Document:

EXHIBIT 10.3

EXECUTION COPY

CREDIT AGREEMENT

Dated as of August 1, 2006 

Among

THE FINANCIAL INSTITUTIONS NAMED HEREIN

as the Lenders

and

THE CIT GROUP/BUSINESS CREDIT, INC.

as the Administrative Agent

and

MOBILE STORAGE GROUP, INC. and MOBILE SERVICES GROUP, INC.

as US Borrowers

and

MSG WC HOLDINGS CORP.

as the Parent Guarantor

and

MSG WC INTERMEDIARY CO. 

and 

CIT CAPITAL SECURITIES LLC and LEHMAN BROTHERS INC.

as Joint Lead Arrangers

and

LEHMAN BROTHERS INC.

as Sole Bookrunner and Syndication Agent

and

WACHOVIA CAPITAL FINANCE CORPORATION (WESTERN), 

MERRILL LYNCH CAPITAL, A DIVISION OF MERRILL LYNCH

BUSINESS FINANCIAL SERVICES INC. and

TEXTRON FINANCIAL CORPORATION 

as Co-Documentation Agents

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
Section

	
 

	
 

	
 

	
Page

	

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 1.
  LOANS AND LETTERS OF CREDIT

	
 

	
1

	
 

	
 

	
 

	
 

	
 

	
 

	
1.1

	
Total US
  Facility

	
 

	
1

	
 

	
1.2

	
US Revolving
  Loans

	
 

	
1

	
 

	
1.3

	
[Intentionally
  deleted]

	
 

	
5

	
 

	
1.4

	
Letters of
  Credit

	
 

	
5

	
 

	
1.5

	
US Bank
  Products

	
 

	
8

	
 

	
1.6

	
Joint And
  Several Obligations; Cross-Guaranty

	
 

	
8

	
 

	
1.7

	
Increase in
  the Total US Facility

	
 

	
13

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 2.
  INTEREST AND FEES

	
 

	
14

	
 

	
 

	
 

	
 

	
2.1

	
Interest

	
 

	
14

	
 

	
2.2

	
Continuation
  and Conversion Elections

	
 

	
15

	
 

	
2.3

	
Maximum
  Interest Rate

	
 

	
16

	
 

	
2.4

	
Agent Fees

	
 

	
16

	
 

	
2.5

	
Unused Line
  Fee

	
 

	
16

	
 

	
2.6

	
Letter of
  Credit Fee

	
 

	
17

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 3.
  PAYMENTS AND PREPAYMENTS

	
 

	
17

	
 

	
 

	
 

	
 

	
3.1

	
Revolving
  Loans

	
 

	
17

	
 

	
3.2

	
Termination
  of Facility

	
 

	
17

	
 

	
3.3

	
[Intentionally
  deleted]

	
 

	
17

	
 

	
3.4

	
US LIBOR
  Revolving Loan Prepayments

	
 

	
17

	
 

	
3.5

	
Payments by
  the US Borrowers

	
 

	
17

	
 

	
3.6

	
Payments as
  US Revolving Loans

	
 

	
18

	
 

	
3.7

	
Apportionment,
  Application and Reversal of Payments

	
 

	
18

	
 

	
3.8

	
Indemnity
  for Returned Payments

	
 

	
19

	
 

	
3.9

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

	
 

	
19

	
 

	
3.10

	
[Intentionally
  deleted]

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 4.
  TAXES, YIELD PROTECTION AND ILLEGALITY

	
 

	
20

	
 

	
 

	
 

	
 

	
4.1

	
Taxes

	
 

	
20

	
 

	
4.2

	
Illegality

	
 

	
22

	
 

	
4.3

	
Increased
  Costs and Reduction of Return

	
 

	
23

	
 

	
4.4

	
Funding
  Losses

	
 

	
24

	
 

	
4.5

	
Inability to
  Determine Rates

	
 

	
24

	
 

	
4.6

	
Certificates
  of Lenders

	
 

	
24

	
 

	
4.7

	
Survival

	
 

	
25

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 5.
  BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES

	
 

	
25

	
 

	
 

	
 

	
 

	
5.1

	
Books and
  Records

	
 

	
25

	
 

	
5.2

	
Financial
  Information

	
 

	
26

	
 

	
5.3

	
Notices to
  the Lenders

	
 

	
28

i

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 6.
  GENERAL WARRANTIES AND REPRESENTATIONS

	
 

	
31

	
 

	
 

	
 

	
 

	
6.1

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

	
 

	
31

	
 

	
6.2

	
Validity and
  Priority of Security Interest

	
 

	
31

	
 

	
6.3

	
Organization
  and Qualification

	
 

	
32

	
 

	
6.4

	
[Intentionally
  Omitted]

	
 

	
32

	
 

	
6.5

	
Subsidiaries

	
 

	
32

	
 

	
6.6

	
Financial
  Statements and Projections

	
 

	
32

	
 

	
6.7

	
[Intentionally
  deleted]

	
 

	
32

	
 

	
6.8

	
Solvency

	
 

	
32

	
 

	
6.9

	
[Intentionally
  deleted]

	
 

	
32

	
 

	
6.10

	
[Intentionally
  deleted]

	
 

	
32

	
 

	
6.11

	
Personal
  Property; Real Estate; Leases

	
 

	
32

	
 

	
6.12

	
Proprietary
  Rights

	
 

	
34

	
 

	
6.13

	
[Intentionally
  deleted]

	
 

	
34

	
 

	
6.14

	
Litigation

	
 

	
34

	
 

	
6.15

	
Labor
  Disputes

	
 

	
34

	
 

	
6.16

	
Environmental
  Laws

	
 

	
34

	
 

	
6.17

	
No Violation
  of Law

	
 

	
36

	
 

	
6.18

	
No Default

	
 

	
36

	
 

	
6.19

	
ERISA
  Compliance

	
 

	
36

	
 

	
6.20

	
Taxes

	
 

	
37

	
 

	
6.21

	
Regulated
  Entities

	
 

	
37

	
 

	
6.22

	
Use of
  Proceeds; Margin Regulations

	
 

	
37

	
 

	
6.23

	
[Intentionally
  deleted]

	
 

	
37

	
 

	
6.24

	
No Material
  Adverse Change

	
 

	
37

	
 

	
6.25

	
Full
  Disclosure

	
 

	
37

	
 

	
6.26

	
[Intentionally
  deleted]

	
 

	
37

	
 

	
6.27

	
Bank
  Accounts

	
 

	
37

	
 

	
6.28

	
Governmental
  Authorization

	
 

	
38

	
 

	
6.29

	
[Intentionally
  deleted]

	
 

	
38

	
 

	
6.30

	
Non-Guarantor
  Subsidiaries

	
 

	
38

	
 

	
6.31

	
Luxembourg
  Subsidiaries

	
 

	
38

	
 

	
6.32

	
[Intentionally
  deleted]

	
 

	
38

	
 

	
6.33

	
Sales of
  Vehicles

	
 

	
38

	
 

	
6.34

	
Anti-Terrorism
  Laws

	
 

	
38

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 7.
  AFFIRMATIVE AND NEGATIVE COVENANTS

	
 

	
38

	
 

	
 

	
 

	
 

	
7.1

	
Taxes and
  Other Obligations

	
 

	
39

	
 

	
7.2

	
Legal
  Existence and Good Standing

	
 

	
39

	
 

	
7.3

	
Compliance
  with Law and Agreements; Maintenance of Licenses

	
 

	
39

	
 

	
7.4

	
Maintenance
  of Property; Inspection of Property

	
 

	
39

	
 

	
7.5

	
Insurance

	
 

	
40

	
 

	
7.6

	
Insurance
  and Condemnation Proceeds

	
 

	
41

	
 

	
7.7

	
Environmental
  Laws

	
 

	
42

	
 

	
7.8

	
Compliance
  with ERISA and Other Laws

	
 

	
43

	
 

	
7.9

	
Mergers,
  Amalgamations, Consolidations or Sales

	
 

	
44

ii

	
 

	
 

	
 

	
 

	
 

	
 

	
7.10

	
Distributions;
  Capital Change; Restricted Investments

	
 

	
45

	
 

	
7.11

	
Transactions
  Affecting Collateral or Obligations

	
 

	
47

	
 

	
7.12

	
Guaranties

	
 

	
47

	
 

	
7.13

	
Debt

	
 

	
47

	
 

	
7.14

	
Prepayments;
  Payments on Senior Unsecured Notes; Payments on Intercompany Debt

	
 

	
49

	
 

	
7.15

	
Transactions
  with Affiliates

	
 

	
50

	
 

	
7.16

	
Investment
  Banking and Finder’s Fees

	
 

	
51

	
 

	
7.17

	
Business
  Conducted

	
 

	
51

	
 

	
7.18

	
Liens

	
 

	
52

	
 

	
7.19

	
Sale and
  Leaseback Transactions

	
 

	
52

	
 

	
7.20

	
New
  Subsidiaries

	
 

	
52

	
 

	
7.21

	
Fiscal Year

	
 

	
53

	
 

	
7.22

	
Depreciation
  Method

	
 

	
53

	
 

	
7.23

	
Cash
  Interest Coverage Ratio

	
 

	
53

	
 

	
7.24

	
Maximum
  Consolidated Total Debt to Pro Forma EBITDA Ratio

	
 

	
53

	
 

	
7.25

	
Minimum
  Fleet Utilization Rate

	
 

	
54

	
 

	
7.26

	
Capital
  Expenditures

	
 

	
54

	
 

	
7.27

	
Federal
  Reserve Regulations

	
 

	
55

	
 

	
7.28

	
Further
  Assurances

	
 

	
55

	
 

	
7.29

	
Bank
  Accounts

	
 

	
55

	
 

	
7.30

	
Changes
  Relating to the Senior Unsecured Notes or Mezzanine Debt

	
 

	
55

	
 

	
7.31

	
Access
  Agreements

	
 

	
56

	
 

	
7.32

	
Additional
  Credit Parties; Additional Collateral

	
 

	
56

	
 

	
7.33

	
Mortgages

	
 

	
57

	
 

	
7.34

	
Preferred
  Stock

	
 

	
58

	
 

	
7.35

	
[Intentionally
  deleted]

	
 

	
58

	
 

	
7.36

	
Center of
  Main Interest

	
 

	
58

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 8.
  CONDITIONS OF LENDING

	
 

	
58

	
 

	
 

	
 

	
 

	
8.1

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

	
 

	
58

	
 

	
8.2

	
Conditions
  Precedent to Each Loan

	
 

	
63

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 9.
  DEFAULT; REMEDIES

	
 

	
63

	
 

	
 

	
 

	
 

	
9.1

	
Events of
  Default

	
 

	
63

	
 

	
9.2

	
Remedies

	
 

	
66

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 10.
  TERM AND TERMINATION

	
 

	
68

	
 

	
 

	
 

	
 

	
10.1

	
Term and
  Termination 

	
 

	
68

	
 

	
 

	
 

	
 

	
 

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

	
 

	
68

	
 

	
 

	
 

	
 

	
 

	
 

	
11.1

	
Amendments
  and Waivers

	
 

	
68

	
 

	
11.2

	
Assignments;
  Participations

	
 

	
70

iii

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 12.
  THE AGENTS

	
 

	
73

	
 

	
 

	
 

	
 

	
12.1

	
Appointment
  and Authorization

	
 

	
73

	
 

	
12.2

	
Delegation
  of Duties

	
 

	
73

	
 

	
12.3

	
Liability of
  Agent

	
 

	
73

	
 

	
12.4

	
Reliance by
  Each Agent

	
 

	
74

	
 

	
12.5

	
Notice of
  Default

	
 

	
74

	
 

	
12.6

	
Credit
  Decision

	
 

	
74

	
 

	
12.7

	
Indemnification

	
 

	
74

	
 

	
12.8

	
Agent in
  Individual Capacity

	
 

	
75

	
 

	
12.9

	
Successor
  Agent

	
 

	
75

	
 

	
12.10

	
Collateral
  Matters and Release of Guaranties

	
 

	
75

	
 

	
12.11

	
Restrictions
  on Actions by Lenders; Sharing of Payments

	
 

	
77

	
 

	
12.12

	
Agency for
  Perfection

	
 

	
77

	
 

	
12.13

	
Payments by
  Responsible Agent to Applicable Lenders

	
 

	
77

	
 

	
12.14

	
Settlement

	
 

	
78

	
 

	
12.15

	
Letters of
  Credit; Intra-Lender Issues

	
 

	
81

	
 

	
12.16

	
Concerning
  the Collateral and the Related Loan Documents

	
 

	
83

	
 

	
12.17

	
Field Audit
  and Examination Reports; Disclaimer by Lenders

	
 

	
83

	
 

	
12.18

	
Relation
  Among Lenders

	
 

	
84

	
 

	
12.19

	
Administrative
  Agent as Security Agent

	
 

	
84

	
 

	
12.20

	
Protection
  of Administrative Agent as Security Agent

	
 

	
84

	
 

	
12.21

	
Co-Agents

	
 

	
84

	
 

	
 

	
 

	
 

	
 

	
ARTICLE 13.
  MISCELLANEOUS

	
 

	
85

	
 

	
 

	
 

	
 

	
 

	
 

	
13.1

	
No Waivers;
  Cumulative Remedies

	
 

	
85

	
 

	
13.2

	
Severability

	
 

	
85

	
 

	
13.3

	
Governing
  Law; Choice of Forum; Service of Process

	
 

	
85

	
 

	
13.4

	
WAIVER OF
  JURY TRIAL

	
 

	
86

	
 

	
13.5

	
Survival of
  Representations and Warranties

	
 

	
86

	
 

	
13.6

	
Other
  Security and Guaranties

	
 

	
86

	
 

	
13.7

	
Fees and
  Expenses

	
 

	
86

	
 

	
13.8

	
Notices

	
 

	
87

	
 

	
13.9

	
Waiver of
  Notices

	
 

	
88

	
 

	
13.10

	
Binding
  Effect

	
 

	
89

	
 

	
13.11

	
Indemnity of
  the Agents and the Lenders by the Borrowers

	
 

	
89

	
 

	
13.12

	
Limitation
  of Liability

	
 

	
90

	
 

	
13.13

	
Final
  Agreement

	
 

	
90

	
 

	
13.14

	
Counterparts

	
 

	
90

	
 

	
13.15

	
Captions

	
 

	
90

	
 

	
13.16

	
Right of
  Setoff

	
 

	
90

	
 

	
13.17

	
Confidentiality

	
 

	
91

	
 

	
13.18

	
Conflicts
  with Other Loan Documents

	
 

	
91

	
 

	
13.19

	
Currency
  Indemnity

	
 

	
91

	
 

	
13.20

	
Reinstatement

	
 

	
92

	
 

	
13.21

	
Waiver of
  Counterclaims

	
 

	
92

	
 

	
13.22

	
USA Patriot
  Act Notice

	
 

	
92

	
 

	
13.23

	
Register

	
 

	
92

iv

ANNEXES, EXHIBITS AND SCHEDULES

	
 

	
 

	
 

	
 

	
ANNEX A

	
-

	
 

	
DEFINED TERMS

	
EXHIBIT A

	
-

	
 

	
FORM OF CLOSING
  CERTIFICATE

	
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 UK INTERCREDITOR
  DEED

	
SCHEDULE 1

	
-

	
 

	
LENDERS’ COMMITMENTS
  (ANNEX A – DEFINED TERMS)

	
SCHEDULE 6.2

	
-

	
 

	
PRIORITY

	
SCHEDULE 6.5

	
-

	
 

	
SUBSIDIARIES AND
  AFFILIATES

	
SCHEDULE 6.11

	
-

	
 

	
PERSONAL PROPERTY, REAL
  ESTATE; LEASES;

	
SCHEDULE 6.12

	
-

	
 

	
PROPRIETARY RIGHTS

	
SCHEDULE 6.19

	
-

	
 

	
ERISA COMPLIANCE

	
SCHEDULE 6.27

	
-

	
 

	
BANK ACCOUNTS

	
SCHEDULE 6.28

	
-

	
 

	
GOVERNMENTAL AUTHORITY

	
SCHEDULE 6.30

	
-

	
 

	
NON-GUARANTOR SUBSIDIARIES

	
SCHEDULE 6.33

	
-

	
 

	
SALE OF VEHICLES

	
SCHEDULE 7.4

	
-

	
 

	
UK PROPERTIES

	
SCHEDULE 7.13

	
-

	
 

	
DEBT

	
SCHEDULE 7.15

	
-

	
 

	
TRANSACTIONS WITH
  AFFILIATES

	
SCHEDULE 8.1

	
-

	
 

	
MORTGAGED PROPERTIES

v

CREDIT AGREEMENT

                    This
CREDIT AGREEMENT, dated as of August 1, 2006, (this “Agreement” or the “US
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 “US
Lender” and collectively as the “US Lenders”), THE CIT GROUP/BUSINESS CREDIT,
INC. with an office at 505 Fifth Avenue, New York, New York 10017, 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, (“MSG”) and MOBILE SERVICES
GROUP, INC., a Delaware corporation (“Mobile Services” and together with MSG,
the “US Borrowers”), MSG WC INTERMEDIARY CO., a Delaware Corporation (“Intermediary”)
and MSG WC HOLDINGS CORP., a Delaware corporation (the “Parent Guarantor”).
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.

W I T N
E S S E T H:

                    The Parties hereto 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 make available a total credit facility of up to
$300,000,000 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 pursuant to the terms and conditions hereof. The Total US
Facility shall be composed of a revolving line of credit consisting of US
Revolving Loans and Letters of Credit described herein.

          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 (i) revolving loans in US Dollars (the “US Revolving Loans”) to
the US Borrowers 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 subfacility described in Section 1.4 to issue Letters of Credit
or provide Credit Support for the account of the US Borrowers, the “US
Revolving Facility”) and (ii) to the extent a US Lender agrees, subject to the
terms and conditions set forth in the applicable Incremental Assumption
Agreement and Section 1.7, Incremental Loans to the US Borrower, in an
aggregate principal amount not to exceed its Incremental Commitment, as the
case may be. 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 in all
relevant definitions 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 in all relevant definitions were
equal to zero) after giving effect to any US 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”) or via the Administrative Agent’s online system,
which must be received by the Administrative Agent prior to (i) 2:00 p.m.
(New York time) three US Business Days prior to the requested Funding Date, in
the case of US LIBOR Revolving Loans, (ii) 2:00 p.m. (New York time) on the
requested Funding Date, in the case of US Base Rate Revolving Loans made
pursuant to clause (h) below and (iii) 11:00 a.m. (New York time) on the
requested Funding Date, in the case of US Base Rate Revolving Loans (other than
those made pursuant to clause (h) below), specifying, in each case:

                              (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)
[Intentionally deleted].

                              (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 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

2

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)
On or prior to the Closing Date, the US Borrower Representative shall deliver
to the Administrative Agent, a notice setting forth the account of one or more
US Borrowers (each, a “Designated Account”) to which the Administrative Agent
is authorized to transfer the proceeds of the US Revolving Loans requested
hereunder. The US Borrower Representative 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 the US Borrower Representative’s request
for US Revolving Loans on behalf of each US Borrower, so 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
Representative 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 shall conclusively
establishes the obligation of such US Borrower to repay such US Revolving Loans
as provided herein.

3

                    (e)
Notice Irrevocable. Any Notice of Borrowing 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, 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 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, 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. (New York 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 (or
Designated Accounts) set forth in the Notice of Borrowing or via the
Administrative Agent’s online system; 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 to have the terms of this Section 1.2(h)
apply to a requested US Borrowing, the Administrative Agent 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 the
Designated Account (or Designated Accounts) set forth in the Notice of
Borrowing 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 Administrative Agent 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 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 Administrative Agent 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 $30,000,000. The Administrative Agent shall not make
any Non-Ratable Loan if (1) 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

4

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 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) to the extent the requested
Letter of Credit is to be denominated in Pounds Sterling, Euro or Canadian Dollars,
the maximum face amount of such Letter of Credit is greater than the US Unused
Multicurrency Letter of Credit Sublimit; (iii) 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; (iv) 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; (v) a Default or Event
of Default has occurred and is continuing; or (vi) such Letter of Credit for
the account of any US Borrower is denominated in any currency other than an
Approved Currency. 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 US 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

5

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 Governmental Authority or arbitrator
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 and the Letter of Credit Issuer of a requested Letter of
Credit at least three (3) US Business 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 currency in which such Letter of
Credit is to be denominated, 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 (i) the amount of
the US Unused Letter of Credit Subfacility, (ii) if such Letter of Credit is to
be denominated in Pounds Sterling, Euro or Canadian Dollars, the US Unused
Multicurrency Letter of Credit Sublimit and (iii) 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, (ii) if the requested
Letter of Credit is to be denominated in Pounds Sterling, Euro or Canadian
Dollars, the face amount of such Letter of Credit is less than the US Unused
Multicurrency Letter of Credit Sublimit, and (iii) 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 in

6

the currency
in which such Letter of Credit is denominated 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
then due and 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; provided, that if such
Letter of Credit is denominated in Pounds Sterling, Canadian Dollars or Euro
the procedures in this sentence and the immediately preceding sentence shall be
subject to Section 12.15(e).

                    (f)
Indemnification; Exoneration.

                              (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 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), or the
existence, validity or extent of any action, claim or rights that US Borrower
may have against any Person other than the US Lenders and the US Agents.

                              (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 

7

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
or any other Person that is not a US Lender or US Agent.

                              (5)
Account Party. Each US Borrower hereby authorizes and directs any Letter
of Credit Issuer to name the US Borrower Representative 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.

                    (g)
Cash Collateral. If, notwithstanding the provisions of Section 1.4(b)
and Section 10.1, any Letter of Credit or Credit Support is
outstanding after the Termination Date, then upon such Termination Date 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, cash collateral 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. The Administrative Agent shall be entitled to
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 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 pay to
the US Borrowers any cash remaining after payment in full of all amounts due
(including fees and expenses) to the Administrative Agent.

          1.5
US Bank Products. Each US Borrower may request and any Bank Product
Provider may, in its sole and absolute discretion, arrange for such US Borrower
to obtain from the Bank Product Provider US Bank Products, although no US
Borrower is required to do so. If US Bank Products are provided by a Bank
Product Provider, the US Borrowers agree, jointly and severally, to indemnify
and hold the US Agents, the Bank Product Provider and the US Lenders harmless
from any and all costs and obligations now or hereafter incurred by any US
Agent, the Bank Product Provider or any of the US Lenders which arise from any
indemnity given by the Administrative Agent to the Bank Product Provider
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 Product Provider, 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 a Bank Product Provider (a) is in the sole and absolute
discretion of the Bank Product Provider, and (b) is subject to all rules and
regulations of the Bank Product Provider.

          1.6
Joint And Several Obligations; Cross-Guaranty.

8

                    (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 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 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

9

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 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 1111(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 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 (other than indemnities and other
contingent liabilities not then due and payable) 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) except as expressly contemplated
in Article 9 of this Agreement, all notices of intention to accelerate and/or
notice of acceleration of the US Obligations; (xvi) relief from any

10

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 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.

                    (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

11

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.

                    (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 (other
than indemnities and other contingent liabilities not then due and payable) 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

12

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.

          1.7
Increase in the Total US Facility. (a) So long as no Default or Event of
Default shall have occurred and be continuing or would result therefrom, the US
Borrower Representative may, by written notice to the Administrative Agent from
time to time after the Closing Date, request Incremental Commitments in an
aggregate amount not to exceed the Incremental Amount from one or more
Incremental US Lenders (which may include any existing US Lender) willing to
provide such Incremental Loans in their own discretion; provided, that
each Incremental US Lender, if not already a US Lender hereunder, shall be
subject to the approval of the Administrative Agent (which approval shall not
be unreasonably withheld). Such notice shall set forth (i) the amount of
the Incremental Commitments being requested (which shall be in minimum increments
of $10,000,000) and (ii) the date on which such Incremental Commitments
are requested to become effective (the “Increased Amount Date”).

                    (b)
Each US Borrower and each Incremental US Lender shall execute and deliver to
the Administrative Agent an Incremental Assumption Agreement and such other
documentation as the Administrative Agent shall reasonably specify to evidence
the Incremental Commitment of such Incremental US Lender. Each Incremental
Assumption Agreement shall specify that the Incremental Loans shall be on the
same terms as the US Revolving Loans. The Administrative Agent shall promptly
notify each US Lender as to the effectiveness of each Incremental Assumption
Agreement. Each of the parties hereto hereby agrees that, upon the
effectiveness of any Incremental Assumption Agreement, this Agreement shall be
amended by the Administrative Agent and the US Borrower Representative to the extent (but only to the
extent) necessary to reflect the existence and terms of the Incremental
Commitments evidenced thereby as provided for in Section 11.1 which
amendment shall be then furnished to the other parties hereto.

                    (c)
Notwithstanding the foregoing, no Incremental Commitment shall become effective
under this Section 1.7 unless (i) on the date of such
effectiveness, the conditions set forth in Section 8.2 (after giving effect to
any amendment executed pursuant to Section 1.7(b)) shall be satisfied
and the Administrative Agent shall have received a certificate to that effect
dated such date and executed by an officer of each US Borrower, (ii) the
Administrative Agent shall have received such legal opinions, board resolutions
and other closing certificates and documentation, if any, as required by the
relevant Incremental Assumption Agreement and consistent in all material
respects with those delivered on the Closing Date under Section 8.1 and
such additional documents and filings (including amendments to the Mortgages
and other US Security Documents and title endorsement bringdowns) as the
Administrative Agent may reasonably require to assure that the Incremental
Loans have the same guarantees as, and are secured on a pari passu basis by the
Collateral ratably with, the existing US Revolving Loans and (iii) the US
Borrowers would be in pro forma compliance with the covenants contained in Sections
7.23 through

13

7.26 after giving effect to
such Incremental Commitment and the Loans to be made thereunder and the
application of the proceeds therefrom as if made and applied on such date.

                    (d)
Each of the parties hereto hereby agrees that the Administrative Agent may take
any and all action as may be reasonably necessary to ensure that all
Incremental Loans, when originally made, are included in each Borrowing of
outstanding US Revolving Loans on a pro rata basis. All Incremental Loans shall
be treated as US Revolving Loans for all purposes under this Agreement and the
other Loan Documents.

ARTICLE
2.

INTEREST AND FEES

          2.1
Interest.

                    (a)
Interest Rates. All outstanding US Loans shall bear interest on the
unpaid principal amount thereof (plus, 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 Loans shall bear interest as follows:

	
 

	
 

	
 

	
          (i)
  For all US Revolving Loans:

	
 

	
 

	
 

	
          (A)
  for all US Base Rate 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. Each change in
the US LIBOR Rate for each outstanding US LIBOR Revolving Loan shall be adjusted automatically as of the
effective date of any change in the Eurodollar Reserve Percentage. All
interest charges on US Base Rate Revolving Loans shall be computed on the basis
of a 365 or 366 day year for actual days elapsed. All interest charges on US
LIBOR Revolving Loans shall be computed on the basis of a year of 360 days for
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 at the end of each fiscal quarter 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 and, if the
Interest Period applicable to US LIBOR Revolving Loans is greater than three
months, no less frequently than every three months.

                    (b)
Default Rate. If all or a portion of (i) the principal amount of any US
Revolving Loan or (ii) any interest payable thereon or any other US Obligation
shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall bear interest at a rate per

14

annum that is (x) in the case of
overdue principal, the rate that would otherwise be applicable thereto plus
2% or (y) in the case of any overdue interest or any such other US Obligation,
the rate applicable to Base Rate Revolving Loans plus 2% from and
including the date of such non-payment to but excluding the date on which such
amount is paid in full (after as well as before judgment).

          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

	
 

	
          (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 2:00 p.m.
New York 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

15

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 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 accrued if the
Maximum Rate had, at all times during the term of this Agreement, 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, during the
term of this Agreement, 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 then outstanding US Obligations of the US Borrowers other than
interest, in the inverse order of maturity, and if there are no such 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
amended and restated fee letter dated June 23, 2006, among the Administrative
Agent, Lehman Commercial Paper Inc., Lehman Brothers Inc., CIT Capital
Securities LLC, Goldman Sachs & Co., Goldman Sachs Credit Partners L.P.,
Wachovia Bank, National Association, Wachovia Investment Holdings, LLC, the
Parent Guarantor and Acquisition Sub (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 Borrower agrees 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.

16

          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
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. The Letter of Credit Fee with respect to
any Letter of Credit denominated in Pounds Sterling, Canadian Dollars or Euro
shall be converted into Dollars by the US Borrowers prior to the payment
thereof on the basis of the Spot Rate for the purchase of Dollars with such
other currency on the date of payment thereof.

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 Borrower
also terminates 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 Borrower 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 Borrower to pay to the UK Agent, for
the account of the UK Lenders, the amount by which the Aggregate Outstandings
exceed the Maximum 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 and the UK Agent, 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 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 then due 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. 

          3.5
Payments by the US Borrowers.

17

                    (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 1:00 p.m. (New York 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; provided,
that if such Letter of Credit is denominated in Pounds Sterling,
Canadian Dollars or Euro the procedures in this sentence and the immediately
preceding sentence shall be subject to Section 12.15(e).

          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, including Non-Ratable Loans, and Agent
Advances, made to the US Borrowers and due 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, Administrative Agent, Bank or the US Lenders, including Obligations 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 

18

accordance with any provision of
any Loan Document. Notwithstanding anything to the contrary contained in this
Agreement, unless so directed by the US Borrowers Representative 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, if any,
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, the Letter of Credit Issuer or Bank Product Provider, 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,
and does in effect surrender such payment or proceeds, 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, the Letter of Credit Issuer
or Bank Product Provider and the US Borrowers shall be jointly and severally
liable to pay to the US Agents, the US Lenders, the Letter of Credit Issuer or
Bank Product Provider, and hereby do jointly and severally indemnify the US
Agents, the US Lenders, the Letter of Credit Issuer or Bank Product Provider
and hold the US Agents, the US Lenders, the Letter of Credit Issuer or Bank
Product Provider 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, the Letter of Credit Issuer or Bank Product Provider
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’,
the Letter of Credit Issuer’s or Bank Product Provider’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
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

19

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)
Except as otherwise required by law, any and all payments by each US Obligor to
any US 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
pursuant to any other Loan Document.

                    (b)
Subject to Section 4.1(f), if a US Obligor fails to deduct or withhold Taxes or
Other Taxes from a sum payable hereunder to any US Lender or any US Agent and
the US Obligor would have been required to pay additional amounts in respect of
that withholding or deduction under Section 4.1(c), then the US Obligor shall
indemnify the US Agents and each US Lender for the full amount of such 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 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, subject to Section 4.1(f) and 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;
  provided, however, that the US Obligor shall not be required to increase any
  such amounts payable to any US Lender or US Agent in respect of United States
  withholding taxes imposed on amounts payable to such US Lender or US Agent at
  the time such US Lender or US Agent becomes a party to this Agreement, 

20

	
 

	
 

	
 

	
except to the extent that such US Lender’s or US Agent’s
  assignor (if any) was entitled, at the time of an assignment, to receive
  additional amounts from the US Obligor;

	
 

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

	
 

	
 

	
 

	
          (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.

                    (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 reasonably 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 US Obligor which may
thereafter accrue, if such change, in the reasonable 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.

                    (f)
Withholding Tax. 

	
 

	
 

	
 

	
          (i)
  Each US Lender, Assignee, Agent and Letter of Credit Issuer that is a U.S.
  person as defined in Section 7701(a)(30) of the Code, other than a US Lender
  Assignee, or Letter of Credit Issuer that may be treated without the need for
  any documentation as an “exempt recipient” under Treasury Regulations Section
  1.6049-4(c), and with respect to which no back-up withholding is required,
  shall deliver to the US Borrowers and the Administrative Agent, and if
  applicable, the assigning Lender on or before the date on which it becomes a
  party to this Agreement (or, in the case of an assignee, on or before the
  effective date of such assignment), two accurately and duly completed and
  signed copies of Internal Revenue Service Form W-9.

	
 

	
 

	
 

	
          (ii)
  Each US Lender, Assignee, Agent and Letter of Credit Issuer that is not a
  U.S. person as defined in Section 7701(a)(30) of the Code (a “Foreign
  Lender”) shall deliver to the US Borrowers and the Administrative Agent, and
  if applicable, the assigning Lender on or before the date on which it becomes
  a party to this Agreement (or, in the case of an Assignee, on or before the
  effective date of such assignment) either:

	
 

	
 

	
 

	
                    (A)
  two copies of an accurately and duly completed and signed Internal Revenue
  Service Form W-8ECI, Form W-8BEN (with respect to eligibility for benefits
  under any income tax treaty) or Form W-8IMY or successor and related
  applicable forms, as the case may be, certifying to such Lender’s entitlement
  as of such date to a complete exemption from, or reduced rate of, United
  States withholding tax with respect to all payments to be made for its
  account under this Agreement, or

21

	
 

	
 

	
 

	
                    (B)
  in the case of a Foreign Lender that is not a “bank” within the meaning of
  Section 881(c)(3)(A) of the Code and that does not comply with the
  requirements of clause (A) hereof, (x) a statement in form and content
  reasonably acceptable to the Administrative Agent and the US Borrowers to the
  effect that such Foreign Lender is eligible for a complete exemption from
  withholding of United States withholding tax under Code Section 871(h) or
  881(c) (a “Foreign Lender Complete Exemption Certificate”), and (y) two
  duly completed and signed copies of Internal Revenue Service Form W-8BEN or
  any successor and related applicable form.

Further, each Foreign Lender
agrees, except to the extent that it is precluded from doing so by law,
(i) to deliver to the US Borrowers and the Administrative Agent, and if applicable,
the assigning Lender two copies of a duly completed and signed applicable Form
W-8 or successor and related applicable forms or certificates, promptly upon
the obsolescence or invalidity of, any such form or certificate, as the case
may be, expires or becomes obsolete or invalid in accordance with applicable
U.S. laws and regulations and (ii) to notify promptly the US Borrowers and
the Administrative Agent if it is no longer able to deliver, or if it is
required to withdraw or cancel, any form or certificate previously delivered by
it pursuant to this Section 4.1(f). Notwithstanding any other provision
of this clause, a Foreign Lender shall not be required to deliver any form
pursuant to this clause that such Foreign Lender is not legally able to
deliver. The US Borrowers shall not be required to pay additional amounts to
any Lender, Assignee, Letter of Credit Issuer or Agent pursuant to this Section
4.1 to the extent that the obligation to pay such additional amounts would
not have arisen but for the failure of such person to comply with this
paragraph.

                    (g)
If the Administrative Agent or a US Lender, Letter of Credit Issuer or an
Assignee determines, in its good faith discretion, that it has received a
refund of any Taxes or Other Taxes as to which it has been indemnified by the
US Borrowers or with respect to which the US Borrowers have paid additional
amounts pursuant to this Section 4.1, it shall pay over such refund to
the US Borrowers (but only to the extent of indemnity payments made, or
additional amounts paid, by the US Borrowers under this Section 4.1 with
respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses of the Administrative Agent, such US Lender, such Letter
of Credit Issuer or such Assignee and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund);
provided, that the US Borrowers, upon the request of the Administrative Agent,
such US Lender, such Letter of Credit Issuer or such Assignee, agree to repay
the amount paid over to the US Borrowers (plus any penalties, interest or other
charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender in the event the Administrative Agent or such Lender is
required to repay such refund to such Governmental Authority. This Section
shall not be construed to require the Administrative Agent or any Lender to
make available its tax returns (or any other information relating to its taxes
which it deems confidential) to the US Borrowers or any other Person.

          4.2
Illegality.

                    (a)
If any US Lender reasonably 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 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.

22

                    (b)
If any US Lender reasonably 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 five (5) 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. This Section
4.3(a) shall not apply to any Taxes (which are subject to Section 4.1)
or any income or franchise taxes as are imposed on or measured by each Agents’
or Lenders’ net income as a result of a connection between such Agent or Lender
and the jurisdiction of the governmental authority imposing such tax or any
political subdivision or taxing authority thereof or therein (other than any
such connection arising solely from such Agent or Lender having executed,
delivered or performed its obligations or received a payment under, or enforced
by, the US Credit Agreement or UK Credit Agreement).

                    (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, 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

23

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 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) the 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 Revolving 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

24

amount payable to such Affected
Lender and such evidence, documentation and other information reasonably
required by the US Borrower to evaluate such claim, 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 Revolving 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 the 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.

          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 or UK GAAP, as applicable, 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.

25

          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 Mobile Services 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 Mobile Services and its consolidated Subsidiaries, (iii)
unaudited balance sheets and income statements for Mobile Services 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 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 in the United States 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 US Borrower to participate
or accompany the UK Agent and/or the Administrative Agent, the US 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 Mobile
Services and its consolidated Subsidiaries as at the end of such Fiscal
Quarter, and consolidated unaudited income statements and cash flow statements
for Mobile Services 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 Mobile Services 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 Mobile
Services and its consolidated Subsidiaries, (iii) unaudited balance sheets and
income statements for Mobile Services and its consolidated US Subsidiaries and
(iv) unaudited balance 

26

sheets and
income statements for Ravenstock and its consolidated Subsidiaries, in each
case prepared in accordance with UK 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). Mobile
Services 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
Mobile Services 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 UK 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). Mobile Services shall certify by a certificate signed by its
chief financial officer that all such statements have been prepared in
accordance with GAAP or UK GAAP, if applicable (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 Mobile Services and its
consolidated Subsidiaries, (ii) annual forecasted income statements for Mobile
Services and its consolidated US Subsidiaries and (iii) annual forecasted
income statements for Ravenstock and its consolidated Subsidiaries, in each
case, 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)
[Intentionally Omitted]. 

27

                    (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
any Credit Party or any such Subsidiary (other than routine non-material
correspondence) or of any Debt of any Credit Party or any of its Subsidiaries,
including, Debt registered under the Securities Act, or to or from the trustee
(other than routine, non-material correspondence) 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 and the UK Agent in writing of the following matters at the following
times:

28

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

                    (b)
Promptly after becoming aware of the assertion in writing 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 (in writing) action, suit, or proceeding by any Person,
or any pending or threatened investigation (in writing) by a Governmental
Authority, which in each case or in the aggregate 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 in each case or in the aggregate 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 which assertion could be reasonably
expected to have a Material Adverse Effect or is investigating the Credit
Party’s or such Subsidiary’s compliance therewith where such investigation
could reasonably be expected to have a Material Adverse Effect;

                    (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 $3,000,000;

                    (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 material property of any Credit Party or any of its Subsidiaries
that is part of the Collateral;

                    (j)
Any change in a Credit Party’s name as it appears in the jurisdiction of its
organization, organizational identification number, form of organization, locations
of the chief executive office or branches of any Credit Party or other Real
Estate locations owned or leased by any Credit Party, its Subsidiaries or their
Agencies at which, in each case, any Collateral is located, in each case at
least thirty (30) days prior thereto;

29

                    (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 five (5) 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 material 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 five (5) 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 five (5) US Business Days after the occurrence thereof: (i) any changes
in the benefits of any existing Plan which increase the Credit Parties’ annual
costs with respect thereto by an amount in excess of the Dollar Equivalent of
$500,000, or the establishment of any new Plan or Foreign Pension Plan or the
commencement of contributions to any 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 five (5) 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)
The UK Borrower shall, promptly upon becoming aware of the same, provide the UK
Agent with details in writing of any creditor of the UK Borrower whose terms of
business include retention of title provisions; and

                    (q)
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.

30

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 (it being understood that the funding of the Loans on the
Closing Date will be deemed written acceptance by the US Agents and the US
Lenders of the disclosure made by the Parent Guarantor and each US Borrower in
the Schedules hereto as of the Closing Date):

          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 (other than any
Lien on any Collateral in favor of the Applicable Security Agent) 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) and (b) 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. Upon the filing of such
documents with the applicable Governmental Authorities within the time periods
prescribed by applicable law, 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 (other than
such Collateral consisting of cash, letter-of-credit rights not constituting
supporting obligations, Proprietary Rights to the extent perfection cannot be
achieved by the filing of a financing statement on form UCC-1 and or security
agreements in the U.S. Patent and Trademark Office and the United States
Copyright Office), having priority over all other Liens on the Collateral,
except for those Liens identified on Schedule 6.2 or in clauses (a). (c),
(d), (e), (f), (j), (o) and (p) 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.

31

          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, 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
[Intentionally Omitted].

          6.5
Subsidiaries. Schedule 6.5 is a correct and complete list of the
name and relationship to the Parent Guarantor of each and all the Parent
Guarantor’s Subsidiaries as of the Closing Date. 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 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, 2005, 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 March 31, 2006. 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
March 31, 2006, to the absence of footnotes and 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 it being understood and agreed that the
Latest Projections are by their nature inherently uncertain and actual results
may be materially different that those set forth in such Latest Projections.

          6.7
[Intentionally deleted].

          6.8
Solvency. Each Borrower is Solvent prior to and immediately 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
[Intentionally deleted].

          6.10
[Intentionally deleted].

          6.11
Personal Property; Real Estate; Leases.

32 

                    (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 $100,000), 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 (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) 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
(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) 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 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) other than
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, except as set forth in Schedule 6.11, 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, 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)
Except as disclosed in 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)
Except as disclosed in the UK Properties Report on Title, a 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.

33

                    (g)
Except as disclosed in the UK Properties Report on Title, the deeds, documents
and information supplied to BP. Collins in relation to UK Properties in England
and Wales and McClure Naismith 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 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 is true and
accurate in all material respects and not misleading as at the date thereof.
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 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 as of the Closing Date of all of each Credit Party’s issuances,
registrations and applications for registration or patent of 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,
(i) none of the Proprietary Rights infringes on or conflicts with any other
Person’s property, and (ii) no other Person’s property infringes on or
conflicts with the Proprietary Rights, which, in either case, could reasonably
be expected to have a Material Adverse Effect. Each Credit Party owns or otherwise has the right to use all
material Proprietary Rights. Each Credit Party has all Proprietary Rights
necessary to the current and presently anticipated future conduct of each
Credit Party’s business.

          6.13
[Intentionally deleted].

          6.14
Litigation. 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. 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. Other than exceptions to any of the following that,
individually or in the aggregate, would not reasonably be expected to result in
a Material Adverse Effect:

                    (a)
Each Credit Party and its Subsidiaries have complied with all Environmental
Laws and no Credit Party and none of its Subsidiaries, none of their respective
presently owned real property or currently 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 

34

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 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

	
 

	
 

	
 

	
 

	
 

	
          (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 any Real Estate.

35

          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 or opinion 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.

36

                    (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 could not
reasonably be expected to result in a Material Adverse Effect. Except as could
not reasonably be expected to have 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” (i)
within the meaning of the Investment Company Act of 1940 and (ii) required to
be registered as such thereunder. No Credit Party is subject to regulation
under 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 made on
the Closing Date shall not exceed $165,000,000 in the aggregate and shall be
used solely, first, by MSG or the UK Borrower, to finance the
Refinancing and second, by the US Borrowers (to the extent of any excess
proceeds), to consummate the Acquisition and pay related fees and expenses. The
proceeds of the Loans made after the Closing Date will be used for working
capital and other general corporate purposes of MSG and its Subsidiaries. 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
[Intentionally deleted].

          6.24
No Material Adverse Change. Since the date of the last financial
statements delivered pursuant to Section 5.2 at least 12 months prior to the
date on which the representation and warranty made pursuant to this Section
6.24 is made or deemed made, no Material Adverse Effect has occurred.

          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
[Intentionally deleted].

          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.

37

          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 except for (a) the filing of financing statements on form
UCC-1 and filings with the United States Patent and Trademark Office and the
United States Copyright Office (with respect to Proprietary Rights), (b)
recordation of the Mortgages, (c) such other actions specifically described in
Schedule 6.28, (d) any immaterial actions, consents, approvals, registrations
or filings or (e) such as have been made or obtained and are in full force and
effect.

          6.29
[Intentionally deleted].

          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
$250,000 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
[Intentionally deleted].

          6.33
Sales of Vehicles. Except as set forth in Schedule 6.33, each US
Borrower and each of the US Subsidiary Guarantors 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 or US Subsidiary Guarantor also leases to customers
and which may be subject to motor vehicle registration statutes. The US Credit
Parties’ business’ includes the sale and marketing of vehicles subject to motor
vehicle registration statutes that are leased by any US Borrower or US
Subsidiary Guarantor to customers. Any and all vehicles owned by the US
Borrowers and the US Subsidiary Guarantors 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 law (including pursuant to the Motor Vehicle Trust Agreement).

          6.34
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

                    Each
US Borrower covenants as to itself and each of their respective Subsidiaries
(except as otherwise provided below) to the US Agents and the US Lenders that
so long as any of the Obligations

38

(other than
indemnity and other contingent Obligations not then due and payable) remain
outstanding or this Agreement is in effect:

          7.1
Taxes and Other Obligations. Each US Borrower 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;
and (b) pay, or provide for the payment, when due, of all taxes, fees, Other
Taxes, value added taxes, assessments and other material 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 and the Lenders, upon request, reasonably 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 in each case except as would not cause a Default or
Event of Default pursuant to Article IX and perform and discharge in a timely
manner all other material obligations undertaken by it; provided, however,
so long as the US Borrower Representative has notified the Administrative Agent
in writing, no US Borrower 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 US
Borrower or its Subsidiaries, 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 US Borrower 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 US
Borrower shall comply, and shall cause each of its Subsidiaries to comply with
all Anti-Terrorism Laws and with all material Requirements of Law of any
Governmental Authority having jurisdiction over it or its business (including
the Federal Fair Labor Standards Act). Each US Borrower shall, and shall cause
each of its Subsidiaries to, obtain and maintain all material licenses
(including 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 US Borrower 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 US Borrower shall, and shall cause each of its Subsidiaries to, maintain
all of its property reasonably necessary in the conduct of its business in good
operating condition and repair, ordinary wear and tear excepted.

                    (b)
Each US Borrower 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 Borrower or its Subsidiaries is the owner and all
obligations imposed on the tenant of those of the UK Properties of which the UK
Borrower or its Subsidiaries is the tenant.

39

                    (c)
Each US Borrower shall, and shall cause each of its Subsidiaries to, permit
representatives and independent contractors of the Administrative Agent or UK Agent,
as applicable (i) (at the expense of the Borrowers not to exceed one (1)
time per year unless (x) an Event of Default has occurred and is continuing or
(y) Total Excess Availability is less than $30,000,000) 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 US Borrowers’ or any of their
respective Subsidiaries’ 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 not to exceed one (1) time
annually unless (x) an Event of Default has occurred and is continuing or (y)
Total Excess Availability is less than $30,000,000) shall, and shall cause each
of its Subsidiaries to, 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 Borrower) supply to the US Borrower
Representative and the UK Borrower, provide to Administrative Agent and the UK
Agent a recently dated appraisal of such Borrower’s and its Subsidiaries’
Rental Fleet Assets, Sales Inventory and Machinery and Equipment, which
appraisal shall be from the Appraiser and shall be reasonably 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.
Notwithstanding the foregoing, each Borrower shall, and shall cause each of its
Subsidiaries to, provide to the Responsible Agent an appraisal of the
applicable Credit Party’s Rental Fleet Assets that such Credit Party intends to
acquire, which appraisal shall be from the Appraiser and shall be reasonably
satisfactory in scope, form and substance to the Responsible Agent, any time a
Credit Party makes an acquisition in an individual amount exceeding
$15,000,000. 

                    (e)
The UK Borrower shall, and shall cause each of its Subsidiaries to, comply with
the covenants set out in Sections 7.4(a) – (d) in respect of the relevant UK
Property.

          7.5 Insurance.

                    (a)
Each US Borrower 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
reasonable judgment, 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 

40

improved Real
Estate covered by any Mortgages granted by any US Borrower or any of their
respective Subsidiaries 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 US Borrower shall, and shall
cause each of its Subsidiaries to, 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. 

                    (b)
The Borrowers shall cause the Applicable Security Agent, the Responsible Agent
on behalf of the Applicable Lenders, to be named as secured party or mortgagee
and sole loss payee or additional insured, in a manner reasonably 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 reasonably 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 US
Borrower or any of their respective Subsidiaries 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
Subsidiary 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. If any US Borrower or any of their respective Subsidiaries 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 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 US Collateral
  (other than Fixed Assets) and business interruption insurance, after
  deducting from such proceeds the reasonable expenses, if any, incurred by the
  US Agents in the collection or handling thereof, the US Agents shall apply
  such proceeds, ratably, to the reduction of the outstanding US Obligations,
  but not the US Commitments, in the order provided for in Section 3.7.

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
          (iii)
  With respect to casualty insurance and condemnation proceeds relating to
  Collateral (including Fixed Assets), the Applicable Security Agent

41

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
shall permit
  or require the applicable Credit Party 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 Credit Party first (i) provides
  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; provided that the
  consent of the Required Lenders in clauses (2)(i) and (2)(ii) above shall not
  be required in the event casualty insurance or condemnation proceeds relating
  to Collateral are less than $3,000,000 in the aggregate.

7.7 Environmental Laws.

                    (a)
Each US Borrower 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 US Borrower 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 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 could
reasonably be expected to have a Material Adverse Effect (each a “Material
Compliance Issue”). For purposes of Section 7.7(a), non-compliance by the
Borrower with any applicable Environmental Law or Environmental Permit shall be
deemed not to constitute a breach of this covenant; provided that, upon
learning of any actual or suspected non-compliance, the Borrowers shall
promptly undertake reasonable efforts to achieve compliance, provided further
that, in any case, such non-compliance, and any other non-compliance with
Environmental Law, individually or in the aggregate, could not reasonably be
expected to give rise to a Material Adverse Effect or materially and adversely
affect the value of any Mortgaged Property.

                    (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, if any. The Administrative
Agent, the UK Agent or any Lender may request copies of technical reports
prepared by any US Borrower or any of their respective Subsidiaries and such
Person’s communications with any Governmental Authority to determine whether
such Person is proceeding reasonably to correct, cure or contest in good faith
any such Material Compliance Issue. The Borrowers shall, and shall cause each
of its Subsidiaries to, 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 reasonably 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 in
form and scope reasonably satisfactory to the Administrative Agent or the UK
Agent, as applicable, and (ii) provide to the Administrative Agent or the UK
Agent, as applicable,

42

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 US Borrower and its
Subsidiaries 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 US Borrower or any of its Subsidiaries 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 US Borrower or any of its Subsidiaries 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 US Borrower or
its Subsidiaries will use its reasonable efforts to obtain such rights for
itself and each Agent and its representatives within sixty (60) days of a
written request by the Agents for such access, observation and removal rights
for such Real Estate; provided, further, if (A) the applicable US
Borrower or its Subsidiaries are 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 US Borrower or its Subsidiaries 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 US Borrower or
any of its Subsidiaries 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 US Borrower or any of its Subsidiaries or 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 US Borrower or any of
its Subsidiaries or any other party against, or to inform any US Borrower or
any of its Subsidiaries or any other party of, any hazardous substances or any
other adverse condition affecting the Real Estate. Each Agent shall disclose to
the US Borrowers or any of its Subsidiaries 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 US Borrower
understands and agrees that no Agent makes any warranty or representation to
the US Borrower or any other party regarding the truth, accuracy or
completeness of any such report or findings that may be disclosed. Each US
Borrower and its Subsidiaries also understands that depending on the results of
any site visit, observation or testing by any Agent and disclosed to a US
Borrower or any of its Subsidiaries, such US Borrower or such Subsidiary 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 US Borrower or such Subsidiary without advice or assistance
from such Agent. In each instance, each Agent will give the relevant Borrower
or Subsidiary 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 US
Borrowers’ or any of its Subsidiaries’ use of the Real Estate or any other
property in exercising any rights provided hereunder.

          7.8
Compliance with ERISA and Other Laws. Each US Borrower 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

43

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 US Borrower 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, except for:

                    (a)
the foregoing shall not apply to any of the Non-Guarantor Subsidiaries; provided
that in the case of any merger or amalgamation with a non-Credit Party
third-party, the Non-Guarantor Subsidiary shall be the surviving entity;

                    (b)
sales, exchanges, leases or any other dispositions of Inventory, including
Rental Fleet Assets, in the ordinary course of its business;

                    (c)
sales, exchanges, leases or any 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(l)
hereof;

                    (d)
sales, exchanges, leases or any other dispositions of Real Estate, Machinery
and Equipment and Inventory, including 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 $3,000,000 in any Fiscal Year (taking into account, with respect
to Fiscal Year 2006, all such sales, exchanges or other dispositions occurring
in Fiscal Year 2006 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 Permitted Liens and (iii) any sale, exchange, lease or any
other disposition of assets at any branch location (other than in the ordinary
course of business) with aggregate net book value in excess of the Dollar
Equivalent of $1,000,000 in any Fiscal Year (taking into account, with respect
to Fiscal Year 2006, all such sales, exchanges or other dispositions occurring
in Fiscal Year 2006 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 or
contemporaneously becomes 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;

44

                    (f)
any Foreign Subsidiary of a US Borrower with a positive net worth may be merged
or amalgamated with or into the UK Borrower or any Wholly-owned Foreign
Subsidiary which is or contemporaneously becomes a Credit Party, or be
liquidated, wound up, hived up or dissolved into the UK Borrower or any
Wholly-owned Foreign Subsidiary which is a Credit Party, or transfer all or any
part of its assets to the UK Borrower or any Wholly-owned Foreign Subsidiary
which is a Credit Party; provided, that in any merger with the UK
Borrower, the 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 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 the UK Borrower or any Wholly-owned UK Subsidiary which is 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) the US Borrowers may transfer funds to Ravenstock and
Ravenstock may transfer funds to the US Borrowers pursuant to Section 7.15(e);
and

                    (h) sales,
licenses or other dispositions (including non-renewal of licenses, filings,
applications or permits) of Proprietary Rights in the ordinary course of its
business);

                    (i) any
transfers, sales, assignment, leases or other dispositions permitted by
Sections 7.10, 7.11, 7.14, 7.15, 7.19, 7.20, 7.26 or 7.34 and payment of
obligations incurred pursuant to Sections 7.12 or 7.13;    

                    (i)
the disposition of obsolete or worn out property in the ordinary course of
business; and

                    (k)
the Acquisition.

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

                    (a)
directly or indirectly declare or make, or incur any liability to make (provided, however,
that nothing herein shall prevent the US Borrowers or any of their Subsidiaries
from entering into any agreement subject to appropriate conditions precedent
providing for repayment in full of all Obligations other than indemnities and
contingent Obligations not accrued and payable), any Distributions,
except, without duplication:

                              (i)
Distributions to holders of Capital Stock consisting of dividends payable in Capital
Stock, and, only if such Capital Stock is Preferred Stock, such distribution of
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 by Ravenstock to the US Borrowers (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

45

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 of the Parent Guarantor made
to departed employees, officers or directors of any Credit Party not to exceed
$2,000,000 in the aggregate per Fiscal Year, with any unused amount in any
Fiscal Year carried over to the next Fiscal Year up to an aggregate principal
amount not to exceed $6,000,000 in any Fiscal Year and Distributions by Mobile
Services to Intermediary, and by Intermediary 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 $30,000,000;

                              
(iv) on and after the second anniversary of the Closing Date, Distributions by
Mobile Services to Intermediary, and by Intermediary to the Parent Guarantor to
finance the payment by the Parent Guarantor of cash interest in respect of the
Mezzanine Debt pursuant to the Mezzanine Notes so long as (i) no Default or
Event of Default shall have occurred and be continuing at the time of or after
giving effect to the making of any such Distribution, (ii) Total Excess
Availability (on a pro forma basis giving effect to the making of such
Distribution as if such Distribution was made on such day) on the day such
Distribution is made and for each of the immediately preceding 30 days was
greater than or equal to the Dollar Equivalent of $30,000,000, (iii) Total
Excess Availability (on a pro forma basis giving effect to the making of such
Distribution) for each of the 30 days immediately following the day such
Distribution is made is projected to be greater than or equal to the Dollar
Equivalent of $30,000,000, (iv) the Consolidated Total Debt to Pro Forma EBITDA
Ratio as of the most recent Fiscal Quarter end and adjusted on a pro forma
basis to give effect to the making of any such Distribution shall not exceed
4.75, (v) any such Distribution would be permitted by the Senior Unsecured Note
Indenture, (vi) a Responsible Officer delivers a certificate to the
Administrative Agent certifying compliance with the above requirements prior to
making any such Distribution and (vii) the aggregate amount of such payments in
any fiscal year does not exceed an amount equal to 10% of the accreted value of
the Mezzanine Debt;

                              
(v) Distributions to the Parent Guarantor sufficient so that the Parent Guarantor
can pay any Taxes that are due and payable by the Parent Guarantor or by the US
Borrowers and their Subsidiaries as part of a consolidated, combined, unitary
or similar group; 

                              
(vi) the
issuance of Capital Stock of any US Borrower or any Subsidiary Guarantor
consisting of common stock pursuant to a directors and officers or employee
stock option or grant or similar equity plan or 401(k) plans of Borrower for
the benefit of its employees, officers, directors and consultants;

                              
(vii) Distributions
to the Parent Guarantor (i) for overhead costs and expenses not to exceed
$2,000,000 per fiscal year and (ii) for costs and expenses associated with the
issuance of Debt and equity permitted by this Agreement; provided, that
in each case (A) no Default or Event of Default shall have occurred and be
continuing and (B) with respect to clause (ii), there is Total Excess
Availability of at least $40,000,000; and

                              
(viii) Distributions
in an aggregate amount not to exceed $12,500,000; provided, that (i) no
Default or Event of Default shall have occurred and is continuing and (ii)
after giving effect to any such distribution, Total Excess Availability is
greater than or equal to the Dollar Equivalent of $40,000,000;

46

                    (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 US Borrower 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 US Borrower nor any of its Subsidiaries 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 the US Borrowers 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 the US Credit Parties 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 £2,000,000 at
any time outstanding;

                    (c)
Guaranties existing on the Closing Date and listed on Schedule 7.13;

                    (d)
Guaranties of the Senior Unsecured Notes to the extent required by the Senior
Unsecured Note Indenture as in effect on the Closing Date by US Subsidiaries; 

                    (e)
Guaranties of Debt permitted by Sections 7.13(c), 7.13(d), 7.13(e),
7.13(j)(i) and 7.13(k), if such Guaranties are permitted by such
Section; and 

                    (f)
Guaranties of Debt in respect of liabilities incurred by a Credit Party in
Canada, in the aggregate not in excess of the Dollar Equivalent of $10,000,000
from time to time. 

          7.13
Debt. No US Borrower 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 7.13;

                    (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 $17,500,000 at any time;

                    (d)
Debt evidencing a refinancing, replacement, refunding, renewal or extension
from time to time thereof (including with Public Debt) the Debt described on Schedule 7.13;
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

47

to be
refinanced, replaced, refunded, renewed or extended, (C) no Subsidiary of any
US Borrower 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
refinancing, replacement, 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)
Debt issued pursuant to the Senior Unsecured Notes including any refinancing, replacement,
refunding, renewal or extension thereof from time to time; provided, however,
that (A) the principal amount thereof is not increased, (B) such Debt is
unsecured, (C) no Subsidiary 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 refinancing, replacement, refunding, renewal or extension are no
less favorable in any material respect to the applicable Credit Party, any
Agent or the Lenders than the original Debt, and (E) the final maturity thereof
will not be earlier than the maturity date applicable to the original Debt;

                    (f)
Debt issued pursuant to the Mezzanine Notes including any refinancing,
replacement, refunding, renewal or extension thereof from time to time; provided,
however, that (A) the principal amount thereof is not increased, (B)
such Debt is unsecured, (C) no Subsidiary that is not an obligor or guarantor
of such Debt as of the Closing Date shall become an obligor or guarantor
thereof, (C) the terms of such refinancing, replacement, refunding, renewal or
extension are no less favorable in any material respect to the applicable
Credit Party, any Agent or the Lenders than the original Debt, and (D) the
final maturity thereof will not be earlier than the maturity date applicable to
the original Debt;

                    (g)
Subject to the following sentence, Intercompany Debt; provided, in each
case, that such Debt will be documented and secured in favor of the Applicable
Security Agent, in a manner reasonably 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 H. Notwithstanding the foregoing, (i) neither the UK
Borrower nor any of its Subsidiaries shall make, create or acquire any
Intercompany Debt owed to any US Borrower or US Subsidiaries, and (ii) no US
Borrower nor any of its US Subsidiaries shall make, create or acquire any
Intercompany Debt owed to the UK Borrower or any of its UK 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 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 H;

                    (i)
Guaranties permitted by Section 7.12;

48

                    (j)
Debt represented by (i) any secured Hedge Agreements entered into with a Lender
or other Bank Product Provider as the counterparty upon notice to the Agent or
(ii) any unsecured Hedge Agreements, in each case, entered into in the ordinary
course of business in order to protect any Borrower and/or any of its
Subsidiaries 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 US Borrower or any of its US Subsidiaries 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 US
Borrower or any of its US Subsidiaries shall have any liability therefor;

                    (l)
Debt secured by a mortgage on any Real Estate acquired by any US Borrower or
any of its US Subsidiaries 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 reasonably 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 any US Borrowers’ or their respective
Subsidiaries’, as applicable, cost of such Real Estate; 

                    (m)
other unsecured Debt not to exceed $20,000,000 in the aggregate for all Credit
Parties at any time outstanding; 

                    (n)
Debt arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument inadvertently drawn against insufficient
funds, so long as such Debt is covered within five business days of the later
of such honoring or notice thereof; and

                    (o)
unsecured Debt of Foreign Subsidiaries not to exceed $5,000,000 in the
aggregate 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, 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; provided that, in each
case, the US Borrower Representative and the UK Borrower must classify,
reclassify and/or 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 Senior Unsecured Notes; Payments on Intercompany Debt.

                    (a)
No US Borrower 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, 

49

(ii)
prepayment of the Existing Indebtedness and the Luxembourg Debt, and (iii)
Capital Leases and other Debt in an aggregate amount not to exceed $2,000,000
per Fiscal Year and, after giving effect to the payment thereof, only so long
as Total Excess Availability exceeds $30,000,000, (iv) prepayments of the Debt
described on Schedule 7.13 with the proceeds of Debt permitted to
be issued under Section 7.13(d) and (v) prepayments of the Senior
Unsecured Notes and all expenses associated therewith with the proceeds of
Capital Stock issued in accordance with Section 7.34, and (vi) as permitted
under Section 7.14(b).

                    (b) No
US Borrower nor any of its Subsidiaries shall make any payments on the Senior
Unsecured Notes except for (i) regularly scheduled payments of interest and
(ii) payments of up to 35% of the aggregate principal amount of the Senior
Unsecured Notes with the proceeds of the issuance of the securities of the
Parent Guarantor or Mobile Services in an “Equity Offering” under and as
defined in the Senior Unsecured Note Indenture if, both before and after giving
effect to payment of principal, (x) no Default or Event of Default exists and
(y) Total Excess Availability exceeds $40,000,000.

                    (c) (i)
Neither the UK Borrower 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 Borrower, any
US Subsidiary or the Luxembourg Subsidiary, and (ii) no US Borrower 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 the UK Borrower or any UK Subsidiary, except, (A) in each case, subject
to the subordination provisions thereof as required by Section 7.13(g),
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 the US Borrowers 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 US Borrower shall, nor shall it permit any of its Subsidiaries to, sell,
transfer, distribute, or pay any money or property, including, but not limited
to, any fees or expenses of any nature (including 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 in all material respects to the Agents and the Lenders in advance,
and, in any case, no less favorable to such US Borrower or its Subsidiaries, as
applicable, 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),
immediately before and after giving effect to the payments, payments of
periodic fees may be made when due pursuant to the Welsh Carson Management
Agreement as in effect on the date hereof; provided that such payments shall not exceed the Dollar Equivalent of $800,000 per
Fiscal Year plus fees payable in connection with acquisitions, financings,
divestitures or similar transactions undertaken pursuant to the Welsh Carson 

50

Management
Agreement; provided that such fees do not exceed an amount equal
to 1% of the transaction value thereof;

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

                    (c) the
US Borrowers and their Subsidiaries 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 the US
Borrowers 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 the US Borrowers 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 US Borrower or any of their respective
Subsidiaries any more onerous than the covenants, undertakings or obligations
contained in the Luxembourg Debt;

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

                    (e) Ravenstock
and the US Borrowers may make payments to each other as reimbursement for
corporate overhead and services, tax sharing and other similar arrangements 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 the US Borrowers, UK
Availability is greater than or equal to £4,000,000 and (z) in the case of
payments from the US Borrowers 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
2006 occurring prior to the Closing Date).

          7.16 Investment
Banking and Finder’s Fees. Other than for the benefit of any Agent or
Lender, or pursuant to Section 7.15(a), no US Borrower shall, nor shall
it permit any of its Subsidiaries, to 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 US Borrowers and their Subsidiaries 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.

51

                    (a) No
US Borrower shall, nor shall it permit any of its Subsidiaries to, engage
directly or indirectly, in any line of business other than a Similar Business.

                    (b) Mobile
Services 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, (iii) making any distribution permitted by Sections 7.10
or 7.15(a), in each case, or holding any cash received in connection with
distributions made by MSG in accordance with Sections 7.10 or 7.15(a), in each
case, pending application thereof by Mobile Services in the manner contemplated
by Sections 7.10 or 7.15(a), in each case, and (iv) activities and properties
incidental to the foregoing clauses (i), (ii) and (iii).

                    (c) The
Intermediary shall not engage in any business activities or have any properties
or liabilities, other than (i) holding Capital Stock of Mobile Services,
(ii) obligations under the Loan Documents, (iii) making any distribution
permitted by Section 7.10 or holding any cash received in connection with
distributions made by Mobile Services in accordance with Section 7.10 pending
application thereof by the Intermediary in the manner contemplated by Section
7.10 and (iii) activities and properties incidental to the foregoing
clauses (i), (ii) and (iii); provided, however, that the foregoing shall
not limit Intermediary’s ability to undertake transactions permitted by Section
7.09 or consummate the Acquisition.

                    (d) The
Parent
Guarantor shall not engage in any business activities or have any properties or
liabilities, other than (i) holding Capital Stock of Intermediary (or any
successor entity permitted hereunder), (ii) obligations under the Loan
Documents and the Mezzanine Notes (including payments and prepayments thereof),
(iii) making any distribution permitted by Section 7.10 or Section 7.15 or holding
any cash received in connection with distributions made by Intermediary in
accordance with Section 7.10 or Section 7.15 pending application thereof by the
Parent Guarantor in the manner contemplated by Section 7.10 or Section 7.15 and
(iii) activities and properties incidental to the foregoing clauses (i), (ii)
and (iii); provided, however, that neither Section 7.30
nor the foregoing shall limit the Parent Guarantor’s ability to issue Capital
Stock and hold and apply any proceeds thereof (including to the payment and
prepayment of the Mezzanine Notes).

          7.18 Liens.
No US Borrower 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.

          7.19 Sale
and Leaseback Transactions. No US Borrower shall, nor shall it permit any
of its Subsidiaries to, directly or indirectly, enter into any arrangement with
any Person providing for such US Borrower or such Subsidiary to lease or rent
property that such US Borrower 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 reasonably satisfactory to the Administrative Agent and the UK
Security Trustee, as applicable.

          7.20 New
Subsidiaries. No US Borrower 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 US Borrower or any of its Subsidiaries
so long as, in the case of clauses (ii) and (iii), the US Borrower shall, and
shall cause each such Subsidiary to, comply with the provisions of Section 7.32;
provided that no US Borrower shall, nor shall it permit any
Subsidiaries 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 or any State thereof, other than (A) those Subsidiaries
listed on

52

Schedule 6.5 as of the Closing Date, (B)
as a result of a Permitted Acquisition and (C) any direct and indirect
Subsidiaries of Ravenstock; and provided further that the UK
Borrower shall not, 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 US Borrower shall, nor shall it permit any of its Subsidiaries to,
change its Fiscal Year.

          7.22 Depreciation
Method. No US Borrower 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 US Borrower or
any of its Subsidiaries, the SEC or any other Governmental Authority having
jurisdiction over such US Borrower or such US Subsidiary.

          7.23 Cash
Interest Coverage Ratio. The US Borrowers 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 of not less than
1.75:1; provided that the Cash Interest Coverage Ratio shall not be
tested so long as Total Excess Availability for each day of the most recently
completed Fiscal Quarter is equal to or exceeds $30,000,000. Such Cash Interest
Coverage Ratio shall be first tested as of the Fiscal Quarter ending
immediately prior to the date on which Total Excess Availability is first less
than or equal to $30,000,000 for which financial statements are available and
shall continue to be tested for each Fiscal Quarter thereafter until such
Fiscal Quarter in which the Borrowers maintain Total Excess Availability on
each day thereof of at least $30,000,000.

          7.24 Maximum
Consolidated Total Debt to Pro Forma EBITDA Ratio. The US Borrowers 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, 2007

	
 

	
6.00:1

	
 

	
 

	
 

	
The last day
  of each Fiscal Quarter after the Fiscal 

  Quarter ending on June 30, 2007 through the Fiscal 

  Quarter ending on June 30, 2008

	
 

	
5.75:1

	
 

	
 

	
 

	
The last day
  of each Fiscal Quarter after the Fiscal 

  Quarter ending on June 30, 2008 through the Fiscal 

  Quarter ending on June 30, 2009

	
 

	
5.50:1

	
 

	
 

	
 

	
The last day
  of each Fiscal Quarter after the Fiscal 

  Quarter ending on June 30, 2009 through the Fiscal 

  Quarter ending on June 30, 2010

	
 

	
5.25:1

	
 

	
 

	
 

	
The last day
  of each Fiscal Quarter after the Fiscal 

  Quarter ending on June 30, 2010 and thereafter

	
 

	
5.00:1

; provided
that Consolidated Total Debt to Pro Forma EBITDA Ratio shall not be tested for
any period of four consecutive Fiscal Quarters so long as Total Excess
Availability for each day of the most recently 

53

completed
Fiscal Quarter is equal to or exceeds $30,000,000. Such Consolidated Total Debt
to Pro Forma EBITDA Ratio shall be first tested as of the Fiscal Quarter ending
immediately prior to the date on which Total Excess Availability is first less
than or equal to $30,000,000 for which financial statements are available and
shall continue to be tested for each Fiscal Quarter thereafter until such
Fiscal Quarter in which the Borrowers maintain Total Excess Availability on
each day thereof of at least $30,000,000.

          7.25 Minimum
Fleet Utilization Rate. The US Borrowers 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%

; provided
that the Fleet Utilization Rate shall not be tested so long as Total Excess
Availability for each day of the most recently completed Fiscal Quarter is
equal to or exceeds $30,000,000. Such Fleet Utilization Rate shall be first
tested as of the Fiscal Quarter ending immediately prior to the date on which
Total Excess Availability is first less than or equal to $30,000,000 for which
financial statements are available and shall continue to be tested for each
Fiscal Quarter thereafter until such Fiscal Quarter in which the Borrowers
maintain Total Excess Availability on each day thereof of at least $30,000,000.

          7.26 Capital
Expenditures. No US Borrower 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 US Borrowers
and their Subsidiaries on a consolidated basis would exceed:

                    (a) in
the Fiscal Year ended December 31, 2006 (taking into account all Capital
Expenditures occurring in Fiscal Year 2006 occurring prior to the Closing Date)
the sum of the Dollar Equivalent of $50,000,000;

                    (b) in
the Fiscal Year ended December 31, 2007 the Dollar Equivalent of $50,000,000; 

                    (c) in
the Fiscal Year ended December 31, 2008 the Dollar Equivalent of $55,000,000;

                    (d) in
the Fiscal Year ended December 31, 2009 the Dollar Equivalent of $60,000,000;

                    (e) in
the Fiscal Year ended December 31, 2010 the Dollar Equivalent of $65,000,000;

                    (f) in
the Fiscal Year ended December 31, 2011 the Dollar Equivalent of $70,000,000;

54

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 paragraphs (a), (b), (c), (d), (e) or (f) above (as applicable)
exceeds the aggregate amount of Capital Expenditures actually made during such
Fiscal Year, such excess amount, up to the Dollar Equivalent of $15,000,000
(the “Capital Expenditure Excess”), may be carried forward to (but only to) the
Capital Expenditure budget set forth for the next succeeding Fiscal Year (“Year
2”) (any such amount to be certified by the US Borrower 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 Federal
Reserve Regulations. No US Borrower shall, nor shall it 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 US Borrower or any of its Subsidiaries 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 US Borrowers shall and shall cause the Parent Guarantor and
their Subsidiaries to 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, and cause each
Subsidiary to 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 reasonably
acceptable to the Responsible Agent, (b) arrangements reasonably 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),
(c) lockboxes and full cash dominion and control in favor of the US Agent
pursuant to the US Security Documents and (d) upon five (5) Business Days
notice to the Borrowers arrangements reasonably satisfactory to the
Administrative Agent implementing lockboxes and full cash dominion and control
in favor of the US Agent, including direction from the Borrowers to the
customers to direct all customer remittances to such lockboxes; provided
that until such time as (i) Total Excess Availability falls below
$25,000,000 or (ii) a Default or Event of Defaults occurs and is continuing,
clauses (a), (c) and (d) above shall not be utilized or required and transfer
of funds pursuant to clause (b) above shall not occur; and upon such time, the
Administrative Agent may, within its sole discretion, waive compliance by the
Borrowers and its Subsidiaries with one or more of the requirements of (a),
(b), (c) or (d) above. 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 US Borrower or any of its Subsidiaries shall maintain any bank
account (including 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 the Senior Unsecured Notes or Mezzanine Debt. Neither the
Parent Guarantor nor any of its Subsidiaries shall change or otherwise amend
the terms of the Senior Unsecured Notes or Mezzanine Debt if the effect of such
amendments would be to: (i) increase the interest rate on 

55

the Senior
Unsecured Notes or Mezzanine Debt or provide for an earlier date on which
interest on the Mezzanine Debt may be payable in cash; (ii) change the dates
upon which payments of principal or interest are due on the Senior Unsecured
Notes or Mezzanine 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 the Senior Unsecured
Notes or Mezzanine Debt; (iv) change the redemption or prepayment provisions of
such Senior Unsecured Notes or Mezzanine Debt other than to extend the dates;
(v) grant any security or collateral to secure payment of the Senior
Unsecured Notes or Mezzanine Debt or add any guarantor of the Senior Unsecured
Notes or Mezzanine Debt; or (vi) change or amend any other term if such change
or amendment would materially increase the obligations of any US Borrower or
any of its Subsidiaries thereunder or confer additional material rights on the
holder of the Senior Unsecured Notes or Mezzanine Debt in a manner adverse to
any US Borrower, any of its Subsidiaries, 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
reasonably 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 Credit Party, and (iii) all
Real Estate on which Collateral is located which such Real Estate is owned or
leased by any Agency of any Credit Party, 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 the US Credit Parties 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 Credit Party, 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 Credit Party, do not exceed $25,000 on an
annual basis.

          7.32 Additional
Credit Parties; Additional Collateral.

                    (a) The
US Borrowers may designate additional US Subsidiaries to be US Credit Parties
under the US Credit Agreement, and Ravenstock may designate additional Foreign
Subsidiaries organized under the laws of the United Kingdom, Canada or any
other jurisdiction located in the European Union reasonably acceptable to the
Administrative Agent in its sole discretion and with any additional reserves
determined by the Administrative Agent in its reasonable discretion, to be
additional UK Credit Parties 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. Such designation shall only become
effective at such time as (i) the designated Subsidiary shall have executed and
delivered to the Administrative Agent, a Joinder Agreement (as amended to be
valid and binding under the laws of England and Wales in the case of an
additional UK Credit Party) and shall have granted to the Applicable Security
Agent first priority and fully perfected Liens (subject to the qualifications
set forth in Section 6.2 hereof) on its assets, (ii) the Applicable Security
Agent shall have received a first priority pledge of or charge (subject to
Permitted Liens and Section 6.2 hereof) over the Capital Stock of such
Subsidiary and (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 reasonably satisfactory to the
Administrative Agent and the Applicable Security Agent. With respect to any
property (other than property described in the first parenthetical in Section
6.2) acquired after the Closing Date by any US Borrower or any of its
Subsidiaries (other than any property subject to a Lien expressly permitted by Section
7.18 or any property of a Non-Guarantor Subsidiary) as to which the
Administrative Agent, for the benefit of the Lenders, does not have a perfected
Lien (subject to the qualifications set forth in Section 6.2), promptly
(A) execute and deliver to the Applicable Administrative Agent such amendments
to the US Security 

56

Documents or
UK Security Documents, as applicable, or such other documents as the Applicable
Administrative Agent deems reasonably necessary or advisable to grant to the
Applicable Administrative Agent, for the benefit of the Lenders, a security
interest in such property and (B) take all actions reasonably necessary or
advisable to grant to the Applicable Administrative Agent, for the benefit of
the Lenders, a perfected first priority security interest in such property,
including the filing of Uniform Commercial Code financing statements or other
filings as appropriate in such jurisdictions as may be required by the US
Security Documents or UK Security Documents, as applicable, or by law or as may
be reasonably requested by the Applicable Administrative Agent.

                    (b) [Intentionally
deleted].

                    (c) 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 $250,000 or
more, or any US Borrower or any of its Subsidiaries forms or acquires a
Subsidiary (including, in a Permitted Acquisition, including any merger,
amalgamation or consolidation in connection therewith) which has assets with a
fair market value of $250,000 or more, then 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 Applicable
Administrative Agent and the UK Agent, as applicable, 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 (subject to Permitted
Liens and to Section 6.2 hereof) 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 the certificates representing such Capital Stock, together with undated
stock powers, in blank, executed and delivered by a duly authorized officer of
the relevant party, such opinions of counsel (including 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 $250,000),
corporate documents and other documents and instruments as the Applicable
Security Agent may reasonably request, in each case in form and substance
reasonably satisfactory to the Applicable Security Agent. 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
$15,000,000 (or if the Rental Fleet Assets owned by such Subsidiary that may be
included in any calculation of the US Borrowing Base or the UK Borrowing Base
have a value in excess of $15,000,000), the Responsible Agent shall have
received from the Appraiser a “desktop appraisal” of such Rental Fleet Assets
acquired by the applicable Credit Parties or owned by such Person acquired by
the applicable Credit Parties which shall be reasonably satisfactory in scope,
form and substance to the Responsible 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 additional owned Real Estate (in the case of US Owned Real Estate
which, in the good faith determination of the Administrative Agent has a value
in excess of $500,000), 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 Liens, (b) (in
the case of US Real Estate) an ALTA policy of title insurance in amounts, in
form, with endorsements and from an insurer reasonably satisfactory to the
Applicable Security Agent or (in the case of UK Properties) a report on title
from the UK Borrower’s Counsel in form and content reasonably satisfactory to
the UK Security Trustee and no more onerous than the UK Properties Report on
Title, (c) evidence reasonably satisfactory to the Applicable Security Agent
that such Real Estate is not 

57

subject to
material Environmental Claims, (d) if required by the Administrative Agent,
legal opinions in form and substance and from counsel reasonably 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 Borrower shall instruct a reasonably suitably qualified
environmental engineer to prepare a Phase I environmental report which
will be addressed to the UK Agent and the UK Borrower 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(a);
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 or seller for the benefit of the UK Borrower and their respective
charges 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 US Borrower shall, nor shall it permit any of its Subsidiaries
to, issue any Preferred Stock having a right of payment of any dividend or
other Distribution (except for non-cash payments, dividends or distributions in
kind) 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 (other than indemnities and other contingent
Obligations not then due).

          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.

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 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, 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 $35,000,000.

58

                    (c) All
representations and warranties made on the Closing Date by any Credit Party contained
herein or in the other Loan Documents shall be true and correct as of the
Closing Date (except where such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties shall
have been true and correct as of such earlier date); provided, that with
respect to the Borrowings hereunder on the Closing Date, (x) any breach of any
such representations and warranties shall not constitute a failure to satisfy
the condition set forth is this Section 8.1(c) unless (A) such breach
also constitutes a breach of a representation or warranty in the Acquisition
Agreement material to the interests of the Lenders and that would result in the
Parent Guarantor or Acquisition Sub having a right to terminate its obligations
thereunder or (B) such breach is a breach of the representations and
warranties set forth in Sections 6.1, 6.2, 6.3, 6.21, 6.22 and 6.33 and (y) any
Default or Event of Default resulting from any breach of any representation or
warranty made by any Credit Party pursuant to any Loan Document, other than (X)
to the extent such breach also constitutes a breach of a representation and
warranty in the Acquisition Agreement that would result in the Parent Guarantor
or its Affiliates having a right to terminate its obligations thereunder or (Y)
any breach of the representations and warranties set forth in Sections 6.1,
6.2, 6.3, 6.21, 6.22 and 6.33, shall in each case not constitute a Default or
Event of Default for purposes of this Section 8.1(c).

                    (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 (subject to clause (c) above).

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

	
 

	
 

	
 

	
          (iii) (A)
  all certificates, together with an undated stock power for each such
  certificate executed in blank by a duly authorized officer of the pledgor
  thereof, evidencing the Capital Stock and Instruments required to be pledged
  pursuant to the Loan Documents and (B) each promissory note (if any) pledged
  to the Administrative Agent pursuant to the US Security Documents or UK
  Security Documents, as applicable, endorsed (without recourse) in blank (or
  accompanied by an executed transfer form in blank) by the pledgor thereof.

59

                    (g) The
Borrowers shall have paid all fees then 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 and due.

                    (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 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 reasonably
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 reasonably satisfied that each
Borrower and its Subsidiaries, taken as a whole, are Solvent and shall have
received a certificate from each Borrower in form and substance reasonably
satisfactory to the Administrative Agent and the UK Agent confirming the same. 

                    (l) No
Closing Date MAE shall have occurred since December 31, 2005.

                    (m) There
shall exist no action, suit, investigation, litigation, or proceeding pending
or threatened in any court or before any Governmental Authority 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
reasonably satisfactory in form, scope, and substance to the Administrative
Agent and UK Agent and the Lenders.

                    (o) On
the Closing Date, (i) the Borrowers shall have repaid in full, immediately upon
receipt of the Loans to be funded on the Closing Date, all amounts due pursuant
to the Existing Indebtedness and (ii) the Administrative Agent shall have received
reasonably satisfactory evidence that reasonably satisfactory arrangements have
been made for the termination of all Liens and the release or discharge of all
guarantee obligations in connection therewith.

                    (p) 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 either provided for in this Agreement or
as set forth on the “Closing Checklist” delivered by the Administrative Agent
and UK Agent to the Borrowers at least two (2) US Business Days prior to the
Closing Date or as otherwise reasonably requested by Administrative Agent and
UK Agent, as applicable.

                    (q) [Intentionally
deleted].

60

                    (r) An
undertaking from the 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.

                    (s) [Intentionally
deleted].

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

                    (u) 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 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
Indebtedness in full on the Closing Date.

                    (v) The
Administrative Agent shall have received (i) pro forma consolidated balance
sheet and related statement of income of Mobile Services and its Subsidiaries
as of the date of the most recent consolidated balance sheet delivered pursuant
to clause (ii) of this paragraph and (ii) unaudited interim consolidated
balance sheets and related statements of income, stockholders’ equity and cash
flows of Mobile Services and its Subsidiaries for each fiscal quarter ended
after March 31, 2006 as to which such financial statements are available, the
most recent of which interim financial statements shall include supporting
schedules and data reasonably satisfactory to the Administrative Agent that
demonstrate that the Consolidated Total Debt to Pro Forma EBITDA Ratio for the
immediately preceding four fiscal quarter period ended on the date of such
financial statements was not greater than 6.0:1. 

                    (w) (i)
Parent Guarantor shall have made a cash equity contribution (including proceeds
of the issuance of the Mezzanine Notes) to Intermediary, and Intermediary shall
have made a cash equity contribution to Mobile Services in an aggregate amount
that constitutes not less than 30% of Mobile Services’ pro forma consolidated
capitalization; (ii) the Acquisition shall be consummated in all material
respects in accordance with the terms of the Acquisition Agreement without any
waiver, modification or amendment that is materially adverse to the Lenders,
unless consented to by the Administrative Agent and all material requirements
of law; and (ii) the Refinancing shall be consummated.

                    (x) Parent
Guarantor shall have received at least $90,000,000 in gross cash proceeds from
the issuance of the Mezzanine Notes, and such proceeds shall have been contributed
first to Intermediary, and then, to Mobile Services.

                    (y) The
Lenders shall have received all documentation and other information required by
bank regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including, but not limited to, the
USA Patriot Act.

                    (z) Mobile
Services and MSG as co-issuers thereof, shall have received at least
$200,000,000 in gross cash proceeds from the issuance of the Senior Unsecured Notes.

                    (aa) The
Administrative Agent shall have received the results of a recent lien search
conducted in such jurisdiction agreed upon with counsel to the Lenders, and
such search shall reveal no liens on any of the assets of the Credit Parties
except for liens permitted by Section 7.18 or discharged on or prior to
the Closing Date pursuant to documentation reasonably satisfactory to the
Administrative Agent or otherwise consented to by it in writing.

61

                    (bb) The
Administrative Agent shall have received (i) a certificate of each Credit
Party, dated the Closing Date, substantially in the form of Exhibit A, with
appropriate insertions and attachments, including the certificate of
incorporation of each Credit Party that is a corporation certified by the
relevant authority of the jurisdiction of organization of such Credit Party,
and (ii) a long form good standing certificate for each Credit Party from its
jurisdiction of organization.

                    (cc) (i)
The Administrative Agent shall have received within 30 days of the Closing Date
or such longer term not to exceed 60 days as agreed by the Administrative Agent
in its sole discretion, a Mortgage with respect to all owned Real Estate listed
on Schedule 8.1 (“Mortgaged Property”), executed and delivered by a duly
authorized officer of each party thereto.

                    (ii)
The Administrative Agent shall have received in respect of any Mortgaged
Property within 30 days of the Closing Date or such longer term not to exceed
60 days as agreed by the Administrative Agent in its sole discretion, a
mortgagee’s title insurance policy (or policies) in form and substance
reasonably satisfactory to the Administrative Agent. The Administrative Agent
shall have received evidence satisfactory to it that all premiums in respect of
each such policy, all mortgage recording tax, and all related expenses, if any,
have been paid.

                    (iii)
If any improvements located on any Mortgaged Property are located in a “special
flood hazard area”, the Administrative Agent shall have received within 90 days
of the Closing Date (A) a policy of flood insurance with respect to such
Mortgaged Property, if applicable, that (1) is written in an amount not less
than the outstanding principal amount of the indebtedness secured by the
applicable Mortgage that is reasonably allocable to such real property or the
maximum limit of coverage made available with respect to the particular type of
property under the National Flood Insurance Act of 1968, whichever is
less, and (2) has a term ending not later than the maturity of the Indebtedness
secured by such Mortgage and (B) confirmation that the US Borrowers have
received the notice required pursuant to Section 208(e)(3) of Regulation H of
the Board.

                    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 (including any schedules hereto), or satisfaction were
acceptable to such US Lender.

                    The
failure to deliver any guarantee or Collateral required to be provided on the
Closing Date shall not constitute a failure to satisfy a condition precedent to
the obligations of the Lenders to make any Loans pursuant to this Agreement
(other than any Collateral the security interest in which may be perfected by
the filing of a UCC financing statement or the delivery of stock certificates
and the security agreement giving rise to the security interest therein) so
long as the Borrowers used commercially reasonable efforts to deliver such
guarantee or Collateral prior to the Closing Date; provided that the Borrowers
shall be required to deliver any guarantees or Collateral after the Closing
Date pursuant to arrangements to be mutually agreed by the Agents and the
Borrowers.

62

          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:

	
 

	
 

	
 

	
          (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 the 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) and no
payment of Revolving Loans then required under Section 3.1 shall not
have been satisfied prior to the making of any such US Borrowing;

provided, however, that each of the
foregoing conditions precedent are not conditions to each US Lender
participating in or reimbursing 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 Loans when due,
whether on demand or otherwise, or failure by any Borrower to pay any interest
on any of its Loans or any fees due to any Agent or Lender pursuant to the Agreement
or the Fee Letter 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 described in this Section 9.1(a) other
than the payment of principal) is not cured by the payment in full within two
(2) Applicable Business Days from the due date;

63

                    (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), 5.3(a),
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 (other than 5.3(a)) 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 $7,500,000, 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 generally or seeking a
stay which has the effect of staying any creditor or for any other relief under
the federal Bankruptcy Code, or under any other bankruptcy, insolvency,
liquidation, winding-up 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 generally 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 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 

64

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 $7,500,000 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 Subsidiaries occurs which could
reasonably be expected to cause a Material Adverse Effect and is not adequately
covered by insurance;

                    (m) [Intentionally
deleted];

                    (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
(subject to the qualifications set forth in Section 6.2) 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 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 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;

65

                    (q) [Intentionally
deleted];

                    (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,
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
exists any Event of Default under or in connection with the UK Credit
Agreement.

          9.2 Remedies.

                    (a)     
(i) Subject to clauses (ii) and (iii) 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 demand, but with written notice,
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 (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 the UK Borrower.

	
 

	
 

	
 

	
          (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 demand, but with written notice,
  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 

66

	
 

	
 

	
 

	
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 demand, but with written notice, on the UK Borrower 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 Borrower to be immediately due and payable; (C) require the UK Borrower
  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 applicable 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 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, effective upon the
occurrence and during the continuation of an Event of Default, without charge,
the US Borrowers’ labels, patents, copyrights, name, industrial 

67

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; provided, however, that no such license shall be deemed granted to the extent it (i)
violates the terms of any agreement between any US Borrower and any other
Person or (ii) would result in the invalidity, unenforceability or abandonment
of any Proprietary Rights. 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 US Required Lenders may
terminate the US Commitments under this Agreement by written notice to the US
Borrower Representative upon the occurrence and during the continuance of an
Event of Default. Upon the effective date of termination of this Agreement for
any reason whatsoever, all US 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 (other than indemnities and other contingent Obligations not then
due and payable) 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) Except
as set forth in Section 1.7(b) hereof, no amendment or waiver of any
provision of this Agreement or any other Loan Document, including 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 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:

68

	
 

	
 

	
 

	
          (i) increase
  or extend the US Commitment or the UK Commitment (other than with respect to Section
  1.7);

	
 

	
 

	
 

	
          (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 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 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;

	
 

	
 

	
 

	
          (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 12.10;

	
 

	
 

	
 

	
          (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 (other than
  with respect to Section 1.7), the Letter of Credit Subfacility or the
  Multicurrency Letter of Credit Sublimit; 

	
 

	
 

	
 

	
          (x) release
  any Collateral other than as permitted by Section 12.10 hereof
  and Section 12.10 of the UK Credit Agreement; or

	
 

	
 

	
 

	
          (xi) amend
  Section 3.7.

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].

69

                    (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 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 US Borrowers and the
Administrative Agent (which consent, in each case, shall not be unreasonably
withheld, it being understood and agreed that US Borrowers shall be allowed to
withhold consent if an intended assignment would result in increased costs
claims pursuant to Article 4 of this Agreement), assign and delegate to one or
more Eligible Assignees (provided that no
such consent of the US Borrowers (it being understood and agreed that such
assignment shall be with the written consent of the US Borrowers if an intended
assignment would result in increased costs claims pursuant to Article 4 of this
Agreement) or 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 and under the other Loan Documents, in the case of US
Commitments (together with the UK Commitment contemporaneously assigned by such
US Lender or its Affiliate) in a minimum amount of the Dollar Equivalent of
$1,000,000 unless (i) each of the US Borrowers and the Administrative Agent
otherwise consent or (ii) the assignor US Lender’s rights and obligation 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
UK Commitments) shall be reduced to zero as a result; 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 $5,000,000; 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; and provided further
that no consent of the US Borrowers shall be required if a Default or
Event of Default under Article 9 has occurred and is continuing; 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 

70

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 (iv) the
Assignee shall have delivered any forms required pursuant to Section 12.10,
and provided further that no such assignment shall be effective unless
and until the assignor US Lender shall also have novated or cause to be novated
a pro rata portion of its and its Affiliates’ 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, upon return to the US Borrower
Representative of any promissory notes held by the assigning lender, 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 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 the other
Loan Documents (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 

71

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 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 shall also have sold or cause to be
sold a pro rata participating portion of its interest in its and its
Affiliates’ 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.

                    (g)
Notwithstanding any other provision in this Agreement, and except to the extent
such security interest or pledge would result in increased costs claims
pursuant to Article 4 of 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 to its trustee or to a collateral agent or to
another creditor providing credit or credit support to such US Lender in
support of its obligations to such trustee, such collateral agent or a holder
of, or any other representative of a holder of, such obligations, or such other
creditor, as the case may be; provided, that no such pledge shall
release the transferor US Lender from any of its obligations hereunder.

72

ARTICLE 12.

THE AGENTS

          12.1
Appointment and Authorization. Each US Lender hereby designates and
appoints the 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 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.

73

          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 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, 

74

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 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 US Agent 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 US Agent were not an agent hereunder
and without notice to or consent of the US Lenders. The US Agent 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
each US Lender acknowledges that US Agent shall be under no obligation to
provide such information to them. With respect to its US Revolving Loans, the
US Agent 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 US Agent 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 UK Agent shall also resign
under the UK Credit Agreement. In the event the Administrative Agent sells all
of its Aggregate Commitment and Loans as part of a sale, transfer or other disposition
by the Administrative Agent of substantially all of its loan portfolio
containing this Agreement, the Administrative Agent 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
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 the US Borrowers of all US 

75

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 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 (other than indemnities and other contingent obligations
not then due and payable); (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.

                    (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 required 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 to the
extent set forth in the Loan Documents.

                    (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 

76

termination of
the US Commitments and payment and satisfaction in full by the 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 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 (other than
indemnities and other contingent Obligations not then due and payable); (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 $250,000. 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.

          12.11
Restrictions on Actions by Lenders; Sharing of Payments.

                    (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.

          12.12
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.

          12.13
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 

77

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 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.

          12.14
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 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) for itself, 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. (New York
time) on the date of such requested Settlement (the “Settlement Date”). Each US
Lender (other than the Administrative Agent in the case of Agent Advances and
Non-Ratable Loans) 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. (New York 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 Administrative Agent’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 Administrative Agent, 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 

78

respect to a
Non-Ratable Loan or Agent Advance), each other US Lender (A) shall irrevocably
and unconditionally purchase and receive from the Administrative Agent, 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 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 Administrative Agent, shall pay to the Administrative Agent, 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 US
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 apply 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, to the Administrative Agent’s US
Revolving Loans including Non-Ratable Loans. If, as of any Settlement Date,
collections received since the then immediately preceding Settlement Date have
been applied to the Administrative Agent’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 Administrative Agent shall pay the US
Lenders, on account of such US Lenders’ outstanding Revolving Loans, 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 Administrative Agent
with respect to Agent Advances and Non-Ratable Loans, 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 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 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 

79

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 Borrowers
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 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.

80

                    (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.

          12.15 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 a Lender, 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.

                              
(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 

81

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. 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.

82

                    (e)
Currency Conversion and Contingent Funding Agreement. In the event a
Letter of Credit denominated in any of Pounds Sterling, Canadian Dollars or
Euro is drawn and the US Borrowers do not reimburse the Letter of Credit Issuer
pursuant to Section 1.4(e) on the date required thereunder (the
“Required Date”), the reimbursement obligation in respect thereof shall be
immediately converted into Dollars on the basis of the Spot Rate for the purchase
of Dollars with such other currency on the Required Date. A request by the US
Borrowers to the Administrative Agent for a Borrowing of US Base Revolving
Loans in the amount of such converted amount shall be deemed to have been given
with a Funding Date as the Required Date. The Administrative Agent is
authorized to charge the US Borrowers’ Loan Account for the amount of such
converted amount in accordance with Section 3.6.

          12.16
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.

          12.17
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,
examination report or asset appraisal (each a “Report” and collectively,
“Reports”) prepared by or on behalf of the Administrative Agent; 

                    (b)
expressly agrees and acknowledges that no 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 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

83

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.

          12.18
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.

          12.19
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).

          12.20
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 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.

          12.21
Co-Agents. (a) None of the US Lenders identified on the facing page, the
preamble or the signature pages to this Agreement as “Documentation Agents”, 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
“Documentation Agents”, 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 Borrowers 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 12.21 shall apply to such Agent or Co-Agent as if such Agent or
Co-Agent were a “Documentation Agents” as referred to in this Section 12.21.

84

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.

          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 Governing
Law; Choice of Forum; Service of Process.

                    (a)
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK.

                    (b)
EACH OF THE PARENT GUARANTOR AND THE US BORROWERS HEREBY IRREVOCABLY AND
UNCONDITIONALLY:

	
 

	
 

	
 

	
          (i)
  SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING
  RELATING TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH IT IS A
  PARTY, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF,
  TO THE NON-EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW
  YORK, THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK,
  AND APPELLATE COURTS FROM ANY THEREOF;

	
 

	
 

	
 

	
          (ii)
  CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND
  WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY
  SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
  WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE
  SAME;

	
 

	
 

	
 

	
          (iii)
  AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
  EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY
  SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO HOLDINGS OR THE
  BORROWER, AS THE CASE MAY BE AT ITS 

85

	
 

	
 

	
 

	
ADDRESS SET
  FORTH IN SECTION 13.8 OR AT SUCH OTHER ADDRESS OF WHICH THE ADMINISTRATIVE
  AGENT SHALL HAVE BEEN NOTIFIED PURSUANT THERETO;

	
 

	
 

	
 

	
          (iv)
  AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF
  PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE
  IN ANY OTHER JURISDICTION; AND 

	
 

	
 

	
 

	
          (v)
  WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO
  CLAIM OR RECOVER IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN THIS
  SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

          13.4
WAIVER OF JURY TRIAL. PARENT GUARANTOR, 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 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 reasonable costs and
expenses that each US Agent pays or incurs in connection with the negotiation,
preparation, syndication, consummation, administration, (but 

86

excluding any
costs and expenses associated with assignments of Loans (other than in
connection with the primary syndication of the Commitments) or participations),
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’ reasonable and documented fees and out-of-pocket 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 internal or outside 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; 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 reasonable and
documented out-of-pocket 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 and documented fees, out-of-pocket 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 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:

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit, Inc.

	
 

	
 

	
505 Fifth
  Avenue

	
 

	
 

	
New York,
  New York 10017

	
 

	
 

	
Attn:
  Relationship Manager – Mobile Storage Group, Inc.

	
 

	
 

	
Facsimile:
  (212) 461-7760

87

	
 

	
 

	
 

	
 

	
 

	
with copies
  to:

	
 

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit Inc.

	
 

	
 

	
505 Fifth
  Avenue

	
 

	
 

	
New York,
  New York 10017

	
 

	
 

	
Attn:
  Internal Counsel – Mobile Storage Group, Inc.

	
 

	
 

	
Facsimile:
  (212) 771-9520

	
 

	
 

	
 

	
 

	
If to UK
  Agent or the UK Security Trustee:

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit, Inc.

	
 

	
 

	
505 Fifth
  Avenue

	
 

	
 

	
New York,
  New York 10017

	
 

	
 

	
Attn:
  Relationship Manager – Mobile Storage Group, Inc.

	
 

	
 

	
Facsimile:
  (212) 461-7760

	
 

	
 

	
with copies
  to:

	
 

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit Inc.

	
 

	
 

	
505 Fifth
  Avenue

	
 

	
 

	
New York,
  New York 10017

	
 

	
 

	
Attn: Internal
  Counsel – Mobile Storage Group, Inc.

	
 

	
 

	
Facsimile:
  (212) 771-9520

	
 

	
 

	
 

	
 

	
If to the 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

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 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 Borrower 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 

88

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)
Except with respect to any Claims (as defined below) associated with Taxes, the
US Borrowers agree to defend, indemnify and hold each US Agent, the
Agent-Related Persons, the Letter of Credit Issuer 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 (“Claims”) 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 (i) the gross negligence, bad faith or
willful misconduct of such Indemnified Person as determined in a final
non-appealable judgment of a court of competent jurisdiction or (ii) a breach
of the Loan Documents. The agreements in this Section shall survive payment of
all other Obligations.

                    (b)
The US Borrowers agree to indemnify, defend and hold harmless each US Agent,
the Letter of Credit Issuer 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, the Letter of Credit Issuer 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.

89

          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
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 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.

          13.15
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.

90

          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) 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,
provided that they are advised (and US Agents and US Lender will advise) by US
Agents or US Lender that such information is confidential; (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. 

          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

91

Administrative 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 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 the 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.

          13.23
Register. The Administrative Agent, acting for this purpose as an agent
of the US Borrowers, shall maintain at one of its offices a copy of each
Assignment and Acceptance delivered to it and a register for the recordation of
the names and addresses of the US Lenders, and the Commitments of, and
principal amount of the Loans and Letter of Credit disbursements owing to, each
US Lender pursuant to the terms hereof from time to time (the “Register”). Absent
manifest error, the entries in the Register shall be conclusive, and the US
Borrowers, the Administrative Agent, the Letter of Credit Issuers and the US
Lenders may treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a US Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the US Borrowers, the Letter of Credit Issuers and
any US Lender, at any reasonable time and from time to time upon reasonable
prior notice.

[Signature pages follow]

92

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

	
 

	
 

	
 

	
 

	
“US BORROWER”

	
 

	
 

	
 

	
MOBILE STORAGE GROUP, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
“US BORROWER”

	
 

	
 

	
 

	
MOBILE SERVICES GROUP, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
“PARENT GUARANTOR”

	
 

	
 

	
 

	
MSG WC HOLDINGS CORP.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
“INTERMEDIARY”

	
 

	
 

	
 

	
MSG WC INTERMEDIARY CO.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
 

	
“ADMINISTRATIVE AGENT”

	
 

	
 

	
 

	
THE CIT
  GROUP/BUSINESS CREDIT, INC., as the Administrative Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
Neal Mulford

	
 

	
 

	
Title:

	
Senior Vice
  President

	
 

	
 

	
 

	
 

	
 

	
“LENDERS”

	
 

	
 

	
 

	
THE CIT
  GROUP/BUSINESS CREDIT, INC., as a Lender

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
Neal Mulford

	
 

	
 

	
Title:

	
Senior Vice
  President

ANNEX A

to

US Credit Agreement and UK Credit Agreement

Definitions

                    Capitalized
terms used in the Loan Documents shall have the following respective meanings
(unless otherwise defined therein), and all section references in the following
definitions shall refer to sections of the Agreement:

                    “ABMSC”
means A Better Mobile Storage Company, a California corporation. 

                    “Accounts”
of a Person means such Person’s now owned or hereafter acquired or arising accounts,
as defined or used in the UCC (if in reference to Person that is a US Credit
Party) or the Companies Act (if in reference to Person that is a UK Credit
Party), including any rights to payment for the sale or lease of goods or
rendition of services, whether or not they have been earned by performance, all
rights to payment under Chattel Paper, all payment intangibles, as defined in
the UCC, arising under leases, all book debts and all “Receivables” as defined
in the UK Debenture.

                    “Account
Debtor” means each Person obligated in any way on or in connection with an
Account, Chattel Paper or General Intangibles (including a payment intangible).

                    “ACH
Transactions” means any cash management or related services including the
automatic clearing house transfer of funds by the Bank for the account of any
Credit Party pursuant to agreement or overdrafts.

                    “Acquisition
Agreement” means the Agreement and Plan of Merger, dated May 24, 2006, by
and among the Parent Guarantor, Acquisition Sub and Mobile Services as amended
by the Amendment to Agreement and Plan of Merger dated as of June 9, 2006.

                    “Acquisition
Documents” means, collectively, the Acquisition Agreement all schedules,
exhibits and annexes thereto, and all side letters and agreements affecting the
terms thereof or entered into connection therewith.

                    “Acquisition”:
means the acquisition of all of the issued and outstanding Capital Stock of
Mobile Services pursuant to the Acquisition Agreement whereby Acquisition Sub
shall merge with Mobile Services with Mobile Services as the surviving entity.

                    “Acquisition
Sub” means MSG WC Acquisition Corp., a Delaware Corporation.

                    “Acquisition
Carry Forward Amount” has the meaning specified in clause (i) of the
definition of “Restricted Investment.”

                    “Acquisition
to CapEx Transfer Amount” means, with respect to each Fiscal Year, the
amount up to the lesser of the Dollar Equivalent of $15,000,000 and the amount
permitted as Permitted Acquisitions in any given Fiscal Year applied by the
Credit Parties, in their sole discretion, to the making or incurring of a
Capital Expenditure pursuant to Section 7.26 and Section 7.26
of the UK Credit Agreement, rather than a Permitted Acquisition pursuant to Section 7.10(c)
of the US Credit Agreement and Section 7.10(c) of the UK Credit
Agreement, such amount for each Fiscal Year to be certified by the US Borrower
Representative to the Administrative Agent in the Compliance Certificate
delivered for the last Fiscal Quarter of such Fiscal Year; provided that
any amount so applied under the Existing US Credit

A-1

Agreement and
the Existing UK Credit Agreement prior to the Closing Date for any Fiscal Year
shall automatically deemed similarly so applied and shall be included for
purposes of this definition.

                    
“Adjusted Net Income” means, with respect to any fiscal period of the
Credit Parties, the consolidated net income of the Credit Parties and their
Consolidated Subsidiaries after provision for income taxes for such fiscal
period, as determined in accordance with GAAP and reported on the Financial
Statements for such period, excluding (without duplication) any and all of the
following included in such net income:
(a) gain or loss arising from the sale of any capital assets other than
in the ordinary course of business; (b) gain or loss arising from any write-up
or write-down in the book value of any asset; (c) earnings of any Person (other
than a Consolidated Subsidiary) in which a Credit Party or any of its
Subsidiaries has an ownership interest unless (and only to the extent) such
earnings shall actually have been received by such Credit Party or such
Subsidiary in the form of cash distributions; (d) gain or non-cash loss arising
from the acquisition of debt or equity securities of a Credit Party or any of
its Subsidiaries or from cancellation or forgiveness of Debt; and (e)
prepayment penalties paid in connection with the refinancing of the Existing
Indebtedness and other Debt if and only to the extent that (i) all such Debt
either was evidenced by the Existing Indebtedness or was and is incurred in
compliance with Section 7.13 hereof and (ii) the net proceeds of
the Debt incurred to retire existing Debt are sufficient to pay in cash in full
such prepayment penalties.

                    “Administrative
Agent” means The CIT Group/Business Credit, Inc., a New York corporation,
or any successor entity thereto, solely in its capacity as administrative agent
for the US Lenders and security agent for the US Lenders, and any successor
agent.

                    “Affiliate”
means, as to any Person, any other Person which, directly or indirectly, is in
control of, is controlled by, or is under common control with, such Person or
(with reference to any Person other than a Lender) which owns, directly or
indirectly, five percent (5%) or more of the outstanding equity interest of
such Person; provided, however, that no portfolio companies of Welsh Carson or of any
other funds controlled by Welsh Carson Anderson & Stowe (other than the
Credit Parties and their respective Subsidiaries) shall be deemed Affiliates of
a Credit Party or any Subsidiary thereof.
A Person shall be deemed to control another Person if the controlling
Person possesses, directly or indirectly, the power to direct or cause the
direction of the management and policies of the other Person, whether through
the ownership of voting securities, by contract, or otherwise.

                    “Agency”
means any third party at whose premises a Credit Party maintains Inventory on a
regular basis and who provides services related to the sale or lease of such
Inventory, including the delivery thereof.

                    “Agent
Advances” has the meaning specified in Section 1.2(i) of the US
Credit Agreement and Section 1.2(i) of the UK Credit Agreement.

                    “Agent-Related
Persons” means the Agents, together with their respective Affiliates, and
the officers, directors, employees, counsel, representatives, agents and
attorneys-in-fact of the Agents and such Affiliates.

                    “Agents”
means, collectively, the US Agent and the UK Agents.

                    “Agents’
Liens” means US Agents’ Liens and the UK Agents’ Liens.

                    “Aggregate
Availability” means an amount equal to the sum of the US Availability and
the Dollar Equivalent of the UK Availability.

A-2

                    “Aggregate
Commitments” means, collectively, the US Commitments and UK Commitments.

                    “Aggregate
Outstandings” means, at any date of determination, the sum of US Aggregate
Outstandings and UK Aggregate Outstandings.

                    “Agreement”
means the UK Credit Agreement or the US Credit Agreement, as applicable, to
which this Annex A is attached, as from time to time amended, modified or
restated.

                    “Anniversary
Date” means each anniversary of the Closing Date.

                    “Anti-Terrorism
Laws” means any laws relating to terrorism or money laundering, including
Executive Order No. 13224 and the USA Patriot Act.

                    
“Applicable Advance Rate” means (a) with respect to matters relating to
the US Collateral, the US Advance Rate and (b) with respect to matters relating
to the UK Collateral, the UK Advance Rate.

                    “Applicable
Agents” means (a) with respect to matters relating to the US Credit
Agreement, the US Agents and (b) with respect to matters relating to the UK
Credit Agreement, the UK Agents.

                    “Applicable
Agents’ Liens” means the Liens in the Collateral granted to the Applicable
Security Agent, for the benefit of the Applicable Lenders and Applicable Agents
pursuant to this Agreement and the other Loan Documents.

                    “Applicable
Borrower Representative” means (a) with respect to matters relating to the
US Credit Agreement, the US Borrower Representative and (b) with respect to
matters relating to the UK Credit Agreement, the UK Borrower Representative.

                    “Applicable
Borrowers” means (a) with respect to matters relating to US Revolving Loans
and Letters of Credit issued for the benefit of the US Borrowers and other
matters relating to the US Credit Agreement, the US Borrowers, and (b) with
respect to matters relating to UK Revolving Loans and Letters of Credit issued
for the benefit of the UK Borrowers and other matters relating to the UK Credit
Agreement, the UK Borrowers.

                    “Applicable
Borrowing Base” means (a) with respect to matters relating to US Revolving
Loans and Letters of Credit issued for the benefit of the US Borrowers and
other matters relating to the US Credit Agreement, the US Borrowing Base, and
(b) with respect to matters relating to UK Revolving Loans and Letters of
Credit issued for the benefit of the UK Borrowers and other matters relating to
the UK Credit Agreement, the UK Borrowing Base.

                    “Applicable
Business Day” means (a) with respect to matters relating to the US Credit
Agreement, a US Business Day, (b) with respect to matters relating to UK Credit
Agreement, a UK Business Day.

                    “Applicable
Collateral” means (a) with respect to matters relating to US Security
Documents, the US Collateral, and (b) with respect to matters relating to UK
Security Documents, the UK Collateral.

A-3

                    “Applicable
Currency” means, as to any particular payment or Loan, Dollars or Pounds
Sterling in which such Loan is denominated or is payable.

                    “Applicable
Lenders” means (a) with respect to matters relating to US Revolving Loans
and Letters of Credit issued for the benefit of the US Borrowers and other
matters relating to the US Credit Agreement, the US Lenders, (b) with respect
to matters relating to UK Revolving Loans and Letters of Credit issued for the
benefit of the UK Borrower and other matters relating to the UK Credit
Agreement, the UK Lenders.

                    “Applicable
Margin” means:

	
 

	
 

	
 

	
 

	
(i)

	
with respect
  to US Base Rate Revolving Loans and all other Obligations of the US Borrowers
  (other than US LIBOR Revolving Loans), 1.00%;

	
 

	
 

	
 

	
 

	
(ii)

	
with respect
  to UK Base Rate Revolving Loans and all other Obligations of the UK Borrower
  (other than UK Sterling LIBOR Revolving Loans), 1.00%;

	
 

	
 

	
 

	
 

	
(iii)

	
with respect
  to US LIBOR Revolving Loans, 2.00%; and

	
 

	
 

	
 

	
 

	
(iv)

	
with respect
  to UK Sterling LIBOR Revolving Loans, 2.00%.

                    The
Applicable Margins for Revolving Loans and the Applicable Unused Line Fee Rate
shall be adjusted (up or down) prospectively on a quarterly basis as determined
by the Consolidated Total Debt to Pro Forma EBITDA Ratio, commencing on
December 31, 2006 with reference to the most recently delivered quarterly
unaudited consolidated Financial Statements as of the end of the first three
Fiscal Quarters in any Fiscal Year or annual audited Financial Statements (as
applicable).  Adjustments in Applicable
Margins shall be determined by reference to the following grids:

	
 

	
 

	
 

	
 

	
 

	
 

	
If Consolidated Total Debt to

  Pro Forma EBITDA Ratio is:

	
 

	
Level of

  Applicable Margins:

	
 

	
 

	

	
 

	

	
 

	
 

	
> = 6.0:1

	
 

	
Level I

	
 

	
 

	
> = 5.0:1, but < 6.0:1

	
 

	
Level II

	
 

	
 

	
> = 4.0:1, but < 5.0:1

	
 

	
Level III

	
 

	
 

	
< 4.0:1

	
 

	
Level IV

	
 

          High
to Low

	
 

	
 

	
 

	
 

	
 

	
Applicable Margins

	
 

	
 

	

	
 

	
 

	
Level I

	
 

	
Level II

	
 

	
Level III

	
 

	
Level IV

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
Base Rate
  Revolving Loans

	
 

	
1.25%

	
 

	
1.00 %

	
 

	
0.75%

	
 

	
0.50%

	
LIBOR and
  Sterling LIBOR Loans

	
 

	
2.25%

	
 

	
2.00 %

	
 

	
1.75%

	
 

	
1.50%

	
Applicable
  Unused Line Fee Rate

	
 

	
0.50%

	
 

	
0.375%

	
 

	
0.375%  

	
 

	
0.25%

                    All
adjustments in the Applicable Margins for Revolving Loans on or after December
31, 2006 shall be implemented quarterly on a prospective basis, for each
calendar month commencing at least 5 days after the date of delivery to the
Lenders of quarterly unaudited consolidated Financial Statements as of the end
of the first three Fiscal Quarters in any Fiscal Year or annual audited
Financial Statements (as applicable) evidencing the need for an
adjustment.  Concurrently with the
delivery of those Financial Statements, the Borrowers shall deliver to the
Administrative Agent and the Lenders a certificate, signed by the chief
financial officer of the US Borrower, setting forth in reasonable detail the
basis for the

A-4

continuance
of, or any change in, the Applicable Margins.
Failure to timely deliver such Financial Statements shall, in addition
to any other remedy provided for in the Agreement, result in an increase in the
Applicable Margins to the highest level set forth in the foregoing grid, until
the first day of the first calendar month following the delivery of those
Financial Statements demonstrating that such an increase is not required.  If a Default or Event of Default has
occurred and is continuing at the time any reduction in the Applicable Margins
for Revolving Loans is to be implemented, no reduction may occur until the
first day of the first calendar month following the date on which such Default
or Event of Default is waived or cured.

                    “Applicable
Required Lenders” means (a) with respect to matters relating to the US
Credit Agreement, the US Required Lenders and (b) with respect to matters
relating to the UK Credit Agreement, the UK Required Lenders.

                    “Applicable
Security Agent” means (a) with respect to matters relating to the US Credit
Agreement and US Loan Documents, the Administrative Agent and (b) with respect
to matters relating to the UK Credit Agreement and UK Loan Documents, the UK
Security Trustee.

                    “Applicable
Unused Line Fee Rate” means 0.375% per annum as adjusted in accordance with
the determination of Applicable Margin.

                    “Appraisal
Reserves” means any reserves that the Administrative Agent or the UK Agent,
as applicable, from time to time establishes in its reasonable discretion, for
any appraisal.

                    “Appraiser”
means Hilco Appraisal Services, LLC, (“Hilco”) or such other appraiser selected
by the Administrative Agent; provided that, so long as no Event
of Default has occurred and is continuing, the Administrative Agent shall use
its reasonable best efforts to select Hilco and only if after using such
reasonable best efforts Hilco is not available, such other appraiser as will
employ the methodologies utilized by Hilco in respect of the valuations of the
Borrower’s assets used to determine the Applicable Borrowing Base as of the
Closing Date.  For the avoidance of
doubt, each Borrower acknowledges and agrees that, upon the occurrence and
during the continuance of an Event of Default, the Administrative Agent shall
select an appraiser in its sole discretion, but shall use reasonable best
efforts to cause such appraiser to utilize the methodology applied by Hilco in
respect of the valuation of the Borrower’s assets to determine the Applicable
Borrowing Base as of the Closing Date.

                    “Approved
Currency” mean any of Dollars, Pounds Sterling, Canadian Dollars or Euro.

                    
“Assignee” has the meaning specified in Section 11.2(a) of
the US Credit Agreement.

                    “Assignment
and Acceptance” has the meaning specified in Section 11.2(a) of
the US Credit Agreement.

                    “Attorney
Costs” means and includes all reasonable and documented fees, expenses and
out-of-pocket disbursements of any law firm or other counsel engaged by any of
the Agents, from and after the Closing Date;

                    “Bank
Product Provider” means any Lender or any Affiliate of a Lender, or any
successor entity thereto, providing Bank Products to the Borrowers.  Any such Lender or Affiliate that enters
into a transaction with the Borrower in respect of Bank Products (i) shall
promptly provide the Administrative Agent notice of such Bank Product
arrangements with a Borrower and an estimate of the maximum liability of such
Borrower to such Bank Product Provider thereunder and (ii) shall agree to

A-5

appoint the
Applicable Agents as its agents for purposes of the applicable Loan Documents
and be bound by the terms set forth in Article 12 of this Agreement in
connection therewith.

                    “Bank
Reference Rate” means JPMorgan Chase Bank, N.A.’s reference rate for Pounds
Sterling, being the rate time to time set by JPMorgan Chase Bank, N.A.’s based
on various factors including JPMorgan Chase Bank, N.A.’s cost of funds, desired
return and general economic conditions and which is used a reference point for
pricing loans made by it in Pounds Sterling.

                    “Bank
Product Reserves” means all reserves which the Administrative Agent or the
UK Agent, as applicable, from time to time establishes in its reasonable
discretion for the Bank Products then provided or outstanding.

                    “Bank
Products” means either US Bank Products or UK Bank Products or both of
them.

                    “Bankruptcy
Code” means Title 11 of the United States Code (11 U.S.C. § 101 et
seq.) as amended from time to time.

                    “Base
Rate Revolving Loans” means, collectively, the US Base Rate Revolving Loans
and the UK Base Rate Revolving Loans.

                    “Blocked
Account Agreement” means an agreement among any Borrower, any Guarantor,
the Applicable Security Agent and a Clearing Bank, in form and substance
reasonably satisfactory to the Applicable Security Agent and Applicable
Borrower Representative, concerning the collection of payments which represent the
proceeds of Accounts or of any other Collateral.

                    “Blocked
Person” means (a) a Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224; (b) a Person owned or
controlled by, or acting for or on behalf of, any Person that is listed in the
annex to, or is otherwise subject to the provisions of, Executive Order No.
13224; (c) a Person or entity with which any bank or other financial
institution is prohibited from dealing or otherwise engaging in any transaction
by any Anti-Terrorism Law; (d) a Person or entity that commits, threatens or
conspires to commit or supports “terrorism” as defined in Executive Order No.
13224; (5) a Person or entity that is named as a “specially designated national”
on the most current list published by the U.S. Treasury Department Office of
Foreign Asset Control (OFAC) at its official website or any replacement website
or other replacement  official
publication of such list; (e) a Person or entity who is affiliated with a
Person or entity listed above; or (f) an agency of the government of, an
organization directly or indirectly controlled by, or a Person resident in, a
country on any official list maintained by OFAC.

                    “Book
Value of Eligible Machinery and Equipment” shall mean the net book value of
Eligible Machinery and Equipment, determined in accordance with GAAP.

                    “Book
Value of Eligible Rental Fleet Assets” shall mean the net book value of
Eligible Rental Fleet Assets, determined in accordance with GAAP.

                    “Borrower”
and “Borrowers” means each of the US Borrowers and the UK Borrower and
all of them.

                    “Borrower Representative” means the US Borrower Representative.

                    “Borrowing
Base Certificate” means a certificate by a Responsible Officer of the
Applicable Borrower Representative, substantially in the form of Exhibit B
to the US Credit Agreement

A-6

and the UK
Credit Agreement (or another form reasonably acceptable to the Administrative
Agent and the UK Agent acting jointly) setting forth the calculation of the UK
Borrowing Base or US Borrowing Base, as applicable, including a calculation of
each component thereof, all in such detail as shall be reasonably satisfactory
to the Administrative Agent or, in the case of the UK Borrowing Base, the UK
Agent.  All calculations of the
Applicable Borrowing Base in connection with the preparation of any Borrowing
Base Certificate shall originally be made by the Applicable Borrower
Representative and certified to the Administrative Agent or, in the case of the
UK Borrowing Base, the UK Agent; provided, that (a) the
Administrative Agent shall have the right to review and adjust, in the exercise
of its reasonable credit judgment, any such calculation (1) to reflect its
reasonable estimate of declines in value of any of the Collateral described
therein, and (2) to the extent that such calculation is not in accordance with
this Agreement and (b) the UK Agent, shall have the right to review and adjust,
in the exercise of its sole discretion, any such calculation (1) to reflect its
estimate of declines in value of any of the Collateral described therein, and
(2) to the extent that such calculation is not in accordance with this Agreement.

                    “Borrowings”
means US Borrowings and UK Borrowings.

                    “Canadian
Dollars” mean Canadian dollars in the lawful currency of Canada.

                    “Capital
Adequacy Regulation” means any guideline, request or directive of any
central bank or other Governmental Authority, or any other law, rule or
regulation, whether or not having the force of law, in each case, regarding
capital adequacy of any bank or of any corporation controlling a bank.

                    “Capital
Expenditure to Acquisitions Transfer Amount” means, with respect to each
Fiscal Year, the amount up to the Dollar Equivalent of $15,000,000 applied by
the Credit Parties, in their discretion, to the making of Permitted
Acquisitions pursuant to Section 7.10(c) of the US Credit Agreement
and Section 7.10(c) of the UK Credit Agreement, rather than Capital
Expenditures pursuant to Section 7.26 of the US Credit Agreement
and Section 7.26 of the UK Credit Agreement, such amount for each Fiscal
Year to be certified by the US Borrower Representative to the Administrative
Agent in the Compliance Certificate delivered for the last Fiscal Quarter of
such Fiscal Year.

                    “Capital
Expenditures” means all payments due (whether or not paid during any fiscal
period) in respect of the cost of any Fixed Asset, Rental Fleet Asset or
improvement, or replacement, substitution, or addition thereto, including those
costs arising in connection with the direct or indirect acquisition of such
asset by way of increased product or service charges or in connection with a
Capital Lease.  Notwithstanding the
foregoing, Capital Expenditures shall not include (i) Rental Fleet Assets or
Machinery and Equipment purchased substantially simultaneously with the
trade-in of existing Rental Fleet Assets or Machinery and Equipment to the
extent of the trade-in credit therefor, (ii) Rental Fleet Assets or Fixed
Assets purchased with proceeds of Rental Fleet Assets or Fixed Assets sold in
that Fiscal Year, (iii) expenditures to acquire assets in a Permitted
Acquisition; (iv) Capital Leases existing on the Closing Date; (v) expenditures
made to restore, rebuild or replace property following any damage, loss,
destruction or condemnation of such property, to the extent such expenditure is
made or financed with proceeds received or to be received from insurance,
condemnation or other similar proceeds; (vii) expenditures made to the extent
reimbursed by a Person other than the Credit Parties and their Subsidiaries and
(viii) expenditures constituting capitalized interest.

                    “Capital
Lease” means any lease of property which, in accordance with GAAP, should
be reflected as a capital lease on the balance sheet of the applicable Person.

A-7

                    “Capital
Stock” means all equity interests in a Person, whether common stock,
preferred stock, partnership interests, limited liability company interests,
membership interests, options, warrants, stock or equity appreciation rights,
or otherwise.

                    
“Cash Interest Coverage Ratio” means, for any period, the ratio of
EBITDA to the sum of (i) total interest expense payable by Mobile Services and
its Subsidiaries in cash during such period; (ii) any distributions in cash
made during such period pursuant to Section 7.10(a)(iv) and (iii) any
distributions in cash made during such period pursuant to Section 7.10(a)(viii)
for the purpose of making interest payments with respect to the Mezzanine
Notes..

                    “Change
in Control” means

                    (a)
prior to a public offering of stock by the Parent Guarantor registered pursuant
to the Securities Act (an “IPO”), the failure of Welsh Carson and its
Affiliates to beneficially own in the aggregate, free and clear of all Liens,
at least 50% of the outstanding shares of Voting Stock of the Parent Guarantor
on a fully diluted basis;

                    (b)
after an IPO, (i) the failure of Welsh Carson and its Affiliates to
beneficially own in the aggregate free and clear of all Liens, at least 30% of
the outstanding Voting Stock of the Parent Guarantor on a fully diluted basis,
(ii) the acquisition, directly or indirectly, by any person or group (as
defined in Section 13(d)(3) under the Exchange Act) (other than any
Affiliates of Welsh Carson) of beneficial ownership (within the meaning of Rule
13d-3 of the Securities and Exchange Commission under the Exchange Act) of a
percentage of the outstanding Voting Stock of the Parent Guarantor that exceeds
in the aggregate the percentage of Voting Stock then beneficially owned (within
the meaning of Rule 13d-3 of the Securities and Exchange Commission under the
Exchange Act) by the Welsh Carson or (iii) the board of directors of the Parent
Guarantor shall not consist of a majority of “Continuing Directors” (such term
being defined as directors of the Parent Guarantor on the Closing Date and each
other director, if such other director’s nomination for election to the board
of directors is recommended by a majority of the then Continuing Directors or
is recommended by a committee of the board of directors, a majority of which is
composed of the then Continuing Directors or if such other director receives
the affirmative vote of Welsh Carson or its Affiliates);

                    (c)
(i) the failure of the Parent Guarantor to directly own beneficially and of
record all of the outstanding Voting Stock of Mobile Services or directly or
indirectly own beneficially and of record all of the outstanding Voting Stock
of MSG and each other Credit Party or (ii) the failure of Mobile Services to
directly own beneficially and of record all of the outstanding Voting Stock of
MSG, in the case of clauses (i) and (ii) on a fully diluted basis, and free and
clear of all Liens except the Applicable Agents’ Liens;

                    (d)
so long as the UK Revolving Facility has not been terminated or there are any
Obligations owing with respect to the UK Revolving Facility (other than in the
case where the UK Commitments are being terminated and all Obligations in
respect of the UK Revolving Facility are being repaid or cash collateralized on
terms reasonably satisfactory to the Administrative Agent contemporaneously
with the diminution of MSG’s ownership in Ravenstock), the failure of the
Parent Guarantor to directly or indirectly own beneficially and of record all
of the outstanding Voting Stock of the UK Borrower and the other UK Credit
Parties on a fully diluted basis, and free and clear of all Liens except the
Applicable Agents’ Liens; or

                    (e)
the occurrence (whether before or after an IPO) of a “Change of Control” or
“Change in Control” (however defined) under the Senior Unsecured Notes,
Mezzanine Notes or under any provision of any other agreement governing Debt or
Preferred Stock with a principal amount in

A-8

excess of
$7,500,000 which requires the repurchase or offer to repurchase of such Debt or
Capital Stock upon a change in ownership of MSG, Mobile Services or the Parent
Guarantor.

                    “Chattel
Paper” means, with respect to any Person, all of such Person’s now owned or
hereafter acquired chattel paper, as defined in the UCC, including electronic
chattel paper.

                    “Clearing
Bank” means any banking institution selected by the Administrative Agent
and the Borrower Representative with whom a Payment Account has been
established pursuant to a Blocked Account Agreement.

                    “Closing Date”
means the date of the US Credit Agreement and the UK Credit Agreement.

                    
“Closing Date MAE” means a change or effect that is materially adverse
to the assets, liabilities, business, financial condition or results of
operations of the Borrowers and its Subsidiaries taken as a whole, other than
any such change or effect, directly or indirectly, (a) resulting from or
arising in connection with (i) general political, economic, financial, capital
markets or industry-wide conditions, (ii) this Agreement, the transactions
contemplated hereby or the announcement or other disclosure of this Agreement  or the transactions contemplated
hereby,
(iii) conditions disclosed in any schedules to any Loan Documents as in
existence on the date hereof (but excluding any material worsening or
deterioration of such condition), (iv) any breach by any Agent, Lender or the
Letter of Credit Issuer of this Agreement or any other Loan Document, or (v)
the taking of any action or the omission to take any action expressly required
by this Agreement or any other Loan Document; or (b) attributable to the fact
that investors in Parent Guarantor are, prior to the Closing Date, prospective
owners, and as of the Closing Date, owners, of the Borrowers and its
Subsidiaries.

                    “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

                    “Collateral”
means either of the US Collateral or the UK Collateral or both of them.

                    “Commitment
Percentage” means, at any time, for each Lender, the percentage obtained by
dividing (a) such Lender’s US Commitment or UK Commitment, as applicable by (b)
the aggregate amount of the US Commitment and UK Commitment; provided that at
any time when the US Commitment and UK Commitment shall have been terminated,
each Lender’s Commitment Percentage shall be the Commitment Percentage as in
effect immediately prior to such termination.

                    “Companies
Act” means the Companies Act 1985 of the United Kingdom (as amended or
otherwise re-enacted from time to time).

                    “Compliance
Certificate” has the meaning specified in Section 5.2(d) of the
US Credit Agreement and Section 5.2(d) of the UK Credit Agreement.

                    “Consolidated
Total Debt” means, as of any date of determination, the aggregate principal
amount of all Debt of the Credit Parties and their Subsidiaries (other than the
Mezzanine Debt) as of such date, determined on a consolidated basis in
accordance with GAAP. 

                    “Consolidated
Total Debt to Pro Forma EBITDA Ratio” means, as of any date of
determination, Consolidated Total Debt as of such date to Pro Forma EBITDA for
the four Fiscal Quarter period ending on such date.

A-9

                    “Contaminant”
means any substance, waste, pollutant, hazardous substance, toxic substance,
hazardous waste, petroleum or petroleum-derived substance or waste, asbestos in
any form or condition, polychlorinated biphenyls (“PCBs”), or any constituent
of any such substance listed in, defined in or regulated by any Environmental
Law.

                    “Continuation/Conversion
Date” means the date on which a Loan is converted into or continued as a
LIBOR Loan.

                    “Continuing
Director” has the meaning specified in the definition of “Change of
Control.”

                    “Credit
Agreement” shall mean each of the US Credit Agreement and the UK Credit
Agreement, and both of them.

                    “Credit
Facilities” means the Total US Facility and Total UK Facility.

                    “Credit
Party” means any US Credit Party and/or any UK Credit Party and any other
Person who, from time to time, is a guarantor of the Obligations of any Credit
Party or have granted a Lien to secure the Obligations of any Credit Party.

                    “Credit
Support” has the meaning specified in Section 1.4(a) of the US
Credit Agreement or Section 1.4(a) of the UK Credit Agreement, as
applicable.

                    
“Currency Due” has the meaning specified in Section 13.19 of
the US Credit Agreement or Section 13.21 of the UK Credit
Agreement, as applicable.

                    “Debt”
of a Person means, without duplication, all liabilities, obligations and
indebtedness of such Person to any other Person consisting of indebtedness for
borrowed money or the deferred purchase price of property, of any kind or
nature, now or hereafter owing, arising, due or payable, howsoever evidenced,
created, incurred, acquired or owing, whether primary, secondary, direct,
contingent, fixed or otherwise, including (a) all Loans and reimbursement
obligations with respect to Letters of Credit; (b) all obligations evidenced by
bonds, loan stock, debentures, notes or similar instruments; (c) all
obligations and liabilities of any other Person secured by any Lien on such
Person’s property, even though such Person shall not have assumed or become
liable for the payment thereof; provided, however, that all such
obligations and liabilities which are limited in recourse to such property
shall be included in Debt only to the extent of the book value of such property
as would be shown on a balance sheet of such Person prepared in accordance with
GAAP; (d) all obligations or liabilities created or arising under any Capital
Lease or conditional sale or other title retention agreement with respect to
property used or acquired by such Person, even if the rights and remedies of
the lessor, seller or lender thereunder are limited to repossession of such
property; provided, however, that all such obligations and
liabilities which are limited in recourse to such property shall be included in
Debt only to the extent of the book value of such property as would be shown on
a balance sheet of such Person prepared in accordance with GAAP; (e) all
reimbursement obligations under letters of credit or bankers acceptances;
(f) all obligations and liabilities under Guaranties and (g) the
present value (discounted at the US Base Rate) of lease payments due under any
synthetic lease.

                    “Default”
means any event or circumstance which, with the giving of notice, the lapse of
time, or both, would (if not cured, waived, or otherwise remedied during such
time) constitute an Event of Default.

A-10

                    “Default Rate”
means a fluctuating per annum interest rate at all times equal to the sum of
(a) the otherwise applicable Interest Rate or Letter of Credit Fees, as
applicable, plus (b) two percent (2%) per annum. Each Default Rate shall
be adjusted simultaneously with any change in the applicable Interest Rate. 

                    “Defaulting
Lender” has the meaning specified in Section 12.14(c) of the US
Credit Agreement and Section 12.14(c) of the UK Credit Agreement.

                    “Defaulting
Participant” has the meaning specified in Section 1.8 of the UK
Credit Agreement.

                    “Deposit
Accounts” means, with respect to any Person, all “deposit accounts” as such
term is defined in the UCC, now or hereafter held in the name of such Person.

                    “Designated
Account” has the meaning specified in Section 1.2(c)(3) of this
Agreement.

                    “Distribution”
means, in respect of any Person: (a) the payment or making of any dividend
or other distribution of property in respect of Capital Stock (or any options
or warrants for, or other rights with respect to, such Capital Stock) of such
Person, other than distributions in Capital Stock (or any options or warrants
for such stock) of the same class; or (b) the redemption or other acquisition
by such Person of any Capital Stock (or any options or warrants for such
Capital Stock) of such Person.

                    “Documentation
Agents” means Wachovia Capital Finance Corporation (Western), Merrill Lynch
Capital, a division of Merrill Lynch Business Financial Services Inc. and Textron Financial Corporation,
in their capacity as documentation agents, and any successor agent. 

                    “Documents”
means, with respect to any Person, all documents, as such term is defined in
the UCC, including bills of lading, warehouse receipts or other documents of
title, now owned or hereafter acquired by such Person.

                    “DOL”
means the United States Department of Labor or any successor department or
agency.

                    “Dollar”
and “$” means dollars in the lawful currency of the United States.
Unless otherwise specified, all payments under the Loan Documents by the US
Credit Parties shall be made in Dollars.

                    “Dollar
Equivalent” means, at any time, (a) as to any amount denominated in
Dollars, the amount thereof at such time and (b) as to any amount denominated
in Pounds Sterling or any currency other than Dollars, the equivalent amount in
Dollars as reasonably determined by the Administrative Agent at such time on
the basis of the Spot Rate for the purchase of Dollars with Pounds Sterling or
such other currency on the most recent computation date.

                    “EBITDA”
means, with respect to any fiscal period, for Mobile Services and its
Subsidiaries, determined on a consolidated basis, the sum (without duplication)
of the following, determined in accordance with GAAP: (a) Adjusted Net Income; plus
(b) the amount deducted in determining net income representing amortization; plus
(c) the amount deducted in determining net income of all income tax provision; plus
(d) interest expense; plus (e) the amount deducted in determining net
income representing depreciation of assets; plus (f) the amount deducted
in determining net income for any non-cash write-down of goodwill pursuant to
FASB 142; plus (g) an amount equal to the amount of all non-cash
expenses and charges deducted in determining net income other than any such
non-cash 

A-11

item to the
extent it represents an accrual of reserves for cash expenditures in any future
period; plus (h) other non-cash extraordinary, nonrecurring, unusual
expenses or charges not in the ordinary course of business other than any such
non-cash item to the extent it represents an accrual of reserves for cash
expenditures in any future period; plus (i) any expenses or charges
related to any offering, investment, acquisition, disposition, recapitalization
or Debt permitted to be incurred under this Agreement including a refinancing
thereof (whether or not successful), including such fees, expenses or charges
related to the Acquisition, the offering of the Senior Unsecured Notes, the
Mezzanine Notes and this Agreement, and, in each case, deducted in computing
Adjusted Net Income; plus (j) any professional and underwriting fees
related to any offering, investment, acquisition, recapitalization or Debt
permitted to be incurred under this Agreement and, in each case, deducted in
such period in computing Adjusted Net Income; plus (k) any other cash
extraordinary expenses in an aggregate amount not to exceed $2,000,000 for any
fiscal period; plus or minus (l) the cumulative effect of
accounting changes resulting from changes to GAAP since December 14, 2003.

                    “Eligible Accounts”
means, with respect to the US Collateral, the Accounts of the US Borrowers and
each of the US Subsidiary Guarantors which the Administrative Agent, reasonably
determines to be Eligible Accounts of the US Borrowers and each of the US
Subsidiary Guarantors; and, with respect to the UK Collateral, the Accounts of
the UK Borrower and each of the UK Borrowing Base Parties which the UK Agent,
in its capacity as the UK Agent under the UK Credit Agreement, determines to be
Eligible Accounts of the UK Borrower and each of the UK Borrowing Base Parties.
Without limiting the discretion of the Administrative Agent or UK Agent, as
applicable, to establish other criteria of ineligibility, Eligible Accounts
shall not, unless the Administrative Agent or UK Agent, as applicable, in its
sole discretion elects, include any Account:

                    (a)
with respect to which more than 90 days have elapsed since the date of the
original invoice therefor;

                    (b)
with respect to which any of the representations, warranties, covenants, and
agreements contained in the US Security Agreement or the UK Debenture are
incorrect or have been breached;

                    (c)
with respect to which Account (or any other Account due from such Account
Debtor), in whole or in part, a check, promissory note, draft, trade acceptance
or other instrument for the payment of money has been received, presented for
payment and returned uncollected for any reason;

                    (d)           which represents a progress billing
(as hereinafter defined) or as to which the applicable Credit Party has
extended the time for payment without the consent of the Administrative Agent
or UK Agent, as applicable; for the purposes hereof, “progress billing” means
any invoice for goods sold or leased or services rendered under a contract or
agreement pursuant to which the Account Debtor’s obligation to pay such invoice
is conditioned upon the applicable Credit Party’s completion of any further
performance under the contract or agreement except to the extent such
obligation to pay has effectively accrued by completion or performance and is
not disputed;

                    (e)
with
respect to which any one or more of the following events has occurred to the
Account Debtor on such Account: death or judicial declaration of incompetency
of an Account Debtor who is an individual; the filing by or against the Account
Debtor of a request, application or petition for liquidation, reorganization,
arrangement, administration, compromise, adjustment of debts, adjudication as a
bankrupt, winding-up, or other relief under the bankruptcy, insolvency, or
similar laws of the United States, any state or territory thereof, or any
foreign jurisdiction, now or hereafter in effect; the making of any general
assignment by the Account Debtor for the benefit of creditors; the appointment
of an interim receiver, receiver, administrative receiver, administrator,
receiver and manager or trustee for the Account 

A-12

Debtor or for
any of the assets of the Account Debtor, including the appointment of or taking
possession by a “custodian,” as defined in the Bankruptcy Code; the institution
by or against the Account Debtor of any other type of insolvency proceeding
(under the bankruptcy laws of the United States, any state or territory thereof
or any non-US jurisdiction) or of any formal or informal proceeding for the
dissolution or liquidation of, settlement of claims against, or winding up of
affairs of, the Account Debtor; the sale, assignment, or transfer of all or any
material part of the assets of the Account Debtor; the nonpayment generally by
the Account Debtor of its debts as they become due; or any other inability of
the Account Debtor to pay its debts as they fall due or the cessation of the
business of the Account Debtor as a going concern;

                    (f)
if fifty percent (50%) or more of the aggregate Dollar Equivalent amount of
outstanding Accounts owed at such time by the Account Debtor thereon is
classified as ineligible for any other reason under clauses (a) through (z)
(other than clause (s)) of this definition;

                    (g)
owed by an Account Debtor which: (i) with respect to Account Debtors of any US
Borrower or any of the US Subsidiary Guarantors, does not maintain its chief
executive office in the United States of America or Canada (other than the
Province of Newfoundland), or with respect to Account Debtors of the UK
Borrower or any of the UK Borrowing Base Parties, does not maintain its chief
executive office in the European Union or Canada (other than the Province of Newfoundland);
or (ii) is not organized under the laws of the United States of America or
Canada or any state or province of any of the foregoing, in respect of Account
Debtors of any US Borrower or any of the US Subsidiary Guarantors, or is not
formed under the laws of any member of the European Union or Canada or any
province thereof, in respect of Account Debtors of the UK Borrower or any of
the UK Borrowing Base Parties; or (iii) is the government of any foreign
country (or, in the case of the UK Borrower or any of the UK Borrowing Base
Parties, any country other than the United Kingdom) or sovereign state, or of
any state, province, municipality, or other political subdivision thereof, or
of any department, agency, public corporation, or other instrumentality
thereof; except to the extent that such Account is secured or payable by a
letter of credit reasonably satisfactory to the Administrative Agent or UK
Agent, as applicable, in its discretion; provided that any
Account of an Account Debtor organized in Canada or a country admitted to the
European Union after December 16, 2003, shall be included in the calculation of
Eligible Accounts only to the extent that (x) the Accounts located in Canada
are not located in the Province of Quebec and (y) the aggregate value of
Accounts located in countries admitted to the European Union after December 16,
2003 do not exceed 5% of the aggregate value of the Eligible Accounts of all UK
Borrowing Parties (with an additional 5% availability at the sole discretion of
the Administrative Agent).

                    (h)
owed by an Account Debtor which is a Subsidiary, Affiliate, agent, officer or
employee of any Borrower or any of their Subsidiaries;

                    (i)
except as provided in clause (k) below, with respect to which either the
perfection, enforceability, or validity of the Applicable Agents’ Liens in such
Account, or the Applicable Security Agent’s right or ability to obtain direct
payment to the Applicable Security Agent of the proceeds of such Account, is governed
by any national, federal, state, provincial or local statutory requirements
other than those of the UCC or, in the case of the UK Credit Parties, the
Companies Act;

                    (j)
owed by an Account Debtor to which the Applicable Borrower or any other Credit
Party subject to any right of setoff, counterclaim or recoupment by the Account
Debtor (except to the extent of amounts not subject to setoff counterclaim or
recoupment), unless the Account Debtor has entered into an agreement reasonably
acceptable to the Administrative Agent or UK Agent, as applicable, to waive
setoff rights; or if the Account Debtor thereon has disputed liability or made
any claim with respect to any other Account due from such Account Debtor; but
in each such case only to the extent of such indebtedness, setoff,
counterclaim, recoupment, dispute, or claim;

A-13

                    (k)
owed by the government of the United States of America, or any department,
agency, public corporation, or other instrumentality thereof, unless the
Federal Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et
seq.), and any other steps necessary to perfect the Applicable Agents’ Liens
therein, have been complied with to the Administrative Agent’s or UK Agent’s,
as applicable, satisfaction with respect to such Account;

                    (l)
owed by any state, municipality, or other political subdivision of the United
States of America, any other Governmental Authority or any department, agency,
public corporation, or other instrumentality thereof and as to which the
Administrative Agent determines that the Applicable Agents’ Lien therein is not
or cannot be perfected;

                    (m)
which represents a sale on a bill-and-hold, guaranteed sale, sale and return,
sale on approval, consignment, or other repurchase or return basis;

                    (n
)which is evidenced by a promissory note or other instrument or by Chattel
Paper (other than an operating lease on the applicable Credit Party’s standard
form or entered into in the ordinary course of the applicable Credit Party’s
business);

                    (o)
with respect to the US Credit Parties, if the Administrative Agent believes, in
the exercise of its reasonable judgment, that the prospect of collection of
such Account is impaired or that the Account may not be paid by reason of the
Account Debtor’s financial inability to pay; or, with respect to the UK Credit
Parties, if the UK Agent believes that the prospect of collection of such
Account is impaired or that the Account may not be paid by reason of the
Account Debtor’s financial inability to pay;

                    (p)
with respect to which the Account Debtor is located in any jurisdiction
requiring the filing of a Notice of Business Activities Report or similar report
in order to permit the Applicable Borrower to seek judicial enforcement in such
jurisdiction of payment of such Account, unless such Applicable Borrower has
qualified to do business in such state or has filed a Notice of Business
Activities Report or equivalent report for the then current year;

                    (q)
which arises out of a sale or lease not made in the ordinary course of the
applicable Credit Party’s business;

                    (r)
with respect to which the goods giving rise to such Account have not been
shipped and delivered to and accepted by the Account Debtor or the services
giving rise to such Account have not been performed by the applicable Credit
Party, and, if applicable, accepted by the Account Debtor, or the Account Debtor
revokes its acceptance of such goods or services;

                    (s)
owed by an Account Debtor which is obligated to the Credit Parties respecting
Accounts for such Account Debtor and its Affiliates the aggregate unpaid
balance of which exceeds fifteen percent (15%) (or in the case of each of
Wal-Mart Stores, Inc., Target Corporation, The Home Depot, Inc. and Staples,
Inc. and their Affiliates, thirty percent (30%)) of the aggregate unpaid
balance of all Accounts owed to the Credit Parties at such time by all of the
Credit Parties’ Account Debtors, but only to the extent of such excess;

                    (t)
which is not subject to a first priority and perfected security interest in
favor of the Applicable Security Agent for the benefit of the Lenders;

                    (u)
which is owed by an Account Debtor which is an individual;

                    (v)
which represents a sales tax accrual or a vendor rebate;

A-14

                    (w)
which represents unearned revenue or prebilled Accounts; provided, 
however, that any prepaid “pickup charges” shall not be ineligible because
of the application of this clause (w) provided that such charges have been
billed and collected in advance;

                    (x)
which represents installment sales;

                    (y)
in the case of Accounts of any US Borrower or any of the US Subsidiary
Guarantors, is not payable in Dollars or, in the case of Accounts of the UK Borrower
or any of the UK Borrowing Base Parties, is not payable in Pounds Sterling; and

                    (z)
which is acquired from any Person or owned by any acquired Person other than as
provided in the final paragraph of this definition of “Eligible Accounts.”

                    If
any Account at any time ceases to be an Eligible Account, then such Account
shall promptly be excluded from the calculation of Eligible Accounts. In any
Permitted Acquisition, if the Applicable Borrower acquires a Person which owns
Accounts, then such Accounts may be included in Eligible Accounts if (i) such
Accounts meet all criteria of eligibility, (ii) if a Person which owns Rental
Fleet Assets has been acquired, the Credit Parties shall have satisfied each
condition with respect to designating such Person as an additional Credit Party
under the US Credit Agreement or the UK Credit Agreement, as applicable, (iii)
the US Credit Parties or the UK Credit Parties, as applicable, shall have
permitted representatives of the Responsible Agent (at the expense of the US
Borrowers or the UK Borrower, as applicable) to examine the corporate,
financial and operating records with respect to such acquired Accounts or of
such acquired Person and make copies thereof or abstracts therefrom and to
discuss such Accounts or such acquired Person with the applicable Credit Parties
and, if applicable, such acquired Person’s directors and officers, at
reasonable times during normal business hours.

                    “Eligible
Assignee” or “Eligible Transferee” means (a) a commercial bank,
commercial finance company or other asset-based lender, having total assets in
excess of the Dollar Equivalent of $1,000,000,000; (b) any Lender listed on the
signature page of the Credit Agreements; (c) any Affiliate of any Lender; and
(d) if an Event of Default has occurred and is continuing, any Person
reasonably acceptable to the Applicable Agent.

                    “Eligible
Inventory” means, with respect to the US Collateral, Rental Fleet Assets
and Sales Inventory of the US Borrowers and the US Subsidiary Guarantors which
the Administrative Agent, in its capacity as the Administrative Agent under the
US Credit Agreement, reasonably determines to be Eligible Inventory of the US
Borrowers or the US Subsidiary Guarantors; and with respect to the UK
Collateral, the Rental Fleet Assets and Sales Inventory of the UK Borrower and
the UK Borrowing Base Parties which the UK Agent, in its capacity as UK Agent
under the UK Credit Agreement, determines to be Eligible Inventory of the UK
Borrower or the UK Borrowing Base Parties. Without limiting the discretion of
the Administrative Agent or UK Agent, as applicable, to establish other
criteria of ineligibility, Eligible Inventory shall not, unless the
Administrative Agent or UK Agent, as applicable, in its sole discretion elects,
include:

                    (a)
any Inventory that is not owned by the applicable Credit Party or that is not
leased by the applicable Credit Party pursuant to the terms of a Capital Lease;

                    (b)
any Inventory that is not subject to the Applicable Agents’ Liens, which are
perfected as to such Inventory, or that are subject to any other Lien
whatsoever (other than the Liens described in clause (d) or (h)
of the definition of Permitted Liens; provided that such Permitted Liens
(i) are junior in priority to the Applicable Agents’ Liens or subject to
Reserves and (ii) do not impair directly 

A-15

or indirectly
the ability of the Applicable Security Agent to realize on or obtain the full
benefit of the Collateral);

                    (c)
any Inventory that does not consist of finished goods;

                    (d)
any Inventory that consists of work-in-process, parts, tooling, chemicals,
samples, prototypes, supplies, or packing and shipping materials;

                    (e)
any Inventory that is not in rentable or salable condition, is unmerchantable,
is defective, is being repaired, or does not meet all standards imposed by any
Governmental Authority having regulatory authority over such goods, their use,
lease or sale;

                    (f)
any Inventory that is Sales Inventory that has been carried on the applicable
Credit Party’s books as Sales Inventory for more than one (1) year and any
Inventory that is not Sales Inventory and that has not been subject to a rental
contract with a duration of equal to or greater than 18 days at least once
during the preceding 21 completed calendar months, and thereafter any Inventory
that is not Sales Inventory and that has not been subject to a rental contract
with a duration of equal to or greater than 18 days at least once during the
preceding 18 completed calendar months;

                    (g)
any Inventory, with respect to a US Borrower or a US Subsidiary Guarantor, that
is located outside the United States of America or with respect to the UK
Borrower or a UK Borrowing Base Party, the United Kingdom of Great Britain and
Northern Ireland or Canada (or in either case that is in-transit from vendors
or suppliers);

                    (h)
any Inventory, that, if not located at a customer’s premises under a valid and
enforceable lease, is (i) located in a public warehouse if the warehouseman has
not delivered to the Administrative Agent or the UK Agent, as applicable, a
reasonably acceptable waiver and access agreement or a Reserve for storage
charges and fees has not been established for Inventory at that location, (ii)
in the possession of a bailee or Agency, if the bailee or Agency has not
delivered to the Administrative Agent or the UK Agent, as applicable, a bailee
agreement or agency access agreement, and the Applicable Borrower has not
delivered to the Applicable Security Agent evidence of appropriate UCC or other
applicable filings, and that it has taken all such other actions, necessary to
protect the perfection and first priority of the Applicable Agent’s Liens, all
in form and substance a reasonably satisfactory to the Applicable Security
Agent, or (iii) located on premises subject only to an oral lease, to the
extent that the net book value of all such Inventory located in such public
warehouses or in the possession of such bailees or Agencies or on premises
subject to an oral lease, in the aggregate, exceeds $250,000.

                    (i)
any Inventory that contains or bears any Proprietary Rights licensed to a
Borrower or any of its Subsidiaries by any Person, if the Administrative Agent
or UK Agent, as applicable, is not reasonably satisfied that the Applicable
Security Agent may sell or otherwise dispose of such Inventory in accordance
with the terms of the Security Agreement or the UK Debenture and Section 9.2
of the Agreement without infringing the rights of the licensor of such
Proprietary Rights or violating any contract with such licensor (and without
payment of any royalties other than any royalties due with respect to the sale
or disposition of such Inventory pursuant to the existing license agreement),
and, as to which such Borrower or Subsidiary has not delivered to the
Administrative Agent or UK Agent, as applicable, a consent or sublicense
agreement from such licensor in form and substance reasonably acceptable to the
Administrative Agent or UK Agent, as applicable, if requested;

                    (j)
any Inventory that is not reflected in the details of current perpetual
inventory reported in the applicable Credit Party’s computerized equipment
file;

A-16

                    (k)
any Inventory (i) that is Rental Fleet Assets or Sales Inventory used by the
Applicable Borrower or its Affiliates or (ii) that is placed on consignment for
which an access agreement acceptable to the Applicable Security Agent has not
been obtained from the consignor and appropriate financing statements have not
been filed;

                    (l)
any Inventory that has not been manufactured in accordance with, or does not
meet, all standards imposed by any Governmental Authority;

                    (m)
any Inventory, in the case of the UK Borrower or any Foreign Subsidiary, as to
which title is retained by the seller thereof or which is subject to Romalpa
provisions in favor of any Person;

                    (n)
in respect of any US Borrower or any US Subsidiary Guarantor, any Inventory in
respect of which any US Borrower or any US Subsidiary Guarantor shall not have
complied with Section 16(a) or 16(b) of the US Security
Agreement within the time periods specified therein;

                    (o)
any Inventory that has been leased to a customer of any Borrower or any of its
Subsidiaries pursuant to the terms of any capital lease, lease with a bargain
purchase option, finance leasing program or purchase lease or similar program; 

                    (p)
the amount of accumulated depreciation of any such Inventory; 

                    (q)
any Inventory that is in transit from suppliers of the Applicable Borrower or
its Affiliates; or

                    (r)
any Inventory of any Borrower or any of its Subsidiaries that is a portable
toilet.

                    If
any Rental Fleet Asset or item of Sales Inventory at any time ceases to be
Eligible Inventory, such Inventory shall promptly be excluded from the
calculation of Eligible Inventory. In any Permitted Acquisition, if the
Applicable Borrower acquires Rental Fleet Assets or a Person which owns Rental
Fleet Assets then such Rental Fleet Assets may be included in Eligible
Inventory if, (i) such Rental Fleet Assets meet all criteria of eligibility,
(ii) if a Person which owns Rental Fleet Assets has been acquired, the Credit
Parties shall have satisfied each condition with respect to designating such
Person as a Credit Party under the US Credit Agreement or the UK Credit
Agreement, as applicable, (iii) the US Credit Parties or the UK Credit Parties,
as applicable, shall have permitted representatives of the Responsible Agent
(at the expense of the US Borrowers or the UK Borrower, as applicable) to visit
and inspect, and such representatives of the Responsible Agent shall have
visited and inspected (or such right of visitation shall have been expressly
waived by the Responsible Agent), any of the properties on which such acquired
Rental Fleet Assets are located, to examine the corporate, financial and
operating records with respect to such acquired Rental Fleet Assets or such
acquired Person and make copies thereof or abstracts therefrom and to discuss
such acquired Rental Fleet Assets or such acquired Person with the Applicable
Credit Parties and, if applicable, such acquired Person’s, post-acquisition
directors and officers, at reasonable times during normal business hours and
(iv) and, if the aggregate purchase price is greater than or equal to
$15,000,000, the Responsible Agent shall have received from the Appraiser a
“desktop appraisal” of such Rental Fleet Assets acquired by the applicable
Credit Parties or owned by such Person acquired by the applicable Credit
Parties which shall be reasonably satisfactory in scope, form and substance to
the Responsible Agent.

                    
“Eligible Machinery and Equipment” means, with respect to US
Collateral, all Machinery and Equipment (but not including any Rental Fleet
Asset or item of Sales Inventory) owned by and used in the operation of the
business of the US Borrowers and the US Subsidiary Guarantors; and, with
respect 

A-17

to the UK Collateral, all Machinery and Equipment (but not including
any Rental Fleet Asset or item of Sales Inventory) owned by and used in the
operation of the business of the UK Borrower and the UK Subsidiary Guarantor.
Without limiting the discretion of the Administrative Agent or UK Agent, as
applicable, to establish other criteria of ineligibility, Eligible Machinery
and Equipment shall not, unless the Administrative Agent or UK Agent, as
applicable, in its sole discretion elects, include any Machinery and Equipment:

                    (a)
that is not owned by the Borrowers and the Subsidiary Guarantors or that is not
leased by the Borrowers and the Subsidiary Guarantors pursuant to the terms of
a Capital Lease;

                    
(b) that is not subject to the Applicable Agents’ Liens, which are perfected as
to such Machinery and Equipment, or that are subject to any other Lien
whatsoever (other than the Liens described in clause (d) or (h) of the
definition of Permitted Liens; provided that such Permitted Liens (i)
are junior in priority to the Applicable Agents’ Liens or subject to Reserves
and (ii) do not impair directly or indirectly the ability of the Applicable
Security Agent to realize on or obtain the full benefit of the Collateral);

                    (c)
that is not in good condition, is unmerchantable, is defective, is being
repaired, or does not meet all standards imposed by any Governmental Authority
having regulatory authority over such Machinery and Equipment, their use or
sale;

                    (d)
that is not currently usable;

                    (e)
with respect to the US Borrowers or any of their Subsidiaries, that is located
outside the United States of America or, with respect to the UK Borrower or any
of the Foreign Subsidiaries, the United Kingdom of Great Britain and Northern
Ireland or Canada;

                    (f)
in the case of the UK Borrower or any Foreign Subsidiary, as to which title is
retained by the seller thereof or which is subject to Romalpa provisions in
favor of any Person; or

                    (g)
that is located in a public warehouse or in possession of a bailee or in a
facility leased by such Borrower or an Agency, if the warehouseman, or the
lessor has not delivered to the Administrative Agent or UK Agent, as
applicable, if requested thereby, a landlord waiver and access agreement in
form and substance reasonably satisfactory to the Administrative Agent or UK Agent,
as applicable, or if a Reserve for rents or storage charges has not been
established for Machinery and Equipment at that location or, with respect to an
Agency location, a bailee letter and appropriate bailment filing.

                    If
any Machinery and Equipment at any time ceases to be Eligible Machinery and
Equipment, such Machinery and Equipment shall promptly be excluded from the
calculation of Eligible Machinery and Equipment.

                    “Eligible
Rental Fleet Assets” means Rental Fleet Assets that constitute Eligible
Inventory.

                    “Eligible
Sales Inventory” means Sales Inventory that constitutes Eligible Inventory.

                    “Eligible
Sales Inventory Appraisal Date” means the date on which the Agents shall
receive an appraisal of the Eligible Sales Inventory reasonably acceptable to
the Agents in their reasonable credit judgment.

A-18

                    “Environmental
Claims” means all claims, however asserted, by any Governmental Authority
or other Person alleging potential liability or responsibility for violation of
any Environmental Law, or for a Release or injury to the environment. 

                    “Environmental
Compliance Reserve” means any reserve which the Administrative Agent or the
UK Agent, as applicable, establishes after prior written notice to the
Applicable Borrower Representative from time to time for amounts that are
reasonably likely to be expended by a Credit Party in order for the Credit
Parties and their operations and property (a) to comply with any notice from a
Governmental Authority asserting material non-compliance with Environmental
Laws, or (b) to correct any such material non-compliance identified in a report
delivered to the Agents and the Lenders pursuant to Section 7.7 of the US
Credit Agreement and Section 7.7 of the UK Credit Agreement.  

                    “Environmental
Laws” means all regional, national, federal, state or local laws, statutes,
common law duties, rules, regulations, ordinances and codes, together with all
administrative orders, directed duties, licenses, authorizations and permits
of, and agreements with, any Governmental Authority, as are now or hereafter in
effect, in each case relating to environmental, health, safety and land use
matters in any jurisdiction. 

                    “Environmental
Lien” means a Lien in favor of any Governmental Authority for (a) any
liability under Environmental Laws, or (b) damages arising from, or costs
incurred by such Governmental Authority in response to, a Release or threatened
Release of a Contaminant into the environment. 

                    “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time
to time, and regulations promulgated thereunder. 

                    “ERISA
Affiliate” means any trade or business (whether or not incorporated) under
common control with a Credit Party within the meaning of Section 4001 of ERISA
or is part of a group that includes a Credit Party and that is treated as a
single employer under Section 414 of the Code. 

                    “ERISA
Event” means (a) a Reportable Event with respect to a Plan, (b) the failure
by any Credit Party or ERISA Affiliate to make when due required contributions
to a Plan, Multiemployer Plan or Foreign Pension Plan unless such failure is
cured within 30 days, (c) a withdrawal by a Credit Party or any ERISA Affiliate
from a Plan subject to Section 4063 of ERISA during a plan year in which it was
a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a
cessation of operations which is treated as such a withdrawal under Section
4062(e) of ERISA, (d) a complete or partial withdrawal by a Credit Party or any
ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer
Plan is in reorganization, (e) the filing of a notice of intent to terminate,
the treatment of a Plan amendment as a termination under Section 4041 or 4041A
of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or
Multiemployer Plan, (f) the occurrence of an event or condition which might
reasonably be expected to constitute grounds under Section 4042 of ERISA for
the termination of, or the appointment of a trustee to administer, any Plan or
Multiemployer Plan, (g) the loss of a Plan’s qualification or tax exempt status
or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon a Credit
Party or any ERISA Affiliate. 

                    “Euro”
means the single currency of the European Union as constituted by the Treaty on
European Union and as referred to in legislative measures of the European Union
for the introduction of, changeover to or operation of the euro in one or more
member states. 

                    “Eurodollar
Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, rounded upward to the next 1/100th
of 1%) in effect on such 

A-19

day applicable
to member banks under regulations issued from time to time by the Federal
Reserve Board for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”). 

                    “European
Union” means the European Union, and including in any case the countries of
Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden and the United Kingdom. It being understood that for purposes of
clause (g) in the definition of “Eligible Accounts”, the following countries
were admitted to the European Union after December 16, 2003: Cyprus, the Czech
Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and
Slovenia. 

                    “Event
of Default” has the meaning specified in Section 9.1.  

                    “Exchange
Act” means the Securities Exchange Act of 1934, and regulations promulgated
thereunder. 

                    “Exchange
Rate” means on any day, with respect to Pounds Sterling, the rate at which
Pounds Sterling may be exchanged into Dollars, as set forth at approximately
11:00 a.m. (London time) on such day on the Reuters World Currency Page for
such Pounds Sterling. In the event that such rate does not appear on any
Reuters World Currency Page, the Exchange Rate shall be determined by reference
to such other publicly available service for displaying exchange rates as may
be agreed upon by the Administrative Agent and each US Borrower, or, in the
absence of such agreement, such Exchange Rate shall instead be the arithmetic
average of the Spot Rates of the market where its foreign currency exchange
operations in respect of Pounds Sterling are then being conducted, at or about
10:00 a.m. (New York time) on such date for the purchase of Dollars for
delivery two Business Days later; provided that if at the time of any such
determination, for any reason, no such spot rate is being quoted, the
Administrative Agent, after consultation with the US Borrower Representative,
may use any reasonable method it deems appropriate to determine such rate, and
such determination shall be conclusive absent manifest error.  

                    “Executive
Order 13224” means Executive Order 13224 signed into effect on September
23, 2001, as amended. 

                    “Existing
Indebtedness” means “Revolving Loans” as defined in the Existing US Credit
Agreement and the Existing UK Credit Agreement which are outstanding on the
Closing Date immediately prior to the effectiveness of the US Credit Agreement
and the UK Credit Agreement. 

                    “Existing
UK Credit Agreement” means that certain UK credit agreement dated as of
December 16, 2003, as amended on May 6, 2004 and on May 31, 2004, and as
amended and restated pursuant to the amendment and restatement agreement dated
December 30, 2005, among, inter alios, the financial institutions named therein
as UK Lenders, Bank of America, N.A. as UK Agent, the UK Security Trustee and
Ravenstock MSG Limited as the UK Borrower thereunder, as amended, supplemented
or otherwise modified from time to time. 

                    “Existing
US Credit Agreement” means that certain Credit Agreement dated as of
December 16, 2003, as amended on May 6, 2004 and on May 3, 2004, and as amended
and restated pursuant to the amendment and restatement agreement dated December
30, 2005, among, the financial institutions named therein, Mobile Services, MSG
and the other parties thereto, as amended supplemented or otherwise modified
from time to time. 

A-20

                    “FASB
142” means Statement of Financial Accounting Standards No. 142 issued on
June 29, 2001 by the Financial Standards Accounting Board. 

                    “FDIC”
means the Federal Deposit Insurance Corporation, and any Governmental Authority
succeeding to any of its principal functions. 

                    “Federal
Funds Rate” means, for any day, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if
such day is not a US Business Day, the Federal Funds Rate for such day shall be
such rate on such transactions on the next preceding US Business Day as so
published on the next succeeding US Business Day, and (b) if no such rate is so
published on such next succeeding US Business Day, the Federal Funds Rate for
such day shall be the average rate charged to the Administrative Agent on such
day on such transactions as determined by the Agent.  

                    “Federal
Reserve Board” means the Board of Governors of the Federal Reserve System
or any successor thereto. 

                    “Fee
Letter” has the meaning set forth in Section 2.4 of the US Credit
Agreement. 

                    “Financial
Statements” means, according to the context in which it is used, the financial
statements referred to in Sections 5.2 and 6.6 of the US
Credit Agreement and/or Sections 5.2 and 6.6 of the UK Credit
Agreement, or any other financial statements required to be given to the
Lenders pursuant to this Agreement. For the avoidance of doubt, “Financial
Statements” does not include any Latest Projection or any other projection. 

                    “Fiscal
Quarter” means a fiscal quarter in a Fiscal Year. 

                    “Fiscal
Year” means the Credit Parties’ fiscal year for financial accounting
purposes. The current Fiscal Year of the Credit Parties will end on December
31, 2006. 

                    “Fixed
Assets” means the Machinery and Equipment and Real Estate of the Credit
Parties. 

                    “Fleet
Utilization Rate” means the ratio expressed as a percentage of (i) the
aggregate number of units of the Rental Fleet Assets of all the Credit Parties
which are then hired out to customers or are pending pickups, in each case
pursuant to valid and enforceable leases to (ii) the total number of units of
Rental Fleet Assets owned or leased by the Credit Parties. For the avoidance of
doubt, the Fleet Utilization Rate shall be calculated on the last business day
of each Fiscal Quarter based (unless the Administrative Agent and the US
Borrowers otherwise agree) on the business methodologies in effect as of the
Closing Date. 

                    “Foreign
Pension Plan” means any plan, scheme, fund or other similar program
established, maintained or contributed to outside the United States by any
Credit Party primarily for the benefit of employees of the Credit Party
residing or working outside the United States, which plan, fund or other
similar program provides, or results in, retirement income, benefits in the
event of ill-health, injury or death, a deferral of income in contemplation of
retirement or payments to be made upon termination of employment, and which
plan is not subject to ERISA or the Code. 

A-21

                    “Foreign
Subsidiary” means any direct or indirect Subsidiary of the US Borrowers (a)
organized under the laws of any jurisdiction other than the United States or
any state thereof and (b) that is not a US Subsidiary. 

                    “Foreign
Subsidiary Guarantor” means each UK Credit Party party to the UK Guaranty. 

                    “Fronting
Fee” means the fronting fee payable by each of the UK Revolver Participants
to the UK Fronting Lender ratably in accordance with their Pro Rata Share of
the UK Revolver Participant Commitments in consideration for the fronting of UK
Revolving Loans conducted by the UK Fronting Lender equal to interest, at a
rate of 0.50% per annum on all UK Revolving Loans fronted by the UK Fronting
Lender, in accordance with the UK Credit Agreement. 

                    “Funding
Date” means the date on which a Borrowing occurs. 

                    “Funding
UK Lender” means each UK Lender advancing UK Revolving Loans pursuant to
Section 1.2 of the UK Credit Agreement.  

                    “GAAP”
means generally accepted accounting principles and practices set forth from
time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board (or agencies
with similar functions of comparable stature and authority within the U.S.
accounting profession). 

                    “General
Intangibles” means, with respect to any Person all of such Person’s now
owned or hereafter acquired general intangibles, choses in action and causes of
action and all other intangible personal property of such Person of every kind
and nature (other than Accounts), including all contract rights, payment
intangibles, Proprietary Rights, corporate or other business records,
inventions, designs, blueprints, plans, specifications, patents, patent
applications, trademarks, service marks, trade names, trade secrets, goodwill,
copyrights, computer software, customer lists, registrations, licenses,
franchises, tax refund claims, any funds which may become due to such Person in
connection with the termination of any Plan or other employee benefit plan or
any rights thereto and any other amounts payable to such Person from any Plan
or other employee benefit plan, rights and claims against carriers and
shippers, rights to indemnification, business interruption insurance and
proceeds thereof, property, casualty or any similar type of insurance and any
proceeds thereof, proceeds of insurance covering the lives of key employees on
which such Person is beneficiary, rights to receive dividends, distributions,
cash, Instruments and other property in respect of or in exchange for pledged
equity interests or Investment Property and any letter of credit, guarantee,
claim, security interest or other security held by or granted to such Person. 

                    “Goods”
means, with respect to any Person all “goods” as defined in the UCC, now owned
or hereafter acquired by such Person, wherever located, including embedded
software to the extent included in “goods” as defined in the UCC, manufactured
homes, standing timber that is cut and removed for sale and unborn young of
animals. 

                    “Governmental
Authority” means any nation or government, any state, province, county or
other political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to
government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing in any
jurisdiction. 

A-22

                    “Guarantors”
means, collectively, the US Borrowers in their capacity as guarantors under the
UK Guaranty, the Subsidiary Guarantors and the Parent Guarantor. 

                    “Guaranty”
or “Guarantee” means, with respect to any Person, all obligations of
such Person which in any manner directly or indirectly guarantee or assure, or
in effect guarantee or assure, the payment or performance of any indebtedness,
dividend or other obligations of any other Person (the “guaranteed
obligations”), or assure or in effect assure the holder of the guaranteed
obligations against loss in respect thereof, including any such obligations
incurred through an agreement, contingent or otherwise: (a) to purchase the
guaranteed obligations or any property constituting security therefor; (b) to
advance or supply funds for the purchase or payment of the guaranteed obligations
or to maintain a working capital or other balance sheet condition; or (c) to
lease property or to purchase any debt or equity securities or other property
or services. 

                    “Hedge
Agreement” means any and all transactions, agreements or documents now
existing or hereafter entered into, which provides for an interest rate,
credit, commodity or equity swap, cap, floor, collar, forward foreign exchange
transaction, currency swap, cross currency rate swap, currency option, or any
combination of, or option with respect to, these or similar transactions, for
the purpose of hedging a Borrower’s exposure to fluctuations in interest or
exchange rates, loan, credit exchange, security or currency valuations or
commodity prices. 

                    “Increased
Amount Date” has the meaning specified in Section 1.7.  

                    “Incremental
Assumption Agreement” means an Incremental Assumption Agreement in form and
substance reasonably satisfactory to the Administrative Agent and the US
Borrower Representative, among each US Borrower, the Administrative Agent and
one or more Incremental US Lenders. 

                    “Incremental
Amount” means, at any time, the excess, if any, of (a) $50.0 million over
(b) the aggregate amount of all Incremental Commitments established prior to
such time pursuant to Section 1.7.  

                    “Incremental
Commitment” means the commitment of any US Lender, established pursuant to
Section 1.7, to make Incremental Loans to the US Borrowers. 

                    “Incremental
US Lender” means a US Lender with an Incremental Commitment or an
outstanding Incremental Loan. 

                    “Incremental
Loans” means the Loans made by one or more US Lenders to the US Borrowers
pursuant to Section 1.7.  

                    “Instruments”
means, with respect to any Person, all instruments, as such term is defined in
the UCC, now owned or hereafter acquired by such Person. 

                    “Intellectual
Property” means all rights relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise,
including copyrights, copyright licenses, patents, patent licenses, trademarks,
trademark licenses, technology, know-how and processes, and all rights to sue
at law or in equity for any infringement or other impairment thereof, including
the right to receive all proceeds and damages therefrom. 

                    “Intercompany
Debt” means Debt owing by any Credit Party to any other Credit Party (other
than the Parent Guarantor) or any Subsidiary thereof related to or resulting
from present or future 

A-23

intercompany
loans, advances or other indebtedness, whether created directly or acquired by
assignment or otherwise, together with all interest, premiums and fees, if any,
related thereto and any other amounts payable in respect thereof and all rights
and remedies related thereto. 

                    “Interest
Period” means, as to any LIBOR Loan, the period commencing on the Funding
Date of such Loan or on the Continuation/Conversion Date on which the Loan is
converted into or continued as a LIBOR Loan, and ending on the date one, two,
three or six months (or 9 or 12 months thereafter), if agreed to by all Lenders
at the time of the relevant LIBOR Loan thereafter as selected by the Applicable
Borrower Representative in its Notice of Borrowing, in the form attached hereto
as Exhibit D, or Notice of Continuation/Conversion, in the form attached hereto
as Exhibit E, provided that:  

	
 

	
 

	
 

	
          (i)
  if any Interest Period would otherwise end on a day that is not an Applicable
  Business Day, that Interest Period shall be extended to the following
  Applicable Business Day unless the result of such extension would be to carry
  such Interest Period into another calendar month, in which event such
  Interest Period shall end on the preceding Applicable Business Day; 

	
 

	
 

	
 

	
          (ii)
  any Interest Period pertaining to a LIBOR Loan, that begins on the last
  Applicable Business Day of a calendar month (or on a day for which there is
  no numerically corresponding day in the calendar month at the end of such
  Interest Period) shall end on the last Applicable Business Day of the
  calendar month at the end of such Interest Period; and 

	
 

	
 

	
 

	
          (iii)
  no Interest Period shall extend beyond the Stated Termination Date.

                    “Interest
Rate” means each or any of the interest rates, including the Default Rate,
set forth in Section 2.1.  

                    “Intermediary”
means MSG WC Intermediary Co., a Delaware corporation. 

                    “Inventory”
means, with respect to any Person, all of such Person’s, now owned and
hereafter acquired inventory, goods and merchandise, including new and used
manufactured or remanufactured portable storage containers, portable storage
trailers, cartage trailers and portable mobile office units or cabins, wherever
located, leased by such Person as lessor or furnished by such Person under a
contract of service or held by such Person to be furnished under any contract
of service or held by such Person for sale or lease, all returned goods, raw
materials, parts, work-in-process, finished goods (including embedded
software), other materials and supplies of any kind, nature or description
which are used or consumed in such Person’s business or used in connection with
the packing, shipping, advertising, selling or finishing of such goods,
merchandise, and all documents of title or other Documents representing them.
For the avoidance of doubt, Inventory shall include Rental Fleet Assets and
Sales Inventory. 

                    “Investment
Property” means, with respect to any Person, all of such Person’s right
title and interest in and to any and all: (a) securities whether certificated
or uncertificated; (b) securities entitlements; (c) securities accounts; (d)
commodity contracts; or (e) commodity accounts. 

                    “IPO”
has the meaning specified in the definition of “Change of Control.” 

                    “IRS”
means the Internal Revenue Service and any Governmental Authority succeeding to
any of its principal functions under the Code. 

A-24

                    “Joinder
Agreement” means an agreement substantially in the form of Exhibit G
hereto. 

                    “Judgment
Currency” has the meaning specified in Section 13.9. 

                    “Latest
Projections” means: (a) on the Closing Date and thereafter until the
Applicable Agent receives new projections pursuant to Section 5.2(e) of
the US Credit Agreement and Section 5.2(e) of the UK Credit Agreement,
the projections of the financial condition, results of operations, and cash
flows of the Credit Parties and Subsidiaries, for the period commencing on
April 1, 2006 and ending on December 31, 2010 and delivered to the
Administrative Agent prior to the Closing Date; and (b) thereafter, the
projections most recently received by the Agents pursuant to Section 5.2(e)
of the US Credit Agreement and Section 5.2(e) of the UK Credit
Agreement. 

                    “Lender”
and “Lenders” shall mean each of the US Lenders and the UK Lenders and all of
them, as applicable.  

                    “Lender
Parties” shall mean the Lenders and the Agents. 

                    “Letter
of Credit” has the meaning specified in Section 1.4(a) of the US
Credit Agreement and Section 1.4(a) of the UK Credit Agreement, as applicable.  

                    “Letter
of Credit Exposure” means, with respect to any Lender, at any time, and
without duplication, the sum of (a) the Dollar Equivalent of the amount of any
Unpaid Drawings in respect of which such Lender has made (or is required to
have made) payments to the Letter of Credit Issuer pursuant to Section 1.4 at
such time and (b) such Lender’s Commitment Percentage of the Letter of Credit
Outstanding at such time (excluding the portion thereof) consisting of Unpaid
Drawings in respect of which the Lenders have made (or are required to have
made) payments to the Letter of Credit Issue pursuant to Section 1.4. 

                    “Letter
of Credit Fee” has the meaning specified in Section 2.6 of the US Credit Agreement
and Section 2.6 of the UK Credit Agreement, as applicable.  

                    “Letter
of Credit Issuer” means Wachovia Bank, National Association or any other
financial institution or affiliate thereof reasonably acceptable to the
Applicable Borrower Representative and the Administrative Agent that issues any
Letter of Credit pursuant to the US Credit Agreement or the UK Credit
Agreement, as applicable. 

                    “Letter
of Credit Outstanding” means, at any time, the sum of, without duplication,
(a) the aggregate amount of all outstanding Letters of Credit and (b) the
aggregate amount of all Unpaid Drawings in respect of all Letters of Credit. 

                    “Letter
of Credit Rights” means, with respect to any Person, “letter-of-credit
rights” as such term is defined in the UCC, now owned or hereafter acquired by
such Person, including rights to payment or performance under a letter of
credit, whether or not such Person, as beneficiary, has demanded or is entitled
to demand payment or performance. 

                    “Letter
of Credit Subfacility” means the Dollar Equivalent of $30,000,000. 

                    “LIBOR
Interest Payment Date” means, with respect to a LIBOR Loan, the Termination
Date and the last day of each Interest Period applicable to such Loan or, with
respect to each Interest Period of greater than three months in duration, the
last day of the third month of such Interest Period and the last day of such
Interest Period. 

A-25

                    “LIBOR
Loans” means US LIBOR Revolving Loans and UK Sterling LIBOR Revolving
Loans. 

                    “Lien”
means: (a) any interest in property securing an obligation owed to, or a claim
by, a Person other than the owner of the property, whether such interest is
based on the common law, statute, or contract, and including a security
interest, charge, claim, or lien arising from a mortgage, deed of trust,
encumbrance, standard security, pledge, hypothecation, assignment as
collateral, assignation, deposit arrangement, agreement, security agreement,
conditional sale or trust receipt or a lease, consignment or bailment for
security purposes; (b) to the extent not included under clause (a), any
reservation, exception, encroachment, easement, right-of-way, covenant, condition,
restriction, lease or other title exception or encumbrance affecting real
property; and (c) any contingent or other agreement to provide any of the
foregoing. For the avoidance of doubt, “Lien” shall not be deemed to include
any license of Proprietary Rights.  

                    “Loan
Account” means the loan account of the Applicable Borrower, which account
shall be maintained by the Administrative Agent. 

                    “Loan
Documents” means the US Loan Documents and the UK Loan Documents. 

                    “Loans”
means, collectively, all loans and advances provided for in Article 1 of the US
Credit Agreement and the UK Credit Agreement, as applicable.  

                    “Luxembourg
Debt” means the Intercompany Debt of the (i) UK Borrower to the Luxembourg
Subsidiary in an aggregate principal amount not to exceed £30,000,000 and (ii)
the Luxembourg Subsidiary to UK-LP in an aggregate principal amount not to
exceed £30,000,000. 

                    “Luxembourg
Restatement (Receivables) Agreement” means the restatement agreement dated
on the date hereof between UK-LP and the UK Security Trustee relating to the
restatement of the Luxembourg Security Agreement. 

                    “Luxembourg
Restatement (Shares) Agreement” means the restatement agreement dated on
the date hereof between UK-LP, the Luxembourg Subsidiary and the UK Security
Trustee relating to the restatement of the Luxembourg Share Charge. 

                    “Luxembourg
Security Agreement” means the receivables pledge agreement, dated as of
August 1, 2006, and entered into by the UK Security Trustee and UK-LP, as
restated by the Luxembourg Restatement (Receivables) Agreement, and as amended,
restated, supplemented or otherwise modified from time to time. 

                    “Luxembourg
Security Documents” means the Luxembourg Share Charge, the Luxembourg
Security Agreement and the UK Intercreditor Deed. 

                    “Luxembourg
Share Charge” means the share pledge agreement, dated as of August 1, 2006,
and entered into by the UK Security Trustee, UK-LP and the Luxembourg
Subsidiary, as restated by the Luxembourg Restatement (Shares) Agreement, and
as amended, restated, supplemented or otherwise modified from time to time. 

                    “Luxembourg
Subsidiary” shall mean LIKO Luxembourg International S.a.r.l., a company
organized under the laws of Luxembourg and a Wholly-owned indirect Subsidiary
of the US Borrower. 

A-26

                    “Machinery
and Equipment” of a Person means all of such Person’s now owned and
hereafter acquired machinery, equipment, transportation equipment, furniture,
furnishings, fixtures, and other tangible personal property (except Inventory),
including embedded software, motor vehicles and trailers with respect to which
a certificate of title has been issued, aircraft, dies, tools, jigs, molds and
office equipment, as well as all of such types of property leased by such
Person and all of the such Person’s rights and interests with respect thereto
under such leases (including options to purchase); together with all present
and future additions and accessions thereto, replacements therefor, component
and auxiliary parts and supplies used or to be used in connection therewith,
and all substitutes for any of the foregoing, and all manuals, drawings,
instructions, warranties and rights with respect thereto; wherever any of the
foregoing is located, but excluding Inventory of such Person. 

                    “Mandatory
Cost” means the percentage
rate per annum calculated by the UK Agent in accordance with Annex B.  

                    “Margin
Stock” means “margin stock” as such term is defined in Regulation T,
U or X of the Federal Reserve Board. 

                    “Material
Adverse Effect” means a material adverse effect on (a) the Acquisition, (b)
the business assets, property or condition (financial or otherwise) of the
Parent Guarantor, each US Borrower and their Subsidiaries taken as a whole, (c)
the validity or enforceability of this Agreement or any of the other Loan
Documents or the rights or remedies of the Administrative Agent or the Lenders
hereunder or thereunder or (d) the ability of the Credit Parties to perform any
of their material obligations under the Loan Documents. 

                    “Material
Compliance Issue” has the meaning specified in Section 7.7(a).

                    “Maximum
Aggregate Eligible Sales Inventory Amount” means an amount equal to the
Dollar Equivalent of $25,000,000; provided that upon the occurrence of the
Eligible Sales Inventory Appraisal Date such amount will increase to the Dollar
Equivalent of $35,000,000.  

                    “Maximum
Amount” means an amount equal to $300,000,000 subject to any increase
pursuant to Section 1.7. 

                    “Maximum
Liability” is defined in Section 1.6(f). 

                    “Maximum Rate” is defined in
Section 2.3. 

                    “Maximum UK Amount” means £85,000,000.  

                    “Maximum
US Amount” means the Maximum Amount minus the Dollar Equivalent of the UK
Aggregate Outstandings.  

                    “Mezzanine
Debt” means, collectively, the senior subordinated indebtedness of the
Parent Guarantor outstanding pursuant to the Mezzanine Notes permitted to be
issued pursuant to the Loan Documents. 

                    “Mezzanine
Notes” means the unguaranteed senior subordinated notes due 2015 issued on
the Closing Date by the Parent Guarantor in an aggregated face amount of
$90,000,000, together with all instruments and other agreements entered into by
the Parent Guarantor in connection therewith, as may be amended, supplemented,
refinanced, replaced or otherwise modified from time to time pursuant to the
Loan Documents. 

A-27

                    “Mobile
Services” means Mobile Services Group, Inc., a Delaware corporation. 

                    “Mobile
Storage (UK)” means Mobile Storage (UK) Limited, a company formed under the
laws of England and Wales. 

                    “Mortgaged
Property” has the meaning specified in Section 8.1(cc) of the US Credit
Agreement. 

                    “Mortgages”
means and includes any and all of the mortgages, standard security, deeds of
trust, deeds to secure debt, assignments and other instruments executed and
delivered by the US Borrower or any other Credit Party to or for the benefit of
the Applicable Security Agent and the Applicable Lenders, including the US
Mortgages, by which the Applicable Security Agent, on behalf of the Applicable
Lenders, acquires a Lien on the owned Real Estate or a collateral assignment of
the applicable Credit Party’s interest under leases of Real Estate, and all amendments,
modifications and supplements thereto. 

                    “Motor
Vehicle Trust Agreement” has the meaning set forth in the US Security
Agreement. 

                    “MSG”
means Mobile Storage Group, Inc., a Delaware corporation. 

                    “MSG
Investments” means MSG Investments, Inc., a California corporation. 

                    “Multicurrency
Letter of Credit Sublimit” means the Dollar Equivalent of $5,000,000. 

                    “Multiemployer
Plan” means a “multiemployer plan” as defined in Sections 3(37) or
4001(a)(3) of ERISA which is or was at any time during the current year or the
immediately preceding six (6) years contributed to by any Borrower or any ERISA
Affiliate. 

                    “M&E
Disposition Certificate” has the meaning specified in Section 5.2(k)
of the US Credit Agreement and Section 5.2(k) of the UK Credit Agreement.  

                    “Net
Amount of Eligible Accounts” means, at any time, but without duplication of
amounts already deducted in determining Eligible Accounts of the Applicable
Borrower, the gross amount of Eligible Accounts of the Applicable Borrower less
sales, excise or similar taxes, and less returns, discounts, claims, credits,
allowances, rebates accrued or due, offsets, deductions, counterclaims,
disputes and other defenses of any nature at any time issued, owing, granted,
outstanding, available or claimed. 

                    “Non-Consenting
UK Lender” has the meaning specified in Section 11.1(g) of the UK
Credit Agreement. 

                    “Non-Consenting
US Lender” has the meaning specified in Section 11.1(g) of the US
Credit Agreement. 

                    “Non-Guarantor
Subsidiaries” shall mean any Subsidiary of the Parent Guarantor which has
not become a guarantor under a Subsidiary Guaranty and is not required to
become a Subsidiary Guarantor pursuant to either of the Credit Agreements. 

A-28

                    “Non-Ratable
Loan” and “Non-Ratable Loans” have the meanings specified in Section
1.2(h)(1) of the US Credit Agreement and Section 1.2(h)(1) of the UK
Credit Agreement, as applicable. 

                    “Notice
of Borrowing” has the meaning specified in Section 1.2(b) of the US
Credit Agreement and Section 1.2(b) of the UK Credit Agreement, as applicable.  

                    “Notice
of Business Activities Report” shall mean any report required for the then
current year by any state or jurisdiction as a condition to access the courts
of such jurisdiction and in order to permit the Applicable Borrower to seek
judicial enforcement in such jurisdiction of payment of any Account. 

                    “Notice
of Continuation/Conversion” has the meaning specified in Section 2.2(b) of the US Credit Agreement and Section 2.2(b) of the UK Credit Agreement, as
applicable.  

                    “Obligation”
and “Obligations” means each of the US Obligations and UK Obligations
and all of them. 

                    “Orderly
Liquidation Value” means the gross proceeds that would reasonably be
expected from a properly advertised and conducted orderly liquidation sale of
the applicable business and assets of the Applicable Borrower over a period not
to exceed 15 months, as determined by the Appraiser in an appraisal in scope,
form and substance satisfactory to the Administrative Agent. 

                    “Other
Taxes” means any present or future stamp or documentary taxes or duties or
any other excise or property taxes, VAT or other charges or similar levies
which arise from any payment made hereunder or from the execution, delivery or
registration of, or otherwise with respect to, the US Credit Agreement, the UK
Credit Agreement or any other Loan Document. 

                    “Parent
Guarantor” means MSG WC Holdings Corp., a Delaware corporation. 

                    “Participant”
has the meaning specified in Section 11.2(e) of the US Credit Agreement
and Section 11.2(e) in the UK Credit Agreement, as applicable.  

                    “Participation
Fee” has the meaning specified in Section 2.1(b) of the UK Credit
Agreement. 

                    “Patent
and Trademark Security Agreement” means, collectively, the patent and
trademark security agreement, dated as of August 1, 2006, and entered into by
the Administrative Agent and Mobile Services, as amended, restated,
supplemented or otherwise modified from time to time and the patent and
trademark security agreement, dated as of August 1, 2006, and entered into by
the Administrative Agent and MSG, as amended, restated, supplemented or
otherwise modified from time to time. 

                    “Payment
Account” means each bank account established pursuant to the US Security
Agreement or the UK Debenture, to which the proceeds of Accounts and other
Collateral of any Credit Party are deposited or credited, and which is
maintained in the name of the Applicable Security Agent or a Credit Party, as
the Applicable Security Agent may determine, on terms acceptable to the
Applicable Security Agent. 

                    “PBGC”
means the Pension Benefit Guaranty Corporation or any Governmental Authority
succeeding to the functions thereof. 

A-29

                    “Permitted
Acquisitions” means an acquisition of all or substantially all of the
assets, a unit or division or a line of business or all of the Capital Stock of
any Person pursuant to a transaction or any series of related transactions; provided
that (a) no Default or Event of Default shall have occurred and be
continuing on the date such Permitted Acquisition is consummated, immediately
before or after giving effect thereto, (b) the business acquired (or Person
acquired) is principally engaged in a Similar Business, (c) after giving effect
to such Permitted Acquisition and the consideration to be paid (including Debt
and other liabilities and obligations assumed or acquired) in connection with
such Permitted Acquisition (i) if the acquiror is the UK Borrower or UK
Subsidiary, UK Availability must be at or above the Dollar Equivalent of
$15,000,000 or (ii) if the acquiror is a US Borrower or US Subsidiary, US
Availability must be at or above the Dollar Equivalent of $15,000,000 and (iii)
in any case, Total Excess Availability must be at or above the Dollar Equivalent
of $30,000,000; provided further that if the consideration
to be paid (including Debt and other liabilities and obligations assumed or
acquired) in connection with such Permitted Acquisition is to be at or above
the Dollar Equivalent of $15,000,000, the Required Lenders shall have given
their prior written consent to such Permitted Acquisition. 

                    “Permitted
Liens” means: 

                    (a)
Liens (including statutory Liens) for taxes not delinquent and Liens (including
statutory Liens) for taxes which are due and payable in an amount not to exceed
the Dollar Equivalent of $500,000 provided that the payment of
such taxes which are due and payable is being contested in good faith and by
appropriate proceedings diligently pursued and as to which adequate financial
reserves have been established in accordance with GAAP on the books and records
of the Parent Guarantor or its Subsidiaries, as applicable, and a stay of
enforcement of any such Lien is in effect; 

                    (b)
the Agents’ Liens and any Liens created by this Agreement or the Loan
Documents; 

                    (c)
Liens consisting of deposits made in the ordinary course of business in
connection with, or to secure payment of, obligations under worker’s
compensation, unemployment insurance, social security and other similar laws,
or to secure the performance of bids, tenders or contracts (other than for the
repayment of Debt) or to secure indemnity, performance or other similar bonds
for the performance of bids, tenders or contracts (other than for the repayment
of Debt) or to secure statutory obligations (other than liens arising under
ERISA or Environmental Liens) or surety or appeal bonds, or to secure
indemnity, performance or other similar bonds; 

                    (d)
Liens securing the claims or demands of materialmen, mechanics, carriers,
warehousemen, landlords and other like Persons, provided that if
any such Lien arises from the nonpayment of such claims or demand when due,
such claims or demands do not exceed the Dollar Equivalent of $500,000 in the
aggregate, or (ii) are being contested in good faith by appropriate proceedings
diligently pursued and as to which adequate financial reserves have been
established in accordance with GAAP on the books or records of the Borrowers or
their Subsidiaries; 

                    (e)
Liens constituting encumbrances in the nature of reservations, exceptions,
encroachments, easements, rights of way, covenants running with the land,
condition restrictions, zoning, building codes and other land use laws or
environmental restrictions regulating the use or occupancy of any Real Estate
or the activities conducted thereon which are imposed by any governmental
authority having jurisdiction over such Real Estate which are not violated by
the current use or occupancy of such Real Estate or the operation of the
business or any violation of which would not have a material adverse effect on
the business and other similar title exceptions, charges, defects in title or
encumbrances affecting any Real Estate (other than UK Property); provided
that they do not in the aggregate materially 

A-30

 detract from the value of the Real Estate or
materially interfere with its use in the ordinary course of a business of the
Borrowers or any of their Subsidiaries; 

                    (f)
Liens arising from judgments and attachments in connection with court
proceedings; provided that the attachment or enforcement of such
Liens would not result in an Event of Default hereunder and such Liens are being
contested in good faith by appropriate proceedings, adequate reserves have been
set aside and no material property is subject to a material risk of loss or
forfeiture and the claims in respect of such Liens are fully covered by
insurance (subject to ordinary and customary deductibles) and a stay of
execution pending appeal or proceeding for review is in effect; 

                    (g)
any Lien in existence on the date hereof and disclosed on Schedule 7.13
to the Agreement and any Liens securing refinanced Debt permitted by Section
7.13(d) hereof; 

                    (h)
Liens reflected by Uniform Commercial Code financing statements filed in
respect of true leases and not financing leases of any Credit Party or Liens
resulting from financing statements on form UCC-1 filed erroneously or without
proper authorization; 

                    (i)
Liens referred to in the UK Properties Report on Title; 

                    (j)
Liens securing Capital Leases and Debt permitted by clauses (b), (c), (d), (h),
(j)(i), (k) and (l) of Section 7.13 of the Agreement;  

                    (k)
Liens in favor of the Borrowers or any of the Subsidiary Guarantors; 

                    (l)
purchase money liens attached to assets acquired in the ordinary course of
business of the Borrowers and its Subsidiaries, provided that such liens cover
only the assets so acquired; 

                    (m)
inchoate statutory Liens arising under ERISA incurred in the ordinary course of
business; 

                    (n)
leases or subleases granted to other that do not materially interfere with the
ordinary course of business of the Borrower and its Subsidiaries, taken as a
whole, or the rights and remedies of the Administrative Agent in respect of the
Collateral; 

                    (o)
Liens existing on the assets of any Person that becomes a Subsidiary Guarantor,
or existing on assets acquired, pursuant to a Permitted Acquisition; provided
that such Liens attach at all times only to the same assets that such Liens
attached to immediately prior to such Permitted Acquisition; 

                    (p)
Liens on cash deposits and other funds maintained with a depositary
institution, in each case arising in the ordinary course of business by virtue
of any statutory or common law provision relating to banker’s liens, including
Section 4-210 of the UCC; 

                    (q)
Liens arising from the rights of lessors under leases (including financing
statements regarding property subject to lease); 

                    (r)
Liens in favor of customs and revenue authorities in connection with custom
duties; 

                    (s)
Liens securing insurance premium financing; provided that such Liens do
not extend to any property or assets other than the insurance policies and
proceeds thereof; and 

A-31

                    (t)
Liens on assets of the Borrower or any Subsidiaries with respect to obligations
(other than in respect of Debt) that do not exceed $2,000,000 at any one time
outstanding; provided that the assets subject to such Lien shall not exceed
at any time $2,000,000 in the aggregate. 

                    “Person”
means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, unincorporated organization, association,
corporation, Governmental Authority, or any other entity. 

                    “Plan”
means an employee benefit plan (as defined in Section 3(3) of ERISA) which the
US Borrower or any of its Subsidiaries sponsors or maintains or to which the US
Borrower or any of its Subsidiaries makes, is making, or is obligated to make
contributions and includes any Pension Plan (as defined in Section 3(2) of
ERISA). 

                    “Pounds
Sterling” and “£” each mean lawful currency of the United Kingdom. Unless
otherwise specified, all payments under the Loan Documents by the UK Credit
Parties shall be made in Pounds Sterling.  

                    “Preferred
Stock” means any Capital Stock with preferential rights of payment of
dividends, rights to mandatory redemption or other distributions or upon
liquidation, dissolution, or winding up. 

                    “Prior
Claims” means all Liens created by applicable laws (in contrast to those
granted voluntarily) which rank or are capable of ranking prior or pari passu
with the Agents’ Liens against all or part of the Collateral, including for
amounts owing for vacation pay, employee remuneration, deductions and
contributions, goods and services taxes, sales taxes, VAT, corporate taxes,
realty taxes, business taxes, workers’ compensation, pension plan or fund
obligations, overdue rents and remuneration and expenses incurred in insolvency
or similar proceedings and all UK Preferential Claims. 

                    “Pro
Forma EBITDA” means, with respect to any fiscal period, EBITDA for Mobile
Services and its Subsidiaries for such period plus, for each Permitted
Acquisition consummated during such period, an amount (each a “Pro Forma
Adjustment Amount”) equal to the EBITDA of each such Person or business so
acquired (to the extent not otherwise included in the EBITDA for the Credit
Parties and their Subsidiaries), calculated on a pro forma basis, as if the
Permitted Acquisition had occurred on the first day of such period and
calculated by the Applicable Borrower based on financial information related to
such Person or business so acquired, including tax returns, which the US
Borrower Representative (in the case of acquisitions by the US Credit Parties)
or the UK Borrower (in the case of acquisitions by the UK Borrower and the UK
Borrowing Base Parties) has reasonably determined to be satisfactory to support
the calculation of the consolidated EBITDA of such Person or business so
acquired, on a pro forma basis; 

provided
that the aggregate Pro Forma Adjustment Amounts that may be so added to
EBITDA of Mobile Services and its Subsidiaries in connection with all
acquisitions of any Persons or businesses with respect to any fiscal period
shall in any event not exceed, in aggregate, $4,000,000 plus any additional
amount approved by the Administrative Agent in its sole discretion. Together
with each Compliance Certificate delivered as set forth above, the US Borrower
Representative or the UK Borrower shall deliver to the Administrative Agent and
the UK Agent the financial information related to such Person or business so
acquired, including tax returns, if any, upon which the US Borrower
Representative (in the case of acquisitions by the US Credit Parties) or the UK
Borrower (in the case of acquisitions by the UK Borrower and the UK Borrowing
Base Parties) has based its determinations as to the calculation of the
consolidated EBITDA of such Person or business so acquired. 

A-32

                    “Proposed
Changes” has the meaning specified in Section 11.1(g).  

                    “Proprietary
Rights” means all of the Applicable Borrower’s now owned and hereafter
arising or acquired: licenses, franchises, permits, patents, patent rights,
copyrights, works which are the subject matter of copyrights, trademarks,
service marks, trade names, trade styles, patent, trademark and service mark
applications, and all licenses and rights related to any of the foregoing,
including those patents, trademarks, service marks, trade names and copyrights
set forth on Schedule 6.12 hereto, and all other rights under any of the
foregoing, all extensions, renewals, reissues, divisions, continuations, and
continuations-in-part of any of the foregoing, and all rights to sue for past,
present and future infringement of any of the foregoing. 

                    “Pro
Rata Share” means, as of any date, 

                    (a)
with respect to the Pro Rata Share ascribed to any US Lender, a fraction
(expressed as a percentage), the numerator of which is the amount of such US
Lender’s US Commitments and the denominator of which is the sum of the amounts
of all of the US Lenders’ US Commitments, or if no US Commitments are
outstanding, a fraction (expressed as a percentage), the numerator of which is
the amount of US Obligations owed to such US Lender and the denominator of which
is the aggregate amount of the US Obligations owed to all of the US Lenders, in
each case giving effect to the US Lenders’ participation in Non-Ratable Loans
and Agent Advances, 

                    (b)
with respect to the Pro Rata Share ascribed to any UK Lender, a fraction
(expressed as a percentage), the numerator of which is the amount of such UK
Lender’s UK Commitments and the denominator of which is the sum of the amounts
of all of the UK Lenders’ UK Commitments, or if no UK Commitments are outstanding,
a fraction (expressed as a percentage), the numerator of which is the amount of
UK Obligations owed to such UK Lender and the denominator of which is the
aggregate amount of the UK Obligations owed to all of the UK Lenders, in each
case giving effect to the UK Lenders’ participation in Non-Ratable Loans and
Agent Advances, 

                    (c)
with respect to the Pro Rata Share ascribed to any Lender (without reference to
such Lender being a US Lender or a UK Lender), a fraction (expressed as a percentage),
the numerator of which is the amount of such Lender’s Aggregate Commitments and
the denominator of which is the sum of the amounts of all of the Lenders’
Aggregate Commitments, or if no US Commitments and no UK Commitments are
outstanding, a fraction (expressed as a percentage), the numerator of which is
the amount of Obligations owed to such Lender and the denominator of which is
the aggregate amount of the Obligations owed to all of the Lenders, in each
case giving effect to the Lenders’ participation in Non-Ratable Loans and Agent
Advances. 

                    “Public
Debt” means any unsecured Debt offered or sold (i) without registration
pursuant to the Securities Act in transactions qualifying for a resale
exemption under the Securities Act pursuant to Rule 144A or Regulation S of the
Securities Act, or (ii) pursuant to registration under the Securities Act. 

                    “Put
Date” has the meaning specified in Section 1.7 of the UK Credit
Agreement. 

                    “Put
Notice” has the meaning specified in Section 1.7 of the UK Credit
Agreement. 

                    “Ravenstock”
means Ravenstock MSG Limited, a company formed under the laws of England and
Wales.  

                    “Ravenstock
Tam Hire” means Ravenstock Tam (Hire) Limited, a company formed under the laws
of England and Wales.  

A-33

                    “Real
Estate” means, with respect to any Person, all of such Person’s now or
hereafter owned or leased estates, or other interests, in real property or
heritable property, including all fees, leaseholds and future interests,
together with all of such Person’s now or hereafter owned or leased interests
in the improvements thereon, the fixtures attached thereto and the easements or
servitudes appurtenant thereto. 

                    “Refinancing”
means the following transactions referred to collectively: (a) termination of
the Existing US Credit Agreement and Existing UK Credit Agreement, (b) payment
of any principal, interest, fees or other amounts owing thereunder, and (c) all
other transactions related thereto. 

                    “Release”
means a release, spill, emission, leaking, pumping, injection, deposit,
disposal, discharge, dispersal, leaching or migration of a Contaminant into the
indoor or outdoor environment or into or out of any Real Estate or other
property, including the movement of Contaminants through or in the air, soil,
surface water, groundwater or Real Estate or other property. 

                    “Rental
Fleet Assets” as distinguished from Sales Inventory, means Inventory of the
applicable Credit Parties consisting of new and used manufactured or
remanufactured portable storage containers, portable storage trailers, cartage
trailers, and portable mobile office units or cabins owned by the applicable
Credit Parties and in the ordinary course of business either (a) held for lease
or to be furnished under a contract of service or (b) leased to a customer by
the applicable Credit Parties as lessor or furnished by the applicable Credit
Parties to a customer under a contract of service. 

                    “Replies
to Enquiries” means replies to enquiries of the legal and beneficial owner
of the UK Property to which the enquiries relate in the forms referred to in
the UK Properties Report on Title and dated August 1, 2006. 

                    “Reportable
Event” means, any of the events set forth in Section 4043(b) of ERISA or
the regulations thereunder, other than any such event for which the 30-day
notice requirement under ERISA has been waived in regulations issued by the
PBGC. 

                    “Required
Lenders” means at any date of determination Lenders holding, in the
aggregate, more than 50% of the sum of (a) the US Commitments (or, if no US
Commitments are outstanding, the amount of Obligations owed to all US Lenders)
and, (b) the UK Commitments (or if no UK Commitments are outstanding the amount
of Obligations owed to all UK Lenders). 

                    “Requirement
of Law” means, as to any Person, any law (statutory or common), treaty,
rule or regulation or determination of an arbitrator or of a Governmental Authority,
in each case applicable to or binding upon the Person or any of its property or
to which the Person or any of its property is subject. 

                    “Reserves”
means, without duplication, reserves that limit the availability of credit
under the (I) US Credit Agreement, consisting of reserves against US
Availability or the US Borrowing Base, established by the Administrative Agent
from time to time in the Administrative Agent’s reasonable credit judgment and
(II) the UK Credit Agreement, consisting of reserves against UK Availability or
the UK Borrowing Base, established by the UK Agent from time to time in the UK
Agent’s sole credit judgment. Without limiting the generality of the foregoing,
the following reserves shall be deemed to be a reasonable exercise of the
Administrative Agent’s credit judgment and within the discretion of the UK
Agent in its sole credit judgment: (a) Bank Product Reserves, (b) a reserve for
accrued, unpaid interest on the Obligations, (c) reserves in the amount of two-months
rent in respect of leased locations, warehouses or an Agency’s premises leased
by a US Credit Party for which a waiver and access agreement reasonably
acceptable to Administrative Agent has not been obtained from the landlord or
the landlord of the Agency 

A-34

and reserves
in the amount of three-months rent in respect of leased locations, warehouses
or an Agency’s premises leased by a UK Credit Party for which a waiver and
access agreement acceptable to Administrative Agent has not been obtained from
the landlord or the landlord of the Agency, (d) Inventory shrinkage, (e)
Environmental Compliance Reserves, (f) customs charges, (g) dilution, (h)
warehousemen’s or bailees’ charges, (i) reserves for Prior Claims, (j) reserves
for any Debt or other obligations outstanding under any Capital Lease or lease
which contains a no-cost purchase option, (k) during any period in which Total
Excess Availability is not greater than or equal to $30,000,000, reserves, from
time to time, for the next payment due under the Welsh Carson Management
Agreement, (l) reserves in the amount of two-months mortgage payments in
respect of owned Real Estate subject to a mortgage or deed of trust for which a
mortgagee waiver and access agreement acceptable to the Administrative Agent
shall not have been obtained, (m) US Trailer Reserves and (n) Appraisal
Reserves. Neither the Administrative Agent nor the UK Agent will establish
Reserves after the Closing Date on account of any circumstances, conditions,
events or contingencies known to the Administrative Agent or the UK Agent on or
prior to the Closing Date and which have not changed in a material respect
since the Closing Date; provided, however, that to the extent the
Administrative Agent or the UK Agent establishes new criteria or revises
existing criteria in respect of existing Reserves to address any circumstances,
conditions, events or contingencies, neither the Administrative Agent nor the
UK Agent shall establish a new Reserve or increase another Reserve for the same
purpose. Any Reserve established or increased by the Administrative Agent or
the UK Agent shall in any case have a reasonable relationship to the
circumstances, condition, event or contingency which is the basis for such
Reserve, as reasonably determined by the Administrative Agent and the UK Agent
in good faith according to its reasonable credit judgment. 

                    “Responsible
Agent” means (a) with respect to matters relating to the US Credit
Agreement, the Administrative Agent and (b) with respect to matters relating to
the UK Credit Agreement, the UK Agent. 

                    “Responsible
Officer” of any Person means the chairman, president, chief executive
officer, chief financial officer, chief operating officer, general counsel,
executive vice president or vice president, or any other senior officer having
substantially the same authority and responsibility; or, with respect to
compliance with financial covenants and the preparation of the Borrowing Base
Certificates, the chief financial officer or the director of finance of the
Applicable Borrower, or any other officer having substantially the same
authority and responsibility. 

                    “Restricted
Investment” means, as to any Credit Party, any acquisition of property by
such Credit Party in exchange for cash or other property, whether in the form
of an acquisition of stock, debt, or other indebtedness or obligation, or the
purchase or acquisition of any other property, or a loan, advance, capital
contribution, or subscription, except the following acquisitions that are
permitted by Credit Parties other than the Parent Guarantor; provided
that nothing in this definition shall prevent or restrict the Parent Guarantor
from consummating the Acquisition: 

                    (a)
acquisitions of Machinery and Equipment, Rental Fleet Assets and Fixed Assets
to be used in the ordinary course of business of such Credit Party so long as
the acquisition costs thereof constitute Capital Expenditures permitted
hereunder; 

                    (b)
acquisitions of Sales Inventory in the ordinary course of business of such
Credit Party; 

                    (c)
acquisitions of current assets acquired in the ordinary course of business of
such Credit Party; 

A-35

                    (d)
cash, cash equivalents, and direct obligations of the United States of America,
or any agency thereof, or obligations guaranteed by the United States of
America, provided that such obligations mature within one year from the date of
acquisition thereof;  

                    (e)
acquisitions of certificates of deposit maturing within one year from the date
of acquisition, bankers’ acceptances, Eurodollar bank deposits, or overnight
bank deposits, in each case issued by, created by, or with a bank or trust company
organized under the laws of the United States of America or any state thereof
having capital and surplus aggregating at least $100,000,000; 

                    (f)
acquisitions of commercial paper given a rating of “A2” or better by Standard
& Poor’s Corporation or “P2” or better by Moody’s Investors Service, Inc.
and maturing not more than 90 days from the date of creation thereof; 

                    (g)
Hedge Agreements; 

                    (h)
Intercompany Debt permitted hereunder; 

                    (i)
Permitted Acquisitions for which the consideration is paid in (i) Capital Stock
of the Parent Guarantor or (ii) cash (including the amount of any Debt or other
obligations or liabilities assumed or acquired in connection with such
Permitted Acquisition) and the fair market value of such consideration does not
exceed: 

                              (A)
in the Fiscal Year ended December 31, 2006 (taking into account all Permitted
Acquisitions occurring in Fiscal Year 2006 occurring prior to the Closing
Date), the Dollar Equivalent of $50,000,000; 

                              (B)
in the Fiscal Year ended December 31, 2007, the Dollar Equivalent of $50,000,000;

                              (C)
in the Fiscal Year ended December 31, 2008, the Dollar Equivalent of
$55,000,000; 

                              (D)
in the Fiscal Year ended December 31, 2009, the Dollar Equivalent of $60,000,000;

                              (E)
in the Fiscal Year ended December 31, 2010, the Dollar Equivalent of $65,000,000;
and 

                              (F)
in the Fiscal Year ended December 31, 2011, the Dollar Equivalent of
$70,000,000; 

in each case
plus the Capital Expenditure to Acquisition Transfer Amount and less the
Acquisition to CapEx Transfer Amount in any Fiscal Year (the “Maximum Permitted
Acquisitions Amount”); provided that (1) the US Borrower shall,
and shall cause its Subsidiaries to, comply with the requirements of Sections
7.31 and 7.32 with respect to each such acquisition, and (2) such
Maximum Permitted Acquisitions Amount for any Fiscal Year shall be increased by
an amount equal to the sum of (X) the excess, if any of (A) the Maximum
Permitted Acquisitions Amount for the previous Fiscal Year (without giving
effect to any adjustment in accordance with this proviso) over the amount of
Permitted Acquisitions actually made during the immediately preceding Fiscal
Year (the “Acquisition Carry Forward Amount”), up to an aggregate maximum
increase equal to the Dollar Equivalent of $15,000,000 for such Fiscal Year (any
such amount to be certified by the US Borrower Representative to the  

A-36

Administrative
Agent in the Compliance Certificate delivered for the last Fiscal Quarter of
the previous fiscal year); provided further that, notwithstanding the foregoing
restrictions, any Permitted Acquisition or portion thereof (including all
costs, fees and other related expenses) funded solely by the issuance of
Capital Stock, net cash proceeds and/or marketable securities received by the
US Borrower from the issuance of Capital Stock (but not Preferred Stock other
than Preferred Stock of the Parent Guarantor which complies with Section 7.34)
of the Parent Guarantor shall not be counted in the calculation of such
limitations;  

                    (j)
acquisitions of Real Estate, subject to compliance with Sections 7.26 and 7.33; 

                    (k)
transactions between the US Borrowers and Ravenstock subject to compliance with
Section 7.15(e); 

                    (l)
transactions that would otherwise be Restricted Investments existing as of the
Closing Date, and any extensions, renewals or reinvestments thereof, so long as
the aggregate amount thereof is not increased at any time above the amount
existing on the Closing Date; 

                    (m)
acquisition or holding of assets received in connection with the bankruptcy or
reorganization of trade creditors, trade counterparties, suppliers or customers
and in settlement of delinquent obligations of, and other disputes with,
customers; 

                    (n)
the acquisition or holding of the Capital Stock and Intercompany Debt in any
Borrower and each of their Subsidiaries by Parent Guarantor and each of its
Subsidiaries; 

                    (o)
acquisitions made to repurchase or retire common stock of any Borrower or any
of its Subsidiaries owned by any employee stock ownership plan or key employee,
directors and officers, or other stock ownership plans of any Borrower or any
of its Subsidiaries; 

                    (p)
acquisition of assets pursuant to transaction described in Sections 7.9, 7.15
or 7.20 or resulting from transactions permitted in Sections 7.13(c), (k), (l)
or (m); 

                    (q)
workers’ compensation, utility, lease and similar deposits and prepaid expenses
in the ordinary course of business, and the endorsement of instruments for
collection or deposit in the ordinary course of business; 

                    (r)
transactions arising from agreements providing for adjustment of the purchase
price, deferred payment, earnout or similar obligations, in each case, in
connection with the disposal or acquisition of any business or assets not
prohibited hereunder; and 

                    (s)
loans and advances to employees, directors or officers of any Borrower or its
Subsidiaries for any purpose not to exceed the principal amount of $3,000,000
in the aggregate at any time outstanding. 

                    “Revolving
Loans” means the US Revolving Loans and the UK Revolving Loans. 

                    “Sales
Inventory” means Inventory, other than Rental Fleet Assets, of the
applicable Credit Parties, which is held for sale to customers in the ordinary
course of such Credit Parties’ business. 

                    “Second
Lien Security Agreement” means the second lien security agreement, dated as
of August 1, 2006, entered into by and among, the Administrative Agent, MSG
Asset Trust, in its capacity as agent for and on behalf of the Administrative
Agent and the Lenders, MSG, Mobile Services, ABMSC, 

A-37

Mobile
Services, the Parent Guarantor, Texas LP and MSG Investments, as amended,
restated, supplemented or otherwise modified from time to time. 

                    “Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 

                    “Senior
Unsecured Note Indenture” means the Indenture entered into by Mobile
Services, MSG and the guarantors in respect thereof in connection with the
issuance of the Senior Unsecured Notes, together with all instruments and other
agreements entered into by the Mobile Services and such guarantors in
connection therewith. 

                    “Senior
Unsecured Notes” means the senior unsecured notes of Mobile Services and
MSG issued on the Closing Date pursuant to the Senior Subordinated Note
Indenture. 

                    “Senior
Unsecured Noteholders” shall mean the holders from time to time of the
Senior Unsecured Notes. 

                    “Set
Off” includes any right of retention, claim of compensation or right to
balance accounts on insolvency. 

                    “Settlement”
and “Settlement Date” have the meanings specified in Section
12.15(a)(ii) of the US Credit Agreement and Section 12.14(a)(ii) of the UK
Credit Agreement.  

                    “Similar
Business” means the same line of business or business activities that are
substantially similar or related to the business of the Borrowers as existing
on the Closing Date. 

                    “Software”
means, with respect to any Person, all “software” as such term is defined in
the UCC, now owned or hereafter acquired by such Person, other than software
embedded in any category of Goods, including all computer programs and all
supporting information provided in connection with a transaction related to any
program. 

                    “Solvent”
means, when used with respect to any Person, that at the time of determination:

                    (a)
the assets of such Person, at a fair valuation, are in excess of the total
amount of its debts (including contingent liabilities); and 

                    (b)
the present fair saleable value of its assets is greater than its probable
liability on its existing debts as such debts become absolute and matured; and 

                    (c)
it is then able and expects to be able to pay its debts (including contingent
debts and other commitments) as they mature; and 

                    (d)
it has capital sufficient to carry on its business as conducted and as proposed
to be conducted. 

                    For
purposes of determining whether a Person is Solvent, the amount of any
contingent liability shall be computed as the amount that, in light of all the
facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability. 

                    “Spot
Rate” for any applicable currency means the rate quoted by the
Administrative Agent as the spot rate for the purchase by the Administrative
Agent of the applicable currency with 

A-38

Dollars or
Dollars with the applicable currency, as the case may be, at approximately 9:00
a.m. (Administrative Agent’s local time) on such date as of which the foreign
exchange computation is made for delivery two US Business Days later. 

                    “Stated
Termination Date” means August 1, 2011. 

                    “Sterling
Equivalent” means, at any time, (a) as to any amount denominated in Pounds
Sterling, the amount thereof at such time and (b) as to any amount denominated
in Dollars or any other currency other than Pounds Sterling, the equivalent
amount in Pounds Sterling as determined by the Administrative Agent at such
time on the basis of the Spot Rate for the purchase of Pounds Sterling with
Dollars or such other currency on the most recent computation date. 

                    “Subsidiary”
of a Person means any corporation, association, partnership, limited liability
company, joint venture or other business entity of which more than fifty
percent (50%) of the Voting Stock or other equity interests (in the case of
Persons other than corporations), is owned or controlled directly or indirectly
by the Person, or one or more of the Subsidiaries of the Person, or a
combination thereof. Unless the context otherwise clearly requires, references
herein to a “Subsidiary” refer to a Subsidiary of the Parent Guarantor. 

                    “Subsidiary
Guarantors” means all US Subsidiaries and Foreign Subsidiaries which are or
become a party to a Subsidiary Guaranty; provided that MSG Investments and any
Foreign Subsidiaries shall not be Subsidiary Guarantors with respect to the
Obligations of the US Borrowers.  

                    “Subsidiary
Guaranty” means each of the US Subsidiary Guaranty and the UK Guaranty,
which have been executed and delivered by one or more US Subsidiary Guarantors
and /or one or more Foreign Subsidiary Guarantors to guarantee, for the benefit
of the Agents, the UK Security Trustee and the Lenders, as applicable the
Obligations of the US Borrower and/or the UK Borrower. 

                    “Supporting
Obligations” means all supporting obligations as such term is defined in the
UCC, including letters of credit and guaranties issued in support of Accounts,
Chattel Paper, Documents, General Intangibles, Instruments, or Investment
Property.  

                    “Taxes”
means any and all present or future taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities with respect thereto, including value
added taxes but excluding, in the case of each Lender and each Agent, such
taxes (including income taxes or franchise taxes) as are imposed on or measured
by each Agent’s or Lenders’ net income as a result of a connection between such
Agent or Lender and the jurisdiction of the governmental authority imposing
such tax or any political subdivision or taxing authority thereof or therein
(other than any such connection arising solely from such Agent or Lender having
executed, delivered or performed its obligations or received a payment under,
or enforced by, the US Credit Agreement or the UK Credit Agreement). 

                    “Termination
Date” means the earliest to occur of (i) the Stated Termination Date, (ii)
the date the Total Facility is terminated either by the Borrowers pursuant to
Section 3.2 or by the Required Lenders pursuant to Section 9.2), and (iii) the
date the Agreement is otherwise terminated for any reason whatsoever pursuant
to the terms of the Agreement.  

                    “Texas-LP”
means Mobile Storage Group (Texas), L.P., a Texas limited partnership. 

                    “Title
Insurance Company” has the meaning specified in Section 8.1(cc) of the US
Credit Agreement. 

A-39

                    “Total
Excess Availability” means, at any time, the lesser of (i) the Maximum
Amount minus Aggregate Outstandings or (ii) Aggregate Availability. 

                    “Total
UK Facility” has the meaning specified in Section 1.1 of the UK Credit
Agreement.  

                    “Total
US Facility” has the meaning specified in Section 1.1 of the US Credit
Agreement.  

                    “Transaction
Documents” shall mean, collectively, the Loan Documents and the Senior
Unsecured Note Indenture. 

                    “Transferee”
has the meaning specified in Section 11.2(a) of the UK Credit Agreement.  

                    “Tudorgrade”
means Tudorgrade (Container Repairs) Limited, a company formed under the laws
of England and Wales. 

                    “UCC”
means the Uniform Commercial Code, as in effect from time to time, of the State
of New York or of any other state the laws of which are required as a result
thereof to be applied in connection with the issue of perfection of security
interests; provided, that to the extent that the UCC is used to define any term
herein or in any other documents and such term is defined differently in
different Articles or Divisions of the UCC, the definition of such term
contained in Article or Division 9 shall govern.  

                    “UK
2006 Debenture” means the debenture, dated as of August 1, 2006, and
entered into by Ravenstock, Mobile Storage (UK), the Luxembourg Subsidiary, and
Ravenstock Tam Hire, among others, and any document entered into pursuant
thereto, as amended, restated, supplemented or otherwise modified from time to
time. 

                    “UK
2006 Share Charge” means the share charge, dated as of August 1, 2006, and
entered into by the UK Security Trustee and MSG and Mobile Services, as
amended, restated, supplemented or otherwise modified from time to time. 

                    “UK
Advance Rate” means, (a) from the date hereof until such time as an
appraisal by the Appraiser of the Rental Fleet Assets of the UK Borrower and
the UK Borrowing Base Parties is delivered to the Administrative Agent (such
appraisal to be reasonably satisfactory to the Administrative Agent), 100% and
(b) thereafter, upon the receipt from time to time by the Administrative Agent
of an appraisal pursuant to Section 7.4(d), a percentage equal to (a) the
lesser of (i) 90% of the Orderly Liquidation Value of the Eligible Rental Fleet
Assets of the UK Borrower and the UK Borrowing Base Parties set forth in such
appraisal or (ii) 100% of the net book value, determined in accordance with
GAAP, of such Eligible Rental Fleet Assets of the UK Borrower and the UK
Borrowing Base Parties divided by (b) the aggregate net book value of the
Eligible Rental Fleet Assets of the UK Borrower and the UK Borrowing Base
Parties.  

                    “UK
Agent” means The CIT Group/Business Credit, Inc., solely in its capacity as
agent for the UK Lenders, and any successor agent. 

                    “UK
Agents” means, collectively, the Administrative Agent, the UK Agent, the
Solicitation Agent, the Documentation Agents, if any, and the UK Security
Trustee. 

A-40

                    “UK
Agents’ Liens” means the Liens in the UK Collateral granted to the UK Security
Trustee for the benefit of the UK Lenders, and UK Agents pursuant to the UK
Credit Agreement and the other UK Loan Documents. 

                    “UK
Aggregate Outstandings” means, without duplication, at any date of
determination the Sterling Equivalent of an amount equal to: the sum of (a) the
unpaid balance of UK Revolving Loans, (b) the aggregate amount of UK Pending
Revolving Loans, (c) one hundred percent (100%) of the aggregate undrawn face
amount of all outstanding Letters of Credit issued in respect of the UK
Borrower, and (d) the aggregate amount of any unpaid reimbursement obligations
in respect of Letters of Credit issued in respect of the UK Borrower not
included in clause (a). 

                    “UK
Availability” means, at any time, an amount equal to: (a) the lesser of (i)
the Maximum UK Amount or (ii) the UK Borrowing Base, minus (b) Reserves
relating to the UK Borrower and their Subsidiaries and assets, other than
Reserves deducted in the calculation of the UK Borrowing Base, minus (c) the UK
Aggregate Outstandings.  

                    “UK
Bank Products” means any one or more of the following types of services or
facilities extended to the UK Borrower or other UK Credit Party by a Bank
Product Provider at the UK Borrower’s request: (i) credit cards; (ii) ACH
Transactions; (iii) Hedge Agreements; and (iv) cash management, including
controlled disbursement services.  

                    “UK
Base Rate” means the UK Agent’s reference rate for Pounds Sterling loans,
being the rate from time to time set by the UK Agent based on various factors
including the cost of funds, desired return and general economic conditions and
which is used as a reference point for pricing loans made by it in Pounds
Sterling. 

                    “UK
Base Rate Revolving Loan” means a UK Revolving Loan during any period in
which it bears interest based on the UK Base Rate. 

                    “UK
Borrower” means Ravenstock. 

                    “UK
Borrowing” means a borrowing under the UK Credit Agreement consisting of UK
Revolving Loans made on the same day by the UK Lenders to the UK Borrower or by
the UK Agent in the case of a UK Borrowing funded by Non-Ratable Loans or by
the Agent in the case of a UK Borrowing consisting of an Agent Advance, or the
issuance of Letters of Credit hereunder for the account of the UK Borrower. 

                    “UK
Borrowing Base” means, at any time, an amount determined in Dollars equal
to (i) the sum of (A) eighty-five percent (85%) of the Net Amount of Eligible
Accounts of the UK Borrower and the UK Borrowing Base Parties; plus (B)
the UK Advance Rate multiplied by the Book Value of Eligible Rental
Fleet Assets of the UK Borrower and the UK Borrowing Base Parties; plus
(C) the lesser of (i) ninety percent (90%) of the Book Value of Eligible
Machinery and Equipment of the UK Borrower and the UK Borrowing Base Parties or
(ii) eighty percent (80%) of the Orderly Liquidation Value of Eligible
Machinery and Equipment of the UK Borrower and the UK Borrowing Base Parties; plus
(D) the Value of Eligible Sales Inventory of the UK Borrower and the UK
Borrowing Base Parties; minus (ii) Reserves from time to time
established by the UK Agent in its commercially reasonable discretion relating
to the UK Borrower and the UK Borrowing Base Parties or their assets. In
connection with and subsequent to any Permitted Acquisition, the Accounts and
Rental Fleet Assets acquired by the UK Borrower or any UK Borrowing Base Party,
or, subject to compliance with Section 7.32 of the US Credit Agreement,
of the Person so acquired, may be included in the calculation of the UK
Borrowing Base for Loans incurred in connection with such Permitted Acquisition
and thereafter if all criteria set forth in the 

A-41

definitions of
Eligible Accounts and Eligible Inventory have been satisfied and, if the
aggregate purchase price is greater than or equal to $15,000,000, the
Responsible Agent shall have received from the Appraiser a “desktop appraisal”
of such Rental Fleet Assets acquired by the applicable Credit Parties or owned
by such Person acquired by the applicable Credit Parties which shall be
reasonably satisfactory in scope, form and substance to the Responsible Agent. 

                    “UK
Borrowing Base Party” means MSG Investments and each of the Subsidiary
Guarantors that are Foreign Subsidiaries.

                    “UK
Business Day” means (a) any day that is not a Saturday, Sunday, or a day on
which banks in London, England or New York, New York are required or permitted
to be closed, and (b) with respect to all notices, determinations, fundings and
payments in connection with the UK Sterling LIBOR Revolving Loans, any day that
is a UK Business Day pursuant to clause (a) above and that is also a day
on which trading in Pounds Sterling is carried on by and between banks in the
London interbank market.

                    “UK
Collateral” means all of the UK Obligors’ real, heritable, personal,
movable and immovable property and all other assets and undertakings of any
Person from time to time subject to the UK Agents’ Liens securing payment or
performance of the UK Obligations.

                    “UK
Commitment” means, at any time with respect to a UK Lender, the principal
amount set forth beside such UK Lender’s name under the heading “UK Commitment”
on Schedule 1 attached to the UK Credit Agreement or on the
signature page of the UK Transfer Agreement pursuant to which such UK Lender
became a UK Lender under the UK Credit Agreement in accordance with the provisions
of Section 11.2 of the UK Credit Agreement, as such UK Commitment
may be adjusted from time to time in accordance with the provisions of Section 11.2,
and “UK Commitments” means, collectively, the aggregate amount of the UK
Commitments of all of the UK Lenders. For the avoidance of doubt, “UK
Commitment” shall include the UK Revolver Participant Commitment.

                    “UK
Credit Agreement” is defined in the preamble to the UK Credit Agreement.

                    “UK
Credit Party” means the UK Borrower, the Parent Guarantor, MSG Investments
and each of the Subsidiary Guarantors that are Foreign Subsidiaries.

                    
“UK Fronting Lender” means the UK Agent, solely in its capacity as
fronting lender for the UK Revolver Participants.

                    “UK
GAAP” means accounting principles, standards and practices generally
accepted from time to time in the United Kingdom and issued or adopted by the
Accounting Standards Branch of the United Kingdom (or successor thereof from
time to time).

                    “UK
Guaranty” means the UK guarantee, dated as of August 1, 2006, and entered
into by UK Security Trustee, the Parent Guarantor, ABMSC, Texas-LP, Mobile
Storage (UK), Ravenstock Tam Hire, UK-LP, MSG Investments and the Luxembourg
Subsidiary, among others, as amended, restated, supplemented or otherwise
modified from time to time. 

                    “UK
Intercreditor Deed” means the intercreditor deed, dated as of August
1, 2006, and entered into by and among the UK Security Trustee, Mobile
Services, MSG, Ravenstock, the Luxembourg Subsidiary, Mobile Storage (UK),
among others, as amended, restated, supplemented or otherwise modified from
time to time. 

A-42

                    “UK
Lender” means any Lender listed on Schedule 1 of the UK Credit
Agreement under the heading “UK Lender,” and any other Lender (including, for
the avoidance of doubt, any UK Revolver Participant and the UK Fronting Lender)
that may, from time to time, hold UK Revolving Loans (or UK Revolver Participant
Commitments, as applicable) and shall include the Responsible Agent to the
extent of any Agent Advance outstanding under the UK Credit Agreement and the
UK Agent to the extent of any Non-Ratable Loan outstanding under the UK Credit
Agreement; provided that no such Agent Advance or Non-Ratable
Loan shall be taken into account in determining any UK Lender’s Pro Rata Share.

                    “UK
Loan Documents” means the UK Credit Agreement, the UK Guaranty, the US
Security Documents, the UK Security Documents and the Luxembourg Security
Documents and any other agreements, instruments, and documents heretofore, now
or hereafter evidencing, securing, guaranteeing or otherwise relating to the UK
Obligations, the UK Collateral, or any other aspect of the transactions
contemplated by the UK Credit Agreement.

                    “UK-LP”
means Mobile Storage UK Finance LP, a limited partnership formed under the laws
of England and Wales.

                    “UK
Obligations” means, with respect to any UK Obligor, all present and future
loans, advances, liabilities, obligations, covenants, duties, and debts owing
by such UK Obligor to the UK Agents and/or any UK Lender, and/or any indemnitee
arising under or pursuant to the UK Credit Agreement or any of the other UK Loan
Documents, whether or not evidenced by any note, or other instrument or
document, whether arising from an extension of credit, opening of a letter of
credit, acceptance, loan, guaranty, indemnification or otherwise, whether
direct or indirect, absolute or contingent, due or to become due, primary or
secondary, as principal or guarantor, and including all principal, interest,
charges, expenses, fees, attorneys’ fees, filing fees and any other sums
chargeable to any UK Obligor hereunder or under any of the other Loan
Documents. “UK Obligations” includes (a) all debts, liabilities, and
obligations now or hereafter arising from or in connection with the Letters of
Credit issued under the UK Credit Agreement and (b) all debts, liabilities and
obligations now or hereafter arising from or in connection with UK Bank
Products, including all debts, liabilities and obligations now or hereafter
arising from or in connection with any Hedge Agreement entered into with the UK
Agent or any UK Lender. 

                    “UK
Obligors” means the UK Credit Parties, each other Credit Party party to any
UK Loan Document and any other Person who, from time to time, may be a
guarantor of the UK Obligations of any UK Credit Party or have granted a Lien
to secure the UK Obligations of any UK Credit Party.

                    “UK
Pending Revolving Loans” means, at any time, the aggregate principal amount
of all UK Revolving Loans requested in any Notice of Borrowing received by the
UK Agent which have not yet been advanced.

                    “UK
Preferential Claims” means (a) £600,000 for each UK Borrowing Base Party,
being the amount subject to unsecured creditor dilution pursuant to the United
Kingdom Enterprise Act 2002 and the United Kingdom Insolvency Act 1986 or such
other amount as may be specified as a matter of English law plus (b) an amount
determined by the UK Agent representing an estimate of potential prior ranking
capital gains or other taxes.

                    “UK
Properties” means all the freehold and leasehold properties and other Real
Estate real properties and interests in real properties owned by or vested in
the UK Borrower or any of its Subsidiaries including all buildings and other
structures from time to time erected thereon and all fixtures

A-43

and fittings
(trade or otherwise) and fixed plant or machinery from time to time thereon or
therein (and “UK Property” shall be construed accordingly).

                    “UK
Properties Report on Title” means a report on title to the UK Properties
listed in Schedule 6.11 by Messrs. BP. Collins in respect of UK
Properties in England and Wales, McClure Naismith in respect of UK Properties
in Scotland and McGrigors in respect of UK Properties in Northern Ireland in
form acceptable to the UK Security Trustee dated August 1, 2006.

                    “UK
Required Lenders” means at any date of determination UK Lenders holding, in
the aggregate, more than 50% of the sum of commitments under the UK Revolving
Facility.

                    “UK
Revolver Participant” means those UK Lenders having UK Revolver Participant
Commitments.

                    “UK
Revolver Participant Commitment” means the commitment of each UK Revolver
Participant to make its purchases of the risk participation from the UK
Fronting Lender in the principal amount set forth beside such UK Revolver
Participant’s name under the heading “UK Revolver Participant Commitment” on
Schedule 1 attached to the UK Credit Agreement or on the signature page of
the UK Transfer Agreement pursuant to which such UK Revolver Participant became
a UK Revolver Participant under the UK Credit Agreement in accordance with the
provisions of Section 11.2 of the UK Credit Agreement, as such UK
Revolver Participant Commitment may be adjusted from time to time in accordance
with Section 11.2, and “UK Revolver Participant Commitments” means,
collectively, the aggregate amount of the UK Revolver Participant Commitments
of all UK Revolver Participants.

                    “UK
Revolving Facility” has the meaning specified in Section 1.2(a)
of the UK Credit Agreement.

                    “UK
Revolving Loans” has the meaning specified in Section 1.2 of
the UK Credit Agreement and includes each Agent Advance and Non-Ratable Loan
made to the UK Borrower.

                    “UK
Security Documents” means the UK Guaranty, the UK 2006 Share Charge, the UK
2006 Debenture, the UK Intercreditor Deed and the UK Security Trust Deed.

                    “UK
Security Trust Deed” means the security trust deed, dated as of August 1,
2006, and entered into by the Administrative Agent, the UK Agent, the UK
Security Trustee, MSG, Mobile Services, Ravenstock, Mobile Storage (UK),
Ravenstock Tam Hire, the Luxembourg Subsidiary, UK-LP, among others, as
amended, restated, supplemented or otherwise modified from time to time. 

                    “UK
Security Trustee” means The CIT Group/Business Credit, Inc., solely in its
capacity as security trustee for the Lenders under the UK Security Documents,
and any successor security trustee.

                    “UK
Sterling LIBOR Rate” means, for any Interest Period, with respect to UK
Sterling LIBOR Revolving Loans, the rate of interest per annum appearing on
Telerate Page 3750 (or any successor page) as the London interbank offered rate
for deposits in Pounds Sterling at approximately 11:00 a.m. (London time) two
UK Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period. If for any reason such rate is not
available, the UK Sterling LIBOR Rate shall be, for any Interest Period, the
rate per annum appearing on Reuters Screen LIBOR Page as the London interbank
offered rate for deposits in Pounds Sterling at approximately 11:00 a.m.
(London time) two UK Business Days prior to the first day of such Interest
Period for a term comparable to such Interest Period; provided, however,
if more than one rate is specified on Reuters Screen LIBOR Page, the applicable
rate shall be the arithmetic mean of all such rates. If for any reason none of
the foregoing rates

A-44

is available,
the UK Sterling LIBOR Rate shall be, for any Interest Period, the rate per
annum determined by the UK Agent as the rate of interest at which Pounds
Sterling deposits in the approximate amount of the relevant UK Loan comprising
part of such Borrowing would be offered by JPMorgan Chase Bank’s London Branch
to major banks in the London interbank market at their request at or about
11:00 a.m. (London time) two UK Business Days prior to the first day of such
Interest Period for a term comparable to such Interest Period.

                    “UK
Sterling LIBOR Revolving Loan” means a UK Revolving Loan during any period
in which it bears interest based on the UK Sterling LIBOR Rate.

                    “UK
Transfer Agreement” has the meaning specified in Section 11.2(a)
of the UK Credit Agreement.

                    “UK
Unused Letter of Credit Subfacility” means an amount equal to the Letter of
Credit Subfacility minus the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit issued under the UK Credit Agreement plus,
without duplication, (b) the aggregate unpaid reimbursement obligations with
respect to all drawn Letters of Credit issued under the UK Credit Agreement to
the extent not included in the Loans outstanding under the UK Credit Agreement,
plus (c) the aggregate undrawn amount of all outstanding Letters of
Credit issued under the US Credit Agreement, plus, without duplication,
(d) the aggregate unpaid reimbursement obligations with respect to all drawn
Letters of Credit issued under the US Credit Agreement to the extent not
included in the Loans outstanding under the US Credit Agreement.

                    “UK
Unused Multicurrency Letter of Credit Sublimit” means an amount equal to
the Multicurrency Letter of Credit Sublimit minus the sum of (a) the
aggregate undrawn amount of all outstanding Letters of Credit issued under the
UK Credit Agreement and denominated in Dollars, Canadian Dollars or Euro plus,
without duplication, (b) the aggregate unpaid reimbursement obligations with
respect to all drawn Letters of Credit issued under the UK Credit Agreement and
denominated in Dollars, Canadian Dollars or Euro to the extent not included in
the Loans outstanding under the UK Credit Agreement, plus (c) the
aggregate undrawn amount of all outstanding Letters of Credit issued under the
US Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or
Euro, plus, without duplication, (d) the aggregate unpaid reimbursement
obligations with respect to all drawn Letters of Credit issued under the US
Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or Euro
to the extent not included in the Loans outstanding under the US Credit
Agreement.

                    “UK
Unused Line Fee” has the meaning specified in Section 2.5 of the
UK Credit Agreement.

                    “Unfunded
Pension Liability” means the excess of a Plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that Plan’s
assets, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to Section 412 of the Code for the applicable plan
year.

                    “Unpaid
Drawing” means any payment or disbursement made by the Letter of Credit
Issuer under any Letter of Credit (including the Dollar Equivalent thereof) so
paid until reimbursed.

                    “Unused
Line Fee” means the US Unused Line Fee and the UK Unused Line Fee.

                    “US
Advance Rate” means, (a) from the date hereof until such time as an
appraisal by the Appraiser of the Rental Fleet Assets of the US Borrower and
the US Subsidiary Guarantors is delivered to the Administrative Agent (such
appraisal to be reasonably satisfactory to the Administrative Agent),

A-45

100% and (b)
thereafter, upon the receipt from time to time by the Administrative Agent of
an appraisal pursuant to Section 7.4(d), a percentage equal to (a) the
lesser of (i) 90% of the Orderly Liquidation Value of Eligible Rental Fleet
Assets of the US Borrowers and the US Subsidiary Guarantors set forth in such
appraisal or (ii) 100% of the net book value, determined in accordance with
GAAP, of such Eligible Rental Fleet Assets of the US Borrower and the US
Subsidiary Guarantors divided by (b) the aggregate net book value of the
Eligible Rental Fleet Assets of the US Borrowers and the US Subsidiary
Guarantors. 

                    “US
Agents” means, collectively, the Administrative Agent, in its capacity as
Administrative Agent hereunder and any successor in such capacity and in its
capacity as security agent or collateral agent in respect of any US Security
Documents and any successor in such capacity.

                    “US
Agents’ Liens” means (a) the Liens in the US Collateral granted to the
Administrative Agent for the benefit of the US Lenders and US Agents pursuant
to the US Credit Agreement and the other US Loan Documents, and (b) the Liens
in any motor vehicles or any other US Collateral granted to any motor vehicle
agent or other agent acting on behalf of and for the benefit of the
Administrative Agent pursuant to the Second-Lien Security Agreement or
otherwise.

                    “US
Aggregate Outstandings” means, without duplication and at any date of
determination: the sum of (a) the unpaid balance of US Revolving Loans, (b) the
aggregate amount of US Pending Revolving Loans, (c) one hundred percent (100%)
of the aggregate undrawn face amount of all outstanding Letters of Credit
issued in respect of the US Borrowers, and (d) the aggregate amount of any
unpaid reimbursement obligations in respect of Letters of Credit issued in
respect of the US Borrowers not included in clause (a).

                    “US
Availability” means, at any time (a) the lesser of (i) the Maximum US
Amount or (ii) the US Borrowing Base, minus (b) Reserves, without double
counting, relating to the US Borrower and its Subsidiaries and assets, other
than Reserves deducted in the calculation of the US Borrowing Base, minus
(c) the US Aggregate Outstandings.

                    “US
Bank Products” means any one or more of the following types of services or
facilities extended to a US Borrower or other US Credit Party by a Bank Product
Provider at a US Borrower’s request: (i) credit cards; (ii) ACH Transactions;
(iii) Hedge Agreements; and (iv) cash management, including controlled disbursement
services.  

                    “US
Base Rate” means, for any day, a rate per annum equal to the greater of (a)
the Prime Rate in effect on such day and (b) the Federal Funds Rate in effect
on such day plus 1⁄2 of 1% or for purposes hereof: “Prime Rate” shall mean the
rate of interest in effect for such day for transaction in Dollars as publicly
announced from time to time by JPMorgan Chase Bank, N.A. The Prime Rate is a
rate set by JPMorgan Chase Bank, N.A. based upon various factors including JPMorgan
Chase Bank, N.A. costs and desired return, general economic conditions and
other factors, and is used as a reference point for pricing some loans, which
may be priced at, above, or below such announced rate. Any change in such rate
announced by JPMorgan Chase Bank, N.A. shall take effect at the opening of
business on the day specified in the public announcement of such change. 

                    “US
Base Rate Revolving Loan” means a Revolving Loan during any period in which
it bears interest based on the US Base Rate.

                    “US
Borrower” means each of Mobile Services and MSG.

A-46

                    “US
Borrower Representative” has the meaning specified in Section 1.2(c)(1) of
the US Credit Agreement.

                    “US
Borrowing” means a borrowing consisting of US Revolving Loans made on the
same day by the Applicable Lenders to a US Borrower or by the Administrative
Agent in the case of a US Borrowing funded by Non-Ratable Loans or by the Agent
in the case of a US Borrowing consisting of an Agent Advance, or the issuance
of Letters of Credit hereunder for the account of the US Borrower.

                    “US
Borrowing Base” means, at any time, an amount determined in Dollars equal
to (i) the sum of (A) eighty-five percent (85%) of the Net Amount of Eligible
Accounts of the US Borrowers and the US Subsidiary Guarantors; plus (B)
the US Advance Rate multiplied by the Book Value of Eligible Rental
Fleet Assets of the US Borrowers and the US Subsidiary Guarantors; plus
(C) the lesser of (i) ninety percent (90%) of the Book Value of Eligible
Machinery and Equipment of the US Borrowers and the US Subsidiary Guarantors or
(ii) eighty percent (80%) of the Orderly Liquidation Value of Eligible
Machinery and Equipment of the US Borrowers and the US Subsidiary Guarantors; plus
(D) the Value of Eligible Sales Inventory of the US Borrowers and the US
Subsidiary Guarantors; minus (ii) Reserves from time to time
established by the US Agent in its commercially reasonable discretion relating
to the US Borrowers and the US Subsidiary Guarantors or their assets. In
connection with and subsequent to any Permitted Acquisition, the Accounts and
Rental Fleet Assets acquired by any US Borrower or any US Subsidiary Guarantor,
or, subject to compliance with Section 7.32 of the US Credit
Agreement, of the Person so acquired, may be included in the calculation of the
US Borrowing Base for Loans incurred in connection with such Permitted
Acquisition and thereafter if all criteria set forth in the definitions of
Eligible Accounts and Eligible Inventory have been satisfied and, if the
aggregate purchase price is greater than or equal to $15,000,000, the
Responsible Agent shall have received from the Appraiser a “desktop appraisal”
of such Rental Fleet Assets acquired by the applicable Credit Parties or owned
by such Person acquired by the applicable Credit Parties which shall be
reasonably satisfactory in scope, form and substance to the Responsible Agent. 

                    “US
Business Day” means (a) any day that is not a Saturday, Sunday, or a day on
which banks in Los Angeles, California or New York, New York are required or
permitted to be closed, and (b) with respect to all notices, determinations,
fundings and payments in connection with the US LIBOR Revolving Loans, any day
that is a US Business Day pursuant to clause (a) above and that is also
a day on which trading in Dollars is carried on by and between banks in the
London interbank market.

                    “US
Collateral” means all of the US Obligors’ real, personal, movable and
immovable property and all other assets and undertakings of any Person from
time to time subject to the US Agents’ Liens securing payment or performance of
the US Obligations; provided that in no event shall more than 66% of the
total outstanding Capital Stock of any Foreign Subsidiary or MSG Investments be
pledged hereunder.

                    “US
Commitment” means, at any time with respect to a US Lender, the principal
amount set forth beside such US Lender’s name under the heading “US Commitment”
on Schedule 1 attached to the US Credit Agreement or on the
signature page of the Assignment and Acceptance pursuant to which such US
Lender became a US Lender under the US Credit Agreement in accordance with the
provisions of Section 1.7 or Section 11.2 of the US Credit
Agreement, as such US Commitment may be adjusted from time to time in
accordance with the provisions of Section 11.2, and “US
Commitments” means the aggregate amount of the US Commitments of all of the US
Lenders.

                    “US
Credit Agreement” is defined in the preamble to this Agreement.

A-47

                    “US
Credit Party” means each of the US Borrowers, the Parent Guarantor and each
Subsidiary Guarantor that is a US Subsidiary.

                    “US
Lender” means any Lender listed on Schedule 1 of the US Credit
Agreement under the heading “US Lender,” and any other Lender that may, from
time to time, hold US Revolving Loans and shall include the Responsible Agent
to the extent of any Agent Advance outstanding under the US Credit Agreement
and the Administrative Agent to the extent of any Non-Ratable Loan outstanding
under the US Credit Agreement; provided that no such Agent
Advance or Non-Ratable Loan shall be taken into account in determining any US
Lender’s Pro Rata Share.

                    “US
LIBOR Rate” means, for any Interest Period, with respect to US LIBOR
Revolving Loans, the rate of interest per annum determined pursuant to the
following formula:

	
 

	
 

	
 

	
LIBOR Rate = 

	
 

	
US Offshore Base Rate

	
 

	
 

	

	
 

	
 

	
1.00 - Eurodollar Reserve Percentage

                    Where,

                    “US
LIBOR Revolving Loan” means a Revolving Loan during any period in which it
bears interest based on the US LIBOR Rate.

                    “US
Loans” means, collectively, all loans and advances provided for in Article
1 of the US Credit Agreement, except for US Bank Products.

                    “US
Loan Documents” means the US Credit Agreement, US Parent Guaranty, the Fee
Letter, the US Subsidiary Guaranty, the US Security Documents and any other
agreements, instruments, and documents heretofore, now or hereafter evidencing,
securing, guaranteeing or otherwise relating to the US Obligations, the US
Collateral, or any other aspect of the transactions contemplated by the US
Credit Agreement.

                    “US
Mortgages” means any Mortgage hereafter executed and delivered to the
Administrative Agent by any US Obligor, as amended, restated, supplemented or
otherwise modified from time to time.

                    “US
Obligations” means, with respect to any US Obligor, all present and future
loans, advances, liabilities, obligations, covenants, duties, and debts owing
by such US Obligor to the US Agents and/or any US Lender, and/or any indemnitee
arising under or pursuant to the US Credit Agreement or any of the other US
Loan Documents, whether or not evidenced by any note, or other instrument or
document, whether arising from an extension of credit, opening of a letter of
credit, acceptance, loan, guaranty, indemnification or otherwise, whether
direct or indirect, absolute or contingent, due or to become due, primary or
secondary, as principal or guarantor, and including all principal, interest,
charges, expenses, fees, attorneys’ fees, filing fees and any other sums
chargeable to any US Obligor hereunder or under any of the other Loan Documents
whether arising before, during or after the initial or any renewal term of this
Agreement or after the commencement of any case with respect to such Borrower
or Guarantor under the United States Bankruptcy Code or any similar statute
(including the payment of interest and other amounts which would accrue and
become due but for the commencement of such case, whether or not such amounts
are allowed or allowable in whole or in part in such case). “US Obligations”
includes (a) all debts, liabilities, and obligations now or hereafter arising
from or in connection with the Letters of Credit issued under the US Credit
Agreement and (b) all debts, liabilities and obligations now or hereafter
arising from or in connection with US Bank Products, including all debts,
liabilities and obligations now or hereafter arising from or in connection with
any

A-48

Hedge
Agreement entered into with the Administrative Agent or any US Lender or any
Affiliates of any US Lender or other Bank Product Provider. 

                    “US
Obligors” means the US Credit Parties, each other Credit Party party to any
US Loan Document and any other Person who, from time to time, may be a
guarantor of the US Obligations of any US Credit Party or have granted a Lien
to secure the US Obligations of any US Credit Party. For the avoidance of
doubt, US Obligors does not include (i) any Foreign Subsidiary of any US
Obligor or (ii) MSG Investments.

                    “US
Offshore Base Rate” means the rate per annum appearing on Telerate Page
3750 (or any successor page) as the London interbank offered rate for deposits
in Dollars at approximately 11:00 a.m. (London time) two US Business Days prior
to the first day of such Interest Period for a term comparable to such Interest
Period. If for any reason such rate is not available, the US Offshore Base Rate
shall be, for any Interest Period, the rate per annum appearing on Reuters
Screen LIBOR Page as the London interbank offered rate for deposits in Dollars
at approximately 11:00 a.m. (London time) two US Business Days prior to the
first day of such Interest Period for a term comparable to such Interest
Period; provided, however, if more than one rate is specified on
Reuters Screen LIBOR Page, the applicable rate shall be the arithmetic mean of
all such rates. If for any reason none of the foregoing rates is available, the
US Offshore Base Rate shall be, for any Interest Period, the rate per annum
determined by the Administrative Agent as the rate of interest at which dollar
deposits in the approximate amount of the US LIBOR Revolving Loan, comprising
part of such Borrowing would be offered by JPMorgan Chase Bank N.A.’s London
Branch to major banks in the offshore dollar market at their request at or
about 11:00 a.m. (London time) two US Business Days prior to the first day of
such Interest Period for a term comparable to such Interest Period.

                    “US
Parent Guaranty” means the parent guaranty, dated as of August 1, 2006, and
entered into by the Administrative Agent and the Parent Guarantor, as amended,
restated, supplemented or otherwise modified from time to time.

                    “US
Pending Revolving Loans” means, at any time, the aggregate principal amount
of all US Revolving Loans requested in any Notice of Borrowing received by the
Administrative Agent which have not yet been advanced.

                    “US
Required Lenders” means at any date of determination US Lenders holding, in
the aggregate, more than 50% of the sum of commitments under the US Revolving
Facility.

                    “US
Revolving Facility” has the meaning specified in Section 1.2(a)
of the US Credit Agreement.

                    “US
Revolving Loans” has the meaning specified in Section 1.2 of
the US Credit Agreement and includes each Agent Advance and Non-Ratable Loan
made to the US Borrowers.

                    “US
Security Agreement” means the security agreement, dated as of August 1,
2006, and entered into by and among the Administrative Agent, MSG, Mobile
Services, ABMSC, the Parent Guarantor, Texas-LP and MSG Investments, as
amended, restated, supplemented or otherwise modified from time to time.

                    “US
Security Documents” means the Patent and Trademark Security Agreement, the
US Security Agreement, the US Stock Pledge Agreement, the Second-Lien Security
Agreement, the US Subsidiary Guaranty and the US Mortgages.

A-49

                    “US
Stock Pledge Agreement” means the stock pledge agreement, dated as of
August 1, 2006, and entered into by and among the Administrative Agent, MSG,
Mobile Services, ABMSC, the Parent Guarantor, Texas-LP and MSG Investments, as
amended, restated, supplemented or otherwise modified from time to time.

                    “US
Subsidiary” means any Subsidiary of Mobile Services organized under the
laws of the United States or any State thereof that is not a direct or indirect
Subsidiary of the UK Borrower.

                    “US
Subsidiary Guarantor” means the U.S. Subsidiaries of MSG (other than MSG
Investments).

                    “US
Subsidiary Guaranty” means the guaranty, dated as of August 1, 2006, and
entered into by and among the US Subsidiary Guarantors, as amended, restated,
supplemented or otherwise modified from time to time.

                    “US
Trailer Reserves” means all reserves which the Administrative Agent from
time to time establishes in its reasonable discretion for the trailers titled
in states where the Credit Party which owns the applicable trailers is not a
licensed dealer and where the lien of the Security Agent or the Motor Vehicle
Agent (as defined in the Motor Vehicle Trust Agreement) has not been reflected
on the applicable certificate of title.

                    “US
Unused Letter of Credit Subfacility” means an amount equal to the Letter of
Credit Subfacility minus the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit issued under the US Credit Agreement plus,
without duplication, (b) the aggregate unpaid reimbursement obligations with
respect to all drawn Letters of Credit to the extent not included in the Loans
outstanding under the US Credit Agreement, plus (c) the aggregate
undrawn amount of all outstanding Letters of Credit issued under the UK Credit
Agreement, plus, without duplication, (d) the aggregate unpaid
reimbursement obligations with respect to all drawn Letters of Credit issued
under the UK Credit Agreement to the extent not included in the Loans
outstanding under the UK Credit Agreement.

                    “US
Unused Multicurrency Letter of Credit Sublimit” means an amount equal to
the Multicurrency Letter of Credit Sublimit minus the sum of (a) the
aggregate undrawn amount of all outstanding Letters of Credit issued under the
US Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or
Euro plus, without duplication, (b) the aggregate unpaid reimbursement
obligations with respect to all drawn Letters of Credit issued under the US
Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or Euro
to the extent not included in the Loans outstanding under the US Credit
Agreement, plus (c) the aggregate undrawn amount of all outstanding
Letters of Credit issued under the UK Credit Agreement and denominated in
Dollars, Canadian Dollars or Euro, plus, without duplication, (d) the
aggregate unpaid reimbursement obligations with respect to all drawn Letters of
Credit issued under the UK Credit Agreement and denominated in Dollars,
Canadian Dollars or Euro to the extent not included in the Loans outstanding
under the UK Credit Agreement. 

                    “US
Unused Line Fee” has the meaning specified in Section 2.5 of
the US Credit Agreement. 

                    “USA
Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Pub. L. No. 107-56, 115 Stat. 272 (2001).

                    “Value
of Eligible Sales Inventory” shall mean (i) until the Eligible Sales
Inventory Appraisal Date, ninety percent (90%) of the net book value,
determined in accordance with GAAP, of

A-50

Eligible Sales
Inventory of the Applicable Borrowers and the US Subsidiary Guarantors (in
relation to the US Borrowing Base) and the UK Borrower and the UK Borrowing
Base Parties (in relation to the UK Borrowing Base) up to an amount equal to
(a) the Maximum Aggregate Eligible Sales Inventory Amount less (b) the
Value of Eligible Sales Inventory included in the Applicable Borrowing Base (as
set forth in the Borrowing Base Certificate) of the other Applicable Borrowers
and the US Subsidiary Guarantors (in relation to the US Borrowing Base) and the
UK Borrower and the UK Borrowing Base Parties (in relation to the UK Borrowing
Base), and (ii) after the Eligible Sales Inventory Appraisal Date, the lesser
of (a) ninety percent (90%) of the net book value, determined in accordance
with GAAP, of Eligible Sales Inventory of the Applicable Borrowers and the US
Subsidiary Guarantors (in relation to the US Borrowing Base) and the UK Borrower
and the UK Borrowing Base Parties (in relation to the UK Borrowing Base) or (b)
ninety percent (90%) of the Orderly Liquidation Value of Eligible Sales
Inventory of the Applicable Borrowers and the US Subsidiary Guarantors (in
relation to the US Borrowing Base) and the UK Borrower and the UK Borrowing
Base Parties (in relation to the UK Borrowing Base), up to an amount equal to
(a) the Maximum Aggregate Eligible Sales Inventory Amount less (b) the
Value of Eligible Sales Inventory included in the Applicable Borrowing Base (as
set forth in the Borrowing Base Certificate) of the other Applicable Borrowers
and the US Subsidiary Guarantors (in relation to the US Borrowing Base) and the
UK Borrower and the UK Borrowing Base Parties (in relation to the UK Borrowing
Base).

                    “VAT”
shall mean value added tax provided for in the Value Added Tax Act 1994 and any
other tax of a similar nature.

                    “Vehicle
Sales Certificate” has the meaning specified in Section 5.2(l)
of the US Credit Agreement.

                    “Voting
Stock” means with respect to any Person, Capital Stock of any class or kind
ordinarily having the power to vote for the election of directors, managers or
other voting members of the governing body of such Person.

                    “Welsh
Carson” means Welsh Carson, Anderson & Stowe X, L.P., a Delaware
limited partnership.

                    “Welsh
Carson Management Agreement” dated as of August 1, 2006, by and among
Mobile Services, the Parent Guarantor and WCAS Management Corporation.

                    “Wholly-owned”
means, with respect to any Person, any direct or indirect Subsidiary of such
Person of which all of the outstanding Capital Stock (other than director’s
qualifying shares or investments by foreign nationals mandated by applicable
laws) is owned directly or indirectly by such Person.

                    Accounting Terms.
Any accounting term used in the Agreement shall have, unless otherwise
specifically provided herein, the meaning customarily given in accordance with
GAAP, and all financial computations in the Agreement shall be computed, unless
otherwise specifically provided therein, in accordance with GAAP as
consistently applied and using the same method for inventory valuation as used
in the preparation of the Financial Statements.

                    Interpretive
Provisions. (a) The meanings of defined terms are equally applicable to the
singular and plural forms of the defined terms.

A-51

                    (b)
The words “hereof,” “herein,” “hereunder” and similar words refer to the
Agreement as a whole and not to any particular provision of the Agreement; and
Subsection, Section, Schedule and Exhibit references are to the Agreement
unless otherwise specified.

                    (c) (i)
The term “documents” includes any and all instruments, documents, agreements,
certificates, indentures, notices and other writings, however evidenced.

                              (ii)
The term “including” is not limiting and means “including without limitation.”

                              (iii)
In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including,” the words “to” and
“until” each mean “to but excluding” and the word “through” means “to and
including.”

                              (iv)
The word “or” is not exclusive.

                    (d)
Unless otherwise expressly provided herein, (i) references to agreements
(including the Agreement and the other Loan Documents) and other contractual
instruments shall be deemed to include all subsequent amendments and other
modifications thereto, but only to the extent such amendments and other
modifications are not prohibited by the terms of any Loan Document, and (ii)
references to any statute or regulation are to be construed as including all
statutory and regulatory provisions consolidating, amending, re-enacting,
replacing, supplementing or interpreting the statute or regulation.

                    (e)
The captions and headings of the Agreement and other Loan Documents are for
convenience of reference only and shall not affect the interpretation of the
Agreement.

                    (f)
The Agreement and other Loan Documents may use several different limitations,
tests or measurements to regulate the same or similar matters. All such
limitations, tests and measurements are cumulative and shall each be performed
in accordance with their terms.

                    (g)
For purposes of Section 9.1, a breach of a financial covenant
contained in Sections 7.23-7.26 shall be deemed to have occurred as
of any date of determination thereof by the Agent or as of the last day of any
specified measuring period, regardless of when the Financial Statements
reflecting such breach are delivered to the Agent.

                    (h)
The Agreement and the other Loan Documents are the result of negotiations among
and have been reviewed by counsel to the Agents, the Borrowers and the other
parties, and are the products of all parties. Accordingly, they shall not be
construed against the Lenders or the Agents merely because of any Agent’s or
Lenders’ involvement in their preparation.

A-52EXHIBIT
10.4

EXECUTION
COPY

UK CREDIT AGREEMENT

Dated as of August 1, 2006

Among

THE FINANCIAL INSTITUTIONS NAMED HEREIN

as the Lenders

and

THE CIT GROUP/BUSINESS CREDIT, INC.

as the Administrative Agent, UK Agent and UK
Fronting Lender

and

MOBILE STORAGE GROUP, INC. AND MOBILE
SERVICES GROUP, INC.

as US Borrowers

and

MSG WC HOLDINGS CORP.

as the Parent Guarantor

and

MSG WC INTERMEDIARY CO.

and

RAVENSTOCK MSG LIMITED

as the UK Borrower

and

CIT CAPITAL SECURITIES LLC and LEHMAN
BROTHERS INC.

as Joint Lead Arrangers

and

LEHMAN BROTHERS INC.

as Sole Bookrunner and Syndication Agent

and

WACHOVIA CAPITAL FINANCE CORPORATION
(WESTERN),
MERRILL LYNCH CAPITAL, A DIVISION OF MERRILL
LYNCH
BUSINESS FINANCIAL SERVICES INC. and
TEXTRON FINANCIAL CORPORATION

as Co-Documentation Agents

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
Section

	
 

	
 

	
Page

	

	
 

	
 

	

	
 

	
 

	
 

	
 

	
ARTICLE 1. LOANS AND LETTERS OF CREDIT

	
1

	
 

	
 

	
 

	
 

	
 

	
1.1

	
Total UK
  Facility

	
1

	
 

	
1.2

	
UK Revolving
  Loans

	
1

	
 

	
1.3

	
[Intentionally
  deleted]

	
4

	
 

	
1.4

	
Letters of
  Credit

	
4

	
 

	
1.5

	
UK Bank
  Products

	
8

	
 

	
1.6

	
[Intentionally
  Deleted]

	
8

	
 

	
1.7

	
UK Fronting
  Lender’s Put Rights

	
8

	
 

	
 

	
 

	
 

	
ARTICLE 2.
  INTEREST AND FEES

	
9

	
 

	
 

	
 

	
2.1

	
Interest

	
9

	
 

	
2.2

	
Continuation
  and Conversion Elections

	
10

	
 

	
2.3

	
Maximum
  Interest Rate

	
11

	
 

	
2.4

	
Agent Fees

	
11

	
 

	
2.5

	
Unused Line
  Fee

	
11

	
 

	
2.6

	
Letter of
  Credit Fee

	
12

	
 

	
 

	
 

	
 

	
ARTICLE 3.
  PAYMENTS AND PREPAYMENTS

	
12

	
 

	
 

	
 

	
3.1

	
Revolving
  Loans

	
12

	
 

	
3.2

	
Termination
  of Facility

	
12

	
 

	
3.3

	
[Intentionally
  deleted]

	
12

	
 

	
3.4

	
UK Sterling
  LIBOR Revolving Loan Prepayments

	
13

	
 

	
3.5

	
Payments by
  the UK Borrower

	
13

	
 

	
3.6

	
Payments as
  US Revolving Loans

	
13

	
 

	
3.7

	
Apportionment,
  Application and Reversal of Payments

	
13

	
 

	
3.8

	
Indemnity
  for Returned Payments

	
14

	
 

	
3.9

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

	
14

	
 

	
3.10

	
[Intentionally
  deleted]

	
15

	
 

	
 

	
 

	
 

	
ARTICLE 4.
  TAXES, YIELD PROTECTION AND ILLEGALITY

	
15

	
 

	
 

	
 

	
4.1

	
Taxes

	
15

	
 

	
4.2

	
Illegality

	
17

	
 

	
4.3

	
Increased
  Costs and Reduction of Return

	
18

	
 

	
4.4

	
Funding
  Losses

	
19

	
 

	
4.5

	
Inability to
  Determine Rates

	
19

	
 

	
4.6

	
Certificates
  of Lenders

	
20

	
 

	
4.7

	
Survival

	
20

	
 

	
 

	
 

	
 

	
ARTICLE 5.
  BOOKS AND RECORDS; FINANCIAL INFORMATION; NOTICES

	
20

	
 

	
 

	
 

	
5.1

	
Books and
  Records

	
20

	
 

	
5.2

	
Financial
  Information

	
21

	
 

	
5.3

	
Notices to
  the Lenders

	
23

	
 

	
 

	
 

	
 

	
ARTICLE 6.
  GENERAL WARRANTIES AND REPRESENTATIONS

	
26

	
 

	
 

	
 

	
6.1

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

	
26

	
 

	
6.2

	
Validity and
  Priority of Security Interest

	
26

i

	
 

	
 

	
 

	
 

	
 

	
6.3

	
Organization
  and Qualification

	
27

	
 

	
6.4

	
[Intentionally
  Omitted]

	
27

	
 

	
6.5

	
Subsidiaries

	
27

	
 

	
6.6

	
Financial
  Statements and Projections

	
27

	
 

	
6.7

	
[Intentionally
  deleted]

	
27

	
 

	
6.8

	
Solvency

	
27

	
 

	
6.9

	
[Intentionally
  deleted]

	
27

	
 

	
6.10

	
[Intentionally
  deleted]

	
27

	
 

	
6.11

	
Personal
  Property; Real Estate; Leases

	
27

	
 

	
6.12

	
Proprietary
  Rights

	
29

	
 

	
6.13

	
[Intentionally
  deleted]

	
29

	
 

	
6.14

	
Litigation

	
29

	
 

	
6.15

	
Labor
  Disputes

	
29

	
 

	
6.16

	
Environmental
  Laws

	
29

	
 

	
6.17

	
No Violation
  of Law

	
31

	
 

	
6.18

	
No Default

	
31

	
 

	
6.19

	
ERISA
  Compliance

	
31

	
 

	
6.20

	
Taxes

	
32

	
 

	
6.21

	
Regulated
  Entities

	
32

	
 

	
6.22

	
Use of
  Proceeds; Margin Regulations

	
32

	
 

	
6.23

	
[Intentionally
  Deleted]

	
32

	
 

	
6.24

	
No Material
  Adverse Change

	
32

	
 

	
6.25

	
Full
  Disclosure

	
32

	
 

	
6.26

	
[Intentionally
  deleted]

	
32

	
 

	
6.27

	
Bank
  Accounts

	
32

	
 

	
6.28

	
Governmental
  Authorization

	
33

	
 

	
6.29

	
[Intentionally
  deleted]

	
33

	
 

	
6.30

	
Non-Guarantor
  Subsidiaries

	
33

	
 

	
6.31

	
Luxembourg
  Subsidiaries

	
33

	
 

	
6.32

	
[Intentionally
  deleted]

	
33

	
 

	
6.33

	
[Intentionally deleted]

	
 

	
 

	
6.34

	
Anti-Terrorism
  Laws

	
33

	
 

	
 

	
 

	
 

	
ARTICLE 7.
  AFFIRMATIVE AND NEGATIVE COVENANTS

	
33

	
 

	
 

	
 

	
7.1

	
Taxes and
  Other Obligations

	
33

	
 

	
7.2

	
Legal
  Existence and Good Standing

	
34

	
 

	
7.3

	
Compliance
  with Law and Agreements; Maintenance of Licenses

	
34

	
 

	
7.4

	
Maintenance
  of Property; Inspection of Property

	
34

	
 

	
7.5

	
Insurance

	
35

	
 

	
7.6

	
Insurance
  and Condemnation Proceeds

	
36

	
 

	
7.7

	
Environmental
  Laws

	
37

	
 

	
7.8

	
Compliance
  with ERISA and Other Laws

	
38

	
 

	
7.9

	
Mergers,
  Amalgamations, Consolidations or Sales

	
38

	
 

	
7.10

	
Distributions;
  Capital Change; Restricted Investments

	
40

	
 

	
7.11

	
Transactions
  Affecting Collateral or Obligations

	
41

	
 

	
7.12

	
Guaranties

	
41

	
 

	
7.13

	
Debt

	
42

	
 

	
7.14

	
Prepayments;
  Payments on Senior Unsecured Notes; Payments on Intercompany Debt

	
44

	
 

	
7.15

	
Transactions
  with Affiliates

	
45

	
 

	
7.16

	
Investment
  Banking and Finder’s Fees

	
46

	
 

	
7.17

	
Business
  Conducted

	
46

ii

	
 

	
 

	
 

	
 

	
 

	
7.18

	
Liens

	
47

	
 

	
7.19

	
Sale and
  Leaseback Transactions

	
47

	
 

	
7.20

	
New Subsidiaries

	
47

	
 

	
7.21

	
Fiscal Year

	
47

	
 

	
7.22

	
Depreciation
  Method

	
47

	
 

	
7.23

	
Cash
  Interest Coverage Ratio

	
48

	
 

	
7.24

	
Maximum
  Consolidated Total Debt to Pro Forma EBITDA Ratio

	
48

	
 

	
7.25

	
Minimum
  Fleet Utilization Rate

	
48

	
 

	
7.26

	
Capital
  Expenditures

	
49

	
 

	
7.27

	
Federal
  Reserve Regulations

	
50

	
 

	
7.28

	
Further
  Assurances

	
50

	
 

	
7.29

	
Bank
  Accounts

	
50

	
 

	
7.30

	
Changes
  Relating to the Senior Unsecured Notes or Mezzanine Debt

	
50

	
 

	
7.31

	
Access
  Agreements

	
51

	
 

	
7.32

	
Additional
  Credit Parties; Additional Collateral

	
51

	
 

	
7.33

	
Mortgages

	
52

	
 

	
7.34

	
Preferred
  Stock

	
53

	
 

	
7.35

	
[Intentionally
  deleted]

	
53

	
 

	
7.36

	
Center of
  Main Interest

	
53

	
 

	
 

	
 

	
 

	
ARTICLE 8.
  CONDITIONS OF LENDING

	
53

	
 

	
 

	
 

	
8.1

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

	
53

	
 

	
8.2

	
Conditions
  Precedent to Each Loan

	
58

	
 

	
 

	
 

	
 

	
ARTICLE 9.
  DEFAULT; REMEDIES

	
58

	
 

	
 

	
 

	
9.1

	
Events of
  Default

	
58

	
 

	
9.2

	
Remedies

	
61

	
 

	
 

	
 

	
 

	
ARTICLE 10.
  TERM AND TERMINATION

	
63

	
 

	
 

	
 

	
10.1

	
Term and
  Termination

	
63

	
 

	
 

	
 

	
 

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

	
64

	
 

	
 

	
 

	
11.1

	
Amendments
  and Waivers

	
64

	
 

	
11.2

	
Transfers;
  Participations

	
65

	
 

	
 

	
 

	
 

	
ARTICLE 12.
  THE AGENTS

	
68

	
 

	
 

	
 

	
12.1

	
Appointment
  and Authorization

	
68

	
 

	
12.2

	
Delegation
  of Duties

	
68

	
 

	
12.3

	
Liability of
  Agent

	
69

	
 

	
12.4

	
Reliance by
  Each Agent

	
69

	
 

	
12.5

	
Notice of
  Default

	
69

	
 

	
12.6

	
Credit
  Decision

	
69

	
 

	
12.7

	
Indemnification

	
70

	
 

	
12.8

	
Agent in
  Individual Capacity

	
70

	
 

	
12.9

	
Successor
  Agent

	
70

	
 

	
12.10

	
Collateral
  Matters and Release of Guaranties

	
71

	
 

	
12.11

	
Restrictions
  on Actions by Lenders; Sharing of Payments

	
72

	
 

	
12.12

	
Agency for
  Perfection

	
73

iii

	
 

	
 

	
 

	
 

	
 

	
12.13

	
Payments by
  Responsible Agent to Applicable Lenders

	
73

	
 

	
12.14

	
Settlement

	
73

	
 

	
12.15

	
Letters of
  Credit; Intra-Lender Issues

	
76

	
 

	
12.16

	
Concerning
  the Collateral and the Related Loan Documents

	
78

	
 

	
12.17

	
Field Audit
  and Examination Reports; Disclaimer by Lenders

	
78

	
 

	
12.18

	
Relation
  Among Lenders

	
79

	
 

	
12.19

	
Bank as UK
  Security Trustee

	
79

	
 

	
12.20

	
Protection
  of UK Security Trustee

	
79

	
 

	
12.21

	
Co-Agents

	
80

	
 

	
12.22

	
Withholding
  Tax

	
80

	 
	12.23
	PTR Scheme
	80

	
 

	
 

	
 

	
 

	
ARTICLE 13.
  MISCELLANEOUS

	
81

	
 

	
 

	
 

	
13.1

	
No Waivers;
  Cumulative Remedies

	
81

	
 

	
13.2

	
Severability

	
81

	
 

	
13.3

	
Notices

	
81

	
 

	
13.4

	
Survival of
  Representations and Warranties

	
82

	
 

	
13.5

	
Other
  Security and Guaranties

	
83

	
 

	
13.6

	
Fees and
  Expenses

	
83

	
 

	
13.7

	
Notices

	
84

	
 

	
13.8

	
Waiver of
  Notices

	
85

	
 

	
13.9

	
Waiver of
  Counterclaims

	
85

	
 

	
13.10

	
Binding
  Effect

	
85

	
 

	
13.11

	
Indemnity of
  the Agents and the Lenders by the Borrowers

	
85

	
 

	
13.12

	
Rights of
  Third Parties

	
86

	
 

	
13.13

	
Law and
  Jurisdiction

	
86

	
 

	
13.14

	
Limitation of
  Liability

	
87

	
 

	
13.15

	
Final
  Agreement

	
87

	
 

	
13.16

	
Counterparts

	
87

	
 

	
13.17

	
Captions

	
87

	
 

	
13.18

	
Right of
  Setoff

	
87

	
 

	
13.19

	
Confidentiality

	
88

	
 

	
13.20

	
Conflicts
  with Other Loan Documents

	
88

	
 

	
13.21

	
Currency
  Indemnity

	
89

	
 

	
13.22

	
Reinstatement

	
89

	
 

	
13.23

	
Register

	
89

	
 

	
 

	
 

	
ANNEXES, EXHIBITS AND SCHEDULES

	
 

	
ANNEX A

	
-

	
DEFINED
  TERMS

	
EXHIBIT A

	
-

	
FORM OF
  CLOSING CERTIFICATE

	
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

	
EXHIBIT G

	
-

	
FORM OF
  INSTRUMENT OF JOINDER

	
EXHIBIT H

	
-

	
FORM OF UK
  INTERCREDITOR DEED

	
SCHEDULE 1 

	
-

	
LENDERS’
  COMMITMENTS (ANNEX A – DEFINED TERMS)

iv

	
 

	
 

	
 

	
SCHEDULE 6.2

	
 

	
PRIORITY

	
SCHEDULE 6.5
  

	
-

	
SUBSIDIARIES
  AND AFFILIATES

	
SCHEDULE
  6.11 

	
-

	
REAL ESTATE;
  LEASES; ORAL LEASES

	
SCHEDULE
  6.12 

	
-

	
PROPRIETARY
  RIGHTS

	
SCHEDULE
  6.19 

	
-

	
ERISA
  COMPLIANCE

	
SCHEDULE
  6.27 

	
-

	
BANK
  ACCOUNTS

	
SCHEDULE
  6.28 

	
-

	
GOVERNMENTAL
  AUTHORITY

	
SCHEDULE
  6.33 

	
-

	
SALES OF
  VEHICLES

	
SCHEDULE 7.4
  

	
-

	
PROPERTY

	
SCHEDULE
  7.13 

	
-

	
DEBT

	
SCHEDULE
  7.15 

	
-

	
TRANSACTIONS
  WITH AFFILIATES

	
SCHEDULE 8.1
  

	
-

	
MORTGAGED
  PROPERTIES

v

CREDIT AGREEMENT

                    This
UK CREDIT AGREEMENT, dated as of August 1, 2006, (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”), THE CIT GROUP/BUSINESS CREDIT,
INC. with an office at 505 Fifth Avenue, New York, New York 10017, as
administrative agent for the UK Lenders (in such capacity, together with its
permitted successors and assigns in such capacity, the “Administrative Agent”),
MOBILE STORAGE GROUP, INC., a Delaware corporation, (“MSG”) and MOBILE
SERVICES GROUP, INC., a Delaware corporation (“Mobile Services” and
together with MSG, the “US Borrowers”), MSG WC INTERMEDIARY CO., a
Delaware Corporation (“Intermediary”), MSG WC HOLDINGS CORP., a Delaware
corporation (the “Parent Guarantor”), THE CIT GROUP/BUSINESS CREDIT,
INC., with an office at [____], as fronting lender for the UK Revolving
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 permitted successor and
assigns in such capacity, the “UK Security Agent”) (the Administrative
Agent, UK Agent and the UK Security Agent are sometimes collectively referred
to herein as the “UK Agents”), 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” or the “UK Borrower”). 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.

W I T N E S S E T H:

The Parties
hereto 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 make available a total credit facility
of up to £85,000,000 (the “Total UK Facility”) to the UK Borrower from time to
time during the term of this Agreement pursuant to the terms and conditions
hereof. The Total UK Facility shall be composed of a revolving line of credit
consisting of UK Revolving Loans and Letters of Credit described herein.

          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 UK Fronting Lender
(as fronting lender for each of the UK Revolver Participants) severally, but
not jointly, agrees, upon the UK Borrower’s request from time to time on any UK
Business Day during the period from the Closing Date to the Termination Date,
to make (i) revolving loans in Pounds Sterling (the “UK Revolving Loans”) to
the UK Borrower 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 subfacility described in Section 1.4
to issue Letters of Credit or provide Credit Support for the account of the UK
Borrower, the “UK Revolving Facility”) and (ii) to the extent a UK Lender
agrees, subject to the terms and conditions set forth in the applicable
Incremental 

Assumption
Agreement and Section 1.7, Incremental Loans to the UK Borrower, in an
aggregate principal amount not to exceed its Incremental Commitment, as the
case may be. 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 Borrower 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 in all
relevant definitions 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 in all relevant definitions 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’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”) or via the
Administrative Agent’s online system, which must be received by the UK Agent
prior to (i) 2:00 p.m. (London time) three UK Business Days prior to the
requested Funding Date, in the case of UK Sterling LIBOR Revolving Loans and
(ii) 1:00 p.m. (London time) one UK Business Day prior to the requested Funding
Date, in the case of UK Base Rate Revolving Loans, specifying, in each case:

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

                              (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 Sterling 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 Sterling 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 Borrower shall have no right to request a UK Sterling LIBOR Revolving
Loan while a Default or Event of Default has occurred and is continuing.

2

                    (c)
Reliance upon Authority.

                              (1)
[Intentionally deleted].

                              (2)
[Intentionally deleted].

                              (3)
On or prior to the Closing Date, the UK Borrower shall deliver to the UK Agent,
a notice setting forth the account of the UK Borrower (each, a “Designated
Account”) to which the Applicable Agent is authorized to transfer the proceeds
of the UK Revolving Loans requested hereunder. The 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 the UK Borrower’s request for UK Revolving
Loans on behalf of the UK Borrower, so long as the proceeds thereof are to be
transferred to such 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 the 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 to request UK Revolving Loans
on behalf of the UK Borrower. The crediting of UK Revolving Loans to a UK
Borrower’s Designated Account shall conclusively establish 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 Borrower 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 Section 1.2(h) apply to such requested UK Borrowing. If
the Administrative Agent declines in its sole discretion to 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 1:00 p.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 Borrower on the applicable Funding Date by transferring
same day funds to the UK Borrower’s Designated Account (or Designated
Accounts) set forth in the Notice of Borrowing or via the Administrative
Agent’s online system; 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 to have the terms of this Section 1.2(h)
apply to a requested UK Borrowing, the Administrative Agent 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 

3

day funds to
the Designated Account (or Designated Accounts) set forth in the Notice of
Borrowing or, in the case of UK Revolving Loans made on the Closing Date, to
such accounts as designated by the UK Borrower in writing. Each UK Revolving
Loan made solely by Administrative Agent 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
Administrative Agent solely for its own account. The aggregate amount of
Non-Ratable Loans outstanding at any time to the UK Borrower shall not exceed
£10,000,000. The UK Agent shall not 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 US 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 Obligations of the UK Borrower 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 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
Borrower 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 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 Obligations of the UK Borrower 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 (“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 the
UK Borrower (any such credit support or enhancement being herein referred to as
a “Credit Support”) when instructed by such UK Borrower from time to time
during the term of this Agreement.

4

                    (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) to the extent the requested Letter of
Credit is to be denominated in Dollars, Euro or Canadian Dollars, the maximum
face amount of such Letter of Credit is greater than the UK Unused
Multicurrency Letter of Credit Sublimit; (iii) the maximum undrawn amount of
the requested Letter of Credit and all commissions, fees, and charges due from
the UK Borrower in connection with the opening thereof would exceed either UK
Availability or Total Excess Availability at such time; (iv) 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; (v) a Default or Event of Default has occurred and is continuing; or
(vi) such Letter of Credit for the account of the UK Borrower is denominated in
any currency other than an Approved Currency. 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 UK Required Lenders shall have provided to the UK 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 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 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 Governmental Authority or arbitrator
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 must notify the UK Agent and the
Letter of Credit Issuer 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 currency in which such Letter of Credit is to be denominated, 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 shall attach to such notice the
proposed form of the Letter of Credit.

5

                              (2)
Responsibilities of the Administrative Agent; Issuance. As of the
UK Business Day immediately preceding the requested issuance date of the
Letter of Credit, the UK Agent shall determine (i) the amount of the UK Unused
Letter of Credit Subfacility, (ii) if such Letter of Credit is to be
denominated in Dollars, Euro or Canadian Dollars, the UK Unused Multicurrency
Letter of Credit Sublimit and (iii) 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, (ii) if the requested Letter
of Credit is to be denominated in Dollars, Euro or Canadian Dollars, the face
amount of such Letter of Credit is less than the UK Unused Multicurrency Letter
of Credit Sublimit and (iii) 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 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 Borrower agrees to
reimburse immediately when due the Letter of Credit Issuer for any draw under
any Letter of Credit in the currency in which such Letter of Credit is
denominated 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 then due and 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 Borrower 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 Borrower 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 Borrower’s Loan Account for the amount
of such drawing in accordance with Section 3.6; provided, that
if such Letter of Credit is denominated in Dollars, Canadian Dollars or Euro
the procedures in this sentences and the immediately preceding sentence shall
be subject to Section 12.15(e).

                    (f)
Indemnification; Exoneration.

                              (1)
Indemnification. In addition to amounts payable as elsewhere provided in
this Section 1.4, the UK Borrower agrees 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 Borrower’s obligations under this
Section shall survive payment of all other Obligations.

                              (2)
Assumption of Risk by the Applicable Borrowers. As among the UK Borrower,
the UK Lenders, and the UK Agents, the UK Borrower assumes 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 

6

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 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), or the
existence, validity or extent of any action, claim or rights that UK Borrower
may have against any Person other than the UK Lenders and the UK Agents.

                              (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 any UK
Agent or any UK Lender to the UK Borrower, or relieve the 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 Borrower’s 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 and
the Letter of Credit Issuer or any other Person that is not a UK Lender or UK
Agent.

                              (5)
Account Party. The 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)
Cash Collateral. If, notwithstanding the provisions of Section 1.4(b)
and Section 10.1, any Letter of Credit or Credit Support is
outstanding after the Termination Date, then upon such Termination Date the
UK Borrower 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, cash
collateral 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. The UK Agent
shall be entitled to 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 UK Lenders under such Letter of Credit or
Credit Support and any fees and expenses associated with such Letter of Credit
or Credit Support. Such 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 

7

Credit Issuer,
the UK Agent shall pay to the UK Borrower any cash remaining after payment in
full of all amounts due (including fees and expenses) to the UK Agent.

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

          1.6
[Intentionally Deleted].

          1.7
UK Fronting Lender’s Put Rights

                    (a) 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, the UK Borrower or any other Person for any reason
whatsoever; (b) the occurrence of any Default or Event of Default; (c) any
inability of the 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 Sterling LIBOR Rate plus the Applicable Margin
for UK Sterling 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 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.

8

ARTICLE 2.

INTEREST AND FEES 

          2.1
Interest.

                    (a)
Interest Rates. All outstanding UK Loans shall bear interest on the
unpaid principal amount thereof (plus, 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 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 Loans shall bear interest as follows: 

                    For
all UK Revolving Loans:

	
 

	
 

	
 

	
          (A)
  for all UK Base Rate 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 Sterling LIBOR Revolving Loans at a per annum rate equal to the
  sum of the UK LIBOR Rate plus the Applicable Margin specified for UK
  Sterling 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. Each change in
the UK LIBOR Rate for each outstanding UK Sterling LIBOR Revolving Loan shall be adjusted automatically as of
the effective date of any change in the Eurodollar Reserve Percentage.
All interest charges on UK Base Rate Revolving Loans shall be computed on the
basis of a 365 or 366 day year for actual days elapsed. All interest charges on
UK Sterling LIBOR Revolving Loans shall be computed on the basis of a year of
360 days for actual days elapsed. The UK Borrower 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 at the end of each fiscal quarter
hereafter and on the Termination Date, and the UK Borrower 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
Sterling LIBOR Revolving Loans in arrears on each LIBOR Interest Payment Date
and, if the Interest Period applicable to UK Sterling LIBOR Revolving Loans is
greater than three months, no less frequently than every three months.

                    (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 Borrower pays 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 ratable benefit
of the UK Lenders (directly).

                    (c)
Default Rate. If all or a portion of (i) the principal amount of any UK
Revolving Loan or (ii) any interest payable thereon or any other UK Obligation
shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall bear interest at a rate per 

9

annum that is
(x) in the case of overdue principal, the rate that would otherwise be
applicable thereto plus 2% or (y) in the case of any overdue interest or
any such other UK Obligation, the rate applicable to Base Rate Revolving Loans plus
2% from and including the date of such non-payment to but excluding the date on
which such amount is paid in full (after as well as before judgment).

          2.2
Continuation and Conversion Elections.

                    (a)
Subject to Section 1.2(b)(3), 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 Sterling LIBOR Revolving Loans; or

	
 

	
 

	
 

	
          (ii)
  elect, as of the last day of the applicable Interest Period, to continue any
  UK Sterling 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 Sterling 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 Sterling 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 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 2:00 p.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 Sterling LIBOR Revolving Loans and
specifying:

	
 

	
 

	
 

	
          (i)
  the proposed Continuation/Conversion Date;

	
 

	
 

	
 

	
          (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 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 Sterling LIBOR
Revolving Loans, the UK Borrower has failed to select timely a new Interest
Period to be applicable to such UK Sterling LIBOR Revolving Loans or if any
Default or Event of Default then exists, the UK Borrower shall be deemed to
have elected to convert such UK Sterling 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 

10

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 Sterling
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 Borrower 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 accrued if the Maximum Rate
had, at all times during the term of this Agreement, 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, during the term of this
Agreement, 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 then
outstanding UK Obligations of the UK Borrower other than interest, in the
inverse order of maturity, and if there are no such UK Obligations of the UK
Borrower outstanding, the UK Agent and/or such UK Lender shall refund to the UK
Borrower such excess.

          2.4
Agent Fees. The UK Borrower agrees to pay the UK Agent and the UK
Security Trustee fees in the amount and at the times set forth in the amended
and restated fee letter dated June 23, 2006, among the Administrative Agent,
Lehman Commercial Paper Inc., Lehman Brothers Inc., CIT Capital Securities LLC,
Goldman Sachs & Co., Goldman Sachs Credit Partners L.P., Wachovia Bank,
National Association, Wachovia Investment Holdings, LLC, the Parent Guarantor
and Acquisition Sub (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 Borrower agrees 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 “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
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.

11

          2.6
Letter of Credit Fee. The UK Borrower agrees 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 Sterling 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. The Letter of Credit Fee with respect to any Letter of
Credit denominated in Dollars, Canadian Dollars or Euro shall be converted into
Pounds Sterling by the UK Borrower prior to the payment thereof on the basis of
the Spot Rate for the purchase of Pounds Sterling with such other currency on
the date of payment thereof.

          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.

ARTICLE 3.

PAYMENTS AND PREPAYMENTS

          3.1
Revolving Loans. The UK Borrower shall repay the outstanding
principal balance of the UK Revolving Loans made to such UK Borrower, plus
all accrued but unpaid interest thereon, on the Termination Date. The UK
Borrower may prepay the UK Revolving Loans made to such UK Borrower at any
time, and reborrow subject to the terms of this Agreement; provided, however,
the UK Borrower may not terminate the Total UK Facility unless the US Borrower
also terminates the Total US Facility. In addition, and without limiting the
generality of the foregoing, (a) the UK Borrower 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, (b) the UK Borrower shall pay to the UK Agent, for
the account of the UK Lenders, the amount, by which the UK Aggregate
Outstandings exceeds the Maximum UK 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 Borrower 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 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 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 then due of such Borrower under this 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].

12

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

          3.5 Payments
by the UK Borrower.

                    (a)
All payments to be made by the UK Borrower shall be made without set-off,
recoupment or counterclaim. Except as otherwise expressly provided herein, all
payments by the UK Borrower 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 and in immediately available funds, no later than
1:00 p.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 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 US 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
Borrower hereunder. The UK Borrower hereby irrevocably authorizes the UK Agent
to charge the Loan Account of the UK Borrower 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 Borrower; provided, that if
such Letter of Credit is denominated in Dollars, Canadian Dollars or Euro the
procedures in this sentences and the immediately preceding sentence shall be
subject to Section 12.15(e).

          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, except as provided in Section 2.1(b), and 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 UK Lenders. All payments
shall be remitted to the UK Agent and all such payments by the 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 Administrative Fee (as
defined in Section 13.6 (b))) indemnities or expense reimbursements then due to
the UK Agent from the UK Borrower; second, to pay any fees or expense
reimbursements then due to the UK Lenders from the UK Borrower; third,
to pay interest due in respect of all UK Revolving Loans, including Non-Ratable
Loans and Agent Advances, made to the UK Borrower whether or not allowed or
allowable in an insolvency proceeding; fourth, to pay or prepay
principal of the UK Revolving Loans, including Non-Ratable Loans, and Agent
Advances, made to the UK Borrower and due 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 Borrower to be held as cash collateral for such 

13

Obligations; sixth
to the payment of any other Obligation to any UK Agent, Bank or the UK
Revolving Lenders, including, Obligations in respect of UK Bank Products.
Notwithstanding anything to the contrary contained in this Agreement, unless so
directed by the UK Borrower 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 Sterling
LIBOR Revolving Loan, except (a) on the expiration date of the Interest Period
applicable to any such UK Sterling LIBOR Revolving Loan, or (b) in the case of
UK Sterling LIBOR Revolving Loan only, in the event, and only to the extent,
that there are no outstanding UK Base Rate Revolving Loans made to the UK
Borrower and, in any event, in each case the UK Borrower shall pay LIBOR
breakage losses, if any, 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 Borrower.

          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, the Letter of Credit Issuer or Bank Product Provider, 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,
and does in effect surrender such payment or proceeds, 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, the Letter of Credit Issuer or
Bank Product Provider and the UK Borrower shall be liable to pay to the UK
Agents, the UK Lenders, the Letter of Credit Issuer or Bank Product Provider,
and hereby do jointly and severally indemnify the UK Agents, the UK Lenders,
the Letter of Credit Issuer or Bank Product Provider and hold the UK Agents,
the UK Lenders, the Letter of Credit Issuer or Bank Product Provider 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, the Letter of Credit Issuer or
Bank Product Provider 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’, the Letter of Credit Issuer’s or Bank Product Provider’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 Agents’ 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 Borrower and the aggregate amount of unpaid
reimbursement obligations outstanding with respect to the Letters of Credit for
the account of the UK Borrower 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 Borrower with respect to the UK Revolving Loans or the Letters
of Credit. The UK Borrower agrees 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
Borrower a monthly statement of UK Revolving Loans, payments, and other
transactions with respect to such UK Borrower pursuant to this Agreement. Such
statement shall be deemed correct, accurate, and binding on such UK Borrower
and an account 

14

stated (except
for reversals and reapplications of payments made as provided in Section 3.7
hereof and corrections of errors discovered by the UK Agent), unless the UK
Borrower 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, only the items to which exception is expressly
made will be considered to be disputed by the UK Borrower.

          3.10
[Intentionally deleted].

ARTICLE 4.

TAXES, YIELD PROTECTION AND ILLEGALITY 

          4.1
Taxes.

                    (a)
Except as otherwise required by law, 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
pursuant to any other Loan Document. The UK Obligor shall promptly upon
becoming aware that it must make a deduction or withholding for any Taxes or
Other Taxes (or that there is a change in the rate or the basis of a deduction
or withholding for any Taxes or Other Taxes) notify the UK Agent accordingly.

                    (b)
If a UK Obligor fails to deduct or withhold Taxes or Other Taxes from a sum
payable hereunder to any UK Lender or any UK Agent and the UK Obligor would
have been required to pay additional amounts in respect of that withholding or
deduction under Section 4.1(c), then the 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 such 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 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, of such evidence shall in no way be a condition of the UK
Obligors’ obligations to indemnify the UK Agent 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)
Subject to Section 4.1(f), 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:

	
 

	
 

	
 

	
          (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 UK 

15

	
 

	
 

	
 

	
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; and

	
 

	
 

	
 

	
          (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.

                    (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 reasonably 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 Borrower, 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.

                    (f)
A UK Obligor is not required to pay additional amounts to a UK Lender under
Section 4.1(c) above in respect of any deduction or withholding in respect of
Taxes imposed by the United Kingdom in respect of a payment of interest under
the Loans if, on the date on which the said payment of interest falls due the
payment could have been made to the relevant UK Lender without any deduction or
withholding in respect of such Taxes if it was a Qualifying Lender, but on that
date the UK Lender is not or has ceased to be a Qualifying Lender other than as
a result of any change after the date on which it became a UK Lender in (or in
the interpretation, administration or application of) any law or Treaty, or any
published practice or concession of any relevant taxing authority. Each UK
Lender represents to the UK Agent and the UK Borrower that on the date on which
it became a UK Lender it was a Qualifying Lender.

                    (g)
[Intentionally deleted]. 

                    (h)
All consideration expressed to be
payable pursuant to this Agreement or any other Loan Document by any party to
the agreement shall be deemed to be exclusive of any VAT. Subject to paragraph
(b) below, if VAT is chargeable on any supply made by any Lender Party to any
Credit Party in connection with a Loan Document, that Credit Party shall pay to
the Lender Party (in addition to and at the same time as paying the
consideration) an amount equal to the amount of the VAT.

                    (i)
If VAT is chargeable on any supply made by any Lender Party (the “Supplier”) to
any other Lender Party (the “Recipient”) in connection with a Loan Document,
and any Credit Party is required by the terms of any Loan Document to pay an
amount equal to the consideration for such supply to the Supplier, such Credit
Party shall also pay to the Supplier (in addition to and at the same time as
paying such amount) an amount equal to the amount of such VAT. 

                    (j)
Where a Loan Document requires any Credit Party to reimburse a Lender Party for
any costs or expenses, that Credit Party shall also at the same time pay and
indemnify the Lender Party against all VAT incurred by the Lender Party in
respect of the costs or expenses to the extent that 

16

the Lender Party reasonably determines that
it is not entitled to credit or repayment from the relevant tax authority in
respect of the VAT.

                    (k)
For the purposes of this Section 4.1, “Qualifying Lender” means a Lender Party
which is beneficially entitled to interest payable to that Lender Party in
respect of an advance under a Loan Document and is: 

                    (i)
a Lender Party which is either (aa) a bank (as defined for the purpose of
section 349 of the Taxes Act) making an advance under a Loan Document, or (bb)
a Lender Party in respect of an advance made under a Loan Document by a person
that was a bank (as defined for the said purpose) at the time that the advance
was made, and which in either case is within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that
advance; or 

                    (ii)
 a Lender Party which is (aa) a company
resident in the United Kingdom for United Kingdom tax purposes, (bb) a
partnership each member of which is either a company resident in the United
Kingdom for United Kingdom tax purposes or a company not so resident which
carries on a trade in the United Kingdom through a permanent establishment and
which brings into account in computing its chargeable profits (for the purposes
of Section 11(2) of the Taxes Act) the whole of any share of interest payable
in respect of that advance that falls to it by reason of sections 114 and 115
of the Taxes Act, or (cc) a company not resident in the United Kingdom which
carries on a trade in the United Kingdom through a permanent establishment and
which brings into account interest payable in respect of that advance in
computing the chargeable profits (for the purposes of Section 11(2) of the
Taxes Act) of that Company; or

                    (iii)
a Treaty Lender; or

                    (iv)
a building society (as defined for the purpose of section 477A of the Taxes
Act).

                    (l)
For the purposes of this Section 4.1, “Taxes Act” means the United Kingdom
Income and Corporation Taxes Act 1988.

                    (m)
For the purposes of this Section 4.1 and Section 12.23 below, “Treaty Lender”
means a Lender Party which (i) is treated as a resident of a Treaty State for
the purposes of the relevant Treaty and is entitled to the benefit of the
Treaty in respect of interest paid under a Loan Document; and (ii) does not
carry on a business in the United Kingdom through a permanent establishment
with which that Lender Party’s participation in the Loans is effectively
connected. 

                    (n)
For the purposes of the definition of Treaty Lender, “Treaty State” means a
jurisdiction having a double taxation agreement (a “Treaty”) with the United
Kingdom which makes provision for full exemption from tax imposed by the United
Kingdom on interest, and includes, for the avoidance of doubt, the United
States of America.

          4.2
Illegality.

                    (a)
If any UK Lender reasonably 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 UK Lender or
its applicable lending office to make or participate in UK Sterling LIBOR
Revolving Loans, then, on notice thereof by that UK Lender to the UK Borrower
through the UK Agent, any obligation of that UK Lender to make or participate
in UK Sterling LIBOR 

17

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 reasonably 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 maintain or participate in any UK
Sterling LIBOR Revolving Loans, the UK Borrower shall, upon its receipt of
notice thereof by that UK Lender to the UK Borrower through the UK Agent and
demand from such UK Lender (with a copy to the UK Agent), prepay in full such
UK Sterling 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 and participate in such UK Sterling LIBOR Revolving
Loans to such day, or immediately, if that UK Lender may not lawfully continue
to maintain or participate in such UK Sterling LIBOR Revolving Loans. If the UK
Borrower is required to so prepay any UK Sterling LIBOR Revolving Loans, then
concurrently with such prepayment, the UK Borrower 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 US Lender’s UK LIBOR Loans be suspended under the provisions of Section 4.2,
then without limiting its obligations to reimburse any UK Lender for
compensation claimed pursuant to this Section 4.2, the UK Borrower
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 (or in the interpretation, administration or application of) any law
or regulation or (ii) the compliance by that UK Lender with any law or
regulation or 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 Sterling LIBOR Revolving Loans, without duplication,
then the UK Borrower shall 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. This Section 4.3(a) shall not apply to any Taxes
(which are subject to Section 4.1) or any income or franchise taxes as
are imposed on or measured by each Agents’ or Lenders’ net income as a result
of a connection between such Agent or Lender and the jurisdiction of the
governmental authority imposing such tax or any political subdivision or taxing
authority thereof or therein (other than any such connection arising solely
from such Agent or Lender having executed, delivered or performed its
obligations or received a payment under, or enforced by, the US Credit
Agreement or UK Credit Agreement).

                    (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

18

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 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 in respect of
which such UK Lender has a UK Commitment through the UK Agent, the UK Borrower
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 Borrower, 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. The 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 Sterling 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 Sterling 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 Sterling
LIBOR Revolving Loans or from fees payable to terminate the deposits from which
such funds were obtained. The 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 Sterling LIBOR Revolving Loan does not
adequately and fairly reflect the cost to the applicable UK Lenders of funding
such UK Sterling LIBOR Revolving Loan, the UK Agent will promptly so notify
such UK Borrower and each such UK Lender. Thereafter, the obligation of the UK
Lenders to make or maintain UK Sterling LIBOR Revolving Loans hereunder shall
be suspended until the UK Agent revokes such notice in writing. Upon receipt of
such notice, in the case of UK Revolving Loans, (I) the UK Borrower may revoke
any Notice of Borrowing or Notice of Continuation/Conversion in respect of UK
Revolving Loans then submitted by it without cost or expense to the UK Borrower
and (II) if the UK Borrower 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, in the amount specified in the
applicable notice submitted by the UK Borrower, but such UK Revolving Loans
shall be made, converted or continued as UK Base Rate Revolving Loans instead
of UK Sterling LIBOR Revolving Loans.

 

19

          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 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 evidence, documentation and
other information reasonably required by the UK Borrower to evaluate such
claim, and such certificate shall be conclusive and binding on the UK Borrower
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 Borrower 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 UK Revolving
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 Revolving 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 the UK Borrower 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 Borrower.

          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 or UK GAAP, as applicable, 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 

20

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 Mobile Services 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 Mobile Services and its consolidated Subsidiaries, (iii)
unaudited balance sheets and income statements for Mobile Services 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 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 in the United States 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 to participate or
accompany the UK Agent and/or the Administrative Agent, the UK Borrower hereby
authorizes the Administrative Agent and the UK Agent to communicate directly
with the UK Borrower’s 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 Mobile
Services and its consolidated Subsidiaries as at the end of such Fiscal
Quarter, and consolidated unaudited income statements and cash flow statements
for Mobile Services 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 Mobile Services and its consolidated
Subsidiaries as at the date thereof and for such periods, and, in each case, in
comparable form, figures for 

21

the
corresponding period in the prior Fiscal Year, (ii) consolidating unaudited
balance sheets and income statements for Mobile Services and its consolidated
Subsidiaries, (iii) unaudited balance sheets and income statements for Mobile
Services 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 UK 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). Mobile Services
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
Mobile Services 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 UK 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). Mobile Services shall certify by a certificate
signed by its chief financial officer that all such statements have been
prepared in accordance with GAAP or UK GAAP, if applicable (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 Mobile Services
and its consolidated Subsidiaries, (ii) annual forecasted income
statements for Mobile Services and its consolidated US Subsidiaries and (iii) annual
forecasted income statements for Ravenstock and its consolidated Subsidiaries,
in each case, 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.

22

                    (f)
[Intentionally Omitted]. 

                    (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 any Credit Party or any such Subsidiary (other than routine non-material
correspondence) or of any Debt of any Credit Party or any of its Subsidiaries,
including, Debt registered under the Securities Act, or to or from the trustee
(other than routine, non-material correspondence) 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 Borrower 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)
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 and the UK Agent in writing of the following matters at
the following times:

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

                    (b)
Promptly after becoming aware of the assertion in writing 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 

23

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 (in writing) action, suit, or proceeding by any Person,
or any pending or threatened investigation (in writing) by a Governmental
Authority, which in each case or in the aggregate 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 in each case or in the aggregate 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 which assertion could be reasonably
expected to have a Material Adverse Effect or is investigating the Credit
Party’s or such Subsidiary’s compliance therewith where such investigation
could reasonably be expected to have a Material Adverse Effect; 

                    (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 $3,000,000; 

                    (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 material property of any Credit Party or any of its Subsidiaries
that is part of the Collateral; 

                    (j)
Any change in a Credit Party’s name as it appears in the jurisdiction of its
organization, organizational identification number, form of organization,
locations of the chief executive office, or branches of any Credit Party or
other Real Estate locations owned or leased by any Credit Party, its
Subsidiaries or their Agencies at which, in each case, any Collateral is
located, 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 

24

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 five (5) 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 material 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 five (5) 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 five (5) US Business Days after the occurrence thereof: (i) any changes
in the benefits of any existing Plan which increase the Credit Parties’ annual
costs with respect thereto by an amount in excess of the Dollar Equivalent of
$500,000, or the establishment of any new Plan or Foreign Pension Plan or the
commencement of contributions to any 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 five (5) 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)
The UK Borrower shall, promptly upon becoming aware of the same, provide the UK
Agent with details in writing of any creditor of the UK Borrower whose terms of
business include retention of title provisions; and 

                    (q)
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. 

25

ARTICLE 6.

GENERAL WARRANTIES AND REPRESENTATIONS 

                    The
Parent Guarantor and the 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 (it being understood that the funding of the Loans on the
Closing Date will be deemed written acceptance by the UK Agents and the UK
Lenders of the disclosure made by the Parent Guarantor and the UK Borrower in
the Schedules hereto as of the Closing Date): 

          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
(other than any Lien on any Collateral in favor of the Applicable Security
Agent) 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) and (b) 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. Upon the filing of such
documents with the applicable Governmental Authorities within the time periods
prescribed by applicable law, 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 (other than
such Collateral consisting of cash, letter-of-credit rights not constituting
supporting obligations, Proprietary Rights to the extent perfection cannot be
achieved by the filing of a financing statement on form UCC-1 and or security
agreements in the U.S. Patent and Trademark Office and the United States Copyright
Office), having priority over all other Liens on the Collateral, except for
those Liens identified in Schedule 6.2 or in clauses (a) (c),
(d), (e), (f), (j), (o) and (p) 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. 

26

          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, 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
[Intentionally Omitted]. 

          6.5
Subsidiaries. Schedule 6.5 is a correct and complete list of the
name and relationship to the Parent Guarantor of each and all the Parent
Guarantor’s Subsidiaries as of the Closing Date. 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 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, 2005, 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 March 31, 2006. 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
March 31, 2006, to the absence of footnotes and 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 it being understood and agreed that the
Latest Projections are by their nature inherently uncertain and actual results
may be materially different that those set forth in such Latest Projections. 

          6.7
[Intentionally deleted].

          6.8
Solvency. Each Borrower is Solvent prior to and immediately 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
[Intentionally deleted]. 

          6.10
[Intentionally deleted]. 

          6.11
Personal Property; Real Estate; Leases.

27

                    (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 $100,000), 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 (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) 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 (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) 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 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) other than
as set forth in Schedule 6.11 and the UK Properties Report on Title. To
the best of each Borrower’s knowledge, no material default by any party to any
such lease or sublease exists. Each Credit Party, except as set forth in
Schedule 6.11, has good and marketable title in fee simple to, or valid
freeholds in the Real Estate identified in Schedule 6.11as 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, free of all
Liens except Permitted Liens.  

                    (b)
Except as disclosed on Schedule 6.11 and the UK Properties Report on
Title, 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)
Except as disclosed in 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)
Except as disclosed in the UK Properties Report on Title, a 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. 

28

                    (g)
Except as disclosed in the UK Properties Report on Title, the deeds, documents
and information supplied to BP. Collins in relation to UK Properties in England
and Wales and McClure Naismith 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 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 is true and
accurate in all material respects and not misleading as at the date thereof.
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 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 as of the Closing Date of all of each Credit Party’s issuances,
registrations and applications for registration or patent of 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,
(i) none of the Proprietary Rights infringes on or conflicts with any other
Person’s property, and (ii) no other Person’s property infringes on or
conflicts with the Proprietary Rights, which, in either case, could reasonably
be expected to have a Material Adverse Effect. Each Credit Party owns or otherwise
has the right to use all material Proprietary Rights. Each Credit Party has all
Proprietary Rights necessary to the current and presently anticipated future
conduct of each Credit Party’s business. 

          6.13
[Intentionally deleted]. 

          6.14
Litigation. 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. 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. Other than exceptions to any of the following that,
individually or in the aggregate, would not reasonably be expected to result in
a Material Adverse Effect: 

                   (a)
Each Credit Party and its Subsidiaries have complied with all Environmental
Laws and no Credit Party and none of its Subsidiaries, none of their respective
presently owned real property or currently 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 

29

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 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 

	
 

	
 

	
 

	
 

	
 

	
          (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 any Real Estate. 

30

          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 or opinion 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. 

31

                    (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. (a) Each Credit Party and its respective Subsidiaries have filed all
tax returns required by law to be filed, and have paid all 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 could not reasonably be expected to result
in a Material Adverse Effect. Except as could not reasonably be expected to
have 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. 

                    (b)
Each Credit Party is resident for tax purposes only in the jurisdiction of its
incorporation. 

          6.21
Regulated Entities. No Credit Party, no Person controlling any Credit
Party, or any Subsidiary of any Credit Party, is an “Investment Company” (i)
within the meaning of the Investment Company Act of 1940 and (ii) required to
be registered as such thereunder. No Credit Party is subject to regulation
under 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 made on
the Closing Date shall not exceed $165,000,000 in the aggregate and shall be
used solely, first, by MSG or the UK Borrower, to finance the Refinancing and second,
by the US Borrowers (to the extent of any excess proceeds), to consummate the
Acquisition and pay related fees and expenses. The proceeds of the Loans made
after the Closing Date will be used for working capital and other general
corporate purposes of MSG and its Subsidiaries. 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
[Intentionally Deleted]

          6.24
No Material Adverse Change. Since the date of the last financial
statements delivered pursuant to Section 5.2 at least 12 months prior to the
date which the representation and warranty made pursuant to this Section 6.24
is made or deemed made, no Material Adverse Effect has occurred. 

          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
[Intentionally deleted].

          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. 

32

          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 except for (a) the filing of financing statements on form
UCC-1 and filings with the United States Patent and Trademark Office and the
United States Copyright Office (with respect to Proprietary Rights), (b)
recordation of the Mortgages, (c) such other actions specifically described in
Schedule 6.28, (d) any immaterial actions, consents, approvals, registrations
or filings or (e) such as have been made or obtained and are in full force and
effect. 

          6.29
[Intentionally deleted]. 

          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 $250,000 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
[Intentionally deleted].

          6.33
[Intentionally deleted]..

          6.34
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

                    Each
US Borrower covenants as to itself and each of their respective Subsidiaries
(except as otherwise provided below) to the UK Agents and the UK Lenders that
so long as any of the Obligations (other than indemnity and other contingent
Obligations not then due and payable) remain outstanding or this Agreement is
in effect: 

          7.1
Taxes and Other Obligations. Each UK Borrower shall, and shall cause
each of its Subsidiaries to, (a) file when due all tax returns which it is
required to file; and (b) pay, or provide for the payment, when due, of all
taxes, fees, Other Taxes, value added taxes, assessments and other material
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 and the Lenders, upon request, reasonably
satisfactory evidence of its timely compliance with the foregoing; and (c) pay
when due all 

33

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 in
each case except as would not cause a Default or Event of Default pursuant to
Article IX and perform and discharge in a timely manner all other material
obligations undertaken by it; provided, however, so long as the
UK Borrower has notified the UK Agent in writing, no UK Borrower 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 UK Borrower or its Subsidiaries, 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 US Borrower 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 US
Borrower shall comply, and shall cause each of its Subsidiaries to comply with
all Anti-Terrorism Laws and with all material Requirements of Law of any
Governmental Authority having jurisdiction over it or its business (including
the Federal Fair Labor Standards Act). The UK Borrower shall, and shall cause
each of its Subsidiaries to, obtain and maintain all material licenses
(including 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 US Borrower 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 US Borrower shall, and shall cause each of its Subsidiaries to, maintain
all of its property reasonably necessary in the conduct of its business in good
operating condition and repair, ordinary wear and tear excepted. 

                    (b)
Each US Borrower 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 Borrower or its Subsidiaries is the owner and all
obligations imposed on the tenant of those of the UK Properties of which the UK
Borrower or its Subsidiaries is the tenant. 

                    (c)
Each US Borrower shall, and shall cause each of its Subsidiaries to, permit
representatives and independent contractors of the Administrative Agent or UK
Agent, as applicable (i) (at the expense of the Borrowers not to exceed one (1)
time per year unless (x) an Event of Default has occurred and is continuing or
(y) Total Excess Availability is less than $30,000,000) 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 US Borrowers’ or any of their respective
Subsidiaries’ 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  

34

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 not to exceed one (1) time
annually unless (x) an Event of Default has occurred and is continuing or (y)
Total Excess Availability is less than $30,000,000) shall, and shall cause each
of its Subsidiaries to, 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 Borrower) supply to the US Borrower
Representative and the UK Borrower, provide to Administrative Agent and the UK
Agent a recently dated appraisal of such Borrower’s and its Subsidiaries’
Rental Fleet Assets, Sales Inventory and Machinery and Equipment, which
appraisal shall be from the Appraiser and shall be reasonably 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.
Notwithstanding the foregoing, each Borrower shall, and shall cause each of its
Subsidiaries to, provide to the Responsible Agent an appraisal of the
applicable Credit Party’s Rental Fleet Assets that such Credit Party intends to
acquire, which appraisal shall be from the Appraiser and shall be reasonably
satisfactory in scope, form and substance to the Responsible Agent, any time a
Credit Party makes an acquisition in an individual amount exceeding
$15,000,000. 

                    (e)
The UK Borrower shall, and shall cause each of its Subsidiaries to, comply with
the covenants set out in Sections 7.4(a) – (d) in respect of the relevant UK
Property. 

          7.5
Insurance.

                    (a)
Each US Borrower 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 reasonable
judgment, 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 Borrower or any of their respective Subsidiaries 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
US Borrower shall, and shall cause each of its Subsidiaries to, 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. 

                    (b)
The Borrowers shall cause the Applicable Security Agent, the Responsible Agent
on behalf of the Applicable Lenders, to be named as secured party or mortgagee
and sole loss payee or additional insured, in a manner reasonably acceptable to
the Administrative Agent and the UK Agent 

35

(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 reasonably 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 US Borrower or any of their respective
Subsidiaries 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 Subsidiary 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. If any US Borrower or any
of their respective Subsidiaries 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 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 US Collateral
  (other than Fixed Assets) and business interruption insurance, after
  deducting from such proceeds the reasonable expenses, if any, incurred by the
  US Agents in the collection or handling thereof, the US Agents shall apply
  such proceeds, ratably, to the reduction of the outstanding US Obligations,
  but not the US Commitments, in the order provided for in Section 3.7. 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
          (iii)
  With respect to casualty insurance and condemnation proceeds relating to
  Collateral (including Fixed Assets), the Applicable Security Agent shall
  permit or require the applicable Credit Party 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 Credit Party first (i) provides 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 

36

	
 

	
 

	
 

	
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;
provided that the consent of the Required Lenders in clauses (2)(i) and
(2)(ii) above shall not be required in the event casualty insurance or condemnation
proceeds relating to Collateral are less than $3,000,000 in the aggregate.  

          7.7
Environmental Laws.

                    (a)
Each US Borrower 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 US Borrower 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 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 could
reasonably be expected to have a Material Adverse Effect (each a “Material
Compliance Issue”). For purposes of Section 7.7(a), non-compliance by the UK
Borrower with any applicable Environmental Law or Environmental Permit shall be
deemed not to constitute a breach of this covenant; provided that, upon
learning of any actual or suspected non-compliance, the Borrowers shall
promptly undertake reasonable efforts to achieve compliance, provided further
that, in any case, such non-compliance, and any other non-compliance with
Environmental Law, individually or in the aggregate, could not reasonably be
expected to give rise to a Material Adverse Effect or materially and adversely
affect the value of any Mortgaged Property. 

                    (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, if any. The Administrative
Agent, the UK Agent or any Lender may request copies of technical reports
prepared by any US Borrower or any of their respective Subsidiaries and such
Person’s communications with any Governmental Authority to determine whether
such Person is proceeding reasonably to correct, cure or contest in good faith
any such Material Compliance Issue. The Borrowers shall, and shall cause each
of its Subsidiaries to, 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 reasonably 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 in
form and scope reasonably satisfactory to the Administrative Agent or the UK Agent,
as applicable, and (ii) provide to the Administrative Agent or the UK Agent, as
applicable, 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 US Borrower and
its Subsidiaries 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 US Borrower or any of its Subsidiaries 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 US Borrower or any of its Subsidiaries 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 US Borrower or
its Subsidiaries will use its reasonable efforts to obtain such rights for
itself and each Agent and its representatives within sixty (60) days of a
written request by the Agents for  

37

such access,
observation and removal rights for such Real Estate; provided, further,
if (A) the applicable US Borrower or its Subsidiaries are 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 US Borrower
or its Subsidiaries 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 US Borrower or any of its Subsidiaries 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 US Borrower or any of its
Subsidiaries or 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 US Borrower or any of its Subsidiaries or any other party
against, or to inform any US Borrower or any of its Subsidiaries or any other
party of, any hazardous substances or any other adverse condition affecting the
Real Estate. Each Agent shall disclose to the US Borrowers or any of its
Subsidiaries 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 US Borrower understands and agrees that no Agent
makes any warranty or representation to the US Borrower or any other party
regarding the truth, accuracy or completeness of any such report or findings
that may be disclosed. Each US Borrower and its Subsidiaries also understands
that depending on the results of any site visit, observation or testing by any
Agent and disclosed to a US Borrower or any of its Subsidiaries, such US
Borrower or such Subsidiary 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 US Borrower or such Subsidiary
without advice or assistance from such Agent. In each instance, each Agent will
give the relevant Borrower or Subsidiary 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
US Borrowers’ or any of its Subsidiaries’ use of the Real Estate or any other
property in exercising any rights provided hereunder. 

          7.8
Compliance with ERISA and Other Laws. Each US Borrower 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 US Borrower 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, except for: 

38

                    (a)
the foregoing shall not apply to any of the Non-Guarantor Subsidiaries;
provided that in the case of any merger or amalgamation with a non-Credit Party
third-party, the Non-Guarantor Subsidiary shall be the surviving entity; 

                    (b)
sales, exchanges, leases or any other dispositions of Inventory, including
Rental Fleet Assets, in the ordinary course of its business; 

                    (c)
sales, exchanges, leases or any 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(l) hereof;  

                    (d)
sales, exchanges, leases or any other dispositions of Real Estate, Machinery
and Equipment and Inventory, including 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 $3,000,000 in any Fiscal Year (taking into account, with respect
to Fiscal Year 2006, all such sales, exchanges or other dispositions occurring
in Fiscal Year 2006 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 Permitted Liens and (iii) any sale, exchange, lease or any
other disposition of assets at any branch location (other than in the ordinary
course of business) with aggregate net book value in excess of the Dollar
Equivalent of $1,000,000 in any Fiscal Year (taking into account, with respect
to Fiscal Year 2006, all such sales, exchanges or other dispositions occurring
in Fiscal Year 2006 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 or
contemporaneously becomes 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 a US Borrower with a positive net worth may be merged
or amalgamated with or into the UK Borrower or any Wholly-owned Foreign
Subsidiary which is or contemporaneously becomes a Credit Party, or be
liquidated, wound up, hived up or dissolved into the UK Borrower or any
Wholly-owned Foreign Subsidiary which is a Credit Party, or transfer all or any
part of its assets to the UK Borrower or any Wholly-owned Foreign Subsidiary
which is a Credit Party; provided, that in any merger with the UK
Borrower, the 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 Mobile Storage Group (Texas), L.P. for so long as it shall
remain a US Subsidiary Guarantor, 

39

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 the UK Borrower or any
Wholly-owned UK Subsidiary which is 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) the US Borrowers
may transfer funds to Ravenstock and Ravenstock may transfer funds to the US
Borrowers pursuant to Section 7.15(e); and 

                    (h)
sales, licenses or other dispositions (including non-renewal of licenses,
filings, applications or permits) of Proprietary Rights in the ordinary course
of its business); 

                    (i)
any transfers, sales, assignment, leases or other dispositions permitted by
Sections 7.10, 7.11, 7.14, 7.15, 7.19, 7.20, 7.26 or 7.34 and payment of
obligations incurred pursuant to Sections 7.12 or 7.13; 

                    (i)
the disposition of obsolete or worn out property in the ordinary course of business;
and 

                    (k)
the Acquisition. 

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

                    (a)
directly or indirectly declare or make, or incur any liability to make
(provided, however, that nothing herein shall prevent the US Borrowers or any
of their Subsidiaries from entering into any agreement subject to appropriate
conditions precedent providing for repayment in full of all Obligations other
than indemnities and contingent Obligations not accrued and payable), any
Distributions, except, without duplication: 

                              (i)
Distributions to holders of Capital Stock consisting of dividends payable in
Capital Stock, and, only if such Capital Stock is Preferred Stock, such
distribution of 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 by Ravenstock to the US Borrowers (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 of the Parent Guarantor made
to departed employees, officers or directors of any Credit Party not to exceed
$2,000,000 in the aggregate per Fiscal Year, with any unused amount in any
Fiscal Year carried over to the next Fiscal Year up to an aggregate principal
amount not to exceed $6,000,000 in any Fiscal Year and Distributions by Mobile
Services to Intermediary, and by Intermediary 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 

40

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 $30,000,000; 

                              (iv)
on and after the second anniversary of the Closing Date, Distributions by
Mobile Services to Intermediary, and by Intermediary to the Parent Guarantor to
finance the payment by the Parent Guarantor of cash interest in respect of the
Mezzanine Debt pursuant to the Mezzanine Notes so long as (i) no Default or
Event of Default shall have occurred and be continuing at the time of or after
giving effect to the making of any such Distribution, (ii) Total Excess
Availability (on a pro forma basis giving effect to the making of such
Distribution as if such Distribution was made on such day) on the day such
Distribution is made and for each of the immediately preceding 30 days was
greater than or equal to the Dollar Equivalent of $30,000,000, (iii) Total
Excess Availability (on a pro forma basis giving effect to the making of such
Distribution) for each of the 30 days immediately following the day such
Distribution is made is projected to be greater than or equal to the Dollar
Equivalent of $30,000,000, (iv) the Consolidated Total Debt to Pro Forma EBITDA
Ratio as of the most recent Fiscal Quarter end and adjusted on a pro forma
basis to give effect to the making of any such Distribution shall not exceed
4.75, (v) any such Distribution would be permitted by the Senior Unsecured Note
Indenture, (vi) a Responsible Officer delivers a certificate to the
Administrative Agent certifying compliance with the above requirements prior to
making any such Distribution and (vii) the aggregate amount of such payments in
any fiscal year does not exceed an amount equal to 10% of the accreted value of
the Mezzanine Debt; 

                              (v)
Distributions to the Parent Guarantor sufficient so that the Parent Guarantor
can pay any Taxes that are due and payable by the Parent Guarantor or by the US
Borrowers and their Subsidiaries as part of a consolidated, combined, unitary
or similar group; 

                              (vi)
the issuance of Capital Stock of any US Borrower or any Subsidiary Guarantor
consisting of common stock pursuant to a directors and officers or employee
stock option or grant or similar equity plan or 401(k) plans of Borrower for
the benefit of its employees, officers, directors and consultants; 

                              (vii)
Distributions to the Parent Guarantor (i) for overhead costs and expenses not
to exceed $2,000,000 per fiscal year and (ii) for costs and expenses associated
with the issuance of Debt and equity permitted by this Agreement; provided,
that in each case (A) no Default or Event of Default shall have occurred and be
continuing and (B) with respect to clause (ii), there is Total Excess
Availability of at least $40,000,000; and 

                              (viii)
Distributions in an aggregate amount not to exceed $12,500,000; provided,
that (i) no Default or Event of Default shall have occurred and is continuing
and (ii) after giving effect to any such distribution, Total Excess
Availability is greater than or equal to the Dollar Equivalent of $40,000,000; 

                    (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 US Borrower 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 US Borrower nor any of its Subsidiaries shall make,
issue, or become liable on any Guaranty, except 

41

                    (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 the US Borrowers 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 the US Credit Parties 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 £2,000,000 at
any time outstanding; 

                    (c)
Guaranties existing on the Closing Date and listed on Schedule 7.13; 

                    (d)
Guaranties of the Senior Unsecured Notes to the extent required by the Senior
Unsecured Note Indenture as in effect on the Closing Date by US Subsidiaries; 

                    (e)
Guaranties of Debt permitted by Sections 7.13(c), 7.13(d), 7.13(e),
7.13(j)(i), and 7.13(k) if such Guaranties are permitted by such
Section; and 

                    (f)
Guaranties of Debt in respect of liabilities incurred by a Credit Party in
Canada, in the aggregate not in excess of the Dollar Equivalent of $10,000,000
from time to time. 

          7.13
Debt. No US Borrower 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 7.13; 

                    (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 $17,500,000 at any time;  

                    (d)
Debt evidencing a refinancing, replacement, refunding, renewal or extension from
time to time thereof (including with Public Debt) the Debt described on Schedule
7.13; 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 refinanced, replaced, refunded, renewed or extended, (C) no
Subsidiary of any US Borrower 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 refinancing, replacement, 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)
Debt issued pursuant to the Senior Unsecured Notes including any refinancing,
replacement, refunding, renewal or extension thereof from time to time; provided,
however, that (A) the principal amount thereof is not increased, (B)
such Debt is unsecured, (C) no Subsidiary 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 refinancing, replacement, refunding, renewal or
extension are no less favorable in any 

42

material
respect to the applicable Credit Party, any Agent or the Lenders than the
original Debt, and (E) the final maturity thereof will not be earlier than the
maturity date applicable to the original Debt; 

                    (f)
Debt issued pursuant to the Mezzanine Notes including any refinancing,
replacement, refunding, renewal or extension thereof from time to time;
provided, however, that (A) the principal amount thereof is not
increased, (B) such Debt is unsecured, (C) no Subsidiary 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 refinancing, replacement, refunding,
renewal or extension are no less favorable in any material respect to the
applicable Credit Party, any Agent or the Lenders than the original Debt, and
(E) the final maturity thereof will not be earlier than the maturity date
applicable to the original Debt; 

                    (g)
Subject to the following sentence, Intercompany Debt; provided, in each
case, that such Debt will be documented and secured in favor of the Applicable
Security Agent, in a manner reasonably satisfactory to the Applicable Agent and
shall be subordinated to the Obligations of the Credit Parties on terms and
conditions satisfactory to the 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 H. Notwithstanding
the foregoing, (i) neither the UK Borrower nor any of its Subsidiaries shall
make, create or acquire any Intercompany Debt owed to any US Borrower or US
Subsidiaries, and (ii) no US Borrower nor any of its US Subsidiaries shall
make, create or acquire any Intercompany Debt owed to the UK Borrower or any of
its UK 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 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 H; 

                    (i)
Guaranties permitted by Section 7.12; 

                    (j)
Debt represented by (i) any secured Hedge Agreements entered into with a Lender
or other Bank Product Provider as the counterparty upon notice to the Agent or
(ii) any unsecured Hedge Agreements, in each case, entered into in the ordinary
course of business in order to protect any Borrower and/or any of its
Subsidiaries 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 US
Borrower or any of its US Subsidiaries 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 

43

owed by a
Subsidiary acquired, then no other US Borrower or any of its US Subsidiaries
shall have any liability therefor; 

                    (l)
Debt secured by a mortgage on any Real Estate acquired by any US Borrower or
any of its US Subsidiaries 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 reasonably 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 any US Borrowers’
or their respective Subsidiaries’, as applicable, cost of such Real Estate; 

                    (m)
other unsecured Debt not to exceed $20,000,000 in the aggregate for all Credit
Parties at any time outstanding; 

                    (n)
Debt arising from the honoring by a bank or other financial institution of a
check, draft or similar instrument inadvertently drawn against insufficient
funds, so long as such Debt is covered within five business days of the later
of such honoring or notice thereof; and 

                    (o)
unsecured Debt of Foreign Subsidiaries not to exceed $5,000,000 in the
aggregate 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, 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 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 US Credit Agreement specified by the US Borrower Representative and UK
Borrower; provided that, in each case, the US Borrower
Representative and the UK Borrower 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 Senior Unsecured Notes; Payments on Intercompany
Debt.

                    (a)
No US Borrower 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 Indebtedness and the
Luxembourg Debt, and (iii) Capital Leases and other Debt in an aggregate amount
not to exceed $2,000,000 per Fiscal Year and, after giving effect to the
payment thereof, only so long as Total Excess Availability exceeds $30,000,000,
(iv) prepayments of the Debt described on Schedule 7.13 with the
proceeds of Debt permitted to be issued under Section 7.13(d) and (v)
prepayments of the Senior Unsecured Notes and all expenses associated therewith
with the proceeds of Capital Stock issued in accordance with Section 7.34, and
(vi) as permitted under Section 7.14(b). 

                    (b)
No US Borrower nor any of its Subsidiaries shall make any payments on the
Senior Unsecured Notes except for (i) regularly scheduled payments of interest
and (ii) payments of up to 35% of the aggregate principal amount of the Senior
Unsecured Notes with the proceeds of the issuance of the securities of the
Parent Guarantor or Mobile Services in an “Equity Offering” under and as
defined 

44

in the Senior
Unsecured Note Indenture if, both before and after giving effect to payment of
principal, (x) no Default or Event of Default exists and (y) Total Excess
Availability exceeds $40,000,000. 

                    (c)
(i) Neither the UK Borrower 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
Borrower, any US Subsidiary or the Luxembourg Subsidiary, and (ii) no US
Borrower 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 the UK Borrower or any UK Subsidiary, except, (A)
in each case, subject to the subordination provisions thereof as required by Section
7.13(g), 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 the US Borrowers 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 US Borrower shall, nor shall it permit any of its Subsidiaries to,
sell, transfer, distribute, or pay any money or property, including, but not
limited to, any fees or expenses of any nature (including 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 in all material respects to the Agents and the Lenders in
advance, and, in any case, no less favorable to such US Borrower or its
Subsidiaries, as applicable, 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),
immediately before and after giving effect to the payments, payments of
periodic fees may be made when due pursuant to the Welsh Carson Management
Agreement as in effect on the date hereof; provided that such
payments shall not exceed the Dollar Equivalent of $800,000 per Fiscal Year
plus fees payable in connection with acquisitions, financings, divestitures or
similar transactions undertaken pursuant to the Welsh Carson Management
Agreement; provided that such fees do not exceed an amount equal
to 1% of the transaction value thereof; 

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

                    (c)
the US Borrowers and their Subsidiaries 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 the US
Borrowers 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 

45

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 the US Borrowers 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 US Borrower or any of
their respective Subsidiaries any more onerous than the covenants, undertakings
or obligations contained in the Luxembourg Debt; 

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

                    (e)
Ravenstock and the US Borrowers may make payments to each other as
reimbursement for corporate overhead and services, tax sharing and other
similar arrangements 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 the US
Borrowers, UK Availability is greater than or equal to £4,000,000 and (z) in the
case of payments from the US Borrowers 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 2006 occurring prior to the Closing Date). 

          7.16
Investment Banking and Finder’s Fees. Other than for the benefit of any
Agent or Lender, or pursuant to Section 7.15(a), no US Borrower shall,
nor shall it permit any of its Subsidiaries, to 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 US Borrowers and their Subsidiaries 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 US Borrower shall, nor shall it permit any of its Subsidiaries to, engage
directly or indirectly, in any line of business other than a Similar Business. 

                    (b)
Mobile Services 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, (iii) making any distribution permitted
by Sections 7.10 or 7.15(a), in each case, or holding any cash received in
connection with distributions made by MSG in accordance with Sections 7.10 or
7.15(a), in each case, pending application thereof by Mobile Services in the
manner contemplated by Sections 7.10 or 7.15(a), in each case, and (iv)
activities and properties incidental to the foregoing clauses (i), (ii) and
(iii). 

                    (c)
The Intermediary shall not engage in any business activities or have any
properties or liabilities, other than (i) holding Capital Stock of Mobile
Services, (ii) obligations under the 

46

Loan
Documents, (iii) making any distribution permitted by Section 7.10 or holding
any cash received in connection with distributions made by Mobile Services in
accordance with Section 7.10 pending application thereof by the Intermediary in
the manner contemplated by Section 7.10 and (iii) activities and properties
incidental to the foregoing clauses (i), (ii) and (iii); provided, however,
that the foregoing shall not limit Intermediary’s ability to undertake
transactions permitted by Section 7.09 or consummate the Acquisition. 

                    (d)
The Parent Guarantor shall not engage in any business activities or have any
properties or liabilities, other than (i) holding Capital Stock of Intermediary
(or any successor entity permitted hereunder), (ii) obligations under the Loan
Documents and the Mezzanine Notes (including payments and prepayments thereof),
(iii) making any distribution permitted by Section 7.10 or Section 7.15 or holding
any cash received in connection with distributions made by Intermediary in
accordance with Section 7.10 or Section 7.15 pending application thereof by the
Parent Guarantor in the manner contemplated by Section 7.10 or Section 7.15 and
(iii) activities and properties incidental to the foregoing clauses (i), (ii)
and (iii); provided, however, that neither Section 7.30 nor the
foregoing shall limit the Parent Guarantor’s ability to issue Capital Stock and
hold and apply any proceeds thereof (including to the payment and prepayment of
the Mezzanine Notes). 

          7.18
Liens. No US Borrower 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. 

          7.19
Sale and Leaseback Transactions. No US Borrower shall, nor shall it
permit any of its Subsidiaries to, directly or indirectly, enter into any
arrangement with any Person providing for such US Borrower or such Subsidiary
to lease or rent property that such US Borrower 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 reasonably satisfactory to the Administrative Agent and the
UK Security Trustee, as applicable. 

          7.20
New Subsidiaries. No US Borrower 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 US Borrower or any of its Subsidiaries
so long as, in the case of clauses (ii) and (iii), the US Borrower shall, and
shall cause each such Subsidiary to, comply with the provisions of Section
7.32; provided that no US Borrower shall, nor shall it permit
any Subsidiaries 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 or any State thereof, other than (A) those
Subsidiaries listed on Schedule 6.5 as of the Closing Date, (B) as a
result of a Permitted Acquisition and (C) any direct and indirect Subsidiaries
of Ravenstock; and provided further that the UK Borrower shall
not, 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 US Borrower shall, nor shall it permit any of its
Subsidiaries to, change its Fiscal Year. 

          7.22
Depreciation Method. No US Borrower 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 

47

accountants of
any US Borrower or any of its Subsidiaries, the SEC or any other Governmental
Authority having jurisdiction over such US Borrower or such US Subsidiary. 

          7.23
Cash Interest Coverage Ratio. The US Borrowers 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 of not less than
1.75:1; provided that the Cash Interest Coverage Ratio shall not be tested so
long as Total Excess Availability for each day of the most recently completed
Fiscal Quarter is equal to or exceeds $30,000,000. Such Cash Interest Coverage
Ratio shall be first tested as of the Fiscal Quarter ending immediately prior
to the date on which Total Excess Availability is first less than or equal to
$30,000,000 for which financial statements are available and shall continue to
be tested for each Fiscal Quarter thereafter until such Fiscal Quarter in which
the Borrowers maintain Total Excess Availability on each day thereof of at
least $30,000,000.  

          7.24
Maximum Consolidated Total Debt to Pro Forma EBITDA Ratio. The US
Borrowers 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

  	
   

  	
  6.00:1

  
	
  Fiscal
  Quarter ending on June 30, 2007

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The last day
  of each Fiscal Quarter after the Fiscal

  	
   

  	
  5.75:1

  
	
  Quarter
  ending on June 30, 2007 through the Fiscal

  	
   

  	
   

  
	
  Quarter
  ending on June 30, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The last day
  of each Fiscal Quarter after the Fiscal

  	
   

  	
  5.50:1

  
	
  Quarter
  ending on June 30, 2008 through the Fiscal

  	
   

  	
   

  
	
  Quarter
  ending on June 30, 2009

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The last day
  of each Fiscal Quarter after the Fiscal

  	
   

  	
  5.25:1

  
	
  Quarter
  ending on June 30, 2009 through the Fiscal

  	
   

  	
   

  
	
  Quarter
  ending on June 30, 2010

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  The last day
  of each Fiscal Quarter after the Fiscal

  	
   

  	
  5.00:1

  
	
  Quarter
  ending on June 30, 2010 and thereafter

  	
   

  	
   

  

; provided
that Consolidated Total Debt to Pro Forma EBITDA Ratio shall not be tested for
any period of four consecutive Fiscal Quarters so long as Total Excess
Availability for each day of the most recently completed Fiscal Quarter is equal
to or exceeds $30,000,000. Such Consolidated Total Debt to Pro Forma EBITDA
Ratio shall be first tested as of the Fiscal Quarter ending immediately prior
to the date on which Total Excess Availability is first less than or equal to
$30,000,000 for which financial statements are available and shall continue to
be tested for each Fiscal Quarter thereafter until such Fiscal Quarter in which
the Borrowers maintain Total Excess Availability on each day thereof of at
least $30,000,000. 

          7.25
Minimum Fleet Utilization Rate. The US Borrowers 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: 

48

	
   

  	
   

  	
   

  
	
  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%

  

; provided
that the Fleet Utilization Rate shall not be tested so long as Total Excess
Availability for each day of the most recently completed Fiscal Quarter is
equal to or exceeds $30,000,000. Such Fleet Utilization Rate shall be first
tested as of the Fiscal Quarter ending immediately prior to the date on which Total
Excess Availability is first less than or equal to $30,000,000 for which
financial statements are available and shall continue to be tested for each
Fiscal Quarter thereafter until such Fiscal Quarter in which the Borrowers
maintain Total Excess Availability on each day thereof of at least $30,000,000.

          7.26
Capital Expenditures. No US Borrower 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 US
Borrowers and their Subsidiaries on a consolidated basis would exceed: 

                    (a)
in the Fiscal Year ended December 31, 2006 (taking into account all Capital
Expenditures occurring in Fiscal Year 2006 occurring prior to the Closing Date)
the sum of the Dollar Equivalent of $50,000,000; 

                    (b)
in the Fiscal Year ended December 31, 2007 the Dollar Equivalent of
$50,000,000; 

                    (c)
in the Fiscal Year ended December 31, 2008 the Dollar Equivalent of
$55,000,000; 

                    (d)
in the Fiscal Year ended December 31, 2009 the Dollar Equivalent of
$60,000,000; 

                    (e)
in the Fiscal Year ended December 31, 2010 the Dollar Equivalent of
$65,000,000; 

                    (f)
in the Fiscal Year ended December 31, 2011 the Dollar Equivalent of
$70,000,000; 

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 paragraphs (a), (b), (c), (d), (e) or (f) above (as applicable)
exceeds the aggregate amount of Capital Expenditures actually made during such
Fiscal Year, such excess amount, up to the Dollar Equivalent of $15,000,000
(the “Capital Expenditure Excess”), may be carried forward to (but only to) the
Capital Expenditure budget set forth for the next succeeding Fiscal Year (“Year
2”) (any such amount to be certified by the US Borrower 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. 

49

          7.27
Federal Reserve Regulations. No US Borrower shall, nor shall it 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 US Borrower or any of its Subsidiaries 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 US Borrowers shall and shall cause the Parent
Guarantor and their Subsidiaries to 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, and cause
each Subsidiary to 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 reasonably
acceptable to the Responsible Agent, (b) arrangements reasonably 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), (c)
lockboxes and full cash dominion and control in favor of the US Agent pursuant
to the US Security Documentsand
(d) upon five (5) Business Days notice to the Borrowers arrangements reasonably
satisfactory to the Administrative Agent implementing lockboxes and full cash
dominion and control in favor of the US Agent, including direction from the
Borrowers to the customers to direct all customer remittances to such
lockboxes; provided that until such time as (i) Total Excess Availability falls
below $25,000,000 or (ii) a Default or Event of Defaults occurs and is
continuing, clauses (a),(c) and
(d) above shall not be utilized or required and transfer of funds pursuant to
clause (b) above shall not occur; and upon such time the Administrative Agent
may, within its sole discretion, waive compliance by the Borrowers and its
Subsidiaries with one or more of the requirements of (a), (b), (c) or (d)
above. 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 US
Borrower or any of its Subsidiaries shall maintain any bank account (including
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 the Senior Unsecured Notes or Mezzanine Debt.
Neither the Parent Guarantor nor any of its Subsidiaries shall change or
otherwise amend the terms of the Senior Unsecured Notes or Mezzanine Debt if
the effect of such amendments would be to: (i) increase the interest rate on
the Senior Unsecured Notes or Mezzanine Debt or provide for an earlier date on
which interest on the Mezzanine Debt may be payable in cash; (ii) change the
dates upon which payments of principal or interest are due on the Senior
Unsecured Notes or Mezzanine 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 the Senior
Unsecured Notes or Mezzanine Debt; (iv) change the redemption or prepayment
provisions of such Senior Unsecured Notes or Mezzanine Debt other than to
extend the dates; (v) grant any security or collateral to secure payment of the
Senior Unsecured Notes or Mezzanine Debt or add any guarantor of the Senior
Unsecured Notes or Mezzanine Debt; or (vi) change or amend any other term if
such change or amendment would materially increase the obligations of any US
Borrower or any of its Subsidiaries thereunder or confer additional material
rights on the 

50

holder of the
Senior Unsecured Notes or Mezzanine Debt in a manner adverse to any US
Borrower, any of its Subsidiaries, 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, 

                    (a)
in respect of any property situated in the UK: a landlord waiver in the form
attached to Schedule 11 of the UK Debenture in relation to leasehold property
acquired by any Borrower after the date of this Agreement; and 

                    (b)
in respect of any property situated in the US, 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 reasonably
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 Credit Party, and (iii) all Real Estate on
which Collateral is located which such Real Estate is owned or leased by any
Agency of any Credit Party, 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 the US Credit Parties 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 Credit Party, 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 Credit Party, do not exceed $25,000 on an annual
basis. 

          7.32
Additional Credit Parties; Additional Collateral. 

                    (a)
The US Borrowers may designate additional US Subsidiaries to be US Credit
Parties under the US Credit Agreement, and Ravenstock may designate additional
Foreign Subsidiaries organized under the laws of the United Kingdom, Canada or
any other jurisdiction located in the European Union reasonably acceptable to
the Administrative Agent in its sole discretion and with any additional
reserves determined by the Administrative Agent in its reasonable discretion,
to be additional UK Credit Parties 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. Such designation shall only
become effective at such time as (i) the designated Subsidiary shall have
executed and delivered to the Administrative Agent, a Joinder Agreement (as
amended to be valid and binding under the laws of England and Wales in the case
of an additional UK Credit Party) and shall have granted to the Applicable
Security Agent first priority and fully perfected Liens (subject to the
qualifications set forth in Section 6.2 hereof) on its assets, (ii) the Applicable
Security Agent shall have received a first priority pledge of or charge
(subject to Permitted Liens and Section 6.2 hereof) over the Capital Stock of
such Subsidiary and (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 reasonably satisfactory to the
Administrative Agent and the Applicable Security Agent. With respect to any
property (other than property described in the first parenthetical in Section
6.2) acquired after the Closing Date by any US Borrower or any of its
Subsidiaries (other than any property subject to a Lien expressly permitted by Section
7.18 or any property of a Non-Guarantor Subsidiary) as to which the
Administrative Agent, for the benefit of the Lenders, does not have a perfected
Lien (subject to the qualifications set forth in Section 6.2), promptly
(A) execute and deliver to the Applicable Administrative Agent such amendments
to the US Security Documents or UK Security Documents, as applicable, or such
other documents as the Applicable Administrative Agent deems reasonably
necessary or advisable to grant to the Applicable Administrative Agent, for the
benefit of the Lenders, a security interest in such property and (B) take all
actions reasonably necessary or advisable to grant to the Applicable
Administrative Agent, for the benefit of the 

51

Lenders, a
perfected first priority security interest in such property, including the
filing of Uniform Commercial Code financing statements or other filings as
appropriate in such jurisdictions as may be required by the US Security
Documents or UK Security Documents, as applicable, or by law or as may be
reasonably requested by the Applicable Administrative Agent. 

                    (b)
[Intentionally deleted]. 

                    (c)
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 $250,000 or
more, or any US Borrower or any of its Subsidiaries forms or acquires a
Subsidiary (including, in a Permitted Acquisition, including any merger,
amalgamation or consolidation in connection therewith) which has assets with a
fair market value of $250,000 or more, then 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 Applicable
Administrative Agent and the UK Agent, as applicable, 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 (subject to Permitted
Liens and to Section 6.2 hereof) 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 the
certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the
relevant party, such opinions of counsel (including 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 $250,000), corporate
documents and other documents and instruments as the Applicable Security Agent
may reasonably request, in each case in form and substance reasonably
satisfactory to the Applicable Security Agent. 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 $15,000,000 (or if
the Rental Fleet Assets owned by such Subsidiary that may be included in any
calculation of the US Borrowing Base or the UK Borrowing Base have a value in
excess of $15,000,000), the Responsible Agent shall have received from the
Appraiser a “desktop appraisal” of such Rental Fleet Assets acquired by the
applicable Credit Parties or owned by such Person acquired by the applicable
Credit Parties which shall be reasonably satisfactory in scope, form and
substance to the Responsible 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 additional owned Real Estate (in the case of US
Owned Real Estate which, in the good faith determination of the Administrative
Agent has a value in excess of $500,000), 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
Liens, (b) (in the case of US Real Estate) an ALTA policy of title insurance in
amounts, in form, with endorsements and from an insurer reasonably satisfactory
to the Applicable Security Agent or (in the case of UK Properties) a report on
title from the UK Borrower’s Counsel in form and content reasonably
satisfactory to the UK Security Trustee and no more onerous than the UK
Properties Report on Title, (c) evidence reasonably 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 reasonably 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 

52

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 Borrower shall instruct a reasonably suitably qualified
environmental engineer to prepare a Phase I environmental report which will be
addressed to the UK Agent and the UK Borrower 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(a); 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 or seller for the benefit of the UK Borrower and their respective
charges 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 US Borrower shall, nor shall it permit any of its
Subsidiaries to, issue any Preferred Stock having a right of payment of any
dividend or other Distribution (except for non-cash payments, dividends, or
distributions in kind) 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 (other than indemnities and
other contingent Obligations not then due). 

          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. 

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 UK Lenders to make 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, 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 $35,000,000. 

                    (c)
All representations and warranties made on the Closing Date by any Credit Party
contained herein or in the other Loan Documents shall be true and correct as of
the Closing Date (except where such representations and warranties expressly
relate to an earlier date, in which case such representations and warranties
shall have been true and correct as of such earlier date); provided,
that with respect to the Borrowings hereunder on the Closing Date, (x) any
breach of any such representations and 

53

warranties
shall not constitute a failure to satisfy the condition set forth is this
Section 8.1(c) unless (A) such breach also constitutes a breach of a
representation or warranty in the Acquisition Agreement material to the
interests of the Lenders and that would result in the Parent Guarantor or
Acquisition Sub having a right to terminate its obligations thereunder or (B)
such breach is a breach of the representations and warranties set forth in
Sections 6.1, 6.2, 6.3, 6.21, 6.22 and 6.33 and (y) any Default or Event of
Default resulting from any breach of any representation or warranty made by any
Credit Party pursuant to any Loan Document, other than (X) to the extent such
breach also constitutes a breach of a representation and warranty in the
Acquisition Agreement that would result in the Parent Guarantor or its
Affiliates having a right to terminate its obligations thereunder or (Y) any
breach of the representations and warranties set forth in Sections 6.1, 6.2,
6.3, 6.21, 6.22 and 6.33, shall in each case not constitute a Default or Event
of Default for purposes of this Section 8.1(c). 

                    (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 (subject to clause (c) above).

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

  
	
   

  	
   

  
	
   

  	
            (iii)
  (A) all certificates, together with an undated stock power for each such
  certificate executed in blank by a duly authorized officer of the pledgor
  thereof, evidencing the Capital Stock and Instruments required to be pledged
  pursuant to the Loan Documents and (B) each promissory note (if any) pledged
  to the Administrative Agent pursuant to the US Security Documents or UK
  Security Documents, as applicable, endorsed (without recourse) in blank (or
  accompanied by an executed transfer form in blank) by the pledgor thereof. 

  

                    (g)
The Borrowers shall have paid all fees then 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 and due. 

                    (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. 

54

                    (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 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 reasonably
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 reasonably satisfied that each Borrower and its
Subsidiaries, taken as a whole, are Solvent and shall have received a
certificate from each Borrower in form and substance reasonably satisfactory to
the Administrative Agent and the UK Agent confirming the same. 

                    (l)
No Closing Date MAE shall have occurred since December 31, 2005. 

                    (m)
There shall exist no action, suit, investigation, litigation, or proceeding
pending or threatened in any court or before any Governmental Authority 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
reasonably satisfactory in form, scope, and substance to the Administrative
Agent and UK Agent and the Lenders. 

                    (o)
On the Closing Date, (i) the Borrowers shall have repaid in full, immediately
upon receipt of the Loans to be funded on the Closing Date, all amounts due
pursuant to the Existing Indebtedness and (ii) the Administrative Agent shall
have received reasonably satisfactory evidence that reasonably satisfactory
arrangements have been made for the termination of all Liens and the release or
discharge of all guarantee obligations in connection therewith including deeds
of release and DS1s executed by Bank of America in respect of the UK
Properties. 

                    (p)
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 either provided for in this
Agreement or as set forth on the “Closing Checklist” delivered by the
Administrative Agent and UK Agent to the Borrowers at least two (2) US Business
Days prior to the Closing Date or as otherwise reasonably requested by
Administrative Agent and UK Agent, as applicable. 

                    (q)
The UK Properties Report on Titles addressed to the UK Agent shall be delivered
to the UK Agent. 

                    (r)
An undertaking from the 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 at the Land
Registry and the delivery of Land Registry forms AP1, RX1 and CH2 duly
completed by the UK Borrower together with a cheque for all fees for 

55

registering
the Debenture and all title deeds in respect of the UK Properties necessary to
effect registration. 

                    (s)
Results of Land Registry searches in favour of the UK Agent in the appropriate
form against all of the registered titles comprising the UK Properties that
fixed charges are taken over giving not less than 11 Business Days priority
beyond the original date of the Debenture. 

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

                    (u)
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 the US Borrower Representative and the UK
Revolving Loans requested by the UK Borrower on the Closing Date which US
Revolving Loans and UK Revolving Loans shall be utilized to repay the Existing
Indebtedness in full on the Closing Date. 

                    (v)
The Administrative Agent shall have received (i) pro forma consolidated balance
sheet and related statement of income of Mobile Services and its Subsidiaries
as of the date of the most recent consolidated balance sheet delivered pursuant
to clause (ii) of this paragraph and (ii) unaudited interim consolidated
balance sheets and related statements of income, stockholders’ equity and cash
flows of Mobile Services and its Subsidiaries for each fiscal quarter ended
after March 31, 2006 as to which such financial statements are available, the
most recent of which interim financial statements shall include supporting
schedules and data reasonably satisfactory to the Administrative Agent that
demonstrate that the Consolidated Total Debt to Pro Forma EBITDA Ratio for the
immediately preceding four fiscal quarter period ended on the date of such
financial statements was not greater than 6.0:1. 

                    (w)
(i) Parent Guarantor shall have made a cash equity contribution (including
proceeds of the issuance of the Mezzanine Notes) to Intermediary, and
Intermediary shall have made a cash equity contribution to Mobile Services in
an aggregate amount that constitutes not less than 30% of Mobile Services’ pro
forma consolidated capitalization; (ii) the Acquisition shall be consummated in
all material respects in accordance with the terms of the Acquisition Agreement
without any waiver, modification or amendment that is materially adverse to the
Lenders, unless consented to by the Administrative Agent and all material
requirements of law; and (ii) the Refinancing shall be consummated. 

                    (x)
Parent Guarantor shall have received at least $90,000,000 in gross cash proceeds
from the issuance of the Mezzanine Notes, and such proceeds shall have been
contributed first to Intermediary, and then to Mobile Services. 

                    (y)
The Lenders shall have received all documentation and other information
required by bank regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including, but not limited to,
the USA Patriot Act. 

                    (z)
Mobile Services and MSG as co-issuers thereof, shall have received at least
$200,000,000 in gross cash proceeds from the issuance of the Senior Unsecured
Notes. 

                    (aa)
The Administrative Agent shall have received the results of a recent lien
search conducted in such jurisdiction agreed upon with counsel to the Lenders,
and such search shall reveal no liens on any of the assets of the Credit
Parties except for liens permitted by Section 7.18 or discharged on  

56

or prior to
the Closing Date pursuant to documentation reasonably satisfactory to the
Administrative Agent or otherwise consented to by it in writing. 

                    (bb)
The Administrative Agent shall have received (i) a certificate of each Credit
Party, dated the Closing Date, substantially in the form of Exhibit A, with
appropriate insertions and attachments, including the certificate of
incorporation of each Credit Party that is a corporation certified by the
relevant authority of the jurisdiction of organization of such Credit Party,
and (ii) a long form good standing certificate for each Credit Party from its
jurisdiction of organization. 

                    (cc)
(i) The Administrative Agent shall have received within thirty (30) days of the
Closing Date a Mortgage with respect to all owned Real Estate listed on Schedule
8.1 (“Mortgaged Property”), executed and delivered by a duly authorized
officer of each party thereto. 

                    (ii)
The Administrative Agent shall have received in respect of any Mortgaged
Property within 30 days of the Closing Date, a mortgagee’s title insurance
policy (or policies) in form and substance reasonably satisfactory to the
Administrative Agent. The Administrative Agent shall have received evidence
satisfactory to it that all premiums in respect of each such policy, all
mortgage recording tax, and all related expenses, if any, have been paid. 

                    (iii)
If any improvements located on any Mortgaged Property are located in a “special
flood hazard area”, the Administrative Agent shall have received within 90 days
of the Closing Date (A) a policy of flood insurance with respect to such
Mortgaged Property, if applicable, that (1) is written in an amount not less
than the outstanding principal amount of the indebtedness secured by the
applicable Mortgage that is reasonably allocable to such real property or the
maximum limit of coverage made available with respect to the particular type of
property under the National Flood Insurance Act of 1968, whichever is less, and
(2) has a term ending not later than the maturity of the Indebtedness secured
by such Mortgage and (B) confirmation that the US Borrowers have received the
notice required pursuant to Section 208(e)(3) of Regulation H of the Board. 

                    (dd)
The UK Agent shall have received within 45 days of the Closing Date, deposit
account control agreements in a form reasonably satisfactory to the UK Agent in
respect of any and all Deposit Accounts for the UK Borrower, executed and
delivered by a duly authorized officer of each party thereto. 

                    The
acceptance by the 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 Borrower 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 Borrower, 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 (including any schedules hereto), or satisfaction were acceptable to
such UK Lender. 

                    The
failure to deliver any guarantee or Collateral required to be provided on the
Closing Date shall not constitute a failure to satisfy a condition precedent to
the obligations of the Lenders to make any Loans pursuant to this Agreement
(other than any Collateral the security interest in which may be perfected by
the filing of a UCC financing statement or the delivery of stock certificates
and the 

57

security
agreement giving rise to the security interest therein) so long as the
Borrowers used commercially reasonable efforts to deliver such guarantee or
Collateral prior to the Closing Date; provided that the Borrowers shall be
required to deliver any guarantees or Collateral after the Closing Date
pursuant to arrangements to be mutually agreed by the Agents and the Borrowers.

          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, 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 the UK Borrower 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 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) and no payment
of Revolving Loans then required under Section 3.1 shall not have been
satisfied prior to the making of any such US Borrowing; 

provided, however, that each of the
foregoing conditions precedent are not conditions to each UK Lender
participating in or reimbursing 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: 

                    (a)
any failure by any Borrower to pay the principal of any of its Loans when due,
whether on demand or otherwise, or failure by any Borrower to pay any interest
on any of its Loans or any fees due to any Agent or Lender pursuant to the
Agreement or the Fee Letter under either Credit Agreement or under any other
Loan Document when due, whether upon demand or otherwise, and if such 

58

amount is not
paid by a charge to the Loan Account of the Applicable Borrowers, such failure
(with respect to any Obligation described in this Section 9.1(a) other
than the payment of principal) is not cured by the payment in full within two
(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), 5.3(a), 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
(other than 5.3(a)) 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 $7,500,000, 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 generally
or seeking a stay which has the effect of staying any creditor or for any other
relief under the federal Bankruptcy Code, or under any other bankruptcy,
insolvency, liquidation, winding-up, 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 generally 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, 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; 

59

                    (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 $7,500,000 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 Subsidiaries occurs which
could reasonably be expected to cause a Material Adverse Effect and is not
adequately covered by insurance; 

                    (m)
the occurrence of any of the following events in respect of any Credit Party
incorporated under the laws of Luxembourg : 

                              (1)
insolvency proceedings (faillite)
within the meaning of Articles 437 ff. of the Luxembourg Commercial Code or any
other insolvency proceedings pursuant to the Council Regulation (EC) N°
1346/2000 of 29 May 2000 on insolvency proceedings; 

                              (2)
controlled management (gestion contrôlée)
within the meaning of the grand ducal regulation of 24 May 1935 on controlled
management; 

                              (3)
voluntary arrangement with creditors (concordat
préventif de faillite) within the meaning of the law of 14 April
1886 on arrangements to prevent insolvency, as amended; 

                              (4)
suspension of payments (sursis de paiement)
within the meaning of Articles 593 ff. of the Luxembourg Commercial Code; 

60

                              (5)
voluntary or compulsory winding-up pursuant to the law of 10 August 1915 on
commercial companies, as amended; and 

                              (6)
the appointment of an ad hoc director (administrateur
provisoire) by a court in respect of a Credit Party incorporated
under the laws of Luxembourg or a substantial part of its assets. 

                    (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
(subject to the qualifications set forth in Section 6.2) 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 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 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)
[Intentionally deleted]; 

                    (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, 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 exists any Event of Default under or in connection with the US Credit
Agreement. 

          9.2
Remedies. 

                    (a)
(i) Subject to clauses (ii) and (iii) 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 

61

Credit
Agreement may, in their collective discretion, and shall, at the direction of
the Required Lenders, without demand, but with written notice, 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
(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 the UK Borrower; and (III) restrict or refuse to provide Letters of
Credit or Credit Support to the UK Borrower. 

	
   

  	
   

  
	
   

  	
            (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 demand, but with written notice,
  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 demand, but with written notice, on the UK
  Borrower 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 Borrower to be immediately due and payable; (C) require
  the UK Borrower 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 applicable laws of any
jurisdiction or under the terms of any other Loan Document: (i) the UK Security
Trustee 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 

62

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
Borrower agrees 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 Borrower’s
address specified in or pursuant to Section 13.7 of the UK Credit
Agreement. If any UK Collateral is sold on terms other than payment in full at
the time of sale, no 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 Borrower irrevocably
waives: (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 Borrower agrees
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, effective upon the
occurrence and during the continuation of an Event of Default, without charge,
the UK Borrower’s 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 Borrower’s rights under all licenses and all franchise
agreements shall inure to the UK Security Trustee’s benefit for such purpose; provided,
however, that no such license shall be deemed granted to the extent it
(i) violates the terms of any agreement between the UK Borrower and any other
Person or (ii) would result in the invalidity, unenforceability or abandonment
of any Proprietary Rights. 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 Borrower and the UK Credit Parties shall
remain liable for any deficiency. 

                    (c)
If an Event of Default occurs, the UK Borrower hereby waives 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 UK Agent upon direction from the UK Required Lenders may terminate the UK
Commitments under this Agreement by written notice to the UK Borrower upon the
occurrence and during the continuance 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 (other than
indemnities and other contingent Obligations not then due and payable) are paid
and performed in full in cash, the UK Borrower shall remain bound by the terms
of this Agreement and shall not be relieved of any of its Obligations hereunder

63

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)
Except as set forth in Section 1.7(b) hereof, no amendment or waiver of
any provision of this Agreement or any other Loan Document, including 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, 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 (other than with
  respect to Section 1.7 of the US Credit Agreement);

	
 

	
 

	
 

	
          (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 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 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;

	
 

	
 

	
 

	
          (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”;

64

	
 

	
 

	
 

	
          (ix)
  increase the Maximum Amount, the Maximum US Amount, the Maximum UK Amount (other
  than with respect to Section 1.7 of the US Credit Agreement), the
  Letter of Credit Subfacility or the Multicurrency Letter of Credit Sublimit; 

	
 

	
 

	
 

	
          (x)
  release any Collateral other than as permitted by Section 12.10
  hereof and Section 12.10 of the US Credit Agreement; or

	
 

	
 

	
 

	
          (xi)
  amend Section 3.7.

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 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 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 the UK Transfer Agreement(s), without premium or discount.

                    Notwithstanding
any of the foregoing, no amendment to or waiver of 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 Borrower and the UK Agent
(which consent, in each case, shall not be unreasonably withheld, it being
understood and agreed that UK Borrower shall be allowed to withhold consent if an
intended novation would result in increased costs claims pursuant to Article 4
of this Agreement), transfer by novation any of its rights and obligations to

65

one or more
Eligible Transferees (provided that no consent of the UK Borrower (it
being understood and agreed that such novation shall be with the written
consent of the UK Borrower if an intended novation would result in increased
costs claims pursuant to Article 4 of this Agreement) or 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 (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, (i) the Aggregate Commitments of
such UK Lender (and its Affiliates, if applicable, being novated are at least
$1,000,000 and (ii) after giving effect thereto, such transferring UK Lender
(and its affiliates, if applicable) retains an Aggregate Commitment in a
minimum amount of $5,000,000 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 Borrower 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 Borrower and the UK Agent by such UK Lender and the
Transferee; (ii) such UK Lender and its Transferee shall have delivered to
the UK Borrower 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 shall also have assigned or cause to be assigned a pro rata
portion of its and its Affiliates’ 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 Borrower agrees 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 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 the 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

66

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.

                    (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 Borrower 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 Borrower 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 shall also have sold or cause to be sold or cause to be
sold a pro rata participating portion of its interest in its and its
Affiliates’ 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 

67

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.  

                    (h)
Notwithstanding any other provision in this Agreement, and except to the extent
such security interest or pledge would result in increased costs claims
pursuant to Article 4 of this Agreement, any UK 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 to its trustee or to a collateral agent or to
another creditor providing credit or credit support to such UK Lender in
support of its obligations to such trustee, such collateral agent or a holder
of, or any other representative of a holder of, such obligations, or such other
creditor, as the case may be; provided, that no such pledge shall
release the transferor UK Lender from any of its obligations hereunder.

ARTICLE 12.

THE AGENTS

          12.1
Appointment and Authorization.
Each UK Lender hereby designates and appoints the 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
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 9.2, 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.

68

          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
the UK Borrower or any Subsidiary or Affiliate of the 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 the 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 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 Borrower’s 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 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 any representation or warranty to it, and that
no act by any UK Agent hereinafter taken, including any review of the affairs
of the UK Borrower 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 Borrower
and its Affiliates, and all applicable bank regulatory laws relating to 

69

the
transactions contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to the UK Borrower.  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 itself as to
the business, prospects, operations, property, financial and other condition
and creditworthiness of the UK Borrower.
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 Borrower 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 Borrower.  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 US Agent 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 UK Agent were not an agent hereunder and without notice
to or consent of the UK Lenders.  The US
Agent 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
each US Lender acknowledges that UK Agent shall be under no obligation to
provide such information to them.  With
respect to its UK Revolving Loans, the UK Agent 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
US Agent 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 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 

70

US Agent shall
also resign under the US Credit Agreement.
In the event the Administrative Agent sells all of its Aggregate
Commitment and Loans as part of a sale, transfer or other disposition by the
Administrative Agent of substantially all of its loan portfolio containing this
Agreement, the Administrative Agent shall resign as Agent and such purchaser or
transferee shall become the successor Administrative Agent, UK Agent or UK
Security Trustee, 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
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 the UK Borrower 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 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 (other than indemnities and other contingent obligations
not then due and payable); (ii) constituting property being sold or
disposed of if the UK Borrower 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
(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 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 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, 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 

71

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 to the extent set forth in the Loan Documents.

                    (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 Trustees’ 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 the UK Borrower 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 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 (other than
indemnities and other contingent Obligations not then due and payable); (ii)
granted by any Subsidiary Guarantor which is being sold or disposed of if the
UK Borrower certifies to the UK Agent that the sale or 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 $250,000.  Upon request by the UK
Agent or the UK Borrower at any time, the UK Lenders will confirm in writing
the UK Agent’s authority to release any Subsidiary Guaranties pursuant to this Section 12.10.

          12.11
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 UK 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 

72

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.

          12.12
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.

          12.13
Payments by Responsible Agent to Applicable Lenders.  All payments to be made by any US Agent to
the UK Lenders shall be made by bank wire transfer or internal 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 prior to the date on which any payment is due to the UK Lenders
that the UK Borrower will not make such payment in full as and when required,
the UK Agent may assume that the UK Borrower 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
Borrower 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 Reference Rate for each day
from the date such amount is distributed to such UK Lender until the date
repaid.

          12.14
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
and the other UK Lenders (including the UK Fronting Lender as the fronting
lender for the UK Revolver Participants) agree (which agreement shall not be
for the benefit of or enforceable by the UK Borrower) 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
Administrative Agent’s election, (A) for itself, 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 

73

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 10:00 a.m. (New York 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 Administrative Agent in the case
of Agent Advances and Non-Ratable Loans) 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 2:00 p.m. (New York time) on
the UK Business Day following 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 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 Administrative Agent’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
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 Administrative Agent, 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 UK Agent, 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 UK Agent, shall pay to
the UK Agent, 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 Reference for the first three (3)
days from and after such demand and thereafter at the Interest Rate then
applicable to US 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 US 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 apply any payments received by the UK Agent, which in
accordance with 

74

the terms of
this Agreement would be applied to the reduction of the UK Revolving Loans, to
the Administrative Agent’s UK Revolving Loans including Non-Ratable Loans.  If, as of any Settlement Date, collections
received since the then immediately preceding Settlement Date have been applied
to the Administrative Agent’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 Administrative Agent shall pay the UK Lenders, on
account of such UK Lenders’ outstanding Revolving Loans, 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 Borrower.  During the period between Settlement Dates,
the UK Agent with respect to Agent Advances and Non-Ratable Loans, 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 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
Borrower on such date a corresponding amount.
If any UK Lender has not transferred its full Pro Rata Share of a UK
Borrowing to the UK Agent in immediately available funds and the UK Agent has
transferred a corresponding amount to the UK Borrower 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 Reference Rate for that
day.  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 of
such failure to fund and, upon demand by the UK Agent, the UK Borrower 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

75

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 Borrower 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 Borrower of their duties and
obligations hereunder.

                    (e)
Removal of Defaulting Lender.  At
the UK Borrower’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 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.

          12.15
Letters of Credit; Intra-Lender Issues.

                    (a)
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 a Lender, in connection with the issuance
of such Letter of Credit (including all obligations of the UK Borrower with
respect thereto, and any security therefor or guaranty pertaining thereto).

76

                              (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) of such payment from the UK Borrower.  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 Borrower 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 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 the 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
Borrower 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 Borrower 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
the 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 

77

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 prior to the date on which any payment is due to the UK Lenders
that the UK Borrower 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
Borrower 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 Reference Rate for
each day from the date such amount is distributed to such UK Lender until the
date repaid.

                    (d)
Indemnification by UK Lenders.
To the extent not reimbursed by the UK Borrower and without limiting the
obligations of the 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 Borrower 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 Borrower.  The
agreement contained in this Section shall survive payment in full of all
other Obligations.

                    (e)
Currency Conversion and Contingent Funding Agreement.  In the event a Letter of Credit denominated
in any of Dollars, Canadian Dollars or Euro is drawn and the UK Borrower does
not reimburse the Letter of Credit Issuer pursuant to Section 1.4(e) on the
date required thereunder (the “Required Date”), the reimbursement obligation in
respect thereof shall be immediately converted into Pounds Sterling on the
basis of the Spot Rate for the purchase of Pounds Sterling with such other
currency on the Required Date.  A
request by the UK Borrower to the UK Agent for a Borrowing of UK Sterling LIBOR
Revolving Loans in the amount of such converted amount shall be deemed to have
been given with a Funding Date as the Required Date.  The UK Agent is authorized to charge the UK Borrower’s Loan
Account for the amount of such converted amount in accordance with Section
3.6.

          12.16
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.

          12.17
Field Audit and Examination Reports; Disclaimer by Lenders.  By signing this Agreement, each UK Lender:

78

                    (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, examination report or
asset appraisal (each a “Report” and collectively, “Reports”) prepared by or on
behalf of the UK Agent; 

                    (b)
expressly agrees and acknowledges that no 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 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 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 the 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 US Lender.

          12.18
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.

          12.19
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).

          12.20
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.

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          12.21
Co-Agents.  (a)  None of the UK Lenders identified on the
facing page, the preamble or the signature pages to this Agreement as
“Documentation Agents”, 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 UK Lenders as such.  Without
limiting the foregoing, none of the UK Lenders identified as “Documentation
Agents”, 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
Borrowers 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 12.21 shall apply to such Agent or Co-Agent as if such Agent or
Co-Agent were a “Documentation Agents” as referred to in this Section 12.21.

          12.22
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.

          12.23
PTR Scheme.

                    (a)
Each Treaty Lender:

                    (i)
irrecovably appoints the UK Agent to act as syndicate manager under, and
authorises the Agent to operate, and take any action necessary or desirable
under, the PTR Scheme in connection with the Loans;

                    (ii)
shall co-operate with the UK Agent in completing any procedural formalities
necessary under the PTR Scheme, and shall promptly supply to the UK Agent such
information as the UK Agent may request in connection with the operation of the
PTR Scheme;

                    (iii)
without limiting the liability of any UK Obligor under this Agreement, shall,
within 5 Business Days of demand, indemnify the UK Agent for any liability or
loss incurred by the UK Agent as a result of the UK Agent acting as a syndicate
manager under the PTR Scheme in connection with the Treaty Lender’s
participation in any of the Loans (except to the extent that the liability or
loss arises directly from the UK Agent’s gross negligence or wilful misconduct);

                    (iv)
shall, within 5 Business Days of demand, indemnify each UK Obligor for any
Taxes which such UK Obligor becomes liable to pay in respect of any payments
made to such Treaty Lender arising as a result of any incorrect information supplied
by such Treaty Lender under Section 12.23(a)(ii) above which results in a
provisional authority issued by Her Majesty’s Revenue and Customs in the UK
under the PTR Scheme being withdrawn; and

80

                    (v)
shall forthwith notify each UK Obligor if it ceases to be a Treaty Lender.

                    (b)
Each UK Obligor acknowledges that it is fully aware of its contingent
obligations under the PTR Scheme, and shall (i) promptly supply to the UK Agent
such information as the UK Agent may request in connection with the operation
of the PTR Scheme, and (ii) act in accordance with any provisional notice
issued by Her Majesty’s Revenue and Customs in the UK under the PTR Scheme.

                    (c)
The UK Agent agrees to provide, as soon as reasonably practicable, a copy of
any provisional authority issued to it under the PTR Scheme in connection with
any Loan to those UK Obligors specified in such provisional authority.

                    (d)
All parties acknowledge that the UK Agent (i) is entitled to rely completely
upon information provided to it in connection with Section 12.23(a) or Section
12.23(b) above, (ii) is not obliged to undertake any enquiry into the accuracy
of such information, nor into the status of the Treaty Lender or, as the case
may be, the UK Obligor, providing such information, and (iii) shall have no
liability to any person for the accuracy of any information it submits in
accordance with Section 12.23(a)(i) above.

                    (e)
In this Section 12.23, “PTR Scheme” means the Provisional Treaty Relief scheme
as described in the Guidelines issued by Her Majesty’s Revenue and Customs in
the UK (“HMRC”) in January 2003 and administered by the HMRC UK Centre for
Non-Residents.

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 the 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 Borrower 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.

          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 

81

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:

                              (1)
by delivering it at the relevant address for service referred to in Section
13.7;

                              (2)
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

                              (3)
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:

                              (1)
in the case of service personally or in accordance with Subsection (b)(i)
above, at the time of such service;

                              (2)
in the case of service by post, at 9.00 a.m. (London time) 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. (London time) on
the fifth UK Business Day following the day on which it was posted; and

                              (3)
in the case of service by fax, if sent before 9.00 a.m. (London time) 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. (London time) on a UK Business Day, two hours after the time of such
service or, if sent after 5.30 p.m (London time) on a UK Business Day, or if
sent on a day other than a UK Business Day, at 9.00 a.m. (London time) on the next
following UK Business Day.

                    (d)
In proving service of a demand, notice, communication or other document served:

                              (1)
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

                              (2)
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 Borrower’s 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.

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          13.5
Other Security and Guaranties.
The UK Agent, may, without notice or demand and without affecting the UK
Borrower’s 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)
The UK Borrower agrees to pay to the UK Agents for their respective benefit, on
demand, all reasonable costs and expenses that each UK Agent pays or incurs in
connection with the negotiation, preparation, syndication, consummation,
administration, (but excluding any costs and expenses associated with
assignments of Loans (other than in connection with the primary syndication of
the Commitments) or participations), 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’ reasonable
and documented fees and out-of-pocket 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 Borrower under the Loan Documents that the UK
Borrower fails to pay or take; (f) subject to Section 7.4
hereof, costs of internal or outside 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 and the preparation of
reports thereof; 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 Borrower agrees to pay reasonable and documented out-of-pocket 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 and documented fees,
out-of-pocket 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
Borrower.  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 

83

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:

	
 

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit, Inc.

  505 Fifth Avenue

  New York, New York 10017

  Attn:  Relationship Manager – Mobile
  Storage Group, Inc.

  Facsimile:  (212) 461-7760

	
 

	
 

	
 

	
 

	
 

	
with copies
  to:

	
 

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit Inc.

  505 Fifth Avenue

  New York, New York 10017

  Attn:  Internal Counsel – Mobile
  Storage Group, Inc.

  Facsimile:  (212) 771-9520

	
 

	
 

	
 

	
 

	
If to UK
  Agent or the UK Security Trustee:

	
 

	
 

	
 

	
 

	
 

	
The CIT
  Group/Business Credit, Inc.

  505 Fifth Avenue

  New York, New York 10017

  Attn:  Relationship Manager – Mobile
  Storage Group, Inc.

  Facsimile:  (212) 461-7760

  with copies to:

  

  The CIT Group/Business Credit Inc.

  505 Fifth Avenue

  New York, New York 10017

  Attn:  Internal Counsel – Mobile
  Storage Group, Inc.

  Facsimile:  (212) 771-9520

	
 

	
 

	
 

	
 

	
If to the 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

84

	
 

	
 

	
 

	
 

	
 

	
with copies
  to:

	
 

	
 

	
 

	
 

	
 

	
Christopher
  A. Wilson, Esq.

  Mobile Storage Group, Inc.

  7590 North Glenoaks Boulevard

  Burbank, CA 91504

  Facsimile No.:  (818) 253-3154

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
Borrower 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 Borrower 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 Borrower waives 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 Borrower which any UK Agent or any UK Lender may elect to give shall
entitle the UK Borrower 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 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 the 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)
Except with respect to any Claims (as defined below) associated with Taxes, the
UK Borrower agrees to defend, indemnify and hold each UK Agent, the
Agent-Related Persons, the Letter of Credit Issuer 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
(“Claims”) 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 

85

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 Borrower shall
have no obligation hereunder to any Indemnified Person with respect to
Indemnified Liabilities resulting solely from (i) the gross negligence, bad
faith or willful misconduct of such Indemnified Person as determined in a final
non-appealable judgment of a court of competent jurisdiction or (ii) a breach
of the Loan Documents.  The agreements
in this Section shall survive payment of all other Obligations.

                    (b)
The UK Borrower agrees to indemnify, defend and hold harmless each UK Agent,
the Letter of Credit Issuer 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 the 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 the UK Borrower or any of its Subsidiaries.  The indemnity includes but is not limited to
Attorneys Costs.  The indemnity extends
to the Agents, the Letter of Credit Issuer 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 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 Borrower 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)
Submission.  MSG and the UK
Borrower 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.

                    (c)
Forum.  MSG and the UK Borrower
irrevocably waive any objection which it might now or hereafter have to the
courts referred to in subsection (b) 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.

86

                    (d)
Other competent jurisdictions.
The submission to the jurisdiction of the courts referred to in
subsection (b) 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.

                    (e)
Consent of enforcement.  MSG and
the UK Borrower 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 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 THE 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 the US Credit Agreement and the US Loan
Documents are intended by the UK Borrower, 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 Borrower 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
Borrower 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 the 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 Borrower, any
such notice being waived by the UK Borrower 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 

87

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 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 Borrower 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 the 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 Borrower hereby consents 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 Borrower and a general description of the UK Borrower’s
businesses and may use the UK Borrower’s 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 Borrower and
provided to such UK Agent or UK Lender by or on behalf of the UK Borrower, 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 Borrower, provided that such source is not bound by a confidentiality agreement with the UK
Borrower 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,
provided that they are advised (and UK Agents and UK Lender will advise) by UK
Agents or UK Lender that such information is confidential; (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 the UK Borrower is party with such UK Agent
or such UK Lender, and (9) to its Affiliates, provided that any UK Agent
or 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.  

          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.

88

          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 Borrower 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 Borrower 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
Obligations is rescinded or must otherwise be restored or returned by any such
Person upon the insolvency, administration, bankruptcy, dissolution,
liquidation or reorganization of the 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
Register.  The UK Agent, acting
for this purpose as an agent of the UK Borrower, shall maintain at one of its
offices a copy of each Assignment and Acceptance delivered to it and a register
for the recordation of the names and addresses of the UK Lenders, and the
Commitments of, and principal amount of the Loans and Letter of Credit
disbursements owing to, each UK Lender pursuant to the terms hereof from time
to time (the “UK Register”).  Absent
manifest error, the entries in the Register shall be conclusive, and the UK
Borrower, the UK Agent, the Letter of Credit Issuers and the UK Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a UK Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary.
The Register shall be available for inspection by the UK Borrower, the
Letter of Credit Issuers and any UK Lender, at any reasonable time and from
time to time upon reasonable prior notice.

[Signature pages follow]

89

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

	
 

	
 

	
 

	
 

	
“US BORROWER”

	
 

	
 

	
 

	
 

	
MOBILE STORAGE GROUP, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
“US BORROWER”

	
 

	
 

	
 

	
 

	
MOBILE SERVICES GROUP, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
“PARENT GUARANTOR”

	
 

	
 

	
 

	
 

	
MSG WC HOLDINGS CORP.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
“UK BORROWER”

	
 

	
 

	
 

	
RAVENSTOCK
  MSG LIMITED

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
“INTERMEDIARY”  

	
 

	
 

	
 

	
 

	
MSG WC
  INTERMEDIARY CO.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name:

	
 

	
 

	
Title: 

	
 

	
 

	
 

	
 

	
“ADMINISTRATIVE AGENT”

	
 

	
 

	
 

	
 

	
THE CIT
  GROUP/BUSINESS CREDIT, INC., as the Administrative Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Neal
  Mulford

	
 

	
 

	
Title:
  Senior Vice President

	
 

	
 

	
 

	
 

	
“UK AGENT”

	
 

	
 

	
 

	
 

	
THE CIT
  GROUP/BUSINESS CREDIT, INC., as the Administrative Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Neal
  Mulford

	
 

	
 

	
Title:
  Senior Vice President

	
 

	
 

	
 

	
 

	
“UK FRONTING LENDER”

	
 

	
 

	
 

	
 

	
THE CIT
  GROUP/BUSINESS CREDIT, INC., as the Administrative Agent

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Neal
  Mulford

	
 

	
 

	
Title:
  Senior Vice President

	
 

	
 

	
 

	
 

	
“LENDERS”

	
 

	
 

	
 

	
 

	
THE CIT
  GROUP/BUSINESS CREDIT, INC., as a 
Lender

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Name: Neal
  Mulford

	
 

	
 

	
Title:
  Senior Vice President

ANNEX A

to

US Credit Agreement and UK Credit Agreement

Definitions

                    Capitalized
terms used in the Loan Documents shall have the following respective meanings
(unless otherwise defined therein), and all section references in the following
definitions shall refer to sections of the Agreement:

                    “ABMSC”
means A Better Mobile Storage Company, a California corporation. 

                    “Accounts”
of a Person means such Person’s now owned or hereafter acquired or arising accounts,
as defined or used in the UCC (if in reference to Person that is a US Credit
Party) or the Companies Act (if in reference to Person that is a UK Credit
Party), including any rights to payment for the sale or lease of goods or
rendition of services, whether or not they have been earned by performance, all
rights to payment under Chattel Paper, all payment intangibles, as defined in
the UCC, arising under leases, all book debts and all “Receivables” as defined
in the UK Debenture.

                    “Account
Debtor” means each Person obligated in any way on or in connection with an
Account, Chattel Paper or General Intangibles (including a payment intangible).

                    “ACH
Transactions” means any cash management or related services including the
automatic clearing house transfer of funds by the Bank for the account of any
Credit Party pursuant to agreement or overdrafts.

                    “Acquisition
Agreement” means the Agreement and Plan of Merger, dated May 24, 2006, by
and among the Parent Guarantor, Acquisition Sub and Mobile Services as amended
by the Amendment to Agreement and Plan of Merger dated as of June 9, 2006.

                    “Acquisition
Documents” means, collectively, the Acquisition Agreement all schedules,
exhibits and annexes thereto, and all side letters and agreements affecting the
terms thereof or entered into connection therewith.

                    “Acquisition”:
means the acquisition of all of the issued and outstanding Capital Stock of
Mobile Services pursuant to the Acquisition Agreement whereby Acquisition Sub
shall merge with Mobile Services with Mobile Services as the surviving entity.

                    “Acquisition
Sub” means MSG WC Acquisition Corp., a Delaware Corporation.

                    “Acquisition
Carry Forward Amount” has the meaning specified in clause (i) of the
definition of “Restricted Investment.”

                    “Acquisition
to CapEx Transfer Amount” means, with respect to each Fiscal Year, the
amount up to the lesser of the Dollar Equivalent of $15,000,000 and the amount
permitted as Permitted Acquisitions in any given Fiscal Year applied by the
Credit Parties, in their sole discretion, to the making or incurring of a
Capital Expenditure pursuant to Section 7.26 and Section 7.26
of the UK Credit Agreement, rather than a Permitted Acquisition pursuant to Section 7.10(c)
of the US Credit Agreement and Section 7.10(c) of the UK Credit
Agreement, such amount for each Fiscal Year to be certified by the US Borrower
Representative to the Administrative Agent in the Compliance Certificate
delivered for the last Fiscal Quarter of such Fiscal Year; provided that
any amount so applied under the Existing US Credit 

A-1

Agreement and
the Existing UK Credit Agreement prior to the Closing Date for any Fiscal Year
shall automatically deemed similarly so applied and shall be included for
purposes of this definition.

                    “Adjusted
Net Income” means, with respect to any fiscal period of the Credit Parties,
the consolidated net income of the Credit Parties and their Consolidated
Subsidiaries after provision for income taxes for such fiscal period, as
determined in accordance with GAAP and reported on the Financial Statements for
such period, excluding (without duplication) any and all of the following
included in such net income: (a) gain or loss arising from the sale of any
capital assets other than in the ordinary course of business; (b) gain or loss
arising from any write-up or write-down in the book value of any asset; (c)
earnings of any Person (other than a Consolidated Subsidiary) in which a Credit
Party or any of its Subsidiaries has an ownership interest unless (and only to
the extent) such earnings shall actually have been received by such Credit
Party or such Subsidiary in the form of cash distributions; (d) gain or
non-cash loss arising from the acquisition of debt or equity securities of a
Credit Party or any of its Subsidiaries or from cancellation or forgiveness of
Debt; and (e) prepayment penalties paid in connection with the refinancing of
the Existing Indebtedness and other Debt if and only to the extent that (i) all
such Debt either was evidenced by the Existing Indebtedness or was and is
incurred in compliance with Section 7.13 hereof and (ii) the net
proceeds of the Debt incurred to retire existing Debt are sufficient to pay in
cash in full such prepayment penalties.

                    “Administrative
Agent” means The CIT Group/Business Credit, Inc., a New York corporation,
or any successor entity thereto, solely in its capacity as administrative agent
for the US Lenders and security agent for the US Lenders, and any successor
agent.

                    “Affiliate”
means, as to any Person, any other Person which, directly or indirectly, is in
control of, is controlled by, or is under common control with, such Person or
(with reference to any Person other than a Lender) which owns, directly or
indirectly, five percent (5%) or more of the outstanding equity interest of
such Person; provided,  however, that no portfolio companies of
Welsh Carson or any other funds controlled by Welsh Carson Anderson & Stowe
(other than the Credit Parties and their respective Subsidiaries) shall be
deemed Affiliates of a Credit Party or any Subsidiary thereof. A Person shall
be deemed to control another Person if the controlling Person possesses,
directly or indirectly, the power to direct or cause the direction of the
management and policies of the other Person, whether through the ownership of
voting securities, by contract, or otherwise.

                    “Agency”
means any third party at whose premises a Credit Party maintains Inventory on a
regular basis and who provides services related to the sale or lease of such
Inventory, including the delivery thereof.

                    “Agent
Advances” has the meaning specified in Section 1.2(i) of the US
Credit Agreement and Section 1.2(i) of the UK Credit Agreement.

                    “Agent-Related
Persons” means the Agents, together with their respective Affiliates, and
the officers, directors, employees, counsel, representatives, agents and
attorneys-in-fact of the Agents and such Affiliates.

                    “Agents”
means, collectively, the US Agent and the UK Agents.

                    “Agents’
Liens” means US Agents’ Liens and the UK Agents’ Liens.

                    “Aggregate
Availability” means an amount equal to the sum of the US Availability and
the Dollar Equivalent of the UK Availability.

A-2

                    “Aggregate
Commitments” means, collectively, the US Commitments and UK Commitments.

                    “Aggregate
Outstandings” means, at any date of determination, the sum of US Aggregate
Outstandings and UK Aggregate Outstandings.

                    “Agreement”
means the UK Credit Agreement or the US Credit Agreement, as applicable, to
which this Annex A is attached, as from time to time amended, modified or
restated.

                    “Anniversary
Date” means each anniversary of the Closing Date.

                    “Anti-Terrorism
Laws” means any laws relating to terrorism or money laundering, including
Executive Order No. 13224 and the USA Patriot Act.

                    “Applicable
Advance Rate” means (a) with respect to matters relating to the US
Collateral, the US Advance Rate and (b) with respect to matters relating to the
UK Collateral, the UK Advance Rate.

                    “Applicable
Agents” means (a) with respect to matters relating to the US Credit
Agreement, the US Agents and (b) with respect to matters relating to the UK
Credit Agreement, the UK Agents.

                    “Applicable
Agents’ Liens” means the Liens in the Collateral granted to the Applicable
Security Agent, for the benefit of the Applicable Lenders and Applicable Agents
pursuant to this Agreement and the other Loan Documents.

                    “Applicable
Borrower Representative” means (a) with respect to matters relating to the
US Credit Agreement, the US Borrower Representative and (b) with respect to
matters relating to the UK Credit Agreement, the UK Borrower.

                    “Applicable
Borrowers” means (a) with respect to matters relating to US Revolving Loans
and Letters of Credit issued for the benefit of the US Borrowers and other
matters relating to the US Credit Agreement, the US Borrowers, and (b) with
respect to matters relating to UK Revolving Loans and Letters of Credit issued
for the benefit of the UK Borrower and other matters relating to the UK Credit
Agreement, the UK Borrower.

                    “Applicable
Borrowing Base” means (a) with respect to matters relating to US Revolving
Loans and Letters of Credit issued for the benefit of the US Borrowers and
other matters relating to the US Credit Agreement, the US Borrowing Base, and
(b) with respect to matters relating to UK Revolving Loans and Letters of
Credit issued for the benefit of the UK Borrower and other matters relating to
the UK Credit Agreement, the UK Borrowing Base.

                    “Applicable
Business Day” means (a) with respect to matters relating to the US Credit
Agreement, a US Business Day, (b) with respect to matters relating to UK Credit
Agreement, a UK Business Day.

                    “Applicable
Collateral” means (a) with respect to matters relating to US Security
Documents, the US Collateral, and (b) with respect to matters relating to UK
Security Documents, the UK Collateral.

A-3

                    “Applicable
Currency” means, as to any particular payment or Loan, Dollars or Pounds
Sterling in which such Loan is denominated or is payable.

                    “Applicable
Lenders” means (a) with respect to matters relating to US Revolving Loans
and Letters of Credit issued for the benefit of the US Borrowers and other
matters relating to the US Credit Agreement, the US Lenders, (b) with respect
to matters relating to UK Revolving Loans and Letters of Credit issued for the
benefit of the UK Borrower and other matters relating to the UK Credit
Agreement, the UK Lenders.

                    “Applicable
Margin” means:

	
 

	
 

	
 

	
 

	
(i)

	
with respect
  to US Base Rate Revolving Loans and all other Obligations of the US Borrowers
  (other than US LIBOR Revolving Loans), 1.00%;

	
 

	
 

	
 

	
 

	
(ii)

	
with respect
  to UK Base Rate Revolving Loans and all other Obligations of the UK Borrower
  (other than UK Sterling LIBOR Revolving Loans), 1.00%;

	
 

	
 

	
 

	
 

	
(iii)

	
with respect
  to US LIBOR Revolving Loans, 2.00%; and

	
 

	
 

	
 

	
 

	
(iv)

	
with respect
  to UK Sterling LIBOR Revolving Loans, 2.00%.

                    The
Applicable Margins for Revolving Loans and the Applicable Unused Line Fee Rate
shall be adjusted (up or down) prospectively on a quarterly basis as determined
by the Consolidated Total Debt to Pro Forma EBITDA Ratio, commencing on
December 31, 2006 with reference to the most recently delivered quarterly
unaudited consolidated Financial Statements as of the end of the first three
Fiscal Quarters in any Fiscal Year or annual audited Financial Statements (as
applicable). Adjustments in Applicable Margins shall be determined by reference
to the following grids:

	
 

	
 

	
 

	
If Consolidated Total Debt to 

  Pro Forma EBITDA Ratio is:

	
 

	
Level of

  Applicable Margins:

	

	
 

	

	
> = 6.0:1

	
 

	
Level I

	
> = 5.0:1, but < 6.0:1

	
 

	
Level II

	
> = 4.0:1, but < 5.0:1

	
 

	
Level III

	
< 4.0:1

	
 

	
Level IV

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
High to Low

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Applicable Margins

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Level I

	
 

	
Level II

	
 

	
Level III

	
 

	
Level IV

	
 

	
 

	
 

	

	
 

	

	
 

	

	
 

	

	
 

	
Base Rate
  Revolving Loans

	
 

	
1.25

	
%

	
 

	
1.00

	
%

	
 

	
0.75

	
%

	
 

	
0.50

	
%

	
 

	
LIBOR and
  Sterling LIBOR Loans

	
 

	
2.25

	
%

	
 

	
2.00

	
%

	
 

	
1.75

	
%

	
 

	
1.50

	
%

	
 

	
Applicable
  Unused Line Fee Rate

	
 

	
0.50

	
%

	
 

	
0.375

	
%

	
 

	
0.375

	
%

	
 

	
0.25

	
%

	
 

                    All
adjustments in the Applicable Margins for Revolving Loans on or after December
31, 2006 shall be implemented quarterly on a prospective basis, for each
calendar month commencing at least 5 days after the date of delivery to the
Lenders of quarterly unaudited consolidated Financial Statements as of the end
of the first three Fiscal Quarters in any Fiscal Year or annual audited
Financial Statements (as applicable) evidencing the need for an adjustment.
Concurrently with the delivery of those Financial Statements, the Borrowers
shall deliver to the Administrative Agent and the Lenders a certificate, signed
by the chief financial officer of the US Borrower, setting forth in reasonable
detail the basis for the 

A-4

continuance
of, or any change in, the Applicable Margins. Failure to timely deliver such
Financial Statements shall, in addition to any other remedy provided for in the
Agreement, result in an increase in the Applicable Margins to the highest level
set forth in the foregoing grid, until the first day of the first calendar
month following the delivery of those Financial Statements demonstrating that
such an increase is not required. If a Default or Event of Default has occurred
and is continuing at the time any reduction in the Applicable Margins for
Revolving Loans is to be implemented, no reduction may occur until the first
day of the first calendar month following the date on which such Default or
Event of Default is waived or cured.

                    “Applicable
Required Lenders” means (a) with respect to matters relating to the US
Credit Agreement, the US Required Lenders and (b) with respect to matters
relating to the UK Credit Agreement, the UK Required Lenders.

                    “Applicable
Security Agent” means (a) with respect to matters relating to the US Credit
Agreement and US Loan Documents, the Administrative Agent and (b) with respect
to matters relating to the UK Credit Agreement and UK Loan Documents, the UK
Security Trustee.

                    “Applicable
Unused Line Fee Rate” means 0.375% per annum as adjusted in accordance with
the determination of Applicable Margin.

                    “Appraisal
Reserves” means any reserves that the Administrative Agent or the UK Agent,
as applicable, from time to time establishes in its reasonable discretion, for
any appraisal.

                    “Appraiser”
means Hilco Appraisal Services, LLC, (“Hilco”) or such other appraiser selected
by the Administrative Agent; provided that, so long as no Event
of Default has occurred and is continuing, the Administrative Agent shall use
its reasonable best efforts to select Hilco and only if after using such
reasonable best efforts Hilco is not available, such other appraiser as will
employ the methodologies utilized by Hilco in respect of the valuations of the
Borrower’s assets used to determine the Applicable Borrowing Base as of the
Closing Date. For the avoidance of doubt, each Borrower acknowledges and agrees
that, upon the occurrence and during the continuance of an Event of Default,
the Administrative Agent shall select an appraiser in its sole discretion, but
shall use reasonable best efforts to cause such appraiser to utilize the
methodology applied by Hilco in respect of the valuation of the Borrower’s
assets to determine the Applicable Borrowing Base as of the Closing Date. 

                    “Approved
Currency” mean any of Dollars, Pounds Sterling, Canadian Dollars or Euro.

                    “Assignee”
has the meaning specified in Section 11.2(a) of the US Credit
Agreement.

                    “Assignment
and Acceptance” has the meaning specified in Section 11.2(a) of
the US Credit Agreement.

                    “Attorney
Costs” means and includes all reasonable and documented fees, expenses and
out-of-pocket disbursements of any law firm or other counsel engaged by any of
the Agents, from and after the Closing Date;

                    “Bank
Product Provider” means any Lender or any Affiliate of a Lender, or any
successor entity thereto, providing Bank Products to the Borrowers. Any such
Lender or Affiliate that enters into a transaction with the Borrower in respect
of Bank Products (i) shall promptly provide the Administrative Agent notice of
such Bank Product arrangements with a Borrower and an estimate of the maximum
liability of such Borrower to such Bank Product Provider thereunder and (ii)
shall agree to 

A-5

appoint the
Applicable Agents as its agents for purposes of the applicable Loan Documents
and be bound by the terms set forth in Article 12 of this Agreement in
connection therewith.

                    “Bank
Reference Rate” means JPMorgan Chase Bank N.A.’s reference rate for Pounds
Sterling, being the rate time to time set by JPMorgan Chase Bank N.A. based on
various factors including the JPMorgan Chase Bank N.A.’s cost of funds, desired
return and general economic conditions and which is used as a reference point
for pricing loans made by it in Pounds Sterling.

                    “Bank
Product Reserves” means all reserves which the Administrative Agent or the
UK Agent, as applicable, from time to time establishes in its reasonable
discretion for the Bank Products then provided or outstanding.

                    “Bank
Products” means either US Bank Products or UK Bank Products or both of
them.

                    “Bankruptcy
Code” means Title 11 of the United States Code (11 U.S.C. § 101 et
seq.) as amended from time to time.

                    “Base
Rate Revolving Loans” means, collectively, the US Base Rate Revolving Loans
and the UK Base Rate Revolving Loans.

                    “Blocked
Account Agreement” means an agreement among any Borrower, any Guarantor,
the Applicable Security Agent and a Clearing Bank, in form and substance
reasonably satisfactory to the Applicable Security Agent and Applicable
Borrower Representative, concerning the collection of payments which represent
the proceeds of Accounts or of any other Collateral.

                    “Blocked
Person” means (a) a Person that is listed in the annex to, or is otherwise
subject to the provisions of, Executive Order No. 13224; (b) a Person owned or
controlled by, or acting for or on behalf of, any Person that is listed in the
annex to, or is otherwise subject to the provisions of, Executive Order No.
13224; (c) a Person or entity with which any bank or other financial
institution is prohibited from dealing or otherwise engaging in any transaction
by any Anti-Terrorism Law; (d) a Person or entity that commits, threatens or
conspires to commit or supports “terrorism” as defined in Executive Order No.
13224; (5) a Person or entity that is named as a “specially designated
national” on the most current list published by the U.S. Treasury Department
Office of Foreign Asset Control (OFAC) at its official website or any
replacement website or other replacement official publication of such list; (e)
a Person or entity who is affiliated with a Person or entity listed above; or
(f) an agency of the government of, an organization directly or indirectly
controlled by, or a Person resident in, a country on any official list
maintained by OFAC.

                    “Book
Value of Eligible Machinery and Equipment” shall mean the net book value of
Eligible Machinery and Equipment, determined in accordance with GAAP.

                    “Book
Value of Eligible Rental Fleet Assets” shall mean the net book value of
Eligible Rental Fleet Assets, determined in accordance with GAAP.

                    “Borrower”
and “Borrowers” means each of the US Borrowers and the UK Borrower and
all of them.

                    “Borrower
Representative” means the US Borrower Representative.

                    “Borrowing
Base Certificate” means a certificate by a Responsible Officer of the
Applicable Borrower Representative, substantially in the form of Exhibit B
to the US Credit Agreement 

A-6

and the UK
Credit Agreement (or another form reasonably acceptable to the Administrative
Agent and the UK Agent acting jointly) setting forth the calculation of the UK
Borrowing Base or US Borrowing Base, as applicable, including a calculation of
each component thereof, all in such detail as shall be reasonably satisfactory
to the Administrative Agent or, in the case of the UK Borrowing Base, the UK
Agent. All calculations of the Applicable Borrowing Base in connection with the
preparation of any Borrowing Base Certificate shall originally be made by the
Applicable Borrower Representative and certified to the Administrative Agent
or, in the case of the UK Borrowing Base, the UK Agent; provided, that
(a) the Administrative Agent shall have the right to review and adjust, in the
exercise of its reasonable credit judgment, any such calculation (1) to reflect
its reasonable estimate of declines in value of any of the Collateral described
therein, and (2) to the extent that such calculation is not in accordance with
this Agreement and (b) the UK Agent, shall have the right to review and adjust,
in the exercise of its sole discretion, any such calculation (1) to reflect its
estimate of declines in value of any of the Collateral described therein, and
(2) to the extent that such calculation is not in accordance with this
Agreement.

                    “Borrowings”
means US Borrowings and UK Borrowings.

                    “Canadian
Dollars” mean Canadian dollars in the lawful currency of Canada.

                    “Capital
Adequacy Regulation” means any guideline, request or directive of any
central bank or other Governmental Authority, or any other law, rule or
regulation, whether or not having the force of law, in each case, regarding
capital adequacy of any bank or of any corporation controlling a bank.

                    “Capital
Expenditure to Acquisitions Transfer Amount” means, with respect to each
Fiscal Year, the amount up to the Dollar Equivalent of $15,000,000 applied by
the Credit Parties, in their discretion, to the making of Permitted
Acquisitions pursuant to Section 7.10(c) of the US Credit Agreement
and Section 7.10(c) of the UK Credit Agreement, rather than Capital
Expenditures pursuant to Section 7.26 of the US Credit Agreement
and Section 7.26 of the UK Credit Agreement, such amount for each Fiscal
Year to be certified by the US Borrower Representative to the Administrative
Agent in the Compliance Certificate delivered for the last Fiscal Quarter of
such Fiscal Year.

                    “Capital
Expenditures” means all payments due (whether or not paid during any fiscal
period) in respect of the cost of any Fixed Asset, Rental Fleet Asset or
improvement, or replacement, substitution, or addition thereto, including those
costs arising in connection with the direct or indirect acquisition of such
asset by way of increased product or service charges or in connection with a
Capital Lease. Notwithstanding the foregoing, Capital Expenditures shall not
include (i) Rental Fleet Assets or Machinery and Equipment purchased
substantially simultaneously with the trade-in of existing Rental Fleet Assets
or Machinery and Equipment to the extent of the trade-in credit therefor, (ii)
Rental Fleet Assets or Fixed Assets purchased with proceeds of Rental Fleet
Assets or Fixed Assets sold in that Fiscal Year, (iii) expenditures to acquire
assets in a Permitted Acquisition; (iv) Capital Leases existing on the Closing
Date; (v) expenditures made to restore, rebuild or replace property following
any damage, loss, destruction or condemnation of such property, to the extent
such expenditure is made or financed with proceeds received or to be received
from insurance, condemnation or other similar proceeds; (vii) expenditures made
to the extent reimbursed by a Person other than the Credit Parties and their
Subsidiaries and (viii) expenditures constituting capitalized interest.

                    “Capital
Lease” means any lease of property which, in accordance with GAAP, should
be reflected as a capital lease on the balance sheet of the applicable Person.

A-7

                    “Capital
Stock” means all equity interests in a Person, whether common stock,
preferred stock, partnership interests, limited liability company interests,
membership interests, options, warrants, stock or equity appreciation rights,
or otherwise.

                    “Cash
Interest Coverage Ratio” means, for any period, the ratio of EBITDA to the
sum of (i) total interest expense payable by Mobile Services and its
Subsidiaries in cash during such period; (ii) any distributions in cash made
during such period pursuant to Section 7.10(a)(iv) and (iii) any distributions
in cash made during such period pursuant to Section 7.10(a)(viii) for the
purpose of making interest payments with respect to the Mezzanine Notes.

                    “Change
in Control” means

                    (a) prior
to a public offering of stock by the Parent Guarantor registered pursuant to
the Securities Act (an “IPO”), the failure of Welsh Carson and its Affiliates
to beneficially own in the aggregate, free and clear of all Liens, at least 50%
of the outstanding shares of Voting Stock of the Parent Guarantor on a fully
diluted basis;

                    (b) after
an IPO, (i) the failure of Welsh Carson and its Affiliates to beneficially own
in the aggregate free and clear of all Liens, at least 30% of the outstanding
Voting Stock of the Parent Guarantor on a fully diluted basis, (ii) the
acquisition, directly or indirectly, by any person or group (as defined in
Section 13(d)(3) under the Exchange Act) (other than any Affiliates of
Welsh Carson) of beneficial ownership (within the meaning of Rule 13d-3 of the
Securities and Exchange Commission under the Exchange Act) of a percentage of
the outstanding Voting Stock of the Parent Guarantor that exceeds in the
aggregate the percentage of Voting Stock then beneficially owned (within the
meaning of Rule 13d-3 of the Securities and Exchange Commission under the
Exchange Act) by the Welsh Carson or (iii) the board of directors of the Parent
Guarantor shall not consist of a majority of “Continuing Directors” (such term
being defined as directors of the Parent Guarantor on the Closing Date and each
other director, if such other director’s nomination for election to the board
of directors is recommended by a majority of the then Continuing Directors or
is recommended by a committee of the board of directors, a majority of which is
composed of the then Continuing Directors or if such other director receives
the affirmative vote of Welsh Carson or its Affiliates);

                    (c) (i)
the failure of the Parent Guarantor to directly own beneficially and of record
all of the outstanding Voting Stock of Mobile Services or directly or
indirectly own beneficially and of record all of the outstanding Voting Stock
of MSG and each other Credit Party or (ii) the failure of Mobile Services to
directly own beneficially and of record all of the outstanding Voting Stock of
MSG, in the case of clauses (i) and (ii) on a fully diluted basis, and free and
clear of all Liens except the Applicable Agents’ Liens;

                    (d) so
long as the UK Revolving Facility has not been terminated or there are any
Obligations owing with respect to the UK Revolving Facility (other than in the
case where the UK Commitments are being terminated and all Obligations in
respect of the UK Revolving Facility are being repaid or cash collateralized on
terms reasonably satisfactory to the Administrative Agent contemporaneously
with the diminution of MSG’s ownership in Ravenstock), the failure of the
Parent Guarantor to directly or indirectly own beneficially and of record all
of the outstanding Voting Stock of the UK Borrower and the other UK Credit
Parties on a fully diluted basis, and free and clear of all Liens except the
Applicable Agents’ Liens; or

                    (e) the
occurrence (whether before or after an IPO) of a “Change of Control” or “Change
in Control” (however defined) under the Senior Unsecured Notes, Mezzanine Notes
or under any provision of any other agreement governing Debt or Preferred Stock
with a principal amount in 

A-8

excess of
$7,500,000 which requires the repurchase or offer to repurchase of such Debt or
Capital Stock upon a change in ownership of MSG, Mobile Services or the Parent
Guarantor.

                    “Chattel
Paper” means, with respect to any Person, all of such Person’s now owned or
hereafter acquired chattel paper, as defined in the UCC, including electronic
chattel paper.

                    “Clearing
Bank” means any banking institution selected by the Administrative Agent
and the Borrower Representative with whom a Payment Account has been
established pursuant to a Blocked Account Agreement.

                    “Closing Date”
means the date of the US Credit Agreement and the UK Credit Agreement.

                    “Closing
Date MAE” means a change or effect that is materially adverse to the
assets, liabilities, business, financial condition or results of operations of
the Borrowers and its Subsidiaries taken as a whole, other than any such change
or effect, directly or indirectly, (a) resulting from or arising in connection
with (i) general political, economic, financial, capital markets or
industry-wide conditions, (ii) this Agreement, the transactions contemplated
hereby or the announcement or other disclosure of this Agreement or the
transactions contemplated hereby, (iii) conditions disclosed in any schedules
to any Loan Documents as in existence on the date hereof (but excluding any
material worsening or deterioration of such condition), (iv) any breach by any
Agent, Lender or the Letter of Credit Issuer of this Agreement or any other
Loan Document, or (v) the taking of any action or the omission to take any
action expressly required by this Agreement or any other Loan Document; or (b)
attributable to the fact that investors in Parent Guarantor are, prior to the
Closing Date, prospective owners, and as of the Closing Date, owners, of the
Borrowers and its Subsidiaries.

                    “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

                    “Collateral”
means either of the US Collateral or the UK Collateral or both of them.

                    “Commitment
Percentage” means, at any time, for each Lender, the percentage obtained by
dividing (a) such Lender’s US Commitment or UK Commitment, as applicable by (b)
the aggregate amount of the US Commitment and UK Commitment; provided that at
any time when the US Commitment and UK Commitment shall have been terminated,
each Lender’s Commitment Percentage shall be the Commitment Percentage as in
effect immediately prior to such termination.

                    “Companies
Act” means the Companies Act 1985 of the United Kingdom (as amended or
otherwise re-enacted from time to time).

                    “Compliance
Certificate” has the meaning specified in Section 5.2(d) of the
US Credit Agreement and Section 5.2(d) of the UK Credit Agreement.

                    “Consolidated
Total Debt” means, as of any date of determination, the aggregate principal
amount of all Debt of the Credit Parties and their Subsidiaries (other than the
Mezzanine Debt) as of such date, determined on a consolidated basis in
accordance with GAAP. 

                    “Consolidated
Total Debt to Pro Forma EBITDA Ratio” means, as of any date of
determination, Consolidated Total Debt as of such date to Pro Forma EBITDA for
the four Fiscal Quarter period ending on such date.

A-9

                    “Contaminant”
means any substance, waste, pollutant, hazardous substance, toxic substance,
hazardous waste, petroleum or petroleum-derived substance or waste, asbestos in
any form or condition, polychlorinated biphenyls (“PCBs”), or any constituent
of any such substance listed in, defined in or regulated by any Environmental
Law.

                    “Continuation/Conversion
Date” means the date on which a Loan is converted into or continued as a
LIBOR Loan.

                    “Continuing
Director” has the meaning specified in the definition of “Change of
Control.”

                    “Credit
Agreement” shall mean each of the US Credit Agreement and the UK Credit
Agreement, and both of them.

                    “Credit
Facilities” means the Total US Facility and Total UK Facility.

                    “Credit
Party” means any US Credit Party and/or any UK Credit Party and any other
Person who, from time to time, is a guarantor of the Obligations of any Credit
Party or have granted a Lien to secure the Obligations of any Credit Party.

                    “Credit
Support” has the meaning specified in Section 1.4(a) of the US
Credit Agreement or Section 1.4(a) of the UK Credit Agreement, as
applicable.

                    “Currency
Due” has the meaning specified in Section 13.19 of the US
Credit Agreement or Section 13.21 of the UK Credit Agreement, as
applicable.

                    “Debt”
of a Person means, without duplication, all liabilities, obligations and
indebtedness of such Person to any other Person consisting of indebtedness for
borrowed money or the deferred purchase price of property, of any kind or
nature, now or hereafter owing, arising, due or payable, howsoever evidenced,
created, incurred, acquired or owing, whether primary, secondary, direct,
contingent, fixed or otherwise, including (a) all Loans and reimbursement
obligations with respect to Letters of Credit; (b) all obligations evidenced by
bonds, loan stock, debentures, notes or similar instruments; (c) all
obligations and liabilities of any other Person secured by any Lien on such
Person’s property, even though such Person shall not have assumed or become
liable for the payment thereof; provided, however, that all such
obligations and liabilities which are limited in recourse to such property
shall be included in Debt only to the extent of the book value of such property
as would be shown on a balance sheet of such Person prepared in accordance with
GAAP; (d) all obligations or liabilities created or arising under any Capital
Lease or conditional sale or other title retention agreement with respect to
property used or acquired by such Person, even if the rights and remedies of
the lessor, seller or lender thereunder are limited to repossession of such
property; provided, however, that all such obligations and
liabilities which are limited in recourse to such property shall be included in
Debt only to the extent of the book value of such property as would be shown on
a balance sheet of such Person prepared in accordance with GAAP; (e) all
reimbursement obligations under letters of credit or bankers acceptances;
(f) all obligations and liabilities under Guaranties and (g) the
present value (discounted at the US Base Rate) of lease payments due under any
synthetic lease.

                    “Default”
means any event or circumstance which, with the giving of notice, the lapse of
time, or both, would (if not cured, waived, or otherwise remedied during such
time) constitute an Event of Default.

A-10

                    “Default Rate”
means a fluctuating per annum interest rate at all times equal to the sum of
(a) the otherwise applicable Interest Rate or Letter of Credit Fees, as
applicable, plus (b) two percent (2%) per annum. Each Default Rate shall
be adjusted simultaneously with any change in the applicable Interest Rate. 

                    “Defaulting
Lender” has the meaning specified in Section 12.14(c) of the US
Credit Agreement and Section 12.14(c) of the UK Credit Agreement.

                    “Defaulting
Participant” has the meaning specified in Section 1.8 of the UK
Credit Agreement.

                    “Deposit
Accounts” means, with respect to any Person, all “deposit accounts” as such
term is defined in the UCC, now or hereafter held in the name of such Person.

                    “Designated
Account” has the meaning specified in Section 1.2(c)(3) of this
Agreement.

                    “Distribution”
means, in respect of any Person: (a) the payment or making of any dividend
or other distribution of property in respect of Capital Stock (or any options
or warrants for, or other rights with respect to, such Capital Stock) of such
Person, other than distributions in Capital Stock (or any options or warrants
for such stock) of the same class; or (b) the redemption or other acquisition
by such Person of any Capital Stock (or any options or warrants for such
Capital Stock) of such Person.

                    “Documentation
Agent” means Wachovia Capital Finance Corporation (Western), Merrill Lynch
Capital, a division of Merrill Lynch Business Financial Services Inc.and Textron Financial Corporation,
in their capacity as documentation agents, and any successor agent. 

                    “Documents”
means, with respect to any Person, all documents, as such term is defined in
the UCC, including bills of lading, warehouse receipts or other documents of
title, now owned or hereafter acquired by such Person.

                    “DOL”
means the United States Department of Labor or any successor department or
agency.

                    “Dollar”
and “$” means dollars in the lawful currency of the United States.
Unless otherwise specified, all payments under the Loan Documents by the US
Credit Parties shall be made in Dollars.

                    “Dollar
Equivalent” means, at any time, (a) as to any amount denominated in
Dollars, the amount thereof at such time and (b) as to any amount denominated
in Pounds Sterling or any currency other than Dollars, the equivalent amount in
Dollars as reasonably determined by the Administrative Agent at such time on
the basis of the Spot Rate for the purchase of Dollars with Pounds Sterling or
such other currency on the most recent computation date.

                    “EBITDA”
means, with respect to any fiscal period, for Mobile Services and its
Subsidiaries, determined on a consolidated basis, the sum (without duplication)
of the following, determined in accordance with GAAP: (a) Adjusted Net Income; plus
(b) the amount deducted in determining net income representing amortization; plus
(c) the amount deducted in determining net income of all income tax provision; plus
(d) interest expense; plus (e) the amount deducted in determining net
income representing depreciation of assets; plus (f) the amount deducted
in determining net income for any non-cash write-down of goodwill pursuant to
FASB 142; plus (g) an amount equal to the amount of all non-cash
expenses and charges deducted in determining net income other than any such
non-cash 

A-11

item to the
extent it represents an accrual of reserves for cash expenditures in any future
period; plus (h) other non-cash extraordinary, nonrecurring, unusual
expenses or charges not in the ordinary course of business other than any such
non-cash item to the extent it represents an accrual of reserves for cash
expenditures in any future period; plus (i) any expenses or charges
related to any offering, investment, acquisition, disposition, recapitalization
or Debt permitted to be incurred under this Agreement including a refinancing
thereof (whether or not successful), including such fees, expenses or charges
related to the Acquisition, the offering of the Senior Unsecured Notes, the
Mezzanine Notes and this Agreement, and, in each case, deducted in computing
Adjusted Net Income; plus (j) any professional and underwriting fees
related to any offering, investment, acquisition, recapitalization or Debt
permitted to be incurred under this Agreement and, in each case, deducted in
such period in computing Adjusted Net Income; plus (k) any other cash
extraordinary expenses in an aggregate amount not to exceed $2,000,000 for any
fiscal period; plus or minus (l) the cumulative effect of
accounting changes resulting from changes to GAAP since December 14, 2003.

                    “Eligible Accounts”
means, with respect to the US Collateral, the Accounts of the US Borrowers and
each of the US Subsidiary Guarantors which the Administrative Agent, reasonably
determines to be Eligible Accounts of the US Borrowers and each of the US
Subsidiary Guarantors; and, with respect to the UK Collateral, the Accounts of
the UK Borrower and each of the UK Borrowing Base Parties which the UK Agent,
in its capacity as the UK Agent under the UK Credit Agreement, determines to be
Eligible Accounts of the UK Borrower and each of the UK Borrowing Base Parties.
Without limiting the discretion of the Administrative Agent or UK Agent, as
applicable, to establish other criteria of ineligibility, Eligible Accounts
shall not, unless the Administrative Agent or UK Agent, as applicable, in its
sole discretion elects, include any Account:

                    (a) with
respect to which more than 90 days have elapsed since the date of the original
invoice therefor;

                    (b) with
respect to which any of the representations, warranties, covenants, and
agreements contained in the US Security Agreement or the UK Debenture are
incorrect or have been breached;

                    (c) 
with respect to which Account (or any other Account due from such Account
Debtor), in whole or in part, a check, promissory note, draft, trade acceptance
or other instrument for the payment of money has been received, presented for
payment and returned uncollected for any reason;

                    (d) which
represents a progress billing (as hereinafter defined) or as to which the
applicable Credit Party has extended the time for payment without the consent
of the Administrative Agent or UK Agent, as applicable; for the purposes
hereof, “progress billing” means any invoice for goods sold or leased or
services rendered under a contract or agreement pursuant to which the Account
Debtor’s obligation to pay such invoice is conditioned upon the applicable
Credit Party’s completion of any further performance under the contract or agreement
except to the extent such obligation to pay has effectively accrued by
completion or performance and is not disputed;

                    (e) with
respect to which any one or more of the following events has occurred to the
Account Debtor on such Account: death or judicial declaration of incompetency
of an Account Debtor who is an individual; the filing by or against the Account
Debtor of a request, application or petition for liquidation, reorganization,
arrangement, administration, compromise, adjustment of debts, adjudication as a
bankrupt, winding-up, or other relief under the bankruptcy, insolvency, or
similar laws of the United States, any state or territory thereof, or any
foreign jurisdiction, now or hereafter in effect; the making of any general
assignment by the Account Debtor for the benefit of creditors; the appointment
of an interim receiver, receiver, administrative receiver, administrator,
receiver and manager or trustee for the Account 

A-12

Debtor or for
any of the assets of the Account Debtor, including the appointment of or taking
possession by a “custodian,” as defined in the Bankruptcy Code; the institution
by or against the Account Debtor of any other type of insolvency proceeding
(under the bankruptcy laws of the United States, any state or territory thereof
or any non-US jurisdiction) or of any formal or informal proceeding for the
dissolution or liquidation of, settlement of claims against, or winding up of
affairs of, the Account Debtor; the sale, assignment, or transfer of all or any
material part of the assets of the Account Debtor; the nonpayment generally by
the Account Debtor of its debts as they become due; or any other inability of
the Account Debtor to pay its debts as they fall due or the cessation of the
business of the Account Debtor as a going concern;

                    (f) if
fifty percent (50%) or more of the aggregate Dollar Equivalent amount of
outstanding Accounts owed at such time by the Account Debtor thereon is
classified as ineligible for any other reason under clauses (a) through (z)
(other than clause (s)) of this definition;

                    (g) owed
by an Account Debtor which: (i) with respect to Account Debtors of any US
Borrower or any of the US Subsidiary Guarantors, does not maintain its chief executive
office in the United States of America or Canada (other than the Province of
Newfoundland), or with respect to Account Debtors of the UK Borrower or any of
the UK Borrowing Base Parties, does not maintain its chief executive office in
the European Union or Canada (other than the Province of Newfoundland); or (ii)
is not organized under the laws of the United States of America or Canada or
any state or province of any of the foregoing, in respect of Account Debtors of
any US Borrower or any of the US Subsidiary Guarantors, or is not formed under
the laws of any member of the European Union or Canada or any province thereof,
in respect of Account Debtors of the UK Borrower or any of the UK Borrowing
Base Parties; or (iii) is the government of any foreign country (or, in the
case of the UK Borrower or any of the UK Borrowing Base Parties, any country
other than the United Kingdom) or sovereign state, or of any state, province,
municipality, or other political subdivision thereof, or of any department, agency,
public corporation, or other instrumentality thereof; except to the extent that
such Account is secured or payable by a letter of credit reasonably
satisfactory to the Administrative Agent or UK Agent, as applicable, in its
discretion; provided that any Account of an Account Debtor
organized in Canada or a country admitted to the European Union after December
16, 2003, shall be included in the calculation of Eligible Accounts only to the
extent that (x) the Accounts located in Canada are not located in the Province
of Quebec and (y) the aggregate value of Accounts located in countries admitted
to the European Union after December 16, 2003 do not exceed 5% of the aggregate
value of the Eligible Accounts of all UK Borrowing Parties (with an additional 5%
availability at the sole discretion of the Administrative Agent).

                    (h) owed
by an Account Debtor which is a Subsidiary, Affiliate, agent, officer or
employee of any Borrower or any of their Subsidiaries;

                    (i) except
as provided in clause (k) below, with respect to which either the perfection,
enforceability, or validity of the Applicable Agents’ Liens in such Account, or
the Applicable Security Agent’s right or ability to obtain direct payment to
the Applicable Security Agent of the proceeds of such Account, is governed by
any national, federal, state, provincial or local statutory requirements other
than those of the UCC or, in the case of the UK Credit Parties, the Companies
Act;

                    (j) owed
by an Account Debtor to which the Applicable Borrower or any other Credit Party
subject to any right of setoff, counterclaim or recoupment by the Account
Debtor (except to the extent of amounts not subject to setoff counterclaim or
recoupment), unless the Account Debtor has entered into an agreement reasonably
acceptable to the Administrative Agent or UK Agent, as applicable, to waive
setoff rights; or if the Account Debtor thereon has disputed liability or made
any claim with respect to any other Account due from such Account Debtor; but
in each such case only to the extent of such indebtedness, setoff,
counterclaim, recoupment, dispute, or claim;

A-13

                    (k) owed
by the government of the United States of America, or any department, agency,
public corporation, or other instrumentality thereof, unless the Federal
Assignment of Claims Act of 1940, as amended (31 U.S.C. § 3727 et seq.),
and any other steps necessary to perfect the Applicable Agents’ Liens therein,
have been complied with to the Administrative Agent’s or UK Agent’s, as
applicable, satisfaction with respect to such Account;

                    (l) owed
by any state, municipality, or other political subdivision of the United States
of America, any other Governmental Authority or any department, agency, public
corporation, or other instrumentality thereof and as to which the
Administrative Agent determines that the Applicable Agents’ Lien therein is not
or cannot be perfected;

                    (m) which
represents a sale on a bill-and-hold, guaranteed sale, sale and return, sale on
approval, consignment, or other repurchase or return basis;

                    (n) which
is evidenced by a promissory note or other instrument or by Chattel Paper
(other than an operating lease on the applicable Credit Party’s standard form
or entered into in the ordinary course of the applicable Credit Party’s
business);

                    (o) with
respect to the US Credit Parties, if the Administrative Agent believes, in the
exercise of its reasonable judgment, that the prospect of collection of such
Account is impaired or that the Account may not be paid by reason of the
Account Debtor’s financial inability to pay; or, with respect to the UK Credit
Parties, if the UK Agent believes that the prospect of collection of such
Account is impaired or that the Account may not be paid by reason of the
Account Debtor’s financial inability to pay;

                    (p) with
respect to which the Account Debtor is located in any jurisdiction requiring
the filing of a Notice of Business Activities Report or similar report in order
to permit the Applicable Borrower to seek judicial enforcement in such
jurisdiction of payment of such Account, unless such Applicable Borrower has
qualified to do business in such state or has filed a Notice of Business
Activities Report or equivalent report for the then current year;

                    (q) which
arises out of a sale or lease not made in the ordinary course of the applicable
Credit Party’s business;

                    (r) with
respect to which the goods giving rise to such Account have not been shipped
and delivered to and accepted by the Account Debtor or the services giving rise
to such Account have not been performed by the applicable Credit Party, and, if
applicable, accepted by the Account Debtor, or the Account Debtor revokes its
acceptance of such goods or services;

                    (s) owed
by an Account Debtor which is obligated to the Credit Parties respecting
Accounts for such Account Debtor and its Affiliates the aggregate unpaid
balance of which exceeds fifteen percent (15%) (or in the case of each of
Wal-Mart Stores, Inc., Target Corporation, The Home Depot, Inc. and Staples,
Inc. and their Affiliates, thirty percent (30%)) of the aggregate unpaid
balance of all Accounts owed to the Credit Parties at such time by all of the
Credit Parties’ Account Debtors, but only to the extent of such excess;

                    (t) which
is not subject to a first priority and perfected security interest in favor of
the Applicable Security Agent for the benefit of the Lenders;

                    (u) which
is owed by an Account Debtor which is an individual;

                    (v) which
represents a sales tax accrual or a vendor rebate;

A-14

                    (w) which
represents unearned revenue or prebilled Accounts; provided, however, that any
prepaid “pickup charges” shall not be ineligible because of the application of
this clause (w) provided that such charges have been billed and collected in
advance;

                    (x) which
represents installment sales;

                    (y) in
the case of Accounts of any US Borrower or any of the US Subsidiary Guarantors,
is not payable in Dollars or, in the case of Accounts of the UK Borrower or any
of the UK Borrowing Base Parties, is not payable in Pounds Sterling; and

                    (z) which
is acquired from any Person or owned by any acquired Person other than as
provided in the final paragraph of this definition of “Eligible Accounts.”

                    If
any Account at any time ceases to be an Eligible Account, then such Account
shall promptly be excluded from the calculation of Eligible Accounts. In any
Permitted Acquisition, if the Applicable Borrower acquires a Person which owns
Accounts, then such Accounts may be included in Eligible Accounts if (i) such
Accounts meet all criteria of eligibility, (ii) if a Person which owns Rental
Fleet Assets has been acquired, the Credit Parties shall have satisfied each
condition with respect to designating such Person as an additional Credit Party
under the US Credit Agreement or the UK Credit Agreement, as applicable, (iii)
the US Credit Parties or the UK Credit Parties, as applicable, shall have
permitted representatives of the Responsible Agent (at the expense of the US Borrowers
or the UK Borrower, as applicable) to examine the corporate, financial and
operating records with respect to such acquired Accounts or of such acquired
Person and make copies thereof or abstracts therefrom and to discuss such
Accounts or such acquired Person with the applicable Credit Parties and, if
applicable, such acquired Person’s directors and officers, at reasonable times
during normal business hours.

                    “Eligible
Assignee” or “Eligible Transferee” means (a) a commercial bank,
commercial finance company or other asset-based lender, having total assets in
excess of the Dollar Equivalent of $1,000,000,000; (b) any Lender listed on the
signature page of the Credit Agreements; (c) any Affiliate of any Lender; and
(d) if an Event of Default has occurred and is continuing, any Person
reasonably acceptable to the Applicable Agent.

                    “Eligible
Inventory” means, with respect to the US Collateral, Rental Fleet Assets
and Sales Inventory of the US Borrowers and the US Subsidiary Guarantors which
the Administrative Agent, in its capacity as the Administrative Agent under the
US Credit Agreement, reasonably determines to be Eligible Inventory of the US
Borrowers or the US Subsidiary Guarantors; and with respect to the UK Collateral,
the Rental Fleet Assets and Sales Inventory of the UK Borrower and the UK
Borrowing Base Parties which the UK Agent, in its capacity as UK Agent under
the UK Credit Agreement, determines to be Eligible Inventory of the UK Borrower
or the UK Borrowing Base Parties. Without limiting the discretion of the
Administrative Agent or UK Agent, as applicable, to establish other criteria of
ineligibility, Eligible Inventory shall not, unless the Administrative Agent or
UK Agent, as applicable, in its sole discretion elects, include:

                    (a) any
Inventory that is not owned by the applicable Credit Party or that is not
leased by the applicable Credit Party pursuant to the terms of a Capital Lease;

                    (b) any
Inventory that is not subject to the Applicable Agents’ Liens, which are
perfected as to such Inventory, or that are subject to any other Lien
whatsoever (other than the Liens described in clause (d) or (h)
of the definition of Permitted Liens; provided that such Permitted Liens (i) are junior in priority to the Applicable
Agents’ Liens or subject to Reserves and (ii) do not impair directly 

A-15

or indirectly
the ability of the Applicable Security Agent to realize on or obtain the full
benefit of the Collateral);

                    (c) any
Inventory that does not consist of finished goods;

                    (d) any
Inventory that consists of work-in-process, parts, tooling, chemicals, samples,
prototypes, supplies, or packing and shipping materials;

                    (e) any
Inventory that is not in rentable or salable condition, is unmerchantable, is
defective, is being repaired, or does not meet all standards imposed by any
Governmental Authority having regulatory authority over such goods, their use,
lease or sale;

                    (f) any
Inventory that is Sales Inventory that has been carried on the applicable
Credit Party’s books as Sales Inventory for more than one (1) year and any
Inventory that is not Sales Inventory and that has not been subject to a rental
contract with a duration of equal to or greater than 18 days at least once
during the preceding 21 completed calendar months, and thereafter any Inventory
that is not Sales Inventory and that has not been subject to a rental contract
with a duration of equal to or greater than 18 days at least once during the
preceding 18 completed calendar months;

                    (g) any
Inventory, with respect to a US Borrower or a US Subsidiary Guarantor, that is
located outside the United States of America or with respect to the UK Borrower
or a UK Borrowing Base Party, the United Kingdom of Great Britain and Northern
Ireland or Canada (or in either case that is in-transit from vendors or
suppliers);

                    (h) any
Inventory, that, if not located at a customer’s premises under a valid and
enforceable lease, is (i) located in a public warehouse if the warehouseman has
not delivered to the Administrative Agent or the UK Agent, as applicable, a
reasonably acceptable waiver and access agreement or a Reserve for storage
charges and fees has not been established for Inventory at that location, (ii)
in the possession of a bailee or Agency, if the bailee or Agency has not
delivered to the Administrative Agent or the UK Agent, as applicable, a bailee
agreement or agency access agreement, and the Applicable Borrower has not
delivered to the Applicable Security Agent evidence of appropriate UCC or other
applicable filings, and that it has taken all such other actions, necessary to
protect the perfection and first priority of the Applicable Agent’s Liens, all
in form and substance a reasonably satisfactory to the Applicable Security
Agent, or (iii) located on premises subject only to an oral lease, to the
extent that the net book value of all such Inventory located in such public
warehouses or in the possession of such bailees or Agencies or on premises
subject to an oral lease, in the aggregate, exceeds $250,000.

                    (i) any
Inventory that contains or bears any Proprietary Rights licensed to a Borrower or
any of its Subsidiaries by any Person, if the Administrative Agent or UK Agent,
as applicable, is not reasonably satisfied that the Applicable Security Agent
may sell or otherwise dispose of such Inventory in accordance with the terms of
the Security Agreement or the UK Debenture and Section 9.2 of the
Agreement without infringing the rights of the licensor of such Proprietary
Rights or violating any contract with such licensor (and without payment of any
royalties other than any royalties due with respect to the sale or disposition
of such Inventory pursuant to the existing license agreement), and, as to which
such Borrower or Subsidiary has not delivered to the Administrative Agent or UK
Agent, as applicable, a consent or sublicense agreement from such licensor in
form and substance reasonably acceptable to the Administrative Agent or UK
Agent, as applicable, if requested;

                    (j) any
Inventory that is not reflected in the details of current perpetual inventory
reported in the applicable Credit Party’s computerized equipment file;

A-16

                    (k) any
Inventory (i) that is Rental Fleet Assets or Sales Inventory used by the
Applicable Borrower or its Affiliates or (ii) that is placed on consignment for
which an access agreement acceptable to the Applicable Security Agent has not
been obtained from the consignor and appropriate financing statements have not
been filed;

                    (l) any
Inventory that has not been manufactured in accordance with, or does not meet,
all standards imposed by any Governmental Authority;

                    (m) any
Inventory, in the case of the UK Borrower or any Foreign Subsidiary, as to
which title is retained by the seller thereof or which is subject to Romalpa
provisions in favor of any Person;

                    (n) in
respect of any US Borrower or any US Subsidiary Guarantor, any Inventory in
respect of which any US Borrower or any US Subsidiary Guarantor shall not have
complied with Section 16(a) or 16(b) of the US Security
Agreement within the time periods specified therein;

                    (o) any
Inventory that has been leased to a customer of any Borrower or any of its
Subsidiaries pursuant to the terms of any capital lease, lease with a bargain
purchase option, finance leasing program or purchase lease or similar program; 

                    (p) the
amount of accumulated depreciation of any such Inventory;

                    (q) 
any Inventory that is in transit from suppliers of the Applicable Borrower or
its Affiliates; or 

                    (r) any
Inventory of any Borrower or any of its Subsidiaries that is a portable toilet.

                    If
any Rental Fleet Asset or item of Sales Inventory at any time ceases to be
Eligible Inventory, such Inventory shall promptly be excluded from the
calculation of Eligible Inventory. In any Permitted Acquisition, if the
Applicable Borrower acquires Rental Fleet Assets or a Person which owns Rental
Fleet Assets then such Rental Fleet Assets may be included in Eligible
Inventory if, (i) such Rental Fleet Assets meet all criteria of eligibility,
(ii) if a Person which owns Rental Fleet Assets has been acquired, the Credit
Parties shall have satisfied each condition with respect to designating such
Person as a Credit Party under the US Credit Agreement or the UK Credit
Agreement, as applicable, (iii) the US Credit Parties or the UK Credit Parties,
as applicable, shall have permitted representatives of the Responsible Agent
(at the expense of the US Borrowers or the UK Borrower, as applicable) to visit
and inspect, and such representatives of the Responsible Agent shall have
visited and inspected (or such right of visitation shall have been expressly
waived by the Responsible Agent), any of the properties on which such acquired
Rental Fleet Assets are located, to examine the corporate, financial and
operating records with respect to such acquired Rental Fleet Assets or such
acquired Person and make copies thereof or abstracts therefrom and to discuss
such acquired Rental Fleet Assets or such acquired Person with the Applicable
Credit Parties and, if applicable, such acquired Person’s, post-acquisition
directors and officers, at reasonable times during normal business hours and
(iv) and, if the aggregate purchase price is greater than or equal to
$15,000,000, the Responsible Agent shall have received from the Appraiser a
“desktop appraisal” of such Rental Fleet Assets acquired by the applicable
Credit Parties or owned by such Person acquired by the applicable Credit
Parties which shall be reasonably satisfactory in scope, form and substance to
the Responsible Agent.

                    “Eligible
Machinery and Equipment” means, with respect to US Collateral, all
Machinery and Equipment (but not including any Rental Fleet Asset or item of
Sales Inventory) owned by and used in the operation of the business of the US
Borrowers and the US Subsidiary Guarantors; and, with respect 

A-17

to the UK
Collateral, all Machinery and Equipment (but not including any Rental Fleet
Asset or item of Sales Inventory) owned by and used in the operation of the
business of the UK Borrower and the UK Subsidiary Guarantor. Without limiting
the discretion of the Administrative Agent or UK Agent, as applicable, to
establish other criteria of ineligibility, Eligible Machinery and Equipment
shall not, unless the Administrative Agent or UK Agent, as applicable, in its
sole discretion elects, include any Machinery and Equipment:

                    (a) that
is not owned by the Borrowers and the Subsidiary Guarantors or that is not
leased by the Borrowers and the Subsidiary Guarantors pursuant to the terms of
a Capital Lease;

                    (b) that
is not subject to the Applicable Agents’ Liens, which are perfected as to such
Machinery and Equipment, or that are subject to any other Lien whatsoever
(other than the Liens described in clause (d) or (h) of the definition
of Permitted Liens; provided that such
Permitted Liens (i) are junior in priority to the Applicable Agents’ Liens or
subject to Reserves and (ii) do not impair directly or indirectly the ability
of the Applicable Security Agent to realize on or obtain the full benefit of
the Collateral);

                    (c) that
is not in good condition, is unmerchantable, is defective, is being repaired,
or does not meet all standards imposed by any Governmental Authority having
regulatory authority over such Machinery and Equipment, their use or sale;

                    (d) that
is not currently usable;

                    (e) with
respect to the US Borrowers or any of their Subsidiaries, that is located
outside the United States of America or, with respect to the UK Borrower or any
of the Foreign Subsidiaries, the United Kingdom of Great Britain and Northern
Ireland or Canada;

                    (f) in
the case of the UK Borrower or any Foreign Subsidiary, as to which title is
retained by the seller thereof or which is subject to Romalpa provisions in
favor of any Person; or

                    (g) that
is located in a public warehouse or in possession of a bailee or in a facility
leased by such Borrower or an Agency, if the warehouseman, or the lessor has
not delivered to the Administrative Agent or UK Agent, as applicable, if
requested thereby, a landlord waiver in the agreed form, as applicable, or if a
Reserve for rents or storage charges has not been established for Machinery and
Equipment at that location or, with respect to an Agency location, a bailee
letter and appropriate bailment filing.

                    If
any Machinery and Equipment at any time ceases to be Eligible Machinery and
Equipment, such Machinery and Equipment shall promptly be excluded from the
calculation of Eligible Machinery and Equipment.

                    “Eligible
Rental Fleet Assets” means Rental Fleet Assets that constitute Eligible Inventory.

                    “Eligible
Sales Inventory” means Sales Inventory that constitutes Eligible Inventory.

                    “Eligible
Sales Inventory Appraisal Date” means the date on which the Agents shall
receive an appraisal of the Eligible Sales Inventory reasonably acceptable to
the Agents in their reasonable credit judgment.

A-18

                    “Environmental
Claims” means all claims, however asserted, by any Governmental Authority
or other Person alleging potential liability or responsibility for violation of
any Environmental Law, or for a Release or injury to the environment.

                    “Environmental Compliance Reserve”
means any reserve which the Administrative Agent or the UK Agent, as
applicable, establishes after prior written notice to the Applicable Borrower
Representative from time to time for amounts that are reasonably likely to be
expended by a Credit Party in order for the Credit Parties and their operations
and property (a) to comply with any notice from a Governmental Authority
asserting material non-compliance with Environmental Laws, or (b) to correct
any such material non-compliance identified in a report delivered to the Agents
and the Lenders pursuant to Section 7.7 of the US Credit Agreement
and Section 7.7 of the UK Credit Agreement.

                    “Environmental
Laws” means all regional, national, federal, state or local laws, statutes,
common law duties, rules, regulations, ordinances and codes, together with all
administrative orders, directed duties, licenses, authorizations and permits
of, and agreements with, any Governmental Authority, as are now or hereafter in
effect, in each case relating to environmental, health, safety and land use
matters in any jurisdiction.

                    “Environmental Lien”
means a Lien in favor of any Governmental Authority for (a) any liability
under Environmental Laws, or (b) damages arising from, or costs incurred
by such Governmental Authority in response to, a Release or threatened Release
of a Contaminant into the environment.

                    “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time
to time, and regulations promulgated thereunder.

                    “ERISA
Affiliate” means any trade or business (whether or not incorporated) under
common control with a Credit Party within the meaning of Section 4001 of ERISA
or is part of a group that includes a Credit Party and that is treated as a
single employer under Section 414 of the Code.

                    “ERISA
Event” means (a) a Reportable Event with respect to a Plan,
(b) the failure by any Credit Party or ERISA Affiliate to make when due
required contributions to a Plan, Multiemployer Plan or Foreign Pension Plan
unless such failure is cured within 30 days, (c) a withdrawal by a Credit Party
or any ERISA Affiliate from a Plan subject to Section 4063 of ERISA during
a plan year in which it was a substantial employer (as defined in
Section 4001(a)(2) of ERISA) or a cessation of operations which is treated
as such a withdrawal under Section 4062(e) of ERISA, (d) a complete
or partial withdrawal by a Credit Party or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in
reorganization, (e) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Section 4041 or 4041A
of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or
Multiemployer Plan, (f) the occurrence of an event or condition which
might reasonably be expected to constitute grounds under Section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer,
any Plan or Multiemployer Plan, (g) the loss of a Plan’s qualification or tax
exempt status or (h) the imposition of any liability under Title IV of
ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, upon a Credit Party or any ERISA Affiliate.

                    “Euro”
means the single currency of the European Union as constituted by the Treaty on
European Union and as referred to in legislative measures of the European Union
for the introduction of, changeover to or operation of the euro in one or more
member states.

                    “Eurodollar
Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, rounded upward to the next 1/100th
of 1%) in effect on such 

A-19

day applicable
to member banks under regulations issued from time to time by the Federal
Reserve Board for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”).

                    “European
Union” means the European Union, and including in any case the countries of
Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland,
France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia,
Spain, Sweden and the United Kingdom. It being understood that for purposes of
clause (g) in the definition of “Eligible Accounts”, the following countries
were admitted to the European Union after December 16, 2003: Cyprus, the Czech
Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia and
Slovenia.

                    “Event of Default”
has the meaning specified in Section 9.1.

                    “Exchange
Act” means the Securities Exchange Act of 1934, and regulations promulgated
thereunder.

                    “Exchange
Rate” means on any day, with respect to Pounds Sterling, the rate at which
Pounds Sterling may be exchanged into Dollars, as set forth at approximately
11:00 a.m. (London time) on such day on the Reuters World Currency Page
for such Pounds Sterling. In the event that such rate does not appear on any
Reuters World Currency Page, the Exchange Rate shall be determined by reference
to such other publicly available service for displaying exchange rates as may
be agreed upon by the Administrative Agent and each US Borrower, or, in the
absence of such agreement, such Exchange Rate shall instead be the arithmetic
average of the Spot Rates of the market where its foreign currency exchange
operations in respect of Pounds Sterling are then being conducted, at or about
10:00 a.m. (London time) on such date for the purchase of Dollars for
delivery two Business Days later; provided that if at the time of
any such determination, for any reason, no such spot rate is being quoted, the
Administrative Agent, after consultation with the US Borrower Representative,
may use any reasonable method it deems appropriate to determine such rate, and
such determination shall be conclusive absent manifest error.

                    “Executive
Order 13224” means Executive Order 13224 signed into effect on September
23, 2001, as amended.

                    “Existing
Indebtedness” means “Revolving Loans” as defined in the Existing US Credit
Agreement and the Existing UK Credit Agreement which are outstanding on the
Closing Date immediately prior to the effectiveness of the US Credit Agreement
and the UK Credit Agreement.

                    “Existing
UK Credit Agreement” means that certain UK credit agreement dated as of
December 16, 2003, as amended on May 6, 2004 and on May 31, 2004, and as
amended and restated pursuant to the amendment and restatement agreement dated
December 30, 2005, among, inter alios, the financial institutions named therein
as UK Lenders, Bank of America, N.A. as UK Agent, the UK Security Trustee and
Ravenstock MSG Limited as the UK Borrower thereunder, as amended, supplemented
or otherwise modified from time to time.

                    “Existing
US Credit Agreement” means that certain Credit Agreement dated as of
December 16, 2003, as amended on May 6, 2004 and on May 3, 2004, and as amended
and restated pursuant to the amendment and restatement agreement dated December
30, 2005, among, the financial institutions named therein, Mobile Services, MSG
and the other parties thereto, as amended supplemented or otherwise modified
from time to time.

A-20

                    “FASB
142” means Statement of Financial Accounting Standards No. 142 issued on
June 29, 2001 by the Financial Standards Accounting Board.

                    “FDIC”
means the Federal Deposit Insurance Corporation, and any Governmental Authority
succeeding to any of its principal functions.

                    “Federal
Funds Rate” means, for any day, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) equal to the weighted average
of the rates on overnight Federal funds transactions with members of the
Federal Reserve System arranged by Federal funds brokers on such day, as
published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; provided that (a) if such day is not a US
Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding US Business Day as so published on the next
succeeding US Business Day, and (b) if no such rate is so published on such
next succeeding US Business Day, the Federal Funds Rate for such day shall be
the average rate charged to the Administrative Agent on such day on such
transactions as determined by the Agent.

                    “Federal
Reserve Board” means the Board of Governors of the Federal Reserve System
or any successor thereto.

                    “Fee
Letter” has the meaning set forth in Section 2.4 of the US
Credit Agreement.

                    “Financial
Statements” means, according to the context in which it is used, the
financial statements referred to in Sections 5.2 and 6.6 of
the US Credit Agreement and/or Sections 5.2 and 6.6 of the UK
Credit Agreement, or any other financial statements required to be given to the
Lenders pursuant to this Agreement. For the avoidance of doubt, “Financial
Statements” does not include any Latest Projection or any other projection.

                    “Fiscal
Quarter” means a fiscal quarter in a Fiscal Year.

                    “Fiscal
Year” means the Credit Parties’ fiscal year for financial accounting
purposes. The current Fiscal Year of the Credit Parties will end on December
31, 2006.

                    “Fixed
Assets” means the Machinery and Equipment and Real Estate of the Credit
Parties.

                    “Fleet
Utilization Rate” means the ratio expressed as a percentage of (i) the
aggregate number of units of the Rental Fleet Assets of all the Credit Parties
which are then hired out to customers or are pending pickups, in each case
pursuant to valid and enforceable leases to (ii) the total number of units of
Rental Fleet Assets owned or leased by the Credit Parties. For the avoidance of
doubt, the Fleet Utilization Rate shall be calculated on the last business day
of each Fiscal Quarter based (unless the Administrative Agent and the US
Borrowers otherwise agree) on the business methodologies in effect as of the
Closing Date.

                    “Foreign
Pension Plan” means any plan, scheme, fund or other similar program
established, maintained or contributed to outside the United States by any
Credit Party primarily for the benefit of employees of the Credit Party
residing or working outside the United States, which plan, fund or other
similar program provides, or results in, retirement income, benefits in the
event of ill-health, injury or death, a deferral of income in contemplation of
retirement or payments to be made upon termination of employment, and which
plan is not subject to ERISA or the Code.

A-21

                    “Foreign
Subsidiary” means any direct or indirect Subsidiary of the US Borrowers (a)
organized under the laws of any jurisdiction other than the United States or
any state thereof and (b) that is not a US Subsidiary.

                    “Foreign
Subsidiary Guarantor” means each UK Credit Party party to the UK Guaranty.

                    “Fronting
Fee” means the fronting fee payable by each of the UK Revolver Participants
to the UK Fronting Lender ratably in accordance with their Pro Rata Share of
the UK Revolver Participant Commitments in consideration for the fronting of UK
Revolving Loans conducted by the UK Fronting Lender equal to interest, at a
rate of 0.50% per annum on all UK Revolving Loans fronted by the UK Fronting
Lender, in accordance with the UK Credit Agreement.

                    “Funding
Date” means the date on which a Borrowing occurs.

                    “Funding
UK Lender” means each UK Lender advancing UK Revolving Loans pursuant to Section 1.2
of the UK Credit Agreement.

                    “GAAP”
means generally accepted accounting principles and practices set forth from
time to time in the opinions and pronouncements of the Accounting Principles
Board and the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board (or agencies
with similar functions of comparable stature and authority within the U.S.
accounting profession).

                    “General
Intangibles” means, with respect to any Person all of such Person’s now
owned or hereafter acquired general intangibles, choses in action and causes of
action and all other intangible personal property of such Person of every kind
and nature (other than Accounts), including all contract rights, payment intangibles,
Proprietary Rights, corporate or other business records, inventions, designs,
blueprints, plans, specifications, patents, patent applications, trademarks,
service marks, trade names, trade secrets, goodwill, copyrights, computer
software, customer lists, registrations, licenses, franchises, tax refund
claims, any funds which may become due to such Person in connection with the
termination of any Plan or other employee benefit plan or any rights thereto
and any other amounts payable to such Person from any Plan or other employee
benefit plan, rights and claims against carriers and shippers, rights to
indemnification, business interruption insurance and proceeds thereof,
property, casualty or any similar type of insurance and any proceeds thereof,
proceeds of insurance covering the lives of key employees on which such Person
is beneficiary, rights to receive dividends, distributions, cash, Instruments
and other property in respect of or in exchange for pledged equity interests or
Investment Property and any letter of credit, guarantee, claim, security
interest or other security held by or granted to such Person.

                    “Goods”
means, with respect to any Person all “goods” as defined in the UCC, now owned
or hereafter acquired by such Person, wherever located, including embedded
software to the extent included in “goods” as defined in the UCC, manufactured
homes, standing timber that is cut and removed for sale and unborn young of
animals.

                    “Governmental
Authority” means any nation or government, any state, province, county or
other political subdivision thereof, any central bank (or similar monetary or
regulatory authority) thereof, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to
government, and any corporation or other entity owned or controlled, through
stock or capital ownership or otherwise, by any of the foregoing in any
jurisdiction.

A-22

                    “Guarantors”
means, collectively, the US Borrowers in their capacity as guarantors under the
UK Guaranty, the Subsidiary Guarantors and the Parent Guarantor.

                    “Guaranty”
or “Guarantee” means, with respect to any Person, all obligations of
such Person which in any manner directly or indirectly guarantee or assure, or
in effect guarantee or assure, the payment or performance of any indebtedness,
dividend or other obligations of any other Person (the “guaranteed
obligations”), or assure or in effect assure the holder of the guaranteed
obligations against loss in respect thereof, including any such obligations
incurred through an agreement, contingent or otherwise: (a) to purchase the
guaranteed obligations or any property constituting security therefor; (b) to
advance or supply funds for the purchase or payment of the guaranteed
obligations or to maintain a working capital or other balance sheet condition;
or (c) to lease property or to purchase any debt or equity securities or other
property or services.

                    “Hedge
Agreement” means any and all transactions, agreements or documents now
existing or hereafter entered into, which provides for an interest rate,
credit, commodity or equity swap, cap, floor, collar, forward foreign exchange
transaction, currency swap, cross currency rate swap, currency option, or any
combination of, or option with respect to, these or similar transactions, for
the purpose of hedging a Borrower’s exposure to fluctuations in interest or
exchange rates, loan, credit exchange, security or currency valuations or
commodity prices.

                    “Increased
Amount Date” has the meaning specified in Section 1.7.

                    “Incremental
Assumption Agreement” means an Incremental Assumption Agreement in form and
substance reasonably satisfactory to the Administrative Agent and the US
Borrower Representative, among each US Borrower, the Administrative Agent and
one or more Incremental US Lenders.

                    “Incremental
Amount” means, at any time, the excess, if any, of (a) $50.0 million
over (b) the aggregate amount of all Incremental Commitments established
prior to such time pursuant to Section 1.7.

                    “Incremental
Commitment” means the commitment of any US Lender, established pursuant to
Section 1.7, to make Incremental Loans to the US Borrowers.

                    “Incremental
US Lender” means a US Lender with an Incremental Commitment or an
outstanding Incremental Loan.

                    “Incremental
Loans” means the Loans made by one or more US Lenders to the US Borrowers
pursuant to Section 1.7. 

                    “Instruments”
means, with respect to any Person, all instruments, as such term is defined in
the UCC, now owned or hereafter acquired by such Person.

                    “Intellectual
Property” means all rights relating to intellectual property, whether
arising under United States, multinational or foreign laws or otherwise,
including copyrights, copyright licenses, patents, patent licenses, trademarks,
trademark licenses, technology, know-how and processes, and all rights to sue
at law or in equity for any infringement or other impairment thereof, including
the right to receive all proceeds and damages therefrom.

                    “Intercompany
Debt” means Debt owing by any Credit Party to any other Credit Party (other
than the Parent Guarantor) or any Subsidiary thereof related to or resulting
from present or future 

A-23

intercompany
loans, advances or other indebtedness, whether created directly or acquired by
assignment or otherwise, together with all interest, premiums and fees, if any,
related thereto and any other amounts payable in respect thereof and all rights
and remedies related thereto.

                    “Interest
Period” means, as to any LIBOR Loan, the period commencing on the Funding
Date of such Loan or on the Continuation/Conversion Date on which the Loan is
converted into or continued as a LIBOR Loan, and ending on the date one, two,
three or six months (or 9 or 12 months thereafter), if agreed to by all Lenders
at the time of the relevant LIBOR Loan thereafter as selected by the Applicable
Borrower Representative in its Notice of Borrowing, in the form attached hereto
as Exhibit D, or Notice of Continuation/Conversion, in the form attached hereto
as Exhibit E, provided that:

	
 

	
 

	
 

	
          (i) if
  any Interest Period would otherwise end on a day that is not an Applicable
  Business Day, that Interest Period shall be extended to the following
  Applicable Business Day unless the result of such extension would be to carry
  such Interest Period into another calendar month, in which event such
  Interest Period shall end on the preceding Applicable Business Day;

	
 

	
 

	
 

	
          (ii) any
  Interest Period pertaining to a LIBOR Loan, that begins on the last
  Applicable Business Day of a calendar month (or on a day for which there is
  no numerically corresponding day in the calendar month at the end of such
  Interest Period) shall end on the last Applicable Business Day of the
  calendar month at the end of such Interest Period; and

	
 

	
 

	
 

	
          (iii) no
  Interest Period shall extend beyond the Stated Termination Date.

                    “Interest Rate”
means each or any of the interest rates, including the Default Rate, set forth
in Section 2.1.

                    “Intermediary”
means MSG WC Intermediary Co., a Delaware corporation.

                    “Inventory”
means, with respect to any Person, all of such Person’s, now owned and
hereafter acquired inventory, goods and merchandise, including new and used
manufactured or remanufactured portable storage containers, portable storage
trailers, cartage trailers and portable mobile office units or cabins, wherever
located, leased by such Person as lessor or furnished by such Person under a
contract of service or held by such Person to be furnished under any contract
of service or held by such Person for sale or lease, all returned goods, raw
materials, parts, work-in-process, finished goods (including embedded
software), other materials and supplies of any kind, nature or description
which are used or consumed in such Person’s business or used in connection with
the packing, shipping, advertising, selling or finishing of such goods,
merchandise, and all documents of title or other Documents representing them.
For the avoidance of doubt, Inventory shall include Rental Fleet Assets and
Sales Inventory.

                    “Investment
Property” means, with respect to any Person, all of such Person’s right
title and interest in and to any and all: (a) securities whether certificated
or uncertificated; (b) securities entitlements; (c) securities accounts; (d)
commodity contracts; or (e) commodity accounts.

                    “IPO”
has the meaning specified in the definition of “Change of Control.”

                    “IRS”
means the Internal Revenue Service and any Governmental Authority succeeding to
any of its principal functions under the Code.

A-24

                    “Joinder
Agreement” means an agreement substantially in the form of Exhibit G hereto.

                    “Judgment
Currency” has the meaning specified in Section 13.21.

                    “Latest
Projections” means: (a) on the Closing Date and thereafter until the
Applicable Agent receives new projections pursuant to Section 5.2(e)
of the US Credit Agreement and Section 5.2(e) of the UK Credit
Agreement, the projections of the financial condition, results of operations,
and cash flows of the Credit Parties and Subsidiaries, for the period
commencing on April 1, 2006 and ending on December 31, 2010 and delivered to
the Administrative Agent prior to the Closing Date; and (b) thereafter, the
projections most recently received by the Agents pursuant to Section 5.2(e)
of the US Credit Agreement and Section 5.2(e) of the UK Credit
Agreement.

                    “Lender”
and “Lenders” shall mean each of the US Lenders and the UK Lenders and
all of them, as applicable.

                    “Lender
Parties” shall mean the Lenders and the Agents.

                    “Letter of Credit”
has the meaning specified in Section 1.4(a) of the US Credit
Agreement and Section 1.4(a) of the UK Credit Agreement, as
applicable.

                    “Letter
of Credit Exposure” means, with respect to any Lender, at any time, and
without duplication, the sum of (a) the Dollar Equivalent of the amount of any
Unpaid Drawings in respect of which such Lender has made (or is required to
have made) payments to the Letter of Credit Issuer pursuant to Section 1.4 at
such time and (b) such Lender’s Commitment Percentage of the Letter of Credit
Outstanding at such time (excluding the portion thereof) consisting of Unpaid
Drawings in respect of which the Lenders have made (or are required to have
made) payments to the Letter of Credit Issue pursuant to Section 1.4.

                    “Letter
of Credit Fee” has the meaning specified in Section 2.6 of the
US Credit Agreement and Section 2.6 of the UK Credit Agreement, as
applicable.

                    “Letter
of Credit Issuer” means Wachovia Bank, National Association or any other
financial institution or affiliate thereof reasonably acceptable to the
Applicable Borrower Representative and the Administrative Agent that issues any
Letter of Credit pursuant to the US Credit Agreement or the UK Credit
Agreement, as applicable.

                    “Letter
of Credit Outstanding” means, at any time, the sum of, without duplication,
(a) the aggregate amount of all outstanding Letters of Credit and (b) the
aggregate amount of all Unpaid Drawings in respect of all Letters of Credit.

                    “Letter
of Credit Rights” means, with respect to any Person, “letter-of-credit
rights” as such term is defined in the UCC, now owned or hereafter acquired by
such Person, including rights to payment or performance under a letter of
credit, whether or not such Person, as beneficiary, has demanded or is entitled
to demand payment or performance.

                    “Letter
of Credit Subfacility” means the Dollar Equivalent of $30,000,000.

                    “LIBOR
Interest Payment Date” means, with respect to a LIBOR Loan, the Termination
Date and the last day of each Interest Period applicable to such Loan or, with
respect to each Interest Period of greater than three months in duration, the
last day of the third month of such Interest Period and the last day of such
Interest Period.

A-25

                    “LIBOR
Loans” means US LIBOR Revolving Loans and UK Sterling LIBOR Revolving
Loans.

                    “Lien”
means: (a) any interest in property securing an obligation owed to, or a claim
by, a Person other than the owner of the property, whether such interest is
based on the common law, statute, or contract, and including a security
interest, charge, claim, or lien arising from a mortgage, deed of trust,
encumbrance, standard security, pledge, hypothecation, assignment as
collateral, assignation, deposit arrangement, agreement, security agreement,
conditional sale or trust receipt or a lease, consignment or bailment for
security purposes; (b) to the extent not included under clause (a), any
reservation, exception, encroachment, easement, right-of-way, covenant,
condition, restriction, lease or other title exception or encumbrance affecting
real property; and (c) any contingent or other agreement to provide any of the
foregoing. For the avoidance of doubt, “Lien” shall not be deemed to include
any license of Proprietary Rights.

                    “Loan
Account” means the loan account of the Applicable Borrower, which account
shall be maintained by the Administrative Agent.

                    “Loan
Documents” means the US Loan Documents and the UK Loan Documents.

                    “Loans”
means, collectively, all loans and advances provided for in Article 1
of the US Credit Agreement and the UK Credit Agreement, as applicable.

                    “Luxembourg
Debt” means the Intercompany Debt of the (i) UK Borrower to the Luxembourg
Subsidiary in an aggregate principal amount not to exceed £30,000,000 and (ii)
the Luxembourg Subsidiary to UK-LP in an aggregate principal amount not to
exceed £30,000,000.

                    “Luxembourg
Security Agreement” means the receivables pledge agreement, dated as of
August 1, 2006, and entered into by the UK Security Trustee and UK-LP, as
amended, restated, supplemented or otherwise modified from time to time.

                    “Luxembourg
Security Documents” means the Luxembourg Share Charge, the Luxembourg
Security Agreement and the UK Intercreditor Deed.

                    “Luxembourg
Share Charge” means the share pledge agreement, dated as of August 1, 2006,
and entered into by the UK Security Trustee, UK-LP and the Luxembourg
Subsidiary, as amended, restated, supplemented or otherwise modified from time
to time.

                    “Luxembourg
Subsidiary” shall mean shall mean Liko Luxembourg International S.à r.l., a
private limited liability company (société à responsabilité limitée)
incorporated under the laws of the Grand Duchy of Luxembourg, with registered
office at 74, rue de Merl, L-2146 Luxembourg, Grand Duchy of Luxembourg,
incorporated with the Luxembourg Register of Commerce and Companies under the
number B-62.639 and with a corporate capital of GBP 10,000.

                    “Machinery
and Equipment” of a Person means all of such Person’s now owned and
hereafter acquired machinery, equipment, transportation equipment, furniture,
furnishings, fixtures, and other tangible personal property (except Inventory),
including embedded software, motor vehicles and trailers with respect to which
a certificate of title has been issued, aircraft, dies, tools, jigs, molds and
office equipment, as well as all of such types of property leased by such
Person and all of the such Person’s rights and interests with respect thereto
under such leases (including options to purchase); together with all present
and future additions and accessions thereto, replacements therefor, component
and auxiliary parts and supplies used or to be used in connection therewith,
and all substitutes for any of 

A-26

the foregoing,
and all manuals, drawings, instructions, warranties and rights with respect
thereto; wherever any of the foregoing is located, but excluding Inventory of
such Person.

                    “Mandatory
Cost” means the percentage
rate per annum calculated by the UK Agent in accordance with Annex B.

                    “Margin
Stock” means “margin stock” as such term is defined in Regulation T, U or X
of the Federal Reserve Board.

                    “Material
Adverse Effect” means a material adverse effect on (a) the Acquisition, (b)
the business assets, property or condition (financial or otherwise) of the
Parent Guarantor, each Borrower and their Subsidiaries taken as a whole, (c)
the validity or enforceability of this Agreement or any of the other Loan
Documents or the rights or remedies of the Administrative Agent or the Lenders
hereunder or thereunder or (d) the ability of the Credit Parties to perform any
of their material obligations under the Loan Documents.

                    “Material
Compliance Issue” has the meaning specified in Section 7.7(a).

                    
“Maximum Aggregate Eligible Sales Inventory Amount” means an amount
equal to the Dollar Equivalent of $25,000,000; provided that upon the
occurrence of the Eligible Sales Inventory Appraisal Date such amount will
increase to the Dollar Equivalent of $35,000,000.

                    “Maximum
Amount” means an amount equal to $300,000,000 subject to any increase
pursuant to Section 1.7.

                    “Maximum
Liability” is defined in Section 1.6(f).

                    “Maximum
Rate” is defined in Section 2.3.

                    “Maximum
UK Amount” means £85,000,000.

                    “Maximum
US Amount” means the Maximum Amount minus the Dollar Equivalent of
the UK Aggregate Outstandings.

                    “Mezzanine
Debt” means, collectively, the senior subordinated indebtedness of the
Parent Guarantor outstanding pursuant to the Mezzanine Notes permitted to be
issued pursuant to the Loan Documents. 

                    “Mezzanine
Notes” means the unguaranteed senior subordinated notes due 2015 issued on
the Closing Date by the Parent Guarantor in an aggregated face amount of
$90,000,000, together with all instruments and other agreements entered into by
the Parent Guarantor in connection therewith, as may be amended, supplemented,
refinanced, replaced or otherwise modified from time to time pursuant to the
Loan Documents.

                    “Mobile
Services” means Mobile Services Group, Inc., a Delaware corporation.

                    “Mobile
Storage (UK)” means Mobile Storage (UK) Limited, a company formed under the
laws of England and Wales. 

                    “Mortgaged
Property” has the meaning specified in Section 8.1(cc) of the US Credit
Agreement.

A-27

                    “Mortgages”
means and includes any and all of the mortgages, standard security, deeds of
trust, deeds to secure debt, assignments and other instruments executed and
delivered by the US Borrower or any other Credit Party to or for the benefit of
the Applicable Security Agent and the Applicable Lenders, including the US
Mortgages, by which the Applicable Security Agent, on behalf of the Applicable
Lenders, acquires a Lien on the owned Real Estate or a collateral assignment of
the applicable Credit Party’s interest under leases of Real Estate, and all
amendments, modifications and supplements thereto.

                    “Motor
Vehicle Trust Agreement” has the meaning set forth in the US Security
Agreement.

                    “MSG”
means Mobile Storage Group, Inc., a Delaware corporation.

                    “MSG
Investments” means MSG Investments, Inc., a California corporation.

                    “Multicurrency
Letter of Credit Sublimit” means the Dollar Equivalent of $5,000,000.

                    “Multiemployer
Plan” means a “multiemployer plan” as defined in Sections 3(37) or
4001(a)(3) of ERISA which is or was at any time during the current year or the
immediately preceding six (6) years contributed to by any Borrower or any ERISA
Affiliate.

                    “M&E
Disposition Certificate” has the meaning specified in Section 5.2(k)
of the US Credit Agreement and Section 5.2(k) of the UK Credit
Agreement.

                    “Net
Amount of Eligible Accounts” means, at any time, but without duplication of
amounts already deducted in determining Eligible Accounts of the Applicable
Borrower, the gross amount of Eligible Accounts of the Applicable Borrower less
sales, excise or similar taxes, and less returns, discounts, claims, credits,
allowances, rebates accrued or due, offsets, deductions, counterclaims,
disputes and other defenses of any nature at any time issued, owing, granted,
outstanding, available or claimed.

                    “Non-Consenting
UK Lender” has the meaning specified in Section 11.1(g) of the
UK Credit Agreement.

                    “Non-Consenting
US Lender” has the meaning specified in Section 11.1(g) of the
US Credit Agreement.

                    “Non-Guarantor
Subsidiaries” shall mean any Subsidiary of the Parent Guarantor which has
not become a guarantor under a Subsidiary Guaranty and is not required to
become a Subsidiary Guarantor pursuant to either of the Credit Agreements.

                    “Non-Ratable
Loan” and “Non-Ratable Loans” have the meanings specified in Section 1.2(h)(1)
of the US Credit Agreement and Section 1.2(h)(1) of the UK Credit
Agreement, as applicable.

                    “Notice
of Borrowing” has the meaning specified in Section 1.2(b) of
the US Credit Agreement and Section 1.2(b) of the UK Credit
Agreement, as applicable.

                    “Notice
of Business Activities Report” shall mean any report required for the then
current year by any state or jurisdiction as a condition to access the courts
of such jurisdiction and in order to 

A-28

permit the
Applicable Borrower to seek judicial enforcement in such jurisdiction of
payment of any Account.

                    “Notice
of Continuation/Conversion” has the meaning specified in Section 2.2(b)
of the US Credit Agreement and Section 2.2(b) of the UK Credit
Agreement, as applicable.

                    “Obligation”
and “Obligations” means each of the US Obligations and UK Obligations
and all of them.

                    “Orderly
Liquidation Value” means the gross proceeds that would reasonably be
expected from a properly advertised and conducted orderly liquidation sale of
the applicable business and assets of the Applicable Borrower over a period not
to exceed 15 months, as determined by the Appraiser in an appraisal in scope,
form and substance satisfactory to the Administrative Agent.

                    “Other
Taxes” means any present or future stamp or documentary taxes or duties or
any other excise or property taxes, VAT or other charges or similar levies
which arise from any payment made hereunder or from the execution, delivery or
registration of, or otherwise with respect to, the US Credit Agreement, the UK
Credit Agreement or any other Loan Document (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the
same).

                    “Parent
Guarantor” means MSG WC Holdings Corp., a Delaware corporation.

                    “Participant”
has the meaning specified in Section 11.2(e) of the US Credit
Agreement and Section 11.2(e) in the UK Credit Agreement, as
applicable.

                    “Participation
Fee” has the meaning specified in Section 2.1(b) of the UK
Credit Agreement.

                    “Patent
and Trademark Security Agreement” means, collectively, the patent and
trademark security agreement, dated as of August 1, 2006, and entered into by
the Administrative Agent and Mobile Services, as amended, restated,
supplemented or otherwise modified from time to time and the patent and trademark
security agreement, dated as of August 1, 2006, and entered into by the
Administrative Agent and MSG, as amended, restated, supplemented or otherwise
modified from time to time.

                    “Payment
Account” means each bank account established pursuant to the US Security
Agreement or the UK Debenture, to which the proceeds of Accounts and other
Collateral of any Credit Party are deposited or credited, and which is
maintained in the name of the Applicable Security Agent or a Credit Party, as
the Applicable Security Agent may determine, on terms acceptable to the
Applicable Security Agent.

                    “PBGC”
means the Pension Benefit Guaranty Corporation or any Governmental Authority
succeeding to the functions thereof.

                    “Permitted
Acquisitions” means an acquisition of all or substantially all of the
assets, a unit or division or a line of business or all of the Capital Stock of
any Person pursuant to a transaction or any series of related transactions; provided
that (a) no Default of Event of Default shall have occurred and be
continuing on the date such Permitted Acquisition is consummated, immediately
before or after giving effect thereto, (b) the business acquired (or Person
acquired) is principally engaged in a Similar Business, (c) after giving effect
to such Permitted Acquisition and the consideration to be paid (including Debt
and other liabilities and obligations assumed or acquired) in connection with
such Permitted Acquisition (i) if 

A-29

the acquiror
is the UK Borrower or UK Subsidiary, UK Availability must be at or above the
Dollar Equivalent of $15,000,000 or (ii) if the acquiror is a US Borrower
or US Subsidiary, US Availability must be at or above the Dollar Equivalent of
$15,000,000 and (iii) in any case, Total Excess Availability must be at or
above the Dollar Equivalent of $30,000,000; provided further that
if the consideration to be paid (including Debt and other liabilities and
obligations assumed or acquired) in connection with such Permitted Acquisition
is to be at or above the Dollar Equivalent of $15,000,000, the Required Lenders
shall have given their prior written consent to such Permitted Acquisition.

                    “Permitted Liens”
means:

                    (a) Liens
(including statutory Liens) for taxes not delinquent and Liens (including
statutory Liens) for taxes which are due and payable in an amount not to exceed
the Dollar Equivalent of $500,000 provided that the payment of such
taxes which are due and payable is being contested in good faith and by
appropriate proceedings diligently pursued and as to which adequate financial
reserves have been established in accordance with GAAP on the books and records
of the Parent Guarantor or its Subsidiaries, as applicable, and a stay of
enforcement of any such Lien is in effect;

                    (b) the
Agents’ Liens and any Liens created by this Agreement or the Loan Documents;

                    (c) Liens
consisting of deposits made in the ordinary course of business in connection
with, or to secure payment of, obligations under worker’s compensation,
unemployment insurance, social security and other similar laws, or to secure
the performance of bids, tenders or contracts (other than for the repayment of
Debt) or to secure indemnity, performance or other similar bonds for the
performance of bids, tenders or contracts (other than for the repayment of
Debt) or to secure statutory obligations (other than liens arising under ERISA
or Environmental Liens) or surety or appeal bonds, or to secure indemnity,
performance or other similar bonds;

                    (d) Liens
securing the claims or demands of materialmen, mechanics, carriers,
warehousemen, landlords and other like Persons, provided that if any
such Lien arises from the nonpayment of such claims or demand when due, such
claims or demands do not exceed the Dollar Equivalent of $500,000 in the
aggregate, or (ii) are being contested in good faith by appropriate proceedings
diligently pursued and as to which adequate financial reserves have been
established in accordance with GAAP on the books or records of the Borrowers or
their Subsidiaries;

                    (e) Liens
constituting encumbrances in the nature of reservations, exceptions,
encroachments, easements, rights of way, covenants running with the land,
condition restrictions, zoning, building codes and other land use laws or
environmental restrictions regulating the use or occupancy of any Real Estate
or the activities conducted thereon which are imposed by any governmental
authority having jurisdiction over such Real Estate which are not violated by
the current use or occupancy of such Real Estate or the operation of the
business or any violation of which would not have a material adverse effect on
the business and other similar title exceptions, charges, defects in title or
encumbrances affecting any Real Estate (other than UK Property); provided
that they do not in the aggregate materially detract from the value of the
Real Estate or materially interfere with its use in the ordinary course of a
business of the Borrowers or any of their Subsidiaries;

                    (f) Liens
arising from judgments and attachments in connection with court proceedings; provided
that the attachment or enforcement of such Liens would not result in an Event
of Default hereunder and such Liens are being contested in good faith by
appropriate proceedings, adequate reserves have been set aside and no material
property is subject to a material risk of loss or forfeiture and 

A-30

the claims in
respect of such Liens are fully covered by insurance (subject to ordinary and
customary deductibles) and a stay of execution pending appeal or proceeding for
review is in effect;

                    (g) any
Lien in existence on the date hereof and disclosed on Schedule 7.13
to the Agreement and any Liens securing refinanced Debt permitted by Section
7.13(d) hereof;

                    (h) Liens
reflected by Uniform Commercial Code financing statements filed in respect of
true leases and not financing leases of any Credit Party or Liens resulting
from financing statements on form UCC-1 filed erroneously or without proper
authorization;

                    (i) Liens
referred to in the UK Properties Report on Title;

                    (j) Liens
securing Capital Leases and Debt permitted by clauses (b), (c), (d), (h),
(j)(i), (k) and (l) of Section 7.13 of this Agreement.

                    (k) Liens
in favor of the Borrowers or any of the Subsidiary Guarantors;

                    (l) purchase
money liens attached to assets acquired in the ordinary course of business of
the Borrowers and its Subsidiaries, provided that such liens cover only the
assets so acquired;

                    (m) inchoate
statutory Liens arising under ERISA incurred in the ordinary course of business;

                    (n) leases
or subleases granted to other that do not materially interfere with the
ordinary course of business of the Borrower and its Subsidiaries, taken as a
whole, or the rights and remedies of the Administrative Agent in respect of the
Collateral;

                    (o) Liens
existing on the assets of any Person that becomes a Subsidiary Guarantor, or
existing on assets acquired, pursuant to a Permitted Acquisition; provided
that such Liens attach at all times only to the same assets that such Liens
attached to immediately prior to such Permitted Acquisition;

                    (p) Liens
on cash deposits and other funds maintained with a depositary institution, in
each case arising in the ordinary course of business by virtue of any statutory
or common law provision relating to banker’s liens, including Section 4-210 of
the UCC;

                    (q) Liens
arising from the rights of lessors under leases (including financing statements
regarding property subject to lease).

                    (r) Liens
in favor of customs and revenue authorities in connection with custom duties;

                    (s) Liens
securing insurance premium financing; provided that such Liens do not extend to
any property or assets other than the insurance policies and proceeds thereof;
and

                    (t) Liens
on assets of the Borrower or any Subsidiaries with respect to obligations
(other than in respect of Debt) that do not exceed $2,000,000 at any one time
outstanding; provided that the assets subject to such Lien shall not exceed at
any time $2,000,000 in the aggregate.

                    “Person”
means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, unincorporated organization, association,
corporation, Governmental Authority, or any other entity.

A-31

                    “Plan”
means an employee benefit plan (as defined in Section 3(3) of ERISA) which
the US Borrower or any of its Subsidiaries sponsors or maintains or to which
the US Borrower or any of its Subsidiaries makes, is making, or is obligated to
make contributions and includes any Pension Plan (as defined in Section 3(2) of
ERISA).

                    “Pounds
Sterling” and “£” each mean lawful currency of the United Kingdom. Unless
otherwise specified, all payments under the Loan Documents by the UK Credit
Parties shall be made in Pounds Sterling.

                    “Preferred
Stock” means any Capital Stock with preferential rights of payment of
dividends, rights to mandatory redemption or other distributions or upon
liquidation, dissolution, or winding up.

                    “Prior
Claims” means all Liens created by applicable laws (in contrast to those
granted voluntarily) which rank or are capable of ranking prior or pari passu with the Agents’ Liens
against all or part of the Collateral, including for amounts owing for vacation
pay, employee remuneration, deductions and contributions, goods and services
taxes, sales taxes, VAT, corporate taxes, realty taxes, business taxes,
workers’ compensation, pension plan or fund obligations, overdue rents and
remuneration and expenses incurred in insolvency or similar proceedings and all
UK Preferential Claims.

                    “Pro
Forma EBITDA” means, with respect to any fiscal period, EBITDA for Mobile
Services and its Subsidiaries for such period plus, for each Permitted
Acquisition consummated during such period, an amount (each a “Pro Forma
Adjustment Amount”) equal to the EBITDA of each such Person or business so
acquired (to the extent not otherwise included in the EBITDA for the Credit
Parties and their Subsidiaries), calculated on a pro forma basis, as if the
Permitted Acquisition had occurred on the first day of such period and
calculated by the Applicable Borrower based on financial information related to
such Person or business so acquired, including tax returns, which the US
Borrower Representative (in the case of acquisitions by the US Credit Parties)
or the UK Borrower (in the case of acquisitions by the UK Borrower and the UK
Borrowing Base Parties) has reasonably determined to be satisfactory to support
the calculation of the consolidated EBITDA of such Person or business so
acquired, on a pro forma basis;

provided that the aggregate Pro Forma
Adjustment Amounts that may be so added to EBITDA of Mobile Services and its
Subsidiaries in connection with all acquisitions of any Persons or businesses
with respect to any fiscal period shall in any event not exceed, in aggregate,
$4,000,000 plus any additional amount approved by the Administrative Agent in
its sole discretion. Together with each Compliance Certificate delivered as set
forth above, the US Borrower Representative or the UK Borrower shall deliver to
the Administrative Agent and the UK Agent the financial information related to
such Person or business so acquired, including tax returns, if any, upon which
the US Borrower Representative (in the case of acquisitions by the US Credit
Parties) or the UK Borrower (in the case of acquisitions by the UK Borrower and
the UK Borrowing Base Parties) has based its determinations as to the
calculation of the consolidated EBITDA of such Person or business so acquired.

                    “Proposed
Changes” has the meaning specified in Section 11.1(g).

                    “Proprietary
Rights” means all of the Applicable Borrower’s now owned and hereafter
arising or acquired: licenses, franchises, permits, patents, patent rights,
copyrights, works which are the subject matter of copyrights, trademarks,
service marks, trade names, trade styles, patent, trademark and service mark
applications, and all licenses and rights related to any of the foregoing,
including those patents, trademarks, service marks, trade names and copyrights
set forth on Schedule 6.12 hereto, and all other rights under any
of the foregoing, all extensions, renewals, reissues, divisions, continuations, and

A-32

continuations-in-part of any of the foregoing, and all rights to sue for past,
present and future infringement of any of the foregoing.

                    “Pro
Rata Share” means, as of any date,

                    (a) with
respect to the Pro Rata Share ascribed to any US Lender, a fraction (expressed
as a percentage), the numerator of which is the amount of such US Lender’s US
Commitments and the denominator of which is the sum of the amounts of all of
the US Lenders’ US Commitments, or if no US Commitments are outstanding, a
fraction (expressed as a percentage), the numerator of which is the amount of
US Obligations owed to such US Lender and the denominator of which is the
aggregate amount of the US Obligations owed to all of the US Lenders, in each
case giving effect to the US Lenders’ participation in Non-Ratable Loans and
Agent Advances,

                    (b) with
respect to the Pro Rata Share ascribed to any UK Lender, a fraction (expressed
as a percentage), the numerator of which is the amount of such UK Lender’s UK
Commitments and the denominator of which is the sum of the amounts of all of
the UK Lenders’ UK Commitments, or if no UK Commitments are outstanding, a
fraction (expressed as a percentage), the numerator of which is the amount of
UK Obligations owed to such UK Lender and the denominator of which is the
aggregate amount of the UK Obligations owed to all of the UK Lenders, in each
case giving effect to the UK Lenders’ participation in Non-Ratable Loans and
Agent Advances,

                    (c) with
respect to the Pro Rata Share ascribed to any Lender (without reference to such
Lender being a US Lender or a UK Lender), a fraction (expressed as a
percentage), the numerator of which is the amount of such Lender’s Aggregate
Commitments and the denominator of which is the sum of the amounts of all of
the Lenders’ Aggregate Commitments, or if no US Commitments and no UK
Commitments are outstanding, a fraction (expressed as a percentage), the
numerator of which is the amount of Obligations owed to such Lender and the
denominator of which is the aggregate amount of the Obligations owed to all of
the Lenders, in each case giving effect to the Lenders’ participation in
Non-Ratable Loans and Agent Advances.

                    “Public
Debt” means any unsecured Debt offered or sold (i) without registration
pursuant to the Securities Act in transactions qualifying for a resale
exemption under the Securities Act pursuant to Rule 144A or Regulation S of the
Securities Act, or (ii) pursuant to registration under the Securities Act.

                    “Put
Date” has the meaning specified in Section 1.7 of the UK Credit
Agreement.

                    “Put
Notice” has the meaning specified in Section 1.7 of the UK
Credit Agreement.

                    “Ravenstock”
means Ravenstock MSG Limited, a company formed under the laws of England and
Wales.

                    “Ravenstock
Tam Hire” means Ravenstock Tam (Hire) Limited, a company formed under the
laws of England and Wales.

                    “Real
Estate” means, with respect to any Person, all of such Person’s now or
hereafter owned or leased estates, or other interests, in real property or
heritable property, including all fees, leaseholds and future interests,
together with all of such Person’s now or hereafter owned or leased interests
in the improvements thereon, the fixtures attached thereto and the easements or
servitudes appurtenant thereto.

A-33

                    “Refinancing”
means the following transactions referred to collectively: (a) termination of
the Existing US Credit Agreement and Existing UK Credit Agreement, (b) payment
of any principal, interest, fees or other amounts owing thereunder, and (c) all
other transactions related thereto.

                    “Release”
means a release, spill, emission, leaking, pumping, injection, deposit,
disposal, discharge, dispersal, leaching or migration of a Contaminant into the
indoor or outdoor environment or into or out of any Real Estate or other
property, including the movement of Contaminants through or in the air, soil,
surface water, groundwater or Real Estate or other property.

                    “Rental
Fleet Assets” as distinguished from Sales Inventory, means Inventory of the
applicable Credit Parties consisting of new and used manufactured or
remanufactured portable storage containers, portable storage trailers, cartage
trailers, and portable mobile office units or cabins owned by the applicable
Credit Parties and in the ordinary course of business either (a) held for lease
or to be furnished under a contract of service or (b) leased to a customer by
the applicable Credit Parties as lessor or furnished by the applicable Credit
Parties to a customer under a contract of service.

                    “Replies
to Enquiries” means replies to enquiries of the legal and beneficial owner
of the UK Property to which the enquiries relate in the forms referred to in
the UK Properties Report on Title and dated August 1, 2006.

                    “Reportable
Event” means, any of the events set forth in Section 4043(b) of ERISA
or the regulations thereunder, other than any such event for which the 30-day
notice requirement under ERISA has been waived in regulations issued by the
PBGC.

                    “Required
Lenders” means at any date of determination Lenders holding, in the
aggregate, more than 50% of the sum of (a) the US Commitments (or, if no US
Commitments are outstanding, the amount of Obligations owed to all US Lenders)
and, (b) the UK Commitments (or if no UK Commitments are outstanding the
amount of Obligations owed to all UK Lenders).

                    “Requirement
of Law” means, as to any Person, any law (statutory or common), treaty,
rule or regulation or determination of an arbitrator or of a Governmental
Authority, in each case applicable to or binding upon the Person or any of its
property or to which the Person or any of its property is subject.

                    “Reserves”
means, without duplication, reserves that limit the availability of credit
under the (I) US Credit Agreement, consisting of reserves against US
Availability or the US Borrowing Base, established by the Administrative Agent
from time to time in the Administrative Agent’s reasonable credit judgment and
(II) the UK Credit Agreement, consisting of reserves against UK Availability or
the UK Borrowing Base, established by the UK Agent from time to time in the UK
Agent’s sole credit judgment. Without limiting the generality of the foregoing,
the following reserves shall be deemed to be a reasonable exercise of the
Administrative Agent’s credit judgment and within the discretion of the UK
Agent in its sole credit judgment: (a) Bank Product Reserves, (b) a reserve for
accrued, unpaid interest on the Obligations, (c) reserves in the amount of
three-months rent in respect of UK Leased and Subleased Real Estate and other
properties disclosed in Schedule 6.11 (excluding UK Owned Real Estat) provided
that in the event that the Borrower obtains a waiver letter in the agreed form
(even though not obliged to do so), there shall be no reserve against that
particular property and a reserve in the amount of 3 months rent in respect of
future acquired leasehold property until such time as the Borrower obtains a
waiver letter in the agreed form, (d) Inventory shrinkage, (e) Environmental
Compliance Reserves, (f) customs charges, (g) dilution,
(h) warehousemen’s or bailees’ charges, (i) reserves for Prior Claims, (j)
reserves for any Debt or other obligations outstanding under any Capital Lease
or lease which contains a no-cost purchase option, (k) during any period in
which Total Excess Availability is not greater than or equal to 

A-34

$30,000,000,
reserves, from time to time, for the next payment due under the Welsh Carson
Management Agreement, (l) reserves in the amount of two-months mortgage
payments in respect of owned Real Estate subject to a mortgage or deed of trust
for which a mortgagee waiver and access agreement acceptable to the Administrative
Agent shall not have been obtained, (m) US Trailer Reserves and (n) Appraisal
Reserves. Neither the Administrative Agent nor the UK Agent will establish
Reserves after the Closing Date on account of any circumstances, conditions,
events or contingencies known to the Administrative Agent or the UK Agent on or
prior to the Closing Date and which have not changed in a material respect
since the Closing Date; provided, however, that to the extent the
Administrative Agent or the UK Agent establishes new criteria or revises
existing criteria in respect of existing Reserves to address any circumstances,
conditions, events or contingencies, neither the Administrative Agent nor the
UK Agent shall establish a new Reserve or increase another Reserve for the same
purpose. Any Reserve established or increased by the Administrative Agent or
the UK Agent shall in any case have a reasonable relationship to the
circumstances, condition, event or contingency which is the basis for such
Reserve, as reasonably determined by the Administrative Agent and the UK Agent
in good faith according to its reasonable credit judgment.

                    “Responsible
Agent” means (a) with respect to matters relating to the US Credit
Agreement, the Administrative Agent and (b) with respect to matters relating to
the UK Credit Agreement, the UK Agent.

                    “Responsible
Officer” of any Person means the chairman, president, chief executive
officer, chief financial officer, chief operating officer, general counsel,
executive vice president or vice president, or any other senior officer having
substantially the same authority and responsibility; or, with respect to
compliance with financial covenants and the preparation of the Borrowing Base
Certificates, the chief financial officer or the director of finance of the
Applicable Borrower, or any other officer having substantially the same
authority and responsibility.

                    “Restricted Investment”
means, as to any Credit Party, any acquisition of property by such Credit Party
in exchange for cash or other property, whether in the form of an acquisition
of stock, debt, or other indebtedness or obligation, or the purchase or
acquisition of any other property, or a loan, advance, capital contribution, or
subscription, except the following acquisitions that are permitted by Credit
Parties other than the Parent Guarantor; provided that nothing in this
definition shall prevent or restrict the Parent Guarantor from consummating the
Acquisition:

                    (a) acquisitions
of Machinery and Equipment, Rental Fleet Assets and Fixed Assets to be used in
the ordinary course of business of such Credit Party so long as the acquisition
costs thereof constitute Capital Expenditures permitted hereunder;

                    (b) acquisitions
of Sales Inventory in the ordinary course of business of such Credit Party;

                    
(c) acquisitions of current assets acquired in the ordinary course of
business of such Credit Party;

                    (d) cash,
cash equivalents, and direct obligations of the United States of America, or
any agency thereof, or obligations guaranteed by the United States of America, provided
that such obligations mature within one year from the date of acquisition
thereof;

                    (e) acquisitions
of certificates of deposit maturing within one year from the date of
acquisition, bankers’ acceptances, Eurodollar bank deposits, or overnight bank
deposits, in each case 

A-35

issued by,
created by, or with a bank or trust company organized under the laws of the
United States of America or any state thereof having capital and surplus
aggregating at least $100,000,000;

                    (f) acquisitions
of commercial paper given a rating of “A2” or better by Standard & Poor’s
Corporation or “P2” or better by Moody’s Investors Service, Inc. and maturing
not more than 90 days from the date of creation thereof;

                    (g) Hedge
Agreements;

                    (h) Intercompany
Debt permitted hereunder;

                    (i) Permitted
Acquisitions for which the consideration is paid in (i) Capital Stock of the
Parent Guarantor or (ii) cash (including the amount of any Debt or other
obligations or liabilities assumed or acquired in connection with such
Permitted Acquisition) and the fair market value of such consideration does not
exceed:

	
 

	
 

	
 

	
 

	
(A)

	
in the
  Fiscal Year ended December 31, 2006 (taking into account all Permitted
  Acquisitions occurring in Fiscal Year 2006 occurring prior to the Closing
  Date), the Dollar Equivalent of $50,000,000;

	
 

	
 

	
 

	
 

	
(B)

	
in the
  Fiscal Year ended December 31, 2007, the Dollar Equivalent of $50,000,000; 

	
 

	
 

	
 

	
 

	
(C)

	
in the
  Fiscal Year ended December 31, 2008, the Dollar Equivalent of $55,000,000;

	
 

	
 

	
 

	
 

	
(D)

	
in the
  Fiscal Year ended December 31, 2009, the Dollar Equivalent of $60,000,000;

	
 

	
 

	
 

	
 

	
(E)

	
in the
  Fiscal Year ended December 31, 2010, the Dollar Equivalent of $65,000,000;
  and

	
 

	
 

	
 

	
 

	
(F)

	
in the
  Fiscal Year ended December 31, 2011, the Dollar Equivalent of $70,000,000;

in each case plus
the Capital Expenditure to Acquisition Transfer Amount and less the
Acquisition to CapEx Transfer Amount in any Fiscal Year (the “Maximum Permitted
Acquisitions Amount”); provided that (1) the US Borrower shall,
and shall cause its Subsidiaries to, comply with the requirements of Sections
7.31 and 7.32 with respect to each such acquisition, and (2) such
Maximum Permitted Acquisitions Amount for any Fiscal Year shall be increased by
an amount equal to the sum of (X) the excess, if any of (A) the Maximum
Permitted Acquisitions Amount for the previous Fiscal Year (without giving
effect to any adjustment in accordance with this proviso) over the amount of
Permitted Acquisitions actually made during the immediately preceding Fiscal
Year (the “Acquisition Carry Forward Amount”), up to an aggregate maximum
increase equal to the Dollar Equivalent of $15,000,000 for such Fiscal Year
(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 the previous fiscal year); provided further that,
notwithstanding the foregoing restrictions, any Permitted Acquisition or
portion thereof (including all costs, fees and other related expenses) funded
solely by the issuance of Capital Stock, net cash proceeds and/or marketable
securities received by the US Borrower from the issuance of Capital Stock (but
not Preferred Stock other than Preferred Stock of the Parent Guarantor 

A-36

which complies
with Section 7.34) of the Parent Guarantor shall not be counted in the
calculation of such limitations;

                    (j) acquisitions
of Real Estate, subject to compliance with Sections 7.26 and 7.33;

                    (k) transactions
between the US Borrowers and Ravenstock subject to compliance with Section 7.15(e);

                    (l) transactions
that would otherwise be Restricted Investments existing as of the Closing Date,
and any extensions, renewals or reinvestments thereof, so long as the aggregate
amount thereof is not increased at any time above the amount existing on the
Closing Date;

                    (m) acquisition
or holding of assets received in connection with the bankruptcy or
reorganization of trade creditors, trade counterparties, suppliers or customers
and in settlement of delinquent obligations of, and other disputes with,
customers;

                    (n) the
acquisition or holding of the Capital Stock and Intercompany Debt in any
Borrower and each of their Subsidiaries by Parent Guarantor and each of its
Subsidiaries;

                    (o) acquisitions
made to repurchase or retire common stock of any Borrower or any of its
Subsidiaries owned by any employee stock ownership plan or key employee,
directors and officers, or other stock ownership plans of any Borrower or any
of its Subsidiaries;

                    (p) acquisition
of assets pursuant to transaction described in Sections 7.9, 7.15 or 7.20 or
resulting from transactions permitted in Sections 7.13(c), (k), (l) or (m);

                    (q) workers’
compensation, utility, lease and similar deposits and prepaid expenses in the
ordinary course of business, and the endorsement of instruments for collection
or deposit in the ordinary course of business; 

                    (r) transactions
arising from agreements providing for adjustment of the purchase price,
deferred payment, earnout or similar obligations, in each case, in connection
with the disposal or acquisition of any business or assets not prohibited
hereunder; and

                    (s) loans
and advances to employees, directors or officers of any Borrower or its
Subsidiaries for any purpose not to exceed the principal amount of $3,000,000
in the aggregate at any time outstanding.

                    “Revolving
Loans” means the US Revolving Loans and the UK Revolving Loans.

                    “Sales
Inventory” means Inventory, other than Rental Fleet Assets, of the
applicable Credit Parties, which is held for sale to customers in the ordinary
course of such Credit Parties’ business.

                    “Second
Lien Security Agreement” means the second lien security agreement, dated as
of August 1, 2006, entered into by and among, the Administrative Agent, MSG
Asset Trust, in its capacity as agent for and on behalf of the Administrative
Agent and the Lenders, MSG, Mobile Services, ABMSC, Mobile Services, the Parent
Guarantor, Texas LP and MSG Investments, as amended, restated, supplemented or
otherwise modified from time to time.

                    “Securities
Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.

A-37

                    “Senior
Unsecured Note Indenture” means the Indenture entered into by Mobile
Services, MSG and the guarantors in respect thereof in connection with the
issuance of the Senior Unsecured Notes, together with all instruments and other
agreements entered into by the Mobile Services and such guarantors in
connection therewith.

                    “Senior
Unsecured Notes” means the senior unsecured notes of Mobile Services and
MSG issued on the Closing Date pursuant to the Senior Subordinated Note
Indenture.

                    “Senior
Unsecured Noteholders” shall mean the holders from time to time of the
Senior Unsecured Notes.

                    “Set
Off” includes any right of retention, claim of compensation or right to
balance accounts on insolvency.

                    “Settlement”
and “Settlement Date” have the meanings specified in Section 12.15(a)(ii)
of the US Credit Agreement and Section 12.14(a)(ii) of the UK
Credit Agreement.

                    “Similar
Business” means the same line of business or business activities that are
substantially similar or related to the business of the Borrowers as existing
on the Closing Date.

                    “Software”
means, with respect to any Person, all “software” as such term is defined in
the UCC, now owned or hereafter acquired by such Person, other than software
embedded in any category of Goods, including all computer programs and all
supporting information provided in connection with a transaction related to any
program.

                    “Solvent”
means, when used with respect to any Person, that at the time of determination:

                    (a) the
assets of such Person, at a fair valuation, are in excess of the total amount
of its debts (including contingent liabilities); and

                    (b) the
present fair saleable value of its assets is greater than its probable
liability on its existing debts as such debts become absolute and matured; and

                    (c) it
is then able and expects to be able to pay its debts (including contingent
debts and other commitments) as they mature; and

                    (d) it
has capital sufficient to carry on its business as conducted and as proposed to
be conducted.

                    For
purposes of determining whether a Person is Solvent, the amount of any
contingent liability shall be computed as the amount that, in light of all the
facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability.

                    “Spot
Rate” for any applicable currency means the rate quoted by the
Administrative Agent as the spot rate for the purchase by the Administrative
Agent of the applicable currency with Dollars or Dollars with the applicable
currency, as the case may be, at approximately 9:00 a.m. (Administrative
Agent’s local time) on such date as of which the foreign exchange computation
is made for delivery two US Business Days later.

                    “Stated
Termination Date” means August 1, 2011. 

A-38

                    
“Sterling Equivalent” means, at any time, (a) as to any amount
denominated in Pounds Sterling, the amount thereof at such time and (b) as to
any amount denominated in Dollars or any other currency other than Pounds
Sterling, the equivalent amount in Pounds Sterling as determined by the
Administrative Agent at such time on the basis of the Spot Rate for the
purchase of Pounds Sterling with Dollars or such other currency on the most
recent computation date.

                    “Subsidiary”
of a Person means any corporation, association, partnership, limited liability
company, joint venture or other business entity of which more than fifty
percent (50%) of the Voting Stock or other equity interests (in the case of
Persons other than corporations), is owned or controlled directly or indirectly
by the Person, or one or more of the Subsidiaries of the Person, or a
combination thereof. Unless the context otherwise clearly requires, references
herein to a “Subsidiary” refer to a Subsidiary of the Parent Guarantor.

                    “Subsidiary
Guarantors” means all US Subsidiaries and Foreign Subsidiaries which are or
become a party to a Subsidiary Guaranty; provided that MSG
Investments and any Foreign Subsidiaries shall not be Subsidiary Guarantors
with respect to the Obligations of the US Borrowers.

                    “Subsidiary
Guaranty” means each of the US Subsidiary Guaranty and the UK Guaranty,
which have been executed and delivered by one or more US Subsidiary Guarantors
and /or one or more Foreign Subsidiary Guarantors to guarantee, for the benefit
of the Agents, the UK Security Trustee and the Lenders, as applicable the
Obligations of the US Borrower and/or the UK Borrower.

                    “Supporting
Obligations” means all supporting obligations as such term is defined in
the UCC, including letters of credit and guaranties issued in support of
Accounts, Chattel Paper, Documents, General Intangibles, Instruments, or
Investment Property.

                    “Taxes”
means any and all present or future taxes, levies, imposts, deductions, charges
or withholdings, and all liabilities with respect thereto, including value
added taxes but excluding, in the case of each Lender and each Agent, such
taxes (including income taxes or franchise taxes) as are imposed on or measured
by each Agent’s or Lenders’ net income as a result of a connection between such
Agent or Lender and the jurisdiction of the governmental authority imposing
such tax or any political subdivision or taxing authority thereof or therein
(other than any such connection arising solely from such Agent or Lender having
executed, delivered or performed its obligations or received a payment under,
or enforced by, the US Credit Agreement or the UK Credit Agreement).

                    “Termination
Date” means the earliest to occur of (i) the Stated Termination Date, (ii)
the date the Total Facility is terminated either by the Borrowers pursuant to Section 3.2
or by the Required Lenders pursuant to Section 9.2), and (iii) the
date the Agreement is otherwise terminated for any reason whatsoever pursuant
to the terms of the Agreement.

                    “Texas-LP”
means Mobile Storage Group (Texas), L.P., a Texas limited partnership.

                    “Title
Insurance Company” has the meaning specified in Section 8.1(cc) of the US
Credit Agreement. 

                    “Total
Excess Availability” means, at any time, the lesser of (i) the Maximum
Amount minus Aggregate Outstandings or (ii) Aggregate Availability.

                    “Total UK
Facility” has the meaning specified in Section 1.1 of the UK
Credit Agreement.

A-39

                    “Total US
Facility” has the meaning specified in Section 1.1 of the US
Credit Agreement.

                    “Transaction
Documents” shall mean, collectively, the Loan Documents and the Senior
Unsecured Note Indenture.

                    “Transferee”
has the meaning specified in Section 11.2(a) of the UK Credit
Agreement.

                    “Tudorgrade”
means Tudorgrade (Container Repairs) Limited, a company formed under the laws
of England and Wales. 

                    “UCC”
means the Uniform Commercial Code, as in effect from time to time, of the State
of New York or of any other state the laws of which are required as a result
thereof to be applied in connection with the issue of perfection of security
interests; provided, that to the extent that the UCC is used to
define any term herein or in any other documents and such term is defined
differently in different Articles or Divisions of the UCC, the definition of
such term contained in Article or Division 9 shall govern. 

                    “UK
2006 Debenture” means the debenture, dated as of August 1, 2006, and
entered into by Ravenstock, Mobile Storage (UK), the Luxembourg Subsidiary, and
Ravenstock Tam Hire, among others, and any document entered into pursuant
thereto, as amended, restated, supplemented or otherwise modified from time to
time. 

                    “UK
2006 Share Charge” means the share charge, dated as of August 1, 2006, and
entered into by the UK Security Trustee and MSG, as amended, restated,
supplemented or otherwise modified from time to time.

                    “UK
Advance Rate” means, (a) from the date hereof until such time as an
appraisal by the Appraiser of the Rental Fleet Assets of the UK Borrower and
the UK Borrowing Base Parties is delivered to the Administrative Agent (such
appraisal to be reasonably satisfactory to the Administrative Agent), 100% and
(b) thereafter, upon the receipt from time to time by the Administrative Agent
of an appraisal pursuant to Section 7.4(d), a percentage equal to (a)
the lesser of (i) 90% of the Orderly Liquidation Value of the Eligible Rental
Fleet Assets of the UK Borrower and the UK Borrowing Base Parties set forth in
such appraisal or (ii) 100% of the net book value, determined in accordance
with GAAP, of such Eligible Rental Fleet Assets of the UK Borrower and the UK
Borrowing Base Parties divided by (b) the aggregate net book value of
the Eligible Rental Fleet Assets of the UK Borrower and the UK Borrowing Base
Parties.

                    “UK
Agent” means The CIT Group/Business Credit, Inc., solely in its capacity as
agent for the UK Lenders, and any successor agent.

                    “UK
Agents” means, collectively, the Administrative Agent, the UK Agent, the
Solicitation Agent, the Documentation Agents, if any, and the UK Security
Trustee.

                    “UK
Agents’ Liens” means the Liens in the UK Collateral granted to the UK
Security Trustee for the benefit of the UK Lenders, and UK Agents pursuant to
the UK Credit Agreement and the other UK Loan Documents.

                    “UK
Aggregate Outstandings” means, without duplication, at any date of
determination the Sterling Equivalent of an amount equal to: the sum of (a) the
unpaid balance of UK Revolving Loans, (b) the aggregate amount of UK Pending
Revolving Loans, (c) one hundred percent (100%) of the aggregate undrawn face
amount of all outstanding Letters of Credit issued in respect of the UK
Borrower, 

A-40

and (d) the
aggregate amount of any unpaid reimbursement obligations in respect of Letters
of Credit issued in respect of the UK Borrower not included in clause (a).

                    “UK
Availability” means, at any time, an amount equal to: (a) the lesser of (i)
the Maximum UK Amount or (ii) the UK Borrowing Base, minus (b) Reserves
relating to the UK Borrower and their Subsidiaries and assets, other than
Reserves deducted in the calculation of the UK Borrowing Base, minus (c)
the UK Aggregate Outstandings.

                    “UK
Bank Products” means any one or more of the following types of services or
facilities extended to the UK Borrower or other UK Credit Party by a Bank
Product Provider at the UK Borrower’s request: (i) credit cards; (ii) ACH Transactions;
(iii) Hedge Agreements; and (iv) cash management, including controlled
disbursement services. 

                    “UK
Base Rate” means the UK Agent’s reference rate for Pounds Sterling loans,
being the rate from time to time set by the UK Agent based on various factors
including the cost of funds, desired return and general economic conditions and
which is used as a reference point for pricing loans made by it in Pounds
Sterling. 

                    “UK
Base Rate Revolving Loan” means a UK Revolving Loan during any period in
which it bears interest based on the UK Base Rate.

                    “UK
Borrower” means Ravenstock.

                    “UK
Borrowing” means a borrowing under the UK Credit Agreement consisting of UK
Revolving Loans made on the same day by the UK Lenders to the UK Borrower or by
the UK Agent in the case of a UK Borrowing funded by Non-Ratable Loans or by
the Agent in the case of a UK Borrowing consisting of an Agent Advance, or the
issuance of Letters of Credit hereunder for the account of the UK Borrower.

                    “UK
Borrowing Base” means, at any time, an amount determined in Dollars equal
to (i) the sum of (A) eighty-five percent (85%) of the Net Amount of Eligible
Accounts of the UK Borrower and the UK Borrowing Base Parties; plus (B)
the UK Advance Rate multiplied by the Book Value of Eligible Rental
Fleet Assets of the UK Borrower and the UK Borrowing Base Parties; plus
(C) the lesser of (i) ninety percent (90%) of the Book Value of Eligible
Machinery and Equipment of the UK Borrower and the UK Borrowing Base Parties or
(ii) eighty percent (80%) of the Orderly Liquidation Value of Eligible
Machinery and Equipment of the UK Borrower and the UK Borrowing Base Parties; plus
(D) the Value of Eligible Sales Inventory of the UK Borrower and the UK
Borrowing Base Parties; minus (ii) Reserves from time to time
established by the UK Agent in its commercially reasonable discretion relating
to the UK Borrower and the UK Borrowing Base Parties or their assets. In
connection with and subsequent to any Permitted Acquisition, the Accounts and
Rental Fleet Assets acquired by the UK Borrower or any UK Borrowing Base Party,
or, subject to compliance with Section 7.32 of the US Credit
Agreement, of the Person so acquired, may be included in the calculation of the
UK Borrowing Base for Loans incurred in connection with such Permitted
Acquisition and thereafter if all criteria set forth in the definitions of
Eligible Accounts and Eligible Inventory have been satisfied and, if the aggregate
purchase price is greater than or equal to $15,000,000, the Responsible Agent
shall have received from the Appraiser a “desktop appraisal” of such Rental
Fleet Assets acquired by the applicable Credit Parties or owned by such Person
acquired by the applicable Credit Parties which shall be reasonably
satisfactory in scope, form and substance to the Responsible Agent. 

                    “UK
Borrowing Base Party” means MSG Investments and each of the Subsidiary
Guarantors that are Foreign Subsidiaries.

A-41

                    “UK
Business Day” means (a) any day that is not a Saturday, Sunday, or a day on
which banks in London, England or New York, New York are required or permitted
to be closed, and (b) with respect to all notices, determinations, fundings and
payments in connection with the UK Sterling LIBOR Revolving Loans, any day that
is a UK Business Day pursuant to clause (a) above and that is also a day
on which trading in Pounds Sterling is carried on by and between banks in the
London interbank market.

                    “UK
Collateral” means all of the UK Obligors’ real, heritable, personal,
movable and immovable property and all other assets and undertakings of any
Person from time to time subject to the UK Agents’ Liens securing payment or
performance of the UK Obligations.

                    “UK
Commitment” means, at any time with respect to a UK Lender, the principal
amount set forth beside such UK Lender’s name under the heading “UK Commitment”
on Schedule 1 attached to the UK Credit Agreement or on the
signature page of the UK Transfer Agreement pursuant to which such UK Lender
became a UK Lender under the UK Credit Agreement in accordance with the
provisions of Section 11.2 of the UK Credit Agreement, as such UK
Commitment may be adjusted from time to time in accordance with the provisions
of Section 11.2, and “UK Commitments” means, collectively, the
aggregate amount of the UK Commitments of all of the UK Lenders. For the
avoidance of doubt, “UK Commitment” shall include the UK Revolver Participant
Commitment.

                    “UK
Credit Agreement” shall have the meaning given such term in the recitals
hereto.

                    “UK
Credit Party” means the UK Borrower, the Parent Guarantor, MSG Investments
and each of the Subsidiary Guarantors that are Foreign Subsidiaries.

                    
“UK Fronting Lender” means the UK Agent, solely in its capacity as
fronting lender for the UK Revolver Participants.

                    “UK
GAAP” means accounting principles, standards and practices generally
accepted from time to time in the United Kingdom and issued or adopted by the
Accounting Standards Branch of the United Kingdom (or successor thereof from
time to time).

                    “UK
Guaranty” means the UK guarantee, dated as of August 1, 2006, and entered
into by UK Security Trustee, the Parent Guarantor, ABMSC, Texas-LP, Mobile
Storage (UK), Ravenstock Tam Hire, UK-LP, MSG Investments and the Luxembourg
Subsidiary, among others, as amended, restated, supplemented or otherwise modified
from time to time. 

                    “UK
Intercreditor Deed” means the intercreditor deed, dated as of August
1, 2006, and entered into by and among the UK Security Trustee, Mobile
Services, MSG, Ravenstock, the Luxembourg Subsidiary, Mobile Storage (UK),
among others, as amended, restated, supplemented or otherwise modified from
time to time. 

                    “UK
Lender” means any Lender listed on Schedule 1 of the UK Credit
Agreement under the heading “UK Lender,” and any other Lender (including, for
the avoidance of doubt, any UK Revolver Participant and the UK Fronting Lender)
that may, from time to time, hold UK Revolving Loans (or UK Revolver
Participant Commitments, as applicable) and shall include the Responsible Agent
to the extent of any Agent Advance outstanding under the UK Credit Agreement
and the UK Agent to the extent of any Non-Ratable Loan outstanding under the UK
Credit Agreement; provided that no such Agent Advance or
Non-Ratable Loan shall be taken into account in determining any UK Lender’s Pro
Rata Share. 

A-42

                    “UK
Loan Documents” means the UK Credit Agreement, the UK Guaranty, the US
Security Documents, the UK Security Documents and the Luxembourg Security
Documents and any other agreements, instruments, and documents heretofore, now
or hereafter evidencing, securing, guaranteeing or otherwise relating to the UK
Obligations, the UK Collateral, or any other aspect of the transactions
contemplated by the UK Credit Agreement.

                    “UK-LP”
means Mobile Storage UK Finance LP, a limited partnership formed under the laws
of England and Wales.

                    “UK
Obligations” means, with respect to any UK Obligor, all present and future
loans, advances, liabilities, obligations, covenants, duties, and debts owing
by such UK Obligor to the UK Agents and/or any UK Lender, and/or any indemnitee
arising under or pursuant to the UK Credit Agreement or any of the other UK
Loan Documents, whether or not evidenced by any note, or other instrument or document,
whether arising from an extension of credit, opening of a letter of credit,
acceptance, loan, guaranty, indemnification or otherwise, whether direct or
indirect, absolute or contingent, due or to become due, primary or secondary,
as principal or guarantor, and including all principal, interest, charges,
expenses, fees, attorneys’ fees, filing fees and any other sums chargeable to
any UK Obligor hereunder or under any of the other Loan Documents. “UK
Obligations” includes (a) all debts, liabilities, and obligations now or
hereafter arising from or in connection with the Letters of Credit issued under
the UK Credit Agreement and (b) all debts, liabilities and obligations now or
hereafter arising from or in connection with UK Bank Products, including all
debts, liabilities and obligations now or hereafter arising from or in
connection with any Hedge Agreement entered into with the UK Agent or any UK
Lender. 

                    “UK
Obligors” means the UK Credit Parties, each other Credit Party party to any
UK Loan Document and any other Person who, from time to time, may be a
guarantor of the UK Obligations of any UK Credit Party or have granted a Lien
to secure the UK Obligations of any UK Credit Party.

                    “UK
Pending Revolving Loans” means, at any time, the aggregate principal amount
of all UK Revolving Loans requested in any Notice of Borrowing received by the
UK Agent which have not yet been advanced.

                    “UK
Preferential Claims” means (a) £600,000 for each UK Borrowing Base Party
being the amount subject to unsecured creditor dilution pursuant to the United
Kingdom Enterprise Act 2002 and the United Kingdom Insolvency Act 1986 or such
other amount as may be specified as a matter of English law plus (b) an amount
determined by the UK Agent representing an estimate of potential prior ranking
capital gains or other taxes.

                    “UK
Properties” means all the freehold and leasehold properties and other Real
Estate real properties and interests in real properties owned by or vested in
the UK Borrower or any of its Subsidiaries including all buildings and other
structures from time to time erected thereon and all fixtures and fittings
(trade or otherwise) and fixed plant or machinery from time to time thereon or therein
(and “UK Property” shall be construed accordingly).

                    “UK
Properties Report on Title” means a report on title to the UK Properties
listed in Schedule 6.11 by Messrs. BP. Collins in respect of UK
Properties in England and Wales, McClure Naismith in respect of UK Properties
in Scotland and McGrigors in respect of UK Properties in Northern Ireland in
form acceptable to the UK Security Trustee dated August 1, 2006.

                    “UK
Required Lenders” means at any date of determination UK Lenders holding, in
the aggregate, more than 50% of the sum of commitments under the UK Revolving
Facility.

A-43

                    “UK
Revolver Participant” means those UK Lenders having UK Revolver Participant
Commitments.

                    “UK
Revolver Participant Commitment” means the commitment of each UK Revolver
Participant to make its purchases of the risk participation from the UK
Fronting Lender in the principal amount set forth beside such UK Revolver
Participant’s name under the heading “UK Revolver Participant Commitment” on
Schedule 1 attached to the UK Credit Agreement or on the signature page of
the UK Transfer Agreement pursuant to which such UK Revolver Participant became
a UK Revolver Participant under the UK Credit Agreement in accordance with the
provisions of Section 11.2 of the UK Credit Agreement, as such UK
Revolver Participant Commitment may be adjusted from time to time in accordance
with Section 11.2, and “UK Revolver Participant Commitments” means,
collectively, the aggregate amount of the UK Revolver Participant Commitments
of all UK Revolver Participants.

                    “UK
Revolving Facility” has the meaning specified in Section 1.2(a)
of the UK Credit Agreement.

                    “UK
Revolving Loans” has the meaning specified in Section 1.2 of
the UK Credit Agreement and includes each Agent Advance and Non-Ratable Loan
made to the UK Borrower.

                    “UK
Security Documents” means the UK Guaranty, the UK 2006 Share Charge, the UK
2006 Debenture, the UK Intercreditor Deed and the UK Security Trust Deed.

                    “UK
Security Trust Deed” means the security trust deed, dated as of August 1,
2006, and entered into by the Administrative Agent, the UK Agent, the UK
Security Trustee, MSG, Mobile Services, Ravenstock, Mobile Storage (UK),
Ravenstock Tam Hire, the Luxembourg Subsidiary, UK-LP, among others, as
amended, restated, supplemented or otherwise modified from time to time. 

                    “UK
Security Trustee” means The CIT Group/Business Credit, Inc., solely in its
capacity as security trustee for the Lenders under the UK Security Documents,
and any successor security trustee.

                    “UK
Sterling LIBOR Rate” means, for any Interest Period, with respect to UK
Sterling LIBOR Revolving Loans, the rate of interest per annum appearing on
Telerate Page 3750 (or any successor page) as the London interbank offered rate
for deposits in Pounds Sterling at approximately 11:00 a.m. (London time) two
UK Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period. If for any reason such rate is not
available, the UK Sterling LIBOR Rate shall be, for any Interest Period, the
rate per annum appearing on Reuters Screen LIBOR Page as the London interbank
offered rate for deposits in Pounds Sterling at approximately 11:00 a.m.
(London time) two UK Business Days prior to the first day of such Interest
Period for a term comparable to such Interest Period; provided, however,
if more than one rate is specified on Reuters Screen LIBOR Page, the applicable
rate shall be the arithmetic mean of all such rates. If for any reason none of
the foregoing rates is available, the UK Sterling LIBOR Rate shall be, for any
Interest Period, the rate per annum determined by the UK Agent as the rate of
interest at which Pounds Sterling deposits in the approximate amount of the
relevant UK Loan comprising part of such Borrowing would be offered by JPMorgan
Chase Bank’s London Branch to major banks in the London interbank market at
their request at or about 11:00 a.m. (London time) two UK Business Days prior
to the first day of such Interest Period for a term comparable to such Interest
Period.

                    “UK
Sterling LIBOR Revolving Loan” means a UK Revolving Loan during any period
in which it bears interest based on the UK Sterling LIBOR Rate.

A-44

                    “UK Transfer Agreement” has the meaning specified in Section 11.2(a)
of the UK Credit Agreement.

                    “UK
Unused Letter of Credit Subfacility” means an amount equal to the Letter of
Credit Subfacility minus the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit issued under the UK Credit Agreement plus,
without duplication, (b) the aggregate unpaid reimbursement obligations with
respect to all drawn Letters of Credit issued under the UK Credit Agreement to
the extent not included in the Loans outstanding under the UK Credit Agreement,
plus (c) the aggregate undrawn amount of all outstanding Letters of Credit
issued under the US Credit Agreement, plus, without duplication, (d) the
aggregate unpaid reimbursement obligations with respect to all drawn Letters of
Credit issued under the US Credit Agreement to the extent not included in the
Loans outstanding under the US Credit Agreement.

                    “UK
Unused Multicurrency Letter of Credit Sublimit” means an amount equal to
the Multicurrency Letter of Credit Sublimit minus the sum of (a) the
aggregate undrawn amount of all outstanding Letters of Credit issued under the
UK Credit Agreement and denominated in Dollars, Canadian Dollars or Euro plus,
without duplication, (b) the aggregate unpaid reimbursement obligations with
respect to all drawn Letters of Credit issued under the UK Credit Agreement and
denominated in Dollars, Canadian Dollars or Euro to the extent not included in
the Loans outstanding under the UK Credit Agreement, plus (c) the
aggregate undrawn amount of all outstanding Letters of Credit issued under the
US Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or
Euro, plus, without duplication, (d) the aggregate unpaid reimbursement
obligations with respect to all drawn Letters of Credit issued under the US
Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or Euro
to the extent not included in the Loans outstanding under the US Credit
Agreement.

                    “UK
Unused Line Fee” has the meaning specified in Section 2.5 of
the UK Credit Agreement.

                    “Unfunded
Pension Liability” means the excess of a Plan’s benefit liabilities under
Section 4001(a)(16) of ERISA, over the current value of that Plan’s
assets, determined in accordance with the assumptions used for funding the
Pension Plan pursuant to Section 412 of the Code for the applicable plan
year.

                    “Unpaid
Drawing” means any payment or disbursement made by the Letter of Credit
Issuer under any Letter of Credit (including the Dollar Equivalent thereof) so
paid until reimbursed.

                    “Unused
Line Fee” means the US Unused Line Fee and the UK Unused Line Fee.

                    “US
Advance Rate” means, (a) from the date hereof until such time as an
appraisal by the Appraiser of the Rental Fleet Assets of the US Borrower and
the US Subsidiary Guarantors is delivered to the Administrative Agent (such
appraisal to be reasonably satisfactory to the Administrative Agent), 100% and
(b) thereafter, upon the receipt from time to time by the Administrative Agent
of an appraisal pursuant to Section 7.4(d), a percentage equal to (a)
the lesser of (i) 90% of the Orderly Liquidation Value of Eligible Rental Fleet
Assets of the US Borrowers and the US Subsidiary Guarantors set forth in such
appraisal or (ii) 100% of the net book value, determined in accordance with GAAP,
of such Eligible Rental Fleet Assets of the US Borrower and the US Subsidiary
Guarantors divided by (b) the aggregate net book value of the Eligible
Rental Fleet Assets of the US Borrowers and the US Subsidiary Guarantors. 

A-45

                    “US
Agents” means, collectively, the Administrative Agent, in its capacity as
Administrative Agent hereunder and any successor in such capacity and in its
capacity as security agent or collateral agent in respect of any US Security
Documents and any successor in such capacity.

                    “US
Agents’ Liens” means (a) the Liens in the US Collateral granted to the
Administrative Agent for the benefit of the US Lenders and US Agents pursuant
to the US Credit Agreement and the other US Loan Documents, and (b) the Liens
in any motor vehicles or any other US Collateral granted to any motor vehicle
agent or other agent acting on behalf of and for the benefit of the
Administrative Agent pursuant to the Second-Lien Security Agreement or
otherwise.

                    “US
Aggregate Outstandings” means, without duplication and at any date of
determination: the sum of (a) the unpaid balance of US Revolving Loans, (b) the
aggregate amount of US Pending Revolving Loans, (c) one hundred percent (100%)
of the aggregate undrawn face amount of all outstanding Letters of Credit
issued in respect of the US Borrowers, and (d) the aggregate amount of any
unpaid reimbursement obligations in respect of Letters of Credit issued in
respect of the US Borrowers not included in clause (a).

                    “US
Availability” means, at any time (a) the lesser of (i) the Maximum US
Amount or (ii) the US Borrowing Base, minus (b) Reserves, without double
counting, relating to the US Borrower and its Subsidiaries and assets, other
than Reserves deducted in the calculation of the US Borrowing Base, minus
(c) the US Aggregate Outstandings.

                    “US
Bank Products” means any one or more of the following types of services or
facilities extended to a US Borrower or other US Credit Party by a Bank Product
Provider at a US Borrower’s request: (i) credit cards; (ii) ACH Transactions;
(iii) Hedge Agreements; and (iv) cash management, including controlled
disbursement services. 

                    “US
Base Rate” means, for any day, a rate per annum equal to the greater of (a)
the Prime Rate in effect on such day and (b) the Federal Funds Rate in effect
on such day plus 1⁄2 of 1% or for purposes hereof: “Prime Rate” shall mean the
rate of interest in effect for such day for transaction in Dollars as publicly
announced from time to time by JPMorgan Chase Bank, N.A. The Prime Rate is a
rate set by JPMorgan Chase Bank, N.A. based upon various factors including
JPMorgan Chase Bank, N.A. costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans,
which may be priced at, above, or below such announced rate. Any change in such
rate announced by JPMorgan Chase Bank, N.A. shall take effect at the opening of
business on the day specified in the public announcement of such change. 

                    “US
Base Rate Revolving Loan” means a Revolving Loan during any period in which
it bears interest based on the US Base Rate.

                    “US
Borrower” means each of Mobile Services and MSG.

                    “US
Borrower Representative” has the meaning specified in Section 1.2(c)(1) of
the US Credit Agreement.

                    “US
Borrowing” means a borrowing consisting of US Revolving Loans made on the
same day by the Applicable Lenders to a US Borrower or by the Administrative
Agent in the case of a US Borrowing funded by Non-Ratable Loans or by the Agent
in the case of a US Borrowing consisting of an Agent Advance, or the issuance
of Letters of Credit hereunder for the account of the US Borrower.

A-46

                    “US
Borrowing Base” means, at any time, an amount determined in Dollars equal
to (i) the sum of (A) eighty-five percent (85%) of the Net Amount of Eligible
Accounts of the US Borrowers and the US Subsidiary Guarantors; plus (B)
the US Advance Rate multiplied by the Book Value of Eligible Rental
Fleet Assets of the US Borrowers and the US Subsidiary Guarantors; plus
(C) the lesser of (i) ninety percent (90%) of the Book Value of Eligible
Machinery and Equipment of the US Borrowers and the US Subsidiary Guarantors or
(ii) eighty percent (80%) of the Orderly Liquidation Value of Eligible
Machinery and Equipment of the US Borrowers and the US Subsidiary Guarantors; plus
(D) the Value of Eligible Sales Inventory of the US Borrowers and the US
Subsidiary Guarantors; minus (ii) Reserves from time to time
established by the US Agent in its commercially reasonable discretion relating
to the US Borrowers and the US Subsidiary Guarantors or their assets. In
connection with and subsequent to any Permitted Acquisition, the Accounts and
Rental Fleet Assets acquired by any US Borrower or any US Subsidiary Guarantor,
or, subject to compliance with Section 7.32 of the US Credit
Agreement, of the Person so acquired, may be included in the calculation of the
US Borrowing Base for Loans incurred in connection with such Permitted
Acquisition and thereafter if all criteria set forth in the definitions of
Eligible Accounts and Eligible Inventory have been satisfied and, if the aggregate
purchase price is greater than or equal to $15,000,000, the Responsible Agent
shall have received from the Appraiser a “desktop appraisal” of such Rental
Fleet Assets acquired by the applicable Credit Parties or owned by such Person
acquired by the applicable Credit Parties which shall be reasonably
satisfactory in scope, form and substance to the Responsible Agent. 

                    
“US Business Day” means (a) any day that is not a Saturday, Sunday, or a
day on which banks in Los Angeles, California or New York, New York are
required or permitted to be closed, and (b) with respect to all notices,
determinations, fundings and payments in connection with the US LIBOR Revolving
Loans, any day that is a US Business Day pursuant to clause (a) above and
that is also a day on which trading in Dollars is carried on by and between
banks in the London interbank market.

                    “US
Collateral” means all of the US Obligors’ real, personal, movable and
immovable property and all other assets and undertakings of any Person from
time to time subject to the US Agents’ Liens securing payment or performance of
the US Obligations; provided that in no event shall more than 66% of the
total outstanding Capital Stock of any Foreign Subsidiary or MSG Investments be
pledged hereunder.

                    “US
Commitment” means, at any time with respect to a US Lender, the principal
amount set forth beside such US Lender’s name under the heading “US Commitment”
on Schedule 1 attached to the US Credit Agreement or on the
signature page of the Assignment and Acceptance pursuant to which such US
Lender became a US Lender under the US Credit Agreement in accordance with the
provisions of Section 1.7 or Section 11.2 of the US Credit
Agreement, as such US Commitment may be adjusted from time to time in
accordance with the provisions of Section 11.2, and “US
Commitments” means the aggregate amount of the US Commitments of all of the US
Lenders.

                    “US
Credit Agreement” is defined in the preamble to the US Credit Agreement.

                    “US
Credit Party” means each of the US Borrowers, the Parent Guarantor and each
Subsidiary Guarantor that is a US Subsidiary.

                    “US
Lender” means any Lender listed on Schedule 1 of the US Credit
Agreement under the heading “US Lender,” and any other Lender that may, from
time to time, hold US Revolving Loans and shall include the Responsible Agent
to the extent of any Agent Advance outstanding under the US Credit Agreement
and the Administrative Agent to the extent of any Non-Ratable Loan outstanding
under the US Credit Agreement; provided that no such Agent
Advance or Non-Ratable Loan shall be taken into account in determining any US
Lender’s Pro Rata Share.

A-47

                    “US LIBOR
Rate” means, for any Interest Period, with respect to US LIBOR Revolving
Loans, the rate of interest per annum determined pursuant to the following
formula:

	
 

	
 

	
 

	
 

	
 

	
 

	
US Offshore
  Base Rate 

	
 

	
LIBOR Rate =

	
 

	

	
 

	
 

	
 

	
1.00 -
  Eurodollar Reserve Percentage

	
 

                    Where,

                    “US
LIBOR Revolving Loan” means a Revolving Loan during any period in which it
bears interest based on the US LIBOR Rate.

                    “US
Loans” means, collectively, all loans and advances provided for in Article
1 of the US Credit Agreement, except for US Bank Products. 

                    “US
Loan Documents” means the US Credit Agreement, US Parent Guaranty, the Fee
Letter, the US Subsidiary Guaranty, the US Security Documents and any other
agreements, instruments, and documents heretofore, now or hereafter evidencing,
securing, guaranteeing or otherwise relating to the US Obligations, the US
Collateral, or any other aspect of the transactions contemplated by the US
Credit Agreement.

                    “US
Mortgages” means any Mortgage hereafter executed and delivered to the
Administrative Agent by any US Obligor, as amended, restated, supplemented or
otherwise modified from time to time.

                    “US
Obligations” means, with respect to any US Obligor, all present and future
loans, advances, liabilities, obligations, covenants, duties, and debts owing
by such US Obligor to the US Agents and/or any US Lender, and/or any indemnitee
arising under or pursuant to the US Credit Agreement or any of the other US
Loan Documents, whether or not evidenced by any note, or other instrument or
document, whether arising from an extension of credit, opening of a letter of
credit, acceptance, loan, guaranty, indemnification or otherwise, whether
direct or indirect, absolute or contingent, due or to become due, primary or
secondary, as principal or guarantor, and including all principal, interest,
charges, expenses, fees, attorneys’ fees, filing fees and any other sums
chargeable to any US Obligor hereunder or under any of the other Loan Documents
whether arising before, during or after the initial or any renewal term of this
Agreement or after the commencement of any case with respect to such Borrower
or Guarantor under the United States Bankruptcy Code or any similar statute
(including the payment of interest and other amounts which would accrue and
become due but for the commencement of such case, whether or not such amounts
are allowed or allowable in whole or in part in such case). “US Obligations”
includes (a) all debts, liabilities, and obligations now or hereafter arising
from or in connection with the Letters of Credit issued under the US Credit
Agreement and (b) all debts, liabilities and obligations now or hereafter
arising from or in connection with US Bank Products, including all debts,
liabilities and obligations now or hereafter arising from or in connection with
any Hedge Agreement entered into with the Administrative Agent or any US Lender
or any Affiliates of any US Lender or other Bank Product Provider. 

                    “US
Obligors” means the US Credit Parties, each other Credit Party party to any
US Loan Document and any other Person who, from time to time, may be a
guarantor of the US Obligations of any US Credit Party or have granted a Lien
to secure the US Obligations of any US Credit Party. For the avoidance of
doubt, US Obligors does not include (i) any Foreign Subsidiary of any US
Obligor or (ii) MSG Investments.

A-48

                    “US
Offshore Base Rate” means the rate per annum appearing on Telerate Page
3750 (or any successor page) as the London interbank offered rate for deposits
in Dollars at approximately 11:00 a.m. (London time) two US Business Days prior
to the first day of such Interest Period for a term comparable to such Interest
Period. If for any reason such rate is not available, the US Offshore Base Rate
shall be, for any Interest Period, the rate per annum appearing on Reuters
Screen LIBOR Page as the London interbank offered rate for deposits in Dollars
at approximately 11:00 a.m. (London time) two US Business Days prior to the
first day of such Interest Period for a term comparable to such Interest
Period; provided, however, if more than one rate is specified on
Reuters Screen LIBOR Page, the applicable rate shall be the arithmetic mean of
all such rates. If for any reason none of the foregoing rates is available, the
US Offshore Base Rate shall be, for any Interest Period, the rate per annum
determined by the Administrative Agent as the rate of interest at which dollar
deposits in the approximate amount of the US LIBOR Revolving Loan, comprising
part of such Borrowing would be offered by JPMorgan Chase Bank N.A.’s London
Branch to major banks in the offshore dollar market at their request at or
about 11:00 a.m. (London time) two US Business Days prior to the first day of
such Interest Period for a term comparable to such Interest Period.

                    “US
Parent Guaranty” means the parent guaranty, dated as of August 1, 2006, and
entered into by the Administrative Agent and the Parent Guarantor, as amended,
restated, supplemented or otherwise modified from time to time.

                    “US
Pending Revolving Loans” means, at any time, the aggregate principal amount
of all US Revolving Loans requested in any Notice of Borrowing received by the
Administrative Agent which have not yet been advanced.

                    “US
Required Lenders” means at any date of determination US Lenders holding, in
the aggregate, more than 50% of the sum of commitments under the US Revolving
Facility.

                    “US
Revolving Facility” has the meaning specified in Section 1.2(a)
of the US Credit Agreement.

                    “US
Revolving Loans” has the meaning specified in Section 1.2 of
the US Credit Agreement and includes each Agent Advance and Non-Ratable Loan
made to the US Borrowers.

                    “US
Security Agreement” means the security agreement, dated as of August 1,
2006, and entered into by and among the Administrative Agent, MSG, Mobile
Services, ABMSC, the Parent Guarantor, Texas-LP and MSG Investments, as
amended, restated, supplemented or otherwise modified from time to time.

                    “US
Security Documents” means the Patent and Trademark Security Agreement, the
US Security Agreement, the US Stock Pledge Agreement, the Second-Lien Security
Agreement, the US Subsidiary Guaranty and the US Mortgages.

                    “US
Stock Pledge Agreement” means the stock pledge agreement, dated as of
August 1, 2006, and entered into by and among the Administrative Agent, MSG,
Mobile Services, ABMSC, the Parent Guarantor, Texas-LP and MSG Investments, as
amended, restated, supplemented or otherwise modified from time to time.

                    “US
Subsidiary” means any Subsidiary of Mobile Services organized under the
laws of the United States or any State thereof that is not a direct or indirect
Subsidiary of the UK Borrower.

A-49

                    “US
Subsidiary Guarantor” means the U.S. Subsidiaries of MSG (other than MSG
Investments).

                    “US
Subsidiary Guaranty” means the guaranty, dated as of August 1, 2006, and
entered into by and among the US Subsidiary Guarantors, as amended, restated,
supplemented or otherwise modified from time to time.

                    “US
Trailer Reserves” means all reserves which the Administrative Agent from
time to time establishes in its reasonable discretion for the trailers titled
in states where the Credit Party which owns the applicable trailers is not a
licensed dealer and where the lien of the Security Agent or the Motor Vehicle
Agent (as defined in the Motor Vehicle Trust Agreement) has not been reflected
on the applicable certificate of title.

                    “US
Unused Letter of Credit Subfacility” means an amount equal to the Letter of
Credit Subfacility minus the sum of (a) the aggregate undrawn amount of
all outstanding Letters of Credit issued under the US Credit Agreement plus,
without duplication, (b) the aggregate unpaid reimbursement obligations with
respect to all drawn Letters of Credit to the extent not included in the Loans
outstanding under the US Credit Agreement, plus (c) the aggregate
undrawn amount of all outstanding Letters of Credit issued under the UK Credit
Agreement, plus, without duplication, (d) the aggregate unpaid
reimbursement obligations with respect to all drawn Letters of Credit issued
under the UK Credit Agreement to the extent not included in the Loans
outstanding under the UK Credit Agreement.

                    “US
Unused Multicurrency Letter of Credit Sublimit” means an amount equal to the
Multicurrency Letter of Credit Sublimit minus the sum of (a) the
aggregate undrawn amount of all outstanding Letters of Credit issued under the
US Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or
Euro plus, without duplication, (b) the aggregate unpaid reimbursement
obligations with respect to all drawn Letters of Credit issued under the US
Credit Agreement and denominated in Pounds Sterling, Canadian Dollars or Euro
to the extent not included in the Loans outstanding under the US Credit
Agreement, plus (c) the aggregate undrawn amount of all outstanding
Letters of Credit issued under the UK Credit Agreement and denominated in
Dollars, Canadian Dollars or Euro, plus, without duplication, (d) the
aggregate unpaid reimbursement obligations with respect to all drawn Letters of
Credit issued under the UK Credit Agreement and denominated in Dollars,
Canadian Dollars or Euro to the extent not included in the Loans outstanding
under the UK Credit Agreement. 

                    “US
Unused Line Fee” has the meaning specified in Section 2.5 of
the US Credit Agreement. 

                    “USA
Patriot Act” means the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Pub. L. No. 107-56, 115 Stat. 272 (2001).

                    “Value
of Eligible Sales Inventory” shall mean (i) until the Eligible Sales
Inventory Appraisal Date, ninety percent (90%) of the net book value,
determined in accordance with GAAP, of Eligible Sales Inventory of the
Applicable Borrowers and the US Subsidiary Guarantors (in relation to the US
Borrowing Base) and the UK Borrower and the UK Borrowing Base Parties (in
relation to the UK Borrowing Base) up to an amount equal to (a) the Maximum
Aggregate Eligible Sales Inventory Amount less (b) the Value of Eligible
Sales Inventory included in the Applicable Borrowing Base (as set forth in the
Borrowing Base Certificate) of the other Applicable Borrowers and the US
Subsidiary Guarantors (in relation to the US Borrowing Base) and the UK
Borrower and the UK Borrowing Base Parties (in relation to the UK Borrowing
Base), and (ii) after the Eligible Sales Inventory Appraisal Date, the lesser
of (a) ninety percent (90%) of the net book value, determined in accordance
with GAAP, of Eligible Sales 

A-50

Inventory of
the Applicable Borrowers and the US Subsidiary Guarantors (in relation to the
US Borrowing Base) and the UK Borrower and the UK Borrowing Base Parties (in
relation to the UK Borrowing Base) or (b) ninety percent (90%) of the Orderly
Liquidation Value of Eligible Sales Inventory of the Applicable Borrowers and
the US Subsidiary Guarantors (in relation to the US Borrowing Base) and the UK
Borrower and the UK Borrowing Base Parties (in relation to the UK Borrowing
Base), up to an amount equal to (a) the Maximum Aggregate Eligible Sales
Inventory Amount less (b) the Value of Eligible Sales Inventory included
in the Applicable Borrowing Base (as set forth in the Borrowing Base
Certificate) of the other Applicable Borrowers and the US Subsidiary Guarantors
(in relation to the US Borrowing Base) and the UK Borrower and the UK Borrowing
Base Parties (in relation to the UK Borrowing Base).

                    
“VAT” shall mean value added tax provided for in the Value Added Tax Act
1994 and any other tax of a similar nature.

                    “Vehicle
Sales Certificate” has the meaning specified in Section 5.2(l)
of the US Credit Agreement.

                    “Voting
Stock” means with respect to any Person, Capital Stock of any class or kind
ordinarily having the power to vote for the election of directors, managers or
other voting members of the governing body of such Person.

                    “Welsh
Carson” means Welsh Carson, Anderson & Stowe X, L.P., a Delaware
limited partnership.

                    “Welsh
Carson Management Agreement” dated as of August 1, 2006, by and among
Mobile Services, the Parent Guarantor and WCAS Management Corporation.

                    “Wholly-owned”
means, with respect to any Person, any direct or indirect Subsidiary of such
Person of which all of the outstanding Capital Stock (other than director’s
qualifying shares or investments by foreign nationals mandated by applicable
laws) is owned directly or indirectly by such Person.

                    Accounting Terms.
Any accounting term used in the Agreement shall have, unless otherwise
specifically provided herein, the meaning customarily given in accordance with
GAAP, and all financial computations in the Agreement shall be computed, unless
otherwise specifically provided therein, in accordance with GAAP as
consistently applied and using the same method for inventory valuation as used
in the preparation of the Financial Statements.

                    Interpretive
Provisions. (a) The meanings of defined terms are
equally applicable to the singular and plural forms of the defined terms.

                    (b)
The words “hereof,” “herein,” “hereunder” and similar words refer to the
Agreement as a whole and not to any particular provision of the Agreement; and
Subsection, Section, Schedule and Exhibit references are to the Agreement
unless otherwise specified.

                    (c)
(i) The term “documents” includes any and all instruments, documents,
agreements, certificates, indentures, notices and other writings, however
evidenced.

	
 

	
 

	
 

	
               (ii)
  The term “including” is not limiting and means “including without
  limitation.”

A-51

	
 

	
 

	
 

	
               (iii)
  In the computation of periods of time from a specified date to a later
  specified date, the word “from” means “from and including,” the words “to”
  and “until” each mean “to but excluding” and the word “through” means “to and
  including.”

	
 

	
 

	
 

	
               (iv)
  The word “or” is not exclusive.

                    (d)
Unless otherwise expressly provided herein, (i) references to agreements
(including the Agreement and the other Loan Documents) and other contractual
instruments shall be deemed to include all subsequent amendments and other
modifications thereto, but only to the extent such amendments and other
modifications are not prohibited by the terms of any Loan Document, and (ii)
references to any statute or regulation are to be construed as including all
statutory and regulatory provisions consolidating, amending, re-enacting,
replacing, supplementing or interpreting the statute or regulation.

                    (e)
The captions and headings of the Agreement and other Loan Documents are for
convenience of reference only and shall not affect the interpretation of the Agreement.

                    (f)
The Agreement and other Loan Documents may use several different limitations,
tests or measurements to regulate the same or similar matters. All such
limitations, tests and measurements are cumulative and shall each be performed
in accordance with their terms.

                    (g)
For purposes of Section 9.1, a breach of a financial covenant
contained in Sections 7.23-7.26 shall be deemed to have occurred as
of any date of determination thereof by the Agent or as of the last day of any
specified measuring period, regardless of when the Financial Statements
reflecting such breach are delivered to the Agent.

                    (h)
The Agreement and the other Loan Documents are the result of negotiations among
and have been reviewed by counsel to the Agents, the Borrowers and the other
parties, and are the products of all parties. Accordingly, they shall not be
construed against the Lenders or the Agents merely because of any Agent’s or
Lenders’ involvement in their preparation.

ANNEX
B

to

Credit Agreement

Mandatory
Cost Formulae

The Mandatory
Cost is an addition to the interest rate to compensate UK Lenders for the cost
of compliance with (a) the requirements of the Bank of England and/or the
Financial Services Authority (or, 

A-52

in either
case, any other authority which replaces all or any of its functions) or (b)
the requirements of the European Central Bank.

On the first
day of each Interest Period (or as soon as possible thereafter) the UK Agent
shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for
each UK Lender, in accordance with the paragraphs set out below. The Mandatory
Cost will be calculated by the UK Agent as a weighted average of the UK
Lenders’ Additional Cost Rates (weighted in proportion to the percentage
participation of each UK Lender in the relevant Loan) and will be expressed as
a percentage rate per annum.

The Additional
Cost Rate for any UK Lender lending from a facility office in a Participating
Member State will be the percentage notified by that UK Lender to the UK Agent.
This percentage will be certified by that UK Lender in its notice to the UK
Agent to be its reasonable determination of the cost (expressed as a percentage
of that UK Lender’s participation in all Loans made from that facility office)
of complying with the minimum reserve requirements of the European Central Bank
in respect of loans made from that facility office.

The Additional
Cost Rate for any UK Lender lending from a facility office in the United
Kingdom will be calculated by the UK Agent as follows:

	
 

	
 

	
 

	
 

	
(a)

	
in relation
  to a sterling Loan:

	
 

	
 

	
 

	
 

	
 

	
 

	
AB + C (B – D) + E Î 0.01

	
 

	
 

	
 

	

	
  per
  cent. per annum

	
 

	
 

	
100 – (A + C)

	
 

	
 

	
 

	
 

	
 

	
(b)

	
in relation
  to a Loan in any currency other than sterling:

	
 

	
 

	
 

	
 

	
 

	
 

	
E Î 0.01

	
 

	
 

	
 

	

	
  per cent.
  per annum.

	
 

	
 

	
300

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
   Where:

	
 

	
 

	
 

	
 

	
A

	
is the
  percentage of Eligible Liabilities (assuming these to be in excess of any
  stated minimum) which that UK Lender is from time to time required to
  maintain as an interest free cash ratio deposit with the Bank of England to
  comply with cash ratio requirements.

	
 

	
 

	
 

	
 

	
B

	
is the
  percentage rate of interest (excluding the Margin and the Mandatory Cost and,
  if the Loan is due and payable but unpaid, the Default Rate) payable for the
  relevant Interest Period on the Loan.

	
 

	
 

	
 

	
 

	
C

	
is the
  percentage (if any) of Eligible Liabilities which that UK Lender is required
  from time to time to maintain as interest bearing Special Deposits with the
  Bank of England.

	
 

	
 

	
 

	
 

	
D

	
is the
  percentage rate per annum payable by the Bank of England to the UK Agent on
  interest bearing Special Deposits.

	
 

	
 

	
 

	
 

	
E

	
is designed
  to compensate UK Lenders for amounts payable under the Fees Rules and is
  calculated by the UK Agent as being the average of the most recent rates of
  charge supplied 

A-53

	
 

	
 

	
 

	
 

	
 

	
by the
  Reference Banks to the UK Agent pursuant to paragraph 7 below and expressed
  in pounds per £1,000,000.

For the
purposes of this Schedule:

	
 

	
 

	
 

	
 

	
(a)

	
“Eligible
  Liabilities” and “Special Deposits” have the meanings given to
  them from time to time under or pursuant to the Bank of England Act 1998 or
  (as may be appropriate) by the Bank of England;

	
 

	
 

	
 

	
 

	
(b)

	
“Fees
  Rules” means the rules on periodic fees contained in the FSA Supervision
  Manual or such other law or regulation as may be in force from time to time
  in respect of the payment of fees for the acceptance of deposits;

	
 

	
 

	
 

	
 

	
(c)

	
“Fee
  Tariffs” means the fee tariffs specified in the Fees Rules under the
  activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
  fee required pursuant to the Fees Rules but taking into account any
  applicable discount rate);

	
 

	
 

	
 

	
 

	
(d)

	
“Reference
  Banks” means banks customarily referred to as reference banks for the
  purposes of calculating the Additional Cost Rate agreed to by the UK Agent
  and the UK Borrower (in each case acting reasonably); and 

	
 

	
 

	
 

	
 

	
(e)

	
“Tariff
  Base” has the meaning given to it in, and will be calculated in
  accordance with, the Fees Rules.

In application
of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5 per cent. will be included in the formula as 5 and not as
0.05). A negative result obtained by subtracting D from B shall be taken as
zero. The resulting figures shall be rounded to four decimal places.

If requested
by the UK Agent, each Reference Bank shall, as soon as practicable after
publication by the Financial Services Authority, supply to the UK Agent, the
rate of charge payable by that Reference Bank to the Financial Services
Authority pursuant to the Fees Rules in respect of the relevant financial year
of the Financial Services Authority (calculated for this purpose by that
Reference Bank as being the average of the Fee Tariffs applicable to that
Reference Bank for that financial year) and expressed in pounds per £1,000,000
of the Tariff Base of that Reference Bank.

Each UK Lender
shall supply any information required by the UK Agent for the purpose of
calculating its Additional Cost Rate. In particular, but without limitation,
each UK Lender shall supply the following information on or prior to the date
on which it becomes a UK Lender:

	
 

	
 

	
 

	
 

	
(a)

	
the
  jurisdiction of its facility office; and

	
 

	
 

	
 

	
 

	
(b)

	
any other
  information that the UK Agent may reasonably require for such purpose.

	
 

	
 

	
 

	
 

	
Each UK
  Lender shall promptly notify the UK Agent of any change to the information
  provided by it pursuant to this paragraph. 

The
percentages of each UK Lender for the purpose of A and C above and the rates of
charge of each Reference Bank for the purpose of E above shall be determined by
the UK Agent based upon the information supplied to it pursuant to paragraphs 7
and 8 above and on the assumption that, unless a UK Lender notifies the UK
Agent to the contrary, each UK Lender’s obligations in relation to cash ratio 

A-54

deposits and
Special Deposits are the same as those of a typical bank from its jurisdiction
of incorporation with a facility office in the same jurisdiction as its
facility office.

The UK Agent
shall have no liability to any person if such determination results in an
Additional Cost Rate which over or under compensates any UK Lender and shall be
entitled to assume that the information provided by any UK Lender or Reference
Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all
respects. 

The UK Agent
shall distribute the additional amounts received as a result of the Mandatory
Cost to the UK Lenders on the basis of the Additional Cost Rate for each UK
Lender based on the information provided by each UK Lender and each Reference
Bank pursuant to paragraphs 3, 7 and 8 above.

Any
determination by the UK Agent pursuant to this Schedule in relation to a
formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a
UK Lender shall, in the absence of manifest error, be conclusive and binding on
all parties.

The UK Agent may from time to
time, after consultation with the UK Borrower and the UK Lenders, determine and
notify to all parties any amendments which are required to be made to this
Schedule in order to comply with any change in law, regulation or any
requirements from time to time imposed by the Bank of England, the Financial
Services Authority or the European Central Bank (or, in any case, any other
authority which replaces all or any of its functions) and any such
determination shall, in the absence of manifest error, be conclusive and
binding on all parties.

A-55

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