Document:

Exhibit 10.1 

Execution
Copy 

AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of December 30, 2005

Among

THE FINANCIAL INSTITUTIONS NAMED HEREIN 

as the Lenders

and

BANK OF AMERICA, N.A. 

as the Administrative Agent

and

MOBILE STORAGE GROUP, INC. 

as the US Borrower

and

MOBILE SERVICES GROUP, INC. 

as the Parent Guarantor

and

BANC OF AMERICA SECURITIES, LLC 

as Sole Arranger and Book Runner

Execution
Copy 

TABLE
OF CONTENTS

	
   

  	
   

  	
   

  
	
  Section 

  	
   

  	
  Page

  
	
  

  	
   

  	
  

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1. LOANS AND
  LETTERS OF CREDIT

  	
  2

  
	
   

  	
   

  
	
  1.1

  	
  Total US Facility

  	
  2

  
	
  1.2

  	
  US Revolving Loans

  	
   3

  
	
  1.3

  	
  [Intentionally deleted]

  	
  7

  
	
  1.4

  	
  Letters of Credit

  	
   7

  
	
  1.5

  	
  US Bank Products

  	
   11

  
	
  1.6

  	
  Joint And Several
  Obligations; Cross-Guaranty

  	
   11

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2. INTEREST AND
  FEES 

  	
   16

  
	
   

  	
   

  
	
  2.1

  	
  Interest 

  	
  16

  
	
  2.2

  	
  Continuation and Conversion
  Elections 

  	
  17

  
	
  2.3

  	
  Maximum Interest Rate 

  	
   18

  
	
  2.4

  	
  Agent Fees

  	
   19

  
	
  2.5

  	
  Unused Line Fee 

  	
  19

  
	
  2.6

  	
  Letter of Credit Fee

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3. PAYMENTS AND
  PREPAYMENTS 

  	
  20

  
	
   

  	
   

  
	
  3.1

  	
  Revolving Loans 

  	
   20

  
	
  3.2

  	
  Termination of Facility 

  	
   20

  
	
  3.3

  	
  [Intentionally deleted]  

  	
  20

  
	
  3.4

  	
  US LIBOR Revolving Loan
  Prepayments 

  	
   20

  
	
  3.5

  	
  Payments by the US
  Borrowers

  	
  21

  
	
  3.6

  	
  Payments as US Revolving
  Loans  

  	
   21

  
	
  3.7

  	
  Apportionment, Application
  and Reversal of Payments

  	
  21

  
	
  3.8

  	
  Indemnity for Returned
  Payments 

  	
   22

  
	
  3.9

  	
  US Agents’ and US Lenders’
  Books and Records; Monthly Statements 

  	
   22

  
	
  3.10

  	
  [Intentionally deleted]  

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4. TAXES, YIELD
  PROTECTION AND ILLEGALITY 

  	
  23

  
	
   

  	
   

  
	
  4.1

  	
  Taxes

  	
   23

  
	
  4.2

  	
  Illegality

  	
   24

  
	
  4.3

  	
  Increased Costs and
  Reduction of Return 

  	
  25

  
	
  4,4

  	
  Funding Losses 

  	
  26

  
	
  4.5

  	
  Inability to Determine
  Rates 

  	
   26

  
	
  4.6

  	
  Certificates of Lenders

  	
  27

  
	
  4.7

  	
  Survival 

  	
   28

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5. BOOKS AND
  RECORDS; FINANCIAL INFORMATION; NOTICES 

  	
  28

  
	
   

  	
   

  
	
  5.1

  	
  Books and Records 

  	
  28

  

i

	
   

  	
   

  	
   

  
	
  5.2

  	
  Financial Information

  	
   28

  
	
  5.3

  	
  Notices to the Lenders

  	
   31

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6. GENERAL
  WARRANTIES AND REPRESENTATIONS

  	
  34

  
	
   

  	
   

  
	
  6.1

  	
  Authorization, Validity,
  and Enforceability of this Agreement and the Loan Documents

  	
  34

  
	
  6.2

  	
  Validity and Priority of
  Security Interest 

  	
  35

  
	
  6.3

  	
  Organization and
  Qualification

  	
  35

  
	
  6.4

  	
  Corporate Name; Prior
  Transactions

  	
  35

  
	
  6.5

  	
  Subsidiaries and
  Affiliates

  	
   35

  
	
  6.6

  	
  Financial Statements and
  Projections

  	
  35

  
	
  6.7

  	
  Capitalization

  	
  36

  
	
  6.8

  	
  Solvency

  	
   36

  
	
  6.9

  	
  Debt

  	
  36

  
	
  6.10

  	
  Distributions

  	
  36

  
	
  6.11

  	
  Personal Property; Real
  Estate; Leases

  	
  36

  
	
  6.12

  	
  Proprietary Rights

  	
  38

  
	
  6.13

  	
  Trade Names

  	
  38

  
	
  6.14

  	
  Litigation

  	
  38

  
	
  6.15

  	
  Labor Disputes

  	
  38

  
	
  6.16

  	
  Environmental Laws

  	
  39

  
	
  6.17

  	
  No Violation of Law

  	
  40

  
	
  6.18

  	
  No Default

  	
  40

  
	
  6.19

  	
  ERISA Compliance

  	
   40

  
	
  6.20

  	
  Taxes

  	
   41

  
	
  6.21

  	
  Regulated Entities

  	
  41

  
	
  6.22

  	
  Use of Proceeds; Margin
  Regulations

  	
  41

  
	
  6.23

  	
  Copyrights, Patents,
  Trademarks and Licenses, etc.

  	
  42

  
	
  6.24

  	
  No Material Adverse Change

  	
   42

  
	
  6.25

  	
  Full Disclosure

  	
  42

  
	
  6.26

  	
  Material Agreements

  	
  42

  
	
  6.27

  	
  Bank Accounts

  	
  42

  
	
  6.28

  	
  Governmental Authorization

  	
   42

  
	
  6.29

  	
  Tax Shelter Regulations

  	
  42

  
	
  6.30

  	
  Non-Guarantor Subsidiaries

  	
  43

  
	
  6.31

  	
  Luxembourg Subsidiaries

  	
   43

  
	
  6.32

  	
  UK Financial Assistance

  	
  43

  
	
  6.33

  	
  Subordinated Debt

  	
  43

  
	
  6.34

  	
  Sales of Vehicles

  	
  43

  
	
  6.35

  	
  Anti-Terrorism Laws

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7. AFFIRMATIVE AND
  NEGATIVE COVENANTS

  	
  44

  
	
   

  	
   

  
	
  7.1

  	
  Taxes and Other
  Obligations

  	
  44

  
	
  7.2

  	
  Legal Existence and Good
  Standing

  	
   44

  
	
  7.3

  	
  Compliance with Law and
  Agreements; Maintenance of Licenses

  	
   44

  

ii

	
   

  	
   

  	
   

  
	
  7.4

  	
  Maintenance of Property;
  Inspection of Property

  	
  45

  
	
  7.5

  	
  Insurance

  	
  46

  
	
  7.6

  	
  Insurance and Condemnation
  Proceeds

  	
  47

  
	
  7.7

  	
  Environmental Laws

  	
  47

  
	
  7.8

  	
  Compliance with ERISA and
  other laws

  	
  50

  
	
  7.9

  	
  Mergers, Amalgamations,
  Consolidations or Sales

  	
  50

  
	
  7.10

  	
  Distributions; Capital
  Change; Restricted Investments

  	
  51

  
	
  7.11

  	
  Transactions Affecting
  Collateral or Obligations 

  	
  52

  
	
  7.12

  	
  Guaranties

  	
  52

  
	
  7.13

  	
  Debt

  	
  53

  
	
  7.14

  	
  Prepayments; Payments on
  Subordinated Note Debt; Payments on Intercompany Debt 

  	
  56

  
	
  7.15

  	
  Transactions with
  Affiliates

  	
  56

  
	
  7.16

  	
  Investment Banking and
  Finder’s Fees

  	
  58

  
	
  7.17

  	
  Business Conducted

  	
  58

  
	
  7.18

  	
  Liens

  	
  58

  
	
  7.19

  	
  Sale and Leaseback
  Transactions

  	
  58

  
	
  7.20

  	
  New Subsidiaries

  	
  58

  
	
  7.21

  	
  Fiscal Year

  	
  59

  
	
  7.22

  	
  Depreciation Method

  	
  59

  
	
  7.23

  	
  Cash Interest Coverage
  Ratio 

  	
  59

  
	
  7.24

  	
  Maximum Consolidated Total
  Debt to Pro Forma EBITDA Ratio

  	
  59

  
	
  7.25

  	
  Minimum Fleet Utilization
  Rate

  	
  60

  
	
  7.26

  	
  Capital Expenditures

  	
  60

  
	
  7.27

  	
  Use of Proceeds 

  	
  61

  
	
  7.28

  	
  Further Assurances

  	
  61

  
	
  7.29

  	
  Bank Accounts

  	
  61

  
	
  7.30

  	
  Changes Relating to
  Permitted Subordinated Debt

  	
  61

  
	
  7.31

  	
  Access Agreements

  	
  61

  
	
  7.32

  	
  Additional Credit Parties

  	
  62

  
	
  7.33

  	
  Mortgages

  	
  63

  
	
  7.34

  	
  Preferred Stock

  	
  63

  
	
  7.35

  	
  [Intentionally deleted]

  	
  64

  
	
  7.36

  	
  Center of Main Interest

  	
  64

  
	
  7.37

  	
  [Intentionally Deleted]

  	
  64

  
	
  7.38

  	
  Anti-Terrorism Laws

  	
  64

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8. CONDITIONS OF
  LENDING

  	
  64

  
	
   

  	
   

  
	
    8.1

  	
  Conditions Precedent to
  the Effectiveness of this Agreement and the Making of Loans on the
  Closing Date

  	
  64

  
	
  8.2

  	
  Conditions Precedent to
  Each Loan

  	
  67

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9. DEFAULT;
  REMEDIES

  	
  68

  
	
   

  	
   

  
	
  9.1

  	
  Events of Default

  	
  68

  
	
  9.2

  	
  Remedies

  	
  71

  

iii

	
   

  	
   

  	
   

  
	
  ARTICLE 10. TERM AND
  TERMINATION

  	
   73

  
	
   

  	
   

  
	
  10.1

  	
  Term and Termination

  	
   73

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11. AMENDMENTS;
  WAIVERs; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS

  	
  74

  
	
   

  	
   

  	
   

  
	
  11.1

  	
  Amendments and Waivers

  	
  74

  
	
  11.2

  	
  Assignments;
  Participations

  	
   76

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12. THE AGENTS

  	
  78

  
	
   

  	
   

  
	
  12.1

  	
  Appointment and
  Authorization

  	
  78

  
	
  12.2

  	
  Delegation of Duties

  	
  79

  
	
  12.3

  	
  Liability of Agent

  	
  79

  
	
  12.4

  	
  Reliance by Each Agent

  	
   79

  
	
  12.5

  	
  Notice of Default

  	
  80

  
	
  12.6

  	
  Credit Decision

  	
   80

  
	
  12.7

  	
  Indemnification

  	
   80

  
	
  12.8

  	
  Agent in Individual
  Capacity

  	
  81

  
	
  12.9

  	
  Successor Agent

  	
  81

  
	
  12.10

  	
  Withholding Tax

  	
   81

  
	
  12.11

  	
  Collateral Matters and
  Release of Guaranties

  	
   83

  
	
  12.12

  	
  Restrictions on Actions by
  Lenders; Sharing of Payments

  	
   84

  
	
  12.13

  	
  Agency for Perfection

  	
  85

  
	
  12.14

  	
  Payments by Responsible
  Agent to Applicable Lenders

  	
  85

  
	
  12.15

  	
  Settlement

  	
   86

  
	
  12.16

  	
  Letters of Credit; Intra-Lender Issues

  	
  89

  
	
  12.17

  	
  Concerning the Collateral
  and the Related Loan Documents

  	
   91

  
	
  12.18

  	
  Field Audit and
  Examination Reports; Disclaimer by Lenders

  	
   91

  
	
  12.19

  	
  Relation Among Lenders

  	
  92

  
	
  12.20

  	
  Administrative Agent as
  Security Agent

  	
   92

  
	
  12.21

  	
  Protection of
  Administrative Agent as Security Agent

  	
  92

  
	
  12.22

  	
  Co-Agents

  	
   93

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13. MISCELLANEOUS

  	
  93

  
	
   

  	
   

  
	
  13.1

  	
  No Waivers; Cumulative
  Remedies

  	
  93

  
	
  13.2

  	
  Severability

  	
   94

  
	
  13.3

  	
  Governing Law; Choice of
  Forum; Service of Process

  	
   94

  
	
  13.4

  	
  WAIVER OF JURY TRIAL

  	
  95

  
	
  13.5

  	
  Survival of
  Representations and Warranties

  	
  96

  
	
  13.6

  	
  Other Security and
  Guaranties

  	
  96

  
	
  13.7

  	
  Fees and Expenses

  	
   96

  
	
  13.8

  	
  Notices

  	
  97

  
	
  13.9

  	
  Waiver of Notices

  	
   99

  
	
  13.10

  	
  Binding Effect

  	
  99

  

iv

	
   

  	
   

  	
   

  
	
  13.11

  	
  Indemnity of the Agents
  and the Lenders by the Borrowers

  	
  99

  
	
  13.12

  	
  Limitation of Liability

  	
   100

  
	
  13.13

  	
  Final Agreement 

  	
   100

  
	
  13.14

  	
  Counterparts

  	
  100

  
	
  13.15

  	
  Captions 

  	
  101

  
	
  13.16

  	
  Right of Setoff 

  	
   101

  
	
  13.17

  	
  Confidentiality

  	
  101

  
	
  13.18

  	
  Conflicts with Other Loan
  Documents

  	
  102

  
	
  13.19

  	
  Currency Indemnity 

  	
  102

  
	
  13.20

  	
  Reinstatement

  	
  103

  
	
  13.21

  	
  Waiver of Counterclaims

  	
  103

  
	
  13.22

  	
  USA Patriot Act Notice

  	
   103

  
	
   

  	
   

  	
   

  

ANNEXES, EXHIBITS AND SCHEDULES

	
   

  	
   

  
	
  ANNEX A -

  	
  DEFINED TERMS

  
	
   

  	
   

  
	
  EXHIBIT A -

  	
  [Intentionally deleted]

  
	
   

  	
   

  
	
  EXHIBIT B -

  	
  FORM OF BORROWING BASE
  CERTIFICATE

  
	
   

  	
   

  
	
  EXHIBIT C -

  	
  FINANCIAL STATEMENTS

  
	
   

  	
   

  
	
  EXHIBIT D -

  	
  FORM OF NOTICE OF
  BORROWING

  
	
   

  	
   

  
	
  EXHIBIT E -

  	
  FORM OF NOTICE OF
  CONTINUATION/CONVERSION

  
	
   

  	
   

  
	
  EXHIBIT F -

  	
  FORM OF ASSIGNMENT AND
  ACCEPTANCE AGREEMENT

  
	
   

  	
   

  
	
  EXHIBIT G -

  	
  FORM OF INSTRUMENT OF
  JOINDER

  
	
   

  	
   

  
	
  EXHIBIT H -

  	
  FORM OF OFFICER’S
  CERTIFICATE OF US BORROWER

  
	
   

  	
   

  
	
  EXHIBIT I -

  	
  FORM OF UK INTERCREDITOR
  DEED

  
	
   

  	
   

  
	
  SCHEDULE 1 -

  	
  LENDERS’ COMMITMENTS
  (ANNEX A - DEFINED TERMS)

  
	
   

  	
   

  
	
  SCHEDULE 6.2

  	
  PRIORITY

  
	
   

  	
   

  
	
  SCHEDULE 6.4 -

  	
  CORPORATE NAME; PRIOR
  TRANSACTIONS

  
	
   

  	
   

  
	
  SCHEDULE 6.5 -

  	
  SUBSIDIARIES AND
  AFFILIATES

  
	
   

  	
   

  
	
  SCHEDULE 6.7 -

  	
  CAPITALIZATION

  
	
   

  	
   

  
	
  SCHEDULE 6.9 -

  	
  DEBT

  

v

	
   

  	
   

  
	
  SCHEDULE 6.10 -

  	
  DISTRIBUTIONS

  
	
   

  	
   

  
	
  SCHEDULE 6.11 -

  	
  REAL ESTATE; LEASES; ORAL
  LEASES

  
	
   

  	
   

  
	
  SCHEDULE 6.12 -

  	
  PROPRIETARY RIGHTS

  
	
   

  	
   

  
	
  SCHEDULE 6.13 -

  	
  TRADE NAMES

  
	
   

  	
   

  
	
  SCHEDULE 6.14 -

  	
  LITIGATION

  
	
   

  	
   

  
	
  SCHEDULE 6.15 -

  	
  LABOR DISPUTES

  
	
   

  	
   

  
	
  SCHEDULE 6.16 -

  	
  ENVIRONMENTAL LAW

  
	
   

  	
   

  
	
  SCHEDULE 6.19 -

  	
  ERISA COMPLIANCE

  
	
   

  	
   

  
	
  SCHEDULE 6.26 -

  	
  MATERIAL AGREEMENTS

  
	
   

  	
   

  
	
  SCHEDULE 6.27 -

  	
  BANK ACCOUNTS

  
	
   

  	
   

  
	
  SCHEDULE 6.30 -

  	
  NON-GUARANTOR SUBSIDIARIES

  
	
   

  	
   

  
	
  SCHEDULE 7.4 -

  	
  UK PROPERTIES

  
	
   

  	
   

  
	
  SCHEDULE 7.15 -

  	
  TRANSACTIONS WITH
  AFFILIATES

  

vi

Execution
Copy 

AMENDED AND RESTATED CREDIT AGREEMENT

                    This
AMENDED AND RESTATED CREDIT AGREEMENT, dated as of December 30, 2005, (this
“Agreement”) among the financial institutions from time to time parties hereto
(such financial institutions, together with their respective successors and
assigns, are referred to hereinafter each individually as a “US Lender” and
collectively as the “US Lenders”), BANK OF AMERICA, N.A. with an office at 55
South Lake Avenue, Suite 900, Pasadena, California 91101, as administrative
agent for the US Lenders (in such capacity, together with its permitted
successors and assigns in such capacity, the “Administrative Agent”), MOBILE
STORAGE GROUP, INC., a Delaware corporation, with offices at 7590 North
Glenoaks Blvd., Burbank, California 91504 (“MSG”) (MSG and each US Subsidiary
(as defined below) of MSG which becomes a Borrower in accordance with this Agreement
is sometimes referred to in this Agreement as a “US Borrower” and collectively
the “US Borrowers”) and MOBILE SERVICES GROUP, INC., a Delaware corporation
(the “Parent Guarantor”).

W I T
N E S S E T H:

                    WHEREAS,
pursuant to the Existing US Credit Agreement the Existing US Lenders have
extended credit in the form of, among other things, Existing US Revolving
Loans;

                    WHEREAS,
MSG has requested that the US Lenders continue to make available to MSG and
each of the US Borrowers a revolving line of credit for revolving loans and
letters of credit in an amount not to exceed $260,000,000 less the Dollar
Equivalent of the UK Aggregate Outstandings (as defined below), and which
extensions of credit the US Borrowers will use for the purposes permitted
hereunder;

                    WHEREAS,
pursuant to the Existing UK Credit Agreement the Existing UK Lenders have
extended credit in the form of, among other things, Existing UK Revolving
Loans;

                    WHEREAS,
Ravenstock has requested that the UK Lenders continue to make available to
Ravenstock and each of the UK Borrowers a revolving line of credit for
revolving credit loans and letters of credit in an aggregate amount not to
exceed £75,000,000;

                    WHEREAS,
each of the Borrowers and the Guarantors are engaged in an interrelated
business enterprise with an identity of interests, and accordingly the
financing provided under this Agreement and the UK Credit Agreement will directly
and indirectly benefit each of the Borrowers and the Guarantors;

                    WHEREAS,
the Borrowers would not be able to obtain financing for their businesses and
the businesses of their Subsidiaries on terms and conditions as favorable as
those set forth in this Agreement and the UK Credit Agreement unless the US
Obligors and UK Obligors guarantee the UK Obligations of the UK Borrowers under
the UK Credit Agreement and the US Obligors guarantee the US Obligations of
the US Borrowers under this Agreement, in each case as provided in the Loan
Documents;

                    WHEREAS,
each US Credit Party desires that (a) the US Lenders continue the Existing US
Letters of Credit as US Letters of Credit, continue the Existing US Revolving
Loans and Existing US Commitments as US Revolving Loans and US Commitments
hereunder and

agree to increase the
Commitments and extend the credit facilities and (b) US Lenders agree to amend
and restate the Existing US Credit Agreement in its entirety for the purpose of
making the amendments reflected herein;

                    WHEREAS,
the US Lenders have agreed to amend and restate the Existing US Credit
Agreement in its entirety for the purpose of making the amendments reflected
herein, which amendment and restatement shall become effective on the Closing
Date upon the satisfaction of the conditions precedent set forth herein;

                    WHEREAS,
each UK Credit Party desires that (a) UK Lenders continue the Existing UK
Letters of Credit as UK Letters of Credit, continue the Existing UK Revolving
Loans and Existing UK Commitments as UK Revolving Loans and UK Commitments
under the UK Credit Agreement and agree to increase the Commitments and extend
the credit facilities and (b) UK Lenders agree to amend and restate the
Existing UK Credit Agreement in its entirety for the purpose of making the
amendments reflected in the UK Credit Agreement;

                    WHEREAS,
the UK Lenders have agreed to enter into an amendment and restatement agreement
relating to the Existing UK Credit Agreement for the purpose of making the
amendments reflected therein, which amendment and restatement shall become
effective on and from the Closing Date upon the satisfaction of the conditions
precedent set forth therein;

                    WHEREAS,
each US Borrower desires to continue to guarantee and secure all of the US
Obligations hereunder and under the other US Loan Documents to the extent so
guaranteed and secured under the Existing US Credit Agreement and the US Loan
Documents, as in effect prior to the date hereof, and as further provided
herein;

                    WHEREAS,
the US Guarantors have agreed to continue to guarantee and secure all of the US
Obligations hereunder and under the other US Loan Documents and UK Loan
Documents to the extent so guaranteed and secured under the Existing US Credit
Agreement and the US Loan Documents and the UK Loan Documents, as in effect
prior to the date hereof, and as further provided herein; and

                    WHEREAS,
capitalized terms used in this Agreement and not otherwise defined herein shall
have the meanings ascribed thereto in Annex A which is attached hereto and
incorporated herein; the rules of construction contained therein shall govern
the interpretation of this Agreement, and all annexes, exhibits and schedules
attached hereto are incorporated herein by reference.

                    NOW,
THEREFORE, in consideration of the mutual conditions and agreements set forth
in this Agreement, and for good and valuable consideration, the receipt of
which is hereby acknowledged, the US Lenders, the Administrative Agent, the
Documentation Agent, if any, and the US Borrowers hereby agree as follows.

ARTICLE 1.

LOANS AND LETTERS OF CREDIT

          1.1
Total US Facility. Subject to all of the terms and conditions of this
Agreement, the US Lenders agree to continue the Existing Revolving Loans and
Existing Letters of Credit as

2

US Revolving Loans and
Letters of Credit hereunder and to make available a total credit facility of up
to $260,000,000 less the Dollar Equivalent of the UK Aggregate Outstandings
(the “Total US Facility”) to the US Borrowers from time to time during the term
of this Agreement. The Total US Facility shall be composed of a revolving line
of credit consisting of US Revolving Loans and Letters of Credit described
herein. On the Closing Date, the Borrowers (directly or through funding of a
Revolving Loan) shall pay in full the Existing Term Loans and the Existing US
Credit Agreement and the Existing UK Credit Agreement shall be amended and
restated in their entirety as more particularly described herein and therein
and neither the Credit Parties nor the Lenders shall be subject to or bound by
any of the terms or provisions of the Existing US Credit Agreement or the
Existing UK Credit Agreement and shall only be subject to or bound by the terms
and provisions of this Agreement and the UK Credit Agreement in respect of the
US Commitments, the UK Commitments, the Loans and other Obligations and the
transactions contemplated hereby and thereby, as set forth herein and therein.
The parties acknowledge and agree that this Agreement, the UK Credit Agreement
and the other Loan Documents do not constitute a novation, payment and
reborrowing or termination of the Existing Revolving Loans and other
obligations under the Existing US Credit Agreement and the Existing UK Credit
Agreement (other than the prepayment of the Existing Term Loans made
concurrently with the effectiveness of the US Credit Agreement or the UK Credit
Agreement) and that all such obligations (other than the Existing Term Loans so
prepaid) are in all respects continued and outstanding as obligations under
this Agreement and the UK Credit Agreement with only the terms being modified
from and after the Closing Date as provided in this Agreement, the UK Credit
Agreement and the other Loan Documents. By its execution hereof, each US Lender
consents to the amendment, amendment and restatement, replacement or other
modification to any other Loan Document being so amended, amended and restated,
replaced or otherwise modified on the Closing Date in the form approved by the
Administrative Agent.

          1.2
US Revolving Loans.

                    (a)
Amounts. Subject to the satisfaction of the conditions precedent set
forth in Article 8, each US Lender severally, but not jointly, agrees,
upon the US Borrower Representative’s request from time to time on any US
Business Day during the period from the Closing Date to the Termination Date,
to make revolving loans in US Dollars (the “US Revolving Loans”) to the US
Borrowers (or to continue Existing Revolving Loans under the US Credit
Agreement) in amounts not to exceed such US Lender’s Pro Rata Share of US
Availability, except for Non-Ratable Loans and Agent Advances (together with
the agreement set forth in Section 1.4 to issue Letters of Credit or
provide Credit Support for the account of the US Borrowers, the “US Revolving
Facility”). The US Lenders, however, in their unanimous discretion, may elect
to make US Revolving Loans or issue or arrange to have issued Letters of Credit
for the account of the US Borrowers in excess of the US Borrowing Base on one
or more occasions, but if they do so, neither the Administrative Agent nor the
US Lenders shall be deemed thereby to have changed the limits of the US
Borrowing Base or to be obligated to exceed such limits on any other occasion.
If the Aggregate Outstandings would exceed Total Excess Availability (with
Total Excess Availability for this purpose only calculated as if Aggregate
Outstandings, US Aggregate Outstandings and UK Aggregate Outstandings were
equal to zero) after giving effect to any US Borrowing or if US Aggregate
Outstandings would exceed US Availability (with US Availability for this
purpose only calculated as if US Aggregate Outstandings and UK Aggregate
Outstandings were equal to zero) after giving effect to any US

3

Borrowing, the US Lenders
may refuse to make or may otherwise restrict the making of US Revolving Loans
as the US Lenders determine until such excess has been eliminated, subject to
the Administrative Agent’s authority, in its sole discretion, to make Agent
Advances pursuant to the terms of Section 1.2(i) 

                    (b)
Procedure for Borrowing.

                              (1)
Each US Borrowing of US Revolving Loans shall be made upon the US Borrower
Representative’s irrevocable written notice delivered to the Administrative
Agent in the form of a notice of borrowing in the form attached hereto as Exhibit
D (“Notice of Borrowing”), which must be received by the Administrative
Agent prior to (i) 11:00 a.m. (California time) three US Business Days prior to
the requested Funding Date, in the case of US LIBOR Revolving Loans and (ii)
11:00 a.m. (California time) on the requested Funding Date, in the case of US Base
Rate Revolving Loans, specifying:

                              (A)
the amount of the US Borrowing, which in the case of a US LIBOR Revolving Loan
must equal or exceed $1,000,000 (and increments of $500,000 in excess of such
amount);

                              (B)
the requested Funding Date, which must be a US Business Day;

                              (C)
whether the US Revolving Loans requested are to be US Base Rate Revolving Loans
or US LIBOR Revolving Loans (and if not specified, it shall be deemed a request
for a US Base Rate Revolving Loan); and

                              (D)
the duration of the Interest Period for any requested US LIBOR Revolving Loans
(and if not specified, it shall be deemed a request for an Interest Period of
one month); 

provided, however, that with respect to the US
Borrowing to be made on the Closing Date, such US Borrowing will consist of US
Base Rate Revolving Loans only.

                              
(2) In lieu of delivering a Notice of Borrowing, the US Borrower Representative
may give the Administrative Agent telephonic notice of such request for
advances to the Designated Account of the US Borrowers on or before the
deadline set forth above. The Administrative Agent at all times shall be
entitled to rely on such telephonic notice in making such US Revolving Loans,
regardless of whether any written confirmation is received.

                              
(3) The US Borrowers shall have no right to request a US LIBOR Revolving Loan
while a Default or Event of Default has occurred and is continuing.

                    (c)
Reliance upon Authority; Appointment of US Borrower Representative.

                              
(1) Each US Borrower hereby designates MSG as its representative and agent on
its behalf for the purposes of issuing Notices of Borrowing and Notices of
Conversion/Continuation, in each case in respect of US Revolving Loans, giving
instructions with respect to the disbursement of the proceeds of the US
Revolving Loans, selecting interest rate options, requesting Letters of Credit
for the account of any US Borrower, giving and

4

receiving all other notices
and consents hereunder or under any of the other US Loan Documents and taking
all other actions (including in respect of compliance with covenants) on behalf
of any US Borrower or US Borrowers under the Loan Documents (in such capacity,
the “US Borrower Representative”). The US Borrower Representative hereby
accepts such appointment. Each US Agent, the Letter of Credit Issuer and each
US Lender may regard any notice or other communication pursuant to any Loan
Document from the US Borrower Representative as a notice or communication from
all US Borrowers, and may give any notice or communication required or
permitted to be given to the US Borrower or Borrowers hereunder to the US
Borrower Representative on behalf of the US Borrower or Borrowers. Each US
Borrower agrees that each notice, election, representation and warranty,
covenant, agreement and undertaking made on its behalf by the US Borrower
Representative shall be deemed for all purposes to have been made by such US
Borrower and shall be binding upon and enforceable against such US Borrower to
the same extent as if the same had been made directly by such US Borrower.

                              (2)
All US Borrowers acknowledge and agree that the US Borrowers are engaged in an
integrated operation that requires financing on the basis of credit
availability to each US Borrower, that the co-borrowing arrangement has been
established at the request of the US Borrowers, and that each US Borrower
expects to derive, directly or indirectly, benefit from such credit
availability to the other US Borrowers. Neither any US Agent nor the Letter of
Credit Issuer nor any US Lender shall incur any liability to US Borrowers or
any other Credit Party as a result of the co-borrowing arrangement for the US
Borrowers established by this Agreement and shall not have any liability or
responsibility to the US Borrowers to inquire into the allocation,
apportionment or use of the proceeds of any US Revolving Loans or extensions of
credit hereunder. To induce the US Agents, the Letter of Credit Issuer and the
US Lenders to establish this co-borrowing arrangement for the US Borrowers and
in consideration thereof, each US Borrower hereby indemnifies the US Agents,
the Letter of Credit Issuer and the US Lenders, and their respective successors
and assigns, and agrees to hold each of them harmless from any and all
liabilities, expenses, losses, damages and claims asserted against them by any
Person arising from or incurred by reason of the designation of the US Borrower
Representative as such and the co-borrowing arrangements of the US Borrowers as
provided in this Agreement, any reliance by any US Agent, the Letter of Credit
Issuer or any US Lender on any document, request or instruction given by the US
Borrower Representative designated by the US Borrowers herein to act on their
behalf or any other action taken by any US Agent, the Letter of Credit Issuer
or the US Lenders with respect to the co-borrowing arrangement; provided,
however, that no US Borrower shall have an obligation to indemnify any
US Agent, the Letter of Credit Issuer or any US Lender under this Section
1.2(c)(2) with respect to any liabilities resulting solely from the gross
negligence or willful misconduct of such indemnified party as determined in a
final non-appealable judgment of a court of competent jurisdiction. The
agreements of the US Borrowers contained in this Section 1.2(c)(2) shall
survive payment of all other Obligations.

                              (3)
Prior to the Closing Date, the US Borrower Representative shall deliver to the
Administrative Agent, a notice setting forth the account of each US Borrower
(each, a “Designated Account”) to which the Administrative Agent is authorized
to transfer the proceeds of the US Revolving Loans requested hereunder. Each
US Borrower may designate a replacement account from time to time by written
notice. All such Designated Accounts must be reasonably satisfactory to the
Administrative Agent. The Administrative Agent is entitled to rely conclusively
on any person’s request for US Revolving Loans on behalf of each US Borrower,
so

5

long as the proceeds thereof
are to be transferred to such Borrower’s Designated Account. The Administrative
Agent has no duty to verify the identity of any individual representing himself
or herself as a person authorized by the US Borrower to make such requests on
its behalf.

                    (d)
No Liability. No US Agent shall incur any liability to any US Borrower as a
result of acting upon any notice referred to in Section 1.2(b) which the
Administrative Agent believes in good faith to have been given by an officer or
other person duly authorized by the US Borrower Representative to request US
Revolving Loans on behalf of the US Borrowers. The crediting of US Revolving
Loans to a US Borrower’s Designated Account conclusively establishes the
obligation of such US Borrower to repay such US Revolving Loans as provided
herein. 

                    (e)
Notice Irrevocable. Any Notice of Borrowing (or telephonic notice in lieu
thereof) made pursuant to Section 1.2(b) shall be irrevocable. The US Borrowers
shall be bound to borrow the funds requested therein in accordance therewith.  

	
   

  	
   

  
	
   

  	
            (f)
Administrative Agent’s Election. Promptly after receipt of a Notice of
Borrowing (or telephonic notice in lieu thereof), the Administrative Agent
shall elect to have the terms of Section 1.2(g) or the terms of Section
1.2(h) apply to such requested US Borrowing. If the Administrative Agent
declines in its sole discretion to have the Bank make a Non-Ratable Loan
pursuant to Section 1.2(h), the terms of Section 1.2(g) shall
apply to the requested US Borrowing. 

  

                    (g)
Making of US Revolving Loans. If the Administrative Agent elects to have
the terms of this Section 1.2(g) apply to a requested US Borrowing, then
promptly after receipt of a Notice of Borrowing or telephonic notice in lieu
thereof, the Administrative Agent shall notify the US Lenders by telecopy,
telephone or e-mail of the requested US Borrowing. Each US Lender shall
transfer its Pro Rata Share of the requested US Borrowing to the Administrative
Agent in immediately available funds, to the account from time to time designated
by the Administrative Agent, not later than 1:00 p.m. (California time) on the
applicable Funding Date. After the Administrative Agent’s receipt of all
proceeds of such US Revolving Loans, the Administrative Agent shall make the
proceeds of such US Revolving Loans available to the US Borrowers on the
applicable Funding Date by transferring same day funds to the US Borrower’s
Designated Account; provided, however, that the amount of US
Revolving Loans so made on any date shall not exceed either US Availability or
Total Excess Availability on such date.

                    (h)
Making of Non-Ratable Loans.

                              (1)
If the Administrative Agent elects, with the consent of the Bank, to have the
terms of this Section 1.2(h) apply to a requested US Borrowing, the Bank
shall make a US Revolving Loan in the amount of that US Borrowing available to
the US Borrower on the applicable Funding Date by transferring same day funds
to US Borrower’s Designated Account or, in the case of US Revolving Loans made
on the Closing Date, to such accounts as designated by the US Borrower
Representative in writing. Each US Revolving Loan made solely by the Bank
pursuant to this Section is herein referred to as a “Non-Ratable Loan”, and
such US Revolving Loans are collectively referred to as the “Non-Ratable
Loans,” Each Non-Ratable

6

Loan shall be subject to all
the terms and conditions applicable to other US Revolving Loans except that all
payments thereon shall be payable to the Bank solely for its own account. The
aggregate amount of Non-Ratable Loans outstanding at any time to all US
Borrowers shall not exceed the Dollar Equivalent of $5,000,000. The
Administrative Agent shall not request the Bank to make any Non-Ratable Loan
if (l) the Administrative Agent has received written notice from any US Lender
that one or more of the applicable conditions precedent set forth in Article
8 will not be satisfied on the requested Funding Date for the applicable US
Borrowing, or (2) the requested US Borrowing would exceed US Availability or
Total Excess Availability on that Funding Date.

                              (2)
The Non-Ratable Loans to the US Borrowers shall be secured by the US Agents’
Liens in and to the US Collateral and shall constitute US Base Rate Revolving
Loans and Obligations of the US Borrowers hereunder.

                    (i)
Agent Advances.

                              (1)
Subject to the limitations set forth below, the Administrative Agent is
authorized by each US Obligor and each US Lender, from time to time in the
Administrative Agent’s sole discretion, (A) after the occurrence of a Default
or an Event of Default, or (B) at any time that any of the other conditions
precedent set forth in Article 8 have not been satisfied, to make US
Base Rate Revolving Loans to the US Borrowers on behalf of the US Lenders in an
aggregate amount outstanding at any time not to exceed 10% of the US Borrowing
Base but not in excess of the Maximum US Amount which the Administrative Agent,
in its reasonable business judgment, deems necessary or desirable (1) to
preserve or protect the US Collateral, or any portion thereof, (2) to enhance
the likelihood of, or maximize the amount of, repayment of the US Revolving
Loans and other US Obligations, or (3) to pay any other amount chargeable to
the US Borrowers pursuant to the terms of this Agreement, including costs, fees
and expenses as described in Section 13.7 (any of such advances are
herein referred to as “Agent Advances”); provided, that the US
Required Lenders may at any time revoke the Administrative Agent’s
authorization to make Agent Advances. Any such revocation must be in writing
and shall become effective prospectively upon the Administrative Agent’s
receipt thereof.

                              (2)
The Agent Advances made with respect to any US Borrower shall be secured by the
US Agents’ Liens in and to the US Collateral and shall constitute US Base Rate
Revolving Loans and Obligations of the US Borrowers hereunder.

          1.3
[Intentionally
deleted]

          1.4
Letters of Credit.

                    (a)
Agreement to Issue or Cause To Issue. Subject to the terms and
conditions of this Agreement, Administrative Agent agrees (i) to cause the
Letter of Credit Issuer to issue for the account of a US Borrower one or more
commercial/documentary or standby letters of credit when instructed by the US
Borrower Representative (“Letter of Credit”) and/or (ii) to provide credit
support or other enhancement to an issuer of a letter of credit acceptable to
Administrative Agent which issues a Letter of Credit for the account of any US
Borrower (any such credit support or enhancement being herein referred to as a
“Credit Support”) when

7

instructed by such US Borrower Representative from
time to time during the term of this Agreement.

                    (b)
Amounts; Outside Expiration Date. The Administrative Agent shall not have any obligation to issue or cause to be issued
any Letter of Credit or to provide Credit Support for any Letter of Credit at any time if: (i) the maximum face
amount of the requested Letter of
Credit is greater than the US Unused Letter of Credit Subfacility at such time;
(ii) the maximum undrawn amount of
the requested Letter of Credit and all commissions, fees, and charges due from the US Borrowers in connection
with the opening thereof would exceed either US Availability or Total
Excess Availability at such time; (iii) such Letter of Credit has an expiration date less than 30 days prior to the
Stated Termination Date or more than 12 months from the date of issuance for standby letters of credit and 180 days
for documentary letters of credit; (iv) a Default or Event of Default has
occurred and is continuing; or (v) such Letter of Credit for the account of any US Borrower is
denominated in any currency other than Dollars. With respect to any Letter of Credit which contains any “evergreen” or
automatic renewal provision, each US
Lender shall be deemed to have consented to any such extension or renewal unless the Required Lenders shall have provided
to the Administrative Agent, written notice that they decline to consent to any
such extension or renewal at least thirty (30) days prior to the date on which
the Letter of Credit Issuer is entitled to decline to extend or renew the
Letter of Credit.

                    (c)
Other Conditions. In addition to conditions precedent contained in Article 8, the obligation of the Letter of Credit
Issuer to issue or the
Administrative Agent to cause to be
issued any Letter of Credit or to provide Credit Support for any Letter of
Credit is subject to the following
conditions precedent having been satisfied in a manner reasonably satisfactory to the Administrative Agent:

                              (1)
The US Borrower Representative shall
have delivered to the Letter of
Credit Issuer, at such times and in such manner as such Letter of Credit Issuer
may prescribe, an application in
form and substance satisfactory to such Letter of Credit Issuer and reasonably
satisfactory to the Administrative Agent for the issuance of the Letter of
Credit and such other documents as
may be required pursuant to the terms thereof, and the form, terms and purpose
of the proposed Letter of Credit
shall be reasonably satisfactory to the Administrative Agent and the Letter of Credit Issuer; and

                              (2)
As of the date of issuance, no order of any court, arbitrator or Governmental Authority shall purport by its terms
to enjoin or restrain money center banks generally from issuing letters of credit of the type and in the amount
of the proposed Letter of Credit,
and no law, rule or regulation applicable to money center banks generally and
no request or directive (whether or not having the force of law) from
any Governmental Authority with jurisdiction
over money center banks generally shall prohibit, or request that the proposed
Letter of Credit Issuer refrain from,
the issuance of letters of credit generally or the issuance of such Letters of Credit.

                    
(d) Issuance of Letters of Credit.

                              (1)
Request for Issuance. The US Borrower Representative must notify the Administrative Agent of a requested
Letter of Credit at least three (3) US Business

8

Days prior to the proposed
issuance date (or any lesser period as approved by the Administrative Agent and the Letter of Credit Issuer). Such
notice shall be irrevocable and must specify the original face amount of the Letter of Credit requested, the US Business
Day of issuance of such requested Letter of Credit, whether such Letter of
Credit may be drawn in a single or in partial draws, the US Business Day on
which the requested Letter of Credit is to expire, the purpose for which such
Letter of Credit is to be issued, and the beneficiary of the requested Letter
of Credit. The US Borrower Representative shall attach to such notice the
proposed form of the Letter of Credit.

                              (2)
Responsibilities of the
Administrative Agent; Issuance.
As of the US Business Day immediately
preceding the requested issuance date of the Letter of Credit, the
Administrative Agent shall determine the amount of the US Unused Letter of
Credit Subfacility and US
Availability or Total Excess Availability. If (i) the face amount of the
requested Letter of Credit is less
than the US Unused Letter of Credit Subfacility and (ii) the amount of such requested Letter of Credit and all commissions,
fees, and charges due from the US Borrower in connection with the opening thereof would not exceed US Availability or
Total Excess Availability, the Administrative Agent shall cause the
Letter of Credit Issuer to issue the requested
Letter of Credit on the requested issuance date so long as the other conditions
hereof are met.

                              (3)
No Extensions or Amendment. The Administrative Agent shall not be obligated to cause the Letter of Credit
Issuer to extend or amend any Letter of Credit issued pursuant hereto unless the requirements of this Section 1.4
are met as though a new Letter of Credit were being requested and issued.

                    (e)
Payments Pursuant to Letters of
Credit. The US Borrowers agree,
jointly and severally, to reimburse
immediately the Letter of Credit Issuer for any draw under any Letter of Credit and the Administrative Agent for the
account of the US Lenders upon any payment pursuant to any Credit
Support, and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit
Issuer in connection with any Letter of Credit issued for its account immediately when due, irrespective of any claim,
setoff, defense or other right which
the US Borrowers may have at any time against the Letter of Credit Issuer or
any other Person. Each drawing under any Letter of Credit shall
constitute a request by the US Borrowers to
the Administrative Agent for a Borrowing of a US Base Rate Revolving Loan in the amount of such drawing. The Funding Date with
respect to such Borrowing shall be the date of such drawing, and the Administrative Agent is authorized to charge
the US Borrowers’ Loan Account for
the amount of such drawing in accordance with Section 3.6.

                    (f)
Indemnification; Exoneration;
Power of Attorney.

                              (1)
Indemnification. In addition to amounts payable as elsewhere provided in this Section 1.4, the US
Borrowers agree, jointly and severally, to protect, indemnify, pay and save the US Lenders and the
Administrative Agent harmless from and against any and all claims,
demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) which any US Lender or
the Administrative Agent (other than a US Lender in its capacity as Letter of Credit Issuer) may incur or be subject
to as a consequence, direct or
indirect, of the issuance of any Letter of Credit or the provision of any
Credit Support or

9

enhancement in connection
therewith. The US Borrowers’ obligations under this Section shall survive payment of all other Obligations.

                              (2)
Assumption of Risk by the
Applicable Borrowers. As among
the US Borrowers, the US Lenders,
and the US Agents, the US Borrowers assume all risks of the acts and omissions of, or misuse of any of the
Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in
limitation of the foregoing, the US Lenders and the US Agents (in each case, in
their capacity as such) shall not be responsible for: (A) the form, validity, sufficiency, accuracy, genuineness or
legal effect of any document submitted by any Person in connection with
the application for and issuance of and presentation of drafts with respect to any of the Letters of Credit, even if
it should prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
(B) the validity or sufficiency of any instrument transferring or assigning or purporting to
transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole
or in part, which may prove to be invalid or ineffective for any reason; (C)
the failure of the beneficiary of any Letter of Credit to comply duly with conditions required in order to draw
upon such Letter of Credit; (D) errors, omissions, interruptions, or delays in transmission or
delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in
cipher; (E) errors in interpretation of technical terms; (F) any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under any Letter of Credit or of
the proceeds thereof; (G) the misapplication by the beneficiary of any Letter of Credit of the proceeds of any drawing
under such Letter of Credit; (H) any
consequences arising from causes beyond the control of the US Lenders or the US Agents, including any act or omission, whether
rightful or wrongful, of any present or future de jure or de facto Governmental Authority or (I) the Letter of
Credit Issuer’s honor of a draw for
which the draw or any certificate fails to comply in any respect with the terms
of the Letter of Credit. None of the
foregoing shall affect, impair or prevent the vesting of any rights or powers of the US Agents or any US Lender under this Section
1.4(f).  

                              (3)
Exoneration. Without limiting the foregoing, no action or omission whatsoever by any US Agent or any US
Lender (excluding any US Lender in its capacity
as a Letter of Credit Issuer) shall result in any liability of any US Agent or
any US Lender to any US Borrower, or
relieve any US Borrower of any of its obligations hereunder to any such Person.

                              (4)
Rights Against Letter of Credit
Issuer. Nothing contained in this
Agreement is intended to limit the US
Borrowers’ rights, if any, with respect to the Letter of Credit Issuer which
arise as a result of the letter of credit application and related documents executed by and between the US Borrower (or the
US Borrower Representative on its behalf) and the Letter of Credit Issuer.

                              (5)
Account Party. Each US Borrower hereby authorizes and directs any Letter of Credit Issuer to name the US
Borrower as the “Account Party” therein for any Letter of Credit issued on its behalf and to deliver to the US Agent all
instruments, documents and other
writings and property received by the Letter of Credit Issuer pursuant to the
Letter of Credit, and to accept and rely upon the Administrative Agent’s
instructions and agreements with respect
to all matters arising in connection with the Letter of Credit or the
application therefor.

10

                    (g)
Supporting Letter of Credit; Cash Collateral. If, notwithstanding the provisions of Section 1.4(b) and Section 10.1,
any Letter of Credit or Credit Support is outstanding upon the termination of this Agreement, then upon such
termination the US Borrowers shall
deposit with the Administrative Agent, for the ratable benefit of the US Agents
and the US Lenders, with respect to each Letter of Credit or Credit Support
then outstanding, either (X) a standby
letter of credit (a “Supporting Letter of Credit”) in form and substance satisfactory to the Administrative
Agent, issued by an issuer satisfactory to the Administrative Agent in an
amount equal to 105% of the greatest amount for which such Letter of Credit or such Credit Support may be drawn
plus any fees and expenses associated with such Letter of Credit or such Credit Support or (Y) cash collateral in such
amount. The Administrative Agent shall
be entitled to draw on such Supporting Letter of Credit, or withdraw from the cash collateral account, for amounts
necessary to reimburse the Administrative Agent and the US Lenders for payments to be made by the Administrative Agent
and the US Lenders under such Letter
of Credit or Credit Support and any fees and expenses associated with such
Letter of Credit or Credit Support. Such Supporting Letter of Credit or cash
collateral shall be held by the Administrative Agent, for the ratable benefit
of the US Agents and the US Lenders, as
security for, and to provide for the payment of, the aggregate undrawn amount
of such Letters of Credit or such
Credit Support remaining outstanding. Upon expiration of any such outstanding Letter of Credit, or cancellation and
return of such Letter of Credit to the Letter of Credit Issuer, the Administrative Agent shall return to the US
Borrowers any Supporting Letter of
Credit and pay to the US Borrowers any cash remaining after payment of all
amounts due with respect to such
Letter of Credit. 

          1.5
US Bank Products. Each US Borrower may request and the
Administrative Agent may, in its
sole and absolute discretion, arrange for such US Borrower to obtain from the
Bank or the Bank’s Affiliates’ US
Bank Products, although no US Borrower is required to do so. If US Bank Products are provided by an Affiliate of
the Bank, the US Borrowers agree, jointly and severally, to indemnify and hold the US Agents, the Bank and the US
Lenders harmless from any and all
costs and obligations now or hereafter incurred by any US Agent, the Bank or
any of the US Lenders which arise
from any indemnity given by the Administrative Agent to its Affiliates related to such US Bank Products; provided,
however, nothing contained herein is intended to limit any US Borrower’s rights with respect to
the Bank or its Affiliates, if any, which arise as a result of the execution of documents by and
between any US Borrower and the Bank which relate to US Bank Products. The agreement contained in this Section
shall survive termination of this
Agreement. Each US Borrower acknowledges and agrees that the obtaining of US
Bank Products from the Bank or the
Bank’s Affiliates (a) is in the sole and absolute discretion of the Bank or the Bank’s Affiliates, and (b) is subject
to all rules and regulations of the Bank or the Bank’s Affiliates.

          1.6
Joint And Several Obligations;
Cross-Guaranty.

                    (a)
Each US Borrower hereby agrees that it is jointly and severally liable for, and absolutely and unconditionally guarantees to
the US Agents and the US Lenders the full and prompt payment (whether at stated maturity, by acceleration or
otherwise) and performance of all US
Obligations owed or hereafter owing to the Administrative Agent and the US
Lenders by each other US Borrower, regardless of which US Borrower actually
receives any US Revolving Loans or
other extensions of credit under the US Loan Documents, the amount received by
any

11

US Borrower or the manner in
which any US Borrower, the Administrative Agent or any US Lender accounts for such Loans and other
extensions of credit. Each US Borrower agrees that its guaranty of the Obligations hereunder are a
continuing guaranty of payment and performance and not of collection, and that its US Obligations under this Section
1.6 shall not be discharged until
payment and performance in full of
all Obligations and termination of all US Commitments and UK Commitments.

                    (b)
The US Obligations of the US Borrowers under this Section 1.6 and
the Liens securing such US Obligations shall
not be released or impaired by any action or inaction on the part of any US Agent or any US Lender
which would otherwise constitute the release of a surety. Without limiting the generality of the
foregoing, the liability of any US Borrower hereunder shall not be
affected or impaired in any manner by (i) the failure of any Person to become or remain a US Borrower or guarantor or the
failure of any US Agent or any US Lender to preserve, protect or enforce
any right to require any Person to become or remain a US Borrower or guarantor, (ii) any taking, failure to
take, failure to create, perfect or ensure the priority of, or exchange, release or termination or lapse of any Lien
securing any US Obligations of any
other US Borrower, or any taking, failure to take, release or amendment or
waiver of or consent to departure from, any other guaranty of any of the
US Obligations of any other US Borrower,
(iii) any manner or order of sale or other enforcement of any Lien securing any
of the US Obligations or any manner
or order of application of the proceeds of any such Lien to the payment of the US Obligations or any failure to
enforce any Lien or to apply any proceeds thereof, (iv) any furnishing, exchange, substitution or release of any
collateral securing the US Obligations,
or any failure to perfect any Lien in any of the collateral securing the US Obligations, or (v) any other circumstance which
might otherwise constitute a defense (except the final payment in full) available to, or a discharge of, a surety or
guarantor.

                    (c)
The liability of each US Borrower
under this Agreement for obligations in its capacity as guarantor and its joint and several liability as a co-US
Borrower for any other US Borrower’s
US Obligations hereunder shall remain valid and enforceable and shall not be
subject to any reduction, limitation,
impairment, discharge or termination for any reason (other than final payment
in full of the US Obligations), including the occurrence of any of the
following, whether or not such Borrower
shall have had notice or knowledge of any of them: (i) any failure or omission to assert or enforce or agreement or
election not to assert or enforce, or the stay or enjoining, by order of court, by operation of law
or otherwise, of the exercise or enforcement of, any claim or demand or any
right, power or remedy (whether arising under the Loan Documents, at law, in equity or otherwise) with respect to
the US Obligations or any agreement relating thereto, or with respect to any other guaranty of or security for the
payment of the US Obligations; (ii)
any rescission, waiver, amendment or modification of, or any consent to departure
from, any of the terms or provisions (including provisions relating to Events
of Default) of this Agreement, any of the
other Loan Documents or any agreement or instrument executed pursuant hereto or thereto, or of any
other guaranty or security for the US Obligations, in each case whether or not in accordance with the
terms of this Agreement, such Loan Document
or any agreement relating to such other guaranty or security; (iii) the US
Obligations, or any agreement relating thereto, at any time being found to be
illegal, invalid or unenforceable in
any respect; (iv) the application of payments received from any source to the
payment of any liability other than
the US Obligations, even though the US Lenders might have elected to apply such
payment to any part or all of the US Obligations; (v) any consent by any US
Lender or any

12

US Agent to the change,
reorganization or termination of the corporate structure or existence of any other US Borrower, or any other Person and to
any corresponding restructuring of the US Obligations; (vi) any failure
to perfect or continue perfection of a security interest in any collateral which secures any of the US
Obligations; (vii) any defenses (except the defense of final payment in full), set-offs or counterclaims
which any US Borrower, any guarantor or any other Person may allege or
assert against any Agent or any Lender in respect of the US Obligations, including, for example, failure of
consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction and usury; and
(viii) any other act or thing or
omission, or delay to do any other act or thing, which may or might in any
manner or to any extent vary the risk of any US Borrower as an obligor in
respect of the US Obligations.

                    (d)
To the maximum extent permitted by law, each US Borrower in its capacity as a guarantor hereunder hereby waives
and agrees not to assert or take advantage of: (i) any defense now existing or hereafter arising based upon any legal
disability or other defense of any
other US Borrower or any guarantor or other Person, or by reason of the
cessation or limitation of the
liability of any other US Borrower or any guarantor or other Person from any cause other than full payment and performance of
all obligations due under this Agreement or any of the other Loan Documents; (ii) any defense based upon any lack
of authority of the officers,
directors, partners or US Agents acting or purporting to act on behalf of any
other US Borrower or any guarantor or
other Person, or any defect in the formation of any other US Borrower or any guarantor or other Person; (iii)
the unenforceability or invalidity of any security or guaranty or the
lack of perfection or continuing perfection, or failure of priority of any security for the US Obligations; (iv) any and all
rights and defenses arising out of an election of remedies by any US Agent or any US Lender, even
though that election of remedies, such as a non-judicial foreclosure with
respect to security for an US Obligation, has destroyed such US Borrower’s rights of subrogation and reimbursement
against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise;
(v) any defense based upon any
failure to disclose to such US Borrower any information concerning the
financial condition of any other US
Borrower or any guarantor or other Person or any other circumstances bearing on the ability of any other US Borrower or any
guarantor or other Person to pay and perform all obligations due under this Agreement or any of the other Loan
Documents; (vi) any failure by any
US Agent or any US Lender to give notice to such US Borrower or any guarantor
or other Person of the sale or other
disposition of security, and any defect in notice given by any US Agent or any US Lender in connection with any
such sale or disposition of security; (vii) any failure of any US Agent or any US Lender to comply with applicable laws
in connection with the sale or disposition of security, including, without
limitation, any failure by any US Lender or any US Agent to conduct a
commercially reasonable sale or other disposition of such security; (viii) any defense based upon any statute or rule
of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more
burdensome than that of a principal,
or that reduces a surety’s or guarantor’s obligations in proportion to the
principal’s obligation; (ix) any use
of cash collateral under Section 363 of the Bankruptcy Code; (x) any defense based upon an election by any US Agent or
any US Lender, in any proceeding instituted under the Bankruptcy Code, of the application of Section 111l(b)(2) of
the Bankruptcy Code or any successor
statute; (xi) any defense based upon any borrowing or any grant of a security interest under Section 364 of the Bankruptcy
Code; (xii) any right of subrogation, any right to enforce any remedy which any US Agent or any US
Lender may have against any other US Borrower
or any guarantor or other Person and any right to participate in, or benefit
from, any

13

security now or hereafter held
by the Administrative Agent or any US Lender for the US Obligations of the other US Borrowers, until all
US Obligations have been paid in full and the US Commitments terminated; (xiii) presentment, demand, protest and
notice of any kind, including notice
of acceptance of this Agreement and of the existence, creation or incurring of
new or additional US Obligations; (xiv) the benefit of any statute of
limitations affecting the liability of any other US Borrower or any
guarantor or other Person, enforcement of this Agreement or any other Loan Documents, the liability of any other US
Borrower hereunder or the
enforcement hereof; (xv) all notices of intention to accelerate and/or notice
of acceleration of the US
Obligations; (xvi) relief from any applicable valuation or appraisement laws;
(xvii) any other action by any US
Agent or any US Lender, whether authorized by this Agreement or otherwise, or any omission by any US Agent or any
US Lender or other failure of any US Agent or any US Lender to pursue, or delay in pursuing, any other remedy in
its power; (xviii) any and all
claims and/or rights of counterclaim, recoupment, setoff or offset; and (xix)
any defense based upon the
application of the proceeds of a Loan for purposes other than the purposes represented by the US Borrowers or intended or
understood by any US Agent or any US Lender or any US Borrower. Each US Borrower agrees that the payment and
performance of all US Obligations or
any part thereof or other act which tolls any statute of limitations applicable
to this Agreement or the other Loan Documents shall similarly operate to
toll the statute of limitations applicable
to such US Borrower’s liability under this Section 1.6. Without limiting
the generality of the foregoing or
any other provision hereof, each US Borrower further waives any and all rights and defenses that such US
Borrower may have as a guarantor because the US Obligations of any of the other
US Borrowers are secured by real property of any of the other US Borrowers; this
means, among other things, that: (1) the US Lenders may collect from such US Borrower without first foreclosing on any real or
personal property collateral pledged by any other US Borrower, (2) if any US
Agent or any US Lender forecloses on any real property collateral pledged by any other US Borrower, then
(A) the amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure
sale, even if the collateral is worth
more than the sale price, and (B) any US Agent or any US Lender may collect
from such US Borrower even if any US
Agent or any US Lender, by foreclosing on the real property collateral, has destroyed any right such US
Borrower may have to collect from any other US Borrower. The foregoing sentence
is an unconditional and irrevocable waiver of any rights and defenses each US Borrower may have because the US
Obligations are secured by real property of any other US Borrower. Each US
Borrower acknowledges and agrees that California Civil Code Section 2856 authorizes and validates
waivers of a guarantor’s rights of subrogation and reimbursement and waivers of
certain other rights and defenses available to a guarantor under California law. Based on the preceding sentence
and without limiting the generality of the foregoing waivers contained in this subparagraph or any other provision
hereof, each US Borrower expressly
waives to the maximum extent permitted by law any and all rights and defenses (except the defense of final payment in
full), including without limitation any rights of subrogation, reimbursement, indemnification and
contribution (except subrogation or contribution
pursuant to this Agreement), which might otherwise be available to such US Borrower under California Civil Code Sections 2787
to 2855, inclusive, 2899 and 3433 and under
California Code of Civil Procedure Sections 580a, 580b, 580d and 726 (or any of
such sections), to the extent
applicable or under the laws of any other jurisdiction to the extent the same are applicable to this Agreement or the
agreements, covenants or obligations of any other US Borrower hereunder or under any other US Loan
Document.

14

                    (e)
Each US Borrower is fully aware of the financial condition of the other US Borrowers and is executing and delivering this
Agreement based solely upon such US Borrower’s
own independent investigation of all matters pertinent hereto and is not
relying in any manner upon any
representation or statement by any US Agent or any US Lender. Each US Borrower
hereby assumes full responsibility for obtaining any additional information
concerning the financial condition of the other US Borrowers, or any
other guarantor or their respective properties,
financial condition and prospects and any other matter pertinent hereto as such
US Borrower may desire, and such US
Borrower is not relying upon or expecting any US Agent or any US Lender to furnish to such US Borrower any
information now or hereafter in the possession of the US Agent or any US
Lender concerning the same or any other matter. By executing this Agreement, each US Borrower knowingly accepts the full
range of risks encompassed within a
contract of this type, which risks such US Borrower acknowledges. No US Borrower shall have the right to require any US
Agent or any US Lender to obtain or disclose any information with respect to the US Obligations, the financial
condition or prospects of any other
US Borrower, the ability of any other US Borrower to pay or perform its US
Obligations, the existence,
perfection, priority or enforceability of any collateral security for any or
all of the US Obligations, the
existence or enforceability of any other guaranties of all or any part of the US Obligations, any action or non-action on the
part of any US Agent or any US Lender, any other US Borrower or any other Person, or any other event, occurrence,
condition or circumstance whatsoever.

                    (f)
The US Obligations of each US Borrower as a guarantor (but not its obligations with respect to any Loans or advances
made directly or indirectly to it, or Letters of Credit or Credit Support issued for its direct or indirect benefit)
shall be limited to an amount not to
exceed the greater of (i) the net amount of all Loans advanced to any other US
Borrower under this Agreement and then
re-loaned or otherwise transferred to or for the benefit of such US Borrower and (ii) the maximum amount of such
obligations and liabilities as a guarantor that can be made or assumed by such US Borrower without
rendering such obligation or liability void or voidable under applicable laws relating to fraudulent conveyance,
fraudulent transfer or similar laws
affecting the rights of creditors generally, in each case giving effect to all
liabilities of such US Borrower other than any liabilities in respect of
intercompany indebtedness to the extent that it would be discharged in the amount paid by such US Borrower hereunder
and giving effect to all rights of
subrogation, contribution, reimbursement, indemnity or similar rights pursuant
to applicable law or any agreement
(the “Maximum Liability”).

                    (g)
Each US Borrower hereby agrees that to the
extent that any US Borrower makes any
payment hereunder on behalf of another US Borrower, the US Borrower making such
payment shall be entitled to seek and
receive contribution and indemnification from and to be reimbursed by each
other US Borrower, in an amount equal to a fraction of such payment, the numerator of which is the Maximum Liability of the
US Borrower making the payment and the denominator
of which is the Maximum Liability of all US Borrowers as of the date of determination. Each US Borrower’s right of
contribution shall be subject to the terms and conditions of this Section 1.6(g). The provisions of this Section
1.6 (g) shall in no respect limit the
direct obligations and liabilities of any US Borrower to the US Lenders for any
US Revolving Loans and advances made
to it, or any Letter of Credit or Credit Support issued for its benefit and each US Borrower shall remain liable
to the US Lenders for the full amount of its liabilities under this Agreement.

15

                    (h)
Notwithstanding anything to the contrary in this Agreement or in any other Loan Document, each US Borrower in its
capacity as a guarantor hereby expressly and irrevocably subordinates to payment of the US Obligations of the US
Borrowers any and all rights at law
or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off and any and all
defenses available to a surety, guarantor or accommodation co-obligor until the US Obligations of the US Borrowers
are paid in full in cash and all US Commitments are terminated. Each US
Borrower in its capacity as a guarantor only acknowledges and agrees that this
subordination is intended to benefit the US Agents and the US Lenders and shall
not limit or otherwise affect such US Borrower’s primary liability hereunder or
the enforceability of this Section
1.6, and that the US Agents, US Lenders and their respective successors and
assigns are intended third party beneficiaries of the waivers and agreements
set forth in this Section 1.6.

                    (i)
No US Borrower shall be entitled to be subrogated to any of the rights of any US Agent or any US Lender or against any other
US Borrower, or any collateral security or guarantee or right to offset held by any US Agent or any US Lender for
the payment of the US Obligations of
the US Borrowers, as the case may be, nor shall any US Borrower seek or be entitled to seek any contribution or reimbursement
from or any other US Borrower in respect of payments made by such US Borrower hereunder, until all amounts owing to
the US Agents and the US Lenders on
account of the US Obligations of the US Borrowers are paid in full, no Letter
of Credit shall be outstanding and the US Commitments are terminated or have
expired. If any amount shall be paid to any US Borrower on account of such
subrogation rights at any time not permitted
hereunder, such amount shall be held by such US Borrower in trust for the Administrative Agent and the US Lenders,
segregated from other funds of such US Borrower, and shall, forthwith upon receipt, be turned over to the Administrative
Agent in the exact form received (duly endorsed to the Administrative Agent, if
required), to be applied against the US Obligations, whether matured or unmatured, in such order as the
Administrative Agent may determine.

                    (j)
This Section 1.6 is intended only to define the relative rights of the
US Borrowers, the US Agents and the US Lenders and nothing set forth in this Section
1.6 is intended to or shall impair the
obligations of the US Borrowers, jointly and severally, to pay any amounts as and when the same shall become due and
payable in accordance with the terms of this Agreement. Nothing contained in this Section 1.6 shall limit
the liability of any US Borrower to
pay the Loans or Advances made directly or indirectly to that US Borrower and accrued interest, Fees and expenses with respect
thereto, for which such US Borrower shall be primarily liable.

                    (k)
The parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets
of each US Borrower to which such contribution
and indemnification is owing.

ARTICLE 2.

INTEREST AND FEES

          2.1
Interest.

16

                    (a)
Interest Rates. All outstanding US Obligations shall bear
interest on the unpaid principal
amount thereof (including, to the extent permitted by law, on interest thereon not paid when due) from the date made until paid
in full in cash at a rate determined by reference to the US Base Rate or the US
LIBOR Rate, as applicable, plus the Applicable Margin, but not to exceed the Maximum Rate. If at any time US
Revolving Loans are outstanding with respect to which the US Borrower Representative has not delivered to the
Administrative Agent a notice specifying
the basis for determining the interest rate applicable thereto in accordance
herewith, those US Revolving Loans
shall bear interest at a rate determined by reference to the US Base Rate, as applicable, until notice to the contrary
has been given to the Administrative Agent in accordance with this
Agreement and such notice has become effective. Except as otherwise provided herein, the outstanding US Obligations
shall bear interest as follows:

	
 

	
 

	
 

	
               (i)
  For all US Revolving Loans:

	
 

	
 

	
 

	
               (A)
for all US Base Rate Revolving Loans
and other US Obligations of the US
Obligors (other than US LIBOR Revolving Loans) at a fluctuating per annum rate equal to the US Base Rate plus the Applicable Margin
specified for US Base Rate
Revolving Loans; and 

	
 

	
 

	
 

	
               (B)
  For all US LIBOR Revolving Loans at a per annum rate equal to the sum
  of the US LIBOR Rate plus the Applicable Margin specified for US LIBOR Revolving Loans.

          Each
change in the US Base Rate shall be reflected in the interest rate applicable
to US Revolving Loans, as of the
effective date of such change. All interest charges on US Base Rate Revolving
Loans shall be computed on the basis of a year of 360 days and actual days
elapsed (which results in more interest being paid than if computed on the
basis of a 365-day year). All interest
charges on US LIBOR Revolving Loans shall be computed on the basis of a 365-day
year and actual days elapsed. The US
Borrowers shall pay to the Administrative Agent, for the ratable benefit of US Lenders, interest accrued
on all US Base Rate Revolving Loans in arrears on the first day of each month hereafter and on the Termination Date,
and the US Borrowers shall pay to the
Administrative Agent, for the ratable benefit of the US Lenders interest on all
US LIBOR Revolving Loans in arrears
on each LIBOR Interest Payment Date.

                    (b)
Default Rate. If any Event of Default occurs and is continuing
and the Administrative Agent or the
Required Lenders in their discretion so elect, then, while any such Event of
Default is continuing, all of the US Obligations shall bear interest at the
Default Rate applicable thereto.

          2.2
Continuation and Conversion Elections.

                    (a)
Subject to Section 1.2(b)(3), the US Borrowers may:

	
 

	
 

	
 

	
               (i)
  elect, as of any US Business Day, in the case of US Base Rate Revolving Loans to convert any US Base
  Rate Revolving Loans (or any part
  thereof in an amount not less than $1,000,000, or that is in an integral multiple of $500,000 in excess thereof)
  into US LIBOR Revolving Loans; or

17

	
 

	
 

	
 

	
          (ii)
  elect, as of the last day of the applicable Interest Period, to continue any US LIBOR Revolving Loans having
  Interest Periods expiring on such
  day (or any part thereof in an amount not less than $1,000,000, or that is in an integral multiple of
  $500,000 in excess thereof);

provided, that if at any time the
aggregate amount of US LIBOR Revolving Loans in respect of any single Interest Period is reduced, by
payment, prepayment, or conversion of part thereof to be less than $1,000,000, such US LIBOR Revolving
Loans shall automatically convert into US Base Rate Revolving Loans; provided further that if the notice
shall fail to specify the duration of the Interest Period, such Interest Period
shall be one month.

                    (b)
The US Borrower Representative shall deliver
a notice of continuation/conversion
in the form attached hereto as Exhibit E (a “Notice of Continuation/Conversion”)
to the Administrative Agent not later than 11:00 a.m. (California time), at least three (3) US Business Days in
advance of the Continuation/Conversion Date, if the US Revolving Loans are to be converted into or
continued as US LIBOR Revolving Loans and specifying:

	
 

	
 

	
 

	
               (i)
  the proposed Continuation/Conversion Date;

	
 

	
 

	
 

	
               (ii)
  the aggregate amount of US Revolving Loans to be converted or renewed;

	
 

	
 

	
 

	
               (iii)
  the type of US Revolving Loans resulting from the proposed conversion or continuation; and

	
 

	
 

	
 

	
               (iv)
  the duration of the requested Interest Period, provided, however,
  the US Borrower Representative may not select an Interest Period that ends after the Stated Termination
  Date.

                    (c)
If upon the expiration of any Interest
Period applicable to US LIBOR Revolving Loans, the US Borrower
Representative has failed to select timely a new Interest Period to be applicable to such US LIBOR Revolving
Loans or if any Default or Event of Default
then exists, the US Borrower Representative shall be deemed to have elected to
convert such US LIBOR Revolving Loans
into US Base Rate Revolving Loans effective as of the expiration date of such Interest Period.

                    (d)
The Administrative Agent will promptly
notify each US Lender, as applicable, of its receipt of a Notice of
Continuation/Conversion. All conversions and continuations
shall be made ratably according to the respective outstanding principal amounts
of the Loans with respect to which
the notice was given held by each US Lender.

                    (e)
There may not be more than six (6) different Interest Periods for US LIBOR Revolving Loans in effect hereunder at any
time.

          2.3
Maximum Interest Rate. In no event shall any interest rate provided for
hereunder exceed the maximum rate
legally chargeable by any US Lender under applicable law for such

18

US Lender with respect to loans
of the type provided for hereunder (the “Maximum Rate”). If, in any month, any interest rate, absent such
limitation, would have exceeded the Maximum Rate, then the interest rate for that month shall be the
Maximum Rate, and, if in future months, that interest rate would otherwise be
less than the Maximum Rate, then that interest rate shall remain at the Maximum Rate until such time as the amount
of interest paid hereunder equals the amount of interest which would have been paid if the same had not been limited
by the Maximum Rate. In the event
that, upon payment in full of the US Obligations, the total amount of interest
paid or accrued under the terms of this Agreement is less than the total amount
of interest which would, but for this
Section 2.3, have been paid or accrued if the interest rate otherwise
set forth in this Agreement had at
all times been in effect, then the US Borrowers shall, to the extent permitted
by applicable law, pay the Administrative Agent, for the account of the
applicable US Lenders, an amount
equal to the excess of (a) the lesser of (i) the amount of interest which would
have been charged if the Maximum
Rate had, at all times, been in effect or (ii) the amount of interest which would have accrued had the interest rate
otherwise set forth in this Agreement, at all times, been in effect over (b) the amount of interest actually paid or
accrued under this Agreement. If a
court of competent jurisdiction determines that the Administrative Agent and/or
any US Lender has received interest
and other charges hereunder in excess of the Maximum Rate, such excess shall be deemed received on
account of, and shall automatically be applied to reduce, the US Obligations of the US Borrowers
other than interest, in the inverse order of maturity, and if there are no US Obligations of the US Borrowers
outstanding, the Administrative
Agent and/or such US Lender shall refund to the US Borrowers such excess.

          2.4
Agent Fees. The US Borrowers agree, jointly and severally, to
pay the Administrative Agent fees in
the amount and at the times set forth in the confidential fee letter dated as of November 18, 2005, among the
Administrative Agent, Banc of America Securities, LLC, Ravenstock and MSG (as amended, restated,
supplemented or otherwise modified from time to time, the “Fee Letter”). 

          2.5
Unused Line Fee. On the first day of each month and on the
Termination Date: (i) the UK
Borrowers agree, jointly and severally, to pay to the UK Agent, for the account
of the UK Lenders, in accordance
with their respective Pro Rata Shares, an unused line fee (the “UK Unused Line Fee”) in an amount equal to the
Sterling Equivalent of the Applicable Unused Line Fee Rate multiplied by the amount by which the
UK Commitments exceed the average daily amount of UK Aggregate Outstandings and (ii) the US Borrowers agree,
jointly and severally, to pay to the
Administrative Agent, for the account of the US Lenders, in accordance with
their respective Pro Rata Shares, an
unused line fee (the “US Unused Line Fee”) in an amount equal to the Dollar Equivalent of (x) the Applicable
Unused Line Fee Rate multiplied by the amount by which the Aggregate
Commitments exceeds the average daily amount of Aggregate Outstandings less (y) the amount of the UK Unused
Line Fee payable for such period during the immediately preceding month or shorter period if calculated for the
first month hereafter or on the
Termination Date. The Unused Line Fee shall be computed on the basis of a
360-day year for the actual number of
days elapsed.

          2.6
Letter of Credit Fee. The US Borrowers agree, jointly and severally,
to pay to the Administrative Agent,
for the account of the US Lenders, in accordance with their respective Pro Rata Shares, for each Letter of Credit issued
under the US Credit Agreement, a fee (the “Letter of Credit Fee”) equal to the Applicable Margin for
US LIBOR Revolving Loans and to the

19

Administrative Agent for the
benefit of the Letter of Credit Issuer a fronting fee of one-eighth of one
percent (0.125%) of the undrawn face amount of each Letter of Credit, and to
the Letter of Credit Issuer,
all customary out-of-pocket costs, fees and expenses incurred by the Letter of
Credit Issuer in connection with the application for, processing of, issuance
of, extension of, draws under or
amendment to any Letter of Credit. The Letter of Credit Fee shall be payable monthly
in arrears on the first day of each month following any month in which a Letter
of Credit is outstanding and on the
Termination Date. The Letter of Credit Fee shall be computed on the basis of a 360-day year for the actual
number of days elapsed.

ARTICLE 3. 

PAYMENTS AND PREPAYMENTS

          3.1
Revolving Loans. The US Borrowers shall repay the outstanding
principal balance of the US Revolving Loans made to such US Borrowers, plus
all accrued but unpaid interest thereon, on
the Termination Date. The US Borrowers may prepay the US Revolving Loans made to such US Borrowers at any time, and
reborrow subject to the terms of this Agreement;
provided, however, the US Borrowers may not terminate the Total US
Facility unless the UK Borrowers also
terminate the Total UK Facility. In addition, and without limiting the
generality of the foregoing, (a) the US Borrowers shall pay to the
Administrative Agent, for the account of the US Lenders, the amount,
without duplication, by which the US Aggregate Outstandings exceed the lesser of the US Borrowing Base or the Maximum
US Amount, (b) the US Borrowers shall cause the UK Borrowers to pay to the UK
Agent, for the account of the UK Lenders,
the amount, without duplication, by which the UK Aggregate Outstandings exceeds
the lesser of the UK Borrowing Base
or the Maximum UK Amount and (c) the US Borrowers shall either (i) cause the UK Borrowers to pay to the UK
Agent, for the account of the UK Lenders, the amount by which the Aggregate Outstandings exceed the Maximum
Consolidated Borrowing Base Amount or
(ii) pay to the Administrative Agent, for account of the US Lenders, such amount, without duplication.

          3.2
Termination of Facility. The US Borrowers may terminate this Agreement
upon at least thirty (30) US Business Days’ notice of intent to
terminate and ten (10) US Business Days’
actual notice to the Administrative Agent, the UK Agent and the US Lenders,
upon (a) the payment by the Borrowers in full of all outstanding Revolving
Loans, together with accrued interest
thereon, and the cancellation and return of all outstanding Letters of Credit
or the provision of cash collateral
or a Supporting Letter of Credit pursuant to Section 1.4(g) hereof and Section 1.4(g) of the UK Credit Agreement, (b) the
payment by each Borrower in full in
cash of all reimbursable expenses and
other Obligations of such Borrower under this Agreement and the UK
Credit Agreement, and (c) with respect to any LIBOR Loans prepaid, payment by
each Borrower of the amounts due under Section
4.4, if any and the corresponding amounts due, if any, under the UK Credit Agreement.

          3.3
[Intentionally deleted].  

          3.4
US LIBOR Revolving Loan
Prepayments. In connection with
any prepayment, if any US LIBOR
Revolving Loans are prepaid prior to the expiration date of the Interest Period
applicable thereto, the US Borrowers
shall pay to the US Lenders the amounts described in Section 4.4.

20

            3.5
Payments by the US Borrowers.

                  (a)
All payments to be made by the US
Borrowers shall be made without set-off,
recoupment or counterclaim. Except as otherwise expressly provided herein, all
payments by the US Borrowers shall
be made to the Administrative Agent for the account of the applicable US
Lenders, at the account designated by the Administrative Agent and shall be
made in Dollars and in immediately
available funds, no later than 11:00 a.m. (California time) on the date specified herein. Any payment received by the
Administrative Agent on such date after such time shall be deemed to have been received on the following US Business
Day and any applicable interest
shall continue to accrue.

                  (b)
Subject to the provisions set forth in the definition of “Interest Period,”
whenever any payment is due on a day other
than an US Business Day, such payment shall be due on the following US Business Day, and such extension of time shall
in such case be included in the computation of interest or fees, as the case
may be.

            3.6
Payments as US Revolving Loans. At the election of the Administrative
Agent, all payments of principal, interest,
reimbursement obligations in connection with Letters of Credit and Credit Support for Letters of Credit,
fees, premiums, reimbursable expenses and other sums payable hereunder or under
any US Loan Document may be paid from the proceeds of US Revolving Loans made to the US Borrowers
hereunder. Each US Borrower hereby irrevocably authorizes the Administrative
Agent to charge the Loan Account of the US Borrowers for the purpose of paying all amounts from time to time
due hereunder and agrees that all such amounts charged shall constitute US Base Rate Revolving Loans (including
Non-Ratable Loans and Agent Advances)
to the US Borrowers.

            3.7
Apportionment, Application and Reversal of Payments. Principal and
interest payments shall be apportioned ratably among the applicable US
Lenders (according to the unpaid principal
balance of the US Revolving Loans to which such payments relate held by each applicable US Lender) and payments of the fees
shall, as applicable, be apportioned ratably among the US Lenders, except for fees payable solely to any US Agent
and any Letter of Credit Issuer. All payments shall be remitted to the
Administrative Agent and all such payments by any US Borrower not relating to principal or interest
or premiums of specific US Revolving Loans, or not constituting payment of specific fees, and all proceeds of
Accounts or other Collateral of such
US Borrower received by the Administrative Agent (other than voluntary or
mandatory payments pursuant to Section 7.6), shall be applied, ratably,
subject to the provisions of this Agreement,
first, to pay any fees, indemnities or expense reimbursements then due
to the Administrative Agent from the US Borrowers; second, to pay any
fees or expense reimbursements then due to
the US Lenders from the US Borrowers; third, to pay interest due in
respect of all US Revolving Loans, including Non-Ratable Loans and Agent
Advances, made to the US Borrowers
whether or not allowed or allowable in an insolvency proceeding; fourth, to pay or prepay principal of the US
Revolving Loans and Agent Advances made to the US Borrowers and unpaid reimbursement obligations in
respect of Letters of Credit; fifth, following the occurrence and during
the continuance of a Default or an Event of Default, to pay an amount to the Administrative Agent equal to 105% of all
outstanding Letter of Credit obligations of the US Borrowers to be held as cash collateral for such obligations; sixth to the payment of any other Obligation
to any US Agent, Bank or the US Lenders, including, without limitation,
Obligations 

21

in respect of US Bank Products;
and seventh following the occurrence and continuation of a Default or Event of Default, to pay any of the
foregoing amounts due to the Administrative Agent or any UK Agent on behalf of and for the benefit of the UK Lenders
pursuant to the UK Obligations of
the US Borrower, the Parent Guarantor or the US Subsidiaries under or pursuant
to the UK Guaranty, the US Parent Guaranty or the US Subsidiary Guaranty; provided that so long as no Default or
Event of Default shall have occurred and be continuing, the foregoing shall not be deemed to apply to any payment by any US
Borrower specified by such US Borrower to be for the payment of specific
obligations then due and payable (or prepayable) under and in accordance with any provision of any Loan
Document, Notwithstanding anything to the contrary contained in this Agreement, unless so directed
by the US Borrowers or unless an Event of Default has occurred and is continuing or following termination of this
Agreement, neither the Administrative Agent nor any US Lender shall apply any
payments which it receives to any US LIBOR
Revolving Loan, except (a) on the expiration date of the Interest Period
applicable to any such US LIBOR
Revolving Loan, or (b) in the event, and only to the extent, that there are no outstanding US Base Rate Revolving Loans made to
the US Borrowers and, in any event, in each case the US Borrowers shall pay LIBOR breakage losses in accordance with
Section 4.4. Upon the
occurrence and during the continuation of an Event of Default and, prior
thereto in order to correct any error
or otherwise with the consent of the Lenders required pursuant to Section 11.1(b) hereof, the Administrative Agent and the US
Lenders shall have the
continuing and exclusive right to apply and reverse and reapply any and all
such proceeds and payments to any
portion of the Obligations of the US Borrowers. 

          3.8
Indemnity for Returned Payments. If after receipt of any payment which is applied to the payment of all or any part of the
US Obligations, any US Agent, any US Lender, Bank or any Affiliate of
the Bank, is for any reason compelled to surrender such payment or proceeds to any Person because such payment or
application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a
preference, impermissible setoff, or a
diversion of trust funds, or for any other reason, then the US Obligations or
part thereof intended to be satisfied
shall be revived and continued and this Agreement shall continue in full force
as if such payment or proceeds had not been received by such US Agent, such US
Lender, Bank or such Affiliate and
the US Borrowers shall be jointly and severally liable to pay to the US
Agents, the US Lenders, Bank and such Affiliate, and hereby do jointly and
severally indemnify the US Agents, the US
Lenders, Bank and such Affiliate and hold the US Agents, the US Lenders, Bank and such Affiliate harmless for
the amount of such payment or proceeds surrendered.
The provisions of this Section 3.8 shall be and remain effective
notwithstanding any contrary action
which may have been taken by any US Agent, any US Lender, Bank or any such Affiliate in reliance upon such payment or
application of proceeds, and any such contrary action so taken shall be without
prejudice to the US Agents’, the US Lenders’, Bank’s and such Affiliate’s rights under this Agreement and shall
be deemed to have been conditioned upon such payment or application of proceeds
having become final and irrevocable. The provisions of this Section 3.8 shall survive the termination of this
Agreement.

          3.9
US Agents’ and US Lenders’ Books
and Records; Monthly Statements.
The Administrative Agent shall
record the principal amount of the US Revolving Loans owing to the US Lenders,
the undrawn face amount of all outstanding Letters of Credit issued for the
account of the US Borrowers and the aggregate amount of unpaid reimbursement
obligations outstanding with respect to the Letters of Credit for the account
of the US Borrowers from time to time on its

22

books. In addition, each US Lender
may note the date and amount of each payment or prepayment of principal of such US Lender’s Loans in its books and
records. Failure by the US Agents or
any US Lender to make such notation shall not affect the obligations of the US Borrowers with respect to the US Revolving Loans
or the Letters of Credit. The US Borrowers agree that the US Agents’ and each US Lender’s books and records showing
the US Obligations and the
transactions pursuant to this Agreement and the other Loan Documents shall be admissible in any action or proceeding arising
therefrom, and shall constitute rebuttably presumptive proof thereof, irrespective of whether any US Obligation is
also evidenced by a promissory note or
other instrument. The Administrative Agent will provide to the US Borrowers a monthly statement of US Revolving
Loans, payments, and other transactions with respect to such US Borrowers pursuant to this Agreement. Such statement
shall be deemed correct, accurate,
and binding on such US Borrowers and an account stated (except for reversals
and reapplications of payments made as provided in Section 3.7 hereof
and corrections of errors discovered
by the Administrative Agent), unless the US Borrower Representative notifies
the Administrative Agent in writing to the contrary within 45 days after such
statement is rendered. In the event
a timely written notice of objections is given by the US Borrower
Representative, only the items to
which exception is expressly made will be considered to be disputed by the US Borrowers.

          3.10
[Intentionally deleted] 

ARTICLE 4. 

TAXES, YIELD PROTECTION AND ILLEGALITY

          4.1
Taxes.

                    (a)
Any and all payments by each US Obligor to any Lender or any Agent under this Agreement and any other Loan Document
shall be made free and clear of, and without deduction or withholding for any Taxes. In addition, each US Obligor
shall pay all Other Taxes with respect
to the US Obligations of such US Obligor and the payments due under the execution, delivery, registration and performance
of this Agreement, or otherwise and any other Loan Document.

                    (b)
Each US Obligor shall indemnify the
US Agents and each US Lender for the
full amount of Taxes or Other Taxes (including any Taxes or Other Taxes imposed
by any jurisdiction on amounts payable under this Section) paid by any US Agent
or such US Lender with respect to
the US Obligations of such US Obligor and any liability (including penalties, interest, additions to tax and expenses) arising
therefrom or with respect thereto. Each US Agent and each US Lender seeking indemnification pursuant to this Section
4.1(b) agrees to deliver to the
US Borrower Representative evidence of the Taxes or Other Taxes forming the
basis for any such claim; provided that the prior delivery or sufficiency, in the judgment of the US Borrower Representative, of such evidence shall in no way
be a condition of the US Obligors’ obligations to indemnify the US Agent or US Lender pursuant to this Section 4.1(b). No US Obligor shall be
obligated to make a payment to a US Agent or US Lender pursuant to this clause
in respect of penalties, interest and
other liabilities attributable to any Taxes or Other Taxes if such penalties, interest and other liabilities are attributable
to the gross negligence or willful misconduct of such US Agent or US Lender. After a US Agent or US
Lender receives notice of the imposition of the

23

Taxes or Other Taxes that are
subject to this Section, such US Agent or US Lender will act in good faith to promptly notify each US Obligor of
its obligations hereunder.

                    (c)
If any US Obligor shall be required by law
to deduct or withhold any Taxes or
Other Taxes from or in respect of any sum payable hereunder to any US Lender or
any US Agent, then, without
duplication:

	
 

	
 

	
 

	
          (i)
  the sum payable shall be increased as necessary so that after making all required deductions and
  withholdings (including deductions
  and withholdings applicable to additional sums payable under this Section) such US Lender or such US Agent,
  as the case may be, receives an
  amount equal to the sum it would have received had no such deductions or
  withholdings been made;

	
 

	
 

	
 

	
          (ii)
  such US Obligor shall make such deductions and withholdings;

	
 

	
 

	
 

	
          (iii)
  such US Obligor shall pay the full amount deducted or withheld to the relevant taxing authority or
  other authority in accordance with
  applicable law; and

	
 

	
 

	
 

	
          (iv)
  each US Borrower shall also pay to each US Lender or such US Agent for the account of such US Lender,
  at the time interest is paid, all
  additional amounts which the respective US Lender specifies as necessary to preserve the after-tax yield such
  US Lender would have received if
  such Taxes or Other Taxes had not been imposed.

                    (d)
At any US Agent’s request, within 30
days after the date of any payment by
any US Obligor of Taxes or Other Taxes, the US Borrower shall furnish such US
Agent, if available, the original or a
certified copy of a receipt evidencing payment thereof, or other evidence of payment satisfactory to such US
Agent.

                    (e)
If any US Obligor is required to pay
additional amounts to any US Lender pursuant
to this Section, then such US Lender shall, upon the request and at the expense
of the US Borrowers, use reasonable
efforts (consistent with legal and regulatory restrictions) to change the jurisdiction of its lending office so as to
eliminate any such additional payment by such Obligor which may thereafter accrue, if such change, in the sole
judgment of such US Lender, (i) is
not otherwise disadvantageous to such US Lender and (ii) would avoid the need
for or reduce the amount of such
additional amounts.

          4.2
Illegality.

                    (a)
If any US Lender determines that the introduction of any Requirement of Law, or any change in any Requirement of Law, or
change in the interpretation or administration of any Requirement of Law, has made it unlawful, or that any
Governmental Authority has asserted
that it is unlawful, for any US Lender or its applicable lending office to make
US LIBOR Revolving Loans, then, on
notice thereof by that US Lender to the US Borrower Representative through the Administrative Agent,
any obligation of that US Lender to make US

24

LIBOR Revolving Loans shall be
suspended until that US Lender notifies the Administrative Agent and the US
Borrower that the circumstances giving rise to such determination no longer exist.

                    (b)
If any US Lender determines that the
introduction of any Requirement of Law,
or any change in any Requirement of Law, or change in the interpretation or
administration of any Requirement of Law, has made it unlawful, or that any
other Governmental Authority has asserted that it is unlawful, for any US
Lender or its applicable lending office to maintain any US LIBOR Revolving Loans, the US Borrower shall, upon
its receipt of notice thereof by that US Lender to the US Borrower Representative through the Administrative
Agent and demand from such US Lender
(with a copy to the Administrative Agent), prepay in full such US LIBOR Revolving Loans of that US Lender then
outstanding, together with interest accrued thereon and amounts required under Section 4.4, either
on the last day of the Interest Period thereof, if that US Lender may lawfully continue to maintain such
US LIBOR Revolving Loans to such day, or immediately, if that US Lender may not lawfully continue to maintain
such US LIBOR Revolving Loans. If
the US Borrowers are required to so prepay any US LIBOR Revolving Loans, then concurrently with such prepayment, the
US Borrowers shall borrow from the affected
US Lender, in the amount of such repayment, a US Base Rate Revolving Loan. Each
US Lender agrees to use reasonable
efforts (consistent with legal and regulatory restrictions) to designate
a different lending office if such designation will, in the sole judgment of
such US Lender, avoid the need for such
notice and will not otherwise be disadvantageous to such Lender.

                    (c)
Should any US Lender’s US LIBOR Loans
be suspended under the provisions of
Section 4.2, then without limiting its obligations to reimburse any US
Lender for compensation claimed
pursuant to this Section 4.2, the US Borrowers may, within 60 days following such occurrence, treat that US Lender as
an “Affected Lender” under Section 4.6 and exercise the applicable remedies set forth
therein, subject to the conditions and limitation set forth therein.

          4.3
Increased Costs and Reduction of Return.

                    (a)
If any US Lender determines that due
to either (i) the introduction of or any
change in the interpretation of any law or regulation or (ii) the compliance by
that US Lender with any guideline or
request from any central bank or other Governmental Authority (whether or not having the force of law), there
shall be any increase in the cost to such US Lender of agreeing to make or making, funding or maintaining any US
LIBOR Revolving Loans, without
duplication, then the US Borrowers shall jointly and severally be liable for,
and shall from time to time, within
two US Business Days of demand by such US Lender (with a copy of such demand to be sent to the Administrative
Agent), pay to the Administrative Agent for the account of such US Lender, additional amounts as are sufficient to
compensate such US Lender for such
increased costs.

                    (b)
If any US Lender shall have determined that (i) the introduction of any
Capital Adequacy Regulation, (ii) any change in any Capital Adequacy
Regulation, (iii) any change in the
interpretation or administration of any Capital Adequacy Regulation by any
central bank or other Governmental
Authority charged with the interpretation or administration thereof,

25

or (iv) compliance by such US
Lender or any corporation or other entity controlling such US Lender with any
Capital Adequacy Regulation, affects the amount of capital required to be maintained by such US Lender or any corporation or
other entity controlling such US Lender and (taking into consideration such US Lender’s or such corporation’s or
other entity’s policies with respect
to capital adequacy and such US Lender’s desired return on capital) determines
that the amount of such capital is
increased as a consequence of its US Commitments, loans, credits or obligations under this Agreement, then, upon
demand of such US Lender to the US Borrower Representative in respect of which such US Lender has a US Commitment
through the Administrative Agent,
the US Borrowers shall pay to such US Lender, from time to time as specified by such US Lender, additional amounts
sufficient to compensate such US Lender for such increase.

                    (c)
If any US Obligor is required to pay additional amounts to any US Lender pursuant to this Section, then such US Lender
shall, upon the request and at the expense of the US Borrowers, use reasonable efforts (consistent
with legal and regulatory restrictions) to change the jurisdiction of its
lending office so as to eliminate any such additional payment by such US
Obligor which may thereafter accrue, if such change, in the sole judgment of
such US Lender, (i) is not otherwise
disadvantageous to such US Lender and (ii) would avoid the need for or reduce the amount of such additional amounts.

          4.4
Funding Losses. Each US Borrower shall reimburse each US Lender
and hold each US Lender harmless from any loss or expense which such US Lender
may sustain or incur as a consequence
of:

                    (a)
the failure of such US Borrower to
make on a timely basis any payment of principal of any US LIBOR Revolving Loan;

                    (b)
the failure of such US Borrower to borrow, continue or convert a Loan after such US Borrower has given a Notice of
Borrowing or a Notice of Continuation/Conversion;
or

                    (c)
the prepayment or other payment
(including after acceleration thereof) of any US LIBOR Revolving Loan on a day that is not the last day of the
relevant Interest Period;

including any such loss of
anticipated profit and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain
its US LIBOR Revolving Loans or from fees
payable to terminate the deposits from which such funds were obtained. Each US
Borrower shall also pay any customary
administrative fees charged by any US Lender in connection with the foregoing.

          4.5 Inability
to Determine Rates. If the Administrative Agent determines that for any
reason (a) adequate and reasonable means do not exist for determining the US
LIBOR Rate for any requested Interest Period
with respect to a proposed US Revolver LIBOR Loan or (b) that the US
LIBOR Rate for any requested Interest Period with respect to a proposed US
LIBOR Revolving Loan does not adequately and fairly reflect the cost to the
applicable US Lenders of funding such US
LIBOR Revolving Loan, the Administrative Agent will promptly so notify such US Borrower Representative and each such US
Lender. Thereafter, the obligation of the US

26

Lenders to make or maintain US
LIBOR Revolving Loans hereunder shall be suspended until the Administrative
Agent revokes such notice in writing. Upon receipt of such notice, (A) in the
case of US Revolving Loans, (I) US Borrower Representative may revoke any
Notice of Borrowing or Notice of Continuation/Conversion in respect of US
Revolving Loans then submitted by it without
cost or expense to any US Borrower and (II) if the US Borrower Representative does not revoke such Notice, the
US Lenders shall make, convert or continue the US Revolving Loans, as proposed by the US Borrower Representative, in
the amount specified in the
applicable notice submitted by the US Borrower Representative, but such US
Revolving Loans shall be made,
converted or continued as US Base Rate Loans instead of US LIBOR Revolving Loans.

          4.6
Certificates of Lenders.

                    (a)
Any US Lender claiming reimbursement
or compensation under this Article 4
(an “Affected Lender”) shall determine the amount thereof and shall deliver to
the US Borrower Representative (with a copy to the Administrative Agent) a
certificate setting forth in reasonable
detail the amount payable to such Affected Lender, and such certificate shall
be conclusive and binding on the US
Borrowers in the absence of manifest error.

                    (b)
Without limiting its obligations to
reimburse an Affected Lender for compensation
theretofore claimed by an Affected Lender pursuant to this Article 4, US Borrowers may, within 60 days following any demand
by an Affected Lender, request that one or more Persons that are Eligible
Assignees and that are approved by the Administrative Agent (which approval
shall not be unreasonably withheld) purchase all (but not part) of the Affected
Lender’s then outstanding US Loans,
and assume its Pro Rata Share of the US Commitments and its obligations hereunder; provided that
such request may not be made, and the Administrative Agent and the US Lenders shall have no obligations
under this Section 4.6(b), if and to the extent that the basis for any such reimbursement or
compensation with respect to such Affected Lender is, in the judgment of the Administrative Agent,
applicable to the US Required Lenders or has resulted or could reasonably be expected to result in any claim for
reimbursement or compensation under
this Article 4 by the US Required Lenders. If one or more such Eligible Assignees
so agree in writing (each, an “Assuming Lender,” and collectively, the
“Assuming Lenders”), the Affected Lender
shall assign its Pro Rata Share of the Aggregate Commitments (including,
for the avoidance of doubt, the UK Commitments), together with the outstanding Revolving Loans (including, for the avoidance of
doubt, the UK Revolving Loans) to the Assuming
Lender or Assuming Lenders in accordance with Section 11.2; provided that,
unless the Assuming Lender has also agreed to accept the assignment of all UK
Commitments and UK Revolving Loans
pursuant to the terms of the UK Credit Agreement, the US Lender shall not be required
or permitted to assign its US Commitments or US Revolving Loans pursuant to
this Section and any purported assignment
pursuant to this Section shall be null and void. On the date of any such assignment, the Affected Lender
which is being so replaced shall cease to be a “Lender” for all purposes of
this Agreement and shall receive (x) from the Assuming Lender or Assuming Lenders the principal amount of its
outstanding Loans and (y) from US Borrowers all interest and fees
accrued and then unpaid with respect to such US Revolving Loans, together with any other amounts then payable to such US
Lender by US Borrowers. 

27

          4.7
Survival. The agreements and obligations of the US Obligors in this
Article 4 shall survive the payment of all other Obligations. 

ARTICLE 5.
 BOOKS AND RECORDS; FINANCIAL
INFORMATION; NOTICES

          5.1
Books and Records. Each Credit Party shall maintain in accordance
with GAAP applied consistently with
the audited Financial Statements required to be delivered pursuant to Section
5.2(a), and shall cause each of their Subsidiaries to maintain, at all
times, correct and complete books, records
and accounts in which complete, correct and timely entries are made of their transactions. The Credit Parties shall, and
shall cause each of their Subsidiaries to, by means of appropriate entries,
reflect in such accounts and in all Financial Statements proper liabilities
and reserves for all taxes and proper provision for depreciation and
amortization of property and bad debts, all
in accordance with GAAP. The Credit Parties shall, and shall cause each of their Subsidiaries to, maintain at all
times books and records pertaining to the Collateral in such detail, form and scope as the
Administrative Agent, UK Agent or any Lender shall reasonably require, including, but not limited to,
records of: (a) all payments received and all credits and extensions
granted with respect to the Accounts; (b) the return, repossession, loss, damage, or destruction of any Rental Fleet
Assets, Sales Inventory or Machinery and Equipment included in the Applicable Borrowing Base; and (c)
all other material dealings affecting the Collateral.

          5.2
Financial Information. The Parent Guarantor and the Borrowers shall
promptly furnish to each Lender all
such financial information regarding any Credit Party or any of their Subsidiaries as the Administrative Agent or the
UK Agent shall reasonably request. Without limiting the foregoing, the Borrowers will furnish to the Administrative
Agent and the UK Agent, in sufficient
copies for distribution by the Administrative Agent and the UK Agent, as applicable, to each Lender, in such detail as the
Administrative Agent, the UK Agent or the Lenders shall reasonably request, the following:

                    (a)
As soon as available, but in any event not later than ninety (90) days after the end of each Fiscal Year (except as set forth
in clause (v) below), (i) consolidated audited balance sheets, income statements, cash flow statements and changes in
stockholders’ equity for the Parent
Guarantor and its consolidated Subsidiaries for such Fiscal Year, and the accompanying notes thereto, (ii) consolidating
unaudited balance sheets, income statements and cash flow statements for the Parent Guarantor and its consolidated
Subsidiaries, (iii) unaudited balance sheets and income statements for
the Parent Guarantor and its consolidated US Subsidiaries,
(iv) unaudited balance sheets and income statements for Ravenstock and its consolidated Subsidiaries and (v) balance sheets
and income statements for Ravenstock and its consolidated Subsidiaries audited in accordance with UK GAAP and to be
delivered as soon as available, but
in any event not later than one hundred and eighty (180) days after the end of
each Fiscal Year, setting forth in
the case of each of the preceding clauses (i), (iii), (iv) and (v), in comparative form, figures for the previous Fiscal
Year, all in reasonable detail, fairly presenting the financial position and
the results of operations of the applicable Persons as at the date thereof and for the Fiscal Year then ended, prepared in
accordance with GAAP (other than the absence of footnotes to the Financial Statements delivered pursuant to clauses
(ii), (iii) and (iv) and other than clause (v) which has been prepared
in accordance with UK GAAP) and denominated in

28

Dollars (other than with respect
to clauses (iv) and (v), which Financial Statements shall be denominated in Pounds Sterling). The consolidated
audited financial statements shall be examined
in accordance with generally accepted auditing standards by and, in the case of
such statements performed on a
consolidated basis, accompanied by a report thereon unqualified in any respect of independent certified public
accountants of national standing selected by the US Borrower Representative.
The US Borrower Representative, simultaneously with retaining such independent
public accountants to conduct such annual audit, shall send a letter to such accountants, with a copy to the Administrative
Agent, the UK Agent and the Lenders, notifying such accountants that one of the
primary purposes for retaining such accountants’ services and having audited financial statements prepared by
them is for use by the Administrative Agent, the UK Agent and the Lenders. At reasonable times and upon reasonable
advance notice and the provision of
an opportunity for the UK Borrower Representative to participate or accompany
the UK Agent and/or the
Administrative Agent, each UK Borrower hereby authorizes the Administrative
Agent and the UK Agent to communicate directly with the US Borrowers’ certified public accountants and, by this
provision, authorizes those accountants to disclose to the Administrative Agent
and the UK Agent any and all financial statements and other supporting financial documents and schedules relating to the
Credit Parties and their Subsidiaries and to discuss directly with the Administrative Agent and the UK Agent the
finances and affairs of the Credit Parties and their Subsidiaries.

                    (b)
As soon as available, but in any
event not later than forty (40) days after the end of each Fiscal Quarter, (i) consolidated unaudited balance
sheets of the Parent Guarantor and
its consolidated Subsidiaries as at the end of such Fiscal Quarter, and
consolidated unaudited income
statements and cash flow statements for the Parent Guarantor and its
consolidated Subsidiaries for such
Fiscal Quarter and for the period from the beginning of the Fiscal Year to the
end of such Fiscal Quarter, all in reasonable detail, fairly presenting the
financial position and results of operations
of the Parent Guarantor and its consolidated Subsidiaries as at the date thereof and for such periods, and, in each case, in
comparable form, figures for the corresponding period in the prior
Fiscal Year, (ii) consolidating unaudited balance sheets and income statements
for the Parent Guarantor and its consolidated Subsidiaries, (iii) unaudited balance sheets and income statements for the Parent
Guarantor and its consolidated US Subsidiaries and (iv) unaudited
balance sheets and income statements for Ravenstock and its consolidated Subsidiaries, in each case prepared in
accordance with GAAP (other than the absence
of footnotes and subject to normal year-end audit adjustments) applied
consistently with the audited
Financial Statements required to be delivered pursuant to Section 5.2(a)
and denominated in Dollars (other
than with respect to clause (iv), which Financial Statements shall be denominated in Pounds Sterling). The Parent
Guarantor shall certify by a certificate signed by its chief financial officer that all such statements have been
prepared in accordance with GAAP
(other than the absence of footnotes and subject to normal year-end audit
adjustments) and fairly present the
financial position of the applicable Credit Parties and their Subsidiaries as at the dates thereof and their results of
operations for the periods then ended, subject to normal year-end adjustments.

                    (c)
As soon as available, but in any
event not later than thirty (30) days after the end of each month, (i) unaudited balance sheets and income
statements for the Parent Guarantor and its consolidated US Subsidiaries
and (ii) unaudited balance sheets and income statements
for Ravenstock and its consolidated Subsidiaries, in each case prepared in
accordance

29

with GAAP (other than the absence
of footnotes and subject to normal year-end audit adjustments) applied consistently with the
audited Financial Statements required to be delivered pursuant to Section 5.2(a) and denominated in
Dollars (other than with respect to clause (ii), which such Financial Statements shall be denominated in Pounds
Sterling). The Parent Guarantor shall
certify by a certificate signed by its chief financial officer that all such statements have been prepared in accordance with
GAAP (other than the absence of footnotes and subject to normal year-end audit adjustments) and present fairly
the financial position of the applicable Credit Parties and their
Subsidiaries as at the dates thereof and their results of operations for the periods then ended, subject to
normal year-end adjustments. 

                    (d)
With each of the annual audited
Financial Statements delivered pursuant to Section 5.2(a), and the unaudited Financial Statements
delivered pursuant to Section 5.2(b), a certificate of the chief
financial officer of the US Borrower Representative (the “Compliance Certificate”) setting forth in reasonable detail
the calculations required to establish that the Credit Parties were in compliance with the covenants set
forth in Sections 7.23 through 7.26 during the period covered in such Financial Statements and as
at the end thereof and a calculation of Pro Forma EBITDA for the Permitted Acquisitions completed during such
period, and stating that, except as explained in reasonable detail in
such certificate, (A) all of the representations and warranties of the Credit Parties contained in this Agreement and the
other Loan Documents are correct and complete in all material respects as at
the date of such certificate as if made at such time, except for those that
speak as of a particular date, (B) the Credit Parties are, at the date of such
certificate, in compliance in all material respects with all of their
respective covenants and agreements in this Agreement and the other Loan
Documents, and (C) no Default or Event of Default then exists or existed during
the period covered by the Financial Statements for such period. If such certificate discloses that a representation or warranty
is not correct or complete, or that a
covenant has not been complied with, or that a Default or Event of Default
existed or exists, such certificate
shall set forth what action the Applicable Borrower has taken or proposes to take with respect thereto. 

                    (e)
No sooner than sixty (60) days before
and not later than the beginning of each
Fiscal Year, (i) annual forecasts (to include forecasted consolidated balance
sheets, income statements and cash flow statements) for the Parent Guarantor
and its consolidated Subsidiaries, (ii)
annual forecasted income statements for the Parent Guarantor and its
consolidated US Subsidiaries and
(iii) annual forecasted income statements for Ravenstock and its consolidated Subsidiaries
as at the end of and for each Fiscal Quarter of such Fiscal Year approved by
the board of directors of such entity and in
detail reasonably acceptable to the Administrative Agent and the UK Agent.

                    (f)
Promptly after filing with the PBGC,
the IRS or other Governmental Authority,
a copy of each annual report or other filing filed with respect to any Plan of
any Credit Party or any of its
Subsidiaries.

                    (g)
Promptly upon the filing thereof,
copies of all reports, if any, to or other documents filed by any Credit Party or any of its Subsidiaries with the
Securities and Exchange Commission under the Exchange Act, and all reports,
notices, or statements sent or received by any Credit Party or any of its Subsidiaries to or from the holders of
any publicly traded equity interests
of the US Borrowers or any such Subsidiary (other than routine non-material

30

correspondence sent by
shareholders) or of any Debt of the Borrowers or any of their Subsidiaries,
including, without limitation, Debt registered under the Securities Act, or to
or from the trustee under any indenture
under which the same is issued.

                    (h)
As soon as available, but in any event not later than 15 days after any Credit Party’s receipt thereof, a copy of all
management reports and management letters prepared for such Credit Party by any independent certified
public accountants of any Credit Party or any of its Subsidiaries.

                    (i)
Promptly after their preparation, copies of any and all proxy statements,
financial statements, and reports which any Credit Party or any of its
Subsidiaries makes available to its
shareholders generally.

                    (j)
If requested by the Administrative Agent or the UK Agent, promptly after filing with the IRS or any other Governmental
Authority, a copy of each tax return filed by any Credit Party or by any of its
Subsidiaries.

                    (k)
As soon as available, but in any event within twenty (20) days after the end of each month (for such month), a Borrowing
Base Certificate in the form of Exhibit B to this Agreement and all supporting
information required in accordance with Section 9 of the Security Agreement and Section 4.4(c) of the UK
Debenture. 

                    (l)
With each of the monthly Financial Statements delivered pursuant to Section 5.2(c), a certificate of the chief financial
officer of the US Borrower
Representative (the “M&E
Disposition Certificate”) setting forth for the most recently completed month
in reasonable detail: (i) the
nature, equipment identification number and net book value of Eligible Machinery and Equipment that was sold, exchanged or
otherwise disposed pursuant to Section
7.9(c) hereof, both individually and in the aggregate, (ii) the amount of
proceeds, if any, received in respect of any such sale, exchange or other
disposition of Eligible Machinery and Equipment,
both individually and in the aggregate and (iii) the purchase price paid, if
any, in respect of any Eligible
Machinery and Equipment that was purchased, acquired or otherwise received in exchange for any Eligible Machinery
and Equipment that was sold, exchanged or otherwise disposed pursuant to Section
7.9(c) hereof, both individually and in the aggregate. 

                    (m)
With each of the monthly Financial Statements delivered pursuant to Section 5.2(c), a certificate of the chief financial
officer of the US Borrower
Representative (the “Vehicle Sales Certificate”), in a form reasonably
satisfactory to the Administrative Agent, setting
forth, in reasonable detail, such information regarding the sale and lease of
motor vehicles subject to any motor vehicle registration statutes as the
Administrative Agent reasonably requests.

                    (n)
Such additional information as the Administrative Agent or the UK Agent may from time to time reasonably request
regarding the financial and business affairs of any Credit Party or any of its Subsidiaries.

          5.3
Notices to the Lenders. Each Borrower shall notify the Administrative
Agent, the UK Agent and the Lenders
in writing of the following matters at the following times:

31

                    (a)
Immediately after becoming aware of
any Default or Event of Default;

                    (b)
Immediately after becoming aware of the assertion by the holder of any Capital Stock of any Credit Party or of any of its
Subsidiaries or the holder of any Debt of any Credit Party or any of its Subsidiaries in a face amount in excess of
the Dollar Equivalent of $2,000,000
that a default exists with respect thereto or that such Credit Party or such
Subsidiary is not in compliance with the terms thereof, or the threat or
commencement by such holder of any
enforcement action because of such asserted default or non-compliance;

                    (c)
Immediately after becoming aware of any event or circumstance which could reasonably be expected to have a Material
Adverse Effect;

                    (d)
Promptly after a Responsible Officer
of any Credit Party becomes aware of
any pending or threatened action, suit, or proceeding by any Person, or any
pending or threatened investigation
by a Governmental Authority, which could reasonably be expected to have a Material Adverse Effect;

                    (e)
Promptly after a Responsible Officer
of any Credit Party becomes aware of any pending or threatened strike,
work stoppage, unfair labor practice claim, or other labor dispute affecting any Credit Party or any of its
Subsidiaries in a manner which could reasonably be expected to have a Material Adverse Effect;

                    
(f) Promptly after a Responsible
Officer of any Credit Party becomes aware of any violation of any law, statute, regulation, or ordinance of a
Governmental Authority affecting any
Credit Party or any of its Subsidiaries which could reasonably be expected to
have a Material Adverse Effect;

                    (g)
Promptly after any Responsible Officer
of any Credit Party becomes aware of
receipt of any notice of any violation by any Credit Party or any of its
Subsidiaries of any Environmental
Law which could reasonably be expected to have a Material Adverse Effect or
that any Governmental Authority has asserted in writing that any Credit Party
or any of its Subsidiaries is not in compliance with any Environmental Law or
is investigating the Credit Party’s or such
Subsidiary’s compliance therewith;

                    
(h) Promptly after any Responsible Officer of any Credit Party becomes aware of receipt of any written notice that any
Credit Party or any of its Subsidiaries is or may be liable to any Person as a result of the Release or
threatened Release or that such Credit Party or any of its Subsidiaries is subject to investigation by any Governmental
Authority evaluating whether any
remedial action is needed to respond to the Release or threatened Release
which, in either case, is reasonably
likely to give rise to liability in excess of the Dollar Equivalent of $2,000,000;

                    (i)
Promptly after any Responsible Officer of any Credit Party becomes aware of receipt of any written notice of the
imposition of any Environmental Lien against any property of any Credit Party
or any of its Subsidiaries;

                    (j) Any change in a Credit
Party’s name as it appears in the jurisdiction of its organization,
organizational identification number, chief executive office, locations of
branches

32

of any Credit Party or other Real
Estate locations owned or leased by any Credit Party, its Subsidiaries or their Agencies at which any
Collateral is located, or form of organization, trade names under which any Credit Party will sell Inventory
or create Accounts, or to which instruments
in payment of Accounts may be made payable, in each case at least thirty (30)
days prior thereto;

                    (k)
Within ten (10) US Business Days after a Responsible Officer of any Credit Party or any ERISA Affiliate knows that an
ERISA Event or a prohibited transaction (as defined in Sections 406 of ERISA and 4975 of the Code) has occurred,
and, when known, any action taken or
threatened by the IRS, the DOL, the PBGC or other applicable Governmental
Authority with respect thereto;

                    (l)
Upon request, or, in the event that such filing reflects a significant change with respect to the matters covered thereby,
within three (3) US Business Days after the filing thereof with the PBGC, the DOL, the IRS or other
Governmental Authority, as applicable, copies of the following: (i) each annual report (Form 5500 series), including
Schedule B thereto, filed with the
PBGC, the DOL or the IRS with respect to each Plan, (ii) a copy of each funding
waiver request filed with the PBGC,
the DOL or the IRS with respect to any Plan and all communications received by any Credit Party or
any ERISA Affiliate from the PBGC, the DOL, the IRS or other Governmental Authority, with respect to such request, and
(iii) a copy of each other filing or notice filed with the PBGC, the DOL, the
IRS, or other Governmental Authority, with
respect to each Plan by either any Credit Party or any ERISA Affiliate;

                    (m)
Upon request, copies of each actuarial report for any Plan, Foreign Pension Plan or Multiemployer Plan and annual
report for any Multiemployer Plan; and within three (3) US Business Days after receipt thereof by any Credit Party or
any ERISA Affiliate, copies of the following: (i) any notices of the
PBGC’s or other Governmental Authority’s intention
to terminate a Plan or to have a trustee appointed to administer such Plan;
(ii) any favorable or unfavorable
determination letter from the IRS regarding the qualification of a Plan under Section
401(a) of the Code; or (iii) any notice from a Multiemployer Plan
regarding the imposition of withdrawal liability;

                    (n)
Within three (3) US Business Days after the occurrence thereof: (i) any changes in the benefits of any existing Pension
Plan which increase the Credit Parties’ annual costs with respect thereto by an amount in excess of the Dollar
Equivalent of $250,000, or the establishment
of any new Pension Plan or Foreign Pension Plan or the commencement of contributions to any Pension Plan or Foreign
Pension Plan to which any Credit Party or any of its ERISA Affiliates were not previously contributing;
or (ii) any failure by any Credit Party or any of its ERISA Affiliates to make a required installment or any other
required payment under Section 412
of the Code on or before the due date for such installment or payment;

                    (o)
Within three (3) US Business Days after a Responsible Officer of any Credit Party or any of its ERISA Affiliates knows
that any of the following events has or will occur: (i) a Multiemployer Plan has been or will be terminated; (ii)
the administrator or plan sponsor of
a Multiemployer Plan intends to terminate a Multiemployer Plan; (iii) the PBGC
has instituted or will institute
proceedings under Section 4042 of ERISA to terminate a

33

Multiemployer Plan; or (iv) a
Reportable Event or Termination Event in respect of any Plan has or will occur;

                    (p)
Promptly after any Borrower has notified any Agent of any intention by any Credit Party to treat the Loans and/or Letters
of Credit and related transactions as being a “reportable transaction” (within
the meaning of Treasury Regulation Section 1.6011-4), a duly completed copy of IRS Form 8886 or any successor
form;

                    (q)
Each UK Borrower shall, immediately upon becoming aware of the same, provide
the UK Agent with details in writing of any creditor of any UK Borrower whose
terms of business include retention
of title provisions; and

                    (r)
Immediately upon the taking, or immediately following any determination of an intention to take, any corporate action,
legal proceedings, application, petition or other procedure or step in relation
to any of the matters set out in Section 9.1(s), notify the UK  Agent of the same.

                    Each
notice given under this Section shall describe the subject matter thereof in reasonable detail, and, if applicable, shall set
forth the action that the Applicable Borrower, its Subsidiary, or any ERISA Affiliate, as
applicable, has taken or proposes to take with respect thereto.

ARTICLE 6.
 GENERAL WARRANTIES AND REPRESENTATIONS

                    The
Parent Guarantor and each US Borrower warrant and represent as to itself and each of their respective Subsidiaries to the
US Agents and the US Lenders that, except as hereafter disclosed to and
accepted by the US Agents and the Required Lenders in writing:

          6.1
Authorization, Validity, and Enforceability of this Agreement and the Loan Documents. Each Credit Party has the power
and authority to execute, deliver and
perform this Agreement and the other Loan Documents and Transaction Documents
to which it is a party, to incur its
Obligations, and to grant to the Applicable Agents’ Liens upon and security
interests in the Collateral. Each
Credit Party has due power and capacity and has taken all necessary action (including obtaining approval of its stockholders
if necessary) to authorize its execution, delivery, and performance of this Agreement and the other Loan Documents
and Transaction Documents to which it
is a party. This Agreement and the other Loan Documents and Transaction Documents to which it is a party have
been duly executed and delivered by each Credit Party, and constitute
the legal, valid and binding obligations of each Credit Party, enforceable against it in accordance with their
respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws affecting the rights and remedies of creditors
generally and by general equitable principles. Each Credit Party’s execution, delivery, and
performance of this Agreement and the other Loan Documents and Transaction Documents to which it is a party do not and
will not conflict with, or constitute
a violation or breach of, or result in the imposition of any Lien upon the
property of any Credit Party or any of their respective Subsidiaries, by
reason of the terms of (a) any contract,
mortgage, standard security, pledge, assignation in security, hypothec, lease,
agreement,

34

indenture,
or instrument to which any Credit Party or any of their respective Subsidiaries
is a party or which is
binding upon it, (b) any Requirement of Law applicable to any Credit Party or
any of their respective Subsidiaries, or (c) the certificate or articles of
incorporation, by-laws, the limited
liability company agreement, limited partnership agreement, memorandum and
articles of association or related shareholders’ agreement of any Credit
Party or any of their respective Subsidiaries
except, in the case of clause (a) only, and without any qualification of the representation
above as to the imposition of any Lien on any Collateral other than in favor of
the Applicable Security Agent, as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

          6.2
Validity and Priority
of Security Interest. The
provisions of this Agreement, the Mortgages,
if any, and the other Loan Documents create legal and valid Liens on all the Collateral in favor of the Applicable Security
Agent, for the ratable benefit of the Applicable Security Agents and the
Applicable Lenders, and such Liens constitute perfected and continuing Liens on
all the Collateral, having priority over all other Liens on the Collateral,
except for those Liens identified on
Schedule 6.2 or in clauses (c), (d), and (e) of the
definition of Permitted Liens securing all the Obligations of the
applicable Credit Party, and enforceable against the applicable Credit Party and all third parties, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other laws
affecting the rights and remedies of creditors generally and by general
equitable principles.

          6.3
Organization and
Qualification. Each Credit
Party (a) is duly organized or incorporated
and validly existing in good standing under the laws of the jurisdiction of its
organization or incorporation, (b) is
qualified to do business and is in good standing in each jurisdiction in which the failure to be so
qualified or in good standing could reasonably be expected to have a
material adverse effect on such Credit Party’s business operations, prospects, property or condition (financial or otherwise),
and (c) has all requisite power and authority to conduct its business
and to own its property.

          6.4
Corporate Name; Prior
Transactions. Except as
otherwise disclosed on Schedule 6.4, no Credit Party has, during the five (5) years
prior to the Closing Date, been known by or used any other corporate or
fictitious name, or been a party to any hive-up, merger, amalgamation or
consolidation, or acquired all or substantially all of the assets of any
Person, or acquired any of its property outside of the ordinary course of
business.

          6.5
Subsidiaries and
Affiliates. Schedule 6.5 is
a correct and complete list of the name and
relationship to the Parent Guarantor of each and all Parent Guarantor’s
Subsidiaries and other Affiliates. Each Subsidiary of the Credit Parties
is (a) duly incorporated or organized and
validly existing in good standing under the laws of its jurisdiction of
incorporation or organization set
forth on Schedule 6.5, and (b) qualified to do business and in good
standing in each jurisdiction in which
the failure to so qualify or be in good standing could reasonably be expected to have a material adverse effect on any
such Subsidiary’s business, operations, prospects, property, or condition (financial or otherwise) and (c) has
all requisite power and authority to conduct its business and own its
property. 

          6.6
Financial
Statements and Projections.

35

                    (a)
The Borrowers have delivered to the Administrative Agent and the UK Agent the financial statements and information set
forth in Section 5.2(a) in each case as of December 31, 2004, and for the Fiscal Year then
ended, accompanied by the report thereon of the Parent Guarantor’s
independent certified public accountants, Ernst & Young, LLP. Such financial statements are attached hereto as
Exhibit C. Each Borrower has also delivered to the Administrative Agent
and the UK Agent, the financial statements and information set forth in Section 5.2(b) as of September 30, 2005. Such
financial statements are also attached
hereto as Exhibit C. All such financial statements have been
prepared in accordance with GAAP and present
accurately and fairly in all material respects the financial position of the
Parent Guarantor’s and its
consolidated Subsidiaries as at the dates thereof and their results of operations for the periods then ended (subject, in
the case of the financial statements as of September 30, 2005, to normal year-end adjustments).

                    (b)
The Latest Projections when submitted
to the Lenders as required herein represent
each Borrower’s best estimate of the future financial performance of Parent
Guarantor and its consolidated
Subsidiaries for the periods set forth therein. The Latest Projections have
been prepared on the basis of the assumptions set forth therein, which each
Borrower believes are fair and
reasonable in light of current and reasonably foreseeable business conditions
at the time submitted to the
Lenders.

          6.7
Capitalization. Schedule 6.7 sets forth the authorized and issued and
outstanding Capital Stock of the
Parent Guarantor and each of its Subsidiaries and, as of the Closing Date, the
name of the record owner of the Capital Stock of each direct and indirect
subsidiary of the Parent Guarantor.
Such Capital Stock is fully paid and non-assessable and has the par value set forth on Schedule 6.7.

          6.8
Solvency. Each Borrower is Solvent prior to and after
giving effect to the Borrowings to be
made or continued on the Closing Date and the issuance of the Letters of Credit and Guaranties to be issued or continued on
the Closing Date and the consummation of the other transactions on such date, and shall remain Solvent during
the term of this Agreement.

          6.9
Debt. After giving effect to the making of the Loans
to be made or continued on the Closing
Date and the application of the proceeds thereof, as of such date the Parent Guarantor
and its Subsidiaries have no Debt in excess of the Dollar Equivalent of
$100,000, except (a) the Obligations, and
(b) Debt described on Schedule 6.9.

          6.10
Distributions. Since September 30, 2003, no Distribution has
been declared, paid, or made upon or
in respect of any Capital Stock or other securities of any Credit Party or any
of their respective Subsidiaries,
except as described on Schedule 6.10 or as permitted by Section 7.10 of this Agreement or the Existing US Credit
Agreement.

          6.11
Personal Property; Real Estate;
Leases.

                    (a)
Schedule 6.11 sets forth, as of the Closing Date, a correct and complete
list of all Real Estate (including
all UK Properties) owned by each Credit Party and all Real Estate owned by each of their respective
Subsidiaries, all leases and subleases of real or personal property held by each Credit Party and each of
their respective Subsidiaries as lessee or

36

sublessee (other than leases of
personal property involving annual payments of less than $50,000), and all leases and subleases of real or
personal property held by such Credit Party or any of its Subsidiaries, as lessor, or sublessor (other than leases of
Rental Fleet Assets) and such information is true, complete and accurate and
not misleading in any material respect. As of the Closing Date, each of such leases and subleases in
respect of all UK Credit Parties and Subsidiaries
is valid and enforceable in accordance with its terms and is in full force and
effect, in each case, against all
parties thereto, and in respect of all US Credit Parties is valid and enforceable in accordance with its terms and is in
full force and effect, in each case, against the applicable Credit Party or any applicable Subsidiary thereof and, to
the best knowledge of the Borrowers
is valid and enforceable in accordance with its terms and is in full force and
effect, against the other parties thereto, except as set forth in Schedule
6.11. To the best of each Borrower’s
knowledge no default by any party to any such lease or sublease exists. Each
Credit Party has good and marketable title in fee simple to, or valid
freeholds in the Real Estate identified in Schedule
6.11 as owned by such Credit Party, or valid leasehold interests in all
Real Estate designated therein as
“leased” by such Credit Party, and such Credit Party has good, indefeasible, and merchantable title to all of
its other property (other than the UK Properties (as to which, see Sections
6.11(b) through (i) below)) reflected on the most recent Financial Statements delivered to the Administrative Agent,
the UK Agent and the Lenders, except as disposed of in the ordinary course of business or as permitted by this
Agreement or the Existing US Credit
Agreement since the date thereof, free of all Liens except Permitted Liens.

                    (b)
Except as disclosed on Schedule
6.11, the UK Properties comprise all the land and buildings owned,
controlled, occupied or used by any UK Credit Party or any of its Subsidiaries or in relation to which any UK
Credit Party or Subsidiary has any right, interest or actual liability.

                    (c)
Save as disclosed in the UK Properties
Report on Title and the UK Supplemental
Agreement to the UK Properties Report on Title, the relevant Credit Party or Subsidiary has good and marketable title to each
of the UK Properties free from any Lien and all original deeds and
documents necessary to prove such title are in the possession or under the control of the Credit Party or Subsidiary (as the
case may be) or are the subject of binding acknowledgements for production.

                    (d)
No UK Property is affected by a
subsisting contract for sale or other disposition
of any interest in it.

                    (e)
Save as disclosed in the UK Properties
Report on Title and the UK Supplemental
Agreement to the UK Properties Report on Title, each Credit Party or Subsidiary
is the sole legal and beneficial owner
of the relevant UK Property and the proceeds of sale thereof.

                    (f)
The Replies to Enquiries are complete, true and accurate in all material
respects and not misleading as at the date
given and were given on the basis set out in the notes to such Replies to Enquiries. Nothing has occurred
or come to light since the date of the Replies to Enquiries which, if
disclosed, would make the Replies to Enquiries untrue, misleading or inaccurate in any material respect.

37

                    (g)
Save as disclosed in the UK Properties Report on Title and the UK Supplemental Agreement to the UK Properties Report
on Title, the deeds, documents and information
supplied to Messrs. BP. Collins in relation to UK Properties in England and
Wales and Ledingham Chalmers in
relation to UK Properties in Scotland and McGrigors in respect of UK Properties in Northern Ireland for the purpose
of preparation of the UK Properties Report on Title comprised all deeds, documents and information necessary for the
proper compilation of the UK
Supplemental Agreement to the UK Properties Report on Title and were when
supplied, and remain now, complete and accurate in all material respects and
not misleading.

                    (h)
The information contained in the UK Properties Report on Title, as supplemented by the UK Supplemental Agreement to
the UK Properties Report on Title is true and accurate in all material respects and not misleading as at the date
of the UK Supplemental Agreement to the UK Properties Report on Title.
The UK Properties Report on Title as supplemented
by the UK Supplemental Agreement to the UK Properties Report on Title does not fail
to disclose or take into account any matter whose omission makes it misleading
in any material respect. Nothing has occurred
or come to light since the date of the UK Supplemental Agreement to the UK Properties Report on Title
which, if disclosed, would make it untrue, misleading or inaccurate in any material respect.

                    (i)
To the best of the knowledge of the Borrowers, no UK Credit Party or Subsidiary has any actual or contingent
obligation or liabilities in relation to any freehold or leasehold property other than under its existing
title to the UK Properties.

          6.12
Proprietary Rights. Schedule 6.12 sets forth a correct and
complete list of all of each Credit
Party’s Proprietary Rights material to its business. None of the Proprietary
Rights set forth on Schedule 6.12
is subject to any licensing agreement or similar arrangement except as set forth on Schedule 6.12. To the best of
such Borrower’s knowledge, none of the Proprietary Rights infringes on or
conflicts with any other Person’s property, and no other Person’s property infringes
on or conflicts with the Proprietary Rights. The Proprietary Rights described
on Schedule 6.12 constitute all of the property of such type
necessary to the current and presently anticipated
future conduct of each Credit Party’s business.

          6.13
Trade Names. All trade names or styles under which any Credit
Party or any of its Subsidiaries will
sell Inventory or create Accounts in the conduct of the Credit Party’s business,
or to which instruments in payment of Accounts may be made payable are listed
on Schedule 6.13.

          6.14
Litigation. Except as set forth on Schedule 6.14,
there is no pending, or to the best
of each Borrower’s knowledge threatened, action, suit, proceeding, or
counterclaim by any Person, or to the
best of each Borrower’s knowledge, investigation by any Governmental Authority, or any basis for any of the foregoing,
which could reasonably be expected to have a Material Adverse Effect.

          6.15
Labor Disputes. Except as set forth on Schedule 6.15, as
of the Closing Date (a) there is no
collective bargaining agreement or other labor contract covering employees of
any Credit Party or any of its
Subsidiaries, (b) no such collective bargaining agreement or other labor contract
is scheduled to expire during the term of this Agreement, (c) no union or other
labor

38

organization is seeking to organize, or to be
recognized as, a collective bargaining unit of employees of any Credit Party or any of its Subsidiaries or for any
similar purpose, and (d) there is no pending or (to the best of each Borrower’s
knowledge) threatened, strike, material work stoppage, material unfair labor practice claim, or other material labor
dispute against or affecting any Credit Party or any of its Subsidiaries or
their employees.

          6.16
Environmental Laws. Except as set forth on Schedule 6.16:

                    (a)
Each Credit Party and its
Subsidiaries have complied in all material respects with all Environmental Laws and no Credit Party and none of
its Subsidiaries, none of their
respective presently owned real property or presently conducted operations,
and, to the best of the Borrowers’
knowledge, none of its previously owned real property or prior operations, is
subject to any enforcement order from or liability agreement with any
Governmental Authority or private Person respecting (i) compliance with
any Environmental Law or (ii) any potential liabilities
and costs or remedial action arising from the Release or threatened Release.

                    (b)
Each Credit Party and its respective
Subsidiaries have obtained all permits necessary for their current
operations under Environmental Laws, and all such permits are in good standing and each Credit Party and its
respective Subsidiaries are in compliance with all material terms and conditions of such permits.

                    (c)
No Credit Party and none of their
respective Subsidiaries, and, to the best of either Borrower’s knowledge, none of their respective predecessors in
interest, has in material violation
of applicable law stored, treated or disposed of any hazardous waste.

                    (d)
No Credit Party and none of their
respective Subsidiaries has received any summons, complaint, order or similar written notice indicating that it
is not currently in compliance with,
or that any Governmental Authority is investigating its compliance with, any
Environmental Laws or that it is or may be liable to any other Person as a
result of a Release or threatened
Release.

                    (e)
To the best of each Borrower’s
knowledge, none of the present or past operations
of any Credit Party or their respective Subsidiaries is the subject of any
investigation by any Governmental
Authority evaluating whether any remedial action is needed to respond to a
Release or threatened Release.

                    
(f) To the best of each Borrowers’ knowledge, there is not now, nor has there ever been on or in the Real Estate:

	
 

	
 

	
 

	
          (1)
  any underground storage tanks or
  surface impoundments that have caused
  or could reasonably be expected to cause any Release or are otherwise not existing on or in the Real Estate in compliance
  with any applicable Environmental Law,

	
 

	
 

	
 

	
          (2)
  any asbestos-containing material
  other than in compliance with all applicable
  Environmental Laws, or

39

	
 

	
 

	
 

	
          (3)
  any polychlorinated biphenyls (PCBs) used in hydraulic oils, electrical
  transformers or other equipment other than in compliance with all applicable Environmental Laws.

                    (g)
No Credit Party and none of their respective Subsidiaries has filed any notice under any requirement of Environmental Law
reporting a spill or accidental and unpermitted
Release or discharge of a Contaminant into the environment.

                    (h)
To the best of Borrowers’ knowledge, no Credit Party and none of their respective
Subsidiaries has entered into any negotiations or settlement agreements with
any Person (including the prior owner of its
property) imposing material obligations or liabilities on either Borrower or
any of their respective Subsidiaries with respect to any remedial action in response to the Release of a Contaminant or
environmentally related claim.

                    (i)
None of the products manufactured, distributed or sold by either of the Borrowers or any of their respective Subsidiaries
contain asbestos containing material.

                    (j)
No Environmental Lien has attached to the Real Estate.

          6.17
No Violation of Law. No Credit Party and none of their respective
Subsidiaries is in violation of any law,
statute, regulation, ordinance, judgment, order, or decree applicable to it which violation could reasonably be expected to
have a Material Adverse Effect.

          6.18
No Default. No Credit Party and none of their respective
Subsidiaries is in default with respect to any note, indenture, loan
agreement, mortgage, lease, deed, or other agreement
to which such Credit Party or such Subsidiary is a party or by which it is
bound, which default could
reasonably be expected to have a Material Adverse Effect.

          6.19
ERISA Compliance. Except as specifically disclosed in Schedule
6.19:

                    (a)
Each Plan is in compliance in all
material respects with the applicable provisions of ERISA, the Code and
other federal or state law. Each Plan which is intended to qualify under Section 401 (a) of the Code has
received a favorable determination letter from the IRS and to the best
knowledge of the Borrowers, nothing has occurred which would cause the loss of such qualification. The Borrowers and each
ERISA Affiliate has made all required contributions to any Plan subject
to Section 412 of the Code, and no application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Code has been made with respect to any Plan.

                    (b)
There are, to the best knowledge of
Borrowers, no pending or threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to
any Plan or Foreign Pension Plan
which has resulted or could reasonably be expected to result in a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan or Foreign Pension Plan
which has resulted or could reasonably
be expected to result in a Material Adverse Effect. There are no known circumstances that may give rise to a liability
in relation to any Plan or Foreign Pension Plan which is not funded or
insured which could reasonably be likely to have a Material Adverse Effect.

40

                    (c)
(i) No ERISA Event has occurred or
is reasonably expected to occur; (ii) no
Pension Plan has any material Unfunded Pension Liability; (iii) neither the
Borrowers nor any ERISA Affiliate has
incurred, or reasonably expects to incur, any liability under Title IV of ERISA
with respect to any Pension Plan (other than premiums due and not delinquent
under Section 4007 of ERISA); (iv) neither
the Borrowers nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability (and no event has occurred which, with the
giving of notice under Section 4219 of
ERISA, would result in such liability) under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan;
and (v) neither the Borrowers nor any ERISA Affiliate has engaged in a transaction that could be subject to Section
4069 or 4212(c) of ERISA and could reasonably be expected to result in a
Material Adverse Effect.

                    (d)
Each Foreign Pension Plan has been
maintained in substantial compliance with
its terms and with the requirements of any and all applicable laws, statutes,
rules, regulations, orders and trust documentation and has been
maintained, where required, in good standing
with applicable regulatory authorities. All material contributions required to
be made with respect to a Foreign
Pension Plan have been timely made. Except as set forth in Schedule 6.19, the present value of the accrued benefit liabilities
(whether or not
vested) under each Foreign Pension
Plan which is funded, determined as of the end of the most recently ended fiscal year of each such Foreign Pension Plan on
the basis of actuarial assumptions, each of which is reasonable, did not exceed the fair market value of the assets
of such Foreign Pension Plan, and
for each Foreign Pension Plan which is not funded, the obligations of such
Foreign Pension Plan are properly
accrued on the financial statements of the applicable Credit Party.

                    (e)
Each Foreign Pension Plan is funded to
at least the minimum level required
by law or, if higher, required by the terms of its governing documentation.

          6.20
Taxes. Each Credit Party and its respective Subsidiaries have filed all
federal income and other material
federal, provincial, state and other tax returns required by law to be filed, and have paid all federal income and other
material taxes, assessments, fees and other governmental charges levied
or imposed upon them or their properties, income or assets otherwise due and payable unless such unpaid taxes
and assessments would constitute a Permitted
Lien, are being contested in good faith by appropriate proceedings or would not
reasonably be expected to result in a
Material Adverse Effect. Each Credit Party and its respective Subsidiaries has withheld and paid
over all taxes required to have been withheld and paid over, and complied in
all material respects with all information reporting requirements in connection with amounts paid or owing to any
employee, creditor, independent contractor or other third party.

          6.21
Regulated Entities. No Credit Party, no Person controlling any Credit
Party, or any Subsidiary of any
Credit Party, is an “Investment Company” within the meaning of the Investment
Company Act of 1940. No Credit Party is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal
Power Act, the Interstate Commerce Act, any state public utilities code or law, or any other federal, state or
foreign statute or regulation limiting
its ability to incur indebtedness.

          6.22
Use of Proceeds; Margin Regulations. The proceeds of the Loans are to be
used solely for working capital and
other corporate purposes and the repayment of Debt on the

41

Closing Date. No Credit Party
and no Subsidiary of any Credit Party is engaged in the business of purchasing or selling Margin Stock or
extending credit for the purpose of purchasing or carrying Margin Stock.

          6.23
Copyrights, Patents, Trademarks
and Licenses, etc. Each Credit
Party owns or is licensed or
otherwise has the right to use all of the patents, trademarks, service marks,
trade names, copyrights, contractual
franchises, licenses, rights of way, authorizations and other rights that are necessary for the operation of its
businesses, and to the best of each Borrower’s knowledge, without conflict with the rights of any other Person. To the
best knowledge of each Borrower, no
slogan or other advertising device, product, process, method, substance, part
or other material now employed, or now contemplated to be employed, by
any Borrower or any Subsidiary thereof
infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to
the best knowledge of each Borrower, threatened,
and no patent, invention, device, application, principle or any statute, law,
rule, regulation, standard or code
is pending or, to the best knowledge of any Borrower, proposed, which, in either case, could reasonably be
expected to have a Material Adverse Effect.

          6.24
No Material Adverse Change. No Material Adverse Effect has occurred
since the latest date of the
Financial Statements delivered to the Administrative Agent, the UK Agent and the Lenders.

          6.25
Full Disclosure. None of the representations or warranties made
by any Credit Party or any Subsidiary
in the Loan Documents as of the date such representations and warranties are made or deemed made, and none of the
statements contained in any exhibit, report,
statement or certificate furnished by or on behalf of any Credit Party or any
Subsidiary in connection with the Loan Documents (including the offering and
disclosure materials delivered by or
on behalf of the Borrowers to the Lenders prior to the Closing Date), contains
any untrue statement of a material fact or omits any material fact required to
be stated therein or necessary to make the statements made therein, in
light of the circumstances under which they are made, not misleading in any material respect as of the time when made or
delivered.

          6.26
Material Agreements. Schedule 6.26 hereto sets forth as of the
Closing Date all material agreements and contracts to which any Borrower or any
of its respective Subsidiaries is a
party or is bound.

          6.27
Bank Accounts. Schedule 6.27 contains as of the Closing
Date a complete and accurate list of
all bank accounts maintained by each Credit Party with any bank or other financial institution.

          6.28
Governmental Authorization. No approval, consent, exemption,
authorization, or other action by, or
notice to, or filing with, any Governmental Authority or other Person is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, any Credit Party or any of their respective
Subsidiaries of this Agreement or any
other Loan Document.

          6.29
Tax Shelter Regulations. No Borrower intends to treat the Loans and/or
Letters of Credit as being a
“reportable transaction” (within the meaning of Treasury Regulation

42

Section 1.6011-4). In the event any Borrower
determines to take any action inconsistent with such intention, the Borrowers shall promptly notify the Administrative
Agent thereof. If the Borrowers so
notify the Administrative Agent, the Borrowers acknowledge that one or more of the Applicable Lenders may treat its Loans and/or
its interest in Non-Ratable Loans and/or Agent Advances and/or Letters of Credit as part of a transaction that is
subject to Treasury Regulation Section
301.6112-1, and such Applicable Lender or Applicable Lenders, as applicable,
will maintain the lists and other
records required by such Treasury Regulation.

          6.30
Non-Guarantor Subsidiaries. As of the Closing Date, each Non-Guarantor Subsidiary
is described on Schedule 6.30. Each of the Non-Guarantor Subsidiaries
conducts (and shall conduct) no operations
and has (and shall have) no assets and no liabilities, in each case, individually or in the aggregate, with a
fair market value in excess of the Dollar Equivalent of $100,000 other than, with respect to any
Subsidiary that is a subsidiary of the UK Borrower only, Capital Stock of another Subsidiary
Guarantor or Intercompany Debt permitted pursuant to, and incurred in compliance with, Section
7.13(g) hereof.

          6.31
Luxembourg Subsidiaries. The Luxembourg Subsidiary conducts no
operations and has no liabilities or
assets other than in connection with the Luxembourg Debt (and shall not conduct
any operations or have liabilities or assets other than in connection with the
Luxembourg Debt).

          6.32
UK Financial Assistance. Neither the execution, delivery or performance
of any of the Loan Documents nor the
incurrence of the Obligations and liabilities thereunder by any UK Borrower or any other Credit Party constitutes
or will constitute unlawful financial assistance
for the purposes of sections 151 to 158 (inclusive) of the Companies Act or the
equivalent provisions of any other
jurisdiction applicable to any Credit Party.

          6.33
Subordinated Debt. The Loans and all other Obligations of the
Credit Parties constitute “Senior Debt” and “Designated Senior Debt”
under the terms of the Subordinated Note
Agreement, constitute “Senior Debt” or “Senior Indebtedness” under the terms of
all other Permitted Subordinated Debt, and the Loans and all other
Obligations of the Credit Parties are entitled to the benefits of the
subordination provisions contained in all Permitted Subordinated Debt Agreements, which provisions are enforceable
against all holders of Permitted Subordinated
Debt.

          6.34
Sales of Vehicles. Each US Borrower is in the business, and will
continue to be in the business of,
among other things, selling vehicles of a kind that such US Borrower also leases to customers and which are subject to
motor vehicle registration statutes. The US Credit Parties’ business model includes the sale and
marketing of each kind of vehicle subject to any motor vehicle registration statute that is leased by any US Borrower to
customers. Any and all vehicles owned by the US Borrowers which are subject to
motor vehicle registration statutes in any
jurisdiction are held for sale or lease by the US Credit Parties or leased by
the US Credit Parties to a customer,
other than those vehicles for which the Agents’ Lien has been duly perfected under applicable motor vehicle laws.

          6.35
Anti-Terrorism Laws. None of Credit Parties and their Affiliates is
in violation of any Anti-Terrorism Law, or engages in or conspires to engage in
any transaction that attempts to

43

violate, or otherwise evades or
avoids (or has the purpose of evading or avoiding) any prohibitions set forth in any Anti-Terrorism Law.
None of Credit Parties and their Affiliates (a) is a Blocked Person; (b) conducts any business or engages in making or
receiving any contribution of funds,
goods or services to or for the benefit of any Blocked Person; (c) has any of its assets in a Blocked Person; (d) deals in,
or otherwise engages in any transaction relating to, any property blocked pursuant to Executive Order
No, 13224; or (e) derives any of its operating income from investments in or transactions with a Blocked Person.

ARTICLE 7.

AFFIRMATIVE AND NEGATIVE
COVENANTS

                    The
Parent Guarantor and each US Borrower covenant as to itself and each of their respective Subsidiaries to the US Agents and
the US Lenders that so long as any of the Obligations remain outstanding or this Agreement is in effect:

          7.1
Taxes and Other Obligations. Each Credit Party shall, and shall cause each of
its Subsidiaries to, (a) file when
due all federal income, payroll and unemployment and other material tax returns which it is required to file;
(b) pay, or provide for the payment, when due, of all taxes, fees, Other
Taxes, value added taxes, assessments and other governmental charges against it
or upon its property, income and franchises, make all required withholding and
other tax deposits, and establish adequate reserves in accordance with GAAP for
the payment of all such items, and provide to
the Administrative Agent, the UK Agent and the Lenders, upon request, satisfactory evidence of its timely
compliance with the foregoing; and (c) pay when due all Debt owed by it and all claims of materialmen,
mechanics, carriers, warehousemen, landlords, processors and other like Persons, and all other indebtedness owed by it
and perform and discharge in a
timely manner all other obligations undertaken by it; provided, however,
so long as the US Borrower
Representative has notified the Administrative Agent and UK Agent in writing, no Credit Party or its Subsidiaries need
pay any amount referred to in this Section 7.1 (i) which it is contesting in good faith by
appropriate proceedings diligently pursued, (ii) as to which such Credit Party or Subsidiary, as the
case may be, has established proper reserves as required under GAAP, and (iii) the nonpayment of which does not result
in the imposition of a Lien (other
than a Permitted Lien).

          7.2
Legal Existence and Good Standing. Except as may be permitted by Section 7.9,
each Credit Party shall, and shall cause each of its Subsidiaries to,
maintain its legal existence and its
qualification and good standing in all jurisdictions in which the failure to
maintain such existence and
qualification or good standing could reasonably be expected to have a Material Adverse Effect.

          7.3
Compliance with Law and
Agreements; Maintenance of Licenses.
Each Credit Party shall comply, and shall cause each of its Subsidiaries
to comply with all Anti-Terrorism Laws and,
in all material respects, with all Requirements of Law of any Governmental
Authority having jurisdiction over it or its business (including the Federal
Fair Labor Standards Act and all Environmental Laws). Each Credit Party shall,
and shall cause each of its Subsidiaries to, obtain and maintain all material licenses (including,
without limitation, all material registrations and/or licenses required to act as a dealer or seller of
any Inventory subject to motor vehicle registration statutes), permits,
franchises, and governmental authorizations necessary to own its property and

44

to conduct its business. No
Credit Party shall, nor shall it permit any of its Subsidiaries to, modify, amend or alter its certificate or
articles of incorporation, its memorandum and articles of association, its
limited liability company operating agreement, its limited partnership
agreement, or other governing
documents, as applicable, other than in a manner which does not adversely
affect in any material respect the rights of the Lenders or any Agent or any
pledge of or charge over its Capital
Stock.

          7.4
Maintenance of Property; Inspection of Property.

                    (a)
Each Credit Party shall, and shall
cause each of its Subsidiaries to, maintain
all of its property necessary in the conduct of its business in good operating
condition and repair, ordinary wear
and tear excepted.

                    (b)
Each Credit Party shall, and shall
cause each of its Subsidiaries to, comply in all material respects with all obligations imposed on the owner of
those of the UK Properties of which
the UK Credit Party or Subsidiary is the owner and all obligations imposed on
the tenant of those of the UK
Properties of which the UK Credit Party or Subsidiary is the tenant.

                    (c)
Each Credit Party shall permit
representatives and independent contractors of the Administrative Agent or UK Agent, as applicable (i) (at the
expense of the Borrowers not to
exceed three (3) times per year unless an Event of Default has occurred and is
continuing or in the event of a Material Compliance Issue) to visit and inspect
any of its properties, to inspect and verify Collateral, to examine its
corporate, financial and operating records, and make copies thereof or abstracts therefrom and to discuss its
affairs, finances and accounts with its directors, officers and independent, public or chartered
accountants, at such reasonable times during normal business hours and (ii) to discuss its affairs, finances and
accounts with the Credit Parties’
accountants as soon as may be reasonably desired, upon reasonable advance
notice to the Applicable Borrowers
and the provision of an opportunity for the US Borrower Representative to participate or accompany the UK. Agent and/or the
Administrative Agent; provided, however, when an Event of Default exists, the Administrative
Agent, the UK Agent or any Lender may do any of the foregoing at the expense of the Applicable Borrowers at any
time during normal business hours
and without advance notice.

                    (d)
Each Borrower (at the expense of the Borrowers and not to exceed one time annually unless an Event of Default has
occurred and is continuing) shall, upon Administrative Agent’s and UK Agent’s joint request (or, following and
during the continuation of an Event
of Default, Administrative Agent’s sole request, in respect of the US
Borrowers, or UK Agent’s sole request,
in respect of the UK Borrowers) supply to the US Borrower Representative and the UK Borrower
Representative, provide to Administrative Agent and the UK Agent a recently dated appraisal of such Borrower’s
Rental Fleet Assets, Sales Inventory and Machinery and Equipment, which
appraisal shall be from the Appraiser and shall be satisfactory in scope, form
and substance to the Administrative Agent and the UK Agent; provided, however, when an Event of Default exists, the Administrative Agent,
the UK. Agent or any Lender may conduct or cause to be conducted additional
appraisals at the expense of the Borrowers at any time without advance notice.

45

                    (e)
Each UK. Credit Party shall comply with the covenants set out in Schedule 7.4 in respect of the relevant UK
Property.

          7.5
Insurance.

                    
(a) Each Credit Party shall maintain, and shall cause each of its
Subsidiaries to maintain, with financially
sound and reputable insurers having, either alone or pursuant to an insurance endorsement reasonably acceptable to the
Administrative Agent and the UK Agent, a rating of at least A or better by Best Rating Guide (or an equivalent
rating from a source acceptable to
the UK Agent in the United Kingdom (or any other applicable jurisdiction), provided that Royal Sun & Alliance shall be
deemed to be an acceptable insurer of the UK Borrower for purposes of this Section 7.5: insurance against loss or
damage by fire with extended coverage; theft, burglary, pilferage and
loss in transit; public liability and third party property damage; larceny, embezzlement or other criminal liability;
business interruption; public liability and third party property damage;
and such other hazards or of such other types as is customary for Persons engaged in the same or similar business, as the
Administrative Agent or the UK Agent,
as applicable, in its discretion, or acting at the direction of the Required
Lenders, shall specify, in amounts,
and under policies acceptable to the Administrative Agent or the UK Agent, as applicable, and the Required Lenders.
Without limiting the foregoing, in the event that any improved Real Estate covered by any Mortgages
granted by any US Credit Party is determined to be located within an
area that has been identified by the Director of the Federal Emergency Management Agency as a Special Flood
Hazard Area (“SFHA”), each such Credit Party
shall purchase and maintain flood insurance on the improved Real Estate and any
Machinery and Equipment and Inventory
located on such Real Estate. The amount of said flood insurance will be
reasonably determined by the Administrative Agent, and shall, at a minimum, comply
with applicable federal regulations as required by the Flood Disaster
Protection Act of 1973, as amended. Each
US Credit Party shall also maintain flood insurance for its Inventory, Machinery and Equipment which is, at any time,
located in a SFHA.

                    (b)
The Borrowers shall cause the
Applicable Security Agent, the Responsible Agent and the Applicable
Lenders, to be named as secured party or mortgagee and sole loss payee or
additional insured, in a manner acceptable to the Administrative Agent and the
UK Agent (and, in the case of the UK Borrower, in the manner and circumstances set out in the UK Debenture), on all insurance policies for the
Credit Parties and sole loss payee or additional insured in a manner acceptable to the Administrative Agent and the UK
Agent (and, in the case of the UK
Borrower, in the manner and circumstances set out in the UK Debenture) on all insurance policies for the Collateral. Each policy
of insurance shall contain a clause or endorsement
requiring the insurer to give not less than thirty (30) days’ prior written
notice to the Applicable Security
Agent in the event of cancellation of the policy for any reason whatsoever and a clause or endorsement stating that the
interest of the Applicable Security Agent shall not be impaired or invalidated by any act or neglect of
any Credit Party or the owner of any Real Estate for purposes more hazardous than are permitted by such policy. All
premiums for such insurance shall be
paid by the Borrowers or the applicable Credit Party when due, and certificates of insurance and, if requested by the
Administrative Agent or the UK Agent, as applicable, photocopies of the policies, shall be delivered to the
Administrative Agent or the UK Agent,
as applicable, in each case in sufficient quantity for distribution by the
Administrative Agent or the UK
Agent, as applicable, to each of the Lenders. If any Credit Party fails to
procure

46

such insurance or to pay the
premiums therefor when due, the Administrative Agent may, and at the direction
of the Required Lenders shall, do so from the proceeds of Revolving Loans to
the Applicable Borrowers.

          7.6
Insurance and Condemnation Proceeds. The US Borrower Representative
shall promptly notify the Administrative Agent, the UK Agent and the Applicable
Security Agent and the Applicable
Lenders of any loss, damage, or destruction to Collateral having net book value
in excess of the Dollar Equivalent of
$500,000, whether or not covered by insurance. The Applicable Security Agent is hereby authorized to
collect all insurance and condemnation proceeds
in respect of Collateral directly and to apply or remit them as follows:

	
 

	
 

	
 

	
          (i)
  With respect to insurance and condemnation proceeds relating to Collateral (other than Fixed Assets)
  and business interruption insurance,
  after deducting from such proceeds the reasonable expenses, if any, incurred by the Applicable Security Agent
  in the collection or handling
  thereof, the Applicable Security Agent shall apply such proceeds, ratably, to the reduction of the outstanding
  Obligations, but not the US Commitments or the UK Commitments, in the
  order provided for in Section 3.7.

	
 

	
 

	
 

	
          (ii)
  With respect to casualty insurance and condemnation proceeds relating to Collateral (including
  Fixed Assets), the Applicable Security
  Agent shall permit or require the Applicable Borrower to use such proceeds, or any part thereof, to replace,
  repair, restore or rebuild the relevant
  Collateral in a diligent and expeditious manner with materials and workmanship of substantially the same quality as
  existed before the loss, damage or destruction so long as (1) no Default or
  Event of Default has occurred and
  is continuing and (2) the Applicable Borrowers first (i) provide the Applicable Security Agent and the
  Lenders with plans and specifications for any such replacement, repair
  or restoration of Fixed Assets which
  shall be reasonably satisfactory to the Applicable Security Agent and the Required Lenders and (ii)
  demonstrates to the reasonable satisfaction
  of the Applicable Security Agent and the Required Lenders that the funds available to them will be
  sufficient to complete such project in the manner provided therein. In all
  other circumstances, the Applicable Security
  Agent shall apply such insurance and condemnation proceeds, ratably, to the reduction of the Obligations in
  the order provided for in Section
  3.7.

          7.7
Environmental Laws.

                    (a)
Each Credit Party shall, and shall cause each of its Subsidiaries to, conduct its business in compliance with all Environmental
Laws applicable to it, including those relating to the generation, handling, use, storage, and disposal of any
Contaminant. Each Credit Party shall,
and shall cause each of its Subsidiaries to, take prompt and appropriate action
to respond to any non-compliance
with Environmental Laws and shall regularly report to the Administrative Agent with respect to any non-compliance or alleged
material non-compliance with

47

Environmental Laws, in each
case, alone or in the aggregate, that may have a Material Adverse Effect (each a “Material Compliance Issue”).

                    (b)
Without limiting the generality of
the foregoing, the Borrowers shall submit
to the Administrative Agent, the UK Agent and the Lenders annually, commencing
on the first Anniversary Date, and on
each Anniversary Date thereafter, an update of the status of each Material Compliance Issue. The Administrative
Agent, the UK Agent or any Lender may request
copies of technical reports prepared by any Credit Patty or any of their
respective Subsidiaries and such
Person’s communications with any Governmental Authority to determine whether such Person or any of its Subsidiaries is
proceeding reasonably to correct, cure or contest in good faith any such Material Compliance Issue. The Borrowers
shall, at the Administrative Agent’s,
the UK Agent’s or the Required Lenders’ request and at the Borrowers’ expense, (i) retain an independent environmental
engineer acceptable to the Administrative Agent or the UK Agent, as applicable, to evaluate the site, including
tests if appropriate, where the
Material Compliance Issue has occurred and prepare and deliver to the
Administrative Agent or UK Agent, as
applicable, in sufficient quantity for distribution by the Applicable Agent to
the Lenders, a report setting forth the results of such evaluation, a
proposed plan for responding to any
environmental problems described therein, and an estimate of the costs thereof,
and (ii) provide to the
Administrative Agent, the UK Agent and the Lenders a supplemental report of such engineer whenever the scope of the
environmental problems, or the response thereto or the estimated costs thereof, shall increase in any
material respect.

                    (c)
Subject in each case to (i) the
rights and the restrictions set forth in Section 7.4 hereof and
(ii) the access and entry rights each Credit Party is entitled to grant, each
Agent and its representatives will have the right to enter and visit the Real
Estate and any other place where any property of any Credit Party is
located for the purposes of observing the Real Estate, taking and removing soil or groundwater samples, and conducting
tests on any part of the Real Estate; provided, however, to the
extent the applicable Credit Party does not have sufficient rights in any such Real Estate or other place where
any of its property is located to provide each Agent and its representatives the access, observation and removal rights
described in this sentence, such
Credit Party will use its reasonable efforts to obtain such rights for itself
and each Agent and its representatives within sixty (60) days of a
request by the Agents for such access, observation
and removal rights for such Real Estate; provided, further, if
(A) the applicable Credit Party is
unable to obtain such access, observation and removal rights within such sixty (60) day period and (B) the Agents have a good
faith reason to believe that a Material Compliance Issue exists with respect to such Real Estate, then the
applicable Credit Party shall have
the option to either (x) vacate such Real Estate within ninety (90) days of a
written request by the Agents to
such effect or (y) exclude any Inventory located on such Real Estate from the
calculation of Eligible Inventory. No Agent is under any duty, however, to
visit or observe the Real Estate or
to conduct tests, and any such acts by any Agent will be solely for the
purposes of protecting the Agents’ Liens and preserving the Agents’ and
the Lenders’ rights under the Loan Documents. No site visit, observation or
testing by any Agent will result in a waiver of any default of the Borrowers or
impose any liability on such Agent or the Lenders. In no event will any site visit, observation or testing by any
Agent be a representation by any Credit Party that hazardous substances are or are not present in, on
or under the Real Estate, or that there has been or will be compliance with any Environmental Law. No Credit Party nor
any other party is entitled to rely
on any site visit, observation or testing by any Agent. No Agent and no Lender

48

owes any duty of care to protect
any Credit Party or any other party against, or to inform any Credit Party or
any other party of, any hazardous substances or any other adverse condition affecting the Real Estate. Each Agent shall
disclose to a Credit Party or to any other party if so required by law any report or findings made as a
result of, or in connection with, any site visit, observation or testing by any Agent. Each Credit
Party understands and agrees that no Agent makes any warranty or representation to any Credit Party or any other
party regarding the truth, accuracy
or completeness of any such report or findings that may be disclosed. Each
Credit Party also understands that depending on the results of any site
visit, observation or testing by any Agent
and disclosed to a Credit Party, such Credit Party may have a legal obligation
to notify one or more environmental
agencies of the results, that such reporting requirements are site-specific, and are to be evaluated by such
Credit Party without advice or assistance from such Agent. In each instance, each Agent will give the
relevant Borrower reasonable notice before entering the Real Estate or any other place such Agent is permitted to
enter under this Section 7.7(c). Each Agent will make reasonable
efforts to avoid interfering with a Credit Party’s
use of the Real Estate or any other property in exercising any rights provided
hereunder.

                    (d)
Without prejudice to the generality of the foregoing, the UK Borrowers shall as soon as reasonably practicable after the
date hereof, retain an independent environmental engineer acceptable to
the UK Agent to evaluate the UK Properties at (i) Horsefair Road Waterton Industrial Estate Bridgend (ii) Area 3
Wharf Road Gravesend and (iii) Stanton Works Lows Lane Stanton-By-Dale Derbyshire and prepare and deliver (within 180
days of the date hereof) to the UK
Agent a Phase I environmental report the scope of which shall be agreed in advance by the UK Agent and which shall be
addressed to the UK Agent and the UK Borrowers. The UK Borrowers
exercising their reasonable commercial judgment and the UK Agent exercising its reasonable credit judgment shall
jointly:

                              (1)
review the recommendations set out in
the Phase I reports including
(without limitation) any recommendation to commission further invasive investigations and any recommendations (as a
consequence of such investigations) to carry out any remedial works or
on-going monitoring of Contaminants (“the Works”) (“the Recommendations”);

                              (2)
consider the economic effect of the
implementation of the Recommendations
(or any of them) on the continued operation of the UK Borrowers’ business at the relevant UK Property and any adverse effect on
the value of the Collateral and on the interests
of the UK Lenders of failure to implement the Recommendations (or any of them);

                              (3)
endeavor, having regard to the
respective interests of the UK Borrowers
and the UK Agent, to determine which (if any) of the Recommendations are to be implemented and/or the Works are to be carried
out at the cost of the UK Borrowers.

                    If
the UK Borrowers and the UK Agent shall fail to agree within one month after the date of issue of the relevant Phase I report
on which (if any) of the Recommendations are to be implemented and which (if any) of the Works are to be carried out the
UK Borrowers shall be required at
their own cost to implement only those Recommendations and/or to carry out only
those Works (together “the Designated
Works”) which, if not implemented or carried out, are considered by the UK Agent in the exercise of its
reasonable credit judgment to affect adversely

49

the market value of a material
part of the Collateral or adversely affect the interests of the UK Lenders. The UK Borrowers shall without delay
carry out the Designated Works and shall provide evidence satisfactory to the UK Agent of the completion of such
works.

          7.8
Compliance with ERISA and other
laws. Each Credit Party shall,
and shall cause each of its Subsidiaries and ERISA Affiliates to: (a)
maintain each Plan and Foreign Pension Plan in compliance in all material
respects with the applicable provisions of ERISA, the Code and other federal or state or foreign law; (b)
ensure that all liabilities under any Foreign Pension Plan are funded to at least the minimum level
required by law or, if higher, to the level required by the governing documents of such plans; (c)
ensure that all contributions or premium payments to or in respect of all Foreign Pension Plans are
and continue to be promptly paid at no less than the rates required under applicable law or the rules of such
arrangements; (d) cause each Plan which
is qualified under Section 401(a) of the Code to maintain such qualification;
(e) make all required contributions to
any Plan subject to Section 412 of the Code; (f) not engage in a prohibited transaction or violation of the
fiduciary responsibility rules with respect to any Plan; and (g) not engage in a transaction that could be
subject to Section 4069 or 4212(c) of ERISA.

          7.9
Mergers, Amalgamations,
Consolidations or Sales. No
Credit Party shall, nor shall it permit any of its Subsidiaries to,
enter into any transaction of merger, reorganization, amalgamation or consolidation, or transfer, sell, assign, lease, or
otherwise dispose of all or any part
of its property, or wind up, liquidate or dissolve, or agree to do any of the
foregoing, except:

                    (a)
any of the Non-Guarantor Subsidiaries
may be dissolved;

                    (b)
sales and leases of Inventory,
including, without limitation, Rental Fleet Assets, in the ordinary course of its business;

                    (c)
sales, exchanges or other
dispositions of Machinery and Equipment in the ordinary course of its business; provided that any exchange
shall be made in exchange for, and any
proceeds from any sale or other disposition shall be applied to purchase or
acquire, Machinery and Equipment used or useful in a Similar Business; and
provided further the US Borrower
Representative shall include the details of any such sale, exchange,
disposition, purchase and/or acquisition, as applicable, in each
certificate delivered to the Administrative Agent
and the UK Agent pursuant to Section 5.2(1) hereof.

                    (d)
sales, exchanges or other dispositions
of Real Estate, Machinery and Equipment
and Inventory, including, without limitation, Rental Fleet Assets, in each
case, not in the ordinary course of
business with a net book value not to exceed, in the aggregate for all Borrowers
and their respective Subsidiaries, the Dollar Equivalent of $2,000,000 in any
Fiscal Year (taking into account all such
sales, exchanges or other dispositions occurring in Fiscal Year 2005 occurring prior to the Closing Date); provided
that (i) any exchange of Inventory or Machinery and Equipment
shall be for like-kind Inventory or Machinery and Equipment, as applicable, (ii) any Inventory, Real Estate or
Machinery and Equipment, as applicable, received as part of an exchange (whether purchased, acquired or otherwise) shall
be free and clear of all Liens,
except the Agents’ Liens and (iii) any sale or other disposition of assets at
any branch location with aggregate net book value in excess of the Dollar
Equivalent of $500,000 in any Fiscal
Year (taking into account all such sales, exchanges or other dispositions
occurring in

50

Fiscal Year 2005 occurring prior
to the Closing Date), or any closing of a branch location, shall require prior written notice to the Administrative
Agent or the UK Agent, as applicable;

                    (e)
any US Subsidiary of a US Borrower
with a positive net worth may be merged
with or into a US Borrower or any Wholly-owned US Subsidiary which is a Credit
Party, or be liquidated, wound up or
dissolved into a US Borrower or any Wholly-owned US Subsidiary which is a Credit Party, or transfer
all or any part of its assets to a US Borrower or any Wholly-owned US Subsidiary which is a Credit
Party; provided, that (except as permitted in clause (f) below)
in any merger with a US Borrower, a US Borrower shall be the surviving entity
and in any merger with any other Credit Party, such Credit Party shall be the
surviving entity and all Liens in favor of the Administrative Agent shall
remain perfected;

                    
(f) any Foreign Subsidiary of the US
Borrower with a positive net worth may be
merged or amalgamated with or into a UK Borrower or any Wholly-owned Foreign Subsidiary which is a Credit Party, or be
liquidated, wound up, hived up or dissolved into a UK Borrower or any Wholly-owned Foreign Subsidiary
which is a Credit Party, or transfer all or any part of its assets to a UK Borrower or any Wholly-owned Foreign
Subsidiary which is a Credit Party; provided, that in any merger
with a UK Borrower, a UK Borrower shall be the surviving entity and in any merger or amalgamation with any
other Credit Party, such Credit Party shall be the surviving entity and all
Liens in favor of the UK Security Trustee shall remain perfected;

                    (g)
(i) any US Borrower and any US Subsidiary may transfer assets to a US Borrower or any Wholly-owned US Subsidiary which is
a Borrower or a US Subsidiary Guarantor (including, without limitation,
Mobile Storage Group (Texas), L.P. for so long as it shall remain a US Subsidiary Guarantor, all of its owned equity
interests shall have been pledged in accordance with the Security
Documents and it shall have otherwise complied with Section 6.0 hereof); (ii)
any Foreign Subsidiary may transfer assets to a UK Borrower or any Wholly- owned UK Subsidiary which is a UK Borrower or a UK
Subsidiary Guarantor; (iii) any Subsidiary
may make Distributions otherwise permitted pursuant to Section 7.10(a)(ii)
hereof and payments upon any Debt otherwise permitted to be incurred
pursuant to Section 7.13(g) hereof and (iv) MSG may transfer funds to
Ravenstock and Ravenstock may transfer funds to MSG pursuant to Section 7.15(e).

          7.10
Distributions; Capital Change; Restricted Investments. No Credit Party
nor any of its Subsidiaries shall:

                    (a)
directly or indirectly declare or make, or incur any liability to make, any Distributions, except, without duplication:

                              (i)
Distributions to holders of Capital Stock consisting of dividends payable in Capital Stock, which Capital Stock, if
Preferred Stock, is permitted pursuant to Section 7.34;

                              (ii)
Distributions to a US Borrower or a Wholly-owned Subsidiary of a US Borrower by its Subsidiaries, and
Distributions to the UK Borrower or a Wholly-owned Subsidiary of the UK Borrower by its Subsidiaries,
in each case other than a Distribution by a Credit Party to a Subsidiary which is not a Credit Party; provided,
in the case of any Distribution

51

by Ravenstock to MSG (and in the
case of any other Distribution by a UK Credit Party to a US Credit Party), that at the time of and after
giving effect to each such Distribution: (A) no Default or Event of Default exists under Section
9.1(a), (B) no Default or Event of Default exists in the observance or
performance of any of the covenants and agreements contained in Section 7.23 through Section 7.26, inclusive and (C) UK Availability is greater
than or equal to £4,000,000;

                              (iii)
payments to repurchase or retire any Capital Stock (other than Preferred
Stock) of the Parent Guarantor made to departed employees, officers or
directors of any Credit Party not to exceed $2,000,000 in the aggregate and
Distributions by MSG to the Parent Guarantor
to enable the Parent Guarantor to make the payments permitted pursuant to this Section
7.10(a)(iii)); provided that at the time of and after giving
effect to each such Distribution: (i)
no Default or Event of Default exists under Section 9.1 (a), (ii) no
Default or Event of Default exists in
the observance or performance of any of the covenants and agreements contained
in Section 7.23 through Section 7.26, inclusive and (iii)
Total Excess Availability is greater than or equal to the Dollar Equivalent of
$10,000,000; and

                              (iv) Distributions in respect of Preferred Stock of
the Parent Guarantor of up to $5,000,000 in
any Fiscal Year (taking into account all such Distributions occurring in Fiscal
Year 2005 occurring prior to the Closing Date) and Distributions by MSG to the
Parent Guarantor to enable the Parent Guarantor to make the Distributions
permitted pursuant to this Section 7.10 (a)(iv)); provided
that such amount shall be increased from time to time (as measured on the date of any such intended
Distribution) by the aggregate amount of all net cash proceeds received by the Parent Guarantor from the
issuance of any Preferred Stock after the Closing Date in accordance
with Section 7.34 hereof during such Fiscal Year; and provided further that both before and after giving
effect to any such
Distribution: (1) no Default or Event of
Default exists under Section 9.1(a), (2) no Default or Event of Default
exists in the observance or performance of any of the covenants and
agreements contained in Section 7.23 though Section 7.26, inclusive
and (3) Total Excess Availability is greater than or equal to the Dollar Equivalent of $10,000,000.

                    (b)
make any change in its capital
structure which could reasonably be expected
to have a Material Adverse Effect; or

                    (c)
make any Restricted Investment.

          7.11
Transactions Affecting Collateral
or Obligations. No Credit Party
nor any of its Subsidiaries shall
enter into any transaction which would be reasonably expected to have a Material Adverse Effect.

          7.12
Guaranties. No Credit Party shall make, issue, or become
liable on any Guaranty, except

                    (a)
Guaranties of any of the Obligations in favor of the Responsible Agents and/or the Applicable Security Agents for the
ratable benefit of the Applicable Lenders;

                    (b)
Guaranties (i) by MSG of obligations
of Ravenstock or Ravenstock’s UK Subsidiaries
under leases or subleases for Real Estate entered into in the ordinary course
of such Person’s business and (ii) by MSG of obligations of US Credit
Parties and by Ravenstock of

52

obligations of UK Credit
Parties, in either case in respect of operating liabilities incurred in the ordinary course of business, in the aggregate not in
excess of the Dollar Equivalent of $2,000,000
from time to time;

                    (c)
Guaranties existing on the Closing
Date and listed on Schedule 6.9;

                    (d)
subordinated Guaranties of the
Subordinated Note Debt to the extent required by the Subordinated Note
Agreement as in effect on the Closing Date by (i) US Subsidiaries and (ii) the Parent Guarantor;
provided that such Guaranties remain subordinated to the Obligations of
such US Subsidiaries and the Parent Guarantor in each case under the US Credit
Agreement and the UK Credit Agreement, pursuant to subordination provisions no
less favorable to any Credit Party, Agent or Lender than the subordination
provisions applicable to the Guaranties of
the Subordinated Note Debt on the Closing Date; and

                    (e)
Guaranties of Debt permitted by Section
7.13(d) or 7.13(e), if such Guaranties
are permitted by such Section.

          7.13
Debt. No Credit Party shall, nor shall it permit any of its Subsidiaries
to, incur or maintain any Debt, other
than:

                    (a)
the Obligations;

                    (b)
Debt described on Schedule 6.9;

                    (c)
Capital Leases of Machinery and
Equipment or Rental Fleet Assets and ‘purchase money secured Debt
incurred to purchase Machinery and Equipment or Rental Fleet Assets; provided that (i) Liens securing
the same attach only to the Machinery and Equipment or Rental Fleet Assets acquired by the incurrence of
such Debt and proceeds thereof (but shall not encumber leases of, or
payments under leases of, Rental Fleet Assets), and (ii) the aggregate amount of such Debt for all Credit Parties
(including Capital Leases) outstanding does not exceed the Dollar Equivalent of $10,000,000 at any time;

                    (d)
Debt evidencing a refunding, renewal
or extension of the Debt (other than the Subordinated Note Debt) described on Schedule
6.9; provided that (A) the principal amount thereof is not increased, (B) the Liens, if any,
securing such refunded, renewed or extended Debt do not attach to any
assets in addition to those assets, if any, securing the Debt to be refunded,
renewed or extended, (C) no Credit Party that is not an obligor or guarantor of
such Debt as of the Closing Date shall
become an obligor or guarantor thereof, (D) the terms of such refunding, renewal or extension are no less favorable in any
material respect to the applicable Credit Party or Subsidiary, any Agent or the Lenders than the original Debt and (E)
the final maturity thereof, if presently after the Stated Termination Date,
will not become earlier than at least 6 months after the Stated Termination Date;

                    (e)
Non-Public Debt, including without
limitation the Subordinated Note Debt and
any Non-Public Debt evidencing a refunding, renewal or extension thereof;
provided, in each case, that (A) the
cash interest rate of such Non-Public Debt shall not exceed 15% per annum, (B) no Credit Party that is not an obligor
or guarantor of the Subordinated Note Debt as of the Closing Date shall
be or become an obligor or guarantor of any such Non-Public Debt,

53

(C) the restrictive covenants of
such Non-Public Debt shall be no less favorable in any material respect
to the applicable Credit Party or Subsidiary, any Agent or the Lenders than those
contained in the Subordinated Note Debt as
of the Closing Date, (D) the final maturity of such Non-Public Debt shall not
be or become due earlier than at least six (6) months after the Stated Termination Date, and (E) such Non-Public Debt
shall require no payment of principal, and no payment of principal shall be made, prior to the Stated Termination
Date.

                    (f)
Public Debt; provided that
(I) the US Credit Parties and the UK Credit Parties shall have executed and delivered such amendments of this
Agreement and the UK Credit Agreement
as are necessary to provide for the inclusion herein and in the UK Credit
Agreement of any financial covenants for which compliance is required by
the covenants contained in the terms and conditions of any such Public Debt but
which, as of the date of incurrence of such Public
Debt, are not included in this Agreement or the UK Credit Agreement; (II) the
fleet utilization rates, financial
ratios, capital expenditure levels and other rates, ratios, levels, measures and/or requirements set forth in any
additional financial covenants, if any, contained in the terms and conditions of any such Public Debt,
in each case, shall be at least (x) 2% less restrictive (with respect to
fleet utilization rates) and (y) 10% less restrictive (with respect to financial ratio, capital expenditure and all other
additional covenants) than the rates, ratios, levels, measures or
requirements set forth in the comparable fleet utilization, financial ratio, capital expenditure and other additional covenants
contained in this Agreement and the UK Credit Agreement, including,
without limitation, Sections 7.23 through 7.26, inclusive, hereof
and thereof, as of the date of the
incurrence of such Public Debt, (III) the final maturity of such Public Debt shall not be or become due earlier
than at least six (6) months after the Stated Termination Date, and (IV) such Public Debt shall require no payment of
principal, and no payment of such
principal shall be made, prior to the Stated Termination Date.

                    (g)
Subject to the following sentence,
Intercompany Debt; provided, in each case, that such Debt will be
evidenced by a revolving demand promissory note (in form and substance
satisfactory to the Administrative Agent) pledged and delivered to the
Applicable Security Agent for the benefit
of the Lenders (or otherwise documented and secured in favor of the
Applicable Security Agent, in a manner satisfactory to the Applicable Agent)
and shall be subordinated to the
Obligations of the Credit Parties on terms and conditions satisfactory to the Administrative
Agent; provided further that, in the case of any creditors with respect
to such Debt which are Foreign
Subsidiaries, such Subsidiaries shall have entered into and delivered to the
Administrative Agent and the UK Security Trustee for the benefit of the Lenders
the UK Intercreditor Deed in the form attached hereto as Exhibit I. Notwithstanding the foregoing, (i) no UK Credit Party nor any of its
Subsidiaries shall make, create or acquire any Intercompany Debt owed to any US Credit Party or any US
Subsidiary, and (ii) no US Credit Party nor any of its US Subsidiaries shall make, create or acquire
any Intercompany Debt owed to any UK Credit Party or any of its Subsidiaries, except, in each case, if and only to
the extent that at the time of and after giving effect to each such making,
creation or acquisition: (x) no Default or Event of Default exists under Section 9.1 (a), (y)
no Default or Event of Default exists in the observance or performance of any of the covenants and agreements
contained in Section 7.23 through Section 7.26, inclusive
and (z) in the case of any Intercompany Debt incurred by any UK Subsidiary, US Availability is greater than or
equal to $7,000,000 and in the case of any Intercompany Debt incurred by
any US Subsidiary, UK Availability is greater than or equal to £4,000,000.  

54

                    (h)
the Luxembourg Debt, provided that (A) such Debt will be
evidenced by a revolving credit facility agreement in the form existing as at the date
hereof with claims thereunder assigned in favor of the UK Security Trustee and shall be
subordinated to the Obligations of the Credit Parties on terms and conditions
satisfactory to the Administrative Agent and (B) the creditors with respect to such Debt
shall have entered into and delivered to the Administrative Agent and the UK Security Trustee
for the benefit of the Lenders the UK Intercreditor Deed in the form attached hereto as
Exhibit I;

                    (i)
Guaranties permitted by Section7.12;

                    (j)
Debt represented by
any unsecured Hedge Agreements entered into in order to protect a Borrower against fluctuations
in interest rates and currency exchange rates and not for speculative purposes;

                    (k)
after the Closing
Date, any Capital Leases or purchase money Debt or Debt secured by a mortgage on Real Estate
assumed or acquired in connection with a Permitted Acquisition; provided
that (A) such Debt existed at the time of such Permitted Acquisition and
was not created in anticipation thereof, (B) any Lien securing such Debt does
not extend to any assets of any Credit Party
other than the assets secured thereby at the time of the Permitted Acquisition
and does not encumber leases of, or payments under leases of, Rental Fleet
Assets and (C) if the Debt is owed by a Subsidiary acquired, then no
other Credit Party shall have any liability therefor;

                    (1)
Debt secured by a mortgage on any Real Estate acquired by any US Credit Party incurred or assumed for the purpose of
financing all or a part of the cost of acquiring such Real Estate; provided that (i) any such mortgage attaches
solely to the Real Estate so acquired, (ii)
the mortgagee thereunder executes and delivers to the Responsible Agent a
mortgagee waiver agreement (or, in respect of a UK Property, a deed of priority
on terms and conditions acceptable to the UK Agent) in form and substance
reasonably satisfactory to the Administrative Agent and (iii) the principal amount of such Debt secured
thereby does not exceed 100% of the Credit Party’s cost of such Real
Estate; and

                    (m)
other unsecured Debt not to exceed $15,000,000 in the aggregate for all Credit Parties at any time outstanding.

For purposes of compliance
with this Section 7.13 and Section 7.13 of the UK Credit
Agreement, in the event any Debt meets the criteria set forth in more than one
of clauses (c) through (d), inclusive, or
(i) through (m) inclusive, of this Section 7.13 and Section 7.13
of the UK Credit Agreement, the US Borrower Representative and the UK Borrower
Representative, in their sole collective discretion, may (X) classify or
reclassify such Debt in any manner that complies with this Section 7.13
and Section 7.13 of the UK Credit Agreement and (Y) divide and classify
such Debt among more than one of the clauses of this Section 7.13 and Section
7.13 of the UK Credit Agreement and, in each case, such Debt shall
be treated as having been permitted pursuant to the clause of this Section 7.13 and Section 7.13 of the UK
Credit Agreement specified by the US Borrower Representative and
UK Borrower Representative; provided that, in each case, the US Borrower Representative and the UK Borrower
Representative must classify, reclassify and/or

55

divide such Debt in a manner
consistent for purposes of compliance with the US Credit Agreement and UK Credit Agreement.

          7.14
Prepayments; Payments on Subordinated
Note Debt; Payments on Intercompany Debt.

                    (a)
No Credit Party nor any of its Subsidiaries shall voluntarily prepay any
Debt, except (i) the Obligations in
accordance with the terms of this Agreement and the UK Credit Agreement,
(ii) prepayment of the Existing Term Loans outstanding under the Existing US
Credit Agreement, the Existing UK Credit Agreement and the Luxembourg Debt, and
(iii) Capital Leases and other Debt in an
aggregate amount not to exceed $1,000,000 and, after giving effect to the payment thereof, only so long as
Total Excess Availability exceeds $10,000,000, (iv) prepayments of the Debt described on Schedule 6.9 with the
proceeds of Debt permitted to be
issued under Section 7.13(d), (v) prepayments of the Subordinated Note
Debt with the proceeds of Debt
permitted to be issued under Section 7.13(e) or (f) or Capital
Stock issued in accordance with Section
7.34 and (vi) as permitted under (b).

                    (b)
No Credit Party nor any of its Subsidiaries shall make any payments on Permitted Subordinated Debt except, subject to
the subordination provisions thereof, (i) regularly scheduled payments of interest and (ii) on or
before December 30, 2008, MSG may make a principal payment of up to $4,000,000 on the Subordinated Notes, plus
accrued but unpaid interest thereon,
pursuant to the terms and conditions of the Subordinated Note Agreement; provided, that, in the case of clause (ii), at the
time of and after giving
effect to such a payment by MSG: (A)
no Default or Event of Default exists and (B) US Availability is greater than
or equal to $5,000,000.

                    (c)
(i) No UK Credit Party nor any of its
UK Subsidiaries shall make any payment
of principal, interest or any other amount on account of or in respect of any
obligation outstanding under any Intercompany Debt owed to any US Credit
Party, any US Subsidiary or the Luxembourg Subsidiary, and (ii) no US Credit
Party nor any of its US Subsidiaries shall make any payments of principal,
interest or any other amounts on account of any obligation outstanding under any Intercompany Debt owed to
any UK Credit Party or any UK Subsidiary, except, (A) in each case, subject to the subordination provisions
thereof, and (B) in each case, if and
only to the extent that at the time of and after giving effect to each such
payment: (x) no Default or Event of Default
exists under Section9.1(a), (y) no Default or Event of Default exists in the observance or performance of any of the
covenants and agreements contained in Section 7.23 through Section
7.26, inclusive and (z) in the case of clause (i), UK Availability is greater than or equal to £4,000,000 or, in the
case of clause (ii), US Availability is greater than or equal to $7,000,000; provided, however, nothing in this Section 7.14(c) shall prohibit the making of any payments between MSG and Ravenstock pursuant
to Section 7.15(e).

          7.15
Transactions with Affiliates. Except as set forth below or described on Schedule 7.15, no Credit Party shall, nor shall
they permit any of their Subsidiaries
to, sell, transfer, distribute, or pay any money or property, including, but
not limited to, any fees or expenses of any nature (including, but not limited
to, any fees or expenses for management services), to any Affiliate, or lend or advance money or property to
any Affiliate, or invest in (by capital contribution or otherwise) or
purchase or repurchase any stock or indebtedness, or any

56

property, of any Affiliate, or
become liable on any Guaranty of the indebtedness, dividends, or other
obligations of any Affiliate (other than any Guaranties permitted by Section.7.12);
provided, however, while no Event of Default has
occurred and is continuing, and subject to the limitations set forth in this Agreement, the Credit Parties may engage
in transactions or agreements with
Affiliates, other than those described on Schedule 7.15, in the ordinary
course of business consistent with past practices, in an amount and upon terms
fully disclosed to the Agents and the
Lenders in advance, and, in any case, no less favorable to such Credit Party or
Credit Parties than would be obtained in a comparable arm’s-length transaction with a third party who is not an
Affiliate; provided further:

                    (a)
if no Default or Event of Default exists under Section 9.1 (a),
before and after giving effect to the
payments, payments may be made when due pursuant to the Windward Management
Agreement as in effect on the date hereof; provided that such payments
shall not exceed the Dollar Equivalent of
$550,000 per year plus reasonable and customary out-of-pocket expenses;

                    (b)
the Credit Parties and their
Subsidiaries may enter into such intercompany loan, sales and investments as
otherwise expressly permitted by this Agreement;

                    (c)
the Credit Parties may enter into
transactions with the Non-Guarantor Subsidiaries
(i) to cause a Non-Guarantor Subsidiary’s dissolution and (ii) to cause the dissolution of the Luxembourg Subsidiary so long
as, in the case of clause (ii), all of the following conditions are met: (A) no Default or Event of Default shall
exist at the time of such dissolution
and after giving effect to such dissolution, (B) any Subsidiary of MSG or
Ravenstock that assumes any of the
rights or obligations under the Luxembourg Debt in connection with the transactions that effect such dissolution shall
become a UK Subsidiary Guarantor and shall become a party to each of the Loan Documents to which the UK Borrower,
UK-LP or the Luxembourg Subsidiary, as applicable, was a party
immediately prior to the dissolution of the Luxembourg Subsidiary, (C) all
other Agent’s Liens on the Collateral immediately prior to the dissolution of the Luxembourg Subsidiary shall
remain perfected, and the Borrowers shall cause any Subsidiary of MSG or Ravenstock that assumes any rights or
obligations under the Luxembourg
Debt in connection with the transactions that effect such dissolution to
execute and deliver to the
Administrative Agent and the UK Security Trustee such documents, instruments, financing statements, and amendments to Loan
Documents as the Administrative Agent and the UK Security Trustee may reasonably request to continue the perfection
of the Agent’s Liens, (D) UK Availability is greater than or equal to
£4,000,000; (E) such dissolution shall not result in any Debt other than Intercompany Debt permitted to be incurred pursuant
to, and incurred in compliance with, Section
7.13(g) hereof; and (F) such dissolution shall otherwise not create any covenants, undertakings or obligations on the
part of any Credit Party any more onerous than the covenants, undertakings or
obligations contained in the Luxembourg Debt;

                    (d)
the Credit Parties and their
Subsidiaries may pay reasonable compensation and provide customary indemnities to directors, officers and employees;
and

                    (e)
Ravenstock and MSG may make payments
to each other as reimbursement for corporate overhead and services plus
reasonable and customary out-of-pocket expenses, if and only to the extent that
at the time of and after giving effect to each such payment: (w) no

57

Default or Event of Default
exists under Section 9.1 (a), (x) no Default or Event of Default exists in the observance or performance of any of the
covenants and agreements contained in Section 7.23 through Section
7.26, inclusive, (y) in the case of payments from Ravenstock to MSG,
UK Availability is greater than or equal to £4,000,000 and (z) in the case of
payments from MSG to Ravenstock, (I) US
Availability is greater than or equal to $7,000,000 and (II) such amount does not exceed $1,000,000 in any Fiscal
Year (taking into account all such payments occurring in Fiscal Year 2005
occurring prior to the Closing Date).

          7.16
Investment Banking and Finder’s
Fees. No Credit Party shall pay
or agree to pay, or reimburse any other party with respect to, any
investment banking or similar or related fee, underwriter’s
fee, finder’s fee, or broker’s fee to any Person in connection with this
Agreement. The Credit Parties shall
defend and indemnify the Agents and the Lenders against and hold them harmless from all claims of any Person that the
Credit Parties are obligated to pay for any such fees, and all costs and expenses (including attorneys’ fees) incurred
by the Agents and/or any Lender in
connection therewith.

          7.17
Business Conducted.

                    (a)
No Credit Party (other than Parent
Guarantor) shall, nor shall it or the Parent
Guarantor permit any of its Subsidiaries to, engage directly or indirectly, in
any line of business other than a
Similar Business.

                    (b)
The Parent Guarantor shall not engage in any business activities or have
any properties or liabilities, other than
(i) holding Capital Stock of MSG, (ii) obligations under the Loan Documents and (iii) activities and
properties incidental to the foregoing clauses (i) and (ii).

          7.18
Liens. No Credit Party shall, nor shall it permit any
of its Subsidiaries to, create, incur,
assume, or permit to exist any Lien on any property now owned or hereafter
acquired by any of them, except
Permitted Liens, and Liens, if any, in effect as of the Closing Date described in
Schedule 6.9 securing Debt described in Schedule 6.9; Liens
securing Capital Leases and purchase money
Debt permitted under Section 7.13(c); and mortgages securing Debt
permitted under Section 7.13(k)
and Section 7.13(1).

          7.19
Sale and Leaseback Transactions. No Credit Party shall, nor shall it permit any of
its Subsidiaries to, directly or
indirectly, enter into any arrangement with any Person providing for such Credit Party or Subsidiary to lease or
rent property that the Credit Party or such Subsidiary has sold or will sell or otherwise transfer to such Person
other than Real Estate both (a) sold
or otherwise disposed of to a Person that is not a Credit Party pursuant to Section
7.9 hereof and (b) in respect of
which such Credit Party or Subsidiary has delivered a landlord waiver and, if the Real Estate will be subject to
a mortgage or deed of trust, a mortgagee waiver, in each case in form and substance satisfactory to the Administrative
Agent and the UK Security Trustee, as applicable.

          7.20
New Subsidiaries. No Credit Party shall, nor shall it permit any
of its Subsidiaries to, directly or indirectly, organize, create, acquire or
permit to exist any Subsidiary other than (i) those listed on Schedule 6.5, (ii) Wholly-owned Subsidiaries
acquired in a Permitted

58

Acquisition, or (iii)
Wholly-owned Subsidiaries created by a Credit Party so long as the Credit Party shall, and shall cause each such Subsidiary
to, comply with the provisions of Section 7.32; provided that no US Credit Party shall, nor shall it permit any
US
Subsidiary to, directly or indirectly,
organize, create, acquire or permit to exist any Subsidiary organized under the
laws of any jurisdiction other than the United States, other than (A)
those Subsidiaries listed on Schedule 6.5 as of the Closing Date and (B)
direct and indirect Subsidiaries of Ravenstock; and provided further
that no UK Credit Party shall, nor shall it permit any UK Subsidiary to,
directly or indirectly, organize,
create, acquire or permit to exist any Subsidiary organized under the laws of the United States or any State thereof.

          7.21
Fiscal Year. No Credit Party shall, nor shall it permit any
of its Subsidiaries to, change its
Fiscal Year.

          7.22
Depreciation Method. No Credit Party shall, nor shall it permit any
of its Subsidiaries to, change its
method of calculating depreciation with respect to the preparation of the
financial information set forth in the Financial Statements except as required
by GAAP, the independent accountants
of any Credit Party, the SEC or any other Governmental Authority having jurisdiction over such Credit Parties.

          7.23
Cash Interest Coverage Ratio. The Credit Parties and their Subsidiaries will maintain a Cash Interest Coverage Ratio for each
period of four consecutive fiscal quarters ended on the last day of any Fiscal Quarter set forth below of not less than
the ratio set forth opposite such
period:

	
 

	
 

	
Period Ending

	
Ratio

	

	

	
 

	
The last day of each Fiscal
  Quarter through the Fiscal Quarter
  ending on December 31, 2006

	
2.10:1

	
 

	
The last day of each Fiscal
  Quarter after the Fiscal Quarter
  ending on December 31, 2006 through
  the Fiscal Quarter ending on December 31, 2007

	
2.15:1

	
 

	
 

	
The last day of each Fiscal
  Quarter after the Fiscal Quarter
  ending on December 31, 2007 through
  the Fiscal Quarter ending on December 31, 2008 

	
2.20:1

	
 

	
 

	
The last day of each Fiscal
  Quarter thereafter

	
2.25:1

          7.24
Maximum Consolidated Total Debt to Pro Forma EBITDA Ratio. The Credit Parties and their Subsidiaries will not permit
the Consolidated Total Debt to Pro Forma EBITDA Ratio as of the end of
any Fiscal Quarter set forth below to be greater than the ratio set forth opposite such period:

59

	
 

	
 

	
Period Ending

	
Ratio

	

	

	
 

	
The last day of each Fiscal
  Quarter through the Fiscal Quarter ending on June 30, 2008

	
5.25:1

	
 

	
 

	
The last day of each Fiscal
  Quarter thereafter

	
5.00:1

          7.25 Minimum Fleet Utilization Rate. The Credit Parties and their Subsidiaries
shall not permit the Fleet
Utilization Rate, as of the end of any Fiscal Quarter set forth below, to be less than the rate set forth opposite such
period:

	
 

	
 

	
Period 

	
Rate

	

	

	
 

	
First Fiscal Quarter of each
  Fiscal Year

	
72%

	
 

	
 

	
Second Fiscal Quarter of each
  Fiscal Year

	
74%

	
 

	
 

	
Third Fiscal Quarter of each
  Fiscal Year

	
76%

	
 

	
 

	
Fourth Fiscal Quarter of each
  Fiscal Year

	
76%

          7.26
Capital Expenditures. No Credit Party shall, nor shall it permit any of
its Subsidiaries to, make or incur
any Capital Expenditure if, after giving effect thereto, the aggregate
amount of all Capital Expenditures by the Credit Parties and their Subsidiaries
on a consolidated basis would exceed:

                    (a)
the Dollar Equivalent of $30,000,000
in the Fiscal Year ended December 31, 2005 (taking into account all Capital
Expenditures occurring in Fiscal Year 2005 occurring prior to the Closing Date);

                    (b)
the Dollar Equivalent of $35,000,000
in the Fiscal Year ended December 31, 2006; and

                    (c)
the Dollar Equivalent of $50,000,000
in the Fiscal Year ended December 31,
2007 and each Fiscal Year thereafter;

in each case plus the Acquisition to CapEx
Transfer Amount, if any, and less the Capital Expenditure to Acquisition Transfer Amount, if any; provided that
to the extent the amount of Capital Expenditures permitted to be made in any
Fiscal Year (“Year 1”) pursuant to this clause exceeds the
aggregate amount of Capital Expenditures actually made during the Fiscal Year,
such excess amount, up to the Dollar Equivalent of $12,500,000 (the “Capital
Expenditure Excess”), may be carried forward to (but only to) the next
succeeding Fiscal Year (“Year 2”) (any
such amount to be certified by the US Borrower Representative to the Administrative
Agent in the Compliance Certificate
delivered for the last Fiscal Quarter of Year 1). —The parties acknowledge and
agree that the permitted Capital Expenditure levels set forth above shall be exclusive of Capital Expenditures constituting
Permitted Acquisitions.

60

          7.27
Use of Proceeds. No Credit Party shall, and shall not suffer or
permit any Subsidiary to, use any
portion of the Loan proceeds, directly or indirectly, (i) to purchase or carry Margin Stock, (ii) to repay or otherwise
refinance indebtedness of a Credit Party or others incurred to purchase or carry Margin Stock, (iii)
to extend credit for the purpose of purchasing or carrying any Margin Stock, or (iv) to acquire any
security in any transaction that is subject to Section 13 or Section 14 of the Exchange Act.

          7.28
Further Assurances. The Credit Parties shall execute and deliver,
or cause to be executed and delivered, to the Agents, the Applicable
Security Agents and/or the Lenders such documents and agreements, and shall
take or cause to be taken such actions, as the Agents, the Applicable Security
Agents or any Lender may, from time to time, reasonably request to carry out the terms and conditions of this Agreement
and the other Loan Documents.

          7.29
Bank Accounts. The Borrowers shall establish and maintain a cash
management system reasonably acceptable to the Responsible Agent,
including (a) blocked accounts for the UK
Credit Parties over which the UK Security Trustee has a fixed charge
acceptable to the Responsible Agent and (b) arrangements satisfactory to
the Administrative Agent to transfer funds
to the Administrative Agent for application to the Obligations on a daily
basis, or on such other basis as the Administrative Agent agrees, and
blocked accounts for the US Credit Parties over
which the US Agent has control (within the meaning of the UCC). Except as may otherwise be agreed by the Administrative Agent
and the UK Agent (including, in the case of the UK Borrower, as agreed by the UK Security Trustee pursuant to the terms
of the UK Debenture), as applicable, no Credit Party shall maintain any
bank account (including without limitation, deposit
accounts, disbursement accounts and lockbox accounts) with funds exceeding the
Dollar Equivalent of $100,000 per account or $1,000,000 in the aggregate
with any person other than the Applicable
Security Agent, except as set forth on Schedule 6.27.

          7.30
Changes Relating to Permitted
Subordinated Debt. No Credit
Party shall change or otherwise amend
the terms of any Permitted Subordinated Debt if the effect of such amendments would be to: (i) increase the interest
rate on such Permitted Subordinated Debt or under any Permitted Subordinated
Debt Agreement; (ii) change the dates upon which payments of principal
or interest are due on such Permitted Subordinated Debt other than to extend
such dates; (iii) change any default or
event of default other than to delete or make less restrictive any default provision therein, or add any covenant
with respect to such Permitted Subordinated Debt; (iv) change the redemption or
prepayment provisions of such Permitted Subordinated Debt other than to extend the dates therefore or to reduce
the premiums payable in connection therewith; (v) grant any security or
collateral to secure payment of such Permitted Subordinated Debt or add any guarantor of such Permitted Subordinated
Debt; or (vi) change or amend the subordination
terms; or (vii) change or amend any other term if such change or amendment would
materially increase the obligations of any Credit Party thereunder or confer
additional material rights on the holder of
such Permitted Subordinated Debt in a manner adverse to any Credit Party, Agent or Lender.

          7.31
Access Agreements. The Borrowers shall use commercially reasonable
efforts to deliver to the Administrative Agent and the UK Security
Trustee, as applicable, a mortgagee waiver
(other than in respect of the UK Properties), a landlord waiver or an agent
access agreement, as applicable, in
form and substance satisfactory to the Administrative Agent and the

61

UK Security Trustee, as applicable, with respect to
(i) all owned Real Estate subject to any mortgage,
(ii) all Real Estate leased by any Borrower, and (iii) all Real Estate on which
Collateral is located which such
Real Estate is owned or leased by any Agency of any Borrower, provided, however,
that in respect of US Real Estate no such mortgagee waiver, landlord waiver or
agent access agreement shall be required (X) for (I) any Real Estate subject to
a mortgage, (II) any Real Estate leased by MSG or Ravenstock or (III) any Real
Estate on which the Collateral is located which such Real Estate is
owned or leased by any Agency of any Borrower, in either case at which the Collateral stored during the
last 12 months on any such Real Estate has a net book value less than $250,000, or (Y) if the lease payments, with
respect to Real Estate leased by any US Borrower, do not exceed $25,000 on an
annual basis.

          7.32
Additional Credit Parties

                    (a)
MSG may designate additional US
Subsidiaries to be US Borrowers under the
US Credit Agreement, and Ravenstock may designate additional Foreign
Subsidiaries organized under the
laws of the United Kingdom to be additional UK Borrowers under the UK Credit Agreement, and thereby include the assets of
such Subsidiaries in calculation of the Applicable Borrowing Base, subject to all the terms thereof; provided
that there shall be no more than
three (3) US Borrowers or UK Borrowers at any time. Such designation shall only
become effective at such time as (i) the designated Subsidiary shall
have executed and delivered to the Administrative Agent, with sufficient copies
for each Applicable Lender, a Joinder Agreement (as amended to be valid and binding under the laws of England and Wales
in the case of an additional UK Borrower) and shall have granted to the
Applicable Security Agent first priority and fully perfected Liens on its
assets, (ii) the Applicable Security Agent shall have received a first priority pledge of or charge over the
Capital Stock of such Subsidiary, (iii) the Administrative Agent shall have received such opinions of counsel,
corporate documents and other
documents and instruments as the Administrative Agent or the Applicable
Security Agent may reasonably
request, in each case in form and substance satisfactory to the Administrative Agent
and the Applicable Security Agent and (iv) if the additional Subsidiary was
acquired or created in connection with any
acquisition and the aggregate purchase price in connection with such an acquisition is in excess of $5,000,000 (or
if the Rental Fleet Assets owned by such additional Borrower that may be
included in any calculation of the US Borrowing Base or the UK Borrowing Base have a value in excess of $5,000,000),
the Administrative Agent shall have received
a satisfactory “desktop appraisal” of the Rental Fleet Assets owned by such
additional Borrower Upon the
satisfaction of such conditions, the applicable Subsidiary shall become a US Borrower or UK Borrower for all purposes of the
Loan Documents.

                    (b)
If after the Closing Date either any Non-Guarantor Subsidiary or Mobile Storage Group (Texas), L.P. acquires assets with
a fair market value of $100,000 or more, or any Borrower or any of its Subsidiaries forms or acquires a Subsidiary (in
a Permitted Acquisition, including
any merger, amalgamation or consolidation in connection therewith) which has
assets with a fair market value of
$100,000 or more, then unless such Subsidiary has become a Borrower pursuant to Section 7.32(a), the
Borrowers shall promptly (and in any event within 5 Applicable Business Days) cause such Subsidiary to
become a Subsidiary Guarantor by executing and delivering to the
Administrative Agent and the UK Agent, as applicable, with sufficient copies for each Lender, a Guaranty or a
supplement or joinder to a Subsidiary Guaranty
to guarantee the Obligations of the Borrowers (in the case of a US Subsidiary)
or the

62

UK Borrower (in the case of a
Foreign Subsidiary), and grant to the Applicable Security Agent, as applicable, first priority and fully perfected
Liens on its assets and the Capital Stock of such Subsidiary (limited in the case of Capital Stock
of a Foreign Subsidiary to the extent set forth in the Pledge Agreement) to secure its Obligations,
with such opinions of counsel (including, without limitation, such
opinions of counsel as may be requested in connection with Mobile Storage Group (Texas), L.P. acquiring assets with
a fair market value in excess of $100,000 or more), corporate documents and other documents and instruments as the
Applicable Security Agent may
reasonably request, in each case in form and substance satisfactory to the
Applicable Security Agent.
Notwithstanding the foregoing, Liens on any assets constituting Real Estate shall be subject to the provisions of Section
7.33.

          7.33
Mortgages. (a) From and after the Closing Date, if a Borrower or any of
its Subsidiaries acquires any Real
Estate (in the case of US Real Estate which, in the good faith determination of the Administrative Agent has a
value in excess of $250,000), then the Applicable
Borrower shall, or shall cause its Subsidiary to, (x) notify the Administrative
Agent of such acquisition within five (5) days thereof, (y) upon the
request of the Administrative Agent, execute
and deliver to the Administrative Agent within thirty (30) days after such
request a Mortgage encumbering such
Real Estate and/or, at the sole election of the Administrative Agent,
provide to the Administrative Agent (a) evidence that such Mortgage has been
duly recorded and creates a valid and
enforceable first priority Lien, subject only to Permitted Encumbrances, (b) (in the case of US Real Estate)
an ALTA policy of title insurance in amounts, in form, with endorsements and
from an insurer satisfactory to the Applicable Security Agent (in the case of
UK Properties) a report on title from UK Borrower’s Counsel in form and
content satisfactory to the UK Security Trustee and no more onerous than the UK
Properties Report on Title, (c) evidence satisfactory to the Applicable
Security Agent that such Real Estate is not subject
to material Environmental Claims, (d) if required by the Administrative Agent,
legal opinions in form and substance and from counsel satisfactory to the
Administrative Agent and (z) if such
Real Estate is subject to any mortgage or other security, the Borrowers shall
use commercially reasonable efforts
to deliver to the Administrative Agent and the UK Security Trustee, as
applicable, a mortgagee waiver (other than in respect of the UK Properties),
and as the case may require, a heritable creditor consent in form and substance
reasonably satisfactory to the
Administrative Agent and the UK Agent.

                    (b)
Without prejudice to the generality of the above, in respect of future acquired
UK Property, the UK Borrowers shall instruct a suitably qualified
environmental engineer to prepare a Phase I
environmental report which will be addressed to the UK Agent and the UK Borrowers and will take such action (if
any) with respect to the future acquired UK Property as was required
with respect to the UK Properties owned as at the Closing Date pursuant to Section 7.7(d); provided, that
in relation to leasehold UK Property with a term of less than 7 years and where
there is a full and sufficient indemnity from the landlord for the benefit of the UK Borrowers and their respective chargees in
respect of any Environmental Claims arising from historic contamination, the obligation to obtain such a Phase I
environmental report shall not
apply.

          7.34
Preferred Stock. No Credit Party shall, and each Credit Party shall
cause its Subsidiaries to not, issue
any Preferred Stock having a right of payment of any dividend or other Distribution other than rights to discretionary
dividends or other Distributions, in each case

63

permitted by, and made in
compliance with, Section 7.1(iv) hereof or a right of mandatory redemption
or redemption at the option of the holder, in either case, prior to six (6)
months following satisfaction in full in
cash of all Obligations.

          7.35
[Intentionally deleted]

          7.36
Center of Main Interest. The UK Borrower shall maintain its center of
main interest for purposes of
Recital 13 of EC Regulation No. 1346/2000 on Insolvency Proceedings within the United Kingdom.

          7.37
[Intentionally Deleted] 

          7.38
Anti-Terrorism Laws. No Credit Party shall conduct any business or
engage in any transaction or dealing
with any Blocked Person, including the making or receiving any contribution
of funds, goods or services to or for the benefit of any Blocked Person; deal
in, or otherwise engage in any transaction
relating to, any property blocked pursuant to Executive Order No. 13224; or engage in on conspire to
engage in any transaction that attempts to violate, or evades or avoids (or has the purpose of evading
or avoiding) any prohibitions set forth in Executive Order No. 13224 or the USA Patriot Act. Each Credit Party
shall deliver to Administrative
Agent and US Lenders any certification or other evidence requested from time to
time by Administrative Agent or any US Lender, in its discretion, confirming
each Credit Party’s compliance with this Section.

ARTICLE 8.
CONDITIONS OF LENDING

          8.1.
Conditions Precedent to the Effectiveness of this Agreement and the Making
of Loans on the Closing Date. The effectiveness of this Agreement and the
obligation of the US Lenders to make
and to continue to permit to remain outstanding Revolving Loans on the Closing Date, and the obligation of the
Administrative Agent to cause the Letter of Credit Issuer to issue or continue any Letter of Credit on the
Closing Date are subject to the following conditions precedent having been satisfied or waived in a manner
satisfactory to each Administrative
Agent and each US Lender:

                    (a)
This Agreement and the other Loan
Documents, including, without limitation
and for the avoidance of doubt, the UK Loan Documents shall have been executed
by each party thereto and each Credit Party shall have performed and complied
with all covenants, agreements and
conditions contained herein and the other Loan Documents which are required to
be performed or complied with by such Credit Party before or on such Closing
Date.

                    (b)
Upon making the Revolving Loans
(including such Revolving Loans made to finance fees, costs and expenses
then payable under this Agreement, the Fee Letter or the UK Credit Agreement)
and calculated as if all its obligations were current (consistent with past practice), Total Excess Availability shall
be at least the Dollar Equivalent of $15,000,000.

                    (c)
All representations and warranties
made hereunder and in the other Loan Documents
shall be true and correct as if made on such date.

64

                     (d) No
Default or Event of Default shall have occurred and be continuing after giving effect to the Loans to be made and the
Letters of Credit to be issued on the Closing Date.

                     (e) The
Agents and the Lenders shall have received such opinions of counsel for the Credit Parties as the Agents or any Lender
shall request, each such opinion to be in a form, scope, and substance satisfactory to the Agents, the Lenders, and
their respective counsel.

                     (f) The
Administrative Agent and the UK Agent shall have received:

	
 

	
 

	
 

	
          (i)
  acknowledgment copies, verification statements, or certified copies of proper financing statements
  or similar filings, duly filed on or before the Closing Date (except in the
  case of filings in the United Kingdom, which shall be duly filed within 21
  days after the Closing Date) under the UCC of all applicable
  jurisdictions or the Companies Act that the
  Administrative Agent or the UK Agent may deem necessary or desirable in order to perfect and/or continue
  the Agents’ Liens;

	
 

	
 

	
 

	
          (ii)
  duly executed UCC-3 Termination Statements, financing change
  statements, voluntary discharges and such other instruments, in form and substance satisfactory to the
  Administrative Agent or the UK Agent,
  as applicable, as shall be necessary to terminate and satisfy all Liens on the property of the Borrowers and
  their respective Subsidiaries except Permitted Liens; and

	
 

	
 

	
 

	
          (iii)
  all certificates evidencing the Capital Stock and Instruments required to be pledged pursuant to
  the Loan Documents.

                     (g) The
Borrowers shall have paid all fees payable to the Agents and the Lenders, all reasonable expenses of the Agents
and the Attorney Costs incurred in connection with any of the Loan Documents and the transactions contemplated thereby
to the extent invoiced.

                    (h)
The Agents shall have received evidence, in form, scope, and substance, reasonably
satisfactory to the Agents, of all insurance coverage as required by the Credit
Agreements.

                    (i) The
Administrative Agent and the UK Agent
shall have had an opportunity, if it
so chooses, to examine the books of account and other records and files of the Credit Parties and to make copies thereof, and to
conduct a pre-closing audit which shall include, without limitation, verification and status of Inventory, Accounts, the
US Borrowing Base and the UK
Borrowing Base, and the results of such examination and audit shall have been satisfactory to the Administrative Agent, the UK
Agent and the Lenders in all respects.

                    (j) The
Credit Parties shall have established a
cash management system acceptable to
the Administrative Agent and UK Agent and the Applicable Security Agents, as
required pursuant to Section 7.29 hereof.

65

                    (k)
Lenders shall be satisfied that each Borrower is Solvent and shall have received a certificate from each Borrower in form
and substance satisfactory to the Administrative
Agent confirming the same.

                    (1) No
Material Adverse Effect shall have
occurred since September 30, 2005.

                    (m)
There shall exist no action, suit, investigation, litigation, or proceeding pending or threatened in any court or before any
arbitrator or governmental instrumentality that in the Administrative Agent’s and UK Agent’s judgment (a) could
reasonably be expected to have a
Material Adverse Effect or which could impair Borrowers’ ability to perform satisfactorily under the Total US Facility or the
Total UK Facility, or (b) could reasonably be expected to materially and
adversely affect the Total US Facility or the Total UK Facility or the transactions contemplated thereby.

                    (n) All
proceedings taken in connection with the
execution of this Agreement, all
other Loan Documents and all documents and papers relating thereto shall be
satisfactory in form, scope, and
substance to the Administrative Agent and UK Agent and the Lenders.

                    (o) The
Subordinated Note Agreement shall have
been amended to permit the incurrence
of $260,000,000 of “Senior Debt” and “Designated Senior Debt” under this Agreement and the UK Credit Agreement,
all on
terms satisfactory to the Administrative Agent and UK Agent.

                    (p)
On the Closing Date, the Borrowers shall have repaid in full all Existing Term Loans under the Existing US Credit Agreement
and Existing UK Credit Agreement.

                    (q)
Without limiting the generality of the items described above, the Borrowers
and each Person guarantying or securing payment of the Obligations shall have delivered or caused to be delivered to the
Administrative Agent and UK Agent (in form and substance reasonably
satisfactory to the Administrative Agent and UK Agent), the financial statements,
instruments, resolutions, documents, agreements, certificates, opinions and
other items set forth on the “Closing
Checklist” delivered by the Administrative Agent and UK Agent to the Borrowers
prior to the Closing Date.

                    (r)
[Intentionally deleted]

                    (s)
No material disruption of or material adverse change in conditions in the financial, banking or capital markets shall exist
that the Agents or the Lenders, in their good faith judgment, deem material in
connection with the syndication of the Aggregate Commitments.

                    (t)
The delivery to the UK Agent of the UK Supplemental Agreement to the UK Properties Report on Title.

                    (u)
An undertaking from UK Borrower’s Counsel addressed to the UK. Agent dealing with (amongst other things) the
registration of the security created by the UK Debenture over the UK Properties
and any other related security.

66

                    (v) The
Lenders shall be satisfied with all
environmental aspects relating to each
Borrower and their business, including all environmental reports as may be
required by the Lenders.

                    (w)
Each Credit Party shall have obtained all governmental and third party consents
and approvals as may be necessary or appropriate in connection with the Loan Documents and the transactions contemplated
thereby.

                    (x) The
Administrative Agent shall have received a
duly executed original of a Notice of
Borrowing, dated the Closing Date, with respect to each of the US Revolving
Loans requested by US Borrower
Representative and the UK Revolving Loans requested by US Borrower Representative on the Closing Date which
US Revolving Loans and UK Revolving Loans
shall be utilized to repay the Existing Terra Loans in full on the Closing
Date.

                    (y)
The Administrative Agent shall have received the Financial Statements required to be delivered pursuant to Section
5.2(a), 5.2(b) and 5.2(c) of the Existing US Credit Agreement
for the Parent Guarantor and its consolidated US Subsidiaries as well as such
other historical financial statements
and projections with respect to the US Borrower as the Administrative Agent deems appropriate, all in
form and substance acceptable to Administrative Agent.

                    (z)
The Agents shall have received the duly executed and delivered Existing Term Lender Exit Consent.

                    The
acceptance by any US Borrower of any Loans
made or Letters of Credit issued on
the Closing Date shall be deemed to be a representation and warranty made by the
US Borrowers to the effect that all of the conditions precedent to the making
of such US Revolving Loans or the issuance of such Letters of Credit
have been satisfied or waived, with the same effect
as delivery to the Administrative Agent and the US Lenders of a certificate
signed by a Responsible Officer of the US Borrowers, dated the Closing Date, to
such effect.

                    Execution
and delivery to the Administrative Agent by a US Lender of a counterpart of this Agreement shall be deemed confirmation
by such US Lender that (i) all conditions
precedent in this Section 8.1 have been fulfilled to the satisfaction of
such Lender and (ii) all documents
sent to such US Lender for approval consent, or satisfaction were acceptable to
such US Lender.

          8.2
Conditions Precedent to Each Loan. The obligations of the US Lenders to
make each Loan, including any US
Revolving Loans on the Closing Date, and the obligation of the Administrative
Agent to cause the Letter of Credit Issuer to issue any Letter of Credit shall
be subject to the further conditions
precedent that on and as of the date of any such extension of credit:

                    (a)
The following statements shall be true, and the acceptance by a US Borrower of any extension of credit shall be
deemed to be a statement to the
effect set forth in clauses (i), (ii) and (iii) with the same effect as the
delivery to the Administrative Agent and the Lenders of a certificate
signed by a Responsible Officer of the US Borrower Representative, dated the date of such extension of credit,
stating that:

67

	
 

	
 

	
 

	
          (i)
  The representations and warranties contained in this Agreement and the other Loan Documents are
  correct in all material respects
  on and as of the date of such extension of credit as though made on and as of such date, other than any such
  representation or warranty which relates to a specified prior date
  (which shall have been true and correct
  in all material respects as of such date) and except to the extent the Administrative Agent and the US Lenders have
  been notified in writing by US
  Borrower Representative that any representation or warranty is not correct and the US Required Lenders have
  explicitly waived in writing compliance
  with such representation or warranty; and

	
 

	
 

	
 

	
          (ii)
  No event has occurred and is continuing, or would result from such extension of credit, which
  constitutes a Default or an Event of Default; and

	
 

	
 

	
 

	
          (iii)
  No event has occurred and is continuing, or would result from such extension of credit, which has had or
  would have a Material Adverse
  Effect.

                    (b)
No such US Borrowing shall exceed US Availability or cause the Aggregate Outstandings to exceed Total Excess
Availability (with Total Excess Availability for this purpose only calculated
as if Aggregate Outstandings, US Aggregate Outstandings and UK Aggregate
Outstandings were equal to zero);

provided, however, that each of the foregoing
conditions precedent are not conditions to each US Lender participating
in or reimbursing the Bank or the Administrative Agent for such US Lenders’ Pro Rata Share of any Non-Ratable Loan
or Agent Advance made in accordance with the provisions of Sections 1.2(h) or (i). 

ARTICLE 9.
DEFAULT; REMEDIES

          9.1
Events of Default. It shall constitute an event of default (“Event of
Default”) if any one or more of the
following shall occur for any reason:

                    (a) any
failure by any Borrower to pay the principal of any of its Obligations when
due, whether on demand or otherwise, or failure by any Borrower to pay any
interest on any of its Obligations or any
fee or other amount owing under either Credit Agreement or under any other Loan
Document when due, whether upon demand or otherwise, and if such amount is not paid by a charge to the Loan Account of the
Applicable Borrowers, such failure (with respect to any Obligation other than the payment of principal) is not cured by
the payment in full within 2
Applicable Business Days from the due date;

                    (b) any
representation or warranty made or deemed made by any Credit Party in either Credit Agreement or in any of the other
Loan Documents, any Financial Statement, or any certificate furnished by any Credit Party at any time to any Agent
or any Lender shall prove to be
untrue in any material respect as of the date on which made, deemed made, or
furnished;

68

                    (c) (i)
any default shall occur in the observance or performance of any of the covenants and agreements contained in Sections
5.2(k), 7.2, 7.5, 7.8 through 7.15, inclusive, 7.17 through 7.19, inclusive and 7.21
through 7.36, inclusive, of the US Credit Agreement and the UK Credit Agreement, Section 11 of the
Security Agreement or Section 5 of the UK Debenture, (ii) any default shall occur in the observance or
performance of any of the covenants and agreements contained in Sections 5.2 (other than 5.2(k)) or 5.3
of the US Credit Agreement or the UK Credit Agreement and such default shall
continue for three (3) days or more; or (iii) any default shall occur in the observance or
performance of any of the other covenants or agreements contained in any other Section of either Credit
Agreement or any other Loan Document, or any other agreement entered into at any time to which any Credit Party and
any Agent or any Lender are party
(including in respect of any Bank Products) and such default shall continue for
fifteen (15) days or more;  

                    (d)
any default shall occur with respect to any Debt
(other than the Obligations) of any
Credit Party or any of its Subsidiaries in an outstanding principal amount which exceeds the Dollar Equivalent of $5,000,000,
or under any agreement or instrument under or pursuant to which any such
Debt may have been issued, created, assumed, or guaranteed by any Credit Party
or any of its Subsidiaries, and such default shall continue for more than the period of grace, if any, therein specified, if
the effect thereof (with or without the giving of notice or further
lapse of time or both) is to accelerate, or to permit the holders of any such
Debt to accelerate, the maturity of any such
Debt; or any such Debt shall be declared due and payable or be required to be
prepaid (other than by a regularly scheduled required prepayment) prior to the stated maturity thereof;

                    (e) any
Credit Party or any of its Subsidiaries shall (i) file a voluntary petition in
bankruptcy or file a voluntary petition or application or an answer or
otherwise commence any action or
proceeding seeking reorganization, arrangement, consolidation, compromise or readjustment of its debts or seeking a stay which
has the effect of staying any creditor or for any other relief under the
federal Bankruptcy Code, as amended, or under any other bankruptcy, insolvency,
liquidation, winding-up, corporate or similar, equivalent, or applicable act or
law, state, federal, provincial or foreign,
in any jurisdiction, now or hereafter existing, or consent to, approve of, or acquiesce in, any such petition,
action or proceeding; (ii) apply for or acquiesce in the appointment of an interim receiver, a
receiver, a receiver and manager, assignee, liquidator, sequestrator,
custodian, monitor, administrator, trustee or similar officer for it or for all
or any part of its property; (iii) make an
assignment for the benefit of creditors; or (iv) be unable generally to pay its debts as they become due;

                    (f)
an involuntary
petition shall be filed or application made or an action or proceeding otherwise commenced seeking
reorganization, arrangement, consolidation, compromise, or readjustment of the debts of any Credit Party or any of
its Subsidiaries or for any other relief under the federal Bankruptcy
Code, as amended, or under any other bankruptcy, insolvency, liquidation,
winding-up, corporate or similar, equivalent, or applicable act or law, state, federal, provincial or foreign, in any
jurisdiction, now or hereafter existing and such petition or proceeding shall not be dismissed within sixty (60) days
after the filing or commencement
thereof or an order of relief shall be entered with respect thereto;

69

                    (g) an
interim receiver, administrator,
administrative receiver, receiver, assignee, liquidator, sequestrator,
custodian, monitor, trustee or similar officer for any Credit Party or any of
its Subsidiaries or for all or any part of its property shall be appointed or a
warrant of attachment, execution or similar
process shall be issued in any jurisdiction against any part of the property of any Credit Party or any of
their respective Subsidiaries;

                    (h) any
Credit Party shall file a certificate of
dissolution or like process under applicable state, federal, provincial or
foreign, law or shall be liquidated, dissolved or wound-up or shall commence or have commenced against it
any action or proceeding for dissolution, winding-up or liquidation, or shall take any corporate action in
furtherance thereof except for the dissolution of any Non-Guarantor Subsidiary
or as otherwise permitted by this Agreement;

                    (i) all
or any material part of the property of
any Credit Party or any of its Subsidiaries
shall be nationalized, expropriated or condemned, seized or otherwise
appropriated, or custody or control
of such property or of any Credit Party or such Subsidiary shall be assumed by any Governmental Authority or any court of
competent jurisdiction at the instance of any Governmental Authority, except
where contested in good faith by proper proceedings diligently pursued where a stay of enforcement is in effect;

                    (j)
any Loan Document shall be terminated, revoked or declared void or invalid or unenforceable by a court of competent
jurisdiction or the enforceability thereof is challenged by any Credit Party or any of its Subsidiaries or any other
obligor;

                    (k) one
or more judgments, orders, decrees or
arbitration awards is entered against
any Credit Party or any of its respective Subsidiaries involving, in the
aggregate, liability (to the extent not covered by independent third-party
insurance as to which the insurer does not dispute coverage) as to any single or related or unrelated series of
transactions, incidents or conditions,
of the Dollar Equivalent of $5,000,000 or more, and the same shall remain unsatisfied, unvacated and unstayed pending appeal
for a period of thirty (30) days after the entry thereof;

                    (l)
any loss, theft, damage or destruction of any item or items of Collateral or other property of any Credit Party or any of its
Subsidiary occurs which could reasonably be expected to cause a Material Adverse Effect and is not adequately
covered by insurance;

                    (m)
there is filed against any Credit Party or any of its Subsidiaries any action,
suit or proceeding under any federal or state racketeering statute (including
the Racketeer Influenced and Corrupt
Organization Act of 1970), which action, suit or proceeding (i) is not dismissed within one hundred twenty (120) days,
and (ii) could reasonably be expected to result in the confiscation or forfeiture of any material portion of the
Collateral;

                    (n) for
any reason other than the failure of the
Applicable Security Agent to take
any action available to it to maintain perfection of the Applicable Agents’
Liens pursuant to the Loan Documents,
any Loan Document ceases to be in full force and effect or any Lien with
respect to any material portion of the Collateral intended to be secured
thereby ceases to be, or is not,
valid, perfected and prior to all other Liens (other than Permitted Liens) or
is terminated, revoked or declared
void by a court of competent jurisdiction;

70

                    (o) an
ERISA Event shall occur with respect to a
Pension Plan or Multiemployer Plan
which has resulted or could reasonably be expected to result in liability of any Credit Party under Title IV of ERISA to the
Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Dollar Equivalent of
$1,000,000; (ii) the aggregate amount
of Unfunded Pension Liability among all Pension Plans at any time exceeds the
Dollar Equivalent of $1,000,000; or
(iii) any Borrower or any of its ERISA Affiliates shall fail to pay when
due, after the expiration of any applicable grace period, any installment
payment with respect to its withdrawal
liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Dollar
Equivalent of $1,000,000;

                    (p)
there occurs a Change in Control;

                    (q)
there occurs an event having a Material
Adverse Effect;

                    (r) (i)
any UK Credit Party is unable or admits
inability to pay its debts as they
fall due, suspends making payments on any of its debts or, by reason of actual
or anticipated financial difficulties,
commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; (ii) the
value of the assets of any UK Credit Party is less than its liabilities (taking into account
contingent and prospective liabilities); or (iii) a moratorium is declared in respect of any
indebtedness of any UK Credit Party;

                    (s) any
corporate action, legal proceedings,
application, petition or other procedure
or step is taken in relation to: (i) the suspension of payments, a moratorium
of any indebtedness, winding-up, dissolution, administration or reorganization
(by way of voluntary arrangement,
scheme of arrangement or otherwise and including, without limitation, under or
in connection with Chapter 11 of the United States Bankruptcy Code) of any UK
Credit Party; (ii) a composition,
assignment or arrangement with any creditor of any UK Credit Party; (iii) the appointment of a liquidator, receiver, examiner,
administrator, administrative receiver, compulsory manager or other similar officer in respect of any UK Credit
Party or any of its assets; or (iv) enforcement of any lien over any
assets of any UK Credit Party, (v) or any analogous
procedure or step is taken in any jurisdiction; or

                    (t)
there occurs any Event of Default under or in
connection with the UK Credit
Agreement.

          9.2
Remedies.

                    (a) (i)
Subject to clauses (iv) and (v) below, if a
Default or an Event of Default
exists: (A) the Administrative Agent under the US Credit Agreement and the UK
Agent under the UK Credit Agreement
may, in their collective discretion, and shall, at the direction of the Required Lenders, without notice to or demand
on the Borrowers or any other Credit Party reduce the Maximum Amount; (B) the
Administrative Agent, in its capacity as Administrative Agent under the US Credit Agreement, may, in its
discretion, and shall, at the direction of the US Required Lenders (I) reduce
the Maximum US Amount and/or the advance rates against Eligible Accounts and/or Eligible Rental Fleet Assets
and/or Eligible Machinery and Equipment and/or Eligible Sales Inventory used in
computing the US Borrowing Base or reduce one or more of the other elements
used in computing the US Borrowing Base; (II) restrict the amount of or refuse
to

71

make US Revolving Loans to one or
more of the US Borrowers; and (III) restrict or refuse to provide Letters of Credit or Credit Support to
one or more of the US Borrowers; or (C) the UK Agent, in its capacity as UK Agent under the UK Credit Agreement, may,
in its discretion, and shall, at the
direction of the UK Required Lenders shall (I) reduce the Maximum UK Amount and/or the advance rates against Eligible Accounts
and/or Eligible Rental Fleet Assets and/or Eligible Machinery and Equipment and/or Eligible Sales Inventory used
in computing the UK Borrowing Base or reduce one or more of the other
elements used in computing the UK Borrowing Base; (II) restrict the amount of
or refuse to make UK Revolving Loans to one or more of the UK Borrowers; and
(III) restrict or refuse to provide Letters of Credit or Credit Support to one or more of the UK Borrowers.

	
 

	
 

	
 

	
          (ii)
  If an Event of Default exists, the Administrative Agent, in its capacity as Administrative Agent under the US
  Credit Agreement, may, in its discretion, and shall, at the direction of the
  US Required Lenders, do one or more of the following, in addition to the
  actions described in the preceding sentence, at any time or times and in any order, without
  notice to or demand on the US Borrowers
  or any other Credit Party: (A) terminate the US Commitments with respect to
  the Total US Facility and the US Credit Agreement; (B) declare any or all US Obligations of the US Borrowers to be
  immediately due and payable; provided,
  however, that upon the
  occurrence of any Event of Default described in Sections 9.l(e),
  9.1(f), 9.1(g) or 9.1(h) of the US Credit Agreement with
  respect to any US Borrower, the US
  Commitments shall automatically and immediately expire and all US Obligations
  shall automatically become immediately due and payable without notice or demand of any kind; (C) require the US
  Borrowers to cash collateralize all US Letter of Credit Obligations
  outstanding under the US Credit
  Agreement; and (D) pursue its other rights and remedies under the US Loan Documents and applicable law.

	
 

	
 

	
 

	
          (iii)
  If an Event of Default exists, the UK Agent, in its capacity as UK Agent under the UK Credit Agreement, may, in
  its discretion, and shall, at the direction of the UK Required
  Lenders, do one or more of the following, in addition to the actions described in the preceding sentence, at any
  time or times and in any order,
  without notice to or demand on the UK Borrowers or any other Credit Party:
  (A) terminate the UK Commitments with respect to the Total UK Facility, and Agreement; (B) declare any or all
  UK Obligations of the UK Borrowers
  to be immediately due and payable; (C) require the UK Borrowers to cash collateralize all Letter of Credit
  Obligations outstanding under the UK Credit Agreement; and (D) pursue its other rights and remedies under the UK
  Loan Documents and applicable law.

                    (b)
Event of Default has occurred and is continuing and without prejudice to all or any rights it may otherwise have under the
laws of any jurisdiction or under the terms of any other Loan Document:
(i) the Administrative Agent shall have for the benefit of the US Agents and the US Lenders, in addition to all
other rights of the US Agents and the US Lenders, the rights and remedies of a secured party under
the US Loan Documents, the UCC and the Companies Act; (ii) the Administrative
Agent may, at any time, take possession of any or all of the US Collateral and keep it on the applicable US
Credit Party’s premises, at no cost to the

72

Administrative Agent, any US
Agent or any US Lender, or remove any part of it to such other place or places
as the Administrative Agent may desire; and (iii) the Administrative Agent may sell and deliver any US Collateral at public or
private sales, for cash, upon credit or otherwise, at such prices and upon such terms as the
Administrative Agent deems advisable, in its sole discretion, and may, if the Administrative Agent
deems it reasonable, postpone or adjourn any sale of the US Collateral by an announcement at the time and place of
sale or of such postponed or
adjourned sale without giving a new notice of sale. Without in any way
requiring notice to be given in the
following manner, the US Borrowers agree that any notice by the Administrative Agent of sale, disposition or other intended
action hereunder or in connection herewith, whether required by the UCC, other
applicable laws or otherwise, shall constitute reasonable notice to the US Borrowers if such notice is mailed by
registered or certified mail, return receipt requested, postage prepaid, or is delivered personally
against receipt, at least five US Business Days prior to such action to the US Borrowers’ address
specified in or pursuant to Section 13.8 of the US Credit Agreement. If any US Collateral is sold on
terms other than payment in full at the time of sale, no credit shall be given
against the US Obligations until the Administrative Agent or the US Lenders receive payment, and if the buyer defaults
in payment, the Administrative Agent may resell the US Collateral without further notice to the Borrowers. In
the event the Administrative Agent
seeks to take possession of all or any portion of the US Collateral by judicial
process, the US Borrowers irrevocably waive: (A) the posting of any bond,
surety or security with respect thereto
which might otherwise be required; (B) any demand for possession prior to the commencement of any suit or action to recover the
Collateral; and (C) any requirement that the Administrative Agent retain possession and not dispose of any US
Collateral until after trial or final judgment. The US Borrowers agree that the
Administrative Agent has no obligation to preserve rights to the US Collateral or marshal any US Collateral for
the benefit of any Person. The Administrative
Agent is hereby granted a license or other right to use, without charge, the US Borrowers’ labels, patents, copyrights, name,
industrial designs, trade secrets, trade names, trademarks, and advertising matter, or any similar property, in completing
production of, advertising or
selling any US Collateral, and such US Borrowers’ rights under all licenses and
all franchise agreements shall inure
to the Administrative Agent’s benefit for such purpose. The proceeds of sale of
the US Collateral of any US Obligor shall be applied first to all expenses of sale, including attorneys’ fees, and then to the
Obligations of such US Obligor. The Administrative
Agent will return any excess to the US Borrowers and the US Credit Parties
shall remain liable for any deficiency.

                    (c)
If an Event of Default occurs, the US Borrowers hereby waive all rights to notice and hearing prior to the exercise by the
Administrative Agent of the Administrative Agent’s rights to repossess the Collateral without judicial process or
to reply, attach or levy upon the US Collateral without notice or hearing.

ARTICLE 10.
TERM AND TERMINATION

          10.1
Term and Termination. The term of this Agreement shall end on the Stated
Termination Date unless sooner
terminated in accordance with the terms hereof. The Administrative Agent upon direction from the
Required Lenders may terminate the US Commitments
under this Agreement without notice upon the occurrence of an Event of Default.
Upon the effective date of termination of this Agreement for any reason
whatsoever, all US

73

Obligations (including all unpaid
principal, accrued and unpaid interest and any early termination or prepayment fees or penalties)
shall become immediately due and payable and the Applicable Borrower shall immediately arrange for the cancellation and
return of Letters of Credit then
outstanding. Notwithstanding the termination of this Agreement, until all Obligations are paid and performed in full in
cash, each US Borrower shall remain bound by the terms of this Agreement
and shall not be relieved of any of its Obligations hereunder or under any other Loan Document, and the Agents and the
Lenders shall retain all their rights and remedies hereunder (including the Agents’ Liens in and all rights and
remedies with respect to all then
existing and after-arising Collateral).

ARTICLE 11.
AMENDMENTS; WAIVERS; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS

          11.1
Amendments and Waivers.

                    (a)
No amendment or waiver of any
provision of this Agreement or any other Loan Document, including, without limitation, the UK Credit Agreement
and the UK Loan Documents, and no
consent with respect to any departure by the Credit Parties therefrom shall be effective unless the same shall be consented to in
writing by the Required Lenders and executed by the Applicable Required
Lenders (or by the Responsible Agent at the written request of the Applicable Required Lenders) and the Applicable
Borrowers and then any such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

                    (b)
No amendment or waiver of any
provision of this Agreement or any other Loan Document, including, without limitation, the UK Credit Agreement
and the UK Loan Documents shall be
effective unless the same shall be consented to in writing by 100% of the Lenders
and executed by the Applicable Lenders (or by the Responsible Agent at the
written request of the Applicable Lenders
and the Applicable Borrowers), if such waiver, amendment or consent shall do
any of the following:

	
 

	
 

	
 

	
          (i)
  increase or extend the US Commitment or the UK Commitment;

	
 

	
 

	
 

	
          (ii)
  postpone or delay any date fixed by this Agreement or any other Loan Document, for any payment of principal,
  interest, fees or other amounts due
  to the Lenders (or any of them) hereunder or under any other Loan Document,
  including, without limitation, the UK Credit Agreement;

	
 

	
 

	
 

	
          (iii)
  reduce the principal of, or the rate of interest specified herein on any Loan, or any fees or other
  amounts payable hereunder or under any other Loan Document, including,
  without limitation, the UK Credit
  Agreement;

	
 

	
 

	
 

	
          (iv)
  change the percentage of the US Commitments, the UK Commitments or of the aggregate unpaid
  principal amount of the Loans which is required for the Lenders or any
  of them to take any action hereunder or
  under any other Loan Document;

74

	
 

	
 

	
 

	
          (v)
  increase any of the percentages set forth in the definition of the US
  Borrowing Base or the UK Borrowing Base (other than as the result of delivery of new Appraisals);

	
 

	
 

	
 

	
          (vi)
  amend this Section 11.1 or any provision of this Agreement or the UK Credit Agreement providing for
  consent or other action by all Lenders;

	
 

	
 

	
 

	
          (vii) release any Guaranties other than as
  permitted by Section 12.11;

	
 

	
 

	
 

	
          (viii)
  change the definition of “Required Lenders,” “US Required Lenders,” “UK
  Required Lenders,” or “Pro Rata Share”;

	
 

	
 

	
 

	
          (ix) increase the Maximum Amount, the Maximum US
  Amount, the Maximum UK Amount, the
  Maximum Consolidated Borrowing Base
  Amount or the Letter of Credit Subfacility; or

	
 

	
 

	
 

	
          (x) release any Collateral other than as
  permitted by Section 12.11 hereof and Section12.11 of the UK Credit
  Agreement.

provided, however, that the Responsible Agent may,
in its sole discretion and notwithstanding the limitations contained in clauses
(v) and (ix) above and any other terms of this Agreement, make Agent Advances in accordance with Section
1.2(i) hereof or Section 1.2(i) of the UK Credit Agreement and, provided further,
 that no amendment, waiver or consent shall, unless in writing and signed by the Responsible Agent,
affect the rights or duties of the Responsible Agent under this Agreement or any other Loan Document;
and provided further, that Schedule 1 hereto and Schedule
1 to the UK Credit Agreement may be amended from time to time by the Responsible Agent alone to reflect assignments of
US Commitments and the UK Commitments or
increases or decreases in US Commitments and UK Commitments in accordance
herewith and the UK Credit
Agreement. 

                    (c)
[Intentionally deleted]

                    (d)
[Intentionally deleted]

                    (e)
[Intentionally deleted]

                    (f)
[Intentionally deleted]

                    (g)
If, in connection with any proposed
amendment, waiver or consent (a “Proposed
Change”) requiring the consent of all Lenders, the consent of Required Lenders
is obtained, but the consent of
other US Lenders is not obtained (any such Lender whose consent is not obtained as described in this clause and being
referred to as a “Non-Consenting US Lender”), then, so long as the Administrative Agent is not a Non-Consenting US
Lender, at the US Borrower Representative’s
request, the Administrative Agent or an Eligible Assignee shall have the right
(but not the obligation) with the Administrative Agent’s approval, to purchase
from the Non-Consenting US Lenders, and the Non-Consenting US Lenders agree
that they shall sell, all

75

the Non-Consenting US Lenders’ US
Commitments and UK Commitments and/or US Revolving Loans and UK Revolving Loans (including, for the
avoidance of doubt, all of such Non-Consenting
US Lender’s UK Commitments and UK Revolving Loans by way of a UK Transfer
Agreement) for an amount equal to the principal balances of such Loans and all
accrued interest and fees with
respect thereto through the date of sale pursuant to Assignment and
Acceptance(s), without premium or discount.

          11.2
Assignments; Participations.

                    (a)
Any US Lender may, with the written consent of the Administrative Agent (which
consent, in each case, shall not be unreasonably withheld), assign and delegate
to one or more Eligible Assignees (provided that no consent of the Administrative Agent shall be
required in connection with any
assignment and delegation by a US Lender to an Affiliate of such US Lender)
(each an “Assignee”) all, or any ratable part of all, of the US Revolving
Loans, the US Commitments and the
other rights and obligations of such US Lender hereunder, in the case of US
Revolver Loans in a minimum amount of the Dollar Equivalent of $10,000,000; provided
that, unless an assignor US Lender has assigned and delegated all of its
rights and obligations with respect
to all of its Revolving Loans (including its US Revolving Loans and UK
Revolving Loans) and/or Aggregate
Commitments (including its US Commitments and its UK Commitments), no
such assignment and/or delegation shall be permitted unless, after giving
effect thereto, such assignor US Lender retains an Aggregate Commitment
(including its aggregate US Commitments,
its aggregate UK Commitments, and the aggregate of any UK Commitments of any
Affiliate of the US Lender) in a minimum amount of the Dollar Equivalent of $20,000,000 and provided further that any such assignment shall effect an assignment of a ratable part of
such US Lender’s Aggregate Commitments and other rights and obligations; provided, however, that the US Borrowers
and the Administrative Agent may
continue to deal solely and directly with such US Lender in connection
with the interest so assigned to an Assignee until (i) written notice of such
assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall
have been given to the US Borrowers
and the US Agent by such US Lender and the Assignee; (ii) such US Lender and
its Assignee shall have delivered to
the US Borrowers and the Administrative Agent an Assignment and Acceptance in the form of Exhibit F (“Assignment and Acceptance”) together with any note or notes subject to such
assignment and (iii) the assignor US Lender or Assignee has paid to the
Administrative Agent a processing fee in the amount of $3,500 and provided
further that no such assignment shall be effective unless and
until the assignor US Lender, in its capacity as a UK Lender, shall also have novated a pro rata
portion of its interest in its UK Revolving Loans and/or UK Commitments under
the UK Credit Facility pursuant to and in accordance with Section 11.2(a) of the UK Credit Facility and delivered to the UK Agent a UK Transfer Agreement
with respect to such novation (provided that no such novation of
UK Revolving Loans and/or UK Commitments
shall be required in connection with transfer by a US Lender to its Affiliate). The US Borrowers agree to
promptly execute and deliver new promissory notes and replacement
promissory notes as reasonably requested by the Administrative Agent to evidence assignments of the US Revolving Loans, the
UK Revolving Loans, the US Commitments
and the UK Commitments in accordance herewith. 

                    (b)
From and after the date that the Administrative Agent notifies the assignor US
Lender that it has received the executed Assignments and Acceptance and the UK
Agent has

76

received the executed UK
Transfer Agreement required hereby and payment of the above-referenced
processing fee, and (i) the Assignee thereunder shall be a party hereto and, to
the extent that rights and obligations,
including, but not limited to, the obligation of a US Lender to participate in
Letters of Credit and Credit Support, have been assigned to it pursuant to such
Assignment and Acceptance, shall have
the rights and obligations of a US Lender under the Loan Documents, and (ii) the assignor US Lender shall,
to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it
pursuant to such Assignment and
Acceptance, relinquish its rights and be released from its obligations under
this Agreement (and in the case of an Assignment and Acceptance covering
all or the remaining portion of an assigning US Lender’s rights and obligations
under this Agreement, such US Lender shall
cease to be a party hereto).

                    (c)
By executing and delivering an
Assignment and Acceptance, the assigning US Lender thereunder and the Assignee
thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than
as provided in such Assignment and Acceptance, such assigning US Lender
makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Agreement or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of
this Agreement or any other Loan Document furnished pursuant hereto or the
attachment, perfection, or priority of any
Lien granted by any US Borrower or any of its Subsidiaries to the Administrative
Agent or any US Lender in the Collateral; (ii) such assigning US Lender makes no representation or warranty and assumes no
responsibility with respect to the financial condition of any Credit Party or any of its Subsidiaries or the
performance or observance by any Credit
Party or any of its Subsidiaries of any of their respective obligations under
this Agreement or any other Loan
Document furnished pursuant hereto; (iii) such Assignee confirms that it has received a copy of this Agreement, together with
such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into such Assignment and
Acceptance; (iv) such Assignee will, independently and without reliance upon
the Administrative Agent, such
assigning US Lender or any other US Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under this Agreement; (v) such Assignee appoints and authorizes the Administrative Agent to take such action as agent on
its behalf and to exercise such
powers under this Agreement as are delegated to the Administrative Agent by the
terms hereof, together with such
powers, including the discretionary rights and incidental power, as are reasonably
incidental thereto; and (vi) such Assignee agrees that it will perform in
accordance with their terms all of the obligations which by the terms of this
Agreement are required to be performed by
it as a US Lender.

                    (d)
Immediately upon satisfaction of the
requirements of Section 11.2(a), this Agreement shall be deemed to be
amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the
resulting adjustment of the US Commitments arising therefrom. The US Commitment, if any, allocated to
each Assignee shall reduce such US Commitments
of the assigning US Lender pro tanto. 

                    (e)
Any US Lender may at any time sell to one
or more commercial banks, financial
institutions, or other Persons not Affiliates of the Borrowers (a
“Participant”) participating
interests in any US Revolving Loans, the US Commitment of that Lender and the

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other interests of that Lender
(the “originating US Lender”) hereunder and under the other US Loan Documents; provided, however, that (i)
the originating US Lender’s obligations under this Agreement shall remain unchanged, (ii) the
originating US Lender shall remain solely responsible for the performance of such obligations, (iii) the US
Borrowers and the US Agents shall
continue to deal solely and directly with the originating US Lender in
connection with the originating US Lender’s rights and obligations under this
Agreement and the other US Loan Documents,
and (iv) no US Lender shall transfer or grant any participating interest under
which the Participant has rights to
approve any amendment to, or any consent or waiver with respect to, this Agreement or any other US Loan Document except
the matters set forth in Section
11.1(b)(i), (ii) and
(iii), and all amounts payable by the US Borrowers hereunder shall be determined as if such US Lender had not sold such
participation; provided further that no such sale of a participating interest shall be
effective unless and until the originating US Lender, in its capacity as a UK
Lender, shall also have sold a pro rata participating portion of its
interest in its UK Revolving Loans
and/or UK Commitments under the UK Credit Facility pursuant to and in accordance with Section 11.2(e) of the UK
Credit Facility. Notwithstanding the foregoing, if amounts outstanding under this Agreement are due
and unpaid, or shall have become due and payable upon the occurrence of an
Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating
interest in amounts owing under this Agreement to the same extent and subject to the same
limitation as if the amount of its participating interest were owing directly to it as a US Lender under
this Agreement. 

                    (f)
Notwithstanding any other provision in this Agreement, any US Lender may at any time create a security interest in, or
pledge, all or any portion of its rights under and interest in this Agreement in favor of any
Federal Reserve Bank in accordance with Regulation A of the Federal Reserve Board or U.S. Treasury
Regulation 31 CFR §203.14, and such Federal Reserve Bank may enforce
such pledge or security interest in any manner permitted under applicable law.

ARTICLE 12.
THE AGENTS

          12.1
Appointment and Authorization. Each US Lender hereby redesignates and reappoints Bank as its Administrative Agent under
this Agreement and the other Loan Documents
and each US Lender hereby irrevocably authorizes the Administrative Agent to
take such action on its behalf under the provisions of this Agreement and each
other Loan Document and to exercise such powers and perform such duties as are
expressly delegated to it by the terms of this Agreement or any other Loan
Document, together with such powers as are reasonably incidental thereto. The Administrative Agent
agrees to act as such on the express conditions contained in this Article 12. The provisions of this Article
12 are solely for the benefit of the Administrative Agent and the US
Lenders and the Credit Parties shall have no rights as third party beneficiaries of any of the provisions
contained herein. Notwithstanding any provision to the contrary contained elsewhere in this
Agreement or in any other Loan Document, the US Agents shall not have any duties or responsibilities, except those
expressly set forth herein, nor shall the US Agents have or be deemed to have
any fiduciary relationship with any US Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the US Agents. Without limiting the
generality of the foregoing sentence, the use of the term “agent” in this

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Agreement with reference to any
US Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law. Instead, such
term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship
between independent contracting parties. Except as expressly otherwise provided in this Agreement, each US
Agent shall have and may use its sole discretion with respect to exercising or refraining from exercising any
discretionary rights or taking or refraining from taking any actions
which an Agent is expressly entitled to take or assert under this Agreement and the other Loan Documents,
including (a) the determination of the applicability
of ineligibility criteria with respect to the calculation of the US Borrowing
Base, (b) the making of Agent
Advances pursuant to Section 1.2(i), and (c) the exercise of remedies pursuant to Section 9.2, and any action so
taken or not taken shall be deemed consented to by the Lenders.

          12.2 Delegation
of Duties. Each Agent may execute
any of its duties under this Agreement
or any other Loan Document by or through agents, employees or attorneys-in-fact
and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. No US Agent shall be responsible for the negligence or
misconduct of any agent or attorney-in-fact that it selects as long as such selection was made without gross negligence
or willful misconduct.

          12.3 Liability
of Agent. None of the
Agent-Related Persons shall (i) be liable for any action taken or omitted to be taken by any of
them under or in connection with this Agreement or any other Loan
Document or the transactions contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be
responsible in any manner to any of the Lenders for any recital, statement, representation or
warranty made by any US Borrower or any Subsidiary or Affiliate of any US
Borrower, or any officer thereof, contained in this Agreement or in any other
Loan Document, or in any certificate, report, statement or other document
referred to or provided for in, or
received by any US Agent under or in connection with, this Agreement or any
other Loan Document, or the validity,
effectiveness, genuineness, enforceability or sufficiency of this Agreement
or any other Loan Document, or for any failure of any US Borrower or any other party to any Loan Document to perform its
obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any US Lender to
ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the
properties, books or records of such US
Borrower or any of the US Borrowers’ Subsidiaries or Affiliates.

          12.4 Reliance
by Each Agent. Each US Agent
shall be entitled to rely, and shall be fully protected in relying, upon
any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone
message, statement or other document or conversation believed by it to be genuine and correct and to have been
signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel (including
counsel to the Borrower), independent accountants and other experts
selected by such US Agent. Each US Agent
shall be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless it shall first receive such advice
or concurrence of the Required Lenders
as it deems appropriate and, if it so requests, it shall first be indemnified
to its satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by
reason of taking or continuing to take any such action. Each US Agent shall in
all cases be fully protected in acting, or in refraining from acting, under
this Agreement or any other Loan

79

Document in accordance with a
request or consent of the Required Lenders (or all Lenders if so required by Section 11.1) and such request
and any action taken or failure to act pursuant thereto shall be binding upon all of the US Lenders.

          12.5 Notice
of Default. No US Agent shall be
deemed to have knowledge or notice of the occurrence of any Default or
Event of Default, unless such US Agent shall have received written notice from a Lender or the US Borrower
Representative referring to this Agreement, describing such Default or Event of Default and stating that such
notice is a “notice of default.” Each
US Agent will notify the US Lenders of its receipt of any such notice. Each US
Agent shall take such action with respect to such Default or Event of
Default as may be requested by the Required
US Lenders; provided, however, that unless and until such US
Agent has received any such request, such US Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default
as it shall deem advisable.

          12.6 Credit
Decision. Each US Lender
acknowledges that none of the Agent-Related Persons has made any representation or warranty to it, and that no act by
any US Agent hereinafter taken, including any review of the affairs of
the US Borrowers and their Affiliates, shall
be deemed to constitute any representation or warranty by any Agent-Related
Person to any US Lender. Each US
Lender represents to each US Agent that it has, independently and without
reliance upon any Agent-Related Person and based on such documents and information
as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property, financial and other
condition and creditworthiness of the US Borrowers and their Affiliates, and all applicable bank regulatory
laws relating to the transactions contemplated hereby, and made its own
decision to enter into this Agreement and to extend credit to the US Borrowers. Each US Lender also represents that it
will, independently and without reliance upon any Agent-Related Person and based on such documents and information as
it shall deem appropriate at the time, continue to make its own credit
analysis, appraisals and decisions in taking or not taking action under this
Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, financial and other condition
and creditworthiness of the US Borrowers. Except
for notices, reports and other documents expressly herein required to be
furnished to the US Lenders by a US
Agent, such US Agent shall not have any duty or responsibility to provide any US Lender with any credit or other information
concerning the business, prospects, operations,
property, financial and other condition or creditworthiness of the Credit
Parties or any of their Subsidiaries
which may be or come into the possession of any of the Agent-Related Persons.

          12.7 Indemnification. Whether or not the
transactions contemplated
hereby are consummated, the US Lenders shall indemnify upon demand the
Agent-Related Persons (to the extent
not reimbursed by or on behalf of the US Borrowers and without limiting the
obligation of the Borrowers to do
so), in accordance with their Pro Rata Shares, from and against any and all
Indemnified Liabilities as such term is defined in Section 13.11 and any
liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, charges, expenses and
disbursements (including Attorney
Costs) related to or resulting from any claim or the assertion of any defense based on equitable subordination; provided,
however, that no US Lender shall be liable for the payment to the
Agent-Related Persons of any portion of such Indemnified Liabilities resulting

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solely from such Person’s gross negligence or willful
misconduct. Without limitation of the foregoing,
each US Lender shall reimburse each US Agent upon demand for its Pro Rata Share
of any costs or out-of-pocket
expenses (including Attorney Costs) incurred by such US Agent in connection with the preparation, execution,
delivery, administration, modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other
Loan Document, or any document
contemplated by or referred to herein, to the extent such the US Agent is not reimbursed
for such expenses by or on behalf of the US Borrowers. The undertaking in this Section shall survive the payment of all
Obligations hereunder and the resignation or replacement of any US Agent.

          12.8 Agent
in Individual Capacity. The Bank
and its Affiliates may make loans to, issue letters of credit for the
account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust,
financial advisory, underwriting or other business with the Borrowers and their
Subsidiaries and Affiliates as though the Bank were not a US Agent hereunder
and without notice to or consent of the US Lenders. The Bank or its Affiliates
may receive information regarding the
Borrowers, their Affiliates and Account Debtors (including information that may be subject to
confidentiality obligations in favor of the Borrowers or their Affiliates) and acknowledge that each US Agent
and the Bank shall be under no obligation to provide such information to them. With respect to its US Revolving
Loans, the Bank shall have the same
rights and powers under this Agreement as any other Lender and may exercise the
same as though it were not an Agent,
and the terms “Lender” and “Lenders” include the Bank in its individual capacity.

          12.9 Successor
Agent. Each US Agent may resign
as US Agent upon at least 30 days’ prior
notice to the Lenders and the Applicable Borrower Representative, such
resignation to be effective upon the acceptance of a successor agent to its
appointment as the appropriate Agent; provided that, prior to
the occurrence and continuation of a Default or Event of Default, the Administrative Agent shall not resign unless the
Bank shall also resign as UK Agent under the UK Credit Agreement. In the event
the Bank sells all of its Aggregate Commitment and Loans as part of a sale, transfer or other disposition
by the Bank of substantially all of its loan portfolio containing this Agreement, the Bank shall resign
as Agent and such purchaser or transferee shall become the successor Administrative Agent, in each respective capacity,
hereunder. Subject to the foregoing,
if any US Agent resigns under this Agreement, the Required Lenders shall
appoint from among the US Lenders a
successor agent in such capacity for the US Lenders. If no successor agent is appointed prior to the
effective date of the resignation of an US Agent, such US Agent may
appoint, after consulting with the US Lenders and the Borrower, a successor
agent in such capacity from among the Lenders. Upon the acceptance of its
appointment as successor agent hereunder,
such successor agent shall succeed to all the rights, powers and duties of
the relevant retiring US Agent and the term “Administrative Agent”, “UK Agent”
or “UK Security Trustee”, as applicable,
shall mean such successor agent and the retiring US Agent’s appointment, powers and duties as such a US Agent
shall be terminated. After any retiring US Agent’s resignation hereunder as a US Agent, the provisions of this Article
12 shall continue to inure to its benefit as to any actions taken or
omitted to be taken by it while it was US Agent under this Agreement.

          12.10 Withholding
Tax.

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          (a) If
any US Lender is a “foreign corporation, partnership or trust” within the meaning of the Code and such US Lender claims
exemption from, or a reduction of, US withholding
tax under Sections 1441 or 1442 of the Code, such US Lender agrees with and in favor of the Administrative Agent, to deliver to
the Administrative Agent:

	
 

	
 

	
 

	
          (i)
  if such US Lender claims an exemption from, or a reduction of, withholding tax under a United
  States of America tax treaty, properly
  completed IRS Forms W-8BEN and W-8ECI before the payment of any interest in the first calendar year and
  before the payment of any interest in each third succeeding calendar year
  during which interest may be paid
  under this Agreement;

	
 

	
 

	
 

	
          (ii)
  if such US Lender claims that interest paid under this Agreement is
  exempt from United States of America withholding tax because it is effectively connected with a United States of America
  trade or business of such US
  Lender, two properly completed and executed copies of IRS Form W-8ECI before the payment of any interest is due
  in the first taxable year of such US Lender and in each succeeding taxable year of such US Lender during which interest may
  be paid under this Agreement, and
  IRS Form W-9; and

	
 

	
 

	
 

	
          (iii)
  such other form or forms as may be required under the Code or other laws of the United States of
  America as a condition to exemption
  from, or reduction of, United States of America withholding tax.

Such US Lender agrees to promptly
notify the Administrative Agent of any change in circumstances which would modify or render invalid any claimed
exemption or reduction.

          (b) If
any US Lender claims exemption from, or reduction of, withholding tax under a United States of America tax treaty by providing
IRS Form W-8BEN and such US Lender
sells, assigns, grants a participation in, or otherwise transfers all or part
of the Obligations owing to such US
Lender, such US Lender agrees to notify the Administrative Agent of the percentage amount in which it is no longer the
beneficial owner of Obligations of the Borrower to such Lender. To the
extent of such percentage amount, the Administrative Agent will treat such Lender’s IRS Form W-8BEN as no longer
valid.

          (c) If
any US Lender claiming exemption from United States of America withholding tax by filing IRS Form W-8ECI with the
Administrative Agent sells, assigns, grants a participation in, or otherwise
transfers all or part of the Obligations owing to such US Lender, such US Lender agrees to undertake sole
responsibility for complying with the withholding tax requirements imposed by Sections 1441 and 1442 of
the Code.

          (d) If any US Lender is entitled to a
reduction in the applicable withholding tax, the Administrative Agent may
withhold from any interest payment to such US Lender an amount equivalent to the applicable withholding tax after taking into
account such reduction. If the forms or other documentation required by
subsection (a) of this Section are not delivered to

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the Administrative Agent, then the Administrative
Agent may withhold from any interest payment to such US Lender not providing
such forms or other documentation an amount equivalent
to the applicable withholding tax.

                    (e)
If the IRS or any other Governmental Authority of the United States of America or other jurisdiction asserts a claim that
the Administrative Agent did not properly withhold tax from amounts paid to or for the account of any US Lender
(because the appropriate form was not delivered, was not properly executed, or
because such Lender failed to notify the Administrative Agent of a change in circumstances which rendered the
exemption from, or reduction of,
withholding tax ineffective, or for any other reason) such US Lender shall indemnify the Administrative Agent fully for all
amounts paid, directly or indirectly, by the Administrative Agent as tax or otherwise, including penalties and
interest, and including any taxes
imposed by any jurisdiction on the amounts payable to the Administrative Agent
under this Section, together with
all costs and expenses (including Attorney Costs). The obligation of the US Lenders under this subsection shall survive the
payment of all Obligations and the resignation
or replacement of the Administrative Agent.

          12.11
Collateral Matters and Release of Guaranties.

                    (a)
The US Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release
any Agents’ Liens upon any US Collateral (i) upon the termination of the US Commitments and payment
and satisfaction in full by US Borrowers of all US Revolving Loans and
reimbursement obligations in respect of Letters of Credit and Credit Support, and the termination of all outstanding Letters
of Credit or the provision of cash collateral
or a Supporting Letter of Credit pursuant to Section 1.4(g) hereof and Section
1.4(g) of the UK Credit Agreement (whether or not any of such
obligations are due) and all other Obligations;
(ii) constituting property being sold or disposed of if the US Borrower Representative certifies to the Administrative
Agent that the sale or disposition is made in compliance with Section 7.9 (and the Administrative Agent may
rely conclusively on any such certificate,
without further inquiry); (iii) constituting property in which the Credit
Parties owned no interest at the
time the Lien was granted or at any time thereafter; or (iv) constituting
property leased to a Credit Party
under a lease which has expired or been terminated in a transaction permitted under this Agreement. Except as
provided above, the Administrative Agent will not release any of the
Applicable Agents’ Liens without the prior written authorization of the Lenders; provided that the
Administrative Agent may, in its discretion, release the Agents’ Liens on Collateral valued in the aggregate (including
all UK Collateral so released under the UK Credit Agreement) not in excess of the Dollar Equivalent of $2,000,000
in the aggregate for all Borrowers
during each Fiscal Year without the prior written authorization of any Lenders
and the Administrative Agent may
release the Applicable Agents’ Liens on Collateral valued in the aggregate (including all UK Collateral so released
under the UK Credit Agreement) not in excess of the Dollar Equivalent of an additional $4,000,000 in the aggregate
for all Borrowers during each Fiscal
Year with the prior written authorization of Required Lenders, Upon request by
the Administrative Agent or the US
Borrower Representative at any time, the US Lenders will confirm in writing the
Administrative Agent’s authority to release any Agents’ Liens upon particular types or items of Collateral pursuant
to this Section 12.11.

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                    (b)
Upon receipt by the Applicable Security
Agent of any authorization required pursuant to Section 12.11 of
the US Agent’s authority to release Agents’ Liens upon particular types or items of US Collateral, and upon at least five
(5)
Applicable Business Days prior
written request by the US Borrower Representative, the Administrative Agent
shall (and is hereby irrevocably
authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Agents’ Liens upon
such Collateral; provided, however, that (i) the Administrative Agent shall not be requited to
execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent
to liability or create any obligation
or entail any consequence other than the release of such Liens without recourse
or warranty, and (ii) such release
shall not in any manner discharge, affect or impair the Obligations or any
Liens (other than those expressly being released) upon (or obligations of the
Credit Parties in respect of) all
interests retained by the Credit Parties, including the proceeds of any sale,
all of which shall continue to
constitute part of the Collateral.

                    (c)
The Administrative Agent shall have
no obligation whatsoever to any of the Lenders to assure that the Collateral
exists or is owned by the applicable Credit Party or is cared for, protected or insured or has been
encumbered, or that the Administrative Agents’ Liens have been properly or sufficiently or lawfully
created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any
particular manner or under any duty
of care, disclosure or fidelity, or to continue exercising, any of the rights,
authorities and powers granted or
available to the Administrative Agent pursuant to any of the Loan Documents, it being understood and agreed that in
respect of the Collateral, or any act, omission or event related thereto, the Administrative Agent may act in any manner
it may deem appropriate, in its sole
discretion given the Administrative Agent’s own interest in the Collateral in its capacity as one of the US Lenders and that
the Administrative Agent shall have no other duty or liability whatsoever to any US Lender as to any of the
foregoing.

                    (d)
The Lenders hereby irrevocably
authorize the Administrative Agent and the
UK Agent, at their option and in their sole discretion, to release any
Subsidiary Guaranty: (i) upon the
termination of the US Commitments and payment and satisfaction in full by US Borrowers of all US Revolving Loans and
reimbursement obligations in respect of Letters of Credit and Credit Support, and the termination of
all outstanding Letters of Credit or the provision of cash collateral or a Supporting Letter of Credit pursuant
to Section 1.4(g) hereof and Section 1.4(g) of the UK Credit Agreement
(whether or not any of such obligations are due) and all other Obligations;
(ii) granted by any Subsidiary Guarantor which is being sold or disposed of if the US Borrower Representative certifies to the
Administrative Agent that the sale or disposition
is made in compliance with Section 7.9 (and the Administrative Agent may
rely conclusively on any such
certificate, without further inquiry). Except as provided above, the Administrative Agent will not release any of the
Subsidiary Guaranties granted by any Subsidiary
Guarantor without the prior written authorization of the Lenders; provided
that the Administrative Agent
may, in its discretion, release the Subsidiary Guaranties of any Subsidiary Guarantor if such Subsidiary Guarantor shall own
assets with a fair market value of less than $100,000. Upon request by the Administrative Agent or the US Borrower
Representative at any time, the US Lenders will confirm in writing the
Administrative Agent’s authority to release any Subsidiary Guaranties pursuant to this Section 12.11. 

          12.12
Restrictions on Actions by Lenders; Sharing of Payments.

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                    (a)
Each of the US Lenders agrees that it
shall not, without the express consent
of all US Lenders, and that it shall, to the extent it is lawfully entitled to
do so, upon the request of all US
Lenders, set off against the Obligations, any amounts owing by such US Lender to any US Credit Party or any accounts of a US
Credit Party now or hereafter maintained with such US Lender. Each of
the US Lenders further agrees that it shall not, unless specifically requested to do so by the Administrative Agent,
take or cause to be taken any action to enforce its rights under this Agreement or against a US Credit Party, including
the commencement of any legal or
equitable proceedings, to foreclose any Lien on, or otherwise enforce any
security interest in, any of the US
Collateral.

                    (b)
If at any time or times any US Lender
shall receive (i) by payment, foreclosure,
setoff or otherwise, any proceeds of US Collateral or any payments with respect
to the Obligations of any US Obligor
to such US Lender arising under, or relating to, this Agreement or the other Loan Documents, except for
any such proceeds or payments received by such US Lender from the Applicable
Security Agent pursuant to the terms of this Agreement, or (ii) payments from the Applicable Security Agent
in excess of such US Lender’s ratable portion of all or such portion of any distributions due such US Lender upon
application of the order of payments
set forth under Section 3.7 hereof by the Applicable Security Agent,
such US Lender shall promptly turn the
same over to the Applicable Security Agent, in kind, and with such endorsements as may be required to negotiate the
same to the Applicable Security Agent, or in same day funds, as applicable, for the account of all of the US Lenders
and for application to the Obligations
in accordance with the applicable provisions of this Agreement.

          12.13
Agency for Perfection. Each Lender hereby appoints each other US
Lender, the Administrative Agent and
the Applicable Security Agent as agent for the purpose of perfecting the
Lenders’ security interest in assets which, in accordance with Article 9
of the UCC or other applicable law
can be perfected only by possession, Should any US Lender (other than the Administrative Agent) obtain possession of any
such US Collateral, such US Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative
Agent’s request therefor shall
deliver such US Collateral to the Administrative Agent or in accordance with
the Administrative Agent’s
instructions.

          12.14
Payments by Responsible Agent to
Applicable Lenders. All payments
to be made by any US Agent to the US
Lenders shall be made by bank wire transfer or internal transfer of immediately available funds to each US Lender
pursuant to wire transfer instructions delivered in writing to the Administrative Agent on or prior to the Closing Date
(or if such US Lender is an Assignee, on the applicable Assignment and
Acceptance), or  pursuant to such other wire transfer instructions as each
party may designate for itself by written notice to the Administrative Agent. Payments shall be made in Dollars. Concurrently
with each such payment the Administrative Agent shall identify whether such payment (or any portion thereof)
represents principal, premium or
interest on the US Revolving Loans, or otherwise. Unless the Administrative
Agent receives notice from the US Borrower Representative prior to the date on
which any payment is due to the US
Lenders that the US Borrowers will not make such payment in full as and when required, the Administrative Agent may assume
that the US Borrowers have made such payment in full to the Administrative Agent on such date in immediately available
funds and the Administrative Agent
may (but shall not be so required), in reliance upon such assumption, distribute to each US Lender on such due date an
amount equal to the amount then due to such

85

US Lender. If and to the extent
the US Borrowers have not made such payment in full to the US Agent,
each US Lender shall repay to the Administrative Agent on demand such amount distributed to such US Lender, together with
interest thereon at the Federal Funds Rate for each day from the date such
amount is distributed to such US Lender until the date repaid.

          12.15
Settlement.

                              
(a) (i) Each US Lender’s funded portion of the US Revolving Loans is intended by the US Lenders to be equal at all
times to such US Lender’s Pro Rata Share of the outstanding US Revolving Loans.
Notwithstanding such agreement, each US Agent, the Bank, and the other US Lenders agree (which agreement
shall not be for the benefit of or enforceable by the US Borrowers) that in order to facilitate the administration of
this Agreement and the other Loan
Documents, settlement among them as to the Loans, the Non-Ratable Loans and the
Agent Advances shall take place on a
periodic basis in accordance with the following provisions:

                              (ii)
The Administrative Agent shall request settlement (“Settlement”) with the US Lenders on at least a weekly basis, or
on a more frequent basis at Administrative Agent’s election, (A) on behalf of
the Bank, with respect to each outstanding Non-Ratable Loan made under this Agreement, (B) for itself, with
respect to each Agent Advance made under this Agreement, and (C) with respect to collections received, in each case,
by notifying the US Lenders of such
requested Settlement by telecopy, telephone or other similar form of transmission, of such requested Settlement, no
later than 10:00 a.m. (California time) on the date of such requested Settlement (the “Settlement
Date”). Each US Lender (other than the Bank, in the case of Non-Ratable Loans and the Administrative Agent in the case
of Agent Advances) shall transfer the amount of such US Lender’s Pro
Rata Share of the outstanding principal amount
of the Non-Ratable Loans and Agent Advances with respect to each Settlement to
the Administrative Agent, to
Administrative Agent’s account in Dollars not later than 2:00 p.m. (California time) on the Settlement Date
applicable thereto. Settlements may occur during the continuation of a Default
or an Event of Default and whether or not the applicable conditions precedent set forth in Article 8 have then
been satisfied. Such amounts made available to the Administrative Agent shall be applied against the
amounts of the applicable Non-Ratable Loan or Agent Advance and, together with the portion of such Non-Ratable
Loan or Agent Advance representing the Bank’s Pro Rata Share thereof, shall
constitute US Revolving Loans of such US Lenders. If any such amount is not
transferred to the Administrative Agent by any US Lender on the Settlement Date applicable thereto, the
Administrative Agent shall be entitled to recover such amount on demand from such US Lender together with
interest thereon at the Federal Funds Rate
for the first three (3) days from and after the Settlement Date and thereafter
at the Interest Rate then applicable
to the US Revolving Loans (A) on behalf of the Bank, with respect to each outstanding Non-Ratable Loan, and (B) for itself,
with respect to each Agent Advance.

                              (iii)
Notwithstanding the foregoing, not more than one (1) US Business Day after demand is made by the Administrative
Agent (whether before or after the occurrence of a Default or an Event of Default and regardless of whether the
Administrative Agent has requested a
Settlement with respect to a Non-Ratable Loan or Agent Advance), each other US Lender (A) shall irrevocably and unconditionally
purchase and receive from the Bank or the Administrative Agent, as applicable,
without recourse or warranty, an undivided interest and participation in such Non-Ratable Loan or Agent
Advance equal to such US Lender’s Pro Rata

86

Share of such Non-Ratable Loan or
Agent Advance and (B) if Settlement has not previously occurred with respect to such Non-Ratable Loans
or Agent Advances, upon demand by the Bank or the Administrative Agent, as
applicable, shall pay to the Bank or the Administrative Agent, as applicable,
as the purchase price of such participation an amount equal to one-hundred
percent (100%), in Dollars of such US
Lender’s Pro Rata Share of such Non-Ratable Loans or Agent Advances. If such amount is not in fact made
available to the Administrative Agent by any US Lender, the Administrative
Agent shall be entitled to recover such amount on demand from such US Lender together with interest thereon at the
Federal Funds Rate for the first three (3) days from and after such demand and thereafter at the Interest Rate then
applicable to Base Rate Revolving
Loans.

                              (iv)
From and after the date, if any, on which any US Lender purchases an undivided interest and participation in any
Non-Ratable Loan or Agent Advance pursuant to clause (iii) above, the
Administrative Agent shall promptly distribute to such US Lender, such US Lender’s Pro Rata Share of all payments of
principal and interest and all proceeds of US Collateral received by the Agent in respect of such Non-Ratable Loan or
Agent Advance.

                              (v)
Between Settlement Dates, the Administrative Agent, to the extent no Agent Advances are outstanding, may pay over
to the Bank any payments received by the Administrative Agent, which in accordance with the terms of this
Agreement would be applied to the reduction of the US Revolving Loans, for
application to the Bank’s US Revolving Loans to the US Borrowers including Non-Ratable Loans. If, as of any
Settlement Date, collections received since the then immediately preceding
Settlement Date have been applied to the Bank’s US Revolving Loans (other than to Non-Ratable Loans or Agent Advances in
which such Lender has not yet funded
its purchase of a participation pursuant to clause (iii) above), as provided
for in the previous sentence, the
Bank shall pay to the Administrative Agent for the accounts of the US Lenders, to be applied to the outstanding
Revolving Loans to the US Borrowers of such US Lenders, an amount such that each US Lender shall, upon receipt of such
amount, have, as of such Settlement
Date, its Pro Rata Share of the US Revolving Loans to the US Borrowers. During the period between Settlement Dates, the
Bank with respect to Non-Ratable Loans, the Administrative Agent with respect to Agent Advances, and each US Lender
with respect to the US Revolving Loans other than Non-Ratable Loans and Agent
Advances, shall be entitled to interest
at the applicable rate or rates payable under this Agreement on the actual
average daily amount of funds employed by the Bank, the Administrative Agent
and the other US Lenders.

                              (vi)
Unless the Administrative Agent has received written notice from a US Lender to the contrary, the Administrative
Agent may assume that the applicable conditions precedent set forth in Article 8 have been satisfied and
following the requested US Borrowing, US
Aggregate Outstandings will not exceed US Availability (with US Availability
for such purpose calculated as if US
Aggregate Outstandings, and UK Aggregate Outstandings were equal to zero) and Aggregate Outstandings will
not exceed Total Excess Availability (with Total Excess Availability for this
purpose calculated as if Aggregate Outstandings, US Aggregate Outstandings, and UK Aggregate Outstandings were
equal to zero) on any Funding Date for a US Revolving Loan or Non-Ratable Loan.

                    (b)
Lenders’ Failure to Perform. All US Revolving Loans (other than
Non-Ratable Loans and Agent Advances) shall be made by the US Lenders
simultaneously and in

87

accordance with their Pro Rata
Shares. It is understood that (i) no US Lender shall be responsible for any failure by any other US
Lender to perform its obligation to make any US Revolving Loans hereunder, nor shall any US Commitment of any US Lender
be increased or decreased as a
result of any failure by any other US Lender to perform its obligation to make
any US Revolving Loans hereunder,
(ii) no failure by any US Lender to perform its obligation to make any US Revolving Loans hereunder shall excuse
any other Lender from its obligation to make any US Revolving Loans hereunder, and (iii) the obligations of
each US Lender hereunder shall be several, not joint and several.

                    (c)
Defaulting Lenders. Unless the Administrative Agent receives notice from an US Lender on or prior to the Closing Date
or, with respect to any US Borrowing after the Closing Date, at least one US Business Day prior to the date of
such US Borrowing, that such US
Lender will not make available as and when required hereunder to the
Administrative Agent that US Lender’s Pro Rata Share of a US Borrowing, the
Administrative Agent may assume that each
US Lender has made such amount available to the Administrative Agent in
immediately available funds on the
Funding Date. Furthermore, the Administrative Agent may, in reliance upon such assumption, make available to the US
Borrowers on such date a corresponding amount.
If any US Lender has not transferred its full Pro Rata Share of a US Borrowing
to the Administrative Agent in
immediately available funds and the Administrative Agent has transferred a corresponding amount to the US
Borrowers on the US Business Day following such Funding Date that US Lender shall make such amount available to the
Administrative Agent, together with interest at the Federal Funds Rate for that
day. A notice by the Administrative Agent submitted to any US Lender with
respect to amounts owing shall be conclusive, absent manifest error. If each US Lender’s full Pro Rata
Share of a US Borrowing is transferred to the Administrative Agent as required, the amount transferred to the
Administrative Agent shall constitute that US Lender’s US Revolving Loan for
all purposes of this Agreement. If that amount is not transferred to the Administrative Agent on the US
Business Day following the Funding Date, the Administrative Agent will
notify the US Borrower Representative of such failure
to fund and, upon demand by the Administrative Agent, the US Borrowers shall
pay such amount to the Administrative
Agent for the Administrative Agent’s account, together with interest thereon for each day elapsed since the
date of such US Borrowing, at a rate per annum equal to the Interest Rate applicable at the time to the US Revolving
Loans comprising that particular US
Borrowing. The failure of any US Lender to make any US Revolving Loan on any Funding Date (any such Lender, prior to the cure
of such failure, being hereinafter referred to as a “Defaulting Lender”) shall
not relieve any other US Lender of its obligation hereunder to make a US Revolving Loan on that Funding Date. No US
Lender shall be responsible for any other US Lender’s failure to advance such other US Lenders’ Pro Rata Share of
any US Borrowing.

                    (d)
Retention of Defaulting Lender’s Payments. The US Agent shall not be obligated to transfer to a Defaulting Lender any
payments made by a US Borrower to the Administrative
Agent for the Defaulting Lender’s benefit; nor shall a Defaulting Lender be entitled to the sharing of any payments hereunder.
Amounts payable to a Defaulting Lender shall
instead be paid to or retained by the Administrative Agent. In its discretion,
the Agent may loan the US Borrower
the amount of all such payments received or retained by it for the account of
such Defaulting Lender. Any amounts so loaned to the US Borrowers shall bear
interest at the rate applicable to
US Base Rate Revolving Loans and for all other purposes of this Agreement shall be treated as if they were US Revolving
Loans, provided, however, that for purposes of

88

voting or consenting to matters
with respect to the Loan Documents and determining Pro Rata Shares, such
Defaulting Lender shall be deemed not to be a “Lender”. Until a Defaulting
Lender cures its failure to fund its
Pro Rata Share of any Borrowing (A) such Defaulting Lender shall not be entitled to any portion of the Unused Line
Fee and (B) the Unused Line Fee shall accrue in favor of the US Lenders which have funded their respective Pro Rata
Shares of such requested US
Borrowing and shall be allocated among such performing US Lenders ratably based
upon their relative US Commitments.
This Section shall remain effective with respect to such US Lender until such time as the Defaulting Lender
shall no longer be in default of any of its obligations under this Agreement. The terms of this Section shall not
be construed to increase or otherwise affect the US Commitment of any US
Lender, or relieve or excuse the performance by the US Borrowers of their
duties and obligations hereunder.

                    (e)
Removal of Defaulting Lender. At the US Borrower Representative’s request, the Administrative Agent or an Eligible
Assignee reasonably acceptable to the Administrative
Agent shall have the right (but not the obligation) to purchase from any Defaulting Lender, and each Defaulting Lender
shall, upon such request, sell and assign to the Administrative Agent or such Eligible Assignee, all of the Defaulting
Lender’s outstanding US Commitments
and Loans hereunder. Such sale shall be consummated promptly after Administrative Agent has arranged for a purchase
by Administrative Agent or an Eligible Assignee
pursuant to an Assignment and Acceptance, and at a price equal to the
outstanding principal balance of the
Defaulting Lender’s US Revolving Loans, plus accrued interest and fees, without
premium or discount.

          12.16
Letters of Credit; Intra-Lender Issues.

                    (a)
Notice of Letter of Credit
Balance. On each Settlement Date
the Administrative Agent shall notify
each US Lender of the issuance of all Letters of Credit since the prior Settlement Date.

                    (b)
Participations in Letters of
Credit.

                              (i)
Purchase of Participations. Immediately upon issuance of any Letter of Credit in accordance with Section
1.4(d), each US Lender shall be deemed to have irrevocably and unconditionally purchased and
received without recourse or warranty, an undivided interest and participation equal to such US Lender’s Pro Rata
Share of the face amount of such
Letter of Credit or the Credit Support provided through the Administrative
Agent to the Letter of Credit Issuer,
if not the Bank, in connection with the issuance of such Letter of Credit (including all obligations of the US
Borrowers with respect thereto, and any security therefor or guaranty pertaining thereto).

                              (ii)
Sharing of Reimbursement Obligation
Payments. Whenever the Administrative
Agent receives a payment from a US Borrower on account of reimbursement obligations in respect of a Letter of Credit or
Credit Support as to which the Administrative Agent has previously received for
the account of the Letter of Credit Issuer thereof payment from a US Lender, the Administrative Agent shall
promptly pay to such US Lender such US Lender’s
Pro Rata Share of such payment from the US Borrowers. Each such payment shall
be made by the Administrative Agent on the next Settlement Date.

89

                              (iii)
Documentation. Upon the request of any
US Lender, the Administrative Agent
shall furnish to such US Lender copies of any Letter of Credit, Credit Support for any Letter of Credit, reimbursement
agreements executed in connection therewith, applications for any Letter of Credit, and such other documentation as
may reasonably be requested by such
Lender.

                              (iv)
Obligations Irrevocable. The
obligations of each US Lender to make
payments to the Administrative Agent with respect to any Letter of Credit or
with respect to their participation
therein or with respect to any Credit Support for any Letter of Credit or with
respect to the US Revolving Loans made as a result of a drawing under a Letter
of Credit and the obligations of the
US Borrowers for whose account the Letter of Credit or Credit Support was issued to make payments to the Administrative
Agent, for the account of the US Lenders, shall be irrevocable and shall not be
subject to any qualification or exception whatsoever, including any of the following circumstances:

                              (1)
any
lack of validity or enforceability of this Agreement or any of the other Loan Documents;

                             
(2) the
existence of any claim, setoff, defense or other right which any US Borrower may have at any time against a
beneficiary named in a Letter of Credit or any transferee of any Letter of Credit (or any Person for whom any such
transferee may be acting), any US
Lender, the Administrative Agent, the issuer of such Letter of Credit, or any
other Person, whether in connection
with this Agreement, any Letter of Credit, the transactions contemplated herein
or any unrelated transactions (including any underlying transactions between the US Borrowers or any other Person and
the beneficiary named in any Letter of Credit);

                              (3)
any draft, certificate or any other
document presented under the Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement
therein being untrue or inaccurate in any respect;

                              (4)
the
surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan
Documents;

                              (5)
the
occurrence of any Default or Event of Default; or

                              (6)
the
failure of the US Borrowers to satisfy the applicable conditions precedent set
forth in Article 8.

                    (c)
Recovery or Avoidance of Payments; Refund of Payments In Error. In the
event any payment by or on behalf of any US Borrower received by the
Administrative Agent with respect to
any Letter of Credit or Credit Support provided for any Letter of Credit and
distributed by the Administrative Agent to the US Lenders on account of their
respective participations therein is
thereafter set aside, avoided or recovered from the Administrative Agent in connection with any receivership, liquidation
or bankruptcy proceeding, the US Lenders shall, upon demand by the Administrative Agent, pay to the Administrative
Agent their respective Pro Rata
Shares of such amount set aside, avoided or recovered, together with interest
at the rate required to be paid by
the Administrative Agent upon the amount required to be repaid by it.

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Unless the Administrative Agent
receives notice from the US Borrower Representative prior to the date on which
any payment is due to the US Lenders that the US Borrowers will not make such payment in full as and when required, the
Administrative Agent may assume that the US Borrower has made such payment in full to the Administrative Agent on
such date in immediately available
funds and the Administrative Agent may (but shall not be so required), in reliance upon such assumption, distribute to each
US Lender on such due date an amount equal to the amount then due such US Lender. If and to the extent the US
Borrowers have not made such payment
in full to the Responsible Agent, each US Lender shall repay to the
Administrative Agent on demand such
amount distributed to such US Lender, together with interest thereon at the Federal Funds Rate for each day from the date
such amount is distributed to such US Lender until the date repaid.

                    (d)
Indemnification by US Lenders. To the extent not reimbursed by the US Borrowers and without limiting the obligations of
any US Borrower hereunder, the US Lenders agree to indemnify each applicable Letter of Credit Issuer ratably in
accordance with their respective Pro
Rata Shares, for any and all liabilities, obligations, losses, damages,
penalties, actions, judgments,
suits, costs, expenses (including attorneys’ fees) or disbursements of any kind and nature whatsoever that may be imposed
on, incurred by or asserted against the Letter of Credit Issuer in any way relating to or arising
out of any Letter of Credit or the transactions contemplated thereby or any action taken or omitted by the Letter of
Credit Issuer under any Letter of Credit or any Loan Document in connection
therewith; provided that no US Lender shall be liable for any of the foregoing to the extent it arises from
the gross negligence or willful misconduct of the Person to be
indemnified. Without limitation of the foregoing, each US Lender agrees to reimburse the Letter of Credit
Issuer promptly upon demand for its Pro Rata Share of any costs or expenses payable by the US Borrowers to the
Letter of Credit Issuer, to the extent
that the Letter of Credit Issuer is not promptly reimbursed for such costs and
expenses by the US Borrowers. The agreement contained in this Section shall
survive payment in full of all other
Obligations.

          12.17
Concerning the Collateral and the Related Loan Documents. The
Administrative Agent and each US
Lender authorizes and directs the Administrative Agent to enter into the other US Loan Documents, for the ratable benefit
and obligation of the US Agents and the US Lenders. The US Agents and each US Lender agree that any action taken by
any US Agent or the Required
Lenders, in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by any US Agent or the
Required Lenders, as applicable, of their respective powers set forth therein or herein, together with such other
powers that are reasonably incidental
thereto, shall be binding upon all of the US Lenders. The US Lenders
acknowledge that the US Revolving
Loans, Agent Advances, Non-Ratable Loans, US Bank Products and all interest,
fees and expenses hereunder constitute one Debt, secured pari passu by
all of the US Collateral.

          12.18
Field Audit and Examination Reports; Disclaimer by Lenders. By signing
this Agreement, each US Lender:

                    (a)
is deemed to have requested that the Administrative Agent furnish such US Lender, promptly after it becomes available, a
copy of each field audit or examination report

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(each a “Report” and collectively, “Reports”) prepared
by or on behalf of the Administrative Agent;

                    (b)
expressly agrees and acknowledges
that neither the Bank nor any Agent (i) makes any representation or warranty as to the accuracy of any Report,
or (ii) shall be liable for any
information contained in any Report;

                    (c)
expressly agrees and acknowledges that
the Reports are not comprehensive
audits or examinations, that any US Agent or the Bank or other party performing
any audit or examination will
inspect only specific information regarding the Credit Parties and will rely significantly upon the Credit Parties’
books and records, as well as on representations of the Credit Parties’
personnel;

                    (d)
agrees to keep all Reports
confidential and strictly for its internal use, and not to distribute except to
its participants, or use any Report in any other manner; and

                    (e)
without limiting the generality of any
other indemnification provision contained
in this Agreement, agrees: (i) to hold each US Agent and any such other US
Lender preparing a Report harmless
from any action the indemnifying US Lender may take or conclusion the indemnifying US Lender may reach or
draw from any Report in connection with any loans or other credit accommodations that the indemnifying US
Lender has made or may make to any US
Borrower, or the indemnifying US Lender’s participation in, or the indemnifying US Lender’s purchase of, a loan or
loans of the US Borrower; and (ii) to pay and protect, and indemnify, defend and hold each US Agent and any such
other US Lender preparing a Report
harmless from and against, the claims, actions, proceedings, damages, costs,
expenses and other amounts (including
Attorney Costs) incurred by any US Agent and any such other US Lender preparing a Report as the direct or
indirect result of any third parties who might obtain all or part of any Report
through the indemnifying US Lender.

          12.19
Relation Among Lenders. The US Lenders are not partners or co-venturers,
and no US Lender shall be liable for the acts or omissions of, or (except as
otherwise set forth herein in case
of any US Agent) authorized to act for, any other US Lender.

          12.20
Administrative Agent as Security
Agent. Notwithstanding any other
provision of this Agreement, the US
Lenders and the Administrative Agent have also appointed the Administrative Agent as security agent under and
pursuant to the US Security Documents. Each of the US Lenders acknowledges that pursuant to the US Security
Documents, the US Lenders and the Administrative Agent have irrevocably
authorized the Administrative Agent to execute and deliver the US Security Documents on each of their respective
behalf (thereby, among other things,
designating and appointing the Administrative Agent as their security agent in
accordance with the terms thereof
and authorizing the Administrative Agent to execute and deliver the US Security Documents and to take such action or to
refrain from taking such action on their behalf (and otherwise exercising its powers) in accordance with the terms
thereof).

          12.21
Protection of Administrative Agent
as Security Agent. The benefits
conferred on the Agents pursuant to this Article 12 regarding
rights to indemnification and the exercise of rights,
powers, authorizations, discretions, duties and responsibilities pursuant to
this Agreement

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and any other Loan Document
shall also be conferred, where appropriate, on the Administrative Agent in its capacity as security agent under or
in respect of any of the US Security Documents and references to US Agent, as well as references to all or any US
Agents, in this Article 12 shall be read and construed as references to
the Administrative Agent in its capacity as Administrative Agent hereunder and security agent under such US
Security Documents accordingly. The Administrative Agent, in its capacity as
security agent under the US Security Documents, shall have all the powers of an absolute owner of the
security constituted by the US Security Documents and all the rights and powers granted to it by the US
Security Documents.

          12.22
Co-Agents. (a) None of the US Lenders identified on the facing page, the
preamble or the signature pages to
this Agreement as a “Documentation Agent”, if any, shall have any right (except as expressly set forth in
this Agreement), power, obligation, liability, responsibility or duty under this Agreement or any other Loan Document
other than those applicable to all US
Lenders as such. Without limiting the foregoing, none of the US Lenders
identified as a “Documentation Agent”, if any, shall have or be deemed to have
any fiduciary relationship with any
US Lender. Each US Lender acknowledges that it has not relied, and will not rely, on any of the US Lenders so identified
in deciding to enter into this Agreement or in taking any action hereunder or under any Loan Document.

                    (b)
Upon consultation with each of the US Borrower and the UK Borrower and for a period of thirty (30) days from the Closing
Date in connection with the general syndication of the Facilities, the Administrative Agent shall have the right to
appoint and grant titles to additional
“Agents” and “Co-Agents” (other than, for the avoidance of doubt, any
Administrative Agent, Collateral
Agents, Security Agents or other agents with similar responsibilities or functions), which such additional Agents or
Co-Agents shall become a party hereto pursuant to appropriate documentation (including by way of
any Assignment and Acceptance Agreement or UK Transfer Agreement executed by such
Agent or Co-Agents (or any affiliate thereof) in its capacity as a Lender
hereunder. Following such appointment, the provisions set forth in the first
two sentences of this Section 12.22 shall apply to such Agent or Co-Agent as if
such Agent or Co-Agent were a “Documentation Agent” as referred to in this
Section 12.22.

ARTICLE 13.

MISCELLANEOUS

          13.1
No Waivers; Cumulative Remedies. No failure by any US Agent or any US
Lender to exercise any right, remedy, or option under this Agreement or any present
or future supplement thereto, or in any other agreement between or among any US
Borrower or any other US Obligor and
any US Agent and/or any US Lender, or delay by any US Agent, or any US Lender in exercising the same, will operate as a
waiver thereof, No waiver by any US Agent or any US Lender will be effective
unless it is in writing, and then only to the extent specifically stated. No
waiver by any US Agent or the US Lenders on any occasion shall affect or
diminish such US Agent’s and each US Lender’s rights thereafter to require
strict performance by the US Borrowers
and the other Credit Parties of any provision of this Agreement and the other
Loan Documents. The US Agents and the US Lenders may proceed directly to
collect the US Obligations without any
prior recourse to the US Collateral. The US Agents’ and each US Lender’s rights under this Agreement will be
cumulative and not exclusive of any other right or remedy which any US Agent or any US Lender may
have.

93

          13.2
Severability. The illegality or unenforceability of any
provision of this Agreement or any
Loan Document or any instrument or agreement required hereunder shall not in any way affect or impair the legality or
enforceability of the remaining provisions of this Agreement or any instrument or agreement required
hereunder.

          13.2
Governing Law; Choice of Forum; Service of Process.

                    (a)
THIS AGREEMENT SHALL BE INTERPRETED
AND THE RIGHTS AND LIABILITIES OF
THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED
TO THE CONFLICT OF LAWS PROVISIONS) OF THE
STATE OF CALIFORNIA; PROVIDED THAT PERFECTION ISSUES WITH RESPECT TO DIVISION 9 OF THE UCC MAY GIVE EFFECT TO
APPLICABLE CHOICE OR CONFLICT OF LAW
RULES SET FORTH IN DIVISION 9 OF THE UCC) OF THE STATE OF CALIFORNIA; PROVIDED
THAT EACH US AGENT AND THE LENDERS SHALL RETAIN
ALL RIGHTS ARISING UNDER FEDERAL US LAW.

                    (b)
ANY LEGAL ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES OF AMERICA LOCATED IN LOS ANGELES
COUNTY, CALIFORNIA, AND BY
EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE US BORROWERS, THE US AGENTS, AND THE US LENDERS CONSENTS, FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, TO THE
EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE US BORROWER, THE US AGENTS AND THE US LENDERS
IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS,
WHICH IT MAY NOW OR HEREAFTER HAVE TO
THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.
NOTWITHSTANDING THE FOREGOING: (1) THE US
AGENTS AND THE US LENDERS SHALL HAVE
THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWERS OR THEIR PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION THE US
AGENTS OR THE US LENDERS DEEM
NECESSARY OR APPROPRIATE IN ORDER TO
REALIZE ON THE US COLLATERAL OR OTHER SECURITY FOR THE US OBLIGATIONS
AND (2) EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THE
COURTS DESCRIBED IN THE IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY
A COURT LOCATED OUTSIDE THOSE
JURISDICTIONS.

                    (c)
Arbitration. Notwithstanding any other
provision of this Agreement to the
contrary, any controversy or claim among the parties relating in any way to any
Obligations or Loan Documents,
including any alleged tort, shall at the request of any party hereto be determined by binding arbitration conducted in
accordance with the United States Arbitration Act (Title 9 U.S. Code). Arbitration proceedings will be determined in
accordance with the Act, the then-current rules, and procedures for the
arbitration of financial services disputes of the American Arbitration Association (“AAA”), and the terms of this Section.
In the event of any inconsistency,
the terms of this Section shall control. If AAA is unwilling or unable to serve
as the provider of arbitration or to
enforce any provision of this Section, Administrative Agent may

94

designate another arbitration
organization with similar procedures to serve as the provider of arbitration.
The arbitration proceedings shall be conducted in Los Angeles or Pasadena, California. The arbitration hearing shall
commence within 90 days of the arbitration demand and close within 90 days thereafter. The arbitration
award must be issued within 30 days after close of the hearing (subject to extension by the arbitrator for up to 60 days
upon a showing of good cause), and
shall include a concise written statement of reasons for the award. The
arbitrator shall give effect to
applicable statutes of limitation in determining any controversy or claim, and for these purposes, service on AAA under
applicable AAA rules of a notice of claim is the equivalent of the filing of a lawsuit. Any dispute concerning this
Section or whether a controversy or
claim is arbitrable shall be determined by the arbitrator. The arbitrator shall
have the power to award legal fees to
the extent provided by this Agreement. Judgment upon an arbitration award may be entered in any court
having jurisdiction. The institution and maintenance of an action for judicial relief or pursuant to a
provisional or ancillary remedy shall not constitute a waiver of the right of
any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party
contests such action for judicial relief. No controversy or claim shall be submitted to arbitration without
the consent of all parties if, at the time of the proposed submission, such
controversy or claim relates to an obligation secured by Real Estate, but if all parties do not consent to submission of
such a controversy or claim to arbitration, it shall be determined as provided in the next sentence. At the request of
any party, a controversy or claim
that is not submitted to arbitration as provided above shall be determined by
judicial reference; and if such an
election is made, the parties shall designate to the court a referee or referees selected under the auspices of the AAA
in the same manner as arbitrators are selected in AAA sponsored proceedings and the presiding
referee of the panel (or the referee if there is a single referee) shall be an active attorney or
retired judge; and judgment upon the award rendered by such referee or referees shall be entered in the court in
which proceeding was commenced. None
of the foregoing provisions of this Section shall limit the right of the Administrative Agent or US Lenders to exercise
self-help remedies, such as setoff, foreclosure or sale of any Collateral or to
obtain provisional or ancillary remedies from a court of competent jurisdiction
before, after or during any arbitration proceeding. The exercise of a remedy
does not waive the right of any
party to resort to arbitration or reference. At Administrative Agent’s option, foreclosure under a Mortgage may be
accomplished either by exercise of power of sale thereunder or by judicial
foreclosure.

          13.4
WAIVER OF JURY TRIAL. SUBJECT TO THE PROVISIONS OF SECTION 13.3(c), EACH US BORROWER, THE US LENDERS AND THE
US AGENTS EACH IRREVOCABLY WAIVE
THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, THE OTHER LOAN
DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
PARTIES AGAINST ANY OTHER PARTY OR
ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO
CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE US BORROWERS, THE US LENDERS, AND THE US AGENTS EACH AGREE THAT ANY SUCH CLAIM OR
CAUSE OF ACTION SHALL BE TRIED
BY A COURT TRIAL WITHOUT A JURY.
WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY
JURY IS WAIVED BY OPERATION OF THIS
SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER

95

PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY
OR ENFORCEABILITY OF THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS.

          13.5
Survival of Representations and
Warranties. All of the US
Borrowers’ and the other Credit
Parties’ representations and warranties contained in this Agreement and the
other Loan Documents shall survive the execution, delivery, and acceptance
thereof by the parties, notwithstanding
any investigation by the US Agents or the US Lenders or their respective
agents.

          13.6
Other Security and Guaranties. The Administrative Agent, may, without notice or
demand and without affecting the US
Borrowers’ obligations hereunder, from time to time: (a) take from any Person and hold collateral (other
than the US Collateral) for the payment of all or any part of the US Obligations and exchange,
enforce or release such collateral or any part thereof; and (b) accept and hold any endorsement or guaranty of payment
of all or any part of the US
Obligations of any US Obligor and release or substitute any such endorser or
guarantor, or any Person who has given any Lien in any other collateral as
security for the payment of all or any
part of the US Obligations of any US Obligor, or any other Person in any way
obligated to pay all or any part of
the US Obligations of any US Obligor.

          13.7
Fees and Expenses. Each US Borrower agrees to pay to the
Administrative Agent for their
respective benefit, on demand, all costs and expenses that each US Agent pays
or incurs in connection with the negotiation, preparation, syndication,
consummation, administration, enforcement,
and termination of this Agreement or any of the other Loan Documents,
including: (a) Attorney Costs; (b) costs
and expenses (including attorneys’ and paralegals’ fees and disbursements) for any amendment, supplement,
waiver, consent, or subsequent closing in connection with the Loan Documents and the transactions contemplated
thereby; (c) costs and expenses of
lien and title searches and title insurance; (d) taxes, fees and other charges
for recording the Mortgages, if any,
filing (and similar) financing statements and continuations, and other actions to perfect, protect, and continue
each Applicable Agents’ Liens (including costs and expenses paid or incurred by each Responsible Agent in connection
with the consummation of this
Agreement); (e) sums paid or incurred to pay any amount or take any action
required of the US Borrowers under
the Loan Documents that the US Borrowers fail to pay or take; (f) subject to Section 7.4 hereof, costs of
appraisals, environmental audits, inspections, and verifications of the Collateral, including travel,
lodging, and meals for inspections of the Collateral and the US Borrower’s operations by the Applicable Security
Agent plus the Applicable Security
Agent’s then customary charge for field examinations and audits and the preparation of reports thereof (such charge is
currently $850 per day (or portion thereof) for each Person retained or employed by the Applicable
Security Agent with respect to each field examination or audit); and (g) costs and expenses of forwarding loan
proceeds, collecting checks and other
items of payment, and establishing and maintaining Payment Accounts and lock
boxes, and costs and expenses of
preserving and protecting the Collateral. In addition, the US Borrowers agree to pay costs and expenses
incurred by the Applicable Security Agent (including Attorneys’ Costs) to the Applicable Security
Agent, for its benefit, on demand, and to the other Lenders for their benefit, on demand, and all
reasonable fees, expenses and disbursements incurred by such other Lenders for one law firm in each applicable
jurisdiction retained by such

96

other Lenders, in each case, paid
or incurred to obtain payment of the Obligations, enforce the Applicable
Security Agents’ Liens, sell or otherwise realize upon the Collateral, and
otherwise enforce the provisions of
the Loan Documents, or to defend any claims made or threatened against any Agent or any Lender arising out of the
transactions contemplated hereby (including preparations for and consultations concerning any such matters). The
foregoing shall not be construed to limit any other provisions of the Loan
Documents regarding costs and expenses to be paid by the US Borrowers. All of the foregoing costs and expenses
shall be charged to the US Borrower’s
Loan Account as Revolving Loans as described in Section 3.6.

          13.8
Notices. Except as otherwise provided herein, all notices, demands and
requests that any party is required
or elects to give to any other shall be in writing, or by a telecommunications
device capable of creating a written record, and any such notice shall become effective (a) upon personal delivery thereof,
including, but not limited to, delivery by overnight mail and courier service, (b) four (4) days after it shall
have been mailed by United States
mail or UK post, as applicable, in each case, first class, certified or
registered, and with postage prepaid,
or (c) in the case of notice by such a telecommunications device, when properly
transmitted, in each case addressed
to the party to be notified as follows:

	
 

	
 

	
 

	
 

	
If to the Administrative Agent
  or to the Bank:

	
 

	
 

	
 

	
 

	
 

	
Bank of America, N.A. 

  55 South Lake Avenue, Suite 900 

  Pasadena, California 91101 

  Attention: Business Credit-Account
  Executive-Mobile Storage 

  Facsimile No.: +1 626 397 1273

	
 

	
 

	
 

	
 

	
 

	
with copies to: 

	
 

	
 

	
 

	
 

	
 

	
Bank of America, N.A. 

  5 Canada Square 

  London El4 5AQ 

  Attention: Business Credit 

  Facsimile No.: +44 (0) 20 7809 5807

	
 

	
 

	
 

	
 

	
 

	
and 

	
 

	
 

	
 

	
 

	
 

	
Latham & Watkins LLP
  

  633 West Fifth Street 

  Los Angeles, CA 90071 

  Attention: Andrew A. Fayé, Esq. 

  Facsimile No.: +1 213 891 8763

	
 

	
 

	
 

	
 

	
If to UK Agent or the UK
  Security Trustee: 

97

	
 

	
 

	
 

	
 

	
 

	
Bank of America, N.A. 

  5 Canada Square 

  London El4 5AQ 

  Attention: Business Credit 

  Facsimile No.: +44 (0) 20 7174 6427

	
 

	
 

	
 

	
 

	
 

	
with copies to: 

	
 

	
 

	
 

	
 

	
 

	
Bank of America, N.A. 

  55 South Lake Avenue, Suite 900 

  Pasadena, California 91101 

  Attention: Business Credit-Account
  Executive-Mobile Storage 

  Facsimile No.: +1 626 397 1273

	
 

	
 

	
 

	
 

	
 

	
and 

	
 

	
 

	
 

	
 

	
 

	
Latham & Watkins LLP
  

  633 West Fifth Street 

  Los Angeles, CA 90071 

  Attention: Andrew A. Fayé, Esq. 

  Facsimile No.: +1 213 891 8763

	
 

	
 

	
 

	
 

	
If to any US Borrower or any
  other Credit Party: 

	
 

	
 

	
 

	
 

	
 

	
Mobile Storage Group, Inc.
  

  7590 North Glenoaks Boulevard 

  Burbank, CA 91504 

  Attention: Allan Villegas 

  Facsimile No.: (818) 253-3154

	
 

	
 

	
 

	
 

	
 

	
with copies to: 

	
 

	
 

	
 

	
 

	
 

	
Christopher A. Wilson, Esq.
  

  Mobile Storage Group, Inc. 

  7590 North Glenoaks Boulevard 

  Burbank, CA 91504 

  Facsimile No.: (818) 253-3154

	
 

	
 

	
 

	
 

	
 

	
and 

	
 

	
 

	
 

	
 

	
 

	
Munger, Tolles and Olson LLP
  

  355 South Grand Avenue, 35th
  Floor 

  Los Angeles, CA 90071 

  Facsimile No.: (213) 687-3702 

  Attention: Judith Kitano, Esq.

or to such other address as each
party may designate for itself by like notice. Failure or delay in delivering copies of any notice, demand, request,
consent, approval, declaration or other

98

communication to the persons
designated above to receive copies shall not adversely affect the effectiveness of such notice, demand, request,
consent, approval, declaration or other communication. Notwithstanding any
terms or provisions herein to the contrary, the US Borrowers shall simultaneously deliver to the UK
Agent any notice, report, certificate, document or other information
delivered to any US Agent pursuant to the terms hereof, and the US Borrowers shall cause the UK Borrowers to
simultaneously deliver to the Administrative Agent any notice, report, certificate, document or other
information delivered to any UK Agent pursuant
to the terms of the UK Credit Agreement.

          13.9
Waiver of Notices. Unless otherwise expressly provided herein, the
US Borrowers waive presentment, and
notice of demand or dishonor and protest as to any instrument, notice of intent to accelerate the US
Obligations and notice of acceleration of the US Obligations, as well as
any and all other notices to which it might otherwise be entitled. No notice to or demand on the US Borrowers which any
US Agent or any US Lender may elect to give
shall entitle the US Borrowers to any or further notice or demand in the same,
similar or other circumstances.

          13.10
Binding Effect. The provisions of this Agreement shall be
binding upon and inure to the benefit
of the respective representatives, successors, and assigns of the parties
hereto; provided, however, that no interest herein may be assigned by any US
Borrower without prior written consent of the Administrative Agent and each
Lender. The rights and benefits of each US Agent and the US Lenders hereunder shall, if such Persons so agree,
inure to any party acquiring any
interest in the US Obligations or any part thereof.

          13.11
Indemnity of the Agents and the
Lenders by the Borrowers.

                    (a)
The US Borrowers agree, jointly and severally, to defend, indemnify and hold each US Agent, the Agent-Related Persons,
and each US Lender and each of its respective officers, directors, employees, counsel, representatives, agents and
attorneys-in-fact (each, an “Indemnified
Person”) harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions,
judgments, suits, costs, charges, expenses and disbursements (including Attorney Costs) of any kind or nature
whatsoever which may at any time (including at any time following repayment of the Loans and the termination,
resignation or replacement of any US
Agent or replacement of any Lender) be imposed on, incurred by or asserted
against any such Person in any way relating
to or arising out of this Agreement or any document contemplated by or referred to herein, or the
transactions contemplated hereby, or any action taken or omitted by any such Person under or in connection with any of
the foregoing, including with respect
to any investigation, litigation or proceeding (including any insolvency
proceeding or appellate proceeding)
related to or arising out of this Agreement, any other Loan Document, or the Loans or the use of the proceeds thereof,
whether or not any Indemnified Person is a party thereto (all the foregoing, collectively, the “Indemnified
Liabilities”); provided, that the US Borrowers shall have no obligation hereunder to any Indemnified Person
with respect to Indemnified
Liabilities resulting solely from the gross negligence or willful misconduct of
such Indemnified Person as determined
in a final non-appealable judgment of a court of competent jurisdiction. The agreements in this Section shall
survive payment of all other Obligations.

99

                    (b)
The US Borrowers agree, jointly and
severally, to indemnify, defend and hold
harmless each US Agent and the US Lenders from any loss or liability directly
or indirectly arising out of the
use, generation, manufacture, production, storage, release, threatened release,
discharge, disposal or presence of a
hazardous substance relating to the operations, business or property of each US
Borrower or any of its respective Subsidiaries. This indemnity will apply whether the hazardous substance is on, under or
about the property or operations of or property leased to any US Borrower or
any of its Subsidiaries. The indemnity includes but is not limited to
Attorneys Costs. The indemnity extends to the Agents and the US Lenders, their
parents, affiliates, subsidiaries and all
of their directors, officers, employees, agents, successors, attorneys and assigns. “Hazardous substances” means any
substance, material or waste that is or becomes designated or regulated as “toxic,” “hazardous,”
“pollutant,” or
“contaminant” or a similar designation
or regulation under any federal, state or local law (whether under common law, statute, regulation or otherwise) or judicial or
administrative interpretation of such, including petroleum or natural gas. This indemnity will survive repayment of all
other Obligations.

                    (c)
Notwithstanding any of the other
provisions of this Agreement or any other
Loan Document, nothing contained herein or in any of the other Loan Documents
shall require the US Borrowers or
any of their Subsidiaries to take any action which constitutes or will constitute unlawful financial assistance for the
purposes of sections 151 to 158 (inclusive) of the Companies Act.

          13.12
Limitation of Liability. NO CLAIM MAY BE MADE BY ANY US BORROWER, ANY US LENDER OR OTHER PERSON AGAINST
ANY US AGENT, ANY US LENDER OR THE
AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, COUNSEL, REPRESENTATIVES, AGENTS OR ATTORNEYS-IN-FACT OF
ANY OF THEM FOR ANY SPECIAL,
INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER
THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, AND
EACH US BORROWER AND EACH US LENDER
HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR
SUSPECTED TO EXIST IN ITS
FAVOR.

          13.13
Final Agreement. This Agreement and the other Loan Documents,
including without limitation the UK
Credit Agreement and the UK Loan Documents are intended by the US Borrowers, the US Agents, and the US Lenders to
be the final, complete, and exclusive expression
of the agreement between them. This Agreement and the other Loan Documents supersede any and all prior oral or written
agreements relating to the subject matter hereof between the US
Borrowers and the Administrative Agent or any Lender. No modification, rescission, waiver, release, or amendment of any
provision of this Agreement or any other Loan Document shall be made, except by
a written agreement signed by the US Borrowers and a duly authorized officer of each of the US Agents and
the Required Lenders (or where required hereunder, all Lenders).

          13.14
Counterparts. This Agreement may be executed in any number of
counterparts, and by the US Agents, each US Lender and each US Borrower in
separate counterparts, each of

100

which shall be an original, but
all of which shall together constitute one and the same agreement; signature pages may be detached from multiple
separate counterparts and attached to a single counterpart so that ail
signature pages are physically attached to the same document.

          13.15
Captions. The captions contained in this Agreement are for
convenience of reference only, are
without substantive meaning and should not be construed to modify, enlarge, or restrict any provision.

          13.16
Right of Setoff. In addition to any rights and remedies of the US
Lenders provided by law, if an Event
of Default exists or the Loans have been accelerated, each US Lender is authorized at any time and from time to
time, without prior notice to the US Borrowers,
any such notice being waived by the US Borrowers to the fullest extent
permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing
by, such US Lender or any Affiliate
of such US Lender to or for the credit or the account of either US Borrower
against any and all Obligations owing
to such US Lender by a US Borrower, now or hereafter existing, irrespective of
whether or not the Administrative Agent or such US Lender shall have made demand under this Agreement or any Loan Document
and although such Obligations may be contingent
or unmatured. Each US Lender agrees promptly to notify the US Borrowers and the
Administrative Agent after any such set-off and application made by such US
Lender; provided,  however, that the failure to give such notice shall not
affect the validity of such set-off and application. NOTWITHSTANDING THE FOREGOING, NO US LENDER SHALL EXERCISE ANY RIGHT OF SET-OFF,
BANKER’S LIEN, OR
THE LIKE AGAINST ANY DEPOSIT ACCOUNT
OR PROPERTY OF ANY US BORROWER HELD OR MAINTAINED BY SUCH US LENDER WITHOUT THE PRIOR WRITTEN
UNANIMOUS CONSENT OF THE US LENDERS.

          13.17
Confidentiality.

                    (a)
The US Borrowers hereby consent that
each US Agent and each US Lender may
issue and disseminate to the public general information describing the credit accommodation entered into pursuant to this
Agreement, including the name and address of the US Borrowers and a general description of the US Borrowers’ businesses
and may use the US Borrowers’ name in
advertising and other promotional material.

                    (b)
Each US Agent and each US Lender
severally agrees to take normal and reasonable precautions and exercise due
care to maintain the confidentiality of all information identified as “confidential” or “secret” by the
US Borrowers and provided to such US Agent or US Lender by or on behalf of the US Borrowers, under this Agreement or
any other Loan Document, except to
the extent that such information (i) was or becomes generally available to the
public other than as a result of disclosure by such US Agent or US Lender, or
(ii) was or becomes available on a
nonconfidential basis from a source other than the US Borrowers, provided that such source is not bound by a confidentiality
agreement with the
US Borrowers known to such US Agent
or US Lender; provided, however, that any US Agent and any US Lender may disclose such information (1) at the
request or pursuant to any requirement of any Governmental Authority to which such US Agent or US Lender is subject or
in connection with an examination of
such US Agent or US Lender by any such Governmental Authority; (2)

101

pursuant to subpoena or other
court process; (3) when required to do so in accordance with the provisions of any applicable Requirement of Law;
(4) to the extent reasonably required in connection with any litigation or proceeding (including, but not
limited to, any bankruptcy proceeding)
to which any US Agent, any US Lender or their respective Affiliates may be
party; (5) to the extent reasonably
required in connection with the exercise of any remedy hereunder or under any other Loan Document; (6) to such US
Agent’s or such US Lender’s independent auditors, accountants, attorneys and other professional advisors; (7) to
any prospective Participant or
Assignee in connection with the syndication of the Loans and the Aggregate Commitments under any Assignment and Acceptance,
actual or potential, provided that such prospective Participant or Assignee agrees to keep such information
confidential to the same extent required of any US Agent and the US
Lenders hereunder; (8) as expressly permitted under
the terms of any other document or agreement regarding confidentiality to which
any US Borrower is party with such US Agent or such US Lender, and (9) to its
Affiliates, provided that any US Agent or US Lender agrees to cause its
Affiliate to keep such information confidential to the same extent required of any US Agent or US
Lender hereunder. Notwithstanding anything herein to the contrary, the information subject to this Section
13.17(b) shall not include, and each US Agent and each US Lender may
disclose without limitation of any kind, any information with respect to the
“tax treatment” and “tax structure” (in each case, within the meaning of
Treasury Regulation Section
1.6011-4) of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses)
that are provided to such US Agent or such US Lender relating to such
tax treatment and tax structure; provided that with respect to any document or similar item that in either case
contains information concerning the tax treatment or tax structure of the transactions as well as other
information, this sentence shall only apply to such portions of the document or similar item that relate to the tax
treatment or tax structure of the
Loans, Letters of Credit and transactions contemplated hereby.

          13.18
Conflicts with Other Loan
Documents. Unless otherwise
expressly provided in this Agreement
(or in another Loan Document by specific reference to the applicable provision contained in this Agreement), if any provision
contained in this Agreement conflicts with any provision of any other Loan Document, the provision contained in this
Agreement shall govern and control.

          13.19
Currency Indemnity. If, for the purposes of obtaining judgment in
any court in any jurisdiction with
respect to this Agreement or any of the other Loan Documents, it becomes necessary to convert into the currency of such
jurisdiction (the “Judgment Currency”) any amount due under this Agreement or under any of the other Loan
Documents in any currency other than
the Judgment Currency (the “Currency Due”), then conversion shall be made at
the Spot Rate at which the Administrative
Agent is able, on the relevant date, to purchase the Currency Due with the Judgment Currency prevailing
on the Applicable Business Day before the day on which judgment is given. In the event that there is a change in
the rate of Exchange Rate prevailing between the Applicable Business Day before
the day on which the judgment is given and
the date of receipt by the Administrative Agent of the amount due, the US
Borrowers will, on the date of
receipt by the Administrative Agent, pay such additional amounts, if any, or be
entitled to receive reimbursement of
such amount, if any, as may be necessary to ensure that the amount received by
the Administrative Agent and the US Lenders on such date is the amount in the Judgment Currency which when converted at the
rate of exchange prevailing on the date of receipt by the Administrative Agent
is the amount then due under this Agreement or such other

102

of the Loan Documents in the
Currency Due. If the amount of the Currency Due which the US Agent is able to purchase is less than the amount
of the Currency Due originally due to it, the US Borrowers shall indemnify and save the Administrative Agent and the US
Lenders harmless from and against
loss or damage arising as a result of such deficiency. The indemnity contained herein shall constitute an obligation separate and
independent from the other obligations contained
in this Agreement and the other Loan Documents, shall give rise to a separate
and independent cause of action,
shall apply irrespective of any indulgence granted by the Administrative Agent from time to time and shall
continue in full force and effect notwithstanding
any judgment or order for a liquidated sum in respect of an amount due under this Agreement or any of the other Loan Documents
or under any judgment or order.

          13.20
Reinstatement. To the maximum extent permitted by law, this US
Credit Agreement, and the US
Obligations, shall continue to be effective or be reinstated, as the case may be, if at any time any amount received by any
Agent or Lender in respect of the US Obligations
is rescinded or must otherwise be restored or returned by any such Person upon
the insolvency, administration,
bankruptcy, dissolution, liquidation or reorganization of US Borrower or any other Person or upon the
appointment of any receiver, intervenor, conservator, trustee or similar official for the US Borrower or
any other Person or any substantial part of its assets, or otherwise, all as though such payments had not been made.

          13.21
Waiver of Counterclaims. Each Credit Party waives all rights to interpose
any claims, deductions, setoffs, or
counterclaims of any nature (other than compulsory counterclaims) in any action or proceeding brought
by the Administrative Agent or any US Lender,
the Obligations, the Collateral or any matter arising therefrom or relating
hereto or thereto.

          13.22
USA Patriot Act Notice. The US Lenders hereby notifies the Borrowers that
pursuant to the requirements of the
USA Patriot Act, it is required to obtain, verify and record information that identifies the Borrowers, which
information includes the name and address of the Borrowers and other information that will allow the US Lenders to
identify the Borrowers in accordance
with the Patriot Act.

[Signature pages follow]

103

          IN
WITNESS WHEREOF, the parties have entered into this Agreement on the date first
above
written.

	
 

	
 

	
 

	
 

	
 

	
“US BORROWER”

	
 

	
 

	
 

	
 

	
 

	
MOBILE
  STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
           

	
 

	
 

	

	
 

	
 

	
Name:
  

	
Allan A. Villegas

	
 

	
 

	
Title:
  

	
Chief Financial Officer

	
 

	
 

	
 

	
 

	
 

	
“PARENT
  GUARANTOR”

	
 

	
 

	
 

	
 

	
 

	
MOBILE
  SERVICES GROUP INC.

	
 

	
 

	
 

	
 

	
 

	
By:

	
           

	
 

	
 

	

	
 

	
 

	
Name:

	
Allan A. Villegas

	
 

	
 

	
Title

	
Chief
  Financial Officer

Signature page to Amended and Restated Credit Agreement

	
 

	
 

	
 

	
 

	
 

	
“ADMINISTRATIVE
  AGENT”

	
 

	
 

	
 

	
 

	
 

	
BANK
  OF AMERICA, N.A., as the Administrative Agent

	
 

	
 

	
 

	
 

	
 

	
By:

	
     

	
 

	
 

	

	
 

	
 

	
Name:

	
Kevin R. Kelly

	
 

	
 

	
Title:

	
Senior Vice
  President

Signature page to Amended and
Restated Credit Agreement

	
 

	
 

	
 

	
 

	
 

	
“LENDERS”

	
 

	
 

	
 

	
 

	
 

	
BANK OF AMERICA, N.A., as a
  Lender

	
 

	
 

	
 

	
By:

	
     

	
 

	
 

	

	
 

	
 

	
Name:

	
Kevin R. Kelly

	
 

	
 

	
Title:

	
Senior Vice
  President

Signature page to Amended and
Restated Credit AgreementExhibit 10.2 

EXECUTION COPY

ANNEX TO AMENDMENT
AND RESTATEMENT AGREEMENT

AMENDED AND
RESTATED UK CREDIT AGREEMENT

Dated as of 30 December, 2005

Among

THE FINANCIAL
INSTITUTIONS NAMED HEREIN

as the UK Lenders

and

BANK OF AMERICA,
N.A.

as the Administrative Agent

and

BANK OF AMERICA,
N.A.

as the UK Fronting Lender, the UK Agent and the UK Security Trustee

and

MOBILE STORAGE
GROUP, INC.

as the US Borrower

and

MOBILE SERVICES
GROUP, INC.

as the Parent Guarantor

and

RAVENSTOCK MSG
LIMITED 

as the UK Borrower

and

BANC OF AMERICA
SECURITIES LLC 

as Sole Arranger and Book Runner

EXECUTION COPY

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
Section

	
 

	
 

	
Page

	

	
 

	
 

	

	
 

	
 

	
 

	
 

	
ARTICLE 1 LOANS AND LETTERS OF CREDIT

	
3
  

	
 

	
 

	
 

	
 

	
 

	
1.1

	
Total UK Facility

	
3

	
 

	
1.2

	
UK Revolving Loans

	
3

	
 

	
1.3

	
[Intentionally deleted]

	
8

	
 

	
1.4

	
Letters of Credit

	
8

	
 

	
1.5

	
UK Bank Products

	
12

	
 

	
1.6

	
Joint And Several
  Obligations; Cross-Guaranty

	
12

	
 

	
1.7

	
UK Fronting Lender’s Put
  Rights

	
17

	
 

	
1.8

	
[Intentionally deleted]

	
18

	
 

	
 

	
 

	
 

	
ARTICLE 2 INTEREST AND FEES

	
18

	
 

	
 

	
 

	
2.1

	
Interest

	
18

	
 

	
2.2

	
Continuation and
  Conversion Elections

	
19

	
 

	
2.3

	
Maximum Interest Rate

	
20

	
 

	
2.4

	
UK Agent Fees

	
21

	
 

	
2.5

	
Unused Line Fee

	
21

	
 

	
2.6

	
Letter of Credit Fee

	
21

	
 

	
2.7

	
Distribution of Fees to UK
  Revolver Participants

	
21

	
 

	
 

	
 

	
 

	
ARTICLE 3 PAYMENTS AND PREPAYMENTS

	
22

	
 

	
 

	
 

	
3.1

	
Revolving Loans

	
22

	
 

	
3.2

	
Termination of Facility

	
22

	
 

	
3.3

	
[Intentionally deleted]

	
22

	
 

	
3.4

	
UK LIBOR Revolving Loan
  Prepayments

	
22

	
 

	
3.5

	
Payments by the UK
  Borrowers

	
22

	
 

	
3.6

	
Payments as UK Revolving Loans

	
23

	
 

	
3.7

	
Apportionment, Application
  and Reversal of Payments

	
23

	
 

	
3.8

	
Indemnity for Returned
  Payments

	
24

	
 

	
3.9

	
UK Agent’s and UK Lenders’
  Books and Records; Monthly Statements

	
24

	
 

	
3.10

	
[Intentionally deleted]

	
25

	
 

	
 

	
 

	
 

	
ARTICLE 4 TAXES, YIELD PROTECTION AND ILLEGALITY

	
25

	
 

	
 

	
 

	
4.1

	
Taxes

	
25

	
 

	
4.2

	
Illegality

	
26

	
 

	
4.3

	
Increased Costs and
  Reduction of Return

	
27

	
 

	
4.4

	
Funding Losses

	
28

	
 

	
4.5

	
Inability to Determine
  Rates

	
28

	
 

	
4.6

	
Certificates of Lenders

	
29

	
 

	
4.7

	
Survival

	
30

	
 

	
 

	
 

	
 

	
ARTICLE 5 BOOKS AND RECORDS; FINANCIAL INFORMATION;
  NOTICES

	
30

i

EXECUTION COPY

	
 

	
 

	
 

	
 

	
 

	
5.1

	
Books and Records

	
30 

	
 

	
5.2

	
Financial Information

	
30 

	
 

	
5.3

	
Notices to the Lenders

	
34 

	
 

	
 

	
 

	
 

	
ARTICLE 6 GENERAL WARRANTIES AND REPRESENTATIONS

	
36 

	
 

	
 

	
 

	
 

	
 

	
6.1

	
Authorization, Validity,
  and Enforceability of this Agreement and the Loan Documents

	
36

	
 

	
6.2

	
Validity and Priority of
  Security Interest

	
37 

	
 

	
6.3

	
Organization and
  Qualification

	
37 

	
 

	
6.4

	
Corporate Name; Prior
  Transactions

	
37 

	
 

	
6.5

	
Subsidiaries and
  Affiliates

	
37 

	
 

	
6.6

	
Financial Statements and
  Projections

	
38 

	
 

	
6.7

	
Capitalization

	
38 

	
 

	
6.8

	
Solvency

	
38 

	
 

	
6.9

	
Debt

	
38 

	
 

	
6.10

	
Distributions

	
39 

	
 

	
6.11

	
Personal Property; Real
  Estate; Leases

	
39 

	
 

	
6.12

	
Proprietary Rights

	
.40 

	
 

	
6.13

	
Trade Names

	
41 

	
 

	
6.14

	
Litigation

	
41 

	
 

	
6.15

	
Labor Disputes

	
41 

	
 

	
6.16

	
Environmental Laws

	
41 

	
 

	
6.17

	
No Violation of Law

	
42 

	
 

	
6.18

	
No Default

	
42 

	
 

	
6.19

	
ERISA Compliance

	
42 

	
 

	
6.20

	
Taxes

	
44 

	
 

	
6.21

	
Regulated Entities

	
44 

	
 

	
6.22

	
Use of Proceeds; Margin
  Regulations

	
44 

	
 

	
6.23

	
Copyrights, Patents,
  Trademarks and Licenses, etc

	
44 

	
 

	
6.24

	
No Material Adverse Change

	
44 

	
 

	
6.25

	
Full Disclosure

	
44 

	
 

	
6.26

	
Material Agreements

	
45 

	
 

	
6.27

	
Bank Accounts

	
45 

	
 

	
6.28

	
Governmental Authorization

	
45 

	
 

	
6.29

	
Tax Shelter Regulations

	
45 

	
 

	
6.30

	
Non-Guarantor Subsidiaries

	
45 

	
 

	
6.31

	
Luxembourg Subsidiaries

	
45 

	
 

	
6.32

	
UK Financial Assistance

	
45 

	
 

	
6.33

	
Subordinated Debt

	
46 

	
 

	
6.34

	
Sales of Vehicles

	
46 

	
 

	
6.35

	
Anti-Terrorism Laws

	
46 

	
 

	
 

	
 

	
 

	
ARTICLE 7 AFFIRMATIVE AND NEGATIVE COVENANTS

	
46 

	
 

	
 

	
 

	
7.1

	
Taxes and Other
  Obligations

	
46 

	
 

	
7.2

	
Legal Existence and Good
  Standing

	
47 

ii

EXECUTION COPY

	
 

	
 

	
 

	
 

	
 

	
7.3

	
Compliance with Law and Agreements; Maintenance of
  Licenses

	
47

	
 

	
7.4

	
Maintenance of Property; Inspection of Property

	
47

	
 

	
7.5

	
Insurance

	
48

	
 

	
7.6

	
Insurance and Condemnation Proceeds

	
49

	
 

	
7.7

	
Environmental Laws

	
50

	
 

	
7.8

	
Compliance with ERISA and other laws

	
52

	
 

	
7.9

	
Mergers, Amalgamations, Consolidations or Sales

	
53

	
 

	
7.10

	
Distributions; Capital Change; Restricted
  Investments

	
54

	
 

	
7.11

	
Transactions Affecting Collateral or Obligations

	
55

	
 

	
7.12

	
Guaranties

	
56

	
 

	
7.13

	
Debt

	
56

	
 

	
7.14

	
Prepayments; Payments on Subordinated Note Debt;
  Payments on Intercompany Debt

	
59

	
 

	
7.15

	
Transactions with Affiliates

	
60

	
 

	
7.16

	
Investment Banking and Finder’s Fees

	
61

	
 

	
7.17

	
Business Conducted

	
62

	
 

	
7.18

	
Liens

	
62

	
 

	
7.19

	
Sale and Leaseback Transactions

	
62

	
 

	
7.20

	
New Subsidiaries

	
62

	
 

	
7.21

	
Fiscal Year

	
62

	
 

	
7.22

	
Depreciation Method

	
62

	
 

	
7.23

	
Cash Interest Coverage Ratio

	
63

	
 

	
7.24

	
Maximum Consolidated Total Debt to Pro Forma EBITDA
  Ratio

	
63

	
 

	
7.25

	
Minimum Fleet Utilization Rate

	
63

	
 

	
7.26

	
Capital Expenditures

	
64

	
 

	
7.27

	
Use of Proceeds

	
64

	
 

	
7.28

	
Further Assurances

	
64

	
 

	
7.29

	
Bank Accounts

	
65

	
 

	
7.30

	
Changes Relating to Permitted Subordinated Debt

	
65

	
 

	
7.31

	
Access Agreements

	
65

	
 

	
7.32

	
Additional Credit Parties

	
66

	
 

	
7.33

	
Mortgages

	
67

	
 

	
7.34

	
Preferred Stock

	
67

	
 

	
7.35

	
[Intentionally deleted]

	
68

	
 

	
7.36

	
Center of Main Interest

	
68

	
 

	
7.37

	
[Intentionally deleted]

	
68

	
 

	
7.38

	
Anti-Terrorism Laws

	
68

	
 

	
 

	
 

	
 

	
ARTICLE 8 CONDITIONS OF LENDING

	
68

	
 

	
 

	
 

	
 

	
 

	
8.1

	
Conditions Precedent to the Effectiveness of this
  Agreement and the Making of Loans on the Closing Date

	
68

	
 

	
8.2

	
Conditions Precedent to Each Loan

	
72

	
 

	
 

	
 

	
 

	
ARTICLE 9 DEFAULT; REMEDIES

	
72

	
 

	
 

	
 

	
 

	
 

	
9.1

	
Events of Default

	
72

iii

EXECUTION COPY

	
 

	
 

	
 

	
 

	
 

	
9.2

	
Remedies

	
76

	
 

	
 

	
 

	
 

	
ARTICLE 10 TERM AND TERMINATION

	
78 

	
 

	
 

	
 

	
 

	
 

	
10.1

	
Term and Termination

	
78

	
 

	
 

	
 

	
 

	
ARTICLE 11 AMENDMENTS; WAIVERS; PARTICIPATIONS;
  ASSIGNMENTS; SUCCESSORS

	
79

	
 

	
 

	
 

	
 

	
 

	
11.1

	
Amendments and Waivers

	
79

	
 

	
11.2

	
Transfers; Participations

	
81

	
 

	
 

	
 

	
 

	
ARTICLE 12 THE UK AGENT; UK SECURITY TRUSTEE; UK
  AGENTS; UK FRONTING LENDER

	
83

	
 

	
 

	
 

	
 

	
 

	
12.1

	
Appointment and Authorization

	
83

	
 

	
12.2

	
Delegation of Duties

	
84

	
 

	
12.3

	
Liability of Agent

	
84

	
 

	
12.4

	
Reliance by Each Agent

	
85

	
 

	
12.5

	
Notice of Default.

	
85

	
 

	
12.6

	
Credit Decision

	
85

	
 

	
12.7

	
Indemnification

	
86

	
 

	
12.8

	
Agent in Individual Capacity

	
86

	
 

	
12.9

	
Successor Agent

	
86

	
 

	
12.10

	
[Reserved]

	
87

	
 

	
12.11

	
Collateral Matters and Release of Guaranties

	
87

	
 

	
12.12

	
Restrictions on Actions by Lenders; Sharing of
  Payments

	
89

	
 

	
12.13

	
Agency for Perfection

	
89

	
 

	
12.14

	
Payments by Responsible Agent to Applicable Lenders

	
89

	
 

	
12.15

	
Settlement

	
90

	
 

	
12.16

	
Letters of Credit; Intra-Lender Issues

	
94

	
 

	
12.17

	
Concerning the Collateral and the Related Loan
  Documents

	
96

	
 

	
12.18

	
Field Audit and Examination Reports; Disclaimer by
  Lenders

	
96

	
 

	
12.19

	
Relation Among Lenders

	
97

	
 

	
12.20

	
Bank as UK Security Trustee

	
97

	
 

	
12.21

	
Protection of UK Security Trustee

	
97

	
 

	
12.22

	
Co-Agents

	
97

	
 

	
12.23

	
[Intentionally deleted]

	
98

	
 

	
12.24

	
Withholding Tax

	
98

	
 

	
 

	
 

	
 

	
ARTICLE 13 MISCELLANEOUS

	
98 

	
 

	
 

	
 

	
 

	
 

	
13.1

	
No Waivers; Cumulative Remedies

	
98

	
 

	
13.2

	
Severability

	
99

	
 

	
13.3

	
Notices (a)

	
99

	
 

	
13.4

	
Survival of Representations and Warranties

	
100

	
 

	
13.5

	
Other Security and Guaranties

	
100

	
 

	
13.6

	
Fees and Expenses

	
100

iv

EXECUTION COPY

	
 

	
 

	
 

	
 

	
 

	
13.7

	
Notices

	
101

	
 

	
13.8

	
Waiver of Notices

	
103

	
 

	
13.9

	
Waiver of Counterclaims

	
103

	
 

	
13.10

	
Binding Effect

	
104

	
 

	
13.11

	
Indemnity of the Agents and the Lenders by the
  Borrowers

	
104

	
 

	
13.12

	
Rights of Third Parties

	
105

	
 

	
13.13

	
Law and Jurisdiction

	
105

	
 

	
13.14

	
Limitation of Liability

	
106

	
 

	
13.15

	
Final Agreement

	
106

	
 

	
13.16

	
Counterparts

	
106

	
 

	
13.17

	
Captions

	
106

	
 

	
13.18

	
Right of Setoff

	
106

	
 

	
13.19

	
Confidentiality

	
107

	
 

	
13.20

	
Conflicts with Other Loan Documents

	
108

	
 

	
13.21

	
Currency Indemnity

	
108

	
 

	
13.22

	
Reinstatement

	
108

ANNEXES, EXHIBITS
AND SCHEDULES

	
 

	
 

	
 

	
ANNEX A

	
-

	
DEFINED TERMS 

	
 

	
 

	
 

	
ANNEX B

	
-

	
MANDATORY COSTS FORMULAE

	
 

	
 

	
 

	
EXHIBIT A

	
-

	
[INTENTIONALLY DELETED] 

	
 

	
 

	
 

	
EXHIBIT B

	
-

	
FORM OF BORROWING BASE CERTIFICATE 

	
 

	
 

	
 

	
EXHIBIT C

	
-

	
FINANCIAL STATEMENTS 

	
 

	
 

	
 

	
EXHIBIT D

	
-

	
FORM OF NOTICE OF BORROWING 

	
 

	
 

	
 

	
EXHIBIT E

	
-

	
FORM OF NOTICE OF CONTINUATION/CONVERSION 

	
 

	
 

	
 

	
EXHIBIT F

	
-

	
FORM OF UK TRANSFER AGREEMENT 

	
 

	
 

	
 

	
EXHIBIT G

	
-

	
FORM OF INSTRUMENT OF JOINDER

	
 

	
 

	
 

	
EXHIBIT H

	
-

	
FORM OF OFFICER’S CERTIFICATE OF UK BORROWER 

	
 

	
 

	
 

	
EXHIBIT I

	
-

	
FORM OF UK INTERCREDITOR DEED 

	
 

	
 

	
 

	
EXHIBIT J

	
-

	
[INTENTIONALLY DELETED] 

	
 

	
 

	
 

	
SCHEDULE 1

	
-

	
LENDERS’ COMMITMENTS (ANNEX A - DEFINED TERMS) 

	
 

	
 

	
 

	
SCHEDULE 6.2

	
-

	
PRIORITY 

v

EXECUTION COPY

	
 

	
 

	
 

	
SCHEDULE 6.4

	
-

	
CORPORATE NAME; PRIOR TRANSACTIONS 

	
 

	
 

	
 

	
SCHEDULE 6.5

	
-

	
SUBSIDIARIES AND AFFILIATES 

	
 

	
 

	
 

	
SCHEDULE 6.7

	
-

	
CAPITALIZATION 

	
 

	
 

	
 

	
SCHEDULE 6.9

	
-

	
DEBT 

	
 

	
 

	
 

	
SCHEDULE 6.10

	
-

	
DISTRIBUTIONS 

	
 

	
 

	
 

	
SCHEDULE 6.11

	
-

	
REAL ESTATE; LEASES; ORAL LEASES 

	
 

	
 

	
 

	
SCHEDULE 6.12

	
-

	
PROPRIETARY RIGHTS 

	
 

	
 

	
 

	
SCHEDULE 6.13

	
-

	
TRADE NAMES 

	
 

	
 

	
 

	
SCHEDULE 6.14

	
-

	
LITIGATION 

	
 

	
 

	
 

	
SCHEDULE 6.15

	
-

	
LABOR DISPUTES 

	
 

	
 

	
 

	
SCHEDULE 6.16

	
-

	
ENVIRONMENTAL LAW 

	
 

	
 

	
 

	
SCHEDULE 6.19

	
-

	
ERISA COMPLIANCE 

	
 

	
 

	
 

	
SCHEDULE 6.26

	
-

	
MATERIAL AGREEMENTS 

	
 

	
 

	
 

	
SCHEDULE 6.27

	
-

	
BANK ACCOUNTS 

	
 

	
 

	
 

	
SCHEDULE 7.4

	
-

	
PROPERTY 

	
 

	
 

	
 

	
SCHEDULE 7.15

	
-

	
TRANSACTIONS WITH AFFILIATES 

vi

AMENDED AND
RESTATED CREDIT AGREEMENT

                    This
AMENDED AND RESTATED MULTICURRENCY CREDIT AGREEMENT, dated as of 30 December,
2005, (this “Agreement” or the “UK Credit Agreement”) among the financial
institutions from time to time parties hereto (such financial institutions,
together with their respective successors and assigns, are referred to
hereinafter each individually as a “UK Lender” and collectively as the “UK
Lenders”), BANK OF AMERICA, N.A. with an office at 55 South Lake Avenue, Suite
900, Pasadena, California 91101, as administrative agent for the UK Lenders (in
such capacity, together with its permitted successors and assigns in such
capacity, the “Administrative Agent”), BANK OF AMERICA, N.A., with an office at
5 Canada Square, London El4 5AQ, as fronting lender for the UK Revolver
Participants (as defined below) (in such capacity, together with its permitted
successors and assigns in such capacity, the “UK Fronting Lender”), as agent
for the UK Lenders (in such capacity, together with its permitted successors
and assigns in such capacity, the “UK Agent”) and as security trustee (in such
capacity, together with its permitted successors and assigns in such capacity,
the “UK Security Trustee”) (the Administrative Agent, the UK Agent and the UK
Security Trustee are sometimes collectively referred to herein as the “UK.
Agents”), MOBILE STORAGE GROUP, INC., a Delaware corporation, with offices at
7590 North Glenoaks Blvd., Burbank, California 91504 (“MSG”), RAVENSTOCK MSG
LIMITED, a company incorporated under the laws of England and Wales with
company number 4283040 and whose registered office is at 32-38 Station Road,
Gerrards Cross, SL9 8EL (“Ravenstock”) (Ravenstock and each Subsidiary of
Ravenstock which becomes a Borrower in accordance with this Agreement is sometimes
referred to in this Agreement as a “UK Borrower” and collectively the “UK
Borrowers”) and MOBILE SERVICES GROUP, INC., a Delaware corporation (the
“Parent Guarantor”).

W I T N E S S E T H:

                    WHEREAS,
pursuant to the Existing US Credit Agreement the Existing US Lenders have
extended credit in the form of, among other things, Existing US Revolving
Loans;

                    WHEREAS,
MSG has requested that the US Lenders continue to make available to MSG and
each of the US Borrowers a revolving line of credit for revolving loans and
letters of credit in an amount not to exceed $260,000,000 less the Dollar
Equivalent of the UK Aggregate Outstandings (as defined below), and which
extensions of credit the US Borrowers will use for the purposes permitted
hereunder;

                    WHEREAS,
pursuant to the Existing UK Credit Agreement the Existing UK Lenders have
extended credit in the form of, among other things, Existing UK Revolving
Loans;

                    WHEREAS,
Ravenstock has requested that the UK Lender’s continue to make available to the
UK Borrowers a line of credit for revolving loans and letters of credit in an
aggregate amount not to exceed £75,000,000, which extensions of credit the UK
Borrowers will use for the purposes permitted hereunder;

                    WHEREAS,
each of the Borrowers and the Guarantors are engaged in an inter­related
business enterprise with an identity of interests, and accordingly the
financing provided

EXECUTION COPY

Under this Agreement and the US Credit Agreement will
directly and indirectly benefit each of the Borrowers and the Guarantors;

                    WHEREAS,
the Borrowers would not be able to obtain financing for their businesses and
the businesses of their Subsidiaries on terms and conditions as favorable as
those set forth in this Agreement and the US Credit Agreement unless the US
Obligors and UK Obligors guarantee the UK Obligations of the UK Borrowers
under this Agreement and the US Obligors guarantee the US Obligations of the US
Borrowers under the US Credit Agreement, in each case as provided in the Loan
Documents;

                    WHEREAS,
each UK Credit Party desires that (a) the UK Lenders continue the Existing UK
Letters of Credit as UK Letters of Credit, continue the Existing UK Revolving
Loans and Existing UK Commitments as UK Revolving Loans and UK Commitments
hereunder and agree to increase the Commitments and extend the credit
facilities and (b) the UK Lenders agree to amend and restate the Existing UK
Credit Agreement in its entirety for the purpose of making the amendments
reflected herein;

                    WHEREAS,
the UK Lenders have agreed to amend and restate the Existing UK Credit
Agreement in its entirety for the purpose of making the amendments reflected
herein, which amendment and restatement shall become effective on and from the
Closing Date upon the satisfaction of the conditions precedent set forth in the
UK Amendment and Restatement Agreement;

                    WHEREAS,
each US Credit Party desires that (a) the US Lenders continue the Existing US
Letters of Credit as US Letters of Credit, continue the Existing US Revolving
Loans and Existing US Commitments as US Revolving Loans and US Commitments
under the US Credit Agreement and agree to increase the Commitments and extend
the credit facilities and (b) the US Lenders agree to amend and restate the
Existing US Credit Agreement in its entirety for the purpose of making the
amendments reflected in the US Credit Agreement (such amended and restated credit
agreement, the “US Credit Agreement”);

                    WHEREAS,
the US Lenders have agreed to amend and restate the Existing US Credit
Agreement for the purpose of making the amendments reflected therein, which
amendment and restatement shall become effective on the Closing Date upon the
satisfaction of the conditions precedent set forth, therein;

                    WHEREAS,
each UK Borrower desires to continue to guarantee and secure all of the UK
Obligations hereunder and under the other UK Loan Documents to the extent so
guaranteed and secured under the Existing UK Credit Agreement and the UK Loan
Documents, as in effect prior to the date hereof, and as further provided
herein;

                    WHEREAS,
the UK Guarantors have agreed to continue to guarantee and secure all of the
UK Obligations hereunder and under the other UK Loan Documents to the extent so
guaranteed and secured under the Existing UK Credit Agreement and the UK Loan
Documents, as in effect prior to the date hereof, and as further provided
herein; and

                    WHEREAS,
capitalised terms used in this Agreement and not otherwise defined herein shall
have the meanings ascribed thereto in Annex A which is attached hereto and

2

EXECUTION COPY

incorporated herein; the rules of construction
contained therein shall govern the interpretation of this Agreement, and all
annexes, exhibits and schedules attached hereto are incorporated herein by
reference.

                    NOW,
THEREFORE, in consideration of the mutual conditions and agreements set forth
in this Agreement, and for good and valuable consideration, the receipt of
which is hereby acknowledged, the UK Lenders, the Administrative Agent, the UK
Agent, the UK Security Trustee, the Documentation Agent, if any, and the UK
Borrowers hereby agree as follows.

ARTICLE 1 

LOANS AND LETTERS OF CREDIT

                    1.1 Total
UK Facility. Subject to all of the terms and conditions of this Agreement,
the UK Lenders agree to continue the Existing Revolving Loans and Existing
Letters of Credit as UK Revolving Loans and Letters of Credit hereunder and to
make available a total credit facility of up to £75,000,000 (the “Total UK
Facility”) to the UK Borrowers from time to time during the term of this
Agreement. The Total UK Facility shall be composed of a revolving line of
credit consisting of UK Revolving Loans and Letters of Credit. On the Closing
Date, the Borrowers (directly or through funding of a Revolving Loan) shall pay
in full the Existing Term Loans and the Existing UK Credit Agreement and the
Existing US Credit Agreement shall be amended and restated in their entirety as
more particularly described herein and therein and neither the Credit Parties
nor the Lenders shall be subject to or bound by any of the terms or provisions
of the Existing US Credit Agreement or the Existing UK Credit Agreement and
shall only be subject to or bound by the terms and provisions of this Agreement
and the US Credit Agreement in respect of the US Commitments, the UK
Commitments, the Loans and other Obligations and the transactions contemplated
hereby and thereby, as set forth herein and therein. The parties to this
Agreement acknowledge and agree that this Agreement, the US Credit Agreement
and the other Loan Documents do not constitute a novation, payment and
reborrowing or termination of the Existing Revolving Loans and other
obligations under the Existing US Credit Agreement and the Existing UK Credit
Agreement (other than the prepayment of the Existing Term Loans made
concurrently with the effectiveness of the UK Credit Agreement or the US Credit
Agreement) and that all such obligations (other than the Existing Term Loans so
prepaid) are in all respects continued and outstanding as obligations under
this Agreement and the US Credit Agreement with only the terms being modified
from and after the Closing Date as provided in this Agreement, the US Credit
Agreement and the other Loan Documents. By its execution hereof, each UK Lender
consents to the amendment, amendment and restatement, replacement or other
modification to any other Loan Document being so amended, amended and restated,
replaced or otherwise modified on the Closing Date in the form approved by the
UK Agent.

                    1.2 UK
Revolving Loans.

	
 

	
 

	
 

	
               (a)
  (i) Amounts. Subject to the satisfaction of the conditions precedent
  set forth in Article 8, each Funding UK Lender and the UK Fronting Lender
  (as fronting lender for each of the UK Revolver Participants) severally, but
  not jointly, agrees, upon the UK Borrower Representative’s request from time
  to time on any UK

3

EXECUTION COPY

	
 

	
 

	
 

	
Business Day during the period from the Closing Date
  to the Termination Date, to make revolving loans in Pounds Sterling (the “UK
  Revolving Loans”) to the UK Borrowers (or to continue Existing Revolving
  Loans under the UK Credit Agreement) in amounts not to exceed such Funding UK
  Lender’s (or in the case of the UK Fronting Lender, the total aggregate
  amount of the UK Revolver Participants’) Pro Rata Share of UK Availability, except
  for Non-Ratable Loans and Agent Advances (together with the agreement set
  forth in Section 1.4 to issue Letters of Credit or provide Credit
  Support for the account of the UK Borrowers, the “UK Revolving Facility”).
  The UK Lenders, however, in their unanimous discretion, may elect to make
  (or, in the case of the UK Revolver Participants direct the UK Fronting
  Lender to make) UK Revolving Loans or issue or arrange to have issued Letters
  of Credit for the account of the UK Borrowers in excess of the UK Borrowing
  Base on one or more occasions, but if they do so, neither the UK Agent nor
  the UK Lenders shall be deemed thereby to have changed the limits of the UK
  Borrowing Base or to be obligated to exceed such limits on any other
  occasion. If the Aggregate Outstandings would exceed Total Excess
  Availability (with Total Excess Availability for this purpose only calculated
  as if Aggregate Outstandings, US Aggregate Outstandings and UK Aggregate
  Outstandings were equal to zero) after giving effect to any UK Borrowing or
  if UK Aggregate Outstandings would exceed UK Availability (with UK
  Availability for this purpose only calculated as if US Aggregate Outstandings
  and UK Aggregate Outstandings were equal to zero) after giving effect to any
  UK Borrowing, the UK Lenders may refuse to make (or, in the case of the UK
  Revolver Participants refuse to direct the UK Fronting Lender to make) or may
  otherwise restrict the making of UK Revolving Loans as the UK Lenders
  determine until such excess has been eliminated, subject to the UK Agent’s
  authority, in its sole discretion, to make Agent Advances pursuant to the
  terms of Section 1.2(i).

	
 

	
 

	
 

	
                    (ii)
  Participations. Each of the UK Revolver Participants agrees to enter
  into and assume a risk participation with and from the UK Fronting Lender
  (and the UK Fronting Lender hereby agrees to such risk participation) in the
  amount of its UK Revolver Participant Commitment on the terms and conditions
  set out in this Agreement.

	
 

	
 

	
 

	
               (b)
  Procedure for Borrowing.

                              (1)
Each UK Borrowing of UK Revolving Loans shall be made upon the UK Borrower
Representative’s irrevocable written notice delivered to the UK Agent, with a
copy to the Administrative Agent in the form of a notice of borrowing in the
form attached hereto as Exhibit D (“Notice of Borrowing”), which must be
received by the UK Agent prior to (i) 11:00 a.m. (London time) three UK
Business Days prior to the requested Funding Date, in the case of UK LIBOR
Revolving Loans and (ii) 11:00 a.m. (London time) one UK Business Day prior to
the requested Funding Date, in the case of UK Base Rate Revolving Loans,
specifying:

                              (A)
the amount of UK Borrowing, which in the case of a UK LIBOR Revolving Loan must
equal to or exceed £500,000 (and increments of £250,000 in excess of such
amount);

4

EXECUTION COPY

                              (B)
the requested Funding Date, which must be a UK Business Day;

                              (C)
whether the UK Revolving Loans requested are to be UK Base Rate Revolving
Loans or UK LIBOR Revolving Loans (and if not specified, it shall be deemed a
request for a UK Base Rate Revolving Loan); and

                              (D)
the duration of the Interest Period for any requested UK LIBOR Revolving Loans
(and if not specified, it shall be deemed a request for an Interest Period of
one month);

provided, however,
that with respect to the UK Borrowing to be made on the Closing Date, such UK
Borrowings will consist of UK Base Rate Revolving Loans only.

                              (2)
The UK Borrowers shall have no right to request a UK LIBOR Revolving Loan while
a Default or Event of Default has occurred and is continuing.

                         (c)
Reliance upon Authority; Appointment of UK Borrower Representatives.

                              (1) Each
UK Borrower hereby designates Ravenstock as its representative and agent on its
behalf for the purposes of issuing Notices of Borrowing and Notices of
Conversion/Continuation, in each case in respect of UK Revolving Loans, giving
instructions with respect to the disbursement of the proceeds of the UK
Revolving Loans, selecting interest rate options, requesting Letters of Credit
for the account of any UK Borrower, giving and receiving all other notices and
consents hereunder or under any of the other Loan Documents and taking all
other actions (including in respect of compliance with covenants) on behalf of
any UK Borrower or UK Borrowers under the Loan Documents (in such capacity,
the “UK Borrower Representatives”). The UK Borrower Representative hereby
accepts such appointment. Each UK Agent, the Letter of Credit Issuer and each
UK Lender may regard any notice or other communication pursuant to any Loan
Document from the UK Borrower Representative as a notice or communication from
all UK Borrowers, and may give any notice or communication required or
permitted to be given to the UK Borrower or Borrowers hereunder to the UK
Borrower Representative on behalf of the UK Borrower or Borrowers. Each UK
Borrower agrees that each notice, election, representation and warranty,
covenant, agreement and undertaking made on its behalf by the UK Borrower
Representative shall be deemed for all purposes to have been made by such UK Borrower
and shall be binding upon and enforceable against such UK Borrower to the same
extent as if the same had been made directly by such UK Borrower.

                              (2) All
UK Borrowers acknowledge and agree that the UK Borrowers are engaged in an integrated operation that
requires financing on the basis of credit availability to each UK Borrower,
that the co-borrowing and participation arrangement has been established at the
request of the UK Borrowers, and that each UK Borrower expects to derive,
directly or indirectly, benefit from such credit availability to the other UK
Borrowers. Neither any UK Agent nor the Letter of Credit Issuer nor any UK
Lender shall incur any liability to UK Borrowers or any other Credit Party as a
result of the co-borrowing and participation

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arrangement for the UK Borrowers established by this
Agreement and shall not have any liability or responsibility to the UK
Borrowers to inquire into the allocation, apportionment or use of the proceeds
of any UK Revolving Loans or extensions of credit hereunder. To induce the UK
Agents, the Letter of Credit Issuer and the UK Lenders to establish this
co-borrowing and participation arrangement for the UK Borrowers and in
consideration thereof, each UK Borrower hereby indemnifies the UK Agents, the
Letter of Credit Issuer and the UK Lenders (including for the avoidance of
doubt the UK Fronting Lender and the UK Revolver Participants), and their
respective successors and assigns, and agrees to hold each of them harmless
from any and all liabilities, expenses, losses, damages and claims asserted
against them by any Person arising from or incurred by reason of the
designation of the UK Borrower Representative as such and the co-borrowing and
participation arrangements of the UK Borrowers as provided in this Agreement,
any reliance by any UK Agent, the Letter of Credit Issuer or any UK Lender on
any document, request or instruction given by the UK Borrower Representative
designated by the UK Borrowers herein to act on their behalf or any other
action taken by any UK Agent, the Letter of Credit Issuer or the UK Lenders
with respect to the co-borrowing and participation arrangement; provided,
however, that no UK Borrower shall have an obligation to indemnify any
UK Agent, the Letter of Credit Issuer or any UK Lender under this Section
1.2(c)(2) with respect to any liabilities resulting solely from the gross
negligence or willful misconduct of such indemnified party as determined in a
final non-appealable judgment of a court of competent jurisdiction. The
agreements of the UK Borrowers contained in this Section l.2(c)(2) shall
survive payment of all other Obligations.

                              (3)
Prior to the Closing Date, the UK Borrower Representative shall deliver to the
UK Agent, a notice setting forth the account of each UK Borrower (each, a
“Designated Account”) to which the Applicable Agent is authorized to transfer
the proceeds of the UK Revolving Loans requested hereunder. Each UK Borrower
may designate a replacement account from time to time by written notice. All
such Designated Accounts must be reasonably satisfactory to the UK Agent. The
UK Agent is entitled to rely conclusively on any person’s request for UK
Revolving Loans on behalf of each UK Borrower, so long as the proceeds thereof
are to be transferred to such UK Borrower’s Designated Account. The UK Agent
has no duty to verify the identity of any individual representing himself or
herself as a person authorized by the UK Borrower to make such requests on its
behalf.

	
 

	
 

	
 

	
               (d) No
  Liability. No UK Agent shall incur any liability to any UK Borrower as a
  result of acting upon any notice referred to in Section 1.2(b) which
  the UK Agent believes in good faith to have been given by an officer or other
  person duly authorized by the UK Borrower Representative to request UK
  Revolving Loans on behalf of the UK Borrowers. The crediting of UK Revolving
  Loans to a UK Borrower’s Designated Account conclusively establishes the
  obligation of such UK Borrower to repay such UK Revolving Loans as provided
  herein.

	
 

	
 

	
 

	
               (e) Notice
  Irrevocable. Any Notice of Borrowing made pursuant to Section 1.2(b)
  shall be irrevocable. The UK Borrowers shall be bound to borrow the funds
  requested therein in accordance therewith.

	
 

	
 

	
 

	
               (f) UK
  Agent’s Election. Promptly after receipt of a Notice of Borrowing, the UK
  Agent shall elect to have the terms of Section 1.2(g) or the terms of

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Section 1.2(h) apply to such
  requested UK Borrowing. If the Administrative Agent declines in its sole
  discretion to have the Bank make a Non-Ratable Loan pursuant to Section
  1.2(h), the terms of Section 1.2(g) shall apply to the requested
  UK Borrowing.

	
 

	
 

	
 

	
               (g)
  Making of UK Revolving Loans. If the UK Agent elects to have the
  terms of this Section 1.2(g) apply to a requested UK Borrowing, then
  promptly after receipt of a Notice of Borrowing, the UK Agent shall notify
  the UK Lenders in writing by telecopy or e-mail of the requested UK Borrowing.
  Each Funding UK Lender shall transfer its Pro Rata Share and the UK Fronting
  Lender (as fronting lender for the UK Revolver Participants) shall transfer
  the UK Revolver Participants’ Pro Rata Share of the requested UK Borrowing to
  the UK Agent in immediately available funds, to the account from time to time
  designated by the UK Agent, not later than 11:00 a.m. (London time) on the
  applicable Funding Date. After the UK Agent’s receipt of all proceeds of such
  UK Revolving Loans, the UK Agent shall make the proceeds of such UK Revolving
  Loans available to the UK Borrowers on the applicable Funding Date by
  transferring same day funds to the UK Borrower’s Designated Account; provided,
  however, that the amount of UK Revolving Loans so made on any date shall
  not exceed either UK Availability or Total Excess Availability on such date.

	
 

	
 

	
 

	
               (h)
  Making of Non-Ratable Loans.

                         (1)
If the UK Agent elects, with the consent of the Bank, to have the terms of this
Section 1.2(h) apply to a requested UK Borrowing, the Bank shall make a
UK Revolving Loan in the amount of that UK Borrowing available to the UK
Borrower on the applicable Funding Date by transferring same day funds to UK
Borrower’s Designated Account or, in the case of UK Revolving Loans made on the
Closing Date, to such accounts as designated by the UK Borrower Representative
in writing. Each UK Revolving Loan made solely by the Bank pursuant to this
Section is herein referred to as a “Non-Ratable Loan”, and such UK Revolving
Loans are collectively referred to as the “Non-Ratable Loans.” Each Non-Ratable
Loan shall be subject to all the terms and conditions applicable to other UK
Revolving Loans except that all payments thereon shall be payable to the Bank
solely for its own account. The aggregate amount of Non-Ratable Loans
outstanding at any time to all UK Borrowers shall not exceed £10,000,000. The
UK Agent shall not request the Bank to make any Non-Ratable Loan if (1) the UK
Agent has received written notice from any UK Lender that one or more of the
applicable conditions precedent set forth in Article 8 will not be
satisfied on the requested Funding Date for the applicable Borrowing, or (2)
the requested UK Borrowing would exceed UK Availability or Total Excess
Availability on that Funding Date.

                         (2)
The Non-Ratable Loans to the UK Borrower shall be secured by the UK Agents’
Liens in and to the UK Collateral and shall constitute UK Base Rate Revolving
Loans and UK Obligations of the UK Borrowers hereunder.

                         (i)
Agent Advances.

                         (1)
Subject to the limitations set forth below, the UK Agent is authorized by each
UK Obligor and each UK Lender, from time to time in the UK Agent’s sole
discretion, (A) after the occurrence of a Default or an Event of Default, or
(B) at any time that

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any of the other conditions precedent set forth in Article
8 have not been satisfied, to make UK Base Rate Revolving Loans to the UK
Borrowers on behalf of the UK Lenders in an aggregate amount outstanding at any
time not to exceed 10% of the UK Borrowing Base but not in excess of the
Maximum UK Amount which the UK Agent, in its reasonable business judgment,
deems necessary or desirable (1) to preserve or protect the UK Collateral, or
any portion thereof, (2) to enhance the likelihood of, or maximize the amount
of, repayment of the UK Revolving Loans and other UK Obligations, or (3) to pay
any other amount chargeable to the UK Borrower pursuant to the terms of this
Agreement, including costs, fees and expenses as described in Section 13.7
(any of such advances are herein referred to as “Agent Advances”); provided,
that the UK Required Lenders may at any time revoke the UK Agent’s
authorization to make Agent Advances. Any such revocation must be in writing
and shall become effective prospectively upon the UK Agent’s receipt thereof.

                         (2)
The Agent Advances made with respect to any UK Borrower shall be secured by the
UK Agents’ Liens in and to the UK Collateral and shall constitute UK Base Rate
Revolving Loans and UK Obligations of the UK Borrowers hereunder.

                    1.3
[Intentionally deleted].

                    1.4
Letters of Credit.

	
 

	
 

	
 

	
               (a)
  Agreement to Issue or Cause To Issue. Subject to the terms and
  conditions of this Agreement, UK Agent agrees (i) to cause the Letter of
  Credit Issuer to issue for the account of a UK Borrower one or more standby
  letters of credit when instructed by the UK Borrower Representative (“Letter
  of Credit”) and/or (ii) to provide credit support or other enhancement to an
  issuer of a letter of credit acceptable to UK Agent, which issues a Letter
  of Credit for the account of any UK Borrower (any such credit support or
  enhancement being herein referred to as a “Credit Support”) when instructed
  by such UK Borrower Representative from time to time during the term of this
  Agreement.

	
 

	
 

	
 

	
               (b)
  Amounts; Outside Expiration Date. The UK Agent shall not have any
  obligation to issue or cause to be issued any Letter of Credit or to provide
  Credit Support for any Letter of Credit at any time if: (i) the maximum face
  amount of the requested Letter of Credit is greater than the UK Unused
  Letter of Credit Subfacility at such time; (ii) the maximum undrawn amount of
  the requested Letter of Credit and all commissions, fees, and charges due
  from the UK Borrowers in connection with the opening thereof would exceed
  either UK Availability or Total Excess Availability at such time; (iii) such
  Letter of Credit has an expiration date less than 30 days prior to the Stated
  Termination Date or more than 12 months from the date of issuance for standby
  letters of credit; (iv) a Default or Event of Default has occurred and is
  continuing; or (v) such Letter of Credit for the account of any UK Borrower
  is denominated in any currency other than Pounds Sterling. With respect to
  any Letter of Credit which contains any “evergreen” or automatic renewal
  provision, each UK Lender shall be deemed to have consented to any such
  extension or renewal unless the Required Lenders shall have provided to the
  UK Agent, written notice that they decline to consent to any such

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extension or renewal at least thirty (30) days prior
  to the date on which the Letter of Credit Issuer is entitled to decline to
  extend or renew the Letter of Credit.

	
 

	
 

	
 

	
               (c)
  Other Conditions. In addition to conditions precedent contained in Article
  8, the obligation of the Letter of Credit Issuer to issue or the UK Agent
  to cause to be issued any Letter of Credit or to provide Credit Support for
  any Letter of Credit is subject to the following conditions precedent having
  been satisfied in a manner reasonably satisfactory to the UK Agent:

                              (1)
The UK Borrower Representative shall have delivered to the Letter of Credit
Issuer, at such times and in such manner as such Letter of Credit Issuer may
prescribe, an application in form and substance satisfactory to such Letter of
Credit Issuer and reasonably satisfactory to the UK Agent for the issuance of
the Letter of Credit and such other documents as may be required pursuant to
the terms thereof, and the form, terms and purpose of the proposed Letter of
Credit shall be reasonably satisfactory to the UK Agent and the Letter of
Credit Issuer; and

                              (2)
As of the date of issuance, no order of any court, arbitrator or Governmental
Authority shall purport by its terms to enjoin or restrain money center banks
generally from issuing letters of credit of the type and in the amount of the
proposed Letter of Credit, and no law, rule or regulation applicable to money
center banks generally and no request or directive (whether or not having the
force of law) from any Governmental Authority with jurisdiction over money
center banks generally shall prohibit, or request that the proposed Letter of
Credit Issuer refrain from, the issuance of letters of credit generally or the
issuance of such Letters of Credit.

                         (d)
Issuance of Letters of Credit.

                              (1)
Request for Issuance. The UK Borrower Representative must notify the UK
Agent of a requested Letter of Credit at least three (3) UK Business Days prior
to the proposed issuance date (or any lesser period as approved by the UK Agent
and the Letter of Credit Issuer). Such notice shall be irrevocable and must
specify the original face amount of the Letter of Credit requested, the UK
Business Day of issuance of such requested Letter of Credit, whether such
Letter of Credit may be drawn in a single or in partial draws, the UK Business
Day on which the requested Letter of Credit is to expire, the purpose for which
such Letter of Credit is to be issued, and the beneficiary of the requested Letter
of Credit. The UK Borrower Representative shall attach to such notice the
proposed form of the Letter of Credit.

                              (2)
Responsibilities of the UK Agent; Issuance. As of the UK Business Day
immediately preceding the requested issuance date of the Letter of Credit, the
UK Agent shall determine the amount of the UK Unused Letter of Credit
Subfacility and UK Availability or Total Excess Availability. If (i) the face
amount of the requested Letter of Credit is less than the UK Unused Letter of
Credit Subfacility and (ii) the amount of such requested Letter of Credit and
all commissions, fees, and charges due from the UK Borrower in connection with
the opening thereof would not exceed UK Availability or Total Excess Availability,
the UK

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Agent shall cause the Letter of Credit Issuer to issue
the requested Letter of Credit on the requested issuance date so long as the
other conditions hereof are met.

                              (3)
No Extensions or Amendment. The UK Agent shall not be obligated to cause
the Letter of Credit Issuer to extend or amend any Letter of Credit issued
pursuant hereto unless the requirements of this Section 1.4 are met as
though a new Letter of Credit were being requested and issued.

	
 

	
 

	
 

	
               (e)
  Payments Pursuant to Letters of Credit. The UK Borrowers agree,
  jointly and severally to reimburse immediately when due the Letter of Credit
  Issuer for any draw under any Letter of Credit and the UK Agent for the
  account of the Funding UK Lenders and the UK Fronting Lender (as fronting
  lender for the UK Revolver Participants) upon any payment pursuant to any
  Credit Support, and to pay the Letter of Credit Issuer the amount of all
  other charges and fees payable to the Letter of Credit Issuer in connection
  with any Letter of Credit issued for its account immediately when due,
  irrespective of any claim, setoff, defense or other right which the UK
  Borrowers may have at any time against the Letter of Credit Issuer or any
  other Person. Each drawing under any Letter of Credit shall constitute a
  request by the UK Borrowers to the UK Agent for a Borrowing of a UK Base Rate
  Revolving Loan in the amount of such drawing. The Funding Date with respect
  to such Borrowing shall be the date of such drawing, and the UK Agent is
  authorized to charge the UK Borrowers’ Loan Account for the amount of such
  drawing in accordance with Section 3.6.

	
 

	
 

	
 

	
               (f)
  Indemnification; Exoneration; Power of Attorney.

                              (1)
Indemnification. In addition to amounts payable as elsewhere provided in
this Section 1.4, the UK Borrowers agree, jointly and severally, to
protect, indemnify, pay and save the UK Lenders (including, for the avoidance
of doubt, the UK Fronting Lender and the UK Revolver Participants) and the UK
Agent harmless from and against any and all claims, demands, liabilities,
damages, losses, costs, charges and expenses (including reasonable attorneys’
fees) which any UK Lender or the UK Agent (other than a UK Lender in its
capacity as Letter of Credit Issuer) may incur or be subject to as a
consequence, direct or indirect, of the issuance of any Letter of Credit or the
provision of any Credit Support or enhancement in connection therewith. The UK
Borrowers’ obligations under this Section shall survive payment of all other
Obligations.

                              (2)
Assumption of Risk by the Applicable Borrowers. As among the UK
Borrowers, the UK Lenders, and the UK Agents, the UK Borrowers assume all
risks of the acts and omissions of, or misuse of any of the Letters of Credit
by, the respective beneficiaries of such Letters of Credit. In furtherance and
not in limitation of the foregoing, the UK Lenders and the UK Agents (in each
case, in their capacity as such) shall not be responsible for: (A) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document
submitted by any Person in connection with the application for and issuance of
and presentation of drafts with respect to any of the Letters of Credit, even
if it should prove to be in any or all respects invalid, insufficient,
inaccurate, fraudulent or forged; (B) the validity or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign any
Letter of Credit or the rights or benefits thereunder or proceeds thereof, in
whole or in part, which may prove to be

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invalid or ineffective for any reason; (C) the failure
of the beneficiary of any Letter of Credit to comply duly with conditions
required in order to draw upon such Letter of Credit; (D) errors, omissions,
interruptions, or delays in transmission or delivery of any messages, by mail,
cable, telegraph, telex or otherwise, whether or not they be in cipher; (E)
errors in interpretation of technical terms; (F) any loss or delay in the
transmission or otherwise of any document required in order to make a drawing
under any Letter of Credit or of the proceeds thereof; (G) the misapplication
by the beneficiary of any Letter of Credit of the proceeds of any drawing under
such Letter of Credit; (H) any consequences arising from causes beyond the
control of the UK Lenders or the UK Agents, including any act or omission,
whether rightful or wrongful, of any present or future de jure or de facto
 Governmental Authority or (I) the Letter of Credit Issuer’s honor of a draw for
which the draw or any certificate fails to comply in any respect with the terms
of the Letter of Credit. None of the foregoing shall affect, impair or prevent
the vesting of any rights or powers of the UK Agents or any UK Lender under
this Section 1.4(f). 

                              (3)
Exoneration. Without limiting the foregoing, no action or omission
whatsoever by any UK Agent or any UK Lender (excluding any UK Lender in its
capacity as a Letter of Credit Issuer) shall result in any liability of UK
Agent or any UK Lender to any UK Borrower, or relieve any UK Borrower of any of
its obligations hereunder to any such Person.

                              (4)
Rights Against Letter of Credit Issuer. Nothing contained in this
Agreement is intended to limit the UK Borrowers’ rights, if any, with respect
to the Letter of Credit Issuer which arise as a result of the letter of credit
application and related documents executed by and between the UK Borrower (or
the UK Borrower Representative on its behalf) and the Letter of Credit Issuer.

                              (5)
Account Party. Each UK Borrower hereby authorizes and directs any Letter
of Credit Issuer to name the UK Borrower as the “Account Party” therein for any
Letter of Credit issued on its behalf and to deliver to the UK Agent all
instruments, documents and other writings and property received by the Letter
of Credit Issuer pursuant to the Letter of Credit, and to accept and rely upon
the UK Agent’s instructions and
agreements with respect to all matters arising in connection with the Letter of
Credit or the application therefor.

	
 

	
 

	
 

	
               (g) Supporting Letter of Credit; Cash Collateral.
  If, notwithstanding the provisions of Section 1.4(b) and Section
  10.1, any Letter of Credit or Credit Support is outstanding upon the
  termination of this Agreement, then upon such termination the UK Borrowers
  shall deposit with the UK Agent upon the UK Agent’s request in writing, for
  the ratable benefit of the UK Agents and the applicable UK Lenders, with
  respect to each Letter of Credit or Credit Support then outstanding, either
  (X) a standby letter of credit (a “Supporting Letter of Credit”) in form and
  substance satisfactory to the UK Agent, issued by an issuer satisfactory to
  the UK Agent in an amount equal to 105% of the greatest amount for which such
  Letter of Credit or such Credit Support may be drawn plus any fees and
  expenses associated with such Letter of Credit or such Credit Support or (Y)
  cash collateral in such amount. The UK Agent shall be entitled to draw on
  such Supporting Letter of Credit, or withdraw from the cash collateral
  account, for amounts necessary to reimburse the UK Agent and the applicable
  UK Lenders for payments to be made by the UK Agent and the Funding UK Lenders
  (and the UK Fronting Lender as

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fronting lender for the UK Revolver Participants)
  under such Letter of Credit or Credit Support and any fees and expenses
  associated with such Letter of Credit or Credit Support. Such Supporting
  Letter of Credit or cash collateral shall be held by the UK Agent, for the
  ratable benefit of the UK Agents and the applicable UK Lenders, as security
  for, and to provide for the payment of, the aggregate undrawn amount of such
  Letters of Credit or such Credit Support remaining outstanding. Upon
  expiration of any such outstanding Letter of Credit, or cancellation and
  return of such Letter of Credit to the Letter of Credit Issuer, the UK Agent
  shall return to the UK Borrowers any Supporting Letter of Credit and pay to
  the UK. Borrowers any cash remaining after payment of all amounts due with
  respect to such Letter of Credit.

                    1.5
UK Bank Products. Each UK Borrower may request and the UK Agent may, in
its sole and absolute discretion, arrange for such UK Borrower to obtain from
the Bank or the Bank’s Affiliates’ UK Bank Products, although no UK Borrower is
required to do so. If UK Bank Products are provided by an Affiliate of the
Bank, the UK Borrowers agree, jointly and severally, to indemnify and hold the
UK Agents, the Bank and the UK Lenders harmless from any and all costs and
obligations now or hereafter incurred by any UK Agent, the Bank or any of the
UK Lenders which arise from any indemnity given by the UK Agent to its
Affiliates related to such UK Bank Products; provided, however,
nothing contained herein is intended to limit any UK Borrower’s rights with
respect to the Bank or its Affiliates, if any, which arise as a result of the
execution of documents by and between any UK Borrower and the Bank which relate
to UK Bank Products. The agreement contained in this Section shall survive
termination of this Agreement. Each UK Borrower acknowledges and agrees that
the obtaining of UK Bank Products from the Bank or the Bank’s Affiliates (a) is
in the sole and absolute discretion of the Bank or the Bank’s Affiliates, and
(b) is subject to all rules and regulations of the Bank or the Bank’s
Affiliates.

                    1.6
Joint And Several Obligations; Cross-Guaranty.

	
 

	
 

	
 

	
               (a)
  Each UK Borrower hereby agrees that it is jointly and severally liable for,
  and absolutely and unconditionally guarantees to the UK Agents and the UK
  Lenders the full and prompt payment (whether at stated maturity, by acceleration
  or otherwise) and performance of all UK Obligations owed or hereafter owing
  to the UK Agent and the UK Lenders by each other UK Borrower, regardless of
  which UK Borrower actually receives any UK Revolving Loans or other
  extensions of credit under the UK Loan Documents, the amount received by any
  UK Borrower or the manner in which any UK Borrower, the UK Agent or any UK
  Lender accounts for such Loans and other extensions of credit. Each UK
  Borrower agrees that its joint and several guaranty of the Obligations
  hereunder are a continuing obligation of payment and performance and not of
  collection, and that its UK Obligations under this Section 1.6 shall
  not be discharged until payment and performance in full of all Obligations
  and termination of all US Commitments and UK Commitments.

	
 

	
 

	
 

	
               (b)
  The UK Obligations of the UK Borrowers under this Section 1.6 and the
  Liens securing such UK Obligations shall not be released or impaired by any
  action or inaction on the part of any UK Agent or any UK Lender which would
  otherwise constitute the release of a surety. Without limiting the generality
  of the foregoing, the

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liability of any UK Borrower hereunder shall not be
  affected or impaired in any manner by (i) the failure of any Person to become
  or remain a UK Borrower or guarantor or the failure of any UK Agent or any UK
  Lender to preserve, protect or enforce any right to require any Person to
  become or remain a UK Borrower or guarantor, (ii) any taking, failure to take,
  failure to create, perfect or ensure the priority of, or exchange, release or
  termination or lapse of any Lien securing any UK Obligations of any other UK
  Borrower, or any taking, failure to take, release or amendment or waiver of
  or consent to departure from, any other guaranty of any of the UK Obligations
  of any other UK Borrower, (iii) any manner or order of sale or other
  enforcement of any Lien securing any of the UK Obligations or any manner or
  order of application of the proceeds of any such Lien to the payment of the
  UK Obligations or any failure to enforce any Lien or to apply any proceeds
  thereof, (iv) any furnishing, exchange, substitution or release of any
  collateral securing the UK Obligations, or any failure to perfect any Lien in
  any of the collateral securing the UK Obligations, or (v) any other
  circumstance which might otherwise constitute a defense (except the final
  payment in full) available to, or a discharge of, a surety or guarantor.

	
 

	
 

	
 

	
               (c)
  The liability of each UK Borrower under this Agreement for obligations in its
  capacity as guarantor and in its joint and several liability as a co-UK
  Borrower for any other UK Borrower’s UK Obligations hereunder shall remain
  valid and enforceable and shall not be subject to any reduction, limitation,
  impairment, discharge or termination for any reason (other than final payment
  in full of the UK Obligations), including the occurrence of any of the
  following, whether or not such Borrower shall have had notice or knowledge of
  any of them: (i) any failure or omission to assert or enforce or agreement or
  election not to assert or enforce, or the stay or enjoining, by order of
  court, by operation of law or otherwise, of the exercise or enforcement of,
  any claim or demand or any right, power or remedy (whether arising under the
  Loan Documents, at law, in equity or otherwise) with respect to the UK
  Obligations or any agreement relating thereto, or with respect to any other
  guaranty of or security for the payment of the UK Obligations; (ii) any rescission,
  waiver, amendment or modification of, or any consent to departure from, any
  of the terms or provisions (including provisions relating to Events of
  Default) of this Agreement, any of the other Loan Documents or any agreement
  or instrument executed pursuant hereto or thereto, or of any other guaranty
  or security for the UK Obligations, in each case whether or not in accordance
  with the terms of this Agreement, such Loan Document or any agreement
  relating to such other guaranty or security; (iii) the UK Obligations, or any
  agreement relating thereto, at any time being found to be illegal, invalid or
  unenforceable in any respect; (iv) the application of payments received from
  any source to the payment of any liability other than the UK Obligations, even
  though the UK Lenders might have elected to apply such payment to any part or
  all of the UK Obligations; (v) any consent by any UK Lender or any UK Agent
  to the change, reorganization or termination of the corporate structure or
  existence of any other UK Borrower, or any other Person and to any
  corresponding restructuring of the UK Obligations; (vi) any failure to
  perfect or continue perfection of a security interest in any collateral which
  secures any of the UK Obligations; (vii) any defenses (except the defense of
  final payment in full), set-offs or counterclaims which any UK Borrower, any
  guarantor or any other Person may allege or assert against any Agent or any
  Lender in respect of the UK Obligations, including, for example, failure of

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consideration, breach of warranty, statute of
  frauds, statute of limitations, accord and satisfaction and usury; and (viii)
  any other act or thing or omission, or delay to do any other act or thing,
  which may or might in any manner or to any extent vary the risk of any UK
  Borrower as an obligor in respect of the UK Obligations.

	
 

	
 

	
 

	
               (d)
  To the maximum extent permitted by law, each UK Borrower in its capacity as a
  guarantor hereunder, hereby waives and agrees not to assert or take advantage
  of: (i) any defense now existing or hereafter arising based upon any legal
  disability or other defense of any other UK Borrower or any guarantor or
  other Person, or by reason of the cessation or limitation of the liability of
  any other UK Borrower or any guarantor or other Person from any cause other
  than full payment and performance of all obligations due under this Agreement
  or any of the other Loan Documents; (ii) any defense based upon any lack of
  authority of the officers, directors, partners or UK Agents acting or
  purporting to act on behalf of any other UK Borrower or any guarantor or
  other Person, or any defect in the formation of any other UK Borrower or any
  guarantor or other Person; (iii) the unenforceability or invalidity of any
  security or guaranty or the lack of perfection or continuing perfection, or
  failure of priority of any security for the UK Obligations; (iv) any and all
  rights and defenses arising out of an election of remedies by any UK Agent or
  any UK Lender, even though that election of remedies, such as a non-judicial
  foreclosure with respect to security for an UK Obligation, has destroyed such
  UK Borrower’s rights of subrogation or otherwise; (v) any defense based upon
  any failure to disclose to such UK Borrower any information concerning the
  financial condition of any other UK Borrower or any guarantor or other Person
  or any other circumstances bearing on the ability of any other UK Borrower or
  any guarantor or other Person to pay and perform all obligations due under
  this Agreement or any of the other Loan Documents; (vi) any failure by any UK
  Agent or any UK Lender to give notice to such UK Borrower or any guarantor or
  other Person of the sale or other disposition of security, and any defect in
  notice given by any UK Agent or any UK Lender in connection with any such
  sale or disposition of security; (vii) any failure of any UK Agent or any UK
  Lender to comply with applicable laws in connection with the sale or
  disposition of security, including, without limitation, any failure by any UK
  Lender or any UK Agent to conduct a commercially reasonable sale or other
  disposition of such security; (viii) any defense based upon any statute or
  rule of law which provides that the obligation of a surety must be neither
  larger in amount nor in any other respects more burdensome than that of a
  principal, or that reduces a surety’s or guarantor’s obligations in
  proportion to the principal’s obligation; (ix) any right of subrogation, any
  right to enforce any remedy which any UK Agent or any UK Lender may have
  against any other UK Borrower or any guarantor or other Person and any right
  to participate in, or benefit from, any security now or hereafter held by the
  UK Agent or any UK Lender for the UK Obligations of the other UK Borrowers,
  until all UK Obligations have been paid in full and the UK Commitments
  terminated; (x) presentment, demand, protest and notice of any kind,
  including notice of acceptance of this Agreement and of the existence,
  creation or incurring of new or additional UK Obligations; (xi) the benefit
  of any statute of limitations affecting the liability of any other UK
  Borrower or any guarantor or other Person, enforcement of this Agreement or
  any other Loan Documents, the liability of any other UK Borrower hereunder or
  the enforcement hereof; (xii) all notices of intention to accelerate and/or
  notice of acceleration of the UK Obligations; (xiii) relief from any

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applicable valuation or appraisement laws; (xiv) any
  other action by any UK Agent or any UK Lender, whether authorized by this
  Agreement or otherwise, or any omission by any UK Agent or any UK Lender or
  other failure of any UK Agent or any UK Lender to pursue, or delay in
  pursuing, any other remedy in its power; (xv) any and all claims and/or rights
  of counterclaim, recoupment, setoff or offset; and (xvi) any defense based
  upon the application of the proceeds of a Loan for purposes other than the
  purposes represented by the UK Borrowers or intended or understood by any UK
  Agent or any UK Lender or any UK Borrower. Each UK Borrower agrees that the
  payment and performance of all UK Obligations or any part thereof or other
  act which tolls any statute of limitations applicable to this Agreement or
  the other Loan Documents shall similarly operate to toll the statute of
  limitations applicable to such UK Borrower’s liability under this Section
  1.6. Without limiting the generality of the foregoing or any other
  provision hereof, each UK Borrower further waives any and all rights and
  defenses that such UK Borrower may have as a guarantor because the UK
  Obligations of any of the other UK Borrowers are secured by real property of
  any of the other UK Borrowers; this means, among other things, that: (l) the
  UK Lenders may collect from such UK Borrower without first foreclosing on any
  real or personal property collateral pledged by any other UK Borrower, (2)
  if any UK Agent or any UK Lender forecloses on any real property collateral
  pledged by any other UK Borrower, then (A) the amount of the debt may be
  reduced only by the price for which that collateral is sold at the
  foreclosure sale, even if the collateral is worth more than the sale price,
  and (B) any UK Agent or any UK Lender may collect from such UK Borrower even
  if any UK Agent or any UK Lender, by foreclosing on the real property
  collateral, has destroyed any right such UK Borrower may have to collect from
  any other UK Borrower. The foregoing sentence is an unconditional and
  irrevocable waiver of any rights and defenses each UK Borrower may have
  because the UK Obligations are secured by real property of any other UK
  Borrower. Based on the preceding sentence and without limiting the generality
  of the foregoing waivers contained in this subparagraph or any other
  provision hereof, each UK Borrower expressly waives to the maximum extent
  permitted by law any and all rights and defenses (except the defense of final
  payment in full), including without limitation any rights of subrogation,
  reimbursement, indemnification and contribution (except subrogation or contribution
  pursuant to this Agreement), which might otherwise be available to such UK
  Borrower under the laws of any jurisdiction to the extent the same are
  applicable to this Agreement or the agreements, covenants or obligations of
  any other UK Borrower hereunder or under any other UK Loan Document.

	
 

	
 

	
 

	
               (e)
  Each UK Borrower is fully aware of the financial condition of the other UK
  Borrowers and is executing and delivering this Agreement based solely upon
  such UK Borrower’s own independent investigation of all matters pertinent
  hereto and is not relying in any manner upon any representation or statement
  by any UK Agent or any UK Lender. Each UK Borrower hereby assumes full
  responsibility for obtaining any additional information concerning the financial
  condition of the other UK Borrowers, or any other guarantor or their
  respective properties, financial condition and prospects and any other matter
  pertinent hereto as such UK Borrower may desire, and such UK Borrower is not
  relying upon or expecting any UK Agent or any UK Lender to furnish to such
  UK Borrower any information now or hereafter in the possession of the UK
  Agent or any UK Lender concerning the same or any other matter. By executing
  this

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Agreement, each UK Borrower knowingly accepts the
  full range of risks encompassed within a contract of this type, which risks
  such UK Borrower acknowledges. No UK Borrower shall have the right to require
  any UK Agent or any UK Lender to obtain or disclose any information with respect
  to the UK Obligations, the financial condition or prospects of any other UK
  Borrower, the ability of any other UK Borrower to pay or perform its UK
  Obligations, the existence, perfection, priority or enforceability of any
  collateral security for any or all of the UK Obligations, the existence or
  enforceability of any other guaranties of all or any part of the UK
  Obligations, any action or non-action on the part of any UK Agent or any UK
  Lender, any other UK Borrower or any other Person, or any other event,
  occurrence, condition or circumstance whatsoever.

	
 

	
 

	
 

	
               (f)
  [Intentionally deleted].

	
 

	
 

	
 

	
               (g)
  Each UK Borrower hereby agrees that to the extent that any UK Borrower makes
  any payment hereunder on behalf of another UK Borrower, the UK Borrower
  making such payment shall be entitled to seek and receive contribution and
  indemnification from and to be reimbursed by each other UK Borrower, in an
  amount equal to a fraction of such payment, the numerator of which is the
  Maximum Liability of the UK Borrower making the payment and the denominator
  of which is the Maximum Liability of all UK Borrowers as of the date of
  determination. Each UK Borrower’s right of contribution shall be subject to
  the terms and conditions of this Section 1.6(g). The provisions of this Section
  1.6(g) shall in no respect limit the direct obligations and liabilities
  of any UK Borrower to the UK Lenders for any UK Revolving Loans and advances
  made to it, or any Letter of Credit or Credit Support issued for its benefit
  and each UK Borrower shall remain liable to the UK Lenders for the full
  amount of its liabilities under this Agreement.

	
 

	
 

	
 

	
               (h)
  Notwithstanding anything to the contrary in this Agreement or in any other
  Loan Document, each UK Borrower in its capacity as a guarantor hereby
  expressly and irrevocably subordinates to payment of the UK Obligations of
  the UK Borrowers any and all rights at law or in equity to subrogation,
  reimbursement, exoneration, contribution, indemnification or set off and any
  and all defenses available to a surety, guarantor or accommodation co-obligor
  until the UK Obligations of the UK Borrowers are paid in full in cash and
  all UK Commitments are terminated. Each UK Borrower in its capacity as a
  guarantor only acknowledges and agrees that this subordination is intended to
  benefit the UK Agents and the UK Lenders and shall not limit or otherwise
  affect such UK Borrower’s primary liability hereunder or the enforceability
  of this Section 1.6, and that the UK Agents, UK Lenders and their
  respective successors and assigns are intended third party beneficiaries of
  the waivers and agreements set forth in this Section 1.6.

	
 

	
 

	
 

	
               (i)
  No UK Borrower shall be entitled to be subrogated to any of the rights of any
  UK Agent or any UK Lender or against any other UK Borrower, or any collateral
  security or guarantee or right to offset held by any UK Agent or any UK
  Lender for the payment of the UK Obligations of the UK Borrowers, as the
  case may be, nor shall any UK Borrower seek or be entitled to seek any
  contribution or reimbursement from or any other UK Borrower in respect of
  payments made by such UK Borrower

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hereunder, until all amounts owing to the UK Agents
  and the UK Lenders on account of the UK Obligations of the UK Borrowers are
  paid in full, no Letter of Credit shall be outstanding and the UK Commitments
  are terminated or have expired. If any amount shall be paid to any UK
  Borrower on account of such subrogation rights at any time not permitted
  hereunder, such amount shall be held by such UK Borrower in trust for the UK
  Agent and the UK Lenders, segregated from other funds of such UK Borrower,
  and shall, forthwith upon receipt, be turned over to the UK Agent in the
  exact form received (duly endorsed to the UK Agent, if required), to be
  applied against the UK Obligations, whether matured or unmatured, in such
  order as the UK Agent may determine.

	
 

	
 

	
 

	
               (j)
  This Section 1.6 is intended only to define the relative rights of the
  UK Borrowers, the UK Agents and the UK Lenders and nothing set forth in this Section
  1.6 is intended to or shall impair the obligations of the UK Borrowers,
  jointly and severally, to pay any amounts as and when the same shall become
  due and payable in accordance with the terms of this Agreement. Nothing
  contained in this Section 1.6 shall limit the liability of any UK
  Borrower to pay the Loans or Advances made directly or indirectly to that UK
  Borrower and accrued interest, Fees and expenses with respect thereto, for
  which such UK Borrower shall be primarily liable.

	
 

	
 

	
 

	
               (k)
  The parties hereto acknowledge that the rights of contribution and
  indemnification hereunder shall constitute assets of each UK Borrower to
  which such contribution and indemnification is owing.

                    1.7
UK Fronting Lender’s Put Rights. So long as any Event of Default shall
have occurred and be continuing, the UK Fronting Lender shall have the right,
upon written notice (a “Put Notice”), to each UK Revolver Participant to
require such UK Revolver Participants, within three (3) UK Business Days
following receipt of a Put Notice, to purchase and assume the aggregate
outstanding amount of its UK Revolver Participant Commitment from the UK
Fronting Lender by payment of such amount in immediately available funds in
Pounds Sterling. Each UK Revolver Participant’s duty and obligation to purchase
the aggregate outstanding amount of such UK Revolver Participant Commitment
shall be absolute and unconditional and shall not be affected by any
circumstance, including: (a) any setoff, counterclaim, recoupment, defense or
other right that such UK Revolver Participant may have against the UK Fronting
Lender, any UK Borrower or any other Person for any reason whatsoever; (b) the
occurrence of any Default or Event of Default; (c) any inability of any UK
Borrower to satisfy the conditions precedent to borrowing set forth in this
Agreement at any time; or (d) any other circumstance, happening or event
whatsoever, whether or not similar to the foregoing. If any UK Revolver
Participant does not pay to the UK Fronting
Lender the amount of the aggregate outstanding amount of its UK Revolver
Participant Commitment within the later of three (3) UK Business Days or three
(3) US Business Days after receipt of the Put Notice (the “Put Date”), (i) such
amount shall be due and payable on demand and shall bear interest at the higher
of (x) the UK Base Rate plus the Applicable Margin specified for UK Base Rate
Revolving Loans plus Mandatory Costs and (y) the UK LIBOR Rate plus the
Applicable Margin for UK LIBOR Revolving Loans plus the Mandatory Cost per
annum until paid and (ii) such UK Revolver Participant shall be required to pay
an administration and risk management charge to the UK Fronting Lender in the
amount of £50,000, unless such non-payment is due solely to

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administrative or technical delays in the transmission
of funds and payment is made within the later of two (2) UK Business Days and
two (2) US Business Days of the Put Date.

                    1.8
[Intentionally deleted].

ARTICLE 2

INTEREST AND FEES

                    2.1
Interest.

                         (a)
Interest Rates. All outstanding UK Obligations shall bear interest on
the unpaid principal amount thereof (including, to the extent permitted by law,
on interest thereon not paid when due) from the date made until paid in full in
cash at a rate determined by reference to the UK Base Rate or the UK LIBOR
Rate, as applicable, plus the Applicable Margin plus the
Mandatory Cost, but not to exceed the Maximum Rate. If at any time UK Revolving
Loans are outstanding with respect to which the UK Borrower Representative has
not delivered to the UK Agent a notice specifying the basis for determining the
interest rate applicable thereto in accordance herewith, those UK Revolving
Loans shall bear interest at a rate determined by reference to the UK Base
Rate, as applicable, until notice to the contrary has been given to the UK
Agent in accordance with this Agreement and such notice has become effective.
Except as otherwise provided herein, the outstanding UK Obligations shall bear
interest as follows:

          For
all UK Revolving Loans:

                              (A)
for all UK Base Rate Revolving Loans and other UK Obligations of the UK
Obligors (other than UK LIBOR Revolving Loans) at a fluctuating per annum rate
equal to the UK Base Rate plus the Applicable Margin specified for UK
Base Rate Revolving Loans plus the Mandatory Cost; and

                              (B)
For all UK LIBOR Revolving Loans at a per annum rate equal to the sum of the
UK LIBOR Rate plus the Applicable Margin specified for UK LIBOR
Revolving Loans plus the Mandatory Cost.

Each change in the UK Base Rate shall be reflected in
the interest rate applicable to UK Revolving Loans, as of the effective date of
such change. All interest charges on UK Base Rate Revolving Loans shall be
computed on the basis of a year of 360 days and actual days elapsed (which
results in more interest being paid than if computed on the basis of a 365-day
year). All interest charges on UK LIBOR Revolving Loans shall be computed on the
basis of a 365-day year and actual days elapsed. The UK Borrowers shall pay to
the UK Agent, for the ratable benefit of Funding UK Lenders and the UK
Fronting Lender (as fronting lender for the UK Revolver Participants), interest
accrued on all UK Base Rate Revolving Loans in arrears on the first day of each
month hereafter and on the Termination Date, and the UK Borrowers shall pay to
the UK Agent, for the ratable benefit of the Funding UK Lenders and the UK Fronting
Lender (as fronting lender for the UK Revolver Participants) interest on all UK
LIBOR Revolving Loans in arrears on each LIBOR Interest Payment Date.

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  (b) Fronting Fee; Participation Fee. When and as the UK Fronting
  Lender collects interest on the UK Revolving Loans prior to the Put Date, the
  UK Fronting Lender shall retain for its account interest at the UK Base Rate
  or UK LIBOR Rate, as applicable, any Mandatory Costs incurred and an amount
  equal to the Fronting Fee and shall promptly thereafter distribute to each UK
  Revolver Participant its Pro Rata Share of the remaining Applicable Margin,
  as a participation fee (the “Participation Fee”). If the UK Borrowers pay
  less than all of the interest then due and owing by it for any period, that
  portion of the interest equal to the Participation Fee shall be deemed to be
  the last portion of interest paid or to be paid For the avoidance of doubt,
  from and after the Put Date (assuming each UK Revolver Participant has purchased
  its requisite Pro Rata Share of the UK Revolving Loans from the UK Fronting
  Lender), interest shall be distributed by the UK Agent for the rateable
  benefit of the UK Lenders (directly).

	
 

	
 

	
 

	
               (c)
  Default Rate. If any Event of Default occurs and is continuing and the
  UK Agent or the Required Lenders in their discretion so elect, then, while
  any such Event of Default is continuing, all of the UK Obligations shall bear
  interest at the Default Rate applicable thereto.

	
 

	
 

	
 

	
          2.2
  Continuation and Conversion Elections. 

	
 

	
 

	
 

	
               (a)
  Subject to Section 1.2(b)(2), the UK Borrower may: 

	
 

	
 

	
 

	
          (i)
  elect, as of any UK Business Day, in the case of UK Base Rate Revolving Loans
  to convert any UK Base Rate Revolving Loans (or any part thereof in an amount
  not less than £500,000, or that is in an integral multiple of £250,000 in
  excess thereof) into UK LIBOR Revolving Loans; or

	
 

	
 

	
 

	
          (ii)
  elect, as of the last day of the applicable Interest Period, to continue any
  UK LIBOR Revolving Loans having Interest Periods expiring on such day (or any
  part thereof in an amount not less than £500,000, or that is in an integral
  multiple of £250,000 in excess thereof);

	
 

	
 

	
 

	
provided, that if at any time the
  aggregate amount of UK LIBOR Revolving Loans in respect of any single
  Interest Period is reduced, by payment, prepayment, or conversion of part
  thereof to be less than £500,000, such UK LIBOR Revolving Loans shall
  automatically convert into UK Base Rate Revolving Loans; provided further
  that if the notice shall fail to specify the duration of the Interest Period,
  such Interest Period shall be one month.

	
 

	
 

	
               (b) The
  UK Borrower Representative shall deliver a notice of continuation/conversion
  in the form attached hereto as Exhibit E (a “Notice of
  Continuation/Conversion”) to the UK Agent not later than 11:00 a.m. (London
  time), at least three (3) UK Business Days in advance of the
  Continuation/Conversion Date, if the UK Revolving Loans are to be converted into
  or continued as UK LIBOR Revolving Loans and specifying:

	
 

	
 

	
 

	
          (i)
  the proposed Continuation/Conversion Date;

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          (ii)
  the aggregate amount of UK Revolving Loans to be converted or renewed;

	
 

	
 

	
 

	
          (iii)
  the type of UK Revolving Loans resulting from the proposed conversion or
  continuation; and

	
 

	
 

	
 

	
          (iv)
  the duration of the requested Interest Period, provided, however,
  the UK Borrower Representative may not select an Interest Period that ends
  after the Stated Termination Date.

	
 

	
 

	
 

	
               (c)
  If upon the expiration of any Interest Period applicable to UK LIBOR
  Revolving Loans, the UK Borrower Representative has failed to select timely a
  new Interest Period to be applicable to such UK LIBOR Revolving Loans or if
  any Default or Event of Default then exists, the UK Borrower Representative
  shall be deemed to have elected to convert such UK LIBOR Revolving Loans into
  UK Base Rate Revolving Loans effective as of the expiration date of such Interest
  Period.

	
 

	
 

	
 

	
               (d)
  The UK, Agent will promptly notify each UK Lender, as applicable, of its
  receipt of a Notice of Continuation/Conversion. All conversions and
  continuations shall be made ratably according to the respective outstanding
  principal amounts of the Loans with respect to which the notice was given
  held by each UK Lender.

	
 

	
 

	
 

	
               (e)
  There may not be more than six (6) different Interest Periods for UK LIBOR
  Revolving Loans in effect hereunder at any time.

                    2.3 Maximum
Interest Rate. In no event
shall any interest rate provided for hereunder exceed the maximum rate legally
chargeable by any UK Lender under applicable law for such UK Lender with
respect to loans of the type provided for hereunder (the “Maximum Rate”). If,
in any month, any interest rate, absent such limitation, would have exceeded
the Maximum Rate, then the interest rate for that month shall be the Maximum
Rate, and, if in future months, that interest rate would otherwise be less than
the Maximum Rate, then that interest rate shall remain at the Maximum Rate
until such time as the amount of interest paid hereunder equals the amount of
interest which would have been paid if the same had not been limited by the
Maximum Rate. In the event that, upon payment in full of the UK Obligations,
the total amount of interest paid or accrued under the terms of this Agreement
is less than the total amount of interest which would, but for this Section
2.3, have been paid or accrued if the interest rate otherwise set forth in
this Agreement had at all times been in effect, then the UK Borrowers shall, to
the extent permitted by applicable law, pay the UK Agent, for the account of
the applicable UK Lenders, an amount equal to the excess of (a) the lesser of
(i) the amount of interest which would have been charged if the Maximum Rate
had, at all times, been in effect or (ii) the amount of interest which would
have accrued had the interest rate otherwise set forth in this Agreement, at
all times, been in effect over (b) the amount of interest actually paid or
accrued under this Agreement. If a court of competent jurisdiction determines
that the UK Agent and/or any UK Lender has received interest and other charges
hereunder in excess of the Maximum Rate, such excess shall be deemed received
on account of, and shall automatically be applied to reduce, the UK Obligations
of the UK Borrowers other than interest, in the inverse

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order of maturity, and if there are no UK Obligations
of the UK Borrowers outstanding, the UK Agent and/or such UK Lender shall
refund to the UK Borrowers such excess.

                    2.4
UK Agent Fees. The UK Borrowers agree, jointly and severally, to pay the
UK Agent and the UK Security Trustee fees in the amount and at the times set
forth in the confidential fee letter dated as of November 18, 2005, among the
Administrative Agent, Banc of America Securities, LLC, Ravenstock and MSG (as
amended, restated, supplemented, or otherwise modified from time to time, the
“Fee Letter”).

                    2.5
Unused Line Fee. On the first day of each month and on the Termination
Date; (i) the UK Borrowers agree, jointly and severally, to pay to the UK
Agent, for the account of the Funding UK Lenders and the UK Fronting Lender (as
fronting lender for the UK Revolver Participants) in accordance with their
respective Pro Rata Shares, an unused line fee (the “Unused Line Fee”) in an
amount equal to the Sterling Equivalent of the Applicable Unused Line Fee Rate
multiplied by the amount by which the UK Commitments exceed the average daily
amount of UK Aggregate Outstandings and (ii) the US Borrowers agree, jointly
and severally, to pay to the Administrative Agent, for the account of the US
Revolver Lenders, in accordance with their respective Pro Rata Shares, an
unused line fee (the “US Unused Line Fee”) in an amount equal to the Dollar
Equivalent of (x) the Applicable Unused Line Fee Rate multiplied by the amount
by which the Aggregate Commitments exceeds the average daily amount of
Aggregate Outstandings less (y) the amount of the UK Unused Line Fee payable
for such period during the immediately preceding month or shorter period if
calculated for the first month hereafter or on the Termination Date. The Unused
Line Fee shall be computed on the basis of a 360-day year for the actual number
of days elapsed.

                    2.6
Letter of Credit Fee. The UK Borrowers agree, jointly and severally, to
pay to the UK Agent, for the account of the Funding UK Lenders and the UK
Fronting Lender (as fronting lender for the UK Revolver Participants), in
accordance with their respective Pro Rata Shares, for each Letter of Credit
issued under the UK Credit Agreement, a fee (the “Letter of Credit Fee”) equal
to the Applicable Margin for UK LIBOR Revolving Loans and to the UK Agent for
the benefit of the Letter of Credit Issuer a fronting fee of one-eighth of one
percent (0.125%) of the undrawn face amount of each Letter of Credit, and to
the Letter of Credit Issuer, all customary out-of-pocket costs, fees and
expenses incurred by the Letter of Credit Issuer in connection with the
application for, processing of, issuance of, extension of, draws under or
amendment to any Letter of Credit. The Letter of Credit Fee shall be payable
monthly in arrears on the first day of each month following any month in which
a Letter of Credit is outstanding and on the Termination Date. The Letter of
Credit Fee shall be computed on the basis of a 360-day year for the actual
number of days elapsed.

                    2.7
Distribution of Fees to UK Revolver Participants. When and as the UK
Fronting Lender collects any Letter of Credit Fee or any Unused Line Fee prior
to the Put Date, the UK Fronting Lender shall promptly distribute the same to
each UK Revolver Participant in accordance with such UK Revolver Participant’s
Pro Rata Share.

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ARTICLE 3 

PAYMENTS AND PREPAYMENTS

                    3.1
Revolving Loans. The UK Borrowers shall repay the outstanding principal
balance of the UK Revolving Loans made to such UK Borrowers, plus all accrued
but unpaid interest thereon, on the Termination Date. The UK Borrowers may
prepay the UK Revolving Loans made to such UK Borrowers at any time, and
reborrow subject to the terms of this Agreement; provided, however, that
the UK Borrowers may not terminate the Total UK Facility unless the US
Borrowers also terminate the Total US Facility. In addition, and without
limiting the generality of the foregoing, (a) the UK Borrowers shall pay to the
UK Agent, for the account of the Funding UK Lenders and the UK Fronting Lender
(as fronting lender for the UK Revolver Participants) the amount, without
duplication, by which the UK Aggregate Outstandings exceed the lesser of the UK
Borrowing Base or the Maximum UK Amount, and (b) the UK Borrowers shall pay to
the UK Agent for the account of the UK Lenders the amount by which the
Aggregate Outstandings exceeds the Maximum Consolidated Borrowing Base Amount
unless such amount shall have otherwise been paid by the US Borrowers to the
Administrative Agent pursuant to the US Credit Agreement.

                    3.2
Termination of Facility. The UK Borrowers may terminate this Agreement
upon at least thirty (30) UK Business Days’ notice of intent to terminate and
ten (10) UK Business Day’s actual notice to the Administrative Agent, the UK
Agent, the UK Lenders, the UK Agent and UK Lenders, upon (a) the payment by the
Borrowers in full of all outstanding Revolving Loans, together with accrued
interest thereon, and the cancellation and return of all outstanding Letters of
Credit or the provision of cash collateral or a Supporting Letter of Credit
pursuant to Section 1.4(g) hereof and Section 1.4(g) of the US
Credit Agreement, (b) the payment by each Borrower in full in cash of all
reimbursable expenses and other Obligations of such Borrower under this
Agreement and the US Credit Agreement, and (c) with respect to any LIBOR
Revolving Loans prepaid, payment by each Borrower of the amounts due under Section
4.4, if any and the corresponding amounts due, if any, under the US Credit
Agreement.

                    3.3
[Intentionally deleted].

                    3.4
UK LIBOR Revolving Loan Prepayments. In connection with any prepayment,
if any UK LIBOR Revolving Loans are prepaid prior to the expiration date of the
Interest Period applicable thereto, the UK Borrowers shall pay to the UK
Lenders the amounts described in Section 4.4.

                    3.5
Payments by the UK Borrowers.

	
 

	
 

	
 

	
                (a)
  All payments to be made by the UK Borrowers shall be made without set-off,
  recoupment or counterclaim. Except as otherwise expressly provided herein,
  all payments by the UK Borrowers shall be made to the UK Agent for the
  account of the applicable UK Lenders, at the account designated by the UK
  Agent and shall be made in Pounds Sterling (other than payments made in
  respect of UK Terms Loans which shall be in US Dollars) and in immediately
  available funds, no later than 11:00 a.m. (London time) on the date specified
  herein. Any payment received by the UK Agent on such date after such time
  shall be deemed at the option of the UK Agent to have been

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received on the following UK, Business Day and any
  applicable interest shall continue to accrue.

	
 

	
 

	
 

	
                (b)
  Subject to the provisions set forth in the definition of “Interest Period,”
  whenever any payment is due on a day other than an UK Business Day, such
  payment shall be due on the following UK Business Day, and such extension of
  time shall in such case be included in the computation of interest or fees,
  as the case may be.

                    3.6
Payments as UK Revolving Loans. At the election of the UK Agent, all
payments of principal, interest, reimbursement obligations in connection with
Letters of Credit and Credit Support for Letters of Credit, fees, premiums,
reimbursable expenses and other sums payable hereunder or under any UK Loan
Document, may be paid from the proceeds of UK Revolving Loans made to the UK
Borrowers hereunder. Each UK Borrower hereby irrevocably authorizes the UK
Agent to charge the Loan Account of the UK Borrowers for the purpose of paying
all amounts from time to time due hereunder and agrees that all such amounts
charged shall constitute UK Base Rate Revolving Loans (including Non-Ratable
Loans and Agent Advances) to the UK Borrowers.

                    3.7
Apportionment, Application and Reversal of Payments. Principal and
interest payments shall be apportioned ratably among the applicable UK Lenders
(according to the unpaid principal balance of the UK Revolving Loans to which
such payments relate held by each applicable UK Lender) and payment of fees
shall, as applicable, be apportioned ratably among the applicable UK Lenders,
except for fees payable solely to any UK Agent, the UK Security Trustee and any
Letter of Credit Issuer, (b) except as provided in Section 2.1 (b), and
(d) amounts payable to the UK Agent in connection with the funding of the UK
Revolving Loans in Pounds Sterling agreed from time to time by the UK Lenders.
All payments shall be remitted to the UK Agent and all such payments by any UK
Borrower not relating to principal or interest or premiums of specific UK
Revolving Loans, or not constituting payment of specific fees, and all proceeds
of Accounts or other Collateral of such UK Borrower received by the UK Agent
(other than voluntary or mandatory payments pursuant to Section 7.6),
shall be applied, ratably, subject to the provisions of this Agreement, first,
to pay any fees, (including any Additional Monitoring and Administration Fee
(as defined in Section I3.6(b))) indemnities or expense reimbursements
then due to the UK Agents from the UK Borrowers; second, to pay any fees
or expense reimbursements then due to the UK Lenders from the UK Borrowers; third,
to pay interest due in respect of all UK Revolving Loans, including Non-Ratable
Loans and Agent Advances, made to the UK Borrowers whether or not allowed or
allowable in an insolvency proceeding; fourth, to pay or prepay
principal of the UK Revolving Loans and Agent Advances made to the UK Borrowers
and unpaid reimbursement obligations in respect of Letters of Credit; fifth,
following the occurrence and during the continuance of a Default or an Event of
Default, to pay an amount to the UK Agent equal to 105% of all outstanding
Letter of Credit obligations of the UK Borrowers to be held as cash collateral
for such obligations; and sixth to the payment of any other Obligation
to any UK Agent, Bank or the UK Revolving Lenders, including, without limitation,
Obligations in respect of Bank Products. Notwithstanding anything to the
contrary contained in this Agreement, unless so directed by the UK Borrowers,
or unless an Event of Default has occurred and is continuing or following
termination of this Agreement, neither the UK Agent nor any UK Lender shall
apply any payments which it receives to any UK LIBOR Revolving Loan, except (a)
on the expiration date of the Interest Period applicable to any such 

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UK LIBOR Revolving Loan, or (b) in the case of UK
LIBOR Revolving Loans only, in the event, and only to the extent, that there
are no outstanding UK Base Rate Revolving Loans made to the UK Borrowers and,
in any event, in each case the UK Borrowers shall pay LIBOR breakage losses in
accordance with Section 4.4. Upon the occurrence and during the
continuation of an Event of Default and, prior thereto in order to correct any
error or otherwise with the consent of the Lenders required pursuant to Section
11.1(b) hereof, the UK Agent and the UK Lenders shall have the continuing
and exclusive right to apply and reverse and reapply any and all such proceeds
and payments to any portion of the Obligations of the UK Borrowers.

                    3.8
Indemnity for Returned Payments. If after receipt of any payment which
is applied to the payment of all or any part of the UK Obligations, any UK
Agent, any UK Lender, Bank or any Affiliate of the Bank, is for any reason
compelled to surrender such payment or proceeds to any Person because such
payment or application of proceeds is invalidated, declared fraudulent, set
aside, determined to be void or voidable as a preference, impermissible setoff,
or a diversion of trust funds, or for any other reason, then the UK Obligations
or part thereof intended to be satisfied shall be revived and continued and
this Agreement shall continue in full force as if such payment or proceeds had
not been received by such UK Agent, such UK Lender, Bank or such Affiliate and
the UK Borrowers shall be jointly and severally liable to pay to the UK Agents,
the UK Lenders, Bank and such Affiliate, and hereby do jointly and severally
indemnify the UK Agents, the UK Lenders, Bank and such Affiliate and hold the
UK Agents, the UK Lenders, Bank and such Affiliate harmless for the amount of
such payment or proceeds surrendered. The provisions of this Section 3.8
shall be and remain effective notwithstanding any contrary action which may
have been taken by any UK Agent, any UK Lender, Bank or any such Affiliate in
reliance upon such payment or application of proceeds, and any such contrary
action so taken shall be without prejudice to the UK Agents’, the UK Lenders’,
Bank’s and such Affiliate’s rights under this Agreement and shall be deemed to
have been conditioned upon such payment or application of proceeds having
become final and irrevocable. The provisions of this Section 3.8 shall survive
the termination of this Agreement. 

                    3.9
UK Agent’s and UK Lenders’ Books and Records; Monthly Statements The UK
Agent shall record the principal amount of the UK Revolving Loans owing to the
UK Lenders, the undrawn face amount of all outstanding Letters of Credit issued
for the account of the UK Borrowers and the aggregate amount of unpaid
reimbursement obligations outstanding with respect to the Letters of Credit for
the account of the UK Borrowers from time to time on its books. In addition,
each UK Lender may note the date and amount of each payment or prepayment of
principal of such UK Lender’s Revolving Loans in its books and records. Failure
by the UK Agents or any UK Lender to make such notation shall not affect the
obligations of the UK Borrowers with respect to the UK Revolving Loans or the
Letters of Credit. The UK Borrowers agree that the UK Agents’ and each UK
Lender’s books and records showing the UK Obligations and the transactions
pursuant to this Agreement and the other Loan Documents shall be admissible in
any action or proceeding arising therefrom, and shall constitute rebuttably
presumptive proof thereof, irrespective of whether any UK Obligation is also
evidenced by a promissory note or other instrument. The UK Agent will provide
to the UK Borrowers a monthly statement of UK Revolving Loans, payments, and
other transactions with respect to such UK Borrowers pursuant to this
Agreement. Such statement shall be deemed correct, accurate, and binding on
such UK Borrowers and an account stated (except for reversals and
reapplications of payments made as provided in Section 3.7 hereof and
corrections of errors

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discovered by the UK Agent), unless the UK Borrower
Representative notifies the UK Agent in writing to the contrary within 45 days
after such statement is rendered. In the event a timely written notice of
objections is given by the UK Borrower Representative, only the items to which
exception is expressly made will be considered to be disputed by the UK
Borrowers.

                    3.10
[Intentionally deleted].

ARTICLE 4 

TAXES, YIELD PROTECTION AND ILLEGALITY

                    4.1
Taxes.

	
 

	
 

	
 

	
                (a)
  Any and all payments by each UK Obligor to any Lender (including payments
  made indirectly to the UK Revolver Participants) or any Agent under this Agreement
  and any other Loan Document shall be made free and clear of, and without
  deduction or withholding for any Taxes. In addition, each UK Obligor shall
  pay all Other Taxes with respect to the UK Obligations of such UK Obligor
  and the payments due under the execution, delivery, registration and
  performance of this Agreement, or otherwise and any other Loan Document.

	
 

	
 

	
 

	

                (b)
Each UK Obligor shall indemnify the UK Agents and each UK Lender (including
for the avoidance of doubt the UK Fronting Lender and the UK Revolver
Participants) for the full amount of Taxes or Other Taxes (including any
Taxes or Other Taxes imposed by any jurisdiction on amounts payable under
this Section) paid by any UK Agent or such UK Lender with respect to the UK
Obligations of such UK Obligor and any liability (including penalties,
interest, additions to tax and expenses) arising therefrom or with respect
thereto. Each UK Agent and each UK Lender seeking indemnification pursuant to
this Section 4.1(b) agrees to deliver to the UK Borrower Representative
evidence of the Taxes or Other Taxes forming the basis for any such claim;
provided that the prior delivery or sufficiency, in the judgment of the UK
Borrower Representative, of such evidence shall in no way be a condition of
the UK Obligors’ obligations to indemnify the UK Agents or UK Lenders pursuant
to this Section 4.1(b). No UK Obligor shall be obligated to make a payment
to a UK Agent or UK Lender pursuant to this clause in respect of penalties,
interest and other liabilities attributable to any Taxes or Other Taxes if
such penalties, interest and other liabilities are attributable to the gross
negligence or willful misconduct of such UK Agent or UK Lender. After a UK
Agent or UK Lender receives notice of the imposition of the Taxes or Other
Taxes that are subject to this Section, such UK Agent or UK Lender will act
in good faith to promptly notify each UK Obligor of its obligations
hereunder.  

	
 

	
 

	
 

	
                (c)
  If any UK Obligor shall be required by law to deduct or withhold any Taxes or
  Other Taxes from or in respect of any sum payable hereunder to any UK Lender
  or any UK Agent, then, without duplication:

	
 

	
 

	
 

	
          (i)
  the sum payable shall be increased as necessary so that after making all
  required deductions and withholdings (including

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deductions and withholdings applicable to additional
  sums payable under this Section) such UK Lender or such UK Agent, as the case
  may be, receives an amount equal to the sum it would have received had no
  such deductions or withholdings been made;

	
 

	
 

	
 

	
          (ii)
  such UK Obligor shall make such deductions and withholdings;

	
 

	
 

	
 

	
          (iii)
  such UK Obligor shall pay the full amount deducted or withheld to the
  relevant taxing authority or other authority in accordance with applicable
  law; and

	
 

	
 

	
 

	
          (iv)
  each UK Borrower shall also pay to each UK Lender or such UK Agent for the
  account of such UK Lender, at the time interest is paid, all additional
  amounts which the respective UK Lender specifies as necessary to preserve the
  after-tax yield such UK Lender would have received if such Taxes or Other
  Taxes had not been imposed.

	
 

	
 

	
 

	
                (d)
  At any UK Agent’s request, within 30 days after the date of any payment by
  any UK Obligor of Taxes or Other Taxes, the UK Borrower shall furnish such UK
  Agent, if available, the original or a certified copy of a receipt evidencing
  payment thereof, or other evidence of payment satisfactory to such UK Agent.

	
 

	
 

	
 

	
                (e)
  If any UK Obligor is required to pay additional amounts to any UK Lender
  pursuant to this Section, then such UK Lender shall, upon the request and at
  the expense of the UK Borrowers, use reasonable efforts (consistent with
  legal and regulatory restrictions) to change the jurisdiction of its lending
  office so as to eliminate any such additional payment by such Obligor which
  may thereafter accrue, if such change, in the sole judgment of such UK
  Lender, (i) is not otherwise disadvantageous to such UK Lender and (ii) would
  avoid the need for or reduce the amount of such additional amounts.

	
 

	
 

	
 

	
          4.2
  Illegality.

	
 

	
 

	
 

	
                (a)
  If any UK Lender determines that the introduction of any Requirement of Law,
  or any change in any Requirement of Law, or change in the interpretation or
  administration of any Requirement of Law, has made it unlawful, or that any
  other Governmental Authority has asserted that it is unlawful, for any UK
  Lender or its applicable lending office to make or participate in UK LIBOR
  Revolving Loans, then, on notice thereof by that UK Lender to the UK Borrower
  Representative through the UK Agent, any obligation of that UK Lender to make
  or participate in UK LIBOR Revolving Loans shall be suspended until that UK
  Lender notifies the UK Agent and the UK Borrower that the circumstances
  giving rise to such determination no longer exist.

	
 

	
 

	
 

	
                (b)
  If any UK Lender determines that the introduction of any Requirement of Law,
  or any change in any Requirement of Law, or change in the interpretation or
  administration of any Requirement of Law, has made it unlawful, or that any
  other Governmental Authority has asserted that it is unlawful, for any UK
  Lender or

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its applicable lending office to maintain or
  participate in any UK LIBOR Revolving Loans, the UK Borrower shall, upon its
  receipt of notice thereof by that UK Lender to the UK Borrower Representative
  through the UK Agent and demand from such UK Lender (with a copy to the UK
  Agent), prepay in full such UK LIBOR Revolving Loans of that UK Lender then
  outstanding, together with interest accrued thereon and amounts required
  under Section 4.4, either on the last day of the Interest Period
  thereof, if that UK Lender may lawfully continue to maintain or participate
  in such UK LIBOR Revolving Loans to such day, or immediately, if that UK
  Lender may not lawfully continue to maintain or participate in such UK LIBOR
  Revolving Loans. If the UK Borrowers are required to so prepay any UK LIBOR
  Revolving Loans, then concurrently with such prepayment, the UK Borrowers
  shall borrow from the affected UK Lender, in the amount of such repayment, a
  UK Base Rate Revolving Loan. Each UK Lender agrees to use reasonable
  efforts (consistent with legal and regulatory restrictions) to designate a
  different lending office if such designation will, in the sole judgment of
  such UK Lender, avoid the need for such notice and will not otherwise be
  disadvantageous to such Lender.

	
 

	
 

	
 

	
                (c)
  Should any UK Lender’s UK LIBOR Revolving Loans be suspended under the
  provisions of Section 4.2, then without limiting its obligations to
  reimburse any Lender for compensation claimed pursuant to this Section 4.2,
  the Applicable UK Borrowers may, within 60 days following such occurrence,
  treat that UK Lender as an “Affected Lender” under Section 4.6 and
  exercise the applicable remedies set forth therein, subject to the conditions
  and limitation set forth therein.

	
 

	
 

	
 

	
          4.3
  Increased Costs and Reduction of Return.

	
 

	
 

	
 

	
                (a)
  If any UK Lender determines that due to either (i) the introduction of or any
  change in the interpretation of any law or regulation or (ii) the compliance
  by that UK Lender with any guideline or request from any central bank or
  other Governmental Authority (whether or not having the force of law), there
  shall be any increase in the cost to such UK Lender of agreeing to make or
  making, funding or maintaining or participating in any UK LIBOR Revolving
  Loans, without duplication, then the UK Borrowers shall jointly and severally
  be liable for, and shall from time to time, within two UK Business Days of
  demand by such UK Lender (with a copy of such demand to be sent to the UK
  Agent), pay to the UK Agent for the account of such UK Lender, additional
  amounts as are sufficient to compensate such UK Lender for such increased
  costs.

	
 

	
 

	
 

	
                (b)
  If any UK Lender shall have determined that (i) the introduction of any
  Capital Adequacy Regulation, (ii) any change in any Capital Adequacy
  Regulation, (iii) any change in the interpretation or administration of any
  Capital Adequacy Regulation by any central bank or other Governmental
  Authority charged with the interpretation or administration thereof, or (iv)
  compliance by such UK Lender or any corporation or other entity controlling
  such UK Lender with any Capital Adequacy Regulation, affects the amount of
  capital required to be maintained by such UK Lender or any corporation or
  other entity controlling such UK Lender and (taking into consideration such
  UK Lender’s or such corporation’s or other entity’s policies with respect to
  capital adequacy and such UK Lender’s desired return on capital) determines
  that the amount of

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such capital is increased as a consequence of its UK
  Commitments, loans, credits or obligations under this Agreement, then, upon
  demand of such UK Lender to the UK Borrower Representative in respect of
  which such UK Lender has a UK Commitment through the UK Agent, the UK
  Borrowers shall pay to such UK Lender, from time to time as specified by such
  UK Lender, additional amounts sufficient to compensate such UK Lender for
  such increase.

	
 

	
 

	
 

	
                (c)
  If any UK Obligor is required to pay additional amounts to any UK Lender
  pursuant to this Section, then such UK Lender shall, upon the request and at
  the expense of the UK Borrowers, use reasonable efforts (consistent with
  legal and regulatory restrictions) to change the jurisdiction of its lending
  office so as to eliminate any such additional payment by such UK Obligor
  which may thereafter accrue, if such change, in the sole judgment of such UK
  Lender, (i) is not otherwise disadvantageous to such UK Lender and (ii) would
  avoid the need for or reduce the amount of such additional amounts.

	
 

	
 

	
                    4.4
  Funding Losses. Each UK Borrower shall reimburse each UK Lender and
  hold each UK Lender harmless from any loss or expense which such UK Lender
  may sustain or incur as a consequence of:

	
 

	
 

	
                (a)
  the failure of such UK Borrower to make on a timely basis any payment of
  principal of any UK LIBOR Revolving Loan;

	
 

	
 

	
 

	
                (b)
  the failure of such UK Borrower to borrow, continue or convert a Loan after
  such UK Borrower has given a Notice of Borrowing or a Notice of
  Continuation/Conversion; or

	
 

	
 

	
 

	
                (c)
  the prepayment or other payment (including after acceleration thereof) of any
  UK LIBOR Revolving Loan on a day that is not the last day of the relevant
  Interest Period;

	
 

	
 

	
including any such loss of anticipated profit and
  any loss or expense arising from the liquidation or reemployment of funds
  obtained by it to maintain its UK LIBOR Revolving Loans or from fees payable
  to terminate the deposits from which such funds were obtained. Each UK
  Borrower shall also pay any customary administrative fees charged by any UK
  Lender in connection with the foregoing.

	
 

	
                    4.5
  Inability to Determine Rates. If the UK Agent determines that for any
  reason (a) adequate and reasonable means do not exist for determining the UK
  LIBOR Rate for any requested Interest Period with respect to a proposed UK
  Revolver LIBOR Loan or (b) that the UK LIBOR Rate for any requested Interest
  Period with respect to a proposed UK LIBOR Revolving Loan does not adequately
  and fairly reflect the cost to the applicable UK Lenders of funding such UK
  LIBOR Revolving Loan, the UK Agent will promptly so notify such UK Borrower
  Representative and each such UK Lender. Thereafter, the obligation of the UK
  Lenders to make or maintain UK LIBOR Revolving Loans hereunder shall be suspended
  until the Agent revokes such notice in writing. Upon receipt of such notice,
  in the case of UK Revolving Loans, (I) UK Borrower Representative may revoke
  any Notice of Borrowing or

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Notice of Continuation/Conversion in respect of UK
  Revolving Loans then submitted by it without cost or expense to any UK
  Borrower and (II) if the UK Borrower Representative does not revoke such
  Notice, the Funding UK Lenders and the UK Fronting Lender shall make, convert
  or continue the UK Revolving Loans, as proposed by the UK Borrower
  Representative, in the amount specified in the applicable notice submitted by
  the UK Borrower Representative, but such UK Revolving Loans shall be made,
  converted or continued as UK Base Rate Revolving Loans instead of UK LIBOR
  Revolving Loans.

	
 

	
 

	
          4.6
  Certificates of Lenders.

	
 

	
 

	
 

	
                (a)
  Any UK Lender claiming reimbursement or compensation under this Article 4
  (an “Affected Lender”) shall determine the amount thereof and shall deliver
  to the UK Borrower Representative in respect of which such Affected Lender
  has a UK Commitment (with a copy to the UK Agent) a certificate setting forth
  in reasonable detail the amount payable to such Affected Lender, and such
  certificate shall be conclusive and binding on the UK Borrowers in the
  absence of manifest error.

	
 

	
 

	
 

	

                (b)
Without limiting its obligations to reimburse an Affected Lender for
compensation theretofore claimed by an Affected Lender pursuant to this Article
4, UK Borrowers may, within 60 days following any demand by an Affected
Lender, request that one or more Persons that are Eligible Transferees and
that are approved by the UK Agent (which approval shall not be unreasonably
withheld) purchase all (but not part) of the Affected Lender’s then
outstanding Loans, and assume its Pro Rata Share of the UK Commitments and
its obligations hereunder; provided that such request may not be made,
and the UK Agent and the UK Lenders shall have no obligations under this Section
4.6(b), if and to the extent that the basis for any such reimbursement or
compensation with respect to such Affected Lender, is, in the judgment of the
UK Agent, applicable to the UK Required Lenders or has resulted or could
reasonably be expected to result in any claim for reimbursement or
compensation under this Article 4 by the UK Required Lenders. If one or more
such Eligible Transferees so agree in writing (each, an “Assuming Lender,”
and collectively, the “Assuming Lenders”), the Affected Lender shall assign
its Pro Rata Share of the Aggregate Commitments (including, for the avoidance
of doubt, the US Commitments), together with the outstanding Revolving Loans
(including, for the avoidance of doubt, the US Revolving Loans), to the
Assuming Lender or Assuming Lenders in accordance with Section 11.2; provided
that, unless the Assuming Lender has also agreed to accept the assignment of
all US Commitments and US Loans pursuant to the terms of the US Credit
Agreement, the UK Lender shall not be required or permitted to assign its UK
Commitments or UK Revolving Loans pursuant to this Section and any purported
assignment pursuant to this Section shall be null and void. On the date of
any such assignment, the Affected Lender which is being so replaced shall
cease to be a “Lender” for all purposes of this Agreement and shall receive
(x) from the Assuming Lender or Assuming Lenders the principal amount of its
outstanding Loans and (y) from UK Borrowers all interest and fees accrued and
then unpaid with respect to such UK Revolving Loans, together with any other
amounts then payable to such UK Lender by UK Borrowers. 

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                    4.7
Survival. The agreements and obligations of the UK Obligors in this
Article 4 shall survive the payment of all other Obligations.

ARTICLE 5 

BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES

                    5.1
Books and Records. Each Credit Party shall maintain in accordance with
GAAP applied consistently with the audited Financial Statements required to be
delivered pursuant to Section 5.2(a), and shall cause each of their
Subsidiaries to maintain, at all times, correct and complete books, records and
accounts in which complete, correct and timely entries are made of their
transactions. The Credit Parties shall, and shall cause each of their
Subsidiaries to, by means of appropriate entries, reflect in such accounts and
in all Financial Statements proper liabilities and reserves for all taxes and
proper provision for depreciation and amortization of property and bad debts,
all in accordance with GAAP. The Credit Parties shall, and shall cause each of
their Subsidiaries to, maintain at all times books and records pertaining to
the Collateral in such detail, form and scope as the Administrative Agent, UK
Agent or any Lender shall reasonably require, including, but not limited to,
records of (a) all payments received and all credits and extensions granted
with respect to the Accounts; (b) the return, repossession, loss, damage, or
destruction of any Rental Fleet Assets, Sales Inventory or Machinery and
Equipment included in the Applicable Borrowing Base; and (c) all other material
dealings affecting the Collateral. 

                    5.2
Financial Information. The Parent Guarantor and the Borrowers shall
promptly furnish to each Lender all such financial information regarding any
Credit Party or any of their Subsidiaries as the Administrative Agent or the
UK Agent shall reasonably request. Without limiting the foregoing, the
Borrowers will furnish to the Administrative Agent and the UK Agent, in
sufficient copies for distribution by the Administrative Agent and the UK
Agent, as applicable, to each Lender, in such detail as the Administrative
Agent, the UK Agent or the Lenders shall reasonably request, the following:

	
 

	
 

	
 

	
                (a)
  As soon as available, but in any event not later than ninety (90) days after
  the end of each Fiscal Year (except as set forth in clause (v) below), (i)
  consolidated audited balance sheets, income statements, cash flow statements
  and changes in stockholders’ equity for the Parent Guarantor and its
  consolidated Subsidiaries for such Fiscal Year, and the accompanying notes
  thereto, (ii) consolidating unaudited balance sheets, income statements and
  cash flow statements for the Parent Guarantor and its consolidated
  Subsidiaries, (iii) unaudited balance sheets and income statements for the
  Parent Guarantor and its consolidated US Subsidiaries (iv) unaudited balance
  sheets and income statements for Ravenstock and its consolidated Subsidiaries
  and (v) balance sheets and income statements for Ravenstock and its
  consolidated Subsidiaries audited in accordance with UK GAAP and to be
  delivered as soon as available, but in any event not later than one hundred
  and eighty (180) days after the end of each Fiscal Year, setting forth in the
  case of each of the preceding clauses (i), (iii), (iv) and (v), in
  comparative form, figures for the previous Fiscal Year, all in reasonable
  detail, fairly presenting the financial position and the results of operations
  of the applicable Persons as at the date thereof and for the Fiscal Year then
  ended, prepared in accordance with GAAP (other than the absence of footnotes
  to the Financial Statements delivered pursuant to clauses

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(ii), (iii) and (iv) and other than clause (v) which
  has been prepared in accordance with UK GAAP) and denominated in Dollars
  (other than with respect to clauses (iv) and (v), which Financial Statements
  shall be denominated in Pounds Sterling). The consolidated audited financial
  statements shall be examined in accordance with generally accepted auditing
  standards by and, in the case of such statements performed on a consolidated
  basis, accompanied by a report thereon unqualified in any respect of
  independent certified public accountants of national standing selected by the
  US Borrower Representative. The US Borrower Representative, simultaneously
  with retaining such independent public accountants to conduct such annual
  audit, shall send a letter to such accountants, with a copy to the
  Administrative Agent, the UK Agent and the Lenders, notifying such
  accountants that one of the primary purposes for retaining such accountants’
  services and having audited financial statements prepared by them is for use
  by the Administrative Agent, the UK Agent and the Lenders. At reasonable
  times and upon reasonable advance notice and the provision of an opportunity
  for the UK Borrower Representative to participate or accompany the UK Agent
  and/or the Administrative Agent, each UK Borrower hereby authorizes the
  Administrative Agent and the UK Agent to communicate directly with the UK
  Borrowers certified public accountants and, by this provision, authorizes
  those accountants to disclose to the Administrative Agent and the UK Agent
  any and all financial statements and other supporting financial documents and
  schedules relating to the Credit Parties and their Subsidiaries and to
  discuss directly with the Administrative Agent and the UK Agent the finances
  and affairs of the Credit Parties and their Subsidiaries.

	
 

	
 

	
 

	
                (b)
  As soon as available, but in any event not later than forty (40) days after
  the end of each Fiscal Quarter, (i) consolidated unaudited balance sheets of
  the Parent Guarantor and its consolidated Subsidiaries as at the end of such
  Fiscal Quarter, and consolidated unaudited income statements and cash flow
  statements for the Parent Guarantor and its consolidated Subsidiaries for
  such Fiscal Quarter and for the period from the beginning of the Fiscal Year
  to the end of such Fiscal Quarter, all in reasonable detail, fairly
  presenting the financial position and results of operations of the Parent
  Guarantor and its consolidated Subsidiaries as at the date thereof and for
  such periods, and, in each case, in comparable form, figures for the
  corresponding period in the prior Fiscal Year, (ii) consolidating unaudited
  balance sheets and income statements for the Parent Guarantor and its
  consolidated Subsidiaries, (iii) unaudited balance sheets and income
  statements for the Parent Guarantor and its consolidated US Subsidiaries and
  (iv) unaudited balance sheets and income statements for Ravenstock and its
  consolidated Subsidiaries, in each case prepared in accordance with GAAP
  (other than the absence of footnotes and subject to normal year-end audit
  adjustments) applied consistently with the audited Financial Statements
  required to be delivered pursuant to Section 5.2(a) and denominated in
  Dollars (other than with respect to clause (iv), which Financial Statements
  shall be denominated in Pounds Sterling) The Parent Guarantor shall certify
  by a certificate signed by its chief financial officer that all such
  statements have been prepared in accordance with GAAP (other than the absence
  of footnotes and subject to normal year-end audit adjustments) and fairly
  present the financial position of the applicable Credit Parties and their
  Subsidiaries as at the dates thereof and their results of operations for the
  periods then ended, subject to normal year-end adjustments.

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                (c)
  As soon as available, but in any event not later than (30) days after the end
  of each month, (i) unaudited balance sheets and income statements for the
  Parent Guarantor and its consolidated US Subsidiaries and (ii) unaudited balance
  sheets and income statements for Ravenstock and its consolidated
  Subsidiaries, in each case, prepared in accordance with GAAP (other than the
  absence of footnotes and subject to normal year-end audit adjustments)
  applied consistently with the audited Financial Statements required to be
  delivered pursuant to Section 5.2(a) and denominated in Dollars (other
  than with respect to clause (ii), which such Financial Statements shall be
  denominated in Pounds Sterling). The Parent Guarantor shall certify by a
  certificate signed by its chief financial officer that all such statements
  have been prepared in accordance with GAAP (other than the absence of
  footnotes and subject to normal year- end audit adjustments) and present
  fairly the financial position of the applicable Credit Parties and their
  Subsidiaries as at the dates thereof and their results of operations for the
  periods then ended, subject to normal year-end adjustments.

	
 

	
 

	
 

	

                (d)
With each of the annual audited Financial Statements delivered pursuant to Section
5.2(a), and the unaudited Financial Statements delivered pursuant to Section
5.2(b) a certificate of the chief financial officer of the US Borrower
Representative (the “Compliance Certificate”) setting forth in reasonable detail
the calculations required to establish that the Credit Parties were in
compliance with the covenants set forth in Sections 7.23 through 7.26
during the period covered in such Financial Statements and as at the end
thereof and a calculation of Pro Forma EBITDA for the Permitted Acquisitions
completed during such period, and stating that, except as explained in
reasonable detail in such certificate, (A) all of the representations and
warranties of the Credit Parties contained in this Agreement and the other
Loan Documents are correct and complete in all material respects as at the
date of such certificate as if made at such time, except for those that speak
as of a particular date, (B) the Credit Parties are, at the date of such
certificate, in compliance in all material respects with all of their
respective covenants and agreements in this Agreement and the other Loan
Documents, and (C) no Default or Event of Default then exists or existed
during the period covered by the Financial Statements for such period. If
such certificate discloses that a representation or warranty is not correct
or complete, or that a covenant has not been complied with, or that a Default
or Event of Default existed or exists, such certificate shall set forth what
action the Applicable Borrower has taken or proposes to take with respect
thereto. 

	
 

	
 

	
 

	
                (e)
  No sooner than sixty (60) days before and not later than the beginning of
  each Fiscal Year, (i) annual forecasts (to include forecasted consolidated
  balance sheets, income statements and cash flow statements) for the Parent
  Guarantor and its consolidated Subsidiaries, (ii) annual forecasted income
  statements for the Parent Guarantor and its consolidated US Subsidiaries and
  (iii) annual forecasted income statements for Ravenstock and its consolidated
  Subsidiaries as at the end of and for each Fiscal Quarter of such Fiscal Year
  approved by the board of directors of such entity and in detail reasonably
  acceptable to the Administrative Agent and the UK Agent.

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                (f)
  Promptly after filing with the PBGC, the IRS or other Governmental Authority,
  a copy of each annual report or other filing filed with respect to any Plan
  of any Credit Party or any of its Subsidiaries.

	
 

	
 

	
 

	
                (g)
  Promptly upon the filing thereof, copies of all reports, if any, to or other
  documents filed by any Credit Party or any of its Subsidiaries with the
  Securities and Exchange Commission under the Exchange Act, and all reports,
  notices, or statements sent or received by any Credit Party or any of its
  Subsidiaries to or from the holders of any publicly traded equity interests
  of the UK Borrowers or any such Subsidiary (other than routine non-material
  correspondence sent by shareholders) or of any Debt of the Borrowers or any
  of their Subsidiaries, including, without limitation, Debt registered under
  the Securities Act or to or from the trustee under any indenture under which
  the same is issued.

	
 

	
 

	
 

	
                (h)
  As soon as available, but in any event not later than 15 days after any
  Credit Party’s receipt thereof, a copy of all management reports and
  management letters prepared for such Credit Party by any independent
  certified public accountants of any Credit Party or any of its Subsidiaries.

	
 

	
 

	
 

	
                (i)
  Promptly after their preparation, copies of any and all proxy statements,
  financial statements, and reports which any Credit Party or any of its
  Subsidiaries makes available to its shareholders generally.

	
 

	
 

	
 

	
                (j)
  If requested by the Administrative Agent or the UK Agent, promptly after
  filing with the IRS or any other Governmental Authority, a copy of each tax
  return filed by any Credit Party or by any of its Subsidiaries.

	
 

	
 

	
 

	
                (k)
  As soon as available, but in any event within twenty (20) days after the end
  of each month (for such month), a Borrowing Base Certificate in the form of Exhibit
  B to this Agreement for the UK Borrowers and all supporting information
  required in accordance with Section 9 of the Security Agreement and Section
  4.4(c) of the UK Debenture.

	
 

	
 

	
 

	
                (1) With each of the monthly Financial Statements
  delivered pursuant to Section 5.2(c), a certificate of the chief
  financial officer of the US Borrower Representative (the “M&E Disposition
  Certificate”) setting forth for the most recently completed month in
  reasonable detail: (i) the nature, equipment identification number and net
  book value of Eligible Machinery and Equipment that was sold, exchanged or
  otherwise disposed pursuant to Section 7.9(c) hereof, both
  individually and in the aggregate, (ii) the amount of proceeds, if any,
  received in respect of any such sale, exchange or other disposition of
  Eligible Machinery and Equipment, both individually and in the aggregate and
  (iii) the purchase price paid, if any, in respect of any Eligible Machinery
  and Equipment that was purchased, acquired or otherwise received in exchange
  for any Eligible Machinery and Equipment that was sold, exchanged or
  otherwise disposed pursuant to Section 7.9(c) hereof, both
  individually and in the aggregate.

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                (m)
  Such additional information as the Administrative Agent or the UK Agent may
  from time to time reasonably request regarding the financial and business
  affairs of any Credit Party or any of its Subsidiaries.

	
 

	
 

	
                    5.3
  Notices to the Lenders. Each Borrower shall notify the Administrative
  Agent, the UK Agent and the Lenders in writing of the following matters at
  the following times:

	
 

	
 

	
                (a)
  Immediately after becoming aware of any Default or Event of Default;

	
 

	
 

	
 

	
                (b)
  Immediately after becoming aware of the assertion by the holder of any
  Capital Stock of any Credit Party or of any of its Subsidiaries or the holder
  of any Debt of any Credit Party or any of its Subsidiaries in a face amount
  in excess of the Sterling Equivalent of $2,000,000 that a default exists with
  respect thereto or that such Credit Party or such Subsidiary is not in
  compliance with the terms thereof, or the threat or commencement by such
  holder of any enforcement action because of such asserted default or
  non-compliance;

	
 

	
 

	
 

	
                (c)
  Immediately after becoming aware of any event or circumstance which could
  reasonably be expected to have a Material Adverse Effect;

	
 

	
 

	
 

	
                (d)
  Promptly after a Responsible Officer of any Credit Party becomes aware of any
  pending or threatened action, suit, or proceeding by any Person, or any
  pending or threatened investigation by a Governmental Authority, which could
  reasonably be expected to have a Material Adverse Effect;

	
 

	
 

	
 

	
                (e)
  Promptly after a Responsible Officer of any Credit Party becomes aware of any
  pending or threatened strike, work stoppage, unfair labor practice claim, or
  other labor dispute affecting any Credit Party or any of its Subsidiaries in
  a manner which could reasonably be expected to have a Material Adverse
  Effect;

	
 

	
 

	
 

	
                (f)
  Promptly after a Responsible Officer of any Credit Party becomes aware of any
  violation of any law, statute, regulation, or ordinance of a Governmental
  Authority affecting any Credit Party or any of its Subsidiaries which could
  reasonably be expected to have a Material Adverse Effect;

	
 

	
 

	
 

	
                (g)
  Promptly after any Responsible Officer of any Credit Party becomes aware of
  receipt of any notice of any violation by any Credit Party or any of its
  Subsidiaries of any Environmental Law which could reasonably be expected to
  have a Material Adverse Effect or that any Governmental Authority has
  asserted in writing that any Credit Party or any of its Subsidiaries is not
  in compliance with any Environmental Law or is investigating the Credit
  Party’s or such Subsidiary’s compliance therewith;

	
 

	
 

	
 

	
                (h)
  Promptly after any Responsible Officer of any Credit Party becomes aware of
  receipt of any written notice that any Credit Party or any of its
  Subsidiaries is or may be liable to any Person as a result of the Release or threatened
  Release or that such Credit Party or any of its Subsidiaries is subject to
  investigation by any Governmental Authority evaluating whether any remedial
  action is needed to

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respond to the Release or threatened Release which,
  in either case, is reasonably likely to give rise to liability in excess of
  the Dollar Equivalent of $2,000,000;

	
 

	
 

	
 

	
                (i)
  Promptly after any Responsible Officer of any Credit Party becomes aware of
  receipt of any written notice of the imposition of any Environmental Lien
  against any property of any Credit Party or any of its Subsidiaries;

	
 

	
 

	
 

	
                (j)
  Any change in a Credit Party’s name as it appears in the jurisdiction of its
  organization, organizational identification number, chief executive office,
  locations of branches of any Credit Party or other Real Estate locations
  owned or leased by any Credit Party, its Subsidiaries or their Agencies at
  which any Collateral is located, or form of organization, trade names under
  which any Credit Party will sell Inventory or create Accounts, or to which
  instruments in payment of Accounts may be made payable, in each case at least
  thirty (30) days prior thereto;

	
 

	
 

	
 

	
                (k)
  Within ten (10) US Business Days after a Responsible Officer of any Credit
  Party or any ERISA Affiliate knows that an ERISA Event or a prohibited
  transaction (as defined in Sections 406 of ERISA and 4975 of the Code) has
  occurred, and, when known, any action taken or threatened by the IRS, the DOL,
  the PBGC or other applicable Governmental Authority with respect thereto;

	
 

	
 

	
 

	
                (1)
  Upon request, or, in the event that such filing reflects a significant change
  with respect to the matters covered thereby, within three (3) US Business
  Days after the filing thereof with the PBGC, the DOL, the IRS or other
  Governmental Authority, as applicable, copies of the following: (i) each
  annual report (Form 5500 series), including Schedule B thereto, filed with
  the PBGC, the DOL or the IRS with respect to each Plan, (ii) a copy of each
  funding waiver request filed with the PBGC, the DOL or the IRS with respect
  to any Plan and all communications received by any Credit Party or any ERISA
  Affiliate from the PBGC, the DOL, the IRS or other Governmental Authority,
  with respect to such request, and (iii) a copy of each other filing or notice
  filed with the PBGC, the DOL, the IRS, or other Governmental Authority, with
  respect to each Plan by either any Credit Party or any ERISA Affiliate;

	
 

	
 

	
 

	
                (m)
  Upon request, copies of each actuarial report for any Plan, Foreign Pension
  Plan or Multiemployer Plan and annual report for any Multiemployer Plan; and
  within three (3) US Business Days after receipt thereof by any Credit Party
  or any ERISA Affiliate, copies of the following: (i) any notices of the
  PBGC’s or other Governmental Authority’s intention to terminate a Plan or to
  have a trustee appointed to administer such Plan; (ii) any favorable or
  unfavorable determination letter from the IRS regarding the qualification of
  a Plan under Section 401(a) of the Code; or (iii) any notice from a
  Multiemployer Plan regarding the imposition of withdrawal liability;

	
 

	
 

	
 

	
                (n)
  Within three (3) US Business Days after the occurrence thereof: (i) any
  changes in the benefits of any existing Pension Plan which increase the
  Credit Parties’ annual costs with respect thereto by an amount in excess of
  the Dollar Equivalent of $250,000, or the establishment of any new Pension
  Plan or Foreign Pension Plan or the commencement of contributions to any
  Pension Plan or Foreign Pension Plan to which

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any Credit Party or any of its ERISA Affiliates were
  not previously contributing; or (ii) any failure by any Credit Party or any
  of its ERISA Affiliates to make a required installment or any other required
  payment under Section 412 of the Code on or before the due date for such
  installment or payment;

	
 

	
 

	
 

	
                (o)
  Within three (3) US Business Days after a Responsible Officer of any Credit
  Party or any of its ERISA Affiliates knows that any of the following events
  has or will occur: (i) a Multiemployer Plan has been or will be terminated;
  (ii) the administrator or plan sponsor of a Multiemployer Plan intends to
  terminate a Multiemployer Plan; (iii) the PBGC has instituted or will
  institute proceedings under Section 4042 of ERISA to terminate a
  Multiemployer Plan; or (iv) a Reportable Event or Termination Event in
  respect of any Plan has or will occur;

	
 

	
 

	
 

	
                (p)
  Promptly after any Borrower has notified any Agent of any intention by any
  Credit Party to treat the Loans and/or Letters of Credit and related
  transactions as being a “reportable transaction” (within the meaning of
  Treasury Regulation Section 1.6011-4), a duly completed copy of IRS Form 8886
  or any successor form;

	
 

	
 

	
 

	
                (q)
  Each UK Borrower shall, immediately upon becoming aware of the same, provide
  the UK Agent with details in writing of any creditor of any UK Borrower
  whose terms of business include retention of title provisions; and

	
 

	
 

	
 

	
                (r)
  Immediately upon the taking, or immediately following any determination of an
  intention to take, any corporate action, legal proceedings, application,
  petition or other procedure or step in relation to any of the matters set out
  in Section 9.1(s), notify the UK Agent of the same.

	
 

	
 

	
                    Each
  notice given under this Section shall describe the subject matter thereof in
  reasonable detail, and, if applicable, shall set forth the action that the
  Applicable Borrower, its Subsidiary, or any ERISA Affiliate, as applicable,
  has taken or proposes to take with respect thereto.

ARTICLE 6 

GENERAL WARRANTIES AND REPRESENTATIONS

                    The
Parent Guarantor and each UK Borrower warrants and represents as to itself and
each of their respective Subsidiaries to the UK Agents and the UK Lenders
that, except as hereafter disclosed to and accepted by the UK Agents and the
Required Lenders in writing:

                    6.1
Authorization, Validity, and Enforceability of this Agreement and the Loan
Documents. Each Credit Party has the power and authority to execute,
deliver and perform this Agreement and the other Loan Documents and Transaction
Documents to which it is a party, to incur its Obligations, and to grant to the
Applicable Agents’ Liens upon and security interests in the Collateral. Each
Credit Party has due power and capacity and has taken all necessary action
(including obtaining approval of its stockholders if necessary) to authorize
its execution, delivery, and performance of this Agreement and the other Loan
Documents and Transaction Documents to which it is a party. This Agreement and
the other Loan Documents and

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Transaction Documents to which it
is a party have been duly executed and delivered by each Credit Party,
and constitute the legal, valid and binding obligations of each Credit Party, enforceable against it in accordance with their
respective terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, receivership, moratorium or other laws affecting the rights and remedies of creditors
generally and by general equitable principles. Each Credit Party’s execution, delivery, and
performance of this Agreement and the other Loan Documents and Transaction Documents to which it is a party do not and
will not conflict with, or constitute
a violation or breach of, or result in the imposition of any Lien upon the
property of any Credit Party or any
of their respective Subsidiaries, by reason of the terms of (a) any contract, mortgage, standard security, pledge,
assignation in security, hypothec, lease, agreement, indenture, or instrument to which any Credit Party
or any of their respective Subsidiaries is a party or which is binding upon it, (b) any Requirement of Law
applicable to any Credit Party or any
of their respective Subsidiaries, or (c) the certificate or articles of
incorporation, by-laws, the limited
liability company agreement, limited partnership agreement, memorandum and
articles of association or related
shareholders’ agreement of any Credit Party or any of their respective Subsidiaries except, in the case of clause (a)
only, and without any qualification of the representation above as to the imposition of any Lien on any Collateral
other than in favor of the Applicable
Security Agent, as could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse
Effect.

                    6.2
Validity and Priority of Security Interest. The provisions of this Agreement, the Mortgages, if any, and the other
Loan Documents create legal and valid Liens on all the Collateral in
favor of the Applicable Security Agent, for the ratable benefit of the Applicable Security Agent and the Applicable
Lenders, and such Liens constitute perfected and continuing Liens on all the Collateral, having priority over all other
Liens on the Collateral, except for
those Liens identified in Schedule 6.2 or in clauses (c), (d), and (e)
of the definition of Permitted Liens
securing all the Obligations of the applicable Credit Party, and enforceable against the applicable Credit Party and all third
parties, except as enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or
other laws affecting the rights and remedies of creditors generally and by
general equitable principles.

                    6.3
Organization and Qualification. Each Credit Party (a) is duly organized or incorporated and validly existing in good
standing under the laws of the jurisdiction of its organization or incorporation, (b) is qualified
to do business and is in good standing in each jurisdiction in which the failure to be so qualified or in good
standing could reasonably be expected
to have a material adverse effect on such Credit Party’s business operations,
prospects, property or condition (financial or otherwise), and (c) has all
requisite power and authority to conduct its business and to own its property.

                    6.4
Corporate
Name; Prior Transactions. Except
as otherwise disclosed on Schedule
6.4, no Credit Party has, during
the five (5) years prior to the Closing Date, been known by or used any other corporate or fictitious
name, or been a party to any hive-up, merger,
amalgamation or consolidation, or acquired all or substantially all of the
assets of any Person, or acquired
any of its property outside of the ordinary course of business.

                    6.5
Subsidiaries
and Affiliates. Schedule 6.5 is
a correct and complete list of the
name and relationship to the Parent Guarantor of each and all Parent
Guarantor’s

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Subsidiaries and other
Affiliates. Each Subsidiary of the Credit Parties is (a) duly incorporated or organized and validly existing in good standing
under the laws of its jurisdiction of incorporation
or organization set forth on Schedule 6.5, and (b) qualified to do
business and in good standing in each
jurisdiction in which the failure to so qualify or be in good standing could reasonably be expected to have a material adverse
effect on any such Subsidiary’s business, operations, prospects, property, or condition (financial or otherwise)
and (c) has all requisite power and
authority to conduct its business and own its property.

                    6.6
Financial
Statements and Projections.

	
 

	
 

	
 

	
               (a) The
Borrowers have delivered to the Administrative Agent and the UK Agent
the financial statements and information set forth in Section 5.2(a) in each case as of December 31, 2004, and for the Fiscal
Year then ended, accompanied by the report thereon of the Parent Guarantor’s
independent certified public accountants, Ernst & Young, LLP. Such financial statements are
attached hereto as Exhibit C. Each Borrower
has also delivered to the Administrative Agent and the UK Agent, the
financial statements and
information set forth in Section 5.2(b) as of September 30, 2005. Such
financial statements are also attached hereto as Exhibit C. All such
financial statements have been prepared in accordance with GAAP and
present accurately and fairly in all material
respects the financial position of the Parent Guarantor’s and its
consolidated Subsidiaries as at the dates thereof and their results of
operations for the periods then ended
(subject, in the case of the financial statements as of September 30, 2005,
to normal year-end adjustments). 

	
 

	
 

	
 

	
               (b) The
  Latest Projections when submitted to the Lenders as required herein represent each Borrower’s best estimate
  of the future financial performance of the Parent Guarantor and its consolidated Subsidiaries for the periods set
  forth therein. The Latest Projections have been prepared on the basis of the
  assumptions set forth therein, which
  each Borrower believes are fair and reasonable in light of current and
  reasonably foreseeable business
  conditions at the time submitted to the Lenders.

                    6.7
Capitalization. Schedule 6.7 sets forth the
authorized and issued and outstanding Capital Stock of the Parent
Guarantor and each of its Subsidiaries and, as of the Closing Date, the name of the record owner of the Capital Stock of each
direct and indirect subsidiary of
the Parent Guarantor. Such Capital Stock is fully paid and non-assessable and
has the par value set forth on Schedule
6.7.

                    6.8
Solvency. Each Borrower is Solvent prior
to and after giving effect to the
Borrowings to be made or continued on the Closing Date and the issuance of the
Letters of Credit and Guaranties to
be issued or continued on the Closing Date and the consummation of the other transactions on such date, and shall
remain Solvent during the term of this Agreement.

                    6.9
Debt. After giving effect to the making
of the Loans to be made or continued
on the Closing Date and the application of the proceeds thereof, as of such
date the Parent Guarantor and its Subsidiaries have no Debt in excess of
the Dollar Equivalent of $100,000, except
(a) the Obligations, and (b) Debt described on Schedule 6.9.

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                    6.10
Distributions.
Since September 30, 2003, no Distribution has been declared, paid, or made upon or in respect of any
Capital Stock or other securities of any Credit Party or any of their respective Subsidiaries, except as described on Schedule
6.10 or as permitted by Section
7.10 of this Agreement or the Existing UK Credit Agreement. 

                    6.11
Personal
Property; Real Estate; Leases

	
 

	
 

	
 

	
               (a) Schedule
6.11 sets forth, as of the
Closing Date, a correct and complete
list of all Real Estate (including all UK Properties) owned by each Credit
Party and all Real Estate owned by
each of their respective Subsidiaries, all leases and subleases of real or
personal property held by each Credit Party and each of their respective Subsidiaries as lessee or sublessee
(other than leases of personal property involving annual payments of less than $50,000), and all leases and
subleases of real or personal
property held by such Credit Party or any of its Subsidiaries, as lessor, or sublessor (other than leases of Rental Fleet
Assets) and such information is true, complete and accurate and not misleading in any material respect. As of the
Closing Date each of such leases
and subleases in respect of all UK Credit Parties and Subsidiaries is valid
and enforceable in accordance with
its terms and is in full force and effect, in each case, against all parties thereto, and in respect of
all US Credit Parties is valid and enforceable in accordance with its terms and is in full force and effect, in each
case, against the applicable
Credit Party or any applicable Subsidiary thereof and, to the best knowledge
of the Borrowers is valid and
enforceable in accordance with its terms and is in full force and effect, against the other parties thereto,
except as set forth in Schedule 6.11. To the best of each Borrower’s knowledge no default by
any party to any such lease or sublease exists. Each Credit Party has good and marketable title in fee simple
to, or valid freeholds in the Real
Estate identified in Schedule 6.11 as owned by such Credit Party, or valid leasehold interests in all Real Estate
designated therein as “leased” by such Credit Party, and such Credit
Party has good, indefeasible, and merchantable title to all of its other
property (other than the UK Properties (as to which, see Sections 6.11(b) through (i) below)) reflected on the most recent Financial Statements
delivered to the Administrative Agent, the
UK Agent and the Lenders, except as disposed of in the ordinary course of business or as permitted by
this Agreement or the Existing UK. Credit Agreement since the date thereof, free of all Liens except Permitted
Liens.  

	
 

	
 

	
 

	
               (b) Except
  as disclosed on Schedule 6.11, the UK Properties comprise all the land
  and buildings owned, controlled, occupied or used by any UK Credit Party or
  any of its Subsidiaries or in relation to which any UK Credit Party or
  Subsidiary has any right, interest
  or actual liability.

	
 

	
 

	
 

	
               (c) Save
  as disclosed in the UK Properties Report on Title and the UK Supplemental
  Agreement to the UK Properties Report on Title, the relevant Credit Party or Subsidiary has good and marketable title to
  each of the UK Properties free from any Lien and all original deeds and documents necessary to prove such
  title are in the possession or
  under the control of the Credit Party or Subsidiary (as the case may be) or are the subject of binding acknowledgements for
  production.

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               (d) No
  UK Property is affected by a subsisting contract for sale or other disposition of any interest in it.

	
 

	
 

	
 

	
               (e) Save
  as disclosed in the UK Properties Report on Title and the UK Supplemental Agreement to the UK Properties
  Report on Title, each Credit Party or Subsidiary is the sole legal and beneficial owner of the relevant UK
  Property and the proceeds of sale
  thereof.

	
 

	
 

	
 

	
               (f) The
  Replies to Enquiries are complete, true and accurate in all material respects and not misleading as at the
  date given and were given on the basis set out in the notes to such Replies to Enquiries. Nothing has occurred or
  come to light since the date of the
  Replies to Enquiries which, if disclosed, would make the Replies to Enquiries untrue, misleading or inaccurate in
  any material respect.

	
 

	
 

	
 

	
               (g) Save
  as disclosed in the UK Properties Report on Title and the UK Supplemental Agreement to the UK Properties
  Report on Title, the deeds, documents and information supplied to Messrs, BP. Collins in relation to UK
  Properties in England and Wales and Ledingham Chalmers in relation to UK
  Properties in Scotland and McGrigors in respect of UK Properties in Northern
  Ireland for the purpose of preparation of the UK Properties Report on Title
  comprised all deeds, documents and information necessary for the proper compilation of the UK Supplemental
  Agreement to the UK Properties Report on Title and were when supplied, and
  remain now, complete and accurate in all material respects and not misleading.

	
 

	
 

	
 

	
               (h) The information
contained in the UK
  Properties Report on Title, as supplemented
  by the UK Supplemental Agreement to the UK Properties Report on Title, is true and accurate in all material respects
  and not misleading as at the date of the UK Supplemental Agreement to
  the UK Properties Report on Title. The UK Properties Report on Title, as supplemented by the UK Supplemental Agreement to
  the UK Properties Report on Title
  does not fail to disclose or take into account any matter whose omission makes it misleading in any material
  respect. Nothing has occurred or come to light since the date of the UK
  Supplemental Agreement to the UK Properties Report on Title which, if
  disclosed, would make it untrue, misleading or inaccurate in any material respect.

	
 

	
 

	
 

	
               (i)
  To the best of the knowledge of the Borrowers, no UK Credit Party or Subsidiary has any actual or contingent
  obligation or liabilities in relation to any freehold or leasehold property other than under its existing title to
  the UK Properties.

                    6.12
Proprietary Rights. Schedule 6.12 sets forth a correct and complete list
of all of each Credit Party’s Proprietary
Rights material to its business. None of the Proprietary Rights set forth on Schedule
6.12 is subject to any licensing agreement or similar arrangement except as set forth on Schedule 6.12. To
the best of such Borrower’s knowledge, none of the Proprietary Rights infringes on or conflicts with
any other Person’s property, and no other Person’s property infringes on or conflicts with the Proprietary
Rights. The Proprietary Rights described
on Schedule 6.12 constitute all of the property of such type necessary
to the current and presently
anticipated future conduct of each Credit Party’s business. 

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                    6.13
Trade Names. All trade names or styles under which any Credit Party or any of its Subsidiaries will sell Inventory or
create Accounts in the conduct of the Credit Party’s business, or to which
instruments in payment of Accounts may be made payable, are listed on Schedule 6.13.

                    6.14
Litigation. Except as set forth on Schedule
6.14, there is no pending, or to
the best of each Borrower’s knowledge threatened, action, suit, proceeding, or
counterclaim by any Person, or to the
best of each Borrower’s knowledge, investigation by any Governmental Authority,
or any basis for any of the foregoing, which could reasonably be expected to
have a Material Adverse Effect.

                    6.15
Labor
Disputes. Except as set forth on
Schedule 6.15, as of the Closing Date (a) there is no collective
bargaining agreement or other labor contract covering employees of any
Credit Party or any of its Subsidiaries, (b) no such collective bargaining
agreement or other labor contract is scheduled to expire during the term of
this Agreement, (c) no union or other labor
organization is seeking to organize, or to be recognized as, a collective
bargaining unit of employees of any
Credit Party or any of its Subsidiaries or for any similar purpose, and (d) there is no pending or (to the best of each
Borrower’s knowledge) threatened, strike, material work stoppage, material unfair labor practice
claim, or other material labor dispute against or affecting any Credit Party or any of its
Subsidiaries or their employees.

                    6.16
Environmental
Laws. Except as set forth on Schedule
6.16:

	
 

	
 

	
 

	
               (a) Each
  Credit Party and its Subsidiaries have complied in all material respects with all Environmental Laws and
  no Credit Party and none of its Subsidiaries,
  none of their respective presently owned real property or presently conducted operations, and, to the best of the
  Borrowers’ knowledge, none of its previously
  owned real property or prior operations, is subject to any enforcement order from or liability agreement with any
  Governmental Authority or private Person respecting (i) compliance with any Environmental Law or (ii) any
  potential liabilities and costs or remedial action arising from the Release
  or threatened Release.

	
 

	
 

	
 

	
               (b) Each
  Credit Party and its respective Subsidiaries have obtained all permits
  necessary for their current operations under Environmental Laws, and all such
  permits are in good standing and each Credit Party and its respective
  Subsidiaries are in compliance
  with all material terms and conditions of such permits.

	
 

	
 

	
 

	
               (c) No
  Credit Party and none of their respective Subsidiaries, and, to the best of either Borrower’s knowledge, none
  of their respective predecessors in interest, has in material violation of applicable law stored, treated or
  disposed of any hazardous waste.

	
 

	
 

	
 

	
               (d) No
  Credit Party and none of their respective Subsidiaries has received any summons, complaint, order or
  similar written notice indicating that it is not currently in
  compliance with, or that any Governmental Authority is investigating its compliance with, any Environmental Laws or that
  it is or may be liable to any other Person
  as a result of a Release or threatened Release.

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               (e) To the best of each Borrower’s knowledge, none
  of the present or past operations
  of any Credit Party or their respective Subsidiaries is the subject of any investigation by any Governmental Authority
  evaluating whether any remedial action is needed to respond to a Release or threatened Release.

	
 

	
 

	
 

	
               (f) To the best of each
  Borrowers’ knowledge, there is not now, nor has
  there ever been on or in the Real Estate:

	
 

	
 

	
 

	
 

	
               (1) any
  underground storage tanks or surface impoundments that have caused or could reasonably be expected
  to cause any Release or are otherwise
  not existing on or in the Real Estate in compliance with any applicable Environmental
  Law,

	
 

	
 

	
 

	
 

	
 

	
               (2) any
  asbestos-containing material other than in compliance with all applicable Environmental Laws, or

	
 

	
 

	
 

	
 

	
 

	
               (3) any polychlorinated
biphenyls (PCBs)
  used in hydraulic oils, electrical
  transformers or other equipment other than in compliance with all applicable
  Environmental Laws.

	
 

	
 

	
 

	
               (g) No
  Credit Party and none of their respective Subsidiaries has filed any notice under any requirement of
  Environmental Law reporting a spill or accidental and unpermitted Release or discharge of a
  Contaminant into the environment.

	
 

	
 

	
 

	
               (h)
  To the best of Borrowers’ knowledge, no Credit Party and none of their respective Subsidiaries has entered into
  any negotiations or settlement agreements with any Person (including the prior owner of its property) imposing
  material obligations or liabilities on either Borrower or any of their
  respective Subsidiaries with respect to any remedial action in response to
  the Release of a Contaminant or environmentally related claim.

	
 

	
 

	
 

	
               (i) None of the products
manufactured,
  distributed or sold by either of the Borrowers or any of their respective
  Subsidiaries contain asbestos containing material.

	
 

	
 

	
 

	
               (j) No Environmental Lien
has attached to the
  Real Estate.

                    6.17
No
Violation of Law. No Credit Party
and none of their respective Subsidiaries
is in violation of any law, statute, regulation, ordinance, judgment, order, or
decree applicable to it which
violation could reasonably be expected to have a Material Adverse Effect.

                    6.18
No
Default. No Credit Party and
none of their respective Subsidiaries is in default with respect to any note, indenture, loan agreement,
mortgage, lease, deed, or other agreement
to which such Credit Party or such Subsidiary is a party or by which it is
bound, which default could
reasonably be expected to have a Material Adverse Effect.

                    6.19
ERISA
Compliance. Except as
specifically disclosed in Schedule 6.19:

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               (a) Each
  Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and
  other federal or state law. Each Plan which is intended to qualify under Section 401 (a) of the Code has
  received a favorable determination
  letter from the IRS and to the best knowledge of the Borrowers, nothing has occurred which would cause the loss of such
  qualification. The Borrowers and each ERISA Affiliate has made all required contributions to any Plan
  subject to Section 412 of the Code, and no application for a funding
  waiver or an extension of any amortization period
  pursuant to Section 412 of the Code has been made with respect to any Plan.

	
 

	
 

	
 

	
               (b) There
  are, to the best knowledge of Borrowers, no pending or threatened claims, actions or lawsuits, or
  action by any Governmental Authority, with respect to any Plan or Foreign
  Pension Plan which has resulted or could reasonably be expected to result in a Material Adverse Effect.
  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any
  Plan or Foreign Pension Plan which
  has resulted or could reasonably be expected to result in a Material Adverse Effect. There are no known circumstances
  that may give rise to a liability in relation
  to any Plan or Foreign Pension Plan which is not funded or insured which
  could reasonably be likely to have
  a Material Adverse Effect.

	
 

	
 

	
 

	
               (c) (i)
  No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any material
  Unfunded Pension Liability; (iii) neither the Borrowers nor any ERISA Affiliate has incurred, or reasonably expects
  to incur, any liability under Title
  IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of
  ERISA); (iv) neither the Borrowers nor any ERISA Affiliate has incurred, or reasonably expects to incur, any
  liability (and no event has
  occurred which, with the giving of notice under Section 4219 of ERISA, would
  result in such liability) under
  Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the Borrowers nor any
  ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA and could
  reasonably be expected to result
  in a Material Adverse Effect.

	
 

	
 

	
 

	
               (d) Each
  Foreign Pension Plan has been maintained in substantial compliance with its terms and with the
  requirements of any and all applicable laws, statutes, rules, regulations, orders and trust documentation and has
  been maintained, where required,
  in good standing with applicable regulatory authorities. All material contributions required to be made with respect to
  a Foreign Pension Plan have been timely
  made. Except as set forth in Schedule 6.19, the present value of the accrued
  benefit liabilities (whether or not
  vested) under each Foreign Pension Plan which is funded, determined as of the end of the most
  recently ended fiscal year of each such Foreign Pension Plan on the basis of actuarial assumptions, each of
  which is reasonable, did not exceed
  the fair market value of the assets of such Foreign Pension Plan, and for each Foreign Pension Plan which is not funded,
  the obligations of such Foreign Pension Plan are properly accrued on the financial statements of the
  applicable Credit Party.

	
 

	
 

	
 

	
               (e) Each
  Foreign Pension Plan is funded to at least the minimum level required by law or, if higher, required by the
  terms of its governing documentation.

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                    6.20
Taxes. Each Credit Party and its respective
Subsidiaries have filed all federal
income and other material federal, provincial, state and other tax returns
required by law to be filed, and
have paid all federal income and other material taxes, assessments, fees and
other governmental charges levied or
imposed upon them or their properties, income or assets otherwise due and payable unless such unpaid taxes
and assessments would constitute a Permitted
Lien, are being contested in good faith by appropriate proceedings or would not
reasonably be expected to result in a
Material Adverse Effect. Each Credit Party and its respective Subsidiaries has withheld and paid
over all taxes required to have been withheld and paid over, and complied in all material respects
with all information reporting requirements in connection with amounts
paid or owing to any employee, creditor, independent contractor or other third party.

                    6.21
Regulated
Entities. No Credit Party, no
Person controlling any Credit Party,
or any Subsidiary of any Credit Party, is an “Investment Company” within the
meaning of the Investment Company
Act of 1940. No Credit Party is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal
Power Act, the Interstate Commerce Act, any state public utilities code or law, or any other federal, state or
foreign statute or regulation limiting
its ability to incur indebtedness.

                    6.22
Use
of Proceeds; Margin Regulations.
The proceeds of the Loans are to be
used solely for working capital and other corporate purposes and the repayment
of Debt on the Closing Date. No Credit
Party and no Subsidiary of any Credit Party is engaged in the business of purchasing or selling Margin Stock or
extending credit for the purpose of purchasing or carrying Margin Stock.

                    6.23
Copyrights, Patents, Trademarks and
Licenses, etc. Each Credit Party owns
or is licensed or otherwise has the right to use all of the patents,
trademarks, service marks, trade
names, copyrights, contractual franchises, licenses, rights of way,
authorizations and other rights that
are necessary for the operation of its businesses, and to the best of each
Borrower’s knowledge, without
conflict with the rights of any other Person. To the best knowledge of each Borrower, no slogan or other advertising device,
product, process, method, substance, part or other material now employed, or now contemplated to be employed, by any
Borrower or any Subsidiary thereof
infringes upon any rights held by any other Person. No claim or litigation regarding any of the foregoing is pending or, to
the best knowledge of each Borrower, threatened,
and no patent, invention, device, application, principle or any statute, law,
rule, regulation, standard or code is pending or, to the best knowledge of any
Borrower, proposed, which, in either
case, could reasonably be expected to have a Material Adverse Effect.

                    6.24
No
Material Adverse Change. No
Material Adverse Effect has occurred since
the latest date of the Financial Statements delivered to the Administrative
Agent, the UK Agent and the Lenders.

                    6.25
Full
Disclosure. None of the
representations or warranties made by any Credit Party or any Subsidiary in the Loan Documents as of the date
such representations and warranties
are made or deemed made, and none of the statements contained in any exhibit, report, statement or certificate furnished by or
on behalf of any Credit Party or any Subsidiary in connection with the Loan Documents (including the
offering and disclosure materials delivered

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by or on behalf of the Borrowers
to the Lenders prior to the Closing Date), contains any untrue statement of a material fact or omits any material
fact required to be stated therein or necessary to make the statements made
therein, in light of the circumstances under which they are made, not misleading in any material respect as of the
time when made or delivered.

                    6.26
Material
Agreements. Schedule 6.26 hereto
sets forth as of the Closing Date all
material agreements and contracts to which any Borrower or any of its
respective Subsidiaries is a party or
is bound.

                    6.27
Bank
Accounts. Schedule 6.27 contains
as of the Closing Date a complete and
accurate list of all bank accounts maintained by each Credit Party with any
bank or other financial institution.

                    6.28
Governmental
Authorization. No approval,
consent, exemption, authorization, or
other action by, or notice to, or filing with, any Governmental Authority or other Person is necessary or required in
connection with the execution, delivery or performance by, or enforcement against, any Credit Party or
any of their respective Subsidiaries of this Agreement or any other Loan Document.

                    6.29
Tax
Shelter Regulations. No Borrower
intends to treat the Loans and/or Letters of Credit as being a “reportable
transaction” (within the meaning of Treasury Regulation Section 1.6011-4). In the event any Borrower
determines to take any action inconsistent with such intention, the
Borrowers shall promptly notify the Administrative Agent thereof. If the Borrowers so notify the Administrative Agent, the
Borrowers acknowledge that one or more of the Applicable Lenders may treat its Loans and/or its interest in
Non-Ratable Loans and/or Agent Advances
and/or Letters of Credit as part of a transaction that is subject to Treasury
Regulation Section 301.6112-1, and
such Applicable Lender or Applicable Lenders, as applicable, will maintain the lists and other records required by
such Treasury Regulation.

                    6.30
Non-Guarantor
Subsidiaries. Each of the
Non-Guarantor Subsidiaries conducts
(and shall conduct) no operations and has (and shall have) no assets and no
liabilities, in each case, individually or in the aggregate, with a fair
market value in excess of the Dollar Equivalent
of $100,000 other than, with respect to any Subsidiary that is a subsidiary of
the UK Borrower only, Capital Stock of another Subsidiary Guarantor or
Intercompany Debt permitted pursuant
to, and incurred in compliance with, Section 7.13(g) hereof. 

                    6.31
Luxembourg Subsidiaries. The
Luxembourg Subsidiary conducts no operations
and has no liabilities or assets other than in connection with the Luxembourg
Debt (and shall not conduct any
operations or have liabilities or assets other than in connection with the
Luxembourg Debt).

                    6.32
UK Financial Assistance. Neither the
execution, delivery or performance
of any of the Loan Documents nor the incurrence of the Obligations and
liabilities thereunder by any UK Borrower or any other Credit Party constitutes
or will constitute unlawful financial
assistance for the purposes of sections 151 to 158 (inclusive) of the Companies
Act or the equivalent provisions of
any other jurisdiction applicable to any Credit Party.

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                    6.33
Subordinated
Debt. The Loans and all other
Obligations of the Credit Parties
constitute “Senior Debt” and “Designated Senior Debt” under the terms of the Subordinated Note Agreement,
constitute “Senior
Debt” or “Senior Indebtedness” under the terms of all other Permitted Subordinated Debt, and the Loans and all
other Obligations of the Credit
Parties are entitled to the benefits of the subordination provisions contained
in all Permitted Subordinated Debt
Agreements, which provisions are enforceable against all holders of Permitted Subordinated Debt.

                    6.34
Sales
of Vehicles. Each US Borrower is
in the business, and will continue to be in the business of, among other
things, selling vehicles of a kind that such US Borrower also leases to customers and which are subject to motor vehicle
registration statutes. The US Credit Parties’ business model includes the sale
and marketing of each kind of vehicle subject
to any motor vehicle registration statute that is leased by any US Borrower to
customers. Any and all vehicles
owned by the US Borrowers which are subject to motor vehicle registration
statutes in any jurisdiction are held for sale or lease by the US Credit
Parties or leased by the US Credit
Parties to a customer, other than those vehicles for which the Agents’ Lien has
been duly perfected under applicable
motor vehicle laws.

                    6.35
Anti-Terrorism
Laws. None of Credit Parties and
their Affiliates is in violation of
any Anti-Terrorism Law, or engages in or conspires to engage in any transaction
that attempts to violate, or
otherwise evades or avoids (or has the purpose of evading or avoiding) any prohibitions set forth in any Anti-Terrorism
Law. None of Credit Parties and their Affiliates (a) is a Blocked Person; (b) conducts any business or engages in making
or receiving any contribution of
funds, goods or services to or for the benefit of any Blocked Person; (c) has
any of its assets in a Blocked
Person; (d) deals in, or otherwise engages in any transaction relating to, any property blocked pursuant to Executive Order
No. 13224; or (e) derives any of its operating income from investments in or transactions with a Blocked Person.

ARTICLE 7 

AFFIRMATIVE AND NEGATIVE COVENANTS

                    The
Parent Guarantor and each UK Borrower
covenants as to itself and each of their
respective Subsidiaries to the UK Agents and the UK Lenders that so long as any
of the Obligations remain outstanding or this Agreement is in effect:

                    7.1
Taxes and Other Obligations. Each
Credit Party shall, and shall cause each
of its Subsidiaries to, (a) file when due all federal income, payroll and
unemployment and other material tax
returns which it is required to file; (b) pay, or provide for the payment, when
due, of all taxes, fees, Other Taxes,
value added taxes, assessments and other governmental charges against it
or upon its property, income and franchises, make all required withholding and other tax deposits, and establish adequate
reserves in accordance with GAAP for the payment of all such items, and provide to the Administrative
Agent, the UK Agent and the Lenders, upon request, satisfactory evidence of its
timely compliance with the foregoing; and (c) pay when due all Debt owed
by it and all claims of materialmen, mechanics, carriers, warehousemen,
landlords, processors and other like
Persons, and all other indebtedness owed by it and perform and discharge in a timely manner all other
obligations undertaken by it; provided, however, so long as the
UK Borrower Representative has notified the Administrative Agent and UK Agent
in

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writing, no Credit Party or its
Subsidiaries need pay any amount referred to in this Section 7.1 (i) which
it is contesting in good faith by appropriate proceedings diligently pursued,
(ii) as to which such Credit Party or
Subsidiary, as the case may be, has established proper reserves as required under GAAP, and (iii) the nonpayment of
which does not result in the imposition of a Lien (other than a
Permitted Lien).

                    7.2
Legal Existence and Good Standing.
Except as may be permitted by Section
7.9, each Credit Party shall, and
shall cause each of its Subsidiaries to, maintain its legal existence and its qualification and good standing
in all jurisdictions in which the failure to maintain such existence and qualification or good standing could
reasonably be expected to have a
Material Adverse Effect.

                    7.3
Compliance
with Law and Agreements; Maintenance of Licenses. Each Credit
Party shall comply, and shall cause each of its Subsidiaries to comply with all
Anti- Terrorism Laws and, in all
material respects with all Requirements of Law of any Governmental Authority
having jurisdiction over it or its business (including the Federal Fair Labor
Standards Act and all Environmental
Laws). Each Credit Party shall, and shall cause each of its Subsidiaries to, obtain and maintain all material
licenses (including, without limitation, all material registrations and/or licenses required to act as a dealer or
seller of any Inventory subject to
motor vehicle registration statutes), permits, franchises, and governmental
authorizations necessary to own its property and to conduct its
business. No Credit Party shall, nor shall it permit
any of its Subsidiaries to, modify, amend or alter its certificate or articles
of incorporation, its memorandum and
articles of association, its limited liability company operating agreement, its limited partnership
agreement, or other governing documents, as applicable, other than in a manner which does not adversely affect in
any material respect the rights of
the Lenders or any Agent or any pledge of or charge over its Capital Stock.

                    7.4
Maintenance
of Property; Inspection of Property.

	
 

	
 

	
 

	
               (a) Each
  Credit Party shall, and shall cause each of its Subsidiaries to, maintain all of its property necessary in the
  conduct of its business in good operating condition and repair, ordinary wear and tear excepted.

	
 

	
 

	
 

	
               (b) Each
  UK Credit Party shall, and shall cause each of its Subsidiaries to, comply in all material respects with all
  obligations imposed on the owner of those of the UK Properties of which the UK Credit Party or Subsidiary is the
  owner and all obligations imposed
  on the tenant of those of the UK Properties of which the UK Credit Party or Subsidiary is the tenant.

	
 

	
 

	
 

	
               (c) Each
  Credit Party shall permit representatives and independent contractors of the Administrative Agent or UK
  Agent, as applicable (i) (at the expense of the Borrowers not to exceed three (3) times per year unless an Event of
  Default has occurred and is
  continuing or in the event of a Material Compliance Issue) to visit and inspect any of its properties, to inspect and
  verify Collateral, to examine its corporate, financial and operating records, and make copies thereof or abstracts
  therefrom and to discuss its
  affairs, finances and accounts with its directors, officers and independent, public or chartered accountants, at such
  reasonable times during normal business hours

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and (ii) to discuss its
  affairs, finances and accounts with the Credit Parties’ accountants as soon
  as may be reasonably desired, upon reasonable advance notice to the
  Applicable Borrowers and the provision of an opportunity for the US Borrower
  Representative to participate or
  accompany the UK Agent and/or the Administrative Agent; provided, however, when an Event of Default exists, the
Administrative Agent, the UK
  Agent or any Lender may do any of
  the foregoing at the expense of the Applicable Borrowers at any time during normal business hours and
  without advance notice.

	
 

	
 

	
 

	
               (d) Each
  Borrower (at the expense of the Borrowers and not to exceed one time annually
  unless an Event of Default has occurred and is continuing) shall, upon Administrative Agent’s and UK Agent’s joint
  request (or, following and during the continuation of an Event of Default, Administrative Agent’s sole
  request, in respect of the US
  Borrowers, or UK Agent’s sole request, in respect of the UK Borrowers) supply
  to the US Borrower Representative
  and the UK Borrower Representative, provide to Administrative Agent and the UK Agent a recently dated appraisal of
  such Borrower’s Rental Fleet
  Assets, Sales Inventory and Machinery and Equipment, which appraisal shall be from the Appraiser and shall be
  satisfactory in scope, form and substance to the Administrative Agent and the
  UK Agent; provided, however, when an Event of Default exists, the Administrative Agent, the UK Agent
  or any Lender may conduct or cause to be conducted additional appraisals at
  the expense of the Borrowers at any time without advance notice.

	
 

	
 

	
 

	
               (e) Each
  UK Credit Party shall comply with the covenants set out in Schedule 7.4 in respect of the relevant UK Property.

	
 

	
 

	
                    7.5
  Insurance.

	
 

	
 

	
               (a) Each Credit Party shall
maintain, and shall
  cause each of its Subsidiaries to
  maintain, with financially sound and reputable insurers having, either alone or pursuant to an insurance endorsement
  reasonably acceptable to the Administrative
  Agent and the UK Agent, a rating of at least A or better by Best Rating Guide (or an equivalent rating from a source
  acceptable to the UK Agent in the United Kingdom (or any other applicable
  jurisdiction), provided that Royal Sun & Alliance shall be deemed to be an acceptable insurer of the UK
  Borrower for purposes of this Section 7.5
  insurance against loss or damage by fire with extended coverage; theft,
  burglary, pilferage and loss in
  transit; public liability and third party property damage; larceny,
  embezzlement or other criminal liability; business interruption; public
  liability and third party property damage; and such other hazards or of such
  other types as is customary for Persons engaged in the same or similar
  business, as the Administrative Agent or the UK Agent, as applicable, in its
  discretion, or acting at the direction of the Required Lenders, shall specify, in amounts, and under policies
  acceptable to the Administrative Agent or the UK Agent, as applicable, and the Required Lenders. Without
  limiting the foregoing, in the event that any improved Real Estate
  covered by any Mortgages granted by any US Credit
  Party is determined to be located within an area that has been identified by
  the Director of the Federal Emergency Management Agency as a Special
  Flood Hazard Area (“SFHA”), each such
  Credit Party shall purchase and maintain flood insurance on the improved Real Estate and any Machinery and
  Equipment and Inventory located on such

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Real Estate. The amount of
  said flood insurance will be reasonably determined by the Administrative Agent, and shall, at a minimum, comply
  with applicable federal regulations
  as required by the Flood Disaster Protection Act of 1973, as amended. Each Credit
  Party shall also maintain flood insurance for its Inventory, Machinery and Equipment which is, at any time, located in a
  SFHA.

	
 

	
 

	
 

	
               (b) The Borrowers shall
cause the Applicable
  Security Agent, the Responsible
  Agent and the Applicable Lenders, to be named as secured party or mortgagee and sole loss payee or additional
  insured, in a manner acceptable to the Administrative Agent and the UK Agent
  (and, in the case of the UK Borrower, in the manner and circumstances set out in the UK Debenture), on all
  insurance policies for the Credit
  Parties and sole loss payee or additional insured in a manner acceptable to
  the Administrative Agent and the
  UK Agent (and, in the case of the UK Borrower, in the manner and circumstances set out in the UK
  Debenture) on all insurance policies for the Collateral. Each policy of insurance shall contain a clause or
  endorsement requiring the insurer to
  give not less than thirty (30) days’ prior written notice to the Applicable Security Agent in the event of cancellation of
  the policy for any reason whatsoever and a clause or endorsement stating that
  the interest of the Applicable Security Agent shall not be impaired or
  invalidated by any act or neglect of any Credit Party or the owner of any Real Estate for purposes more hazardous than are
  permitted by such policy. All premiums
  for such insurance shall be paid by the Borrowers or the applicable Credit Party
  when due, and certificates of insurance and, if requested by the
  Administrative Agent or the UK
  Agent, as applicable, photocopies of the policies, shall be delivered to the Administrative Agent or the UK Agent, as
  applicable, in each case in sufficient quantity for distribution by the Administrative Agent or the UK Agent,
  as applicable, to each of the
  Lenders. If any Credit Party fails to procure such insurance or to pay the premiums therefor when due, the Administrative
  Agent may, and at the direction of the Required Lenders shall, do so from the
  proceeds of Revolving Loans to the Applicable Borrowers.

                    7.6
Insurance and Condemnation Proceeds. The
US Borrower Representative shall promptly notify the Administrative
Agent, the UK Agent and the Applicable Security
Agent and the Applicable Lenders of any loss, damage, or destruction to
Collateral having net book value in
excess of the Dollar Equivalent of $500,000, whether or not covered by insurance. The Applicable Security Agent is hereby
authorized to collect all insurance and condemnation proceeds in respect of
Collateral directly and to apply or remit them as follows:

	
 

	
 

	
 

	
 

	
 

	
               (i) With respect to
insurance and condemnation
  proceeds relating to Collateral
  (other than Fixed Assets) and business interruption insurance, after
  deducting from such proceeds the reasonable expenses, if any, incurred by the Applicable Security Agent in
  the collection or handling
  thereof, the Applicable Security Agent shall apply such proceeds, ratably, to
  the reduction of the outstanding Obligations, but not the US Commitments or the UK Commitments, in the
  order provided for in Section
  3.7.

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               (ii) With respect to
casualty insurance and
  condemnation proceeds relating to
  Collateral (including Fixed Assets), the Applicable Security Agent
  shall permit or require the Applicable Borrower to use such proceeds, or any part thereof, to replace,
  repair, restore or rebuild the relevant
  Collateral in a diligent and expeditious manner with materials and workmanship of substantially the same quality
  as existed before the loss, damage
  or destruction so long as (l) no Default or Event of Default has occurred
  and is continuing and (2) the Applicable Borrowers first (i) provide the Applicable Security Agent and the
  Lenders with plans and specifications
  for any such replacement, repair or restoration of Fixed Assets which shall be reasonably satisfactory to
  the Applicable Security Agent and
  the Required Lenders and (ii) demonstrates to the reasonable satisfaction of the Applicable Security Agent
  and the Required Lenders that the
  funds available to them will be sufficient to complete such project in the
  manner provided therein. In all other circumstances, the Applicable Security
  Agent shall apply such insurance and condemnation proceeds, ratably, to the reduction of the Obligations in
  the order provided for in Section 3.7.

                    7.7
Environmental Laws.

	
 

	
 

	
 

	
               (a) Each
Credit Party shall, and shall cause each of its Subsidiaries to, conduct its business in compliance with all
Environmental Laws applicable to it, including
those relating to the generation, handling, use, storage, and disposal of any
Contaminant. Each Credit Party
shall, and shall cause each of its Subsidiaries to, take prompt and
appropriate action to respond to any non-compliance with Environmental Laws and shall regularly report to the
Administrative Agent with respect to any non-compliance or alleged material non-compliance with Environmental Laws,
in each case, alone or in the
aggregate, that may have a Material Adverse Effect (each a “Material Compliance Issue”). 

	
 

	
 

	
 

	
               (b) Without
  limiting the generality of the foregoing, the Borrowers shall submit to the Administrative Agent, the UK
  Agent and the Lenders annually, commencing
  on the first Anniversary Date, and on each Anniversary Date thereafter, an update of the status of each Material Compliance
  Issue. The Administrative Agent, the UK
  Agent or any Lender may request copies of technical reports prepared by any
  Credit Party or any of their respective Subsidiaries and such Person’s
  communications with any Governmental
  Authority to determine whether such Person or any of its Subsidiaries is proceeding reasonably to correct, cure or contest
  in good faith any such Material Compliance
  Issue. The Borrowers shall, at the Administrative Agent’s, the UK Agent’s or the Required Lenders’ request and at the
  Borrowers’ expense, (i) retain an independent environmental engineer acceptable to the Administrative Agent or the
  UK Agent, as applicable, to evaluate
  the site, including tests if appropriate, where the Material Compliance Issue has occurred and prepare and
  deliver to the Administrative Agent or UK Agent, as applicable, in sufficient quantity for distribution by
  the Applicable Agent to the
  Lenders, a report setting forth the results of such evaluation, a proposed
  plan for responding to any
  environmental problems described therein, and an estimate of the costs

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	thereof, and (ii) provide to the Administrative
          Agent, the UK Agent and the Lenders a supplemental report of such engineer
          whenever the scope of the environmental problems, or the response thereto
          or the estimated costs thereof, shall increase in any material respect.

	 
	 

	 
	                    (c)
          Subject in each case to (i) the rights and the restrictions set forth
          in Section 7.4 hereof and (ii) the access and entry rights each
          Credit Party is entitled to grant, each Agent and its representatives
          will have the right to enter and visit the Real Estate and any other
          place where any property of any Credit Party is located for the purposes
          of observing the Real Estate, taking and removing soil or groundwater
          samples, and conducting tests on any part of the Real Estate; provided,
          however, to the extent the applicable Credit Party does not have sufficient
          rights in any such Real Estate or other place where any of its property
          is located to provide each Agent and its representatives the access,
          observation and removal rights described in this sentence, such Credit
          Party will use its reasonable efforts to obtain such rights for itself
          and each Agent and its representatives within sixty (60) days of a
          request by the Agents for such access, observation and removal rights
          for such Real Estate; provided, further, if (A) the applicable Credit
          Party is unable to obtain such access, observation and removal rights
          within such sixty (60) day period and (B) the Agents have a good faith
          reason to believe that a Material Compliance Issue exists with respect
          to such Real Estate, then the applicable Credit Party shall have the
          option to either (x) vacate such Real Estate within ninety (90) days
          of a written request by the Agents to such effect or (y) exclude any
          Inventory located on such Real Estate from the calculation of Eligible
          Inventory. No Agent is under any duty, however, to visit or observe
          the Real Estate or to conduct tests, and any such acts by any Agent
          will be solely for the purposes of protecting the Agents’ Liens
          and preserving the Agents’ and the Lenders’ rights under
          the Loan Documents. No site visit, observation or testing by any Agent
          will result in a waiver of any default of the Borrowers or impose any
          liability on such Agent or the Lenders. In no event will any site visit,
          observation or testing by any Agent be a representation by any Credit
          Party that hazardous substances are or are not present in, on or under
          the Real Estate, or that there has been or will be compliance with
          any Environmental Law. No Credit Party nor any other party is entitled
          to rely on any site visit, observation or testing by any Agent. No
          Agent and no Lender owes any duty of care to protect any Credit Party
          or any other party against, or to inform any Credit Party or any other
          party of, any hazardous substances or any other adverse condition affecting
          the Real Estate. Each Agent shall disclose to a Credit Party or to
          any other party if so required by law any report or findings made as
          a result of, or in connection with, any site visit, observation or
          testing by any Agent. Each Credit Party understands and agrees that
          no Agent makes any warranty or representation to any Credit Party or
          any other party regarding the truth, accuracy or completeness of any
          such report or findings that may be disclosed. Each Credit Party also
          understands that depending on the results of any site visit, observation
          or testing by any Agent and disclosed to a Credit Party, such Credit
          Party may have a legal obligation to notify one or more environmental
          agencies of the results, that such reporting requirements are site-specific,
          and are to be evaluated by such Credit Party without advice or assistance
          from such Agent. In each instance, each Agent will give the relevant
          Borrower reasonable notice before entering the Real Estate or any other
          place such Agent is permitted to enter under this Section 7.7(c).
          Each Agent will make reasonable efforts to avoid interfering

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	with a Credit Party’s use
          of the Real Estate or any other property in exercising any rights provided
          hereunder.

	 
	 

	 
	                    (d)
          Without prejudice to the generality of the foregoing, the UK Borrowers
          shall as soon as reasonably practicable after the date hereof, retain
          an independent environmental engineer acceptable to the UK Agent to
          evaluate the UK Properties at (i) Horsefair Road Waterton Industrial
          Estate Bridgend (ii) Area 3 Wharf Road Gravesend and (iii) Stanton
          Works Lows Lane Stanton-By-Dale Derbyshire and prepare and deliver
          (within 180 days of the date hereof) to the UK Agent a Phase I environmental
          report the scope of which shall be agreed in advance by the UK Agent
          and which shall be addressed to the UK Agent and the UK Borrowers.
          The UK Borrowers exercising their reasonable commercial judgment and
          the UK Agent exercising its reasonable credit judgment shall jointly:

	 
	 
	 

	 
	 
	          (i)
          review the recommendations set out in the Phase I reports including
          (without limitation) any recommendation to commission further invasive
          investigations and any recommendations (as a consequence of such investigations)
          to carry out any remedial works or on-going monitoring of Contaminants
          (“the Works”) (“the Recommendations”);

	 
	 
	 

	 
	 
	          (ii)
          consider the economic effect of the implementation of the Recommendations
          (or any of them) on the continued operation of the UK Borrowers’ business
          at the relevant UK Property and any adverse effect on the value of
          the Collateral and on the interests of the UK Lenders of failure to
          implement the Recommendations (or any of them);

	 
	 
	 

	 
	 
	          (iii)
          endeavor, having regard to the respective interests of the UK Borrowers
          and the UK Agent, to determine which (if any) of the Recommendations
          are to be implemented and/or the Works are to be carried out at the
          cost of the UK Borrowers.

	 
	 
	 

	 
	                    If
          the UK Borrowers and the UK Agent shall fail to agree within one month
          after the date of issue of the relevant Phase I report on which (if
          any) of the Recommendations are to be implemented and which (if any)
          of the Works are to be carried out the UK Borrowers shall be required
          at their own cost to implement only those Recommendations and/or to
          carry out only those Works (together “the Designated Works”)
          which, if not implemented or carried out, are considered by the UK
          Agent in the exercise of its reasonable credit judgment to affect adversely
          the market value of a material part of the Collateral or adversely
          affect the interests of the UK Lenders. The UK Borrowers shall without
          delay carry out the Designated Works and shall provide evidence satisfactory
          to the UK Agent of the completion of such works.

	 
	 
	 

	 
	 
	(e) [Intentionally deleted].

	 
	 
	 

	                    7.8 Compliance
            with ERISA and other laws. Each Credit Party shall, and shall
            cause each of its Subsidiaries and ERISA Affiliates to: (a) maintain
            each Plan and Foreign Pension Plan in compliance in all material
            respects with the applicable provisions of ERISA, the

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Code and other federal or state or foreign law; (b) ensure that
    all liabilities under any Foreign Pension Plan are funded to at least the
    minimum level required by law or, if higher, to the level required by the
    governing documents of such plans; (c) ensure that all contributions or premium
    payments to or in respect of all Foreign Pension Plans are and continue to
    be promptly paid at no less than the rates required under applicable law
    or the rules of such arrangements; (d) cause each Plan which is qualified
    under Section 401(a) of the Code to maintain such qualification; (e) make
    all required contributions to any Plan subject to Section 412 of the Code;
    (f) not engage in a prohibited transaction or violation of the fiduciary
    responsibility rules with respect to any Plan; and (g) not engage in a transaction
    that could be subject to Section 4069 or 4212(c) of ERISA.

                    7.9 Mergers,
      Amalgamations, Consolidations or Sales. No Credit Party shall, nor
      shall it permit any of its Subsidiaries to, enter into any transaction
      of merger, reorganization, amalgamation or consolidation, or transfer,
      sell, assign, lease, or otherwise dispose of all or any part of its property,
      or wind up, liquidate or dissolve, or agree to do any of the foregoing,
      except:

	 
	 

	 
	                    (a)
          any of the Non-Guarantor Subsidiaries may be dissolved;

	 
	 

	 
	                    (b)
          sales and leases of Inventory, including, without limitation, Rental
          Fleet Assets, in the ordinary course of its business;

	 
	 

	 
	                    (c)
          sales, exchanges or other dispositions of Machinery and Equipment in
          the ordinary course of its business; provided that any exchange shall
          be made in exchange for, and any proceeds from any sale or other disposition
          shall be applied to purchase or acquire, Machinery and Equipment used
          or useful in a Similar Business; and provided further the US Borrower
          Representative shall include the details of any such sale, exchange,
          disposition, purchase and/or acquisition, as applicable, in each certificate
          delivered to the Administrative Agent and the UK Agent pursuant to Section
          5.2(1) hereof.

	 
	 

	 
	                    (d)
          sales, exchanges or other dispositions of Real Estate, Machinery and
          Equipment and Inventory, including, without limitation, Rental Fleet
          Assets, in each case, not in the ordinary course of business with a
          net book value not to exceed, in the aggregate for all Borrowers and
          their respective Subsidiaries, the Dollar Equivalent of $2,000,000
          in any Fiscal Year (taking into account all such sales, exchanges or
          other dispositions occurring in Fiscal Year 2005 occurring prior to
          the Closing Date); provided that (i) any exchange of Inventory
          or Machinery and Equipment shall be for like-kind Inventory or Machinery
          and Equipment, as applicable, (ii) any Inventory, Real Estate or Machinery
          and Equipment, as applicable, received as part of an exchange (whether
          purchased, acquired or otherwise) shall be free and clear of all Liens,
          except the Agents’ Liens and (iii) any sale or other disposition
          of assets at any branch location with aggregate net book value in excess
          of the Dollar Equivalent of $500,000 in any Fiscal Year (taking into
          account all such sales, exchanges or other dispositions occurring in
          Fiscal Year 2005 occurring prior to the Closing Date), or any closing
          of a branch location, shall require prior written notice to the Administrative
          Agent or the UK Agent, as applicable;

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	                    (e)
          any US Subsidiary of a US Borrower with a positive net worth may be
          merged with or into a US Borrower or any Wholly-owned US Subsidiary
          which is a Credit Party, or be liquidated, wound up or dissolved into
          a US Borrower or any Wholly-owned US Subsidiary which is a Credit Party,
          or transfer all or any part of its assets to a US Borrower or any Wholly-owned
          US Subsidiary which is a Credit Party; provided, that (except
          as permitted in clause (f) below) in any merger with a US Borrower,
          a US Borrower shall be the surviving entity and in any merger with
          any other Credit Party, such Credit Party shall be the surviving entity
          and all Liens in favor of the Administrative Agent shall remain perfected;

	 
	 
	 

	 
	                    (f)
          any Foreign Subsidiary of the US Borrower with a positive net worth
          may be merged or amalgamated with or into a UK Borrower or any Wholly-owned
          Foreign Subsidiary which is a Credit Party, or be liquidated, wound
          up, hived up or dissolved into a UK Borrower or any Wholly-owned Foreign
          Subsidiary which is a Credit Party, or transfer all or any part of
          its assets to a UK Borrower or any Wholly-owned Foreign Subsidiary
          which is a Credit Party; provided, that in any merger with a
          UK Borrower, a UK Borrower shall be the surviving entity and in any
          merger or amalgamation with any other Credit Party, such Credit Party
          shall be the surviving entity and all Liens in favor of the UK Security
          Trustee shall remain perfected;

	 
	 
	 

	 
	                    (g)
          (i) any US Borrower and any US Subsidiary may transfer assets to a
          US Borrower or any Wholly-owned US Subsidiary which is a Borrower or
          a US Subsidiary Guarantor (including without limitation, Mobile Storage
          Group (Texas), L.P. for so long as it shall remain a US Subsidiary
          Guarantor, all of its owned equity interests shall have been pledged
          in accordance with the Security Documents and it shall have otherwise
          complied with Section 6.30 hereof); (ii) any Foreign Subsidiary
          may transfer assets to a UK Borrower or any Wholly-owned UK Subsidiary
          which is a UK Borrower or a UK Subsidiary Guarantor; (iii) any Subsidiary
          may make Distributions otherwise permitted pursuant to Section 7.10(a)(ii) hereof
          and payments upon any Debt otherwise permitted to be incurred pursuant
          to Section 7.13(g) hereof and (iv) MSG may transfer funds to
          Ravenstock and Ravenstock may transfer funds to MSG pursuant to Section
          7.15(e).

	 
	 
	 

	                    7.10 Distributions;
            Capital Change; Restricted Investments. No Credit Party nor any
            of its Subsidiaries shall:

	 
	 

	 
	                    (a)
          directly or indirectly declare or make, or incur any liability to make,
          any Distributions, except, without duplication:

	 
	 

	 
	 
	          (i)
          Distributions to holders of Capital Stock consisting of dividends payable
          in Capital Stock, which Capital Stock, if Preferred Stock, is permitted
          pursuant to Section 7.34;

	 
	 
	 

	 
	 
	          (ii)
          Distributions to a US Borrower or a Wholly-owned Subsidiary of a US
          Borrower by its Subsidiaries, and Distributions to the UK Borrower
          or a Wholly-owned Subsidiary of the UK Borrower by its Subsidiaries,
          in each case other than a Distribution by a Credit Party to a

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	Subsidiary which is not a Credit Party; provided,
          in the case of any Distribution by Ravenstock to MSG (and in the case
          of any other Distribution by a UK Credit Party to a US Credit Party),
          that at the time of and after giving effect to each such Distribution:
          (A) no Default or Event of Default exists under Section 9.1(a),
          (B) no Default or Event of Default exists in the observance or performance
          of any of the covenants and agreements contained in Section 7.23 through Section
          7.26, inclusive and (C) UK Availability is greater than or equal
          to £4,000,000;

	 
	 
	 

	 
	 
	          (iii)
          payments to repurchase or retire any Capital Stock (other than Preferred
          Stock) of the Parent Guarantor made to departed employees, officers
          or directors of any Credit Party not to exceed $2,000,000 in the aggregate
          and Distributions by MSG to the Parent Guarantor to enable the Parent
          Guarantor to make the payments permitted pursuant to this Section
          7.10(a)(iii); provided that at the time of and after giving
          effect to each such Distribution: (i) no Default or Event of Default
          exists under Section 9.1(a), (ii) no Default or Event of Default
          exists in the observance or performance of any of the covenants and
          agreements contained in Section 7.23 through Section 7.26,
          inclusive and (iii) Total Excess Availability is greater than or equal
          to the Dollar Equivalent of $10,000,000; and

	 
	 
	 

	 
	 
	          (iv)
          Distributions in respect of Preferred Stock of the Parent Guarantor
          of up to $5,000,000 in any Fiscal Year (taking into account all such
          Distributions occurring in Fiscal Year 2005 occurring prior to the
          Closing Date) and Distributions by MSG to the Parent Guarantor to enable
          the Parent Guarantor to make the Distributions permitted pursuant to
          this Section 7.10(a)(iv); provided that such amount shall be
          increased from time to time (as measured on the date of any such intended
          Distribution) by the aggregate amount of all net cash proceeds received
          by the Parent Guarantor from the issuance of any Preferred Stock after
          the Closing Date in accordance with Section 7.34 hereof during
          such Fiscal Year; and provided further that both before and after giving
          effect to any such Distribution: (1) no Default or Event of Default
          exists under Section 9.1(a), (2) no Default or Event of Default
          exists in the observance or performance of any of the covenants and
          agreements contained in Section 7.23 though Section 7.26,
          inclusive and (3) Total Excess Availability is greater than or equal
          to the Dollar Equivalent of $10,000,000.

	 
	 
	 

	 
	                    (b)
          make any change in its capital structure which could reasonably be
          expected to have a Material Adverse Effect; or

	 
	 

	 
	                    (c)
          make any Restricted Investment.

	 
	 

	                    7.11 Transactions
            Affecting Collateral or Obligations. No Credit Party nor any
            of its Subsidiaries shall enter into any transaction which would
            be reasonably expected to have a Material Adverse Effect.

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                    7.12 Guaranties.
    No Credit Party shall make, issue, or become liable on any Guaranty, except

	 
	 

	 
	                    (a)
          Guaranties of any of the Obligations in favor of the Responsible Agents
          and/or the Applicable Security Agents for the ratable benefit of the
          Applicable Lenders.

	 
	 

	 
	                    (b)
          Guaranties (i) by MSG of obligations of Ravenstock or Ravenstock’s
          UK Subsidiaries under leases or subleases for Real Estate entered into
          in the ordinary course of such Person’s business and (ii) by MSG
          of obligations of US Credit Parties and by Ravenstock of obligations
          of UK Credit Parties, in either case in respect of operating liabilities
          incurred in the ordinary course of business, in the aggregate not in
          excess of the Dollar Equivalent of $2,000,000 from time to time;

	 
	 

	 
	                    (c)
          Guaranties existing on the Closing Date and listed on Schedule 6.9;

	 
	 

	 
	                    (d)
          subordinated Guaranties of the Subordinated Note Debt to the extent
          required by the Subordinated Note Agreement as in effect on the Closing
          Date by (i) US Subsidiaries and (ii) the Parent Guarantor; provided
          that such Guaranties remain subordinated to the Obligations of such
          US Subsidiaries and the Parent Guarantor in each case under the US
          Credit Agreement and the UK Credit Agreement, pursuant to subordination
          provisions no less favorable to any Credit Party, Agent or Lender than
          the subordination provisions applicable to the Guaranties of the Subordinated
          Note Debt on the Closing Date; and

	 
	 

	 
	                    (e)
          Guaranties of Debt permitted by Section 7.13(d) or 7.13(e),
          if such Guaranties are permitted by such Section.

	 
	 

	                    7.13 Debt.
          No Credit Party shall, nor shall it permit any of its Subsidiaries
          to, incur or maintain any Debt, other than:

	 

	 
	                    (a)
          the Obligations;

	 
	 

	 
	                    (b)
          Debt described on Schedule 6.9;

	 
	 

	 
	                    (c)
          Capital Leases of Machinery and Equipment or Rental Fleet Assets and
          purchase money secured Debt incurred to purchase Machinery and Equipment
          or Rental Fleet Assets; provided that (i) Liens securing the
          same attach only to the Machinery and Equipment or Rental Fleet Assets
          acquired by the incurrence of such Debt and proceeds thereof (but shall
          not encumber leases of, or payments under leases of, Rental Fleet Assets),
          and (ii) the aggregate amount of such Debt for all Credit Parties (including
          Capital Leases) outstanding does not exceed the Dollar Equivalent of
          $10,000,000 at any time;

	 
	 

	 
	                    (d)
          Debt evidencing a refunding, renewal or extension of the Debt (other
          than the Subordinated Note Debt); described on Schedule 6.9; provided that
          (A) the principal amount thereof is not increased, (B) the Liens, if
          any, securing such

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	refunded, renewed or extended Debt do not
          attach to any assets in addition to those assets, if any, securing
          the Debt to be refunded, renewed or extended, (C) no Credit Party that
          is not an obligor or guarantor of such Debt as of the Closing Date
          shall become an obligor or guarantor thereof, (D) the terms of such
          refunding, renewal or extension are no less favorable in any material
          respect to the applicable Credit Party or Subsidiary, any Agent or
          the Lenders than the original Debt and (E) the final maturity thereof,
          if presently after the Stated Termination Date, will not become earlier
          than at least 6 months after the Stated Termination Date;

	 
	 

	 
	                    (e)
          Non-Public Debt, including without limitation the Subordinated Note
          Debt; and any Non-Public Debt evidencing a refunding, renewal or extension
          thereof; provided, in each case, that (A) the cash interest rate of
          such Non-Public Debt shall not exceed 15% per annum, (B) no Credit
          Party that is not an obligor or guarantor of the Subordinated Note
          Debt as of the Closing Date shall be or become an obligor or guarantor
          of any such Non-Public Debt, (C) the restrictive covenants of such
          Non-Public Debt shall be no less favorable in any material respect
          to the applicable Credit Party or Subsidiary, any Agent or the Lenders
          than those contained in the Subordinated Note Debt as of the Closing
          Date, (D) the final maturity of such Non-Public Debt shall not be or
          become due earlier than at least six (6) months after the Stated Termination
          Date, and (E) such Non-Public Debt shall require no payment of principal,
          and no payment of principal shall be made, prior to the Stated Termination
          Date.

	 
	 

	 
	                    (f)
          Public Debt; provided that (I) the US Credit Parties and the UK Credit
          Parties shall have executed and delivered such amendments of this Agreement
          and the US Credit Agreement as are necessary to provide for the inclusion
          herein and in the US Credit Agreement of any financial covenants for
          which compliance is required by the covenants contained in the terms
          and conditions of any such Public Debt but which, as of the date of
          incurrence of such Public Debt, are not included in this Agreement
          or the US Credit Agreement; (II) the fleet utilization rates, financial
          ratios, capital expenditure levels and other rates, ratios, levels,
          measures and/or requirements set forth in any additional financial
          covenants, if any, contained in the terms and conditions of any such
          Public Debt, in each case, shall be at least (x) 2% less restrictive
          (with respect to fleet utilization rates) and (y) 10% less restrictive
          (with respect to financial ratio, capital expenditure and all other
          additional covenants) than the rates, ratios, levels, measures or requirements
          set forth in the comparable fleet utilization, financial ratio, capital
          expenditure and other additional covenants contained in this Agreement
          and the US Credit Agreement, including, without limitation, Sections
          7.23 through 7.26, inclusive, hereof and thereof, as of the date of
          the incurrence of such Public Debt, (III) the final maturity of such
          Public Debt shall not be or become due earlier than at least six (6)
          months after the Stated Termination Date, and (IV) such Public Debt
          shall require no payment of principal, and no payment of such principal
          shall be made, prior to the Stated Termination Date.

	 
	 

	 
	                    (g)
          Subject to the following sentence, Intercompany Debt; provided,
          in each case, that such Debt will be evidenced by a revolving demand
          promissory note (in form and substance satisfactory to the Agent) pledged
          and delivered to the Applicable Security Agent for the benefit of the
          Lenders (or otherwise documented and secured in

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	favour of the Applicable Security Agent, in
          a manner satisfactory to the Applicable Agent) and shall be subordinated
          to the Obligations of the Credit Parties on terms and conditions satisfactory
          to the Administrative Agent; provided further that, in the case of
          any creditors with respect to such Debt which are Foreign Subsidiaries,
          such Subsidiaries shall have entered into and delivered to the Administrative
          Agent and the UK Security Trustee for the benefit of the Lenders the
          UK Intercreditor Deed in the form attached hereto as Exhibit I.
          Notwithstanding the foregoing, (i) no UK Credit Party nor any of its
          Subsidiaries shall make, create or acquire any Intercompany Debt owed
          to any US Credit Party or any US Subsidiary, and (ii) no US Credit
          Party nor any of its US Subsidiaries shall make, create or acquire
          any Intercompany Debt owed to any UK Credit Party or any of its Subsidiaries,
          except, in each case, if and only to the extent that at the time of
          and after giving effect to each such making, creation or acquisition:
          (x) no Default or Event of Default exists under Section 9.1(a),
          (y) no Default or Event of Default exists in the observance or performance
          of any of the covenants and agreements contained in Section 7.23 through Section
          7.26, inclusive and (z) in the case of any Intercompany Debt incurred
          by any UK Subsidiary, US Availability is greater than or equal to $7,000,000
          and in the case of any Intercompany Debt incurred by any US Subsidiary,
          UK Availability is greater than or equal to £4,000,000.

	 
	 

	 
	                    (h)
          the Luxembourg Debt, provided that (A) such Debt will be evidenced
          by a revolving credit facility agreement in the form existing as at
          the date hereof with claims thereunder assigned in favour of the UK
          Security Trustee and shall be subordinated to the Obligations of the
          Credit Parties on terms and conditions satisfactory to the Administrative
          Agent and (B) the creditors with respect to such Debt shall have entered
          into and delivered to the Administrative Agent and the UK Security
          Trustee for the benefit of the Lenders the UK Intercreditor Deed in
          the form attached hereto as Exhibit I;

	 
	 

	 
	                    (i)
          Guaranties permitted by Section 7.12;

	 
	 

	 
	                    (j)
          Debt represented by any unsecured Hedge Agreements entered into in
          order to protect a Borrower against fluctuations in interest rates
          and currency exchange rates and not for speculative purposes;

	 
	 

	 
	                    (k)
          after the Closing Date, any Capital Leases or purchase money Debt or
          Debt secured by a mortgage on Real Estate assumed or acquired in connection
          with a Permitted Acquisition; provided that (A) such Debt existed
          at the time of such Permitted Acquisition and was not created in anticipation
          thereof, (B) any Lien securing such Debt does not extend to any assets
          of any Credit Party other than the assets secured thereby at the time
          of the Permitted Acquisition and does not encumber leases of, or payments
          under leases of, Rental Fleet Assets and (C) if the Debt is owed by
          a Subsidiary acquired, then no other Credit Party shall have any liability
          therefor;

	 
	 

	 
	                    (l)
          Debt secured by a mortgage on any Real Estate acquired by any UK Credit
          Party incurred or assumed for the purpose of financing ail or a part
          of the cost of acquiring such Real Estate; provided that (i) any such
          mortgage attaches solely to the Real Estate so acquired, (ii) the mortgagee
          thereunder executes and delivers to the

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	Responsible Agent a mortgagee waiver agreement
          (or, in respect of a UK Property, a deed of priority on terms and conditions
          acceptable to the UK Agent), in form and substance reasonably satisfactory
          to the Administrative Agent and (iii) the principal amount of such
          Debt secured thereby does not exceed 100% of the Credit Party’s
          cost of such Real Estate; and

	 
	 

	 
	                    (m)
          other unsecured Debt not to exceed $15,000,000 in the aggregate for
          all Credit Parties at any time outstanding.

	 
	 

	 
	                    For
          purposes of compliance with this Section 7.13 and Section
          7.13 of the US Credit Agreement, in the event any Debt meets the
          criteria set forth in more than one of clauses (c) through (d), inclusive,
          or (i) through (m), inclusive, of this Section 7.13 and Section
          7.13 of the US Credit Agreement, the US Borrower Representative
          and the UK Borrower Representative, in their sole collective discretion,
          may (X) classify or reclassify such Debt in any manner that complies
          with this Section 7.13 and Section 7.13 of the US Credit
          Agreement and (Y) divide and classify such Debt among more than one
          of the clauses of this Section 7.13 and Section 7.13 of
          the US Credit Agreement and, in each case, such Debt shall be treated
          as having been permitted pursuant to the clause of this Section
          7.13 and Section 7.13 of the US Credit Agreement specified
          by the US Borrower Representative and UK Borrower Representative; provided
          that, in each case, the US Borrower Representative and the UK Borrower
          Representative must classify, reclassify and/or divide such Debt in
          a manner consistent for purposes of compliance with the UK Credit Agreement
          and US Credit Agreement.

	 
	 

	 
	          7.14 Prepayments;
            Payments on Subordinated Note Debt; Payments on Intercompany Debt.

	 
	 

	 
	                    (a)
          No Credit Party nor any of its Subsidiaries shall voluntarily prepay
          any Debt, except (i) the Obligations in accordance with the terms of
          this Agreement and the US Credit Agreement, (ii) prepayment of the
          Existing Term Loans outstanding under the Existing UK Credit Agreement
          and the Existing US Credit Agreement and the Luxembourg Debt, and (iii)
          Capital Leases, and other Debt in an aggregate amount not to exceed
          $1,000,000 and, after giving effect to the payment thereof, only so
          long as Total Excess Availability exceeds $10,000,000, (iv) prepayments
          of the Debt described on Schedule 6.9 with the proceeds of Debt permitted
          to be issued under Section 7.13(d), (v) prepayments of the Subordinated
          Note Debt with the proceeds of Debt permitted to be issued under Section
          7.13(e) or (f) or Capital Stock issued in accordance with Section
          7.34 and (vi) as permitted under (b).

	 
	 

	 
	                    (b)
          No Credit Party nor any of its Subsidiaries shall make any payments
          on Permitted Subordinated Debt except, subject to the subordination
          provisions thereof, regularly scheduled payments of interest and (ii)
          on or before December 30, 2008, MSG may make a principal payment of
          up to $4,000,000 on the Subordinated Notes, plus accrued but unpaid
          interest thereon, pursuant to the terms and conditions of the Subordinated
          Note Agreement; provided, that, in the case of clause (ii), at the
          time of and after giving effect to such payment by MSG; (A) no Default
          or Event of Default exists and (B) US Availability is greater than
          or equal to $5,000,000.

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	                    (c)
          (i) No UK Credit Party nor any of its UK Subsidiaries shall make any
          payment of principal, interest or any other amount on account of or
          in respect of any obligation outstanding under any Intercompany Debt
          owed to any US Credit Party, any US Subsidiary or the Luxembourg Subsidiary,
          and (ii) no US Credit Party nor any of its US Subsidiaries shall make
          any payments of principal, interest or any other amounts on account
          of any obligation outstanding under any Intercompany Debt owed to any
          UK Credit Party or any UK Subsidiary, except, (A) in each case, subject
          to the subordination provisions thereof, and (B) in each case, if and
          only to the extent that at the time of and after giving effect to each
          such payment: (x) no Default or Event of Default exists under Section
          9.1(a), (y) no Default or Event of Default exists in the observance
          or performance of any of the covenants and agreements contained in Section
          7.23 through Section 7.26, inclusive and (z) in the case
          of clause (i), UK Availability is greater than or equal to £4,000,000
          or, in the case of clause (ii), US Availability is greater than or
          equal to $7,000,000; provided, however, nothing in this Section
          7.14(c) shall prohibit the making of any payments between MSG and
          Ravenstock pursuant to Section 7.15(e).

                    7.15 Transactions
      with Affiliates. Except as set forth below or described on Schedule
      7.15, no Credit Party shall, nor shall they permit any of their Subsidiaries
      to, sell, transfer, distribute, or pay any money or property, including,
      but not limited to, any fees or expenses of any nature (including, but
      not limited to, any fees or expenses for management services), to any Affiliate,
      or lend or advance money or property to any Affiliate, or invest in (by
      capital contribution or otherwise) or purchase or repurchase any stock
      or indebtedness, or any property, of any Affiliate, or become liable on
      any Guaranty of the indebtedness, dividends, or other obligations of any
      Affiliate (other than any Guaranties permitted by Section 7.12);
      provided, however, while no Event of Default has occurred and is continuing,
      and subject to the limitations set forth in this Agreement, the Credit
      Parties may engage in transactions or agreements with Affiliates, other
      than those described on Schedule 7.15, in the ordinary course of
      business consistent with past practices, in an amount and upon terms fully
      disclosed to the Agents and the Lenders in advance, and, in any case, no
      less favorable to such Credit Party or Credit Parties than would be obtained
      in a comparable arm’s-length transaction with a third party who is
      not an Affiliate; provided further:

	 
	 

	 
	                    (a)
          if no Default or Event of Default exists under Section 9.1(a),
          before and after giving effect to the payments, payments may be made
          when due pursuant to the Windward Management Agreement as in effect
          on the date hereof; provided that such payments shall not exceed
          the Dollar Equivalent of $550,000 per year plus reasonable and customary
          out-of-pocket expenses;

	 
	 

	 
	                    (b)
          the Credit Parties and their Subsidiaries may enter into such intercompany
          loan, sales and investments as otherwise expressly permitted by this
          Agreement;

	 
	 

	 
	                    (c)
          the Credit Parties may enter into transactions with the Non- Guarantor
          Subsidiaries (i) to cause a Non-Guarantor Subsidiary’s dissolution
          and (ii) to cause the dissolution of the Luxembourg Subsidiary so long
          as, in the case of clause (ii), all of the following conditions are
          met: (A) no Default or Event of Default shall exist at the time of
          such dissolution and after giving effect to such dissolution, (B) any
          Subsidiary

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	of MSG or Ravenstock that assumes any of the
          rights or obligations under the Luxembourg Debt in connection with
          the transactions that effect such dissolution shall become a UK Subsidiary
          Guarantor and shall become a party to each of the Loan Documents to
          which the UK Borrower, UK-LP or the Luxembourg Subsidiary, as applicable,
          was a party immediately prior to the dissolution of the Luxembourg
          Subsidiary, (C) all other Agent’s Liens on the Collateral immediately
          prior to the dissolution of the Luxembourg Subsidiary shall remain
          perfected, and the Borrowers shall cause any Subsidiary of MSG or Ravenstock
          that assumes any rights or obligations under the Luxembourg Debt in
          connection with the transactions that effect such dissolution to execute
          and deliver to the Administrative Agent and the UK Security Trustee
          such documents, instruments, financing statements, and amendments to
          Loan Documents as the Administrative Agent and the UK Security Trustee
          may reasonably request to continue the perfection of the Agent’s
          Liens, (D) UK Availability is greater than or equal to £4,000,000;
          (E) such dissolution shall not result in any Debt other than Intercompany
          Debt permitted to be incurred pursuant to, and incurred in compliance
          with, Section 7.13(g) hereof; and (F) such dissolution shall
          otherwise not create any covenants, undertakings or obligations on
          the part of any Credit Party any more onerous than the covenants, undertakings
          or obligations contained in the Luxembourg Debt;

	 
	 

	 
	                    (d)
          the Credit Parties and their Subsidiaries may pay reasonable compensation
          and provide customary indemnities to directors, officers and employees;
          and

	 
	 

	 
	                    (e)
          Ravenstock and MSG may make payments to each other as reimbursement
          for corporate overhead and services plus reasonable and customary out-of-pocket
          expenses, if and only to the extent that at the time of and after giving
          effect to each such payment: (w) no Default or Event of Default exists
          under Section 9.1(a), (x) no Default or Event of Default exists
          in the observance or performance of any of the covenants and agreements
          contained in Section 7.23 through Section 7.26, inclusive,
          (y) in the case of payments from Ravenstock to MSG, UK Availability
          is greater than or equal to £4,000,000 and (z) in the case of
          payments from MSG to Ravenstock, (I) US Availability is greater than
          or equal to $7,000,000 and (II) such amount does not exceed $1,000,000
          in any Fiscal Year (taking into account all such payments occurring
          in Fiscal Year 2005 occurring prior to the Closing Date).

                    7.16 Investment
      Banking and Finder’s Fees. No Credit Party shall pay or agree
      to pay, or reimburse any other party with respect to, any investment banking
      or similar or related fee, underwriter’s fee, finder’s fee, or
      broker’s fee to any Person in connection with this Agreement. The
      Credit Parties shall defend and indemnify the Agents and the Lenders against
      and hold them harmless from all claims of any Person that the Credit Parties
      are obligated to pay for any such fees, and all costs and expenses (including
      attorneys’ fees) incurred by the Agents and/or any Lender in connection
      therewith.

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                    7.17 Business
      Conducted

	 
	 

	 
	                    (a)
          No Credit Party (other than the Parent Guarantor) shall, nor shall
          it or the Parent Guarantor permit any of its Subsidiaries to, engage
          directly or indirectly, in any line of business other than a Similar
          Business.

	 
	 

	 
	                    (b)
          The Parent Guarantor shall not engage in any business activities or
          have any properties or liabilities, other than (i) holding Capital
          Stock of MSG, (ii) obligations under the Loan Documents and (iii) activities
          and properties incidental to the foregoing clauses (i) and (ii).

                     7.18 Liens.
    No Credit Party shall, nor shall it permit any of its Subsidiaries to, create,
    incur, assume, or permit to exist any Lien on any property now owned or hereafter
    acquired by any of them, except Permitted Liens, and Liens, if any, in effect
    as of the Closing Date described in Schedule 6.9 securing Debt described
    in Schedule 6.9; Liens securing Capital Leases and purchase money
    Debt permitted under Section 7.13(c); and mortgages securing Debt
    permitted under Section 7.13(k) and Section 7.13(1). 

                    7.19 Sale
      and Leaseback Transactions. No Credit Party shall, nor shall it permit
      any of its Subsidiaries to, directly or indirectly, enter into any arrangement
      with any Person providing for such Credit Party or Subsidiary to lease
      or rent property that the Credit Party or such Subsidiary has sold or will
      sell or otherwise transfer to such Person other than Real Estate both (a)
      sold or otherwise disposed of to a Person that is not a Credit Party pursuant
      to Section 7.9 hereof and (b) in respect of which such Credit Party
      or Subsidiary has delivered a landlord waiver and, if the Real Estate will
      be subject to a mortgage or deed of trust, a mortgagee waiver, in each
      case in form and substance satisfactory to the Administrative Agent and
      the UK Security Trustee, as applicable.

                    7.20 New
      Subsidiaries. No Credit Party shall, nor shall it permit any of its
      Subsidiaries to, directly or indirectly, organize, create, acquire or permit
      to exist any Subsidiary other than (i) those listed on Schedule 6.5,
      (ii) Wholly-owned Subsidiaries acquired in a Permitted Acquisition, or
      (iii) Wholly-owned Subsidiaries created by a Credit Party so long as the
      Credit Party shall, and shall cause each such Subsidiary to, comply with
      the provisions of Section 7.32; provided that no US Credit Party
      shall, nor shall it permit any US Subsidiary to, directly or indirectly,
      organize, create, acquire or permit to exist any Subsidiary organized under
      the laws of any jurisdiction other than the United States, other than (A)
      those Subsidiaries listed on Schedule 6.5 as of the Closing Date
      and (B) direct and indirect Subsidiaries of Ravenstock; and provided further
      that no UK Credit Party shall, nor shall it permit any UK Subsidiary to,
      directly or indirectly, organize, create, acquire or permit to exist any
      Subsidiary organized under the laws of the United States or any State thereof.

                    7.21 Fiscal
      Year. No Credit Party shall, nor shall it permit any of its Subsidiaries
      to, change its Fiscal Year.

                    7.22 Depreciation
      Method. No Credit Party shall, nor shall it permit any of its Subsidiaries
      to, change its method of calculating depreciation with respect to the preparation
      of the financial information set forth in the Financial Statements except
      as required by GAAP,

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the independent accountants of any Credit Party, the SEC or any
    other Governmental Authority having jurisdiction over such Credit Parties.

                    7.23 Cash
      Interest Coverage Ratio. The Credit Parties and their Subsidiaries
      will maintain a Cash Interest Coverage Ratio for each period of four consecutive
      fiscal quarters ended on the last day of any Fiscal Quarter set forth below
      of not less than the ratio set forth opposite such period:

	 
	 
	 

	Period Ending 
	 
	Ratio 

	

    	 
	

    
	 
	 

	The last day of each Fiscal Quarter
          through the

        Fiscal Quarter ending on December 31, 2006
	2.10:1

	 
	 

	The last day of each Fiscal Quarter
          after the

        Fiscal Quarter ending on December 31, 2006

        through the Fiscal Quarter ending on

        December 31, 2007
	2.15:1

	 
	 

	The last day of each Fiscal Quarter
          after the

        Fiscal Quarter ending on December 31, 2007

        through the Fiscal Quarter ending on

        December 31, 2008
	2.20:1

	 
	 

	The last day of each Fiscal Quarter
          thereafter
	2.25:1

                    7.24 Maximum
      Consolidated Total Debt to Pro Forma EBITDA Ratio. The Credit Parties
      and their Subsidiaries will not permit the Consolidated Total Debt to Pro
      Forma EBITDA Ratio as of the end of any Fiscal Quarter set forth below
      to be greater than the ratio set forth opposite such period:

	 
	 
	 

	Period Ending 
	 
	Ratio 

	

    	 
	

    
	 
	 

	The last day of each Fiscal Quarter
          through the

        Fiscal Quarter ending on June 30, 2008
	5.25:1

	 
	 

	The last day of each Fiscal Quarter
          thereafter
	5.00:1

                    7.25 Minimum
      Fleet Utilization Rate. The Credit Parties and their Subsidiaries shall
      not permit the Fleet Utilization Rate, as of the end of any Fiscal Quarter
      set forth below, to be less than the rate set forth opposite such period:

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	Period 
	 
	Rate 

	

    	 
	

    
	 
	 
	 

	First Fiscal Quarter of each Fiscal
          Year
	72%

	 
	 
	 

	Second Fiscal Quarter of each
          Fiscal Year
	74%

	 
	 
	 

	Third Fiscal Quarter of each Fiscal
          Year
	76%

	 
	 
	 

	Fourth Fiscal Quarter of each
          Fiscal Year
	76%

                    7.26 Capital
      Expenditures. No Credit Party shall, nor shall it permit any of its
      Subsidiaries to, make or incur any Capital Expenditure if, after giving
      effect thereto, the aggregate amount of all Capital Expenditures by the
      Credit Parties and their Subsidiaries on a consolidated basis would exceed:

	 
	 

	 
	               (a)
          the Dollar Equivalent of $30,000,000 in the Fiscal Year ended December
          31, 2005 (taking into account all Capital Expenditures occurring in
          Fiscal Year 2005 occurring prior to the Closing Date);

	 
	 

	 
	               (b)
          the Dollar Equivalent of $35,000,000 in the Fiscal Year ended December
          31, 2006; and

	 
	 

	 
	               (c)
          the Dollar Equivalent of $50,000,000 in the Fiscal Year ended December
          31, 2007 and each Fiscal Year thereafter,

in each case plus the Acquisition to CapEx Transfer Amount,
    if any, and less the Capital Expenditure to Acquisition Transfer Amount,
    if any; provided that to the extent the amount of Capital Expenditures permitted
    to be made in any Fiscal Year (“Year 1”) pursuant to this
    clause exceeds the aggregate amount of Capital Expenditures actually made
    during the Fiscal Year, such excess amount, up to the Dollar Equivalent of
    $12,500,000 (the “Capital Expenditure Excess”), may be carried
    forward to (but only to) the next succeeding Fiscal Year (“Year 2”)
    (any such amount to be certified by the US Borrower Representative to the
    Administrative Agent in the Compliance Certificate delivered for the last
    Fiscal Quarter of Year 1). The parties acknowledge and agree that the permitted
    Capital Expenditure levels set forth above shall be exclusive of Capital
    Expenditures constituting Permitted Acquisitions.  

                    7.27 Use
      of Proceeds. No Credit Party shall, and shall not suffer or permit
      any Subsidiary to, use any portion of the Loan proceeds, directly or indirectly,
      (i) to purchase or carry Margin Stock, (ii) to repay or otherwise refinance
      indebtedness of a Credit Party or others incurred to purchase or carry
      Margin Stock, (iii) to extend credit for the purpose of purchasing or carrying
      any Margin Stock, or (iv) to acquire any security in any transaction that
      is subject to Section 13 or Section 14 of the Exchange Act.

                    7.28 Further
      Assurances. The Credit Parties shall execute and deliver, or cause
      to be executed and delivered, to the Agents, the Applicable Security Agents
      and/or the Lenders such documents and agreements, and shall take or cause
      to be taken such actions, as the

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Agents, the Applicable Security Agents or any Lender may, from
    time to time, reasonably request to carry out the terms and conditions of
    this Agreement and the other Loan Documents.

                    7.29 Bank
      Accounts. The Borrowers shall establish and maintain a cash management
      system, reasonably acceptable to the Responsible Agent, including (a) blocked
      accounts for the UK Credit Parties over which the UK Security Trustee has
      a fixed charge acceptable to the Responsible Agent and (b) arrangements
      satisfactory to the Administrative Agent to transfer funds to the Administrative
      Agent for application to the Obligations on a daily basis, or on such other
      basis as the Administrative Agent agrees, and blocked accounts for the
      US Credit Parties over which the US Agent has control (within the meaning
      of the UCC). Except as may otherwise be agreed by the Administrative Agent
      and the UK Agent (including, in the case of the UK Borrower, as agreed
      by the UK Security Trustee pursuant to the terms of the UK Debenture),
      as applicable, no Credit Party shall maintain any bank account (including
      without limitation, deposit accounts, disbursement accounts and lockbox
      accounts) with funds exceeding the Dollar Equivalent of $100,000 per account
      or $1,000,000 in the aggregate with any person other than the Applicable
      Security Agent, except as set forth on Schedule 6.27.

                    7.30 Changes
      Relating to Permitted Subordinated Debt. No Credit Party shall change
      or otherwise amend the terms of any Permitted Subordinated Debt if the
      effect of such amendments would be to: (i) increase the interest rate on
      such Permitted Subordinated Debt or under any Permitted Subordinated Debt
      Agreement; (ii) change the dates upon which payments of principal or interest
      are due on such Permitted Subordinated Debt other than to extend such dates;
      (iii) change any default or event of default other than to delete or make
      less restrictive any default provision therein, or add any covenant with
      respect to such Permitted Subordinated Debt; (iv) change the redemption
      or prepayment provisions of such Permitted Subordinated Debt other than
      to extend the dates therefore or to reduce the premiums payable in connection
      therewith; (v) grant any security or collateral to secure payment of such
      Permitted Subordinated Debt or add any guarantor of such Permitted Subordinated
      Debt; or (vi) change or amend the subordination terms; or (vii) change
      or amend any other term if such change or amendment would materially increase
      the obligations of any Credit Party thereunder or confer additional material
      rights on the holder of such Permitted Subordinated Debt in a manner adverse
      to any Credit Party, Agent or Lender.

                    7.31 Access
      Agreements. The Borrowers shall use commercially reasonable efforts
      to deliver to the Administrative Agent and the UK Security Trustee, as
      applicable a mortgagee waiver (other than in respect of the UK Properties),
      a landlord waiver or an agent access agreement, as applicable, in form
      and substance satisfactory to the Administrative Agent and the UK Security
      Trustee, as applicable, with respect to (i) all owned Real Estate subject
      to any mortgage, (ii) all Real Estate leased by any Borrower, and (iii)
      all Real Estate on which Collateral is located which such Real Estate is
      owned or leased by any Agency of any Borrower, provided, however,
      that in respect of US Real Estate no such mortgagee waiver, landlord waiver
      or agent access agreement shall be required (X) for (I) any Real Estate
      subject to a mortgage, (II) any Real Estate leased by MSG or Ravenstock
      or (III) any Real Estate on which the Collateral is located which such
      Real Estate is owned or leased by any Agency of any Borrower, in either
      case at which the Collateral stored during the last 12 months on any such
      Real Estate has a net book value less than $250,000, or (Y) if the lease
      payments, with respect to Real Estate leased by any US Borrower, do not
      exceed $25,000 on an annual basis.

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                    7.32 Additional
      Credit Parties

	 
	 

	 
	                    (a)
          MSG may designate additional US Subsidiaries to be US Borrowers under
          the US Credit Agreement, and Ravenstock may designate additional Foreign
          Subsidiaries organized under the laws of the United Kingdom to be additional
          UK Borrowers under the UK Credit Agreement, and thereby include the
          assets of such Subsidiaries in calculation of the Applicable Borrowing
          Base, subject to all the terms thereof; provided that there shall be
          no more than three (3) US Borrowers or UK Borrowers at any time. Such
          designation shall only become effective at such time as (i) the designated
          Subsidiary shall have executed and delivered to the Administrative
          Agent, with sufficient copies for each Applicable Lender, a Joinder
          Agreement (as amended to be valid and binding under the laws of England
          and Wales in the case of an additional UK Borrower) and shall have
          granted to the Applicable Security Agent first priority and fully perfected
          Liens on its assets, (ii) the Applicable Security Agent shall have
          received a first priority pledge of or charge over the Capital Stock
          of such Subsidiary, (iii) the Administrative Agent shall have received
          such opinions of counsel, corporate documents and other documents and
          instruments as the Administrative Agent or the Applicable Security
          Agent may reasonably request, in each case in form and substance satisfactory
          to the Administrative Agent and the Applicable Security Agent; and
          (iv) if the additional Subsidiary was acquired or created in connection
          with any acquisition and the aggregate purchase price in connection
          with such an acquisition is in excess of $5,000,000 (or if the Rental
          Fleet Assets owned by such additional Borrower that may be included
          in any calculation of the US Borrowing Base or the UK Borrowing Base
          have a value in excess of $5,000,000), the Administrative Agent shall
          have received a satisfactory “desktop appraisal” of the Rental
          Fleet Assets owned by such additional Borrower. Upon the satisfaction
          of such conditions, the applicable Subsidiary shall become a US Borrower
          or UK Borrower for all purposes of the Loan Documents.

	 
	 

	 
	                    (b)
          If after the Closing Date either any Non-Guarantor Subsidiary or Mobile
          Storage Group (Texas), L.P. acquires assets with a fair market value
          of $100,000 or more, or any Borrower or any of its Subsidiaries forms
          or acquires a Subsidiary (in a Permitted Acquisition, including any
          merger, amalgamation or consolidation in connection therewith) which
          has assets with a fair market value of $100,000 or more, then unless
          such Subsidiary has become a Borrower pursuant to Section 7.32(a),
          the Borrowers shall promptly (and in any event within 5 Applicable
          Business Days) cause such Subsidiary to become a Subsidiary Guarantor
          by executing and delivering to the Administrative Agent and the UK
          Agent, as applicable, with sufficient copies for each Lender, a Guaranty
          or a supplement or joinder to a Subsidiary Guaranty to guarantee the
          Obligations of the Borrowers (in the case of a US Subsidiary) or the
          UK Borrower (in the case of a Foreign Subsidiary), and grant to the
          Applicable Security Agent, as applicable, first priority and fully
          perfected Liens on its assets and the Capital Stock of such Subsidiary
          (limited in the case of Capital Stock of a Foreign Subsidiary to the
          extent set forth in the Pledge Agreement) to secure its Obligations,
          with such opinions of counsel (including without limitation, such opinions
          of counsel as may be requested in connection with Mobile Storage Group
          (Texas), L.P. acquiring assets with a fair market value in excess of
          $100,000), corporate documents and other documents and instruments
          as the Applicable Security Agent may reasonably request, in each case
          in form and substance

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	satisfactory to the Applicable Security Agent.
          Notwithstanding the foregoing, Liens on any assets constituting Real
          Estate shall be subject to the provisions of Section 7.33.

                    7.33 Mortgages.

	 
	 

	 
	                    (a)
          From and after the Closing Date, if a Borrower or any of its Subsidiaries
          acquires any Real Estate (in the case of US Real Estate which, in the
          good faith determination of the Administrative Agent has a value in
          excess of $250,000), then the Applicable Borrower shall, or shall cause
          its Subsidiary to, (x) notify the Administrative Agent of such acquisition
          within five (5) days thereof, (y) upon the request of the Administrative
          Agent, execute and deliver to the Administrative Agent within thirty
          (30) days after such request a Mortgage encumbering such Real Estate
          and/or, at the sole election of the Administrative Agent, provide to
          the Administrative Agent (a) evidence that such Mortgage has been duly
          recorded and creates a valid and enforceable first priority Lien, subject
          only to Permitted Encumbrances, (b) (in the case of US Real Estate)
          an ALTA policy of title insurance in amounts, in form, with endorsements
          and from an insurer satisfactory to the Applicable Security Agent (in
          the case of UK Properties) a report on title from the UK Borrower’s
          Counsel in form and content satisfactory to the UK Security Trustee
          and no more onerous than the UK Properties Report on Title, (c) evidence
          satisfactory to the Applicable Security Agent that such Real Estate
          is not subject to material Environmental Claims, (d) if required by
          the Administrative Agent, legal opinions in form and substance and
          from counsel satisfactory to the Administrative Agent and (z) if such
          Real Estate is subject to any mortgage or other security, the Borrowers
          shall use commercially reasonable efforts to deliver to the Administrative
          Agent and the UK Security Trustee, as applicable, a mortgagee waiver
          (other than in respect of the UK Properties), and as the case may require,
          a heritable creditor consent in form and substance reasonably satisfactory
          to the Administrative Agent and the UK Agent.

	 
	 

	 
	                    (b)
          Without prejudice to the generality of the above, in respect of future
          acquired UK Property, the UK Borrowers shall instruct a suitably qualified
          environmental engineer to prepare a Phase I environmental report which
          will be addressed to the UK Agent and the UK Borrowers and will take
          such action (if any) with respect to the future acquired UK Property
          as was required with respect to the UK Properties owned as at the Closing
          Date pursuant to Section 7.7(d); provided, that in relation
          to leasehold UK Property with a term of less than 7 years and where
          there is a full and sufficient indemnity from the landlord for the
          benefit of the UK Borrowers and their respective chargees in respect
          of any Environmental Claims arising from historic contamination, the
          obligation to obtain such a Phase I environmental report shall not
          apply.

                    7.34 Preferred
      Stock. No Credit Party shall, and each Credit Party shall cause its
      Subsidiaries to not, issue any Preferred Stock having a right of payment
      of any dividend or other Distribution other than rights to discretionary
      dividends or other Distributions, in each case permitted by, and made in
      compliance with, Section 7.10(iv) hereof or a right of mandatory
      redemption or redemption at the option of the holder, in either case, prior
      to six (6) months following satisfaction in full in cash of all Obligations.

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                    7.35
    [Intentionally deleted].

                    7.36 Center
      of Main Interest. The UK Borrower shall maintain its center of main
      interest for purposes of Recital 13 of EC Regulation No. 1346/2000 on Insolvency
      Proceedings within the United Kingdom.

                    7.37 [Intentionally
      deleted].

                    7.38 Anti-Terrorism
      Laws. No Credit Party shall conduct any business or engage in any transaction
      or dealing with any Blocked Person, including the making or receiving any
      contribution of funds, goods or services to or for the benefit of any Blocked
      Person; deal in, or otherwise engage in any transaction relating to, any
      property blocked pursuant to Executive Order No. 13224; or engage in on
      conspire to engage in any transaction that attempts to violate, or evades
      or avoids (or has the purpose of evading or avoiding) any prohibitions
      set forth in Executive Order No. 13224 or the USA Patriot Act. Each Credit
      Party shall deliver to Administrative Agent and US Lenders any certification
      or other evidence requested from time to time by Administrative Agent or
      any US Lender, in its discretion, confirming each Credit Party’s compliance
      with this Section.

ARTICLE 8

      CONDITIONS OF LENDING

                    8.1 Conditions
      Precedent to the Effectiveness of this Agreement and the Making of Loans
      on the Closing Date. The effectiveness of the obligation of the UK
      Lenders to make and to continue to permit to remain outstanding Revolving
      Loans on the Closing Date and the obligation of the UK Agent to cause the
      Letter of Credit Issuer to issue or continue any Letter of Credit on the
      Closing Date are subject to the following conditions precedent having been
      satisfied or waived in a manner satisfactory to each UK Agent and each
      UK Lender:

	 
	 

	 
	             (a)
          This Agreement and the other Loan Documents, including, without limitation
          and for the avoidance of doubt, the UK Loan Documents shall have been
          executed by each party thereto and each Credit Party shall have performed
          and complied with all covenants, agreements and conditions contained
          herein and the other Loan Documents which are required to be performed
          or complied with by such Credit Party before or on such Closing Date.

	 
	 

	 
	             (b)
          Upon making the Revolving Loans (including such Revolving Loans made
          to finance fees, costs and expenses then payable under this Agreement,
          the Fee Letter or the UK Credit Agreement) and calculated as if all
          its obligations were current (consistent with past practice), Total
          Excess Availability shall be at least the Dollar Equivalent of $15,000,000.

	 
	 

	 
	             (c)
          All representations and warranties made hereunder and in the other
          Loan Documents shall be true and correct as if made on such date.

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	          (d)
          No Default or Event of Default shall have occurred and be continuing
          after giving effect to the Loans to be made and the Letters of Credit
          to be issued on the Closing Date.

	 
	 

	 
	          (e)
          The Agents and the Lenders shall have received such opinions of counsel
          for the Credit Parties as the Agents or any Lender shall request, each
          such opinion to be in a form, scope, and substance satisfactory to
          the Agents, the Lenders, and their respective counsel.

	 
	 

	 
	          (f)
          The Administrative Agent and the UK Agent shall have received:

	 
	 
	 

	 
	 
	          (i)
          acknowledgment copies, verification statements, or certified copies
          of proper financing statements or similar filings, duly filed on or
          before the Closing Date (except in the case of filings in the United
          Kingdom, which shall be duly filed within 21 days after the Closing
          Date) under the UCC of all applicable jurisdictions or the Companies
          Act that the Administrative Agent or the UK Agent may deem necessary
          or desirable in order to perfect and/or continue the Agents’ Liens;

	 
	 
	 

	 
	 
	          (ii)
          duly executed UCC-3 Termination Statements, financing change statements,
          voluntary discharges and such other instruments, in form and substance
          satisfactory to the Administrative Agent or the UK Agent, as applicable,
          as shall be necessary to terminate and satisfy all Liens on the property
          of the Borrowers and their respective Subsidiaries except Permitted
          Liens; and

	 
	 
	 

	 
	 
	          (iii)
          all certificates evidencing the Capital Stock and Instruments required
          to be pledged pursuant to the Loan Documents.

	 
	 
	 

	 
	          (g)
          The Borrowers shall have paid all fees payable to the Agents and the
          Lenders, all reasonable expenses of the Agents and the Attorney Costs
          incurred in connection with any of the Loan Documents and the transactions
          contemplated thereby to the extent invoiced.

	 
	 

	 
	          (h)
          The Agents shall have received evidence, in form, scope, and substance,
          reasonably satisfactory to the Agents, of all insurance coverage as
          required by the Credit Agreements.

	 
	 

	 
	          (i)
          The Administrative Agent and the UK Agent shall have had an opportunity,
          if it so chooses, to examine the books of account and other records
          and files of the Credit Parties and to make copies thereof, and to
          conduct a pre-closing audit which shall include, without limitation,
          verification and status of Inventory, Accounts, the US Borrowing Base
          and the UK Borrowing Base, and the results of such examination and
          audit shall have been satisfactory to the Administrative Agent, the
          UK Agent and the Lenders in all respects.

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	          (j)
          The Credit Parties shall have established a cash management system
          acceptable to the Administrative Agent and UK Agent and the Applicable
          Security Agents, as required pursuant to Section 7.29 hereof.

	 
	 

	 
	          (k)
          The Lenders shall be satisfied that each Borrower is Solvent and shall
          have received a certificate from each Borrower, in form and substance
          satisfactory to the Administrative Agent and UK Agent confirming the
          same.

	 
	 

	 
	          (l)
          No Material Adverse Effect shall have occurred since September 30,
          2005.

	 
	 

	 
	          (m)
          There shall exist no action, suit, investigation, litigation, or proceeding
          pending or threatened in any court or before any arbitrator or governmental
          instrumentality that in the Administrative Agent’s and UK Agent’s
          judgment (a) could reasonably be expected to have a Material Adverse
          Effect or which could impair Borrowers’ ability to perform satisfactorily
          under the Total US Facility or the Total UK Facility, or (b) could
          reasonably be expected to materially and adversely affect the Total
          US Facility or the Total UK Facility or the transactions contemplated
          thereby.

	 
	 

	 
	          (n)
          All proceedings taken in connection with the execution of this Agreement,
          all other Loan Documents and all documents and papers relating thereto
          shall be satisfactory in form, scope, and substance to the Administrative
          Agent and UK Agent and the Lenders.

	 
	 

	 
	          (o)
          The Subordinated Note Agreement shall have been amended to permit the
          incurrence of $260,000,000 of “Senior Debt” and “Designated
          Senior Debt” under this Agreement and the US Credit Agreement,
          all on terms satisfactory to the Administrative Agent and UK Agent.

	 
	 

	 
	          (p)
          On the Closing Date, the Borrowers shall have repaid in full all Existing
          Term Loans under the Existing UK Credit Agreement and the Existing
          US Credit Agreement.

	 
	 

	 
	          (q)
          Without limiting the generality of the items described above, the Borrowers
          and each Person guarantying or securing payment of the Obligations
          shall have delivered or caused to be delivered to the Administrative
          Agent and UK Agent (in form and substance reasonably satisfactory to
          the Administrative Agent and UK Agent), the financial statements, instruments,
          resolutions, documents, agreements, certificates, opinions and other
          items set forth on the “Closing Checklist” delivered by the
          Administrative Agent and UK Agent to the Borrowers prior to the Closing
          Date.

	 
	 

	 
	          (r)
          [Intentionally deleted].

	 
	 

	 
	          (s)
          No material disruption of or material adverse change in conditions
          in the financial, banking or capital markets shall exist that the Agents
          or the

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	Lenders, in their good faith judgment,
          deem material in connection with the syndication of the Aggregate Commitments.

	 
	 

	 
	                    (t)
          The delivery to the UK Agent of the UK Supplemental Agreement to the
          UK Properties Report on Title.

	 
	 

	 
	                    (u)
          An undertaking from UK Borrower’s Counsel addressed to the UK
          Agent dealing with (amongst other things) the registration of the security
          created by the UK Debenture over the UK Properties and any other related
          security.

	 
	 

	 
	                    (v)
          The Lenders shall be satisfied with all environmental aspects relating
          to each Borrower and their business, including all environmental reports
          as may be required by the Lenders.

	 
	 

	 
	                    (w)
          Each Credit Party shall have obtained all governmental and third party
          consents and approvals as may be necessary or appropriate in connection
          with the Loan Documents and the transactions contemplated thereby.

	 
	 

	 
	                    (x)
          The Administrative Agent shall have received a duly executed original
          of a Notice of Borrowing, dated the Closing Date, with respect to each
          of the U.S. Revolving Loans requested by the US Borrower Representative
          and the UK Revolving Loans requested by the UK Borrower Representative
          on the Closing Date which US Revolving Loans and UK Revolving Loans
          shall be utilized to repay the Existing Term Loans in full on the Closing
          Date.

	 
	 

	 
	                    (y)
          The Administrative Agent and the UK Agent shall have received the Financial
          Statements required to be delivered pursuant to Sections 5.2(a),
          5.2(b) and 5.2(c) of the Existing US Credit Agreement for
          the Parent Guarantor and its consolidated US Subsidiaries as well as
          such other historical financial statements and projections with respect
          to the US Borrower as the Administrative Agent and the UK Agent deems
          appropriate, all in form and substance acceptable to Administrative
          Agent and the UK Agent.

	 
	 

	 
	                    (z)
          The Agents shall have received the duly executed and delivered Existing
          Term Lender Exit Consent.

                    The
    acceptance by any UK Borrower of any Loans made or Letters of Credit issued
    on the Closing Date shall be deemed to be a representation and warranty made
    by the UK Borrowers to the effect that all of the conditions precedent to
    the making of such UK Revolving Loans or the issuance of such Letters of
    Credit have been satisfied or waived, with the same effect as delivery to
    the Administrative Agent and the UK Lenders of a certificate signed by a
    Responsible Officer of the UK Borrowers, dated the Closing Date, to such
    effect.

                    Execution
    and delivery to the Administrative Agent by a UK Lender of a counterpart
    of this Agreement shall be deemed confirmation by such UK Lender that (i)
    all conditions precedent in this Section 8.1 have been fulfilled to
    the satisfaction of such Lender and (ii) all documents sent to such UK Lender
    for approval consent, or satisfaction were acceptable to such UK Lender.

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                    8.2 Conditions
      Precedent to Each Loan. The obligations of the UK Lenders to make each
      Loan, including any UK Revolving Loans, as applicable on the Closing Date,
      and the obligation of the UK Agent to cause the Letter of Credit Issuer
      to issue any Letter of Credit shall be subject to the further conditions
      precedent that on and as of the date of any such extension of credit:

	 
	 
	 

	 
	                    (a)
          The following statements shall be true, and the acceptance by a UK
          Borrower of any extension of credit shall be deemed to be a statement
          to the effect set forth in clauses (i), (ii) and (iii) with
          the same effect as the delivery to the Administrative Agent and the
          Lenders of a certificate signed by a Responsible Officer of the UK
          Borrower Representative, dated the date of such extension of credit,
          stating that:

	 
	 
	 

	 
	 
	          (i)
          The representations and warranties contained in this Agreement and
          the other Loan Documents are correct in all material respects on and
          as of the date of such extension of credit as though made on and as
          of such date, other than any such representation or warranty which
          relates to a specified prior date (which shall have been true and correct
          in all material respects as of such date) and except to the extent
          the UK Agent and the UK Lenders have been notified in writing by UK
          Borrower Representative that any representation or warranty is not
          correct and the UK Required Lenders have explicitly waived in writing
          compliance with such representation or warranty; and

	 
	 
	 

	 
	 
	          (ii)
          No event has occurred and is continuing, or would result from such
          extension of credit, which constitutes a Default or an Event of Default;
          and

	 
	 
	 

	 
	 
	          (iii)
          No event has occurred and is continuing, or would result from such
          extension of credit, which has had or would have a Material Adverse
          Effect.

	 
	 
	 

	 
	                    (b)
          No such UK Borrowing shall exceed UK Availability or cause the Aggregate
          Outstandings to exceed the Total Excess Availability (with Total Excess
          Availability for this purpose only calculated as if Aggregate Outstandings,
          US Aggregate Outstandings and UK Aggregate Outstandings were equal
          to zero);

provided, however, that each of the foregoing conditions
    precedent are not conditions to each UK Lender participating in or reimbursing
    the Bank or the Administrative Agent for such UK Lenders’ Pro Rata Share
    of any Non-Ratable Loan or Agent Advance made in accordance with the provisions
    of Sections 1.2(h) or (i).

ARTICLE 9

      DEFAULT; REMEDIES

                    9.1 Events
      of Default. It shall constitute an event of default (“Event of
      Default”) if any one or more of the following shall occur for any
      reason:

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	          (a)
          any failure by any Borrower to pay the principal of any of its Obligations
          when due, whether on demand or otherwise, or failure by any Borrower
          to pay any interest on any of its Obligations or any fee or other amount
          owing under either Credit Agreement or under any other Loan Document
          when due, whether upon demand or otherwise, and if such amount is not
          paid by a charge to the Loan Account of the Applicable Borrowers, such
          failure (with respect to any Obligation other than the payment of principal)
          is not cured by the payment in full within 2 Applicable Business Days
          from the due date;

	 
	 

	 
	          (b)
          any representation or warranty made or deemed made by any Credit Party
          in either Credit Agreement or in any of the other Loan Documents, any
          Financial Statement, or any certificate furnished by any Credit Party
          at any time to any Agent or any Lender shall prove to be untrue in
          any material respect as of the date on which made, deemed made, or
          furnished;

	 
	 

	 
	          (c)
          (i) any default shall occur in the observance or performance of any
          of the covenants and agreements contained in Sections 5.2(k), 7.2, 7.5, 7.8
          through 7.15, inclusive, 7.17 through 7.19, inclusive
          and 7.21 through 7.36, inclusive, of the US Credit Agreement
          and the UK Credit Agreement, Section 11 of the Security Agreement
          or Section 5 of the UK Debenture, (ii) any default shall occur
          in the observance or performance of any of the covenants and agreements
          contained in Sections 5.2 (other than 5.2(k)) or 5.3 of the
          US Credit Agreement or the UK Credit Agreement and such default shall
          continue for three (3) days or more; or (iii) any default shall occur
          in the observance or performance of any of the other covenants or agreements
          contained in any other Section of either Credit Agreement or any other
          Loan Document, or any other agreement entered into at any time to which
          any Credit Party and any Agent or any Lender are party (including in
          respect of any Bank Products) and such default shall continue for fifteen
          (15) days or more;  

	 
	 

	 
	          (d)
          any default shall occur with respect to any Debt (other than the Obligations)
          of any Credit Party or any of its Subsidiaries in an outstanding principal
          amount which exceeds the Dollar Equivalent of $5,000,000, or under
          any agreement or instrument under or pursuant to which any such Debt
          may have been issued, created, assumed, or guaranteed by any Credit
          Party or any of its Subsidiaries, and such default shall continue for
          more than the period of grace, if any, therein specified, if the effect
          thereof (with or without the giving of notice or further lapse of time
          or both) is to accelerate, or to permit the holders of any such Debt
          to accelerate, the maturity of any such Debt; or any such Debt shall
          be declared due and payable or be required to be prepaid (other than
          by a regularly scheduled required prepayment) prior to the stated maturity
          thereof;

	 
	 

	 
	          (e)
          any Credit Party or any of its Subsidiaries shall (i) file a voluntary
          petition in bankruptcy or file a voluntary petition or application
          or an answer or otherwise commence any action or proceeding seeking
          reorganization, arrangement, consolidation, compromise or readjustment
          of its debts or seeking a stay which has the effect of staying any
          creditor or for any other relief under the

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	federal Bankruptcy Code, as amended, or under
          any other bankruptcy, insolvency, liquidation, winding-up, corporate
          or similar, equivalent, or applicable act or law, state, federal, provincial
          or foreign, in any jurisdiction, now or hereafter existing, or consent
          to, approve of, or acquiesce in, any such petition, action or proceeding;
          (ii) apply for or acquiesce in the appointment of an interim receiver,
          a receiver, a receiver and manager, assignee, liquidator, sequestrator,
          custodian, monitor, administrator, trustee or similar officer for it
          or for all or any part of its property; (iii) make an assignment for
          the benefit of creditors; or (iv) be unable generally to pay its debts
          as they become due;

	 
	 

	 
	          (f)
          an involuntary petition shall be filed or application made or an action
          or proceeding otherwise commenced seeking reorganization, arrangement,
          consolidation, compromise, or readjustment of the debts of any Credit
          Party or any of its Subsidiaries or for any other relief under the
          federal Bankruptcy Code, as amended, or under any other bankruptcy,
          insolvency, liquidation, winding up, corporate or similar, equivalent,
          or applicable act or law, state, federal, provincial or foreign, in
          any jurisdiction, now or hereafter existing and such petition or proceeding
          shall not be dismissed within sixty (60) days after the filing or commencement
          thereof or an order of relief shall be entered with respect thereto;

	 
	 

	 
	          (g)
          an interim receiver, administrator, administrative receiver, receiver,
          assignee, liquidator, sequestrator, custodian, monitor, trustee or
          similar officer for any Credit Party or any of its Subsidiaries or
          for all or any part of its property shall be appointed or a warrant
          of attachment, execution or similar process shall be issued in any
          jurisdiction against any part of the property of any Credit Party or
          any of their respective Subsidiaries;

	 
	 

	 
	          (h)
          any Credit Party shall file a certificate of dissolution or like process
          under applicable state, federal, provincial or foreign, law or shall
          be liquidated, dissolved or wound-up or shall commence or have commenced
          against it any action or proceeding for dissolution, winding-up or
          liquidation, or shall take any corporate action in furtherance thereof
          except for the dissolution of any Non-Guarantor Subsidiary or as otherwise
          permitted by this Agreement;

	 
	 

	 
	          (i)
          all or any material part of the property of any Credit Party or any
          of its Subsidiaries shall be nationalized, expropriated or condemned,
          seized or otherwise appropriated, or custody or control of such property
          or of any Credit Party or such Subsidiary shall be assumed by any Governmental
          Authority or any court of competent jurisdiction at the instance of
          any Governmental Authority, except where contested in good faith by
          proper proceedings diligently pursued where a stay of enforcement is
          in effect;

	 
	 

	 
	          (j)
          any Loan Document shall be terminated, revoked or declared void or
          invalid or unenforceable by a court of competent jurisdiction or the
          enforceability thereof is challenged by any Credit Party or any of
          its Subsidiaries or any other obligor;

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	          (k)
          one or more judgments, orders, decrees or arbitration awards is entered
          against any Credit Party or any of its respective Subsidiaries involving,
          in the aggregate, liability (to the extent not covered by independent
          third-party insurance as to which the insurer does not dispute coverage)
          as to any single or related or unrelated series of transactions, incidents
          or conditions, of the Dollar Equivalent of $5,000,000 or more, and
          the same shall remain unsatisfied, unvacated and unstayed pending appeal
          for a period of thirty (30) days after the entry thereof;

	 
	 

	 
	          (l)
          any loss, theft, damage or destruction of any item or items of Collateral
          or other property of any Credit Party or any of its Subsidiary occurs
          which could reasonably be expected to cause a Material Adverse Effect
          and is not adequately covered by insurance;

	 
	 

	 
	          (m)
          there is filed against any Credit Party or any of its Subsidiaries
          any action, suit or proceeding under any federal or state racketeering
          statute (including the Racketeer Influenced and Corrupt Organization
          Act of 1970), which action, suit or proceeding (i) is not dismissed
          within one hundred twenty (120) days, and (ii) could reasonably be
          expected to result in the confiscation or forfeiture of any material
          portion of the Collateral;

	 
	 

	 
	          (n)
          for any reason other than the failure of the Applicable Security Agent
          to take any action available to it to maintain perfection of the Applicable
          Agents’ Liens, pursuant to the Loan Documents, any Loan Document
          ceases to be in full force and effect or any Lien with respect to any
          material portion of the Collateral intended to be secured thereby ceases
          to be, or is not, valid, perfected and prior to all other Liens (other
          than Permitted Liens) or is terminated, revoked or declared void by
          a court of competent jurisdiction;

	 
	 

	 
	          (o)
          an ERISA Event shall occur with respect to a Pension Plan or Multiemployer
          Plan which has resulted or could reasonably be expected to result in
          liability of any Credit Party under Title IV of ERISA to the Pension
          Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess
          of the Dollar Equivalent of $1,000,000; (ii) the aggregate amount of
          Unfunded Pension Liability among all Pension Plans at any time exceeds
          the Dollar Equivalent of $1,000,000; or (iii) any Borrower or any of
          its ERISA Affiliates shall fail to pay when due, after the expiration
          of any applicable grace period, any installment payment with respect
          to its withdrawal liability under Section 4201 of ERISA under a Multiemployer
          Plan in an aggregate amount in excess of the Dollar Equivalent of $1,000,000;

	 
	 

	 
	          (p)
          there occurs a Change in Control;

	 
	 

	 
	          (q)
          there occurs an event having a Material Adverse Effect;

	 
	 

	 
	          (r)
          (i) any UK Credit Party is unable or admits inability to pay its debts
          as they fall due, suspends making payments on any of its debts or,
          by reason

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	of actual or anticipated financial difficulties,
          commences negotiations with one or more of its creditors with a view
          to rescheduling any of its indebtedness; (ii) the value of the assets
          of any UK Credit Party is less than its liabilities (taking into account
          contingent and prospective liabilities); or (iii) a moratorium is declared
          in respect of any indebtedness of any UK Credit Party;

	 
	 

	 
	          (s)
          any corporate action, legal proceedings, application, petition or other
          procedure or step is taken in relation to: (i) the suspension of payments,
          a moratorium of any indebtedness, winding-up, dissolution, administration
          or reorganization (by way of voluntary arrangement, scheme of arrangement
          or otherwise and including, without limitation, under or in connection
          with Chapter 11 of the United States Bankruptcy Code) of any UK Credit
          Party; (ii) a composition, assignment or arrangement with any creditor
          of any UK Credit Party; (iii) the appointment of a liquidator, receiver,
          examiner, administrator, administrative receiver, compulsory manager
          or other similar officer in respect of any UK Credit Party or any of
          its assets; or (iv) enforcement of any lien over any assets of any
          UK Credit Party, (v) or any analogous procedure or step is taken in
          any jurisdiction; or

	 
	 

	 
	          (t)
          there occurs any Event of Default under or in connection with the US
          Credit Agreement.

                         9.2 Remedies.

	 
	 

	 
	                    (a)
          (i) Subject to clauses (iv) and (v) below, if a Default or an Event
          of Default exists: (A) the Administrative Agent under the US Credit
          Agreement and the UK Agent under the UK Credit Agreement may, in their
          collective discretion, and shall, at the direction of the Required
          Lenders, without notice to or demand on the Borrowers or any other
          Credit Party reduce the Maximum Amount; (B) the Administrative Agent,
          in its capacity as Administrative Agent under the US Credit Agreement,
          may, in its discretion, and shall, at the direction of the US Required
          Lenders (I) reduce the Maximum US Amount and/or the advance rates against
          Eligible Accounts and/or Eligible Rental Fleet Assets and/or Eligible
          Machinery and Equipment and/or Eligible Sales Inventory used in computing
          the US Borrowing Base or reduce one or more of the other elements used
          in computing the US Borrowing Base; (II) restrict the amount of or
          refuse to make US Revolving Loans to one or more of the US Borrowers;
          and (III) restrict or refuse to provide Letters of Credit or Credit
          Support to one or more of the US Borrowers; or (C) the UK Agent, in
          its capacity as UK Agent under the UK Credit Agreement, may, in its
          discretion, and shall, at the direction of the UK Required Lenders
          shall (I) reduce the Maximum UK Amount and/or the advance rates against
          Eligible Accounts and/or Eligible Rental Fleet Assets and/or Eligible
          Machinery and Equipment and/or Eligible Sales Inventory used in computing
          the UK Borrowing Base or reduce one or more of the other elements used
          in computing the UK Borrowing Base; (II) restrict the amount of or
          refuse to make UK Revolving Loans to one or more of the UK Borrowers;
          and (III) restrict or refuse to provide Letters of Credit or Credit
          Support to one or more of the UK Borrowers.

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                                    (ii)
    If an Event of Default exists, the Administrative Agent, in its capacity
    as Administrative Agent under the US Credit Agreement, may, in its discretion,
    and shall, at the direction of the US Required Lenders, do one or more of
    the following, in addition to the actions described in the preceding sentence,
    at any time or times and in any order, without notice to or demand on the
    US Borrowers or any other Credit Party: (A) terminate the US Commitments
    with respect to the Total US Facility and the US Credit Agreement; (B) declare
    any or all US Obligations of the US Borrowers to be immediately due and payable; provided, however,
    that upon the occurrence of any Event of Default described in Sections
    9.1(e), 9.1(f), 9.1(g) or 9.1(h) of the US Credit Agreement
    with respect to any US Borrower, the US Commitments shall automatically and
    immediately expire and all US Obligations shall automatically become immediately
    due and payable without notice or demand of any kind; (C) require the US
    Borrowers to cash collateralize all US Letter of Credit Obligations outstanding
    under the US Credit Agreement; and (D) pursue its other rights and remedies
    under the US Loan Documents and applicable law.

                                    (iii)
    If an Event of Default exists, the UK Agent, in its capacity as UK Agent
    under the UK Credit Agreement, may, in its discretion, and shall, at the
    direction of the UK Required Lenders, do one or more of the following, in
    addition to the actions described in the preceding sentence, at any time
    or times and in any order, without notice to or demand on the UK Borrowers
    or any other Credit Party: (A) terminate the UK Commitments with respect
    to the Total UK Facility, and Agreement; (B) declare any or all UK Obligations
    of the UK Borrowers to be immediately due and payable; (C) require the UK
    Borrowers to cash collateralize all Letter of Credit Obligations outstanding
    under the UK Credit Agreement; and (D) pursue its other rights and remedies
    under the UK Loan Documents and applicable law.

	 
	 

	 
	                         (b)
          If an Event of Default has occurred and is continuing and without prejudice
          to all or any rights it may otherwise have under the laws of any jurisdiction
          or under the terms of any other Loan Document: (i) the UK Security
          Trustee shall have for the benefit of the UK Agents and the UK Lenders,
          in addition to all other rights of the UK Agents and the UK Lenders,
          the rights and remedies of a secured party under the UK Loan Documents
          and the Companies Act; (ii) the UK Agent may, at any time, take possession
          of any or all of the UK Collateral and keep it on the applicable UK
          Credit Party’s premises, at no cost to the UK Agent, any UK Agent
          or any UK Lender, or remove any part of it to such other place or places
          as the UK Agent may desire; and (iii) the UK Agent may sell and deliver
          any UK Collateral at public or private sales, for cash, upon credit
          or otherwise, at such prices and upon such terms as the UK Agent deems
          advisable, in its sole discretion, and may, if the UK Agent deems it
          reasonable, postpone or adjourn any sale of the UK Collateral by an
          announcement at the time and place of sale or of such postponed or
          adjourned sale without giving a new notice of sale. Without in any
          way requiring notice to be given in the following manner, the UK Borrowers
          agree that any notice by the UK Agent of sale, disposition or other
          intended action hereunder or in connection herewith, whether required
          by applicable laws or otherwise, shall constitute reasonable notice
          to the US Borrowers if such notice is mailed by registered or certified
          mail, return receipt requested, postage prepaid, or is delivered personally
          against receipt, at least five UK Business Days prior to such action
          to the UK Borrowers’ address specified in or pursuant to Section
          13.8 of the UK Credit Agreement. If any UK Collateral is sold on
          terms other than payment in full at the time of sale, no

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	credit shall be given against the UK Obligations
          until the UK Agent or the UK Lenders receive payment, and if the buyer
          defaults in payment, the UK Agent may resell the UK Collateral without
          further notice to the Borrowers. In the event the UK Agent seeks to
          take possession of all or any portion of the UK Collateral by judicial
          process, the UK Borrowers irrevocably waive: (A) the posting of any
          bond, surety or security with respect thereto which might otherwise
          be required; (B) any demand for possession prior to the commencement
          of any suit or action to recover the Collateral; and (C) any requirement
          that the UK Security Trustee retain possession and not dispose of any
          UK Collateral until after trial or final judgment. The UK Borrowers
          agree that the UK Security Trustee has no obligation to preserve rights
          to the UK Collateral or marshal any UK Collateral for the benefit of
          any Person. The UK Agent is hereby granted a license or other right
          to use, without charge, the UK Borrowers’ labels, patents, copyrights,
          name, industrial designs, trade secrets, trade names, trademarks, and
          advertising matter, or any similar property, in completing production
          of, advertising or selling any UK Collateral, and such UK Borrowers’ rights
          under all licenses and all franchise agreements shall inure to the
          UK Security Trustee’s benefit for such purpose. The proceeds of
          sale of the UK Collateral of any UK Obligor shall be applied first
          to all expenses of sale, including attorneys’ fees, and then to
          the Obligations of such UK Obligor. The UK Security Trustee will return
          any excess to the UK Borrowers and the UK Credit Parties shall remain
          liable for any deficiency.

	 
	 

	 
	                         (c)
          If an Event of Default occurs, the UK Borrowers hereby waive all rights
          to notice and hearing prior to the exercise by the UK Security Trustee
          of the UK Security Trustee’s rights to repossess the Collateral
          without judicial process or to reply, attach or levy upon the UK Collateral
          without notice or hearing.

ARTICLE 10

      TERM AND TERMINATION

                    10.1 Term
      and Termination. The term of this Agreement shall end on the Stated
      Termination Date unless sooner terminated in accordance with the terms
      hereof. The Administrative Agents upon direction from the Required Lenders
      may terminate the UK Commitments under this Agreement without notice upon
      the occurrence of an Event of Default. Upon the effective date of termination
      of this Agreement for any reason whatsoever, all UK Obligations (including
      all unpaid principal, accrued and unpaid interest and any early termination
      or prepayment fees or penalties) shall become immediately due and payable
      and the Applicable Borrower shall immediately arrange for the cancellation
      and return of Letters of Credit then outstanding. Notwithstanding the termination
      of this Agreement, until all Obligations are paid and performed in full
      in cash, each UK Borrower shall remain bound by the terms of this Agreement
      and shall not be relieved of any of its Obligations hereunder or under
      any other Loan Document, and the Agents and the Lenders shall retain all
      their rights and remedies hereunder (including the Agents’ Liens in
      and all rights and remedies with respect to all then existing and after-arising
      Collateral).

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ARTICLE 11

      AMENDMENTS; WAIVERS; PARTICIPATIONS; ASSIGNMENTS; SUCCESSORS

                    11.1 Amendments
      and Waivers.

	 
	 
	 

	 
	                    (a)
          No amendment or waiver of any provision of this Agreement or any other
          Loan Document, including, without limitation, the US Credit Agreement
          and the US Loan Documents, and no consent with respect to any departure
          by the Credit Parties therefrom shall be effective unless the same
          shall be consented to in writing by the Required Lenders and executed
          by the Applicable Required Lenders (or by the Responsible Agent at
          the written request of the Applicable Required Lenders) and the Applicable
          Borrowers and then any such waiver or consent shall be effective only
          in the specific instance and for the specific purpose for which given.

	 
	 

	 
	                    (b)
          No amendment or waiver of any provision of this Agreement or any other
          Loan Document, including, without limitation, the US Credit Agreement
          and the US Loan Documents shall be effective unless the same shall
          be consented to in writing by 100% of the Lenders and executed by the
          Applicable Lenders (or by the Responsible Agent at the written request
          of the Applicable Lenders and the Applicable Borrowers), if such waiver,
          amendment or consent shall do any of the following:

	 
	 
	 

	 
	 
	          (i)
          increase or extend the US Commitment or the UK Commitment;

	 
	 
	 

	 
	 
	          (ii)
          postpone or delay any date fixed by this Agreement or any other Loan
          Document, for any payment of principal, interest, fees or other amounts
          due to the Lenders (or any of them) hereunder or under any other Loan
          Document, including, without limitation, the US Credit Agreement;

	 
	 
	 

	 
	 
	          (iii)
          reduce the principal of, or the rate of interest specified herein on
          any Loan, or any fees or other amounts payable hereunder or under any
          other Loan Document, including, without limitation, the US Credit Agreement;

	 
	 
	 

	 
	 
	          (iv)
          change the percentage of the US Commitments, the UK Commitments or
          of the aggregate unpaid principal amount of the Loans which is required
          for the Lenders or any of them to take any action hereunder or under
          any other Loan Document;

	 
	 
	 

	 
	 
	          (v)
          increase any of the percentages set forth in the definition of the
          US Borrowing Base or the UK Borrowing Base (other than as the result
          of delivery of new Appraisals);

	 
	 
	 

	 
	 
	          (vi)
          amend this Section 11.1 or any provision of this Agreement or
          the US Credit Agreement providing for consent or other action by all
          Lenders;

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	          (vii)
          release any Guaranties other than as permitted by Section 12.10;

	 
	 

	 
	          (viii)
          change the definition of “Required Lenders”, “US Required
          Lenders”, “UK Required Lenders” or “Pro Rata Share;”

	 
	 

	 
	          (ix)
          increase the Maximum Amount, the Maximum US Amount, the Maximum UK
          Amount, the Maximum Consolidated Borrowing Base Amount or the Letter
          of Credit Subfacility; or

	 
	 

	 
	          (x)
          release any Collateral other than as permitted by Section 12.11 hereof
          and Section 12.11 of the US Credit Agreement.

provided, however, that the Responsible Agent
    may, in its sole discretion and notwithstanding the limitations contained
    in clauses (v) and (ix) above and any other terms of this Agreement,
    make Agent Advances in accordance with Section 1.2(i) hereof or Section
    1.2(i) of the US Credit Agreement and, provided further,
    that no amendment, waiver or consent shall, unless in writing and signed
    by the Responsible Agent, affect the rights or duties of the Responsible
    Agent under this Agreement or any other Loan Document and provided further,
    that Schedule 1 hereto and Schedule 1 to the US Credit Agreement
    may be amended from time to time by the Responsible Agent alone to reflect
    assignments of US Commitments and the UK Commitments or increases or decreases
    in US Commitments and UK Commitments in accordance herewith and the US Credit
    Agreement.  

	 
	 
	 

	 
	 
	(c) [Intentionally deleted]

	 
	 
	 

	 
	 
	(d) [Intentionally deleted]

	 
	 
	 

	 
	 
	(e) [Intentionally deleted]

	 
	 
	 

	 
	 
	(f) [Intentionally deleted]

	 
	 
	 

	 
	                    (g)
          If, in connection with any proposed amendment, waiver or consent (a “Proposed
          Change”) requiring the consent of all Lenders, the consent of
          Required Lenders is obtained, but the consent of other UK Lenders is
          not obtained (any such Lender whose consent is not obtained as described
          in this clause and being referred to as a “Non-Consenting UK Lender”),
          then, so long as the UK Agent is not a Non-Consenting UK Lender, at
          the UK Borrower Representative’s request, the UK Agent or an Eligible
          Transferee shall have the right (but not the obligation) with the UK
          Agent’s approval, to purchase from the Non-Consenting UK Lenders,
          and the Non-Consenting UK Lenders agree that they shall sell, all the
          Non-Consenting UK Lenders’ US Commitments and UK Commitments and/or
          US Revolving Loans and UK Revolving Loans (including, for the avoidance
          of doubt, all of such Non-Consenting US Lender’s UK Commitments
          and UK Revolving Loans by way of a UK Transfer Agreement) for an amount
          equal to the principal balances of such Loans and all accrued interest
          and fees with respect thereto through the date of sale pursuant to
          the UK Transfer Agreement(s), without premium or discount.

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	(h) [Intentionally deleted]

	 
	 
	 

	 
	 
	(i) [Intentionally deleted]

	 
	 
	 

	 
	                    (j)
          Notwithstanding any of the foregoing, no amendment or waiver of to Section
          1.7 of this Agreement shall be effective unless the same shall
          be consented to in writing by 100% of the UK Revolver Participants
          and the UK Fronting Lender and executed by such parties.

	 
	 
	 

                    11.2 Transfers;
      Participations.

	 
	 

	 
	                     (a)
          Any UK Lender may, with the written consent of the UK Agent (which
          consent, in each case, shall not be unreasonably withheld), transfer
          by novation any of its rights and obligations to one or more Eligible
          Transferees (provided that no consent of the UK Agent shall
          be required in connection with any novation by a UK Lender to an Affiliate
          of such Lender) (each a “Transferee”) all, or any
          ratable part of all, of the UK Revolving Loans, the UK Commitments
          and the other rights and obligations of such UK Lender hereunder, in
          the case of the UK Revolver Loans, in a minimum amount of the Sterling
          Equivalent of $10,000,000 (provided that, unless a transferring
          UK Lender has novated all of its rights and obligations with respect
          to all of its Revolving Loans (including its US Revolving Loans and
          UK Revolving Loans) and/or Aggregate Commitments (including its UK
          Commitments and US Commitments), no such novation shall be permitted
          unless, after giving effect thereto, such transferring UK Lender retains
          a Commitment in a minimum amount of the Sterling Equivalent of $20,000,000
          and provided further that any such transfer shall effect a novation
          of a ratable part of such UK Lender’s Aggregate Commitments and
          other rights and obligations); provided, however, that
          the UK Borrowers and the UK Agent may continue to deal solely and directly
          with such UK Lender in connection with the interest so to a Transferee
          until (i) written notice of such transfer, together with payment instructions,
          addresses and related information with respect to the Transferee, shall
          have been given to the UK Borrowers and the UK Agent by such UK Lender
          and the Transferee; (ii) such UK Lender and its Transferee shall have
          delivered to the UK Borrowers and the UK Agent a UK Transfer Agreement
          in the form of Exhibit F (“UK Transfer Agreement”)
          together with any note or notes subject to such transfer and (iii)
          the assignor UK Lender or Transferee has paid to the UK Agent a processing
          fee in the amount of $3,500 and; provided further that
          no such assignment shall be effective unless and until the transferor
          UK Lender, in its capacity as a US Lender, shall also have assigned
          a pro rata portion of its interest in its US Loans and/or
          US Commitments under the US Credit Facility pursuant to and in accordance
          with Section 11.2(a) of the US Credit Facility and delivered
          to the Administrative Agent an Assignment and Acceptance with respect
          to such assignment. The UK Borrowers agree to promptly execute and
          deliver new promissory notes and replacement promissory notes as reasonably
          requested by the UK Agent to evidence transfers of the US Loans, the
          UK Revolving Loans, the US Commitments and the UK Commitments in accordance
          herewith.  

	 
	 

	 
	                    (b)
          From and after the date that the UK Agent notifies the transferor UK
          Lender that it has received the executed UK Transfer Agreement and
          the

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	Administrative Agent has received the executed
          Assignments and Acceptance required hereby and payment of the above-referenced
          processing fee, and (i) the Transferee thereunder shall be a party
          hereto and, to the extent that rights and obligations, including, but
          not limited to, the obligation of a UK Lender to participate in Letters
          of Credit and Credit Support, have been transferred to it by way of
          novation to it pursuant to such UK Transfer Agreement, shall have the
          rights and obligations of a UK Lender under the Loan Documents, and
          (ii) the transferor UK Lender shall, to the extent that rights and
          obligations hereunder and under the other Loan Documents have been
          transferred by it by way of novation pursuant to such UK Transfer Agreement,
          relinquish its rights and be released from its obligations under this
          Agreement (and in the case of a UK Transfer Agreement covering all
          or the remaining portion of a transferor UK Lender’s rights and
          obligations under this Agreement, such UK Lender shall cease to be
          a party hereto).

	 
	 

	 
	                    (c)
          By executing and delivering a UK Transfer Agreement, the transferor
          UK Lender thereunder and the Transferee thereunder confirm to and agree
          with each other and the other parties hereto as follows: (i) other
          than as provided in such UK Transfer Agreement, such transferor UK
          Lender makes no representation or warranty and assumes no responsibility
          with respect to any statements, warranties or representations made
          in or in connection with this Agreement or the execution, legality,
          validity, enforceability, genuineness, sufficiency or value of this
          Agreement or any other Loan Document furnished pursuant hereto or the
          attachment, perfection, or priority of any Lien granted by any UK Borrower
          or any of its Subsidiaries to the UK Agent or any UK Lender in the
          Collateral; (ii) such transferor UK Lender makes no representation
          or warranty and assumes no responsibility with respect to the financial
          condition of any Credit Party or any of its Subsidiaries or the performance
          or observance by any Credit Party or any of its Subsidiaries of any
          of their respective obligations under this Agreement or any other Loan
          Document furnished pursuant hereto; (iii) such Transferee confirms
          that it has received a copy of this Agreement, together with such other
          documents and information as it has deemed appropriate to make its
          own credit analysis and decision to enter into such UK Transfer Agreement;
          (iv) such Transferee will, independently and without reliance upon
          the UK Agent, such transferring UK Lender or any other UK Lender, and
          based on such documents and information as it shall deem appropriate
          at the time, continue to make its own credit decisions in taking or
          not taking action under this Agreement; (v) such Transferee appoints
          and authorizes the UK Agent to take such action as agent on its behalf
          and to exercise such powers under this Agreement as are delegated to
          the UK Agent by the terms hereof, together with such powers, including
          the discretionary rights and incidental power, as are reasonably incidental
          thereto; and (vi) such Transferee agrees that it will perform in accordance
          with their terms all of the obligations which by the terms of this
          Agreement are required to be performed by it as a UK Lender.

	 
	 

	 
	                    (d)
          Immediately upon satisfaction of the requirements of Section 11.2(a),
          this Agreement shall be deemed to be amended to the extent, but only
          to the extent, necessary to reflect the addition of the Transferee
          and the resulting adjustment of the UK Commitments arising therefrom.
          The UK Commitment, if any, allocated to each Transferee shall reduce
          such UK Commitments of the transferor UK Lender pro tanto.

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	                     (e)
          Any UK Lender may at any time sell to one or more commercial banks,
          financial institutions, or other Persons not Affiliates of the Borrowers
          (a “Participant”) participating interests in any UK Revolving
          Loans, the UK Commitment of that Lender and the other interests of
          that Lender (the “originating UK Lender”) hereunder and under
          the other UK Loan Documents; provided, however, that
          (i) the originating UK Lender’s obligations under this Agreement
          shall remain unchanged, (ii) the originating UK Lender shall remain
          solely responsible for the performance of such obligations, (iii) the
          UK Borrowers and the UK Agents shall continue to deal solely and directly
          with the originating UK Lender in connection with the originating UK
          Lender’s rights and obligations under this Agreement and the other
          UK Loan Documents, and (iv) no UK Lender shall transfer or grant any
          participating interest under which the Participant has rights to approve
          any amendment to, or any consent or waiver with respect to, this Agreement
          or any other Loan Document except the matters set forth in Section
          11.1(b) (i), (ii) and (iii), and all amounts payable by the UK
          Borrowers hereunder shall be determined as if such UK Lender had not
          sold such participation; provided further that no such sale of a participating
          interest shall be effective unless and until the originating UK Lender,
          in its capacity as a US Lender, shall also have sold a pro rata participating
          portion of its interest in its US Loans and/or US Commitments under
          the US Facility pursuant to and in accordance with Section 11.2(e) of
          the US Credit Agreement, Notwithstanding the foregoing, if amounts
          outstanding under this Agreement are due and unpaid, or shall have
          become due and payable upon the occurrence of an Event of Default,
          each Participant shall be deemed to have the right of set-off in respect
          of its participating interest in amounts owing under this Agreement
          to the same extent and subject to the same limitation as if the amount
          of its participating interest were owing directly to it as a UK Lender
          under this Agreement. 

	 
	 

	 
	                    (f)
          Notwithstanding any of the other provisions of this Agreement, no transfer,
          novation, assignment or participation by any UK Revolver Participant
          of any of its UK Revolver Participant Commitment shall be made or permitted
          without the prior written consent of the UK Fronting Lender.

	 
	 

	 
	                    (g)
          Notwithstanding any of the other provisions of this Agreement, the
          UK Fronting Lender shall be entitled to transfer, novate, assign or
          participate the UK Revolver Participant Commitment of any Defaulting
          Participant without the consent of such Defaulting Participant. Each
          UK Revolver Participant hereby authorizes the UK Fronting Lender (upon
          such UK Revolver Participant becoming a Defaulting Participant) to
          execute such documents and instruments on its behalf as may be necessary
          to transfer, novate, assign or participate such Defaulting Participant’s
          UK Revolver Participant Commitment.

ARTICLE 12

      THE UK AGENT; UK SECURITY TRUSTEE; UK AGENTS; UK FRONTING LENDER

                    12.1 Appointment
      and Authorization. Each UK Lender hereby redesignates and reappoints
      Bank as its Administrative Agent, UK Agent and UK Security Trustee under
      this Agreement and the other Loan Documents and each UK Lender hereby irrevocably
      authorizes the UK Agents to take such action on its behalf under the provisions
      of this Agreement and each

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other Loan Document and to exercise such powers and perform such
    duties as are expressly delegated to it by the terms of this Agreement or
    any other Loan Document, together with such powers as are reasonably incidental
    thereto. The UK Agents agree to act as such on the express conditions contained
    in this Article 12. The provisions of this Article 12 are solely
    for the benefit of the UK Agents and the UK Lenders and the Credit Parties
    shall have no rights as third party beneficiaries of any of the provisions
    contained herein. Notwithstanding any provision to the contrary contained
    elsewhere in this Agreement or in any other Loan Document, the UK Agents
    shall not have any duties or responsibilities, except those expressly set
    forth herein, nor shall the UK Agents have or be deemed to have any fiduciary
    relationship with any UK Lender, and no implied covenants, functions, responsibilities,
    duties, obligations or liabilities shall be read into this Agreement or any
    other Loan Document or otherwise exist against the UK Agents. Without limiting
    the generality of the foregoing sentence, the use of the term “agent” in
    this Agreement with reference to any UK Agent is not intended to connote
    any fiduciary or other implied (or express) obligations arising under agency
    doctrine of any applicable law. Instead, such term is used merely as a matter
    of market custom, and is intended to create or reflect only an administrative
    relationship between independent contracting parties. Except as expressly
    otherwise provided in this Agreement, each UK Agent shall have and may use
    its sole discretion with respect to exercising or refraining from exercising
    any discretionary rights or taking or refraining from taking any actions
    which an Agent is expressly entitled to take or assert under this Agreement
    and the other Loan Documents, including (a) the determination of the applicability
    of ineligibility criteria with respect to the calculation of the UK Borrowing
    Base, (b) the making of Agent Advances pursuant to Section 1.2(i),
    and (c) the exercise of remedies pursuant to Section 92, and any action
    so taken or not taken shall be deemed consented to by the Lenders. For the
    avoidance of doubt, nothing contained in this Agreement constitutes the UK
    Funding Lender as agent, fiduciary or trustee for the UK Revolver Participants.

                    12.2 Delegation
      of Duties. Each Agent may execute any of its duties under this Agreement
      or any other Loan Document by or through agents, employees or attorneys-in-fact
      and shall be entitled to advice of counsel concerning all matters pertaining
      to such duties. No UK Agent shall be responsible for the negligence or
      misconduct of any agent or attorney-in-fact that it selects as long as
      such selection was made without gross negligence or willful misconduct.

                    12.3 Liability
      of Agent. (a) None of the Agent-Related Persons shall with respect
      to any of the Lenders and (b) the UK Fronting Lender shall not (i) be liable
      for any action taken or omitted to be taken by any of them under or in
      connection with this Agreement or any other Loan Document or the transactions
      contemplated hereby (except for its own gross negligence or willful misconduct),
      or (ii) be responsible in any manner to any of the Lenders for any recital,
      statement, representation or warranty made by any UK Borrower or any Subsidiary
      or Affiliate of any UK Borrower, or any officer thereof, contained in this
      Agreement or in any other Loan Document, or in any certificate, report,
      statement or other document referred to or provided for in, or received
      by any UK Agent under or in connection with, this Agreement or any other
      Loan Document, or the validity, effectiveness, genuineness, enforceability
      or sufficiency of this Agreement or any other Loan Document, or for any
      failure of any UK Borrower or any other party to any Loan Document to perform
      its obligations hereunder or thereunder. No Agent-Related Person shall
      be under any obligation to any UK Lender to ascertain or to inquire as
      to the observance or performance of any of the agreements contained

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in, or conditions of, this Agreement or any other Loan Document,
    or to inspect the properties, books or records of such UK Borrower or any
    of the UK Borrowers’ Subsidiaries or Affiliates.

                    12.4 Reliance
      by Each Agent. Each UK Agent shall be entitled to rely, and shall be
      fully protected in relying, upon any writing, resolution, notice, consent,
      certificate, affidavit, letter, telegram, facsimile, or telex, statement
      or other document or conversation believed by it to be genuine and correct
      and to have been signed, sent or made by the proper Person or Persons,
      and upon advice and statements of legal counsel (including counsel to the
      Borrower), independent accountants and other experts selected by such UK
      Agent. Each UK Agent shall be fully justified in failing or refusing to
      take any action under this Agreement or any other Loan Document unless
      it shall first receive such advice or concurrence of the Required Lenders
      as it deems appropriate and, if it so requests, it shall first be indemnified
      to its satisfaction by the Lenders against any and all liability and expense
      which may be incurred by it by reason of taking or continuing to take any
      such action. Each UK Agent shall in all cases be fully protected in acting,
      or in refraining from acting, under this Agreement or any other Loan Document
      in accordance with a request or consent of the Required Lenders (or all
      Lenders if so required by Section 11.1) and such request and any
      action taken or failure to act pursuant thereto shall be binding upon all
      of the UK Lenders.

                    12.5 Notice
      of Default. No UK Agent shall be deemed to have knowledge or notice
      of the occurrence of any Default or Event of Default, unless such UK Agent
      shall have received written notice from a Lender or the UK Borrower Representative
      referring to this Agreement, describing such Default or Event of Default
      and stating that such notice is a “notice of default.” Each UK
      Agent will notify the UK Lenders of its receipt of any such notice. Each
      UK Agent shall take such action with respect to such Default or Event of
      Default as may be requested by the Required UK Lenders; provided, however,
      that unless and until such UK Agent has received any such request, such
      UK Agent may (but shall not be obligated to) take such action, or refrain
      from taking such action, with respect to such Default or Event of Default
      as it shall deem advisable.

                    12.6 Credit
      Decision. Each UK Lender acknowledges (including each UK Revolver Participant)
      that none of the Agent-Related Persons has made arty representation or
      warranty to it, and that no act by any UK Agent hereinafter taken, including
      any review of the affairs of the UK Borrowers and their Affiliates, shall
      be deemed to constitute any representation or warranty by any Agent-Related
      Person to any UK Lender. Each UK Lender (including each UK Revolver Participant)
      represents to each UK Agent (and each UK Revolver Participant represents
      to the UK Fronting Lender) that it has, independently and without reliance
      upon any Agent-Related Person or the UK Fronting Lender and based on such
      documents and information as it has deemed appropriate, made its own appraisal
      of and investigation into the business, prospects, operations, property,
      financial and other condition and creditworthiness of the UK Borrowers
      and their Affiliates, and all applicable bank regulatory laws relating
      to the transactions contemplated hereby, and made its own decision to enter
      into this Agreement and to extend credit to the UK Borrowers. Each UK Lender
      also represents that it will, independently and without reliance upon any
      Agent-Related Person (or the UK Fronting Lender) and based on such documents
      and information as it shall deem appropriate at the time, continue to make
      its own credit analysis, appraisals and decisions in taking or not taking
      action under this Agreement and the other Loan Documents, and to make such
      investigations as it deems necessary to inform

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itself as to the business, prospects, operations, property, financial
    and other condition and creditworthiness of the UK Borrowers. Except for
    notices, reports and other documents expressly herein required to be furnished
    to the UK Lenders by a UK Agent, such UK Agent shall not have any duty or
    responsibility to provide any UK Lender with any credit or other information
    concerning the business, prospects, operations, property, financial and other
    condition or creditworthiness of the Credit Parties or any of their Subsidiaries
    which may be or come into the possession of any of the Agent-Related Persons.

                    12.7 Indemnification.
    Whether or not the transactions contemplated hereby are consummated, (a)
    the UK Lenders shall indemnify upon demand the Agent-Related Persons and
    (b) the UK Revolver Participants shall indemnify on demand the UK Fronting
    Lender, (to the extent not reimbursed by or on behalf of the UK Borrowers
    and without limiting the obligation of the Borrowers to do so), in accordance
    with their Pro Rata Shares, from and against any and all Indemnified Liabilities
    as such term is defined in Section 13.11 and any liabilities, obligations,
    losses, damages, penalties, actions, judgments, suits, costs, charges, expenses
    and disbursements (including Attorney Costs) related to or resulting from
    any claim or the assertion of any defense based on equitable subordination; provided, however,
    that no (i) UK Lender shall be liable for the payment to the Agent-Related
    Persons or (ii) UK Revolver Participant shall be liable for the payment to
    the UK Fronting Lender of any portion of such Indemnified Liabilities resulting
    solely from such Person’s gross negligence or willful misconduct. Without
    limitation of the foregoing, each UK Lender shall reimburse each UK Agent
    and each UK Revolver Participant shall reimburse the UK Fronting Lender upon
    demand for its Pro Rata Share of any costs or out-of-pocket expenses (including
    Attorney Costs) incurred by such UK Agent or the UK Fronting Lender (as applicable)
    in connection with the preparation, execution, delivery, administration,
    modification, amendment or enforcement (whether through negotiations, legal
    proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
    under, this Agreement, any other Loan Document, or any document contemplated
    by or referred to herein, to the extent such the UK Agent or UK Fronting
    Lender (as applicable) is not reimbursed for such expenses by or on behalf
    of the UK Borrowers. The undertaking in this Section shall survive the payment
    of all Obligations hereunder and the resignation or replacement of any UK
    Agent or UK Fronting Lender.

                    12.8 Agent
      in Individual Capacity. The Bank and its Affiliates may make loans
      to, issue letters of credit for the account of, accept deposits from, acquire
      equity interests in and generally engage in any kind of banking, trust,
      financial advisory, underwriting or other business with the Borrowers and
      their Subsidiaries and Affiliates as though the Bank were not a UK Agent
      hereunder and without notice to or consent of the UK Lenders. The Bank
      or its Affiliates may receive information regarding the Borrowers, their
      Affiliates and Account Debtors (including information that may be subject
      to confidentiality obligations in favor of the Borrowers or their Affiliates)
      and acknowledge that each UK Agent and the Bank shall be under no obligation
      to provide such information to them. With respect to its UK Revolving Loans,
      the Bank shall have the same rights and powers under this Agreement as
      any other Lender and may exercise the same as though it were not an Agent,
      and the terms “Lender” and “Lenders” include the Bank
      in its individual capacity.

                    12.9 Successor
      Agent. Each UK Agent may resign as UK Agent upon at least 30 days’ prior
      notice to the Lenders and the Applicable Borrower Representative, such

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resignation to be effective upon the acceptance of a successor
    agent to its appointment as the appropriate Agent; provided that, prior to
    the occurrence and continuation of a Default or Event of Default, the UK
    Agent shall not resign unless the Bank shall also resign as Administrative
    Agent under the US Credit Agreement. In the event the Bank sells all of its
    Aggregate Commitment and Loans as part of a sale, transfer or other disposition
    by the Bank of substantially all of its loan portfolio containing this Agreement,
    the Bank shall resign as Agent and such purchaser or transferee shall become
    the successor Administrative Agent, UK Agent or UK Security Trustee, as applicable,
    in each respective capacity, hereunder. Subject to the foregoing, if any
    UK Agent resigns under this Agreement, the Required Lenders shall appoint
    from among the UK Lenders a successor agent in such capacity for the UK Lenders.
    If no successor agent is appointed prior to the effective date of the resignation
    of an UK Agent, such UK Agent may appoint, after consulting with the UK Lenders
    and the Borrower, a successor agent in such capacity from among the Lenders.
    Upon the acceptance of its appointment as successor agent hereunder, such
    successor agent shall succeed to all the rights, powers and duties of the
    relevant retiring Agent and the term “Administrative Agent”, “UK
    Agent” or “UK Security Trustee”, as applicable, shall mean
    such successor agent and the retiring UK Agent’s appointment, powers
    and duties as such a UK Agent shall be terminated. After any retiring UK
    Agent’s resignation hereunder as a UK Agent, the provisions of this Article
    12 shall continue to inure to its benefit as to any actions taken or
    omitted to be taken by it while it was UK Agent under this Agreement.

                     12.10 [Reserved] 

                    12.11 Collateral
      Matters and Release of Guaranties.

	 
	 

	 
	                    (a)
          The UK Lenders hereby irrevocably authorize the UK Security Trustee,
          at its option and in its sole discretion, to release any Agents’ Liens
          upon any UK Collateral (i) upon the termination of the UK Commitments
          and payment and satisfaction in full by UK Borrowers of all UK Revolving
          Loans and reimbursement obligations in respect of Letters of Credit
          and Credit Support, and the termination of all outstanding Letters
          of Credit or the provision of cash collateral or a Supporting Letter
          of Credit pursuant to Section 1.4(g) hereof and Section 1.4(g) of
          the US Credit Agreement (whether or not any of such obligations are
          due) and all other Obligations; (ii) constituting property being sold
          or disposed of if the UK Borrower Representative certifies to the UK
          Security Trustee that the sale or disposition is made in compliance
          with Section 7.9 (and the UK Security Trustee may rely conclusively
          on any such certificate, without further inquiry); (iii) constituting
          property in which the Credit Parties owned no interest at the time
          the Lien was granted or at any time thereafter; or (iv) constituting
          property leased to a Credit Party under a lease which has expired or
          been terminated in a transaction permitted under this Agreement. Except
          as provided above, the UK Security Trustee will not release any of
          the Applicable Agents’ Liens without the prior written authorization
          of the Lenders; provided that the UK Security Trustee may, in
          its discretion, release the Agents’ Liens on Collateral valued
          in the aggregate (including all US Collateral so released under the
          US Credit Agreement) not in excess of the Sterling Equivalent of $2,000,000
          in the aggregate for all Borrowers during each Fiscal Year without
          the prior written authorization of any Lenders and the UK Security
          Trustee may release the Applicable Agents’ Liens on Collateral
          valued in the aggregate

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	(including all US Collateral so released under
          the US Credit Agreement) not in excess of the Sterling Equivalent of
          an additional $4,000,000 in the aggregate for all Borrowers during
          each Fiscal Year with the prior written authorization of Required Lenders
          Upon request by the UK Security Trustee or the UK Borrower Representative
          at any time, the UK Lenders will confirm in writing the UK Security
          Trustee’s authority to release any Agents’ Liens upon particular
          types or items of Collateral pursuant to this Section 12.11.

	 
	 

	 
	                    (b)
          Upon receipt by the Applicable Security Agent of any authorization
          required pursuant to Section 12.11(a) of the UK Agent’s
          authority to release Agents’ Liens upon particular types or items
          of UK Collateral, and upon at least five (5) Applicable Business Days
          prior written request by the UK Borrower Representative, the UK Security
          Trustee shall (and is hereby irrevocably authorized by the Lenders
          to) execute such documents as may be necessary to evidence the release
          of the Agents’ Liens upon such Collateral; provided, however,
          that (i) the UK Security Trustee shall not be required to execute any
          such document on terms which, in the UK Security Trustee’s opinion,
          would expose the UK Security Trustee to liability or create any obligation
          or entail any consequence other than the release of such Liens without
          recourse or warranty, and (ii) such release shall not in any manner
          discharge, affect or impair the Obligations or any Liens (other than
          those expressly being released) upon (or obligations of the Credit
          Parties in respect of) all interests retained by the Credit Parties,
          including the proceeds of any sale, all of which shall continue to
          constitute part of the Collateral.

	 
	 

	 
	                    (c)
          The UK Security Trustee shall have no obligation whatsoever to any
          of the Lenders to assure that the Collateral exists or is owned by
          the applicable Credit Party or is cared for, protected or insured or
          has been encumbered, or that the UK Security Trustee’ Liens have
          been properly or sufficiently or lawfully created, perfected, protected
          or enforced or are entitled to any particular priority, or to exercise
          at all or in any particular manner or under any duty of care, disclosure
          or fidelity, or to continue exercising, any of the rights, authorities
          and powers granted or available to the UK Security Trustee pursuant
          to any of the Loan Documents, it being understood and agreed that in
          respect of the Collateral, or any act, omission or event related thereto,
          the UK Security Trustee may act in any manner it may deem appropriate,
          in its sole discretion given the UK Security Trustee’s own interest
          in the UK Collateral in its capacity as one of the UK Lenders and that
          the UK Security Trustee shall have no other duty or liability whatsoever
          to any UK Lender as to any of the foregoing.

	 
	 

	 
	                    (d)
          The Lenders hereby irrevocably authorize the Administrative Agent and
          the UK Security Trustee and UK Agent, at their option and in their
          sole discretion, to release any Subsidiary Guaranty: (i) upon the termination
          of the UK Commitments and payment and satisfaction in full by UK Borrowers
          of all UK Revolving Loans and reimbursement obligations in respect
          of Letters of Credit and Credit Support, and the termination of all
          outstanding Letters of Credit or the provision of cash collateral or
          a Supporting Letter of Credit pursuant to Section 1.4(g) hereof
          and Section 1.4(g) of the US Credit Agreement (whether or not
          any of such obligations are due) and all other Obligations; (ii) granted
          by any Subsidiary Guarantor which is being sold or disposed of if the
          UK Borrower Representative certifies to the UK Agent that the sale
          or

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	disposition is made in compliance with Section
            7.9 (and the UK Agent may rely conclusively on any such certificate,
            without further inquiry). Except as provided above, the UK Agent
            will not release any of the Subsidiary Guaranties granted by any
            Subsidiary Guarantor without the prior written authorization of the
            Lenders; provided that the UK Agent may, in its discretion,
            release the Subsidiary Guaranties of any Subsidiary Guarantor if
            such Subsidiary Guarantor shall own assets with a fair market value
            of less than $100,000. Upon request by the UK Agent or the UK Borrower
            Representative at any time, the UK Lenders will confirm in writing
            the UK Agent’s authority to release any Subsidiary Guaranties
            pursuant to this Section12.10.

                    12.12 Restrictions
      on Actions by Lenders; Sharing of Payments.

	 
	 

	 
	                    (a)
          Each of the UK Lenders agrees that it shall not, without the express
          consent of all UK Lenders, and that it shall, to the extent it is lawfully
          entitled to do so, upon the request of all UK Lenders, set off against
          the Obligations, any amounts owing by such UK Lender to any UK Credit
          Party or any accounts of a Credit Party now or hereafter maintained
          with such UK Lender. Each of the UK Lenders further agrees that it
          shall not, unless specifically requested to do so by the UK Agent,
          take or cause to be taken any action to enforce its rights under this
          Agreement or against a UK Credit Party, including the commencement
          of any legal or equitable proceedings, to foreclose any Lien on, or
          otherwise enforce any security interest in, any of the UK Collateral.

	 
	 

	 
	                    (b)
          If at any time or times any UK Lender shall receive (i) by payment,
          foreclosure, setoff or otherwise, any proceeds of UK Collateral or
          any payments with respect to the Obligations of any UK Obligor to such
          UK Lender arising under, or relating to, this Agreement or the other
          Loan Documents, except for any such proceeds or payments received by
          such UK Lender from the Applicable Security Agent pursuant to the terms
          of this Agreement, or (ii) payments from the Applicable Security Agent
          in excess of such UK Lender’s ratable portion of all or such portion
          of any distributions due such UK Lender upon application of the order
          of payments set forth under Section 3.7 hereof by the Applicable
          Security Agent, such UK Lender shall promptly turn the same over to
          the Applicable Security Agent, in kind, and with such endorsements
          as may be required to negotiate the same to the Applicable Security
          Agent, or in same day funds, as applicable, for the account of all
          of the UK Lenders and for application to the Obligations in accordance
          with the applicable provisions of this Agreement.

                    12.13 Agency
      for Perfection. Each Lender hereby appoints each other UK Lender, the
      UK Agent and the Applicable Security Agent as agent for the purpose of
      perfecting the Lenders’ security interest in assets which, in accordance
      with applicable law can be perfected only by possession. Should any UK
      Lender (other than the UK Security Trustee) obtain possession of any such
      UK Collateral, such UK Lender shall notify the UK Security Trustee thereof,
      and, promptly upon the UK Security Trustee’s request therefor shall
      deliver such UK Collateral to the UK Security Trustee or in accordance
      with the UK Security Trustee’s instructions.

                    12.14 Payments
      by Responsible Agent to Applicable Lenders. All payments to be made
      by any UK Agent to the UK Lenders shall be made by bank wire transfer or
      internal

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transfer of immediately available funds to each UK Lender pursuant
    to wire transfer instructions delivered in writing to the UK Agent on or
    prior to the Closing Date (or if such UK Lender is an Transferee, on the
    applicable UK Transfer Agreement), or pursuant to such other wire transfer
    instructions as each party may designate for itself by written notice to
    the UK Agent. Payments shall be made in Sterling. Concurrently with each
    such payment, the UK Agent shall identify whether such payment (or any portion
    thereof) represents principal, premium or interest on the UK Revolving Loans,
    or otherwise. Unless the UK Agent receives notice from the UK Borrower Representative
    prior to the date on which any payment is due to the UK Lenders that the
    UK Borrowers will not make such payment in full as and when required, the
    UK Agent may assume that the UK Borrowers have made such payment in full
    to the UK Agent on such date in immediately available funds and the UK Agent
    may (but shall not be so required), in reliance upon such assumption, distribute
    to each UK Lender on such due date an amount equal to the amount then due
    to such UK Lender. If and to the extent the UK Borrowers have not made such
    payment in full to the UK Agent, each UK Lender shall repay to the UK Agent
    on demand such amount distributed to such UK Lender, together with interest
    thereon at the Bank of America Reference Rate, for each day from the date
    such amount is distributed to such UK Lender until the date repaid.

                    12.15 Settlement.

	 
	 

	 
	                    (a)
          (i) Each UK Lender’s (including the UK Fronting Lender as fronting
          lender for the UK Revolver Participants) funded portion of the UK Revolving
          Loans is intended by the UK Lenders (including the UK Fronting Lender
          as fronting lender for the UK Revolver Participants) to be equal at
          all times to such UK Lender’s Pro Rata Share of the outstanding
          UK Revolving Loans. Notwithstanding such agreement, each UK Agent,
          the Bank, and the other UK Lenders (including the UK Fronting Lender
          and each UK Revolver Participant) agree (which agreement shall not
          be for the benefit of or enforceable by the UK Borrowers) that in order
          to facilitate the administration of this Agreement and the other Loan
          Documents, settlement among them as to the Revolving Loans, the UK
          Non-Ratable Loans and the Agent Advances shall take place on a periodic
          basis in accordance with the following provisions:

                                    (ii)
    The UK Agent shall request settlement (“Settlement”) with
    the UK Lenders (including the UK Fronting Lender as fronting lender for the
    UK Revolver Participants) on at least a weekly basis, or on a more frequent
    basis at UK Agent’s election, (A) on behalf of the Bank, with respect
    to each outstanding Non-Ratable Loan made under this Agreement, (B) for itself,
    with respect to each Agent Advance made under this Agreement, and (C) with
    respect to collections received, in each case, by notifying the UK Lenders
    (including the UK Fronting Lender as fronting lender for the UK Revolver
    Participants) of such requested Settlement in writing by telecopy or other
    similar form of transmission, of such requested Settlement, no later than
    11:00 a.m. (London time) on the date of such requested Settlement (the “Settlement
    Date”). Each UK Lender (including the UK Fronting Lender as fronting
    lender for the UK Revolver Participants) (other than the Bank, in the case
    of Non-Ratable Loans and the UK Agent in the case of Agent Advances) shall
    transfer the amount of such UK Lender’s Pro Rata Share of the outstanding
    principal amount of the Non-Ratable Loans and Agent Advances with respect
    to each Settlement to the UK Agent, to UK Agent’s account in Pounds
    Sterling not later than 11:00 a.m. (London time) on the UK Business Day following
    the Settlement Date

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applicable thereto. Settlements may occur during the continuation
    of a Default or an Event of Default and whether or not the applicable conditions
    precedent set forth in Article 8 have then been satisfied. Such amounts
    made available to the UK Agent shall be applied against the amounts of the
    applicable Non-Ratable Loan or Agent Advance and, together with the portion
    of such Non-Ratable Loan or Agent Advance representing the Bank’s Pro
    Rata Share thereof, shall constitute UK Revolving Loans of such UK Lenders
    (including the UK Fronting Lender as fronting lender for the UK Revolver
    Participants). If any such amount is not transferred to the UK Agent by any
    UK Lender on the Settlement Date applicable thereto, the UK Agent shall be
    entitled to recover such amount on demand from such UK Lender (including
    the UK Fronting Lender as fronting lender for the UK Revolver Participants)
    together with interest thereon at the Bank of America Reference Rate for
    the first three (3) days from and after the Settlement Date and thereafter
    at the Interest Rate then applicable to the UK Revolving Loans (A) on behalf
    of the Bank, with respect to each outstanding Non-Ratable Loan, and (B) for
    itself, with respect to each Agent Advance. 

                                    (iii)
    Notwithstanding the foregoing, not more than one (1) UK Business Day after
    demand is made by the UK Agent (whether before or after the occurrence of
    a Default or an Event of Default and regardless of whether the UK Agent has
    requested a Settlement with respect to a Non-Ratable Loan or Agent Advance),
    each other UK Lender (including the UK Fronting Lender as fronting lender
    for the UK Revolver Participants) (A) shall irrevocably and unconditionally
    purchase and receive from the Bank or the UK Agent, as applicable, without
    recourse or warranty, an undivided interest and participation in such Non-Ratable
    Loan or Agent Advance equal to such UK Lender’s Pro Rata Share of such
    Non-Ratable Loan or Agent Advance and (B) if Settlement has not previously
    occurred with respect to such Non-Ratable Loans or Agent Advances, upon demand
    by the Bank or the UK Agent, as applicable, shall pay to the Bank or the
    UK Agent, as applicable, as the purchase price of such participation an amount
    equal to one-hundred percent (100%), in Pounds Sterling of such UK Lender’s
    Pro Rata Share (and in the case of the UK Fronting Lender, an amount equal
    to the aggregate amount of the UK Revolver Participants’ Pro Rata Share)
    of such Non-Ratable Loans or Agent Advances. If such amount is not in fact
    made available to the UK Agent by any UK Lender, the UK Agent shall be entitled
    to recover such amount on demand from such UK Lender together with interest
    thereon at the Bank of America Reference Rate for the first three (3) days
    from and after such demand and thereafter at the Interest Rate then applicable
    to Base Rate Revolving Loans.

                                    (iv)
    From and after the date, if any, on which any UK Lender (including the UK
    Fronting Lender as fronting lender for the UK Revolver Participants) purchases
    an undivided interest and participation in any Non-Ratable Loan or Agent
    Advance pursuant to clause (iii) above, the UK Agent shall promptly
    distribute to such UK Lender (including the UK Fronting Lender as fronting
    lender for the UK Revolver Participants), such UK Lender’s Pro Rata
    Share (and in the case of the UK Fronting Lender, an amount equal to the
    aggregate amount of the UK Revolver Participants’ Pro Rata Share) of
    all payments of principal and interest and all proceeds of UK Collateral
    received by the Agent in respect of such Non-Ratable Loan or Agent Advance

                                    (v)
    Between Settlement Dates, the UK Agent, to the extent no Agent Advances are
    outstanding, may pay over to the Bank any payments received by the UK

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Agent, which in accordance with the terms of this Agreement would
    be applied to the reduction of the UK Revolving Loans, for application to
    the Bank’s UK Revolving Loans to the UK Borrowers including Non-Ratable
    Loans. If, as of any Settlement Date, collections received since the then
    immediately preceding Settlement Date have been applied to the Bank’s
    UK Revolving Loans (other than to Non-Ratable Loans or Agent Advances in
    which such Lender has not yet funded its purchase of a participation pursuant
    to clause (iii) above), as provided for in the previous sentence, the Bank
    shall pay to the UK Agent for the accounts of the UK Lenders, to be applied
    to the outstanding Revolving Loans to the UK Borrowers of such UK Lenders,
    an amount such that each UK Lender shall, upon receipt of such amount, have,
    as of such Settlement Date, its Pro Rata Share of the UK Revolving Loans
    to the UK Borrowers. During the period between Settlement Dates, the Bank
    with respect to Non-Ratable Loans, the UK Agent with respect to Agent Advances,
    and each UK Lender with respect to the UK Revolving Loans other than Non-Ratable
    Loans and Agent Advances, shall be entitled to interest at the applicable
    rate or rates payable under this Agreement on the actual average daily amount
    of funds employed by the Bank, the UK Agent and the other UK Lenders.

                                    (vi)
    Unless the UK Agent has received written notice from a UK Lender to the contrary,
    the UK Agent may assume that the applicable conditions precedent set forth
    in Article 8 have been satisfied and following the requested UK Borrowing,
    UK Aggregate Outstandings will not exceed UK Availability (with UK Availability
    for such purpose calculated as if UK Aggregate Outstandings, and UK Aggregate
    Outstandings were equal to zero) and Aggregate Outstandings will not exceed
    Total Excess Availability (with Total Excess Availability for this purpose
    calculated as if Aggregate Outstandings, US Aggregate Outstandings, and UK
    Aggregate Outstandings were equal to zero) on any Funding Date for a UK Revolving
    Loan or Non-Ratable Loan.

	 
	 

	 
	                    (b) Lenders’ Failure
            to Perform. All UK Revolving Loans (other than Non-Ratable Loans
            and Agent Advances) shall be made by the UK Lenders simultaneously
            and in accordance with their Pro Rata Shares. It is understood that
            (i) no UK Lender shall be responsible for any failure by any other
            UK Lender to perform its obligation to make any UK Revolving Loans
            hereunder, nor shall any UK Commitment of any UK Lender be increased
            or decreased as a result of any failure by any other UK Lender to
            perform its obligation to make any UK Revolving Loans hereunder,
            (ii) no failure by any UK Lender to perform its obligation to make
            any UK Revolving Loans hereunder shall excuse any other Lender from
            its obligation to make any UK Revolving Loans hereunder, and (iii)
            the obligations of each UK Lender hereunder shall be several, not
            joint and several.

	 
	 

	 
	                    (c) Defaulting
            Lenders. Unless the UK Agent receives notice from an UK Lender
            on or prior to the Closing Date or, with respect to any UK Borrowing
            after the Closing Date, at least one UK Business Day prior to the
            date of such UK Borrowing, that such UK Lender will not make available
            as and when required hereunder to the UK Agent that UK Lender’s
            Pro Rata Share of a UK Borrowing, the UK Agent may assume that each
            UK Lender has made such amount available to the UK Agent in immediately
            available funds on the Funding Date. Furthermore, the UK Agent may,
            in reliance upon such assumption, make available to the UK Borrowers
            on such date a corresponding amount. If any UK Lender has not transferred
            its full Pro Rata Share of a UK Borrowing

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	to the UK Agent in immediately available funds
          and the UK Agent has transferred a corresponding amount to the UK Borrowers
          on the Business Day following such Funding Date that UK Lender shall
          make such amount available to the UK Agent, together with interest
          at the Bank of America Reference Rate. A notice by the UK Agent submitted
          to any UK Lender with respect to amounts owing shall be conclusive,
          absent manifest error. If each UK Lender’s full Pro Rata Share
          of a UK Borrowing is transferred to the UK Agent as required, the amount
          transferred to the UK Agent shall constitute that UK Lender’s
          UK Revolving Loan for all purposes of this Agreement. If that amount
          is not transferred to the UK Agent on the Business Day following the
          Funding Date, the UK Agent will notify the UK Borrower Representative
          of such failure to fund and, upon demand by the UK Agent, the UK Borrowers
          shall pay such amount to the UK Agent for the UK Agent’s account,
          together with interest thereon for each day elapsed since the date
          of such UK Borrowing, at a rate per annum equal to the Interest Rate
          applicable at the time to the UK Revolving Loans comprising that particular
          UK Borrowing. The failure of any UK Lender to make any UK Revolving
          Loan on any Funding Date (any such Lender, prior to the cure of such
          failure, being hereinafter referred to as a “Defaulting Lender”)
          shall not relieve any other UK Lender of its obligation hereunder to
          make a UK Revolving Loan on that Funding Date, No UK Lender shall be
          responsible for any other UK Lender’s failure to advance such
          other UK Lenders’ Pro Rata Share of any UK Borrowing.

	 
	 

	 
	                    (d) Retention
            of Defaulting Lender’s Payments. The UK Agent shall not
            be obligated to transfer to a Defaulting Lender any payments made
            by a UK Borrower to the UK Agent for the Defaulting Lender’s
            benefit; nor shall a Defaulting Lender be entitled to the sharing
            of any payments hereunder. Amounts payable to a Defaulting Lender
            shall instead be paid to or retained by the UK Agent. In its discretion,
            the Agent may loan the UK Borrower the amount of all such payments
            received or retained by it for the account of such Defaulting Lender.
            Any amounts so loaned to the UK Borrowers shall bear interest at
            the rate applicable to UK Base Rate Revolving Loans and for all other
            purposes of this Agreement shall be treated as if they were UK Revolving
            Loans, provided, however, that for purposes of voting
            or consenting to matters with respect to the Loan Documents and determining
            Pro Rata Shares, such Defaulting Lender shall be deemed not to be
            a “Lender”. Until a Defaulting Lender cures its failure
            to fund its Pro Rata Share of any Borrowing (A) such Defaulting Lender
            shall not be entitled to any portion of the Unused Line Fee and (B)
            the Unused Line Fee shall accrue in favor of the UK Lenders which
            have funded their respective Pro Rata Shares of such requested UK
            Borrowing and shall be allocated among such performing UK Lenders
            ratably based upon their relative UK Commitments, This Section shall
            remain effective with respect to such UK Lender until such time as
            the Defaulting Lender shall no longer be in default of any of its
            obligations under this Agreement. The terms of this Section shall
            not be construed to increase or otherwise affect the UK Commitment
            of any UK Lender, or relieve or excuse the performance by the UK
            Borrowers of their duties and obligations hereunder.

	 
	 

	 
	                    (e) Removal
            of Defaulting Lender. At the UK Borrower Representative’s
            request, the UK Agent or an Eligible Transferee reasonably acceptable
            to the UK Agent shall have the right (but not the obligation) to
            purchase from any

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	Defaulting Lender, and each Defaulting Lender
          shall, upon such request, sell and assign to the UK Agent or such Eligible
          Transferee, all of the Defaulting Lender’s outstanding UK Commitments
          and Loans hereunder. Such sale shall be consummated promptly after
          UK Agent has arranged for a purchase by UK Agent or an Eligible Transferee
          pursuant to a UK Transfer Agreement, and at a price equal to the outstanding
          principal balance of the Defaulting Lender’s UK Revolving Loans,
          plus accrued interest and fees, without premium or discount.

	 
	 

	 
	          12.16 Letters
            of Credit; Intra-Lender Issues, Notice of Letter of Credit
            Balance. On each Settlement Date the UK Agent shall notify each
            UK Lender of the issuance of all Letters of Credit since the prior
            Settlement Date.

	 
	 

	 
	                    (b) Participations
            in Letters of Credit.

                                        (i) Purchase
      of Participations. Immediately upon issuance of any Letter of Credit
      in accordance with Section 1.4(d), each UK Lender (including the
      UK Fronting Lender as fronting lender for the UK Revolver Participants)
      shall be deemed to have irrevocably and unconditionally purchased and received
      without recourse or warranty, an undivided interest and participation equal
      to such UK Lender’s Pro Rata Share of the face amount of such Letter
      of Credit or the Credit Support provided through the UK Agent to the Letter
      of Credit Issuer, if not the Bank, in connection with the issuance of such
      Letter of Credit (including all obligations of the UK Borrowers with respect
      thereto, and any security therefor or guaranty pertaining thereto).

                                        (ii) Sharing
      of Reimbursement Obligation Payments. Whenever the UK Agent receives
      a payment from a UK Borrower on account of reimbursement obligations in
      respect of a Letter of Credit or Credit Support as to which the UK Agent
      has previously received for the account of the Letter of Credit Issuer
      thereof payment from a UK Lender, the UK Agent shall promptly pay to such
      UK Lender such UK Lender’s Pro Rata Share (and in the case of the
      UK Fronting Lender, an amount equal to the aggregate amount of the UK Revolver
      Participants’ Pro Rata Share) of such payment from the UK Borrowers.
      Each such payment shall be made by the UK Agent on the next Settlement
      Date.

                                        (iii) Documentation.
    Upon the request of any UK Lender, the UK Agent shall furnish to such UK
    Lender copies of any Letter of Credit, Credit Support for any Letter of Credit,
    reimbursement agreements executed in connection therewith, applications for
    any Letter of Credit, and such other documentation as may reasonably be requested
    by such Lender.

                                        (iv) Obligations
      Irrevocable. The obligations of each UK Lender (including, the UK Fronting
      Lender as fronting lender for the UK Revolver Participants) to make payments
      to the UK Agent with respect to any Letter of Credit or with respect to
      their participation therein or with respect to any Credit Support for any
      Letter of Credit or with respect to the UK Revolving Loans made as a result
      of a drawing under a Letter of Credit and the obligations of the UK Borrowers
      for whose account the Letter of Credit or Credit Support was issued to
      make payments to the UK Agent, for the account of the UK Lenders, shall
      be

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irrevocable and shall not be subject to any qualification or
    exception whatsoever, including any of the following circumstances:

                                        (1)
    any lack of validity or enforceability of this Agreement or any of the other
    Loan Documents;

                                        (2)
    the existence of any claim, setoff, defense or other right which any UK Borrower
    may have at any time against a beneficiary named in a Letter of Credit or
    any transferee of any Letter of Credit (or any Person for whom any such transferee
    may be acting), any UK Lender, the UK Agent, the issuer of such Letter of
    Credit, or any other Person, whether in connection with this Agreement, any
    Letter of Credit, the transactions contemplated herein or any unrelated transactions
    (including any underlying transactions between the UK Borrowers or any other
    Person and the beneficiary named in any Letter of Credit);

                                        (3)
    any draft, certificate or any other document presented under the Letter of
    Credit proving to be forged, fraudulent, invalid or insufficient in any respect
    or any statement therein being untrue or inaccurate in any respect;

                                        (4)
    the surrender or impairment of any security for the performance or observance
    of any of the terms of any of the Loan Documents;

                                        (5)
    the occurrence of any Default or Event of Default; or

                                        (6)
    the failure of the UK Borrowers to satisfy the applicable conditions precedent
    set forth in 

  Article 8.

	 
	 

	 
	                    (c) Recovery
            or Avoidance of Payments; Refund of Payments In Error. In the
            event any payment by or on behalf of any UK Borrower received by
            the UK Agent with respect to any Letter of Credit or Credit Support
            provided for any Letter of Credit and distributed by the UK Agent
            to the UK Lenders on account of their respective participations therein
            is thereafter set aside, avoided or recovered from the UK Agent in
            connection with any receivership, liquidation or bankruptcy proceeding,
            the UK Lenders shall, upon demand by the UK Agent, pay to the UK
            Agent their respective Pro Rata Shares of such amount set aside,
            avoided or recovered, together with interest at the rate required
            to be paid by the UK Agent upon the amount required to be repaid
            by it. Unless the UK Agent receives notice from the UK Borrower Representative
            prior to the date on which any payment is due to the UK Lenders that
            the UK Borrowers will not make such payment in full as and when required,
            the UK Agent may assume that the UK Borrower has made such payment
            in full to the UK Agent on such date in immediately available funds
            and the UK Agent may (but shall not be so required), in reliance
            upon such assumption, distribute to each UK Lender on such due date
            an amount equal to the amount then due such UK Lender. If and to
            the extent the UK Borrowers have not made such payment in full to
            the Responsible Agent, each UK Lender (including the UK Fronting
            Lender as fronting lender for the UK Revolver Participants) shall
            repay to the UK Agent on demand such amount distributed to such UK
            Lender, together with interest thereon at the Bank of America Reference
            Rate for each day from the date such amount is distributed to such
            UK Lender until the date repaid.

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	                    (d) Indemnification
            by UK Lenders. To the extent not reimbursed by the UK Borrowers
            and without limiting the obligations of any UK Borrower hereunder,
            the UK Lenders agree to indemnify each applicable Letter of Credit
            Issuer ratably in accordance with their respective Pro Rata Shares,
            for any and all liabilities, obligations, losses, damages, penalties,
            actions, judgments, suits, costs, expenses (including attorneys’ fees)
            or disbursements of any kind and nature whatsoever that may be imposed
            on, incurred by or asserted against the Letter of Credit Issuer in
            any way relating to or arising out of any Letter of Credit or the
            transactions contemplated thereby or any action taken or omitted
            by the Letter of Credit Issuer under any Letter of Credit or any
            Loan Document in connection therewith; provided that no UK
            Lender shall be liable for any of the foregoing to the extent it
            arises from the gross negligence or willful misconduct of the Person
            to be indemnified. Without limitation of the foregoing, each UK Lender
            agrees to reimburse the Letter of Credit Issuer promptly upon demand
            for its Pro Rata Share of any costs or expenses payable by the UK
            Borrowers to the Letter of Credit Issuer, to the extent that the
            Letter of Credit Issuer is not promptly reimbursed for such costs
            and expenses by the UK Borrowers. The agreement contained in this
            Section shall survive payment in full of all other Obligations.

                    12.17 Concerning
      the Collateral and the Related Loan Documents. The UK Agent and each
      UK Lender authorizes and directs the UK Security Trustee to enter into
      the other UK Loan Documents, for the ratable benefit and obligation of
      the UK Agents and the UK Lenders. The UK Agents and each UK Lender agree
      that any action taken by any UK Agent or the Required Lenders, in accordance
      with the terms of this Agreement or the other Loan Documents, and the exercise
      by any UK Agent or the Required Lenders, as applicable, of their respective
      powers set forth therein or herein, together with such other powers that
      are reasonably incidental thereto, shall be binding upon all of the UK
      Lenders. The UK Lenders acknowledge that the UK Revolving Loans, Agent
      Advances, Non-Ratable Loans, UK Bank Products and all interest, fees and
      expenses hereunder constitute one Debt, secured pari passu by
      all of the UK Collateral.

                    12.18 Field
      Audit and Examination Reports; Disclaimer by Lenders. By signing this
      Agreement, each UK Lender:

	 
	 

	 
	          (a)
          is deemed to have requested that the UK Agent furnish such UK Lender,
          promptly after it becomes available, a copy of each field audit or
          examination report (each a “Report” and collectively, “Reports”)
          prepared by or on behalf of the UK Agent;

	 
	 

	 
	          (b)
          expressly agrees and acknowledges that neither the Bank nor any Agent
          (i) makes any representation or warranty as to the accuracy of any
          Report, or (ii) shall be liable for any information contained in any
          Report;

	 
	 

	 
	          (c)
          expressly agrees and acknowledges that the Reports are not comprehensive
          audits or examinations, that any UK Agent or the Bank or other party
          performing any audit or examination will inspect only specific information
          regarding the Credit Parties and will rely significantly upon the Credit
          Parties’ books and records, as well as on representations of the
          Credit Parties’ personnel;

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	          (d)
          agrees to keep all Reports confidential and strictly for its internal
          use, and not to distribute except to its participants, or use any Report
          in any other manner; and

	 
	 

	 
	          (e)
          without limiting the generality of any other indemnification provision
          contained in this Agreement, agrees: (i) to hold each UK Agent and
          any such other UK Lender preparing a Report harmless from any action
          the indemnifying UK Lender may take or conclusion the indemnifying
          UK Lender may reach or draw from any Report in connection with any
          loans or other credit accommodations that the indemnifying UK Lender
          has made or may make to any UK Borrower, or the indemnifying UK Lender’s
          participation in, or the indemnifying UK Lender’s purchase of,
          a loan or loans of the UK Borrower; and (ii) to pay and protect, and
          indemnify, defend and hold each UK Agent and any such other UK Lender
          preparing a Report harmless from and against, the claims, actions,
          proceedings, damages, costs, expenses and other amounts (including
          Attorney Costs) incurred by any UK Agent and any such other UK Lender
          preparing a Report as the direct or indirect result of any third parties
          who might obtain all or part of any Report through the indemnifying
          UK Lender.

                    12.19 Relation
      Among Lenders. The UK Lenders are not partners or co-venturers, and
      no UK Lender shall be liable for the acts or omissions of, or (except as
      otherwise set forth herein in case of any UK Agent) authorized to act for,
      any other UK Lender.

                    12.20 Bank
      as UK Security Trustee. Notwithstanding any other provision of this
      Agreement, the UK Lenders and the UK Agent have also appointed the Bank
      as security trustee under and pursuant to the UK Security Documents. Each
      of the UK Lenders acknowledges that pursuant to the UK Security Documents,
      the UK Lenders and the UK Agent have irrevocably authorized the UK Security
      Trustee to execute and deliver the UK Security Documents on each of their
      respective behalf (thereby, among other things, designating and appointing
      the UK Security Trustee as their security agent in accordance with the
      terms thereof and authorizing the UK Security Trustee to execute and deliver
      the UK Security Documents and to take such action or to refrain from taking
      such action on their behalf (and otherwise exercising its powers) in accordance
      with the terms thereof).

                    12.21 Protection
      of UK Security Trustee. The benefits conferred on the Agents pursuant
      to this Article 12 regarding rights to indemnification and the exercise
      of rights, powers, authorizations, discretions, duties and responsibilities
      pursuant to this Agreement and any other Loan Document shall also be conferred,
      where appropriate, on the UK Security Trustee in relation to this Agreement
      and the UK Security Documents and references to UK Security Trustee, as
      well as references to all or any UK Agents, in this Article 12 shall be
      read and construed as references to the UK Security Trustee accordingly.
      The UK Security Trustee, shall have all the powers of an absolute owner
      of the security constituted by the UK Security Documents and all the rights
      and powers granted to it by the UK Security Documents.

                    12.22 Co-Agents.
    (a) None of the UK Lenders identified on the facing page, the preamble or
    the signature pages to this Agreement as a “Documentation Agent”,
    if any, shall have any right (except as expressly set forth in this Agreement),
    power, obligation, liability.

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responsibility or duty under this Agreement or any other Loan
    Document other than those applicable to all UK Lenders as such. Without limiting
    the foregoing, none of the UK Lenders identified as a “Documentation
    Agent”, if any, shall have or be deemed to have any fiduciary relationship
    with any UK Lender. Each UK Lender acknowledges that it has not relied, and
    will not rely, on any of the UK Lenders so identified in deciding to enter
    into this Agreement or in taking any action hereunder or under any Loan Document.

                              (b)
    Upon consultation with each of the US Borrower and the UK Borrower and for
    a period of thirty (30) days form the Closing Date in connection with the
    general syndication of the Facilities, the Administrative Agent shall have
    the right to appoint and grant titles to additional “Agents” and “Co-Agents” (other
    than, for the avoidance of doubt, any Administrative Agent, Collateral Agents,
    Security Agents or other agents with similar responsibilities or functions),
    which such additional Agents or Co-Agents shall become a party hereto pursuant
    to appropriate documentation (including by way of any Assignment and Acceptance
    Agreement or UK Transfer Agreement executed by such Agent or Co-Agents (or
    any affiliate thereof) in its capacity as a Lender hereunder. Following such
    appointment, the provisions set forth in the first two sentences of this
    Section 12.22 shall apply to such Agent or Co-Agent as if such Agent or Co-Agent
    were a “Documentation Agent” as referred to in this Section 12.22.

                    12.23
    [Intentionally deleted]

                    12.24 Withholding
      Tax

               The
    UK Lenders (or the UK Agent in its sole discretion on their behalf) will
    on a written request from the UK Borrower complete and deliver within a reasonable
    time period such documentation as is reasonably requested by the UK Borrower
    and is necessary to enable an application to be made to exempt the UK Lenders
    from UK taxation on interest whether levied by withholding, deduction or
    otherwise under the double taxation treaty between the UK and the United
    States.

ARTICLE 13

      MISCELLANEOUS

                    13.1 No
      Waivers; Cumulative Remedies No failure by any UK Agent or any UK Lender
      to exercise any right, remedy, or option under this Agreement or any present
      or future supplement thereto, or in any other agreement between or among
      any UK Borrower or any other UK Obligor and any UK Agent and/or any UK
      Lender, or delay by any UK Agent, or any UK Lender in exercising the same,
      will operate as a waiver thereof. No waiver by any UK Agent or any UK Lender
      will be effective unless it is in writing, and then only to the extent
      specifically stated. No waiver by any UK Agent or the UK Lenders on any
      occasion shall affect or diminish such UK Agent’s and each UK Lender’s
      rights thereafter to require strict performance by the UK Borrowers and
      the other Credit Parties of any provision of this Agreement and the other
      Loan Documents. The UK Agents and the UK Lenders may proceed directly to
      collect the UK Obligations without any prior recourse to the UK Collateral.
      The UK Agents’ and each UK Lender’s rights under this Agreement
      will be cumulative and not exclusive of any other right or remedy which
      any UK Agent or any UK Lender may have.

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                    13.2 Severability.
    The illegality or unenforceability of any provision of this Agreement or
    any Loan Document or any instrument or agreement required hereunder shall
    not in any way affect or impair the legality or enforceability of the remaining
    provisions of this Agreement or any instrument or agreement required hereunder.

	 
	 
	 

	 
	          13.3 Notices (a)
          Any demand, notice or other communication or document to be made on
          or delivered to any of the UK Obligors under this Agreement shall be
          made or delivered by fax or otherwise in writing and shall be treated
          as having been served if served in accordance with Section 13.7. Each
          demand, notice, communication or other document to be made on or delivered
          to any party to this Agreement may (unless that party has by 10 UK
          Business Days’ written notice to the other party or parties specified
          another address or fax number) be made or delivered to that other person
          at the address or fax number set out Section 13.7.

	 
	 

	 
	                    (b)
          Service of any demand, notice, communication or other document to be
          made or delivered under this Agreement may be made:

	 
	 
	 

	 
	 
	          (i)
          by leaving it at the relevant address for service referred to in Section
          13.7;

	 
	 
	 

	 
	 
	          (ii)
          by sending it by pre-paid first class letter (or by airmail if to or
          from an address outside the United Kingdom) through the post to the
          relevant address for service referred to in Section 13.7; or

	 
	 
	 

	 
	 
	          (iii)
          by fax to the relevant fax number referred to in Section 13.7 and so
          that any fax shall be deemed to be in writing and, if it bears the
          signature of the server or its authorized representative or agent,
          to have been signed by or on behalf of the server.

	 
	 
	 

	 
	                    (c)
          Any demand, notice, communication or other document from any of the
          UK Obligors shall be irrevocable. Any other demand, notice, communication
          or other document shall be served or treated as served at the following
          times:

	 
	 
	 

	 
	 
	          (i)
          in the case of service personally or in accordance with Subsection
          (b)(i) above, at the time of such service;

	 
	 
	 

	 
	 
	          (ii)
          in the case of service by post, at 9.00 a.m. on the UK Business Day
          next following the day on which it was posted or, in the case of service
          to or from an address outside the United Kingdom, at 9.00 a.m. on the
          fifth UK Business Day following the day on which it was posted; and

                    in
    the case of service by fax, if sent before 9.00 a.m. on a UK Business Day,
    at 11.00 a.m. on the same day, if sent between 9.00 a.m. and 5.30 p.m. on
    a UK Business Day, two hours after the time of such service or, if sent after
    5.30 p.m. on a UK Business Day, or if sent on a day other than a UK Business
    Day, at 9.00 a.m. on the next following UK Business Day.

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	                    (d)
          In proving service of a demand, notice, communication or other document
          served:

	 
	 
	 

	 
	 
	          (i)
          by post, it shall be sufficient to prove that such demand, notice,
          communication or other document was correctly addressed, full postage
          paid and posted; and

	 
	 
	 

	 
	 
	          (ii)
          by fax, it shall be sufficient to prove that the fax was followed by
          such machine record as indicates that the entire fax was sent to the
          relevant number and the transmission was successful.

                    13.4 Survival
      of Representations and Warranties. All of the UK Borrowers’ and
      the other Credit Parties’ representations and warranties contained
      in this Agreement and the other Loan Documents shall survive the execution,
      delivery, and acceptance thereof by the parties, notwithstanding any investigation
      by the UK Agents or the UK Lenders or their respective agents.

                    13.5 Other
      Security and Guaranties. The UK Agent, may, without notice or demand
      and without affecting the UK Borrowers’ obligations hereunder, from
      time to time: (a) take from any Person and hold collateral (other than
      the UK Collateral) for the payment of all or any part of the UK Obligations
      and exchange, enforce or release such collateral or any part thereof; and
      (b) accept and hold any endorsement or guaranty of payment of all or any
      part of the UK Obligations of any UK Obligor and release or substitute
      any such endorser or guarantor, or any Person who has given any Lien in
      any other collateral as security for the payment of all or any part of
      the UK Obligations of any UK Obligor, or any other Person in any way obligated
      to pay all or any part of the UK Obligations of any UK Obligor.

                    13.6 Fees
      and Expenses

	 
	 

	 
	                    (a)
          Each UK Borrower agrees to pay to the UK Agents for their respective
          benefit, on demand, all costs and expenses that each UK Agent pays
          or incurs in connection with the negotiation, preparation, syndication,
          consummation, administration, enforcement, and termination of this
          Agreement or any of the other Loan Documents, including: (a) Attorney
          Costs; (b) costs and expenses (including attorneys’ and paralegals’ fees
          and disbursements) for any amendment, supplement, waiver, consent,
          or subsequent closing in connection with the Loan Documents and the
          transactions contemplated thereby; (c) costs and expenses of lien and
          title searches and title insurance; (d) taxes, fees and other charges
          for recording the Mortgages, if any, filing (and similar) financing
          statements and continuations, and other actions to perfect, protect,
          and continue each Applicable Agents’ Liens (including costs and
          expenses paid or incurred by each Responsible Agent in connection with
          the consummation of this Agreement); (e) sums paid or incurred to pay
          any amount or take any action required of the UK Borrowers under the
          Loan Documents that the UK Borrowers fail to pay or take; (f) subject
          to Section 7.4 hereof, costs of appraisals, environmental audits
          inspections, and verifications of the Collateral, including travel,
          lodging, and meals for inspections of the Collateral and the UK Borrower’s
          operations by the Applicable Security Agent plus the Applicable Security
          Agent’s then customary charge for field examinations and audits

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	and the preparation of reports thereof (such
          charge is currently $850 per day (or portion thereof) for each Person
          retained or employed by the Applicable Security Agent with respect
          to each field examination or audit); and (g) costs and expenses of
          forwarding loan proceeds, collecting checks and other items of payment,
          and establishing and maintaining Payment Accounts and lock boxes, and
          costs and expenses of preserving and protecting the Collateral. In
          addition, the UK Borrowers agree to pay costs and expenses incurred
          by the Applicable Security Agent (including Attorneys’ Costs)
          to the Applicable Security Agent, for its benefit, on demand, and to
          the other Lenders for their benefit, on demand, and all reasonable
          fees, expenses and disbursements incurred by such other Lenders for
          one law firm in each applicable jurisdiction retained by such other
          Lenders, in each case, paid or incurred to obtain payment of the Obligations,
          enforce the Applicable Security Agents’ Liens, sell or otherwise
          realize upon the Collateral, and otherwise enforce the provisions of
          the Loan Documents, or to defend any claims made or threatened against
          any Agent or any Lender arising out of the transactions contemplated
          hereby (including preparations for and consultations concerning any
          such matters). The foregoing shall not be construed to limit any other
          provisions of the Loan Documents regarding costs and expenses to be
          paid by the UK Borrowers. All of the foregoing costs and expenses shall
          be charged to the UK Borrower’s Loan Account as Revolving Loans
          as described in Section 3.6.

	 
	 

	 
	                    b)
          Without prejudice to any other rights that the UK Agents or any of
          the UK Lenders may have at such time under this UK Credit Agreement
          or any other UK Loan Document, the UK Borrower agrees that, upon the
          appointment of a receiver, administrator, administrative receiver,
          trustee, examiner or any other similar officer or office holder of
          any UK Credit Party or of any or all of the assets of any UK Credit
          Party or upon an order being made for the winding-up, liquidation or
          dissolution of any UK Credit Party (the date of such event or occurrence
          being the “Insolvency Date”, shall become liable to
          pay forthwith to the UK Agent for its own account, an additional monitoring
          and administrative fee (the “Additional Monitoring and Administration
          Fee”) in an amount equal to two percent. (2%) of the UK Commitments
          as at the Insolvency Date.

                    13.7 Notices.
    Except as otherwise provided herein, all notices, demands and requests that
    any party is required or elects to give to any other shall be in writing,
    or by a telecommunications device capable of creating a written record, and
    any such notice shall become effective (a) upon personal delivery thereof,
    including, but not limited to, delivery by overnight mail and courier service,
    (b) four (4) days after it shall have been mailed by United States mail or
    UK post, as applicable, in each case, first class, certified or registered,
    with postage prepaid, or (c) in the case of notice by such a telecommunications
    device, when properly transmitted, in each case addressed to the party to
    be notified as follows:

               If
    to the Administrative Agent or to the Bank:

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	Bank of America, N.A.

	 
	 
	55 South Lake Avenue, Suite 900

	 
	 
	Pasadena, California 91101

	 
	 
	Attention: Business Credit-Account Executive-Mobile
          Storage

	 
	 
	Facsimile No.: +1 626 397 1273

	 
	 
	 

	 
	 
	with copies to:

	 
	 
	 

	 
	 
	Bank of America, N.A.

	 
	 
	5 Canada Square

	 
	 
	London E14 5AQ

	 
	 
	Attention: Business Credit

	 
	 
	Facsimile No.: +44 (0) 20 7809 5807

	 
	 
	 

	 
	 
	and

	 
	 
	 

	 
	 
	Latham & Watkins LLP

	 
	 
	633 West Fifth Street

	 
	 
	Los Angeles, CA 90071

	 
	 
	Attention: Andrew A, Fayé

	 
	 
	Facsimile No.: +1 213 891 8763

	 
	 
	 

	 
	If to UK Agent or the UK Security
          Trustee:

	 
	 
	 

	 
	 
	Bank of America, N.A.

	 
	 
	5 Canada Square

	 
	 
	London E14 5AQ

	 
	 
	Attention: Business Credit

	 
	 
	Facsimile No.: +44 (0) 20 7809 5807

	 
	 
	 

	 
	 
	with copies to:

	 
	 
	 

	 
	 
	Bank of America, N.A.

	 
	 
	55 South Lake Avenue, Suite 900

	 
	 
	Pasadena, California 91101

	 
	 
	Attention: Business Credit-Account Executive-Mobile
          Storage

	 
	 
	Facsimile No.: +1 626 397 1273

	 
	 
	 

	 
	 
	and

	 
	 
	 

	 
	 
	Latham & Watkins LLP

	 
	 
	633 West Fifth Street

	 
	 
	Los Angeles, CA 90071

	 
	 
	Attention: Andrew A. Fayé

	 
	 
	Facsimile No.: +1 213 891 8763

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	If to any US Borrower or any other Credit
          Party:

	 
	 

	 
	Mobile Storage Group, Inc.

	 
	7590 North Glenoaks Boulevard

	 
	Burbank, CA 91504

	 
	Attention: Allan Villegas

	 
	Facsimile No.: (818) 253-3154

	 
	 

	 
	with copies to:

	 
	 

	 
	Christopher A, Wilson, Esq.

	 
	Mobile Storage Group, Inc.

	 
	7590 North Glenoaks Boulevard

	 
	Burbank, CA 91504

	 
	Facsimile No.: (818) 253-3154

	 
	 

	 
	and

	 
	 

	 
	Munger, Tolles and Olson LLP

	 
	355 South Grand Avenue, 35th Floor

	 
	Los Angeles, CA 90071

	 
	Facsimile No.: (213) 687-3702

	 
	Attention: Judith Kitano, Esq.

or to such other address as each party may designate for itself
    by like notice. Failure or delay in delivering copies of any notice, demand,
    request, consent, approval, declaration or other communication to the persons
    designated above to receive copies shall not adversely affect the effectiveness
    of such notice, demand, request, consent, approval, declaration or other
    communication. Notwithstanding any terms or provisions herein to the contrary,
    the UK Borrowers shall simultaneously deliver to the Administrative Agent
    any notice, report, certificate, document or other information delivered
    to any UK Agent pursuant to the terms hereof, and the UK Borrowers shall
    cause the US Borrowers to simultaneously deliver to the UK Agent any notice,
    report, certificate, document or other information delivered to any US Agent
    pursuant to the terms of the US Credit Agreement.

                    13.8 Waiver
      of Notices. Unless otherwise expressly provided herein, the UK Borrowers
      waive presentment, and notice of demand or dishonor and protest as to any
      instrument, notice of intent to accelerate the UK Obligations and notice
      of acceleration of the UK Obligations, as well as any and all other notices
      to which it might otherwise be entitled. No notice to or demand on the
      UK Borrowers which any UK Agent or any UK Lender may elect to give shall
      entitle the UK Borrowers to any or further notice or demand in the same,
      similar or other circumstances.

                    13.9 Waiver
      of Counterclaims. Each Credit Party waives all rights to interpose
      any claims, deductions, setoffs, or counterclaims of any nature (other
      then compulsory

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counterclaims) in any action or proceeding with respect to this
    Agreement, the Obligations, the Collateral or any matter arising therefrom
    or relating hereto or thereto.

                    13.10 Binding
      Effect. The provisions of this Agreement shall be binding upon and
      inure to the benefit of the respective representatives, successors, and
      assigns of the parties hereto; provided, however, that no
      interest herein may be assigned by any UK Borrower without prior written
      consent of the UK Agent and each Lender. The rights and benefits of each
      UK Agent and the UK Lenders hereunder shall, if such Persons so agree,
      inure to any party acquiring any interest in the UK Obligations or any
      part thereof.

                    13.11 Indemnity
      of the Agents and the Lenders by the Borrowers.

	 
	 

	 
	                    (a)
          The UK Borrowers agree, jointly and severally, to defend, indemnify
          and hold each UK Agent, the Agent-Related Persons, and each UK Lender
          (including, for the avoidance of doubt any UK Revolver Participant
          and the UK Fronting Lender) and each of its respective officers, directors,
          employees, counsel, representatives, agents and attorneys-in-fact (each,
          an “Indemnified Person”) harmless from and against any and
          all liabilities, obligations, losses, damages, penalties, actions,
          judgments, suits, costs, charges, expenses and disbursements (including
          Attorney Costs) of any kind or nature whatsoever which may at any time
          (including at any time following repayment of the Loans and the termination,
          resignation or replacement of any UK Agent or replacement of any Lender)
          be imposed on, incurred by or asserted against any such Person in any
          way relating to or arising out of this Agreement or any document contemplated
          by or referred to herein, or the transactions contemplated hereby,
          or any action taken or omitted by any such Person under or in connection
          with any of the foregoing, including with respect to any investigation,
          litigation or proceeding (including any insolvency proceeding or appellate
          proceeding) related to or arising out of this Agreement, any other
          Loan Document, or the Loans or the use of the proceeds thereof, whether
          or not any Indemnified Person is a party thereto (all the foregoing,
          collectively, the “Indemnified Liabilities”); provided, that the
          UK Borrowers shall have no obligation hereunder to any Indemnified
          Person with respect to Indemnified Liabilities resulting solely from
          the gross negligence or willful misconduct of such Indemnified Person
          as determined in a final non-appealable judgment of a court of competent
          jurisdiction. The agreements in this Section shall survive payment
          of all other Obligations.

	 
	 

	 
	                    (b)
          The UK Borrowers agree, jointly and severally, to indemnify, defend
          and hold harmless each UK Agent and the UK Lenders (including, for
          the avoidance of doubt, each UK Revolver Participant and the UK Fronting
          Lender) from any loss or liability directly or indirectly arising out
          of the use, generation, manufacture, production, storage, release,
          threatened release, discharge, disposal or presence of a hazardous
          substance relating to the operations, business or property of each
          UK Borrower or any of its respective Subsidiaries. This indemnity will
          apply whether the hazardous substance is on, under or about the property
          or operations of or property leased to any UK Borrower or any of its
          Subsidiaries. The indemnity includes but is not limited to Attorneys
          Costs. The indemnity extends to the Agents and the UK Lenders, their
          parents, affiliates, subsidiaries and all of their directors, officers,
          employees, agents, successors, attorneys and assigns. “Hazardous
          substances” means any substance, material or waste

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	that is or becomes designated or regulated
          as “toxic,” “hazardous,” “pollutant,” or “contaminant” or
          a similar designation or regulation under any federal, state or local
          law (whether under common law, statute, regulation or otherwise) or
          judicial or administrative interpretation of such, including petroleum
          or natural gas. This indemnity will survive repayment of all other
          Obligations.

	 
	 

	 
	                    (c)
          Notwithstanding any of the other provisions of this Agreement or any
          other Loan Document, nothing contained herein or in any of the other
          Loan Documents shall require the UK Borrowers or any of their Subsidiaries
          to take any action which constitutes or will constitute unlawful financial
          assistance for the purposes of sections 151 to 158 (inclusive) of the
          Companies Act.

                    13.12 Rights
      of Third Parties. Any person who is not party to this Agreement has
      no right under the Contracts (Rights of Third Parties) Act 1999 to enforce
      any term of this Agreement but this does not affect any right or remedy
      of a third party which exists or is available apart from the Contracts
      (Rights of Third Parties) Act 1999.

                    13.13 Law
      and Jurisdiction

	 
	 
	 

	 
	                    (a) Law.
          This Agreement and the rights and obligations of the parties to this
          Agreement are governed by and to be construed in accordance with English
          law.

	 
	 

	 
	                    (b) Jurisdiction.

	 
	 
	 

	 
	 
	          (i) Submission.
          MSG and the UK Borrowers agree for the benefit of the UK Agents that
          the courts of England shall have jurisdiction to hear and determine,
          any suit, action or proceeding, and to settle any dispute, which may
          arise out of or in connection with this Agreement and, for such purposes,
          irrevocably submits to the jurisdiction of such courts.

	 
	 
	 

	 
	 
	          (ii) Forum.
          MSG and the UK Borrowers irrevocably waive any objection which it might
          now or hereafter have to the courts referred to in subsection (b)(i)
          being nominated as the forum to hear and determine any suit, action
          or proceeding, and to settle any dispute, which may arise out of or
          in connection with this Agreement and agrees not to claim that any
          such court is not a convenient or appropriate forum.

	 
	 
	 

	 
	 
	          (iii) Other
            competent jurisdictions. The submission to the jurisdiction of
            the courts referred to in subsection (b)(i) shall not (and shall
            not be construed so as to) limit the right of the UK Agents to take
            proceedings against any of the Credit Parties in any other court
            of competent jurisdiction nor shall the taking of proceedings in
            any one or more jurisdictions preclude the taking of the proceedings
            in any other jurisdiction, whether currently or not.

	 
	 
	 

	 
	                    (c) Consent
            of enforcement. MSG and the UK Borrowers hereby consent generally
            in respect of any legal action or proceeding arising out of or in
            connection with this Agreement to the giving of any relief of the
            issue of any process in

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	connection with such action or proceeding
          including, without limitation, the making, enforcement or execution
          against any property whatsoever of any of the Credit Party (irrespective
          of its use or intended use) of any order or judgment which may be made
          or given in such action or proceeding.

                    13.14 Limitation
      of Liability. NO CLAIM MAY BE MADE BY ANY UK BORROWER, ANY UK LENDER
      OR OTHER PERSON AGAINST ANY UK AGENT, ANY UK LENDER OR THE AFFILIATES,
      DIRECTORS, OFFICERS, EMPLOYEES, COUNSEL, REPRESENTATIVES, AGENTS OR ATTORNEYS-IN-FACT
      OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES
      IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY
      ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT
      OR ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION OR EVENT OCCURRING IN
      CONNECTION THEREWITH, AND EACH UK BORROWER AND EACH UK LENDER HEREBY WAIVES,
      RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER
      OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.

                    13.15 Final
      Agreement. This Agreement and the other Loan Documents, including without
      limitation the US Credit Agreement and the US Loan Documents are intended
      by the UK Borrowers, the UK Agents, and the UK Lenders to be the final,
      complete, and exclusive expression of the agreement between them. This
      Agreement and the other Loan Documents supersede any and all prior oral
      or written agreements relating to the subject matter hereof between the
      UK Borrowers and the UK Agent or any Lender. No modification, rescission,
      waiver, release, or amendment of any provision of this Agreement or any
      other Loan Document shall be made, except by a written agreement signed
      by the UK Borrowers and a duly authorized officer of each of the UK Agents
      and the Required Lenders (or where required hereunder, all Lenders).

                    13.16 Counterparts.
    This Agreement may be executed in any number of counterparts, and by the
    Administrative Agent, the UK Agent, each UK Lender and each UK Borrower in
    separate counterparts, each of which shall be an original, but all of which
    shall together constitute one and the same agreement; signature pages may
    be detached from multiple separate counterparts and attached to a single
    counterpart so that all signature pages are physically attached to the same
    document.

                    13.17 Captions.
    The captions contained in this Agreement are for convenience of reference
    only, are without substantive meaning and should not be construed to modify,
    enlarge, or restrict any provision.

                    13.18 Right
      of Setoff. In addition to any rights and remedies of the UK Lenders
      provided by law, if an Event of Default exists or the Loans have been accelerated,
      each UK Lender is authorized at any time and from time to time, without
      prior notice to the UK Borrowers, any such notice being waived by the UK
      Borrowers to the fullest extent permitted by law, to set off and apply
      any and all deposits (general or special, time or demand, provisional or
      final) at any time held by, and other indebtedness at any time owing by,
      such UK Lender or any Affiliate of such UK Lender to or for the credit
      or the account of either UK Borrower against any

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and all Obligations owing to such UK Lender by a UK Borrower,
    now or hereafter existing, irrespective of whether or not the UK Agent or
    such UK Lender shall have made demand under this Agreement or any Loan Document
    and although such Obligations may be contingent or unmatured. Each UK Lender
    agrees promptly to notify the UK Borrowers and the UK Agent after any such
    set-off and application made by such UK Lender; provided, however,
    that the failure to give such notice shall not affect the validity of such
    set-off and application. Notwithstanding the foregoing, no UK Lender shall
    exercise any right of set-off, banker’s lien, or the like against any
    deposit account or property of any UK Borrower held or maintained by such
    UK Lender without the prior written unanimous consent of the UK Lenders.

                    13.19 Confidentiality.

	 
	 

	 
	                    (a)
          The UK Borrowers hereby consent that each UK Agent and each UK Lender
          may issue and disseminate to the public general information describing
          the credit accommodation entered into pursuant to this Agreement, including
          the name and address of the UK Borrowers and a general description
          of the UK Borrowers’ businesses and may use the UK Borrowers’ name
          in advertising and other promotional material.

	 
	 

	 
	                    (b)
          Each UK Agent and each UK Lender severally agrees to take normal and
          reasonable precautions and exercise due care to maintain the confidentiality
          of all information identified as “confidential” or “secret” by
          the UK Borrowers and provided to such UK Agent or UK Lender by or on
          behalf of the UK Borrowers, under this Agreement or any other Loan
          Document, except to the extent that such information (i) was or becomes
          generally available to the public other than as a result of disclosure
          by such UK Agent or UK Lender, or (ii) was or becomes available on
          a nonconfidential basis from a source other than the UK Borrowers, provided that such
          source is not bound by a confidentiality agreement with the UK Borrowers
          known to such UK Agent or UK Lender; provided, however,
          that any UK Agent and any UK Lender may disclose such information (1)
          at the request or pursuant to any requirement of any Governmental Authority
          to which such UK Agent or UK Lender is subject or in connection with
          an examination of such UK Agent or UK Lender by any such Governmental
          Authority; (2) pursuant to subpoena or other court process; (3) when
          required to do so in accordance with the provisions of any applicable
          Requirement of Law; (4) to the extent reasonably required in connection
          with any litigation or proceeding (including, but not limited to, any
          bankruptcy proceeding) to which any UK Agent, any UK Lender or their
          respective Affiliates may be party; (5) to the extent reasonably required
          in connection with the exercise of any remedy hereunder or under any
          other Loan Document; (6) to such UK Agent’s or such UK Lender’s
          independent auditors, accountants, attorneys and other professional
          advisors; (7) to any prospective Participant or Transferee in connection
          with the syndication of the Loans and the Aggregate Commitments under
          any UK Transfer Agreement, actual or potential, provided that such
          prospective Participant or Transferee agrees to keep such information
          confidential to the same extent required of any UK Agent and the UK
          Lenders hereunder; (8) as expressly permitted under the terms of any
          other document or agreement regarding confidentiality to which any
          UK Borrower is party with such UK Agent or such UK Lender, and (9)
          to its Affiliates, provided that any UK Lender agrees to cause its
          Affiliate to keep such information confidential to the same extent
          required of any UK Agent or UK Lender hereunder. Notwithstanding anything

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	herein to the contrary, the information subject
          to this subsection (b) shall not include, and each UK Agent and each
          UK Lender may disclose without limitation of any kind, any information
          with respect to the “tax treatment” and “tax structure” (in
          each case, within the meaning of Treasury Regulation Section 1.6011-4)
          of the transactions contemplated hereby and all materials of any kind
          (including opinions or other tax analyses) that are provided to such
          UK Agent or such UK Lender relating to such tax treatment and tax structure; provided that with
          respect to any document or similar item that in either case contains
          information concerning the tax treatment or tax structure of the transactions
          as well as other information, this sentence shall only apply to such
          portions of the document or similar item that relate to the tax treatment
          or tax structure of the Loans, Letters of Credit and transactions contemplated
          hereby.

                    13.20 Conflicts
      with Other Loan Documents. Unless otherwise expressly provided in this
      Agreement (or in another Loan Document by specific reference to the applicable
      provision contained in this Agreement), if any provision contained in this
      Agreement conflicts with any provision of any other Loan Document, the
      provision contained in this Agreement shall govern and control.

                     13.21 Currency
      Indemnity. If, for the purposes of obtaining judgment in any court
      in any jurisdiction with respect to this Agreement or any of the other
      Loan Documents, it becomes necessary to convert into the currency of such
      jurisdiction (the “Judgment Currency”) any amount due
      under this Agreement or under any of the other Loan Documents in any currency
      other than the Judgment Currency (the “Currency Due”),
      then conversion shall be made at the Spot Rate at which the UK Agent is
      able, on the relevant date, to purchase the Currency Due with the Judgment
      Currency prevailing on the Applicable Business Day before the day on which
      judgment is given. In the event that there is a change in the rate of Exchange
      Rate prevailing between the Applicable Business Day before the day on which
      the judgment is given and the date of receipt by the UK Agent of the amount
      due, the UK Borrowers will, on the date of receipt by the UK Agent, pay
      such additional amounts, if any, or be entitled to receive reimbursement
      of such amount, if any, as may be necessary to ensure that the amount received
      by the UK Agent and the UK Lenders on such date is the amount in the Judgment
      Currency which when converted at the rate of exchange prevailing on the
      date of receipt by the UK Agent is the amount then due under this Agreement
      or such other of the Loan Documents in the Currency Due. If the amount
      of the Currency Due which the UK Agent is able to purchase is less than
      the amount of the Currency Due originally due to it, the UK Borrowers shall
      indemnify and save the UK Agent and the UK Lenders harmless from and against
      loss or damage arising as a result of such deficiency. The indemnity contained
      herein shall constitute an obligation separate and independent from the
      other obligations contained in this Agreement and the other Loan Documents,
      shall give rise to a separate and independent cause of action, shall apply
      irrespective of any indulgence granted by the UK Agent from time to time
      and shall continue in full force and effect notwithstanding any judgment
      or order for a liquidated sum in respect of an amount due under this Agreement
      or any of the other Loan Documents or under any judgment or order. 

                    13.22 Reinstatement.
    To the maximum extent permitted by law, this UK Credit Agreement, and the
    UK Obligations, shall continue to be effective or be reinstated, as the case
    may be, if at any time any amount received by any Agent or Lender in respect
    of the UK

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Obligations is rescinded or must otherwise be restored or returned
    by any such Person upon the insolvency, administration, bankruptcy, dissolution,
    liquidation or reorganization of UK Borrower or any other Person or upon
    the appointment of any receiver, intervenor, conservator, trustee or similar
    official for the UK Borrower or any other Person or any substantial part
    of its assets, or otherwise, all as though such payments had not been made.

                    13.23 Incorporation.
    For the purposes of Section 2 of the Law of Property (Miscellaneous Provisions)
    Act 1994, the terms of the Loan Documents shall be deemed to be incorporated
    in this Agreement.

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                    IN
    WITNESS WHEREOF, the parties have entered into this Agreement on the date
    first above written.

	 
	 

	 
	“US BORROWER” 

	 
	 

	 
	MOBILE STORAGE GROUP, INC.

	 
	 

	 
	“UK BORROWER”

	 
	 

	 
	RAVENSTOCK MSG LIMITED

	 
	 

	 
	“PARENT GUARANTOR”

	 
	 

	 
	MOBILE SERVICES GROUP, INC.

	 
	 

	 
	“ADMINISTRATIVE AGENT” 

	 
	 

	 
	BANK OF AMERICA, N.A., as the Administrative
          Agent

	 
	 

	 
	“UK AGENT” 

	 
	 

	 
	BANK OF AMERICA, N.A., as the UK Agent

	 
	 

	 
	“UK FRONTING LENDER”

	 
	 

	 
	BANK OF AMERICA, N.A., as the UK Fronting
          Lender

	 
	 

	 
	“LENDERS”

	 
	 

	 
	BANK OF AMERICA, N.A., as a Lender

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