services accepted by the parties.

<PAGE>

ATTACHMENT 2: The Calculation and Payment of the Technical Consulting and
Service Fee

For each Value-adder Service sold by Party B, Party B shall pay Party A 100% of
each income in technical consulting and service fee. Party B shall settle and
pay the aforementioned technical consulting and service fee by the 15th of each
month.

The aforementioned method of calculation may be adjusted quarterly by Party A
and Party B depending on the current actual circumstances.

<PAGE>

                             SHARE PLEDGE AGREEMENT

This Share Pledge Agreement (hereinafter referred to as this "Agreement") has
been executed by and between the following parties on Dec 1, 2004 in Guangzhou.

Pledgee: Guangzhou Dianxun Digital Network Technology Co., Ltd (Chinese Company
Name "________________"), a company incorporated in Guangzhou, China whose
principal place of business is Room 803, GuangRi Building, Si You Nan Road,
Wuyang XinCheng, Guangzhou 510613, China (Chinese Address "________________")

Pledgor: Zhang, Ming, Lai, Jinnan, and Liu, Dong residents of PRC, located at
No.8, No.8 Street, Luyiju, Clifford Estates, Panyu Borough, Guangzhou,
Guangdong, China ("________________"); at 901, No 3 Door, No3 Building, 388
JinNin Road, XiangZhou Borough, Zhuhai, Guangdong, China ("________________");
and at 803 GuangRi Building, WuYangXinCheng, SiYou South Road, Guangzhou,
Guangdong, China ("________________").

WHEREAS:

1. Pledgors are citizens of the People's Republic of China (hereinafter referred
to as "China"), and holds 100% of the shares in Guangzhou DianXun Technology
Co., Ltd. ("Guangzhou Dianxun"). Guangzhou Dianxun is a limited liability
company registered in Guangzhou, China.

2. Pledgee is a wholly foreign owned entity registered in Guangzhou, China, and
is engaged in the business of developing computer software and hardware
technologies and systems integration and information services (including online
travel information consulting services). Pledgee and Guangzhou Dianxun executed
a Consulting Services Agreement (hereinafter referred to as the "Service
Agreement") on Oct 10, 2004;

3. To ensure that Pledgee collects consulting and service fees regularly from
Guangzhou Dianxun partially owned by Pledgor, Pledgor hereby pledges all of the
shares in Guangzhou Dianxun held by him as security for the consulting and
service fees under the Service Agreement.

To perform the provisions of the Service Agreement, Pledgors and Pledgee have
mutually agreed to execute this Agreement upon the following terms.

1. Unless otherwise provided herein, the terms below shall have the following
meanings:

1.1 Pledge: shall refer to the entire content set forth in Article 2 of this
Agreement.

1.2 Shares: shall refer to all of the shares lawfully held by Pledgors in
Guangzhou Dianxun.

1.3 Pledge Ratio: shall refer to the ratio between value of the pledge under
this Agreement and the service fees payable by Guangzhou Dianxun to Pledgee.

1.4 Term of Pledge: shall refer to the term set forth in Section 3.2 of this
Agreement.

1.5 Service Agreement: shall refer to the Consulting Services Agreement executed
by and between Guangzhou Dianxun owned by Pledgors and Pledgee on October 10,
2004.

1.6 Event of Default: shall refer to any circumstances set forth in Article 7 of
this Agreement.

1.7 Notice of Default: shall refer to the notice issued by Pledgee in accordance
with this Agreement declaring an Event of Default.

<PAGE>

2. THE PLEDGE

2.1 Pledgors hereby pledge to Pledgee all of his shares in Guangzhou Dianxun.
"Pledge" shall refer to the right of Pledgee to be compensated on a preferential
basis with the conversion, auction or sales price of the shares held by
Pledgors.

3. THE PLEDGE RATIO AND TERM OF PLEDGE

3.1 The Pledge Ratio

3.1.1 The Pledge Ratio of the Pledge shall be approximately 100%.

3.2 Term of Pledge

3.2.1 The Pledge in accordance with this Agreement shall take effect as of the
date of recording on the shareholders list of Guangzhou Dianxun, and the
effective term of the Pledge shall be the same as the effective term of the
Service Agreement. The parties agree to complete the filing procedures of the
Pledge with the industry and commerce administration government authorities with
which Guangzhou Dianxun was registered after this Agreement takes effect.

3.2.2 DURING THE TERM OF THE PLEDGE, IN THE EVENT THAT PLEDGORS FAIL TO PAY THE
EXCLUSIVE TECHNICAL CONSULTING SERVICE FEES IN ACCORDANCE WITH THE SERVICE
AGREEMENT, PLEDGEE SHALL HAVE THE RIGHT TO DISPOSE OF THE PLEDGE IN ACCORDANCE
WITH THE PROVISIONS OF THIS AGREEMENT.

4. CUSTODY OF RECORDS FOR SHARES SUBJECT TO PLEDGE

4.1 During the Term of Pledge set forth in this Agreement, Pledgors shall submit
to Pledgee's custody the capital contribution certificate for the Shares and the
shareholder's list within one week from the execution of this Agreement.

4.2 Pledgee shall have the right to collect dividends generated by the Shares.

5. REPRESENTATIONS AND WARRANTIES OF PLEDGORS

5.1 Pledgors are the lawful owners of the Shares.

5.2 Whenever Pledgee exercises its right with respect to the Pledge in
accordance with this Agreement, there shall not be any intervention from any
other parties.

5.3 Pledgee shall have the right to dispose of and transfer the Pledge in
accordance with the provisions set forth in this Agreement.

5.4 Except the Pledgee, the Pledgors have not placed any other pledge rights on
the Shares.

6. COVENANTS OF THE PLEDGORS

6.1 Pledgors hereby promise to the Pledge for the interest of the Pledgee, that
during the term of this Agreement, Pledgors shall:

6.1.1 Not transfer the Shares, place or permit the existence of any pledge that
may affect the Pledgee's rights and interests in the Shares, without the prior
written consent of Pledgee;

6.1.2 Comply with the provisions of all laws and regulations applicable to the
pledge of rights, and within 5 days of receipt of any notice, order or
recommendation issued or prepared by relevant competent authorities regarding
the Pledge, shall present the aforementioned notice, order or recommendation to
Pledgee, and shall comply with the aforementioned notice, order or
recommendation or submit objections and representations with respect to the
aforementioned matters upon Pledgee's reasonable request or upon consent of
Pledgee;

<PAGE>

6.1.3 Promptly notify Pledgee of any event or notice received by Pledgee that
may have an impact on Pledgee's rights to the Shares or any portion thereof, as
well as promptly notify Pledgee of any event or notice received by Pledgee that
may have an impact on any guarantees and other obligations of Pledgor arising in
connection with this Agreement.

6.2 Pledgors agree that the rights acquired by Pledgee in accordance with this
Pledge Agreement with respect to Pledge shall not be interrupted or harmed by
Pledgors or any heirs or representatives of Pledgors or any other persons
through operation of law.

6.3 Pledgors hereby warrant to Pledgee that to protect or perfect the guarantee
provided by this Agreement for payment of the consulting service fees under the
Service Agreement, Pledgors hereby execute in good faith and shall cause other
parties who have a stake in the Pledge to execute all rights certificates,
agreements, deeds and/or covenants required by Pledgee and / or shall perform
and shall cause other parties who have a stake in the Pledge to perform actions
required by Pledgee, and facilitate the exercise by Pledgee of its rights and
authority granted thereto by this Agreement, execute all relevant documents that
modify stock certificates with Pledgee or designee(s) of Pledgee (natural
persons / legal persons), and shall provide to Pledgee within a reasonable time
all notices, orders and decisions regarding the Pledge that are required by
Pledgee.

6.4 Pledgors hereby warrant to Pledgee that for Pledgee's interest, Pledgors
shall comply with representations and conditions under this Agreement. In the
event of failure or partial performance of its guarantees, promises, agreements,
representations and conditions, Pledgors shall indemnify Pledgee for all of its
losses resulting therefrom.

7. EVENT OF DEFAULT

7.1 The following circumstances shall be deemed Events of Default:

7.1.1 Guangzhou Dianxun fails to pay in full the exclusive technical service
fees payable under the Service Agreement;

7.1.2 Any representation or warranty by Pledgors in Article 5 of this Agreement
contains material misrepresentations or errors, and/or Pledgors violate any of
the warranties in Article 5 of this Agreement;

7.1.3 Pledgors breach any of the covenants in Article 6 of this Agreement;

7.1.4 Pledgors breach any provisions of this Agreement;

7.1.5 Pledgors give up the Shares pledged or assign the Shares pledged without
the written consent of Pledgee;

7.1.6 Any of Pledgors' own loans, guarantees, indemnification, promises or other
debt liabilities to any third party or parties (1) have been subject to a demand
of early repayment or performance; or (2) have become due but are not capable of
being repaid or performed in a timely manner, thus leading Pledgee to believe
that Pledgors' ability to perform its obligations under this Agreement has been
affected;

7.1.7 Pledgors are unable to repay general debts and other debts;

7.1.8 The promulgation of applicable laws have rendered this Agreement illegal
or have rendered it impossible for Pledgors to continue to perform its
obligations under this Agreement;

7.1.9 All approvals, licenses, permits or authorizations of government agencies
that make this Agreement enforceable, legal and effective have been withdrawn,
terminated, invalidated or substantively changed;

7.1.10 Adverse changes in properties owned by Pledgors, which lead Pledgee to
believe that that Pledgors' ability to perform its obligations under this
Agreement has been affected;

<PAGE>

7.1.11 The successor or custodian of Guangzhou Dianxun is capable of only
partially perform or refuses to perform the payment obligations under the
Service Agreement;

7.1.12 Breach of this Agreement resulting from breach of other provisions of
this Agreement by Pledgors' action or omission; and

7.1.13 Other circumstances where Pledgee is unable to exercise its right with
respect to the Pledge.

7.2 Upon information or discovery of the occurrence of any circumstances or
event that may lead to the aforementioned circumstances described in Section
7.1, Pledgors shall immediately notify Pledgee in writing. Unless an Event of
Default set forth in this Section 7.1 has been successfully resolved to
Pledgee's satisfaction, Pledgee may issue a Notice of Default to Pledgors in
writing upon the occurrence of the Event of Default or at any time thereafter
and demand that Pledgors immediately pay all outstanding payments due under the
Service Agreement and all other payments due to Pledgee, or dispose of the
Pledge in accordance with the provisions of Article 8 of this Agreement.

8. EXERCISE OF PLEDGE

8.1 Prior to the full payment of the consulting service fee described in the
Service Agreement, without the Pledgee's written consent, Pledgors shall not
assign the Pledge.

8.2 Pledgee shall issue a Notice of Default to Pledgors when exercising the
Pledge.

8.3 Subject to the provisions of Section 7.3, Pledgee may exercise the right to
dispose of the Pledge concurrently with the issuance of the Notice of Default in
accordance with Section 7.2 or at any time after the issuance of the Notice of
Default.

8.4 Pledgee shall have the right to be compensated with the conversion price of
the Shares under this Agreement in part or in whole, in accordance with legally
mandated procedures, or with the auction or sale price of such Shares on a
preferential basis, until all outstanding consulting service fees and all other
outstanding payments under the Service Agreement have been paid off.

8.5 When Pledgee disposes of the Pledge in accordance with this Agreement,
Pledgors shall not erect any impediment, and shall provide necessary assistance
to enable Pledgee to realize its Pledge.

9. ASSIGNMENT

9.1 Unless Pledgee consents in advance, Pledgors shall not have the right to
assign or delegate its rights and obligations under this Agreement.

9.2 This Agreement shall be binding on Pledgors and the successors thereof, and
shall be valid with respect to Pledgee and each of the successors and assigns
thereof.

9.3 At any time, Pledgee may assign any and all of its rights and obligations
under the Service Agreement to its designee(s) (natural / legal persons), in
which case the assigns shall have the rights and obligations of Pledgee under
this Agreement, as if it were a party to this Agreement. When the Pledgee
assigns the rights and obligations under the Service Agreement, upon Pledgee's
request, Pledgors shall execute relevant agreements and / or documents relating
to such an assignment.

9.4 In the event of a change in Pledgee due to an assignment, the new parties to
the Pledge shall execute a new pledge agreement.

10. TERMINATION

10.1Upon the payoff of the consulting service fees under the Service Agreement
and Pledgors no longer undertakes any obligations under the Service Agreement,
this Pledge Agreement shall be terminated, and Pledgors shall then cancel or
terminate this Agreement as soon as reasonably practicable.

<PAGE>

11. HANDLING FEES AND OTHER EXPENSES

11.1 All fees and out of pocket expenses relating to this Agreement, including
but not limited legal costs, cost of production, stamp tax and any other taxes
and fees shall be borne by Pledgors. In the event that the law requires Pledgee
to pay relevant taxes, Pledgors shall provide full reimbursement for all taxes
already paid by Pledgee.

11.2 IN THE EVENT THAT PLEDGORS FAIL TO PAY ANY TAXES AND FEES IN ACCORDANCE
WITH THE PROVISIONS OF THIS AGREEMENT OR IN THE EVENT THAT DUE TO OTHER REASONS,
PLEDGEE ATTEMPTS TO RECOVER TAXES AND FEES PAYABLE BY PLEDGORS THROUGH ANY
MEANS, ALL EXPENSES (INCLUDING BUT NOT LIMITED TO VARIOUS TAXES, HANDLING FEES,
MANAGEMENT FEES, COST OF LITIGATION, ATTORNEY'S FEES AND VARIOUS INSURANCE
PREMIUMS, ETC.) RESULTING THEREFROM SHALL BE BORNE BY PLEDGORS.

12. FORCE MAJEURE

12.1 "Force majeure" shall refer to any event beyond the reasonable control of
either party and that still cannot be avoided even if the party affected has
exercised reasonable care, including but not limited government actions, acts of
God, fire, explosions, storms, flood, earthquakes, tides, lightning or war. But
a lack of credit, funds or financing shall not be deemed a circumstances beyond
the reasonable control of either party. The party affected by a "force majeure
event" shall notify the other party of such relief from liability as soon as
possible.

12.2 In the event that the performance of this Agreement is delayed or impeded
by the aforementioned "force majeure," the party affected by such force majeure
shall not be liable in any way under this Agreement to the extent of such delay
or impedance. The party affected shall take appropriate measures to mitigate or
eliminate the impact of such "force majeure" and shall attempt to resume the
performance of obligations delayed or impeded by such "force majeure." As soon
as the force majeure event is eliminated, the parties agree to use their best
efforts to resume the performance of this Agreement.

13. RESOLUTION OF DISPUTES

13.1This Agreement shall be governed by laws of China and shall be construed in
accordance therewith.

13.2 In the event of any dispute with respect to the construction and
performance of the provisions of this Agreement, the parties shall negotiate in
good faith to resolve same. Upon failure of such negotiations, any party may
submit the relevant disputes to the China International Economics and Foreign
Trade Arbitration Commission for resolution by arbitration, in accordance with
its current arbitration rules., and the language used during arbitration shall
be Chinese. The arbitration ruling shall be final and binding on both parties.

14. NOTICES

14.1 Notices sent by the parties to perform the rights and obligations under
this Agreement shall be in writing. If sent by personal delivery, such a notice
shall be deemed served upon actual delivery; if sent by telex or facsimile, such
a notice shall be deemed served at the time of transmission. If the date of
transmission is not a business day or if transmission is after hours, then the
next consecutive business day shall be the date of service. The address of
service shall be the addresses of the two parties on the first page of this
Agreement or addresses notified in writing at any time subsequently. In writing
shall include facsimiles and telexes.

15. ATTACHMENTS

The attachments set forth in this Agreement shall be an integral part hereof.

16. EFFECTIVENESS

Any amendments, changes and supplements to this Agreement shall be in writing
and shall take effect upon affixation of the signatures and seals of the
parties.

16.2 This Agreement is written in English in triplicate copies.

                           (Signature Page to Follow)

<PAGE>

Pledgee:          Guangzhou Dianxun Digital Network Technology Co., Ltd

Authorized representative: ___________

Pledgor: Zhang, Ming
No.8, No.8 Street, Luyiju, Clifford Estates, Panyu Borough, Guangzhou,
Guangdong, China ("________________")

Signed:  /s/ Zhang, Ming

Lai, Jinnan
901, No 3 Door, No3 Building, 388 JinNin Road, XiangZhou Borough, Zhuhai,
Guangdong, China ("________________")

Signed: /s/ Lai, Jinnan

Liu, Dong
803 GuangRi Building, WuYangXinCheng, SiYou South Road, Guangzhou, Guangdong,
China ("________________")

Signed: /s/ Liu, Dong

<PAGE>

                                POWER OF ATTORNEY

I, Zhang, Ming OAA/ ("WenChu"), a Chinese citizen with Chinese PASSPORT #
G09161800, hereby irrevocably authorize Mr. Victor Tong to exercise the
following rights during the term of this Power of Attorney:

Mr. Victor Tong is hereby authorized to exercise on my behalf at shareholders
meetings of Guangzhou DianXun Technology Co., Ltd. (the "Company"), 51% of all
the shareholder's voting rights I am entitled to under Chinese laws and the
Company's bylaws, including but not limited to the sale or transfer of the
shares I hold in the Company in part or in whole, and designate and appoint on
my behalf at the shareholders meetings of the Company, the chief executive
officer of the Company.

The aforementioned authorization shall be subject to Mr. Victor Tong being an
employee of PacificNet Inc ("PacificNet"). As soon as Mr. Victor Tong no longer
holds any position with PacificNet, I shall withdraw the authorization granted
thereto herein, and shall designate / authorize another employee of PacificNet
to exercise all of my shareholders voting rights at shareholders meetings of the
Company.

During the valid existence of the Company, unless the Operating Agreement
jointly executed by and between PacificNet and the Company is terminated early
due to any reason, the term of this Power of Attorney shall be 5 years from the
date of execution of this Power of Attorney.

                                            /s/ Zhang, Ming
                                             Zhang, Ming
                                             ("WenChu")

                                             DECEMBER 1, 2004

<PAGE>

                                POWER OF ATTORNEY

I, Lai, Jinnan Au1/2oAI ("Marco"), a Chinese citizen with Chinese PASSPORT #
G10920356, hereby irrevocably authorize Mr. Victor Tong to exercise the
following rights during the term of this Power of Attorney:

Mr. Victor Tong is hereby authorized to exercise on my behalf at shareholders
meetings of Guangzhou DianXun Technology Co., Ltd. (the "Company"), 51% of all
the shareholder's voting rights I am entitled to under Chinese laws and the
Company's bylaws, including but not limited to the sale or transfer of the
shares I hold in the Company in part or in whole, and designate and appoint on
my behalf at the shareholders meetings of the Company, the chief executive
officer of the Company.

The aforementioned authorization shall be subject to Mr. Victor Tong being an
employee of PacificNet Inc ("PacificNet"). As soon as Mr. Victor Tong no longer
holds any position with PacificNet, I shall withdraw the authorization granted
thereto herein, and shall designate / authorize another employee of PacificNet
to exercise all of my shareholders voting rights at shareholders meetings of the
Company.

During the valid existence of the Company, unless the Operating Agreement
jointly executed by and between PacificNet and the Company is terminated early
due to any reason, the term of this Power of Attorney shall be 5 years from the
date of execution of this Power of Attorney.

                                             /s/ Lai, Jinnan
                                             Lai, Jinnan
                                             ("Marco")

                                             DECEMBER 1, 2004

<PAGE>

                                POWER OF ATTORNEY

I, Liu Dong ("_____"), a Chinese citizen with Chinese ID number:
350500197806092530, hereby irrevocably authorize Mr. Victor Tong to exercise the
following rights during the term of this Power of Attorney:

Mr. Victor Tong is hereby authorized to exercise on my behalf at shareholders
meetings of Guangzhou DianXun Technology Co., Ltd. (the "Company"), 51% of all
the shareholder's voting rights I am entitled to under Chinese laws and the
Company's bylaws, including but not limited to the sale or transfer of the
shares I hold in the Company in part or in whole, and designate and appoint on
my behalf at the shareholders meetings of the Company, the chief executive
officer of the Company.

The aforementioned authorization shall be subject to Mr. Victor Tong being an
employee of PacificNet Inc ("PacificNet"). As soon as Mr. Victor Tong no longer
holds any position with PacificNet, I shall withdraw the authorization granted
thereto herein, and shall designate / authorize another employee of PacificNet
to exercise all of my shareholders voting rights at shareholders meetings of the
Company.

During the valid existence of the Company, unless the Operating Agreement
jointly executed by and between PacificNet and the Company is terminated early
due to any reason, the term of this Power of Attorney shall be 5 years from the
date of execution of this Power of Attorney.

                                              /s/ Liu Dong
                                             Liu Dong
                                             ("______")

                                             DECEMBER 1, 2004

--------------------------------------------------------------------------------Exhibit 10.38

 

WILLIAMS SCOTSMAN, INC.

$80,000,000 

8 1/2% Senior Notes Due 2015

 

 

PURCHASE AGREEMENT

 

 

April 12, 2006

 

Deutsche Bank Securities Inc.

Banc of America Securities LLC

Lehman Brothers Inc.

 

c/o                   Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

 

Ladies and Gentlemen:

 

Williams Scotsman, Inc., a Maryland
corporation (the “Issuer”), hereby confirms its agreement with you (the “Initial
Purchasers”) as set forth below.

 

1.             The
Securities. Subject to the terms and conditions herein contained, the
Issuer proposes to issue and sell to the Initial Purchasers $80,000,000
aggregate principal amount of its 8 1/2% Senior Notes due 2015 (the “Notes”).
The Notes will be guaranteed (the “Guarantees”) on a senior basis by Williams
Scotsman International, Inc., a Delaware corporation and the owner of all of
the outstanding capital stock of the Issuer (“Williams Scotsman
International”), Evergreen Mobile Company, a Washington corporation and a
wholly-owned subsidiary of the Issuer, Space Master International, Inc., a
Georgia corporation and a wholly-owned subsidiary of the Issuer, Truck &
Trailer Sales, Inc., a Missouri corporation and a wholly-owned subsidiary of
the Issuer and Williams Scotsman of Canada, Inc., a Canadian corporation and a
wholly-owned subsidiary of the Issuer (each a “Guarantor” and collectively,
the “Guarantors”), and will be guaranteed (the “Subordinated
Guarantee”) on a subordinated basis by Willscot Equipment, LLC, a Delaware
limited liability company and a wholly-owned subsidiary of the Issuer (the “Subordinated
Guarantor”). The Notes, the Guarantees and the Subordinated Guarantee are
collectively referred to herein as the “Securities”. The Securities are
to be issued under an indenture (as supplemented from time to time, the “Indenture”)
dated as of September 29, 2005 by and among the Issuer, the Guarantors, the
Subordinated

 

 

Guarantor and The Bank of New York, as
Trustee (the “Trustee”) pursuant to which $350,000,000 of notes of the
same series were previously issued.

 

The Securities will be offered and sold to
the Initial Purchasers without being registered under the Securities Act of
1933, as amended (the “Act”), in reliance on exemptions therefrom.

 

In connection with the sale of the
Securities, the Issuer has prepared a preliminary offering memorandum dated April
12, 2006, including information incorporated therein by reference (the “Preliminary
Memorandum”) and has prepared a Pricing Supplement (the “Pricing
Supplement”) dated April 12, 2006, which is attached hereto as Annex I. The
Issuer will also prepare a final offering memorandum dated April 12, 2006,
including information incorporated therein by reference (the “Final
Memorandum”) setting forth or including a description of the terms of the
Securities, the terms of the offering of the Securities, a description of the Issuer
and any material developments relating to the Issuer occurring after the date
of the most recent historical financial statements included therein. As used
herein, “Offering Memorandum” shall mean, with respect to any date or
time referred to in this Agreement, the Preliminary Memorandum, as supplemented
by the Pricing Supplement, in the most recent form that has been prepared and
delivered by the Issuer to the Initial Purchasers in connection with their
solicitation of offers to purchase Securities prior to the time this Agreement
is executed by the parties hereto (the “Time of Execution”).

 

The Initial Purchasers and their direct and
indirect transferees of the Securities will be entitled to the benefits of the
Registration Rights Agreement to be dated as of the Closing Date (as defined)
(the “Registration Rights Agreement”), pursuant to which the Issuer, the
Guarantors and the Subordinated Guarantor will agree, among other things, to
file with the Securities and Exchange Commission (the “Commission”),
under the circumstances set forth therein, (i) a registration statement
under the Act (the “Exchange Offer Registration Statement”), relating to
the 8 1/2% Senior Notes due 2015 of the Issuer (the “Exchange Notes”) to
be offered in exchange (the “Exchange Offer”) for the Notes, and
(ii) as and to the extent required by the Registration Rights Agreement, a
shelf registration statement pursuant to Rule 415 under the Act (the “Shelf
Registration Statement” and, together with the Exchange Offer Registration
Statement, the “Registration Statements”), relating to the resale by
certain holders of the Notes, and to cause such Registration Statements to be
declared effective in accordance with the Registration Rights Agreement. Concurrently
with the execution of this Agreement, the parties hereto will enter into a purchase
agreement with respect to $20,000,000 aggregate principal amount of Notes to be
issued under the Indenture (the “Second Purchase Agreement” and
collectively, with the Purchase Agreement, the “Purchase Agreements”). This
Purchase Agreement (this “Agreement”), the Second Purchase Agreement, the
Notes, the Guarantees, the Subordinated Guarantee, the Exchange Notes, the
Indenture and the Registration Rights Agreement are hereinafter referred to collectively
as the “Operative Documents.”

 

2

 

2.             Representations
and Warranties. The Issuer, the Guarantors and the Subordinated Guarantor,
jointly and severally, represent and warrant to and agree with each of the Initial
Purchasers that:

 

(a)           As of the Time of
Execution, the Offering Memorandum does not, and at all times subsequent
thereto up to the Closing Date (as defined in Section 3 below) will not,
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the
representations and warranties set forth in this Section 2(a) do not apply to
statements or omissions made in reliance upon and in conformity with
information relating to any of the Initial Purchasers furnished to the Issuer
in writing by the Initial Purchasers expressly for use in the Offering Memorandum.

 

(b)           As of the Closing Date,
Williams Scotsman International will have the issued and outstanding
capitalization set forth in the Offering Memorandum; all of the outstanding
capital stock or membership interests of the Issuer and each of the subsidiaries
of the Issuer (each, a “Subsidiary” and, collectively, the “Subsidiaries”),
other than Williams Scotsman Mexico S. de R.L. de C.V. (“Williams Scotsman
Mexico I”), WS Servicios de Mexico, S. de R.L. de C.V. (“Williams
Scotsman Mexico II”), American Homes International, S.A. de C.V. (“American
Homes”) and Williams Scotsman Europe, S.L. (“Williams Scotsman Europe”),
have been, and as of the Closing Date will be, duly authorized and validly
issued, are fully paid and nonassessable and were not issued in violation of
any preemptive or similar rights; and except as set forth in the Offering Memorandum,
all of the outstanding shares of capital stock of or membership interests in
the Issuer and the Subsidiaries (other than Williams Scotsman Mexico I, Williams
Scotsman Mexico II, American Homes and Williams Scotsman Europe) will be free
and clear of all liens, encumbrances, equities and claims or restrictions on
transferability (other than those imposed by the Act and the securities or “Blue
Sky” laws of certain jurisdictions and other than those created under the
Credit Agreement and the Existing Notes and related security agreements) or
voting; except as disclosed in the Offering Memorandum, there are no
(i) options, warrants or other rights to purchase, (ii) agreements or
other obligations of the Issuer or the Subsidiaries to issue or
(iii) other rights to convert any obligation into, or exchange any
securities for, shares of capital stock of or membership interests in the
Issuer or any of the Subsidiaries outstanding. Except as disclosed in the Offering
Memorandum, none of the Issuer or the Subsidiaries owns, directly or
indirectly, any shares of capital stock or any other equity or long-term debt
securities or have any equity interest in any firm, partnership, joint venture
or other entity.

 

(c)           Each of the Issuer and
the Subsidiaries (other than Williams Scotsman Mexico I, Williams Scotsman
Mexico II, American Homes and Williams Scotsman

 

3

 

Europe) is
duly incorporated (or in the case of the Subordinated Guarantor, organized),
validly existing and in good standing as a corporation or limited liability
company under the laws of its respective jurisdiction of incorporation and has
all requisite corporate power and authority to own its properties and conduct
its business as now conducted and as described in the Offering Memorandum; each
of the Issuer, and the Subsidiaries (other than Williams Scotsman Mexico I, Williams
Scotsman Mexico II, American Homes and Williams Scotsman Europe) is duly
qualified to do business as a foreign corporation in good standing in all other
jurisdictions where the ownership or leasing of its properties or the conduct
of its business requires such qualification, except where the failure to be so
qualified would not, individually or in the aggregate, have a material adverse
effect on the general affairs, business, condition (financial or otherwise) or
results of operations of the Issuer and the Subsidiaries taken as a whole (any
such event, a “Material Adverse Effect”).

 

(d)           Each of the Issuer, the
Guarantors and the Subordinated Guarantor has all requisite corporate or
similar power and authority to execute, deliver and perform its respective obligations
under this Agreement and the other Operative Documents to which it is a party
and to consummate the transactions contemplated hereby and thereby, including,
without limitation, the power and authority to issue, sell and deliver the
Securities and the Exchange Notes (as defined in the Registration Rights Agreement)
as contemplated by this Agreement.

 

(e)           This Agreement has been
duly and validly authorized, executed and delivered by the Issuer, each of the
Guarantors and the Subordinated Guarantor.

 

(f)            Each of the Issuer,
the Guarantors and the Subordinated Guarantor has all requisite corporate or
similar power and authority to execute, deliver and perform its obligations
under the Indenture. The Indenture has been duly and validly authorized by the
Issuer, the Guarantors and the Subordinated Guarantor and constitutes the
legally valid and binding agreement of each of the Issuer, the Guarantors and
the Subordinated Guarantor, enforceable against each of them in accordance with
its terms, except as such enforceability may be limited by (i) bankruptcy,
insolvency, reorganization, moratorium and other similar laws now or
hereinafter in effect relating to or affecting creditors’ rights generally and
(ii) general principles of equity and the discretion of the court before
which any proceeding therefor may be brought.

 

(g)           The Notes have been
duly and validly authorized for issuance and sale to the Initial Purchasers by
the Issuer pursuant to this Agreement and, when issued and authenticated in
accordance with the terms of the Indenture and delivered against payment
therefor in accordance with the terms hereof, the Notes will be the legally
valid and binding obligations of the Issuer, enforceable against the Issuer in
accordance with their terms and entitled to the benefits of the Indenture,
except as

 

4

 

such
enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium and other similar laws now or hereinafter in effect
relating to or affecting creditors’ rights generally and (ii) general
principles of equity and the discretion of the court before which any
proceeding therefor may be brought.

 

(h)           The Exchange Notes have
been duly and validly authorized for issuance by the Issuer and, when issued
and authenticated in accordance with the terms of the Indenture, the
Registration Rights Agreement and the Exchange Offer, will be the legally valid
and binding obligations of the Issuer, enforceable against the Issuer in
accordance with their terms and entitled to the benefits of the Indenture,
except as such enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium and other similar laws now or hereinafter in effect
relating to or affecting creditors’ rights generally and (ii) general
principles of equity and the discretion of the court before which any
proceeding therefor may be brought.

 

(i)            The Guarantees and the
Subordinated Guarantee have each been duly and validly authorized for issuance
and sale to the Initial Purchasers by the Guarantors and the Subordinated
Guarantor, as the case may be. The guarantees of the Guarantors and the
subordinated guarantee of the Subordinated Guarantor each to be endorsed on the
Exchange Notes (the “Exchange Guarantees”) have been duly and validly
authorized by the Guarantors and the Subordinated Guarantor, as the case may be.
When the Notes are duly and validly authorized, executed, issued and
authenticated in accordance with the terms of the Indenture and delivered
against payment therefor in accordance with the terms hereof, the Guarantees
and the Subordinated Guarantee will be the legally valid and binding
obligations of the Guarantors and the Subordinated Guarantor, as the case may
be, enforceable against the Guarantors and the Subordinated Guarantor, as the
case may be, in accordance with their terms and entitled to the benefits of the
Indenture, except as such enforceability may be limited by (i) bankruptcy,
insolvency, reorganization, moratorium and other similar laws now or
hereinafter in effect relating to or affecting creditors’ rights generally and
(ii) general principles of equity and the discretion of the court before
which any proceeding therefor may be brought. When the Exchange Notes are duly
executed, issued, authenticated and delivered in accordance with the terms of
the Indenture, the Exchange Guarantees will be the legal, valid and binding
obligations of the Guarantors and the Subordinated Guarantor, as the case may
be, enforceable against the Guarantors and the Subordinated Guarantor, as the
case may be, in accordance with their terms and entitled to the benefits of the
Indenture, except as such enforceability may be limited by (i) bankruptcy,
insolvency, reorganization, moratorium and other similar laws now or
hereinafter in effect relating to or affecting creditors’ rights generally and
(ii) general principles of equity and the discretion of the court before
which any proceeding therefor may be brought.

 

5

 

(j)            Each of the Issuer,
the Guarantors and the Subordinated Guarantor has all requisite corporate or
similar power and authority to execute, deliver and perform its obligations
under the Registration Rights Agreement. The Registration Rights Agreement has
been duly and validly authorized by the Issuer, the Guarantors and the
Subordinated Guarantor and, when duly executed and delivered by each of the
Issuer, the Guarantors and the Subordinated Guarantor, will be the legally
valid and binding obligation of the Issuer, the Guarantors and the Subordinated
Guarantor, enforceable against each of them in accordance with its terms,
except as such enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium and other similar laws now or hereinafter in effect
relating to or affecting creditors’ rights generally, (ii) general
principles of equity and the discretion of the court before which any
proceeding therefor may be brought and (iii) as to rights of indemnification
and contribution, by principles of public policy or federal and state securities
laws relating thereto.

 

(k)           Except as otherwise
described in the Offering Memorandum, assuming the representations and
warranties of the Initial Purchasers contained in Section 8 hereof are
true and correct and that the representations and warranties of the initial
purchaser contained in Section 8 of the Second Purchase Agreement are true and
correct, no consent, waiver, approval, authorization or order of or filing,
registration, qualification, license or permit of or with any court or
governmental agency or body, or third party is required by the Issuer or any of
the Subsidiaries for (i) the issuance and sale by the Issuer of the Notes
to the Initial Purchasers, (ii) the issuance by the Guarantors of the
Guarantees, (iii) the issuance by the Subordinated Guarantor of the
Subordinated Guarantee and (iv) the execution by the Issuer of the
Operative Documents and the consummation by the Issuer, the Guarantors and the
Subordinated Guarantor of each of the transactions contemplated hereby and by
the Operative Documents, except, for the registration of the Securities,
the Exchange Notes and Exchange Guarantees under the Registration Statements
and the filing of any Current Reports on Form 8-K with the Commission
disclosing any aspect of the Operative Documents and the transactions
contemplated thereby, and, in each case, such as have been or, prior to the
Closing Date, will be obtained and such as may be required under applicable
state securities or “Blue Sky” laws in connection with the purchase and resale
of the Securities by the Initial Purchasers. None of the Issuer nor any of the
Subsidiaries is (A) in violation of its charter or bylaws (or similar
organizational document), (B) in breach or violation of any statute,
judgment, decree, order, rule or regulation applicable to any of them or any of
their respective properties or assets, except for any such breach or violation
which would not, individually or in the aggregate, have a Material Adverse
Effect, or (C) in breach of or default under (nor has any event occurred
which, with notice or passage of time or both, would constitute a default
under) or in violation of any of the terms or provisions of any indenture,
mortgage, deed of trust, loan agreement, note, lease, license, permit,
certificate,

 

6

 

contract or
other agreement or instrument to which any of them is a party or to which any
of them or their respective properties or assets is subject (collectively, “Contracts”),
except for any such breach, default, violation or event which would not,
individually or in the aggregate, have a Material Adverse Effect.

 

(l)            Except as otherwise
described in the Offering Memorandum, the execution, delivery and performance
by the Issuer, the Guarantors and the Subordinated Guarantor of this Agreement
and each of the other Operative Documents (to the extent a party thereto) and
the consummation of the transactions contemplated hereby and thereby
(including, without limitation, the issuance and sale of the Securities to the
Initial Purchasers and the issuance of the Exchange Notes in the Exchange Offer)
will not violate, conflict with or constitute or result in a breach of or a
default under (or constitute an event which with notice or passage of time or
both would constitute a default under) or cause an acceleration of any
obligation under, or result in the imposition or creation of any lien or
encumbrance (a “Lien”) on any properties or assets of the Issuer or any
Subsidiary with respect to (A) the terms or provisions of any Contract,
except for any conflict, breach, violation, default or event which would not,
individually or in the aggregate, have a Material Adverse Effect, (B) the
charter or bylaws (or similar organizational document) of the Issuer or any of
the Subsidiaries, or (C) (assuming compliance with all applicable state
securities or “Blue Sky” laws and assuming the accuracy of the representations
and warranties of the Initial Purchasers in Section 8 hereof are true and
correct and that the representations and warranties of the initial purchaser
contained in the Second Purchase Agreement are true and correct) any statute,
judgment, decree, order, rule or regulation applicable to the Issuer or any of
the Subsidiaries or any of their respective properties or assets, except for
any such conflict, breach or violation which would not, individually or in the
aggregate, have a Material Adverse Effect.

 

(m)          Ernst & Young
LLP (the “Independent Accountants”), who is reporting on the audited
consolidated financial statements of Williams Scotsman International in the Offering
Memorandum, is an independent registered public accounting firm within the
meaning of the Act and the rules and regulations promulgated thereunder. The
audited consolidated financial statements of Williams Scotsman International
and related notes thereto incorporated in the Offering Memorandum present
fairly in all material respects the financial position of Williams Scotsman
International as of the dates indicated and the results of its respective
operations and the changes in the financial position for the periods specified,
in accordance with generally accepted accounting principles (“GAAP”)
consistently applied throughout such periods, except as otherwise stated
therein. The summary and selected financial and statistical data included in
the Offering Memorandum present fairly in all material respects the information
shown therein and have been prepared and compiled on a basis consistent with
the audited financial statements included therein, except as stated therein.

 

7

 

(n)           There is not pending
or, to the knowledge of the Issuer, the Guarantors or the Subordinated
Guarantor, threatened any action, suit, proceeding, inquiry or investigation to
which the Issuer or any of the Subsidiaries is a party, or to which the
property or assets of the Issuer or any of the Subsidiaries is subject, before
or brought by any court, arbitrator or governmental agency or body which could
reasonably be expected to, individually or in the aggregate, have a Material
Adverse Effect or which seeks to restrain, enjoin, prevent the consummation of
or otherwise challenge the issuance or sale of the Securities to be sold
hereunder or the consummation of the other transactions contemplated in the
Operative Documents.

 

(o)           Each of the Issuer and
the Subsidiaries possesses all material licenses, permits, certificates,
consents, orders, approvals and other authorizations from, and has made all
declarations and filings with, all federal, provincial, state, local and other
governmental authorities, all self-regulatory organizations and all courts and
other tribunals, presently required or necessary to own or lease, as the case
may be, and to operate its respective properties and to carry on its respective
businesses as now or proposed to be conducted as set forth in the Offering
Memorandum (“Permits”), except where the failure to obtain such Permits
would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect; each of the Issuer and the Subsidiaries has fulfilled
and performed all of its obligations with respect to such Permits and no event
has occurred which allows, or after notice or lapse of time would allow,
revocation or termination thereof or results in any other material impairment
of the rights of the holder of any such Permit, except where the failure to
perform such obligations or the occurrence of such event would not have a
Material Adverse Effect; and none of the Issuer or the Subsidiaries has received
any notice of any proceeding relating to revocation or modification of any such
Permit.

 

(p)           Except
as otherwise described in the Offering Memorandum, since the date of the most
recent financial statements appearing in the Offering Memorandum, except as
described in the Offering Memorandum or as provided in or contemplated by the
Operative Documents, (i) none of the Issuer or any of the Subsidiaries has
incurred any liabilities or obligations, direct or contingent, or entered into
or agreed to enter into any transactions or contracts (written or oral) not in
the ordinary course of business, or which liabilities, obligations,
transactions or contracts would, individually or in the aggregate, be material
to the business, condition (financial or otherwise) or results of operations of
the Issuer and the Subsidiaries, taken as a whole, (ii) none of the Issuer
or any of the Subsidiaries has purchased any of its outstanding capital stock,
nor declared, paid or otherwise made any dividend or distribution of any kind
on its capital stock and (iii) there shall not have been any change in the
capital stock or long-term indebtedness (excluding up to $2,500,000 of
additional capital leases) of the Issuer or Subsidiaries except, in each case,
repayments or additional borrowings under the revolving portion of the Issuer’s
existing credit facility.

 

8

 

(q)           Each of the Issuer and
the Subsidiaries has filed all necessary federal, state and foreign income and
franchise tax returns, except where the failure to so file such returns would
not, individually or in the aggregate, have a Material Adverse Effect, and has
paid all taxes shown as due thereon except as to taxes being contested in good
faith, or where the failure to pay any such taxes would not, individually or in
the aggregate, have a Material Adverse Effect; and other than tax deficiencies
which the Issuer or any of the Subsidiaries is contesting in good faith and for
which the Issuer or such Subsidiary has provided adequate reserves in
accordance with GAAP, there is no tax deficiency that has been asserted against
the Issuer or any Subsidiary that would have, individually or in the aggregate,
a Material Adverse Effect.

 

(r)            The statistical and
market-related data included in the Offering Memorandum are based on or derived
from sources which the Issuer, the Guarantors and the Subordinated Guarantor
believe to be reliable and accurate in all material respects.

 

(s)           None of the Issuer, the
Guarantors or the Subordinated Guarantor or any agent acting on its behalf has
taken or will take any action that might cause this Agreement or the sale of
the Securities to violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System, in each case as in effect, or as the same may
hereafter be in effect, on the Closing Date.

 

(t)            Each of the Issuer and
the Subsidiaries has good and marketable title to all real property and good
title to all personal property described in the Offering Memorandum as being
owned by it and good and marketable title to a leasehold estate in the real and
personal property described in the Offering Memorandum as being leased by it
free and clear of all Liens, except as described in the Offering Memorandum
or to the extent the failure to have such title or the existence of such Liens
would not, individually or in the aggregate, have a Material Adverse Effect or
except such Liens, created pursuant to the Issuer’s existing credit facility or
its outstanding 10% Senior Secured Notes due 2008. All leases, contracts and
agreements to which any of the Issuer or the Subsidiaries is a party or by
which any of them is bound are valid and enforceable against each of the
Issuer, or such Subsidiary, as the case may be, and to the knowledge of each of
the Issuer, the Guarantors and the Subordinated Guarantor, as the case may be,
are valid and enforceable against the other party or parties thereto and are in
full force and effect with only such exceptions as would not, individually or
in the aggregate, have a Material Adverse Effect, except, in each case, as such
enforceability may be limited by (i) bankruptcy, insolvency, reorganization,
moratorium and other similar laws now or hereinafter in effect relating to or
affecting creditors’ rights generally and (ii) general principles of
equity and the discretion of the court before which any proceeding therefor may
be brought. The Issuer and the Subsidiaries own or possess adequate licenses or
other rights to use all

 

9

 

patents,
trademarks, service marks, trade names, copyrights and know-how necessary to
conduct the businesses now or proposed to be operated by them as described in
the Offering Memorandum, except where the failure to own, possess or have the
right to use would not have a Material Adverse Effect, and none of the Issuer
or any of the Subsidiaries has received any notice of infringement of or
conflict with (or knows of any such infringement of or conflict with) asserted
rights of others with respect to any patents, trademarks, service marks, trade
names, copyrights or know-how which, if such assertion of infringement or
conflict were sustained, would have a Material Adverse Effect.

 

(u)           There are no legal or
governmental proceedings involving or affecting any of the Issuer or any
Subsidiary or any of their respective properties or assets which would be
required to be described in a prospectus pursuant to the Act that are not so
described in the Offering Memorandum.

 

(v)           Except as described in
the Offering Memorandum or as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (A) each of the
Issuer and the Subsidiaries is in compliance with and not subject to any known
liability under applicable Environmental Laws (as defined below), (B) each
of the Issuer and the Subsidiaries has made all filings and provided all
notices required under any applicable Environmental Law, and has, and is in
compliance with, all Permits required under any applicable Environmental Laws and
each of them is in full force and effect, (C) there is no civil, criminal
or administrative action, suit, demand, claim, hearing, notice of violation or,
to the knowledge of the Issuer, the Guarantors and the Subordinated Guarantor,
investigation, proceeding, notice or demand letter or request for information
pending or threatened against any of the Issuer or any of the Subsidiaries
under any Environmental Law, (D) no lien, charge, encumbrance or
restriction has been recorded under any Environmental Law with respect to any
assets, facility or property owned, operated, leased or controlled by any of
the Issuer or any Subsidiary, (E) none of the Issuer or any Subsidiaries
has received notice that it has been identified as a potentially responsible party
under the Comprehensive Environmental Response, Compensation and Liability Act
of 1980, as amended (“CERCLA”), or any comparable state law and
(F) no property or facility of any of the Issuer or any Subsidiary is
(i) listed or, to the knowledge of the Issuer, the Guarantors or the
Subordinated Guarantor proposed for listing on the National Priorities List
under CERCLA or (ii) listed in the Comprehensive Environmental Response, Compensation,
Liability Information System List promulgated pursuant to CERCLA, or on any
comparable list maintained by any state or local governmental authority.

 

For purposes
of this Agreement, “Environmental Laws” means the common law and all
applicable federal, provincial, state and local laws or regulations, codes,

 

10

 

orders,
decrees, judgments or injunctions issued, promulgated, approved or entered
thereunder, relating to pollution or protection of public or employee health
and safety or the environment, including, without limitation, laws relating to
(i) emissions, discharges, releases or threatened releases of hazardous
materials into the environment (including, without limitation, ambient air,
surface water, ground water, land surface or subsurface strata), (ii) the
manufacture, processing, distribution, use, generation, treatment, storage,
disposal, transport or handling of hazardous materials, and
(iii) underground and above ground storage tanks and related piping, and
emissions, discharges, releases or threatened releases therefrom.

 

(w)          There is no strike,
labor dispute, slowdown or work stoppage with the employees of any of the
Issuer or the Subsidiaries which is pending or, to the knowledge of the Issuer,
the Guarantors and the Subordinated Guarantor, as the case may be, threatened
which, in either case, could reasonably be expected to have a Material Adverse
Effect.

 

(x)            None of the Issuer or
any of the Subsidiaries has incurred any liability for any prohibited
transaction or funding deficiency or any complete or partial withdrawal
liability with respect to any pension, profit sharing or other plan which is
subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
to which any of the Issuer or the Subsidiaries makes or ever has made a contribution
and in which any employee of any of the Issuer or any such Subsidiary is or has
ever been a participant, which in the aggregate could have a Material Adverse
Effect. With respect to such plans, each of the Issuer and the Subsidiaries is
in compliance in all respects with all applicable provisions of ERISA, except
where the failure to so comply would not, individually or in the aggregate,
have a Material Adverse Effect.

 

(y)           Each of the Issuer and
the Subsidiaries (i) makes and keeps accurate books and records and
(ii) maintains internal accounting controls which provide reasonable
assurance that (A) transactions are executed in accordance with management’s
general or specific authorizations, (B) transactions are recorded as
necessary to permit preparation of its financial statements and to maintain
accountability for its assets, (C) access to its assets is permitted only
in accordance with management’s general or specific authorizations and
(D) the reported accountability for its assets is compared with existing assets
at reasonable intervals.

 

(z)            None of the Issuer,
the Guarantors or the Subordinated Guarantor is, or immediately after the sale
of the Notes to be sold hereunder and the application of the proceeds from such
sale (as described in the Offering Memorandum under the caption “Use of
Proceeds”), will be required to be, registered as an “investment company” as
such term is defined in the Investment Company Act of 1940, as amended, and the
rules and regulations thereunder.

 

11

 

(aa)         The Notes, the Guarantees,
the Subordinated Guarantee, the Exchange Notes, the Indenture and the
Registration Rights Agreement conform in all material respects to the
descriptions thereof contained in the Offering Memorandum.

 

(bb)         No holder of securities
of the Issuer, the Guarantors or the Subordinated Guarantor will be entitled to
have such securities registered under the registration statements required to
be filed by the Issuer, the Guarantors and the Subordinated Guarantor pursuant
to the Registration Rights Agreement, other than as expressly permitted
thereby.

 

(cc)         None of the Issuer or the
Subsidiaries or any of their respective Affiliates (as defined in Rule 501(b)
of Regulation D under the Act) has directly, or through any agent,
(i) sold, offered for sale, solicited offers to buy or otherwise
negotiated in respect of, any “security” (as defined in the Act) which is or
could be integrated with the sale of the Securities in a manner that would
require the registration under the Act of the Securities or (ii) engaged
in any form of general solicitation or general advertising (as those terms are
used in Regulation D under the Act) in connection with the offering of the
Securities or in any manner involving a public offering within the meaning of
Section 4(2) of the Act.

 

(dd)         When the Securities are
delivered pursuant to this Agreement, none of the Securities will be of the
same class (within the meaning of Rule 144A under the Act) as securities of the
Issuer, the Guarantors or the Subordinated Guarantor that are listed on a
national securities exchange registered under Section 6 of the Exchange Act or
that are quoted in a United States automated inter-dealer quotation system.

 

(ee)         None of the Issuer, the
Subsidiaries, any of their respective Affiliates (as defined in
Rule 501(b) of Regulation D under the Act) or any person acting on
any of their behalf (other than the Initial Purchasers) has engaged in any
directed selling efforts (as that term is defined in Regulation S under the
Act (“Regulation S”)) with respect to the Securities; the Issuer
and its Affiliates and any person acting on any of its behalf (other than the
Initial Purchasers) have complied with the offering restrictions requirement of
Regulation S.

 

(ff)           Assuming that the
representations and warranties of the Initial Purchasers contained in
Section 8 hereof are true and correct and that the representations and
warranties of the initial purchaser contained in Section 8 of the Second
Purchase Agreement are true and correct, it is not necessary in connection with
the offer, sale and delivery of the Securities to the Initial Purchasers or the
reoffer and resale by the Initial Purchasers in the manner contemplated by this
Agreement to register the Securities under the Act.

 

12

 

Any certificate signed by any officer of the
Issuer, the Guarantors or the Subordinated Guarantor and delivered to any Initial
Purchaser or to counsel for the Initial Purchasers shall be deemed a representation
and warranty by the Issuer, the Guarantors and the Subordinated Guarantor, as
the case may be, to each Initial Purchaser as to the matters covered thereby.

 

3.             Purchase,
Sale and Delivery of the Securities. On the basis of the representations,
warranties, agreements and covenants herein contained and subject to the terms
and conditions herein set forth, the Issuer, the Guarantors and the Subordinated
Guarantor agree to issue and sell to the Initial Purchasers, and the Initial
Purchasers, acting severally and not jointly, agree to purchase the Notes
(including the related Guarantees and Subordinated Guarantee) in the respective
amounts set forth opposite their respective names on Schedule I
attached hereto at 99.75% of their principal amount plus accrued interest from April
1, 2006. One or more certificates in definitive form for the Notes that the
Initial Purchasers have agreed to purchase hereunder, and in such denomination
or denominations and registered in such name or names as the Initial Purchasers
request upon notice to the Issuer at least 36 hours prior to the Closing Date,
shall be delivered by or on behalf of the Issuer to the Initial Purchasers,
against payment by or on behalf of the Initial Purchasers of the purchase price
therefor by wire transfer (same day funds) to such account or accounts as the
Issuer shall specify prior to the Closing Date, or by such means as the parties
hereto shall agree prior to the Closing Date. Such delivery of and payment for
the Securities shall be made at the offices of Paul, Weiss, Rifkind, Wharton,
& Garrison LLP, 1285 Avenue of the Americas, New York, New York at
10:00 A.M., New York time, on April 18, 2006, or at such other place, time
or date as the Initial Purchasers, on the one hand, and the Issuer, on the
other hand, may agree upon, such time and date of delivery against payment
being herein referred to as the “Closing Date.”  The Issuer will make such certificate or
certificates for the Securities available for checking and packaging by the
Initial Purchasers at the offices of Deutsche Bank Securities Inc. in New York,
New York, or at such other place as Deutsche Bank Securities Inc. may
designate, at least 24 hours prior to the Closing Date.

 

4.             Offering
by the Initial Purchasers. The Initial Purchasers propose to make an
offering of the Securities at the price and upon the terms set forth in the Offering
Memorandum, as soon as practicable after this Agreement is entered into and as
in the judgment of the Initial Purchasers is advisable.

 

5.             Covenants
of the Issuer, the Guarantors and the Subordinated Guarantor. The Issuer,
the Guarantors and the Subordinated Guarantor covenant and agree with each of
the Initial Purchasers that:

 

(a)           Until the later of (i)
the completion of distribution of the Securities by the Initial Purchasers and
(ii) the Closing Date, the Issuer, the Guarantors or the Subordinated Guarantor
will not amend or supplement the Offering Memorandum unless the Initial
Purchasers shall previously have been advised and furnished a copy

 

13

 

for a
reasonable period of time prior to the proposed amendment or supplement and as
to which the Initial Purchasers shall have given their consent, which consent
shall not unreasonably be withheld or delayed. The Issuer, the Guarantors and
the Subordinated Guarantor will promptly, upon the reasonable request of the
Initial Purchasers or counsel for the Initial Purchasers, make any amendments
or supplements to the Offering Memorandum that may be necessary or advisable in
connection with the resale of the Securities by the Initial Purchasers.

 

(b)           The Issuer, the
Guarantors and the Subordinated Guarantor will cooperate with the Initial
Purchasers in arranging for the qualification of the Securities for offering and
sale under the securities or “Blue Sky” laws of such jurisdictions as the
Initial Purchasers may reasonably designate and will continue such
qualifications in effect for as long as may be necessary to complete the resale
of the Securities; provided, however, that in connection
therewith, the Issuer, the Guarantors and the Subordinated Guarantor shall not
be required to qualify as a foreign corporation or to execute a general consent
to service of process in any jurisdiction or subject itself to taxation in any
such jurisdiction where it is not then so subject.

 

(c)           If, at any time prior
to the completion of the distribution by the Initial Purchasers of the
Securities or the Exchange Notes, any event occurs or information becomes known
as a result of which the Offering Memorandum as then amended or supplemented
would include any untrue statement of a material fact, or omit to state a
material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or if for any other
reason it is necessary at any time to amend or supplement the Offering Memorandum
to comply with applicable law, the Issuer will promptly notify the Initial
Purchasers thereof and will prepare, at the expense of the Issuer, an amendment
or supplement to the Offering Memorandum that corrects such statement or
omission or effects such compliance.

 

(d)           The Issuer will,
without charge, provide to the Initial Purchasers and to counsel for the
Initial Purchasers as many copies of the Offering Memorandum, Final Memorandum
or any amendment or supplement thereto as the Initial Purchasers may reasonably
request.

 

(e)           The Issuer, the
Guarantors and the Subordinated Guarantor will apply the net proceeds from the
sale of the Securities as set forth under “Use of Proceeds” in the Offering Memorandum.

 

(f)            Prior to the Closing
Date, the Issuer, the Guarantors and the Subordinated Guarantor will furnish to
the Initial Purchasers, as soon as they have been prepared in the ordinary
course of business, a copy of any unaudited interim financial statements of Williams
Scotsman International for any period subsequent to

 

14

 

the period
covered by the most recent financial statements appearing in the Offering Memorandum.

 

(g)           None of the Issuer, the
Guarantors, the Subordinated Guarantor or any of their Affiliates will sell,
offer for sale or solicit offers to buy or otherwise negotiate in respect of
any “security” (as defined in the Act) which could be integrated with the sale
of the Securities in a manner which would require the registration under the
Act of the Securities.

 

(h)           None of the Issuer, the
Guarantors or the Subordinated Guarantor will, nor will the Issuer permit any
of the Subsidiaries to, engage in any form of general solicitation or general
advertising (as those terms are used in Regulation D under the Act) in
connection with the offering of the Securities or in any manner involving a
public offering within the meaning of Section 4(2) of the Act.

 

(i)            For so long as any of
the Securities remain outstanding, Williams Scotsman International will make
available at its expense, upon request, to any holder of such Securities and
any prospective purchasers thereof, the information specified in Rule 144A(d)(4)
under the Act, unless Williams Scotsman International is then subject to
Section 13 or 15(d) of the Exchange Act.

 

(j)            The Issuer, the
Guarantors and the Subordinated Guarantor will use their commercially
reasonable efforts to (i) permit the Securities to be designated for
trading in the Private Offerings, Resales and Trading through Automated
Linkages market (the “PORTAL Market”) of the NASD and (ii) permit the
Securities to be eligible for clearance and settlement through The Depository
Trust Company.

 

6.             Expenses.
The Issuer agrees to pay all costs and expenses incident to the performance of
its obligations under this Agreement, whether or not the transactions contemplated
herein are consummated or this Agreement is terminated pursuant to Section 11
hereof, including all costs and expenses incident to (i) the printing of
documents with respect to the transactions contemplated hereby, including the Offering
Memorandum, Final Memorandum and any amendment or supplement thereto, and any “Blue
Sky” memoranda, (ii) all arrangements relating to the delivery to the
Initial Purchasers of copies of the foregoing documents, (iii) the fees
and disbursements of the counsel, the accountants and any other experts or
advisors retained by the Issuer, (iv) preparation (including printing),
issuance and delivery to the Initial Purchasers of the Securities, (v) the
qualification of the Securities under state securities and “Blue Sky” laws,
including filing fees and reasonable fees and disbursements of counsel for the
Initial Purchasers relating thereto, (vi) expenses of the Issuer in
connection with any meetings with the Issuer and prospective investors in the
Securities, (vii) fees and expenses of the Trustee, including reasonable fees
and expenses of its counsel, (viii) all expenses and listing fees incurred
in connection with the application for quotation of the Securities on the
PORTAL Market and (ix) any fees charged by investment rating agencies

 

15

 

for the rating of the Securities. If the sale
of the Securities provided for herein is not consummated because any condition
to the obligations of the Initial Purchasers set forth in Section 7 hereof
is not satisfied, because this Agreement is terminated or because of any failure,
refusal or inability on the part of the Issuer, the Guarantors or the
Subordinated Guarantor to perform all obligations and satisfy all conditions on
their part to be performed or satisfied hereunder (other than solely by reason
of a default by the Initial Purchasers of their obligations hereunder after all
conditions hereunder have been satisfied in accordance herewith), the Issuer
agrees to promptly reimburse the Initial Purchasers upon demand for all
reasonable out-of-pocket expenses (including reasonable fees, disbursements and
charges of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers)
that shall have been incurred by the Initial Purchasers in connection with the
proposed purchase and sale of the Securities.

 

7.             Conditions
of the Initial Purchasers’ and the Issuer’s Obligations. (A)  The
obligation of the Initial Purchasers to purchase and pay for the Securities
shall, in their sole discretion, be subject to the satisfaction or waiver of
the following conditions on or prior to the Closing Date

 

(a)           On the Closing Date,
the Initial Purchasers shall have received the opinions, dated as of the
Closing Date and addressed to the Initial Purchasers, of (i) Paul, Weiss,
Rifkind, Wharton & Garrison LLP, (ii) Whiteford, Taylor &
Preston L.L.P., (iii) Hillis, Clark, Martin & Peterson P.S.,
(iv) Blackwell, Sanders, Peper, Martin LLP, (v) Stites & Harbison
PLLC, (vi) Davies Ward Phillips
& Vineberg LLP and (vii) John Ross, the General Counsel of the
Issuer, in each case in form and substance reasonably satisfactory to counsel
for the Initial Purchasers.

 

The opinion of
Paul, Weiss, Rifkind, Wharton & Garrison LLP described in this Section
may be limited to matters of New York, Federal and Delaware corporate law and
shall be rendered to the Initial Purchasers at the request of the Issuer, the
Guarantors and the Subordinated Guarantor and shall so state therein. The
opinion of Whiteford, Taylor & Preston L.L.P. described in this Section may
be limited to matters of Maryland corporate law and shall be rendered to the
Initial Purchasers at the request of the Issuer, the Guarantors and the
Subordinated Guarantor and shall so state therein. The opinion of Hillis,
Clark, Martin & Peterson P.S. described in this Section may be limited to
matters of Washington corporate law and shall be rendered to the Initial
Purchasers at the request of the Issuer, the Guarantors and the Subordinated
Guarantor and shall so state therein. The opinion of Blackwell, Sanders, Peper,
Martin LLP described in this Section may be limited to matters of Missouri
corporate law and shall be rendered to the Initial Purchasers at the request of
the Issuer, the Guarantors and the Subordinated Guarantor and shall so state
therein. The opinion of Stites & Harbison PLLC described in this Section
may be limited to matters of Georgia corporate law and shall be rendered to the
Initial Purchasers at the request of the Issuer, the Guarantors and the
Subordinated Guarantor and shall so state therein. The opinion of

 

16

 

Davies Ward Phillips & Vineberg LLP
described in this Section may be limited to matters of Ontario corporate law
and federal Canadian corporate law and shall be rendered to the Initial
Purchasers at the request of the Issuer, the Guarantors and the Subordinated
Guarantor and shall so state therein.

 

References to
the Offering Memorandum in any legal opinions delivered under this
subsection (a) shall include any amendment or supplement thereto prepared
in accordance with the provisions of this Agreement at the Closing Date. In rendering
such opinions, Paul, Weiss, Rifkind, Wharton & Garrison LLP,
Whiteford, Taylor & Preston L.L.P., Hillis, Clark, Martin & Peterson
P.S., Blackwell, Sanders Peper, Martin LLP, Stites & Harbison PLLC, Davies Ward Phillips & Vineberg LLP
and the General Counsel may rely as to matters of fact to the extent such
counsel deems proper, on certificates of responsible officers of the Issuer,
the Guarantors and the Subordinated Guarantor and public officials which are
furnished to the Initial Purchasers.

 

(b)           On the Closing Date,
the Initial Purchasers shall have received the opinion, in form and substance
reasonably satisfactory to the Initial Purchasers, dated as of the Closing Date
and addressed to the Initial Purchasers, of Cahill Gordon & Reindel LLP,
counsel for the Initial Purchasers, with respect to certain legal matters
relating to this Agreement and such other related matters as the Initial
Purchasers may reasonably require. In rendering such opinion, Cahill Gordon
& Reindel LLP shall have received and may rely upon such certificates and
other documents and information as it may reasonably request to pass upon such
matters.

 

(c)           On the date hereof, the
Initial Purchasers shall have received from the Independent Accountants a
comfort letter dated the date hereof, in form and substance reasonably satisfactory
to counsel for the Initial Purchasers with respect to the audited and any
unaudited or pro  forma financial information in the Preliminary
Memorandum. On the Closing Date, the Initial Purchasers shall have received
from the Independent Accountants a comfort letter dated the Closing Date, in
form and substance reasonably satisfactory to counsel for the Initial
Purchasers, which shall extend to the financial information, if any, contained
in the Final Memorandum and not contained in the Preliminary Memorandum.

 

(d)           The representations and
warranties of the Issuer, the Guarantors and the Subordinated Guarantor
contained in this Agreement shall be true and correct in all material respects
on and as of the Time of Execution and on and as of the Closing Date as if made
on and as of the Closing Date; the statements of the Issuer’s, the Guarantors’
and the Subordinated Guarantor’s officers made pursuant to any certificate
delivered in accordance with the provisions hereof shall be true and correct in
all material respects on and as of the date made and on and as of the Closing
Date; the Issuer, the Guarantors and the Subordinated Guarantor shall have
performed in all material respects all covenants and agreements and satisfied
in all material respects all

 

17

 

conditions on
its part to be performed or satisfied hereunder at or prior to the Closing
Date; and, except as described in the Offering Memorandum (exclusive of any
amendment or supplement thereto after the date hereof), subsequent to the date
of the most recent financial statements in such Offering Memorandum, there
shall have been no event or development, and no information shall have become
known, that, individually or in the aggregate, has or would be reasonably
likely to have a Material Adverse Effect.

 

(e)           The sale of the
Securities hereunder shall not be enjoined (temporarily or permanently) on the
Closing Date.

 

(f)            Unless otherwise
described in the Offering Memorandum, subsequent to the date of the most recent
financial statements in the Offering Memorandum (exclusive of any amendment or
supplement thereto after the date hereof), none of the Issuer or any Subsidiary
shall have sustained any loss or interference with respect to its business or
properties from fire, flood, hurricane, accident or other calamity, whether or
not covered by insurance, or from any strike, labor dispute, slow down or work
stoppage or from any legal or governmental proceeding, order or decree, which
loss or interference, individually or in the aggregate, has or would be
reasonably likely to have a Material Adverse Effect.

 

(g)           The Initial Purchasers
shall have received a certificate of the Issuer, dated the Closing Date, signed
on behalf of the Issuer by its Chairman of the Board, President or Chief
Executive Officer and any Vice President or the Chief Financial Officer on
behalf of the Issuer, to the effect that:

 

(i)            The representations and
warranties of the Issuer, the Guarantors and the Subordinated Guarantor contained
in this Agreement are true and correct in all material respects on and as of
the Time of Execution and on and as of the Closing Date, and the Issuer, the
Guarantors and the Subordinated Guarantor have performed in all material
respects all covenants and agreements and satisfied all conditions in all
material respects on their part to be performed or satisfied hereunder at or
prior to the Closing Date;

 

(ii)           At the Closing Date,
since the date hereof or since the date of the most recent financial statements
in the Offering Memorandum (exclusive of any amendment or supplement thereto
after the date hereof), no event or development has occurred, and no
information has become known, that, individually or in the aggregate, has or
would be reasonably likely to have a Material Adverse Effect; and

 

(iii)          The sale of the
Securities hereunder has not been enjoined (temporarily or permanently).

 

18

 

(h)           On the Closing Date,
the Initial Purchasers shall have received the Registration Rights Agreement
executed by the Issuer, the Guarantors and the Subordinated Guarantor and such
Agreement shall be in full force and effect at all times from and after the
Closing Date.

 

All such documents, opinions, certificates,
letters, schedules or instruments delivered pursuant to this Agreement will
comply with the provisions hereof only if they are reasonably satisfactory in
all material respects to the Initial Purchasers and counsel for the Initial
Purchasers. The Issuer shall furnish to the Initial Purchasers such conformed
copies of such documents, opinions, certificates, letters, schedules and
instruments in such quantities as the Initial Purchasers shall reasonably
request.

 

(B)  The obligation of the Issuer to issue and
sell the Securities shall, in its sole discretion, be subject to the
satisfaction or waiver of the following condition on or prior to the Closing
Date: each of the transactions contemplated to be performed or closed by the
Issuer, the Guarantors or the Subordinated Guarantor pursuant to this Agreement
and each of the other Operative Documents on or prior to the Closing Date shall
have been performed or closed in accordance with the terms thereof without
giving effect to any amendment, modification or supplement thereto or the
waiver of any party rights or remedies with respect thereto (other than any
amendment, modification, supplement or waiver to which the Issuer has agreed or
consented).

 

8.             Offering
of Securities; Restrictions on Transfer.

 

(a)           Each of the Initial
Purchasers represents and warrants (as to itself only) that it is a “qualified
institutional buyer” within the meaning of Rule 144A (a “QIB”). Each of
the Initial Purchasers agrees with the Issuer that (i) it and each of its
affiliates has not and will not solicit offers for, or offer or sell, the
Securities by any form of general solicitation or general advertising (as those
terms are used in Regulation D under the Act) or in any manner involving a
public offering within the meaning of Section 4(2) of the Act; and (ii) it
and each of its affiliates has and will solicit offers for the Securities only
from, and will offer the Securities only to (A) in the case of offers
inside the United States, persons whom the Initial Purchasers reasonably
believe to be QIBs or, if any such person is buying for one or more
institutional accounts for which such person is acting as fiduciary or agent,
only when such person has represented to the Initial Purchasers that each such
account is a QIB, to whom notice has been given that such sale or delivery is
being made in reliance on Rule 144A, and, in each case, in transactions
under Rule 144A and (B) in the case of offers outside the United
States, to persons other than U.S. persons (“foreign purchasers,” which
term shall include dealers or other professional fiduciaries in the United
States acting on a discretionary basis for foreign beneficial owners (other
than an estate or trust)); provided, however, that, in the case
of this clause (B), in purchasing such Securities such persons are deemed to
have represented and agreed as provided under the caption “Transfer
Restrictions” contained in the Offering Memorandum.

 

19

 

(b)           Each of the Initial
Purchasers represents and warrants with respect to offers and sales of
securities by them outside the United States that (i) it and each of its
affiliates has complied and will comply with all applicable laws and regulations
in each jurisdiction in which it acquires, offers, sells or delivers Securities
or has in its possession or distributes any Offering Memorandum or any such
other material, in all cases at its own expense; (ii) the Securities have
not been and will not be offered or sold within the United States or to, or for
the account or benefit of, U.S. persons except in accordance with
Regulation S under the Act or pursuant to an exemption from the
registration requirements of the Act; (iii) it and each of its affiliates has
offered the Securities and will offer and sell the Securities (A) as part
of its distribution at any time and (B) otherwise until 40 days after the
later of the commencement of the offering and the Closing Date, only in
accordance with Rule 903 of Regulation S and, accordingly, neither such Initial
Purchaser nor any persons acting on its behalf have engaged or will engage in
any directed selling efforts (within the meaning of Regulation S) with
respect to the Securities, and any such persons have complied and will comply
with the offering restrictions requirement of Regulation S; and (iv) it agrees
that, at or prior to confirmation of sales of the Securities, it will have sent
to each distributor, dealer or person receiving a selling concession, fee or
other remuneration that purchases Securities from it during the restricted
period a confirmation or notice to substantially the following effect:

 

“The Securities covered hereby have not been
registered under the United States Securities Act of 1933 (the “Securities
Act”) and may not be offered and sold within the United States or to, or
for the account or benefit of, U.S. persons (i) as part of the
distribution of the Securities at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering and the closing date of the
offering, except in either case in accordance with Regulation S (or Rule
144A if available) under the Securities Act. Terms used above have the meaning
given to them in Regulation S.”

 

Terms used in this
Section 8(b) and not defined in this Agreement have the meanings given to
them in Regulation S.

 

(c)           Each of the Initial
Purchasers represents and warrants (as to itself only) that the source of funds
being used by it to acquire the Securities does not include the assets of any “employee
benefit plan” (within the meaning of Section 3 of ERISA) or any “plan”
(within the meaning of Section 4975 of the Code).

 

9.             Indemnification
and Contribution. (a)  The Issuer, the Guarantors and the
Subordinated Guarantor agree, jointly and severally, to indemnify and hold
harmless the Initial Purchasers, their affiliates and each person, if any, who
controls any Initial Purchaser within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act, against any losses, claims, damages or
liabilities to which any Initial Purchaser or such controlling person

 

20

 

may become subject under the Act, the
Exchange Act or otherwise, insofar as any such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon:

 

(i)            any
untrue statement or alleged untrue statement of any material fact contained in any
Memorandum or any amendment or supplement thereto or any application or other
document, or any amendment or supplement thereto, executed by the Issuer or
based upon written information furnished by or on behalf of the Issuer, the
Guarantors or the Subordinated Guarantor filed in any jurisdiction in order to
qualify the Securities under the securities or “Blue Sky” laws thereof or filed
with any securities association or securities exchange (each an “Application”);
or

 

(ii)           the
omission or alleged omission to state, in any Memorandum or any amendment or
supplement thereto or any Application, a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading,

 

and will
reimburse, as incurred, the Initial Purchasers, each such affiliate and each
such controlling person for any reasonable legal or other reasonable expenses
incurred by the Initial Purchasers, such affiliate or such controlling person
in connection with investigating, defending against or appearing as a third-party
witness in connection with any such loss, claim, damage, liability or action; provided,
however, that the Issuer, the Guarantors and the Subordinated Guarantor
will not be liable in any such case to the extent that any such loss, claim,
damage, or liability arises out of or is based upon any untrue statement or
alleged untrue statement or omission or alleged omission made in the Offering Memorandum
or any amendment or supplement thereto or any Application in reliance upon and
in conformity with written information concerning the Initial Purchasers
furnished to the Issuer by the Initial Purchasers specifically for use therein;
and provided, further,
that the Issuer, the Guarantors and the Subordinated Guarantor will not be
liable to any Initial Purchaser or any person controlling such Initial Purchaser
with respect to any such untrue statement or alleged untrue statement or omission
or alleged omission made in any Preliminary Memorandum that is corrected in the
Offering Memorandum if the person asserting any such loss, claim, damage or
liability purchased Securities from such Initial Purchaser but was not sent or
given a copy of the Offering Memorandum in any case where such delivery of the
Offering Memorandum was required by the Act, unless such failure to deliver the
Offering Memorandum was a result of noncompliance by the Company with Section 5
hereof. This indemnity agreement will be in addition to any liability that the
Issuer, the Guarantors and the Subordinated Guarantor may otherwise have to the
indemnified parties. The Issuer, the Guarantors and the Subordinated Guarantor
shall not be liable under this Section 9 for any settlement of any claim
or action effected without their prior written consent, which shall not be
unreasonably withheld or delayed.

 

(b)           The Initial Purchasers
agree, severally and not jointly, to indemnify and hold harmless the Issuer,
the Guarantors and the Subordinated Guarantor, their respective

 

21

 

directors, officers and each person, if any, who controls the Issuer,
the Guarantors and the Subordinated Guarantor within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act against any
losses, claims, damages or liabilities to which the Issuer, the Guarantors or
the Subordinated Guarantor or any such director, officer or controlling person
may become subject under the Act, the Exchange Act or otherwise, insofar as
such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon (i) any untrue statement or alleged untrue
statement of any material fact contained in any Offering Memorandum or any
amendment or supplement thereto or any Application, or (ii) the omission
or the alleged omission to state therein a material fact required to be stated
in any Offering Memorandum or any amendment or supplement thereto or any
Application, or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, in each case to the
extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in
conformity with written information concerning such Initial Purchaser,
furnished to the Issuer by such Initial Purchaser specifically for use therein;
and subject to the limitation set forth immediately preceding this clause, will
reimburse, as incurred, any reasonable legal or other expenses incurred by the
Issuer, the Guarantors or the Subordinated Guarantor or any such director, officer
or controlling person in connection with investigating or defending against or
appearing as a third party witness in connection with any such loss, claim,
damage, liability or action in respect thereof. This indemnity agreement will
be in addition to any liability that the Initial Purchasers may otherwise have
to the indemnified parties. The Initial Purchasers shall not be liable under
this Section 9 for any settlement of any claim or action effected without
their consent, which shall not be unreasonably withheld or delayed.

 

The Issuer shall not, without the prior
written consent of the Initial Purchasers (which shall not be reasonably withheld
or delayed), effect any settlement or compromise of any pending or threatened
proceeding in respect of which any Initial Purchaser is or could have been a
party, or indemnity could have been sought hereunder by any Initial Purchaser,
unless such settlement (A) includes an unconditional written release of
the Initial Purchasers, in form and substance reasonably satisfactory to the
Initial Purchasers, from all liability on claims that are the subject matter of
such proceeding and for where indemnity could be sought hereunder and
(B) does not include any statement as to an admission of fault,
culpability or failure to act by or on behalf of any Initial Purchaser.

 

(c)           Promptly after receipt
by an indemnified party under this Section 9 of notice of the commencement
of any action for which such indemnified party is entitled to indemnification
under this Section 9, such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section 9,
notify the indemnifying party of the commencement thereof in writing; but the
omission to so notify the indemnifying party (i) will not relieve the
indemnifying party from any liability under paragraph (a) or (b) above
unless and to the extent such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and (ii) will not,
in any event, relieve the indemnifying party

 

22

 

from any obligations to any indemnified party other than the
indemnification obligation provided in paragraphs (a) and (b) above. In
case any such action is brought against any indemnified party, and it notifies
the indemnifying party of the commencement thereof, the indemnifying party will
be entitled to participate therein and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party; provided,
however, that if (i) the use of counsel chosen by the indemnifying
party to represent the indemnified party would present such counsel with a
conflict of interest, (ii) the defendants in any such action include both
the indemnified party and the indemnifying party and the indemnified party
shall have been advised by counsel that there may be one or more legal defenses
available to it and/or other indemnified parties that are different from or
additional to those available to the indemnifying party, or (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable time
after receipt by the indemnifying party of notice of the institution of such
action, then, in each such case, the indemnifying party shall not have the
right to direct the defense of such action on behalf of such indemnified party
or parties and such indemnified party or parties shall have the right to select
separate counsel to defend such action on behalf of such indemnified party or
parties. After notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof and approval by such indemnified
party of counsel appointed to defend such action, the indemnifying party will
not be liable to such indemnified party under this Section 9 for any legal
or other expenses, other than reasonable costs of investigation, subsequently
incurred by such indemnified party in connection with the defense thereof,
unless (i) the indemnified party shall have employed separate counsel in
accordance with the proviso to the immediately preceding sentence (it being
understood, however, that in connection with such action the indemnifying party
shall not be liable for the reasonable expenses of more than one separate
counsel (in addition to local counsel) in any one action or separate but
substantially similar actions in the same jurisdiction arising out of the same
general allegations or circumstances, designated by the Initial Purchasers in
the case of paragraph (a) of this Section 9 or the Issuer in the case of
paragraph (b) of this Section 9, representing the indemnified parties
under such paragraph (a) or paragraph (b), as the case may be, who
are parties to such action or actions) or (ii) the indemnifying party has
authorized in writing the employment of counsel for the indemnified party at
the expense of the indemnifying party. After such notice from the indemnifying
party to such indemnified party, the indemnifying party will not be liable for
the costs and expenses of any settlement of such action effected by such
indemnified party without the prior written consent of the indemnifying party
(which consent shall not be unreasonably withheld), unless such indemnified
party waived in writing its rights under this Section 9, in which case the
indemnified party may effect such a settlement without such consent.

 

(d)           In circumstances in
which the indemnity agreement provided for in the preceding paragraphs of this
Section 9 is unavailable to, or insufficient to hold harmless, an
indemnified party in respect of any losses, claims, damages or liabilities (or
actions in respect

 

23

 

thereof), each indemnifying party, in order to provide for just and
equitable contribution, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities
(or actions in respect thereof) in such proportion as is appropriate to reflect
(i) the relative benefits received by the indemnifying party or parties on
the one hand and the indemnified party on the other from the offering of the
Securities or (ii) if the allocation provided by the foregoing
clause (i) is not permitted by applicable law, not only such relative
benefits but also the relative fault of the indemnifying party or parties on
the one hand and the indemnified party on the other in connection with the
statements or omissions or alleged statements or omissions that resulted in
such losses, claims, damages or liabilities (or actions in respect thereof). The
relative benefits received by the Issuer, the Guarantors and the Subordinated
Guarantor on the one hand and any Initial Purchaser on the other shall be
deemed to be in the same proportion as the total proceeds from the offering
(before deducting expenses) received by the Issuer bear to the total discounts
and commissions received by such Initial Purchaser. The relative fault of the
parties shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Issuer, the Guarantors and the Subordinated Guarantor on the one hand, or
such Initial Purchaser on the other, the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission or alleged statement or omission, and any other equitable
considerations appropriate in the circumstances. The Issuer, the Guarantors,
the Subordinated Guarantor and the Initial Purchasers agree that it would not
be equitable if the amount of such contribution were determined by pro rata or
per capita allocation or by any other method of allocation that does not take
into account the equitable considerations referred to in the first sentence of
this paragraph (d). Notwithstanding any other provision of this paragraph
(d), no Initial Purchaser shall be obligated to make contributions hereunder
that in the aggregate exceed the total discounts, commissions and other
compensation received by such Initial Purchaser under this Agreement, less the
aggregate amount of any damages that such Initial Purchaser has otherwise been
required to pay by reason of the untrue or alleged untrue statements or the
omissions or alleged omissions to state a material fact, and no person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this paragraph (d) each
affiliate of an Initial Purchaser and each person, if any, who controls an
Initial Purchaser within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act shall have the same rights to contribution
as the Initial Purchasers, and each director of the Issuer, the Guarantors or
the Subordinated Guarantor, each officer of the Issuer, the Guarantors or the
Subordinated Guarantor and each person, if any, who controls the Issuer, the
Guarantors or the Subordinated Guarantor within the meaning of Section 15
of the Act or Section 20 of the Exchange Act, shall have the same rights
to contribution as the Issuer, the Guarantors and the Subordinated Guarantor.

 

24

 

10.           Survival
Clause. The representations, warranties, agreements, covenants, indemnities
and other statements of the Issuer, the Guarantors and the Subordinated
Guarantor, their officers and the Initial Purchasers set forth in this
Agreement or made by or on behalf of them pursuant to this Agreement shall
remain in full force and effect, regardless of (i) any investigation made
by or on behalf of the Issuer, the Guarantors and the Subordinated Guarantor,
any of their officers or directors, the Initial Purchasers or any controlling
person referred to in Section 9 hereof and (ii) delivery of and
payment for the Securities. The respective agreements, covenants, indemnities
and other statements set forth in Sections 6, 7, 9 and 16 hereof shall
remain in full force and effect, regardless of any termination or cancellation
of this Agreement.

 

11.           Default
of One or More of the Initial Purchasers.

 

(a)           If any Initial
Purchaser shall default in its obligation to purchase the Securities which it
has agreed to purchase hereunder, the Initial Purchasers may in their
discretion arrange for themselves or another party or other parties to purchase
such Securities on the terms contained herein. If within forty-eight hours
after such default by any Initial Purchaser the Initial Purchasers do not
arrange for the purchase of such Securities, then the Issuer shall be entitled
to a further period of forty-eight hours within which to procure another party
or other parties satisfactory to the Initial Purchasers to purchase such
Securities on such terms. In the event that, within the respective prescribed
periods, the Initial Purchasers notify the Issuer that they have so arranged
for the purchase of such Securities, or the Issuer notifies the Initial
Purchasers that it has so arranged for the purchase of such Securities, the
Initial Purchasers or the Issuer shall have the right to postpone the Closing
Date for a period of not more than seven business days, in order to effect
whatever changes may thereby be made necessary in the Offering Memorandum, or
in any other documents or arrangements, and the Issuer agrees to prepare
promptly any amendments to the Offering Memorandum which in the Initial
Purchasers’ opinion may thereby be made necessary. The term “Initial Purchaser”
as used in this Agreement shall include any person substituted under this
Section with like effect as if such person had originally been a party to this
Agreement with respect to such Securities.

 

(b)           If, after giving effect
to any arrangements for the purchase of the Securities of a defaulting Initial
Purchaser or Initial Purchasers by the Initial Purchasers and the Issuer as
provided in subsection (a) above, the aggregate principal amount of such
Securities which remains unpurchased does not exceed one-tenth of the aggregate
principal amount of all the Securities, then the Issuer shall have the right to
require each non-defaulting Initial Purchaser to purchase the principal amount
of Securities which such Initial Purchaser agreed to purchase hereunder and, in
addition, to require each non-defaulting Initial Purchaser to purchase its pro
rata share (based on the principal amount of Securities which such Initial
Purchaser agreed to purchase hereunder) of the Securities of such defaulting
Initial Purchaser or Initial Purchasers for which such arrangements have not
been made; but nothing herein shall relieve a defaulting Initial Purchaser from
liability for its default.

 

25

 

(c)           If, after giving effect
to any arrangements for the purchase of the Securities of a defaulting Initial
Purchaser or Initial Purchasers by the Initial Purchasers and the Issuer as
provided in subsection (a) above, the aggregate principal amount of Securities
which remains unpurchased exceeds one-tenth of the aggregate principal amount
of all the Securities, or if the Issuer shall not exercise the right described
in subsection (b) above to require non-defaulting Initial Purchasers to
purchase Securities of a defaulting Initial Purchaser or Initial Purchasers,
then this Agreement shall thereupon terminate, without liability on the part of
any non-defaulting Initial Purchaser or the Issuer, except for the expenses to
be borne by the Issuer and the Initial Purchasers as provided in Section 6
hereof and the indemnification and contribution agreements in Section 9 hereof;
but nothing herein shall relieve a defaulting Initial Purchaser from liability
for its default.

 

12.           Termination.

 

(a)           This Agreement may be
terminated in the sole discretion of the Initial Purchasers by notice to the
Issuer given prior to the Closing Date in the event that the Issuer, the
Guarantors or the Subordinated Guarantor shall have failed, refused or been
unable to perform all obligations and satisfy all conditions on its part to be
performed or satisfied hereunder at or prior thereto or, if at or prior to the
Closing Date:

 

(i)            either
the Issuer, the Guarantors or the Subordinated Guarantor shall have sustained
any loss or interference with respect to its businesses or properties from
fire, flood, hurricane, accident or other calamity, whether or not covered by
insurance, or from any strike, labor dispute, slow down or work stoppage or any
legal or governmental proceeding, which loss or interference, in the reasonable
judgment of the Initial Purchasers, has had or has a Material Adverse Effect,
or there shall have been, in the sole judgment of the Initial Purchasers, any
event or development that, individually or in the aggregate, has or could be
reasonably likely to have a Material Adverse Effect (including without
limitation a change in control of any of the Issuer or any Subsidiary), except
in each case as described in the Offering Memorandum (exclusive of any
amendment or supplement thereto);

 

(ii)           trading
in securities generally on the New York Stock Exchange, American Stock Exchange
or the NASDAQ National Market shall have been suspended or minimum or maximum
prices shall have been established on any such exchange or market;

 

(iii)          a
banking moratorium shall have been declared by New York or United States
authorities or a material disruption in commercial banking or securities settlement
or clearance services in the United States;

 

(iv)          there
shall have been (A) an outbreak or escalation of hostilities between the
United States and any foreign power, or (B) an outbreak or escalation of
any

 

26

 

other insurrection or armed conflict involving the United States or any
other national or international calamity or emergency, or (C) any material
change in the financial markets of the United States which, in the case of (A),
(B) or (C) above and in the sole judgment of the Initial Purchasers, makes it
impracticable or inadvisable to proceed with the offering or the delivery of
the Securities as contemplated by the Offering Memorandum; or

 

(v)           any
securities of the Issuer shall have been downgraded or placed on any “watch
list” for possible downgrading by any nationally recognized statistical rating
organization.

 

(b)           Termination of this
Agreement pursuant to this Section 12 shall be without liability of any
party to any other party except as provided in Section 11 hereof.

 

13.           Information
Supplied by the Initial Purchasers. The statements set forth in the last
paragraph on the front cover page (as such paragraph is supplemented by the
Pricing Supplement), the third sentence of the third paragraph, the third sentence
of the fifth paragraph and the sixth paragraph under the heading “Private
Placement” in the Offering Memorandum (to the extent such statements relate to
the Initial Purchasers) constitute the only information furnished by the
Initial Purchasers to the Issuer for the purposes of Sections 2(a) and 9
hereof.

 

14.           Notices.
All communications hereunder shall be in writing and, if sent to the Initial
Purchasers, shall be mailed or delivered to Deutsche Bank Securities Inc., 60
Wall Street, New York, New York 10005, Attention:  Corporate Finance Department, with a copy to
Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005,
Attention:  William M. Hartnett; if
sent to the Issuer, the Guarantors or the Subordinated Guarantor, shall be
mailed or delivered to the Issuer at 8211 Town Center Drive, Baltimore,
Maryland 21236, Attention:  John B. Ross,
with a copy to Paul, Weiss, Rifkind, Wharton & Garrison LLP,
1285 Avenue of the Americas, New York, New York 10019-6064,
Attention:  John C. Kennedy.

 

All such notices and communications shall be
deemed to have been duly given:  when
delivered by hand, if personally delivered; five business days after being
deposited in the mail, postage prepaid, if mailed; and one business day after
being timely delivered to a next-day air courier.

 

15.           Successors.
This Agreement shall inure to the benefit of and be binding upon the Initial
Purchasers, the Issuer, the Guarantors and the Subordinated Guarantor, if any,
and their respective successors and legal representatives, and nothing
expressed or mentioned in this Agreement is intended or shall be construed to
give any other person any legal or equitable right, remedy or claim under or in
respect of this Agreement, or any provisions herein contained; this Agreement
and all conditions and provisions hereof being intended to

 

27

 

be and being for the sole and exclusive
benefit of such persons and for the benefit of no other person except that
(i) the indemnities of the Issuer, the Guarantors and the Subordinated
Guarantor, if any, contained in Section 9 of this Agreement shall also be
for the benefit of any person or persons who control an Initial Purchaser
within the meaning of Section 15 of the Act or Section 20 of the Exchange
Act and (ii) the indemnities of the Initial Purchasers contained in Section 9
of this Agreement shall also be for the benefit of the directors of the Issuer,
the Guarantors and the Subordinated Guarantor, if any, their respective
officers and any person or persons who control the Issuer within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act. No purchaser of
Securities from the Initial Purchasers will be deemed a successor because of
such purchase.

 

16.           APPLICABLE
LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND
CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF
RELATING TO CONFLICTS OF LAW.

 

17.           No
Advisory or Fiduciary Responsibility. Each of the Issuer, the Guarantors
and the Subordinated Guarantor acknowledges and agrees that (i) the purchase
and sale of the Securities pursuant to this Agreement is an arm’s-length
commercial transaction between the Issuer, the Guarantors and the Subordinated
Guarantor, on the one hand, and the Initial Purchasers, on the other, (ii) in
connection therewith and with the process leading to such transaction each
Initial Purchaser is acting solely as a principal and not the agent or fiduciary
of the Issuer, the Guarantors or the Subordinated Guarantor, (iii) no Initial
Purchaser has assumed an advisory or fiduciary responsibility in favor of the
Issuer, the Guarantors or the Subordinated Guarantor with respect to the
offering contemplated hereby or the process leading thereto (irrespective of
whether such Initial Purchaser has advised or is currently advising the Issuer,
the Guarantors or the Subordinated Guarantor on other matters) or any other obligation
to the Issuer, the Guarantors or the Subordinated Guarantor except the
obligations expressly set forth in this Agreement and (iv) the Issuer, the
Guarantors and the Subordinated Guarantor have consulted their own legal and
financial advisors to the extent it deemed appropriate. Each of the Issuer, the
Guarantors and the Subordinated Guarantor agrees that it will not claim that
any Initial Purchaser has rendered advisory services of any nature or respect,
or owes a fiduciary or similar duty to the Issuer, the Guarantors or the
Subordinated Guarantors in connection with the purchase and sale of Securities
or the process leading thereto.

 

18.           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the
same instrument.

 

28

 

If the foregoing correctly sets forth our
understanding, please indicate your acceptance thereof in the space provided below
for that purpose, whereupon this letter shall constitute a binding agreement
among the Issuer, the Guarantors and the Subordinated Guarantor and the Initial
Purchasers.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WILLIAMS SCOTSMAN, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WILLIAMS SCOTSMAN OF CANADA, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WILLIAMS SCOTSMAN INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
					

 

 

	
   

  	
  EVERGREEN MOBILE COMPANY

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SPACE MASTER INTERNATIONAL, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TRUCK & TRAILER SALES, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WILLSCOT EQUIPMENT, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John B.
  Ross

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John B. Ross

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
					

 

 

The foregoing Agreement is hereby confirmed and accepted as of the date
first above written.

 

DEUTSCHE BANK SECURITIES INC.

BANC OF AMERICA SECURITIES LLC

LEHMAN BROTHERS INC.

 

 

	
  By: Deutsche Bank Securities Inc.

  
	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Michael
  Hill

  	
   

  
	
   

  	
  Name:  Michael
  Hill

  
	
   

  	
  Title:
  Managing Director

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ John C.
  Cushman

  	
   

  
	
   

  	
  Name:  John
  C. Cushman

  
	
   

  	
  Title:
  Managing Director

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