Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

FIRST AMENDMENT TO

ABL CREDIT AGREEMENT

          This FIRST AMENDMENT TO ABL CREDIT AGREEMENT (this “Amendment”) is dated as of August
31, 2008 and entered into by and among by and among Mobile Mini, Inc., a Delaware corporation
(the “US Company”), each of the other undersigned US Borrowers (collectively with the US
Company, the “US Borrowers”, and each, a “US Borrower”), Ravenstock MSG Limited, a
limited liability company incorporated in England and Wales (the “UK Company”), Mobile Mini
UK Limited, a corporation incorporated in England and Wales (“Mobile Mini UK” and together
with UK Company, the “UK Borrowers”, and each, a “UK Borrower” and, together with
US Borrowers, collectively, the “Borrowers”, and each, a “Borrower”), each Lender
party thereto (collectively, the “Lenders”), Deutsche Bank AG New York Branch, as
Administrative Agent, and each of the undersigned Guarantors.

Recitals

          Whereas, the US Company, the other Credit Parties, the Lenders, and the Administrative Agent
have entered into that certain ABL Credit Agreement dated as of June 27, 2008 (the “Credit
Agreement”; capitalized terms used in this Amendment without definition shall have the meanings
given such terms in the Credit Agreement);

          Whereas, the US Company has advised that on or prior to August 31, 2008, it and other Credit
Parties intend to enter into the transactions set forth on Schedule I hereto (the
“European Restructuring Transactions”);

          Whereas, the US Company has requested that the Lenders party hereto (the “Required
Lenders”) agree, subject to the conditions and terms of this Amendment, to the amendments and
waivers as further set forth herein, to enable the US Company and the other Credit Parties to
consummate the European Restructuring Transactions;

          Whereas, the US Company, the Other Credit Parties and the Required Lenders intend this
Amendment to be an amendment of the Credit Agreement and is not intended to be a novation of the
Obligations;

          Now Therefore, in consideration of the premises and the mutual agreements set forth herein,
the US Company, the other Credit Parties, the Required Lenders, and the Administrative Agent agree
as follows:

          1. AMENDMENTS TO CREDIT AGREEMENT. Subject to the conditions and upon the terms set forth in
this Amendment and in reliance on the representations and warranties of the US Company set forth in
this Amendment, the Credit Agreement is hereby amended as follows:

 

 

               1.1 Amendment to Section 1.01. Section 1.01 is amended by adding the following definitions in
appropriate alphabetical order:

          “European Restructuring Transactions” means the transactions described on Schedule I
to the First Amendment.

          “First Amendment” means that certain First Amendment to Credit and Guaranty Agreement
dated as of August 31, 2008 among the Borrowers, the Guarantors, the Administrative Agent and the
Required Lenders.

          “First Amendment Effective Date” means the date of satisfaction of the conditions
referred to in Section 3 of the First Amendment.

               1.2 Amendment to Section 8.04. Section 8.04 is deleted in its entirety and replaced
with the following:

          “8.04 Capital Structure. Schedule 8.04 hereto states, as of the First
Amendment Effective Date, (i) the correct name of each of the Subsidiaries of US Company, its
jurisdiction of incorporation or organization and the percentage of its Voting Stock owned by US
Company or a Subsidiary of US Company, (ii) the name of each of US Company’s and each other Credit
Party’s corporate or joint venture relationships and the nature of the relationship, (iii) the
number and nature of all outstanding Securities of US Company and the number, nature and holder of
Securities of each other Credit Party and (iv) the number of issued and treasury Securities of US
Company. US Company and each other Credit Party has good title to all of the Securities it
purports to own of each of such Subsidiaries, free and clear in each case of any Lien other than
Permitted Liens. All such Securities have been duly issued and are fully paid and non-assessable.
As of the First Amendment Effective Date, there are no outstanding options to purchase, or any
rights or warrants to subscribe for, or any commitments or agreements to issue or sell any
Securities or obligations convertible into, or any powers of attorney relating to any Securities of
any of US Company’s direct or indirect Subsidiaries. Except as set forth on Schedule 8.04, as of
the First Amendment Effective Date, there are no outstanding agreements or instruments binding upon
any of Company’s or any other Credit Party’s partners, members or shareholders, as the case may be,
relating to the ownership of its Securities. As of the First Amendment Effective Date, 100% of the
Equity Interests of each Credit Party (other than US Company) are owned directly or indirectly by
US Company.”

               1.3 Amendment to Schedule 8.04. Schedule 8.04 is deleted in its entirety and replaced
with Schedule 8.04 attached hereto.

               1.4 Amendment to Section 10.03. Clause (iv) of Section 10.03 is deleted in its
entirety and replaced with the following:

          “(iv) Asset Sales (including, without limitation, transfers of Inventory, Equipment or Real
Property from US Company to a Credit Party) from US Company to a Credit Party, or from one Credit
Party to another Credit Party or to US Company, provided, in each case, that any

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transfer of Inventory, Equipment or Real Property from a Borrower shall be made to another
Credit Party that is or, concurrently with such transfer, becomes, a Borrower), “

     1.5 Amendment to Section 10.07. Clause (iii) of Section 10.07(b) is deleted in its
entirety and replaced with the following:

          “(iii) by US Company or a Domestic Subsidiary in UK Company or a Foreign Subsidiary that is a
UK Credit Party; provided that all Investments in such Foreign Subsidiaries, together with
Indebtedness of Foreign Subsidiaries permitted under Section 10.05(e)(iii), shall not
exceed $25,000,000 or the Equivalent Amount thereof at any time outstanding, provided
further that any Investment by US Company or a Domestic Subsidiary in UK Company or a Foreign
Subsidiary that is a UK Credit Party having occurred or having been deemed to have occurred in
connection with the European Restructuring Transactions shall not be counted against such
$25,000,000 cap.”

                  1.6 Amendment to Section 10.17. Section 10.17(b) is amended by deleting the reference
to “and” before the existing clause (iv) thereof,
replacing such reference with “, ”, and inserting
the following clause (v) after the existing clause (iv):

          “and (v) for transfers, replacements of then outstanding shares of capital stock or other
Equity Interests, stock splits, stock dividends and other issuances which do not decrease the
indirect percentage ownership of US Company in any class of the capital stock or other Equity
Interests of the issuing Subsidiary, in each case made in connection with the European
Restructuring Transaction.”

          2. REPRESENTATIONS AND WARRANTIES. In order to induce the Required Lenders and the
Administrative Agent to enter into this Amendment, the US Company and each other Credit Party
represents and warrants to each Required Lender and the Administrative Agent that the following
statements are true, correct and complete:

               2.1 Power and Authority. US Company and each other Credit Party is duly authorized and
empowered to enter into this Amendment, and to carry out the transactions contemplated by, and to
perform its obligations under or in respect of, the Credit Agreement as amended hereby.

               2.2 No Conflict or Violation or Required Consent or Approval. The execution and delivery of
this Amendment, the performance of the obligations of each Credit Party under or in respect of the
Credit Agreement as amended hereby, and the consummation of the European Restructuring Transactions
do not and will not conflict with or violate (a) any provision of the governing documents of any
Credit Party, (b) any Applicable Law, (c) any order, judgment or decree of any court or other
governmental agency binding on any Credit Party, or (d) any indenture, agreement or instrument to
which any Credit Party is a party or by which any Credit Party (including, without limitation, the
Senior Note Indentures), or any property of any of them, is bound, and do not and will not require
any consent or approval of any Person (except as has otherwise been obtained prior to the First
Amendment Effective Date).

 - 3 - 

 

               2.3 Execution, Delivery and Enforceability. This Amendment has been duly executed and
delivered by each Credit Party which is a party thereto and are the legal, valid and binding
obligations of such Credit Party, enforceable in accordance with their terms, except as
enforceability may be affected by applicable bankruptcy, insolvency, and similar proceedings
affecting the rights of creditors generally, and general principles of equity.

               2.4 No Default or Event of Default. No event has occurred and is continuing or will result
from the execution and delivery of this Amendment or the consummation of the European Restructuring
Transactions that would constitute a Default or an Event of Default. The US Company and its
Subsidairies are in compliance with the terms of the Senior Note Indentures.

               2.5 Representations and Warranties. Each of the representations and warranties contained in
the Credit Agreement is and will be true and correct in all material respects on and as of the date
hereof and as of the effective date of this Amendment, except to the extent that such
representations and warranties specifically relate to an earlier date, in which case they were
true, correct and complete in all material respects as of such earlier date.

          3. CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT. This Amendment shall be effective only if
and when signed by, and when counterparts hereof shall have been delivered to the Administrative
Agent or its counsel (by hand delivery, mail or telecopy or electronic transmission) by, US
Company, each other Credit Party and the Required Lenders and only if and when each of the
following conditions is satisfied:

               3.1 No Default or Event of Default; Accuracy of Representations and Warranties. No Default or
Event of Default shall exist and each of the representations and warranties made by the various
parties herein and in or pursuant to the Credit Documents shall be true and correct in all material
respects as if made on and as of the First Amendment Effective Date (except that any such
representation or warranty that is expressly stated as being made only as of a specified earlier
date shall be true and correct as of such earlier date).

               3.2 Compliance with Credit Agreement. With respect to the consummation of the European
Restructuring Transactions, each of the US Company and each Credit Party shall have complied with
each of their respective obligations under the Credit Agreement (as modified by the First
Amendment), including, without limitation, Sections 10.12, 10.14 and 10.15.

               3.3 Lien Perfection. The US Company and each of the other Credit Parties shall have delivered
to Administrative Agent such documents as requested by Administrative Agent, if any, to perfect or
to continue the perfection of the Liens granted to the Administrative Agent for the benefit of the
Lenders and evidence that Administrative Agent has duly perfected First Priority Liens in the
assets of US Company and the other Credit Parties to the extent required by the Credit Agreement
and the other Credit Documents.

               3.4 Officer’s Certificate. The Administrative Agent shall have received a certificate, dated
the First Amendment Effectiveness Date and signed on behalf of US

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Company by the chairman of the
Board, the chief executive officer, the president or any vice president of US Company, in form and
substance satisfactory to the Administrative Agent.

               3.5 Delivery of Documents. The Administrative Agent shall have received such documents as the
Administrative Agent may reasonably request in connection with this Amendment.

               3.6 Repayment of UK Revolving Loans. Prior to the transfer of all of Ravenstock MSG Limited’s
assets to Mobile Mini UK Ltd. pursuant to “Step 3” of the European Restructuring Transactions,
Ravenstock MSG Limited shall have repaid in cash in full all of its UK Revolving Loans (which UK
Revolving Loans shall have been repaid with the proceeds of UK Revolving Loans borrowed by Mobile
Mini UK Ltd.).

          4. EFFECT OF AMENDMENT. From and after the date on which this Amendment becomes effective,
all references in the Credit Agreement shall mean the Credit Agreement as amended hereby. Except
as expressly amended or waived hereby, the Credit Agreement and the other Credit Documents,
including the Liens granted thereunder, shall remain in full force and effect, and are hereby
ratified and confirmed. Each Credit Party confirms that as amended hereby, each of the Credit
Documents is in full force and effect, and that none of the Credit Parties has any defenses,
setoffs or counterclaims to its Obligations. Each Credit Party hereby acknowledges and confirms
the security interests and Liens granted by it under the Credit Agreement and the other Credit
Documents (including, without limitation, such Lien as they apply to the assets of the Credit
Parties after giving effect to the European Restructuring Transactions) and that such security
interests and Liens are valid and subsisting, are not impaired by the execution and delivery of the
First Amendment, and continue without interruption to secure all Obligations now or hereafter
outstanding.

          5. ACKNOWLEDGMENT AND CONSENT

               5.1 Each Guarantor hereby acknowledges that it has reviewed the terms and provisions of the
Credit Agreement and this Amendment and consents to the amendment of the Credit Agreement effected
pursuant to this Amendment. Each Guarantor hereby confirms that each Credit Document to which it
is a party or otherwise bound and all Collateral encumbered thereby will continue to guarantee or
secure, as the case may be, to the fullest extent possible in accordance with the Credit Documents
the payment and performance of all “Obligations” under each of the Credit Documents to which is a
party (in each case as such terms are defined in the applicable Credit Document).

               5.2 Each Guarantor acknowledges and agrees that any of the Credit Documents to which it is a
party or otherwise bound shall continue in full force and effect and that all of its obligations
thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or
effectiveness of this Amendment. Each Guarantor represents and warrants that all representations
and warranties contained in the Credit Agreement as amended
hereby and the Credit Documents to which it is a party or otherwise bound are true and correct
in all material respects on and as of the First Amendment Effective Date to the same extent as
though made on and as of that date, except to the extent such representations and warranties

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specifically relate to an earlier date, in which case they were true and correct in all material
respects on and as of such earlier date.

               5.3 Each Guarantor acknowledges and agrees that (i) notwithstanding the conditions to
effectiveness set forth in this Amendment, such Guarantor is not required by the terms of the
Credit Agreement or any other Credit Document to consent to the amendments to the Credit Agreement
effected pursuant to this Amendment and (ii) nothing in the Credit Agreement, this Amendment or any
other Credit Document shall be deemed to require the consent of such Guarantor to any future
amendments to the Credit Agreement.

          6. AUTHORIZATION. Each Required Lender, by its countersignature hereto, hereby irrevocably
authorizes the Administrative Agent and the Collateral Agent to take such action on its behalf
under the provisions of this Amendment, the Credit Agreement, the other Credit Documents and any
other instruments and agreements referred to herein or therein and to exercise such powers and to
perform such duties hereunder and thereunder (including, without limitation, the execution and
delivery of amendments to any Security Documents) as are required, in the reasonable judgment of
the Administrative Agent or Collateral Agent, to give effect to the First Amendment and the
transaction contemplated hereby.

          7. EXPENSES. The US Company agrees to promptly reimburse Administrative Agent and Required
Lenders on demand for all fees and out-of-pocket costs and expenses, including the fees,
out-of-pocket costs and expenses of counsel retained by Administrative Agent and Required Lenders
in connection with the negotiation and documentation of this Amendment, and such amounts shall
constitute part of the Obligations.

          8. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE
APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

          9. CAPTIONS; COUNTERPARTS. The catchlines and captions herein are intended solely for
convenience of reference and shall not be used to interpret or construe the provisions hereof. This
Amendment may be executed by one or more of the parties to this Amendment on any number of separate
counterparts (including by telecopy), all of which taken together shall constitute but one and the
same instrument.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered
by their respective officers thereunto duly authorized as of the date first written above.

	 	 	 	 	 	 	 
	US BORROWERS:	 	MOBILE MINI, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg
 

Name: Lawrence Trachtenberg
	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE STORAGE GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg
 

Name: Lawrence Trachtenberg
	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MSG INVESTMENTS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI I, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By: MOBILE MINI, INC., its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By: MOBILE MINI, INC., its Sole Member	 	 

Signature Page to First Amendment

 S-1 

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Lawrence Trachtenberg	 	 
	 

	 	Title:
	 	Executive Vice President and Chief
Financial Officer	 	 

	 	 	 	 	 	 	 
	 	 	MOBILE MINI OF OHIO, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By: MOBILE MINI, INC., its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg
 

Name: Lawrence Trachtenberg
	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	UK BORROWERS:	 	RAVENSTOCK MSG LIMITED.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI UK LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	GUARANTORS:	 	MOBILE MINI, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE STORAGE GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MSG INVESTMENTS, INC.	 	 

 S-2 

 

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg
 

Name: Lawrence Trachtenberg
	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	DELIVERY DESIGN SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg
 

Name: Lawrence Trachtenberg
	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI I, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By: MOBILE MINI, INC., its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By: MOBILE MINI, INC., its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	MOBILE MINI OF OHIO, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	By: MOBILE MINI, INC., its Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Lawrence Trachtenberg	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Lawrence Trachtenberg	 	 
	 

	 	 	 	Title: Executive Vice President and Chief 

          Financial Officer	 	 

 S-3 

 

	 	 	 	 	 
	 	MOBILE MINI OF OHIO, LLC

 	 
	 	 	By: MOBILE MINI, INC., its Sole Member
 	 
	 	 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	A BETTER MOBILE STORAGE COMPANY

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	MOBILE STORAGE GROUP (TEXAS), L.P.

 	 
	 	 	By: MOBILE STORAGE GROUP, INC., as its General Partner
 	 
	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	RAVENSTOCK MSG LIMITED.

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 
	 
	 	A ROYAL WOLF PORTABLE STORAGE, INC.

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-4 

 

	 	 	 	 	 
	 	TEMPORARY MOBILE STORAGE, INC.

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	MOBILE STORAGE (UK) LIMITED

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 
	 
	 	RAVENSTOCK (TAM) HIRE LIMITED

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 
	 
	 	MOBILE STORAGE UK FINANCE, LP

 	 
	 	 	By: MOBILE STORAGE GROUP, INC., its General Partner
 	 
	 	 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 
	 
	 	LIKO LUXEMBOURG INTERNATIONAL S.A.R.L.

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 
	 
	 	MOBILE MINI UK HOLDINGS LIMITED

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 
	 
	 	BOX LEASE LIMITED

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Director 	 

S-5 

 

	 	 	 	 	 
	 	MOBILE MINI HOLDING B.V.

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	MOBILE MINI B.V.

 	 
	 	By:  	/s/ Lawrence Trachtenberg
 	 
	 	 	Name:  	Lawrence Trachtenberg 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 

S-6 

 

	 	 	 	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH

as Administrative Agent and Lender

 	 
	 	By:  	/s/ Marguerite Sutton
 	 
	 	 	Name:  	Marguerite Sutton 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                        /s/ Eric Landeata
 	 
	 	 	Name:  	Eric Landeata 	 
	 	 	Title:  	Director 	 
	 
	 	BANK OF AMERICA, N.A.

as Lender

 	 
	 	By:  	/s/ Jason Riley
 	 
	 	 	Name:  	Jason Riley 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

as Lender

 	 
	 	By:  	/s/ Timothy J. Whitefoot
 	 
	 	 	Name:  	Timothy J. Whitefoot 	 
	 	 	Title:  	Vice President 	 
	 
	 	RBS BUSINESS CAPITAL, A DIVISION OF RBS ASSET FINANCE, INC.

as Lender

 	 
	 	By:  	/s/ James H. Herzos Jr.
 	 
	 	 	Name:  	James H. Herzos Jr. 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	CAPITAL ONE LEVERAGE FINANCE CORP..

as Lender

 	 
	 	By:  	/s/ Thomas F Furst
 	 
	 	 	Name:  	Thomas F Furst 	 
	 	 	Title:  	Vice President 	 

S-7 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK LEUMI USA

as Lender

 	 
	 	By:  	/s/ Jacques Delvoy
 	 
	 	 	Name:  	Jacques Delvoy 	 
	 	 	Title:  	Vice President 	 
	 
	 	ROYAL BANK OF CANADA

as Lender

 	 
	 	By:  	/s/ Jeff Patchell
 	 
	 	 	Name:  	Jeff Patchell 	 
	 	 	Title:  	Attorney-in-fact 	 
	 
	 	BANK OF ARIZONA, N.A.

as Lender

 	 
	 	By:  	/s/ Christine Nowazyk
 	 
	 	 	Name:  	Christine Nowazyk 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	UPS CAPITAL CORPORATION

as Lender

 	 
	 	By:  	/s/ John P. Holloway
 	 
	 	 	Name:  	John P. Holloway 	 
	 	 	Title:  	Director of Portfolio Management 	 
	 
	 	BURDALE CAPITAL FINANCE, INC.

as Lender

 	 
	 	By:  	/s/ Antimo Barbieri
 	 
	 	 	Name:  	Antimo Barbieri 	 
	 	 	Title:  	Senior Vice President 	 
	 
	 	 	 
	 	By:  	                     /s/ Phillip R. Webb
 	 
	 	 	Name:  	Phillip R. Webb 	 
	 	 	Title:  	Director 	 

S-8 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK,

as Lender

 	 
	 	By:  	/s/ John T. Penny
 	 
	 	 	Name:  	John T. Penny 	 
	 	 	Title:  	Vice President 	 
	 
	 	WELLS FARGO FOOTHILL, LLC

as Lender

 	 
	 	By:  	/s/ Rohan Damani
 	 
	 	 	Name:  	Rohan Damani 	 
	 	 	Title:  	Vice President 	 
	 
	 	SIEMENS FINANCIAL SERVICES, INC.

as Lender

 	 
	 	By:  	/s/ John Finore
 	 
	 	 	Name:  	John Finore 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	               /s/ Markus Schiffers
 	 
	 	 	Name:  	Markus Schiffers 	 
	 	 	Title:  	Vice President & General Manager 	 
	 
	 	THE BANK OF NOVA SCOTIA,

as Lender

 	 
	 	By:  	/s/ Diane Emanual
 	 
	 	 	Name:  	Diane Emanual 	 
	 	 	Title:  	Director 	 
	 
	 	ING CAPITAL LLC,

as Lender

 	 
	 	By:  	/s/ Bill Beddingfield
 	 
	 	 	Name:  	Bill Beddingfield 	 
	 	 	Title:  	Managing Director 	 

S-9ex101.htm

    EXHIBIT
10.1

    COMPENSATION  AGREEMENT

    

    This Compensation Agreement is dated as
of September 3, 2008 by and between Pegasi Energy Resources Corporation, a
Nevada corporation (the “Company”) and Marc Ross, a member of the law firm of
Sichenzia Ross Friedman Ference LLP (“Ross”).

    

    WHEREAS, the Company has requested that
Ross provide the Company with legal services relating to the preparation of
documents in connection with a private placement of the Company’s debt
securities, and Ross has agreed to provide the Company with such legal services;
and

    

    WHEREAS, the Company wishes to
compensate Ross with shares of its common stock for such services
rendered;

    

    NOW THEREFORE, in consideration of the
mutual covenants hereinafter stated, it is agreed as follows:

    

    1.           The
Company will issue to Ross, upon filing of the Form S-8 referred to below,
subject to the limitations set forth in Section 3 herein, an aggregate of 35,000
shares of the Company’s common stock, $.001 par value per share (the “Common
Stock”) in payment for legal services to be performed.  Subsequent to
the filing of a registration statement on Form S-8 with the Securities and
Exchange Commission registering such shares, as set forth in Section 2 below,
the shares of Common Stock to be issued shall represent consideration for
services to be performed by Ross on behalf of the Company.

    

    2.           The
above compensation shall be registered using a Form S-8.  The Company
shall file such Form S-8 with the Securities and Exchange Commission within 30
days of the execution of this agreement.

    

    3.           Notwithstanding
anything contained herein to the contrary, in no event shall Ross be entitled to
receive a number of shares of Common Stock of which the sum of the number of
shares of Common Stock beneficially owned by Ross and his affiliates would
result in beneficial ownership by Ross and its affiliates of more than 4.9% of
the outstanding shares of Common Stock.  For purposes of the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended, and Regulation 13D-G thereunder.

     

    IN
WITNESS WHEREOF, this Compensation Agreement has been executed by the parties as
of the date first above written.

     

    
      
        	 	

                PEGASI
      ENERGY RESOURCES CORPORATION

              	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Richard
      Lindermanis	 
	 	 	Senior
      Vice President	 
	 	 	 	 
	 	 	 	 

      

    
      
        	
                 

              	
                By:
      

              	/s/ 	 
	 	 	

                Marc
      Ross

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