Document:

Exhibit 4.4

EXECUTION
COPY

	
 

	

	
 

	
NOTE PURCHASE AGREEMENT

	
 

	
BY AND AMONG

	
 

	
MSG WC
  HOLDINGS CORP.

	
 

	
AND

	
 

	
TEE PURCHASERS NAMED HEREIN

	
 

	
Dated as of August 1, 2006

	
 

	

TABLE OF CONTENTS

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Page

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	
 

	
ARTICLE I
  DEFINITIONS

	
 

	
1

	
 

	
 

	
Section 1.1

	
Definitions

	
 

	
1

	
 

	
 

	
Section 1.2

	
Rules of Construction

	
 

	
18

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE II
  AUTHORIZATION; CLOSING; CLOSING CONDITIONS

	
 

	
18

	
 

	
 

	
Section 2.1

	
Authorization of the Notes

	
 

	
18

	
 

	
 

	
Section 2.2

	
Purchase and Sale of the Notes

	
 

	
19

	
 

	
 

	
Section 2.3

	
The Closing

	
 

	
19

	
 

	
 

	
Section 2.4

	
Conditions of each Purchaser’s Obligation at the
  Closing

	
 

	
19

	
 

	
 

	
Section 2.5

	
Register

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE III
  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

	
 

	
20

	
 

	
 

	
Section 3.1 

	
Representations and Warranties of the Company

	
 

	
20

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE IV REDEMPTION
  AND PREPAYMENT

	
 

	
25

	
 

	
 

	
Section 4.1

	
Notices to the Purchasers

	
 

	
25

	
 

	
 

	
Section 4.2

	
Notice of Redemption

	
 

	
26

	
 

	
 

	
Section 4.3

	
Effect of Notice of Redemption

	
 

	
26

	
 

	
 

	
Section 4.4

	
Notes Redeemed in Part

	
 

	
26

	
 

	
 

	
Section 4.5

	
Optional Redemption

	
 

	
26

	
 

	
 

	
Section 4.6

	
Mandatory Redemption

	
 

	
27

	
 

	
 

	
Section 4.7

	
Offer to Purchase by Application of Excess Proceeds

	
 

	
27

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE V COVENANTS
  

	
 

	
28

	
 

	
 

	
Section 5.1

	
Payment of Notes

	
 

	
28

	
 

	
 

	
Section 5.2

	
Reports

	
 

	
28

	
 

	
 

	
Section 5.3

	
Compliance Certificate

	
 

	
29

	
 

	
 

	
Section 5.4

	
Taxes

	
 

	
29

	
 

	
 

	
Section 5.5

	
Stay, Extension and Usury Laws

	
 

	
29

	
 

	
 

	
Section 5.6

	
Restricted Payments

	
 

	
29

	
 

	
 

	
Section 5.7

	
Dividend and Other Payment Restrictions Affecting
  Subsidiaries

	
 

	
33

	
 

	
 

	
Section 5.8

	
Incurrence of Indebtedness

	
 

	
35

	
 

	
 

	
Section 5.9

	
Asset Sales

	
 

	
38

	
 

	
 

	
Section 5.10 

	
Transactions With Affiliates

	
 

	
40

	
 

	
 

	
Section 5.11

	
Business Activities

	
 

	
41

	
 

	
 

	
Section 5.12

	
Corporate Existence

	
 

	
41

	
 

	
 

	
Section 5.13

	
Designation of Restricted and Unrestricted
  Subsidiaries

	
 

	
41

	
 

	
 

	
Section 5.14

	
Payments for Consent

	
 

	
42

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VI SUCCESSORS

	
 

	
42

	
 

	
 

	
Section 6.1

	
Merger, Consolidation, or Sale of Assets

	
 

	
42

	
 

	
 

	
Section 6.2

	
Successor Corporation Substituted

	
 

	
43

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE VII EVENTS
  OF DEFAULT

	
 

	
43

	
 

	
 

	
Section 7.1

	
Events of Default

	
 

	
43

	
 

	
 

	
Section 7.2

	
Acceleration

	
 

	
44

	
 

i

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Section 7.3

	
Other
  Remedies

	
 

	
44

	
 

	
 

	
Section
  7.4

	
Waiver
  of Past Defaults

	
 

	
45

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ARTICLE
  VIII MISCELLANEOUS

	
 

	
45

	
 

	
 

	
Section
  8.1

	
Expenses

	
 

	
45

	
 

	
 

	
Section 8.2

	
Remedies

	
 

	
45

	
 

	
 

	
Section
  8.3

	
Note
  Legend

	
 

	
45

	
 

	
 

	
Section 8.4

	
Consent
  to Amendments

	
 

	
46

	
 

	
 

	
Section 8.5

	
Survival
  of Representations and Warranties

	
 

	
46

	
 

	
 

	
Section 8.6

	
Successors
  and Assigns

	
 

	
46

	
 

	
 

	
Section 8.7

	
Consideration
  for Common Stock

	
 

	
46

	
 

	
 

	
Section 8.8

	
Indemnification

	
 

	
46

	
 

	
 

	
Section 8.9

	
Severability

	
 

	
47

	
 

	
 

	
Section 8.10

	
Counterparts

	
 

	
47

	
 

	
 

	
Section 8.11

	
Descriptive
  Headings; Interpretation

	
 

	
47

	
 

	
 

	
Section 8.12

	
Governing
  Law

	
 

	
47

	
 

	
 

	
Section 8.13

	
Notices

	
 

	
47

	
 

	
 

	
Section 8.14

	
No
  Strict Construction

	
 

	
49

	
 

	
 

	
Section 8.15

	
Payments
  on the Notes

	
 

	
49

	
 

ii

	
 

	
 

	
EXHIBITS:

	
 

	
A 

	
Form of Note

	
B

	
Stock
  Purchase Agreement

	
 

	
SCHEDULES:

	
 

	
3.1(b)

	
Subsidiaries

	
3.1(v)

	
Environmental
  Matters

	
5.10(viii)

	
Transactions
  with Affiliates

iii

                    This
NOTE PURCHASE AGREEMENT (this “Agreement”) is made as of August 1, 2006 by and
between MSG WC Holdings Corp., a Delaware corporation (the “Company”), and the purchasers listed on the
signature pages hereto (each, a “Purchaser” and collectively, the
“Purchasers”).  

ARTICLE I

DEFINITIONS

                    Section
1.1 Definitions.

                    “Acquired
Debt” means, with respect to any specified Person: (i) Indebtedness of any other Person (a) existing at the time such other
Person is merged or consolidated with or into or became a Subsidiary of such specified Person, or (b)
assumed by such specified Person in connection with an acquisition of any
Equity Interests or assets of such other Person, whether or not such
Indebtedness is incurred in
connection with, or in contemplation of, such other Person merging with or
into, or becoming a Subsidiary of, such specified Person; and (ii) Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

                    “Affiliate”
of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified
Person. For purposes of this definition, “control,” as used with respect to any
Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. For purposes of this
definition,
the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings.

                    “Affiliate
Transaction” has the meaning set forth in Section 5.10.

                    “Asset
Sale” means: (i) the sale, lease (other than operating leases), sublease, conveyance or other
disposition of any assets or rights, other than sales of assets in the
ordinary course of business; provided that the sale, lease, sublease, conveyance or other
disposition of all or substantially all of the assets of the Company and its
Restricted Subsidiaries taken as a whole will be governed by the provisions of this
Agreement described under Sections 4.6 and 6.1 hereof and not by the
provisions of Section 5.9 hereof; and (ii) the issuance of Equity Interests in any of
the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of the
Company’s Restricted Subsidiaries. Notwithstanding the preceding, the following items will
not be deemed to be Asset Sales: (i) any single transaction or series of related transactions that involves assets
having a fair market value of less than $3.5
million; (ii) a transfer of assets (a) between or among the Company and its
Restricted Subsidiaries (other than
a Receivables Entity) or (b) between the Company or its Restricted Subsidiary,
on the one hand, and another Person, on the other hand, if after giving effect
to such transaction, the other Person becomes
a Restricted Subsidiary (other than a Receivables Entity) of the Company; (iii)
the sale, lease, sublease, conveyance or other disposition of equipment
(including lease equipment), assets, inventory, accounts receivable or other assets from the lease fleet and the sales
inventory of the Company and its Restricted Subsidiaries in the ordinary course
of business; (iv) the sale, transfer or other disposition of obsolete,
damaged or worn-out equipment, lease fleet and sales inventory; (v) an issuance
of Equity Interests by a Restricted
Subsidiary to the Company or to another Restricted Subsidiary (other than a
Receivables Entity) of the Company; (vi) a Restricted Payment that is permitted
by Section 5.6 hereof or a Permitted
Investment; (vii) any conversion of Cash Equivalents into cash or any form of
Cash Equivalents; (viii) any
surrender or waiver of contract rights or the settlement, release or surrender
of contract, tort or other litigation
claims; (ix) any termination or expiration of any lease or sublease of real property in accordance with its terms; (x)
creating or granting of Liens (and any sale or disposition  

thereof
or foreclosure thereon) not prohibited by this Agreement; (xi) any sublease of
real property in the ordinary course of business; (xii) grants of credits and
allowances in the ordinary course of business; (xiii) sales of accounts
receivable and related assets or an interest therein of the type specified in
the definition of “Qualified Receivables Transaction” to a Receivables Entity; and
(xiv) condemnations on or the taking by eminent domain of property or assets.

                    “Asset
Sale Offer” has the meaning set forth in Section 5.9.

                    “Attributable
Debt” in respect of a sale and leaseback transaction means, at the time of determination, the
present value of the obligation of the lessee for net rental payments during
the remaining
term of the lease included in such sale and leaseback transaction including any
period for which
such lease has been extended or may, at the option of the lessor, be extended,
Such present value shall be calculated using a discount rate equal to the rate of interest
implicit in such transaction, determined in accordance with GAAP.

                    “Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

                    “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act
(as in effect on the date hereof). The terms “Beneficially Owns” and “Beneficially Owned”
have a corresponding meaning.

                    “Board
of Directors” means: (i) with respect to a corporation, the board of
directors of the corporation; (ii) with respect to a partnership, the
board of directors of the general partner of the partnership; and (iii) with respect to any other
Person, the board of directors or committee of such Person serving a similar function.

                    “Board
Resolution” means, with respect to any Person, a copy of a resolution
certified by the Secretary or an Assistant Secretary of such Person to have been duly
adopted by the Board of Directors of such Person and to be in full force and
effect on the date of such certification.

                    “Borrowing
Base” means, as of any date, on a consolidated basis and without
duplication, the sum of (i) 85.0% of the net book value of accounts receivable of the
Company and its Restricted Subsidiaries, plus (ii) the lesser of 100.0% of the net
book value and 90.0% of the net appraised recovery value of lease fleet
assets of the Company and its Restricted Subsidiaries, plus (iii) the lesser of
90.0% of the
net book value and 80.0% of the net appraised recovery value of machinery and
equipment of the Company and its
Restricted Subsidiaries, plus (iv) 90.0% of the net book value of inventory of
the Company and its Restricted Subsidiaries
(subject to an aggregate $25.0 million inventory sublimit); provided, however, that if Indebtedness is being
incurred to finance an acquisition pursuant to which any accounts receivable,
lease fleet assets, machinery and equipment or inventory will be acquired
(whether through the direct
acquisition of assets or the acquisition of Capital Stock of a Person), the
Borrowing Base shall include the
applicable percentage of any accounts receivable, lease fleet assets, machinery
and equipment and inventory to be
acquired in connection with such acquisition.

                    “Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are
authorized or required by law to
close.

                    “Capital
Lease Obligation” means, at the time any determination is to be made, the amount of the liability
in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP.

2

                    “Capital
Stock” means: (i) in the case of a corporation, corporate stock; (ii) in
the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of
corporate stock; (iii) in the case of a partnership or limited liability
company, partnership
or membership interests (whether general or limited); and (iv) any other
interest or participation
that confers on a Person the right to receive a share of the profits and losses
of, or distributions
of assets of, the issuing Person.

                    “Cash
Equivalents” means: (i) United States dollars, Canadian dollars, British
pounds or Euros and, in the case of any Foreign Subsidiary that is a Restricted
Subsidiary, such local currencies held by it from time to time in the ordinary course of business; (ii)
securities issued or directly and fully guaranteed
or insured by the United States government or any agency or instrumentality of
the United States government (provided that the full faith and credit of
the United States is pledged in support of those
securities) having maturities of not more than one year from the date of
acquisition; (iii) certificates of
deposit and eurodollar time deposits with maturities of one year or less from
the date of acquisition, bankers’ acceptances with maturities not exceeding one
year and overnight bank deposits, in each case, with any lender party to the Credit Agreement or with any domestic
commercial bank having capital and surplus in excess of $250.0 million and a
Thomson Bank Watch Rating of “B” or better; (iv) repurchase obligations with a
term of not more than seven days for underlying securities of the types
described in clauses (ii) and (iii)
above entered into with any financial institution meeting the qualifications
specified in clause (iii) above; (v) commercial paper having a rating of
at least “p-2” (or the equivalent thereof) from
Moody’s Investors Service, Inc. or at least “A-2” (or the equivalent thereof)
from Standard & Poor’s Rating Services and in each case maturing within one
year after the date of acquisition; and (vi) money market funds at least 95% of
the assets of which constitute Cash Equivalents of the kinds described in
clauses (i) through (v) of this definition.

                    “Catch-up
Payment” has the meaning ascribed to such term in the Notes.

                    “Change
of Control” means the occurrence of any of the following: (i) the direct or
indirect
sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one
or a series of related transactions, of all or substantially all of the
properties or assets of the Company or
Mobile Services and their respective Restricted Subsidiaries taken as a whole
to any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act) other than a Principal or a Related
Party; (ii) the adoption of a plan relating to the liquidation or dissolution
of the Company or Mobile Services; (iii)
any “person” (as defined above) other than any Principal or Related Party
becomes the Beneficial Owner,
directly or indirectly, of more than 50% of the Voting Stock of the Company or
Mobile Services, measured by voting power rather than number of shares; or (iv)
the first day on which a majority of
the members of the Board of Directors of the Company or Mobile Services are not
Continuing Directors.

                    “Closing”
has the meaning set forth in Section 2.3.

                    “Code”
has the meaning set forth in Section 3.1(p). 

                    “Common
Stock” has the meaning set forth in Section 2.3.

                    “Company”
has the meaning set forth to it in the preamble to this Agreement.

                    “Commission”
means the United States Securities and Exchange Commission.

                    “Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for
such period plus, without duplication: (i) provision for

3

taxes based on income or
profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted
in computing such Consolidated Net Income; plus (ii) the interest expense of such Person and its
Restricted Subsidiaries for such period, to the extent that such interest expense was deducted in computing such
Consolidated Net Income; plus (iii) depreciation, amortization (including
amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior
period) and other non-cash expenses and charges (excluding any such non-cash expense to the extent that it represents an
accrual of or reserve for cash expenses in any future period or amortization of
a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for
such period to the extent that such depreciation, amortization and other
non-cash expenses and charges were deducted in computing such Consolidated Net
Income; plus (iv) losses arising from foreign currency or foreign currency
exchange fluctuations related to
Investments of the Company or its Restricted Subsidiaries in the Company or its
Restricted Subsidiaries (other than Receivables Entities); plus (v) any
fees, charges and expenses incurred in connection
with any Equity Offering, Permitted Investment, acquisition, recapitalization
or issuance or repayment of
Indebtedness permitted to be incurred under this Agreement (in each case
whether or not consummated) or the
Transactions (including, without limitation, the fees payable to the Principal pursuant to the Management Agreement in connection
with the Transactions) and, in each case, deducted in such period in computing
Consolidated Net Income; minus (vi) gains arising from foreign currency or foreign currency exchange fluctuations related to
Investments of the Company or its Restricted Subsidiaries in the Company or its Restricted Subsidiaries (other than
Receivables Entities); minus (vii) non-cash
items increasing such Consolidated Net Income for such period, other than the
accrual of revenue in the ordinary course of business (excluding any items
which represent the reversal of any accrual
of, or cash reserve for, anticipated cash charges made in any prior period that
reduced Consolidated Cash Flow or
which will result in the receipt of cash in a future period or the amortization
of lease incentives), in each case,
on a consolidated basis and determined in accordance with GAAP.

                    “Consolidated
Net Income” means, with respect to any specified Person for any period, the
aggregate, without duplication, of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, determined in
accordance with GAAP; provided that: (i) the Net Income (but not loss) of any
Person that is not a Restricted Subsidiary or that is accounted for by the equity method of
accounting will be included only to the extent of the amount of dividends or distributions paid in
cash to the specified Person or a Restricted Subsidiary of the Person; (ii) the
cumulative
effect of a change in accounting principles will be excluded; (iii) any net
after-tax gains or losses (less all fees and expenses relating thereto) attributable to
asset dispositions other than in the ordinary course of business (as determined in good
faith by the Board of Directors of the Company) and any gain (or loss)
realized upon the sale or other disposition of any Capital Stock of any Person
shall be excluded;
(iv) any non-cash compensation expense, including any such expense arising from
stock options,
restricted stock grants or other equity-incentive programs shall be excluded;
(v) any net after-tax gains or losses attributable to the early extinguishment of
Indebtedness shall be excluded; (vi) the effect of any non-cash items resulting from any
amortization, write-up, write-down or write-off of assets (including intangible
assets, goodwill and deferred financing costs in connection with the
Transactions or any future acquisition, disposition, merger, consolidation or
similar transaction or any other non-cash impairment charges incurred
subsequent to the date of this Agreement resulting from the application at SFAS Nos. 141, 142 or
144 (excluding any such non-cash item to the extent that it represents an
accrual of
or reserve for cash expenditures in any future period except to the extent such
item is subsequently reversed) shall be excluded; and (vii) any net gain or loss resulting
from Hedging Obligations (including pursuant to the application of SFAS No. 133) shall
be excluded.

                    “Continuing
Directors” means, as of any date of determination, any member of the Board
of Directors of the Company: (i) who was a member of such Board of Directors on
the date hereof; or (ii) who was nominated for election or elected to such Board
of Directors with the approval of a majority of

4

the
Continuing Directors who were members of such Board of Directors at the time of
such nomination or election; or (iii) whose election to the Board of
Directors included the affirmative vote of a Principal or Related Party
pursuant to a shareholders, voting or similar agreement.

                    “Contribution
Indebtedness” means Indebtedness of the Company or any Restricted
Subsidiary of the Company in an aggregate principal amount not greater than
three times the net cash proceeds
received by the Company after the date of this Agreement from the issue or sale
of Equity Interests of the Company or cash
contributions made to the capital of the Company (in each case, other than proceeds of Disqualified Stock or sales of
Equity Interests to the Company or any of its Subsidiaries) (collectively, “Contribution Indebtedness
Equity”) provided that such Contribution Indebtedness: (i) if the aggregate
principal amount of such Contribution Indebtedness is greater than one times
the net cash proceeds of such
Contribution Indebtedness Equity, the amount of such excess shall be (a)
subordinated Indebtedness (other
than secured Indebtedness) and (b) Indebtedness with a Stated Maturity at least
91 days later than the Stated Maturity of the Notes, and (ii) (a) is inclined
within 180 days after the making of
such cash contributions and (b) is so designated as Contribution Indebtedness
(and the related Contribution
Indebtedness Equity is so designated as Contribution Indebtedness Equity)
pursuant to an Officers’ Certificate
on the date of the incurrence thereof.

                    “Credit
Agreement” means each of (i) the U.S. Credit Agreement and (ii) the U.K. Credit Agreement.

                    “Credit
Agreement Note” means that certain Revolving Subordinated Intercompany Demand Note dated as of
the date hereof by Mobile Services in favor of Ravenstock MSG Limited in an amount not to exceed
$15.0 million pursuant to the Credit Agreement and any Permitted Refinancing Indebtedness in respect
thereof.

                    “Credit
Facilities” means one or more debt facilities or agreements (including,
without limitation, the Credit Agreement) or commercial paper facilities or
indentures, in each case with banks or other institutional lenders or investors
providing for revolving credit loans, term loans, debt securities, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders
against such receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, refunded, extended, replaced, restructured or
refinanced in whole or in part from
time to time under the same or any other agent, lender or group of lenders.

                    “Custodian”
means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.

                    “Default”
means any event that is, or with the passage of time or the giving of notice or
both would be, an Event of Default.

                    “Designated
Non-cash Consideration” means the fair market value of non-cash consideration received
by the Company or a Restricted Subsidiary in connection with an Asset Sale that
is so
designated as Designated Non-cash Consideration pursuant to an Officers’
Certificate, setting forth the basis
of such valuation, less the amount of cash or Cash Equivalents received in
connection with a subsequent sale of or
collection on such Designated Non-cash Consideration; provided such cash proceeds are applied pursuant to Section 5.9 hereof. 

                    “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or redeemable at the option of the holder of the Capital

5

Stock,
in whole or in part, on or prior to the date that is 91 days after the date on
which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock
that would constitute Disqualified Stock solely because the holders of the Capital Stock
have the right to require the Company to repurchase such Capital Stock upon the
occurrence of a change of control or an asset sale will not constitute
Disqualified Stock if the terms
of such Capital Stock provide that the Company may not repurchase or redeem any
such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 5.6 hereof. 

                    “Domestic
Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any
state of the United States or the District of Columbia, other than (a) MSG Investments, Inc., and (b) any
Subsidiary that is a direct or indirect Subsidiary of a Foreign Subsidiary.

                    “Environmental
Laws” has the meaning set forth in Section 3.1(v).

                    “Equity
Interests” means Capital Stock and all warrants, options or other rights to
acquire Capital Stock (but excluding any debt security that is convertible into,
or exchangeable for, Capital Stock).

                    “Equity
Offering” means any public offering or private sale for cash on a primary
basis by
the Company or Mobile Services or private sale of Capital Stock (other than
Disqualified Stock) after the date of this Agreement (other than any issuance (i)
pursuant to employee benefit plans or otherwise in compensation to officers, directors or
employees, (ii) made in connection with Change of Control transactions or (iii) constituting Contribution
Indebtedness Equity).

                    “ERISA”
has the meaning set forth in Section 3.1(p).

                    “Event
of Default” has the meaning set forth in Section 7.1.

                    “Excess
Proceeds” has the meaning set forth in Section 5.9.

                    “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

                    “Existing
Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness under
the Credit Agreement) in existence on the date of this Agreement, until such amounts are repaid (unless replaced by Permitted
Refinancing Indebtedness at the time of repayment).

                    “Exchange
Notes” has the meaning ascribed to such term in the Indenture.

                    “Fixed
Charge Coverage Ratio” means with respect to any specified Person for any period, the ratio of
the Consolidated Cash Flow of such Person for such period to the Fixed Charges
of such Person for such period. In the event that the specified Person or any
of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases,
redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital
borrowings) or issues, repurchases or redeems preferred stock (or any preferred stock permanently ceases to accrue
dividends or is converted into, or exchanged
for, Capital Stock (other than Disqualified Stock)) subsequent to the commencement
of the period for which the Fixed
Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the
Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will
be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption,
conversion, exchange, cessation

6

of
dividends, defeasance or other discharge of Indebtedness, or such issuance,
repurchase or redemption of preferred stock, and the use of the proceeds
therefrom as if the same had occurred at the beginning of the applicable
four-quarter reference period. In addition, for purposes of calculating the
Fixed Charge Coverage Ratio: (i) acquisitions that have been made by the
specified Person or any of its Restricted Subsidiaries, including through mergers or
consolidations and including any related financing transactions and
including increases in ownership of Restricted Subsidiaries, during the four-quarter
reference period or subsequent to such reference period and on or prior to the
Calculation Date will be given pro forma effect as if they had occurred on the
first day of the four-quarter reference period and Consolidated Cash Flow for
such reference period will be calculated on a pro forma basis; provided that such pro forma
calculations shall be determined in good faith by the Chief Financial Officer
of the Company and shall be set forth in an Officers’ Certificate signed by the
Company’s Chief Financial Officer
which states (a) the amount of such adjustment or adjustments, (b) that such
adjustment or adjustments are based on the
reasonable good faith belief of the Company at the time of such execution, and (c) that the steps necessary for the realization
of such adjustments have been or are reasonably expected to be taken within 12 months following such transaction; (ii)
the Consolidated Cash Flow attributable to discontinued operations, as
determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of on or prior to the Calculation Date,
will be excluded; (iii) the Fixed Charges attributable to discontinued
operations, as determined in accordance with
GAAP, and operations or businesses disposed of on or prior to the Calculation
Date, will be excluded, but only to
the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date; and (iv) any interest expense of such Person
attributable to interest on any Indebtedness or dividends on any Disqualified Stock bearing a floating
interest (or dividend) rate will be computed on a pro forma basis as if the average rate of interest (or dividend)
in effect from the beginning of the period referenced to the Calculation Date had been the applicable rate of
interest (or dividend) for the entire period, unless such Person or any of its Restricted Subsidiaries is a
party to a Hedging Obligation (which will remain in effect for the twelve-month period immediately following
the Calculation Date) that has the effect of fixing the rate of interest
on the date of determination, in which case such rate (whether higher or lower)
will be used.

                    “Fixed
Charges” means, with respect to any specified Person for any period, the
sum, without
duplication, of: (i) the consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued, including,
without limitation, amortization of original issue discount, non-cash interest
payments, the interest component of any deferred payment obligations, the interest component of all payments associated
with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and
charges incurred in respect of letter of credit or bankers’ acceptance
financings, and net of the effect of all payments made or received pursuant to
Hedging Obligations in respect of interest rates but excluding amortization of
debt issuance costs; plus (ii) the consolidated interest expense of such Person
and its Restricted Subsidiaries that was capitalized during such period; plus
(iii) any interest expense on Indebtedness of another Person that is guaranteed
by such Person or one of its Restricted Subsidiaries or secured by a Lien on
assets of such Person or one of its Restricted Subsidiaries, whether or not
such Guarantee or Lien is called upon; plus (iv) Receivables Fees; plus (v) the
product of (a) all dividends, whether paid or accrued and whether or not in
cash, on any series of preferred stock or any series of Disqualified Stock of
such Person or any of its Restricted
Subsidiaries, other than dividends on Equity Interests payable solely in Equity
Interests of such Person (other than Disqualified Stock) or to such Person or a
Restricted Subsidiary of such Person, times (b) a fraction, the numerator of
which is one and the denominator of which is one minus the then current effective tax rate of such Person,
expressed as a decimal, in each case, determined on a consolidated basis and in accordance with GAAP.

                    “Foreign
Subsidiary” means a Restricted Subsidiary that is not a Domestic
Subsidiary.

7

                    “GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles
Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect as of the date of this
Agreement.

                    “Government
Securities” means direct obligations of, or obligations guaranteed by, the United States of
America, and the payment for which the United States pledges its full faith and
credit.

                    “guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the
ordinary course of business, direct or indirect, in any manner including,
without limitation,
by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness.

                    “Hedging
Obligations” means, with respect to any specified Person, the obligations
of such Person incurred not for speculative
purposes under: (i) interest rate swap agreements (whether from fixed to floating or from floating to fixed),
interest rate cap agreements and interest rate collar agreements; (ii) foreign exchange contracts and
currency protection agreements entered into with one or more financial institutions designed to protect
the person or entity entering into the agreement against fluctuations in
interest rates or currency exchanges rates with respect to Indebtedness
incurred; (iii) any commodity futures contract, commodity option or other
similar agreement or arrangement designed to protect against fluctuations in the price of commodities used by that
entity at the time; and (iv) other agreements or arrangements designed
to protect such person against fluctuations in interest rates or currency exchange rates.

                    “Holder”
means any Person in whose name the Notes are registered.

                    “Indebtedness”
means (without duplication), with respect to any specified Person, any indebtedness of such
Person (it being understood that Indebtedness shall not include, among other
things, deferred
taxes, customer deposits, accrued expenses and trade payables), whether or not
contingent: (i) in respect of borrowed money; (ii) evidenced by bonds, notes, debentures
or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); (iii) in respect of letters of credit, banker’s acceptances or other
similar instruments; (iv) representing Capital Lease Obligations and
Attributable Debt;
(v) representing the balance of the deferred and unpaid portion of the purchase
price of any property
except (a) any portion thereof that constitutes an accrued expense or trade
payable, (b) obligations to consignors to pay under normal trade terms for
consigned goods and (c) earn-out obligations; (vi) all obligations of such Person with
respect to the redemption, repayment or other repurchase of any Disqualified Stock or, with
respect to any Restricted Subsidiary, any preferred stock (but excluding, in each
case, any accrued dividends); (vii) representing any Hedging Obligations; or
(viii) to
the extent not otherwise included in this definition, the Receivables
Transaction Amount outstanding relating to a Qualified Receivables Transaction, if and
to the extent any of the preceding items (other than letters of credit and
Hedging Obligations) would appear as a liability upon a balance sheet of the
specified Person prepared in
accordance with GAAP. In addition, the term “Indebtedness” includes, without duplication, all Indebtedness of others
secured by
a Lien on any asset of the specified Person (whether or not such Indebtedness
is assumed by the specified Person) and, to the extent not otherwise included,
the guarantee by the specified Person
of any Indebtedness of any other Person. The amount of any Indebtedness outstanding as of any date will be:
(i) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue
discount; (ii) in the case of any Disqualified Stock of the specified Person or preferred stock of a Restricted
Subsidiary, the repurchase price calculated in accordance with the terms of such Disqualified Stock or preferred stock
as if such Disqualified Stock or preferred
stock were repurchased on the date on which Indebtedness is required to be
determined pursuant

8

to this
Agreement; provided that if such Disqualified Stock or preferred stock is not
then permitted to be repurchased, the greater of the liquidation preference
and the book value of such Disqualified Stock or preferred stock; (iii) in the
case of Indebtedness of others secured by a Lien on any asset of the specified Person, the lesser of
(A) the fair market value of such asset on the date on which Indebtedness is
required to
be determined pursuant to this Agreement and (B) the amount of the Indebtedness
so secured; (iv) in the case of the guarantee by the specified Person of any Indebtedness of
any other Person, the maximum liability to which the specified Person may be
subject upon the occurrence of the contingency giving rise to the obligation; (v)
in the case of any Hedging Obligations, the net amount payable if such Hedging Obligations were
terminated at that time due to default by such Person (after giving effect to
any contractually
permitted set-off); (vi) the principal amount of the Indebtedness, together
with any interest on the Indebtedness that is more than 30 days past due, in the case of
any other Indebtedness; and (vii) the principal amount of any Indebtedness
outstanding in connection with a Qualified Receivables Transaction is the
Receivables Transaction Amount relating to such Qualified Receivables Transaction.

                    “Indemnitees”
has the meaning set forth in Section 8.8.

                    “Indenture”
means the Indenture dated as of August 1, 2006, by and among Mobile Services, MSG and Wells Fargo Bank, N.A., as
trustee.

                    “Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions
(excluding commission, travel and similar advances to officers and employees, and deposits, extensions
of trade credits and allowances on commercially reasonable terms, in each case, made in the ordinary course of
business), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise
disposes of any Equity Interests of
any direct or indirect Restricted Subsidiary of the Company such that, after
giving effect to any such sale or
disposition, such Person is no longer a Restricted Subsidiary of the Company,
the Company shall be deemed to have
made an Investment on the date of any such sale or disposition in an amount
equal to the fair market value of the
Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount
determined as provided in the final paragraph of Section 5.6 hereof. The
acquisition by the Company or any Restricted
Subsidiary of the Company of a Person that holds an Investment in a third
Person shall be deemed to be an Investment by the Company or such Restricted
Subsidiary in such third Person in an amount equal to the fair market value of
the Investment held by the acquired Person in such third Person on the date of any such acquisition in
an amount determined as provided in the final paragraph of Section
5.6 hereof; provided that investments held by the acquired Person in such
third person that do not exceed $2.0
million will not be deemed to be an Investment by the Company or any such Subsidiary for the purposes of this
definition.

                    “Issue
Date” means the date on which the Notes are originally issued under this Agreement.

                    “Leverage
Ratio” means, with respect to any Person, at any date the ratio of (i) Indebtedness of such
Person and its Restricted Subsidiaries as of such date of calculation
(determined on a consolidated
basis in accordance with GAAP) to (ii) Consolidated Cash Flow of such Person
for the four full fiscal quarters for which
internal financial statements are available immediately preceding such date on which such additional Indebtedness is incurred.
In the event that such Person or any of its Restricted Subsidiaries
incurs or redeems any Indebtedness subsequent to the commencement of the period for which the Leverage Ratio is being
calculated but prior to the event for which the calculation of the Leverage Ratio is made, then the Leverage
Ratio shall be calculated giving pro forma effect to such

9

incurrence
or redemption of Indebtedness as if the same had occurred at the beginning of
the applicable four-quarter period. For purposes of making the computation referred to
above, Consolidated Cash Flow of such Person shall be determined in accordance
with the second paragraph of the definition of “Fixed Charge Coverage Ratio.”

                    “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any
conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

                    “Loss”
has the meaning set forth in Section 8.8.

                    “Management
Agreement” means the Management Agreement among Mobile Services, the Company and WCAS
Management Corporation dated the date of this Agreement.

                    “Material
Adverse Effect” has the meaning set forth in Section 3.1(b).

                    “Merger”
has the meaning set forth in Section 2.4(c). 

                    “Merger
Agreement” has the meaning set forth in Section 2.4(c). 

                    “Merger
Sub” has the meaning set forth in Section 2.4(c). 

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

                    “Money
Laundering Laws” has the meaning set forth in Section 3.1(y).

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

                    “Net
Income” means, with respect to any specified Person, the net income (loss)
of such Person, determined in accordance with GAAP and before any reduction in
respect of preferred stock dividends; provided, that “Net Income” shall
exclude: (i) any gain (or loss), together with any related provision for taxes on
such gain (or loss), realized in connection with: (a) any Asset Sale or other disposition not in the
ordinary course of business (including, without limitation, dispositions
pursuant to sale
and leaseback transactions); or (b) the disposition of any securities by such
Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of
such Person or any of its Restricted Subsidiaries; (ii) any extraordinary, unusual or non-recurring gain (or
loss), charge, cost or expense, together
with any related provision for taxes on such extraordinary, unusual or
non-recurring gain (or loss), charge,
cost or expense; and (iii) any (a) non-cash charges relating to the grant,
exercise or repurchase of options
for, or shares of, the Capital Stock (other than Disqualified Stock) of such
Person to any employee or director of
such Person, (b) non-cash charges relating to the write-down of goodwill or other intangibles to the extent such items
reduced the Net Income of such Person during any period and (c) non-cash gains or losses related to Hedging
Obligations.

                    “Net
Proceeds” means the aggregate cash proceeds received by the Company or any
of its Restricted Subsidiaries in respect of any Asset Sale (including,
without limitation, any cash received upon the sale or other disposition of any non-cash
consideration received in any Asset Sale, including any Designated Non-cash
Consideration), net of the direct costs relating to such Asset Sale, including,
without limitation,
legal, accounting and investment banking fees, and sales commissions, and any
relocation

10

expenses
incurred as a result of the Asset Sale, taxes paid or payable as a result of
the Asset Sale including any withholding taxes imposed on the repatriation of such
proceeds, in each case, after taking into account any available tax credits or deductions and any tax
sharing arrangements, and amounts required to be applied to the repayment of
Indebtedness (including any interest or premium) and any reserve for adjustment in respect of the sale
price of such asset or assets established in accordance with GAAP.

                    “Non-Recourse
Debt” means Indebtedness: (i) as to which neither the Company nor any of its Restricted
Subsidiaries (a) provides credit support of any land (including any
undertaking, agreement or
instrument that would constitute Indebtedness), (b) is directly or indirectly
liable as a guarantor or otherwise, or (c)
constitutes the lender (in each case, except for a pledge of the Equity Interests of Unrestricted Subsidiaries); and (ii)
no default with respect to which (including any rights that the holders of the
Indebtedness may have to take enforcement action against an Unrestricted
Subsidiary) would permit upon notice, lapse of time or both any holder
of any other Indebtedness (other than the Notes)
of the Company or any of its Restricted Subsidiaries to declare a default on
such other Indebtedness or cause the
payment of the Indebtedness to be accelerated or payable prior to its Stated
Maturity.

                    “Note”
has the meaning set forth in Section 2.1.

                    “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages
and other liabilities payable under the documentation governing any Indebtedness.

                    “OFAC”
has the meaning set forth in Section 3.1(z). 

                    “Offer
Amount” has the meaning set forth in Section 4.7. 

                    “Offer
Period” has the meaning set forth in Section 4.7. 

                    “Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Financial Officer, any Vice President, the Treasurer or
the Secretary
of such Person.

                    “Officers’
Certificate” means a certificate signed by two Officers of the Company or
by one
Officer and any Assistant Treasurer or Assistant Secretary of the Company.

                    “Payment
Default” has the meaning set forth in Section 7.1. 

                    “Permits”
has the meaning set forth in Section 3.1(l).

                    “Permitted
Business” means (i) the lines of business conducted by the Company and its Restricted Subsidiaries
on the date of this Agreement and any business incidental or reasonably related
thereto or which is a reasonable extension thereof as determined in good faith
by the Company’s Board of Directors
and (ii) any business which forms a part of a business (the “Acquired
Business”) which is acquired by the
Company or any of its Restricted Subsidiaries if the primary intent of the
Company or such Restricted Subsidiary
was to acquire that portion of the Acquired Business which meets the requirements of clause (i) of this definition and
the portion of the Acquired Business which meets the requirements of clause (i)
of this definition constitutes a majority of the Acquired Business.

                    “Permitted
Debt” has the meaning set forth in Section 5.8.

11

                    “Permitted
Investments” means: (i) any Investment in the Company or in a Restricted Subsidiary (other than a
Receivables Entity) of the Company; (ii) any Investment in Cash and Cash Equivalents; (iii) any Investment by the
Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: (a)
such Person becomes a Restricted Subsidiary (other than a Receivables Entity)
of the Company; or (b) such Person is merged, consolidated or amalgamated with
or into, or transfers or conveys substantially all of its assets to, or
is liquidated into, the Company or a Restricted
Subsidiary (other than a Receivables Entity) of the Company; (iv) any
Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 5.9 hereof or any non-cash consideration
received in connection with a disposition
of assets excluded from the definition of “Asset Sales;” (v) workers’
compensation, utility, lease and
similar deposits and prepaid expenses in the ordinary course of business and
endorsements of negotiable
instruments and documents in the ordinary course of business; (vi) any
investments in any Person solely in exchange for the issuance of Equity
Interests (other than Disqualified Stock) of the Company; (vii) any Investments
arising from agreements of the Company or a Restricted Subsidiary of the Company providing for adjustment of purchase
price, deferred payment, earn out or similar obligations, in each case
acquired in connection with the disposition or acquisition of any business or assets of the Company or a Restricted Subsidiary
(other than in connection with a Qualified Receivables Transaction); (viii) any
Investments received in compromise of obligations of any Person to the Company or
any Restricted Subsidiary of the Company incurred in the ordinary course of
business, including pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy, insolvency, reorganization, or liquidation of such Person or
the good faith settlement of debts of such Person to the Company or a
Restricted Subsidiary of the Company, as the case may be; (ix) Hedging
Obligations permitted to be incurred under Section
5.8 hereof; (x) loans and advances made in settlement of accounts receivable, all in the ordinary course of
business; (xi) guarantees of Indebtedness to the extent permitted by clause (ix) of the second paragraph of Section
5.8 hereof; (xii) Investments by the Company or a Restricted Subsidiary in a Receivables Entity or
any Investment by a Receivables Entity in any other Person, in each case, in
connection with a Qualified Receivables Transaction, provided, however, that
any Investment in any such Person is in the form of a Purchase Money Note, or
any equity interest or interests in Receivables and related assets generated by
the Company or a Restricted Subsidiary and transferred to any Person in connection with a Qualified
Receivables Transaction or any such Person owning such Receivables; (xiii) receivables owing to the
Company or a Restricted Subsidiary of the Company if created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms;
provided that such trade terms may include such concessionary trade terms as
the Company or such Restricted
Subsidiary, as the case may be, deems reasonable under the circumstances; (xiv) any Investments in payroll, travel and
similar advances to cover matters that are expected at the time of such advances ultimately to be treated as
expenses for accounting purposes; (xv) any Investments existing on the date of this Agreement; (xvi)
loans and advances to employees (other than executive officers) of the Company and its Restricted
Subsidiaries in the ordinary course of business for bona fide business
purposes; (xvii) Investments consisting of licensing of intellectual property
pursuant to joint marketing arrangements with other Persons; (xviii)
Investments consisting of earnest money deposits required in connection
a purchase agreement or other acquisition; and (xix) other Investments in any Person having an aggregate fair market value
(measured on the date each such Investment was made and without giving effect to subsequent changes in
value), when taken together with all other Investments made pursuant to this
clause (xix) that are at the time outstanding, not to exceed the greater of (a)
$10 million and (b) 1.5% of Total
Assets of the Company, provided that if such Investment is in Capital Stock of a Person that subsequently becomes a Restricted
Subsidiary, such Investment shall thereafter be deemed permitted under clause (i) above and shall not be included as
having been made pursuant to this clause
(xix).

                    “Permitted
Liens” means: (i) Liens of the Company and any Restricted Subsidiary of the
Company securing
Indebtedness and other Obligations under the Credit Facilities, including the
Credit

12

Agreement
and the Indenture, that were incurred and remain outstanding under clause (i)
of the second paragraph of Section 5.8 hereof, or any exercise of remedies in
connection therewith; (ii) Liens in favor of the Company; (iii) Liens on property of a Person
existing at the time such Person is merged with or into or consolidated with
the Company or any Restricted Subsidiary of the Company; provided that such
Liens were
in existence prior to the contemplation of such merger or consolidation and do
not extend to any assets other than those of the Person merged into or consolidated
with the Company or the Restricted Subsidiary; (iv) Liens on property
(including Capital Stock) existing at the time of acquisition of the property by the Company
or any Restricted Subsidiary of the Company, provided that such Liens were in
existence prior to the contemplation of such acquisition; (v) Liens to secure
the performance of statutory obligations,
surety or appeal bonds, performance bonds or other obligations of a like nature
incurred in the ordinary course of
business; (vi) Liens to secure Indebtedness (including Capital Lease
Obligations) permitted by clause (iv) of the second paragraph of Section 5.8 hereof covering only the assets acquired with such Indebtedness; (vii) Liens
existing on the date of this Agreement or that remain in place in connection with the incurrence of Permitted
Refinancing Indebtedness; (viii) Liens for taxes, assessments or governmental
charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently
conducted, provided that any reserve or other appropriate provision as
is required in conformity with GAAP has been made therefor; (ix) Liens on assets of Unrestricted Subsidiaries that secure
Non-Recourse Debt of Unrestricted Subsidiaries; (x) Liens in favor of
customs and revenue authorities in connection with custom duties; (xi) Liens
incurred or deposits made in the ordinary
course of business in connection with workers’ compensation, unemployment
insurance, social security and other statutory obligations, including any Lien
securing letters of credit issued in the ordinary course of business in
connection therewith, or to secure the performance
of tenders, statutory obligations, surety and appeal bonds, bids, leases,
governmental contracts, performance
and return-of-money bonds and other similar obligations (exclusive of
obligations for the payment of
borrowed money); (xii) Liens imposed by law, such as carriers, landlords’,
material men’s, repairmen’s warehouse-men’s and mechanics’ Liens, in
each case, for sums not yet due or being contested
in good faith through diligent proceedings; (xiii) Liens on specific items of
inventory or other goods and
proceeds of any Person securing such Person’s obligations with respect to
letters of credit or bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods; (xiv) Liens arising from
Uniform Commercial Code financing
statement filings regarding leases entered into by the Company and its
Restricted Subsidiaries in the
ordinary course of business; (xv) Liens securing Hedging Obligations; (xvi)
minor survey exceptions, minor
encumbrances, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or zoning,
building or other restrictions or any similar laws, ordinances, orders,
rules or regulations as to the use of real properties
or Liens incidental to the conduct of the business of such Person or to the
ownership of its properties that do
not, in the aggregate, materially adversely affect the value of said properties
or materially impair their use in
the operation of the business of such Person; (xvii) Liens encumbering property
or assets under construction arising from progress or partial payments by a
customer of the Company or one of its
Subsidiaries relating to such property or assets; (xviii) Liens on assets that
are the subject of a sale and
leaseback transaction permitted by the provisions of this Agreement; (xix)
Liens arising from licenses, leases and subleases entered into the ordinary
course of business, provided such Liens
are limited to the specific property that is the subject of such license,
lease, or sublease; (xx) judgment Liens not giving rise to an Event of
Default; and (xxi) 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; (xxii) Liens on assets transferred to a Receivables
Entity or on assets of a Receivables
Entity, in either case incurred in connection with a Qualified Receivables
Transaction; and (xxiii) other Liens
incurred in the ordinary course of business of the Company or any Subsidiary of
the Company with respect to
obligations that do not exceed $12.5 million at any one time outstanding. 

13

                    “Permitted
Payments” means without duplication as to amounts: (i) payments in an amount sufficient to permit
the Company to pay reasonable accounting, legal, board and administrative expenses and other
reasonable holding company expenses of the Company, and (ii) payments by the
Company for costs, fees and expenses incident to any debt or equity financing,
to the extent that (a) the net proceeds of a primary offering (if it is
completed) are, or the net proceeds from original issuance of such securities in the
case of a secondary offering, were, contributed to, or otherwise used for the
benefit of,
any of its Restricted Subsidiaries, and (b) the costs, fees and expenses are
allocated among the Company and any selling shareholders in such proportion as is required
by an applicable shareholders agreement or, to the extent no applicable shareholders
agreement exists, as is appropriate to reflect the relative proceeds
received by the Company and such selling shareholders; and (iii) obligations
under the Management
Agreement.

                    “Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of
its Restricted Subsidiaries issued in exchange for, or the net proceeds of
which are used to repay, redeem, extend, refinance, renew, replace, defease,
discharge, refund or otherwise retire for value other Indebtedness of the
Company or any of its Subsidiaries (other than intercompany Indebtedness
between and among the Company
and its Restricted Subsidiaries); provided that: (i) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted
value, if applicable) of the Indebtedness repaid, redeemed, extended,
refinanced, renewed, replaced,
defeased, discharged, refunded, or retired (plus all accrued interest on the Indebtedness and the amount of all fees and expenses
and premiums and penalties incurred in connection therewith); (ii) such
Permitted Refinancing Indebtedness has a final maturity date of or later than
the final maturity date of, and has
a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being repaid, redeemed, extended, refinanced, renewed, replaced, defeased,
discharged, or refunded or retired; (iii) if the Indebtedness being repaid,
redeemed, extended, refinanced,
renewed, replaced, defeased, discharged, refunded or retired is subordinated in
right of payment to the Notes, such Permitted Refinancing Indebtedness is
subordinated in right of payment to the
Notes, as the case may be, on terms at least as favorable to the Holders of Notes
as those contained in the documentation governing the Indebtedness being
repaid, redeemed, extended, refinanced, renewed, replaced, defeased, refunded, discharged or retired; and (iv) such
Indebtedness is incurred either by the Company or a Restricted Subsidiary.

                    “Person”
means any individual, corporation, partnership, joint venture, association,
joint-stock company,
trust, unincorporated organization, limited liability company or government or
other entity.

                    “Plan”
has the meaning set forth in Section 3.1(p).

                    “Principal
or Related Party” means Welsh Carson and its Affiliates.

                    “Purchase
Date” has the meaning set forth in Section 4.7.

                    “Purchase
Money Note” means a promissory note of a Receivables Entity evidencing the
deferred purchase price of Receivables (and related assets) and a line of
credit, which may be irrevocable, from the Company or any Restricted Subsidiary of
the Company in connection with a Qualified Receivables Transaction with a Receivables
Entity, which deferred purchase price or line is repayable from cash available
to the Receivables Entity, other than amounts required to be established as
reserves pursuant to agreements,
amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts owing to such
investors and amounts paid in connection with the purchase of newly generated Receivables.

14

                    “Qualified
Proceeds” means any of the following or any combination of the following:
(i) cash,
(ii) Cash Equivalents, (iii) assets that are used or useful in a Permitted
Business (excluding Permitted Investments made in Persons other than Restricted Subsidiaries
pursuant to clause (vi) of the definition of “Permitted Investments”) by the Company or
any Restricted Subsidiary of the Company and (iv) the Capital Stock of any Person engaged in a
Permitted Business that becomes a Restricted Subsidiary of the Company as a result of the
acquisition of such Capital Stock by the Company or any Restricted Subsidiary
of the Company.

                    “Qualified
Receivables Transaction” means any transaction or series of transactions
that may
be entered into by the Company or any of its Restricted Subsidiaries pursuant
to which the Company or any of its Restricted Subsidiaries may sell, convey or otherwise
transfer to (i) a Receivables Entity (in the case of a transfer by the Company or any of
its Restricted Subsidiaries) and (ii) any other Person (in the case of a transfer
by a Receivables Entity), or may grant a security interest in, any Receivables (whether now existing or
arising in the future) of the Company or any of its Restricted Subsidiaries,
and any assets related thereto
including, without limitation, all collateral securing such Receivables, all contracts and all guarantees or other obligations
in respect of such accounts receivable, the proceeds of such Receivables
and other assets which are customarily transferred, or in respect of which security
interests are customarily granted, in
connection with asset securitization involving Receivables.

                    “Receivable”
means a right to receive payment arising from a sale or lease of goods or the
performance of services by a Person pursuant to an arrangement with another
Person pursuant to which such other Person
is obligated to pay for goods or services under terms that permit the purchase
of such goods and services on credit
and shall include, in any event, any items of property that would be classified
as an “account,” “chattel paper,” “payment intangible” or “instrument” under
the Uniform Commercial Code as in
effect in the State of New York and any “supporting obligations” as so defined.

                    “Receivables
Entity” means a wholly-owned Subsidiary (or another Person in which the
Company or any Restricted Subsidiary makes an Investment and to which the
Company or any Restricted Subsidiary transfers Receivables and related assets) which
engages in no activities other than in connection with the financing of Receivables and
which is designated by the Board of Directors of the Company (as provided
below) as a Receivables Entity: (i) no portion of the Indebtedness or any
other obligations
(contingent or otherwise) of which: (a) is guaranteed by the Company or any
Restricted Subsidiary
(excluding guarantees of Obligations (other than the principal of, and interest
on, Indebtedness) pursuant to
Standard Securitization Undertakings); (b) is recourse to or obligates the
Company or any Restricted Subsidiary in any way other than pursuant to Standard
Securitization Undertakings; or (c) subjects
any property or asset of the Company or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the
satisfaction thereof, other than pursuant to Standard Securitization Undertakings; (ii) with which
neither the Company nor any Restricted Subsidiary has any material contract,
agreement, arrangement or understanding (except in connection with a Purchase
Money Note or Qualified Receivables Transaction) other than on terms no less
favorable to the Company or such Restricted
Subsidiary than those that might be obtained at the time from Persons that are
not Affiliates of the Company, other
than fees payable in the ordinary course of business in connection with
servicing Receivables; and (iii) to
which neither the Company nor any Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results. Any such designation by the
Board of Directors of the Company shall be evidenced to the trustee by filing with the trustee a
certified copy of the Board Resolution of the Company giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing conditions.

                    “Receivables
Fees” means any fees or interest paid to purchasers or lenders providing
the financing
in connection with a Qualified Receivables Transaction, factoring agreement or
other similar

15

agreement,
including any such amounts paid by discounting the face amount of Receivables
or participations therein
transferred in connection with a Qualified Receivables Transaction, factoring agreement or other similar arrangement,
regardless of whether any such transaction is structured as on-balance sheet or off-balance sheet or through a
Restricted Subsidiary or an Unrestricted Subsidiary.

                    “Receivables
Transaction Amount” means the amount of obligations outstanding under the
legal documents entered into as part of such Qualified Receivables Transaction
on any date of determination that would be characterized as principal if such Qualified
Receivables Transaction were structured as a secured lending transaction rather than
as a purchase.

                    “Register”
has the meaning set forth in Section 2.5.

                    “Registration
Rights Agreement” has the meaning ascribed to such term in the Indenture.

                    “Restricted
Payments” has the meaning set forth in Section 5.6.

                    “Restricted
Subsidiary” of a Person means any Subsidiary of the referent Person that is
not
an Unrestricted Subsidiary.

                    “Required
Noteholders” has the meaning ascribed to such term in the Notes.

                    “Rule 144”
means Rule 144 promulgated under the Securities Act. 

                    
“Rule 144A” means Rule
144A promulgated under the Securities Act.  

                    
“Securities Act” means the
Securities Act of 1933, as amended.  

                    “Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of
Regulation
S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof.

                    “Solvent”
has the meaning set forth in Section 3.1(aa).

                    “Standard
Securitization Undertakings” means representations, warranties, covenants
and indemnities entered into by the Company or any Restricted Subsidiary which
are reasonably customary in securitization of Receivables transactions.

                    “Stated
Maturity” means, with respect to any installment of interest or payment of principal on any series
of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in
the original documentation governing such Indebtedness, and will not include
any contingent
obligations to repay, redeem or repurchase any such interest or principal prior
to the date originally scheduled for the payment thereof.

                    “Stock
Purchase Agreement has the meaning set forth in Section 2.4(b).

                    “Subsidiary”
means, with respect to any specified Person: (i) any corporation, association or other
business entity of which more than 50% of the total voting power of shares of
Capital Stock
entitled (without regard to the occurrence of any contingency and after giving
effect to any voting agreement or stockholders’ agreement that effectively transfers voting
power) to vote in the election of directors, managers or trustees of the corporation,
association or other business entity is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that
Person

16

(or a
combination thereof); and (ii) any partnership (a) the sole general partner or
the managing general partner of which is such Person or a Subsidiary of such
Person or (b) the only general partners of which are that Person or one
or more Subsidiaries of that Person (or any combination thereof).

                    “Total
Assets” means, with respect to any Person, the total assets of such Person
and its Restricted Subsidiaries on a consolidated basis, as shown on the most
recent balance sheet of such Person as determined in accordance with GAAP.

                    “Transactions”
the transactions contemplated by this Agreement, the Notes, the Merger Agreement, the Credit
Agreement and the Indenture.

                    “U.K.
Credit Agreement” means that certain Credit Agreement, dated as of the date
of this Agreement, by and among Ravenstock
MSG Limited, the Company (as a guarantor), The CIT Group/Business Credit, Inc., as administrative
agent, Lehman Brothers Inc., as sole bookrunner and syndication agent, the lenders party from time to
time thereto and the agents named therein, providing for up to £85.0 million of
revolving credit borrowings (as a sublimit to the Credit Agreement), including
any related notes, guarantees,
collateral documents, instruments and agreements executed in connection
therewith, and in each case as amended, restated, modified, renewed, refunded,
extended, replaced, restructured or
refinanced in whole or in part from time to time under the same or any other
agent, lender or group of lenders.

                    “U.S.
Credit Agreement” means that certain Credit Agreement, dated as of the date
of this Agreement, by and
among Mobile Services, MSG, the Company (as a guarantor), MSG WC Intermediary Co, The CIT Group/Business Credit,
Inc., as administrative agent, Lehman Brothers Inc., as sole bookrunner and
syndication agent, the lenders party from time to time thereto, and the agents
named therein providing for up to
$300.0 million of revolving credit borrowings, including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith, and in each case as amended, restated, modified, renewed,
refunded, extended, replaced, restructured or refinanced in whole or in part from time to time under the same or any
other agent, lender or group of lenders.

                    “Unrestricted
Subsidiary” means any Subsidiary of the Company (other than Mobile Services and MSG) that
is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to
a Board Resolution, but only to the extent that such Subsidiary, at the time of
such designation:
(i) has no Indebtedness other than Non-Recourse Debt; (ii) except as permitted
by Section 5.10 hereof, is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the Company
unless the terms of any such agreement, contract, arrangement or understanding are no
less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons who are not Affiliates of the Company; (iii) is a Person with
respect to
which neither the Company nor any of its Restricted Subsidiaries has any direct
or indirect obligation (a) to subscribe for additional Equity Interests or (b)
to maintain or preserve such Person’s financial condition or to cause such
Person to achieve any specified levels of operating results; and (iv) has not guaranteed or
otherwise directly or indirectly provided credit support for any Indebtedness
of the Company
or any of its Restricted Subsidiaries.

                    If,
at any time, any Unrestricted Subsidiary would fail to meet the preceding
requirements as an
Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted
Subsidiary for purposes of this Agreement
and any Indebtedness of such Subsidiary shall be deemed to be incurred by a
Restricted Subsidiary of the Company as of such date and, if such Indebtedness
is not permitted to be incurred as of such date under Section 5.8, the
Company shall be in default of such covenant. The Board of Directors of the Company may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary;

17

provided
that such designation shall be deemed to be an incurrence of Indebtedness by a
Restricted Subsidiary of the Company of any outstanding Indebtedness of such
Unrestricted Subsidiary and such designation
shall only be permitted if (1) such Indebtedness is permitted under Section
5.8 hereof, calculated on a pro forma
basis as if such designation had occurred at the beginning of the four-quarter reference period; and (2) no Default or Event of
Default would be in existence following such designation.

                    “Voting
Stock” of any Person as of any date means the Capital Stock of such Person
that is
at the time entitled to vote in the election of the Board of Directors of such
Person.

                    “Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of
years obtained by dividing: (i) the sum of the products obtained by multiplying
(a) the amount
of each then remaining installment, sinking fund, serial maturity or other
required payments of principal, including payment at final maturity, in respect of the
Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that shall
elapse between such date and the making of such payment; by (ii) the then outstanding principal
amount of such Indebtedness.

                    “Welsh
Carson” means Welsh, Carson, Anderson & Stowe X, L.P. and Affiliates
thereof that are directly or indirectly controlling or controlled by Welsh,
Carson, Anderson & Stowe X, L.P. or under direct or indirect common control with
Welsh, Carson, Anderson & Stowe X, L.P.

                    Section
1.2 Rules of Construction.

                    Unless
the context otherwise requires:

	
 

	
 

	
 

	
          (1)
  a
  term has the meaning assigned to it;

	
 

	
 

	
 

	
          (2)
  an
  accounting term not otherwise defined has the meaning assigned to it in accordance with
  GAAP;

	
 

	
 

	
 

	
          (3)
  “or”
  is not exclusive;

	
 

	
 

	
 

	
          (4)
  words
  in the singular include the plural, and in the plural include the singular;

	
 

	
 

	
 

	
          (5)
  provisions apply to successive events and
  transactions;

	
 

	
 

	
 

	
          (6)
  “herein,”
  “hereof,” “hereunder” and other words of similar import refer to this
  Agreement (as amended or supplemented from time to time) and not to any
  particular Article, Section or other subdivision; and

	
 

	
 

	
 

	
          (7)
  references
  to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or
  successor sections or rules adopted by the Commission from time to time.

ARTICLE II

AUTHORIZATION; CLOSING;

CLOSING CONDITIONS

                    Section
2.1 Authorization of the Notes.
The Company shall authorize the issuance and sale to the Purchasers of its 10% Subordinated
Notes in an aggregate principal amount of

18

$90,000,000
and containing the terms and conditions and in the form set forth in Exhibit A attached hereto (each, a “Note” and collectively, the “Notes”).  

                    Section
2.2 Purchase and Sale of the Notes.
At the Closing, the Company shall sell to each Purchaser and, subject to the terms and
conditions set forth herein, each Purchaser shall purchase from the Company the
principal amount of Notes, at a price equal to face value, set forth opposite
such Purchaser’s
name on Annex I attached hereto. 

                    Section
2.3 The Closing. The closing
of the purchase and sale of the Notes (the “Closing”) shall
take place immediately prior to the closing of the Merger. At the Closing, the
Company shall
deliver to each Purchaser the instruments evidencing the Notes to be purchased
by such Purchaser, in each case registered in the applicable Purchaser’s or its nominee’s
name, respectively, upon payment of the aggregate purchase price for the Note
purchased by each Purchaser as set forth opposite such Purchaser’s name on Annex
I, by a cashier’s or certified check, or by wire transfer of immediately available funds to the
account specified by the Company to each Purchaser in writing not less than one
(1) Business Day prior to the
Closing Date. In addition, at the Closing the Company shall issue to each Purchaser the number of shares of its common
stock, par value $0.01 pet share (the “Common Stock”), for no additional
consideration pursuant to the Stock Purchase Agreement, as set forth opposite
such Purchaser’s name on Annex I
attached hereto.

                    Section
2.4 Conditions of each Purchaser’s Obligation at the
Closing. The obligation of each Purchaser to purchase and pay for the
Notes at the Closing is subject to the satisfaction (or waiver in writing) as
of the Closing of the following conditions:

                    (a)
The representations and
warranties contained in Article III hereof shall be true and correct in
all material respects at and as of the Closing as though then made (unless
stated to relate solely to an earlier date,
in which case such representations and warranties shall be true and correct in
all material respects as of such earlier date).

                    (b)
The
Company and each of the other parties signatory thereto (other than the particular Purchaser for
which the determination of the fulfillment of the conditions in Section 2 is
being made) shall have entered into a stock purchase agreement in form and
substance as set forth in Exhibit B attached hereto (the “Stock Purchase Agreement”),
and the Stock Purchase Agreement shall be in full force and effect as of
the Closing. All conditions to the transactions contemplated by the Stock
Purchase Agreement
set forth in Section 2 of the Stock Purchase Agreement shall have been
satisfied in full or waived in writing by such Purchaser.

                    (c)
The Agreement and Plan of
Merger, dated as of May 24, 2006 and as amended June 9, 2006, by and among the Company, and MSG WC Acquisition Corp., a
Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”),
MSG WC Intermediary Co., on the one hand, and Mobile Services and Windward Capital Management, LLC, a Delaware limited
liability company, on the other hand
(the “Merger Agreement”), shall be in full force and effect as of the
Closing and shall not have been amended or modified in any material respect.
All conditions to the transactions contemplated by the Merger Agreement (the “Merger”)
set forth in Article IX of the Merger Agreement shall have been satisfied in full or waived in writing by the
Purchasers.

                    (d)
Concurrently
with or prior to the issue and sale of the Notes by the Company, the applicable
Subsidiaries of the Company shall have entered into the Credit Agreement and
the Indenture.

                    (e)
The
Company shall have delivered to each Purchaser a certificate of the Secretary
or an Assistant Secretary of the Company, dated as of the Closing Date and
certifying on behalf

19

of the
Company: (1) that attached thereto is a true, correct and complete copy of all
resolutions adopted by the Board of Directors of the Company authorizing the
execution, delivery and performance of this Agreement and the Notes, and that all such
resolutions are in full force and effect and (2) the incumbency and specimen signature
of all officers of the Company executing this Agreement and the Notes.

                    (f)
All corporate proceedings and other legal matters incident to the
authorization, form and validity of this Agreement and the Notes, and all other legal
matters relating to this Agreement and the transactions contemplated hereby shall be
reasonably satisfactory in all material respects to the Purchasers.

                    Section
2.5 Register. The Company
shall maintain a register of the Notes that records names and
addresses of each Holder and the principal amount of and interest on the Notes
(the “Register”). The Register shall include a record of any transfer or
exchanges of the Notes. The entries in the Register shall be conclusive and
binding on the parties, absent manifest error.

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF
THE COMPANY

                    Section
3.1 Representations and Warranties of the
Company. The Company hereby represents and warrants as follows:

                    (a)
Neither
the Company nor any of its Subsidiaries is, and after giving effect to the offer and sale of the
Notes and the application of the proceeds therefrom will be, an “investment company” or a company
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.

                    (b)
Each
of the Company and its Subsidiaries has been duly organized and is validly existing and in good
standing as a corporation or other business entity under the laws of its
jurisdiction of organization and
is duly qualified to do business and in good standing as a foreign corporation
or other business entity in each
jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification, except
where the failure to be so qualified or in good standing would not, in
the aggregate, reasonably be expected to have a material adverse effect on the
condition (financial or otherwise), results of operations, stockholders’
equity, properties, business or prospects of the
Company and its Subsidiaries taken as a whole or a material adverse effect on
the performance by the Company of this
Agreement or the Notes or the consummation of any of the transactions
contemplated hereby or thereby (a “Material
Adverse Effect”); each of the Company and its Subsidiaries has all power and authority necessary to own or hold its
properties and to conduct the businesses in which it is engaged. The Company does not own or control, directly or
indirectly, any corporation, association or other entity other than the entities listed on Schedule
3.1(b) hereto.

                    (c)
Each of the Company and
its Subsidiaries has all requisite corporate or limited liability company power and authority, as applicable, to execute,
deliver and perform its obligations under this Agreement. This Agreement has been duly and validly authorized by
the Company, and upon its execution
and delivery and, assuming due authorization, execution and delivery by the
Purchasers, will constitute the valid
and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization,
moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable
principles.

20

                    (d)
The Company has all
requisite corporate power and authority to execute, issue, sell and perform its obligations under the Notes.
The Notes have been duly authorized by the Company and, when duly executed by the Company in
accordance with the terms of this Agreement, upon delivery to the Purchasers against payment therefor in
accordance with the terms hereof, will be validly issued and delivered and will constitute valid and binding
obligations of the Company entitled to the benefits of this Agreement, enforceable against the Company in
accordance with their terms, except as such enforceability may be limited by
bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium,
and other laws relating to or affecting creditors’ rights generally and by
general equitable principles.

                    (e)
This Agreement has been duly and validly
authorized, executed and delivered by the Company.

                    (f)
The issue and sale of the Notes, the
execution, delivery and performance by the Company of the Notes and this Agreement
and compliance by the Company with the terms thereof and the consummation of the transactions contemplated
hereby and thereby, will not (i) conflict with or result in a breach or violation of any of the terms or
provisions of, impose any lien, charge or encumbrance upon any property or assets of the Company or its
Subsidiaries or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or
other agreement or instrument to which
the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries is bound or
to which any of the property or assets of the Company or any of its
Subsidiaries is subject, (ii) result in any violation of the provisions of the
charter or by-laws of the Company or any of its Subsidiaries or (iii) result in any violation of any statute or any
judgment, order, decree, rule or regulation
of any court or governmental agency or body having jurisdiction over the
Company or any of its Subsidiaries or any of their properties or assets,
except, in regard to clauses (i) and (iii), conflicts or violations that would not reasonably be expected
to have a Material Adverse Effect.

                    (g)
No
consent, approval, authorization or order of, or filing, registration or qualification with any
court or governmental agency or body having jurisdiction over the Company or
any of its
Subsidiaries is required for the issue and sale of the Notes, the execution,
delivery and performance by the Company of the Notes and this Agreement and
compliance by the Company with the terms thereof and the consummation of the
transactions contemplated hereby and thereby.

                    (h)
Neither the Company nor any of its Subsidiaries has sustained, since January 1,
2006,
any loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or court or
governmental action, order or decree, and, since such date, there has not been any change in
the capital stock or limited liability company interests, as applicable, or
long-term debt of the Company or any of its Subsidiaries or any adverse change,
or any development
involving a prospective adverse change, in or affecting the condition
(financial or otherwise), results of operations, stockholders’ equity, properties,
management, business or prospects of the Company and its Subsidiaries, taken as a
whole, in each case except as would not, in the aggregate, reasonably be expected
to have a Material Adverse Effect.

                    (i)
True and complete copies of the following documents have previously been delivered to the Purchasers: (i) the audited
consolidated balance sheets of Mobile Services and its consolidated Subsidiaries as of December 31, 2004 and December 31,
2005, and the related audited statements of income and cash flows for the
respective twelve-month periods then ended and (ii) the unaudited consolidated balance sheet of Mobile
Services and its consolidated Subsidiaries as at March 31, 2006, together with consolidated statements of
income and cash flows for the three-month period ended on March 31, 2006. Such financial statements have
been prepared in accordance with GAAP applied on a consistent basis throughout the periods involved
and on such basis fairly present the financial position,

21

results
of operations and cash flows of Mobile Services and its Subsidiaries as of the
respective dates thereof and for the respective periods indicated, except
(a) that such unaudited financial statements are subject to normal year-end
adjustments and (b) for the absence of footnotes.

                    (j)
The Company and each of its Subsidiaries has good and marketable title in fee simple to all real
property and good and marketable title to all personal property and all other
real and personal
property owned by them, in each case free and clear of all Liens (other than
Permitted Liens) and such as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property
by the Company or any of its Subsidiaries; and all real property and other
assets held under lease by the Company or any of its Subsidiaries are held by
them under
valid, subsisting and enforceable leases, with such exceptions as do not
materially interfere with the use made and proposed to be made of such assets by the
Company or any of its Subsidiaries.

                    (k)
The Company and each of its Subsidiaries carry, or are covered by, insurance from insurers of
recognized financial responsibility in such amounts and covering such risks as
is adequate
for the conduct of their respective businesses and the value of their
respective properties and as is customary for companies engaged in similar businesses
in similar industries. All policies of insurance of the Company and its Subsidiaries are in full
force and effect; the Company and its Subsidiaries are in compliance with the
terms of such policies in all material respects; and neither the Company nor
any of its Subsidiaries
has received notice from any insurer or agent of such insurer that capital
improvements or other expenditures are required or necessary to be made in
order to continue such insurance; there are no claims by the Company or any of its Subsidiaries
under any such policy or instrument as to which any insurance company is
denying liability or defending under a reservation of rights clause; and
neither the Company
nor any such Subsidiary has any reason to believe that it will not be able to
renew its existing insurance coverage as and when such coverage expires or to
obtain similar coverage from similar insurers as may be necessary to continue its business at a
cost that would not reasonably be expected to have a Material Adverse
Effect.

                    (l)
The Company and each of its Subsidiaries have such permits, licenses, patents,
franchises, certificates of need and other approvals or authorizations of
governmental or regulatory authorities
(“Permits”) as are necessary under applicable law to own their properties and
conduct their businesses in the manner currently conducted, except for any of
the foregoing that would not, in the aggregate, reasonably be expected to have
a Material Adverse Effect; each of the Company and its Subsidiaries has fulfilled and performed all of
its obligations with respect to the Permits, and no event has occurred that allows, or after notice or lapse of
time would allow, revocation or termination thereof or results in any other
impairment of the rights of the holder or any such Permits, except for any of
the foregoing that would not
reasonably be expected to have a Material Adverse Effect. 

                    (m)
The Company and its Subsidiaries own or possess adequate rights to use all material patents,
patent applications, trademarks, service marks, trade names, trademark
registrations, service mark registrations, copyrights, licenses, know-how,
software, systems and technology (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures)
necessary for the conduct of their respective businesses and have no reason to
believe that the conduct of their respective businesses will conflict with, and have not
received any notice of any claim of conflict with, any such rights of others in each case except as would
not, in the aggregate, reasonably be expected
to have a Material Adverse Effect.

                    (n)
There are no legal or governmental proceedings pending to which the Company or any of its Subsidiaries is a party or of
which any property or assets of the Company or any of its Subsidiaries is the subject that would, in the
aggregate, reasonably be expected to have a Material

22

Adverse
Effect; and to the Company’s actual knowledge, no such proceedings are
threatened or contemplated by governmental authorities or others.

                    (o)
No labor disturbance by the employees of the Company or any of its Subsidiaries
exists or, to the actual knowledge of the Company, is imminent that would
reasonably be expected to have a Material
Adverse Effect.

                    (p)
(i) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee Retirement Security Act of 1974, as
amended (“ERISA”)) for which the Company or any member of its “Controlled Group” (defined as any
organization which is a
member of a controlled group of
corporations within the meaning of Section 414 of the Internal Revenue Code of
1986, as amended (the “Code”))
would have any liability (each a “Plan”) has been maintained in
compliance with its terms and with the requirements of all applicable statutes,
rules and regulations including ERISA and the Code; (ii) with respect to each Plan subject to Title IV of
ERISA (1) no “reportable event” (within the meaning of Section 4043 (c) of ERISA) has occurred or is
reasonably expected to occur, (2) no “accumulated funding deficiency” (within the meaning of Section 302 of
ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to
occur, (3) the fair market value of the assets under each Plan exceeds
the present value of all benefits accrued under such Plan (determined based on
those assumptions used to fund such Plan)
and (4) neither the Company or any member of its Controlled Group has incurred, or reasonably expects to incur, any
liability under Title IV of ERISA (other than contributions to the Plan or premiums to the PBGC in the ordinary course
and without default) in respect of a
Plan (including a “multiemployer plan”, within the meaning of Section
4001(c)(3) of ERISA); and (iii) each
Plan that is intended to be qualified under Section 401(a) of the Code is so
qualified and nothing has occurred,
whether by action or by failure to act, which would cause the loss of such qualification.

                    (q)
The Company and its Subsidiaries have filed all federal, state, local and
foreign income and franchise tax returns required to be filed through the date
hereof, subject to permitted extensions, and have paid all taxes due thereon,
and no tax deficiency has been determined adversely to the Company or any of
its Subsidiaries, nor does the Company have any actual knowledge of any such
tax deficiencies
that would, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

                    (r)
[Intentionally Omitted.]

                    (s)
The Company and each of its Subsidiaries (i) makes and keeps accurate books and records and (ii)
maintains and has maintained effective internal control over financial
reporting as defined in Rule 13a-5 under the Exchange Act and a system of
internal accounting controls sufficient to provide reasonable assurance that
(1) transactions are executed in accordance with management’s general or
specific authorization, (2) transactions are recorded as necessary to permit
preparation of its financial statements in conformity with accounting principles
generally accepted in the United States and to maintain accountability for its assets, (3) access to its assets is
permitted only in accordance with management’s
general or specific authorization and (4) the reported accountability for its
assets is compared with existing
assets at reasonable intervals and appropriate action is taken with respect to
any differences.

                    (t)
Neither the Company nor any of its Subsidiaries (i) is in violation of its
charter or by-laws (or similar organizational documents), (ii) is in default,
arid no event has occurred that, with notice
or lapse of time or both, would constitute such a default, in the due
performance or observance of any
term, covenant, condition or other obligation contained in any indenture,
mortgage, deed of trust, loan agreement,
license or other agreement or instrument to which it is a party or by which it
is bound or to which any of its properties or assets is subject or (iii)
is in violation of any statute or any order, rule or regulation of any court or governmental agency or body having
jurisdiction over it or its property or

23

assets
or has failed to obtain any Permit necessary to the ownership of its property
or to the conduct of its business, except in the case of clauses (ii) and
(iii), to the extent any such conflict, breach, violation or default would not,
in the aggregate, reasonably be expected to have a Material Adverse Effect.

                    (u)
Neither the Company nor any of its Subsidiaries, nor, to the knowledge of the Company or any director,
officer, agent, employee or other person associated with or acting on behalf of
the
Company or any of its subsidiaries, has (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expense relating to
political activity; (ii) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (iii)
violated or
is in violation of any provision of the Foreign Corrupt Practices Act of 1977;
or (iv) made any bribe, rebate, payoff, influence payment, kickback or other
unlawful payment.

                    (v)
The Company and each of its Subsidiaries (i) are, and at all times prior hereto
were,
in compliance with all laws, regulations, ordinances, rules, orders, judgments,
decrees, permits or other legal requirements of any governmental authority, including
without limitation any international, national, state, provincial, regional, or local
authority, relating to the protection of human health or safety, the environment, or natural resources, or to
hazardous or toxic substances or wastes, pollutants or contaminants (“Environmental Laws”) applicable to such entity,
which compliance includes, without limitation,
obtaining, maintaining and complying with all permits and authorizations and
approvals required by Environmental
Laws to conduct their respective businesses, and (ii) have not received notice of any actual or alleged violation of
Environmental Laws, or of any potential liability for or other obligation
concerning the presence, disposal or release of hazardous or toxic substances
or wastes, pollutants or contaminants,
except in the case of clause (i) or (ii) where such non-compliance, violation, liability, or other obligation would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. Except as set forth on Schedule
3.1(v), (A) there are no proceedings that are pending, or known to be
contemplated, against the Company or any of its subsidiaries under
Environmental Laws in which a
governmental authority is also a party, other than such proceedings regarding
which it is reasonably believed no
monetary sanctions of $100,000 or more will be imposed, (B) the Company and its
subsidiaries are not aware of any issues regarding compliance with
Environmental Laws, or liabilities or
other obligations under Environmental Laws or concerning hazardous or toxic
substances or wastes, pollutants or
contaminants, that would, in the aggregate, reasonably be expected to have a
Material Adverse Effect, and (C)
none of the Company or any of its subsidiaries anticipates material capital expenditures relating to Environmental Laws.

                    (w)
Except as set forth in the Credit Agreement and the Indenture, no Subsidiary of
the
Company is currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on such Subsidiary’s
capital stock, from repaying to the Company any loans or advances to such Subsidiary from the
Company or from transferring any of such Subsidiary’s property or assets to
the Company or any other Subsidiary of the Company.

                    (x)
Neither the Company nor any Subsidiary is in violation of or has received
notice of any violation with respect to any federal or state law relating to
discrimination in the hiring, promotion or pay of employees, nor any applicable federal or
state wage and hour laws, nor any state law precluding the denial of credit due
to the neighborhood in which a property is situated, the violation of any of
which would, in the aggregate, reasonably be expected to have a Material
Adverse Affect.

                    (y)
The operations of the Company and its Subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements
of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations thereunder
and any related or similar rules, regulations or guidelines, issued, administered or enforced by
any governmental agency (collectively, the “Money

24

Laundering Laws”)
and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its
Subsidiaries with respect to the Money Laundering Laws is pending or, to the
actual knowledge of the Company, threatened, except, in each case, as would
not, in the aggregate, reasonably be expected to have a Material Adverse
Effect.

                    (z) Neither
the Company nor any of its
Subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its Subsidiaries is
currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will
not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered
by OFAC. 

                    (aa)
Immediately after the consummation of the Transactions, the Company and its
Subsidiaries, on a consolidated basis, will be Solvent. As used in this
paragraph, the term “Solvent” means, with respect to a particular date, that on
such date (i) the present fair market value (or present fair saleable value) of
the assets of the Company and its Subsidiaries are not less than the total
amount required to pay the probable liabilities of the Company and its
Subsidiaries on their total existing debts and liabilities (including
contingent liabilities) as they become absolute and matured, (ii) the Company
and its Subsidiaries are able to realize upon their assets and pay their debts
and other liabilities, contingent obligations and commitments as they mature
and become due in the normal course of business, (iii) assuming the sale of the
Notes as contemplated by this Agreement, the Company and its Subsidiaries are
not incurring debts or liabilities beyond their ability to pay as such debts
and liabilities mature and (iv) the Company is not engaged in any business or
transaction, and are not about to engage in any business or transaction, for
which the property of the Company and its Subsidiaries would constitute
unreasonably small capital after giving due consideration to the prevailing
practice in the industry in which the Company is engaged. In computing the
amount of such contingent liabilities at any time, it is intended that such liabilities
will be computed at the amount that, in the 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. 

                    (bb)
None of the representations or warranties made by the Company in this Agreement
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 the Company or any of its Subsidiaries
in connection with this Agreement, 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.

                    (cc)
The proceeds received by the Company from the sale of the Notes shall be used
to pay the merger consideration due and payable under the Merger Agreement and
the costs and expenses of the transactions contemplated by the Merger
Agreement.

ARTICLE IV

REDEMPTION
AND PREPAYMENT

                    Section
4.1 Notices to the Purchasers.

                    If the Company elects to redeem Notes pursuant to the
optional redemption provisions of Section 4.5 hereof, they shall furnish
the notice to the Holders in accordance with the terms of the Notes,

25

an Officers’ Certificate setting forth (i) the
provision of this Agreement and the Notes pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Notes to
be redeemed and (iv) the redemption price.

                    Section 4.2 Notice
of Redemption.

                    Subject
to the provisions of Section 4.7 hereof, in accordance with the terms of the
Notes, the Company shall mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder at its registered address. 

                    The
notice shall identify the Notes to be redeemed and shall state:

                    (a)
the redemption date;

                    (b)
the redemption price;

                    (c)
if any Note is being redeemed in part, the portion of the principal amount of
such Note to be redeemed and that, after the redemption date upon surrender of
such Note, a new Note or Notes in principal amount equal to the unredeemed
portion of the original Note shall be issued upon cancellation of the original
Note;

                    (d)
that, unless the Company defaults in making such redemption payment, interest
on Notes called for redemption ceases to accrue on and after the redemption
date; and

                    (e)
the paragraph of the Notes and/or Section of this Agreement pursuant to which
the Notes called for redemption are being redeemed.

                    Section
4.3 Effect of Notice of Redemption.

                    Once
notice of redemption is mailed in accordance with Section 4.2 hereof, Notes
called for redemption become irrevocably due and payable on the redemption date
at the redemption price. A notice of redemption may not be conditional. 

                    Section
4.4 Notes Redeemed in Part.

                    Upon
surrender of a Note that is redeemed in part, the Company shall issue a new
Note equal in principal amount to the unredeemed portion of the Note
surrendered.

                    Section
4.5 Optional Redemption.

                    
(a) At any time and from time to time after the date hereof, the Company may
redeem all or any portion of the Notes at a redemption price (the “Redemption
Price”) equal to 100% of the outstanding principal amount thereof plus
accrued and unpaid interest thereon to the date of redemption.

                    
(b) Any redemption pursuant to this Section 4.5 shall be made in
accordance with the provisions of Sections 4.1 through 4.4
hereof.

                    
(c) If less than all of the Notes are to be redeemed at any time, the Notes
shall be redeemed on a pro rata basis
(based upon the respective outstanding principal amounts of the Notes).

26

                    Section
4.6 Mandatory Redemption.

                    
(a) Concurrently with the consummation of a Change of Control, the Company
shall redeem in full all Notes for an amount in cash equal to the Redemption
Price.

                    
(b) Any redemption pursuant to this Section 4.6 shall be made in
accordance with the provisions of Sections 4.1 through 4.4
hereof.

                    Section
4.7 Offer to Purchase by Application of
Excess Proceeds.

                    In
the event that, pursuant to Section 5.9 hereof, the Company shall be
required to commence an Asset Sale Offer, they shall follow the procedures
specified below.

                    The
Asset Sale Offer shall remain open for a period of 20 Business Days following
its commencement and no longer, except to the extent that a longer period is
required by applicable law (the “Offer Period”). No later than five
Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase the principal amount of Notes required to be
purchased pursuant to Section 5.9 hereof (the “Offer Amount”) or, if
less than the Offer Amount has been tendered, all Notes tendered in response to
the Asset Sale Offer. Payment for any Notes so purchased shall be made in the
same manner as interest payments are made. 

                    If
the Purchase Date is on or after an interest payment record date and on or
before the related interest payment date, any accrued and unpaid interest shall
be paid to the Person in whose name a Note is registered at the close of
business on such record date, and no additional interest shall be payable to
Holders who tender Notes pursuant to the Asset Sale Offer.

                    Upon
the commencement of an Asset Sale Offer, the Company shall send, by first class
mail, a written notice to each of the Holders. The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all
Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state:

	
 

	
 

	
 

	
          (a)
  that the Asset Sale Offer is being made pursuant to this Section 4.7
  and Section 5.9 hereof and the length of time the Asset Sale Offer
  shall remain open;

	
 

	
 

	
 

	
          (b)
  the Offer Amount, the purchase price and the Purchase Date;

	
 

	
 

	
 

	
          (c)
  that any Note not tendered or accepted for payment shall continue to accrete
  or accrue interest;

	
 

	
 

	
 

	
          (d)
  that Holders electing to have a Note purchased pursuant to an Asset Sale
  Offer may only elect to have all of such Note purchased and may not elect to
  have only a portion of such Note purchased;

	
 

	
 

	
 

	
          (e)
  that Holders shall be entitled to withdraw their election if the Company
  receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder,
  the principal amount of the Note the Holder delivered for purchase and a
  statement that such Holder is withdrawing his election to have such Note
  purchased; 

	
 

	
 

	
 

	
          (f)
  that, if the aggregate accreted value of Notes and aggregate principal amount
  of such other pari passu Indebtedness tendered by Holders exceeds the Offer
  Amount, the Company

27

	
 

	
 

	
 

	
shall select the Notes and such other pari passu
  Indebtedness to be purchased on a pro rata basis on the basis of the
  aggregate accreted value of Notes and the aggregate principal amount of such
  other pari passu Indebtedness tendered; and

	
 

	
 

	
 

	
          (g)
  that Holders whose Notes were purchased only in part shall be issued new
  Notes equal in principal amount to the unpurchased portion of the Notes
  surrendered (or transferred by book-entry transfer).

                    On
or before the Purchase Date, the Company shall, to the extent lawful, accept
for payment, on a pro rata basis to the extent necessary, the Offer Amount of
Notes and such other pari passu Indebtedness or portions thereof tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been
tendered, all Notes, and such other pari passu Indebtedness or portions thereof
tendered. The Company shall on the Purchase Date mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by
such Holder and accepted by the Company for purchase, and the Company shall
promptly issue a new Note in a principal amount at maturity equal to any
unpurchased portion of the Note surrendered. Any Note not so accepted shall be
promptly mailed or delivered by the Company to the Holder thereof.

                    Other
than as specifically provided in this Section 4.7, any purchase pursuant
to this Section 4.7 shall be made pursuant to the provisions of Sections
4.1 through 4.4 hereof.

ARTICLE V

COVENANTS  

                    Section
5.1 Payment of Notes.

                    The
Company shall pay or cause to be paid the principal of or premium, if any, and
interest on the Notes on the dates and in the manner provided in the Notes.

                    Section
5.2 Reports.

                    (a)
The Company shall furnish to each Holder a copy of all of the information and
reports referred to in clauses (i) and (ii) below:

	
 

	
 

	
 

	
                    (i)
  (A) within 90 days of the end of each fiscal year, annual audited financial statements
  for such fiscal year (along with customary comparative results) and (B), within 45 days of the end of each of the first three fiscal quarters of every
  fiscal year, unaudited financial statements for the interim period as of, and
  for the period ending on, the end of such fiscal quarter (along with
  comparative results for the corresponding interim period in the prior year), in each case, including a “Management’s Discussion and Analysis of Financial
  Condition and Results of Operations” with respect to the periods presented
  and, with respect to the annual information only, a report on the annual
  financial statements by the Company’s certified independent accountants; and

	
 

	
 

	
 

	
                    (ii)
  within 10 Business Days of the occurrence of an event required to be therein
  reported, such other reports containing substantially the same information
  required to be contained in a Current Report on Form 8-K under the Exchange
  Act (other than Items 3.01 (Notice of delisting or failure to satisfy a
  continued listing rule or standard; transfer of listing), 3.02 (Unregistered
  sales of equity securities) and 5.04 (Temporary suspension of trading under
  registrant’s employee benefit plans) thereof).

28

                    If
the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by
clause (a)(i) of this Section 5.2 shall include a reasonably detailed
presentation, either on the face of the financial statements or in the footnotes
thereto, and in “Management’s Discussion and Analysis of Financial Condition
and Results of Operations,” of the financial condition and results of
operations of the Company and its Restricted Subsidiaries separate from the
financial condition and results of operations of the Unrestricted Subsidiaries
of the Company.

                    Section
5.3 Compliance Certificate.

                    (a)
The Company shall deliver to each Holder annually, within 120 days after the
end of each fiscal year of the Company, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during the
preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed, performed and fulfilled their obligations under this Agreement, and further
stating, as to each such Officer signing such certificate, that to the best of
his or her knowledge the Company has kept, observed, performed and fulfilled
each and every covenant contained in this Agreement and are not in default in
the performance or observance of any of the terms, provisions and conditions of
this Agreement (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company and/or its Subsidiaries have taken or
propose to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of or interest, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what
action the Company is taking or propose to take with respect thereto.

                    (b)
The Company shall, so long as any of the Notes are outstanding, deliver to each
Holder, as soon as possible and in any event within ten days after any Officer
becoming aware of any Default or Event of Default, a written notice specifying
such Default or Event of Default and what action the Company is taking or
propose to take with respect thereto.

                    Section
5.4 Taxes.

                    The
Company shall pay or discharge, and shall cause each of its Subsidiaries to pay
or discharge, before the same shall become delinquent, all material taxes,
assessments, and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to pay or discharge the
same would not have a Material Adverse Effect.

                    Section
5.5 Stay, Extension and Usury Laws.

                    The
Company covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay, extension or usury law wherever enacted, now
or at any time hereafter in force, that may affect the covenants or the
performance of this Agreement; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it shall not, by resort to any such law, hinder, delay
or impede the execution of any power herein granted to any Holder, but shall
suffer and permit the execution of every such power as though no such law had
been enacted.

                    Section
5.6 Restricted Payments.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly:

29

	
 

	
 

	
 

	
                    (i)
  declare or pay any dividend or make any other payment or distribution on
  account or in respect of the Company’s or any of its Restricted Subsidiaries’
  Equity Interests (including, without limitation, any payment in connection
  with any merger or consolidation involving the Company or any of its
  Restricted Subsidiaries) or to the direct or indirect holders of the
  Company’s or any of its Restricted Subsidiaries’ Equity Interests in their
  capacity as such (other than dividends or other payments or distributions
  accrued or payable in Equity Interests (other than Disqualified Stock) of the
  Company or payable to the Company or a Restricted Subsidiary of the Company);

	
 

	
 

	
 

	
                    (ii)
  purchase, redeem or otherwise acquire or retire for value (including, without
  limitation, in connection with any merger or consolidation involving the
  Company) any Equity Interests of the Company;

	
 

	
 

	
 

	
                    (iii)
  make any payment on or with respect to, or purchase, redeem, defease or
  otherwise acquire or retire for value any Indebtedness that is contractually
  subordinated to the Notes, except any payment of interest or principal at the
  Stated Maturity thereof; or

	
 

	
 

	
 

	
                    (iv)
  make any Restricted Investment (all such payments and other actions set forth
  in clauses (i) through (iv) above being collectively referred to as “Restricted
  Payments”),

unless, at the time of and after giving effect to such
Restricted Payment:

                    (a)
no Default or Event of Default has occurred and is continuing or would occur as
a consequence of such Restricted Payment; and

                    (b)
the Company would, at the time of such Restricted Payment and after giving pro
forma effect thereto as if such Restricted Payment had been made at the
beginning of the applicable four-quarter period, have been permitted to incur
at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in the first paragraph of Section 5.8 hereof; and

                    (c)
such Restricted Payment, together with the aggregate amount of all other
Restricted Payments declared or made by the Company and its Restricted
Subsidiaries after the Issue Date (excluding Restricted Payments permitted by
clauses (i) (but only to the extent the declaration of such Restricted Payment
shall have already reduced such amount), (ii), (iii), (iv), (vi), (vii),
(viii), (ix), (xii) and (xiii) of the next succeeding paragraph), is less than
the sum, without duplication, of:

	
 

	
 

	
 

	
                    (i)
  50% of the Consolidated Net Income of the Company for the period (taken as
  one accounting period) from the beginning of the first fiscal quarter
  commencing after the Issue Date to the end of the Company’s most recently
  ended fiscal quarter for which internal financial statements are available at
  the time of such Restricted Payment (or, if such Consolidated Net Income for
  such period is a deficit, less 100% of such deficit); plus

	
 

	
 

	
 

	
                    (ii)
  100% of the fair market value of the Qualified Proceeds received by the
  Company since the Issue Date as a contribution to its common equity capital
  from the issue or sale of Equity Interests (other than Disqualified Stock) of
  the Company or from the issue or sale of convertible or exchangeable
  Disqualified Stock or convertible or exchangeable debt securities of the
  Company that have been converted or exchanged for such Equity Interests
  (other than Equity Interests or Disqualified Stock or debt securities sold to
  a Subsidiary of the Company or an employee stock ownership plan, option plan
  or similar trust to the extent such sale to an employee stock ownership plan
  or similar trust is financed by loans from or guaranteed by the Company or
  any Restricted Subsidiary unless such loans have been repaid with cash on or
  prior

30

	
 

	
 

	
 

	
to the date of determination); provided, however,
  that this clause (ii) shall not include the proceeds from Contributions
  Indebtedness Equity; plus

	
 

	
 

	
 

	
                    (iii)
  to the extent that any Restricted Investment that was made after the Issue
  Date is sold or otherwise liquidated or repaid 100% of the Qualified Proceeds
  received with respect to such Restricted Investment (less the cost of
  disposition, if any); plus

	
 

	
 

	
 

	
                    (iv)
  to the extent that any Unrestricted Subsidiary of the Company designated as
  such after the Issue Date is redesignated as a Restricted Subsidiary after
  the Issue Date, the fair market value of the Company’s Investment in such
  Subsidiary as of the date of such redesignation.

                    The
preceding provisions shall not prohibit:

	
 

	
 

	
 

	
                    (i)
  the payment of any dividend or the making of any distribution or other
  payment on account of any Equity
  Interest of the Company or any of its Restricted Subsidiaries within 60 days
  after the date of declaration of such payment, if at the date of declaration
  such payment would have complied with the provisions of this Agreement;

	
 

	
 

	
 

	
                    (ii)
  the making of any Restricted Payment in exchange for, or out of the net cash
  proceeds of the substantially concurrent sale (other than to a Subsidiary of
  the Company) of, Equity Interests (other than Disqualified Stock and other
  than Equity Interests issued or sold to an employee stock ownership plan or
  similar trust to the extent such sale to an employee stock ownership plan or
  similar trust is financed by loans from or guaranteed by the Company or any
  Restricted Subsidiary unless such loans have been repaid with cash on or
  prior to the date of determination) of the Company; provided that the amount
  of any such net cash proceeds that are utilized for any such redemption,
  repurchase, retirement, defeasance, replacement, extension, renewal, or other
  acquisition shall be excluded from clause (c)(ii) of the preceding paragraph;

	
 

	
 

	
 

	
                    (iii)
  the defeasance, redemption, repurchase, replacement, extension, renewal,
  refinancing or retirement, or other acquisition of subordinated Indebtedness
  of the Company or any Restricted Subsidiary in exchange for, or with the net
  cash proceeds from, an incurrence (other than to a Restricted Subsidiary) of
  Permitted Refinancing Indebtedness;

	
 

	
 

	
 

	
                    (iv)
  the payment of any dividend or distribution by a Restricted Subsidiary of the
  Company to the holders of its Equity Interests on a pro rata basis;

	
 

	
 

	
 

	
                    (v)
  so long as no Default or Event of Default shall have occurred and be
  continuing or would be caused thereby, the repurchase, redemption or other
  acquisition or retirement for value of any Equity Interests of the Company or
  any Restricted Subsidiary of the Company held by any current or former
  employee, officer, director or agent of the Company or any Restricted
  Subsidiary of the Company (including the heirs and estates of such Persons)
  pursuant to any management equity subscription agreement, stock option plan
  or agreement, shareholders agreement, or similar agreement, plan or
  arrangement, including amendments thereto; provided, however, that the
  aggregate price paid for all such Equity Interests repurchased, redeemed,
  acquired or retired pursuant to this clause (viii) may not exceed $3.5
  million in any fiscal year; provided that unused amounts in any fiscal year
  may be carried forward and utilized in any subsequent fiscal year up to a
  maximum (without giving effect to the following proviso) of all such
  repurchases not to exceed $7.5 million in any fiscal year; provided further
  that such amount in any fiscal year may be increased in an amount not to
  exceed (a) the net cash proceeds from the sale of Equity Interests (other
  than Disqualified Stock) of the Company to any

31

	
 

	
 

	
 

	
employee, officer, director or agent of the Company
  or any Restricted Subsidiary of the Company that occurs after the date of
  this Agreement, to the extent such net cash proceeds have not otherwise been
  applied to make Restricted Payments pursuant to clause (c)(ii) of the
  preceding paragraph, plus (b) the net cash proceeds of key man life insurance
  policies received by the Company or its Restricted Subsidiaries subsequent to
  the date of this Agreement, less (c) the amount of any Restricted Payments previously
  made with the cash proceeds described in clauses (a) and (b) of this clause
  (v);

	
 

	
 

	
 

	
                    (vi)
  any Permitted Payments;

	
 

	
 

	
 

	
                    (vii)
  the repurchase of Equity Interests deemed to occur upon the exercise of stock
  options, warrants or other convertible securities to the extent such Equity
  Interests represents a portion of the exercise price thereof and the
  repurchase of fractional shares;

	
 

	
 

	
 

	
                    (viii)
  the declaration and payment of dividends to holders of any class or series of
  Disqualified Stock of the Company or any of its Restricted Subsidiaries
  issued in accordance with and to the extent permitted by Section 5.7
  hereof to the extent such dividends are included in the definition of “Fixed
  Charges;”

	
 

	
 

	
 

	
                    (ix)
  any payments made in connection with the consummation of the Transactions;

	
 

	
 

	
 

	
                    (x)
  so long as no Default or Event of Default shall have occurred and be
  continuing, the payment of dividends on the Company’s or Mobile Services’
  common Capital Stock following the consummation of an underwritten public
  Equity Offering of the Company’s or Mobile Services’ common Capital Stock of
  up to 8% per annum of the net cash proceeds received by the Company or Mobile
  Services from any public Equity Offering of common Capital Stock of the
  Company or Mobile Services, as the case may be;

	
 

	
 

	
 

	
                    (xi)
  the purchase, repurchase, redemption, defeasance or other acquisition or
  retirement for value of any Indebtedness subordinated to the Notes (a) at a
  purchase price not greater than 101% of the principal amount of such
  Indebtedness in the event of a change of control as defined under such
  Indebtedness in accordance with provisions similar to Section 4.6
  hereof or (b) at a purchase price not greater than 100% of the principal
  amount thereof in accordance with provisions similar to Section 5.9 hereof; provided that, prior to such
  purchase, repurchase, redemption, defeasance or acquisition or retirement,
  the Company has made the mandatory redemption or Asset Sale Offer, as
  applicable, as provided in such covenant, and has completed, if applicable,
  the repurchase or redemption of all Notes validly tendered for payment in
  connection with mandatory redemption or Asset Sale Offer;

	
 

	
 

	
 

	
                    (xii)
  distributions of Capital Stock of Unrestricted Subsidiaries; or

	
 

	
 

	
 

	
                    (xiii)
  other Restricted Payments made pursuant to this clause (xiii) in an aggregate
  amount since the Issue Date not to exceed $25.0 million (or the equivalent
  thereof, at the time of Incurrence, in applicable foreign currency).

                    The
amount of all Restricted Payments (other than cash) shall be the fair market
value on the date of the Restricted Payment of the assets or securities
proposed to be transferred or issued by the Company or such Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment.

32

                    Section
5.7 Dividend and Other Payment
Restrictions Affecting Subsidiaries.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create or permit to exist or become effective any
consensual encumbrance or restriction on the ability of any Restricted
Subsidiary to:

	
 

	
 

	
 

	
                    (i)
  pay dividends or make any other distributions on its Capital Stock to the
  Company or any of its Subsidiaries, or with respect to any other interest or
  participation in, or measured by, its profits, or (b) pay any Indebtedness
  owed to the Company or any of its Restricted Subsidiaries;

	
 

	
 

	
 

	
                    (ii)
  make loans or advances to the Company or any of its Restricted Subsidiaries;
  or

	
 

	
 

	
 

	
                    (iii)
  sell, lease or transfer any of its properties or assets to the Company or any
  of its Restricted Subsidiaries.

	
 

	
 

	
 

	
          However,
  the preceding restrictions will not apply to encumbrances or restrictions
  existing under or by reason of:

	
 

	
 

	
 

	
          (a)
  any agreement in effect on or entered into on the Issue Date, including,
  without limitation, the Indenture (including the related guarantees to be
  issued thereunder on the Issue Date and the Exchange Notes and the related
  guarantees to be issued in exchange therefor pursuant to the Registration
  Rights Agreement), the Credit Agreement and any agreement governing Hedging
  Obligations entered into with respect to Indebtedness under the Credit
  Agreement (as amended, modified, restated, renewed, increased, supplemented,
  refunded, replaced or refinanced in accordance with this clause (a)) so long
  as the encumbrances and restrictions under such agreement governing the
  Hedging Obligations are no more restrictive than those under such Credit
  Agreement, and any amendments, modifications, restatements, renewals,
  increases, supplements, refundings, replacements or refinancings of those
  agreements; provided that the amendments, modifications, restatements,
  renewals, increases, supplements, refundings, replacements or refinancings
  are no more restrictive, taken as a whole, with respect to such dividend and
  other payment restrictions than those contained in those agreements on the
  date of this Agreement;

	
 

	
 

	
 

	
          (b)
  this Agreement and the Notes;

	
 

	
 

	
 

	
          (c)
  applicable law, rule, regulation or order;

	
 

	
 

	
 

	
          (d)
  any instrument governing Indebtedness (including Acquired Debt) or Capital
  Stock of the Company or any of its Restricted Subsidiaries or of a Person
  acquired by the Company or any of its Restricted Subsidiaries as in effect at
  the time of such acquisition (except to the extent such Indebtedness or Capital
  Stock was incurred in connection with or in contemplation of such
  acquisition), which encumbrance or restriction is not applicable to any
  Person, or the properties or assets of any Person, other than the Person, or
  the property or assets of the Person, so acquired, including any amendments,
  modifications, restatements, renewals, supplements, refundings, replacements
  or refinancings of any such agreements or instruments, provided that the
  amendments, modifications, restatements, renewals, supplements, refundings,
  replacements or refinancings are no more restrictive, taken as a whole, than
  those contained in the agreements governing such original agreement or
  instrument, provided, further, that, in the case of Indebtedness, such
  Indebtedness was permitted by the terms of this Agreement to be incurred;

33

	
 

	
 

	
 

	
          (e)
  customary non-assignment or subletting provisions in leases, licenses or
  contracts entered into in the ordinary course of business;

	
 

	
 

	
 

	
          (f)
  capital leases or purchase money obligations for property acquired or leased
  in the ordinary course of business that impose restrictions on that property
  of the nature described in clause (iii) of the preceding paragraph;

	
 

	
 

	
 

	
          (g)
  any Purchase Money Note or other Indebtedness or contractual requirements
  incurred with respect to a Qualified Receivables Transaction relating
  exclusively to a Receivables Entity that, in the good faith determination of
  the Board of Directors of the Company, are necessary to effect such Qualified
  Receivables Transaction;

	
 

	
 

	
 

	
          (h)
  any agreement for the sale or other disposition of assets or Capital Stock of
  a Restricted Subsidiary permitted under this Agreement that restricts the
  sale of assets, distributions, loans or transfers by that Restricted
  Subsidiary pending its sale or other disposition;

	
 

	
 

	
 

	
          (i)
  Permitted Refinancing Indebtedness, provided that the restrictions contained
  in the agreements governing such Permitted Refinancing Indebtedness are no
  more restrictive, taken as a whole, than those contained in the agreements
  governing the Indebtedness being refinanced;

	
 

	
 

	
 

	
          (j)
  leases or licenses entered into in the ordinary course of business that
  impose restrictions solely on the property so leased;

	
 

	
 

	
 

	
          (k)
  Liens securing Indebtedness otherwise permitted to be incurred hereunder that
  limit the right of the debtor to dispose of the assets subject to such Liens;

	
 

	
 

	
 

	
          (l)
  provisions with respect to the disposition or distribution of assets or
  property in joint venture agreements and other similar agreements; provided
  that such restrictions apply only to the assets or property subject to such
  joint venture;

	
 

	
 

	
 

	
          (m)
  restrictions on cash or other deposits or net worth under contracts or leases
  entered into in the ordinary course of business;

	
 

	
 

	
 

	
          (n)
  any agreement relating to a sale and leaseback transaction or Capital Lease
  Obligation otherwise permitted by this Agreement, but only on the assets
  subject to such transaction or lease and only to the extent that such
  restrictions or encumbrances are customary with respect to a sale and
  leaseback transaction or a capital lease; and

	
 

	
 

	
 

	
          (o)
  other Indebtedness of Mobile Services or any of its Restricted Subsidiaries
  permitted to be incurred pursuant to an agreement entered into subsequent to
  the date of this Agreement in accordance with the covenant described under Section
  5.8; provided that either (A) the provisions relating to such encumbrance
  or restriction contained in such Indebtedness are no less favorable to the
  Company, taken as a whole, as determined by the Board of Directors of the
  Company in good faith than the provisions contained in the Credit Agreement
  or the Indenture, in each case, as in effect on the date hereof or (B) any
  encumbrance or restriction contained in such Indebtedness that does not
  prohibit (except upon a default or event of default thereunder) the payment
  of dividends in an amount sufficient, as determined by the Board of Directors
  of the Company in good faith, to make scheduled payments of cash interest on
  the Notes when due.

34

                    Section
5.8 Incurrence of Indebtedness.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable, contingently or otherwise, with respect
to (collectively, “incur”, and “incurrence” shall have a correlative meaning)
any Indebtedness (including Acquired Debt); provided, however, that the Company
and any of its Subsidiaries may incur Indebtedness (including Acquired Debt) if
the Fixed Charge Coverage Ratio for the Company’s most recently ended four full
fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is
incurred would have been at least 1.5 to
1.0, determined on a pro forma basis (including a pro forma application of the
net proceeds therefrom), as if the additional Indebtedness had been incurred at
the beginning of such four-quarter period.  

                    The
first paragraph of this Section 5.8 shall not prohibit the incurrence of
any of the following items of Indebtedness (collectively, “Permitted Debt”):

	
 

	
 

	
 

	
                    (i)
  the incurrence by the Company and any Restricted Subsidiary of Indebtedness
  and letters of credit under one or more Credit Facilities together with the
  principal component of amounts outstanding under Qualified Receivables
  Transactions in an aggregate principal amount at any one time outstanding
  under this clause (i) (with letters of credit being deemed to have a
  principal amount equal to the maximum potential liability of the Company and
  the Restricted Subsidiaries thereunder) not to exceed the greater of (a)
  $300.0 million and (b) the Borrowing Base; provided, that the maximum amount
  permitted to be outstanding under this clause (i) shall not be deemed to
  limit additional Indebtedness under one or more Credit Facilities that is
  permitted to be incurred pursuant to any of the other provisions of this Section
  5.8; and the incurrence of Indebtedness under the Indenture;

	
 

	
 

	
 

	
                    (ii)
  the incurrence by the Company and its Restricted Subsidiaries of the Existing
  Indebtedness;

	
 

	
 

	
 

	
                    (iii)
  the incurrence by the Company of Indebtedness represented by the Notes;

	
 

	
 

	
 

	
                    (iv)
  the incurrence by the Company and its Restricted Subsidiaries of Indebtedness
  represented by Capital Lease Obligations, mortgage financings or purchase
  money obligations, in each case, incurred for the purpose of financing all or
  any part of the purchase price or cost of design, construction, installation,
  repair, or improvement of property, plant or equipment or lease fleet
  (including through the purchase of Equity Interests of a Person up to the
  amount of the fair market value of such assets held by such Person) used in a
  Permitted Business, in an aggregate principal amount at any time outstanding
  pursuant to this clause (iv) not to exceed the greater of (a) $20 million (or
  the equivalent thereof, at the time of incurrence, in applicable foreign
  currency) and (b) 2.25% of the Total Assets of the Company (determined as of
  the time of incurrence);

	
 

	
 

	
 

	
                    (v)
the incurrence by the Company or any of its Restricted Subsidiaries of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of
which are used to refund, refinance, defease, renew, extend or replace
Indebtedness, other than intercompany Indebtedness between or among the
Company and any of its Restricted Subsidiaries, that was permitted by this
Agreement to be incurred under the first paragraph of this Section 5.8 or
clauses (ii), (iii), (iv) or (v) of this paragraph; 

35

	
 

	
 

	
 

	
                    (vi)
  the incurrence by any Foreign Subsidiary of any Indebtedness, together with
  the amount of any other outstanding Indebtedness incurred pursuant to this
  clause (vi), in an aggregate principal amount not to exceed the greater of
  $10 million (or the equivalent thereof, at the time of incurrence, in the
  applicable foreign currency) and 1.25% of Total Assets of the Company;

	
 

	
 

	
 

	
                    (vii)
  the incurrence by the Company or any of its Restricted Subsidiaries (other
  than a Receivables Entity) of intercompany Indebtedness between or among the
  Company and any of its Restricted Subsidiaries (other than a Receivables
  Entity); provided, however, that:

	
 

	
 

	
 

	
                              (a)
  if the Company is the obligor on such Indebtedness and the payee is not the
  Company, such Indebtedness must be expressly subordinated to the prior
  payment in full in cash of all Obligations with respect to the Notes; and

	
 

	
 

	
 

	
                              (b)
  (i) any subsequent issuance or transfer of Equity Interests that results in
  any such Indebtedness being held by a Person other than the Company or a
  Restricted Subsidiary (other than a Receivables Entity) of the Company, (ii)
  any sale or other transfer of any such Indebtedness to a Person that is
  neither the Company nor a Restricted Subsidiary (other than a Receivables
  Entity) of the Company or (iii) the designation of a Restricted Subsidiary
  which holds Indebtedness as an Unrestricted Subsidiary shall be deemed, in
  each case, to constitute an incurrence of such Indebtedness by the Company or
  such Restricted Subsidiary, as the case may be, that was not permitted by
  this clause (vii);

	
 

	
 

	
 

	
                    (viii)
  the incurrence by the Company or any of its Restricted Subsidiaries of
  Hedging Obligations;

	
 

	
 

	
 

	
                    (ix)
  the guarantee by the Company of Indebtedness of any Restricted Subsidiary of
  the Company, provided that, in each case, the Indebtedness was permitted to
  be incurred by another provision of this Section 5.8; provided further
  that in the event such Indebtedness that is being guaranteed is (a) pari
  passu in right of payment to the Notes or any guarantee, then the related
  guarantee shall rank equally in right of payment to the Notes or such
  guarantee, as the case may be, or (b) subordinated in right of payment to the
  Notes or any guarantee, then the related guarantee shall be subordinated in
  right of payment to the same extent to the Notes or such guarantee, as the
  case may be;

	
 

	
 

	
 

	
                    (x)
  Indebtedness arising from agreements of the Company or a Restricted
  Subsidiary of the Company providing for adjustment of purchase price,
  deferred payment, earn out or similar obligations, in each case, incurred or
  assumed in connection with the disposition or acquisition of any business or
  assets of the Company or a Restricted Subsidiary;

	
 

	
 

	
 

	
                    (xi)
  Indebtedness incurred in respect of workers’ compensation claims,
  self-insurance obligations, bankers’ acceptances, letters of credit (not
  supporting Indebtedness for borrowed money), performance, surety, appeal and
  similar bonds and completion guarantees or similar obligations provided by
  the Company in the ordinary course of business;

	
 

	
 

	
 

	
                    (xii)
  Indebtedness arising from (a) agreements of the Company or any Restricted
  Subsidiary of the Company pursuant to which the Company or any such
  Restricted Subsidiary incurs an indemnification obligation or (b) 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 Indebtedness is covered within five Business Days of the later of such
  honoring or notice thereof;

36

	
 

	
 

	
 

	
                    (xiii)
  obligations with respect to letters of credit issued in the ordinary course
  of business and securing obligations for trade payables to the extent such letters
  of credit are not drawn and have not remained outstanding for more than 180
  days from the date of issuance (including letters of credit issued in
  substitution therefor);

	
 

	
 

	
 

	
                    (xiv)
Indebtedness of a Person incurred and outstanding on or prior to the date on
which such Person was acquired by the Company or any Restricted Subsidiary of
the Company or merged into the Company or a Restricted Subsidiary of the
Company in accordance with the terms of this Agreement; provided that such
Indebtedness is not incurred in connection with or in contemplation of, or to
provide all or any portion of the funds or credit support utilized to
consummate, such acquisition or merger; and provided, further, that after
giving pro forma effect to such incurrence of Indebtedness the Company would
have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the first paragraph of this Section 5.8; 

	
 

	
 

	
 

	
                    (xv)
  Indebtedness of the Company or any Restricted Subsidiary to the extent the
  proceeds of such Indebtedness are deposited and used to defease the notes as
  described under Articles VIII and XI of the Indenture;

	
 

	
 

	
 

	
                    (xvi)
  the incurrence by the Company or any Restricted Subsidiary of the Company of
  Contribution Indebtedness; and

	
 

	
 

	
 

	
                    (xvii) the incurrence by the Company or any
  Restricted Subsidiary of the Company of additional Indebtedness, together
  with the amount of any other outstanding Indebtedness incurred pursuant to
  this clause (xvi), in an aggregate principal amount (or accreted value, as
  applicable) not to exceed $25.0 million (or the equivalent thereof, at the
  time of incurrence, in the applicable foreign currency).

          For
purposes of determining compliance with this Section 5.8, in the event
that an item of proposed Indebtedness (including Acquired Debt) meets the
criteria of more than one of the categories of Permitted Debt described in
clauses (i) through (xvii) above, or is entitled to be incurred pursuant to the
first paragraph of this Section 5.8, the Company shall be permitted to
classify all or a portion of that item of Indebtedness on the date of its
incurrence in its sole discretion (or on a later date reclassify in whole or in
part so long as such Indebtedness is permitted to be incurred pursuant to such
provision at the time of reclassification) in any manner that complies with
this Section 5.8; provided that Indebtedness under the Credit Agreement
and the Indenture outstanding on the Issue Date shall initially be deemed to
have been incurred in reliance on the exception provided by clause (i) of the
second paragraph of this Section 5.8, Notwithstanding any other
provision of this Section 5.8, the maximum amount of Indebtedness that
the Company or any Restricted Subsidiary of the Company may incur pursuant to
this Section 5.8 shall not be deemed to be exceeded solely as a result
of fluctuations in exchange rates or currency values.

          Accrual
of interest, the accretion or amortization of original issue discount, the
payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms and the payment of dividends on Disqualified Stock or
preferred stock of a Restricted Subsidiary in the form of additional shares of
the same class of Disqualified Stock or preferred stock will not be deemed to
be an incurrence of Indebtedness or an issuance of Disqualified Stock or
preferred stock for purposes of this Section 5.8; provided, in each such
case, that the amount thereof is included in Fixed Charges of the Company as
accrued.

37

                    Section
5.9 Asset Sales.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

	
 

	
 

	
 

	
          (1)
  the Company (or the Restricted Subsidiary, as the case may be) receives
  consideration at least equal to the fair market value of the assets or Equity
  Interests issued or sold or otherwise disposed of (such fair market value to
  be determined on the date of contractually agreeing to such Asset Sale);

	
 

	
 

	
 

	
          (2)
  the fair market value is determined by the Company’s Board of Directors and
  evidenced by a resolution of the Board of Directors of the Company set forth
  in an Officers’ Certificate delivered to each Holder; and

	
 

	
 

	
 

	
          (3)
  at least 75% of the consideration received in the Asset Sale by the Company
  or such Restricted Subsidiary is in the form of cash or Cash Equivalents.

	
 

	
 

	
 

	
          For
  purposes of this provision, each of the following shall be deemed to be cash:

	
 

	
 

	
 

	
          (a)
  the amount of any liabilities, as shown on the Company’s most recent
  consolidated balance sheet or in the notes thereto, of the Company or any
  such Restricted Subsidiary (other than contingent liabilities and liabilities
  that are by their terms subordinated to the Notes) that are assumed by the
  transferee of any such assets; provided, that the Company or such Restricted
  Subsidiary is contractually released from further liability with respect to
  such liabilities;

	
 

	
 

	
 

	
          (b)
  any securities, notes or other obligations received by the Company or any
  such Restricted Subsidiary from such transferee that are promptly, but in any
  event within 120 days after the date of the Asset Sale, converted by the
  Company or such Restricted Subsidiary into cash or Cash Equivalents, to the
  extent of the cash or Cash Equivalents received in that conversion;

	
 

	
 

	
 

	
          (c)
  property received as consideration for such Asset Sale that would otherwise
  constitute a permitted application of Net Proceeds (or other cash in such
  amount) under clauses (3), (4) and (6) under the next succeeding paragraph
  below; and

	
 

	
 

	
 

	
          (d)
  any Designated Non-cash Consideration received by the Company or such
  Restricted Subsidiary having an aggregate fair market value (as determined in
  good faith by the Company), taken together with all other Designated Non-cash
  Consideration received pursuant to this clause (d), not exceeding the greater
  of $20.0 million and 2.5% of the Total Assets of the Company at the time of
  the receipt of such Designated Non-cash Consideration, with the fair market
  value of each item of Designated Non-cash Consideration being measured at the
  time received and without giving effect to subsequent changes in value.

	
 

	
 

	
          Within
  425 days after the receipt of any Net Proceeds from an Asset Sale, the
  Company or any of its Restricted Subsidiaries may apply those Net Proceeds at
  the option of the Company to:

	
 

	
 

	
          (1)
  permanently repay Indebtedness and other Obligations under the revolving loan
  portion of any Credit Facility;

38

	
 

	
 

	
 

	
          (2)
  repay (a) the term loan portion of any Credit Facility, (b) any Indebtedness
  secured by a Lien, (c) repay other Indebtedness ranking pari passu with the
  Notes that has a Stated Maturity prior to the Stated Maturity of the Notes,
  (d) any Indebtedness of a Restricted Subsidiary or (e) any Indebtedness under
  the Indenture;

	
 

	
 

	
 

	
          (3)
  acquire all or substantially all of the assets of, or a majority of the
  Voting Stock of, another Permitted Business;

	
 

	
 

	
 

	
          (4)
  acquire Capital Stock constituting a minority interest in any Person that at
  such time is a Restricted Subsidiary of the Company;

	
 

	
 

	
 

	
          (5)
  make a capital expenditure relating to an asset used or useful in a Permitted
  Business; or

	
 

	
 

	
 

	
          (6)
  acquire non-current assets (including lease fleet and transportation
  equipment) that are used or useful in a Permitted Business.

Pending the final application of any Net Proceeds, the
Company or any of its Restricted Subsidiaries may temporarily reduce other
borrowings or otherwise invest the Net Proceeds in any manner that is not
prohibited by this Agreement.

                    Any
Net Proceeds from an Asset Sale not applied in accordance with the preceding
paragraph within 425 days from the date of the receipt of such Net Proceeds (or
at the Company’s option, an earlier date) shall constitute “Excess Proceeds”
unless binding contractual commitments to apply such Net Proceeds in accordance
with the preceding paragraph have been entered into prior to the end of such
425-day period and shall not have been completed or abandoned; provided, however,
that the amount of any Net Proceeds that is not actually reinvested within 605
days from the date of the receipt of such Net Proceeds shall also constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $12.5
million, the Company shall make an offer (an “Asset Sale Offer”) to all
Holders and all holders of other Indebtedness that is pari passu with the Notes
containing provisions similar to those set forth in this Agreement with respect
to offers to purchase or redeem with the proceeds of sales of assets to
purchase the maximum principal amount of Notes and such other pari passu
Indebtedness that may be purchased out of the Excess Proceeds. The offer price
in any Asset Sale Offer shall be equal to 100% of the principal amount (or
accreted value, as applicable) of the Notes and such other pari passu
Indebtedness in each case equal to $2,000 or an integral multiple of $1,000 in
excess thereof, plus accrued and unpaid interest to the date of purchase, and
shall be payable in cash. If any Excess Proceeds remain after the consummation
of an Asset Sale Offer, the Company or any of its Restricted Subsidiaries may
use those Excess Proceeds for any purpose not otherwise prohibited by this
Agreement. If the aggregate principal amount of Notes and other pari passu
Indebtedness tendered in such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Excess Proceeds shall be allocated by the Company to the Notes
and such other pari passu Indebtedness on a pro rata basis (based upon the respective
principal amounts (or accreted value, if applicable) of the Notes and such
other pari passu Indebtedness tendered into such Asset Sale Offer). Upon
completion of each Asset Sale Offer, the amount of Excess Proceeds shall be
reset at zero. 

                    If
the Asset Sale purchase date is on or after an interest payment record date and
on or before the related interest payment date, any accrued and unpaid interest
shall be paid to the Holder in whose name a Note is registered at the close of
business on such record date, and no interest shall be payable to Holders who
tender Notes pursuant to the Asset Sale Offer.

39

                    The
Company shall comply with the requirements of Rule 14e-l under the Exchange Act
and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with each repurchase of Notes
pursuant to an Asset Sale Offer. To the extent that the provisions of any
securities laws or regulations conflict with the Asset Sale provisions of this
Agreement, the Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached their obligations under
the Asset Sale provisions of this Agreement by virtue of such conflict.

                    Section
5.10 Transactions With Affiliates.

                    The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any
property or assets from, or enter into or make or amend any transaction,
contract, agreement, understanding, loan, advance or guarantee with, or for the
benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”),
unless the Affiliate Transaction is on terms that are no less favorable to the
Company or the relevant Restricted Subsidiary than those that would have been
obtained in a comparable transaction in arm’s-length dealings by the Company or
such Restricted Subsidiary with an unrelated Person.

          The
following items shall not be deemed to be Affiliate Transactions and,
therefore, will not be subject to the provisions of the prior paragraph:

	
 

	
 

	
 

	
                    (i)
  reasonable and customary (a) directors’ fees and indemnification and similar
  arrangements, (b) employee, officer or director loans, advances, salaries,
  bonuses and employment, non-competition and confidentiality agreements
  (including indemnification arrangements), and (c) compensation,
  confidentiality or employee benefit arrangements (including stock option
  plans) and incentive arrangements with any officer, director or employee
  entered into in the ordinary course of business (including customary benefits
  thereunder);

	
 

	
 

	
 

	
                    (ii)
  transactions between or among the Company and its Restricted Subsidiaries
  (other than a Receivables Entity);

	
 

	
 

	
 

	
                    (iii)
  transactions with a Person (other than an Unrestricted Subsidiary of the
  Company) that is an Affiliate of the Company solely because the Company owns,
  directly or indirectly, an Equity Interest in, or controls, such Person;

	
 

	
 

	
 

	
                    (iv)
  the pledge of Equity Interests of Unrestricted Subsidiaries to support the
  Indebtedness thereof;

	
 

	
 

	
 

	
                    (v)
  issuances and sales of Equity Interests (other than Disqualified Stock) of
  the Company to Affiliates of the Company or the receipt of the proceeds of
  capital contributions in respect of Equity Interests;

	
 

	
 

	
 

	
                    (vi)
Restricted Payments permitted by the provisions of this Agreement described
in Section 5.6 hereof or Permitted Investments (other than pursuant to
clause (iii) of such definition); 

                    (vii) sales or other transfers or
dispositions of accounts receivable and other related assets customarily
transferred in an asset securitization transaction involving accounts
receivable to a Receivables Entity in a Qualified Receivables Transaction,
and acquisitions of Permitted Investments in connection with a Qualified
Receivables Transaction; 

40

	
 

	
 

	
 

	
                    (viii)
  transactions pursuant to agreements or other arrangements, each as set forth
  on Schedule 5.10(viii), and as the same may be amended, modified or
  replaced from time to time so long as such amendment, modification or replacement
  is no less favorable to the Company and the Restricted Subsidiaries in any
  material respect than the original agreement or arrangement in effect on the
  date of this Agreement;

	
 

	
 

	
 

	
                    (ix)
  payments made by the Company or any Restricted Subsidiary to any Principal
  Related Party for any financial advisory, financing, underwriting or
  placement services or in respect of other investment banking activities,
  including, without limitation, in connection with acquisitions or
  divestitures, which payments are approved by a majority of the disinterested
  members, if any, of the Board of Directors of the Company in good faith; and

	
 

	
 

	
 

	
                    (x)
  transactions with customers, clients, suppliers, or purchasers or sellers of
  goods or services, in each case in the ordinary course of business and
  otherwise in compliance with the terms of this Agreement that are fair to the
  Company and its Restricted Subsidiaries, in the reasonable determination of
  the Board of Directors of the Company, or are on terms at least as favorable
  as would reasonably have been entered into at such time with an unaffiliated
  party.

                    Section
5.11 Business Activities.

                    The
Company shall not, and shall not permit any Restricted Subsidiary to, engage in
any business other than Permitted Businesses, except to such extent as would
not be material to the Company and its Subsidiaries taken as a whole.

                    Section
5.12 Corporate Existence.

                    Subject
to Article VI hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership, limited liability company
or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to
time) of the Company or any such Subsidiary and (ii) the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries;
provided, however, that the Company shall not be required to preserve any such
right, license or franchise, or the corporate, partnership, limited liability
company or other existence of any of its Subsidiaries, if the Board of
Directors of the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders.

                    Section
5.13 Designation of Restricted and
Unrestricted Subsidiaries.

                    The
Board of Directors of the Company may designate any Restricted Subsidiary of
the Company to be an Unrestricted Subsidiary (other than MSG and Mobile
Services) if that designation would not cause a Default. If a Restricted
Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair
market value of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in the Subsidiary properly designated shall be deemed
to be an Investment made as of the time of the designation arid shall reduce
the amount available for Restricted Payments under the first paragraph (or
clause (xiii) of the second paragraph) of Section 5.6 or under one or
more clauses of the definition of Permitted Investments, as determined by the
Company. Such designation shall only be permitted if the Investment would be
permitted at that time and if the Restricted Subsidiary otherwise meets the
definition of an Unrestricted Subsidiary. The Board of Directors of the Company
may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if
the redesignation would not cause a Default.

41

                    All
Subsidiaries of Unrestricted Subsidiaries shall be automatically deemed to be
Unrestricted Subsidiaries.

                    Section
5.14 Payments for Consent. The Company shall not, and shall not permit
any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder for or as an inducement to
any consent, waiver or amendment of any of the terms or provisions of this
Agreement or the Notes unless such consideration is offered to be paid and is
paid to all Holders that consent, waive or agree to amend this Agreement or the
Notes in the time frame set forth in the solicitation documents relating to
such consent, waiver or agreement.

ARTICLE VI

SUCCESSORS

                    Section
6.1 Merger, Consolidation, or Sale of
Assets.

                    None
of the Company, Mobile Services or MSG may, directly or indirectly: (A)
consolidate or merge with or into another Person (whether or not the Company,
Mobile Services or MSG, as the case may be, is the surviving corporation) or
(B) sell, assign, transfer, lease, convey or otherwise dispose of all or
substantially all of its properties or assets in one or more related
transactions, to another Person; unless:

	
 

	
 

	
 

	
                    (i)
  either: (a) the Company, Mobile Services or MSG, as the case may be, is the
  surviving corporation or (b) the Person formed by or surviving any such
  consolidation or merger (if other than the Company, Mobile Services or MSG,
  as the case may be) or to which such sale, assignment, transfer, lease,
  conveyance or other disposition shall have been made is a corporation or
  limited liability company organized or existing under the laws of the United
  States, any state of the United States or the District of Columbia and, if
  applicable, assumes all of the obligations of the Company under the Notes and
  this Agreement pursuant to agreements reasonably satisfactory to the Required
  Noteholders; provided, that at all times the Company and either Mobile
  Services or MSG shall be a corporation organized or existing under the laws
  of the United States, any state of the United States or the District of
  Columbia;

	
 

	
 

	
 

	
                    (ii)
  immediately after such transaction no Default or Event of Default exists; and

	
 

	
 

	
 

	
                    (iii)
  (a) the Company or the Person formed by or surviving any such consolidation
  or merger (if other than the Company), or to which such sale, assignment,
  transfer, conveyance or other disposition has been made shall, on the date of
  such transaction after giving pro forma effect thereto and any related
  financing transactions as if the same had occurred at the beginning of the
  applicable four-quarter period, (a) be permitted to incur at least $1.00 of
  additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
  forth in the first paragraph of Section 5.8 hereof or (b) have a Fixed
  Charge Coverage Ratio equal to or greater than the Fixed Charge Coverage
  Ratio of the Company immediately prior to such transaction.

                    In
no event shall the Company, Mobile Services or MSG enter into any transaction
that results in, or otherwise permits, MSG or Mobile Services to cease being a
Restricted Subsidiary of the Company. For purposes of this Section 6.1,
the sale, assignment, transfer, conveyance, lease or other disposition of all
or substantially all of the properties and assets of one or more Restricted
Subsidiaries of the Company, which properties and assets, if held by the
Company instead of such Restricted Subsidiaries, would constitute all or
substantially all of the properties and assets of the Company on a

42

consolidated basis, shall be deemed to be the transfer
of all or substantially all of the properties and assets of the Company.

                    Notwithstanding
the preceding clause (iii), (x) any Restricted Subsidiary may consolidate with,
merge into, sell, assign, convey, lease or otherwise transfer all or part of
its properties and assets to the Company and (y) the Company may merge with an
Affiliate incorporated solely for the purpose of reincorporating the Company in
another jurisdiction so long as such jurisdiction is the United States, any
state of the United States or the District of Columbia.

                    Section
6.2 Successor Corporation Substituted.

                    Upon
any transfer, consolidation or merger in accordance with Section 6.1
hereof, the successor entity in such transaction shall succeed to and (except
in the case of a lease) be substituted for, and may exercise every right and
power of, the Company under this Agreement with the same effect as if such
successor entity had been named herein as the Company, and (except in the case
of a lease) the Company shall be released from the obligations under the Notes
and this Agreement except with respect to any obligations that arise from, or
are related to, such transaction.

ARTICLE VII 

EVENTS OF DEFAULT

                    Section
7.1 Events of Default.

                    Each
of the following is an “Event of Default”: 

                    (a)
default for 30 days in the payment when due of interest on the Notes;

                    (b)
default in payment when due of the principal (including, for the avoidance of
doubt, any Catch-up Payment) of, or premium, if any, on the Notes;

                    (c)
failure by the Company or any of its Restricted Subsidiaries for 30 days or
more to comply with the provisions of Section 6.1 hereof;

                    (d)
failure by the Company or any of its Restricted Subsidiaries for 60 days
after written notice by the Required Noteholders to comply with any of the
other covenants or agreements in this Agreement;

                    (e)
default under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Indebtedness by the
Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries) whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, if
that default (i) is caused by a failure to pay principal of such Indebtedness
at final maturity prior to the expiration of the grace period provided in such
Indebtedness (a “Payment Default”) or (ii) results in the acceleration
of such Indebtedness prior to its Stated Maturity and, in each case, the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a Payment Default or
the maturity of which has been so accelerated, aggregates $15.0 million or
more;

                    (f)
failure by the Company or any of its Restricted Subsidiaries to pay final
judgments entered by a court or courts of competent jurisdiction (not subject
to appeal) aggregating in

43

excess of $15.0 million (net of any amounts covered by
a reputable and creditworthy insurance company), which judgments are not paid,
discharged or stayed for a period of 60 days after the date on which the right
to appeal has expired;

                    (g)
the Company or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary, pursuant to or within the meaning of
Bankruptcy Law: (i) commence a voluntary case, (ii) consent to the entry of an
order for relief against them in an involuntary case, (iii) consent to the
appointment of a Custodian of them or for all or substantially all of their
property, (iv) make a general assignment for the benefit of their creditors, or
(v) generally are not paying their debts as they become due; and

                    (h)
a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: (i) is for relief against the Company or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary in an involuntary case; (ii) appoints a Custodian of the Company or
any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries that, taken together, would constitute a
Significant Subsidiary or for all or substantially all of the property of the
Company or any of its Restricted Subsidiaries that is a Significant Subsidiary
or any group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary; or (iii) orders the liquidation of the Company or any
of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant
Subsidiary; and the order or decree remains unstayed and in effect for 60
consecutive days.

                    Section
7.2 Acceleration.

                    In
the case of an Event of Default specified in clauses (g) or (h) of Section
7.1 hereof, with respect to the Company, any Restricted Subsidiary that is
a Significant Subsidiary or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary, all outstanding Notes
shall become due and payable immediately without further action or notice. If
any other Event of Default occurs and is continuing, the Required Holders, by
notice in writing to the Company, may declare all the Notes to be due and
payable.

                    In
the event of a declaration of acceleration of the Notes because an Event of
Default described in Section 7.1(e) has occurred and is continuing, the
declaration of acceleration of the Notes shall be automatically annulled if the
event of default or payment default triggering such Event of Default pursuant
to Section 7.1(e) shall be remedied or cured by the Company or a
Restricted Subsidiary or waived by the holders of the relevant Indebtedness
within 30 days after the declaration of acceleration with respect thereto and
if (i) the annulment of the acceleration of the Notes would not conflict with
any judgment or decree of a court of competent jurisdiction and (ii) all
existing Events of Default, except nonpayment of principal, premium, or
interest on the Notes that became due solely because of the acceleration of the
Notes, have been cured or waived. In the event of an Event of Default pursuant
to Section 7.1(c) or Section 7.1(d) caused solely by a breach of
the specified covenant resulting from the existence of an unknown Default under
another covenant, such Event of Default shall be deemed remedied or cured by
the Company if the underlying Default is promptly remedied upon becoming known
to the Company.

                    Section
7.3 Other Remedies.

                    If
an Event of Default occurs and is continuing, the Holders, may pursue any
available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the
Notes or this Agreement. A delay or omission by any Holder in

44

exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent
permitted by law.

                    Section
7.4 Waiver of Past Defaults.

                    The
Required Noteholders may on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences hereunder, except a
continuing Default or Event of Default in the payment of the principal of,
premium or interest on, the Notes (including in connection with an offer to
purchase), the waiver of which shall require the consent of 100% of the Holders
(provided, however, that the Required Noteholders may rescind an acceleration
and its consequences, including any related payment default that resulted from
such acceleration). Upon any such waiver, such Default shall cease to exist,
and any Event of Default arising therefrom shall be deemed to have been cured
for every purpose of this Agreement; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

ARTICLE VIII

MISCELLANEOUS

                    Section
8.1 Expenses. The Company
shall pay, and hold the Holders harmless against, any liability for the payment
of (i) the fees and expenses of their counsel arising in connection with the
negotiation and execution of this Agreement and the consummation of the
transactions contemplated by this Agreement which shall be payable at the
Closing, (ii) the fees and expenses incurred with respect to any amendments or
waivers (whether or not the same become effective) under or in respect of this
Agreement and the Notes, (iii) stamp and other taxes which may be payable in
respect of the execution and delivery of this Agreement or the issuance,
delivery or acquisition of the Notes, (iv) the fees and expenses incurred with
respect to the enforcement of the rights granted under this Agreement and the
Notes and (v) the fees and expenses incurred by each such Person in any Filing
with any governmental agency with respect to its investment in the Company or
in any other filing with any governmental agency with respect to the Company
which mentions such Person.

                    Section
8.2 Remedies. Each Holder
shall have all rights and remedies set forth in this Agreement and the Notes
and all of the rights which such Holder has under any law. Any Person having
any rights under any provision of this Agreement shall be entitled to enforce
such rights specifically (without posting a bond or other security), to recover
damages by reason of any breach of any provision of this Agreement and to
exercise all other rights granted by law.

                    Section
8.3 Note Legend. Each Note
shall be imprinted with a legend in substantially the following form:

	
 

	
 

	
 

	
“THE SECURITIES REPRESENTED HEREBY WERE ORIGINALLY
  ISSUED ON AUGUST 1, 2006 AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
  ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN
  THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN
  EXEMPTION FROM REGISTRATION THEREUNDER.

	
 

	
 

	
 

	
THIS DEBT INSTRUMENT IS BEING ISSUED WITH “ORIGINAL
  ISSUE DISCOUNT” (“OID”) WITHIN THE MEANING OF SECTION 1273(a) OF THE
  UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
  THE HOLDER MAY OBTAIN THE “ISSUE PRICE”, THE AMOUNT OF ORIGINAL ISSUE
  DISCOUNT,

45

	
 

	
 

	
 

	
THE “ISSUE DATE” AND THE
  YIELD TO MATURITY OF THIS DEBT INSTRUMENT BY SUBMITTING A REQUEST FOR SUCH
  INFORMATION TO: MSG WC HOLDINGS CORP., C/O WELSH, CARSON, ANDERSON &
  STOWE, 320 PARK AVENUE, SUITE 2500, NEW YORK, NY 10022-6815.”

                    Section
8.4 Consent to Amendments.
Except as otherwise expressly provided herein, the provisions of this Agreement
and the Notes may be amended and the Company may take any action herein
prohibited, or fail to perform any act herein required to be performed by it,
only if the Company has obtained the written consent of the Required
Noteholders; provided, however, that without the prior written consent
of the Holder of each Note at the time outstanding affected thereby, no such
amendment or waiver may (i) change any of the provisions of the sixth paragraph
of the Notes with respect to “Catch-up Payments”, (ii) (x) decrease the rate or
change the method of computation or capitalization of interest on the Notes,
(y) decrease the amount of redemption premium or principal due pursuant to the
terms of this Agreement and the Notes or (z) extend the time for payment of
interest or redemption premium on, or principal of, the Notes (other than, in
the case of the Notes, the extension of the Maturity Date to a date no later
than February 1, 2016, which shall only require the consent of the Required
Holders), (iv) change the percentage of the principal amount of the Notes the
holders of which are required to consent to any such amendment or waiver or (v)
amend any of Sections 4,6, 7.1 (a) or 7.l(b) of this Agreement. The foregoing
shall not affect the rights of the Company to capitalize interest at any time
prior to the Maturity Date pursuant to the fourth paragraph of the Notes. No
other course of dealing between the Company and any Holder or any delay in
exercising any rights hereunder or under any Note shall operate as a waiver of
any lights of any Holder.

                    Section
8.5 Survival of Representations and
Warranties. All representations and warranties contained herein
or made in writing by any party in connection herewith shall survive the
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby, regardless of any investigation made by any
Purchaser or on its behalf.

                    Section
8.6 Successors and Assigns.
Except as otherwise expressly provided herein, all covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and assigns of the
parties hereto whether so expressed or not. In addition, and whether or not
any express assignment has been made, the provisions of this Agreement which
are for any Holder’s benefit as a purchaser or holder of a Note are also for
the benefit of, and enforceable by, any subsequent holder of such Note.

                    Section
8.7 Consideration for Common Stock.
Each Purchaser and the Company acknowledge and agree that the fair market value
of the Notes issued hereunder is $77,965,165.88 and the fair market value of
the 9,585 shares of Common Stock issued to the Purchasers pursuant to the Stock
Purchase Agreement is $12,034,834,12 and that, for all purposes (including tax
and accounting), the consideration for the issuance of the Notes and the shares
of Common Stock shall be allocated as set forth above. Each Purchaser and the
Company shall file their respective federal, state and local tax returns in a
manner which is consistent with such valuation and allocation and shall not
take any contrary position with any taxing authority.

                    Section
8.8 Indemnification. In
consideration of the Purchasers’ execution and delivery of this Agreement and
acquiring the Notes hereunder and in addition to all of the Company’s other
obligations under this Agreement and the Notes, the Company agrees to, and the
Company agrees to cause its Subsidiaries to, indemnify and defend, protect and
hold harmless each Purchaser, its Affiliates and each of their respective
directors, officers, employees, stockholders, members, partners, agents
(including those retained in connection with the transactions contemplated by
this Agreement), successors and assigns (collectively, the “Indemnitees”)
from and against any and all claims, costs, damages,

46

deficiencies, expenses
(including interest, court costs, fees of attorneys, accountants and other
experts or other expenses of litigation or other proceedings or of any claim,
default or assessment), fees, fines, liabilities, losses and penalties
(hereinafter individually, a “Loss” and collectively, “Losses”)
which, directly or indirectly, arise out of, result from or relate to
(irrespective of whether any such Indemnitee is a party to the action for which
indemnification hereunder is sought): (a) any facts or circumstances which
constitute a misrepresentation or breach by the Company or any of its
Subsidiaries of any representation, warranty or covenant set forth in this
Agreement (including any annex, exhibit or schedule attached hereto), any Note
or in any instrument or document delivered by the Company pursuant to this
Agreement; (b) any non-fulfillment or breach of any covenant or agreement of
the Company or any of its Subsidiaries set forth in this Agreement or any Note;
or (c) the execution, delivery, performance or enforcement of this Agreement
and any other instrument, document or agreement executed pursuant hereto by any
of the Indemnitees To the extent that the foregoing undertakings by the Company
may be unenforceable for any reason, the Company shall make the maximum
contribution to the payment and satisfaction of the Losses described above
incurred by any Indemnitee which is permissible under applicable law.

                    Section
8.9 Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such
provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of this Agreement.

                    Section
8.10 Counterparts. This
Agreement may be executed simultaneously in two or more counterparts (including
facsimile signatures), any one of which need not contain the signatures of more
than one party, but all such counterparts taken together shall constitute one
and the same Agreement.

                    Section
8.11 Descriptive Headings; Interpretation.
The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. The use of the word
“including” in this Agreement shall be by way of example rather than by
limitation.

                    Section
8.12 Governing Law. Issues
and questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the State of
New York or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of New York. In furtherance of
the foregoing, the internal law of the State of New York shall control the
interpretation and construction of this Agreement even though under New York’s
choice of law or conflict of law analysis, the substantive law of some other
jurisdiction would ordinarily apply.

                    Section
8.13 Notices. All notices,
demands or other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to
have been given when delivered personally to the recipient, sent to the
recipient by reputable overnight courier service (charges prepaid) or mailed
to the recipient by certified or registered mail, return receipt requested and
postage prepaid. Such notices, demands and other communications shall be sent
to the Purchasers and the Company at the addresses indicated below:

	
 

	
 

	
 

	
If to the Company, to:

	
 

	
 

	
 

	
MSG WC Holdings Corp.

	
 

	
c/o Welsh, Carson,
  Anderson & Stowe

47

	
 

	
 

	
 

	
 

	
320 Park Avenue

	
 

	
 

	
Suite 2500

	
 

	
 

	
New York, NY 10022

	
 

	
Facsimile:  (212) 893-9575

	
 

	
Attention:  Sanjay Swani

	
 

	
                 Michael Donovan

	
 

	
 

	
 

	
 

	
and to:

	
 

	
 

	
 

	
 

	
 

	
Kirkland & Ellis LLP 

	
 

	
153 East 53rd Street 

	
 

	
New York, NY 10022 

	
 

	
Facsimile:

	
(212) 446-6460 

	
 

	
Attention:

	
Michael Movsovich, Esq.

	
 

	
 

	
 

	
 

	
If to the Purchasers, to:

	
 

	
 

	
 

	
 

	
WCAS Capital Partners IV,
  L.P.

	
 

	
c/o Welsh, Carson,
  Anderson & Stowe

	
 

	
250 Park Avenue

	
 

	
Suite 2500

	
 

	
 

	
New York, NY 10022 

	
 

	
Facsimile:

	
(212) 893-9575 

	
 

	
Attention:

	
Sanjay Swani

	
 

	
 

	
Michael Donovan

	
 

	
 

	
 

	
 

	
with a copy to (which
  shall not constitute notice to WCAS Capital Partners IV, L.P.):

	
 

	
 

	
 

	
 

	
Kirkland & Ellis LLP 

	
 

	
153 East 53rd Street 

	
 

	
New York, NY 10022 

	
 

	
Facsimile:

	
(212) 446-6460 

	
 

	
Attention:

	
Michael Movsovich, Esq.

	
 

	
 

	
 

	
 

	
FOXKIRK, LLC

	
 

	
 

	
c/o The Northwestern
  Mutual Life Insurance Company 

	
 

	
720 East Wisconsin Avenue 

	
 

	
Milwaukee, Wisconsin 53202
  

	
 

	
Facsimile:

	
(414) 665-5714 

	
 

	
Attention:

	
Lisa Cadotte

	
 

	
 

	
 

	
All payments to Foxkirk,
  LLC shall be made by wire transfer of immediately available funds to:

	
 

	
 

	
Mellon Bank 

	
 

	
 

	
Boston, MA 

	
 

	
 

	
ABA #011-001-234 

	
 

	
For the account of:

	
 

	
 

	
 

	
 

	
          Foxkirk,
  LLC 

	
 

	
          Account
  No. 06-33630

48

With sufficient information
to identify the source of the payment and the amount of interest, principal or
redemption amount. All notices of payments and written confirmations of such wire
transfers shall be sent to:

	
 

	
 

	
 

	
 

	
Foxkirk, LLC

	
 

	
 

	
c/o The Northwestern
  Mutual Life Insurance Company

	
 

	
720 East Wisconsin Avenue

	
 

	
Milwaukee, Wisconsin 53202

	
 

	
Facsimile:

	
(414) 625-6998

	
 

	
Attention:

	
Investment Operations

or to such other address or
to the attention of such other person as the recipient party has specified by
prior written notice to the sending party.

                    Section
8.14 No Strict Construction. The
parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or
disfavoring any party by virtue of the authorship of any of the provisions of
this Agreement.

                    Section
8.15 Payments on the Notes. So
long as a Purchaser shall be the Holder of any Note, the Company will pay all
sums becoming due on such Note for principal, redemption premium, if any, and
interest by the method and at the address specified for such purpose below such
Purchaser’s address in Section 8.13 or by such other method or at such other
address as such Purchaser shall have from time to time specified to the Company
in writing for such purpose, without the presentation or surrender of such Note
or the making of any notation thereon, except that upon written request of the
Company made concurrently with or reasonably promptly after payment or
repayment of the Note in full, such Holder shall surrender such Note for
cancellation to the Company at its principal executive office.

[Signatures
on following page]

49

          In
witness whereof, the parties has caused this Agreement to be duly executed as
of the day and year above written.

	
 

	
 

	
 

	
 

	
MSG WC
  HOLDINGS CORP.

	
 

	
 

	
 

	
By:
  

	
 

	
 

	
 

	

	
 

	
Name:

	
Christopher A. Wilson 

	
 

	
Its:

	
General Counsel &
  Assistant Secretary

	
 

	
 

	
 

	
 

	
WCAS
  CAPITAL PARTNERS IV, L.P.

	
 

	
 

	
 

	
By: WCAS
  CP IV Associates LLC, its General Partner

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name: 

	
Sanjay Swani

	
 

	
Its:

	
Managing Member

	
 

	
 

	
 

	
 

	
FOXKIRK,
  LLC

	
 

	
 

	
 

	
By: NML
  Securities Holdings, LLC, its Sole Member

	
 

	
 

	
 

	
By: The
  Northwestern Mutual Life Insurance Company, its Sole Member

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name: 

	
 

	
 

	
Its:

	
 

Signature page to Note Purchase Agreement

          In
witness whereof, the parties has caused this Agreement to be duly executed as
of the day and year above written.

	
 

	
 

	
 

	
 

	
MSG WC
  HOLDINGS CORP.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Its:

	
 

	
 

	
 

	
 

	
 

	
WCAS
  CAPITAL PARTNERS IV,
  L.P.

	
 

	
 

	
 

	
By: WCAS
  CP IV Associates LLC, its General Partner

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
 

	
 

	

	
 

	
Its:

	
Managing Member

	
 

	
 

	
 

	
 

	
FOXKIRK,
  LLC

	
 

	
 

	
 

	
By: NML
  Securities Holdings, LLC, its Sole Member

	
 

	
 

	
 

	
By: The
  Northwestern Mutual Life Insurance Company, its Sole Member

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
Name:

	
Howard Stern

	
 

	
Its:

	
Its Authorized
  Representative

Signature page to Note Purchase Agreement

Annex I

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Purchasers

	
 

	
Principal
  Amount of Note

	
 

	
Number of
  Shares of

  Common Stock 

	
 

	

	
 

	

	
 

	

	
 

	
 

	
WCAS Capital Partners IV,
  L.P.

	
 

	
 

	
$

	
50,000,000

	
 

	
 

	
 

	
 

	
5,325

	
 

	
 

	
FOXKIRK, LLC

	
 

	
 

	
$

	
40,000,000

	
 

	
 

	
 

	
 

	
4,260

	
 

	
 

Signature page to Note Purchase Agreement

 

THE SECURITIES REPRESENTED HEREBY WERE ORIGINALLY
ISSUED ON AUGUST 1, 2006 AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”). AND
MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

THIS DEBT INSTRUMENT IS BEING ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” (“OID”) WITHIN THE MEANING OF SECTION 1273(a) OF THE
UNITED STATES INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”). THE HOLDER MAY OBTAIN THE “ISSUE PRICE”, THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT, THE “ISSUE DATE” AND THE YIELD TO MATURITY OF THIS
DEBT INSTRUMENT BY SUBMITTING A
REQUEST FOR SUCH INFORMATION TO: MSG WC HOLDINGS CORP., C/O WELSH, CARSON, ANDERSON & STOWE, 320 PARK AVENUE, SUITE 2500, NEW
YORK, NY 10022-6815.

	
 

	
 

	
No. 2

	
$40,000,000.00

MSG WC HOLDINGS CORP.

SENIOR SUBORDINATED NOTE DUE 2015

          This
SENIOR SUBORDINATED NOTE (this “Note”) is one of a duly authorized issue
of Notes of MSG WC Holdings Corp., a corporation duly organized and
existing under the laws of the State of
Delaware (together with any Successor Issuer pursuant to Article 4 of
this Note, the “Issuer”),
designated as its Senior Subordinated Notes Due 2015, in an aggregate principal
amount of forty million U.S. Dollars ($40,000,000) (the “Notes”)
issued pursuant to the Note Purchase Agreement, and is entitled to the benefits
thereof.

          FOR
VALUE RECEIVED, the Issuer promises to pay to Foxkirk, LLC, the holder hereof (“Foxkirk”), the principal sum of
$40,000,000.00 (less any amount of such principal sum that has been paid prior
to the Maturity Date) on the earlier to occur of (A) Maturity Date, or (B) any
date required pursuant to Sections 4 or 7 of the Note Purchase
Agreement.

          The
Issuer promises to pay interest (each such payment, an “Interest Payment”)
on the principal sum outstanding from time
to time under this Note, as adjusted as described below (as so adjusted, the “Outstanding Principal Amount”),
at the rate of 10% per annum (except
as described below). Interest shall be cumulative, accrue daily from the
Issue Date on the basis of six-month
periods (or any fraction thereof) ending on June 30 and December 31 of each
year (each an “Interest Period”).
Except as described below, Interest Payments in respect of any Interest Period
shall be due and payable in arrears on the last Business Day of each Interest Period (commencing with December 31, 2006), on the
Maturity Date, and on any date required pursuant to Sections 4 or 7 of the Note Purchase Agreement
(each, an “Interest Payment Date”).

          If
an Interest Payment Date is not a Business Day, then the Interest Payment
otherwise payable on such Interest Payment
Date shall be due and payable on the Business Day

immediately following such
Interest Payment Date. The interest payable on any Interest Payment Date shall be paid in cash on such
Interest Payment Date; provided that (A) until the second anniversary of
the Issue Date, or (B)(x) if any of the Senior Agreements prohibits any of the
Borrowers (and/or any of its Subsidiaries) from paying a cash dividend to the
Issuer or otherwise distributing or making funds available to the Issuer for
purposes of enabling the Issuer to make any such cash payment, or (B)(y) if the
Board of Directors of Issuer so decides in its sole and exclusive discretion (which decision may be revoked at any
time), for any reason whatsoever,
such interest shall be capitalized and payable at a rate of 12% per annum and the amount of such payment
shall accrue and, on the applicable Interest Payment Date, be added to the
Outstanding Principal Amount hereof for purposes of calculating the Interest
Payments due on the succeeding Interest Payment Dates; and provided, further, that the foregoing proviso shall not apply to Catch-up Payments
which shall be unconditionally payable in accordance with the terms of the Note. Any interest so accrued and
added to the Outstanding Principal Amount hereof shall be paid in full, in cash, on the earliest to occur of (a)
the Maturity Date, or (b) any date required pursuant to Section 4 or
7 of the Note Purchase Agreement.

          Any
principal or accrued and unpaid interest (other than any such interest added to
the Outstanding Principal Amount hereof pursuant to the fourth sentence of this
paragraph) which is not paid when due shall bear interest, payable on demand,
at a rate per annum equal to the otherwise applicable interest rate plus 2% (or,
if less, the maximum interest rate then permitted by applicable law), compounded semi-annually, from
the due date thereof (whether on an Interest
Payment Date, at maturity, upon acceleration or otherwise) until the same is
paid in full in cash.

          Notwithstanding
anything to the contrary herein, on each Interest Payment Date commencing
with the first such date following the fifth anniversary of the date of this
Note, if the aggregate amount that would be
includible in income of the Holder with respect to this Note for periods ending on or before such Interest
Payment Date (within the meaning of Section 163(i) of the Code) (the “Aggregate
Accrual”) would otherwise exceed the sum of (i) the aggregate amount
of interest to be paid (within the meaning of Section 163(i) of the Code) under
this Note on or before such Interest Payment
Date (determined without regard to the amounts payable on such Interest
Payment Date), and (ii) the product of (A) the issue price (as defined in Sections 1273(b) and 1274(a) of the Code) of this
Note and (B) the yield to maturity (interpreted in accordance with Section 163(i) of the Code) of this Note (such sum,
the “Maximum Accrual”), then the Borrower shall prepay on
each such Interest Payment Date, in cash, a portion of the outstanding stated principal amount of this Note equal to the
excess, if any, of the Aggregate
Accrual over the Maximum Accrual (each, a “Catch-up Payment”), and the
amount of such payment shall be treated for federal income tax purposes
as an amount of interest to be paid (within the meaning of Section
163(i)(2)(B)(i) of the Code) under this Note.

          The
Issuer shall have the right, subject to the applicable terms and conditions of
the Senior Agreements, to redeem all or any portion of Outstanding Principal
Amount at the Redemption Price,
giving written notice with at least five (5) Business Days prior to the date of
payment. The Outstanding Principal Amount shall be reduced in each case
by the corresponding amount of the
Redemption Price.

2

          Interest
will be computed on the basis of a 360-day year. Interest Payments will be paid
to the Person in whose name this Note
is registered on the records of the Issuer regarding registration and transfers of the Notes (together,
the “Notes Register”) on the Business Day prior to the applicable payment date. The Issuer shall
maintain the Notes Register at its principal office.

          This
Note is subject to the following additional provisions:

ARTICLE 1

EXCHANGE

          This
Note is exchangeable for an equal aggregate principal amount of Notes of
different denominations (in integral multiples of $1,000 principal
amount), as requested by the Holder surrendering the same. No service charge
will be charged to the Holder for any registration, transfer or exchange.

ARTICLE 2

TRANSFERS

          Subject
to WCAS CPIV’s written consent (which consent (a) may be withheld or conditioned
in its sole discretion, and (b) shall not be required (x) for a transfer or
assignment to any Person who is an Affiliate of the Holder or (y) at any time
when WCAS CPIV and/or any Affiliate thereof
does not collectively hold at least a majority of the principal amount of the Notes
issued pursuant to the Note Purchase Agreement at the time outstanding) the
Holder may transfer or assign this Note or
any portion hereof and pledge, encumber and transfer its rights or interest
in and to this Note or any portion hereof (a “Transfer”) to one or more
Persons if such Transfer is made in
compliance with all applicable federal and state securities laws. Each such permitted
assignee, transferee and pledgee pursuant to a Transfer shall have all of the
rights of the Holder under this Note. The
Issuer agrees that in connection with any Transfer permitted pursuant to the terms hereof, the Issuer shall
cause such Transfer to be reflected in the Notes Register upon being apprised of such Transfer, and all principal,
interest and other amounts which are then, and thereafter become, due under
this Note shall be paid to such permitted assignee, transferee or
pledgee at the place and in the manner set forth in Section14.01. The Issuer may not assign this Note or any of its
rights or obligations hereunder except as permitted under Article 4. This Note shall be
binding upon the Issuer and its successors and shall inure to the benefit of the Holder and its successors and
permitted assigns. Prior to due presentment for Transfer of this Note, the
Issuer may treat the Person in whose name this Note is duly registered on the Notes Register as the owner hereof for the
purpose of receiving payment as herein provided
and all other purposes, whether or not this Note be overdue, and the Issuer
shall not be affected by notice to the contrary.

          Subject
to WCAS CPIV’s written consent (which consent may be withheld or conditioned in its sole discretion), upon the
request of any Holder, the Issuer shall promptly supply to the Holder or
its prospective transferees all information regarding any of the Borrowers

3

required to be delivered in connection with a Transfer
pursuant to Rule I44A of the Securities and
Exchange Commission.

          If
the Note becomes eligible for sale pursuant to Rule 144(k) of the Securities
and Exchange Commission, the Issuer
shall, upon the request of the Holder and WCAS CPIV, remove the first sentence of the legends set forth
on the face of this Note (the “Legends”).

ARTICLE 3

DEFINITIONS

          The
following terms shall have the following meanings.

          “Act”
shall have the meaning set forth in the Legends.

          “Borrowers”
means, collectively, the US Borrowers and the UK Borrowers.

          “Business Day” means each
day that is not a Saturday, Sunday or other day on which banking
institutions in New York, New York are authorized or required by law to close.

          “Capital
Securities” means, with respect to any Person, all shares, membership or
other interests, participations, units or other equivalents (however
designated, whether voting or non-voting) of
such Person’s capital, whether now outstanding or issued after the Issue Date.

          “Catch-up
Payment” shall have the meaning set forth in the sixth paragraph of this
Note.

          “Code” shall have the meaning set forth
in
the legends on this Note.

          “Governmental
Authority” means the government of the United States, any other nation or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body,
court, central bank or similar body exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

          “Holder”
means any Person in whose name the Notes are registered pursuant to the Note
Purchase Agreement.

          “Indebtedness”
shall have the meaning set forth in the Note Purchase Agreement. 

          “Interest
Payment” shall have the meaning set forth in the second paragraph of this Note. 

          “Interest
Payment Date” shall have the meaning set forth in the second paragraph of
this Note.

          “Issuer”
shall have the meaning set forth in the first paragraph of this Note.

          “Legends” shall have the meaning set
forth
in Article 2.

4

          “Maturity
Date” means February 1, 2015

          “Note”
shall have the meaning set forth in the first paragraph of this Note.

          “Noteholders”
means the registered holders from time to time of the Notes.

          “Note
Purchase Agreement” means the Note Purchase Agreement dated as of August 1,
2006 between the Issuer, Foxkirk, LLC and WCAS CPIV (as amended,
modified or otherwise supplemented from time to time).

          “Notes”
shall have the meaning set forth in the first paragraph of this Note.

          “Notes
Register” shall have the meaning set forth in the fourth paragraph of this
Note.

          “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities payable under the documentation governing any Indebtedness.

          “OID”
shall have the meaning set forth in the Legends.

          “Outstanding
Principal Amount” shall have the meaning set forth in the second paragraph of this Note.

          “Person”
means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust,
unincorporated organization, limited liability company or government or other entity.

          “Redemption
Price” means, in respect of any redemption of this Note, an amount equal to
the principal amount subject to
redemption plus accrued and unpaid interest on the then Outstanding
Principal Amount (immediately prior to giving effect to the corresponding redemption).

          “Required
Noteholders” means, as of any date, Noteholders holding at least a majority
of the Outstanding Principal Amount of Notes outstanding on such date.

          “Senior
Agreements” means, collectively: (i) the US Credit Agreement; (ii) the UK Credit Agreement; (iii) the Indenture governing
the Senior Notes due 2014 between Mobile Services Group, Inc. and Mobile Storage Group, Inc. and Wells Fargo
Bank, N.A., as Indenture Trustee; and (iv) and each guarantee, security
agreement or other agreement or document entered into in connection therewith, in each case, as amended, increased,
restated, supplemented, extended,
modified, renewed, refunded, restructured, replaced or refinanced in whole or
in part from time to time.

          “Subsidiary” means, with respect to any
specified
Person: (i) any corporation, association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that
effectively transfers voting power) to vote in the election of
directors, managers or trustees of the corporation, association or other
business

5

entity
is at the time owned or controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person (or a combination
thereof); and (ii) any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b) the
only general partners of which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

          “Successor
Issuer” shall have the meaning set forth in Article 4. 

          “Transfer”
shall have the meaning set forth in Article 2.

          “UK
Borrowers” means Ravenstock MSG Limited, a company formed under the laws of
England
and Wales, and any other Person that becomes a “Borrower” pursuant to the UK
Credit Agreement.

          “UK
Credit Agreement” shall have the meaning set forth in the US Credit
Agreement.

          “US
Borrowers” means Mobile Storage Group, Inc., a Delaware corporation, and
Mobile Services Group Inc., a Delaware corporation, and any other Person that
becomes a “Borrower” pursuant to the US Credit Agreement.

          “US
Credit Agreement” means the Credit Agreement, dated as of the Issue Date
among the
Issuer, the US Borrowers, as US Borrowers, MSG WC Intermediary Co., the various
Financial
institutions named therein as lenders, The CIT Group/Business Credit, Inc., as Administrative Agent, CIT
Capital Securities LLC and Lehman Brothers Inc. as Joint Lead Arrangers, Lehman
Brothers Inc. as Sole Bookrunner and Syndication Agent and Wachovia Bank, National
Association as Documentation Agent.

          “Voting
Securities” means, with respect to any Person, Capital Securities 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.

          “WCAS
CPIV” means WCAS Capital Partners IV, L.P., a Delaware limited partnership.

          Terms
used and not otherwise defined herein shall have the meaning assigned to them
in the Note Purchase Agreement.

ARTICLE 4

SUCCESSOR ISSUER; MERGER

          The
Issuer will not consolidate with or merge with or into, or convey, transfer or
lease, in one transaction or a series of transactions, all or substantially all its
assets to, any Person, other than in a transaction permitted pursuant to Section
6.1 of the Note Purchase Agreement.

          The
resulting, surviving or transferee Person in any such transaction (“Successor
Issuer”) will succeed to, and be substituted for, and may exercise every right and
power of, the Issuer under this Note, but the predecessor Issuer in the case of a conveyance,
transfer or lease of all its

6

assets
or substantially all its assets will be released from its obligations under
this Note, including without limitation the obligation to pay the principal of and
interest on this Note.

ARTICLE 5

NO REISSUANCE OF NOTE

          No
Notes acquired by the Issuer by reason of redemption, purchase, conversion or otherwise shall be
reissued, and all such Notes shall be retired. No additional Notes (other than
the Note issued pursuant to the terms of the Note Purchase Agreement) shall be
authorized or issued without the
consent of WCAS CPIV.

ARTICLE 6

OBLIGATIONS ABSOLUTE

          No
provision of this Note shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of, and interest on,
this Note at the time, place and rate, and in the manner, herein prescribed.

ARTICLE 7

WAIVERS OF DEMAND, ETC.

          The
Issuer hereby expressly waives (to the extent permitted by applicable law)
demand and presentment for payment, notice of nonpayment, protest, notice of
protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of
suit and diligence in taking any action to collect amounts called for hereunder
and will be directly and primarily liable for the payment of all sums owing and to be owing
hereon, regardless of and without any notice, diligence, act or omission as or
with respect to the collection of any amount called for hereunder.

ARTICLE 8

REPLACEMENT NOTES

          In
the event that the Holder notifies the Issuer that this Note has been lost,
stolen or destroyed, a replacement Note identical in all respects to the original
Note (except for registration number and Outstanding Principal Amount, if different than
that shown on the original Note) shall be issued by the Issuer to the Holder; provided
that the Holder executes and delivers to the Issuer an agreement reasonably
satisfactory to the Issuer to indemnify the Issuer from any loss incurred by it
in connection with such lost, stolen or destroyed Note.

7

ARTICLE 9

PAYMENT OF EXPENSES

          The
Issuer agrees to pay all reasonable expenses, including reasonable attorneys’
fees, which may be incurred by the Holder hereof in enforcing the provisions of
this Note and/or collecting any amount due under this Note.

ARTICLE 10

SAVINGS CLAUSE

          In
case any provision of this Note is held by a court of competent jurisdiction to
be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided,
if possible, so that it is enforceable to the maximum extent possible, and the
validity and enforceability of the remaining
provisions of this Note will not in any way be affected or impaired thereby.

ARTICLE 11

ENTIRE AGREEMENT; AMENDMENTS

          This
Note, the Note Purchase Agreement, the Senior Agreements and the other agreements referred to herein and therein
constitute the full and entire understanding and agreement between the Issuer
and the Holder with respect to the subject hereof. Neither this Note nor any term hereof may be amended, waived,
discharged or terminated other than in accordance with the terms of the
Note Purchase Agreement.

ARTICLE 12

NO WAIVER

          No
failure on the part of the Holder to exercise, and no delay in exercising, any
right, remedy or power hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise by the
Holder of any right, remedy or power hereunder preclude any other or future
exercise of any other right, remedy or power. Each and every right, remedy or
power hereby granted to the Holder or
allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by
the Holder from time to time.

ARTICLE 13

NOTICES

          Unless otherwise provided
herein, all notices, demands or other communications to be given or delivered under or by reason of the
provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered
personally to the recipient, sent to the recipient by reputable overnight
courier service (charges prepaid) or mailed to the recipient by

8

certified or registered mail,
return receipt requested and postage prepaid. Such notices, demands and other
communications shall be sent to the Issuer at the addresse indicated below:

	
 

	
 

	
 

	
 

	
MSG WC Holdings Corp.

  c/o Welsh, Carson, Anderson &
  Stowe

  320 Park Avenue

  Suite 2500

  New York, NY 10022 

	
 

	
Facsimile: (212) 893-9575

	
 

	
Attention:

	
Sanjay Swani 

	
 

	
 

	
Michael Donovan

	
 

	
 

	
 

	
 

	
and to: 

	
 

	
 

	
 

	
 

	
Kirkland & Ellis LLP

  153 East 53rd Street

  New York, NY 10022 

	
 

	
Facsimile:

	
(212) 446-6460 

	
 

	
Attention:

	
Michael Movsovich, Esq.

	
 

	
 

	
Christopher Butler, Esq.

or
to such other address or to the attention of such other person as the recipient
party has specified by prior written notice
to the sending party.

          If
to the Holder, to its address and facsimile number appearing in the Notes
Register which, in the case of the
initial Holder, shall be as set forth in Section 2.5 the Note Purchase
Agreement, with copies to such Holder’s representatives as set forth in such
section of the Note Purchase Agreement, or to such other address and/or
facsimile number and/or to the attention of such other Person as the recipient
party has specified by written notice given to each other party five days prior
to the effectiveness of such change. Written confirmation of receipt (A) given
by the recipient of such notice,
consent, waiver or other communication, (B) mechanically or electronically
generated by the sender’s facsimile machine containing the time, date,
recipient facsimile number and an
image of the first page of such transmission or (C) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

ARTICLE 14

HOME OFFICE PAYMENT; MISCELLANEOUS

          Section
14.01. Home Office Payment. The
Issuer shall make all payments due on this Note in immediately available funds to a bank account of the Holder
specified in writing by the Holder to the Issuer.

9

          Section
14.02. Miscellaneous. Whenever
the sense of this Note requires, words in the singular shall be deemed
to include the plural and words in the plural shall be deemed to include the
singular. Paragraph headings are for convenience only and shall not affect the
meaning of this document.

ARTICLE 15

CHOICE OF LAW AND VENUE; WAIVER OF
JURY TRIAL

          This
Note shall be governed by and construed in accordance with the law of the State
of New York. The Issuer and, by
accepting this Note, the Holder hereby irrevocably consents to the jurisdiction of the United States District
Court for the Southern District of New York or any New York State court sitting in New York City (and
of the appropriate appellate courts therefrom) in any suit, action or
proceeding seeking to enforce any provision of, or based on any suit, action or proceeding arising out of or in
connection with, this Note or the transactions contemplated hereby and irrevocably waives, to the fullest extent
permitted by law, any objection that
it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such
court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on
any party anywhere in the world, whether within or without the jurisdiction of
any such court. Without limiting the foregoing, each party agrees that service
of process on such party as provided in Article 14 shall be deemed
effective service of process on such party, EACH OF THE ISSUER AND, BY
ACCEPTING THIS NOTE, THE HOLDER HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATED TO THIS NOTE.

[END OF PAGE]

[SIGNATURE PAGE FOLLOWS] 

10

SIGNATURE
PAGE TO SENIOR SUBORDINATED NOTE DUE 2015

          IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its
officer thereunto duly authorized.

Dated: August 1, 2006

	
 

	
 

	
 

	
 

	
 

	
MSG WC HOLDINGS CORP.

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
 

	
Name:

	
Christopher A. Wilson

	
 

	
 

	
Title:

	
Assistant Secretary

	
 

	
 

	
Address:

	
c/o Welsh, Carson,

  Anderson & Stowe

  320 Park Avenue

  Suite 2500

  New York, NY

  10022-6815

	
 

	
 

	
Telephone:

	
(212) 893-9500

	
 

	
 

	
Facsimile:

	
 (212) 893-9575 

THE SECURITIES REPRESENTED HEREBY WERE ORIGINALLY
ISSUED ON AUGUST 1, 2006 AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR AN EXEMPTION
FROM REGISTRATION THEREUNDER.

THIS DEBT INSTRUMENT IS BEING
ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (“OID”)
WITHIN THE MEANING OF SECTION 1273(a) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”).
THE HOLDER MAY OBTAIN THE “ISSUE
PRICE”, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE “ISSUE DATE” AND THE YIELD TO MATURITY OF THIS DEBT INSTRUMENT BY
SUBMITTING A REQUEST FOR SUCH INFORMATION TO: MSG
WC HOLDINGS CORP., C/O WELSH, CARSON,
ANDERSON & STOWE, 320 PARK AVENUE, SUITE 2500, NEW YORK, NY
10022-6815.

	
   

  	
   

  
	
  No. 1

  	
  $50,000,000.00

  

MSG WC HOLDINGS CORP.

SENIOR SUBORDINATED NOTE DUE 2015

          This
SENIOR SUBORDINATED NOTE (this “Note”) is one of a duly authorized issue
of Notes of MSG WC Holdings Corp., a corporation
duly organized and existing under the laws of the State of Delaware (together with any Successor Issuer pursuant
to Article 4 of this Note, the “Issuer”), designated as
its Senior Subordinated Notes Due 2015, in an aggregate principal amount of
fifty million U.S. Dollars ($50,000,000.00) (the “Notes”) issued
pursuant to the Note Purchase Agreement, and is entitled to the benefits
thereof.

          FOR
VALUE RECEIVED, the Issuer promises to pay to WCAS Capital Partners IV, L.P., the holder hereof (“WCAS CPIV”), the
principal sum of $50,000,000.00 (less any amount of such principal sum
that has been paid prior to the Maturity Date) on the earlier to occur of (A) Maturity Date, or (B) any date required pursuant
to Sections 4 or 7 of the Note Purchase Agreement.

          The
Issuer promises to pay interest (each such payment, an “Interest Payment”) on
the principal sum outstanding from time to time under this Note, as adjusted as
described below (as so adjusted, the “Outstanding Principal Amount”),
at the rate of 10% per annum (except
as described below). Interest shall be
cumulative, accrue daily from the Issue Date on the basis of six-month
periods (or any fraction thereof) ending on June 30 and December 31 of each
year (each an “Interest Period”).
Except as described below, Interest Payments in respect of any Interest Period
shall be due and payable in arrears on the last Business Day of each Interest Period (commencing with December 31, 2006), on the
Maturity Date, and on any date required pursuant to Sections 4 or 7 of
the Note Purchase Agreement (each, an “Interest Payment Date”). 

          If
an Interest Payment Date is not a Business Day, then the Interest Payment
otherwise payable on such Interest Payment Date shall be due and payable on the
Business Day immediately
following such Interest Payment Date. The interest payable on any Interest Payment Date shall be
paid in cash on such Interest Payment Date; provided that (A) until the
second anniversary of the Issue Date, or (B)(x) if any of the Senior Agreements
prohibits any of the Borrowers (and/or any of its Subsidiaries) from paying a cash
dividend to the Issuer or otherwise distributing or making funds available to the
Issuer for purposes of enabling the Issuer to make any such cash payment, or (B)(y) if the
Board of Directors of Issuer so decides in its sole and exclusive discretion (which decision may
be revoked at any time), for any reason whatsoever, such interest shall be capitalized
and payable at a rate of 12% per annum and
the amount
of such payment shall accrue and, on the applicable Interest Payment Date, be
added to the
Outstanding Principal Amount hereof for purposes of calculating the Interest
Payments due on
the succeeding Interest Payment Dates; and provided, further,
that the foregoing proviso shall not apply to Catch-up Payments which shall be
unconditionally payable in accordance with the terms of the Note. Any interest so accrued and
added to the Outstanding Principal Amount hereof shall be paid in full, in cash, on the
earliest to occur of (a) the Maturity Date, or (b) any date required pursuant
to Section 4 or 7 of the Note Purchase Agreement.

          Any
principal or accrued and unpaid interest (other than any such interest added to
the Outstanding
Principal Amount hereof pursuant to the fourth sentence of this paragraph)
which is not
paid when due shall bear interest, payable on demand, at a rate per annum equal to the otherwise applicable
interest rate plus 2% (or, if less, the maximum interest rate then permitted by applicable law),
compounded semi-annually, from the due date thereof (whether on an Interest Payment Date, at
maturity, upon acceleration or otherwise) until the same is paid in full in cash.

          Notwithstanding
anything to the contrary herein, on each Interest Payment Date commencing with the first
such date following the fifth anniversary of the date of this Note, if the aggregate amount that
would be includible in income of the Holder with respect to this Note for periods ending on or
before such Interest Payment Date (within the meaning of Section 163(i) of the Code) (the
“Aggregate Accrual”) would otherwise exceed the sum of (i) the aggregate amount of
interest to be paid (within the meaning of Section 163(i) of the Code) under this Note on or before
such Interest Payment Date (determined without regard to the amounts payable on
such Interest Payment Date), and (ii) the product of (A) the issue price (as
defined in Sections
1273(b) and 1274(a) of the Code) of this Note and (B) the yield to maturity
(interpreted in
accordance with Section 163(i) of the Code) of this Note (such sum, the “Maximum
Accrual”), then the Borrower
shall prepay on each such Interest Payment Date, in cash, a portion of the outstanding stated
principal amount of this Note equal to the excess, if any, of the Aggregate Accrual over
the Maximum Accrual (each, a “Catch-up Payment”), and the amount of such
payment shall be treated for federal income tax purposes as an amount of
interest to be paid (within the meaning of Section 163(i)(2)(B)(i) of the Code) under this
Note.

          The
Issuer shall have the right, subject to the applicable terms and conditions of
the Senior
Agreements, to redeem all or any portion of Outstanding Principal Amount at the
Redemption
Price, giving written notice with at least five (5) Business Days prior to the
date of payment.
The Outstanding Principal Amount shall be reduced in each case by the
corresponding amount of the Redemption Price.

2

          Interest
will be computed on the basis of a 360-day year. Interest Payments will be paid
to the Person in whose name this Note is registered on the records of
the Issuer regarding registration and transfers of the Notes (together, the
“Notes Register”) on the Business Day prior to
the applicable payment date. The Issuer shall maintain the Notes Register at
its principal office. 

          This
Note is subject to the following additional provisions:

ARTICLE 1

EXCHANGE

          This
Note is exchangeable for an equal aggregate principal amount of Notes of
different denominations (in integral multiples of $1,000 principal
amount), as requested by the Holder surrendering
the same. No service charge will be charged to the Holder for any registration,
transfer or exchange.

ARTICLE 2 

TRANSFERS

          Subject
to WCAS CPIV’s written consent (which consent (a) may be withheld or conditioned
in its sole discretion, and (b) shall not be required (x) for a transfer or
assignment to any Person who is an Affiliate
of the Holder or (y) at any time when WCAS CPIV and/or any Affiliate
thereof does not collectively holds at least a majority of the principal amount
of the Notes issued pursuant to the Note
Purchase Agreement at the time outstanding) the Holder may transfer or
assign this Note or any portion hereof and pledge, encumber and transfer its
rights or interest in and to this Note or any portion hereof (a “Transfer”)
to one or more Persons if such Transfer is made in compliance with all
applicable federal and state securities laws. Each such permitted assignee, transferee and pledgee pursuant to a Transfer shall
have all of the rights of the Holder
under this Note. The Issuer agrees that in connection with any Transfer
permitted pursuant to the terms
hereof, the Issuer shall cause such Transfer to be reflected in the Notes Register upon being apprised of such Transfer, and
all principal, interest and other amounts which are then, and thereafter
become, due under this Note shall be paid to such permitted assignee,
transferee or pledgee at the place and in the manner set forth in Section
14.01. The Issuer may not assign this Note or any of its rights or
obligations hereunder except as permitted under
Article 4. This Note shall be binding upon the Issuer and its successors
and shall inure to the benefit of the
Holder and its successors and permitted assigns. Prior to due presentment for Transfer of this Note, the Issuer may treat the
Person in whose name this Note is duly registered on the Notes Register as the owner hereof for the
purpose of receiving payment as herein provided
and all other purposes, whether or not this Note be overdue, and the Issuer
shall not be affected by notice to the contrary.

          Subject
to WCAS CPIV’s written consent (which consent may be withheld or conditioned
in its sole discretion), upon the request of any Holder, the Issuer shall
promptly supply to the Holder or its prospective transferees all information
regarding any of the Borrowers

3

required to be delivered in connection with a Transfer
pursuant to Rule 144A of the Securities and
Exchange Commission.

          If
the Note becomes eligible for sale pursuant to Rule 144(k) of the Securities
and Exchange Commission, the Issuer shall, upon the request of the Holder and
WCAS CPIV, remove the first sentence
of the legends set forth on the face of this Note (the “Legends”). 

ARTICLE 3 

DEFINITIONS

          The
following terms shall have the following meanings.

          “Act”
shall have the meaning set forth in the Legends.

          “Borrowers”
means, collectively, the US Borrowers and the UK Borrowers.

          “Business
Day” means each day that is not a Saturday, Sunday or other day on which banking
institutions in New York, New York are authorized or required by law to close.

          “Capital
Securities” means, with respect to any Person, all shares, membership or
other interests, participations, units or other equivalents (however
designated, whether voting or non-voting) of
such Person’s capital, whether now outstanding or issued after the Issue Date.

          “Catch-up
Payment” shall have the meaning set forth in the sixth paragraph of this
Note. 

          “Code” shall have the meaning set
forth in the legends on this Note. 

          “Governmental
Authority” means the government of the United States, any other nation or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body,
court, central bank or similar body exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

          “Holder”
means any Person in whose name the Notes are registered pursuant to the Note Purchase
Agreement.

          “Indebtedness”
shall have the meaning set forth in the Note Purchase Agreement. 

          “Interest
Payment” shall have the meaning set forth in the second paragraph of this
Note.

          “Interest
Payment Date” shall have the meaning set forth in the second paragraph of
this Note.

          “Issuer”
shall have the meaning set forth in the first paragraph of this Note. 

          “Legends” shall have the
meaning set forth in Article 2.

4

          “Maturity
Date” means February 1, 2015

          “Note”
shall have the meaning set forth in the first paragraph of this Note.

          “Noteholders”
means the registered holders from time to time of the Notes.

          “Note
Purchase Agreement” means the Note Purchase Agreement dated as of August 1,
2006 between the Issuer, Foxkirk, LLC and WCAS CPIV (as amended,
modified or otherwise supplemented from time to time).

          “Notes”
shall have the meaning set forth in the first paragraph of this Note.

          “Notes
Register” shall have the meaning set forth in the fourth paragraph of this
Note.

          “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities payable under the documentation governing any Indebtedness.

          “OID”
shall have the meaning set forth in the Legends.

          “Outstanding
Principal Amount” shall have the meaning set forth in the second paragraph
of this Note.

          “Person”
means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity.

          “Redemption
Price” means, in respect of any redemption of this Note, an amount equal to
the principal amount subject to
redemption plus accrued and unpaid interest on the then Outstanding
Principal Amount (immediately prior to giving effect to the corresponding redemption).

          “Required
Noteholders” means, as of any date, Noteholders holding at least a majority
of the Outstanding Principal Amount of Notes outstanding on such date.

          “Senior
Agreements” means, collectively: (i) the US Credit Agreement; (ii) the UK Credit
Agreement; (iii) the Indenture governing the Senior Notes due 2014 between
Mobile Services Group, Inc. and Mobile
Storage Group, Inc. and Wells Fargo Bank, N.A., as Indenture Trustee;
and (iv) and each guarantee, security agreement or other agreement or document
entered into in connection therewith, in
each case, as amended, increased, restated, supplemented, extended, modified, renewed, refunded,
restructured, replaced or refinanced in whole or in part from time to
time.

          “Subsidiary”
means, with respect to any specified Person: (i) any corporation, association
or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of
any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers
voting power) to vote in the election of directors, managers or trustees
of the corporation, association or other business

5

entity
is at the time owned or controlled, directly or indirectly, by that Person or

one or more of the other Subsidiaries of that Person (or a combination thereof); and
(ii) any partnership (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b) the only general partners of
which are that Person or one or more Subsidiaries of that Person (or any
combination thereof).

          “Successor
Issuer” shall have the meaning set forth in Article 4.

          “Transfer”
shall have the meaning set forth in Article 2.

          “UK
Borrowers” means Ravenstock MSG Limited, a company formed under the laws of
England
and Wales, and any other Person that becomes a “Borrower” pursuant to the UK
Credit Agreement.

          “UK
Credit Agreement” shall have the meaning set forth in the US Credit
Agreement.

          “US
Borrowers” means Mobile Storage Group, Inc., a Delaware corporation, and
Mobile Services Group Inc., a Delaware corporation, and any other Person that
becomes a “Borrower” pursuant to the US Credit Agreement.

          “US
Credit Agreement” means the Credit Agreement, dated as of the Issue Date
among the
Issuer, the US Borrowers, as US Borrowers, MSG WC Intermediary Co., the various
financial
institutions named therein as lenders, The CIT Group/Business Credit, Inc., as Administrative Agent,
CIT Capital Securities LLC and Lehman Brothers Inc. as Joint Lead Arrangers, Lehman
Brothers Inc. as Sole Bookrunner and Syndication Agent and Wachovia Bank, National
Association as Documentation Agent.

          “Voting
Securities” means, with respect to any Person, Capital Securities 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.

          “WCAS
CPIV” means WCAS Capital Partners IV, L.P., a Delaware limited partnership.

          Terms
used and not otherwise defined herein shall have the meaning assigned to them
in the
Note Purchase Agreement.

ARTICLE 4

SUCCESSOR ISSUER; MERGER

          The
Issuer will not consolidate with or merge with or into, or convey, transfer or
lease, in one transaction or a series of transactions, all or substantially all its
assets to, any Person, other than in a transaction permitted pursuant to Section
6.1 of the Note Purchase Agreement.

          The
resulting, surviving or transferee Person in any such transaction (“Successor
Issuer”) will succeed to, and be substituted for, and may exercise every right
and power of, the Issuer under this Note, but the predecessor Issuer in the case
of a conveyance, transfer or lease of all its

6

assets
or substantially all its assets will be released from its obligations under
this Note, including without limitation the obligation to pay the principal of and
interest on this Note.

ARTICLE 5 

NO REISSUANCE OF NOTE

          No
Notes acquired by the Issuer by reason of redemption, purchase, conversion or otherwise shall be
reissued, and all such Notes shall be retired. No additional Notes (other than
the Note issued pursuant to the terms of the Note Purchase Agreement) shall be
authorized or issued without the consent of WCAS CPIV.

ARTICLE 6 

OBLIGATIONS ABSOLUTE

          No
provision of this Note shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of, and interest on,
this Note at the time, place and rate, and in the manner, herein prescribed.

ARTICLE 7 

WAIVERS OF DEMAND, ETC.

          The
Issuer hereby expressly waives (to the extent permitted by applicable law) demand
and
presentment for payment, notice of nonpayment, protest, notice of protest,
notice of dishonor,
notice of acceleration or intent to accelerate, bringing of suit and diligence
in taking any
action to collect amounts called for hereunder and will be directly and
primarily liable for the payment of all sums owing and to be owing hereon, regardless of and
without any notice, diligence, act or omission as or with respect to the
collection of any amount called for hereunder.

ARTICLE 8 

REPLACEMENT NOTES

          In
the event that the Holder notifies the Issuer that this Note has been lost,
stolen or destroyed, a replacement Note identical in all respects to the original
Note (except for registration number and Outstanding Principal Amount, if different than
that shown on the original Note) shall be issued by the Issuer to the Holder; provided
that the Holder executes and delivers to the Issuer an agreement reasonably
satisfactory to the Issuer to indemnify the Issuer from any loss incurred
by it in connection with such lost, stolen or destroyed Note.

7

ARTICLE 9 

PAYMENT OF EXPENSES

          The
Issuer agrees to pay all reasonable expenses, including reasonable attorneys’
fees, which may be incurred by the Holder hereof in enforcing the provisions of
this Note and/or collecting any amount due under this Note.

ARTICLE 10

SAVINGS CLAUSE

          In
case any provision of this Note is held by a court of competent jurisdiction to
be excessive
in scope or otherwise invalid or unenforceable, such provision shall be adjusted
rather than
voided, if possible, so that it is enforceable to the maximum extent possible,
and the validity and enforceability of the remaining provisions of this Note will not in
any way be affected or impaired
thereby.

ARTICLE 11 

ENTIRE
AGREEMENT; AMENDMENTS

          This
Note, the Note Purchase Agreement, the Senior Agreements and the other agreements referred to
herein and therein constitute the full and entire understanding and agreement
between the Issuer and the Holder with respect to the subject hereof. Neither
this Note
nor any term hereof may be amended, waived, discharged or terminated other than
in accordance
with the terms of the Note Purchase Agreement.

ARTICLE 12 

NO WAIVER

          No
failure on the part of the Holder to exercise, and no delay in exercising, any
right, remedy or power hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise by the Holder of any right, remedy or power hereunder preclude
any other or future exercise of any other right, remedy or power. Each and
every right, remedy or power hereby granted to the Holder or allowed it by law or
other agreement shall be cumulative and not exclusive of any other, and may be exercised by the
Holder from time to time.

ARTICLE 13 

NOTICES

          Unless
otherwise provided herein, all notices, demands or other communications to be given or delivered under
or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have
been given when delivered personally to the recipient, sent to the recipient by reputable
overnight courier service (charges prepaid) or mailed to the recipient by

8

certified
or registered mail, return receipt requested and postage prepaid. Such notices,
demands and other communications shall be sent to the Issuer at the addresse
indicated below:

	
   

  	
   

  
	
  MSG
  WC Holdings Corp.

  
	
  c/o
  Welsh, Carson, Anderson & Stowe

  
	
  320
  Park Avenue

  
	
  Suite
  2500

  
	
  New
  York, NY 10022

  
	
  Facsimile:
  (212) 893-9575

  
	
  Attention:

  	
  Sanjay
  Swani

  
	
   

  	
  Michael
  Donovan

  
	
   

  
	
  and to:

  
	
   

  
	
  Kirkland & Ellis LLP 

  
	
  153 East 53rd Street 

  
	
  New
  York, NY 10022 

  
	
  Facsimile:

  	
  (212)
  446-6460 

  
	
  Attention:

  	
  Michael
  Movsovich, Esq. 

  
	
   

  	
  Christopher Butler, Esq.

  

or to such other address or
to the attention of such other person as the recipient party has specified by prior written notice to the sending
party.

          If
to the Holder, to its address and facsimile number appearing in the Notes
Register which, in the case of the initial Holder, shall be as set forth in Section
2.5 the Note Purchase Agreement, with copies to such Holder’s representatives as
set forth in such section of the Note Purchase Agreement, or to such other address
and/or facsimile number and/or to the attention of such other Person as the
recipient party has specified by written notice given to each other party five
days prior to the effectiveness of such change. Written confirmation of receipt
(A) given by the
recipient of such notice, consent, waiver or other communication, (B)
mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by a courier or overnight courier service shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.

ARTICLE 14 

HOME
OFFICE PAYMENT; MISCELLANEOUS

          Section
14.01. Home Office Payment. The
Issuer shall make all payments due on this Note immediately
available funds to a bank account of the Holder specified in writing by the Holder to the Issuer.

9

          Section
14.02. Miscellaneous. Whenever
the sense of this Note requires, words in the singular shall be deemed
to include the plural and words in the plural shall be deemed to include the singular. Paragraph
headings are for convenience only and shall not affect the meaning of this document.

ARTICLE 15 

CHOICE OF LAW AND VENUE; WAIVER OF .JURY
TRIAL

          This
Note shall be governed by and construed in accordance with the law of the State
of New
York. The Issuer and, by accepting this Note, the Holder hereby irrevocably
consents to the
jurisdiction of the United States District Court for the Southern District of
New York or any New York State court sitting in New York City (and of the appropriate
appellate courts therefrom) in any suit, action or proceeding seeking to enforce any
provision of, or based on any suit, action or proceeding arising out of or in
connection with, this Note or the transactions contemplated hereby and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the
laying of the venue of any such suit, action or proceeding in any such court or
that any such suit, action or proceeding which is brought in any such court has been
brought in an inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Article 14 shall be
deemed effective service of process on such party. EACH OF THE ISSUER AND, BY ACCEPTING
THIS NOTE, THE HOLDER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL, BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS NOTE.

[END OF PAGE] 

[SIGNATURE PAGE FOLLOWS]

10

SIGNATURE PAGE TO SENIOR SUBORDINATED NOTE DUE 2015

          IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its
officer thereunto duly authorized.

Dated: August 1, 2006

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MSG WC HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  

  
	
   

  	
   

  	
  

  	
  

  
	
   

  	
   

  	
  Name:

  	
  Christopher A. Wilson

  
	
   

  	
   

  	
  Title:

  	
  Assistant Secretary

  
	
   

  	
   

  	
  Address:

  	
  c/o Welsh, Carson,

  
	
   

  	
   

  	
   

  	
  Anderson & Stowe 

  320 Park Avenue 

  Suite 2500 

  New York, NY 

  10022-6815

  
	
   

  	
   

  	
  Telephone:

  	
  (212) 893-9500

  
	
   

  	
   

  	
  Facsimile:

  	
  (212) 893-9575Exhibit 4.5

EXECUTION COPY 

MSG WC HOLDINGS CORP.

STOCKHOLDERS AGREEMENT

                    THIS
STOCKHOLDERS AGREEMENT (this “Agreement”)
is made as of August 1, 2006 by and among (i) MSG WC Holdings Corp., a Delaware
corporation (the “Company”), (ii) Welsh, Carson, Anderson & Stowe
X, L.P., a Delaware limited partnership (“WCAS X”), (iii) WCAS Capital Partners IV, L.P., a Delaware limited
partnership (“CP IV”), (iv) WCAS Management Corporation, a Delaware corporation (“WCAS
Management Corporation”), (v) de Nicola Holdings, L.P. (together with WCAS X, CP IV and WCAS Management Corporation, the
“WCAS Investors”),
(vi) the Persons set forth on Schedule Aattached hereto as Co-Investors
(the “Co-Investors”), (vii) the Persons set forth on Schedule A attached
hereto as Management Stockholders (the “Management Stockholders” and
together with the WCAS Investors and the Co-Investors, the “Initial
Stockholders”), and (viii) each holder of Acquired Securities after the
date hereof (individually, an “Additional Stockholder” and collectively
the “Additional Stockholders”, together with the Initial Stockholders,
the “Stockholders”, and each
individually, a “Stockholder”). Unless otherwise specified herein, all
of the capitalized terms used herein are defined in Section 1 hereof.  

                    WHEREAS,
the WCAS Investors, the Co-Investors and certain Management Stockholders shall
purchase or acquire shares of Common Stock pursuant to a stock purchase
agreement between such purchasers and the Company dated as of the date hereof
(as such agreement may be amended or otherwise modified from time to time, the
“Purchase Agreement”) and the Company has granted options to purchase
shares of Common Stock to certain Management Stockholders pursuant to option
agreements dated as of the date hereof (the “Option Agreements”); and 

                    WHEREAS,
the Company and the Stockholders desire to enter into this Agreement for the
purposes, among others, of (i) establishing the composition of the Company’s
Board of Directors (the “Board”), (ii) assuring continuity in the
management and ownership of the Company and (iii) limiting the manner and terms
by which the Stockholder Shares may be transferred. The execution and delivery
of this Agreement is a condition to each purchaser’s purchase of the Common
Stock pursuant to the Purchase Agreement. 

                    NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as follows: 

                    1.
Definitions. 

                    “Acquired
Securities” has the meaning set forth in Section 13. 

                    “Additional
Stockholder” has the meaning set forth in the preamble. 

                    “Affiliate”
of any particular Person means any other Person controlling, controlled by or
under common control with such particular Person, where “control” means the
possession, 

1

directly or
indirectly, of the power to direct the management and policies of a Person
whether through the ownership of voting securities, contract or otherwise
(provided that the Company or any of its Subsidiaries shall not be deemed an
Affiliate of any Stockholder). 

                    “Agreement”
has the meaning set forth in the preamble. 

                    “Approved
Sale” has the meaning set forth in Section 9. 

                    “Attorney-In-Fact”
has the meaning set forth in Section 3. 

                    “Board”
has the meaning set forth in the preamble. 

                    “Co-Investors”
has the meaning set forth in the preamble. 

                    “Common
Stock” means the Company’s Common Stock, par value $0.01 per share. 

                    “Company”
has the meaning set forth in the preamble. 

                    ‘‘Electing
Offeree” has the meaning set forth in Section 5(a)(ii). 

                    “Election
Notice” has the meaning set forth in Section 5(a)(ii). 

                    “Election
Period” has the meaning set forth in Section 5(a)(ii). 

                    “Equity
Securities” of a Person means, as applicable, (i) any capital stock,
membership interests or other share capital of such Person, (ii) any securities
of such Person, directly or indirectly convertible into or exchangeable for any
capital stock, membership interests or other share capital of such Person or
containing any profit participation features with respect to such Person, (iii)
any rights or options directly or indirectly to subscribe for or to purchase any
capital stock, membership interests, other share capital of such Person or
securities containing any profit participation features with respect to such
Person or directly or indirectly to subscribe for or to purchase any securities
directly or indirectly convertible into or exchangeable for any capital stock,
membership interests, other share capital of such Person or securities
containing any profit participation features with respect to such Person, (iv)
any share appreciation rights, phantom share rights or other similar rights
relating to such Person, or (v) any Equity Securities of such Person issued or
issuable with respect to the securities referred to in clauses (i) through (iv) above in connection
with a combination of shares, recapitalization, merger, consolidation or other
reorganization. 

                    “Exempt
Transfer” means any Transfer pursuant to a Public Sale. 

                    “Family
Group” means, with respect to any natural person, such person’s spouse,
ancestors and descendants (whether natural or adopted) and any trust or other
entity (including a partnership or limited liability company) solely for the
benefit of such person and/or such person’s spouse, their respective ancestors
and/or descendants. 

2

                    “First
Refusal Notice” has the meaning set forth in Section 5(a)(i). 

                    
“Independent Third Party” means any Person who, immediately prior to
the contemplated transaction, (i) does not own in excess of five percent (5%)
of the Common Stock on a fully-diluted basis (any Person owning in excess of
five percent (5%) of the Common Stock on a fully-diluted basis being referred
to herein as a “5% Owner”), (ii) is not an Affiliate of any such 5%
Owner or any WCAS Investor, and (iii) is not a member of the Family Group of
any such 5% Owner. 

                    “Initial
Public Offering” means an initial public offering of shares of Common Stock
registered under the Securities Act. 

                    “Initial
Stockholders” has the meaning set forth in the preamble. 

                    “Management
Services Agreement” means the Management Services Agreement, dated as of
the date hereof, by and among the Company, Mobile Services Group, Inc. and WCAS
Management Corporation, as such agreement may be amended or otherwise modified
from time to time. 

                    “Management
Stockholders” has the meaning set forth in the preamble. 

                    “Maximum
Amount” has the meaning set forth in Section 11.  

                    “Merger
Agreement” means the Agreement and Plan of Merger, dated as of May 24,
2006, by and among the Company, MSG WC Acquisition Corp., Mobile Services Group
and Windward Capital Management, LLC (as stockholder representative), as such
agreement may be amended or otherwise modified from time to time. 

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

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

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

                    “Offered
Securities” has the meaning set forth in Section 10(a).

                    
“Offerees” has the meaning set forth in Section 5(a)(i).  

                    “Option
Agreements” has the meaning set forth in the recitals. 

    
                “Option Period” has
the meaning set forth in Section 11. 

                    “Other
Stockholders” has the meaning set forth in Section 5(b). 

3

                    “Permitted
Issuance” means any issuance of Equity Securities (i) to any director,
prospective director, employee, prospective employee or consultant of or to the
Company or any of its Subsidiaries pursuant to the Company’s 2006 Stock Option
Plan, any other equity incentive plan approved by the Board or any benefit plan
approved by the Board not made for the purpose of raising capital, (ii) as a
stock dividend or other pro rata distribution or upon any subdivision, split or
combination of outstanding Stockholder Shares, (iii) pursuant to an Initial
Public Offering, (iv) issued as consideration in any merger, acquisition or
joint venture with another business enterprise approved by the Board and the
WCAS Majority Holders, not made for the purpose of raising capital, (v) by any
Subsidiary of the Company to the Company or to any other Subsidiary of the
Company, (vi) to any debt financing source of the Company (so long as such
source is not an Affiliate of the Company (excluding CP IV and any of its
Affiliates, but including WCAS X) or holder of ten percent (10%) or more of any class of Equity
Securities of the Company and such debt financing is approved by the Board), in
connection with a so-called “equity-kicker,” and (vii) upon conversion,
exchange or redemption of any outstanding convertible or exchangeable
securities issued in accordance with the terms of this Agreement and the terms
of such securities. 

                    “Permitted
Transferee” has the meaning set forth in Section 5(c). 

                    “Person”
means an individual, a partnership, a corporation, a limited liability company,
an association, a joint stock company, a trust, a joint venture, an
unincorporated organization and a governmental entity or any department, agency
or political subdivision thereof. 

                    “PR
Notice” has the meaning set forth in Section 10(a). 

                    “Public
Sale” means any sale of Stockholder Shares to the public pursuant to an
effective registration statement or to the public through a broker, dealer or
market maker on a securities exchange or in the over-the-counter market
pursuant to the provisions of Rule 144 (if such rule is available) adopted
under the Securities Act (or any other similar rule or rules then in effect); provided,
that a Public Sale shall not include an offering made in connection with a
business acquisition or combination pursuant to a registration statement on
Form S-4 or any similar form, or an employee benefit plan pursuant to a
registration statement on Form S-8 or any similar form. 

                    “Purchase
Agreement” has the meaning set forth in the recitals. 

                    “Purchasing
Holder” has the meaning set forth in Section 10(e). 

                    “Sale
Notice” has the meaning set forth in Section 5(b). 

                    “Sale
of the Company” means the sale of the Company, including in one transaction
or a series of related transactions, to an Independent Third Party or group of
Independent Third Parties pursuant to which such party or parties acquire (i)
Equity Securities of the Company representing more than 50% of the voting power
of all outstanding voting equity interests (whether by way of merger or
consolidation or otherwise), together with the loss by 

4

WCAS X and its
Affiliates, collectively, to elect a majority of the Board, or (ii) all or
substantially all of the assets of the Company and its Subsidiaries determined
on a consolidated basis. 

                    “SEC”
means the Securities and Exchange Commission. 

                    “Securities
Act” means the Securities Act of 1933, as amended from time to time. 

                    “Selling
Investor Stockholder” has the meaning set forth in Section
5(b). 

                    “Stockholder
Shares” means (i) any Common Stock issued to or acquired by the Stockholders
on or after the date hereof and (ii) any Equity Securities of the Company
issued or issuable directly or indirectly with respect to the securities
referred to in clause (i) above by way of stock dividend or stock split or in
connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization. As to any particular shares constituting
Stockholder Shares, such shares will cease to be Stockholder Shares when they
have been sold in a Public Sale. For purposes of this Agreement, except as
otherwise set forth herein, a Person will be deemed to be a holder of
Stockholder Shares whenever such Person has the right to acquire directly or
indirectly such Stockholder Shares (upon conversion or exercise (without
duplication) in connection with a transfer of securities or otherwise, but
disregarding any restrictions or limitations upon the exercise of such right),
whether or not such acquisition has actually been effected. 

                    “Stockholders”
has the meaning set forth in the preamble. 

                    “Sub
Board” has the meaning set forth in Section 2(a). 

                    “Sub
Debt” means the indebtedness under the Note Purchase Agreement, dated as of
the date hereof, by and among the Company and the purchasers party thereto, as
such agreement may be amended or otherwise modified from time to time. 

                    “Subject
Shares” has the meaning set forth in Section 5(a)(i). 

                    “Subsidiary”
means, with respect to any Person, any corporation, limited liability company,
partnership, association or other business entity of which (i) if a
corporation, a majority of the total voting power of shares of stock entitled
(without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person or a combination thereof, or (ii) if a limited liability
company, partnership, association or other business entity, a majority of the
limited liability company, partnership or other similar ownership interest
thereof is at the time owned or controlled, directly or indirectly, by any
Person or one or more Subsidiaries of that Person or a combination thereof. For
purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or
other business entity if such Person or Persons shall be allocated a majority
of limited liability company, partnership, association or other business entity
gains or losses or shall be or control the managing director or general partner
of such limited liability company, partnership, association or other business
entity.

5

                    “Transaction
Documents” means (i) this Agreement, (ii) the Merger Agreement, (iii) the
Management Services Agreement, (iv) the Registration Agreement, dated as of the
date hereof, between the Company and the Stockholders, (v) the Purchase
Agreement, (vi) the Amended and Restated Certificate of Incorporation of the
Company, (vii) the Employment Agreements, dated as of the date hereof, between
the Company and certain Management Stockholders, and (viii) the Option
Agreements. 

                    “Transfer”
has the meaning set forth in Section 5.  

                    “Transferring
Stockholder” has the meaning set forth in Section 5(a)(i).  

                    “WCAS
Directors” has the meaning set forth in Section 2(a).  

                    “WCAS
Investors” has the meaning set forth in the preamble. 

                    “WCAS
Majority Holders” means a Stockholder or Stockholders which holds or hold,
as the case may be, a majority of the WCAS Shares. 

                    “WCAS
Purchase Right” has the meaning set forth in Section 11.

                    “WCAS
Shares” means any of the Stockholder Shares held by the WCAS Investors or any
of their Affiliates, and any other Person to whom such shares are transferred.  

                    “WCAS
X” has the
meaning set forth in the preamble. 

                    “Wholly-Owned
Subsidiary” means, with respect to any Person, a Subsidiary of which all of
the outstanding capital stock or other ownership interests are owned by such
Person or another Wholly-Owned Subsidiary of such Person. 

                    2.
Board of
Directors. 

                    (a)
Until the provisions of this Section 2 cease to be effective, each
Stockholder shall vote all of his, her or its Stockholder Shares which are
voting shares and any other voting securities of the Company over which such
Stockholder has voting control and, to the extent permitted by applicable law,
shall take all other necessary or desirable actions within his, her or its
control (whether in such Stockholder’s capacity as a stockholder, director,
member of a board committee or officer of the Company or otherwise, and
including, without limitation, attendance at meetings in person or by proxy for
purposes of obtaining a quorum and execution of written consents in lieu of
meetings, but which shall not include converting or exercising any securities
or option convertible or exercisable for voting shares), and the Company shall
take all necessary or desirable actions within its control (including, without
limitation, calling special board and stockholder meetings), so that: 

	
 

	
 

	
 

	
                    (i)
  the Board, and the boards of directors of each of MSG WC Intermediary, Mobile
  Services Group, and Mobile Storage Group, shall be comprised of at least five
  (5) and up to nine (9) directors
  or such other maximum number, not less than five (5), determined by the WCAS
  Majority Holders from time to time; 

6

	
 

	
 

	
 

	
 

	
                    (ii)
  the following individuals shall be elected to the Board: 

	
 

	
 

	
 

	
 

	
          (A)
  the then duly elected and acting chief executive officer of the Company, who
  initially shall be Douglas A. Waugaman; 

	
 

	
 

	
 

	
 

	
 

	
          (B)
  up to six (6) representatives
  designated by the WCAS Majority Holders, four (4) of whom initially shall be
  Anthony J. de Nicola, Ronald Valenta and James Robertson; 

	
 

	
 

	
 

	
 

	
 

	
          (C)
  one (1) representative designated by WCAS X who initially shall be Sanjay
  Swani; and 

	
 

	
 

	
 

	
 

	
 

	
          (D)
  one (1) representative designated by CP IV who initially shall be Michael
  Donovan (such representative, and the representatives referred to in Sections
  2(a)(ii)(B) and 2(a)(ii)(C), the “WCAS Directors”); 

	
 

	
 

	
 

	
 

	
                    (iii)
  at all times, the board of directors of each of the Company’s Subsidiaries (a
  “Sub Board”), except for the Sub Board of LIKO Luxembourg
  International S.à.r.l., shall be comprised of (A) two (2) representatives
  designated by the WCAS Majority Holders, who shall initially be Sanjay Swani
  and Michael Donovan and (B) the Company’s CEO, who shall initially be Douglas
  A. Waugaman; 

	
 

	
 

	
 

	
                    (iv)
  the Sub Board of LIKO Luxembourg International S.a.r.1. shall be comprised of
  (A) two (2) managers
  of Category A, who shall initially be Dominique Ransquin and Romain Thillens
  and (B) three (3) managers of
  Category B, who shall be comprised of (x) two (2) representatives designated
  by the WCAS Majority Holders, who shall initially be Sanjay Swani and Michael
  Donovan and (y) the Company’s Assistant Secretary, who shall initially be
  Christopher Wilson; 

	
 

	
 

	
 

	
                    (v)
  any committees of the Board or a Sub Board shall be created only upon the
  approval of a majority of the members of the Board and the composition of
  each such committee shall, except as provided below, be proportionately
  equivalent to that of the Board; provided, that any such committee
  shall include at least one (1) WCAS Director, unless no such director is
  willing to serve on such committee; 

	
 

	
 

	
 

	

                    (vi)
any director other than the CEO shall be removed from the Board, a Sub Board
or any committee thereof (with or without cause) at the written request of
the stockholder or Stockholders who has or have, as the case may be, the
right to designate such director hereunder, but only upon such written
request and under no other circumstances (in each case, determined on the
basis of a vote or consent of the relevant Stockholders); provided, that if
any director elected pursuant to subparagraph (ii)(A) above ceases to be an
employee of the Company and its Subsidiaries, he shall be removed as a
director promptly after his employment ceases;  

	
 

	
 

	
 

	
                    (vii)
  in the event that any representative designated hereunder ceases to serve as
  a member of the Board or a Sub Board during his term of office, the resulting
  vacancy on the Board or the Sub Board shall be filled by a representative
  designated by 

7

	
 

	
 

	
 

	
the
  Stockholder or Stockholders who has or have, as the case may be, the right to
  designate the director who ceases to serve;

	
 

	
 

	
 

	
                    (viii)
  a quorum for a meeting of the Board, any Sub Board or committee of the Board
  or any Sub Board shall not exist unless at least one (1) WCAS Director is
  present in person or by proxy, and in the case of the Executive Committee, at
  least two (2) WCAS Directors; 

	
 

	
 

	
 

	
                    (ix)
  the Board shall establish and at all times maintain a Compensation Committee
  and an Audit Committee composed of such directors as are designated by the
  Executive Committee; and 

	
 

	
 

	
 

	

                    (x)
the Board shall establish and at all times maintain an Executive Committee
consisting of five (5) directors, composed of the then duly elected and
acting chief executive officer of the Company (who shall initially be Douglas
A. Waugaman), the director designated by WCAS X (who shall initially be
Sanjay Swani), the director designated by CP IV (who shall initially be
Michael Donovan) and two (2) directors designated by the WCAS Majority
Holders (who shall initially be Anthony J. de Nicola and Jim Martell), and
provided that the prior written approval of the Executive Committee will be
required with respect to any action set forth on Exhibit A hereto proposed to
be taken by the Company or any of its Subsidiaries.  

                    (b)
The Company shall pay the reasonable out-of-pocket expenses incurred by each
director in connection with attending the meetings of the Board, any Sub Board
and any committee thereof. 

                    (c)
In the
event that any provision of the Company’s bylaws or certificate of
incorporation is inconsistent with any provision of this Section 2, the Stockholders shall take such action as may be
necessary to
amend any such provision in the Company’s bylaws or certificate of
incorporation to remedy such inconsistency. 

                    (d)
If any party fails to designate a representative to fill a directorship
pursuant to the terms of this Section 2, such directorship shall remain vacant
until such party exercises its right to designate a director hereunder.  

                    3.
Irrevocable Proxy. In order to secure each Stockholder’s
obligation to vote his, her or its Stockholder Shares and other voting
securities of the Company in accordance with the provisions of Sections 2
and 9 hereof, each
Stockholder hereby appoints each of Sanjay Swani and Michael Donovan (each, an
“Attorney-In-Fact”) as such Stockholder’s true and lawful proxy and
attorney-in-fact, with full power of substitution, to (i) vote all of his, her
or its Stockholder Shares and other voting securities of the Company for the election
and/or removal of directors and all such other matters as expressly provided for in Sections 2 and 9 and (ii) execute
any documents in order
to effect an Approved Sale (as defined below) as provided for in Section 9. Each Attorney-In-Fact may exercise the
irrevocable proxy
granted to him hereunder at any time any Stockholder fails to comply with the
provisions of this Agreement. The proxies and powers granted by each
Stockholder pursuant to this Section 3 are coupled
with an interest and 

8

are given to
secure the performance of each Stockholder’s obligations under this Agreement.
Such proxies and powers shall be irrevocable and shall survive the death,
incompetency, disability, bankruptcy or dissolution of such Stockholder and the
subsequent holders of his, her or its Stockholder Shares. 

                    4.
Representations and Warranties. Each Stockholder represents and warrants
that (i) effective as of the date hereof such Stockholder is the record owner
of the number of Stockholder Shares set forth opposite its name on Schedule
A attached hereto (assuming all options therefore have become fully
vested), free and clear of all liens and encumbrances, (ii) this Agreement has
been duly authorized, executed and delivered by such Stockholder and constitutes
the valid and binding obligation of such Stockholder, enforceable in accordance
with its terms, and (iii) such Stockholder has not granted and is not a party
to any proxy, voting trust or other agreement which is inconsistent with,
conflicts with or violates any provision of this Agreement. No holder of
Stockholder Shares shall grant any proxy or become party to any voting trust or
other agreement which is inconsistent with, conflicts with or violates any
provision of this Agreement. 

                    5.
Restrictions on Transfer of Stockholder Shares. Subject to Section 6, no Management Stockholder or
Co-Investor shall sell, transfer, assign, pledge or otherwise dispose of
(whether with or without consideration and whether voluntarily or involuntarily
or by operation of law) any interest in his, her or its Stockholder Shares (a “Transfer”)
at any time without the prior written consent of the WCAS Majority Holders
(such consent not to be unreasonably withheld in the event that a Management
Stockholder intends to make a Transfer of Stockholder Shares in order to
address an extreme, demonstrable and extraordinary financial need), except
pursuant to the provisions of Section 5(c) (Permitted Transfers), or Section 9 (Sale of the Company) or pursuant to a Public Sale in connection
with or following an Initial Public Offering. Each WCAS Investor may Transfer
his or its Stockholder Shares, subject to Section 5(b). No Stockholder
shall consummate any Transfer (other than in connection with a Public Sale as
contemplated above) until 30 days after the later to occur of the delivery to
the Company and the other Stockholders of such Stockholder’s (i) First Refusal
Notice or (ii) Sale Notice (if any), unless the parties to the Transfer have
been finally determined pursuant to this Section 5 prior to the expiration of such 
30-day period.  

                    (a)
First Refusal Right. 

	
 

	
 

	
 

	

                    (i)
Subject to Sections 5(c) and 6, to the extent the WCAS Majority
Holders consent to such Transfer, at least 30 days prior to any Transfer of
any Stockholder Shares (other than an Exempt Transfer or a Transfer pursuant
to a Sale of the Company) by a Management Stockholder or Co-Investor, the
transferring Management Stockholder or Co-Investor (the “Transferring Stockholder”)
shall deliver a written notice (a “First Refusal Notice”) to the
holders of WCAS Shares and, in the case of a proposed Transfer by a
Management Stockholder, to the Co-Investors. With respect to any such notice,
(i) in the case of any proposed Transfer by a Co-Investor, the holders of
WCAS Shares are collectively referred to as the “Offerees,” and (ii)
in the case of any proposed Transfer by a Management Stockholder, the holders
of WCAS Shares and the Co-Investors are collectively referred to as the
“Offerees.” The First Refusal Notice shall  

9

	
 

	
 

	
 

	
disclose in
  reasonable detail the proposed number of Stockholder Shares to be transferred
  (such shares being herein referred to as the “Subject Shares”), the
  proposed terms and conditions of the Transfer and the identity of the
  proposed transferee(s). The Transferring Stockholder will not deliver a First
  Refusal Notice to the Offerees unless and until it has received a bon fide offer from the named proposed
  transferee(s) to effect the Transfer in question. The purchase price
  specified in any First Refusal Notice shall be payable solely in cash at the
  closing of the transaction or in installments over time.

	
 

	
 

	
 

	

                    (ii)
After receipt of a First Refusal Notice, each Offeree may elect to purchase
all or a portion of the Subject Shares specified in the First Refusal Notice
at the price and on the terms specified therein, by delivering written notice
of such election (the “Election Notice”) to the Transferring
Stockholder within 20 days (the “Election Period”) after delivery of
the First Refusal Notice (each such electing Offeree being referred to herein
as an “Electing Offeree”). Such Election Notice shall constitute a
firm offer to purchase the Subject Shares and shall remain open for a minimum
of 90 days following the expiration of the Election Period. Each Offeree
shall be entitled to purchase a number of Subject Shares equal to the product
of (i) the quotient determined by dividing (A) the number of Stockholder
Shares owned by such Offeree by (B) the aggregate number of Stockholder
Shares owned by all Offerees (excluding for this purpose any Stockholder
Shares of any Offeree underlying options or convertible securities that have
not been exercised or converted), multiplied by (ii) the aggregate number of
Subject Shares. In addition, each Electing Offeree that designated in its
Election Notice that it desires to acquire Subject Shares that other Offerees
declined to purchase shall be entitled to purchase an additional number of
Subject Shares equal to the product of (i) the quotient determined by
dividing (A) the number of Stockholder Shares owned by such Electing Offeree
by (B) the aggregate number of Stockholder Shares owned by all Electing
Offerees (excluding for this purpose any Stockholder Shares of any Electing
Offeree underlying options or convertible securities that have not been
exercised or converted), multiplied by (ii) the aggregate number of Subject
Shares that other Offerees declined to purchase. Thereafter, any unallocated
Subject Shares specified in the First Refusal Notice will be further
allocated in a similar manner as may be necessary until all of the Subject
Shares have been allocated; provided, that in any event, no Electing Offeree
will be allocated more than the maximum number of Subject Shares that such
Electing Offeree specified in its Election Notice.  

	
 

	
 

	
 

	
                    (iii)
  If the Offerees, in the aggregate, have elected to purchase from the
  Transferring Stockholder all but not less than all of the Subject Shares,
  then the Transfer of such shares to the Offerees shall be consummated as soon
  as practical after the delivery of the Election Notice(s) to the Transferring
  Stockholder, but in any event within ten (10) days after the expiration of
  the Election Period. If the Electing Offerees have not elected to purchase
  all of the Subject Shares being offered, then the Transferring Stockholder
  may, within 90 days after the expiration of the Election Period, Transfer all
  of the Subject Shares to the proposed transferee(s) named in the First
  Refusal Notice at the price specified in the First Refusal Notice and on
  terms no more favorable to the proposed transferee(s) than those specified in
  the First Refusal Notice. If such Subject Shares are not so transferred
  within such 90-day period, than they shall be reoffered to the Offerees 

10

	
 

	
 

	
 

	
under this Section
  5(a) prior to any subsequent Transfer (other than an Exempt Transfer or a
  Transfer pursuant to a Sale of the Company).

                    (b)
Tag Along Rights. Subject to Sections 5(c) and 6, at least fifteen (15) business days prior to any Transfer
(other than an Exempt Transfer) by any WCAS Investor (the “Selling Investor
Stockholder”) of any Stockholder Shares, such Selling Investor Stockholder
shall deliver a written notice (the “Sale Notice”) to the Company and
each other Stockholder (the “Other Stockholders”), specifying in
reasonable detail the identity of the prospective Transferee(s), the number and
class of Stockholder Shares to be so Transferred and any other material terms
and conditions of the Transfer. The Other Stockholders may elect to participate
in the contemplated Transfer by delivering written notice to the Selling
Investor Stockholder within ten (10) business days after delivery of the Sale
Notice. If any Other Stockholder has elected to participate in such Transfer,
each of the Selling Investor Stockholders and such Other Stockholders shall be
entitled to sell in the contemplated Transfer, at the same price and on the
same terms, a number of Stockholder Shares equal to the product of (i) the
quotient determined by dividing (A) the number of Stockholder Shares owned by
such Stockholder (including any shares underlying vested employee stock options
or securities convertible or exercisable for Stockholder Shares) by (B) the
aggregate number of Stockholder Shares owned by the Selling Investor
Stockholder and the Other Stockholders participating in such Transfer
(including any shares underlying vested employee stock options or securities
convertible or exercisable for Stockholder Shares), multiplied by (ii) the
aggregate number of Stockholder Shares to be sold in the contemplated Transfer.
Each Stockholder transferring Stockholder Shares pursuant to this Section
5(b) shall pay its pro rata share (based on the relative amounts of
proceeds received as a result of such Transfer) of the expenses incurred by the
Stockholders in connection with such Transfer. 

                    (c)
Permitted Transfers. The restrictions set forth in this Section 5
shall not apply with respect to any Transfer of Stockholder Shares by (i) any
Stockholder (x) in the case of a Stockholder that is a natural person, to such
Stockholder’s Family Group, including, without limitation, following such
person’s death, by will or pursuant to applicable laws of descent and
distribution or (y) in the case of any other Stockholder, (A) to its Affiliates
and its and their respective directors, officers and employees and (B) if such
Person is a partnership, corporation or a limited liability company, to its
partners, stockholders or members pursuant to the terms and conditions of its
partnership, corporate, limited liability company or other organizational
documents, (ii) any Co-Investor that holds Sub Debt to any Person to whom such
holder is transferring a pro rata portion of such debt held by such holder, based on
the portion of the debt being transferred, or (iii) WCAS X or WCAS Management Corporation, up
to an aggregate of $300,000 of Common Stock (based on the issuance price
thereof pursuant to the Purchase Agreement) to Jim Martell (or an investment
vehicle designated by Jim Martell), provided that such Transfer must be
completed within nine (9) months
of the date hereof. Prior to any proposed transferee’s acquisition of
Stockholder Shares pursuant to a Transfer permitted by this Section 5(c),
such proposed transferee must agree to take such Stockholder Shares subject to
and fully bound by the terms of this Agreement applicable to such Stockholder
Shares by executing a joinder to this Agreement substantially in the form
attached hereto as Exhibit B and delivering such executed joinder to the
Secretary of the Company prior to the effectiveness of such Transfer (unless
such Transfer is pursuant to applicable laws of descent and distribution, in which
case, 

11

such executed
joinder shall be delivered to the Secretary of the Company as soon as
reasonably possible after such Transfer). All transferees acquiring Stockholder
Shares and executing a joinder in compliance with this Section 5(c) are
collectively referred to herein as “Permitted Transferees”. 

                    6.
Termination of Restrictions. The restrictions set forth in Section 5
shall continue with respect to each Stockholder Share until the earlier of (i)
the Transfer of such Stockholder Share in a Sale of the Company, or (ii) the
consummation of an Initial Public Offering. 

                    7.
Legend. 

                    (a)
In addition to any legend required by any other document, each certificate
evidencing Stockholder Shares and each certificate issued in exchange for or
upon the Transfer of any Stockholder Shares (if such shares remain Stockholder
Shares after such Transfer) shall be stamped or otherwise imprinted with a
legend in substantially the following form: 

THE SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON AUGUST 1, 2006, AND
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
THEREUNDER. THE TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS
SUBJECT TO THE CONDITIONS SPECIFIED IN THE STOCKHOLDERS AGREEMENT, DATED AS OF
AUGUST 1, 2006
AND AS AMENDED AND MODIFIED FROM TIME TO TIME, BETWEEN THE ISSUER (THE
“COMPANY”) AND CERTAIN INVESTORS, AND THE COMPANY RESERVES THE RIGHT TO REFUSE
THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH
RESPECT TO SUCH TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY THE
COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE. 

                    (b)
The Company shall imprint such legend on certificates evidencing Stockholder
Shares outstanding prior to the date hereof. Upon the request of any
Stockholder, the legend set forth above shall be removed from the certificates
evidencing any shares which cease to be Stockholder Shares. Upon the request of
any Stockholder, the Company shall remove the Securities Act portion of the
legend set forth above from the certificate or certificates for such
Stockholder Shares; provided, that such Stockholder Shares are eligible
(as reasonably determined by the Company) for sale pursuant to Rule 144(k) (or
any similar rule or rules then in effect) under the Securities Act. 

                    (c)
If requested by the Company, no Stockholder may Transfer any Stockholder Shares
(except pursuant to an
effective registration statement under the Securities Act) without first
delivering to the Company an opinion of counsel, reasonably acceptable in 

12

form and
substance to the Company, that registration under the Securities Act is not
required in connection with such Transfer. If such opinion of counsel further
states that no subsequent Transfer of such Stockholder Shares will require
registration under the Securities Act (including due to such Stockholder Shares
being eligible for sale pursuant to Rule 144 (or any similar rule or rules then
in effect) under the Securities Act), the Company will promptly upon such Transfer
deliver new certificates for such securities which do not bear the Securities
Act portion of the legend set forth in Section 7(a). 

                    8.
Transfer. Prior to transferring any Stockholder Shares (other
than in connection with a Public Sale or a Sale of the Company) to any Person,
the transferring Stockholder shall cause the prospective transferee to be bound
by this Agreement and to execute and deliver to the Company and the other
Stockholders a counterpart of this Agreement. 

                    9.
Sale of the Company. 

                    (a)
If the WCAS Majority Holders approve a Sale of the Company and deliver written
notice to the holders of Stockholders Shares invoking the provisions of this Section
9 (any such sale, an “Approved Sale”), the holders of Stockholders
Shares shall consent to, vote in favor of and raise no objections against the
Approved Sale (or the process associated therewith). 

                    (b)
If the Approved Sale is structured as (i) a merger or consolidation, each
holder of Stockholder Shares shall vote all of such holder’s Stockholder Shares
to approve such merger or consolidation, whether by written consent or at a
stockholders meeting (as requested by the Board) and waive all dissenter’s
rights, appraisal rights and similar rights in connection with such merger or
consolidation, (ii) a sale of stock, each holder of Stockholder Shares shall
agree to sell, and shall sell, all of such holder’s Stockholder Shares and
rights to acquire Stockholder Shares on the terms and conditions so approved by
the Board and the WCAS Majority Holders, or (iii) a sale of assets, each holder
of Stockholder Shares shall vote all of such holders Stockholder Shares to
approve such sale and any subsequent liquidation of the Company or other
distribution of the proceeds therefrom, whether by written consent or at a
stockholders meeting (as requested by the Board). 

                    (c)
In furtherance of the foregoing, each holder of Stockholder Shares shall take,
with respect to such holder’s Stockholder Shares, all necessary or desirable
actions requested by the WCAS Majority Holders in connection with the
consummation of the Approved Sale, including, without limitation, voting to
approve such transaction and the execution of such agreements and such
instruments and other actions reasonably necessary to provide customary
representations, warranties, indemnities and escrow arrangements relating to
such Approved Sale. Notwithstanding anything to the contrary contained in this Section
9, (i) each Co-Investor will only be required to make customary
representations and warranties with respect to itself and its ownership of the
Stockholder Shares, including due power and authority, enforceability, non-
contravention and title to and ownership of the Stockholder Shares, and (ii) no
Co-Investor shall be obligated to join in any indemnification obligation that
provides for the joint and several liability of such Co-Investor. In no event
shall any Stockholder be liable in respect of any indemnity obligations with
respect to such holder and the Company and its Subsidiaries in general pursuant
to any Approved Sale in an aggregate amount in excess of the total 

13

consideration
payable to such holder in such Approved Sale. In addition, the obligations of
each Stockholder with respect to the Approved Sale pursuant to Section 9
are subject to the satisfaction of the condition that each holder of
Stockholder Shares will receive the same form and amount of consideration with
respect to each Stockholder Share as each other holder receives with respect to
such holder’s Stockholder Shares of the same class or series, subject to the
terms of Management Agreement, the terms of this Agreement and customary
reimbursement for expenses incurred, and each Management Stockholder is
required to sell no more than the same proportion of the shares being sold by
each of the Investor Stockholders. In connection with any Transfer pursuant to
this Section 9, the Other Stockholders shall not be required to give any greater
representations or warranties than those given by the WCAS Investors. 

                    (d)
If the Company or the WCAS Majority Holders enter into any negotiation or
transaction for which Rule 506 (or any similar rule then in effect) promulgated
by the Securities Exchange Commission may be available with respect to such
negotiation or transaction (including a merger, consolidation or other
reorganization), each holder of Stockholder Shares that is not an “accredited
investor,” as that term is defined in Regulation D promulgated under the
Securities Act, shall at the request of the Company, appoint a “purchaser
representative”(as such term is defined in Rule 501) reasonably acceptable to
the Company. If any holder of Stockholder Shares appoints a purchaser
representative designated by the Company, the Company shall pay the fees of
such purchaser representative. However, if any holder of Stockholder Shares
declines to appoint the purchaser representative designated by the Company,
such holder shall appoint another purchaser representative (reasonably
acceptable to the Company), and such holder shall be responsible for the fees
of the purchaser representative so appointed. 

                    (e)
Subject to subparagraph (d) above, each holder of Stockholder Shares shall bear
its pro rata share (based upon the amount of consideration received or proposed
to be received in the Approved Sale) of the costs of any Approved Sale to the
extent such costs are incurred for the benefit of all such Stockholders and are
not otherwise paid by the Company or the acquiring party. Costs incurred by the
Stockholders on their own behalf will not be considered costs of the Approved
Sale; provided, that in any event the Company shall pay the attorney’s
fees and expenses of one (1) counsel chosen by the WCAS Majority Holders in
connection with the Approved Sale. 

                    10.
Subscription Rights. 

                    (a)
Except for any issuance of Equity Securities pursuant to a Permitted Issuance,
if the Company authorizes the issuance or sale of any of its Equity Securities
or any Equity Securities of any of its Subsidiaries (the “Offered Securities”)
to any WCAS Investor, the Company shall promptly deliver to each other
Stockholder a notice (the “PR Notice”) of its intention to sell or
otherwise issue Equity Securities setting forth a description and the number of
the Equity Securities and any other securities proposed to be issued and the
proposed purchase price and terms of sale. If the Equity Securities are to be offered
for property other than cash, the Board shall make a good faith determination
of the fair market value of the property proposed to be received for such
Equity Securities and such determination shall constitute the price at which
such Equity Securities will be offered for purposes of the PR Notice and this Section
10. Upon 

14

receipt of the
PR Notice, each Stockholder shall have the right to elect to purchase, at the
price and on the terms stated in the PR Notice, a portion of such Equity
Securities equal to the product of (i) the quotient determined by dividing (1)
the number of Stockholder Shares held by such Stockholder (including any shares
underlying vested employee stock options or securities convertible or
exercisable for Stockholder Shares) by (2) the aggregate number of Stockholder
Shares then held by all Stockholders (including any shares underlying vested
employee stock options or securities convertible or exercisable for Stockholder
Shares) multiplied by (ii) the number of Offered Securities proposed to issued;
provided, that notwithstanding anything contained herein to the
contrary, if the Company is issuing Equity Securities together as a unit with
the issuance of any debt securities of the Company or any of its Subsidiaries,
then any Stockholder who elects to purchase such Equity Securities pursuant to
this Section 10 must also purchase a corresponding proportion of such
other debt securities, all at the proposed purchase price and on terms of sale
as specified in the applicable PR Notice. The right of purchase provided to
each Stockholder in this Section 10(a) shall not apply to the issuance
of Common Stock to the WCAS Investors pursuant to the WCAS Purchase Right as
contemplated by Section 11 herein. 

                    (b)
In order to exercise its purchase rights hereunder, a Stockholder must, within
fifteen (15) business days after receipt of the PR Notice, deliver a written
notice to the Company describing its election hereunder. If all of the Equity
Securities offered to the Stockholders are not fully subscribed by such
Stockholders, the remaining Equity Securities shall be reoffered by the Company
to the Stockholders purchasing their full allotment upon the terms set forth in
this Section 10, except that such Stockholders must exercise their
purchase rights within five (5) business days after receipt of such reoffer. 

                    (c)
Upon the expiration of the offering periods described above, the Company shall
be entitled to sell such Equity Securities which the Stockholders have not
elected to purchase during the 90 days following such expiration on terms and
conditions no more favorable to the purchasers thereof than those specified in
the PR Notice. Any Equity Securities offered or sold by the Company after such
90-day period must be reoffered to the Stockholders pursuant to the terms of
this Section 10. 

                    (d)
The rights of the Stockholders under this Section 10 shall terminate
upon the consummation of an Initial Public Offering. 

                    (e)
Nothing in this Section 10 shall be deemed to prevent any WCAS Investor
or their respective Affiliates from purchasing for cash any Equity Securities
without first complying with the provisions of this Section 10; provided,
that (i) in connection with such purchase the delay caused by compliance with
the provisions of this Section 10 in connection with such investment
would be likely to cause harm to the Company (or the applicable Subsidiary);
(ii) the Company (or the applicable Subsidiary) gives prompt notice to the
other holders of Stockholder Shares, which notice shall describe in reasonable
detail the Equity Securities (and other securities, if any) being purchased by
the Person making such purchase (for purposes of this Section 10, the “Purchasing
Holder”) and the purchase price thereof and (iii) the Purchasing Holder and
the Company (or the applicable Subsidiary) take all steps necessary to enable
the holders of Stockholder Shares to effectively exercise their respective
rights under this 

15

Section 10 with respect to their purchase of a
pro rata share of the Equity Securities (and other securities, if any) issued
to the Purchasing Holder as promptly as reasonably practicable after such
purchase by the Purchasing Holder on the terms specified in Section 10(a).

                    11.
Certain Issuances of Additional Common Stock. In the event that the
Board determines at any time or from time to time commencing with the Closing
Date and ending on the first anniversary of the Closing Date (the “Option Period”)
that the Company requires or intends to raise additional equity capital to fund
(i) an acquisition of a business, line of business or assets or (ii) to support
internally generated growth, the WCAS Investors will have the exclusive right
and option (but not the obligation) to subscribe for and purchase, at the same
price and upon the same terms contained in the Purchase Agreement, all or any
portion of the first $25,000,000 in the aggregate (the “Maximum Amount”)
of such additional Common Stock (the “WCAS Purchase Right”). If the
Board makes such a determination and the WCAS Investors elect to exercise the
WCAS Purchase Right, the Company agrees that it will sell and issue shares of
Common Stock to the WCAS Investors at the same price and upon the same terms
contained in the Purchase Agreement. In the event that the Board determines
during the Option Period to pursue an acquisition or any undertaking to support
internal growth as contemplated by this Section 11, the WCAS Investors
will have the right to acquire any equity issued by the Company that relates to
such determination (subject to the Maximum Amount), whether or not the issuance
of such equity is consummated prior to the end of the Option Period. 

                    12.
Transfers in Violation of Agreement. Any Transfer or attempted Transfer
of any Stockholder Shares in violation of any provision of this Agreement shall
be void, and the Company shall not record such Transfer on its books or treat
any purported transferee of such Stockholder Shares as the owner of such shares
for any purpose. 

                    13.
Additional Parties; Joinder. Subject to Section5, the Company shall require any Person who
acquires any shares of Common Stock (whether from another Stockholder or from
the Company, including upon exercise or conversion of any Equity Securities)
after the date hereof (the “Acquired Securities”) to become a party to
this Agreement and to succeed to all of the rights and obligations of a “holder
of Stockholder Shares” under this Agreement by obtaining an executed joinder to
this Agreement from such Person in the form of Exhibit B attached
hereto. Upon the execution and delivery of the joinder by such Person, such
Person’s Acquired Securities shall be Stockholder Shares hereunder, and such
Person shall be a “holder of Stockholder Shares” under this Agreement with
respect to the Acquired Securities. Furthermore, to the extent such person (i)
is an employee of the Company or any of its Subsidiaries, or acquires such
Acquired Securities from a Management Stockholder, such Person shall be deemed
to be a “Management Stockholder” hereunder, (ii) acquires such Acquired
Securities from a Co-Investor, such Person shall be deemed to be a
“Co-Investor” hereunder, or (iii) acquires such Acquired Securities from a WCAS
Investor or its Transferees, such Person shall be deemed to be a “WCAS
Investor” hereunder. Each Additional Stockholder shall be added by the Company
to Schedule A attached hereto, and the Company shall amend and restate
such Schedule A from time to time to reflect the addition of such
Additional Stockholders; provided, that such amendment shall not be
subject to Section 15 of this Agreement. 

16

                    14.
Termination. This Agreement (including, without limitation, Section 3
hereof) will automatically terminate and be of no further force or effect
immediately after the consummation of an Approved Sale. 

                    15.
Amendment and Waiver. Except as otherwise provided herein, no
modification, amendment or waiver of any provision of this Agreement shall be
effective against the Company or the holders of Stockholder Shares unless such
modification, amendment or waiver is approved in writing by the Company and the
WCAS Majority Holders; provided, that any such modification, amendment
or waiver that materially and adversely affects any Stockholder or class of
Stockholders in a manner that does not similarly affect all similarly situated
Stockholders cannot be effected without the consent of such Stockholder or
class of Stockholders. The failure of any party to enforce any of the
provisions of this Agreement shall in no way be construed as a waiver of such
provisions and shall not affect the right of such party thereafter to enforce
each and every provision of this Agreement in accordance with its terms. 

                    16.
Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
the validity, legality or enforceability of any other provision of this Agreement
in such jurisdiction or affect the validity, legality or enforceability of any
provision in any other jurisdiction, but this Agreement shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 

                    17.
Entire Agreement. Except as otherwise expressly set forth herein,
this Agreement embodies the complete agreement and understanding among the
parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among
the parties, written or oral, which may have related to the subject matter
hereof in any way. 

                    18.
Successors and Assigns. Except as otherwise provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by the
Company and its successors and assigns and the Stockholders and any subsequent
holders of Stockholder Shares and the respective successors and assigns of each
of them, so long as they hold Stockholder Shares (and hold or have received
Stockholder Shares in accordance with the terms hereof). 

                    19.
Counterparts. This Agreement may be executed in multiple
counterparts (including by facsimile or electronic copy), each of which shall
be an original and all of which taken together shall constitute one and the
same agreement. 

                    20.
Remedies. The parties hereto shall be entitled to enforce their
rights under this Agreement specifically, to recover damages and costs
(including reasonable attorneys’ fees) caused by any breach of any provision of
this Agreement and to exercise all other rights existing in their favor. The
parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that the Company
or any Stockholder may in its sole discretion apply to any court of law or
equity of competent 

17

jurisdiction
for specific performance and/or injunctive relief (without posting a bond or
other security) in order to enforce or prevent any violation of the provisions
of this Agreement. 

                    21.
Notices. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement will be in
writing and will only be deemed to have been given when delivered personally,
sent via a nationally recognized overnight courier, or sent via facsimile to
the recipient. Such notices, demands and other communications will be sent to
each Stockholder at the addresses indicated on Schedule A, attached
hereto and to the Company at the address indicated below: 

	
 

	
 

	
 

	
 

	
To the
  Company:

	
 

	
 

	
 

	
MSG WC
  Holdings Corp.

	
 

	
c/o Welsh,
  Carson, Anderson & Stowe

	
 

	
320 Park
  Avenue

	
 

	
Suite 2500

	
 

	
New York, NY
  10022

	
 

	
Facsimile: 

	
(212)
  893-9575

	
 

	
Attention: 

	
Sanjay Swani

	
 

	
 

	
Jonathan M.
  Rather

	
 

	
and

	
 

	
 

	
 

	
MSG WC
  Holdings Corp.

	
 

	
c/o Mobile
  Storage Group, Inc.

	
 

	
7590 North
  Glenoaks Boulevard

	
 

	
Suite 101

	
 

	
Burbank, CA
  91504

	
 

	
Facsimile: 

	
(818) 253-3154

	
 

	
Attention: 

	
Douglas A.
  Waugaman

	
 

	
 

	
Christopher
  A. Wilson

	
 

	
 

	
 

	
With a copy
  (which shall not constitute notice to the Company) to:

	
 

	
 

	
 

	
Kirkland & Ellis
  LLP

	
 

	
153 East
  53rd Street

	
 

	
New York, NY
  10022

	
 

	
Facsimile: 

	
(212) 446-6460

	
 

	
Attention:

	
Michael
  Movsovich, Esq.

                    22.
Governing Law. Issues and
questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by, and construed in accordance with, the
laws of the State of Delaware, without giving effect to any choice of law or
conflict of law rules or provisions (whether of the State of Delaware or  

18

any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of Delaware. In furtherance
of the foregoing, the internal law of the State of Delaware shall control the
interpretation and construction of this Agreement, even though under Delaware’s
choice of law or conflict of law analysis, the substantive law of some other
jurisdiction would ordinarily apply. 

                    23.
Mutual Waiver of Jury Trial. As a specifically bargained inducement for each of
the parties to enter into this Agreement (with each party having had
opportunity to consult counsel), each party hereto expressly and irrevocably
waives the right to trial by jury in any lawsuit or legal proceeding relating
to or arising in any way from this Agreement or the transactions contemplated
herein, and any lawsuit or legal proceeding relating to or arising in any way to
this Agreement or the transactions contemplated herein shall be tried in a
court of competent jurisdiction by a judge sitting without a jury.

                    24.
Jurisdiction; Venue. Each of the parties hereto submits to the
jurisdiction of any state or federal court sitting in New York, New York, in
any action or proceeding arising out of or relating to this Agreement and
agrees that all claims in respect of the action or proceedings may be heard and
determined in any such court and hereby expressly submits to the personal
jurisdiction and venue of such court for the purposes hereof and expressly
waives any claim of improper venue and any claim that such courts are an
inconvenient forum. Each of the parties hereby irrevocably consent to the
service of process of any of the aforementioned courts in any such suit, action
or proceeding by the mailing of copies thereof by registered or certified mail,
postage prepaid, to its address set forth in Section 21. 

                    25.
Descriptive Headings. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement. 

                    26.
No Strict Construction. The language used in this Agreement shall be
deemed to be the language chosen by the parties hereto to express their mutual
intent, and no rule of strict construction shall be applied against any party. 

                    27.
No Third-Party Beneficiaries. This Agreement is for the sole benefit of
the parties hereto and their permitted successors and assigns and nothing
herein expressed or implied shall give or be construed to give any Person,
other than the parties hereto and such permitted successors and assigns, any
legal or equitable rights hereunder. 

                    28.
Further Assurances. Each party to this Agreement will execute and
deliver such further instruments and take such additional actions, as any other
party may reasonably request to effect, consummate, confirm or evidence the
transactions contemplated by this Agreement. 

* * * * *

19

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written. 

	
 

	
 

	
 

	
 

	
MSG WC
  HOLDINGS CORP. 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
Name:
  Christopher A. Wilson 

	
 

	
Title:
  Assistant Secretary

(Signature Page to Stockholders Agreement) 

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

	
 

	
 

	
 

	
 

	
WELSH, CARSON, ANDERSON &
  STOWE

	
 

	
X, L.P.

	
 

	
By: WCAS X Associates LLC, its
  General

	
 

	
Partner

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
 

	
Managing Member

	
 

	
 

	
 

	
WCAS CAPITAL PARTNERS IV, L.P.

	
 

	
By: WCAS CP IV Associates LLC,
  its General

	
 

	
Partner

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
 

	
Managing Member

	
 

	
 

	
 

	
WCAS MANAGEMENT CORPORATION

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
Name: Sanjay Swani

	
 

	
Title:
  Vice President

	
 

	
 

	
 

	
DE NICOLA HOLDINGS, LP

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
Name: Anthony de Nicola 

	
 

	
Title: General Partner

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

	
 

	
 

	
 

	
 

	
LB I GROUP INC. 

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
Name:
  Ashvin Rao 

	
 

	
Title: VP

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written.

	
 

	
 

	
 

	
 

	
CALIFORNIA
STATE TEACHERS’ 

	
 

	
RETIREMENT
SYSTEM 

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
Name:

	
 Elleen Y. Okada

	
 

	
Title:

	
Director of Global
  Equities and Operations

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

	
 

	
 

	
 

	
 

	
FOXKIRK,
  LLC

	
 

	
 

	
 

	
By: 

	
NML Securities Holdings, LLC,
  its Sole Member

	
 

	
 

	
 

	
 

	
By: 

	
The
  Northwestern Mutual Life

  Insurance Company, its Sole Member

	
 

	
 

	
 

	
 

	
By: 

	

	
 

	
 

	

	
 

	
Name:  Howard Stern 

	
 

	
Title:           Its Authorized
  Representative

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and
year first above written.

	
 

	
 

	
 

	
 

	
GRANDVIEW HOLDINGS, LP,

  a Delaware limited partnership

	
 

	
 

	
 

	
By:

	

	
 

	
 

	

	
 

	
Name:  James S. Robertson

	
 

	
Its:      General Partner

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written.

	
 

	
 

	
 

	

	
 

	

	
 

	
RONALD F. VALENTA

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

	
 

	
 

	
 

	

	
 

	

	
 

	
GILBERT GOMEZ

(Signature Page to Stockholders Agreement)

                    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

	
 

	
 

	
 

	

	
 

	

	
 

	
DOUGLAS A WAUGAMAN

(Signature Page to Stockholders Agreement)

SCHEDULE A

	
 

	
 

	
 

	
 

	
Names
and Addresses 

	
 

	
No. of  Stockholder

Shares 

	

	
 

	

	
 

	
 

	
 

	
WCAS Investors: 

	
 

	
 

	
 

	
 

	
 

	
Welsh,
  Carson, Anderson & Stowe X, L.P.

	
 

	
110,256.74

	
c/o
  Welsh, Carson, Anderson & Stowe 

	
 

	
 

	
250
  Park Avenue

	
 

	
 

	
Suite
  2500

	
 

	
 

	
New
  York, NY 10022

	
 

	
 

	
Facsimile:
  

	
(212) 893-9575

	
 

	
 

	
Attention: 

	
Sanjay Swani

	
 

	
 

	
 

	
Jonathan
  M. Rather

	
 

	
 

	
 

	
 

	
 

	
with a
  copy (which shall not constitute notice to WCAS X) to:

	
 

	
 

	
 

	
 

	
 

	
Kirkland
  & Ellis LLP

	
 

	
 

	
Citicorp
  Center

	
 

	
 

	
153
  East 53rd Street

	
 

	
 

	
New York, NY 10022-4675

	
 

	
 

	
Attention:
  

	
Michael
  Movsovich, Esq.

	
 

	
 

	
Facsimile:
  

	
(212) 446-6460

	
 

	
 

	
 

	
 

	
 

	
WCAS
  Capital Partners IV, L.P.

	
 

	
    5,325.00

	
c/o
  Welsh, Carson, Anderson & Stowe

	
 

	
 

	
250
  Park Avenue

	
 

	
 

	
Suite
  2500

	
 

	
 

	
New
  York, NY 10022

	
 

	
 

	
Facsimile:

	
(212) 893-9575

	
 

	
 

	
Attention:

	
Sanjay Swani

	
 

	
 

	
 

	
Jonathan
  M. Rather

	
 

	
 

	
 

	
 

	
 

	
 

	
with a
  copy (which shall not constitute notice to CP IV) to:

	
 

	
 

	
 

	
 

	
 

	
Kirkland
  & Ellis LLP

	
 

	
 

	
Citicorp
  Center

	
 

	
 

	
153
  East 53rd Street

	
 

	
 

	
New
  York, NY 10022-4675

	
 

	
 

	
Attention:
  

	
Michael
  Movsovich, Esq.

	
 

	
 

	
Facsimile:
  

	
(212) 446-6460

	
 

	
 

	
 

	
 

	
 

	
WCAS
  Management Corporation

	
 

	
         95.57

	
c/o
  Welsh, Carson, Anderson & Stowe

	
 

	
 

	
250
  Park Avenue 

	
 

	
 

	
Suite
  2500

	
 

	
 

	
New
  York, NY 10022

	
 

	
 

	
Facsimile:
  

	
(212) 893-9575

	
 

	
 

	
Attention: 

	
Sanjay Swani 

	
 

	
 

	
 

	
Jonathan
  M. Rather

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
with
  a copy (which shall not constitute notice to WCAS Management Corporation)
  to:

	
 

	
 

	
 

	
 

	
 

	
Kirkland
  & Ellis LLP

	
 

	
 

	
Citicorp
  Center

	
 

	
 

	
153
  East 53rd Street

	
 

	
 

	
New York, NY 10022-4675. 

	
 

	
 

	
Attention:
  

	
Michael
  Movsovich, Esq.

	
 

	
 

	
Facsimile:
  

	
(212)
  446-6460

	
 

	
 

	
 

	
 

	
 

	
de
  Nicola Holdings, L.P. 

	
 

	
       15.93

	
c/o
  Welsh, Carson, Anderson & Stowe

	
 

	
 

	
250
  Park Avenue

	
 

	
 

	
Suite
  2500

	
 

	
 

	
New
  York, NY 10022

	
 

	
 

	
Facsimile:
  

	
(212)
  893-9575

	
 

	
 

	
Attention:
  

	
Anthony
  de Nicola

	
 

	
 

	
 

	
 

	
 

	
 

	
with
  a copy (which shall not constitute notice to de Nicola Holdings, L.P.) to:

	
 

	
 

	
 

	
Kirkland
  & Ellis LLP

	
 

	
 

	
Citicorp
  Center 

	
 

	
 

	
153
  East 53rd Street

	
 

	
 

	
New
  York, NY 10022-4675

	
 

	
 

	
Attention:
  

	
Michael
  Movsovich, Esq.

	
 

	
 

	
Facsimile:
  

	
(212)
  446-6460

	
 

	
 

	
 

	
 

	
 

	
 

	
Co-Investors: 

	
 

	
 

	
 

	
 

	
 

	
California
  State Teachers’ Retirement System 

	
 

	
11,946.57

	
7667
  Folsom Blvd., MS-4

	
 

	
 

	
Sacramento,
  CA 95826-2614

	
 

	
 

	
Facsimile:

	
 

	
 

	
 

	
Attention: 

	
Richard Rose

	
 

	
 

	
 

	
 

	
 

	
 

	
with a
  copy (which shall not constitute notice to California State
  Teachers’ Retirement System) to:

	
 

	
 

	
 

	
 

	
 

	
Sheppard
  Mullin Richter & Hampton LLP
Four Embarcadero Center 

	
 

	
 

	
17th
  Floor

	
 

	
 

	
San
  Francisco, CA 94111-4106

	
 

	
 

	
Facsimile:
  

	
 (415)
  434-3947

	
 

	
 

	
Attention:
  

	
 William
  Manierre, Esq.

	
 

	
 

	
 

	
 

	
 

	
 

	
LBI
  Group Inc.

	
 

	
 7,964.38

	
c/o Lehman Brothers

	
 

	
 

	
399
  Park Avenue

	
 

	
 

	
New
  York, NY 10022

	
 

	
 

	
Facsimile:

	
 

	
 

	
 

	
Attention:
  

	
 Michael
  S. Kramer

	
 

	
 

	
 

	
 Ashvin Rao

	
 

	
 

	
	
	

	
 

	
 

	
 

	
 

	
FOXKIRK,
  LLC 

	
 

	
    4,260.00

	
c/o
  The Northwestern Mutual Life Insurance Company

	
 

	
 

	
720
  East Wisconsin Avenue

	
 

	
 

	
Milwaukee,
  Wisconsin 53202

	
 

	
 

	
Facsimile:
  

	
(414)
  665-5714

	
 

	
 

	
Attention: 

	
Lisa Cadotte

	
 

	
 

	
 

	
 

	
 

	
Ronald
  Valenta 

	
 

	
     4,000.00

	
c/o
  Mobile Storage Group, Inc.

	
 

	
 

	
7590
  North Glenoaks Boulevard

	
 

	
 

	
Burbank, CA 91504

	
 

	
 

	
Facsimile:
  

	
(818)
  253-3154

	
 

	
 

	
 

	
 

	
 

	
Grandview
  Holdings, LP 

	
 

	
    1,973.00

	
c/o
  Mobile Storage Group, Inc.

	
 

	
 

	
7590 North Glenoaks
  Boulevard

	
 

	
 

	
Burbank, CA 91504

	
 

	
 

	
Facsimile:

	
(818)
  253-3154

	
 

	
 

	
 

	
 

	
 

	
Management Stockholders:

	
 

	
 

	
 

	
 

	
 

	
Douglas Waugaman 

	
 

	
        998.00

	
c/o
  Mobile Storage Group, Inc.

	
 

	
 

	
7590
  North Glenoaks Boulevard

	
 

	
 

	
Burbank, CA 91504

	
 

	
 

	
Facsimile:
  

	
(818)
  253-3154

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Gilbert
  Gomez  

	
 

	
          41.00

	
c/o Mobile
  Storage Group, Inc.

	
 

	
 

	
7590
  North Glenoaks Boulevard

	
 

	
 

	
Burbank, CA 91504

	
 

	
 

	
Facsimile:

	
(818)
  253-3154

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
TOTAL

	
 

	
146,876.19

EXHIBIT A

Corporate Matters Requiring Approval of

the
Executive Committee of the Board of Directors 

	
 

	
 

	
1.

	
Adoption of any material
  amendment, modification or supplement of any of the certificate of
  incorporation, by-laws or other governance documents of the Company or any of its Subsidiaries or this list of
  Corporate Matters Requiring Approval of the Executive Committee of the Board of Directors.

	
 

	
 

	
2.

	
Adoption of, or any
  modification to, any annual operating plan (and each such operating budget shall present information on a
  monthly basis and shall include
  planned capital expenditures).

	
 

	
 

	
3.

	
Incurrence, assumption or any
  commitment for any indebtedness (other than under the Company’s existing facilities as of the date
  hereof) in excess of $1,000,000 aggregate principal amount outstanding at any time, refinancing or renewal of
  any indebtedness in excess of
  $1,000,000 aggregate principal amount or discharge, repayment (other than pursuant to regularly scheduled payments
  thereof) or cancellation of any indebtedness.

	
 

	
 

	
4.

	
Significant corporate actions
  including any merger, consolidation, other business combination, reorganization, recapitalization,
  sale or purchase of ownership interests, spin-off, liquidation, joint ventures, or making loans to or other
  investments in another entity.

	
 

	
 

	
5.

	
Any sale, lease or other
  disposition of assets having a fair market value (as determined in good faith by the Executive Committee of the
  Board) in excess of $500,000, in one
  transaction or a series of related transactions.

	
 

	
 

	
6.

	
Transactions between the
  Company and any Affiliate of the Company or any corporate officer at the Vice
  President or higher level.

	
 

	
 

	
7.

	
Issuance, redemption, repurchase
  or other disposition of any form of equity securities (except as contemplated by any of the
  Transaction Documents).

	
 

	
 

	
8.

	
Issuance, redemption, repurchase
  or otherwise disposition of any form of debt securities (except as contemplated by any of the Transaction
  Documents).

	
 

	
 

	
9.

	
Filing of any forms of
  registration statement with the SEC or any other significant financial disclosure document.

	
 

	
 

	
10.

	
Adoption of cash investment
  policies and other major treasury policies or any material changes to such
  policies.

	
 

	
 

	
11.

	
Making of any capital
  expenditures (including, without limitation, payments with respect to
  capitalized leases, as determined in accordance with generally accepted accounting principles consistently applied, and
  “tuck-in” acquisitions), not
  contemplated by the current annual operating plan, that exceed $1,000,000 in
  the aggregate on a consolidated
  basis during the period covered by such operating plan.

	
 

	
 

	
12.

	
Enter into any agreement,
  arrangement or other commitments (i) obligating the Company and its Subsidiaries to expend amounts
  (not already incorporated into the current annual operating plan) in
  excess of $500,000 in the aggregate on a consolidated basis during any twelve month period, (ii) involving unusual or
  unique business practices, or
  (iii) otherwise involving significant corporate undertakings.

	
 

	
 

	
13.

	
Entering into any real estate
  lease with greater than $50,000 of annual rental/lease expense or a
  term of greater than 3 years.

	
 

	
 

	
14.

	
Payment or declaration of
  dividends or distributions on, or reduction in, the capital stock of the Company or any of its
  Subsidiaries or establishing or modifying policies with respect to the foregoing (other than
  dividends payable in shares of Common
  Stock issued upon the outstanding shares of Common Stock and dividends paid
  by any Subsidiary to the Company or any Wholly-Owned Subsidiary).

	
 

	
 

	
15.

	
Retention or removal on behalf
  of the Company or any of its Subsidiaries of any investment banker, financial advisor or person
  serving in a similar capacity.

	
 

	
 

	
16.

	
Appointment/hiring or termination of, or
  determination of annual compensation related
  to, any corporate officer at the Senior Vice President or higher level.

	
 

	
 

	
17.

	
Entering into any employment
  agreements providing for payments in any year of $100,000 or more.

	
 

	
 

	
18.

	
Adoption or amendment of any
  stock option or other equity incentive plans and approval of issuances of awards under any such
  plan (including any existing plan).

	
 

	
 

	
19.

	
Selection of members of any Board committees.

	
 

	
 

	
20.

	
Adoption or amendment of any
  investment policies for any defined contribution plans.

	
 

	
 

	
21.

	
Adoption or amendment of any
  investment choices or contribution amounts for any defined benefit plans.

	
 

	
 

	
22.

	
Adoption or amendment of any
  audit program and policy, including selection of auditors.

	
 

	
 

	
23.

	
Material changes to accounting
  policies.

	
 

	
 

	
24.

	
Approval or engagement in any
  transaction that would materially affect the regulatory or tax status of the
  Company or any of its Subsidiaries, except for changes required by applicable legal requirements.

	
 

	
 

	
25.

	
Initiation or settlement of
  any litigation, arbitration or other legal proceeding, , which involve or may involve the Company or any of
  its Subsidiaries and could lead to an
  exposure in excess of $250,000.

	
 

	
 

	
26.

	
Entering into the ownership, active management or
  operation of any material line of business
  other than as conducted by the Company and its Subsidiaries on the date
  hereof.

	
 

	
 

	
27.

	
Any amendment or modification
  to, or waiver under, any of the Transaction Documents

	
 

	
 

	
28.

	
Enter into or becoming subject
  to any agreement or instrument which by its terms would commit or bind
  the Company or any Subsidiary to take any action referred to above.

	
 

	
 

	
29.

	
Any other matters judged by the Chief Executive Officer
  or Executive Committee to be appropriate
  for Executive Committee approval or information.

EXHIBIT B

FORM OF JOINDER TO

STOCKHOLDERS AGREEMENT

          THIS
JOINDER (the “Joinder”), to the Stockholders Agreement dated as of
August 1, 2006 among MSG WC Holdings
Corp., a Delaware corporation (the “Company”), and certain stockholders of the Company (the
“Agreement”),
is made and entered into as of ______________ by and between the Company
and __________ (“Holder”). Capitalized
terms used but not otherwise defined
herein shall have the meanings set forth in the Agreement.

          WHEREAS,
Holder has acquired certain shares of capital stock of the Company (“Holder Stock”),
and the Agreement and the Company requires Holder, as a holder of such capital
stock, to become a party to the
Agreement, and Holder agrees to do so in accordance with the terms hereof.

          NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged,
the parties to this Joinder hereby agree as follows:

	
 

	
          1. Agreement to be Bound. Holder hereby agrees that upon execution of
this Joinder, it shall become a
party to the Agreement and shall be fully bound by, and subject to, all of
the covenants, terms and
conditions of the Agreement as though an original party thereto and shall be deemed a [WCAS Investor] [Management
Stockholder] [Co-Investor] for all purposes thereof. In addition,
Holder hereby agrees that all Holder Stock shall be deemed Stockholder Shares for all purposes of the Agreement. 

	
 

	
          2. Successors and Assigns. Except as otherwise provided herein, this
  Joinder shall bind and inure to
  the benefit of and be enforceable by the Company and its successors and
  assigns and Holder and any
  subsequent holders of Holder Stock and the respective successors and assigns
  of each of them, so long as they
  hold any shares of Holder Stock.

	
 

	
          3. Counterparts. This Joinder may be executed in separate
  counterparts each of which shall
  be an original and all of which taken together shall constitute one and the
  same agreement.

	
 

	
          4. Notices. For purposes of Section 21 of the Agreement,
all notices, demands or other communications
to the Holder shall be directed to: 

	
 

	
 

	
 

	
[Name] 

	
 

	
[Address] 

	
 

	
[Facsimile
Number] 

	
 

	
          5. Governing Law. Issues and questions concerning the
  construction, validity, enforcement
  and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New
  York, without giving effect to any choice of law or

	
 

	
conflict of law rules or
  provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of
  any jurisdiction other than the State of New York. In furtherance of the foregoing, the internal
  law of the State of New York shall control the interpretation and
  construction of this Agreement, even though under New York’s choice of law or conflict of law analysis, the substantive
  law of some other jurisdiction would ordinarily apply.

	
 

	
          6. Descriptive Headings. The descriptive headings of this Joinder are
  inserted for convenience only and
  do not constitute a part of this Joinder.

	
 

	
          7. Waiver of Jury Trial. Each of the parties hereto waives any right it
  may have to trial by jury in respect
  of any litigation based on, arising out of, under or in connection with the
  Agreement or any course of conduct, course of dealing, verbal or written
  statement or action of any party hereto.

	
 

	
          8. Jurisdiction. Each of the parties hereto submits to the
  jurisdiction of any state or
  federal court sitting in New York, New York, in any action or proceeding
  arising out of or relating to this
  Agreement and agrees that all claims in respect of the action or proceedings
  may be heard and determined in any
  such court and hereby expressly submits to the personal jurisdiction
  and venue of such court for the purposes hereof and expressly waives any
  claim of improper venue and any claim that such courts are an inconvenient
  forum. Each of the parties hereby irrevocably consent to the service of
  process of any of the aforementioned courts in any such suit, action or
  proceeding by the mailing of copies thereof by registered or certified mail,
  postage prepaid, to its address set forth in Section 21 such service
  to become effective 10 days after such
  mailing.

* * * * *

IN
WITNESS WHEREOF, the parties hereto have executed this Joinder as of the date
first above written. 

	
 

	
 

	
 

	
 

	
MSG WC HOLDING CORP.

	
 

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
 

	
Name: 

	
 

	
 

	
Title:

	
 

	
 

	
 

	
 

	
[HOLDER]

	
 

	
 

	
 

	
 

	
By:

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