Document:

Exhibit 10.3

 

SUPPLEMENTAL INDENTURE TO BE DELIVERED IN CONNECTION WITH THE ESCROW MERGER

 

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

 

(as successor by way of merger with MASON FINANCE SUB, INC.),

 

as Issuer

 

and

 

THE GUARANTORS PARTY HERETO

 

 

SENIOR UNSECURED NOTES DUE 2023

 

 

SUPPLEMENTAL INDENTURE

 

DATED AS OF AUGUST 15, 2018

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Trustee

 

 

This SUPPLEMENTAL INDENTURE, dated as of August 15, 2018 is by and among William Scotsman International, Inc. a Delaware corporation (“WS International”), each of the parties identified under the caption “Guarantors” on the signature pages hereto (the “Guarantors”) and Deutsche Bank Trust Company Americas, as trustee (in such capacity and not in its individual capacity, and together with its permitted successors and assigns in such capacity, the “Trustee”).

 

RECITALS

 

WHEREAS, Mason Finance Sub, Inc., as issuer (the “Escrow Issuer”) and the Trustee entered into an Indenture, dated as of August 3, 2018 (as amended and supplemented from time to time, the “Indenture”), pursuant to which the Escrow Issuer initially issued $200,000,000 in principal amount of Senior Unsecured Notes due 2023 (the “Notes”);

 

WHEREAS, on the date hereof, in connection with the consummation of the ModSpace Acquisition (as defined in the Indenture), (i) the Escrow Issuer merged with and into WS International, with WS International as the surviving company of such merger (the “Escrow Merger”);

 

WHEREAS Section 4.21(a) of the Indenture provides that upon the consummation of the Escrow Merger, WS International and each Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which (a) WS International will expressly assume all the obligations of the Escrow Issuer under the Indenture and the Notes, and become the “Issuer” in respect thereof and (b) each Guarantor will provide a Note Guarantee in respect of the Issuer’s obligations under the Indenture and the Notes; and

 

WHEREAS, all acts and procedures prescribed by the Indenture to make this Supplemental Indenture a legally valid and binding instrument on WS International, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed;

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, WS International, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows:

 

(1)                   Defined Terms; Interpretation  As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes.

 

(2)                   Agreement to Assume Obligations as “Issuer”.  WS International hereby confirms that it has assumed by operation of law all of the liabilities and obligations of the Escrow Issuer under the Indenture, the Notes and the other Note Documents, and hereby acknowledges and expressly agrees to such assumption.  WS International acknowledges and agrees that it is bound by all applicable provisions of the Indenture, the Notes and the other Note Documents

 

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on the terms provided for therein and that it will perform all of the obligations and agreements of the “Issuer” thereunder.  From and following the date hereof, each reference in the Indenture, the Notes or any other Note Document to the “Issuer” shall be deemed to be a reference to WS International.

 

(3)                   Agreement to Guarantee.  Each of the Guarantors hereby agrees, jointly and severally, to unconditionally guarantee the Issuer’s obligations under the Notes and the Indenture, and the other Note Obligations, in each case, on the terms and subject to the conditions set forth in the Indenture. From the date hereof, by executing this Supplemental Indenture, the Guarantors whose signatures appear below are subject to the provisions of the Indenture to the extent applicable.

 

(4)                   Ratification of Indenture; Confirmation. Except as specifically modified herein, the Indenture, the Notes and the other Note Documents are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms.

 

(5)                   Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

 

(6)                   No past, present or future director, officer, employee, incorporator, stockholder, partner, member or joint venturer of the Issuer or any Guarantor, as such, shall have any liability for any obligations of the Issuer or any Guarantor under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

(7)                   NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

 

(8)                   The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. Delivery of an executed counterpart of a signature page to this Supplemental Indenture by telecopier, facsimile or other electronic transmission (i.e. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties have caused this Supplemental  Indenture to be duly executed as of the date first written above.

 

	
 
    	
WILLIAMS   SCOTSMAN INTERNATIONAL, INC., as Issuer
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WILLIAMS   SCOTSMAN HOLDINGS CORP., as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WILLIAMS   SCOTSMAN, INC., as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
WILLSCOT   EQUIPMENT II, LLC, as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
ACTON   MOBILE HOLDINGS, LLC, as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    

 

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NEW   ACTON MOBILE INDUSTRIES LLC, as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
ONSITE   SPACE LLC, as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    

 

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MODULAR   SPACE HOLDINGS, INC., as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
MODULAR   SPACE INTERMEDIATE HOLDINGS, INC., as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
MODULAR   SPACE CORPORATION, as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
RESUN   MODSPACE, INC., as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
RESUN   CHIPPEWA, LLC, as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    
	
 
    	
MODSPACE   GOVERNMENTAL FINANCIAL SERVICES, INC., as a Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
 
    	
Title: Chief Financial Officer
    

 

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DEUTSCHE   BANK TRUST COMPANY AMERICAS., as Trustee
    
	
 
    	
By:
    	
Deutsche   Bank National Trust Company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Irina Golovashchuk
    
	
 
    	
 
    	
Name: Irina Golovashchuk
    
	
 
    	
 
    	
Title: Vice President
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kathryn Fischer
    
	
 
    	
 
    	
Name: Kathryn Fischer
    
	
 
    	
 
    	
Title: Vice President
    

 

7Exhibit 10.4

 

SUPPLEMENTAL INDENTURE

 

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

 

as Issuer

 

and

 

THE GUARANTORS PARTY HERETO

 

 

6.875% SENIOR SECURED NOTES DUE 2023

 

 

SUPPLEMENTAL INDENTURE

 

DATED AS OF AUGUST 15, 2018

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Trustee and Collateral Agent

 

 

This SUPPLEMENTAL INDENTURE, dated as of August 15, 2018 is by Williams Scotsman International, Inc., a Delaware corporation (the “Company”), each of the parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”), Deutsche Bank Trust Company Americas, as trustee (in such capacity and not in its individual capacity, the “Trustee”) and Deutsche Bank Trust Company Americas, as collateral agent (in such capacity and not in its individual capacity, the “Collateral Agent”).

 

RECITALS

 

WHEREAS, the Mason Finance Sub, Inc., a Delaware corporation (the “Escrow Issuer”), the Trustee and the Collateral Agent entered into an Indenture, dated as of August 6, 2018 (the “Indenture”), pursuant to which the Escrow Issuer initially issued $300,000,000 in principal amount of 6.875% Senior Secured Notes due 2023 (the “Notes”);

 

WHEREAS, Section 4.22 of the Indenture provides that following satisfaction of the Escrow Conditions, the Escrow Issuer will merge with and into the Company, with the Company surviving, and the Company and the Guarantors will execute a supplemental indenture to assume all of the Escrow Issuer’s obligations and rights under the Indenture and the Guarantors will become Guarantors under the Indenture;

 

WHEREAS, on the date hereof, the Escrow Issuer is merging with and into the Company, the Company being the surviving Person of such merger and the Escrow Issuer ceasing to exist (the “Merger”);

 

WHEREAS, Section 9.1(2) of the Indenture provides that the  Trustee and the Collateral Agent may supplement the Indenture in order to evidence the succession of another Person and the assumption by any such successor of the covenants and other obligations under the Indenture, without the consent of the Holders; and

 

WHEREAS, all acts and procedures prescribed by the Indenture to make this Supplemental Indenture a legally valid and binding instrument on the Company, the Guarantors, the Trustee and the Collateral Agent, in accordance with its terms, have been duly done and performed;

 

NOW, THEREFORE, in compliance with the provisions of the Indenture and in consideration of the above premises, the Company, the Guarantors, the Trustee and the Collateral Agent covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:

 

(1)                                 Effective upon consummation of the Merger, the Company, pursuant to Article 5 of the Indenture, hereby expressly assumes and agrees to pay, perform and/or discharge when due each and every debt, obligation, covenant and agreement incurred, made or to be paid, performed or discharged by Escrow Issuer under the Indenture and the Notes. The Company hereby agrees to be bound by all the terms, provisions and conditions of the Indenture and the Notes to which Escrow Issuer was theretofore bound, and, as the surviving entity, shall succeed to, and be substituted for, and may exercise every right and power of, Escrow Issuer under the Indenture and the Notes, and the Escrow Issuer is relieved of all of its obligations and duties under the Indenture and the Notes.

 

1

 

(2)                                 This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes.

 

(3)                                 This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Company, the Guarantors, the Trustee and the Collateral Agent.

 

(4)                                 From this date, by executing this Supplemental Indenture, the Company and the Guarantors whose signatures appear below are subject to the provisions of the Indenture to the extent applicable.

 

(5)                                 Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in the Indenture.

 

(6)                                 Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee or the Collateral Agent by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee and the Collateral Agent subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee and the Collateral Agent with respect hereto.

 

(7)                                 No past, present or future director, officer, employee, incorporator, stockholder, partner, member or joint venturer of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

(8)                                 NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

 

(9)                                 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. Delivery of an executed counterpart of a signature page to this Supplemental Indenture by telecopier, facsimile or other electronic transmission (i.e. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart thereof.

 

[NEXT PAGE IS SIGNATURE PAGE]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above.

 

	
 
    	
WILLIAMS   SCOTSMAN INTERNATIONAL, INC.,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
WILLIAMS   SCOTSMAN HOLDINGS CORP.,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
WILLIAMS   SCOTSMAN, INC.,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
WILLSCOT   EQUIPMENT II, LLC,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
ACTON   MOBILE HOLDINGS, LLC,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    

 

 

	
 
    	
NEW   ACTON MOBILE INDUSTRIES LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
ONSITE   SPACE LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    

 

 

	
 
    	
MODULAR   SPACE HOLDINGS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
MODULAR   SPACE INTERMEDIATE HOLDINGS, INC.,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
MODULAR   SPACE CORPORATION,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
RESUN   MODSPACE, INC.,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
 
    	
RESUN   CHIPPEWA, LLC,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    

 

 

	
 
    	
MODSPACE   GOVERNMENTAL FINANCIAL SERVICES, INC.,
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Boswell
    
	
 
    	
Name: Timothy D. Boswell
    
	
 
    	
Title: Chief Financial Officer
    

 

 

	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS., as Trustee
    
	
 
    	
By:   Deutsche Bank National Trust Company
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Irina Golovashchuk
    
	
 
    	
Name: Irina Golovashchuk
    
	
 
    	
Title: Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kathryn Fischer
    
	
 
    	
Name: Kathryn Fischer
    
	
 
    	
Title: Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
DEUTSCHE   BANK TRUST COMPANY AMERICAS, as Collateral Agent
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Irina Golovashchuk
    
	
 
    	
Name: Irina Golovashchuk
    
	
 
    	
Title: Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Kathryn Fischer
    
	
 
    	
Name: Kathryn Fischer
    
	
 
    	
Title: Vice President

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