Document:

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                                                                  EXHIBIT 10.3.2

                                                                  EXECUTION COPY

                          AMENDED AND RESTATED GUARANTY

          THIS AMENDED AND RESTATED GUARANTY (this "Guaranty"), is made and
entered into as of February 17, 2006, by MOBILE MINI I, INC., an Arizona
corporation, MOBILE MINI HOLDINGS, INC., a Delaware corporation, DELIVERY DESIGN
SYSTEMS, INC., an Arizona corporation, MOBILE MINI, LLC, a Delaware limited
liability company, MOBILE MINI, LLC, a California limited liability company,
MOBILE MINI OF OHIO, LLC, a Delaware limited liability company, and MOBILE MINI
TEXAS LIMITED PARTNERSHIP, LLP, a Texas limited liability partnership (each,
together with each additional Subsidiary of Mobile Mini, Inc. which becomes a
party hereto, a "Guarantor" and collectively, the "Guarantors"), in favor of the
financial institutions and their successors and assigns (the "Lenders") which
may now be or hereafter become parties to the Loan Agreement (as defined below),
and DEUTSCHE BANK AG, NEW YORK BRANCH, for itself and as agent for the Lenders
(the "Agent"; and together with the Lenders, the "Guaranteed Parties").

                                    RECITALS

          WHEREAS, Mobile Mini, Inc., a Delaware corporation (the "Borrower"),
the parent of Guarantors, Fleet Capital Corporation ("Fleet"), as agent and as a
lender, and certain other lenders (together with Fleet, the "Existing Lenders"),
are parties to that certain Amended and Restated Loan and Security Agreement,
dated as of February 11, 2002, and Amended and Restated as of June 26, 2003, and
as further amended by that certain First Amendment to Amended and Restated Loan
and Security Agreement, dated as of January 14, 2004, that certain Second
Amendment to Amended and Restated Loan and Security Agreement, dated as of March
16, 2004 and that certain Third Amendment to Amended and Restated Loan and
Security Agreement dated as of August__, 2004 (collectively, the "Existing Loan
Agreement"), providing for the extension of credit by the Existing Lenders to
the Borrower; and

          WHEREAS, in connection with the Existing Loan Agreement, the
Guarantors and Fleet executed that certain Guaranty Agreement dated as of
February 11, 2002 (as amended prior to the date hereof, the "Existing Guaranty
Agreement"); and

          WHEREAS, pursuant to that certain Second Amended and Restated Loan and
Security Agreement dated as of even date hereof by and among the Borrower, the
Agent and the Lenders (as such agreement may be further amended, extended,
renewed, supplemented, restated or otherwise modified from time to time, the
"Loan Agreement"), the Existing Loan Agreement is being amended and restated to,
among other things, increase the maximum loan amount under the revolving credit
facility and replace Fleet as agent with the Agent; and

          WHEREAS, as wholly-owned subsidiaries of Borrower, each Guarantor is
materially interested in the financial success of Borrower; and

          WHEREAS, Borrower and Guarantors are involved in an inter-related
business enterprise and will benefit from the financing provided by the
Guaranteed Parties; and

          WHEREAS, pursuant to the Loan Agreement, the parties hereto desire to
amend and restate the Existing Guaranty Agreement in its entirety as set forth
herein; and

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          WHEREAS, the Lenders have required, as a condition to the extension of
credit under the Loan Agreement, that the Guarantors execute and deliver this
Guaranty.

          NOW, THEREFORE, in consideration of the premises and to induce the
Lenders to extend credit under the Loan Agreement, each Guarantor agrees with
the Agent for its benefit and the ratable benefit of the Lenders as follows:

                                    AGREEMENT

          1. DEFINITIONS AND CONSTRUCTION.

               1.1 DEFINITIONS. Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to them in the Loan Agreement.
The following terms, as used in this Guaranty, shall have the following
meanings:

                    "GUARANTEED OBLIGATIONS" means the Obligations owing by
Borrower to the Guaranteed Parties, including interest that accrues after the
commencement of a bankruptcy or insolvency proceeding or which would have
accrued but for such proceeding and costs of collection and enforcement of such
Obligations.

               1.2 CONSTRUCTION. Unless the context of this Guaranty clearly
requires otherwise, references to the plural include the singular, references to
the singular include the plural, and the term "including" is not limiting. The
words "hereof," "herein," "hereby," "hereunder," and other similar terms refer
to this Guaranty as a whole and not to any particular provision of this
Guaranty. Any reference herein to any of the Loan Documents includes any and all
alterations, amendments, extensions, modifications, renewals, or supplements
thereto or thereof, as applicable. Neither this Guaranty nor any uncertainty or
ambiguity herein shall be construed or resolved against the Guaranteed Parties
or any Guarantor, whether under any rule of construction or otherwise. On the
contrary, this Guaranty has been reviewed by each Guarantor, each of the
Guaranteed Parties, and their respective counsel, and shall be construed and
interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intentions of the Guaranteed Parties and Guarantors.

          2. GUARANTEED OBLIGATIONS. Each Guarantor hereby irrevocably and
unconditionally, jointly and severally, guarantees to the Guaranteed Parties, as
and for its own debt, until final and indefeasible payment thereof has been
made, (a) payment of the Guaranteed Obligations, in each case when and as the
same shall become due and payable, whether at maturity, pursuant to a mandatory
prepayment requirement, by acceleration, or otherwise; it being the intent of
such Guarantor that the guaranty set forth herein shall be a guaranty of payment
and not a guaranty of collection; and (b) the punctual and faithful performance,
keeping, observance, and fulfillment by Borrower of all of the agreements,
conditions, covenants, and obligations of Borrower contained in the Loan
Agreement and in each of the other Loan Documents.

          The liability of Guarantors under this Guaranty shall be joint and
several and may be enforced against each Guarantor without regard to whether
enforcement is sought or available against any other Guarantor.

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          3. CONTINUING GUARANTY. This Guaranty includes Guaranteed Obligations
arising under successive transactions continuing, compromising, extending,
increasing, modifying, releasing, or renewing the Guaranteed Obligations,
changing the interest rate, payment terms, or other terms and conditions
thereof, or creating new or additional Guaranteed Obligations after prior
Guaranteed Obligations have been satisfied in whole or in part. Each Guarantor
hereby absolutely, knowingly, unconditionally, and expressly waives and agrees
not to assert any right it has under Section 2815 of the California Civil Code,
or otherwise, to revoke this Guaranty as to future indebtedness.

          4. PERFORMANCE UNDER THIS GUARANTY. In the event that Borrower fails
to make any payment of any Guaranteed Obligations on or before the due date
thereof, or if Borrower shall fail to perform, keep, observe, or fulfill any
other obligation referred to in clause (b) of Section 2 hereof in the manner
provided in the Loan Agreement or the other Loan Documents, as applicable,
Guarantors immediately shall cause such payment to be made or each of such
obligations to be performed, kept, observed, or fulfilled.

          5. PRIMARY OBLIGATIONS. This Guaranty is a primary and original
obligation of each Guarantor and is an absolute, unconditional, and continuing
guaranty of payment and performance which shall remain in full force and effect
without respect to future changes in conditions, including any change of law.
Each Guarantor agrees that it is directly, and jointly and severally with any
other Guarantor of the Guaranteed Obligations, liable to the Guaranteed Parties,
that the obligations of each Guarantor hereunder are independent of the
obligations of Borrower or any other Guarantor, and that a separate action may
be brought against such Guarantor whether such action is brought against
Borrower or any other Guarantor or whether Borrower or any such other guarantor
is joined in such action. Each Guarantor agrees that its liability hereunder
shall be immediate and shall not be contingent upon the exercise or enforcement
by the Guaranteed Parties of whatever remedies they may have against Borrower or
any other Guarantor, or the enforcement of any lien or realization upon any
security the Guaranteed Parties may at any time possess. Each Guarantor agrees
that any release which may be given by any Guaranteed Party to Borrower or any
other Guarantor shall not release such Guarantor. Each Guarantor consents and
agrees that the Guaranteed Parties shall be under no obligation (under Sections
2899 or 3433 of the California Civil Code or otherwise) to marshal any assets of
Borrower or any other Guarantor in favor of such Guarantor, or against or in
payment of any or all of the Guaranteed Obligations.

          6. WAIVERS.

               6.1 Each Guarantor absolutely, unconditionally, knowingly, and
expressly waives:

                    (a) (a) notice of acceptance hereof; (b) notice of any loans
or other financial accommodations made or extended under the Loan Documents or
the creation or existence of any Guaranteed Obligations; (c) notice of the
amount of the Guaranteed Obligations, subject, however, to such Guarantor's
right to make inquiry of Agent to ascertain the amount of the Guaranteed
Obligations at any reasonable time; (d) notice of any adverse change in the
financial condition of Borrower or any other Guarantor or of any other fact that
might increase such Guarantor's risk hereunder; (e) notice of presentment for
payment, demand, protest, and

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notice thereof as to any instruments among the Loan Documents; (f) notice of any
unmatured event of default or event of default under the Loan Agreement; and (g)
all other notices (except if such notice is specifically required to be given to
such Guarantor hereunder or under any Loan Document to which such Guarantor is a
party) and demands to which such Guarantor might otherwise be entitled.

                    (b) its right, under Sections 2845 or 2850 of the California
Civil Code, or otherwise, to require the Guaranteed Parties to institute suit
against, or to exhaust any rights and remedies which the Guaranteed Parties have
or may have against, Borrower or any third party, or against any collateral for
the Guaranteed Obligations provided by Borrower, such Guarantor, or any other
Guarantor or any third party. In this regard, such Guarantor agrees that it is
bound to the payment of all Guaranteed Obligations, whether now existing or
hereafter accruing, as fully as if such Guaranteed Obligations were directly
owing to the Guaranteed Parties by such Guarantor. Such Guarantor further waives
any defense arising by reason of any disability or other defense (other than the
defense that the Guaranteed Obligations shall have been fully and finally
performed and indefeasibly paid) of Borrower or by reason of the cessation from
any cause whatsoever of the liability of Borrower in respect thereof.

                    (c) (a) any rights to assert against any of the Guaranteed
Parties any defense (legal or equitable), set-off, counterclaim, or claim which
such Guarantor may now or at any time hereafter have against Borrower or any
other party liable to such Guaranteed Party; (b) any defense, set-off,
counterclaim, or claim, of any kind or nature, arising directly or indirectly
from the present or future lack of perfection, sufficiency, validity, or
enforceability of the Guaranteed Obligations or any security therefore or for
this Guaranty; (c) any defense such Guarantor has to performance hereunder, and
any right such Guarantor has to be exonerated, provided by Sections 2819, 2822,
or 2825 of the California Civil Code, or otherwise, arising by reason of: the
impairment or suspension of any Guaranteed Party's rights or remedies against
Borrower or any other Guarantor; the alteration by any Guaranteed Party of the
Guaranteed Obligations; any discharge of the Borrower's or any other Guarantor's
obligations to any Guaranteed Party by operation of law as a result of such
Guaranteed Party's intervention or omission; or the acceptance by any Guaranteed
Party of anything in partial satisfaction of the Guaranteed Obligations; (d) the
benefit of any statute of limitations affecting such Guarantor's liability
hereunder or the enforcement thereof, and any act which shall defer or delay the
operation of any statute of limitations applicable to the Guaranteed Obligations
shall similarly operate to defer or delay the operation of such statute of
limitations applicable to such Guarantor's liability hereunder.

               6.2 Each Guarantor absolutely, unconditionally, knowingly, and
expressly waives any defense arising by reason of or deriving from (i) any claim
or defense based upon an election of remedies by any of the Guaranteed Parties
including any defense based upon an election of remedies by any Guaranteed Party
under the provisions of Sections 580a, 580b, 580d, and 726 of the California
Code of Civil Procedure or any similar law of California or any other
jurisdiction; or (ii) any election by any Guaranteed Party under Bankruptcy Code
Section 1111(b) to limit the amount of, or any collateral securing, its claim
against the Borrower. Pursuant to California Civil Code Section 2856(b):

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                    "Guarantor waives all rights and defenses arising out of an
     election of remedies by the creditor, even though that election of
     remedies, such as a nonjudicial foreclosure with respect to security for a
     guaranteed obligation, has destroyed the guarantor's rights of subrogation
     and reimbursement against the principal by the operation of Section 580(d)
     of the California Code of Civil Procedure or otherwise."

If any of the Guaranteed Obligations or any obligations of a Guarantor hereunder
at any time are secured by a mortgage or deed of trust upon real property, the
Guaranteed Parties may elect, in their sole discretion and except as otherwise
provided in the Loan Documents, upon a default with respect to the Guaranteed
Obligations, to foreclose such mortgage or deed of trust judicially or
nonjudicially in any manner permitted by law, before or after enforcing this
Guaranty, without diminishing or affecting the liability of such Guarantor
hereunder except to the extent the Guaranteed Obligations are repaid with the
proceeds of such foreclosure. Each Guarantor understands that (a) by virtue of
the operation of California's antideficiency law applicable to nonjudicial
foreclosures, an election by the Guaranteed Parties nonjudicially to foreclose
such a mortgage or deed of trust probably would have the effect of impairing or
destroying rights of subrogation, reimbursement, contribution, or indemnity of
such Guarantor against Borrower or other guarantors or sureties, and (b) absent
the waiver given by such Guarantor herein, such an election would prevent the
Guaranteed Parties from enforcing this Guaranty against such Guarantor.
Understanding the foregoing, and understanding that each Guarantor is hereby
relinquishing a defense to the enforceability of this Guaranty, each Guarantor
hereby waives any right to assert against any of the Guaranteed Parties any
defense to the enforcement of this Guaranty, whether denominated "estoppel" or
otherwise, based on or arising from an election by the Guaranteed Parties
nonjudicially to foreclose any such mortgage or deed of trust. Each Guarantor
understands that the effect of the foregoing waiver may be that such Guarantor
may have liability hereunder for amounts with respect to which such Guarantor
may be left without rights of subrogation, reimbursement, contribution, or
indemnity against Borrower or other guarantors or sureties. Each Guarantor also
agrees that the "fair market value" provisions of Section 580a of the California
Code of Civil Procedure shall have no applicability with respect to the
determination of such Guarantor's liability under this Guaranty.

               6.3 To the extent that any Guarantor shall repay any of the
Guaranteed Obligations, it shall be entitled to contribution and indemnification
from, and to be reimbursed by, each other Guarantor, but all such claims of
contributions, indemnification and reimbursement shall be subordinate in right
of payment to the prior indefeasible payment in full, in cash, of the Guaranteed
Obligations. Notwithstanding the foregoing, until such time as all of the
Guaranteed Obligations have been fully, finally, and indefeasibly paid in full
in cash: (a) each Guarantor hereby postpones any right of subrogation such
Guarantor has or may have as against Borrower or any other Guarantor of the
Obligations of Borrower with respect to the Guaranteed Obligations; (b) each
Guarantor hereby postpones any right to proceed against Borrower or any other
Guarantor or any other Person, now or hereafter, for contribution, indemnity,
reimbursement, or any other suretyship rights and claims, whether direct or
indirect, liquidated or contingent, whether arising under express or implied
contract or by operation of law, which such Guarantor may now have or hereafter
have as against Borrower or any other Guarantor with respect to the Guaranteed
Obligations; and (c) each Guarantor also hereby postpones any right to proceed
or seek recourse against or with respect to any property or asset of Borrower or
any other Guarantor.

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               6.4 WITHOUT LIMITING THE GENERALITY OF ANY OTHER WAIVER OR OTHER
PROVISION SET FORTH IN THIS GUARANTY, EACH GUARANTOR HEREBY ABSOLUTELY,
KNOWINGLY, UNCONDITIONALLY, AND EXPRESSLY WAIVES AND AGREES NOT TO ASSERT ANY
AND ALL BENEFITS OR DEFENSES ARISING DIRECTLY OR INDIRECTLY UNDER ANY ONE OR
MORE OF CALIFORNIA CIVIL CODE SECTIONS 2799, 2808, 2809, 2810, 2815, 2819, 2820,
2821, 2822, 2825, 2839, 2845, 2848, 2849, AND 2850, CALIFORNIA CODE OF CIVIL
PROCEDURE SECTIONS 580A, 580B, 580C, 580D, AND 726, AND CHAPTER 2 OF TITLE 14 OF
THE CALIFORNIA CIVIL CODE.

          7. RELEASES. Each Guarantor consents and agrees that, without notice
to or by such Guarantor and without affecting or impairing the obligations of
such Guarantor hereunder, the Guaranteed Parties may, by action or inaction and
in accordance with any applicable provisions of the Loan Documents:

               7.1 compromise, settle, extend the duration or the time for the
payment of, or discharge the performance of, or may refuse to or otherwise not
enforce the Loan Documents;

               7.2 release all or any one or more parties to any one or more of
the Loan Documents or grant other indulgences to Borrower in respect thereof;

               7.3 amend or modify in any manner and at any time (or from time
to time) any of the Loan Documents; or

               7.4 add (or fail to add), release or substitute any other
guarantor, if any, of the Guaranteed Obligations, or enforce, exchange, release
(by action or inaction), or waive any security for the Guaranteed Obligations
(including, the collateral referred to in Section 14 hereof) or any other
guaranty of the Guaranteed Obligations, or any portion thereof.

          8. NO ELECTION. The Guaranteed Parties shall have the right to seek
recourse against each Guarantor to the fullest extent provided for herein, and
no election by any Guaranteed Party to proceed in one form of action or
proceeding, or against any party, or on any obligation, shall constitute a
waiver of the Guaranteed Parties' right to proceed in any other form of action
or proceeding or against other parties unless the Guaranteed Parties have
expressly waived such right in writing. Specifically, but without limiting the
generality of the foregoing, no action or proceeding by any Guaranteed Party
under any document or instrument evidencing the Guaranteed Obligations shall
serve to diminish the liability of any Guarantor under this Guaranty except to
the extent that the Guaranteed Parties finally and unconditionally shall have
realized indefeasible payment by such action or proceeding.

          9. INDEFEASIBLE PAYMENT. The Guaranteed Obligations shall not be
considered indefeasibly paid for purposes of this Guaranty unless and until all
payments to the Guaranteed Parties are no longer subject to any right on the
part of any person, including Borrower, Borrower as a debtor in possession, or
any trustee (whether appointed under the Bankruptcy Code or otherwise) of
Borrower's assets to invalidate or set aside such payments or to seek to recoup
the amount of such payments or any portion thereof, or to declare same to be

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fraudulent or preferential. In the event that, for any reason, any portion of
such payments to the Guaranteed Parties is set aside or restored, whether
voluntarily or involuntarily, after the making thereof, then the obligation
intended to be satisfied thereby shall be revived and continued in full force
and effect as if said payment or payments had not been made, and the Guarantors
shall be liable for the full amount the Guaranteed Parties are required to repay
plus any and all reasonable out-of-pocket costs and expenses (including
attorneys' fees) paid by the Guaranteed Parties in connection therewith.

          10. SUBORDINATION. Each Guarantor hereby agrees that any and all
present and future indebtedness of Borrower owing to such Guarantor is postponed
in favor of and subordinated to payment, in full, in cash, of the Guaranteed
Obligations. In this regard, no payment of any kind whatsoever, other than
payments consistent with the past practices of Borrower or otherwise consented
to by Agent, which consent shall not be unreasonably withheld, shall be made
with respect to such indebtedness until the Guaranteed Obligations have been
paid in full.

          11. PAYMENTS; APPLICATION. All payments to be made hereunder by each
Guarantor shall be made in lawful money of the United States of America at the
time of payment, shall be made in immediately available funds, and shall be made
without deduction (whether for taxes or otherwise) or offset. All payments made
by each Guarantor hereunder shall be applied as follows: first, to all
reasonable out-of-pocket costs and expenses (including attorneys' fees) incurred
by the Guaranteed Parties in enforcing this Guaranty or in collecting the
Guaranteed Obligations; second, to all accrued and unpaid interest, premium, if
any, and fees owing to the Guaranteed Parties constituting Guaranteed
Obligations; and third, to the balance of the Guaranteed Obligations.

          12. INDEMNIFICATION. Each Guarantor agrees to indemnify each of the
Guaranteed Parties and hold each of the Guaranteed Parties harmless against all
obligations, demands, or liabilities asserted by any party and against all
losses in any way suffered, incurred, or paid by any Guaranteed Party as a
result of or in any way arising in connection with this Agreement, unless such
obligations, demand, liabilities or losses shall be due to willful misconduct or
gross negligence on the part of such Guaranteed Party.

          13. BOOKS AND RECORDS. Each Guarantor agrees that the Guaranteed
Parties' books and records showing the account between the Guaranteed Parties
and Borrower shall be admissible in any action or proceeding and shall be
binding upon such Guarantor for the purpose of establishing the items therein
set forth and shall constitute prima facie proof thereof.

          14. COLLATERAL. The obligations of each Guarantor hereunder are
secured, as provided in the Amended and Restated Subsidiary Security Agreement,
of even date herewith, executed by such Guarantor in favor of the Agent, and the
other Loan Documents to which such Guarantor is a party.

          15. RIGHT OF SETOFF. Except to the extent prohibited by applicable
law, and in addition to and not in limitation of all rights of offset that any
Guaranteed Party or other holder of a Note may have under applicable law or
under any Loan Documents, each Guaranteed Party or other holder of a Note shall
upon the occurrence of any Event of Default and whether or not

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such Guaranteed Party or such holder has made any demand or the Guarantors'
obligations are matured, have the right to appropriate and apply to the payment
of the Guarantors' obligations hereunder, all deposits (general or special, time
or demand, provisional or final) then or thereafter held by and other
indebtedness or property then or thereafter owing by such Guaranteed Party or
other holder to the Guarantors, whether or not related to this Guaranty or any
transaction hereunder.

          16. AMENDMENTS. Any amendment or waiver of any provision of this
Guaranty and any consent to any departure by any Guarantor from any provision of
this Guaranty shall be effective only if made or given in compliance with all of
the terms and provisions of Section 10.10 of the Loan Agreement.

          17. EXPENSES. Each Guarantor shall promptly pay to the Agent, for the
ratable benefit of the Guaranteed Parties, the amount of any and all reasonable
out-of-pocket costs and expenses of the Guaranteed Parties (both before and
after the execution hereof) in connection with any matters contemplated by or
arising out of this Guaranty or any of the Loan Documents whether (a) to
prepare, negotiate or execute (i) any amendment to, modification of or extension
of this Guaranty or any other Loan Document to which such Guarantor is a party
or (ii) any instrument, document or agreement in connection with any sale or
attempted sale of any interest herein to any participant, (b) to commence,
defend, or intervene in any litigation or to file a petition, complaint, answer,
motion or other pleadings necessary to protect or enforce the rights of the
Guaranteed Parties under this Guaranty or any other Loan Document, (c) to take
any other action in or with respect to any suit or proceeding (bankruptcy or
otherwise) necessary to protect the rights of the Guaranteed Parties under this
Guaranty or any other Loan Document or to respond to any subpoena, deposition or
interrogatory with respect to any litigation involving such Guarantor, or (d) to
attempt to enforce or to enforce any rights of the Guaranteed Parties to collect
any of the Guaranteed Obligations, including all reasonable out-of-pocket fees
and expenses of attorneys and paralegals (including charges for inside counsel).

          18. HEADINGS. The headings in this Guaranty are for purposes of
reference only and shall not otherwise affect the meaning or construction of any
provision of this Guaranty.

          19. SEVERABILITY. The provisions of this Guaranty are severable, and
if any clause or provision shall be held invalid or unenforceable in whole or in
part in any jurisdiction, then such invalidity or unenforceability shall affect
in that jurisdiction only such clause or provision, or part thereof, and shall
not in any manner affect such clause or provision in any other jurisdiction or
any other clause or provision of this Guaranty in any jurisdiction.

          20. NOTICES. All notices, approvals, consents or other communications
to Agent required or desired to be given hereunder shall be in the form and
manner, and delivered to Agent at its addresses, as set forth in Section 11.8 of
the Loan Agreement. All notices, approvals, consents or other communications to
Guarantors required or desired to be given hereunder shall be in the form and
manner, and delivered to Borrower at its addresses, as set forth in Section 11.8
of the Loan Agreement.

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          21. REMEDIES CUMULATIVE. Each right, power and remedy of the
Guaranteed Parties provided in this Guaranty or now or hereafter existing at law
or in equity or by statute or otherwise shall be cumulative and concurrent and
shall be in addition to every other right, power or remedy provided for in this
Guaranty or now or hereafter existing at law or in equity or by statute or
otherwise. The exercise or partial exercise by the Guaranteed Parties of any one
or more of such rights, powers or remedies shall not preclude the simultaneous
or later exercise by the Guaranteed Parties of all such other rights, powers or
remedies, and no failure or delay on the part of the Guaranteed Parties to
exercise any such right, power or remedy shall operate as a waiver thereof.

          22. FINAL EXPRESSION. This Guaranty, together with any other agreement
executed in connection herewith, is intended by the parties as a final
expression of the Guaranty and is intended as a complete and exclusive statement
of the terms and conditions thereof. Acceptance of or acquiescence in a course
of performance rendered under this Guaranty shall not be relevant to determine
the meaning of this Guaranty even though the accepting or acquiescing party had
knowledge of the nature of the performance and opportunity for objection.

          23. ASSIGNABILITY. This Guaranty shall be binding on each of the
Guarantors and its successors and permitted assigns and shall inure to the
benefit of the Guaranteed Parties and their respective successors, transferees,
endorsees and assigns. The Guarantors may not assign this Guaranty.

          24. NON-WAIVER. The failure of the Guaranteed Parties to exercise any
right or remedy hereunder, or promptly to enforce any such right or remedy,
shall not constitute a waiver thereof, nor give rise to any estoppel against the
Guaranteed Parties, nor excuse the Guarantors from their obligations hereunder.

          25. TERMINATION; REINSTATEMENT. Except as otherwise provided herein,
this Guaranty shall terminate upon the receipt by each of the Guaranteed Parties
of evidence satisfactory to it of the payment (or prepayment) in full of the
Guaranteed Obligations and any other amounts which may be owing hereunder and
termination of the Lenders' Revolving Loan Commitment. At the time of such
termination, the Guaranteed Parties, at the request and expense of the
Guarantors, will promptly execute and deliver to the Guarantors a proper
instrument or instruments acknowledging the satisfaction and termination of this
Guaranty and such other documents as may be reasonably requested by Guarantors.
To the maximum extent permitted by law, this Guaranty shall continue to be
effective or be reinstated, as the case may be, if at any time any amount
received by Agent or any Lender in respect of the Guaranteed Obligations is
rescinded or must otherwise be restored or returned by Agent or any Lender upon
the insolvency, bankruptcy, dissolution, liquidation or reorganization of any
Guarantor or any other Person or upon the appointment of any receiver,
intervenor, conservator, trustee or similar official for any Guarantor or any
other Person or any substantial part of its assets, or otherwise, all as though
such payments had not been made.

          26. COUNTERPARTS. This Guaranty may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which, when so executed and delivered, shall be an original, but all of which
shall together constitute one and the same agreement.

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          27. GOVERNING LAW. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF
THIS GUARANTY AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS
GUARANTY, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE
GOVERNED BY THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAWS PROVISIONS)
AND DECISIONS OF THE STATE OF NEW YORK.

          28. SUBMISSION TO JURISDICTION. ALL DISPUTES AMONG THE GUARANTORS AND
THE LENDERS (OR THE AGENT ACTING ON THEIR BEHALF) ARISING UNDER THIS AGREEMENT,
WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE RESOLVED ONLY
BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK AND THE COURTS TO
WHICH AN APPEAL THEREFROM MAY BE TAKEN; PROVIDED, HOWEVER, THAT THE AGENT, ON
BEHALF OF THE LENDERS, SHALL HAVE THE RIGHT, TO THE EXTENT PERMITTED BY
APPLICABLE LAW, TO PROCEED AGAINST ANY OF THE GUARANTORS OR THEIR PROPERTY IN
ANY LOCATION REASONABLY SELECTED BY THE AGENT IN GOOD FAITH TO ENABLE THE AGENT
TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN
FAVOR OF THE AGENT. EACH OF THE GUARANTORS WAIVES ANY OBJECTION THAT IT MAY HAVE
TO THE LOCATION OF THE COURT IN WHICH THE AGENT HAS COMMENCED A PROCEEDING
ARISING UNDER THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO
THE LAYING OF VENUE OR BASED ON FORUM NON CONVENIENS.

          29. SERVICE OF PROCESS. THE GUARANTORS HEREBY IRREVOCABLY DESIGNATE CT
CORPORATIONS SYSTEMS AS THE DESIGNEE, APPOINTEE AND AGENT OF THE GUARANTORS TO
RECEIVE, FOR AND ON BEHALF OF THE GUARANTORS, SERVICE OF PROCESS IN SUCH
RESPECTIVE JURISDICTIONS IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT. IT IS UNDERSTOOD THAT A COPY OF SUCH
PROCESS SERVED ON SUCH AGENT AT ITS ADDRESS WILL BE PROMPTLY FORWARDED BY MAIL
TO THE BORROWER, BUT FAILURE OF ANY OF THE GUARANTORS TO RECEIVE SUCH COPY SHALL
NOT AFFECT IN ANY WAY THE SERVICE OF SUCH PROCESS.

          30. JURY TRIAL. THE GUARANTORS, THE AGENT AND THE LENDERS EACH HEREBY
WAIVE ANY RIGHT TO A TRIAL BY JURY. INSTEAD, ANY DISPUTES WILL BE RESOLVED IN A
BENCH TRIAL.

          31. LIMITATION OF LIABILITY. NEITHER THE AGENT NOR ANY LENDER SHALL
HAVE ANY LIABILITY TO THE GUARANTORS (WHETHER SOUNDING IN TORT, CONTRACT, OR
OTHERWISE) FOR LOSSES SUFFERED BY ANY OF THE GUARANTORS IN CONNECTION WITH,
ARISING OUT OF, OR IN ANY WAY RELATED TO THE TRANSACTIONS OR RELATIONSHIPS
CONTEMPLATED BY THIS GUARANTY, OR ANY ACT, OMISSION OR EVENT OCCURRING IN
CONNECTION THEREWITH, UNLESS IT IS DETERMINED BY A FINAL AND NONAPPEALABLE
JUDGMENT OR COURT ORDER BINDING ON THE AGENT OR ANY SUCH LENDER,

<PAGE>

THAT THE LOSSES WERE THE RESULT OF ACTS OR OMISSIONS CONSTITUTING GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT.

          32. MAXIMUM GUARANTEED AMOUNT. Notwithstanding any other provision of
this Guaranty to the contrary, if and to extent that the obligations of a
Guarantor hereunder would otherwise be held or determined by a court of
competent jurisdiction in any action or proceeding involving any state corporate
law or any state or Federal bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other law affecting the rights of creditors generally,
to be void, invalid or unenforceable to any extent on account of the amount of
such Guarantor's liability under this Guaranty, giving effect to the rights of
subrogation, contribution, reimbursement and indemnification of such Guarantor,
if any, then notwithstanding any other provision of this Guaranty to the
contrary, the amount of the liability of such Guarantor shall, without any
further action by such Guarantor or any other Person, be automatically limited
and reduced to the highest amount which is valid and enforceable as determined
in such action or proceeding. Each Guarantor agrees that the Guaranteed
Obligations may at any time and from time to time exceed such maximum liability
without impairing this Guaranty or the rights and remedies of any Guaranteed
Party.

          33. WAIVERS, CONSENTS. Each Guarantor warrants and agrees that each of
the waivers and consents set forth herein is made after consultation with legal
counsel and with full knowledge of its significance and consequence, with the
understanding that events giving rise to any defense or right waived may
diminish, destroy, or otherwise adversely affect rights which such Guarantor
otherwise may have against Borrower, the Guaranteed Parties, or others, or
against any collateral, and that, under the circumstances, the waivers and
consents herein given are reasonable and not contrary to public policy or law.
If any of the waivers or consents herein are determined to be unenforceable
under applicable law, such waivers and consents shall be effective to the
maximum extent permitted by law.

<PAGE>

          34. ADDITIONAL GUARANTORS. From time to time subsequent to the date
hereof, additional Subsidiaries of any Guarantor may become parties hereto as
additional Guarantors (the "Additional Guarantors"), by executing a counterpart
(the "Counterpart") substantially in the form of Exhibit A hereto. Upon delivery
of any such Counterpart to the Agent, notice of which is hereby waived by
Guarantors, each such Additional Guarantor shall be a Guarantor and shall be as
fully a party hereto as if such Additional Guarantor were an original signatory
hereto. Each Guarantor expressly agrees that its obligations arising hereunder
shall not be affected or diminished by the addition or release of any other
Guarantor hereunder, nor by any election of Agent not to cause any Subsidiary of
Guarantors to become an Additional Guarantor hereunder. This Agreement shall be
fully effective as to any Guarantor that is or becomes a party hereto regardless
of whether any other Person becomes or fails to become or ceases to be a
Guarantor hereunder.

          35. INTERPRETATION OF AGREEMENT. Time is of the essence in each
provision of this Agreement of which time is an element. All terms not defined
herein or in the Loan Agreement shall have the meaning set forth in the
applicable Uniform Commercial Code, except where the context otherwise requires.
To the extent a term or provision of this Agreement conflicts with the Loan
Agreement, the Loan Agreement shall control with respect to the subject matter
of such term or provision. Acceptance of or acquiescence in a course of
performance rendered under this Agreement shall not be relevant in determining
the meaning of this Agreement even though the accepting or acquiescing party had
knowledge of the nature of the performance and opportunity for objection

<PAGE>

          IN WITNESS WHEREOF, each of the Guarantors has executed and delivered
this Amended and Restated Guaranty as of the date set forth in the first
paragraph hereof.

                                        GUARANTORS:

                                        MOBILE MINI I, INC.,
                                        an Arizona corporation

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        MOBILE MINI HOLDINGS, INC.,
                                        a Delaware corporation

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        DELIVERY DESIGN SYSTEMS, INC.,
                                        an Arizona corporation

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        MOBILE MINI, LLC,
                                        a Delaware limited liability company

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        MOBILE MINI, LLC,
                                        a California limited liability company

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                        MOBILE MINI OF OHIO, LLC,
                                        a Delaware limited liability company

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                        MOBILE MINI TEXAS LIMITED
                                        PARTNERSHIP, LLP,
                                        a Texas limited liability partnership

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                                                    EXHIBIT A TO
                                                   AMENDED AND RESTATED GUARANTY

                              [FORM OF COUNTERPART]

                                   COUNTERPART

          COUNTERPART (this "Counterpart"), dated _______, is delivered pursuant
to Section 34 of the Guaranty referred to below. The undersigned hereby agrees
that this Counterpart may be attached to the Amended and Restated Guaranty,
dated as of February 17, 2006 (as it may be from time to time amended, modified
or supplemented, the "Guaranty"; capitalized terms used herein not otherwise
defined herein shall have the meanings ascribed therein), by Mobile Mini I,
Inc., an Arizona corporation, Mobile Mini Holdings, Inc., a Delaware
corporation, Delivery Design Systems, Inc., an Arizona corporation, Mobile Mini,
LLC, a Delaware limited liability company, Mobile Mini, LLC, a California
limited liability company, Mobile Mini of Ohio, LLC, a Delaware limited
liability company, and Mobile Mini Texas Limited Partnership, LLP, a Texas
limited liability partnership, in favor of Deutsche Bank AG, New York Branch,
for itself and as agent (the "Agent"). The undersigned by executing and
delivering this Counterpart hereby becomes a Guarantor under the Guaranty in
accordance with Section 34 thereof and agrees to be bound by all of the terms
thereof.

                                                  [NAME OF ADDITIONAL GUARANTOR]<PAGE>
                                                                  EXHIBIT 10.3.3

                                                                  EXECUTION COPY

               AMENDED AND RESTATED SUBSIDIARY SECURITY AGREEMENT

     This Amended and Restated Subsidiary Security Agreement (this "Agreement")
is entered into as of February 17, 2006, by MOBILE MINI I, INC., an Arizona
corporation, MOBILE MINI HOLDINGS, INC., a Delaware corporation, DELIVERY DESIGN
SYSTEMS, INC., an Arizona corporation, MOBILE MINI, LLC, a Delaware limited
liability company, MOBILE MINI, LLC, a California limited liability company,
MOBILE MINI OF OHIO, LLC, a Delaware limited liability company, and MOBILE MINI
TEXAS LIMITED PARTNERSHIP, LLP, a Texas limited liability partnership (each,
together with each additional Subsidiary of Mobile Mini, Inc. (the "Borrower")
which becomes a party hereto, a "Grantor" and collectively, the "Grantors"), in
favor of the financial institutions and their successors and assigns (the
"Lenders") which may now be or hereafter become parties to the Loan Agreement
(as defined below), and DEUTSCHE BANK AG, NEW YORK BRANCH, for itself and as
agent for the Lenders (the "Agent"; and together with the Lenders, the "Secured
Parties").

                                    Recitals

     WHEREAS, Borrower, FLEET CAPITAL CORPORATION ("Fleet"), as agent and as a
lender, certain other lenders (together with Fleet, the "Prior Lenders"), Bank
of America, N.A. and Washington Mutual Bank, as Co-Documentation Agents, and
Bank One, N.A. and JP Morgan Chase Bank, as Co-Syndication Agents, are parties
to that certain Amended and Restated Loan and Security Agreement, dated as of
February 11, 2002, and Amended and Restated as of June 26, 2003, and as further
amended by that certain First Amendment to Amended and Restated Loan and
Security Agreement, dated as of January 14, 2004, that certain Second Amendment
to Amended and Restated Loan and Security Agreement, dated as of March 16, 2004
and that certain Third Amended and Restated Loan and Security Agreement dated as
of April __, 2004 (collectively, the "Original Loan Agreement"); and

     WHEREAS, in connection with the Original Loan Agreement, the Grantors and
Fleet, as agent, executed that certain Subsidiary Security Agreement dated as of
February 11, 2002 (as amended prior to the date hereof, the "Original Security
Agreement"); and

     WHEREAS, as wholly-owned subsidiaries of Borrower, each Grantor is
materially interested in the financial success of Borrower; and

     WHEREAS, Borrower, DEUTSCHE BANK AG, NEW YORK BRANCH, as Agent and as a
Lender, and certain other Lenders have entered into that certain Second Amended
and Restated Loan and Security Agreement dated as of the date hereof (including
all annexes, exhibits and schedules thereto, as time to time amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the
"Restated Loan Agreement"), which amends and restates the Original Loan
Agreement in its entirety. Capitalized terms used herein and not otherwise
defined herein shall have the meanings given to such terms in the Restated Loan
Agreement; and

<PAGE>

     WHEREAS, pursuant to the Restated Loan Agreement, the parties hereto desire
to amend and restate the Original Security Agreement in its entirety as set
forth herein; and

     WHEREAS, Borrower and Grantors are involved in an inter-related business
enterprise and will benefit from the financing provided by the Secured Parties;
and

     WHEREAS, the Lenders have required, as a condition to the Restated Loan
Agreement, that the Grantors party to the Original Security Agreement shall have
continued the security interests granted under the Original Security Agreement
and undertaken the obligations contemplated by this Agreement.

     NOW, THEREFORE, in consideration of the premises and to induce the Lenders
to extend credit under the Restated Loan Agreement, each Grantor agrees with the
Agent for its benefit and the ratable benefit of the Lenders as follows:

                                    AGREEMENT

     1 Security Interests.

          (a) Security Interest in Collateral. To secure the prompt payment and
performance to Agent and each Lender of its Guaranteed Obligations under the
Guaranty and any other Loan Document (the "Secured Obligations"), each of the
Grantors hereby grants to Agent for the benefit of itself and each Lender a
continuing Lien upon all such Grantor's assets, including all of the following
Property and interests in Property of such Grantor, whether now owned or
existing or hereafter created, acquired or arising and wheresoever located:

               (i)  Accounts;

               (ii) Certificated Securities;

               (iii) Chattel Paper, including Electronic Chattel Paper and
     Tangible Chattel Paper;

               (iv) Commercial Tort Claims;

               (v) Computer Hardware and Software and all rights with respect
     thereto, including, any and all licenses, options, warranties, service
     contracts, program services, test rights, maintenance rights, support
     rights, improvement rights, renewal rights and indemnifications, and any
     substitutions, replacements, additions or model conversions of any of the
     foregoing;

               (vi) Contract Rights;

               (vii) Deposit Accounts;

               (viii) Documents;

               (ix) Equipment;

                                       2

<PAGE>

               (x) Financial Assets;

               (xi) Fixtures;

               (xii) General Intangibles, including Payment Intangibles and
     Software;

               (xiii) Goods (including all of its Equipment, Fixtures and
     Inventory), and all accessions, additions, attachments, improvements,
     substitutions and replacements thereto and therefor;

               (xiv) Instruments;

               (xv) Intellectual Property;

               (xvi) Inventory;

               (xvii) Investment Property;

               (xviii) money (of every jurisdiction whatsoever);

               (xix) Letter-of-Credit Rights;

               (xx) Payment Intangibles;

               (xxi) Security Entitlements;

               (xxii) Software;

               (xxiii) Supporting Obligations;

               (xxiv) Uncertificated Securities; and

               (xxv) to the extent not included in the foregoing, all other
     personal property of any kind or description;

together with all books, records, writings, data bases, information and other
property relating to, used or useful in connection with, or evidencing,
embodying, incorporating or referring to any of the foregoing, and all Proceeds,
products, offspring, rents, issues, profits and returns of and from any of the
foregoing; provided that to the extent that the provisions of any lease or
license of Computer Hardware and Software or Intellectual Property expressly
prohibit (which prohibition is enforceable under applicable law) any assignment
thereof, and the grant of security interest therein, Agent will not enforce its
security interest in such Grantor's rights under such lease or license (other
than in respect of the Proceeds thereof) for so long as such prohibition
continues, it being understood that upon request of Agent, such Grantor will in
good faith use reasonable efforts to obtain consent for the creation of a
security interest in favor of Agent (and to Agent's enforcement of such security
interest) in Agent's rights under such lease or license.

          (b)  Other Collateral.

                                        3

<PAGE>

               (i) Commercial Tort Claims. Each Grantor shall, and shall cause
     its Subsidiaries to, promptly notify Agent in writing upon its obtaining
     knowledge of the incurrence of or obtaining a Commercial Tort Claim after
     the Closing Date against any third party and, upon request of Agent,
     promptly enter into an amendment to this Agreement and do such other acts
     or things deemed appropriate by Agent to give Agent a security interest in
     any such Commercial Tort Claim.

               (ii) Other Collateral. Each Grantor shall, and shall cause its
     Subsidiaries to, promptly notify Agent in writing upon acquiring or
     otherwise obtaining any material amount of Collateral after the date hereof
     consisting of Deposit Accounts, Investment Property, Letter of Credit
     Rights or Electronic Chattel Paper and, upon the request of Agent, promptly
     execute such other documents, and do such other acts or things deemed
     appropriate by Agent to deliver to Agent control with respect to such
     Collateral; promptly notify Agent in writing upon acquiring or otherwise
     obtaining any Collateral after the date hereof consisting of Documents or
     Instruments and, upon the request of Agent, will promptly execute such
     other documents, and do such other acts or things deemed appropriate by
     Agent to deliver to Agent possession of such Documents which are negotiable
     and Instruments (other than Instruments for which the aggregate principal
     amount does not collectively exceed $100,000), and, with respect to
     nonnegotiable Documents, to have such nonnegotiable Documents issued in the
     name of Agent; and with respect to Collateral in the possession of a third
     party, other than Certificated Securities and Goods covered by a Document,
     obtain an acknowledgement from the third party that it is holding the
     Collateral for the benefit of Agent.

          (c) Lien Perfection; Further Assurances. Each Grantor shall, and shall
cause its Subsidiaries to, execute such UCC-1 financing statements as are
required by the UCC and such other instruments, assignments or documents as are
necessary to perfect Agent's Lien upon any of the Collateral and shall take such
other action as may be required to perfect or to continue the perfection of
Agent's Lien upon the Collateral. Unless prohibited by applicable law, such
Grantor hereby irrevocably authorizes Agent to execute (if required) and file
any such financing statements, including, without limitation, financing
statements that indicate the Collateral (i) as all assets of such Grantor or its
Subsidiaries, as applicable, or words of similar effect, or (ii) as being of an
equal or lesser scope, or with greater or lesser detail, than as set forth in
Subsection 1(a) above, on such Grantor's or the applicable Subsidiary's behalf.
Such Grantor, on behalf of itself and its Subsidiaries, also hereby ratifies its
authorization for Agent to have filed in any jurisdiction any like financing
statements or amendments thereto if filed prior to the date hereof. The parties
agree that a carbon, photographic or other reproduction of this Agreement shall
be sufficient as a financing statement and may be filed in any appropriate
office in lieu thereof. At Agent's request, such Grantor shall, and shall cause
its Subsidiaries to, also promptly execute or cause to be executed and shall
deliver to Agent any and all documents, instruments and agreements deemed
necessary by Agent to give effect to or carry out the terms or intent of the
Loan Documents. Such Grantor shall, and shall cause its Subsidiaries to, mark
all chattel paper to note Agent's Liens therein.

          (d) Lien on Realty. The due and punctual payment and performance of
the Obligations shall also be secured by the Lien created by Mortgages upon all
real Property of each Grantor and its Subsidiaries now or hereafter owned. Each
Mortgage shall be executed by such

                                        4

<PAGE>

Grantor or the applicable Subsidiary in favor of Agent. Each Mortgage shall be
duly recorded, at such Grantor's expense, in each office where such recording is
required to constitute a fully perfected first Lien on the real Property covered
thereby. Such Grantor shall deliver to Agent, at such Grantor's expense,
mortgagee title insurance policies issued by a title insurance company
satisfactory to Agent, which policies shall be in form and substance
satisfactory to Agent and shall insure a valid first Lien in favor of Agent, for
the benefit of itself and the Lenders, on the Property covered by each Mortgage,
subject only to those exceptions acceptable to Agent and its counsel. Such
Grantor shall deliver to Agent such other documents, including, without
limitation, as-built survey prints of the real Property, as Agent and its
counsel may request relating to the real Property subject to the Mortgages.

     2 Collateral Administration

          (a)  General

               (i) Location of Collateral. All Collateral, other than Inventory
     in transit and motor vehicles, will at all times be kept by each Grantor at
     one or more of business locations set forth in Exhibit 5.1.1 to the
     Restated Loan Agreement, as updated pursuant to Section 5.3 of the Restated
     Loan Agreement.

               (ii) Insurance of Collateral. Each Grantor shall maintain and pay
     for insurance upon all Collateral wherever located and with respect to the
     business of such Grantor, covering casualty, hazard, public liability,
     workers' compensation and such other risks in such amounts and with such
     insurance companies as are reasonably satisfactory to Agent. Such Grantor
     shall deliver certified copies of such policies to Agent as promptly as
     practicable, with satisfactory lender's loss payable endorsements, naming
     Agent as loss payee on any property insurance or business interruption
     insurance policies and as an additional insured on any liability insurance
     policies, and showing only such other loss payees, assignees and additional
     insureds as are satisfactory to Agent. Each policy of insurance or
     endorsement shall contain a clause requiring the insurer to give not less
     than 10 days' prior written notice to Agent in the event of cancellation of
     the policy for nonpayment of premium and not less than 30 days' prior
     written notice to Agent in the event of cancellation of the policy for any
     other reason whatsoever and a clause specifying that the interest of Agent
     shall not be impaired or invalidated by any act or neglect of such Grantor,
     any of its Subsidiaries or the owner of the Property or by the occupation
     of the premises for purposes more hazardous than are permitted by said
     policy. Such Grantor agrees to deliver to Agent, promptly as rendered, true
     copies of all reports made in any reporting forms to insurance companies.

     Unless such Grantor provides Agent with evidence of the insurance coverage
     required by this Agreement, Agent may purchase insurance at such Grantor's
     expense to protect Agent's interests in the Properties of such Grantor.
     This insurance may, but need not, protect the interests of such Grantor.
     The coverage that Agent purchases may not pay any claim that such Grantor
     makes or any claim that is made against such Grantor in connection with
     said Property. Such Grantor may later cancel any insurance purchased by
     Agent, but only after providing Agent with evidence that such Grantor has
     obtained insurance as required by this Agreement. If Agent purchases
     insurance, such Grantor

                                        5

<PAGE>

     will be responsible for the costs of that insurance, including interest and
     any other charges Agent may impose in connection with the placement of
     insurance, until the effective date of the cancellation or expiration of
     the insurance. The costs of the insurance may be added to the Obligations.
     The costs of the insurance may be more than the cost of insurance that such
     Grantor may be able to obtain on its own.

               (iii) Protection of Collateral. Neither Agent nor any Lender
     shall be liable or responsible in any way for the safekeeping of any of the
     Collateral or for any loss or damage thereto (except for reasonable care in
     the custody thereof while any Collateral is in Agent's or such Lender's
     actual possession) or for any diminution in the value thereof, or for any
     act or default of any warehouseman, carrier, forwarding agency, or other
     person whomsoever, but the same shall be at such Grantor's sole risk.

          (b)  Administration of Accounts.

               (i) Records, Schedules and Assignments of Accounts. Each Grantor
     shall, and shall cause each of its Subsidiaries and Affiliates to, keep
     accurate and complete records of its Accounts and all payments and
     collections thereon and shall submit to Agent on such periodic basis as
     Agent shall request a sales and collections report for the preceding
     period, in form consistent with the reports currently prepared by such
     Grantor with respect to such information. Concurrently with the delivery of
     each Borrowing Base Certificate by Borrower as required by Subsection 7.1.4
     of the Restated Loan Agreement, or more frequently as requested by Agent,
     from and after the date hereof, such Grantor shall deliver to Agent a
     detailed aging of all of Accounts of such Grantor, and upon Agent's request
     therefor, copies of proof of delivery and the original copy of all
     documents, including, without limitation, repayment histories and present
     status reports relating to the Accounts so scheduled and such other matters
     and information relating to the status of then existing Accounts as Agent
     shall reasonably request.

               (ii) Taxes. If an Account includes a charge for any tax payable
     to any governmental taxing authority, Agent is authorized, in its sole
     discretion, to pay the amount thereof to the proper taxing authority for
     the account of each Grantor or its Subsidiary and to charge such Grantor
     therefor, except for taxes that (i) are being actively contested in good
     faith and by appropriate proceedings and with respect to which such Grantor
     or such Subsidiary maintains reasonable reserves on its books therefor and
     (ii) would not reasonably be expected to result in any Lien other than a
     Permitted Lien. In no event shall Agent or any Lender be liable for any
     taxes to any governmental taxing authority that may be due by such Grantor
     or any of its Subsidiaries or Affiliates.

               (iii) Account Verification. Any of Agent's officers, employees or
     agents shall have the right, at any time or times hereafter, in the name of
     Agent, any designee of Agent or any Grantor, to verify the validity, amount
     or any other matter relating to any Accounts by mail, telephone, telegraph
     or otherwise; provided, that unless a Default or an Event of Default is
     then in existence, prior to conducting each set of verifications, Agent
     shall generally consult with such Grantor about the verification

                                        6

<PAGE>

     process. Such Grantor shall cooperate fully with Agent in an effort to
     facilitate and promptly conclude any such verification process.

               (iv) Maintenance of Dominion Account. Each Grantor shall maintain
     lockbox and blocked account arrangements acceptable to Agent with such
     banks as may be selected by such Grantor and be acceptable to Agent, for
     direct deposit of payments and other remittances. Such Grantor shall also
     maintain a Dominion Account or Accounts pursuant to lockbox and blocked
     account arrangements acceptable to Agent with such banks as may be selected
     by such Grantor and be acceptable to Agent. Upon the occurrence of a
     Liquidity Event or an Event of Default, such Grantor shall issue to any
     such banks an irrevocable letter of instruction directing such banks to
     deposit all payments or other remittances received in the lockbox and
     blocked accounts to the Dominion Account for application on account of the
     Obligations. All funds deposited in any Dominion Account shall immediately
     become the property of Agent, for the ratable benefit of Lenders, and such
     Grantor shall obtain the agreement by such banks in favor of Agent to waive
     any offset rights against the funds so deposited. In the event that the
     applicable bank is unwilling to waive such rights, such Grantor shall, upon
     Agent's request to do so, immediately transfer any funds deposited in such
     bank accounts to a bank that will agree to waive such rights. Agent assumes
     no responsibility for such lockbox and blocked account arrangements,
     including, without limitation, any claim of accord and satisfaction or
     release with respect to deposits accepted by any bank thereunder. As soon
     as practicable, each Grantor shall give written instructions directing the
     applicable obligors to direct all payments and remittances to such
     accounts. Each Grantor shall have 60 days (or such additional time as the
     Agent shall determine in its sole discretion) from the date hereof to
     establish the arrangements required by this Subsection 2(b)(iv).

               (v) Collection of Accounts, Proceeds of Collateral. To expedite
     collection, each Grantor shall endeavor in the first instance to make
     collection of its Accounts for Agent. All remittances received by such
     Grantor on account of Accounts, together with the proceeds of any other
     Collateral, shall be held as Agent's property, for its benefit and the
     benefit of Lenders, by such Grantor as trustee of an express trust for
     Agent's benefit and such Grantor shall immediately deposit same in kind in
     the lockboxes or a Dominion Account. Agent retains the right at all times
     after the occurrence and during the continuance of a Default or an Event of
     Default to notify Account Debtors that Accounts of such Grantor have been
     assigned to Agent and to collect such Accounts directly in its own name and
     to charge the collection costs and expenses, including attorneys' fees, to
     such Grantor.

          (c) Records and Reports of Inventory, Machinery and Equipment. Each
Grantor shall, and shall cause its Subsidiaries and Affiliates to, keep records
of its Inventory, and Equipment, which records shall be complete and accurate in
all material respects. Such Grantor shall furnish to Agent updates of Inventory
and Equipment reports as required by Section 5.3 of the Restated Loan Agreement
concurrently with the delivery by Borrower of each Borrowing Base Certificate
described in Subsection 7.1.4 of the Restated Loan Agreement or more frequently
as requested by Agent, which reports will be in such other format and detail as
Agent shall request and shall include a current list of all locations of
Inventory, Machinery and

                                        7

<PAGE>

Equipment of such Grantor. Such Grantor shall conduct an inventory no less
frequently than annually of all Inventory on premises owned or leased by such
Grantor or any it is Subsidiaries and shall provide to Agent a report based on
each such physical inventory promptly thereafter, together with such supporting
information as Agent shall reasonably request.

          (d) Administration of Equipment. Each Grantor shall, and shall cause
its Subsidiaries and Affiliates to, keep records of its Equipment which shall be
complete and accurate in all material respects itemizing and describing the
kind, type, quality, quantity and book value of its Equipment and all
dispositions made in accordance with this Agreement, and such Grantor shall
furnish Agent with a current schedule containing the foregoing information on at
least an annual basis and more often if reasonably requested by Agent. Promptly
after the reasonable request therefor by Agent, such Grantor shall deliver to
Agent any and all evidence of ownership, if any, of any Equipment.

          (e) Appraisals. When reasonably requested by Agent, each Grantor shall
provide the following: a report of Eligible Container Fleet Inventory and
Eligible Trailer Fleet Inventory by category and by item (in detail), a report
of Inventory, based upon a physical count, which shall describe Inventory of
such Grantor by category and by item (in detail) and report the then appraised
value (at lower of cost or orderly liquidation value) of such Inventory, and a
report of Equipment which shall describe such Grantor's Equipment (in detail)
and report the then appraised value (at lower of cost or orderly liquidation
value) of such Equipment. In addition, when requested by Agent after
consultation with such Grantor regarding the scope and cost of any such
appraisal, such Grantor shall allow Agent to engage an Appraiser with respect to
the Collateral, shall provide Agent and such Appraiser reasonable access to the
Collateral and shall cooperate with Agent and such Appraiser with respect to the
foregoing. Unless (a) a Default, an Event of Default or a Liquidity Event has
occurred and is continuing or (b) such Grantor otherwise agrees, (i) the
appraisals respecting Inventory held for lease or sale shall be requested at
least once, but not more than once, during any twelve month period, other than
appraisals of such Inventory in connection with a Permitted Acquisition and (ii)
at the option of Agent, such appraisals may be done on either a desktop or
physical inspection basis.

     3 REPRESENTATIONS AND WARRANTIES

          (a) General Representations and Warranties. To induce Agent and each
Lender to enter into this Agreement and to make advances hereunder, each Grantor
warrants, represents and covenants to Agent and each Lender that:

               (i) Power and Authority. Each Grantor is duly authorized and
     empowered to enter into, execute, deliver and perform this Agreement. The
     execution, delivery and performance of this Agreement has been duly
     authorized by all necessary corporate or other relevant action and do not
     and will not (i) require any consent or approval of any of the
     shareholders, partners or members, as the case may be, of any Grantor; (ii)
     contravene any Grantors' charter, articles or certificate of incorporation,
     partnership agreement, certificate of formation, by-laws, limited liability
     company agreement, operating agreement or other organizational documents
     (as the case may be); (iii) violate, or cause any Grantor to be in default
     under, any provision of any law, rule, regulation, order, writ, judgment,
     injunction, decree, determination or award in effect

                                        8

<PAGE>

     having applicability to any Grantor; (iv) result in a breach of or
     constitute a default under any indenture or loan or credit agreement or any
     other agreement, lease or instrument to which any Grantor is a party or by
     which it or its Properties may be bound or affected; or (v) result in, or
     require, the creation or imposition of any Lien (other than Permitted
     Liens) upon or with respect to any of the Properties now owned or hereafter
     acquired by Grantor.

               (ii) Title to Properties; Priority of Liens. Such Grantor has
     good, indefeasible and marketable title to and fee simple ownership of, or
     valid and subsisting leasehold interests in, all of its real Property, and
     good title to all of the Collateral and all of its other Property, in each
     case, free and clear of all Liens except Permitted Liens. such Grantor has
     paid or discharged all lawful claims which, if unpaid, might become a Lien
     against any of such Grantor's Properties that is not a Permitted Lien. The
     Liens granted to Agent under Section 1 hereof and under the Security
     Documents are first priority Liens, subject only to Permitted Liens.

               (iii) Accounts. Agent may rely, in determining which Accounts are
     Eligible Accounts, on all statements and representations made by such
     Grantor with respect to any Account or Accounts of such Grantor. With
     respect to each of such Accounts, whether or not such Account is an
     Eligible Account, unless otherwise disclosed to Agent in writing: (A) it is
     genuine and in all respects what it purports to be, and it is not evidenced
     by a judgment; (B) it arises out of a completed, bona fide sale and
     delivery of goods or rendition of services by such Grantor, in the ordinary
     course of its business and in accordance with the terms and conditions of
     all purchase orders, contracts or other documents relating thereto and
     forming a part of the contract between such Grantor and the Account Debtor
     and the Account Debtor is not an Affiliate of such Grantor; (C) it is for a
     liquidated amount maturing as stated in the duplicate invoice covering such
     sale or rendition of services; (D) there are no facts, events or
     occurrences which in any way impair the validity or enforceability of any
     Accounts or tend to reduce the amount payable thereunder from the face
     amount of the invoice and statements delivered or made available to Agent
     with respect thereto; (E) to such Grantor's knowledge, the Account Debtor
     thereunder (1) had the capacity to contract at the time any contract or
     other document giving rise to the Account was executed and (2) such Account
     Debtor is Solvent; and (F) to Grantor's knowledge, there are no proceedings
     or actions which are threatened or pending against the Account Debtor
     thereunder which might result in any material adverse change in such
     Account Debtor's financial condition or the collectibility of such Account
     (other than non-material disputes involving de minimis amounts arising in
     the ordinary course of business).

               (iv) Equipment. The Equipment of each Grantor is in good
     operating condition and repair.

          (b) Continuous Nature of Representations and Warranties. Each
representation and warranty contained in this Agreement and the other Loan
Documents shall be continuous in nature and shall remain accurate, complete in
all material respects and not misleading at all times during the term of this
Agreement, except for changes in the nature of such Grantor's or one of such
Grantor's Subsidiary's or Affiliate's business or operations that

                                        9

<PAGE>

would render the information in any exhibit attached hereto or to any other Loan
Document either inaccurate, incomplete or misleading, so long as Majority
Lenders have consented to such changes or such changes are expressly permitted
by this Agreement.

          (c) Survival of Representations and Warranties. All representations
and warranties of each Grantor contained in this Agreement or any of the other
Loan Documents shall survive the execution, delivery and acceptance thereof by
Agent and each Lender and the parties thereto and the closing of the
transactions described therein or related thereto.

     4 Covenants.

          (a) Landlord, Processor and Storage Agreements. Each Grantor shall
provide Agent on request with copies of all agreements between such Grantor and
any landlord, processor, distributor, warehouseman or consignee which owns any
premises at which any Collateral may, from time to time, be kept

          (b) Deposit and Brokerage Accounts. For each deposit account or
brokerage account that any Grantor at any time opens or maintains, such Grantor
shall, at Agent's request and option, pursuant to an agreement in form and
substance satisfactory to Agent, cause the depository bank or securities
intermediary, as applicable, to agree to comply at any time with instructions
from Agent to such depository bank or securities intermediary, as applicable,
directing the disposition of funds from time to time credited to such deposit or
brokerage account, without further consent of such Grantor.

          (c) Maintenance of Equipment. Each Grantor shall make or cause to be
made all necessary replacements of and repairs to Equipment so that the
operating efficiency thereof shall be maintained and preserved, reasonable wear
and tear excepted, except where the failure to so maintain the same would not
reasonably be expected to have a Material Adverse Effect. Such Grantor will not
permit any Equipment to become affixed to any real Property leased to such
Grantor so that an interest arises therein under the real estate laws of the
applicable jurisdiction unless the landlord of such real Property has executed a
landlord waiver or leasehold mortgage in favor of and in form reasonably
acceptable to Agent, and such Grantor will not permit any of the Equipment of
such Grantor to become an accession to any personal Property other than
Equipment that is subject to first priority (except for Permitted Liens) Liens
in favor of Agent.

          (d) Maintenance of Existence. Each Grantor agrees that it shall not
change such Grantor's name, identity, corporate structure (e.g., by merger,
consolidation, change in corporate form or otherwise) sole place of business (or
principal residence if such Grantor is a natural person), chief executive
office, type of organization or jurisdiction of organization or establish any
trade names unless it shall have (a) notified the Agent in writing, at least
thirty (30) days prior to any such change or establishment, identifying such new
proposed name, identity, corporate structure, sole place of business (or
principal residence if such Grantor is a natural person), chief executive
office, jurisdiction of organization or trade name and providing such other
information in connection therewith as the Agent may reasonably request and (b)
taken all actions necessary or advisable to maintain the continuous validity,
perfection and the same or

                                       10

<PAGE>

better priority of the Agent's security interest in the Collateral intended to
be granted and agreed to hereby.

     5 Right to Enter. Each Grantor shall permit representatives of Agent, and
during the continuation of any Default or Event of Default any Lender, from time
to time, as often as may be reasonably requested, but only during normal
business hours, to visit and inspect the Properties of such Grantor and each of
its Subsidiaries, inspect, audit and make extracts from its books and records,
observe the use of any part of the Collateral, or otherwise determine whether
such Grantor is in compliance with the terms of this Agreement. Agent, if no
Default or Event of Default then exists, shall give such Grantor reasonable
prior notice of any such inspection or audit.

     6 Further Assurances. Each Grantor shall execute and file any financing or
continuation statement, or amendments thereto, and such other instruments or
notices as may be necessary or desirable, which Agent may reasonably request in
order to perfect and preserve the perfection and the priority of the security
interests granted or purported to be granted under this Agreement. Such Grantor
agrees that, at Agent's option, this Agreement, or a photocopy hereof, may be
filed by Agent as a financing statement, and that such Grantor's execution
hereof shall constitute the execution by such Grantor of a financing statement.

     7 Defaults. Each Grantor shall be in default under this Agreement upon the
happening of any Event of Default under (and as defined in) the Restated Loan
Agreement.

     Upon the occurrence and during the continuance of an Event of Default,
Agent shall have and may exercise from time to time the following rights and
remedies:

               (i) All of the rights and remedies of a secured party under the
     UCC or under other applicable law, and all other legal and equitable rights
     to which Agent or Lenders may be entitled, all of which rights and remedies
     shall be cumulative and shall be in addition to any other rights or
     remedies contained in this Agreement or any of the other Loan Documents,
     and none of which shall be exclusive.

               (ii) The right to take immediate possession of the Collateral,
     and to (i) require each Grantor and its Subsidiaries to assemble the
     Collateral, at such Grantor's expense, and make it available to Agent at a
     place designated by Agent which is reasonably convenient to both parties,
     and (ii) enter any premises where any of the Collateral shall be located
     and to keep and store the Collateral on said premises until sold (and if
     said premises be the Property of such Grantor or any Subsidiary of such
     Grantor, such Grantor agrees not to charge, or permit any of its
     Subsidiaries to charge, Agent for storage thereof).

               (iii) The right to sell or otherwise dispose of all or any
     Collateral in its then condition, or after any further manufacturing or
     processing thereof, at public or private sale or sales, with such notice as
     may be required by law, in lots or in bulk, for cash or on credit, all as
     Agent, in its sole discretion, may deem advisable. Agent may, at Agent's
     option, disclaim any and all warranties regarding the Collateral in
     connection with any such sale. Each Grantor agrees that five (5) Business
     Days' written notice to

                                       11

<PAGE>

     such Grantor or any of its Subsidiaries of any public or private sale or
     other disposition of Collateral shall be reasonable notice thereof, and
     such sale shall be at such locations as Agent may designate in said notice.
     Agent shall have the right to conduct such sales on such Grantor's or any
     of its Subsidiaries' premises, without charge therefor, and such sales may
     be adjourned from time to time in accordance with applicable law. Agent
     shall have the right to sell, lease or otherwise dispose of the Collateral,
     or any part thereof, for cash, credit or any combination thereof, and
     Agent, on behalf of Lenders, may purchase all or any part of the Collateral
     at public or, if permitted by law, private sale and, in lieu of actual
     payment of such purchase price, may set off the amount of such price
     against the Obligations. The proceeds realized from the sale of any
     Collateral may be applied, after allowing two (2) Business Days for
     collection, first to the costs, expenses and attorneys' fees incurred by
     Agent in collecting the Obligations, in enforcing the rights of Agent and
     Lenders under the Loan Documents and in collecting, retaking, completing,
     protecting, removing, storing, advertising for sale, selling and delivering
     any Collateral, second to the interest due upon any of the Obligations; and
     third, to the principal of the Obligations. If any deficiency shall arise,
     each Grantor shall remain jointly and severally liable to Agent and Lenders
     therefor.

               (iv) Agent is hereby granted a license or other right to use,
     without charge and consistent with the applicable Grantor's reasonable
     quality control requirements, each Grantor's and each of such Grantor's
     Subsidiary's labels, patents, copyrights, licenses, rights of use of any
     name, trade secrets, tradenames, trademarks and advertising matter, or any
     Property of a similar nature, as it pertains to the Collateral, in
     completing, advertising for sale and selling any Collateral and such
     Grantor's and each of its Subsidiary's rights under all licenses and all
     franchise agreements shall inure to Agent's benefit.

     8 Costs and Expenses. Each Grantor agrees to pay on demand all costs and
expenses, including legal fees, incurred or paid by Agent in preparing,
executing or amending this Agreement, and in exercising its rights and remedies
or protecting its interests hereunder.

     9 Right of Set Off. In addition to any rights now or hereafter granted
under applicable law and not by way of limitation of any such rights, during the
continuance of any Event of Default, each Lender is hereby authorized by each
Grantor at any time or from time to time, with prior written consent of Agent
and with reasonably prompt subsequent notice to such Grantor (any prior or
contemporaneous notice to such Grantor being hereby expressly waived) to set off
and to appropriate and to apply any and all (i) balances held by such Lender at
any of its offices for the account of such Grantor or any of its Subsidiaries
(regardless of whether such balances are then due to such Grantor or its
Subsidiaries), and (ii) other property at any time held or owing by such Lender
to or for the credit or for the account of such Grantor or any of its
Subsidiaries, against and on account of any of the Obligations of Borrower;
provided, that each Lender exercising such rights shall notify Agent thereof
prior to exercise, shall refrain from exercising such right until Agent shall
have confirmed to such Lender that such exercise will not prejudice the rights
of the Lenders, and any amount received as a result of the exercise of such
rights shall be shared in accordance with Subsection 3.8 of the Restated Loan
Agreement. Any Lender exercising a right to set off shall, to the extent the
amount of any such set off exceeds its Revolving Loan Percentage of the amount
set off, purchase for cash (and the other Lenders shall

                                       12

<PAGE>

sell) interests in each such other Lender's pro rata share of the Obligations as
would be necessary to cause such Lender to share such excess with each other
Lender in accordance with their respective Revolving Loan Percentages. Each
Grantor agrees, to the fullest extent permitted by law, that any Lender may
exercise its right to set off with respect to amounts in excess of its pro rata
share of the Obligations and upon doing so shall deliver such excess to Agent
for the benefit of all Lenders in accordance with the Revolving Loan
Percentages..

     10 Notices. All notices, approvals, consents or other communications to
Agent required or desired to be given hereunder shall be in the form and manner,
and delivered to Agent at its addresses, as set forth in Section 11.8 of the
Restated Loan Agreement. All notices, approvals, consents or other
communications to Grantors required or desired to be given hereunder shall be in
the form and manner, and delivered to Borrower at its addresses, as set forth in
Section 11.8 of the Restated Loan Agreement.

     11 Termination of Security Agreement. This Security Agreement and the
security interest hereunder shall terminate upon the full and final payment in
cash and performance of all the Obligations by Borrower under the Restated Loan
Agreement and termination of the Revolving Loan Commitments. Notwithstanding
anything to the contrary herein, this Security Agreement (including all
representations, warranties and covenants contained herein) shall continue to be
effective or be reinstated, as the case may be, if at any time any amount
received by any Lender in respect of the Secured Obligations is rescinded or
must otherwise be restored or returned by Lender upon or in connection with the
insolvency, bankruptcy, dissolution, liquidation or reorganization of any
Grantor or otherwise, all as though such payment had not been made.

     12 Headings. The headings in this Agreement are for purposes of reference
only and shall not otherwise affect the meaning or construction of any provision
of this Agreement.

     13 Amendments. Any amendment or waiver of any provision of this Agreement
and any consent to any departure by any Grantor from any provision of this
Agreement shall be effective only if made or given in compliance with all of the
terms and provisions of Section 10.10 of the Restated Loan Agreement.

     14 Entire Agreement. This Agreement and the Loan Documents are intended by
the parties as a final expression of their agreement and is intended as a
complete and exclusive statement of the terms and conditions thereof. Acceptance
of or acquiescence in a course of performance rendered under this Agreement
shall not be relevant to determine the meaning of this Agreement even though the
accepting or acquiescing party had knowledge of the nature of the performance
and opportunity for objection.

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

                                       13

<PAGE>

     16 Successors and Assigns. All rights of Agent hereunder shall inure to the
benefit of its successor and assigns. No Grantor shall assign any of its
interest under this Agreement without the prior written consent of Agent. Any
purported assignment inconsistent with this provision shall, at the option of
Agent, be null and void.

     17 Governing Law. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS
AGREEMENT AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE GOVERNED BY
THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICTS OF LAWS PROVISIONS) AND DECISIONS
OF THE STATE OF NEW YORK.

     18 Submission to Jurisdiction. ALL DISPUTES AMONG THE ANY OF THE GRANTORS
AND THE LENDERS (OR THE AGENT ACTING ON THEIR BEHALF) ARISING UNDER THIS
AGREEMENT, WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE
RESOLVED ONLY BY STATE AND FEDERAL COURTS LOCATED IN NEW YORK COUNTY, NEW YORK,
AND THE COURTS TO WHICH AN APPEAL THEREFROM MAY BE TAKEN; PROVIDED, HOWEVER,
THAT THE AGENT, ON BEHALF OF THE LENDERS, SHALL HAVE THE RIGHT, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, TO PROCEED AGAINST ANY OF THE GRANTORS OR THEIR
PROPERTY IN ANY LOCATION REASONABLY SELECTED BY THE AGENT IN GOOD FAITH TO
ENABLE THE AGENT TO REALIZE ON SUCH PROPERTY, OR TO ENFORCE A JUDGMENT OR OTHER
COURT ORDER IN FAVOR OF THE AGENT. EACH OF THE GRANTORS WAIVES ANY OBJECTION
THAT IT MAY HAVE TO THE LOCATION OF THE COURT IN WHICH THE AGENT HAS COMMENCED A
PROCEEDING ARISING UNDER THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON FORUM NON CONVENIENS.

     19 Service of Process. EACH OF THE GRANTORS HEREBY IRREVOCABLY DESIGNATES
CT CORPORATIONS SYSTEMS AS THE DESIGNEE, APPOINTEE AND AGENT OF THE GRANTORS TO
RECEIVE, FOR AND ON BEHALF OF THE GRANTORS, SERVICE OF PROCESS IN SUCH
RESPECTIVE JURISDICTIONS IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENT. IT IS UNDERSTOOD THAT A COPY OF SUCH
PROCESS SERVED ON SUCH AGENT AT ITS ADDRESS WILL BE PROMPTLY FORWARDED BY MAIL
TO SUCH GRANTOR, BUT FAILURE OF ANY OF THE GRANTORS TO RECEIVE SUCH COPY SHALL
NOT AFFECT IN ANY WAY THE SERVICE OF SUCH PROCESS.

     20 Jury Trial. EACH OF THE GRANTORS, THE AGENT AND THE LENDERS EACH HEREBY
WAIVE ANY RIGHT TO A TRIAL BY JURY. INSTEAD, ANY DISPUTES WILL BE RESOLVED IN A
BENCH TRIAL.

     21 Limitation of Liability. NEITHER THE AGENT NOR ANY LENDER SHALL HAVE ANY
LIABILITY TO THE ANY OF THE GRANTORS (WHETHER SOUNDING IN TORT, CONTRACT, OR
OTHERWISE) FOR LOSSES SUFFERED BY ANY OF THE

                                       14

<PAGE>

GRANTORS IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY RELATED TO THE
TRANSACTIONS OR RELATIONSHIPS CONTEMPLATED BY THIS AGREEMENT, OR ANY ACT,
OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, UNLESS IT IS DETERMINED BY
A FINAL AND NONAPPEALABLE JUDGMENT OR COURT ORDER BINDING ON THE AGENT OR ANY
SUCH LENDER, THAT THE LOSSES WERE THE RESULT OF ACTS OR OMISSIONS CONSTITUTING
GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

     22 Delay; Waiver. No delay in enforcing or failing to enforce any right
under this Agreement by Lender shall constitute a waiver by Lender of such
right. No waiver by Lender of any default hereunder shall be effective unless in
writing, nor shall any waiver operate as a waiver of any other default or of the
same default on a future occasion.

     23 Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original, but all of which shall together constitute one and the same agreement.

     24 Additional Grantors. From time to time subsequent to the date hereof,
additional Subsidiaries of Borrower may become parties hereto as additional
Grantors (the "Additional Grantors"), by executing a counterpart (the
"Counterpart") substantially in the form of Exhibit A hereto. Upon delivery of
any such Counterpart to the Agent, notice of which is hereby waived by Grantors,
each such Additional Grantor shall be a Grantor and shall be as fully a party
hereto as if such Additional Grantor were an original signatory hereto. Each
Grantor expressly agrees that its obligations arising hereunder shall not be
affected or diminished by the addition or release of any other Grantor
hereunder, nor by any election of Agent not to cause any Subsidiary of Borrower
to become an Additional Grantor hereunder. This Agreement shall be fully
effective as to any Grantor that is or becomes a party hereto regardless of
whether any other Person becomes or fails to become or ceases to be a Grantor
hereunder.

     25 Interpretation of Agreement. Time is of the essence in each provision of
this Agreement of which time is an element. All terms not defined herein or in
the Restated Loan Agreement shall have the meaning set forth in the applicable
Uniform Commercial Code, except where the context otherwise requires. To the
extent a term or provision of this Agreement conflicts with the Restated Loan
Agreement, the Restated Loan Agreement shall control with respect to the subject
matter of such term or provision. Acceptance of or acquiescence in a course of
performance rendered under this Agreement shall not be relevant in determining
the meaning of this Agreement even though the accepting or acquiescing party had
knowledge of the nature of the performance and opportunity for objection

                     [remainder of page intentionally blank]

                                       15

<PAGE>

     IN WITNESS WHEREOF, each of the Grantors has executed and delivered this
Amended and Restated Subsidiary Security Agreement as of the date set forth in
the first paragraph hereof.

                                     GRANTORS:

                                     MOBILE MINI I, INC.,
                                     an Arizona corporation

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

                                     MOBILE MINI HOLDINGS, INC.,
                                     a Delaware corporation

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

                                     DELIVERY DESIGN SYSTEMS, INC.,
                                     an Arizona corporation

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

                                     MOBILE MINI, LLC,
                                     a Delaware limited liability company

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

                                     MOBILE MINI, LLC,
                                     a California limited liability company

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

                                     MOBILE MINI OF OHIO, LLC,
                                     a Delaware limited liability company

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

<PAGE>

                                     MOBILE MINI TEXAS LIMITED PARTNERSHIP, LLP,
                                     a Texas limited liability partnership

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

<PAGE>

                                                                    EXHIBIT A TO
                              AMENDED AND RESTATED SUBSIDIARY SECURITY AGREEMENT

                              [FORM OF COUNTERPART]

                                   COUNTERPART

     COUNTERPART (this "Counterpart"), dated _______, is delivered pursuant to
Section 24 of the Amended and Restated Subsidiary Security Agreement referred to
below. The undersigned hereby agrees that this Counterpart may be attached to
the Amended and Restated Subsidiary Security Agreement, dated as of February 17,
2006 (as it may be from time to time amended, modified or supplemented, the
"Subsidiary Security Agreement"; capitalized terms used herein not otherwise
defined herein shall have the meanings ascribed therein), by Mobile Mini I,
Inc., an Arizona corporation, Mobile Mini Holdings, Inc., a Delaware
corporation, Delivery Design Systems, Inc., an Arizona corporation, Mobile Mini,
LLC, a Delaware limited liability company, Mobile Mini, LLC, a California
limited liability company, Mobile Mini of Ohio, LLC, a Delaware limited
liability company, and Mobile Mini Texas Limited Partnership, LLP, a Texas
limited liability partnership, in favor of Deutsche Bank AG, New York Branch,
for itself and as agent (the "Agent"). The undersigned by executing and
delivering this Counterpart hereby becomes a Grantor under the Subsidiary
Security Agreement in accordance with Section 24 thereof and agrees to be bound
by all of the terms thereof.

                                     [NAME OF ADDITIONAL GRANTOR]

                                     By:
                                         ---------------------------------------
                                     Name:
                                           -------------------------------------
                                     Title:
                                            ------------------------------------

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