Document:

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                                                                     EXHIBIT 4.3

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                                MOBILE MINI INC.,

                                   AS ISSUER,

                                       AND

                          ANY GUARANTORS PARTY HERETO,

                                  AS GUARANTORS

                          9 1/2% SENIOR NOTES DUE 2013

                             ----------------------

                                    INDENTURE

                            DATED AS OF JUNE 26, 2003

                             ----------------------

                        WELLS FARGO BANK MINNESOTA, N.A.,

                                   AS TRUSTEE

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                             CROSS-REFERENCE TABLE*

<TABLE>
<CAPTION>
Trust Indenture Act Section                                                             Indenture Section
---------------------------                                                             -----------------
<S>                                                                                     <C>
310(a)(1)............................................................................    7.10
   (a)(2)............................................................................    7.10
   (a)(3)............................................................................   N.A.
   (a)(4)............................................................................   N.A.
   (a)(5)............................................................................    7.10
   (b)...............................................................................    7.3, 7.8,7.10
   (c)...............................................................................   N.A.
311(a)...............................................................................    7.11
   (b)...............................................................................    7.11
   (c)...............................................................................   N.A.
312(a)...............................................................................    2.5
   (b)...............................................................................   12.3
   (c)...............................................................................   12.3
313(a)...............................................................................    7.6
   (b)(1)............................................................................    7.6
   (b)(2)............................................................................    7.6
   (c)...............................................................................    7.6,12.2
   (d)...............................................................................    7.6
314(a)...............................................................................    4.3,4.4,12.5
   (c)(1)............................................................................   12.4
   (c)(2)............................................................................   12.4
   (c)(3)............................................................................   12.4
   (d)...............................................................................   12.4
   (e)...............................................................................   12.5
   (f)...............................................................................   N.A.
315(a)...............................................................................    7.1(b)
   (b)...............................................................................    7.5,12.2
   (c)...............................................................................    7.1(a)
   (d)...............................................................................    7.1(c)
   (e)...............................................................................    6.11
316(a)(last sentence)................................................................    2.9
   (a)(1)(A).........................................................................    6.5
   (a)(1)(B).........................................................................    6.4
   (a)(2)............................................................................   N.A.
   (b)...............................................................................    6.7
   (c)...............................................................................   N.A.
317(a)(1)............................................................................    6.8
   (a)(2)............................................................................    6.9
   (b)...............................................................................    2.4
318(a)...............................................................................   12.1
   (b)...............................................................................   N.A.
   (c)...............................................................................   12.1
</TABLE>

N.A. MEANS NOT APPLICABLE
-------------------------
*  This Cross-Reference Table shall not, for any purpose, be deemed a part of
   this Indenture.

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                                TABLE OF CONTENTS

<TABLE>
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<S>                                                                                                                  <C>
                                                             ARTICLE I.

                                             DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1.      Definitions....................................................................................     1
Section 1.2.      Other Definitions..............................................................................    20
Section 1.3.      Incorporation by Reference of Trust Indenture Act..............................................    21
Section 1.4.      Rules of Construction..........................................................................    22
Section 1.5.      Acts of Holders................................................................................    22

                                                             ARTICLE II.

                                                              THE NOTES

Section 2.1.      Form and Dating................................................................................    23
Section 2.2.      Execution and Authentication...................................................................    24
Section 2.3.      Registrar and Paying Agent.....................................................................    24
Section 2.4.      Paying Agents to Hold Money in Trust...........................................................    25
Section 2.5.      Holder Lists...................................................................................    25
Section 2.6.      Transfer and Exchange..........................................................................    25
Section 2.7.      Replacement Notes..............................................................................    32
Section 2.8.      Outstanding Notes..............................................................................    32
Section 2.9.      Treasury Notes.................................................................................    33
Section 2.10.     Temporary Notes................................................................................    33
Section 2.11.     Cancellation...................................................................................    33
Section 2.12.     Defaulted Interest.............................................................................    33
Section 2.13.     Persons Deemed Owners..........................................................................    33
Section 2.14.     CUSIP Numbers..................................................................................    34
Section 2.15.     Designation....................................................................................    34

                                                            ARTICLE III.

                                                      REDEMPTION AND REPURCHASE

Section 3.1.      Notices to Trustee.............................................................................    34
Section 3.2.      Selection of Notes.............................................................................    34
Section 3.3.      Notice of Optional or Special Redemption.......................................................    35
Section 3.4.      Effect of Notice of Redemption.................................................................    36
Section 3.5.      Deposit of Redemption Price or Purchase Price..................................................    36
Section 3.6.      Notes Redeemed or Repurchased in Part..........................................................    36
Section 3.7.      Optional Redemption............................................................................    36
Section 3.8.      Special Redemption.............................................................................    37
Section 3.9.      Repurchase upon Change of Control Offer........................................................    37
Section 3.10.     Repurchase upon Application of Net Proceeds....................................................    39
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                                                              ARTICLE IV.

                                                              COVENANTS

Section 4.1.      Payment of Principal and Interest..............................................................    40
Section 4.2.      Maintenance of Office or Agency................................................................    41
Section 4.3.      Reports........................................................................................    41
Section 4.4.      Compliance Certificate.........................................................................    42
Section 4.5.      Taxes..........................................................................................    42
Section 4.6.      Stay, Extension and Usury Laws.................................................................    42
Section 4.7.      Limitation on Restricted Payments..............................................................    42
Section 4.8.      Limitation of Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries........    44
Section 4.9.      Limitation on Incurrence of Additional Indebtedness............................................    46
Section 4.10.     Limitation on Asset Sales......................................................................    46
Section 4.11.     Limitations on Transactions with Affiliates....................................................    48
Section 4.12.     Limitation on Liens............................................................................    49
Section 4.13.     Continued Existence............................................................................    50
Section 4.14.     Insurance Matters..............................................................................    50
Section 4.15.     Offer to Repurchase upon Change of Control.....................................................    50
Section 4.16.     Additional Subsidiary Guarantees...............................................................    51
Section 4.17.     Payments for Consent...........................................................................    51
Section 4.18.     Limitation on Preferred Stock of Restricted Subsidiaries.......................................    51
Section 4.19.     Conduct of Business............................................................................    51

                                                             ARTICLE V.

                                                             SUCCESSORS

Section 5.1.      Merger, Consolidation and Sale of Assets.......................................................    51
Section 5.2.      Successor Corporation Substituted..............................................................    53

                                                             ARTICLE VI.

                                                        DEFAULTS AND REMEDIES

Section 6.1.      Events of Default..............................................................................    53
Section 6.2.      Acceleration...................................................................................    55
Section 6.3.      Other Remedies.................................................................................    55
Section 6.4.      Waiver of Past Defaults........................................................................    56
Section 6.5.      Control by Majority............................................................................    56
Section 6.6.      Limitation on Suits............................................................................    56
Section 6.7.      Rights of Holders of Notes to Receive Payment..................................................    56
Section 6.8.      Collection Suit by Trustee.....................................................................    56
Section 6.9.      Trustee May File Proofs of Claim...............................................................    57
Section 6.10.     Priorities.....................................................................................    57
Section 6.11.     Undertaking for Costs..........................................................................    58
</TABLE>

                                      -ii-

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                                                            ARTICLE VII.

                                                               TRUSTEE

Section 7.1.      Duties of Trustee..............................................................................    58
Section 7.2.      Rights of Trustee..............................................................................    59
Section 7.3.      Individual Rights of Trustee...................................................................    59
Section 7.4.      Trustee's Disclaimer...........................................................................    60
Section 7.5.      Notice of Defaults.............................................................................    60
Section 7.6.      Reports by Trustee to Holders of the Notes.....................................................    60
Section 7.7.      Compensation, Reimbursement and Indemnity......................................................    60
Section 7.8.      Replacement of Trustee.........................................................................    61
Section 7.9.      Successor Trustee by Merger, Etc...............................................................    62
Section 7.10.     Eligibility; Disqualification..................................................................    62
Section 7.11.     Preferential Collection of Claims Against Company..............................................    62

                                                            ARTICLE VIII.

                                              LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.1.      Option to Effect Legal Defeasance or Covenant Defeasance.......................................    62
Section 8.2.      Legal Defeasance and Discharge.................................................................    62
Section 8.3.      Covenant Defeasance............................................................................    63
Section 8.4.      Conditions to Legal or Covenant Defeasance.....................................................    63
Section 8.5.      Deposited Money and U.S. Government Securities to Be Held in Trust; Other Miscellaneous
                   Provision.....................................................................................    65
Section 8.6.      Repayment to Company...........................................................................    65
Section 8.7.      Reinstatement..................................................................................    66

                                                             ARTICLE IX.

                                                  AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.1.      Without Consent of Holders of Notes............................................................    66
Section 9.2.      With Consent of Holders of Notes...............................................................    66
Section 9.3.      Compliance with Trust Indenture Act............................................................    68
Section 9.4.      Revocation and Effect of Consents..............................................................    68
Section 9.5.      Notation on or Exchange of Notes...............................................................    68
Section 9.6.      Trustee to Sign Amendment, Etc.................................................................    68

                                                             ARTICLE X.

                                                              GUARANTEE

Section 10.1.     Unconditional Guarantee........................................................................    68
Section 10.2.     Severability...................................................................................    69
Section 10.3.     Limitation of Guarantor's Liability............................................................    69
Section 10.4.     Release of Guarantor...........................................................................    69
Section 10.5.     Contribution...................................................................................    70
Section 10.6.     Waiver of Subrogation..........................................................................    70
</TABLE>

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Section 10.7.     Execution of Guarantee.........................................................................    71
Section 10.8.     Waiver of Stay, Extension or Usury Laws........................................................    71

                                                             ARTICLE XI.

                                                     SATISFACTION AND DISCHARGE

Section 11.1.     Satisfaction and Discharge.....................................................................    72
Section 11.2.     Application of Trust...........................................................................    72

                                                            ARTICLE XII.

                                                            MISCELLANEOUS

Section 12.1.     Trust Indenture Act Controls...................................................................    73
Section 12.2.     Notices........................................................................................    73
Section 12.3.     Communication by Holders of Notes with Other Holders of Notes..................................    74
Section 12.4.     Certificate and Opinion as to Conditions Precedent.............................................    74
Section 12.5.     Statements Required in Certificate or Opinion..................................................    74
Section 12.6.     Rules by Trustee and Agents....................................................................    75
Section 12.7.     No Personal Liability of Directors, Officers, Employees and Stockholders.......................    75
Section 12.8.     Governing Law; Submission to Jurisdiction; Waiver of Jury Trial................................    75
Section 12.9.     No Adverse Interpretation of Other Agreements..................................................    75
Section 12.10.    Successors.....................................................................................    76
Section 12.11.    Severability...................................................................................    76
Section 12.12.    Counterpart Originals..........................................................................    76
Section 12.13.    Table of Contents, Headings, Etc...............................................................    76
Section 12.14.    Qualification of Indenture.....................................................................    76

Signatures        ..............................................................................................    S-1
</TABLE>

                                    EXHIBITS

Exhibit A        Form of Series A Note

Exhibit B        Form of Series B Note

Exhibit C        Form of Guarantee

Exhibit D(1)     Form of Regulation S Certificate

Exhibit D(2)     Form of Certificate to Be Delivered upon Exchange or
                 Registration of Transfer of Notes

Exhibit E        Form of Certificate to Be Delivered in Connection with
                 Transfers to Non-QIB Accredited Investors

Exhibit F        Form of Certificate to Be Delivered in Connection with
                 Transfers Pursuant to Regulation S

                                      -iv-

<PAGE>

                                    INDENTURE

                  INDENTURE dated as of June 26, 2003 among MOBILE MINI INC., a
Delaware corporation (the "Company"), the Guarantors (as defined herein), if
any, and WELLS FARGO BANK MINNESOTA, N.A., as trustee (the "Trustee").

                  Each party agrees as follows for the benefit of the other
parties and for the equal and ratable benefit of the Holders (as defined below)
of the Company's 9 1/2% Senior Notes due 2013:

                                   ARTICLE I.

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.1.      Definitions.

                  "Acquired Indebtedness" means Indebtedness of a Person or any
of its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary of the Company or at the time it merges or consolidates with or into
the Company or any of its Subsidiaries or assumed in connection with the
acquisition of assets from such Person and in each case not incurred by such
Person in connection with, or in anticipation or contemplation of, such Person
becoming a Restricted Subsidiary of the Company or such acquisition, merger or
consolidation.

                  "Additional Interest" means all additional interest then owing
pursuant to Section 4 of the Registration Rights Agreement or the comparable
section of any registration rights agreement entered into in connection with the
issuance of any Additional Notes.

                  "Additional Notes" means Notes issued pursuant to Article II
and in compliance with Section 4.9, in addition to and having substantially the
same terms as the $150.0 million aggregate principal amount of Series A Notes
issued on the Issue Date or as the Series B Notes issued in exchange therefor.

                  "Affiliate" means, with respect to any specified Person, any
other Person who directly or indirectly through one or more intermediaries
controls, or is controlled by, or is under common control with, such specified
Person. The term "control" means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative of the foregoing.

                  "Agent" means any Registrar, Paying Agent or co-registrar.

                  "Asset Acquisition" means (1) an Investment by the Company or
any Restricted Subsidiary of the Company in any other Person pursuant to which
such Person shall become a Restricted Subsidiary of the Company or any
Restricted Subsidiary of the Company, or shall be merged with or into the
Company or any Restricted Subsidiary of the Company, or (2) the acquisition by
the Company or any Restricted Subsidiary of the Company of the assets of any
Person (other than a Restricted Subsidiary of the Company) which constitute all
or substantially all of the assets of such Person or comprises any division or
line of business of such Person or any other properties or assets of such Person
other than in the ordinary course of business.

                  "Asset Sale" means any direct or indirect sale, issuance,
conveyance, transfer, lease (other than operating leases entered into in the
ordinary course of business), assignment or other transfer for value by the
Company or any of its Restricted Subsidiaries (including any Sale and Leaseback
Transaction) to any Person other than the Company or a Restricted Subsidiary of
the Company of: (1) any Capital Stock of any Restricted Subsidiary of the
Company; or (2) any other property or assets of the Company or any Restricted
Subsidiary of the Company other than in the ordinary course of business;
provided, however, that asset sales or other dispositions shall not include: (a)
a transaction or series of related transactions for which the Company or its
Restricted Subsidiaries receive aggregate consideration of less than $1.0
million; (b) the sale, lease, conveyance, disposition

<PAGE>

or other transfer of all or substantially all of the assets of the Company as
permitted under Section 5.1; (c) any Restricted Payment permitted by Section 4.7
or that constitutes a Permitted Investment; (d) the sale or discount, in each
case without recourse, of accounts receivable arising in the ordinary course of
business, but only in connection with the compromise or collection thereof; (e)
the sale of or other disposition of cash or Cash Equivalents; (f) any sale or
disposition deemed to occur in connection with creating or granting any Liens
pursuant to Section 4.12; (g) the lease, assignment or sublease of any real or
personal property in the ordinary course of business; (h) any sale of
Receivables pursuant to a Qualified Securitization Transaction; and (i)
disposals or replacements of obsolete or worn out equipment.

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

                  "Board of Directors" means, as to any Person, the board of
directors (or similar governing body) of such Person or any duly authorized
committee thereof.

                  "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, and delivered to
the Trustee.

                  "Borrowing Base" means, as of any date, an amount equal to the
sum of:

                  (1)      85% of the aggregate book value of all accounts
         receivable of the Company and its Restricted Subsidiaries (other than
         any Special Purpose Vehicle) as of the end of the most recent fiscal
         quarter preceding such date; and

                  (2)      80% of the aggregate cost basis of the portable
         storage unit lease fleet (or any successor line item or items
         reflecting such portable storage unit lease fleet) as indicated on its
         consolidated balance sheet as owned by the Company and its Restricted
         Subsidiaries as of the end of the most recent fiscal quarter preceding
         such date (plus 80% of the fair market value of any portable storage
         units acquired since the end of such fiscal quarter),

all calculated on a consolidated basis and in accordance with GAAP.

                  "Business Day" means any day other than a Saturday, a Sunday
or a day on which banking institutions in the City of New York or at a place of
payment are authorized by law, regulation or executive order to remain closed.
If a payment date is not a Business Day, payment may be made on the next
succeeding day that is a Business Day, and no interest shall accrue for the
intervening period.

                  "Capital Stock" means:

                  (1)      with respect to any Person that is a corporation, any
         and all shares, interests, participations or other equivalents (however
         designated and whether or not voting) of corporate stock, including
         each class of Common Stock and Preferred Stock of such Person, and all
         options, warrants or other rights to purchase or acquire any of the
         foregoing; and

                  (2)      with respect to any Person that is not a corporation,
         any and all partnership, membership or other equity interests of such
         Person, and all options, warrants or other rights to purchase or
         acquire any of the foregoing.

                  "Capitalized Lease Obligation" means, as to any Person, the
obligations of such Person under a lease that are required to be classified and
accounted for as capital lease obligations under GAAP and, for pur-

                                      -2-

<PAGE>

poses of this definition, the amount of such obligations at any date shall be
the capitalized amount of such obligations at such date, determined in
accordance with GAAP.

                  "Cash Equivalents" means:

                  (1)      marketable direct obligations issued by, or
         unconditionally guaranteed by, the United States Government or issued
         by any agency thereof and backed by the full faith and credit of the
         United States, in each case maturing within one year from the date of
         acquisition thereof;

                  (2)      marketable direct obligations issued by any state of
         the United States of America or any political subdivision of any such
         state or any public instrumentality thereof maturing within one year
         from the date of acquisition thereof and, at the time of acquisition,
         having one of the two highest ratings obtainable from either Standard &
         Poor's Ratings Group ("S&P") or Moody's Investors Service, Inc.
         ("Moody's");

                  (3)      commercial paper maturing no more than one year from
         the date of creation thereof and, at the time of acquisition, having a
         rating of at least A-1 from S&P or at least P-1 from Moody's;

                  (4)      certificates of deposit or bankers' acceptances
         maturing within one year from the date of acquisition thereof issued by
         any bank organized under the laws of the United States of America or
         any state thereof or the District of Columbia or any U.S. branch of a
         foreign bank having at the date of acquisition thereof combined capital
         and surplus of not less than $250.0 million;

                  (5)      repurchase obligations with a term of not more than
         seven days for underlying securities of the types described in clause
         (1) above entered into with any bank meeting the qualifications
         specified in clause (4) above; and

                  (6)      investments in money market funds which invest
         substantially all their assets in securities of the types described in
         clauses (1) through (5) above.

                  "Change of Control" means the occurrence of one or more of the
following events:

                  (1)      any sale, lease, exchange or other transfer (in one
         transaction or a series of related transactions) of all or
         substantially all of the assets of the Company to any Person or group
         of related Persons for purposes of Section 13(d) of the Exchange Act (a
         "Group"), together with any Affiliates thereof (whether or not
         otherwise in compliance with the provisions of this Indenture;

                  (2)      the approval by the holders of Capital Stock of the
         Company of any plan or proposal for the liquidation or dissolution of
         the Company (whether or not otherwise in compliance with the provisions
         of this Indenture);

                  (3)      any Person or Group (other than any entity formed for
         the purpose of owning Capital Stock of the Company) shall become the
         owner, directly or indirectly, beneficially or of record, of shares
         representing more than 50% of the aggregate ordinary voting power
         represented by the issued and outstanding Capital Stock of the Company;
         or

                  (4)      the replacement of a majority of the Board of
         Directors of the Company over a two-year period from the directors who
         constituted the Board of Directors of the Company at the beginning of
         such period, and such replacement shall not have been approved by a
         vote of at least a majority of the Board of Directors of the Company
         then still in office who either were members of such Board of

                                      -3-

<PAGE>

         Directors at the beginning of such period or whose election as a member
         of such Board of Directors was previously so approved.

                  "Clearstream" shall mean Clearstream Banking, Societe Anonyme,
Luxembourg.

                  "Commission" means the Securities and Exchange Commission.

                  "Common Stock" of any Person means any and all shares,
interests or other participations in, and other equivalents (however designated
and whether voting or non-voting) of such Person's common stock, whether
outstanding on the Issue Date or issued after the Issue Date, and includes,
without limitation, all series and classes of such common stock.

                  "Company" means Mobile Mini Inc., a Delaware corporation, or
any successor obligor under this Indenture and the Notes pursuant to Article V.

                  "Comparable Treasury Issue" means the United States treasury
security selected by an Independent Investment Bank as having a maturity
comparable to the remaining term of the notes that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such notes. "Independent Investment Banker" means one of the
Reference Treasury Dealers appointed by the Company.

                  "Comparable Treasury Price" means, with respect to any
Redemption Date:

                  (1)      the average of the bid and ask prices for the
         Comparable Treasury Issue (expressed in each case as a percentage of
         its principal amount) on the third business day preceding such
         Redemption Date, as set forth in the most recently published
         statistical release designated "H.15(519)" (or any successor release)
         published by the Board of Governors of the Federal Reserve System and
         which establishes yields on actively traded United States treasury
         securities adjusted to constant maturity under the caption "Treasury
         Constant Maturities," or

                  (2)      if such release (or any successor release) is not
         published or does not contain such prices on such business day, the
         average of the Reference Treasury Dealer Quotations for such Redemption
         Date.

                  "Consolidated EBITDA" means, with respect to any Person, for
any period, the sum (without duplication) of:

                  (1)      Consolidated Net Income; and

                  (2)      to the extent Consolidated Net Income has been
         reduced thereby:

                           (a)      all income taxes of such Person and its
                  Restricted Subsidiaries paid or accrued in accordance with
                  GAAP for such period (other than income taxes attributable to
                  extraordinary, unusual or nonrecurring gains or losses or
                  taxes attributable to sales or dispositions outside the
                  ordinary course of business);

                           (b)      Consolidated Interest Expense; and

                           (c)      Consolidated Non-cash Charges less any
                  non-cash items increasing Consolidated Net Income for such
                  period, all as determined on a consolidated basis for such
                  Person and its Restricted Subsidiaries in accordance with
                  GAAP.

                                      -4-

<PAGE>

                  Notwithstanding the foregoing, for purposes of calculating
Consolidated EBITDA for purposes of calculating the Consolidated Fixed Charge
Coverage Ratio, payments in connection with the Nuko Judgment, subject to the
limitations set forth in the definition thereof, shall be excluded.

                  "Consolidated Fixed Charge Coverage Ratio" means, with respect
to any Person, the ratio of Consolidated EBITDA of such Person during the four
full fiscal quarters (the "Four Quarter Period") ending prior to the date of the
transaction giving rise to the need to calculate the Consolidated Fixed Charge
Coverage Ratio for which financial statements are available (the "Transaction
Date") to Consolidated Fixed Charges of such Person for the Four Quarter Period.
In addition to and without limitation of the foregoing, for purposes of this
definition, "Consolidated EBITDA" and "Consolidated Fixed Charges" shall be
calculated after giving effect on a pro forma basis for the period of such
calculation to:

                  (1)      the incurrence or repayment of any Indebtedness of
         such Person or any of its Restricted Subsidiaries (and the application
         of the proceeds thereof) giving rise to the need to make such
         calculation and any incurrence or repayment of other Indebtedness (and
         the application of the proceeds thereof), other than the incurrence or
         repayment of Indebtedness in the ordinary course of business for
         working capital purposes pursuant to working capital facilities,
         occurring during the Four Quarter Period or at any time subsequent to
         the last day of the Four Quarter Period and on or prior to the
         Transaction Date, as if such incurrence or repayment, as the case may
         be (and the application of the proceeds thereof), occurred on the first
         day of the Four Quarter Period; and

                  (2)      any asset sales or other dispositions or Asset
         Acquisitions (including, without limitation, any Asset Acquisition
         giving rise to the need to make such calculation as a result of such
         Person or one of its Restricted Subsidiaries (including any Person who
         becomes a Restricted Subsidiary as a result of the Asset Acquisition)
         incurring, assuming or otherwise being liable for Acquired Indebtedness
         and also including any Consolidated EBITDA (including any pro forma
         expense and cost reductions calculated on a basis consistent with
         Regulation S-X under the Exchange Act) attributable to the assets which
         are the subject of the Asset Acquisition or asset sale or other
         disposition during the Four Quarter Period) occurring during the Four
         Quarter Period or at any time subsequent to the last day of the Four
         Quarter Period and on or prior to the Transaction Date, as if such
         asset sale or other disposition or Asset Acquisition (including the
         incurrence, assumption or liability for any such Acquired Indebtedness)
         occurred on the first day of the Four Quarter Period. If such Person or
         any of its Restricted Subsidiaries directly or indirectly guarantees
         Indebtedness of a third Person, the preceding sentence shall give
         effect to the incurrence of such guaranteed Indebtedness as if such
         Person or any Restricted Subsidiary of such Person had directly
         incurred or otherwise assumed such guaranteed Indebtedness.

                  Furthermore, in calculating "Consolidated Fixed Charges" for
purposes of determining the denominator (but not the numerator) of this
"Consolidated Fixed Charge Coverage Ratio":

                  (1)      interest on outstanding Indebtedness determined on a
         fluctuating basis as of the Transaction Date and which will continue to
         be so determined thereafter shall be deemed to have accrued at a fixed
         rate per annum equal to the rate of interest on such Indebtedness in
         effect on the Transaction Date; and

                  (2)      notwithstanding clause (1) above, interest on
         Indebtedness determined on a fluctuating basis, to the extent such
         interest is covered by agreements relating to Interest Swap
         Obligations, shall be deemed to accrue at the rate per annum resulting
         after giving effect to the operation of such agreements.

                  "Consolidated Fixed Charges" means, with respect to any Person
for any period, the sum, without duplication, of:

                                      -5-

<PAGE>

                  (1)      Consolidated Interest Expense; plus

                  (2)      the product of (x) the amount of all dividend
         payments on any series of Preferred Stock of such Person and, to the
         extent permitted under this Indenture, its Restricted Subsidiaries
         (other than dividends paid in Qualified Capital Stock) paid, accrued or
         scheduled to be paid or accrued during such period times (y) a
         fraction, the numerator of which is one and the denominator of which is
         one minus the then current effective consolidated federal, state and
         local income tax rate of such Person, expressed as a decimal.

                  "Consolidated Interest Expense" means, with respect to any
Person for any period, the sum of, without duplication:

                  (1)      the aggregate of the interest expense of such Person
         and its Restricted Subsidiaries for such period determined on a
         consolidated basis in accordance with GAAP, including without
         limitation: (a) any amortization of debt discount and amortization or
         write-off of deferred financing costs; (b) the net costs under Interest
         Swap Obligations incurred in the fiscal quarter beginning after the
         Issue Date; (c) all capitalized interest; and (d) the interest portion
         of any deferred payment obligation; and

                  (2)      the interest component of Capitalized Lease
         Obligations paid, accrued and/or scheduled to be paid or accrued by
         such Person and its Restricted Subsidiaries during such period as
         determined on a consolidated basis in accordance with GAAP.

                  "Consolidated Net Income" means, with respect to any Person,
for any period, the aggregate net income (or loss) of such Person and its
Restricted Subsidiaries for such period on a consolidated basis, determined in
accordance with GAAP; provided that there shall be excluded therefrom:

                  (1)      after-tax gains from Asset Sales (without regard to
         the $1.0 million limitation set forth in the definition thereof) or
         abandonments or reserves relating thereto;

                  (2)      after-tax items classified as extraordinary or
         nonrecurring gains;

                  (3)      the net income of any Person acquired in a "pooling
         of interests" transaction accrued prior to the date it becomes a
         Restricted Subsidiary of the referent Person or is merged or
         consolidated with the referent Person or any Restricted Subsidiary of
         the referent Person;

                  (4)      the net income (but not loss) of any Restricted
         Subsidiary of the referent Person to the extent that the declaration of
         dividends or similar distributions by that Restricted Subsidiary of
         that income is restricted by a contract, operation of law or otherwise;

                  (5)      the net income of any Person, other than a Restricted
         Subsidiary of the referent Person, except to the extent of cash
         dividends or distributions paid to the referent Person or to a Wholly
         Owned Restricted Subsidiary of the referent Person by such Person;

                  (6)      any restoration to income of any contingency reserve,
         except to the extent that provision for such reserve was made out of
         Consolidated Net Income accrued at any time following the Issue Date;

                  (7)      income or loss attributable to discontinued
         operations (including, without limitation, operations disposed of
         during such period whether or not such operations were classified as
         discontinued);

                                      -6-

<PAGE>

                  (8)      in the case of a successor to the referent Person by
         consolidation or merger or as a transferee of the referent Person's
         assets, any earnings of the successor corporation prior to such
         consolidation, merger or transfer of assets; and

                  (9)      fees and expenses incurred in association with this
         offering of the Notes and related refinancing transactions in an
         aggregate amount not to exceed $7.9 million.

                  "Consolidated Non-cash Charges" means, with respect to any
Person, for any period, the aggregate depreciation, amortization and other
non-cash expenses of such Person and its Restricted Subsidiaries reducing
Consolidated Net Income of such Person and its Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP (excluding
any such charges constituting an extraordinary item or loss or any such charge
which requires an accrual of or a reserve for cash charges for any future
period).

                  "Corporate Trust Office of the Trustee" shall be at the
address of the Trustee specified in Section 12.2 or such other address as to
which the Trustee may give notice to the Company.

                  "Credit Agreement" means the Amended and Restated Loan and
Security Agreement dated as of June 26, 2003, between the Company, the lenders
party thereto in their capacities as lenders thereunder and Fleet Capital
Corporation, as administrative agent (the "Agent"), Fleet Securities, Inc. as
joint lead arranger, Deutsche Bank Trust Company Americas, as co-documentation
agent and Deutsche Bank Securities, Inc., as joint lead arranger, together with
the related documents thereto (including, without limitation, any notes,
guarantee agreements and security documents), in each case as such agreements
may be amended (including any amendment and restatement thereof), supplemented
or otherwise modified from time to time, including one or more credit
agreements, loan agreements, indentures or similar agreements extending the
maturity of, refinancing, replacing, renewing or otherwise restructuring
(including increasing the amount of available credit thereunder or adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder)
all or any portion of the Indebtedness under such agreement or agreements or any
successor or replacement agreement or agreements and whether by the same or any
other agent, lender or group of lenders.

                  "Currency Agreement" means any foreign exchange contract,
currency swap agreement or other similar agreement or arrangement designed to
protect the Company or any Restricted Subsidiary of the Company against
fluctuations in currency values.

                  "Default" means an event or condition the occurrence of which
is, or with the lapse of time or the giving of notice or both would be, an Event
of Default.

                  "Depositary" means, with respect to the Notes issuable in
whole or in part in global form, the Person specified in Section 2.6(g) as the
Depositary with respect to the Notes, until a successor shall have been
appointed and become such pursuant to the applicable provisions hereof, and,
thereafter, "Depositary" shall mean or include such successor.

                  "Disqualified Capital Stock" means that portion of any Capital
Stock which, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable at the option of the holder
thereof), or upon the happening of any event (other than an event which would
constitute a Change of Control), matures or is mandatorily redeemable, pursuant
to a sinking fund obligation or otherwise, or is redeemable at the sole option
of the holder thereof (except, in each case, upon the occurrence of a Change of
Control) on or prior to the final maturity date of the Notes.

                  "Domestic Restricted Subsidiary" means a Restricted Subsidiary
incorporated or otherwise organized or existing under the laws of the United
States, any state thereof or any territory or possession of the United States.

                                      -7-

<PAGE>

                  "Equity Offering" means a public or private equity offering of
Qualified Capital Stock of the Company.

                  "Euroclear" means Euroclear Bank, S.A./N.V., as operator of
the Euroclear System.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended, or any successor statute or statutes thereto.

                  "Exchange Notes" means the 9 1/2% Senior Notes due 2013 issued
in exchange for the Initial Notes, which Exchange Notes are registered under the
Securities Act and issued pursuant to the terms of a certain registration rights
agreement dated as of June 26, 2003 by and among the Company, the Guarantors and
the initial purchasers named therein.

                  "Exchange Offer" means the offer that shall be made by the
Company pursuant to the Registration Rights Agreement to exchange Series A Notes
for Series B Notes.

                  "fair market value" means, with respect to any asset or
property, the price which could be negotiated in an arm's-length, free market
transaction, for cash, between a willing seller and a willing and able buyer,
neither of whom is under undue pressure or compulsion to complete the
transaction. Fair market value shall be determined by the Board of Directors of
the Company acting reasonably and in good faith and shall be evidenced by a
Board Resolution of the Board of Directors of the Company delivered to the
Trustee.

                  "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 may be approved by a significant segment of
the accounting profession of the United States, which are in effect as of the
Issue Date.

                  "Guarantee" means a guarantee of the Notes by a Guarantor.

                  "Guarantor" means each of the Company's Restricted
Subsidiaries that in the future executes a supplemental indenture in which such
Restricted Subsidiary agrees to be bound by the terms of this Indenture as a
Guarantor; provided that any Person constituting a Guarantor as described above
shall cease to constitute a Guarantor when its respective Guarantee is released
in accordance with the terms of this Indenture.

                  "Holder" means a Person in whose name a Note is registered.

                  "Indebtedness" means with respect to any Person, without
duplication:

                  (1)      all Obligations of such Person for borrowed money;

                  (2)      all Obligations of such Person evidenced by bonds,
         debentures, notes or other similar instruments;

                  (3)      all Capitalized Lease Obligations of such Person;

                  (4)      all Obligations of such Person issued or assumed as
         the deferred purchase price of property, all conditional sale
         obligations and all Obligations under any title retention agreement
         (but excluding trade accounts payable and other accrued liabilities
         arising in the ordinary course of business that are not overdue by 90
         days or more or are being contested in good faith by appropriate
         proceedings promptly instituted and diligently conducted);

                                      -8-

<PAGE>

                  (5)      all Obligations for the reimbursement of any obligor
         on any letter of credit, banker's acceptance or similar credit
         transaction;

                  (6)      guarantees and other contingent obligations in
         respect of Indebtedness referred to in clauses (1) through (5) above
         and clause (8) below;

                  (7)      all Obligations of any other Person of the type
         referred to in clauses (1) through (6) which are secured by any lien on
         any property or asset of such Person, the amount of such Obligation
         being deemed to be the lesser of the fair market value of such property
         or asset or the amount of the Obligation so secured;

                  (8)      all Obligations under currency agreements and
         interest swap agreements of such Person; and

                  (9)      all Disqualified Capital Stock issued by such Person
         with the amount of Indebtedness represented by such Disqualified
         Capital Stock being equal to the greater of its voluntary or
         involuntary liquidation preference and its maximum fixed repurchase
         price, but excluding accrued dividends, if any.

                  For purposes hereof, the "maximum fixed repurchase price" of
any Disqualified Capital Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Disqualified Capital
Stock as if such Disqualified Capital Stock were purchased on any date on which
Indebtedness shall be required to be determined pursuant to this Indenture, and
if such price is based upon, or measured by, the fair market value of such
Disqualified Capital Stock, such fair market value shall be determined
reasonably and in good faith by the Board of Directors of the issuer of such
Disqualified Capital Stock.

                  "Indenture" means this Indenture, as amended or supplemented
from time to time.

                  "Independent Financial Advisor" means a firm: (1) which does
not, and whose directors, officers and employees or Affiliates do not, have a
direct or indirect financial interest in the Company; and (2) which, in the
judgment of the Board of Directors of the Company, is otherwise independent and
qualified to perform the task for which it is to be engaged.

                  "Initial Notes" means the Series A Notes.

                  "Initial Purchasers" means Deutsche Bank Securities Inc., CIBC
World Markets Corp., J.P. Morgan Securities Inc. and Fleet Securities, Inc.

                  "Interest Swap Obligations" means the obligations of any
Person pursuant to any arrangement with any other Person, whereby, directly or
indirectly, such Person is entitled to receive from time to time periodic
payments calculated by applying either a floating or a fixed rate of interest on
a stated notional amount in exchange for periodic payments made by such other
Person calculated by applying a fixed or a floating rate of interest on the same
notional amount and shall include, without limitation, interest rate swaps,
caps, floors, collars and similar agreements.

                  "Investment" means, with respect to any Person, any direct or
indirect loan or other extension of credit (including, without limitation, a
guarantee) or capital contribution to (by means of any transfer of cash or other
property to others or any payment for property or services for the account or
use of others), or any purchase or acquisition by such Person of any Capital
Stock, bonds, notes, debentures or other securities or evidences of Indebtedness
issued by, any other Person. "Investment" shall exclude extensions of trade
credit by the Company and its Restricted Subsidiaries on commercially reasonable
terms in accordance with normal trade practices of the Company or such
Restricted Subsidiary, as the case may be. If the Company or any Restricted

                                      -9-

<PAGE>

Subsidiary of the Company sells or otherwise disposes of any Common Stock 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, the Company shall be deemed to have made an Investment on the date
of any such sale or disposition equal to the fair market value of the Common
Stock of such Restricted Subsidiary not sold or disposed of.

                  "Issue Date" means June 26, 2003.

                  "Lien" means any lien, mortgage, deed of trust, pledge,
security interest, charge or encumbrance of any kind (including any conditional
sale or other title retention agreement, any lease in the nature thereof and any
agreement to give any security interest).

                  "Net Cash Proceeds" means, with respect to any Asset Sale, the
proceeds in the form of cash or Cash Equivalents including payments in respect
of deferred payment obligations when received in the form of cash or Cash
Equivalents (other than the portion of any such deferred payment constituting
interest) received by the Company or any of its Restricted Subsidiaries from
such Asset Sale net of:

                  (1)      reasonable out-of-pocket expenses and fees relating
         to such Asset Sale (including, without limitation, legal, accounting
         and investment banking fees and sales commissions);

                  (2)      taxes paid or payable after taking into account any
         reduction in consolidated tax liability due to available tax credits or
         deductions and any tax sharing arrangements;

                  (3)      repayment of Indebtedness that is secured by the
         property or assets that are the subject of such Asset Sale;

                  (4)      amounts required to be paid to any Person owning a
         beneficial interest in or having a Lien on the assets subject to the
         Asset Sale; and

                  (5)      appropriate amounts to be provided by the Company or
         any Restricted Subsidiary, as the case may be, as a reserve, in
         accordance with GAAP, against any liabilities associated with such
         Asset Sale and retained by the Company or any Restricted Subsidiary, as
         the case may be, after such Asset Sale, including, without limitation,
         pension and other post-employment benefit liabilities, liabilities
         related to environmental matters and liabilities under any
         indemnification obligations associated with such Asset Sale.

                  "Note Custodian" means the Trustee, as custodian with respect
to the Notes in global form, or any successor entity thereto.

                  "Notes" means the Series A Notes and the Series B Notes, if
any, that are issued under this Indenture, as amended or supplemented from time
to time, including Additional Notes, if any, and any Exchange Notes, if any.

                  "Nuko" means Nuko Holdings I, LLC, a Delaware limited
liability company.

                  "Nuko Judgment" means a court judgment in favor of Nuko
equaling the lesser of (i) the actual amount of any final judgment rendered in
favor of Nuko and (ii) $7.5 million, plus interest, costs and attorneys' fees.

                                      -10-

<PAGE>

                  "Obligations" means all obligations for principal, premium,
interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness.

                  "Officer" means, (a) with respect to any Person that is a
corporation, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Chief
Operating Officer, the Treasurer, the Controller, the Secretary or any
Vice-President of such Person and (b) with respect to any other Person, the
individuals selected by such Person to perform functions similar to those of the
officers listed in clause (a).

                  "Officers' Certificate" means a certificate signed on behalf
of the Company by two Officers of the Company, one of whom must be the Chief
Executive Officer, the Chief Financial Officer, the Treasurer or the principal
accounting officer of the Company, that meets the requirements of Sections 12.4
and 12.5.

                  "Opinion of Counsel" means an opinion from legal counsel who
is reasonably acceptable to the Trustee that meets the requirements of Sections
12.4 and 12.5. The counsel may be an employee of or counsel to the Company, any
Subsidiary of the Company or the Trustee.

                  "Pari Passu Debt" means any Indebtedness of the Company or any
Guarantor that ranks pari passu in right of payment with the Notes or such
Guarantee, as applicable.

                  "Permitted Business" means any business conducted by the
Company on the Issue Date, any reasonable extension thereof, and any additional
business reasonably related thereto which would not be material to the Company
and its Restricted Subsidiaries taken as a whole.

                  "Permitted Indebtedness" means, without duplication, each of
the following:

                  (1)      Indebtedness under the Notes issued on the Issue Date
         in an aggregate principal amount not to exceed $150.0 million;

                  (2)      Indebtedness incurred pursuant to the Credit
         Agreement in an aggregate principal amount at any time outstanding not
         to exceed the greater of (A) $250.0 million less the amount of all
         required permanent repayments (which are accompanied by a corresponding
         permanent commitment reduction) thereunder with the Net Cash Proceeds
         from Asset Sales and (B) $15.0 million plus the Borrowing Base;

                  (3)      other Indebtedness of the Company and its Restricted
         Subsidiaries outstanding on the Issue Date reduced by the amount of any
         scheduled amortization payments or mandatory prepayments when actually
         paid or permanent reductions thereon;

                  (4)      Interest Swap Obligations of the Company or any
         Restricted Subsidiary of the Company covering Indebtedness of the
         Company or any of its Restricted Subsidiaries; provided, however, that
         such Interest Swap Obligations are entered into to protect the Company
         and its Restricted Subsidiaries from fluctuations in interest rates on
         its outstanding Indebtedness to the extent the notional principal
         amount of such Interest Swap Obligation does not, at the time of the
         incurrence thereof, exceed the principal amount of the Indebtedness to
         which such Interest Swap Obligation relates;

                  (5)      Indebtedness under Currency Agreements; provided that
         in the case of Currency Agreements which relate to Indebtedness, such
         Currency Agreements do not increase the Indebtedness of the Company and
         its Restricted Subsidiaries outstanding other than as a result of
         fluctuations in foreign currency exchange rates or by reason of fees,
         indemnities and compensation payable thereunder;

                                      -11-

<PAGE>

                  (6)      Indebtedness of a Restricted Subsidiary of the
         Company to the Company or to a Restricted Subsidiary of the Company for
         so long as such Indebtedness is held by the Company or a Restricted
         Subsidiary of the Company or the holder of a Lien permitted under this
         Indenture, in each case subject to no Lien held by a Person other than
         the Company or a Restricted Subsidiary of the Company or the holder of
         a Lien permitted under this Indenture; provided that if as of any date
         any Person other than the Company or a Restricted Subsidiary of the
         Company or the holder of a Lien permitted under this Indenture owns or
         holds any such Indebtedness or holds a Lien in respect of such
         Indebtedness, such date shall be deemed the incurrence of Indebtedness
         not constituting Permitted Indebtedness under this clause (6) by the
         issuer of such Indebtedness;

                  (7)      Indebtedness of the Company to a Restricted
         Subsidiary of the Company for so long as such Indebtedness is held by a
         Restricted Subsidiary of the Company or the holder of a Lien permitted
         under this Indenture, in each case subject to no Lien other than a Lien
         permitted under this Indenture; provided that (a) any Indebtedness of
         the Company to any Restricted Subsidiary of the Company that is not a
         Guarantor is unsecured and subordinated, pursuant to a written
         agreement, to the Company's obligations under this Indenture and the
         Notes and (b) if as of any date any Person other than a Restricted
         Subsidiary of the Company or the holder of a Lien permitted under this
         Indenture owns or holds any such Indebtedness or any Person holds a
         Lien in respect of such Indebtedness, such date shall be deemed the
         incurrence of Indebtedness not constituting Permitted Indebtedness
         under this clause (7) by the Company;

                  (8)      Indebtedness arising from the honoring by a bank or
         other financial institution of a check, draft or similar instrument
         inadvertently (except in the case of daylight overdrafts) drawn against
         insufficient funds in the ordinary course of business; provided,
         however, that such Indebtedness is extinguished within two business
         days of incurrence;

                  (9)      Indebtedness of the Company or any of its Restricted
         Subsidiaries in respect of performance bonds, bankers' acceptances,
         workers' compensation claims, surety or appeal bonds, payment
         obligations in connection with self-insurance or similar obligations,
         and bank overdrafts (and letters of credit in respect thereof) in the
         ordinary course of business;

                  (10)     Indebtedness represented by Capitalized Lease
         Obligations and Purchase Money Indebtedness of the Company and its
         Restricted Subsidiaries incurred in the ordinary course of business not
         to exceed $10.0 million at any one time outstanding;

                  (11)     Refinancing Indebtedness;

                  (12)     Indebtedness represented by guarantees by the Company
         or its Restricted Subsidiaries of Indebtedness otherwise permitted to
         be incurred under this Indenture;

                  (13)     Indebtedness of the Company or any Restricted
         Subsidiary consisting of guarantees, indemnities or obligations in
         respect of purchase price adjustments in connection with the
         acquisition or disposition of assets;

                  (14)     Indebtedness incurred pursuant to a Qualified
         Securitization Transaction; provided, however, that after giving effect
         to any such incurrence, the aggregate principal amount of all
         Indebtedness under this clause (14) plus any Indebtedness incurred
         pursuant to clause (2) and outstanding on the date of such incurrence
         does not exceed the greater of (a) $250.0 million and (b) $15.0 million
         plus the Borrowing Base;

                                      -12-

<PAGE>

                  (15)     Acquired Indebtedness of the Company or any
         Restricted Subsidiary, in an aggregate principal amount not to exceed
         $5.0 million; and

                  (16)     additional Indebtedness of the Company and its
         Restricted Subsidiaries in an aggregate principal amount not to exceed
         $15.0 million at any one time outstanding (which amount may, but need
         not, be incurred in whole or in part under the Credit Agreement).

                  For purposes of determining compliance with Section 4.9, (1)
in the event that an item of Indebtedness meets the criteria of more than one of
the categories of Permitted Indebtedness described in clauses (1) through (16)
above or is entitled to be incurred pursuant to the Consolidated Fixed Charge
Coverage Ratio provisions of Section 4.9, the Company shall, in its sole
discretion, classify (or later reclassify) such item of Indebtedness in any
manner that complies with this definition; provided that all Indebtedness
outstanding under the Credit Agreement up to the maximum amount permitted under
clause (2) of this definition above shall be deemed to have been incurred
pursuant to clause (2) of this definition; (2) the outstanding principal amount
of any particular Indebtedness shall be counted only once and any obligations
arising under any guarantee, lien, letter of credit or similar instrument
supporting such Indebtedness shall be disregarded; (3) the maximum amount of
Indebtedness that the Company or a Restricted Subsidiary may incur pursuant to
Section 4.9 shall not be deemed to be exceeded, with respect to any outstanding
Indebtedness, due solely to the result of fluctuations in the exchange rates of
currencies; and (4) the accrual of interest, 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 Capital Stock in the form of additional shares of the same class of
Disqualified Capital Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Capital Stock for purposes of
Section 4.9.

                  "Permitted Investments" means:

                  (1)      Investments by the Company or any Restricted
         Subsidiary of the Company in any Person that is or will become
         immediately after such Investment a Restricted Subsidiary of the
         Company or that will merge or consolidate into the Company or a
         Restricted Subsidiary of the Company;

                  (2)      Investments in the Company by any Restricted
         Subsidiary of the Company;

                  (3)      investments in cash and Cash Equivalents;

                  (4)      loans and advances to employees, directors and
         officers of the Company and its Restricted Subsidiaries in the ordinary
         course of business for bona fide business purposes not in excess of
         $250,000 at any one time outstanding;

                  (5)      Currency Agreements and Interest Swap Obligations
         entered into in the ordinary course of the Company's or its Restricted
         Subsidiaries' businesses and otherwise in compliance with this
         Indenture;

                  (6)      additional Investments not to exceed $10.0 million at
         any one time outstanding;

                  (7)      Investments in securities of trade creditors or
         customers received pursuant to any plan of reorganization or similar
         arrangement upon the bankruptcy or insolvency of such trade creditors
         or customers or in good faith settlement of delinquent obligations of
         such trade creditors or customers;

                  (8)      Investments made by the Company or its Restricted
         Subsidiaries as a result of consideration received in connection with
         an Asset Sale made in compliance with Section 4.10;

                                      -13-

<PAGE>

                  (9)      Investments represented by guarantees that are
         otherwise permitted under this Indenture;

                  (10)     Investments the payment for which is Qualified
         Capital Stock of the Company;

                  (11)     Investments in a Special Purpose Vehicle in
         connection with a Qualified Securitization Transaction; provided,
         however, that the only assets transferred to such Special Purpose
         Vehicle consist of Receivables and related assets of such Special
         Purpose Vehicle; and

                  (12)     Investments in existence on the date of this
         Indenture and an Investment in any Person to the extent such Investment
         replaces or refinances an Investment in such Person existing on the
         date of this Indenture in an amount not exceeding the amount of the
         Investment being replaced or refinanced; provided, however, that the
         new Investment is on terms and conditions no less favorable to the
         Company and its Restricted Subsidiaries than the Investment being
         renewed or replaced.

                  "Permitted Liens" means the following types of Liens:

                  (1)      Liens for taxes, assessments or governmental charges
         or claims either (a) not delinquent or (b) contested in good faith by
         appropriate proceedings and as to which the Company or its Restricted
         Subsidiaries shall have set aside on its books such reserves as may be
         required pursuant to GAAP;

                  (2)      statutory Liens of landlords and Liens of carriers,
         warehousemen, mechanics, suppliers, materialmen, repairmen and other
         Liens imposed by law incurred in the ordinary course of business for
         sums not yet delinquent or being contested in good faith, if such
         reserve or other appropriate provision, if any, as shall be required by
         GAAP shall have been made in respect thereof;

                  (3)      Liens incurred or deposits made in the ordinary
         course of business in connection with workers' compensation,
         unemployment insurance and other types of social security, including
         any Lien securing letters of credit issued in the ordinary course of
         business consistent with past practice in connection therewith, or to
         secure the performance of tenders, statutory obligations, surety and
         appeal bonds, bids, leases, government contracts, performance and
         return-of-money bonds and other similar obligations (exclusive of
         obligations for the payment of borrowed money);

                  (4)      judgment Liens not giving rise to an Event of Default
         so long as such Lien is adequately bonded and any appropriate legal
         proceedings which may have been duly initiated for the review of such
         judgment shall not have been finally terminated or the period within
         which such proceedings may be initiated shall not have expired;

                  (5)      easements, rights-of-way, zoning restrictions and
         other similar charges or encumbrances in respect of real property not
         interfering in any material respect with the ordinary conduct of the
         business of the Company or any of its Restricted Subsidiaries;

                  (6)      any interest or title of a lessor under any
         Capitalized Lease Obligation; provided that such Liens do not extend to
         any property or assets which is not leased property subject to such
         Capitalized Lease Obligation other than proceeds thereof;

                  (7)      Liens securing Purchase Money Indebtedness incurred
         or in the ordinary course of business; provided, however, that (a) such
         Purchase Money Indebtedness shall not exceed the purchase price or
         other cost of such property or equipment and shall not be secured by
         any property or equipment of the Company or any Restricted Subsidiary
         of the Company other than the property and equipment so

                                      -14-

<PAGE>

         acquired and (b) the Lien securing such Purchase Money Indebtedness
         shall be created within 90 days of such acquisition;

                  (8)      Liens upon specific items of inventory or other goods
         and proceeds of any Person securing such Person's obligations in
         respect of 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;

                  (9)      Liens securing reimbursement obligations with respect
         to commercial letters of credit which encumber documents and other
         property relating to such letters of credit and products and proceeds
         thereof;

                  (10)     Liens encumbering deposits made to secure obligations
         arising from statutory, regulatory, contractual, or warranty
         requirements of the Company or any of its Restricted Subsidiaries,
         including rights of offset and set-off;

                  (11)     Liens securing Interest Swap Obligations which
         Interest Swap Obligations relate to Indebtedness that is otherwise
         permitted under this Indenture;

                  (12)     Liens securing Indebtedness under Currency
         Agreements;

                  (13)     Liens securing Acquired Indebtedness incurred in
         accordance with Section 4.9; provided that:

                           (a)      such Liens secured such Acquired
                  Indebtedness at the time of and prior to the incurrence of
                  such Acquired Indebtedness by the Company or a Restricted
                  Subsidiary of the Company and were not granted in connection
                  with, or in anticipation of, the incurrence of such Acquired
                  Indebtedness by the Company or a Restricted Subsidiary of the
                  Company, and

                           (b)      such Liens do not extend to or cover any
                  property or assets of the Company or of any of its Restricted
                  Subsidiaries other than the property or assets that secured
                  the Acquired Indebtedness prior to the time such Indebtedness
                  became Acquired Indebtedness of the Company or a Restricted
                  Subsidiary of the Company and are no more favorable to the
                  lienholders than those securing the Acquired Indebtedness
                  prior to the incurrence of such Acquired Indebtedness by the
                  Company or a Restricted Subsidiary of the Company;

                  (14)     Liens on assets of a Restricted Subsidiary of the
         Company that is not a Guarantor to secure Indebtedness of such
         Restricted Subsidiary that is otherwise permitted under this Indenture;

                  (15)     leases, subleases, licenses and sublicenses granted
         to others that do not materially interfere with the ordinary cause of
         business of the Company and its Restricted Subsidiaries;

                  (16)     banker's Liens, rights of setoff and similar Liens
         with respect to cash and Cash Equivalents on deposit in one or more
         bank accounts in the ordinary course of business;

                  (17)     Liens arising from filing Uniform Commercial Code
         financing statements regarding leases;

                  (18)     Liens in favor of customs and revenue authorities
         arising as a matter of law to secure payments of custom duties in
         connection with the importation of goods;

                                      -15-

<PAGE>

                  (19)     Liens securing Indebtedness permitted to be incurred
         pursuant to clause (16) of the definition of "Permitted Indebtedness";

                  (20)     Liens on Receivables to reflect sales of receivables
         pursuant to a Qualified Securitization Transaction; and

                  (21)     other Liens securing Indebtedness for borrowed money
         with respect to property or assets with an aggregate fair market value
         (valued at the time of creation thereof) of not more than $7.5 million
         at any time in the aggregate.

                  "Person" means an individual, partnership, corporation,
unincorporated organization, trust or joint venture, or a governmental agency or
political subdivision thereof.

                  "PORTAL Market" means the Private Offerings, Resales and
Trading through Automatic Linkages Market, commonly referred to as the Portal
Market, operated by the National Association of Securities Dealers, Inc. or any
successor thereto.

                  "Preferred Stock" of any Person means any Capital Stock of
such Person that has preferential rights to any other Capital Stock of such
Person with respect to dividends or redemptions or upon liquidation.

                  "Purchase Date" means, with respect to any Note to be
repurchased, the date fixed for such repurchase by or pursuant to this
Indenture.

                  "Purchase Money Indebtedness" means Indebtedness of the
Company and its Restricted Subsidiaries incurred in the normal course of
business for the purpose of financing all or any part of the purchase price, or
the cost of installation, construction or improvement, of property or equipment.

                  "Purchase Price" means the amount payable for the repurchase
of any Note on a Purchase Date, exclusive of accrued and unpaid interest and
Additional Interest (if any) thereon to the Purchase Date, unless otherwise
specifically provided.

                  "QIB" means a qualified institutional buyer as defined in Rule
144A under the Securities Act.

                  "Qualified Capital Stock" means any Capital Stock that is not
Disqualified Capital Stock.

                  "Qualified Securitization Transaction" means any transaction
or series of transactions that may be entered into by the Company or any
Restricted Subsidiary in connection with or reasonably related to a transaction
or series of transactions in which the Company or any Restricted Subsidiary may
sell, convey or otherwise transfer to (1) a Special Purpose Vehicle or (2) any
other Person, or may grant a security interest in, any equipment and related
assets (including contract rights) or Receivables or interests therein secured
by goods or services financed thereby (whether such Receivables are then
existing or arising in the future) of the Company or any Restricted Subsidiary,
and any assets relating thereto including, without limitation, all security or
ownership interests in goods or services financed thereby, the proceeds of such
Receivables, and other assets which are customarily sold or in respect of which
security interests are customarily granted in connection with securitization
transactions involving such assets, as any agreement governing any such
transactions may be renewed, refinanced, amended, restated or modified from time
to time.

                  "Receivables" means any right of payment from or on behalf of
any obligor, whether constituting an account, chattel paper, instrument, general
intangible or otherwise, arising from the financing by the Company or any
Restricted Subsidiary of goods or services, and monies due thereunder, security
or ownership interests in the goods and services financed thereby, records
relating thereto, and the right to payment of any

                                      -16-

<PAGE>

interest or finance charges and other obligations with respect thereto, proceeds
from claims on insurance policies related thereto, any other proceeds related
thereto, and other related rights.

                  "Redemption Date" means, with respect to any Note to be
redeemed, the date fixed for such redemption by or pursuant to this Indenture.

                  "Redemption Price" means the amount payable for the redemption
of any Note on a Redemption Date, exclusive of accrued and unpaid interest and
Additional Interest (if any) thereon to the Redemption Date, unless otherwise
specifically provided.

                  "Reference Treasury Dealer" means Deutsche Bank Securities
Inc. and its successors; provided, however, that if it shall cease to be a
primary U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury Dealer.

                  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.
on the third business day preceding such Redemption Date.

                  "Refinance" means, in respect of any security or Indebtedness,
to refinance, extend, renew, refund, repay, prepay, redeem, defease or retire,
or to issue a security or Indebtedness in exchange or replacement for, such
security or Indebtedness in whole or in part. "Refinanced" and "Refinancing"
shall have correlative meanings.

                  "Refinancing Indebtedness" means any Refinancing by the
Company or any Restricted Subsidiary of the Company of Indebtedness incurred in
accordance with Section 4.9 (other than pursuant to clauses (2), (4), (5), (6),
(7), (8), (9), (10), (12), (13), (14) or (16) of the definition of Permitted
Indebtedness), in each case that does not:

                  (1)      result in an increase in the aggregate principal
         amount of Indebtedness of such Person as of the date of such proposed
         Refinancing above the sum of (i) the aggregate principal amount of such
         Indebtedness, plus (ii) the accrued interest on and amount of any
         premium required to be paid under the terms of the instrument governing
         such Indebtedness, plus (iii) the amount of reasonable expenses
         incurred by the Company in connection with such Refinancing; or

                  (2)      create Indebtedness with: (a) a Weighted Average Life
         to Maturity that is less than the Weighted Average Life to Maturity of
         the Indebtedness being Refinanced; or (b) a final maturity earlier than
         the final maturity of the Indebtedness being Refinanced;

provided that (x) if such Indebtedness being Refinanced is Indebtedness solely
of the Company (and is not otherwise guaranteed by a Restricted Subsidiary of
the Company), then such Refinancing Indebtedness shall be Indebtedness solely of
the Company and (y) if such Indebtedness being Refinanced is subordinate or
junior to the Notes or any Guarantee, then such Refinancing Indebtedness shall
be subordinate to the Notes or such Guarantee, as the case may be, at least to
the same extent and in the same manner as the Indebtedness being Refinanced.

                  "Registration Rights Agreement" means the registration rights
agreement dated as of the Issue Date among the Company and the Initial
Purchasers.

                  "Regulation S" means Regulation S as promulgated under the
Securities Act.

                                      -17-

<PAGE>

                  "Responsible Officer" means, when used with respect to the
Trustee, any officer of the Trustee assigned by the Trustee to administer this
Indenture and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of his knowledge of
and familiarity with the particular subject.

                  "Restricted Subsidiary" of any Person means any Subsidiary of
such Person which at the time of determination is not an Unrestricted
Subsidiary.

                  "Rule 144A" means Rule 144A promulgated under the Securities
Act.

                  "Sale and Leaseback Transaction" means any direct or indirect
arrangement with any Person or to which any such Person is a party, providing
for the leasing to the Company or a Restricted Subsidiary of any property,
whether owned by the Company or any Restricted Subsidiary at the Issue Date or
later acquired, which has been or is to be sold or transferred by the Company or
such Restricted Subsidiary to such Person or to any other Person from whom funds
have been or are to be advanced by such Person on the security of such Property.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Series A Notes" means the Company's 9 1/2% Senior Notes due
2013 issued under this Indenture and not registered under the Securities Act,
whether issued on the Issue Date or thereafter, including any Additional Notes,
if applicable.

                  "Series B Notes" means notes issued by the Company hereunder
containing terms identical to the Series A Notes (except that (i) interest and
Additional Interest (if any) thereon shall accrue from the last date on which
interest was paid on the Series A Notes or, if no such interest has been paid,
from the date of original issuance, (ii) the legend or legends relating to
transferability and other related matters set forth on the Series A Notes,
including the text referred to in footnote 2 of Exhibit A, shall be removed or
appropriately altered, and (iii) as otherwise set forth herein), to be offered
to Holders of Series A Notes in exchange for such Series A Notes pursuant to the
Exchange Offer or any exchange offer specified in any registration rights
agreement relating to Additional Notes or in a registered public offering of
Additional Notes.

                  "Significant Subsidiary", with respect to any Person, means
any Restricted Subsidiary of such Person that satisfies the criteria for a
"significant subsidiary" set forth in Rule 1.02(w) of Regulation S-X under the
Exchange Act.

                  "Special Purpose Vehicle" means a bankruptcy-remote entity or
trust or other special purpose entity that is formed by the Company, any
Subsidiary of the Company or any other Person for the purpose of, and engages in
no material business other than in connection with a Qualified Securitization
Transaction or other similar transactions of Receivables or other similar or
related assets.

                  "Stated Maturity" means, with respect to any installment of
interest or 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.

                  "Subordinated Indebtedness" means Indebtedness of the Company
or any Guarantor that is subordinated or junior in right of payment to the Notes
or the Guarantee of such Guarantor, as the case may be.

                                      -18-

<PAGE>

                  "Subsidiary", with respect to any Person, means:

                  (1)      any corporation of which the outstanding Capital
         Stock having at least a majority of the votes entitled to be cast in
         the election of directors under ordinary circumstances shall at the
         time be owned, directly or indirectly, by such Person; or

                  (2)      any other Person of which at least a majority of the
         voting interest under ordinary circumstances is at the time, directly
         or indirectly, owned by such Person.

                  "TIA" means the Trust Indenture Act of 1939 (15 U.S.C.
Sections 77aaa-77bbbb) as in effect on the date on which this Indenture is
qualified under the TIA; provided that in the event the Trust Indenture Act of
1939 is amended after such date, "TIA" means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

                  "Transfer Restricted Security" means a Note that is a
restricted security as defined in Rule 144(a)(3) under the Securities Act.

                  "Treasury Rate" means, with respect to any Redemption Date,
the rate per annum equal to the yield to maturity of the Comparable Treasury
Issue, compounded semi-annually, assuming a price for such Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.

                  "Trustee" means the party named as such above until a
successor replaces it in accordance with the applicable provisions of this
Indenture, and thereafter means the successor serving hereunder.

                  "Unrestricted Subsidiary" of any Person means:

                  (1)      any Subsidiary of such Person that at the time of
         determination shall be or continue to be designated an Unrestricted
         Subsidiary by the Board of Directors of such Person in the manner
         provided below; and

                  (2)      any Subsidiary of an Unrestricted Subsidiary.

                  The Board of Directors may designate any Subsidiary (including
any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary
unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on
any property of, the Company or any other Subsidiary of the Company that is not
a Subsidiary of the Subsidiary to be so designated; provided that:

                  (1)      the Company certifies to the Trustee that such
         designation complies with Section 4.7; and

                  (2)      each Subsidiary to be so designated and each of its
         Subsidiaries has not at the time of designation, and does not
         thereafter, create, incur, issue, assume, guarantee or otherwise become
         directly or indirectly liable with respect to any Indebtedness pursuant
         to which the lender has recourse to any of the assets of the Company or
         any of its Restricted Subsidiaries.

                  For purposes of making the determination of whether any such
designation of a Subsidiary as an Unrestricted Subsidiary complies with Section
4.7, the portion of the fair market value of the net assets of such Subsidiary
of the Company at the time that such Subsidiary is designated as an Unrestricted
Subsidiary that is represented by the interest of the Company and its Restricted
Subsidiaries in such Subsidiary, in each case as

                                      -19-

<PAGE>

determined in good faith by the Board of Directors of the Company, shall be
deemed to be an Investment. Such designation will be permitted only if such
Investment would be permitted at such time under Section 4.7.

                  The Board of Directors may designate any Unrestricted
Subsidiary to be a Restricted Subsidiary only if:

                  (1)      immediately after giving effect to such designation,
         the Company is able to incur at least $1.00 of additional Indebtedness
         (other than Permitted Indebtedness) in compliance with Section 4.9(a);
         and

                  (2)      immediately before and immediately after giving
         effect to such designation, no Default or Event of Default shall have
         occurred and be continuing.

                  Any such designation by the Board of Directors shall be
evidenced to the Trustee by promptly filing with the Trustee a copy of the Board
Resolution giving effect to such designation and an Officers' Certificate
certifying that such designation complied with the foregoing provisions.

                  "U.S. Government Securities" shall mean securities which are
(i) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) obligations of a person controlled
or supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case,
are not callable or redeemable at the option of the issuer thereof, and shall
also include a depository receipt issued by a bank or trust company as custodian
with respect to any such U.S. Government Securities or a specific payment of
interest on or principal of any such U.S. Government Securities held by such
custodian for the account of the holder of a depository receipt.

                  "U.S. Person" means any U.S. Person as defined in Regulation
S.

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

                  "Wholly Owned Restricted Subsidiary" of any Person means any
Wholly Owned Subsidiary of such Person which at the time of determination is a
Restricted Subsidiary of such Person.

                  "Wholly Owned Subsidiary" of any Person means any Subsidiary
of such Person of which all the outstanding voting securities (other than in the
case of a foreign Subsidiary, directors' qualifying shares or an immaterial
amount of shares required to be owned by other Persons pursuant to applicable
law) are owned by such Person or any Wholly Owned Subsidiary of such Person.

Section 1.2.      Other Definitions.

<TABLE>
<CAPTION>
           Term                                             Defined in Section
           ----                                             ------------------
<S>                                                         <C>
"Acceleration Notice"..............................                 6.2
"Act...............................................               1.5(a)
"Adjusted Net Assets"..............................                10.5
"Affiliate Transaction"............................                4.11
</TABLE>

                                      -20-

<PAGE>

<TABLE>
<CAPTION>
           Term                                             Defined in Section
           ----                                             ------------------
<S>                                                         <C>
"Agent Members"....................................               2.6(b)
"Certificated Notes"...............................               2.1
"Change of Control Offer"..........................               4.15(a)
"Change of Control Offer Period"...................               3.9(b)
"Covenant Defeasance"..............................               8.3
"Event of Default".................................               6.1
"Foreign Person"...................................               2.6(c)
"Funding Guarantor"................................              10.5
"Global Notes".....................................               2.1
"incur"............................................               4.9(a)
"Institutional Accredited Investors"...............               2.1
"Legal Defeasance".................................               8.2
"Net Proceeds Offer"...............................               4.10
"Net Proceeds Offer Payment Date"..................               4.10
"Net Proceeds Offer Trigger Date"..................               4.10
"Offshore Certificated Notes"......................               2.1
"Paying Agent".....................................               2.3
"Permanent Regulation S Global Note"...............               2.1
"Private Placement Legend".........................               2.6(h)
"Reference Date"...................................               4.7
"Registrar"........................................               2.3
"Regulation S Global Note".........................               2.1
"Replacement Assets"...............................               4.10(3)(b)
"Restricted Payment"...............................               4.7(a)
"Rule 144A Global Note"............................               2.1
"Special Redemption"...............................               3.8
"Surviving Entity".................................               5.1
"Temporary Regulation S Global Note"...............               2.1
"U.S. Certificated Notes"..........................               2.1
</TABLE>

Section 1.3.      Incorporation by Reference of Trust Indenture Act.

                  Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture.

                  The following TIA terms used in this Indenture have the
following meanings:

                  "indenture securities" means the Notes;

                  "indenture security holder" means a Holder;

                  "indenture to be qualified" means this Indenture;

                  "indenture trustee" or "institutional trustee" means the
Trustee;

                  "obligor" on the Notes means the Company and any successor
obligor upon the Notes.

                  All other terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule
under the TIA have the meanings so assigned to them.

                                      -21-

<PAGE>

Section 1.4.      Rules of Construction.

                  Unless the context otherwise requires:

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

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

                  (c)      "or" is not exclusive;

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

                  (e)      references to sections of or rules under the
         Securities Act, the Exchange Act and the TIA shall be deemed to include
         substitute, replacement and successor sections or rules adopted by the
         Commission from time to time unless otherwise specified.

Section 1.5.      Acts of Holders.

                  (a)      Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the
Company. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of Holders
signing or bound by such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 7.1) conclusive in
favor of the Trustee and the Company, if made in the manner provided in this
Section.

                  (b)      The fact and date of the execution by any Person of
any such instrument or writing may be proved by the affidavit of a witness of
such execution or by the certificate of any notary public or other officer
authorized by law to take acknowledgments of deeds, certifying that the
individual signing such instrument or writing acknowledged to him or her the
execution thereof. Where such execution is by an officer of a corporation or a
member of a partnership, on behalf of such corporation or partnership, such
certificate or affidavit shall also constitute sufficient proof of his or her
authority.

                  (c)      The ownership of Notes shall be proved by the
register maintained by the Registrar.

                  (d)      Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Note shall bind every
future Holder of the same Note and the holder of every Note issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or suffered to be done by the Trustee or the Company in
reliance thereon, whether or not notation of such action is made upon such Note.

                                      -22-

<PAGE>

                                   ARTICLE II

                                    THE NOTES

Section 2.1.      Form and Dating.

                  The Series A Notes and the Trustee's certificate of
authentication shall be substantially in the form of Exhibit A. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or
usage in addition to those set forth in Exhibit A. The Series B Notes shall be
substantially in the form of Exhibit B. The notation on each Note relating to
the Guarantees, if any, shall be substantially in the form set forth in Exhibit
C. Each Note shall be dated the date of its authentication. The Notes shall be
in denominations of $1,000 and integral multiples thereof.

                  The terms and provisions contained in the Notes and Guarantees
shall constitute, and are hereby expressly made, a part of this Indenture, and
the Company, the Guarantors, if any, and the Trustee, by their execution and
delivery of this Indenture, expressly agree to such terms and provisions and to
be bound thereby.

                  Notes offered and sold in reliance on Rule 144A shall be
issued initially in the form of a single permanent global Note in registered
form, substantially in the form set forth in Exhibit A (the "Rule 144A Global
Note"), deposited with the Trustee, as custodian for the Depositary, duly
executed by the Company and authenticated by the Trustee as hereinafter
provided. The aggregate principal amount of the Rule 144A Global Note may from
time to time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

                  Notes offered and sold in offshore transactions in reliance on
Regulation S shall be issued initially in the form of a single temporary global
Note in registered form substantially in the form set forth in Exhibit A (the
"Temporary Regulation S Global Note"), deposited with the Trustee, as custodian
for the Depositary, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. At any time following 40 days after the later
of the consummation of the offering of the Notes and the Issue Date, upon
receipt by the Trustee and the Company of a duly executed certificate
substantially in the form of Exhibit C(1), a single permanent Global Note in
registered form substantially in the form set forth in Exhibit A (the "Permanent
Regulation S Global Note," and together with the Temporary Regulation S Global
Note, the "Regulation S Global Note") duly executed by the Company and
authenticated by the Trustee as hereinafter provided shall be deposited with the
Trustee, as custodian for the Depositary. The aggregate principal amount of the
Regulation S Global Note may from time to time be increased or decreased by
adjustments made in the records of the Trustee, as custodian for the Depositary
or its nominee, as hereinafter provided.

                  Notes offered and sold to institutional accredited investors
(as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act)
("Institutional Accredited Investors"), if any, shall be issued in the form of
permanent U.S. Certificated Notes in registered form in substantially the form
set forth in Exhibit A (the "U.S. Certificated Notes"). Notes issued pursuant to
Section 2.6 in exchange for interests in the Rule 144A Global Note or the
Regulation S Global Note shall be in the form of permanent Certificated Notes in
registered form substantially in the form set forth in Exhibit A (the "Offshore
Certificated Notes"), in the case of those issued in exchange for the Regulation
S Global Note, and U.S. Certificated Notes, in the case of those issued in
exchange for the Rule 144A Global Note.

                  The Offshore Certificated Notes and U.S. Certificated Notes
are sometimes collectively herein referred to as the "Certificated Notes." The
Rule 144A Global Note and the Regulation S Global Note are sometimes referred to
herein as the "Global Notes."

                                      -23-

<PAGE>

Section 2.2.      Execution and Authentication.

                  An Officer of the Company shall sign the Notes for the Company
by manual or facsimile signature and the Notes shall be attested to by another
Officer of the Company. The seal of the Company shall be reproduced on the Notes
and may be in facsimile form.

                  If an Officer whose signature is on a Note no longer holds
that office at the time a Note is authenticated, the Note shall nevertheless be
valid. Each Guarantor, if any, shall execute a Guarantee in the manner set forth
in Section 10.7.

                  A Note shall not be valid until authenticated by the signature
of the Trustee. The signature shall be conclusive evidence that the Note has
been authenticated under this Indenture.

                  The Trustee, upon a written order of the Company signed by two
Officers of the Company, together with the other documents required by Sections
12.4 and 12.5, shall authenticate (i) Series A Notes for original issue on the
Issue Date in the aggregate principal amount not to exceed $150.0 million and
(ii) subsequent to the Issue Date and subject to Section 4.9, Additional Notes.
The Trustee, upon written order of the Company signed by two Officers of the
Company, together with the other documents required by Sections 12.4 and 12.5,
shall authenticate Series B Notes; provided that such Series B Notes shall be
issuable only upon the valid surrender for cancellation of Series A Notes of a
like aggregate principal amount in accordance with the Exchange Offer or an
exchange offer specified in any registration rights agreement relating to
Additional Notes or in connection with one or more registered public offerings
of Additional Notes. Such written order of the Company shall specify the amount
of Notes to be authenticated and the date on which the original issue of Notes
is to be authenticated. Any Additional Notes shall be part of the same issue as
the Notes being issued on the Issue Date and will vote on all matters as one
class with the Notes being issued on the Issue Date, including, without
limitation, waivers, amendments, redemptions, Change of Control Offers and Net
Proceeds Offers.

                  The Trustee may appoint an authenticating agent acceptable to
the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with the Company or
an Affiliate of the Company.

Section 2.3.      Registrar and Paying Agent.

                  The Company shall maintain an office or agency where Notes may
be presented for registration of transfer or for exchange ("Registrar") and an
office or agency where Notes may be presented for payment ("Paying Agent"). The
Registrar shall keep a register of the Notes and of their transfer and exchange.
At the option of the Company, payment of interest and Additional Interest (if
any) may be made by check mailed to the Holders at their addresses set forth in
the register of Holders, provided that payment by wire transfer of immediately
available funds will be required with respect to principal, Redemption Price and
Purchase Price of, and interest and Additional Interest (if any) on, all Global
Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Trustee or the Paying Agent. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term
"Registrar" includes any co-registrar and the term "Paying Agent" includes any
additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company shall notify the Trustee in writing of
the name and address of any Paying Agent not a party to this Indenture. If the
Company fails to appoint or maintain another entity as Registrar or Paying
Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may
act as Paying Agent or Registrar. The Depositary shall, by acceptance of a
Global Note, agree that transfers of beneficial interests in such Global Note
may be effected only through a book-entry system maintained by the Depositary
(or its agent), and that ownership of a beneficial interest in the Note shall be
required to be reflected in a book entry.

                                      -24-

<PAGE>

                  The Company initially appoints the Trustee to act as the
Registrar and Paying Agent and to act as Note Custodian with respect to the
Global Notes.

                  The Trustee is hereby authorized to enter into a letter of
representations with the Depositary in the form provided by the Company and to
act in accordance with such letter.

Section 2.4.      Paying Agents to Hold Money in Trust.

                  The Company shall require each Paying Agent other than the
Trustee to agree in writing that the Paying Agent will hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the
payment of principal of, premium, if any, interest and Additional Interest (if
any) on the Notes, and will notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Company
at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or a Subsidiary) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a
separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the
Company, the Trustee shall serve as Paying Agent for the Notes.

Section 2.5.      Holder Lists.

                  The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA Section 312(a). If
the Trustee is not the Registrar, the Company shall furnish to the Trustee at
least five Business Days before each interest payment date and at such other
times as the Trustee may request in writing, a list in such form and as of such
date as the Trustee may reasonably require of the names and addresses of the
Holders of Notes, and the Company shall otherwise comply with TIA Section
312(a).

Section 2.6.      Transfer and Exchange.

                  (a)      Transfer and Exchange Generally; Book Entry
Provisions. Upon surrender for registration of transfer of any Note to the
Registrar, and satisfaction of the requirements for such transfer set forth in
this Section 2.6, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or
more new Notes of any authorized denominations and of a like aggregate principal
amount and bearing such restrictive legends as may be required by this
Indenture.

                  Notes may be exchanged for other Notes of any authorized
denominations and of a like aggregate principal amount, upon surrender of the
Notes to be exchanged at any such office or agency maintained by the Company
pursuant to Section 4.2. Whenever any Notes are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Notes
which the Holder making the exchange is entitled to receive.

                  All Notes presented or surrendered for registration of
transfer or exchange shall be duly endorsed, or be accompanied by a written
instrument or instruments of transfer in form satisfactory to the Company and
the Registrar duly executed, by the Holder thereof or his attorney duly
authorized in writing. Except as otherwise provided in this Indenture, and in
addition to the requirements set forth in the legend referred to in Section
2.6(h)(i) below, in connection with any transfer of Transfer Restricted
Securities any request for transfer shall be accompanied by a certification to
the Trustee relating to the manner of such transfer substantially in the form of
Exhibit D(2).

                                      -25-

<PAGE>

                  (b)      Book-Entry Provisions for the Global Notes. The Rule
144A Global Note and Regulation S Global Note initially shall (i) be registered
in the name of the Depositary or the nominee of such Depositary, (ii) be
delivered to the Trustee as Note Custodian and (iii) bear legends as set forth
in Section 2.6(h).

                  Members of, or participants in, the Depositary ("Agent
Members") shall have no rights under this Indenture with respect to any Rule
144A Global Note or Regulation S Global Note, as the case may be, held on their
behalf by the Depositary, or the Trustee as its custodian, or under the Rule
144A Global Note or Regulation S Global Note, as the case may be, and the
Depositary may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the absolute owner of the Rule 144A Global Note or
Regulation S Global Note, as the case may be, for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or impair, as between the Depositary and its Agent Members, the operation of
customary practices governing the exercise of the rights of a holder of any
Note.

                  Transfers of the Rule 144A Global Note and the Regulation S
Global Note shall be limited to transfers of such Rule 144A Global Note or
Regulation S Global Note in whole, but not in part, to the Depositary, its
successors or their respective nominees. Beneficial interests in the Rule 144A
Global Note and the Regulation S Global Note may be transferred in accordance
with the applicable rules and procedures of the Depositary and the provisions of
this Section 2.6. The registration of transfer and exchange of beneficial
interests in a Global Note, which does not involve the issuance of a
Certificated Note, shall be effected through the Depositary, in accordance with
this Indenture (including the restrictions on transfer set forth herein) and the
procedures of the Depositary therefor. The Trustee shall have no responsibility
or liability for any act or omission of the Depositary.

                  At any time at the request of the beneficial holder of an
interest in the Rule 144A Global Note or Permanent Regulation S Global Note to
obtain a Certificated Note, such beneficial holder shall be entitled to obtain a
Certificated Note upon written request to the Trustee and the Note Custodian in
accordance with the standing instructions and procedures existing between the
Note Custodian and Depositary for the issuance thereof. Upon receipt of any such
request, the Trustee, or the Note Custodian at the direction of the Trustee,
will cause, in accordance with the standing instructions and procedures existing
between the Depositary and the Note Custodian, the aggregate principal amount of
the Rule 144A Global Note or Permanent Regulation S Global Note, as appropriate,
to be reduced by the principal amount of the Certificated Note issued upon such
request to such beneficial holder and, following such reduction, the Company
will execute and the Trustee will authenticate and deliver to such beneficial
holder (or its nominee) a Certificated Note or Certificated Notes in the
appropriate aggregate principal amount in the name of such beneficial holder (or
its nominee) and bearing such restrictive legends as may be required by this
Indenture.

                  (c)      Transfers to Non-QIB Institutional Accredited
Investors. The following provisions shall apply with respect to the registration
of any proposed transfer of a Transfer Restricted Security to any Institutional
Accredited Investor that is not a QIB (other than any Person that is not a U.S.
Person as defined under Regulation S, a "Foreign Person"):

                  (i)      the Registrar shall register the transfer of any
         Note, whether or not such Note bears the Private Placement Legend, if
         (x) the proposed transferee has certified in writing to the Registrar
         that the requested transfer is at least two years after the later of
         (A) the Issue Date of the Notes and (B) the last date on which any
         Notes were acquired from an Affiliate of the Company and has delivered
         legal opinions and such other information as the Trustee and the
         Company may reasonably require, or (y) the proposed transferee has
         delivered to the Registrar (A) a certificate substantially in the form
         of Exhibit E and (B) such certifications, legal opinions and other
         information as the Trustee and the Company may reasonably request to
         confirm that such transaction is in compliance with the Securities Act;
         and

                                      -26-

<PAGE>

                  (ii)     if the proposed transferor is an Agent Member holding
         a beneficial interest in the Global Note, upon receipt by the Registrar
         of (x) the documents required by clause (i), and (y) instructions given
         in accordance with the Depositary's and the Registrar's procedures, the
         Registrar shall reflect on its books and records the date and a
         decrease in the principal amount of the Global Note in an amount equal
         to the principal amount of the beneficial interest in the Global Note
         to be transferred, and the Company shall execute, and the Trustee shall
         authenticate and deliver, one or more Certificated Notes of like tenor
         and amount.

                  (d)      Transfers to QIBs. The following provisions shall
apply with respect to the registration of any proposed transfer of a Transfer
Restricted Security to a QIB (other than Foreign Persons):

                  (i)      if the Note to be transferred consists of
         Certificated Notes or an interest in the Regulation S Global Note, the
         Registrar shall register the transfer if such transfer is being made by
         a proposed transferor who has checked the box provided for on a
         certificate substantially in the form of Exhibit D(2) stating, or has
         otherwise advised the Company and the Registrar in writing, that the
         sale has been made in compliance with the provisions of Rule 144A to a
         transferee who is a QIB within the meaning of Rule 144A and is aware
         that the sale to it is being made in reliance on Rule 144A; and

                  (ii)     if the proposed transferee is an Agent Member, and
         the Note to be transferred consists of Certificated Notes or an
         interest in the Regulation S Global Note, upon receipt by the Registrar
         of (x) the documents referred to in clause (i), and (y) instructions
         given in accordance with the Depositary's and the Registrar's
         procedures, the Registrar shall reflect on its books and records the
         date and an increase in the principal amount of the Rule 144A Global
         Note in an amount equal to the principal amount of the Certificated
         Notes or the interest in the Regulation S Global Note, as the case may
         be, to be transferred, and the Trustee shall cancel the Certificated
         Notes or decrease the amount of the Regulation S Global Note so
         transferred.

                  (e)      Transfers of Interests in the Temporary Regulation S
Global Note. The following provisions shall apply with respect to the
registration of any proposed transfer of interests in the Temporary Regulation S
Global Note:

                  (i)      the Registrar shall register the transfer of an
         interest in the Temporary Regulation S Global Certificate if (x) the
         proposed transferor has delivered to the Registrar a certificate
         substantially in the form of Exhibit F and the transferee shall have
         delivered a certificate substantially in the form of Exhibit D(1)
         stating, among other things, that the proposed transferee is a Foreign
         Person or (y) the proposed transferee is a QIB and the proposed
         transferor has checked the box provided for on a certificate
         substantially in the form of Exhibit D(2) stating, or has otherwise
         advised the Company and the Registrar in writing, that the sale has
         been made in compliance with the provisions of Rule 144A to a
         transferee who is a QIB within the meaning of Rule 144A, and is aware
         that the sale to it is being made in reliance on Rule 144A; and

                  (ii)     if the proposed transferee is an Agent Member, upon
         receipt by the Registrar of (x) the documents referred to in clause
         (i), and (y) instructions given in accordance with the Depositary's and
         the Registrar's procedures, the Registrar shall reflect on its books
         and records the date and an increase in the principal amount of the
         Rule 144A Global Note in an amount equal to the principal amount of the
         Temporary Regulation S Global Note to be transferred, and the Trustee,
         as Note Custodian, shall decrease the amount of the Temporary
         Regulation S Global Note.

                  (f)      Transfers to Foreign Persons. The following
provisions shall apply with respect to any transfer of a Transfer Restricted
Security to a Foreign Person:

                                      -27-

<PAGE>

                  (i)      the Registrar shall register any proposed transfer of
         a Note to a Foreign Person upon receipt of a certificate substantially
         in the form of Exhibit F from the proposed transferor and such
         certifications, legal opinions and other information as the Trustee or
         the Company may reasonably request; and

                  (ii)     (a) if the proposed transferor is an Agent Member
         holding a beneficial interest in the Rule 144A Global Note or the Note
         to be transferred consists of Certificated Notes, upon receipt by the
         Registrar of (x) the documents required by clause (i), and (y)
         instructions given in accordance with the Depositary's and the
         Registrar's procedures, the Registrar shall reflect on its books and
         records the date and a decrease in the principal amount of the Rule
         144A Global Note in an amount equal to the principal amount of the
         beneficial interest in the Rule 144A Global Note or cancel the
         Certificated Notes, as the case may be, to be transferred, and (b) if
         the proposed transferee is an Agent Member, upon receipt by the
         Registrar of instructions given in accordance with the Depositary's and
         the Registrar's procedures, the Registrar shall reflect on its books
         and records the date and an increase in the principal amount of the
         Regulation S Global Note in an amount equal to the principal amount of
         the Certificated Notes to be transferred, and the Trustee shall
         decrease the amount of the Rule 144A Global Note.

                  (g)      The Depositary. The Depositary shall be a clearing
agency registered under the Exchange Act. The Company initially appoints The
Depository Trust Company to act as Depositary with respect to the Global Notes.
Initially, the Rule 144A Global Note and the Regulation S Global Note shall be
issued to the Depositary, registered in the name of Cede & Co., as the nominee
of the Depositary, and deposited with the Note Custodian for Cede & Co.

                  Notes in Certificated form issued in exchange for all or a
part of a Global Note pursuant to this Section 2.6 shall be registered in such
names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the Trustee shall
deliver such Certificated Notes in Certificated form to the persons in whose
names such Notes in Certificated form are so registered.

                  Certificated Notes shall be transferred to all beneficial
owners in exchange for their beneficial interests in the Rule 144A Global Note
or the Permanent Regulation S Global Note, as the case may be, if at any time:

                  (i)      the Depositary for the Notes notifies the Company
         that the Depositary is unwilling or unable to continue as Depositary
         for the Rule 144A Global Note or the Permanent Regulation S Global
         Note, as the case may be, and a successor Depositary is not appointed
         by the Company within 90 days after delivery of such notice; or

                  (ii)     the Company, at its sole discretion, notifies the
         Trustee in writing that it elects to cause the issuance of Certificated
         Notes under this Indenture,

and the Company shall execute, and the Trustee shall, upon receipt of an
authentication order in accordance with Section 2.2, authenticate and deliver
Certificated Notes in an aggregate principal amount equal to the principal
amount of the Rule 144A Global Note or the Permanent Regulation S Global Note,
as the case may be, in exchange for such Global Notes.

                  (h)      Legends.

                  (i)      Except as permitted by the following paragraphs (ii)
and (iii), each Note certificate evidencing Global Notes and Certificated Notes
(and all Notes issued in exchange therefor or substitution thereof) shall (x) be
subject to the restrictions on transfer set forth in this Section 2.6 (including
those set forth in

                                      -28-

<PAGE>

the legend below) unless such restrictions on transfer shall be waived by
written consent of the Company, and the holder of each Transfer Restricted
Security, by such Holder's acceptance thereof, agrees to be bound by all such
restrictions on transfer and (y) bear the legend set forth below (the "Private
Placement Legend"):

         "THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
         1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE
         OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
         BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION
         HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A "QUALIFIED
         INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER THE SECURITIES
         ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN
         OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE
         SECURITIES ACT OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE
         501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN "ACCREDITED
         INVESTOR"), (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE
         ORIGINAL ISSUANCE OF THIS NOTE RESELL OR OTHERWISE TRANSFER THIS NOTE
         EXCEPT (A) TO MOBILE MINI INC. OR ANY SUBSIDIARY THEREOF, (B) INSIDE
         THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
         RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN
         ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS
         FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A
         SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS
         RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM OF
         WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (D)
         OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
         RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE
         EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES
         ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
         REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
         OPINION OF COUNSEL REASONABLY SATISFACTORY TO MOBILE MINI INC. IF
         MOBILE MINI INC. SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE
         REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT
         WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE
         SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY
         TRANSFER OF THIS NOTE WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF
         THIS NOTE, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE
         HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND MOBILE
         MINI INC. SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS
         EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS
         BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
         SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS
         USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES"

                                      -29-

<PAGE>

         AND "U.S. PERSON" HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER
         THE SECURITIES ACT."

                  (ii)     Upon any sale or transfer of a Transfer Restricted
Security (including any Transfer Restricted Security represented by a Global
Note) pursuant to Rule 144 under the Securities Act or pursuant to an effective
registration statement under the Securities Act:

                  (a)      in the case of any Transfer Restricted Security that
         is a Certificated Note, the Registrar shall permit the Holder thereof
         to exchange such Transfer Restricted Security for a Certificated Note
         that does not bear the legend set forth in (i) above and rescind any
         restriction on the transfer of such Transfer Restricted Security; and

                  (b)      in the case of any Transfer Restricted Security
         represented by a Global Note, such Transfer Restricted Security shall
         not be required to bear the legend set forth in (i) above, but shall
         continue to be subject to the provisions of Section 2.6(b); provided,
         however, that with respect to any request for an exchange of a Transfer
         Restricted Security that is represented by a Global Note for a
         Certificated Note that does not bear the legend set forth in (i) above,
         which request is made in reliance upon Rule 144, the Holder thereof
         shall certify in writing to the Registrar that such request is being
         made pursuant to Rule 144 (such certifications to be substantially in
         the form of Exhibit D(2));

in each case, upon the delivery by the transferor of such opinions and other
information as the Trustee or the Company shall reasonably request.

                  (iii)    Notwithstanding the foregoing, upon consummation of
the Exchange Offer, the Company shall issue and, upon receipt of an
authentication order in accordance with Section 2.2, the Trustee shall
authenticate Series B Notes in exchange for Series A Notes accepted for exchange
in the Exchange Offer, which Series B Notes shall not bear the legend set forth
in (i) above, and the Registrar shall rescind any restriction on the transfer of
such Series A Notes, in each case unless the Company has notified the Registrar
in writing that the Holder of such Series A Notes is either (A) a broker-dealer,
(B) a Person participating in the distribution of the Series A Notes or (C) a
Person who is an affiliate (as defined in Rule 144A) of the Company.

                  (iv)     Each Global Note, whether or not a Transfer
Restricted Security, shall also bear the following legend on the face thereof:

         THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
         HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY
         OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS
         NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER
         THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES
         DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER
         THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A
         NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
         DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED
         EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
         THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE
         COMPANY OR ITS AGENT FOR REGISTRATION

                                      -30-

<PAGE>

         OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
         REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
         REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
         MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
         AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
         HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
         AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                  (v)      Any Global Note may be endorsed with or have
incorporated in the text thereof such legends or recitals or changes not
inconsistent with the provisions of this Indenture as may be required by the
Note Custodian, the Depositary or by the National Association of Securities
Dealers, Inc. in order for the Notes to be tradable on the PORTAL Market or
tradable on Euroclear or Clearstream or as may be required for the Notes to be
tradable on any other market developed for trading of securities pursuant to
Rule 144A or Regulation S under the Securities Act or required to comply with
any applicable law or any regulation thereunder or with the rules and
regulations of any securities exchange or automated quotation system upon which
the Notes may be listed or traded or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any
particular Notes are subject.

                  (i)      Cancellation and/or Adjustment of Global Notes. At
such time as all beneficial interests in Global Notes have been exchanged for
Certificated Notes, redeemed, repurchased or cancelled, all Global Notes shall
be returned to or retained and cancelled by the Trustee in accordance with
Section 2.11. At any time prior to such cancellation, if any beneficial interest
in a Global Note is exchanged for Certificated Notes, redeemed, repurchased or
cancelled, the principal amount of Notes represented by such Global Notes shall
be reduced accordingly and an endorsement shall be made on such Global Note by
the Trustee or the Note Custodian, at the direction of the Trustee, to reflect
such reduction. In the event of any transfer of any beneficial interest between
the Rule 144A Global Note and the Regulation S Global Note in accordance with
the standing procedures and instructions between the Depositary and the Note
Custodian and the transfer restrictions set forth herein, the aggregate
principal amount of each of the Rule 144A Global Note and the Regulation S
Global Note shall be appropriately increased or decreased, as the case may be,
and an endorsement shall be made on each of the Rule 144A Global Note and the
Regulation S Global Note by the Trustee or the Note Custodian, at the direction
of the Trustee, to reflect such reduction or increase.

                  (j)      General Provisions Relating to Transfers and
Exchanges.

                  (i)      To permit registrations of transfers and exchanges,
the Company shall execute and the Trustee shall authenticate Certificated Notes
and Global Notes at the Registrar's request.

                  (ii)     No service charge shall be made to a Holder for any
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Section 2.6).

                  (iii)    The Registrar shall not be required to register the
transfer of or exchange any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

                  (iv)     All Certificated Notes and Global Notes issued upon
any registration of transfer or exchange of Certificated Notes or Global Notes
shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Certificated Notes or
Global Notes surrendered upon such registration of transfer or exchange.

                                      -31-

<PAGE>

                  (v)      The Company shall not be required:

                  (a)      to issue, to register the transfer of or to exchange
         Notes during a period beginning at the opening of business 15 days
         before the day of any selection of Notes for redemption under Section
         3.2 and ending at the close of business on the day of selection; or

                  (b)      to register the transfer of or to exchange any Note
         so selected for redemption in whole or in part, except the unredeemed
         portion of any Note being redeemed in part; or

                  (c)      to register the transfer of or to exchange a Note
         between a record date and the next succeeding interest payment date.

                  (vi)     Prior to due presentment of the registration of a
transfer of any Note, the Trustee, any Agent and the Company may deem and treat
the Person in whose name any Note is registered as the absolute owner of such
Note for the purpose of all payments with respect to such Notes, and neither the
Trustee, any Agent nor the Company shall be affected by notice to the contrary.

                  (vii)    The Trustee shall authenticate Certificated Notes and
Global Notes in accordance with the provisions of Section 2.2.

Section 2.7.      Replacement Notes.

                  If any mutilated Note is surrendered to the Trustee or either
the Company or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Company shall issue and the Trustee,
upon receipt of an authentication order in accordance with Section 2.2, shall
authenticate a replacement Note if the Trustee's requirements for replacement of
Notes are met. If required by the Trustee or the Company, an indemnity bond must
be supplied by the Holder that is sufficient in the judgment of the Trustee and
the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is
replaced. The Trustee and the Company may charge the Holder for their expenses
in replacing a Note.

                  Every replacement Note is an additional obligation of the
Company and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder.

Section 2.8.      Outstanding Notes.

                  The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Note effected
by the Trustee or the Note Custodian in accordance with the provisions hereof,
and those described in this Section as not outstanding. Except as set forth in
Section 2.9, a Note does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Note.

                  If a Note is replaced pursuant to Section 2.7, it shall cease
to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser for value.

                  If the principal amount of any Note is considered paid under
Section 4.1, it ceases to be outstanding and interest on it ceases to accrue.

                  If the Paying Agent (other than the Company, a Subsidiary or
an Affiliate of any thereof) holds, on a Redemption Date or maturity date, money
sufficient to pay Notes payable on that date, then on and after that date such
Notes shall be deemed to be no longer outstanding and shall cease to accrue
interest.

                                      -32-

<PAGE>

Section 2.9.      Treasury Notes.

                  In determining whether the Holders of the required principal
amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Company or by any Affiliate thereof shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver of consent, only
Notes that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded. The Company agrees to notify the Trustee of the existence of any
such treasury Notes or Notes owned by the Company or an Affiliate thereof.

Section 2.10.     Temporary Notes.

                  Until Certificated Notes are ready for delivery, the Company
may prepare and the Trustee, upon receipt of an authentication order in
accordance with Section 2.2, shall authenticate temporary Notes. Temporary Notes
shall be substantially in the form of Certificated Notes, but may have such
variations as the Company considers appropriate for temporary Notes and as shall
be reasonably acceptable to the Trustee. Without unreasonable delay, the Company
shall prepare and the Trustee shall authenticate Certificated Notes in exchange
for temporary Notes.

                  Holders of temporary Notes shall be entitled to all of the
benefits of this Indenture.

Section 2.11.     Cancellation.

                  The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall destroy all
canceled Notes in accordance with the Trustee's usual procedures. The Trustee
shall maintain a record of the destruction of all canceled Notes. Certification
of the destruction of all canceled Notes shall be delivered to the Company. The
Company may not issue new Notes to replace Notes that have been paid or that
have been delivered to the Trustee for cancellation.

Section 2.12.     Defaulted Interest.

                  If the Company defaults in a payment of interest on the Notes,
the Company shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who
are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.1. The Company shall notify the Trustee
in writing of the amount of defaulted interest proposed to be paid on each Note
and the date of the proposed payment. The Company shall fix or cause to be fixed
each such special record date and payment date, provided that no such special
record date shall be less than 10 days prior to the related payment date for
such defaulted interest. At least 15 days before the special record date, the
Company (or, upon the written request of the Company, the Trustee in the name
and at the expense of the Company) shall mail or cause to be mailed to Holders a
notice that states the special record date, the related payment date and the
amount of such interest to be paid.

Section 2.13.     Persons Deemed Owners.

                  Prior to due presentment of a Note for registration of
transfer and subject to Section 2.12, the Company, the Trustee, any Paying
Agent, any co-registrar and any Registrar may deem and treat the person in whose
name any Note shall be registered upon the register of Notes kept by the
Registrar as the absolute owner of such Note (whether or not such Note shall be
overdue and notwithstanding any notation of the ownership or other writing
thereon made by anyone other than the Company, any co-registrar or any
Registrar) for the purpose

                                      -33-

<PAGE>

of receiving all payments with respect to such Note and for all other purposes,
and none of the Company, the Trustee, any Paying Agent, any co-registrar or any
Registrar shall be affected by any notice to the contrary.

Section 2.14.     CUSIP Numbers.

                  The Company in issuing the Notes may use a "CUSIP" number, and
if so, the Trustee shall use the CUSIP number in notices of redemption or
exchange as a convenience to Holders; provided that any such notice may state
that no representation is made as to the correctness or accuracy of the CUSIP
number printed in the notice or on the Notes, and that reliance may be placed
only on the other identification numbers printed on the Notes. The Company shall
notify the Trustee of any change to the CUSIP numbers.

Section 2.15.     Designation.

                  The Indebtedness evidenced by the Notes is hereby irrevocably
designated as "senior indebtedness" or such other term denoting seniority for
the purposes of any future Indebtedness of the Company which the Company makes
subordinate to any senior indebtedness or such other term denoting seniority.

                                  ARTICLE III.

                            REDEMPTION AND REPURCHASE

Section 3.1.      Notices to Trustee.

                  If the Company elects to redeem Notes pursuant to the
provisions of Section 3.7 or 3.8, it shall furnish to the Trustee, at least 30
days but not more than 60 days before the Redemption Date, an Officers'
Certificate setting forth the Section of this Indenture pursuant to which the
redemption shall occur, the Redemption Date, the principal amount of Notes to be
redeemed and the Redemption Price.

                  If the Company is required to offer to repurchase Notes
pursuant to the provisions of Section 4.10 or 4.15, it shall notify the Trustee
in writing, at least 30 days but not more than 60 days before the Purchase Date,
of the Section of this Indenture pursuant to which the repurchase shall occur,
the Purchase Date, the principal amount of Notes required to be repurchased and
the Purchase Price and shall furnish to the Trustee an Officers' Certificate to
the effect that (a) the Company is required to make or has made a Net Proceeds
Offer or a Change of Control Offer, as the case may be, and (b) the conditions
set forth in Section 4.10 or 4.15, as the case may be, have been satisfied.

                  If the Registrar is not the Trustee, the Company shall,
concurrently with each notice of redemption or repurchase, cause the Registrar
to deliver to the Trustee a certificate (upon which the Trustee may rely)
setting forth the principal amounts of Notes held by each Holder.

Section 3.2.      Selection of Notes.

                  Except as set forth below, if less than all of the Notes are
to be redeemed, the Trustee shall select the Notes or portions thereof to be
redeemed in compliance with the requirements of the national securities
exchange, if any, on which the Notes are listed or, if the Notes are not then
listed on a national securities exchange, on a pro rata basis, by lot or by such
method as the Trustee shall deem fair and appropriate. In the event of partial
redemption by lot, the particular Notes or portions thereof to be redeemed shall
be selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the Redemption Date by the Trustee from the outstanding Notes not
previously called for redemption.

                                      -34-

<PAGE>

                  If less than all of the Notes tendered are to be repurchased
pursuant to the provisions of Section 4.10, the Trustee shall select the Notes
or portions thereof to be repurchased in compliance with Section 4.10, as
applicable. In the event of partial repurchase by lot, the particular Notes or
portions thereof to be repurchased shall be selected at the close of business of
the last Business Day prior to the Purchase Date. If less than all of the Notes
tendered are to be redeemed pursuant to the provisions of Section 3.7 or 3.8,
the Trustee shall select the Notes only pro rata or on as nearly a pro rata
basis as is practicable (subject to DTC procedures) or by such other method as
may be required by law.

                  The Trustee shall promptly notify the Company in writing of
the Notes or portions thereof selected for redemption or repurchase and, in the
case of any Note selected for partial redemption or repurchase, the principal
amount thereof to be redeemed or repurchased. Notes and portions thereof
selected shall be in amounts of $1,000 or integral multiples of $1,000; except
that if all of the Notes of a Holder are to be redeemed, the entire outstanding
amount of Notes held by such Holder, even if not a multiple of $1,000, shall be
redeemed. No Notes of a principal amount of $1,000 or less shall be redeemed in
part.

Section 3.3.      Notice of Optional or Special Redemption.

                  In the event Notes are to be redeemed pursuant to Section 3.7
or 3.8, at least 30 days but not more than 60 days before the Redemption Date,
the Company shall mail by first-class mail a notice of redemption to each Holder
at its registered address whose Notes are to be redeemed in whole or in part,
with a copy to the Trustee.

                  The notice shall identify the Notes or portions thereof 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 will be issued;

                  (d)      the name and address of the Paying Agent;

                  (e)      that Notes called for redemption must be surrendered
         to the Paying Agent to collect the Redemption Price, Additional
         Interest, if any, and, unless the Redemption Date is after a record
         date and/or before the succeeding interest payment date, accrued
         interest thereon to the Redemption Date;

                  (f)      that, unless the Company defaults in making the
         redemption payment, interest and any Additional Interest on Notes
         called for redemption will cease to accrue on and after the Redemption
         Date, and the only remaining right of the Holders of such Notes is to
         receive payment of the Redemption Price, any Additional Interest and,
         unless the Redemption Date is after a record date and/or before the
         succeeding interest payment date, accrued interest thereon to the
         Redemption Date upon surrender to the Paying Agent of the Notes
         redeemed;

                  (g)      if fewer than all the Notes are to be redeemed, the
         identification of the particular Notes (or portions thereof) to be
         redeemed, as well as the aggregate principal amount of the Notes to be
         redeemed and the aggregate principal amount of Notes to be outstanding
         after such partial redemption; and

                                      -35-

<PAGE>

                  (h)      the section of the Notes pursuant to which the Notes
         called for redemption are being redeemed.

                  At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at its expense; provided that the Company
shall deliver to the Trustee, at least 35 days prior to the Redemption Date, an
Officers' Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.4.      Effect of Notice of Redemption.

                  Once notice of redemption is mailed, Notes or portions thereof
called for redemption become due and payable on the Redemption Date at the
Redemption Price. Upon surrender to any Paying Agent, such Notes or portions
thereof shall be paid at the Redemption Price, plus Additional Interest, if any,
and accrued interest to the Redemption Date; provided, however, that
installments of interest which are due and payable on or prior to the Redemption
Date shall be payable to the Holders of such Notes, registered as such, at the
close of business on the relevant record date for the payment of such
installment of interest.

Section 3.5.      Deposit of Redemption Price or Purchase Price.

                  On or before 10:00 A.M. New York City time on each Redemption
Date or Purchase Date, the Company shall irrevocably deposit with the Trustee or
with the Paying Agent money sufficient to pay the aggregate amount due on all
Notes to be redeemed or repurchased on that date, including without limitation
any accrued and unpaid interest and Additional Interest, if any, to the
Redemption Date or Purchase Date. The Company, the Trustee or the Paying Agent
shall promptly return to the Company any money not required for that purpose.

                  Unless the Company defaults in making such payment, interest
and Additional Interest, if any, on the Notes to be redeemed or repurchased will
cease to accrue on the applicable Redemption Date or Purchase Date, whether or
not such Notes are presented for payment. If any Note called for redemption
shall not be so paid upon surrender because of the failure of the Company to
comply with the preceding paragraph, interest will be paid on the unpaid
principal, from the applicable Redemption Date or Purchase Date until such
principal is paid, and on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.1.

Section 3.6.      Notes Redeemed or Repurchased in Part.

                  Upon surrender of a Note that is redeemed or repurchased in
part, the Company shall issue and the Trustee shall authenticate for the Holder
at the expense of the Company a new Note equal in principal amount to portion of
the Note surrendered that is not to be redeemed or repurchased.

Section 3.7.      Optional Redemption.

                  The Company may redeem the Notes at any time at its option, in
whole or in part, upon not less than 30 nor more than 60 days' notice. To redeem
the Notes prior to July 1, 2008, the Company must pay a redemption price equal
to the greater of:

                  (a)      100% of the principal amount of the Notes to be
         redeemed; and

                  (b)      the sum of the present values of (1) the redemption
         price of the Notes at July 1, 2008 (as set forth below) and (2) the
         remaining scheduled payments of interest from the Redemption Date to
         July 1, 2008, but excluding accrued and unpaid interest, if any, to the
         Redemption Date, discounted to

                                      -36-

<PAGE>

         the Redemption Date on a semi-annual basis (assuming a 360-day year
         consisting of twelve 30-day months), at the Treasury Rate (determined
         on the second business day immediately preceding the Redemption Date)
         plus 50 basis points,

plus, in either case, accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date).

                  Any notice to Holders of such a redemption will include the
appropriate calculation of the redemption price, but need not include the
redemption price itself. The actual redemption price, calculated as described
above, will be set forth in an Officers' Certificate delivered to the Trustee no
later than two business days prior to the Redemption Date (unless clause (b) of
the definition of "Comparable Treasury Price" is applicable, in which case such
Officers' Certificate shall be delivered on the Redemption Date).

                  Beginning on July 1, 2008, the Company may redeem the Notes at
its option, in whole or in part, upon not less than 30 nor more than 60 days'
notice, at the following redemption prices (expressed as percentages of the
principal amount thereof) if redeemed during the twelve-month period commencing
on July 1 of the year set forth below:

<TABLE>
<CAPTION>
YEAR                                                                        PERCENTAGE
----                                                                        ----------
<S>                                                                         <C>
2008....................................................................     104.750%
2009....................................................................     103.563%
2010....................................................................     102.375%
2011....................................................................     101.188%
2012 and thereafter.....................................................     100.000%
</TABLE>

                  In addition, the Company must pay accrued and unpaid interest
on the Notes redeemed.

Section 3.8.      Special Redemption.

                  At any time or from time to time, in the event the Company
completes one or more Equity Offerings on or before July 1, 2006, the Company
may, at its option, use the net cash proceeds from any such Equity Offerings to
redeem up to 35% of the principal amount of the Notes (a "Special Redemption")
at a Redemption Price of 109.500% of the principal amount thereof, together with
accrued and unpaid interest thereon, if any, to the Redemption Date, provided
that (1) at least 65% of the principal amount of the Notes issued hereunder
remains outstanding immediately after each such Special Redemption; and (2) such
Special Redemption shall occur not more than 90 days after the date of the
closing of the applicable Equity Offering. Any redemption pursuant to this
Section 3.8 shall be made pursuant to the provisions of Sections 3.1 through
3.6.

Section 3.9.      Repurchase upon Change of Control Offer.

                  (a)      In the event that, pursuant to Section 4.15, the
Company shall be required to commence a Change of Control Offer, it shall follow
the procedures specified in this Section 3.9.

                  (b)      The Change of Control Offer shall remain open for a
period from the date of the mailing of the notice of the Change of Control Offer
described in paragraph (c) until a date determined by the Company which is at
least 30 but no more than 60 days from the date of mailing of such notice and no
longer, except to the extent that a longer period is required by applicable law
(the "Change of Control Offer Period"). On the Purchase Date, which shall be no
earlier than 30 days prior to the last day of the Change of Control Offer Period
and no later than such last day, the Company shall purchase the principal amount
of Notes properly tendered in

                                      -37-

<PAGE>

response to the Change of Control Offer. Payment for any Notes so purchased
shall be made in the same manner as interest payments are made.

                  (c)      Within 30 days following any Change of Control, the
Company shall send, by first class mail, a notice to the Trustee and each of the
Holders. The notice shall contain all instructions and materials necessary to
enable such Holders to tender Notes pursuant to the Change of Control Offer. The
Change of Control Offer shall be made to all Holders. The notice, which shall
govern the terms of the Change of Control Offer, shall state:

                  (1)      the transaction or transactions that constitute the
         Change of Control, providing information, to the extent publicly
         available, regarding the Person or Persons acquiring control, and
         stating that the Change of Control Offer is being made pursuant to this
         Section 3.9 and Section 4.15 and that, to the extent lawful, all Notes
         properly tendered will be accepted for payment;

                  (2)      the Purchase Price, the last day of the Change of
         Control Offer Period, and the Purchase Date;

                  (3)      that any Note not properly tendered or otherwise not
         accepted for repurchase will continue to accrue interest and Additional
         Interest, if any;

                  (4)      that, unless the Company defaults in the payment of
         the amount due on the Purchase Date, all Notes or portions thereof
         accepted for repurchase pursuant to the Change of Control Offer shall
         cease to accrue interest and Additional Interest, if any, after the
         Purchase Date;

                  (5)      that Holders electing to have any Notes purchased
         pursuant to the Change of Control Offer will be required to tender the
         Notes, with the form entitled Option of Holder to Elect Purchase on the
         reverse of the Notes completed, or transfer by book-entry transfer, to
         the Company, a Depositary, if appointed by the Company, or a Paying
         Agent at the address specified in the notice not later than the third
         Business Day preceding the Purchase Date;

                  (6)      that Holders will be entitled to withdraw their
         election if the Company, the Depositary or the Paying Agent, as the
         case may be, receives, not later than the expiration of the Change of
         Control Offer Period, a telegram, facsimile transmission or letter
         setting forth the name of the Holder, the principal amount of Notes
         delivered for repurchase, and a statement that such Holder is
         withdrawing his election to have the Notes redeemed in whole or in
         part; and

                  (7)      that Holders whose Notes are being repurchased only
         in part will be issued new Notes equal in principal amount to the
         portion of the Notes tendered (or transferred by book-entry transfer)
         that is not to be repurchased, which portion must be equal to $1,000 in
         principal amount or an integral multiple thereof.

                  (d)      On or before 10:00 A.M. New York City time on the
Purchase Date, the Company shall to the extent lawful, (i) accept for payment
all Notes or portions thereof properly tendered pursuant to the Change of
Control Offer, (ii) deposit with the Paying Agent an amount equal to the
Purchase Price, together with accrued and unpaid interest and Additional
Interest, if any, thereon to the Purchase Date in respect of all Notes or
portions thereof so tendered and accepted for repurchase and (iii) deliver or
cause to be delivered to the Trustee the Notes so accepted together with an
Officers' Certificate stating the aggregate principal amount of Notes or
portions thereof being repurchased by the Company. The Paying Agent shall
promptly (but in any case not later than five days after the Purchase Date) mail
to each Holder of Notes so repurchased the amount due in connection with such
Notes, and the Company shall promptly issue a new Note, and the Trustee, upon
written request from the Company in the form of an Officers' Certificate shall
authenticate and mail or deliver (or cause to trans-

                                      -38-

<PAGE>

fer by book entry) to each relevant Holder a new Note, in a principal amount
equal to any unpurchased portion of the Notes surrendered to the Holder thereof;
provided that each such new Note shall be in a principal amount of $l,000 or an
integral multiple thereof. The Company shall publicly announce the results of
the Change of Control Offer on or as soon as practicable after the Purchase
Date.

                  (e)      If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and
unpaid interest and Additional Interest, if any, in each case to the Purchase
Date, 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 pursuant to the Change of Control Offer.

Section 3.10.     Repurchase upon Application of Net Proceeds.

                  (a)      In the event that, pursuant to Section 4.10, the
Company shall be required to commence a Net Proceeds Offer, it shall follow the
procedures specified in this Section 3.10.

                  (b)      The notice of a Net Proceeds Offer shall contain all
instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Net Proceeds Offer. Each Net Proceeds Offer will be mailed to
all record Holders as shown on the register of Holders within 30 days following
the Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall
comply with the procedures set forth in this Indenture. Upon receiving notice of
the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in
part in integral multiples of $1,000 in exchange for cash. A Net Proceeds Offer
shall remain open for a period of 20 Business Days or such longer period as may
be required by law. Upon the expiration of that period, the Company shall
promptly (but in any event within three Business Days following such expiration)
purchase the Notes and any such other pari passu Indebtedness properly tendered
in accordance with this Section 3.10 and Section 4.10. The notice, which shall
govern the terms of the Net Proceeds Offer, shall state:

                  (1)      that the Net Proceeds Offer is being made pursuant to
         this Section 3.10 and Section 4.10;

                  (2)      the Net Proceeds Offer Amount, the Purchase Price and
         the Purchase Date;

                  (3)      that any Note not properly tendered or otherwise not
         accepted for repurchase shall continue to accrue interest and
         Additional Interest, if any;

                  (4)      that, unless the Company defaults in the payment of
         the amount due on the Purchase Date, all Notes or portions thereof
         accepted for repurchase pursuant to the Net Proceeds Offer shall cease
         to accrue interest and Additional Interest, if any, after the Purchase
         Date;

                  (5)      that Holders electing to have any Notes repurchased
         pursuant to any Net Proceeds Offer shall be required to tender the
         Notes, with the form entitled Option of Holder to Elect Purchase on the
         reverse of the Notes completed, or transfer by book-entry transfer, to
         the Company, a Depositary, if appointed by the Company, or a Paying
         Agent at the address specified in the notice prior to the close of
         business on the third Business Day preceding the Purchase Date;

                  (6)      that Holders will be entitled to withdraw their
         election if the Company, the Depositary or the Paying Agent, as the
         case may be, receives, not later than the Purchase Date, a telegram,
         facsimile transmission or letter setting forth the name of the Holder,
         the principal amount of the Notes delivered for repurchase and a
         statement that such Holder is withdrawing his election to have such
         Notes repurchased in whole or in part; and

                                      -39-

<PAGE>

                  (7)      that, to the extent Holders properly tender Notes
         (along with any other pari passu Indebtedness of the Company properly
         tendered) in an amount exceeding the Net Proceeds Offer Amount, the
         tendered Notes will be purchased pro rata based on the aggregate
         amounts of Notes and other pari passu Indebtedness of the Company
         properly tendered (and the Trustee shall select the tendered Notes of
         tendering Holders pro rata based on the amount of Notes and other pari
         passu Indebtedness of the Company properly tendered).

                  (c)      On or before 10:00 A.M. New York City time on the
Purchase Date, the Company shall to the extent lawful, (i) accept for payment,
pro rata in accordance with this Indenture to the extent necessary, the Net
Proceeds Offer Amount of Notes or portions thereof properly tendered pursuant to
the Net Proceeds Offer (along with any other pari passu Indebtedness of the
Company properly tendered), or if less than the Net Proceeds Offer Amount has
been tendered, all Notes properly tendered, (ii) deposit with the Paying Agent
an amount equal to the Purchase Price, plus accrued and unpaid interest and
Additional Interest, if any, thereon to the Purchase Date in respect of all
Notes or portions thereof so tendered and accepted for repurchase and (iii)
deliver or cause to be delivered to the Trustee the Notes so accepted together
with an Officers' Certificate stating the aggregate principal amount of Notes or
portions thereof being repurchased by the Company. The Paying Agent shall
promptly (but in any case not later than five days after the Purchase Date) mail
to each Holder of Notes so repurchased the amount due in connection with such
Notes, and the Company shall promptly issue a new Note, and the Trustee, upon
written request from the Company in the form of an Officers' Certificate shall
authenticate and mail or deliver such new Note to such Holder, in a principal
amount equal to any unpurchased portion to the Holder thereof; provided that
each such new Note shall be in a principal amount of $1,000 or an integral
multiple thereof. The Company shall publicly announce the results of the Net
Proceeds Offer on or as soon as practicable after the Purchase Date.

                  (d)      If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and
unpaid interest and Additional Interest, if any, in each case to the Purchase
Date, 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 to the Net Proceeds Offer.

                                   ARTICLE IV.

                                    COVENANTS

Section 4.1.      Payment of Principal and Interest.

                  (a)      The Company shall pay or cause to be paid the
principal, Redemption Price and Purchase Price of, and interest and Additional
Interest (if any) on, the Notes on the dates, in the amounts and in the manner
provided herein and in the Notes. Principal, Redemption Price, Purchase Price
and interest shall be considered paid on the date due if the Paying Agent, if
other than the Company, holds as of 10:00 A.M. New York City time on the due
date money deposited by the Company in immediately available funds and
designated for and sufficient to pay the aggregate amount then due. The Company
shall pay all Additional Interest, if any, on the dates, in the amounts and in
the manner set forth in the Registration Rights Agreement.

                  (b)      The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal, Redemption Price and Purchase Price at the rate equal to 2% per annum
in excess of the then applicable interest rate on the Notes to the extent
lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Additional Interest (without regard to any applicable grace period) at the same
rate to the extent lawful.

                                      -40-

<PAGE>

Section 4.2.      Maintenance of Office or Agency.

                  (a)      The Company shall maintain in the Borough of
Manhattan, the City of New York, an office or agency (which may be an office of
the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where
Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Company shall give prompt written notice to the
Trustee of the location, and any change in the location, of such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Office of the Trustee.

                  (b)      The Company may also from time to time designate one
or more other offices or agencies where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall in
any manner relieve the Company of its obligations to maintain an office or
agency in the Borough of Manhattan, the City of New York, for such purposes. The
Company shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

                  (c)      The Company hereby designates the Corporate Trust
Office of the Trustee as one such office or agency of the Company in accordance
with Section 2.3. The Trustee may resign such agency at any time by giving
written notice to the Company no later than 30 days prior to the effective date
of such resignation.

Section 4.3.      Reports.

                  (a)      Whether or not required by the rules and regulations
of the Commission, so long as any Notes are outstanding, the Company will
furnish the Trustee, on behalf of the Holders of the Notes:

                  (1)      all quarterly and annual financial information that
         would be required to be contained in a filing with the Commission on
         Forms 10-Q and 10-K if the Company were required to file such Forms,
         including a "Management's Discussion and Analysis of Financial
         Condition and Results of Operations" that describes the financial
         condition and results of operations of the Company and its consolidated
         Subsidiaries (showing in reasonable detail, 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," 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, if any) and, with respect to the annual information only,
         a report thereon by the Company's certified independent accountants;
         and

                  (2)      all current reports that would be required to be
         filed with the Commission on Form 8-K if the Company were required to
         file such reports,

                  in each case within the time periods specified in the
Commission's rules and regulations. The Company shall at all times comply with
TIA Section 314(a).

                  (b)      In addition, following the consummation of the
exchange offer contemplated by the Registration Rights Agreement, whether or not
required by the rules and regulations of the Commission, the Company will file a
copy of all such information and reports with the Commission for public
availability within the time periods specified in the Commission's rules and
regulations (unless the Commission will not accept such a filing) and make such
information available to securities analysts and prospective investors upon
request. In addition, the Company has agreed that, for so long as any Notes
remain outstanding, it will furnish to the

                                      -41-

<PAGE>

Holders and to securities analysts and prospective investors, upon their
request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act.

Section 4.4.      Compliance Certificate.

                  (a)      The Company and each Guarantor shall deliver to the
Trustee, within 105 days after the end of each fiscal year, 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 its obligations under this
Indenture and further stating, as to each such Officer signing such certificate,
that to the best of his or her knowledge, after due inquiry, the Company has
kept, observed, performed and fulfilled each and every covenant contained in
this Indenture and is not in Default in the performance or observance of any of
the terms, provisions and conditions of this Indenture (and, 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 that to the best of his or
her knowledge, after due inquiry, 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 are prohibited or if such event has occurred, a description of the
event.

                  (b)      The Company shall, so long as any of the Notes are
outstanding, deliver to the Trustee, promptly upon any Officer of the Company
obtaining knowledge of any Default or Event of Default, an Officers' Certificate
specifying such Default or Event of Default and describing its status with
reasonable particularity and what action the Company is taking or proposes to
take with respect thereto.

Section 4.5.      Taxes.

                  The Company shall pay or discharge, and shall cause each of
its Subsidiaries to pay or discharge, prior to delinquency, all material taxes,
assessments and governmental levies except such as are contested in good faith
and by appropriate proceedings or where the failure to effect such payment is
not adverse in any material respect to the Holders of the Notes.

Section 4.6.      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 Indenture; 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
the Trustee, but shall suffer and permit the execution of every such power as
though such law has not been enacted.

Section 4.7.      Limitation on Restricted Payments.

                  (a)      The Company will not, and will not cause or permit
any of its Restricted Subsidiaries to, directly or indirectly (each of the
actions set forth in clauses (1), (2), (3) and (4) below being referred to as a
"Restricted Payment"):

                  (1)      declare or pay any dividend or make any distribution
         (other than dividends or distributions payable in Qualified Capital
         Stock of the Company) on or in respect of shares of the Company's
         Capital Stock to holders of such Capital Stock;

                                      -42-

<PAGE>

                  (2)      purchase, redeem or otherwise acquire or retire for
         value any Capital Stock of the Company or any warrants, rights or
         options to purchase or acquire shares of any class of such Capital
         Stock (other than any such Capital Stock or warrants, rights or options
         owned by the Company or any Restricted Subsidiary of the Company);

                  (3)      make any principal payment on, purchase, defease,
         redeem, prepay, decrease or otherwise acquire or retire for value,
         prior to any scheduled final maturity, scheduled repayment or scheduled
         sinking fund payment, any Subordinated Indebtedness; or

                  (4)      make any Investment (other than Permitted
         Investments);

         if at the time of such Restricted Payment or immediately after giving
effect thereto,

                           (i)      a Default or an Event of Default shall have
                  occurred and be continuing; or

                           (ii)     the Company is not able to incur at least
                  $1.00 of additional Indebtedness (other than Permitted
                  Indebtedness) in compliance with Section 4.9(a); or

                           (iii)    the aggregate amount of Restricted Payments
                  (including such proposed Restricted Payment) made subsequent
                  to the Issue Date (the amount expended for such purposes, if
                  other than in cash, being the fair market value of such
                  property as determined in good faith by the Board of Directors
                  of the Company) shall exceed the sum of:

                                    (w)      50% of the cumulative Consolidated
                           Net Income (or if cumulative Consolidated Net Income
                           shall be a loss, minus 100% of such loss) of the
                           Company from the beginning of the fiscal quarter in
                           which the Notes are originally issued to the date the
                           Restricted Payment occurs (the "Reference Date")
                           (treating such period as a single accounting period);
                           plus

                                    (x)      100% of the aggregate net cash
                           proceeds received by the Company from any Person
                           (other than a Subsidiary of the Company) from the
                           issuance and sale subsequent to the Issue Date and on
                           or prior to the Reference Date of (1) Qualified
                           Capital Stock of the Company, (2) warrants, options
                           or other rights to acquire Qualified Capital Stock of
                           the Company (but excluding any debt security that is
                           convertible into, or exchangeable for, Qualified
                           Capital Stock) or (3) convertible or exchangeable
                           Disqualified Capital Stock or debt securities that
                           have been converted or exchanged in accordance with
                           their terms for Qualified Capital Stock; plus

                                    (y)      without duplication of any amounts
                           included in clause (iii)(x) above, 100% of the
                           aggregate net cash proceeds of any equity
                           contribution received by the Company from a holder of
                           the Company's Capital Stock subsequent to the Issue
                           Date and on or prior to the Reference Date
                           (excluding, in the case of clauses (iii)(x) and (y),
                           any net cash proceeds from an Equity Offering to the
                           extent used to redeem the Notes in compliance with
                           the provisions set forth under Section 3.8); plus

                                    (z)      without duplication, the sum of:

                                             (1)      the aggregate amount
                                    returned in cash on or with respect to
                                    Investments (other than Permitted
                                    Investments) made subsequent to the Issue
                                    Date whether through interest payments,
                                    principal payments, dividends or other
                                    distributions or payments;

                                      -43-

<PAGE>

                                             (2)      the net cash proceeds
                                    received by the Company or any of its
                                    Restricted Subsidiaries from the disposition
                                    of all or any portion of such Investments
                                    (other than to a Restricted Subsidiary of
                                    the Company); and

                                             (3)      upon redesignation of an
                                    Unrestricted Subsidiary as a Restricted
                                    Subsidiary, the fair market value of such
                                    Subsidiary;

                                    provided, however, that the sum of clauses
                                    (1), (2) and (3) above shall not exceed the
                                    aggregate amount of all such Investments
                                    made subsequent to the Issue Date.

                  (b)      Notwithstanding the foregoing, the provisions of
paragraph (a) of this Section 4.7, the provisions of this Section 4.7 do not
prohibit:

                  (1)      the payment of any dividend within 60 days after the
         date of declaration of such dividend if the dividend would have been
         permitted on the date of declaration;

                  (2)      the redemption, repurchase, retirement, defeasance or
         other acquisition of any shares of Capital Stock of the Company, either
         (i) solely in exchange for shares of Qualified Capital Stock of the
         Company or (ii) through the application of net proceeds of a
         substantially concurrent sale for cash (other than to a Restricted
         Subsidiary of the Company) of shares of Qualified Capital Stock of the
         Company;

                  (3)      the redemption, repurchase, retirement, defeasance or
         other acquisition of any Subordinated Indebtedness either (i) solely in
         exchange for shares of Qualified Capital Stock of the Company, or (ii)
         through the application of net proceeds of a substantially concurrent
         sale for cash (other than to a Restricted Subsidiary of the Company) of
         (a) shares of Qualified Capital Stock of the Company or (b) Refinancing
         Indebtedness;

                  (4)      so long as no Default or Event of Default shall have
         occurred and be continuing redemption, repurchase, retirement,
         defeasance or other acquisition by the Company of Common Stock of the
         Company from officers, directors and employees of the Company or any of
         its Subsidiaries or their authorized representatives upon the death,
         disability or termination of employment of such employees or
         termination of their seat on the board of the Company, in an aggregate
         amount not to exceed $1.5 million in any calendar year; and

                  (5)      so long as no Default or Event of Default shall have
         occurred and be continuing, Restricted Payments in an aggregate amount
         not to exceed $12.5 million.

                  In determining the aggregate amount of Restricted Payments
made subsequent to the Issue Date in accordance with clause (iii) of Section
4.7(a), amounts expended pursuant to clauses (1), (2)(ii), 3(ii)(a) and (4)
shall be included in such calculation.

Section 4.8.      Limitation of Dividend and Other Payment Restrictions
                  Affecting Restricted Subsidiaries.

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

                  (1)      pay dividends or make any other distributions on or
         in respect of its Capital Stock;

                                      -44-

<PAGE>

                  (2)      make loans or advances to the Company or any other
         Restricted Subsidiary or to pay any Indebtedness or other obligation
         owed to the Company or any other Restricted Subsidiary of the Company;
         or

                  (3)      transfer any of its property or assets to the Company
         or any other Restricted Subsidiary of the Company, except in each case
         for such encumbrances or restrictions existing under or by reason of:

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

                           (b)      this Indenture, the Notes and the
                  Guarantees;

                           (c)      the Credit Agreement;

                           (d)      customary non-assignment provisions of any
                  contract or any lease governing a leasehold interest of any
                  Restricted Subsidiary of the Company;

                           (e)      any instrument governing Acquired
                  Indebtedness, which encumbrance or restriction is not
                  applicable to any Person, or the properties or assets of any
                  Person, other than the Person or the properties or assets of
                  the Person so acquired;

                           (f)      agreements existing on the Issue Date to the
                  extent and in the manner such agreements are in effect on the
                  Issue Date;

                           (g)      restrictions on the transfer of assets
                  subject to any Lien permitted under this Indenture imposed by
                  the holder of such Lien;

                           (h)      restrictions imposed by any agreement to
                  sell assets or Capital Stock permitted under this Indenture to
                  any Person pending the closing of such sale;

                           (i)      Purchase Money Indebtedness for property
                  acquired in the ordinary course of business that only impose
                  restrictions on the property so acquired;

                           (j)      any agreement pursuant to which Indebtedness
                  was issued if (A) the encumbrance or restriction applies only
                  in the event of a payment default or a default with respect to
                  a financial covenant contained in such Indebtedness, (B) the
                  encumbrance or restriction is not materially more
                  disadvantageous to the Holders than is customary in comparable
                  financings (as determined by the Company) and (C) the Company
                  determines that any such encumbrance or restriction will not
                  materially affect the Company's ability to make principal or
                  interest payments on the Notes;

                           (k)      Indebtedness permitted to be incurred
                  subsequent to the date of this Indenture pursuant to Section
                  4.9; provided that such encumbrances or restrictions are no
                  less favorable to the Company, taken as a whole, in any
                  material respect than the encumbrances or restrictions
                  contained in the Credit Agreement as in effect on the Issue
                  Date;

                           (l)      any Qualified Securitization Transaction;
                  provided that such encumbrances and restrictions are
                  customarily required by the institutional sponsor or arranger
                  at the time of entering into such Qualified Securitization
                  Transaction in similar types of documents relating to the
                  purchase of similar Receivables in connection with the
                  financing therewith;

                                      -45-

<PAGE>

                           (m)      customary provisions in joint venture
                  agreements and other similar agreements (in each case relating
                  solely to the respective joint venture or similar entity or
                  the equity interests therein) entered into in the ordinary
                  course of business; and

                           (n)      an agreement governing Indebtedness incurred
                  to Refinance the Indebtedness issued, assumed or incurred
                  pursuant to an agreement referred to in clauses (b) and (d)
                  through (g) above; provided, however, that the provisions
                  relating to such encumbrance or restriction contained in any
                  such Indebtedness are no less favorable to the Company in any
                  material respect as determined by the Board of Directors of
                  the Company in their reasonable and good faith judgment than
                  the provisions relating to such encumbrance or restriction
                  contained in agreements referred to in such clauses (b) and
                  (d) through (g).

Section 4.9.      Limitation on Incurrence of Additional Indebtedness.

                  (a)      The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume,
guarantee, acquire, become liable, contingently or otherwise, with respect to,
or otherwise become responsible for payment of (collectively, "incur") any
Indebtedness (other than Permitted Indebtedness); provided, however, that if no
Default or Event of Default shall have occurred and be continuing at the time of
or as a consequence of the incurrence of any such Indebtedness, the Company or
any of its Restricted Subsidiaries that is or, upon such incurrence, becomes a
Guarantor may incur Indebtedness (including, without limitation, Acquired
Indebtedness) and any Restricted Subsidiary of the Company that is not or will
not, upon such incurrence, become a Guarantor may incur Acquired Indebtedness,
in each case if on the date of the incurrence of such Indebtedness, after giving
effect to the incurrence thereof, the Consolidated Fixed Charge Coverage Ratio
of the Company is greater than 2.0 to 1.0.

                  (b)      The Company will not, and will not permit any
Guarantor to directly or indirectly, incur any Indebtedness which by its terms
(or by the terms of any agreement governing such Indebtedness) is expressly
subordinated in right of payment to any other Indebtedness of the Company or
such Guarantor, as the case may be, unless such Indebtedness is also by its
terms (or by the terms of any agreement governing such Indebtedness) made
expressly subordinate to the Notes or the applicable Guarantee, as the case may
be, to the same extent and in the same manner as such Indebtedness is
subordinated to other Indebtedness of the Company or such Guarantor, as the case
may be.

Section 4.10.     Limitation on Asset Sales.

                  (a)      The Company will not, and will not permit any of its
Restricted Subsidiaries to, consummate an Asset Sale unless:

                  (1)      the Company or the applicable Restricted Subsidiary,
         as the case may be, receives consideration at the time of such Asset
         Sale at least equal to the fair market value of the assets sold or
         otherwise disposed of (as determined in good faith by the Company's
         Board of Directors);

                  (2)      at least 75% of the consideration received by the
         Company or the Restricted Subsidiary, as the case may be, from such
         Asset Sale shall be in the form of cash, Cash Equivalents and/or
         Replacement Assets (as defined below) (or a combination thereof) and is
         received at the time of such disposition; provided that

                           (A)      the amount of any liabilities (as shown on
                  the Company's or such Restricted Subsidiary's most recent
                  balance sheet) of the Company or any such Restricted
                  Subsidiary (other than liabilities that are by their terms
                  subordinated to the Notes or any Guarantee of a Guarantor)
                  that are assumed by the transferee of any such assets; and

                                      -46-

<PAGE>

                           (B)      the fair market value of any securities or
                  other assets received by the Company or any such Restricted
                  Subsidiary in exchange for any such assets that are converted
                  into cash within 180 days after such Asset Sale;

         shall be deemed to be cash for purposes of this provision; and

                  (3)      upon the consummation of an Asset Sale, the Company
         shall apply, or cause such Restricted Subsidiary to apply, the Net
         Cash Proceeds relating to such Asset Sale within 365 days of receipt
         thereof either:

                           (a)      to repay (i) any Obligations under the
                  Credit Agreement and effect a permanent reduction in the
                  availability under such Credit Agreement and (ii) in the case
                  of an Asset Sale by a Restricted Subsidiary that is not a
                  Guarantor, Obligations of such Restricted Subsidiary;

                           (b)      to make an investment in properties and
                  assets that replace the properties and assets that were the
                  subject of such Asset Sale or in properties and assets
                  (including Capital Stock) that will be used in the business of
                  the Company and its Restricted Subsidiaries as existing on the
                  Issue Date or in businesses reasonably related thereto
                  ("Replacement Assets");

                           (c)      to acquire all or substantially all of the
                  assets of, or a majority of the voting Capital Stock of a
                  Permitted Business; and/or

                           (d)      a combination of prepayment and investment
                  permitted by the foregoing clauses (3)(a) through (3)(c).

                  (b)      When the Net Cash Proceeds from Asset Sales not
applied or invested as provided in the preceding paragraph total $5.0 million or
more (each, a "Net Proceeds Offer Trigger Date"), the Company will, within 30
days, make an offer to purchase (the "Net Proceeds Offer") to all Holders and,
to the extent required by the terms of any Pari Passu Debt, an offer to purchase
to all holders of such Pari Passu Debt, on a date (the "Net Proceeds Offer
Payment Date") not less than 30 nor more than 60 days following the applicable
Net Proceeds Offer Trigger Date, from all Holders (and holders of any Pari Passu
Debt) on a pro rata basis, that amount of Notes (and Pari Passu Debt) equal to
the Net Proceeds Offer Amount at a price equal to 100% of the principal amount
of the Notes (and Pari Passu Debt) to be purchased, plus accrued and unpaid
interest thereon, if any, to the date of purchase; provided, however, that if at
any time any non-cash consideration received by the Company or any Restricted
Subsidiary of the Company, as the case may be, in connection with any Asset Sale
is converted into or sold or otherwise disposed of for cash (other than as
contemplated by clause 2(b) above and other than interest received with respect
to any such non-cash consideration), then such conversion or disposition shall
be deemed to constitute an Asset Sale hereunder and the Net Cash Proceeds
thereof shall be applied in accordance with this covenant.

                  (c)      Notwithstanding the foregoing sections 4.10(a) and
(b), the Company and its Restricted Subsidiaries will be permitted to consummate
an Asset Sale without complying with such paragraph to the extent that:

                  (1)      at least 75% of the consideration for such Asset Sale
         constitutes Replacement Assets; and

                  (2)      such Asset Sale is for fair market value;

                                      -47-

<PAGE>

provided that any cash or Cash Equivalents received by the Company or any of its
Restricted Subsidiaries in connection with any Asset Sale permitted to be
consummated under this paragraph shall constitute Net Cash Proceeds subject to
the provisions of the foregoing sections 4.10(a) and (b).

                  (d)      In the event of the transfer of substantially all
(but not all) of the property and assets of the Company and its Restricted
Subsidiaries as an entirety to a Person in a transaction permitted under Section
5.1, which transaction does not constitute a Change of Control, the successor
corporation shall be deemed to have sold the properties and assets of the
Company and its Restricted Subsidiaries not so transferred for purposes of this
covenant, and shall comply with the provisions of this covenant with respect to
such deemed sale as if it were an Asset Sale. In addition, the fair market value
of such properties and assets of the Company or its Restricted Subsidiaries
deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this
covenant.

                  (e)      Each Net Proceeds Offer will be mailed to the record
Holders as shown on the register of Holders within 30 days following the Net
Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with
the procedures set forth in this Indenture. Upon receiving notice of the Net
Proceeds Offer, Holders may elect to tender their Notes in whole or in part in
integral multiples of $1,000 in exchange for cash. To the extent Holders
properly tender Notes in an amount exceeding the Net Proceeds Offer Amount,
Notes of tendering Holders will be purchased on a pro rata basis (based on
amounts tendered). A Net Proceeds Offer shall remain open for a period of 20
business days or such longer period as may be required by law. If any Net Cash
Proceeds remain after the consummation of any Net Proceeds Offer, the Company
may use those Net Cash Proceeds for any purpose not otherwise prohibited by this
Indenture. Upon completion of each Net Proceeds Offer, the amount of Net Cash
Proceeds will be reset at zero.

                  (f)      The Company will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection
with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent
that the provisions of any securities laws or regulations conflict with this
Section 4.10 or Section 3.10, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.10 or Section 3.10 by virtue thereof.

Section 4.11.     Limitations on Transactions with Affiliates.

                  (a)      The Company will not, and will not permit any of its
Restricted Subsidiaries to, directly or indirectly, enter into or permit to
exist any transaction or series of related transactions (including, without
limitation, the purchase, sale, lease or exchange of any property or the
rendering of any service) with, or for the benefit of, any of its Affiliates
(each, an "Affiliate Transaction"), other than (x) Affiliate Transactions
permitted under paragraph (c) of this Section and (y) Affiliate Transactions on
terms that are no less favorable than those that might reasonably have been
obtained in a comparable transaction at such time on an arm's-length basis from
a Person that is not an Affiliate of the Company or such Restricted Subsidiary.

                  (b)      All Affiliate Transactions (and each series of
related Affiliate Transactions which are similar or part of a common plan)
involving aggregate payments or other property with a fair market value in
excess of $2.5 million shall be approved by the Board of Directors of the
Company or such Restricted Subsidiary, as the case may be, such approval to be
evidenced by a Board Resolution stating that such Board of Directors has
determined that such transaction complies with the foregoing provisions. If the
Company or any Restricted Subsidiary of the Company enters into an Affiliate
Transaction (or a series of related Affiliate Transactions related to a common
plan) that involves an aggregate fair market value of more than $7.5 million,
the Company or such Restricted Subsidiary, as the case may be, shall, prior to
the consummation thereof, obtain a favorable opinion as to the fairness of such
transaction or series of related transactions to the Company or the relevant
Restricted Subsidiary, as the case may be, from a financial point of view, from
an Independent Financial Advisor and file the same with the Trustee.

                                      -48-

<PAGE>

                  (c)      The restrictions set forth in paragraphs (a) and (b)
of this Section 4.11 shall not apply to:

                  (1)      reasonable fees and compensation paid to and
         indemnity provided on behalf of, officers, directors, employees or
         consultants of the Company or any Restricted Subsidiary of the Company
         as determined in good faith by the Company's Board of Directors or
         senior management;

                  (2)      transactions exclusively between or among the Company
         and any of its Wholly Owned Restricted Subsidiaries or exclusively
         between or among such Wholly Owned Restricted Subsidiaries, provided
         such transactions are not otherwise prohibited by this Indenture;

                  (3)      any agreement as in effect as of the Issue Date or
         any amendment thereto or any transaction contemplated thereby
         (including pursuant to any amendment thereto) in any replacement
         agreement thereto so long as any such amendment or replacement
         agreement is not more disadvantageous to the Holders in any material
         respect than the original agreement as in effect on the Issue Date;

                  (4)      Restricted Payments permitted by this Indenture; and

                  (5)      any sale, conveyance or other transfer of Receivables
         and other related assets customarily transferred in a Qualified
         Securitization Transaction.

Section 4.12.     Limitation on Liens.

                  The Company will not, and will not cause or permit any of its
Restricted Subsidiaries to, directly or indirectly, create, incur, assume or
permit or suffer to exist any Liens of any kind against or upon any property or
assets of the Company or any of its Restricted Subsidiaries whether owned on the
Issue Date or acquired after the Issue Date, or any proceeds therefrom, or
assign or otherwise convey any right to receive income or profits therefrom
unless:

                  (1)      in the case of Liens securing Subordinated
         Indebtedness, the Notes or the Guarantee of such Guarantor, as the case
         may be, are secured by a Lien on such property, assets or proceeds that
         is senior in priority to such Liens; and

                  (2)      in all other cases, the Notes or the Guarantee of
         such Guarantor, as the case may be, are equally and ratably secured,
         except for:

                           (a)      Liens existing as of the Issue Date to the
                  extent and in the manner such Liens are in effect on the Issue
                  Date;

                           (b)      Liens securing Indebtedness and other
                  Obligations under the Credit Agreement incurred pursuant to
                  clause (2) of the definition of "Permitted Indebtedness";

                           (c)      Liens securing the Notes and the Guarantees;

                           (d)      Liens of the Company or a Wholly Owned
                  Restricted Subsidiary of the Company on assets of any
                  Restricted Subsidiary of the Company;

                           (e)      Liens securing Refinancing Indebtedness
                  which is incurred to Refinance any Indebtedness which has been
                  secured by a Lien permitted under this Indenture and which has
                  been incurred in accordance with the provisions of this
                  Indenture; provided, however, that such Liens: (i) are no less
                  favorable to the Holders in any material respect and are not
                  more favor-

                                      -49-

<PAGE>

                  able to the lienholders in any material respect with respect
                  to such Liens than the Liens in respect of the Indebtedness
                  being Refinanced; and (ii) do not extend to or cover any
                  property or assets of the Company or any of its Restricted
                  Subsidiaries not securing the Indebtedness so Refinanced; and

                           (f)      Permitted Liens.

Section 4.13.     Continued Existence.

                  Subject to Article V, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect its corporate
or other existence and the corporate or other existence of each Guarantor in
accordance with the organizational documents (as the same may be amended from
time to time) of the Company or such Guarantor, except to the extent that the
Board of Directors of the Company determines in good faith that the preservation
of such existence is no longer necessary or desirable in the conduct of the
business of the Company or such Guarantor, taken as a whole, and that the loss
thereof is not disadvantageous in any material respect to the Holders.

Section 4.14.     Insurance Matters.

                  The Company shall provide or cause to be provided for itself
and each of its Subsidiaries insurance (including appropriate self-insurance)
against loss or damage of the kinds that, in the reasonable, good faith opinion
of the Company, are adequate and appropriate for the conduct of the business of
the Company and its Subsidiaries in a prudent manner, with reputable insurers or
with the government of the United States of America or an agency or
instrumentality thereof, in such amounts, with such deductibles, and by such
methods as shall be customary, in the reasonable, good faith opinion of the
Company, for corporations similarly situated in the industry, unless, in the
good faith judgment of the Board of Directors of the Company, the failure to
provide such insurance (together with all other such failures) would not have a
material adverse effect on the financial condition or results of operations of
the Company and its Subsidiaries, taken as a whole.

Section 4.15.     Offer to Repurchase upon Change of Control.

                  (a)      Upon the occurrence of a Change of Control, each
Holder will have the right to require that the Company purchase all or a portion
of such Holder's Notes pursuant to the offer described below (the "Change of
Control Offer"), at a purchase price equal to 101% of the principal amount
thereof plus accrued and unpaid interest and Additional Interest, if any,
thereon to the Purchase Date.

                  (b)      The Company will not be required to make a Change of
Control Offer upon a Change of Control if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Indenture applicable to a Change of Control Offer
made by the Company and purchases all Notes validly tendered and not withdrawn
under such Change of Control Offer.

                  (c)      The Company will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws and regulations are applicable in connection
with the repurchase of Notes pursuant to a Change of Control Offer. To the
extent that the provisions of any securities laws or regulations conflict with
this Section 4.15 or Section 3.9, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.15 or Section 3.9 by virtue thereof.

                                      -50-

<PAGE>

Section 4.16.     Additional Subsidiary Guarantees.

                  If the Company or any of its Restricted Subsidiaries transfers
or causes to be transferred, in one transaction or a series of related
transactions, any property to any Domestic Restricted Subsidiary that is not a
Guarantor, or if the Company or any of its Restricted Subsidiaries shall
organize, acquire or otherwise invest in another Domestic Restricted Subsidiary
having total assets with a book value in excess of $500,000, then such
transferee or acquired or other Restricted Subsidiary shall:

                  (1)      execute and deliver to the Trustee a supplemental
         indenture in form reasonably satisfactory to the Trustee pursuant to
         which such Restricted Subsidiary shall unconditionally guarantee all of
         the Company's obligations under the Notes and this Indenture on the
         terms set forth in this Indenture; and

                  (2)      deliver to the Trustee an opinion of counsel that
         such supplemental indenture has been duly authorized, executed and
         delivered by such Restricted Subsidiary and constitutes a legal, valid,
         binding and enforceable obligation of such Restricted Subsidiary.

                  Thereafter, such Restricted Subsidiary shall be a Guarantor
for all purposes of this Indenture.

Section 4.17.     Payments for Consent.

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

Section 4.18.     Limitation on Preferred Stock of Restricted Subsidiaries.

                  The Company will not permit any of its Restricted Subsidiaries
that are not Guarantors to issue any Preferred Stock (other than to the Company
or to a Wholly Owned Restricted Subsidiary of the Company) or permit any Person
(other than the Company or a Wholly Owned Restricted Subsidiary of the Company)
to own any Preferred Stock of any Restricted Subsidiary that is not a Guarantor.

Section 4.19.     Conduct of Business.

                  The Company and its Restricted Subsidiaries will not engage in
any businesses other than a Permitted Business, except to the extent as would
not be material to the Company and its Restricted Subsidiaries taken as a whole.

                                   ARTICLE V.

                                   SUCCESSORS

Section 5.1.      Merger, Consolidation and Sale of Assets.

                  (a)      The Company will not, in a single transaction or
series of related transactions, consolidate or merge with or into any Person, or
sell, assign, transfer, lease, convey or otherwise dispose of (or cause or
permit any Restricted Subsidiary of the Company to sell, assign, transfer,
lease, convey or otherwise dispose of) all or substantially all of the Company's
assets (determined on a consolidated basis for the Company

                                      -51-

<PAGE>

and the Company's Restricted Subsidiaries) whether as an entirety or
substantially as an entirety to any Person unless:

                  (1)      either:

                           (a)      the Company shall be the surviving or
                  continuing corporation; or

                           (b)      the Person (if other than the Company)
                  formed by such consolidation or into which the Company is
                  merged or the Person which acquires by sale, assignment,
                  transfer, lease, conveyance or other disposition the
                  properties and assets of the Company and of the Company's
                  Restricted Subsidiaries substantially as an entirety (the
                  "Surviving Entity"):

                                    (x)      shall be a corporation organized
                           and validly existing under the laws of the United
                           States or any State thereof or the District of
                           Columbia; and

                                    (y)      shall expressly assume, by
                           supplemental indenture (in form and substance
                           satisfactory to the Trustee), executed and delivered
                           to the Trustee, the due and punctual payment of the
                           principal of, and premium, if any, and interest on
                           all of the Notes and the performance of every
                           covenant of the Notes, this Indenture and the
                           Registration Rights Agreement on the part of the
                           Company to be performed or observed;

                  (2)      immediately after giving effect to such transaction
         and the assumption contemplated by clause (1)(b)(y) above (including
         giving effect to any Indebtedness and Acquired Indebtedness incurred or
         anticipated to be incurred in connection with or in respect of such
         transaction), the Company or such Surviving Entity, as the case may be,
         shall be able to incur at least $1.00 of additional Indebtedness (other
         than Permitted Indebtedness) pursuant to Section 4.9(a);

                  (3)      immediately before and immediately after giving
         effect to such transaction and the assumption contemplated by clause
         (1)(b)(y) above (including, without limitation, giving effect to any
         Indebtedness and Acquired Indebtedness incurred or anticipated to be
         incurred and any Lien granted in connection with or in respect of the
         transaction), no Default or Event of Default shall have occurred or be
         continuing; and

                  (4)      the Company or the Surviving Entity shall have
         delivered to the Trustee an Officers' Certificate and an Opinion of
         Counsel, each stating that such consolidation, merger, sale,
         assignment, transfer, lease, conveyance or other disposition and, if a
         supplemental indenture is required in connection with such transaction,
         such supplemental indenture comply with the applicable provisions of
         this Indenture and that all conditions precedent in this Indenture
         relating to such transaction have been satisfied.

                  For purposes of the foregoing, the transfer (by lease,
assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or
more Restricted Subsidiaries of the Company the Capital Stock of which
constitutes all or substantially all of the properties and assets of the
Company, shall be deemed to be the transfer of all or substantially all of the
properties and assets of the Company.

                  (b)      Notwithstanding the foregoing clauses (1), (2) and
(3) of Section 5.1(a), the Company may merge with an Affiliate that is a Person
that has no material assets or liabilities and which was organized solely for
the purpose of reorganizing the Company in another jurisdiction.

                                      -52-

<PAGE>

                  (c)      Each Guarantor (other than any Guarantor whose
Guarantee is to be released in accordance with the terms of the Guarantee and
this Indenture in connection with any transaction complying with Section 4.10
will not, and the Company will not cause or permit any Guarantor to, consolidate
with or merge with or into any Person other than the Company or any other
Guarantor unless:

                  (1)      the entity formed by or surviving any such
         consolidation or merger (if other than the Guarantor) or to which such
         sale, lease, conveyance or other disposition shall have been made is a
         corporation or a partnership or a limited liability company, in each
         case, organized and existing under the laws of the United States or any
         State thereof or the District of Columbia;

                  (2)      such entity (if other than the Guarantor) assumes by
         supplemental indenture all of the obligations of the Guarantor under
         its Guarantee, this Indenture and the Registration Rights Agreement;

                  (3)      immediately after giving effect to such transaction,
         no Default or Event of Default shall have occurred and be continuing;
         and

                  (4)      immediately after giving effect to such transaction
         and the use of any net proceeds therefrom on a pro forma basis, the
         Company could satisfy the provisions of clause (2) of Section 5.1(a).

                  Any merger or consolidation of a Guarantor with and into the
Company (with the Company being the surviving entity) or another Guarantor that
is a Restricted Subsidiary of the Company need only comply with clause (4) of
Section 5.1(a).

Section 5.2.      Successor Corporation Substituted.

                  Upon any consolidation, combination or merger or any transfer
of all or substantially all of the assets of the Company in accordance with
Section 5.1 in which the Company is not the continuing corporation, the
successor Person formed by such consolidation or into which the Company is
merged or to which such conveyance, lease or transfer is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture, the Notes and the Registration Rights Agreement with the
same effect as if such Surviving Entity had been named as such. When a successor
corporation assumes all of the obligations of the predecessor hereunder and
under the Notes and the Security Documents and agrees in writing to be bound
hereby and thereby, the predecessor shall be released from such obligations.

                                   ARTICLE VI.

                              DEFAULTS AND REMEDIES

Section 6.1.      Events of Default.

                  Each of the following constitutes an "Event of Default":

                  (a)      the failure to pay interest on any Notes when the
         same becomes due and payable and the default continues for a period of
         30 days;

                  (b)      the failure to pay the principal on any Notes, when
         such principal becomes due and payable, at maturity, upon redemption or
         otherwise (including the failure to make a payment to purchase Notes
         tendered pursuant to a Change of Control Offer or a Net Proceeds
         Offer);

                                      -53-

<PAGE>

                  (c)      a default in the observance or performance of any
         other covenant or agreement contained in this Indenture which default
         continues for a period of 30 days after the Company receives written
         notice specifying the default (and demanding that such default be
         remedied) from the Trustee or the Holders of at least 25% of the
         outstanding principal amount of the Notes (except in the case of a
         default with respect to Section 5.1, which will constitute an Event of
         Default with such notice requirement but without such passage of time
         requirement);

                  (d)      the failure to pay at final maturity (giving effect
         to any applicable grace periods and any extensions thereof) the stated
         principal amount of any Indebtedness of the Company or any Restricted
         Subsidiary of the Company, or the acceleration of the final stated
         maturity of any such Indebtedness (which acceleration is not rescinded,
         annulled or otherwise cured within 20 days of receipt by the Company or
         such Restricted Subsidiary of notice of any such acceleration) if the
         aggregate principal amount of such Indebtedness, together with the
         principal amount of any other such Indebtedness in default for failure
         to pay principal at final stated maturity or which has been accelerated
         (in each case with respect to which the 20-day period described above
         has elapsed), aggregates $7.5 million or more at any time;

                  (e)      one or more judgments in an aggregate amount in
         excess of $7.5 million shall have been rendered against the Company or
         any of its Restricted Subsidiaries and such judgments remain
         undischarged, unpaid or unstayed for a period of 60 days after such
         judgment or judgments become final and non-appealable;

                  (f)      the Company or any Significant Subsidiary of the
         Company:

                           (i)      commences a voluntary case under any
                  Bankruptcy Law,

                           (ii)     consents to the entry of an order for relief
                  against it in an involuntary case,

                           (iii)    consents to the appointment of a custodian
                  or receiver of it or for all or substantially all of its
                  property,

                           (iv)     makes a general assignment for the benefit
                  of its creditors, or

                           (v)      admits in writing its inability to pay its
                  debts as they become due; or

                  (g)      a court of competent jurisdiction enters an order or
         decree under any Bankruptcy Law that:

                           (i)      is for relief in an involuntary case against
                  the Company or any Significant Subsidiary of the Company;

                           (ii)     appoints a custodian or receiver of the
                  Company or any Significant Subsidiary or for all or
                  substantially all of the property of any of the foregoing;

                           (iii)    orders the liquidation of the Company or any
                  of its Significant Subsidiaries;

         and the order or decree remains unstayed and in effect for 60
         consecutive days;

                  (h)      any Guarantee of a Significant Subsidiary ceases to
         be in full force and effect or is declared to be null and void and
         unenforceable or is found to be invalid or any Guarantor that is a
         Sig-

                                      -54-

<PAGE>

         nificant Subsidiary denies its liability under its Guarantee (other
         than by reason of release of a Guarantor in accordance with the terms
         of this Indenture).

Section 6.2.      Acceleration.

                  If an Event of Default (other than an Event of Default
specified in clause (f) or (g) of Section 6.1 above with respect to the Company)
shall occur and be continuing, the Trustee or the Holders of at least 25% in
principal amount of outstanding Notes may declare the principal of and accrued
interest on all the Notes to be due and payable by notice in writing to the
Company and the Trustee specifying the respective Event of Default and that it
is a "notice of acceleration" (the "Acceleration Notice"), and the same shall
become immediately due and payable.

                  If an Event of Default specified in clause (f) or (g) of
Section 6.1 above with respect to the Company occurs and is continuing, then all
unpaid principal of, and premium, if any, and accrued and unpaid interest on all
of the outstanding Notes shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder.

                  At any time after a declaration of acceleration with respect
to the Notes as described in the preceding paragraph, the Holders of a majority
in principal amount of the Notes may rescind and cancel such declaration and its
consequences:

                  (1)      if the rescission would not conflict with any
         judgment or decree;

                  (2)      if all existing Events of Default have been cured or
         waived except nonpayment of principal or interest that has become due
         solely because of the acceleration;

                  (3)      to the extent the payment of such interest is lawful,
         interest on overdue installments of interest and overdue principal,
         which has become due otherwise than by such declaration of
         acceleration, has been paid;

                  (4)      if the Company has paid the Trustee its reasonable
         compensation and reimbursed the Trustee for its expenses, disbursements
         and advances; and

                  (5)      in the event of the cure or waiver of an Event of
         Default of the type described in clause (f) of Section 6.1, the Trustee
         shall have received an Officers' Certificate and an Opinion of Counsel
         that such Event of Default has been cured or waived.

                  No such rescission shall affect any subsequent Default or
impair any right consequent thereto.

Section 6.3.      Other Remedies.

                  If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal, premium, if
any, interest or Additional Interest, if any, on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

                  The Trustee may maintain a proceeding even if it does not
possess any of the Notes or does not produce any of them in the proceeding, and
any recovery or judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the Notes.
A delay or omission by the Trustee or any Holder in 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.

                                      -55-

<PAGE>

Section 6.4.      Waiver of Past Defaults.

                  The Holders of a majority in principal amount of the Notes may
waive any existing or past Default or Event of Default under this Indenture, and
its consequences, except a default in the payment of the principal of or
interest on any Notes. 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 Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

Section 6.5.      Control by Majority.

                  Holders of a majority in principal amount of the then
outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with applicable law or this Indenture that the Trustee
reasonably determines may be unduly prejudicial to the rights of other Holders
of Notes or that may subject the Trustee to personal liability and shall be
entitled to the benefit of Sections 7.1(c)(iii) and 7.1(e).

Section 6.6.      Limitation on Suits.

                  A Holder of a Note may pursue a remedy with respect to this
Indenture or the Notes only if:

                  (a)      the Holder of a Note gives to the Trustee written
         notice of a continuing Event of Default;

                  (b)      the Holders of at least 25% in principal amount of
         the then outstanding Notes make a written request to the Trustee to
         pursue the remedy;

                  (c)      such Holder or Holders of Notes offer and, if
         requested, provide to the Trustee reasonable indemnity satisfactory to
         the Trustee against any loss, liability or expense;

                  (d)      the Trustee does not comply with the request within
         60 days after receipt of the request and the offer and, if requested,
         the provision of indemnity; and

                  (e)      during such 60-day period the Holders of a majority
         in principal amount of the then outstanding Notes do not give the
         Trustee a direction inconsistent with the request.

A Holder of a Note may not use this Indenture to prejudice the rights of another
Holder of a Note or to obtain a preference or priority over another Holder of a
Note.

Section 6.7.      Rights of Holders of Notes to Receive Payment.

                  Notwithstanding any other provision of this Indenture, the
right of any Holder of a Note to receive payment of principal of, or premium, if
any, interest or Additional Interest, if any, on the Note, on or after the
respective due dates thereon (including in connection with an offer to
repurchase), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the
written consent of such Holder.

Section 6.8.      Collection Suit by Trustee.

                  If an Event of Default specified in Section 6.l(a) or (b)
occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the

                                      -56-

<PAGE>

whole amount of principal of, premium and Additional Interest, if any, and
interest remaining unpaid on the Notes and interest on overdue principal and, to
the extent lawful, interest and Additional Interest, if any, and such further
amounts as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expense, disbursements and advances of
the Trustee, its agents and counsel.

Section 6.9.      Trustee May File Proofs of Claim.

                  The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents (including
accountants, experts or such other processionals as the Trustee deems necessary,
advisable or appropriate) and counsel) and the Holders of the Notes allowed in
any judicial proceedings relative to the Company (or any other obligor upon the
Notes), its creditors or its property and shall be entitled to participate as a
member, voting or otherwise, of any official committee of creditors appointed in
such matter and shall be entitled and empowered to collect, receive and
distribute any money or other property payable or deliverable on any such
claims, and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.7. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 7.7 out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties
that the Holders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding.

Section 6.10.     Priorities.

                  If the Trustee collects any money pursuant to this Article VI,
it shall pay out the money in the following order:

                  First: to the Trustee, its agents and attorneys for amounts
         due under Section 7.7, including payment of all compensation, expense
         and liabilities incurred, and all advances made, by the Trustee and the
         costs and expenses of collection;

                  Second: to Holders of Notes for amounts due and unpaid on the
         Notes for principal, Purchase Price, Redemption Price and Additional
         Interest, if any, and interest, ratably, without preference or priority
         of any kind, according to the amounts due and payable on the Notes for
         principal, Purchase Price, Redemption Price and Additional Interest, if
         any, and interest, respectively; and

                  Third: to the Company, the Guarantors, if any, or to such
         party as a court of competent jurisdiction shall direct.

The Trustee may fix a special record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

                                      -57-

<PAGE>

Section 6.11.     Undertaking for Costs.

                  In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by
any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in
principal amount of the then outstanding Notes.

                                  ARTICLE VII.

                                    TRUSTEE

Section 7.1.      Duties of Trustee.

                  (a)      If an Event of Default has occurred and is
continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in its exercise
thereof, as a prudent person would exercise or use under the circumstances in
the conduct of such person's own affairs.

                  (b)      Except during the continuance of an Event of Default:

                  (i)      the duties of the Trustee shall be determined solely
         by the express provisions of this Indenture and the TIA and the Trustee
         need perform only those duties that are specifically set forth in this
         Indenture and no others, and no implied covenants or obligations shall
         be read into this Indenture or the TIA against the Trustee; and

                  (ii)     in the absence of bad faith on its part, the Trustee
         may conclusively rely, without investigation, as to the truth or the
         statements and the correctness of the opinions expressed therein, upon
         and statements, certificates or opinions furnished to the Trustee and
         conforming to the requirements of this Indenture. However, the Trustee
         shall examine the certificates and opinions to determine whether or not
         they conform on their face to the requirements of this Indenture but
         not confirm or investigate the accuracy of mathematical calculations or
         other facts stated therein or otherwise verify the contents thereof.

                  (c)      The Trustee may not be relieved from liabilities for
its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

                  (i)      this paragraph does not limit the effect of paragraph
         (b) of this Section 7.1;

                  (ii)     the Trustee shall not be liable for any error of
         judgment made in good faith by a Responsible Officer, unless it is
         proved that the Trustee was negligent in ascertaining the pertinent
         facts; and

                  (iii)    the Trustee shall not be liable with respect to any
         action it takes or omits to take in good faith in accordance with a
         direction received by it pursuant to Section 6.5.

                  (d)      Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to
this Section 7.1.

                                      -58-

<PAGE>

                  (e)      No provision of this Indenture shall require the
Trustee to expend or risk its own funds or incur any liability. The Trustee
shall be under no obligation to exercise any of its rights and powers under this
Indenture at the request of any Holder, pursuant to the provisions of this
Indenture, including, without limitation, Section 6.5, unless such Holder shall
have offered to the Trustee security and indemnity reasonably satisfactory to it
against any loss, liability or expense which might be incurred by it in
compliance with such request or direction.

                  (f)      The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the
Company. Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

Section 7.2.      Rights of Trustee.

                  (a)      The Trustee may conclusively rely and shall be
protected in acting or refraining from acting upon any document believed by it
to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.

                  (b)      Before the Trustee acts or refrain from acting, it
may require an Officers' Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officers' Certificate or Opinion of Counsel. The
Trustee may consult with counsel and the written advice of such counsel and
Opinions of Counsel shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it hereunder in
good faith and in reliance thereon.

                  (c)      The Trustee may act through its attorneys,
accountants, experts and such other professionals as the Trustee deems
necessary, advisable or appropriate and shall not be responsible for the
misconduct or negligence of any attorney, accountant, expert or other such
professional appointed with due care.

                  (d)      The Trustee shall not be liable for any action it
takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.

                  (e)      Unless otherwise specifically provided herein, any
demand, request, direction or notice from the Company shall be sufficiently
evidenced by a written order signed by two Officers of the Company.

                  (f)      The Trustee shall not be charged with knowledge of
any Default or Event of Default under Section 6.1 (other than under Section
6.1(a) (subject to the following sentence) or Section 6.1(b)) unless either (i)
a Responsible Officer shall have actual knowledge thereof, or (ii) the Trustee
shall have received notice thereof in accordance with Section 12.2 from the
Company or any Holder of the Notes. The Trustee shall not be charged with
knowledge of the Company's obligation to pay Additional Interest, or the
cessation of such obligation, unless the Trustee receives written notice thereof
from the Company or any Holder.

                  (g)      The Trustee shall have no duty (i) to cause the
maintenance of any insurance, (ii) to see to the payment or discharge of any
tax, charge or Lien levied against any part of the Collateral, or (iii) to see
to the filing or refiling of any Security Documents.

Section 7.3.      Individual Rights of Trustee.

                  The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting
interest within the meaning

                                      -59-

<PAGE>

of the TIA it must eliminate such conflict within 90 days, apply (subject to the
consent of the Company) to the Commission for permission to continue as trustee
or resign. Any Agent may do the same with like rights and duties. The Trustee
shall also be subject to Sections 7.10 and 7.11.

Section 7.4.      Trustee's Disclaimer.

                  The Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it
shall not be accountable for the Company's use of the proceeds from the Notes or
any money paid to the Company or upon the Company's direction under any
provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee,
and it shall not be responsible for any statement or recital herein or any
statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of
authentication.

Section 7.5.      Notice of Defaults.

                  If a Default or Event of Default occurs and is continuing, the
Trustee shall mail to Holders of Notes a notice of the Default or Event of
Default within 90 days after it occurs. Except in the case of a Default in
payment on any Note (including the failure to make a mandatory repurchase
pursuant hereto), the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

Section 7.6.      Reports by Trustee to Holders of the Notes.

                  Within 60 days after each May 15 beginning with the May 15
following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders of the Notes a brief report
dated as of such reporting date that complies with TIA Section 313(a) (but if no
event described in TIA Section 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also
shall comply with TIA Section 313(b). The Trustee shall also transmit by mail
all reports as required by TIA Section 313(c).

                  A copy of each report at the time of its mailing to the
Holders of Notes shall be mailed to the Company and filed with the Commission
and each stock exchange on which the Notes are listed in accordance with TIA
Section 313(d). The Company shall promptly notify the Trustee when the Notes are
listed on any stock exchange.

Section 7.7.      Compensation, Reimbursement and Indemnity.

                  The Company shall pay to the Trustee from time to time
reasonable compensation for its acceptance of this Indenture and the rendering
by it of the services required hereunder. The Trustee's compensation shall not
be limited by any law on compensation of a trustee of an express trust. The
Company shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by or on behalf of it in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee's attorneys,
accountants, experts and such other professionals as the Trustee deems
necessary, advisable or appropriate.

                  The Company shall indemnify the Trustee against any and all
losses, liabilities or expenses incurred by it arising out of or in connection
with the acceptance or administration of its duties under this Indenture
(including its duties under Section 9.6), including the costs and expenses of
enforcing this Indenture or any Guarantee against the Company or a Guarantor
(including this Section 7.7) and defending itself against or investigating any
claim (whether asserted by the Company, any Guarantor, any Holder or any other
Person) or liability in connection with the exercise or performance of any of
its powers or duties hereunder, except to the extent

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any such loss, liability or expense may be attributable to its negligence or
willful misconduct. The Trustee shall notify the Company promptly of any claim
for which it may seek indemnity. Failure by the Trustee to so notify the Company
shall not relieve the Company of its obligations hereunder. The Company shall
defend any claim or threatened claim asserted against the Trustee, and the
Trustee shall cooperate in the defense. The Trustee may have separate counsel
and the Company shall pay the reasonable fees and expenses of such counsel. The
Company need not pay for any settlement made without its consent, which consent
shall not be unreasonably withheld.

                  The obligations of the Company under this Section 7.7 shall
survive the resignation or removal of the Trustee, the satisfaction and
discharge of this Indenture and the termination of this Indenture.

                  To secure the Company's payment obligations in this Section
7.7, the Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal,
Redemption Price or Purchase Price of or Additional Interest, if any, or
interest on, particular Notes. Such Lien shall survive the resignation or
removal of the Trustee, the satisfaction and discharge of this Indenture and the
termination of this Indenture.

                  When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.1(f) or (g) occurs, the expenses and the
compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

Section 7.8.      Replacement of Trustee.

                  A resignation or removal of the Trustee and appointment of a
successor Trustee shall become effective only upon the successor Trustee's
acceptance of appointment as provided in this Section 7.8.

                  The Trustee may resign in writing at any time and be
discharged from the trust hereby created by so notifying the Company. The
Holders of Notes of a majority in principal amount of the then outstanding Notes
may remove the Trustee by so notifying the Trustee and the Company in writing.
The Company may remove the Trustee if:

                  (a)      the Trustee fails to comply with Section 7.10;

                  (b)      the Trustee is adjudged a bankrupt or an insolvent or
         an order for relief is entered with respect to the Trustee under any
         Bankruptcy Law;

                  (c)      a custodian, receiver or public officer takes charge
         of the Trustee or its property for the purpose of rehabilitation,
         conversion or liquidation; or

                  (d)      the Trustee becomes incapable of acting.

                  If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the date on which the successor Trustee
takes office, the Holders of a majority in principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor
Trustee appointed by the Company.

                  If a successor Trustee does not take office within 30 days
after the retiring trustee resigns or is removed, the retiring Trustee, the
Company, or the Holders of Notes of at least 10% in principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

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<PAGE>

                  If the Trustee, after written request by any Holder of a Note
who has been a bona fide holder of a Note or Notes for at least six months,
fails to comply with Section 7.10, such Holder of a Note may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of
a successor Trustee.

                  A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties of the Trustee
under this Indenture. The Company shall mail a notice of its succession to
Holders of the Notes. The retiring Trustee shall promptly transfer all property
held by it as Trustee to the successor Trustee, provided all sums owing to the
Trustee hereunder have been paid and subject to the Lien provided for in Section
7.7. Notwithstanding replacement of the Trustee pursuant to this Section 7.8,
the Company's obligations under Section 7.7 shall continue for the benefit of
the retiring Trustee.

Section 7.9.      Successor Trustee by Merger, Etc.

                  If the Trustee consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another
corporation that is eligible under Section 7.10, the successor corporation
without any further act shall be the successor Trustee.

Section 7.10.     Eligibility; Disqualification.

                  There shall at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States of
America or of any state thereof (including the District of Columbia) that is
authorized under such laws to exercise corporate trust power, that is subject to
supervision or examination by federal or state authorities and that has a
combined capital and surplus of at least $100 million as set forth in its most
recent published annual report of condition.

                  This Indenture shall always have a Trustee who satisfies the
requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to
TIA Section 310(b).

Section 7.11.     Preferential Collection of Claims Against Company.

                  The Trustee is subject to TIA Section 311(a), excluding any
creditor relationship listed in TIA Section 311(b). A Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated
therein.

                                 ARTICLE VIII.

                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.1.      Option to Effect Legal Defeasance or Covenant Defeasance.

                  The Company may, at its option evidenced by a resolution of
its Board of Directors set forth in an Officers' Certificate, at any time, elect
to have its obligations and the obligations of any Guarantors discharged with
respect to the then outstanding Notes in accordance with either Section 8.2 or
8.3 as provided in this Article VIII.

Section 8.2.      Legal Defeasance and Discharge.

                  Upon the Company's exercise under Section 8.1 of the option
applicable to this Section 8.2, the Company and any Guarantor shall, subject to
the satisfaction of the conditions set forth in Section 8.4, be

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<PAGE>

deemed to have been discharged from its obligations with respect to all
outstanding Notes on the date the conditions set forth below are satisfied
(hereinafter, "Legal Defeasance"). For this purpose, Legal Defeasance means that
the Company and the Guarantors, if any, shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes and any
Guarantees thereon, which shall thereafter be deemed to be "outstanding" only
for the purposes of Section 8.5 and the other Sections of this Indenture
referred to in clauses (a) through (d) below, and to have satisfied all their
other obligations under such Notes, this Indenture and the Security Documents
(and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions
which shall survive until otherwise terminated or discharged hereunder:

                  (a)      the rights of Holders of outstanding Notes to receive
         payments in respect of the principal of, premium, if any, and interest
         on the Notes when such payments are due;

                  (b)      the Company's obligations with respect to the Notes
         concerning issuing temporary Notes, registration of Notes, mutilated,
         destroyed, lost or stolen Notes and the maintenance of an office or
         agency for payments;

                  (c)      the rights, powers, trust, duties and immunities of
         the Trustee and the Company's obligations in connection therewith; and

                  (d)      the Legal Defeasance provisions of this Article VIII.

                  Subject to compliance with this Article VIII, the Company may
exercise its option under this Section 8.2, notwithstanding the prior exercise
of its option under Section 8.3.

Section 8.3.      Covenant Defeasance.

                  Upon the Company's exercise under Section 8.1 of the option
applicable to this Section 8.3, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.4, be released from its obligations
under the covenants contained in Sections 3.9, 3.10, 3.11, 4.3, 4.4, 4.5, 4.7
through 4.12 and 4.14 through 4.19, both inclusive, and Section 5.1(b), Article
XI and Article XII with respect to the outstanding Notes on and after the date
the conditions set forth below are satisfied (hereinafter, "Covenant
Defeasance"), and the Notes shall thereafter be deemed not "outstanding" for the
purposes of any direction, waiver, consent or declaration or Act of Holders (and
the consequences of any thereof) in connection with such covenants, but shall
continue to be deemed "outstanding" for all other purposes hereunder (it being
understood that such Notes shall not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant
to any other provision herein or in any other document, and such omission to
comply shall not constitute a Default or an Event of Default under Section 6.1,
but, except as specified above, the remainder of this Indenture and such Notes
shall be unaffected thereby. In addition, upon the Company's exercise under
Section 8.1 of the option applicable to this Section 8.3, subject to the
satisfaction of the conditions set forth in Section 8.4, Sections 6.1(c) through
6.1(j) shall not constitute Events of Default.

Section 8.4.      Conditions to Legal or Covenant Defeasance.

                  The following are the conditions precedent to the application
of either Section 8.2 or 8.3 to the outstanding Notes as specified:

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<PAGE>

         In order to exercise either Legal Defeasance or Covenant Defeasance:

                  (1)      the Company must irrevocably deposit with the
         Trustee, in trust, for the benefit of the Holders cash in U.S. dollars,
         non-callable U.S. government obligations, or a combination thereof, in
         such amounts as will be sufficient, in the opinion of a nationally
         recognized firm of independent public accountants, to pay the principal
         of, premium, if any, and interest on the Notes on the stated date for
         payment thereof or on the applicable Redemption Date, as the case may
         be;

                  (2)      in the case of Legal Defeasance, the Company shall
         have delivered to the Trustee an Opinion of Counsel in the United
         States reasonably acceptable to the Trustee confirming that:

                           (a)      the Company has received from, or there has
                  been published by, the Internal Revenue Service a ruling; or

                           (b)      since the date of this Indenture, there has
                  been a change in the applicable federal income tax law,

                  in either case to the effect that, and based thereon such
                  Opinion of Counsel shall confirm that, the Holders will not
                  recognize income, gain or loss for federal income tax purposes
                  as a result of such Legal Defeasance and will be subject to
                  federal income tax on the same amounts, in the same manner and
                  at the same times as would have been the case if such Legal
                  Defeasance had not occurred;

                  (3)      in the case of Covenant Defeasance, the Company shall
         have delivered to the Trustee an Opinion of Counsel in the United
         States reasonably acceptable to the Trustee confirming that the Holders
         will not recognize income, gain or loss for federal income tax purposes
         as a result of such Covenant Defeasance and will be subject to federal
         income tax on the same amounts, in the same manner and at the same
         times as would have been the case if such Covenant Defeasance had not
         occurred;

                  (4)      no Default or Event of Default shall have occurred
         and be continuing on the date of such deposit (other than a Default or
         an Event of Default resulting from the borrowing of funds to be applied
         to such deposit and the grant of any Lien securing such borrowings);

                  (5)      such Legal Defeasance or Covenant Defeasance shall
         not result in a breach or violation of, or constitute a default under
         this Indenture (other than a Default or an Event of Default resulting
         from the borrowing of funds to be applied to such deposit and the grant
         of any Lien securing such borrowings) or any other material 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;

                  (6)      the Company shall have delivered to the Trustee an
         Officers' Certificate stating that the deposit was not made by the
         Company with the intent of preferring the Holders over any other
         creditors of the Company or with the intent of defeating, hindering,
         delaying or defrauding any other creditors of the Company or others;

                  (7)      the Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel, each stating that all
         conditions precedent provided for or relating to the Legal Defeasance
         or the Covenant Defeasance have been complied with;

                  (8)      the Company shall have delivered to the Trustee an
         Opinion of Counsel to the effect that assuming no intervening
         bankruptcy of the Company between the date of deposit and the 91st day
         following the date of deposit and that no Holder is an insider of the
         Company, after the 91st day follow-

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<PAGE>

         ing the date of deposit, the trust funds will not be subject to the
         effect of any applicable bankruptcy, insolvency, reorganization or
         similar laws affecting creditors' rights generally; and

                  (9)      certain other customary conditions precedent are
         satisfied.

                  Notwithstanding the foregoing, the Opinion of Counsel required
by clause (2) above with respect to a Legal Defeasance need not be delivered if
all Notes not theretofore delivered to the Trustee for cancellation (1) have
become due and payable or (2) will become due and payable on the maturity date
within one year, or are to be called for redemption within one year, under
arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company.

Section 8.5.      Deposited Money and U.S. Government Securities to Be Held in
                  Trust; Other Miscellaneous Provisions.

                  Subject to Section 8.6, all money and U.S. Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.5 only) pursuant
to Section 8.4 in respect of the outstanding Notes shall be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent (other
than the Company) as the Trustee may determine, to the Holders of such Notes of
all sums due and to become due thereon in respect of principal, Redemption Price
or Purchase Price of, and Additional Interest, if any, or interest on, the
Notes, that such money need not be segregated from other funds except to the
extent required by law.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the cash or U.S.
Government Securities deposited pursuant to Section 8.4 or the principal and
interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the outstanding Notes.

                  Anything in this Article VIII to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon the
request of the Company any money or U.S. Government Securities held by it as
provided in Section 8.4 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.4),
are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 8.6.      Repayment to Company.

                  Any money deposited with the Trustee or any Paying Agent, or
then held by the Company, in trust for the payment of the principal, Redemption
Price or Purchase Price of, or Additional Interest, if any, or interest on any
Note and remaining unclaimed for two years after such amount has become due and
payable shall be paid to the Company on its request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter look only to the Company for payment thereof as a general creditor,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, at the expense of the Company, if required
by applicable law cause to be published once, in The New York Times and The Wall
Street Journal (national editions), notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days after
the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

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<PAGE>

Section 8.7.      Reinstatement.

                  If the Trustee or Paying Agent is unable to apply any United
States dollars or U.S. Government Securities in accordance with Section 8.2 or
8.3, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the obligations of the Company under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant
to Section 8.2 or 8.3 until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 8.2 or 8.3, as the
case may be; provided, however, that, if the Company makes any payment with
respect to any Note following the reinstatement of its obligations, the Company
shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money held by the Trustee or Paying Agent.

                                  ARTICLE IX.

                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.1.      Without Consent of Holders of Notes.

                  Notwithstanding Section 9.2 of this Indenture, the Company,
the Guarantors, if any, and the Trustee may amend or supplement this Indenture,
the Notes or any Security Document without the consent of any Holder of a Note:

                  (a)      to cure any ambiguity, omission, defect or
         inconsistency so long as such changes do not adversely affect the
         rights of any of the Holders in any material respect.

                  (b)      to provide for the assumption of the Company's
         obligations to the Holders of the Notes in the case of a merger or
         consolidation or sale of all or substantially all of the Company's
         assets pursuant to Article V;

                  (c)      to comply with the requirements of the Commission in
         order to effect or maintain the qualification of this Indenture under
         the TIA; or

                  (d)      to make any change that would provide any additional
         rights or benefits to the Holders of the Notes or that does not
         adversely affect the rights hereunder of any Holder of the Notes in any
         material respect.

                  Upon the written request of the Company, accompanied by a
Board Resolution (evidenced by an Officers' Certificate) authorizing the
execution of any such amended or supplemental indenture, and upon receipt by the
Trustee of the documents described in Section 7.2, the Trustee shall join with
the Company in the execution of any amended or supplemental indenture authorized
or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall
not be obligated to enter into such amended or supplemental indenture that
affects its own rights, duties or immunities under this Indenture or otherwise.

Section 9.2.      With Consent of Holders of Notes.

                  Except as provided below in this Section 9.2, the Company, the
Trustee and the Guarantors, if any, may amend or supplement this Indenture or
the Notes with the consent of the Holders of at least a majority in principal
amount of the Notes then outstanding (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for the Notes),
and, subject to Sections 6.2, 6.4 and 6.7, any existing Default or Event of
Default or compliance with any provision of this Indenture, the Notes may be
waived with the

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<PAGE>

consent of the Holders of a majority in principal amount of the then outstanding
Notes (including consents obtained in connection with a tender offer or exchange
offer for the Notes).

                  Without the consent of each Holder affected, an amendment or
waiver may not (with respect to any Notes held by a non-consenting Holder):

                  (1)      reduce the amount of Notes whose Holders must consent
         to an amendment;

                  (2)      reduce the rate of or change or have the effect of
         changing the time for payment of interest, including defaulted
         interest, on any Notes;

                  (3)      reduce the principal of or change or have the effect
         of changing the fixed maturity of any Notes, or change the date on
         which any Notes may be subject to redemption or reduce the redemption
         price therefor;

                  (4)      make any Notes payable in money other than that
         stated in the Notes;

                  (5)      make any change in provisions of this Indenture
         protecting the right of each Holder to receive payment of principal of
         and interest on such Note on or after the due date thereof or to bring
         suit to enforce such payment, or permitting Holders of a majority in
         principal amount of Notes to waive Defaults or Events of Default;

                  (6)      after the Company's obligation to purchase Notes
         arises thereunder, amend, change or modify in any material respect the
         obligation of the Company to make and consummate a Change of Control
         Offer in the event of a Change of Control or make and consummate a Net
         Proceeds Offer with respect to any Asset Sale that has been consummated
         or, after such Change of Control has occurred or such Asset Sale has
         been consummated, modify any of the provisions or definitions with
         respect thereto; or

                  (7)      change any provision of this Indenture or the related
         definitions affecting the ranking of the Notes or any Guarantees in a
         manner materially adverse to the Holders of the Notes; or

                  (8)      release any Guarantor that is a Significant
         Subsidiary from any of its obligations under its Guarantee or this
         Indenture otherwise than in accordance with the terms of this
         Indenture.

                  Upon the written request of the Company accompanied by a
resolution of the Board (evidenced by an Officers' Certificate) authorizing the
execution of any such amended or supplemental indenture, and upon the filing
with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents
described in Section 7.2, the Trustee shall join with the Company in the
execution of such amended or supplemental indenture unless such amended or
supplemental indenture affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or
supplemental indenture.

                  It shall not be necessary for the consent of the Holders of
Notes under this Section 9.2 to approve the particular form of any proposed
amendment or waiver, but it shall be sufficient if such consent approves the
substance thereof.

                  After an amendment, supplement or waiver under this Section
9.2 becomes effective, the Company shall mail to the Holders of Notes affected
thereby a notice briefly describing the amendment, supple-

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<PAGE>

ment or waiver. Any failure of the Company to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any
such amended or supplemental indenture or waiver.

Section 9.3.      Compliance with Trust Indenture Act.

                  Every amendment or supplement to this Indenture or the Notes
shall be set forth in an amended or supplemental indenture that complies with
the TIA as then in effect.

Section 9.4.      Revocation and Effect of Consents.

                  Until an amendment, supplement or waiver becomes effective, a
consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences
the same debt as the consenting Holder's Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder
of a Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance
with its terms and therefore binds every Holder.

Section 9.5.      Notation on or Exchange of Notes.

                  The Trustee may place an appropriate notation about an
amendment, supplement or waiver on any Note thereafter authenticated. The
Company in exchange for all Notes may issue and the Trustee shall authenticate
new Notes that reflect the amendment, supplement or waiver.

                  Failure to make the appropriate notation or issue a new Note
shall not affect the validity and effect of such amendment, supplement or
waiver.

Section 9.6.      Trustee to Sign Amendment, Etc.

                  The Trustee shall sign any amended or supplemental indenture
authorized pursuant to this Article IX if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Company may not sign an amended or supplemental indenture until the Board
approves such amended or supplemental indenture. In executing any amended or
supplemental indenture, the Trustee shall be entitled to receive, in addition to
the documents required by Sections 12.4 and 12.5, and, subject to Section 7.1,
shall be fully protected in relying upon, an Officers' Certificate and an
Opinion of Counsel stating that (i) the execution of such amended or
supplemental indenture is authorized or permitted by this Indenture, (ii) no
Event of Default shall occur as a result of the execution of such Officers'
Certificate or the delivery of such Opinion of Counsel and (iii) the amended or
supplemental indenture complies with the terms of this Indenture.

                                   ARTICLE X.

                                   GUARANTEE

Section 10.1.     Unconditional Guarantee.

                  Each Guarantor, if any, upon the execution and delivery of a
Guarantee pursuant to Section 4.16, hereby unconditionally guarantees, on a
senior basis and jointly and severally, to each Holder of a Note authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns,
the Notes or the obligations of the Company hereunder or thereunder, that: (i)
the principal of and interest on the Notes will be promptly paid in full when
due, subject to any applicable grace period, whether at maturity, by
acceleration, upon redemption, purchase pursuant to Article III or otherwise,
and interest on the overdue principal, if any, and

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<PAGE>

interest on any interest, to the extent lawful, of the Notes and all other
obligations of the Company to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and (ii) in case of any extension of time of payment or
renewal of any Notes or of any such other obligations, the same will be promptly
paid in full when due or performed in accordance with the terms of the extension
or renewal, subject to any applicable grace period, whether at Stated Maturity,
by acceleration, upon redemption, purchase pursuant to Article III or otherwise,
subject, however, in the case of clauses (i) and (ii) above, to the limitations
set forth in Section 10.3. Each Guarantor, if any, upon the execution and
delivery of a Guarantee pursuant to Section 4.16, hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any
action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof (other than a waiver of all or
part of the provisions of this Article X), the recovery of any judgment against
the Company, and action to enforce the same or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each Guarantor, if any, upon the execution and delivery of a
Guarantee pursuant to Section 4.16, hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the
Company, protest, notice and all demands whatsoever and covenants that this
Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes, this Indenture and in this Guarantee. If any
Holder or the Trustee is required by any court or otherwise to return to the
Company, any Guarantor, or any custodian, trustee, liquidator or other similar
official acting in relation to the Company or any Guarantor, any amount paid by
the Company or any Guarantor to the Trustee or such Holder, this Guarantee, to
the extent theretofore discharged, shall be reinstated in full force and effect.
Each Guarantor, if any, upon the execution and delivery of a Guarantee pursuant
to Section 4.16, further agrees that, as between each Guarantor, on the one
hand, and the Holders and the Trustee, on the other hand, (x) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article VI
for the purposes of this Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (y) in the event of any acceleration of such obligations
as provided in Article VI, such obligations (whether or not due and payable)
shall forthwith become due and payable by each Guarantor for the purpose of this
Guarantee.

Section 10.2.     Severability.

                  In case any provision of this Guarantee shall be invalid,
illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

Section 10.3.     Limitation of Guarantor's Liability.

                  Each Guarantor, if any, upon the execution and delivery of a
Guarantee pursuant to Section 4.16, and by its acceptance hereof each Holder
hereby confirms that it is the intention of all such parties that the guarantee
by such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer
or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or
state law. To effectuate the foregoing intention, the Holders and such Guarantor
hereby irrevocably agree that the obligations of such Guarantor under the
Guarantee shall be limited to the maximum amount as will, after giving effect to
all other contingent and fixed liabilities of such Guarantor and after giving
effect to any collections from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under its
Guarantee or pursuant to Section 10.5, result in the obligations of such
Guarantor under the Guarantee not constituting such fraudulent transfer or
conveyance.

Section 10.4.     Release of Guarantor.

                  (a)      Any Guarantee by a Restricted Subsidiary pursuant to
Section 4.16 shall be automatically and unconditionally released and discharged,
without any further action required on the part of the Trustee or any Holder of
the Notes, upon:

                                      -69-

<PAGE>

                  (1)      the unconditional release of such Restricted
         Subsidiary from its liability in respect of the Indebtedness in
         connection with which such Guarantee was executed and delivered
         pursuant to Section 4.16;

                  (2)      the legal defeasance of the Notes as described under
         Sections 8.2 and 8.3;

                  (3)      (A) the merger of any Guarantor into the Company, (B)
         the dissolution of any Guarantor into the Company or (C) the transfer
         of all or substantially all of the assets of any Guarantor to the
         Company; or

                  (4)      the sale or other disposition of all or substantially
         all of the assets of, or the sale of all of the capital stock of, or
         other disposition (by merger or otherwise) to any Person which is not a
         Restricted Subsidiary of the Company of all of the Company's Capital
         Stock in, or all or substantially all of the assets of, such Restricted
         Subsidiary; provided that (A) such sale or disposition of such Capital
         Stock or assets is otherwise in compliance with the terms of this
         Indenture and (B) such assumption, guarantee or other liability of such
         Restricted Subsidiary has been released by the holders of the other
         Indebtedness so guaranteed.

                  (b)      The Trustee shall deliver an appropriate instrument
evidencing such release upon receipt of a request by the Company accompanied by
an Officers' Certificate and Opinion of Counsel certifying as to the compliance
with this Section 10.4. Any Guarantor not so released shall remain liable for
the full amount of principal of and interest on the Notes as provided in this
Article X.

                  (c)      All Guarantees shall be of no further force and
effect upon the occurrence of a Legal Defeasance or a Covenant Defeasance
pursuant to Section 8.2 or 8.3, subject to reinstatement pursuant to Section 8.7
under the circumstances described therein.

Section 10.5.     Contribution.

                  In order to provide for just and equitable contribution among
the Guarantors, the Guarantors agree, inter se, that in the event any payment or
distribution is made by any Guarantor (a "Funding Guarantor") under the
Guarantee, such Funding Guarantor shall be entitled to a contribution from all
other Guarantors in a pro rata amount based on the Adjusted Net Assets (as
defined below) of each Guarantor (including the Funding Guarantor) for all
payments, damages and expenses incurred by that Funding Guarantor in discharging
the Company's obligations with respect to the Notes or any other Guarantor's
obligations with respect to the Guarantee. "Adjusted Net Assets" of such
Guarantor at any date shall mean the lesser of the amount by which (x) the fair
value of the property of such Guarantor exceeds the total amount of liabilities,
including, without limitation, contingent liabilities (after giving effect to
all other fixed and contingent liabilities incurred or assumed on such date),
but excluding liabilities under the Guarantee, of such Guarantor at such date
and (y) the present fair salable value of the assets of such Guarantor at such
date exceeds the amount that will be required to pay the probable liability of
such Guarantor on its debts (after giving effect to all other fixed and
contingent liabilities incurred or assumed on such date), excluding debt in
respect of the Guarantee of such Guarantor, as they become absolute and matured.

Section 10.6.     Waiver of Subrogation.

                  Until all Obligations under the Notes and this Indenture are
paid in full, each Guarantor, if any, upon the execution and delivery of a
Guarantee pursuant to Section 4.16, hereby irrevocably waives any claims or
other rights which it may now or hereafter acquire against the Company that
arise from the existence, payment, performance or enforcement of such
Guarantor's obligations under the Guarantee and this Indenture, including,
without limitation, any right of subrogation, reimbursement, exoneration,
indemnification, and any right

                                      -70-

<PAGE>

to participate in any claim or remedy of any Holder against the Company, whether
or not such claim, remedy or right arises in equity, or under contract, statute
or common law, including, without limitation, the right to take or receive from
the Company, directly or indirectly, in cash or other property or by set-off or
in any other manner, payment or security on account of such claim or other
rights. If any amount shall be paid to any Guarantor in violation of the
preceding sentence and the Notes shall not have been paid in full, such amount
shall have been deemed to have been paid to such Guarantor for the benefit of,
and held in trust for the benefit of, the Holders, and shall, forthwith be paid
to the Trustee for the benefit of such Holders to be credited and applied upon
the Notes, whether matured or unmatured, in accordance with the terms of this
Indenture. Each Guarantor, if any, upon the execution and delivery of a
Guarantee pursuant to Section 4.16, acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by this Indenture
and that the waiver set forth in this Section 10.6 is knowingly made in
contemplation of such benefits.

Section 10.7.     Execution of Guarantee.

                  To evidence its guarantee to the Holders set forth in this
Article X, each Guarantor required to execute and deliver of a Guarantee
pursuant to Section 4.16 hereby agrees to execute the Guarantee in substantially
the form attached hereto as Exhibit C, which shall be endorsed on each Note
ordered to be authenticated and delivered by the Trustee. Each Guarantor, upon
the execution and delivery of a Guarantee pursuant to Section 4.16, hereby
agrees that its Guarantee shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Guarantee. Each such
Guarantee shall be signed on behalf of each Guarantor by two Officers, or an
Officer and an Assistant Secretary or one Officer shall sign and one Officer or
an Assistant Secretary (each of whom shall, in each case, have been duly
authorized by all requisite corporate actions) shall attest to such Guarantee
prior to the authentication of the Note on which it is endorsed, and the
delivery of such Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of such Guarantee on behalf of such
Guarantor. Such signatures upon the Guarantee may be by manual or facsimile
signature of such officers and may be imprinted or otherwise reproduced on the
Guarantee, and in case any such officer who shall have signed the Guarantee
shall cease to be such officer before the Note on which such Guarantee is
endorsed shall have been authenticated and delivered by the Trustee or disposed
of by the Company, such Note nevertheless may be authenticated and delivered or
disposed of as though the Person who signed the Guarantee had not ceased to be
such officer of the Guarantor.

Section 10.8.     Waiver of Stay, Extension or Usury Laws.

                  Each Guarantor, upon the execution and delivery of a Guarantee
pursuant to Section 4.16, hereby covenants (to the extent that it may lawfully
do so) that it will not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law
or any usury law or other law that would prohibit or forgive each such Guarantor
from performing its Guarantee as contemplated herein, wherever enacted, now or
at any time hereafter in force, or which may affect the covenants or the
performance of this Indenture; and (to the extent that it may lawfully do so)
each such Guarantor hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

                                      -71-

<PAGE>

                                  ARTICLE XI.

                           SATISFACTION AND DISCHARGE

Section 11.1.     Satisfaction and Discharge.

                  This Indenture will be discharged and will cease to be of
further effect (except as set forth below) as to all outstanding Notes and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture when:

                  (1)      either:

                           (a)      all the Notes theretofore authenticated and
                  delivered (except lost, stolen or destroyed Notes which have
                  been replaced or paid and Notes for whose payment money has
                  theretofore been deposited in trust or segregated and held in
                  trust by the Company and thereafter repaid to the Company or
                  discharged from such trust) have been delivered to the Trustee
                  for cancellation; or

                           (b)      all Notes not theretofore delivered to the
                  Trustee for cancellation (1) have become due and payable by
                  reason of the mailing of a notice of redemption or otherwise
                  or (2) will become due and payable within one year, or are to
                  be called for redemption within one year, under arrangements
                  satisfactory to the Trustee for the giving of notice of
                  redemption by the Trustee in the name, and at the expense, of
                  the Company, and the Company has irrevocably deposited or
                  caused to be deposited with the Trustee funds in an amount
                  sufficient to pay and discharge the entire Indebtedness on the
                  Notes not theretofore delivered to the Trustee for
                  cancellation, for principal of, premium, if any, and interest
                  on the Notes to the date of deposit, together with irrevocable
                  instructions from the Company directing the Trustee to apply
                  such funds to the payment thereof at maturity or redemption,
                  as the case may be;

                  (2)      the Company has paid all other sums payable under
         this Indenture by the Company; and

                  (3)      the Company has delivered to the Trustee an Officers'
         Certificate and an Opinion of Counsel stating that all conditions
         precedent under this Indenture relating to the satisfaction and
         discharge of this Indenture have been complied with.

                  Notwithstanding the satisfaction and discharge of this
Indenture, the Company's obligations in Sections 2.3, 2.4, 2.6, 2.7, 2.11, 7.7,
7.8, 12.2, 12.3 and 12.4, and the Trustee's and Paying Agent's obligations in
Section 11.2 shall survive until the Notes are no longer outstanding.
Thereafter, only the Company's obligations in Section 7.7 shall survive.

Section 11.2.     Application of Trust.

                  All money deposited with the Trustee pursuant to Section 11.1
shall be held in trust and, at the written direction of the Company, be invested
prior to maturity in U.S. Government Securities, and applied by the Trustee in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest
for the payment of which money has been deposited with the Trustee; but such
money need not be segregated from other funds except to the extent required by
law.

                                      -72-

<PAGE>

                                  ARTICLE XII.

                                  MISCELLANEOUS

Section 12.1.     Trust Indenture Act Controls.

                  If any provision hereof limits, qualifies or conflicts with a
provision of the TIA or another provision that would be required or deemed under
such Act to be part of and govern this Indenture if this Indenture were subject
thereto, the latter provision shall control. If any provision of this Indenture
modifies or excludes any provision of the TIA that may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.

Section 12.2.     Notices.

                  Any notice or communication by the Company or the Trustee to
others is duly given if in writing and delivered in Person or mailed by first
class mail (registered or certified, return receipt requested), telex,
telecopier or overnight air courier guaranteeing next day delivery, to the
others' address:

                  If to the Company:

                           Mobile Mini Inc.
                           7420 South Kyrene Road, Suite 101
                           Tempe, Arizona 85283
                           Attention: Chief Financial Officer
                           Fax: (480) 894-6433

                  With a copy to:

                           Bryan Cave LLP
                           2 North Central Avenue, Suite 2200
                           Phoenix, Arizona 85004-4406
                           Attention: Joseph P. Richardson, Esq.
                           Fax: (602) 364-7070

                  If to the Trustee:

                           Wells Fargo Bank Minnesota, N.A.
                           Sixth and Marquette
                           MAC N9303-120
                           Minneapolis, Minnesota 55479
                           Attention: Corporate Trust Services
                           Fax: (612) 667-2160

                  The Company or the Trustee, by notice to the others, may
designate additional or different addresses for subsequent notices or
communications.

                  All notices and communications (other than those sent to
Holders) shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed, or in the case of any offer to purchase Notes under
Section 3.9, 3.10 or 3.11 upon the date the communication is postmarked; when
answered back, if telexed; when receipt acknowl-

                                      -73-

<PAGE>

edged, if telecopied; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier guaranteeing next day delivery, except
that notices to the Trustee shall be effective only upon receipt.

                  Any notice or communication to a Holder shall be mailed by
first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on the
register kept by the Registrar. Any notice or communication shall also be so
mailed to any Person described in TIA Section 313(c), to the extent required by
the TIA. Failure to mail a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders.

                  If a notice or communication is mailed in the manner provided
above within the time prescribed, it is duly given, whether or not the address
receives it.

                  If the Company mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

Section 12.3.     Communication by Holders of Notes with Other Holders of Notes.

                  Holders may communicate pursuant to TIA Section 312(b) with
other Holders with respect to their rights under this Indenture or the Notes.
The Company, the Trustee, the Registrar and anyone else shall have the
protection of TIA Section 312(c).

Section 12.4.     Certificate and Opinion as to Conditions Precedent.

                  Upon any request or application by the Company and/or any
Guarantor to the Trustee to take any action under this Indenture, the Company
and/or any Guarantor shall furnish to the Trustee:

                  (a)      an Officers' Certificate in form and substance
         reasonably satisfactory to the Trustee (which shall include the
         statements set forth in Section 12.5) stating that, in the opinion of
         the signers, all conditions precedent and covenants, if any, provided
         for in this Indenture relating to the proposed action have been
         satisfied; and

                  (b)      if requested by the Trustee, an Opinion of Counsel in
         form and substance reasonably satisfactory to the Trustee (which shall
         include the statements set forth in Section 12.5) stating that, in the
         opinion of such counsel, all such conditions precedent and covenants
         have been satisfied.

Section 12.5.     Statements Required in Certificate or Opinion.

                  Each certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of
TIA Section 314(e) and shall include:

                  (a)      a statement that the Person making such certificate
         or opinion has read such covenant or condition;

                  (b)      a brief statement as to the nature and scope of the
         examination or investigation upon which the statements or opinions
         contained in such certificate or opinion are based;

                  (c)      a statement that, in the opinion of such Person, he
         or she has made such examination or investigation as is necessary to
         enable him to express an informed opinion as to whether or not such
         covenant or condition has been satisfied; and

                                      -74-

<PAGE>

                  (d)      a statement as to whether or not, in the opinion of
         such Person, such condition or covenant has been satisfied.

Section 12.6.     Rules by Trustee and Agents.

                  The Trustee may make reasonable rules for action by or at a
meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

Section 12.7.     No Personal Liability of Directors, Officers, Employees and
                  Stockholders.

                  No past, present or future director, officer, employee,
incorporator, agent or stockholder or Affiliate of the Company, as such, shall
have any liability for any obligations of the Company under the Notes or this
Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. No past, present or future director, officer,
employee, incorporator, agent or stockholder or Affiliate of any of the
Guarantors, if any, as such, shall have any liability for any obligations of the
Guarantors under the Guarantees or this Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of
Notes and Guarantees by accepting a Note and a Guarantee waives and releases all
such liabilities. The waiver and release are part of the consideration for
issuance of the Notes and the Guarantees. Such waiver may not be effective to
waive liabilities under the federal securities law and it is the view of the
Commission that such a waiver is against public policy.

Section 12.8.     Governing Law; Submission to Jurisdiction; Waiver of Jury
                  Trial.

                  THE VALIDITY AND INTERPRETATION OF THIS INDENTURE, THE
GUARANTEES, IF ANY, AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH PARTY HERETO
AGREES TO SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE
BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE
BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE GUARANTEES, IF ANY,
AND THE NOTES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS IN
RESPECT OF SUCH SUIT OR ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
INDENTURE, THE NOTES AND THE GUARANTEES. EACH OF THE TRUSTEE, THE COMPANY AND
ANY GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT THAT IT MAY EFFECTIVELY
DO SO UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. Nothing
herein shall affect the right of the Trustee or any Holder of the Notes to serve
process in any other manner permitted by law or to commence legal proceedings or
otherwise proceed against the Company or any Guarantor in any other
jurisdiction.

Section 12.9.     No Adverse Interpretation of Other Agreements.

                  This Indenture may not be used to interpret any other
indenture, loan or debt agreement of the Company or its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture.

                                      -75-

<PAGE>

Section 12.10.    Successors.

                  All agreements of the Company and any Guarantor in this
Indenture and the Notes and Guarantees shall bind their successors. All
agreements of the Trustee in this Indenture shall bind its successors.

Section 12.11.    Severability.

                  In case any provision in this Indenture or in the Notes or any
Guarantees shall be held to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

Section 12.12.    Counterpart Originals.

                  The parties may sign any number of copies of this Indenture.
Each signed copy shall be an original, but all of them together shall represent
the same agreement.

Section 12.13.    Table of Contents, Headings, Etc.

                  The Table of Contents, Cross-Reference Table and headings of
the Articles and Sections of this Indenture, which have been inserted for
convenience of reference only, are not to be considered a part of this Indenture
and shall in no way modify or restrict any of the terms or provisions hereof.

Section 12.14.    Qualification of Indenture.

                  The Company shall qualify this Indenture under the TIA in
accordance with the terms and conditions of the Registration Rights Agreement
and shall pay all reasonable costs and expenses (including attorneys' fees for
the Company, the Trustee and the Holders) incurred in connection therewith,
including, but not limited to, costs and expenses of qualification of this
Indenture and the Notes and printing this Indenture and the Notes. The Trustee
shall be entitled to receive from the Company any such Officers' Certificates,
Opinions of Counsel or other documentation as it may reasonably request in
connection with any such qualification of this Indenture under the TIA.

                         [Signatures on following page]

                                      -76-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Indenture to be duly executed as of the day and year first above written.

                                   MOBILE MINI INC.

                                   By: _________________________________________
                                       Name:
                                       Title:

                                   DELIVERY DESIGN SYSTEMS, INC.

                                   MOBILE MINI, LLC (CA)

                                   MOBILE MINI, LLC (DE)

                                   MOBILE MINI I, INC.

                                   MOBILE MINI HOLDINGS, INC.

                                   MOBILE MINI OF OHIO, LLC

                                   MOBILE MINI TEXAS LIMITED PARTNERSHIP, L.L.P.

                                   By: _________________________________________
                                       Name:
                                       Title:

                                   WELLS FARGO BANK MINNESOTA, N.A.
                                   as Trustee

                                   By: _________________________________________
                                       Name:
                                       Title:

                                        S-1

<PAGE>

                                                                       EXHIBIT A

                              FORM OF SERIES A NOTE

                                 (Face of Note)

                                MOBILE MINI INC.

                          9 1/2% SENIOR NOTE DUE 2013

[THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](1)

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
THAT (A) IT IS A "QUALIFIED INSTITUTIONAL BUYER" (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT
OR (C) IT IS AN ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR
(7) UNDER THE SECURITIES ACT) (AN "ACCREDITED INVESTOR"), (2) AGREES THAT IT
WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS NOTE RESELL OR
OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO MOBILE MINI INC. OR ANY SUBSIDIARY
THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES
TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS
FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS

------------------
(1)      To be included only if the Note is issued in global form.

                                      A-1

<PAGE>

AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE (THE FORM
OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (D) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE
SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE
WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
(AND BASED UPON AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO MOBILE MINI
INC. IF MOBILE MINI INC. SO REQUESTS), OR (G) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE
TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE WITHIN TWO
YEARS AFTER THE ORIGINAL ISSUANCE OF THIS NOTE, IF THE PROPOSED TRANSFEREE IS AN
ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE
TRUSTEE AND MOBILE MINI INC. SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER
INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN,
THE TERMS "OFFSHORE TRANSACTION," "UNITED STATES" AND "U.S. PERSON" HAVE THE
MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

                                      A-2

<PAGE>

                                MOBILE MINI INC.

                           9 1/2% SENIOR NOTE DUE 2013

                                                   CUSIP No. 00160740F AC 9
No. 001                                            $____________________________

Interest Payment Dates: January 1 and July 1, commencing January 1, 2004
Record Dates: December 15 and June 15

                  MOBILE MINI INC., a Delaware corporation (the "Company," which
term includes any successor corporation under the indenture hereinafter referred
to ), for value received, promises to pay to CEDE & CO., or registered assigns,
the principal sum of $150,000,000 on July 1, 2013.

                  Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefits under the Indenture referred to
on the reverse hereof or be valid or obligatory for any purpose.

                                      A-3

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Note to be
duly executed under its corporate seal.

                                            Dated:

                                            MOBILE MINI INC.

                                            By: ________________________________
                                                Name:
                                                Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

WELLS FARGO BANK MINNESOTA, N.A.,
as Trustee

By: _______________________________________
    Authorized Signatory

                                      A-1

<PAGE>

                                 (Back of Note)

                          9 1/2% Senior Notes due 2013

                  Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

                  1.       Interest. The Company promises to pay interest on the
principal amount of this Note at the rate of 9 1/2% per annum from the date of
original issuance until maturity and shall pay the Additional Interest pursuant
to the registration rights agreement referred below. The Company shall pay
interest and Additional Interest semi-annually on January 1 and July 1 of each
year, commencing January 1, 2004, or if any such day is not a Business Day, on
the next succeeding Business Day (each an "Interest Payment Date"). Interest on
this Note will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of issuance; provided that if
there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be January 1, 2004. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
payments of the principal, Purchase Price and Redemption Price of this Note from
time to time on demand at a rate that is 2% per annum in excess of the rate then
in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Additional Interest, if any (without regard to any applicable grace periods),
hereon from time to time on demand at the same rate to the extent lawful.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

                  2.       Method of Payment. The Company shall pay interest on
the Notes (except defaulted interest) and Additional Interest, if any, to the
Persons who are registered Holders of Notes at the close of business on the
December 15 and June 15 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. Any such installment of interest or Additional Interest, if
any, not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holders on such Interest Payment Date, and may be paid
to the registered Holders at the close of business on a special interest payment
date to be fixed by the Trustee for the payment of such defaulted interest,
notice whereof shall be given to the registered Holders not less than 10 days
prior to such special interest payment date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. The
Notes will be payable as to principal, Redemption Price, Purchase Price,
interest and Additional Interest, if any, at the office or agency of the Company
maintained for such purpose within or without the City and State of New York,
or, at the option of the Company, payment of interest and Additional Interest
may be made by check mailed to the Holders at their addresses set forth in the
register of Holders, provided that payment by wire transfer of immediately
available funds will be required with respect to principal, Redemption Price and
Purchase Price of, and interest and Additional Interest (if any) on, all Global
Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Trustee or the Paying Agent. Such payment shall be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

                  3.       Paying Agent and Registrar. Initially, Wells Fargo
Bank Minnesota, N.A., the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company may act in any such capacity.

                  4.       Indenture. The Company issued $150.0 million in
aggregate principal amount of the Notes under an Indenture dated as of June 26,
2003 (the "Indenture") between the Company, the Guarantors party thereto from
time to time and the Trustee. Additional Notes may be issued from time to time,
subject to

                                      A-2

<PAGE>

limitations set forth in the Indenture. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S.C. Code Sections 77aaa-77bbbb).
The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. The Notes are general
obligations of the Company. The Company may issue Additional Notes under the
Indenture.

                  5.       Optional Redemption. The Company may redeem the Notes
at any time at its option, in whole or in part, upon not less than 30 nor more
than 60 days' notice. To redeem the Notes prior to July 1, 2008, the Company
must pay a redemption price equal to the greater of:

                  (a)      100% of the principal amount of the Notes to be
         redeemed; and

                  (b)      the sum of the present values of (1) the redemption
         price of the Notes at July 1, 2008 (as set forth below) and (2) the
         remaining scheduled payments of interest from the Redemption Date to
         July 1, 2008, but excluding accrued and unpaid interest, if any, to the
         Redemption Date, discounted to the Redemption Date on a semi-annual
         basis (assuming a 360-day year consisting of twelve 30-day months), at
         the Treasury Rate (determined on the second business day immediately
         preceding the Redemption Date) plus 50 basis points,

plus, in either case, accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date).

                  Beginning on July 1, 2008, the Company may redeem the Notes at
its option, in whole or in part, at the following redemption prices (expressed
as percentages of the principal amount thereof) if redeemed during the
twelve-month period commencing on July 1 of the year set forth below:

<TABLE>
<CAPTION>
YEAR                                                                         PERCENTAGE
----                                                                         ----------
<S>                                                                          <C>
2008....................................................................      104.750%
2009....................................................................      103.563%
2010....................................................................      102.375%
2011....................................................................      101.188%
2012 and thereafter.....................................................      100.000%
</TABLE>

                  In addition, the Company must pay accrued and unpaid interest
on the Notes redeemed.

                  6.       Special Redemption. At any time, or from time to
time, on or prior to July 1, 2006, the Company may, at its option, use the net
cash proceeds of one or more public or private offering of Qualified Capital
Stock (as defined in the Indenture) of the Company to redeem up to 35% of the
principal amount of the Notes issued under the Indenture at a redemption price
of 109.500% of the principal amount thereof plus accrued and unpaid interest
thereon, if any, to the Redemption Date; provided that at least 65% of the
principal amount of Notes issued under the Indenture remains outstanding
immediately after any such redemption and the Company makes such redemption not
more than 90 days after the consummation of any such Equity Offering.

                  7.       Mandatory Redemption. Except as set forth in
Paragraph 9 below with respect to repurchases of Notes in certain events, the
Company shall not be required to make mandatory redemption or repurchase
payments with respect to the Notes.

                  8.       Selection and Notice of Redemption. Subject to the
provisions of the Indenture, a notice of redemption will be mailed at least 30
days but not more than 60 days before the Redemption Date to each Holder whose
Notes are to be redeemed at its registered address. Notes in denominations
larger than $1,000

                                       A-3

<PAGE>

may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. On and after the Redemption Date
interest ceases to accrue on Notes or portions thereof called for redemption.

                  If less than all of the Notes are to be redeemed, the Trustee
shall select the Notes or portions thereof to be redeemed (a) in compliance with
the requirements of the national securities exchange, if any, on which the Notes
are listed; or (b) if the Notes are not listed on any national securities
exchange, on a pro rata basis, by lot or by such method as the Trustee shall
deem fair and appropriate.

                  9.       Repurchase at Option of Holder.

                  (a)      Change of Control Offer. Upon the occurrence of a
Change of Control (unless the Company has exercised its right to redeem the
Notes as described in paragraph 5 above and in the Indenture), the Company shall
be required to make an offer (a "Change of Control Offer") to repurchase all or
any part (equal to $1,000 or an integral multiple thereof) of each Holder's
Notes at a Purchase Price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Additional Interest, if any,
to the date of repurchase, in accordance with the procedures set forth in the
Indenture. Within 30 days following any Change of Control, the Company shall
mail a notice to each Holder setting forth the procedures governing the Change
of Control Offer as required by the Indenture.

                  (b)      Net Proceeds Offer. If on the 366th day after an
Asset Sale the Company has not applied or invested the Net Cash Proceeds or
non-cash consideration received by the Company or any Restricted Subsidiary, as
the case may be, in connection with any Asset Sale that is converted into or
sold or otherwise disposed of for cash (as described in Section 4.10 of the
Indenture) relating to such Asset Sale as set forth in clauses (3)(a) and (3)(b)
of paragraph (a) of Section 4.10 of the Indenture (each, a "Net Proceeds Offer
Trigger Date"), such aggregate amount of Net Cash Proceeds which has not been
applied or invested on or before such Net Proceeds Offer Trigger Date as
permitted in clauses (3)(a) and (3)(b) of paragraph (a) of Section 4.10 of the
Indenture (each, a "Net Proceeds Offer Amount") shall be applied by the Company
to make an offer to purchase (the "Net Proceeds Offer") pursuant to Sections
3.10 and 4.10 of the Indenture to all Holders and, to the extent required by the
terms of any other debt that is pari passu with the Notes ("Pari Passu Debt"),
to all holders of such Pari Passu Debt on a date (the "Net Proceeds Offer
Payment Date") not less than 30 nor more than 60 days following the applicable
Net Proceeds Offer Trigger Date, from all Holders (and holders of any Pari Passu
Debt) pro rata, the maximum amount of Notes and such other Pari Passu Debt equal
to the Net Proceeds Offer Amount with respect to the Notes at a price equal to
100% of the principal amount of the Notes (and Pari Passu Debt) to be purchased,
plus accrued and unpaid interest thereon, if any, to the Purchase Date.

                  Each Net Proceeds Offer will be mailed to the record Holders
as shown on the register of Holders within 30 days following the Net Proceeds
Offer Trigger Date, with a copy to the Trustee, and shall comply with the
procedures set forth in the Indenture. Upon receiving notice of the Net Proceeds
Offer, Holders may elect to tender their Notes in whole or in part in integral
multiples of $1,000 in exchange for cash. To the extent Holders properly tender
Notes in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes
will be purchased pro rata based on the aggregate amounts of Notes and Pari
Passu Debt of the Company properly tendered (and the Trustee shall select the
tendered Notes of tendering Holders pro rata based on the amount of Notes and
other pari passu Indebtedness of the Company properly tendered). A Net Proceeds
Offer shall remain open for a period of 20 Business Days or such longer period
as may be required by law.

                  10.      Denominations, Transfer, Exchange. The Notes are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Company need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unre-

                                      A-4

<PAGE>

deemed portion of any Note being redeemed in part. Also, it need not exchange or
register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

                  11.      Persons Deemed Owners. The registered Holder of a
Note may be treated as its owner for all purposes.

                  12.      Amendment, Supplement and Waiver. Subject to certain
exceptions, the Indenture and the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes, and any existing default or compliance with any provision of
the Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes. Without the consent
of any Holder of a Note, the Indenture and the Notes may be amended or
supplemented to cure any ambiguity, defect or inconsistency, to provide for the
assumption of the Company's obligations to Holders of the Notes in case of a
merger or consolidation or sale of all or substantially all of the Company's
assets pursuant to Article V of the Indenture, to make any change that would
provide any additional rights or benefits to the Holders of the Notes or that
does not adversely affect the legal rights under the Indenture of any such
Holder, or to comply with the Trust Indenture Act.

                  13.      Defaults and Remedies. (i) the failure to pay
interest on any Notes when the same becomes due and payable and the default
continues for a period of 30 days; (ii) the failure to pay the principal on any
Notes, when such principal becomes due and payable, at maturity, upon redemption
or otherwise (including the failure to make a payment to purchase Notes tendered
pursuant to a Change of Control Offer or a Net Proceeds Offer); (iii) a default
in the observance or performance of any other covenant or agreement contained in
the Indenture which default continues for a period of 30 days after the Company
receives written notice specifying the default (and demanding that such default
be remedied) from the Trustee or the Holders of at least 25% of the outstanding
principal amount of the Notes (except in the case of a default under Section 5.1
of the Indenture, which will constitute an Event of Default with such notice
requirement but without such passage of time requirement); (iv) the failure to
pay at final maturity (giving effect to any applicable grace periods and any
extensions thereof) the stated principal amount of any Indebtedness of the
Company or any Restricted Subsidiary of the Company, or the acceleration of the
final stated maturity of any such Indebtedness (which acceleration is not
rescinded, annulled or otherwise cured within 20 days of receipt by the Company
or such Restricted Subsidiary of notice of any such acceleration) if the
aggregate principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at
final stated maturity or which has been accelerated (in each case with respect
to which the 20-day period described above has elapsed), aggregates $7.5 million
or more at any time; (v) one or more judgments in an aggregate amount in excess
of $7.5 million shall have been rendered against the Company or any of its
Restricted Subsidiaries and such judgments remain undischarged, unpaid or
unstayed for a period of 60 days after such judgment or judgments become final
and non-appealable; (vi) certain events of bankruptcy affecting the Company or
any of its Significant Subsidiaries; or (vii) any Guarantee of a Significant
Subsidiary ceases to be in full force and effect or is declared to be null and
void and unenforceable or is found to be invalid or any Guarantor that is a
Significant Subsidiary denies its liability under its Guarantee (other than by
reason of release of a Guarantor in accordance with the terms of the Indenture).

                  14.      Trustee Dealings with Company. Subject to certain
limitations, the Trustee under the Indenture, in its individual or any other
capacity, may become owner or pledgee of Notes and may otherwise deal with the
Company or its Affiliates as if it were not Trustee.

                  15.      No Recourse Against Others. No past, present or
future director, officer, employee, incorporator or stockholder of the Company,
as such, shall have any liability for any obligations of the Company under the
Notes or the Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

                                      A-5

<PAGE>

                  16.      Authentication. This Note shall not be valid until
authenticated by the signature of the Trustee or an authenticating agent.

                  17.      Abbreviations. Customary abbreviations may be used in
the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

                  18.      Discharge Prior to Maturity. If the Company deposits
with the Trustee or Paying Agent cash or U.S. Government Securities sufficient
to pay the principal or Redemption Price of, and interest and Additional
Interest, if any, on, the Notes to maturity or a specified Redemption Date and
satisfies certain conditions specified in the Indenture, the Company will be
discharged from the Indenture, except for certain Sections thereof.

                  19.      Governing Law. The validity and interpretation of the
Indenture, the Guarantees, if any, and this Note shall be governed by and
construed in accordance with the laws of the state of New York, but without
giving effect to applicable principles of conflicts of law to the extent that
the application of the law of another jurisdiction would be required thereby.
Each party hereto agrees to submit to the jurisdiction of any New York state
court sitting in the Borough of Manhattan in the City of New York or any federal
court sitting in the Borough of Manhattan in the City of New York in respect of
any suit, action or proceeding arising out of or relating to the Indenture, the
Guarantees, if any, and the Notes, and irrevocably accepts for itself and in
respect of its property, generally and unconditionally, jurisdiction of the
aforesaid courts in respect of such suit or action or proceeding arising out of
or relating to the Indenture, the Notes and the Guarantees. Each of the Trustee,
the Company and any Guarantor irrevocably waives, to the fullest extent that it
may effectively do so under applicable law, trial by jury and any objection
which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit,
action or proceeding brought in any such court has been brought in an
inconvenient forum.

                  20.      CUSIP Numbers. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes and the Trustee may
use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the correctness or accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption or
repurchase and reliance may be placed only on the other identification numbers
placed thereon.

                  21.      Registration Rights. Pursuant to a registration
rights agreement, the Company will be obligated upon the occurrence of certain
events to consummate an exchange offer pursuant to which the Holder of this Note
shall have the right to exchange this Series A Note for the Company's 9 1/2%
Senior Notes due 2013, Series B, which have been registered under the Securities
Act, in like principal amount and having terms identical in all material
respects as the Series A Notes. The Holders shall be entitled to receive certain
additional interest payments in the event such exchange offer is not consummated
and upon certain other conditions, all pursuant to and in accordance with the
terms of such registration rights agreement.

                  The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture. Request may be made to:

                        Mobile Mini Inc.
                        7420 South Kyrene Road, Suite 101
                        Tempe, Arizona 85283
                        Attention: Secretary

                                       A-6

<PAGE>

                                 ASSIGNMENT FORM

                  To assign this Note, fill in the form below:

                  (I) or (we) assign and transfer this Note to

________________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name address and zip code)

and irrevocably appoint_________________________________________________________
agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

         Date: _____________________

                                      Your Signature: _________________________
                                                      (Sign exactly as your name
                                                      appears on the face of
                                                      this Note)

               Signature Guarantee: _________________________________________
                                     (Participant in recognized signature
                                      guarantee medallion program)

                                       A-7

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you wish to elect to have all or any portion of this Note
purchased by the Company pursuant to Section 4.10 ("Net Proceeds Offer") or
Section 4.15 ("Change of Control Offer") of the Indenture, check the applicable
boxes

                  [ ] Net Proceeds Offer:         [ ] Change of Control Offer:

                      in whole      [ ]               in whole     [ ]

                      in part       [ ]               in part      [ ]

                      Amount to be                    Amount to be
                      purchased: $___________         purchased: $___________

Dated: __________________                Signature: ___________________________
                                                     (Sign exactly as your name
                                                      appears on the other side
                                                      of this Note)

Signature Guarantee: ___________________________________________________________
                      (Participant in recognized signature guarantee medallion
                       program)

Social Security Number or
Taxpayer Identification Number: ________________________________________________

                                       A-8

<PAGE>

                         SCHEDULE OF EXCHANGES OF NOTES

                  The following exchanges of a part of this Global Note for
Certificated Notes or a part of another Global Note have been made:

<TABLE>
<CAPTION>
                                                                   PRINCIPAL AMOUNT OF
                                                                    THIS GLOBAL NOTE
                      AMOUNT OF DECREASE     AMOUNT OF INCREASE      FOLLOWING SUCH          SIGNATURE OF
                      IN PRINCIPAL AMOUNT   IN PRINCIPAL AMOUNT       DECREASE (OR        AUTHORIZED OFFICER
DATE OF EXCHANGE      OF THIS GLOBAL NOTE   OF THIS GLOBAL NOTE         INCREASE)             OF TRUSTEE
----------------      -------------------   -------------------    -------------------    ------------------
<S>                   <C>                   <C>                    <C>                    <C>
</TABLE>

                                       A-9

<PAGE>

                                                                       EXHIBIT B

                              FORM OF SERIES B NOTE

                                 (Face of Note)

                                MOBILE MINI INC.

                           9 1/2% SENIOR NOTE DUE 2013

[THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY OR A SUCCESSOR DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.](2)

------------------
(2)      To be included only if the Note is issued in global form.

                                       A-1

<PAGE>

                                MOBILE MINI INC.

                           9 1/2% SENIOR NOTE DUE 2013

                                                    CUSIP No. 002U6070R AA 7
No.                                                 $___________________________

Interest Payment Dates: January 1 and July 1, commencing January 1, 2004
Record Dates: December 15 and June 15

                  MOBILE MINI INC., a Delaware corporation (the "Company," which
term includes any successor corporation under the indenture hereinafter referred
to ), for value received, promises to pay to CEDE & CO., or registered assigns,
the principal sum of $150,000,000 on July 1, 2013.

                  Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefits under the Indenture referred to
on the reverse hereof or be valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Company has caused this Note to be
duly executed under its corporate seal.

                                        Dated:

                                        MOBILE MINI INC.

                                        By: ____________________________________
                                            Name:
                                            Title:

                                        Attested to as of the date hereof:

                                        By: ____________________________________
                                            Name:
                                            Title:

This is one of the Notes referred to
in the within-mentioned Indenture:

WELLS FARGO BANK MINNESOTA, N.A.,
as Trustee

By: ______________________________
    Authorized Signatory

                                       A-2

<PAGE>

                                 (Back of Note)

                          9 1/2% Senior Notes due 2013

                  Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

                  1.       Interest. The Company promises to pay interest on the
principal amount of this Note at the rate of 9 1/2% per annum from the date of
original issuance until maturity and shall pay the Additional Interest pursuant
to the registration rights agreement referred below. The Company shall pay
interest and Additional Interest semi-annually on January 1 and July 1 of each
year, commencing January 1, 2004, or if any such day is not a Business Day, on
the next succeeding Business Day (each an "Interest Payment Date"). Interest on
this Note will accrue from the most recent date to which interest has been paid
or, if no interest has been paid, from the date of issuance; provided that if
there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be January 1, 2004. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
payments of the principal, Purchase Price and Redemption Price of this Note from
time to time on demand at a rate that is 2% per annum in excess of the rate then
in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and
Additional Interest, if any (without regard to any applicable grace periods),
hereon from time to time on demand at the same rate to the extent lawful.
Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

                  2.       Method of Payment. The Company shall pay interest on
the Notes (except defaulted interest) and Additional Interest, if any, to the
Persons who are registered Holders of Notes at the close of business on the
December 15 and June 15 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. Any such installment of interest or Additional Interest, if
any, not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holders on such Interest Payment Date, and may be paid
to the registered Holders at the close of business on a special interest payment
date to be fixed by the Trustee for the payment of such defaulted interest,
notice whereof shall be given to the registered Holders not less than 10 days
prior to such special interest payment date, or may be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. The
Notes will be payable as to principal, Redemption Price, Purchase Price,
interest and Additional Interest, if any, at the office or agency of the Company
maintained for such purpose within or without the City and State of New York,
or, at the option of the Company, payment of interest and Additional Interest
may be made by check mailed to the Holders at their addresses set forth in the
register of Holders, provided that payment by wire transfer of immediately
available funds will be required with respect to principal, Redemption Price and
Purchase Price of, and interest and Additional Interest (if any) on, all Global
Notes and all other Notes the Holders of which shall have provided wire transfer
instructions to the Trustee or the Paying Agent. Such payment shall be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

                  3.       Paying Agent and Registrar. Initially, Wells Fargo
Bank Minnesota, N.A., the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company may act in any such capacity.

                  4.       Indenture. The Company issued $150.0 million in
aggregate principal amount of the Notes under an Indenture dated as of June 26,
2003 (the "Indenture") between the Company, the Guarantors party thereto from
time to time and the Trustee. Additional Notes may be issued from time to time,
subject to

                                       B-1

<PAGE>

limitations set forth in the Indenture. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S.C. Code Sections 77aaa-77bbbb).
The Notes are subject to all such terms, and Holders are referred to the
Indenture and such Act for a statement of such terms. The Notes are general
obligations of the Company. The Company may issue Additional Notes under the
Indenture.

                  5.       Optional Redemption. The Company may redeem the Notes
at any time at its option, in whole or in part, upon not less than 30 nor more
than 60 days' notice. To redeem the Notes prior to July 1, 2008, the Company
must pay a redemption price equal to the greater of:

                  (a)      100% of the principal amount of the Notes to be
         redeemed; and

                  (b)      the sum of the present values of (1) the redemption
         price of the Notes at July 1, 2008 (as set forth below) and (2) the
         remaining scheduled payments of interest from the Redemption Date to
         July 1, 2008, but excluding accrued and unpaid interest, if any, to the
         Redemption Date, discounted to the Redemption Date on a semi-annual
         basis (assuming a 360-day year consisting of twelve 30-day months), at
         the Treasury Rate (determined on the second business day immediately
         preceding the Redemption Date) plus 50 basis points,

plus, in either case, accrued and unpaid interest, if any, to the Redemption
Date (subject to the right of holders of record on the relevant record date to
receive interest due on the relevant interest payment date).

                  Beginning on July 1, 2008, the Company may redeem the Notes at
its option, in whole or in part, at the following redemption prices (expressed
as percentages of the principal amount thereof) if redeemed during the
twelve-month period commencing on July 1 of the year set forth below:

<TABLE>
<CAPTION>
YEAR                                                                PERCENTAGE
----                                                                ----------
<S>                                                                 <C>
2008.......................................................          104.750%
2009.......................................................          103.563%
2010.......................................................          102.375%
2011.......................................................          101.188%
2012 and thereafter........................................          100.000%
</TABLE>

                  In addition, the Company must pay accrued and unpaid interest
on the Notes redeemed.

                  6.       Special Redemption. At any time, or from time to
time, on or prior to July 1, 2006, the Company may, at its option, use the net
cash proceeds of one or more public or private offering of Qualified Capital
Stock (as defined in the Indenture) of the Company to redeem up to 35% of the
principal amount of the Notes issued under the Indenture at a redemption price
of 109.500% of the principal amount thereof plus accrued and unpaid interest
thereon, if any, to the Redemption Date; provided that at least 65% of the
principal amount of Notes issued under the Indenture remains outstanding
immediately after any such redemption and the Company makes such redemption not
more than 90 days after the consummation of any such Equity Offering.

                  7.       Mandatory Redemption. Except as set forth in
Paragraph 9 below with respect to repurchases of Notes in certain events, the
Company shall not be required to make mandatory redemption or repurchase
payments with respect to the Notes.

                  8.       Selection and Notice of Redemption. Subject to the
provisions of the Indenture, a notice of redemption will be mailed at least 30
days but not more than 60 days before the Redemption Date to each Holder whose
Notes are to be redeemed at its registered address. Notes in denominations
larger than $1,000

                                       B-2

<PAGE>

may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. On and after the Redemption Date
interest ceases to accrue on Notes or portions thereof called for redemption.

                  If less than all of the Notes are to be redeemed, the Trustee
shall select the Notes or portions thereof to be redeemed (a) in compliance with
the requirements of the national securities exchange, if any, on which the Notes
are listed; or (b) if the Notes are not listed on any national securities
exchange, on a pro rata basis, by lot or by such method as the Trustee shall
deem fair and appropriate.

                  9.       Repurchase at Option of Holder.

                  (a)      Change of Control Offer. Upon the occurrence of a
Change of Control (unless the Company has exercised its right to redeem the
Notes as described in paragraph 5 above and in the Indenture), the Company shall
be required to make an offer (a "Change of Control Offer") to repurchase all or
any part (equal to $1,000 or an integral multiple thereof) of each Holder's
Notes at a Purchase Price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Additional Interest, if any,
to the date of repurchase, in accordance with the procedures set forth in the
Indenture. Within 30 days following any Change of Control, the Company shall
mail a notice to each Holder setting forth the procedures governing the Change
of Control Offer as required by the Indenture.

                  (b)      Net Proceeds Offer. If on the 366th day after an
Asset Sale the Company has not applied or invested the Net Cash Proceeds or
non-cash consideration received by the Company or any Restricted Subsidiary, as
the case may be, in connection with any Asset Sale that is converted into or
sold or otherwise disposed of for cash (as described in Section 4.10 of the
Indenture) relating to such Asset Sale as set forth in clauses (3)(a) and (3)(b)
of paragraph (a) of Section 4.10 of the Indenture (each, a "Net Proceeds Offer
Trigger Date"), such aggregate amount of Net Cash Proceeds which has not been
applied or invested on or before such Net Proceeds Offer Trigger Date as
permitted in clauses (3)(a) and (3)(b) of paragraph (a) of Section 4.10 of the
Indenture (each, a "Net Proceeds Offer Amount") shall be applied by the Company
to make an offer to purchase (the "Net Proceeds Offer") pursuant to Sections
3.10 and 4.10 of the Indenture to all Holders and, to the extent required by the
terms of any other debt that is pari passu with the Notes ("Pari Passu Debt"),
to all holders of such Pari Passu Debt on a date (the "Net Proceeds Offer
Payment Date") not less than 30 nor more than 60 days following the applicable
Net Proceeds Offer Trigger Date, from all Holders (and holders of any Pari Passu
Debt) pro rata, the maximum amount of Notes and such other Pari Passu Debt equal
to the Net Proceeds Offer Amount with respect to the Notes at a price equal to
100% of the principal amount of the Notes (and Pari Passu Debt) to be purchased,
plus accrued and unpaid interest thereon, if any, to the Purchase Date.

                  Each Net Proceeds Offer will be mailed to the record Holders
as shown on the register of Holders within 30 days following the Net Proceeds
Offer Trigger Date, with a copy to the Trustee, and shall comply with the
procedures set forth in the Indenture. Upon receiving notice of the Net Proceeds
Offer, Holders may elect to tender their Notes in whole or in part in integral
multiples of $1,000 in exchange for cash. To the extent Holders properly tender
Notes in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes
will be purchased pro rata based on the aggregate amounts of Notes and Pari
Passu Debt of the Company properly tendered (and the Trustee shall select the
tendered Notes of tendering Holders pro rata based on the amount of Notes and
other pari passu Indebtedness of the Company properly tendered). A Net Proceeds
Offer shall remain open for a period of 20 Business Days or such longer period
as may be required by law.

                  10.      Denominations, Transfer, Exchange. The Notes are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000. The transfer of Notes may be registered and Notes may be
exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Company need not
exchange or register the transfer of any Note or portion of a Note selected for
redemption, except for the unre-

                                       B-3

<PAGE>

deemed portion of any Note being redeemed in part. Also, it need not exchange or
register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

                  11.      Persons Deemed Owners. The registered Holder of a
Note may be treated as its owner for all purposes.

                  12.      Amendment, Supplement and Waiver. Subject to certain
exceptions, the Indenture and the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the then
outstanding Notes, and any existing default or compliance with any provision of
the Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes. Without the consent
of any Holder of a Note, the Indenture and the Notes may be amended or
supplemented to cure any ambiguity, defect or inconsistency, to provide for the
assumption of the Company's obligations to Holders of the Notes in case of a
merger or consolidation or sale of all or substantially all of the Company's
assets pursuant to Article V of the Indenture, to make any change that would
provide any additional rights or benefits to the Holders of the Notes or that
does not adversely affect the legal rights under the Indenture of any such
Holder, or to comply with the Trust Indenture Act.

                  13.      Defaults and Remedies. (i) the failure to pay
interest on any Notes when the same becomes due and payable and the default
continues for a period of 30 days; (ii) the failure to pay the principal on any
Notes, when such principal becomes due and payable, at maturity, upon redemption
or otherwise (including the failure to make a payment to purchase Notes tendered
pursuant to a Change of Control Offer or a Net Proceeds Offer); (iii) a default
in the observance or performance of any other covenant or agreement contained in
the Indenture which default continues for a period of 30 days after the Company
receives written notice specifying the default (and demanding that such default
be remedied) from the Trustee or the Holders of at least 25% of the outstanding
principal amount of the Notes (except in the case of a default with respect to
the "Merger, Consolidation and Sale of Assets" covenant, which will constitute
an Event of Default with such notice requirement but without such passage of
time requirement); (iv) the failure to pay at final maturity (giving effect to
any applicable grace periods and any extensions thereof) the stated principal
amount of any Indebtedness of the Company or any Restricted Subsidiary of the
Company, or the acceleration of the final stated maturity of any such
Indebtedness (which acceleration is not rescinded, annulled or otherwise cured
within 20 days of receipt by the Company or such Restricted Subsidiary of notice
of any such acceleration) if the aggregate principal amount of such
Indebtedness, together with the principal amount of any other such Indebtedness
in default for failure to pay principal at final stated maturity or which has
been accelerated (in each case with respect to which the 20-day period described
above has elapsed), aggregates $7.5 million or more at any time; (v) one or more
judgments in an aggregate amount in excess of $7.5 million shall have been
rendered against the Company or any of its Restricted Subsidiaries and such
judgments remain undischarged, unpaid or unstayed for a period of 60 days after
such judgment or judgments become final and non-appealable; (vi) certain events
of bankruptcy affecting the Company or any of its Significant Subsidiaries; or
(vii) any Guarantee of a Significant Subsidiary ceases to be in full force and
effect or is declared to be null and void and unenforceable or is found to be
invalid or any Guarantor that is a Significant Subsidiary denies its liability
under its Guarantee (other than by reason of release of a Guarantor in
accordance with the terms of the Indenture).

                  14.      Trustee Dealings with Company. Subject to certain
limitations, the Trustee under the Indenture, in its individual or any other
capacity, may become owner or pledgee of Notes and may otherwise deal with the
Company or its Affiliates as if it were not Trustee.

                  15.      No Recourse Against Others. No past, present or
future director, officer, employee, incorporator or stockholder of the Company,
as such, shall have any liability for any obligations of the Company under the
Notes or the Indenture or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.

                                       B-4

<PAGE>

                  16.      Authentication. This Note shall not be valid until
authenticated by the signature of the Trustee or an authenticating agent.

                  17.      Abbreviations. Customary abbreviations may be used in
the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

                  18.      Discharge Prior to Maturity. If the Company deposits
with the Trustee or Paying Agent cash or U.S. Government Securities sufficient
to pay the principal or Redemption Price of, and interest and Additional
Interest, if any, on, the Notes to maturity or a specified Redemption Date and
satisfies certain conditions specified in the Indenture, the Company will be
discharged from the Indenture, except for certain Sections thereof.

                  19.      Governing Law. The validity and interpretation of the
Indenture, the Guarantees, if any, and this Note shall be governed by and
construed in accordance with the laws of the state of New York, but without
giving effect to applicable principles of conflicts of law to the extent that
the application of the law of another jurisdiction would be required thereby.
Each party hereto agrees to submit to the jurisdiction of any New York state
court sitting in the Borough of Manhattan in the City of New York or any federal
court sitting in the Borough of Manhattan in the City of New York in respect of
any suit, action or proceeding arising out of or relating to the Indenture, the
Guarantees, if any, and the Notes, and irrevocably accepts for itself and in
respect of its property, generally and unconditionally, jurisdiction of the
aforesaid courts in respect of such suit or action or proceeding arising out of
or relating to the Indenture, the Notes and the Guarantees. Each of the Trustee,
the Company and any Guarantor irrevocably waives, to the fullest extent that it
may effectively do so under applicable law, trial by jury and any objection
which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit,
action or proceeding brought in any such court has been brought in an
inconvenient forum.

                  20.      CUSIP Numbers. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes and the Trustee may
use CUSIP numbers in notices of redemption as a convenience to Holders. No
representation is made as to the correctness or accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption or
repurchase and reliance may be placed only on the other identification numbers
placed thereon.

                  The Company will furnish to any Holder upon written request
and without charge a copy of the Indenture. Request may be made to:

                        Mobile Mini Inc.
                        7420 South Kyrene Road, Suite 101
                        Tempe, Arizona 85283
                        Attention: Secretary

                                       B-5

<PAGE>

                                 ASSIGNMENT FORM

                  To assign this Note, fill in the form below:

                  (I) or (we) assign and transfer this Note to

________________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name address and zip code)

and irrevocably appoint_________________________________________________________
agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

         Date: ________________

                                     Your Signature: ___________________________
                                                      (Sign exactly as your name
                                                       appears on the face of
                                                       this Note)

               Signature Guarantee: ___________________________________________
                                      (Participant in recognized signature
                                       guarantee medallion program)

                                       B-6

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you wish to elect to have all or any portion of this Note
purchased by the Company pursuant to Section 4.10 ("Net Proceeds Offer") or
Section 4.15 ("Change of Control Offer") of the Indenture, check the applicable
boxes

                  [ ] Net Proceeds Offer:        [ ] Change of Control Offer:

                      in whole     [ ]               in whole     [ ]

                      in part      [ ]               in part      [ ]

                      Amount to be                   Amount to be
                      purchased: $___________        purchased: $___________

Dated: ________________                Signature: ______________________________
                                                   (Sign exactly as your name
                                                    appears on the other side of
                                                    this Note)

Signature Guarantee: __________________________________________________________
                      (Participant in recognized signature guarantee medallion
                       program)

Social Security Number or
Taxpayer Identification Number: _______________________________________________

                                       B-7

<PAGE>

                         SCHEDULE OF EXCHANGES OF NOTES

                  The following exchanges of a part of this Global Note for
Certificated Notes or a part of another Global Note have been made:

<TABLE>
<CAPTION>
                                                                   PRINCIPAL AMOUNT OF
                                                                    THIS GLOBAL NOTE
                      AMOUNT OF DECREASE     AMOUNT OF INCREASE      FOLLOWING SUCH          SIGNATURE OF
                      IN PRINCIPAL AMOUNT   IN PRINCIPAL AMOUNT       DECREASE (OR        AUTHORIZED OFFICER
DATE OF EXCHANGE      OF THIS GLOBAL NOTE   OF THIS GLOBAL NOTE         INCREASE)             OF TRUSTEE
----------------      -------------------   -------------------    -------------------    ------------------
<S>                   <C>                   <C>                    <C>                    <C>
</TABLE>

                                       B-1

<PAGE>

                                                                       EXHIBIT C

                                    GUARANTEE

                  For value received, [each of] the undersigned hereby
unconditionally guarantees to the Holder of this Note the cash payments in
United States dollars of principal of, premium, if any, and interest on this
Note (and including Additional Interest payable thereon) in the amounts and at
the times when due and interest on the overdue principal, premium, if any, and
interest, if any, of this Note, if lawful, and the payment or performance of all
other Obligations of the Company under the Indenture (as defined below) or this
Note, to the Holder of this Note and the Trustee, all in accordance with and
subject to the terms and limitations of this Note, Article X of the Indenture
and this Guarantee. This Guarantee will become effective in accordance with
Article X of the Indenture and its terms shall be evidenced therein. The
validity and enforceability of this Guarantee shall not be affected by the fact
that it is not affixed to any particular Note. Capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Indenture dated
as of June 26, 2003, between Mobile Mini Inc., a Delaware corporation, as issuer
(the "Company"), and Wells Fargo Bank Minnesota, N.A., as trustee (the
"Trustee") (as amended or supplemented, the "Indenture").

                  THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. Each Guarantor hereby
agrees to submit to the jurisdiction of the courts of the State of New York in
any action or proceeding arising out of or relating to this Guarantee.

                  This Guarantee is subject to release upon the terms set forth
in the Indenture.

                                         [GUARANTOR(S)]

                                         By: ___________________________________
                                             Name:
                                             Title:

                                       C-1

<PAGE>

                                                                    EXHIBIT C(1)

                        FORM OF REGULATION S CERTIFICATE

                                                     ___________________,_______

Wells Fargo Bank Minnesota, N.A.
Sixth and Marquette
MAC N9303-120
Minneapolis, Minnesota 55479
Attention: Corporate Trust Services

                  Re:      Mobile Mini Inc. (the "Company")
                           9 1/2% Senior Notes due 2013 (the "Notes")

Dear Sirs:

                  This letter relates to U.S. $ _____________ principal amount
at maturity of Notes represented by a certificate (the "Legended Certificate")
which bears a legend outlining restrictions upon transfer of such Legended
Certificate. Pursuant to Section 2.1 of the Indenture (the "Indenture") dated as
of June 26, 2003 relating to the Notes, we hereby certify that we are (or we
will hold such securities on behalf of) a person outside the United States to
whom the Notes could be transferred in accordance with Rule 904 of Regulation S
promulgated under the U.S. Securities Act of 1933, as amended.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this letter have the
meanings set forth in Regulation S.

                                         Very truly yours,

                                         [Name of Transferee]

                                         By: ___________________________________
                                                    Authorized Signature

                                     C(1)-1

<PAGE>

                                                                    EXHIBIT C(2)

                           CERTIFICATE TO BE DELIVERED
               UPON EXCHANGE OR REGISTRATION OF TRANSFER OF NOTES

                                                     ___________________,_______

Wells Fargo Bank Minnesota, N.A.
Sixth and Marquette
MAC N9303-120
Minneapolis, Minnesota 55479
Attention: Corporate Trust Services

                  Re:      Mobile Mini Inc. (the "Company")
                           9 1/2% Senior Notes due 2013 (the "Notes")

Dear Sirs:

                  This Certificate relates to $ _____________ principal amount
of Notes held in

                  [ ] book-entry* or [ ] certificated form*

                  by ___________________________________(the "Transferor").

                  The Transferor:(*)

                  [ ] has requested the Trustee by written order to deliver in
exchange for its beneficial interest in the Global Note held by the Depositary a
Note or Notes in certificated, registered form of authorized denominations in an
aggregate principal amount equal to its beneficial interest in such Global Note
(or the portion thereof indicated above); or

                  [ ] has requested the Trustee by written order to exchange or
register the transfer of a Note or Notes.

                  In connection with such request and in respect of each such
Note, the Transferor does hereby certify that Transferor is familiar with the
Indenture relating to the above captioned Notes and as provided in Section 2.6
of such Indenture, the transfer of this Note does not require registration under
the Securities Act (as defined below) because:*

                  [ ] Such Note is being acquired for the Transferor's own
account, without transfer.

-----------------------
(*)      Check applicable box

                                     C(2)-1

<PAGE>

                  [ ] Such Note is being transferred to a "qualified
institutional buyer" (as defined in Rule 144A under the Securities Act of 1933,
as amended (the "Securities Act")) in reliance on Rule 144A and accordingly the
undersigned does hereby certify that the Note is being transferred to a person
that the transferor reasonably believes is purchasing the Note for its own
account, or for one or more accounts with respect to which such Person exercises
sole investment discretion and the Notes have been transferred in a transaction
meeting the requirements of Rule 144A and in accordance with any applicable
securities law of any state of the United States.

                  [ ] Such Note is being transferred to an "accredited investor"
(as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) in
accordance with Regulation D under the Securities Act.

                  [ ] Such Note is being transferred pursuant to an exemption
from registration in accordance with Regulation S under the Securities Act.

                  [ ] Such Note is being transferred in accordance with Rule 144
under the Securities Act, or pursuant to an effective registration statement
under the Securities Act.

                  [ ] Such Note is being transferred in reliance on and in
compliance with an exemption from the registration requirements of the
Securities Act, other than Rule 144A, 144 or Rule 904 under the Securities Act.
An Opinion of Counsel to the effect that such transfer does not require
registration under the Securities Act accompanies this Certificate.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                                       Very truly yours,

                                       _________________________________________
                                       [INSERT NAME OF TRANSFEROR]

                                       By: _____________________________________
                                           Name:
                                           Title

Date: _________________

                                     C(2)-2

<PAGE>

                                                                       EXHIBIT D

                            FORM OF CERTIFICATE TO BE
                          DELIVERED IN CONNECTION WITH
                    TRANSFERS TO NON-QIB ACCREDITED INVESTORS

                                                     ___________________,_______

Wells Fargo Bank Minnesota, N.A.
Sixth and Marquette
MAC N9303-120
Minneapolis, Minnesota 55479
Attention: Corporate Trust Services

                  Re:      Mobile Mini Inc. (the "Company")
                           9 1/2% Senior Notes due 2013 (the "Notes")

Dear Sirs:

                  In connection with our proposed purchase of 9 1/2% Senior
Notes due 2013 (the "Notes") of the Company, we confirm that:

                  1.       We understand that any subsequent transfer of the
Notes is subject to certain restrictions and conditions set forth in the
Indenture dated as of June 26, 2003 relating to the Notes (the "Indenture") and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Notes except in compliance with, such restrictions and conditions
and the Securities Act of 1933, as amended (the "Securities Act").

                  2.       We understand that the Notes have not been registered
under the Securities Act or any other applicable securities law, and that the
Notes may not be offered, sold or otherwise transferred except as permitted in
the following sentence. We agree, on our own behalf and on behalf of any
accounts for which we are acting as hereinafter stated, that if we should offer,
sell, transfer, pledge, hypothecate or otherwise dispose of any Notes, we will
do so only (A) to the Company or any Subsidiary thereof, (B) inside the United
States to a "qualified institutional buyer" in compliance with Rule 144A under
the Securities Act, (C) inside the United States to an institutional "accredited
investor" (as defined below) that, prior to such transfer, furnishes to you a
signed letter substantially in the form of this letter, (D) outside the United
States to a foreign person in compliance with Rule 904 of Regulation S under the
Securities Act, (E) pursuant to the exemption from registration provided by Rule
144 under the Securities Act (if available), (F) in accordance with another
exemption from the registration requirements of the Securities Act, or (G)
pursuant to an effective registration statement under the Securities Act, and we
further agree to provide to any person purchasing any of the Notes from us a
notice advising such purchaser that resales of the Notes are restricted as
stated herein and in the Indenture.

                  3.       We understand that, with respect to any proposed
transfer of any Notes, pursuant to paragraphs 2(B), 2(C), 2(D) and 2(E) above,
we will be required to furnish to you and the Company such certifications, legal
opinions and other information as you and the Company may reasonably require to
confirm that the proposed transfer complies with such restrictions and that with
respect to any transfer in accordance with paragraph 2(F) we will be required to
furnish to you and the Company such legal opinions and other information as you
or the Company may reasonably require to confirm that such transfer is being
made pursuant to an ex-

                                       D-1

<PAGE>

emption from, or in a transaction not subject to, the registration requirements
of the Securities Act. We further understand that the Notes purchased by us will
bear a legend to such effect. We acknowledge that no representation is made as
to the availability of any Rule 144 exemption from the registration requirements
of the Securities Act.

                  4.       We are an institutional "accredited investor" (as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and have
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of our investment in the Notes, and we and
any accounts for which we are acting are acquiring the Notes for investment
purposes and not with a view to, or offer of sale in connection with, any
distribution in violation of the Securities Act or the securities laws of any
state of the United States or any other applicable jurisdiction, and we are each
able to bear the economic risk of our or its investment.

                  5.       We are acquiring the Notes purchased by us for our
own account or for one or more accounts (each of which is an institutional
"accredited investor") as to each of which we exercise sole investment
discretion.

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby.

                                          Very truly yours,

                                          (Name of Transferee)

                                          By: __________________________________
                                                    Authorized Signature

                                       D-2

<PAGE>

                                                                       EXHIBIT E

                       FORM OF CERTIFICATE TO BE DELIVERED
                          IN CONNECTION WITH TRANSFERS
                            PURSUANT TO REGULATION S

                                                     ___________________,_______

Wells Fargo Bank Minnesota, N.A.
Sixth and Marquette
MAC N9303-120
Minneapolis, Minnesota 55479
Attention: Corporate Trust Services

                  Re:      Mobile Mini Inc. (the "Company")
                           9 1/2% Senior Notes due 2013 (the "Notes")

Dear Sirs:

                  In connection with our proposed sale of $_________ aggregate
principal amount at maturity of the Notes, we confirm that such sale has been
effected pursuant to and in accordance with Regulation S under the Securities
Act of 1933, as amended, and, accordingly, we represent that:

                  (1)      the offer of the Notes was not made to a person in
         the United States;

                  (2)      at the time the buy order was originated, the
         transferee was outside the United States or we and any person acting on
         our behalf reasonably believed that the transferee was outside the
         United States;

                  (3)      no directed selling efforts have been made by us, any
         of our affiliates or any person acting on our behalf in the United
         States in contravention of the requirements of Rule 903(b) or Rule
         904(b) of Regulation S, as applicable;

                  (4)      the transaction is not part of a plan or scheme to
         evade the registration requirements of the U.S. Securities Act of 1933;
         and

                  (5)      if we are a dealer or a person receiving a selling
         concession fee or other remuneration in respect of the Notes, and the
         proposed transfer takes place within 40 days of the Issue Date (as
         defined in the Indenture), or we are an officer or director of the
         Company or an Initial Purchaser (as defined in the Indenture), we
         certify that the proposed transfer is being made in accordance with
         Rule 904(b) of Regulation S.

                                       E-1

<PAGE>

                  You and the Company are entitled to rely upon this letter and
are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry
with respect to the matters covered hereby. Terms used in this letter have the
meanings set forth in Regulation S.

                                          Very truly yours,

                                          [Name of Transferor]

                                          By: __________________________________
                                                    Authorized Signature

                                       E-2<PAGE>

                                                                  EXHIBIT 10.3.1

                                                                [EXECUTION COPY]

               --------------------------------------------------

                                MOBILE MINI, INC.

               --------------------------------------------------

               --------------------------------------------------

                AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

                            Dated: February 11, 2002

                       Amended and Restated: June 26, 2003

                                  $250,000,000

               --------------------------------------------------

               --------------------------------------------------

                            FLEET CAPITAL CORPORATION
                Individually and as Agent for any Lender which is
                            or becomes a Party hereto

               --------------------------------------------------

                             FLEET SECURITIES, INC.

                                       and

                          DEUTSCHE BANK SECURITIES INC.

                     as Co-Lead Arrangers and Book Managers

               --------------------------------------------------

                          DEUTSCHE BANK SECURITIES INC.
                                       and
                             WASHINGTON MUTUAL BANK
                           as Co-Documentation Agents

               --------------------------------------------------

                                  BANK ONE, NA
                                       and
                              JP MORGAN CHASE BANK
                            as Co-Syndication Agents

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<S>                                                                                                          <C>
SECTION 1. CREDIT FACILITY...........................................................................         2

     1.1     Revolving Credit Facility................................................................        2
     1.2     Letters of Credit; LC Guaranties.........................................................        3

SECTION 2. INTEREST, FEES AND CHARGES.................................................................        4

     2.1     Interest.................................................................................        4
     2.2     Computation of Interest and Fees.........................................................        5
     2.3     Fee Letter...............................................................................        5
     2.4     Letter of Credit and LC Guaranty Fees....................................................        5
     2.5     Unused Line Fee..........................................................................        6
     2.6     [intentionally omitted]..................................................................        6
     2.7     Audit Fees...............................................................................        6
     2.8     Reimbursement of Expenses................................................................        7
     2.9     Bank Charges.............................................................................        7
     2.10    Collateral Protection Expenses...........................................................        7
     2.11    Payment of Charges.......................................................................        8

SECTION 3. LOAN ADMINISTRATION........................................................................        8

     3.1     Manner of Borrowing Revolving Credit Loans; Swing Line Loan..............................        8
     3.2     Payments.................................................................................       13
     3.3     Mandatory and Optional Prepayments.......................................................       14
     3.4     Application of Payments and Collections..................................................       16
     3.5     All Loans to Constitute One Obligation...................................................       16
     3.6     Loan Account.............................................................................       16
     3.7     Statements of Account....................................................................       17
     3.8     Sharing of Payments, Etc.................................................................       17
     3.9     Increased Costs; Taxes...................................................................       17
     3.10    Basis for Determining Interest Rate Inadequate or Unfair.................................       20

SECTION 4. TERM AND TERMINATION.......................................................................       21

     4.1     Term of Agreement........................................................................       21
     4.2     Termination..............................................................................       21
     4.3     Effect of Termination....................................................................       22

SECTION 5. SECURITY INTERESTS.........................................................................       22

     5.1     Security Interest in Collateral..........................................................       22
     5.2     Other Collateral.........................................................................       24
     5.3     Lien Perfection; Further Assurances......................................................       24
     5.4     Lien on Realty...........................................................................       25
</TABLE>

                                      -i-

<PAGE>

<TABLE>
<S>                                                                                                          <C>
SECTION 6. COLLATERAL ADMINISTRATION..................................................................       25

     6.1     General..................................................................................       25
     6.2     Administration of Accounts...............................................................       27
     6.3     Records and Reports of Inventory, Machinery and Equipment................................       28
     6.4     Administration of Equipment..............................................................       28
     6.5     Appraisals...............................................................................       29
     6.6     Field Examinations.......................................................................       29

SECTION 7. REPRESENTATIONS AND WARRANTIES.............................................................       29

     7.1     General Representations and Warranties...................................................       29
     7.2     Continuous Nature of Representations and Warranties......................................       36
     7.3     Survival of Representations and Warranties...............................................       37

SECTION 8. COVENANTS AND CONTINUING AGREEMENTS........................................................       37

     8.1     Affirmative Covenants....................................................................       37
     8.2     Negative Covenants.......................................................................       41
     8.3     Specific Financial Covenants.............................................................       50

SECTION 9. CONDITIONS PRECEDENT.......................................................................       51

     9.1     Documentation............................................................................       51
     9.2     No Default; Representations and Warranties...............................................       51
     9.3     No Litigation............................................................................       51
     9.4     Material Adverse Effect..................................................................       51
     9.5     Cash Management System; Lockboxes........................................................       51
     9.6     Lien Perfection; Title Insurance.........................................................       52
     9.7     Insurance................................................................................       52
     9.8     Senior Notes.............................................................................       52
     9.9     Opinions.................................................................................       52
     9.10    Existing Credit Agreement................................................................       52

SECTION 10. EVENTS OF DEFAULT; RIGHTS AND REMEDIES ON DEFAULT.........................................       53

     10.1    Events of Default........................................................................       53
     10.2    Acceleration of the Obligations..........................................................       55
     10.3    Other Remedies...........................................................................       56
     10.4    Set Off and Sharing of Payments..........................................................       57
     10.5    Remedies Cumulative; No Waiver...........................................................       57

SECTION 11. THE AGENT.................................................................................       58

     11.1    Authorization and Action.................................................................       58
     11.2    Agent's Reliance, Etc....................................................................       59
     11.3    Fleet and Affiliates.....................................................................       60
     11.4    Lender Credit Decision...................................................................       60
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<S>                                                                                                          <C>
     11.5    Indemnification..........................................................................       60
     11.6    Rights and Remedies to be Exercised by Agent Only........................................       61
     11.7    Agency Provisions Relating to Collateral.................................................       61
     11.8    Agent's Right to Purchase Commitments....................................................       62
     11.9    Right of Sale, Assignment, Participations................................................       62
     11.10   Amendments...............................................................................       63
     11.11   Resignation of Agent; Appointment of Successor...........................................       64
     11.12   Co-Agents................................................................................       65

SECTION 12. MISCELLANEOUS.............................................................................       65

     12.1    Power of Attorney........................................................................       65
     12.2    Indemnity................................................................................       66
     12.3    Sale of Interest.........................................................................       66
     12.4    Severability.............................................................................       66
     12.5    Successors and Assigns...................................................................       66
     12.6    Cumulative Effect; Conflict of Terms.....................................................       66
     12.7    Execution in Counterparts; Effectiveness.................................................       67
     12.8    Notices..................................................................................       67
     12.9    Consent..................................................................................       68
     12.10   Credit Inquiries.........................................................................       68
     12.11   Time of Essence..........................................................................       68
     12.12   Entire Agreement.........................................................................       68
     12.13   Interpretation...........................................................................       68
     12.14   Confidentiality..........................................................................       69
     12.15   GOVERNING LAW; CONSENT TO FORUM..........................................................       69
     12.16   WAIVERS BY BORROWER......................................................................       70
     12.17   Increases In Total Revolving Loan Commitments............................................       70
     12.18   Existing Loan Agreement And Loan Documents...............................................       72
</TABLE>

                                     -iii-

<PAGE>

                AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

                  THIS AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT dated as
of February 11, 2002 and amended and restated as of this 26th day of June, 2003,
by and among FLEET CAPITAL CORPORATION ("Fleet"), a Rhode Island corporation
with an office at 15260 Ventura Boulevard, Suite 400, Sherman Oaks, California
91403, individually as a Lender and as Agent ("Agent") for itself and any other
financial institution which is or becomes a party hereto (each such financial
institution, including Fleet, is referred to hereinafter individually as a
"Lender" and collectively as the "Lenders"), the LENDERS and MOBILE MINI, INC.,
a Delaware corporation with its chief executive office and principal place of
business at 7420 South Kyrene Road, Suite 101, Tempe, Arizona 85283
("Borrower"), DEUTSCHE BANK SECURITIES INC. and WASHINGTON MUTUAL BANK, as
Co-Documentation Agents, and BANK ONE, NA and JP MORGAN CHASE BANK, as
Co-Syndication Agents. Capitalized terms used in this Agreement have the
meanings assigned to them in Appendix A, General Definitions. Accounting terms
not otherwise specifically defined herein shall be construed in accordance with
GAAP consistently applied.

                  WHEREAS, Borrower, certain lenders (the "Prior Lenders"), Bank
of America, N.A. and Washington Mutual Bank, as Co-Documentation Agents, and
Bank One, N.A. and JP Morgan Chase Bank, as Co-Syndication Agents, and the Agent
are parties to that certain Loan and Security Agreement dated as of February 11,
2002, as amended by that certain First Amendment to Loan and Security Agreement
and Consent to Acquisition dated as of June 27, 2002 and that certain Waiver and
Second Amendment to Loan and Security Agreement dated as of September 30, 2002
(collectively, the "Existing Loan Agreement");

                  WHEREAS, concurrently herewith, Borrower is issuing its Senior
Notes due 2013 in the aggregate principal amount of $150,000,000 pursuant to the
Senior Note Indenture, the net proceeds of which will be used to repay certain
of the outstanding Obligations;

                  WHEREAS, immediately prior to the effectiveness of this
Agreement, certain of the Prior Lenders and certain of the Lenders have entered
into the Master Assignment Agreement;

                  WHEREAS, Borrower, the Lenders and the Agent wish to amend the
Existing Loan Agreement and restate it in its entirety;

                  WHEREAS, effective as of the Restatement Date, all Obligations
of Borrower under and as defined in the Existing Loan Agreement shall be deemed
to be Obligations under this Agreement and all provisions of this Agreement not
theretofore in effect shall become effective;

                  NOW, THEREFORE, in consideration of the above recitals and the
mutual agreements set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

                                       -1-

<PAGE>

                           SECTION 1. CREDIT FACILITY

                  Subject to the terms and conditions of, and in reliance upon
the representations and warranties made in, this Agreement and the other Loan
Documents, Lenders agree to make a Total Credit Facility of up to $250,000,000
available upon Borrower's request therefor, as follows:

         1.1      Revolving Credit Facility.

                  1.1.1    Revolving Credit Loans. Each Lender agrees, effective
as of the Restatement Date, severally and not jointly, to (i) maintain its
Existing Revolving Credit Loans (which shall be treated as Revolving Credit
Loans for all purposes of this Agreement and the other Loan Documents) and (ii)
for so long as no Default or Event of Default exists and if the conditions set
forth in Section 9 are satisfied, to make Revolving Credit Loans to Borrower
from time to time during the period from the date hereof to but not including
the last day of the Term, as requested by Borrower in the manner set forth in
Subsection 3.1.1 hereof, up to a maximum principal amount at any time
outstanding equal to the lesser of (i) such Lender's Revolving Loan Commitment
minus such Lender's Revolving Loan Percentage of the sum of (x) the LC Amount
and (y) all unpaid LC Obligations and (ii) the product of such Lender's
Revolving Loan Percentage and an amount equal to the Borrowing Base at such time
minus the sum of (x) the LC Amount and (y) all unpaid LC Obligations minus the
Availability Reserve and minus other reserves, if any; provided that the
aggregate amount of the Revolving Loans plus the LC Amount plus all unpaid LC
Obligations shall not exceed the amount of secured Indebtedness permitted to be
outstanding hereunder under the terms of the Senior Note Documents. In addition
to the Availability Reserve, Agent shall have the right to establish other
reserves in such amounts, and with respect to such matters, as Agent shall
reasonably deem necessary or appropriate in its reasonable credit judgment
exercised in good faith, against the amount of Revolving Credit Loans which
Borrower may otherwise request under this Subsection 1.1.1 with respect to (i)
price adjustments, damages, unearned discounts, returned products or other
matters for which credit memoranda are issued in the ordinary course of business
of Borrower and its Subsidiaries; (ii) shrinkage, spoilage and obsolescence of
Inventory; (iii) other sums chargeable against Borrower's Loan Account as
Revolving Credit Loans under any section of this Agreement; (iv) liabilities and
clean up costs under Environmental Laws; and (v) such other specific events,
conditions or contingencies as to which Agent, in its reasonable credit judgment
exercised in good faith, determines reserves should be established from time to
time hereunder. Notwithstanding the foregoing, Agent shall not establish any
reserves in respect of any matters relating to any items of Collateral that have
been specifically taken into account in determining eligibility of any category
of assets or the amount or value thereof for determining the Borrowing Base. The
Revolving Credit Loans shall be further evidenced by, and repayable in
accordance with the terms of, the Revolving Notes and shall be secured by all of
the Collateral.

                  1.1.2    [intentionally omitted]

                  1.1.3    Use of Proceeds. The Revolving Credit Loans shall be
used solely for (i) general operating capital needs (including Capital
Expenditures) of Borrower and its

                                      -2-

<PAGE>

Subsidiaries in a manner consistent with the provisions of this Agreement and
all applicable laws, and (ii) for other purposes permitted under this Agreement.

         1.2      Letters of Credit; LC Guaranties. Agent agrees, for so long as
no Default or Event of Default exists and if requested by Borrower, to (i) issue
its, or cause to be issued by Bank or another Affiliate of Agent, on the date
requested by Borrower, Letters of Credit for the account of Borrower or any
Guarantor or (ii) execute LC Guaranties by which Bank, or another Affiliate of
Bank, on the date requested by Borrower, shall guaranty the payment or
performance by Borrower of its reimbursement obligations with respect to Letters
of Credit and letters of credit issued with the prior approval of Agent for
Borrower's account by other Persons in support of Borrower's or any of its
Subsidiaries' obligations (other than obligations for the repayment of money
borrowed), provided that the sum of the LC Amount plus all unpaid LC Obligations
shall not exceed $10,000,000 at any time. No documentary Letter of Credit or LC
Guaranty of a documentary letter of credit may have an expiration date that is
more than 180 days after the date of issuance thereof and all such documentary
Letters of Credit shall be payable at sight; and no standby Letter of Credit or
LC Guaranty of a standby letter of credit may have an expiration date that is
more than one year from the date of issuance thereof, which expiration date may
be extended for additional periods of up to one year for each additional period,
subject to the immediately following sentence. No Letter of Credit or LC
Guaranty may have an expiration date that is after the last day of the Term.
Notwithstanding anything to the contrary contained herein, Borrower, Agent and
Lenders hereby agree that all LC Obligations and all Obligations of Borrower
relating thereto shall be satisfied by the prompt issuance of one or more
Revolving Credit Loans that are Base Rate Portions, which Borrower hereby
acknowledges are requested and Lenders hereby agree to fund. In the event that
Revolving Credit Loans are not, for any reason, promptly made to satisfy all
then existing LC Obligations, each Lender hereby agrees to pay to Agent, on
demand, an amount equal to such LC Obligations multiplied by such Lender's
Revolving Loan Percentage, and until so paid, such amount shall be secured by
the Collateral and shall bear interest and be payable at the same rate and in
the same manner as Base Rate Portions. Immediately upon the issuance of a Letter
of Credit or an LC Guaranty under this Agreement, each Lender shall be deemed to
have irrevocably and unconditionally purchased and received from Agent, without
recourse or warranty, an undivided interest and participation therein equal to
such LC Obligations multiplied by such Lender's Revolving Loan Percentage. All
Letters of Credit and LC Guaranties outstanding under the Existing Credit
Agreement and all LC Obligations relating thereto shall, from and after the
Restatement Date, be deemed to be outstanding under this Agreement.

                     SECTION 2. INTEREST, FEES AND CHARGES

         2.1      Interest.

                  2.1.1    Rates of Interest. Interest shall accrue on the
principal amount of the Base Rate Portions outstanding at the end of each day at
a fluctuating rate per annum equal to the Applicable Margin then in effect plus
the Base Rate. Said rate of interest shall increase or decrease by an amount
equal to any increase or decrease in the Base Rate, effective as of the opening
of business on the day that any such change in the Base Rate occurs. Interest
shall accrue on the principal amount of each of the LIBOR Advances outstanding
at the end of each

                                       -3-

<PAGE>

day at a fixed rate per annum equal to the Applicable Margin then in effect plus
the LIBOR for the applicable Interest Period.

                  2.1.2    Default Rate of Interest. At the option of Agent or
the Majority Lenders, upon and after the occurrence of an Event of Default, and
during the continuation thereof, the principal amount of all Loans shall bear
interest at a rate per annum equal to 2.0% plus the interest rate otherwise
applicable thereto (the "Default Rate"). Such Default Rate shall apply
automatically in the case of a Default under Section 10.1.9.

                  2.1.3    Maximum Interest. In no event whatsoever shall the
aggregate of all amounts deemed interest hereunder or under the Revolving Notes
and charged or collected pursuant to the terms of this Agreement or pursuant to
the Revolving Notes exceed the highest rate permissible under any law which a
court of competent jurisdiction shall, in a final determination, deem applicable
hereto. If any provisions of this Agreement or the Revolving Notes are in
contravention of any such law, such provisions shall be deemed amended to
conform thereto.

         2.2      Computation of Interest and Fees. Interest, Letter of Credit
and LC Guaranty fees and Unused Line Fees hereunder shall be calculated daily
and shall be computed on the actual number of days elapsed over a year of 360
days.

         2.3      Fee Letter. Borrower shall pay to Agent certain fees and other
amounts in accordance with the terms of the fee letter between Borrower and
Agent (the "Fee Letter").

         2.4      Letter of Credit and LC Guaranty Fees. Borrower shall pay to
Agent, for the ratable benefit of the Lenders, a fee equal to the Applicable
Margin then in effect for LIBOR Advances per annum multiplied by the aggregate
face amount of all Letters of Credit and LC Guaranties outstanding from time to
time during the term of this Agreement, which fees shall be payable monthly in
arrears on the first day of each month hereafter, and, in the case of standby
and documentary Letters of Credit (and the related LC Guaranties) all normal and
customary charges of Bank associated with the issuance of such Letters of Credit
and LC Guaranties for the account of borrowers with creditworthiness similar to
Borrower's, which fees and charges shall be deemed fully earned and shall be due
and payable upon issuance of each such Letter of Credit or LC Guaranty and shall
not be subject to rebate or proration upon the termination of this Agreement for
any reason. At the option of Agent or the Majority Lenders, upon and after the
occurrence of an Event of Default, and during the continuation thereof, the fee
shall increase to the Applicable Margin then in effect for LIBOR Advances per
annum plus two percent (2%) multiplied by the aggregate face amount of all
Letters of Credit and LC Guaranties outstanding at such time.

         2.5      Unused Line Fee. Borrower shall pay to Agent, for the ratable
benefit of the Lenders, a fee (the "Unused Line Fee") equal to the amount by
which the Total Credit Facility exceeds the average daily amount of the Facility
Utilization for the preceding month multiplied by the percentage set forth below
opposite the applicable Facility Utilization percentage:

                                       -4-

<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------
Facility Utilization      Unused Line Fee
-----------------------------------------
<S>                       <C>
< than = 33.33%               0.50%
-----------------------------------------
       > 33.33% but          0.375%
       < 66.66%
-----------------------------------------
> than = 66.66%               0.30%
-----------------------------------------
</TABLE>

                  Notwithstanding the foregoing, from the Restatement Date until
December 31, 2003, the Unused Line Fee shall not be less than 0.375%. The Unused
Line Fee shall be payable monthly in arrears on the first day of each month
hereafter.

         2.6      [intentionally omitted]

         2.7      Audit Fees. Borrower shall pay to Agent all reasonable
out-of-pocket expenses incurred by Agent in connection with audits of the books
and records and Properties of Borrower and its Subsidiaries and Affiliates and
such other matters as Agent shall deem appropriate in its reasonable credit
judgment, whether such audits are conducted by employees of Agent or by third
parties hired by Agent. Agent shall use commercially reasonable efforts to cause
such audits to be conducted by its own employees whenever feasible. The
out-of-pocket expenses incurred in connection with the audits shall be payable
as incurred and following the issuance by Agent of a request for payment thereof
to Borrower.

         2.8      Reimbursement of Expenses. If, at any time or times regardless
of whether or not an Event of Default then exists, (i) Agent or Fleet Securities
Inc. incurs legal or accounting expenses or any other costs or out-of-pocket
expenses in connection with (1) the negotiation and preparation of this
Agreement or any of the other Loan Documents, any amendment of or modification
of this Agreement or any of the other Loan Documents, the syndication of the
Loans or any other sale or attempted sale of any interest herein to any assignee
(including, without limitation, printing and distribution of materials to
prospective Lenders and all costs associated with bank meetings) or (2) the
administration of this Agreement or any of the other Loan Documents and the
transactions contemplated hereby and thereby; or (ii) Agent or any Lender incurs
legal or accounting expenses or any other costs or out-of-pocket expenses in
connection with (1) any litigation, contest, dispute, suit, proceeding or action
(whether instituted by Agent, any Lender, Borrower or any other Person) relating
to the Collateral, this Agreement or any of the other Loan Documents or
Borrower's, any of its Subsidiaries' or any Guarantor's affairs; (2) any attempt
to enforce any rights of Agent or any Lender against Borrower, any Guarantor or
any other Person which may be obligated to Agent or any Lender by virtue of this
Agreement or any of the other Loan Documents, including, without limitation, the
Account Debtors; or (3) after the occurrence of an Event of Default and during
the continuance thereof, any attempt to inspect, verify, protect, preserve,
restore, collect, sell, liquidate or otherwise dispose of or realize upon the
Collateral; then all such legal and accounting expenses (including allocated
costs of in-house counsel in lieu of outside counsel), other costs and out of
pocket expenses of Agent or (in the case of clause (ii) only) any Lender, as
applicable, shall be charged to Borrower; provided, that Borrower shall

                                      -5-

<PAGE>

not be responsible for such costs and out-of-pocket expenses of any Person to
the extent incurred because of the gross negligence or willful misconduct of
such Person. Borrower shall also reimburse Agent for expenses incurred by Agent
in its administration of the Collateral to the extent and in the manner provided
in Section 2.10 hereof.

         2.9      Bank Charges. Borrower shall pay to Agent any and all fees,
costs or expenses which Agent pays to a bank or other similar institution
arising out of or in connection with (i) the forwarding to Borrower or any other
Person on behalf of Borrower by Agent of proceeds of Loans made to Borrower
pursuant to this Agreement and (ii) the depositing for collection by Agent of
any check or item of payment received or delivered to Agent on account of the
Obligations.

         2.10     Collateral Protection Expenses. All out-of-pocket expenses
incurred in protecting, storing, warehousing, insuring, handling, maintaining
and shipping the Collateral, any and all excise, property, sales, and use taxes
imposed by any state, federal, or local authority on any of the Collateral or in
respect of the sale thereof shall be borne and paid by Borrower. If Borrower
fails to promptly pay any portion thereof when due, Agent may, at its option,
but shall not be required to, pay the same and charge Borrower therefore.

         2.11     Payment of Charges. All amounts chargeable to Borrower under
this Agreement shall be Obligations secured by all of the Collateral, shall be,
unless specifically otherwise provided, payable on demand and shall bear
interest from the date demand was made or such amount is due, as applicable,
until paid in full at the rate applicable to Base Rate Portions from time to
time.

                        SECTION 3. LOAN ADMINISTRATION.

         3.1      Manner of Borrowing Revolving Credit Loans; Swing Line Loan.
Borrowings under the credit facility established pursuant to Section 1 hereof
shall be as follows:

                  3.1.1    Loan Requests. A request for a Revolving Credit Loan
shall be made, or shall be deemed to be made, in the following manner: (i)
Borrower may give Agent notice of its intention to borrow, in which notice
Borrower shall specify the amount of the proposed borrowing and the proposed
borrowing date, no later than 10:00 a.m. Los Angeles time on the proposed
borrowing date (or in accordance with Section 3.1.5 in the case of a request for
a LIBOR Advance), provided, however, that no such request may be made at a time
when there exists a Default or an Event of Default or other conditions set forth
in Section 9 are not satisfied; and (ii) the becoming due of any amount required
to be paid under this Agreement, or the Revolving Notes, whether as interest or
for any other Obligation, shall be deemed irrevocably to be a request for a
Revolving Credit Loan on the due date in the amount required to pay such
interest or other Obligation.

                  3.1.2    Disbursement. Borrower hereby irrevocably authorizes
Agent to disburse the proceeds of each Revolving Credit Loan requested, or
deemed to be requested, pursuant to Subsection 3.1.1 as follows: (i) the
proceeds of each Revolving Credit Loan requested under Subsection 3.1.1 and each
Swing Line Loan shall be disbursed by Agent in lawful money of the United States
of America in immediately available funds, in the case of

                                      -6-

<PAGE>

the initial borrowing, in accordance with the terms of the written disbursement
letter from Borrower, and in the case of each subsequent borrowing, by wire
transfer to such bank account as may be agreed upon by Borrower and Agent from
time to time or elsewhere if pursuant to a written direction from Borrower; and
(ii) the proceeds of each Revolving Credit Loan deemed requested under
Subsection 3.1.1(ii) shall be disbursed by Agent by way of direct payment of the
relevant interest or other Obligation.

                  3.1.3    Payment by Lenders. Unless Agent elects to make a
Swing Line Loan in accordance with Subsection 3.1.11, Agent shall give to each
Lender prompt written notice electronically or by facsimile, or telecopy of the
receipt by Agent from Borrower of any request for a Revolving Credit Loan. Each
such notice shall specify the requested date and amount of such Revolving Credit
Loan, whether such Revolving Credit Loan shall be a LIBOR Advance, and the
amount of each Lender's advance thereunder (in accordance with its applicable
Revolving Loan Percentage). If Agent gives notice, electronically or facsimile,
to a Lender by noon (Los Angeles time), each Lender shall, not later than 1:00
p.m. (Los Angeles time) on such requested date (or on the next Business Day if
Agent gives later notice), wire to a bank designated by Agent the amount of that
Lender's Revolving Loan Percentage of the requested Revolving Credit Loan. The
failure of any Lender to make the Revolving Credit Loans to be made by it shall
not release any other Lender of its obligations hereunder to make its Revolving
Credit Loan. Neither Agent nor any other Lender shall be responsible for the
failure of any other Lender to make the Revolving Credit Loan to be made by such
other Lender. The foregoing notwithstanding, Agent, in its sole discretion, may
from its own funds make a Revolving Credit Loan on behalf of any Lender. In such
event, the Lender on behalf of whom Agent made the Revolving Credit Loan shall
reimburse Agent for the amount of such Revolving Credit Loan made on its behalf
on the next Business Day. The entire amount of interest attributable to such
Revolving Credit Loan for the period from the date on which such Revolving
Credit Loan was made by Agent on such Lender's behalf until Agent is reimbursed
by such Lender, shall be paid to Agent for its own account.

                  3.1.4    Authorization. Borrower hereby irrevocably authorizes
Agent to advance to Borrower, and to charge to Borrower's Loan Account hereunder
as a Revolving Credit Loan, a sum sufficient to pay all interest accrued on the
Obligations during the immediately preceding month and to pay all fees, costs
and expenses and other Obligations at any time owed by Borrower to Agent or any
Lender hereunder.

                  3.1.5    LIBOR Advances. Notwithstanding the provisions of
Subsection 3.1.1, in the event Borrower desires to obtain a LIBOR Advance,
Borrower shall give Agent prior, written, irrevocable notice no later than 10:00
a.m. Los Angeles time on the 3rd Business Day prior to the requested borrowing
date specifying (i) Borrower's election to obtain a LIBOR Advance, (ii) the date
of the proposed borrowing (which shall be a Business Day) and (iii) the amount
to be borrowed, which amount shall be in a minimum principal amount of
$2,000,000 and may increase in integral multiples of $100,000. In no event shall
Borrower be permitted to have outstanding at any one time LIBOR Advances with
more than eight (8) different Interest Periods.

                  3.1.6    Conversion of Base Rate Advances. Provided that no
Default or Event of Default has occurred which is then continuing, Borrower may,
on any Business Day,

                                       -7-

<PAGE>

convert any Revolving Credit Loan which is a Base Rate Advance into a LIBOR
Advance. If Borrower desires to convert such a Base Rate Advance, Borrower shall
give Agent not less than three (3) Business Days' prior written notice (prior to
10:00 a.m. Los Angeles time on such Business Day), specifying the date of such
conversion and the amount to be converted; provided that only two (2) Business
Days' notice shall be required to convert the Loans made on the Restatement
Date. Each conversion into or conversion of a LIBOR Advance shall be in a
minimum principal amount of $2,000,000 and may increase in integral multiples of
$100,000 in excess thereof. After giving effect to any conversion of Base Rate
Advances to LIBOR Advances, Borrower shall not be permitted to have outstanding
at any one time LIBOR Advances with more than eight (8) different Interest
Periods.

                  3.1.7    Continuation of LIBOR Advances. Borrower shall have
the right on three (3) Business Days' prior irrevocable written notice given to
Agent by Borrower (prior to 10:00 a.m. Los Angeles time on such Business Day),
subject to the provisions hereof, to continue any LIBOR Advance into a
subsequent Interest Period of the same or a different permitted duration, in
each case subject to the satisfaction of the following conditions:

                                    (i)      in the case of a continuation of
                  less than all LIBOR Advances, the LIBOR Advances continued
                  shall each be in a minimum principal amount of $2,000,000 and
                  may increase in integral multiples of $100,000; and

                                    (ii)     no LIBOR Advance (or portion
                  thereof) may be continued as a LIBOR Advance if a Default or
                  Event of Default has occurred which is then continuing or if,
                  after giving effect to such continuation, Borrower shall have
                  outstanding more than eight (8) separate LIBOR Advances in the
                  aggregate.

                  If Borrower shall fail to give timely notice of its election
to continue any LIBOR Advance or portion thereof as provided above, or if such
continuation shall not be permitted, such LIBOR Advance or portion thereof,
unless such LIBOR Advance shall be repaid, shall automatically be converted into
a Base Rate Advance at the end of the Interest Period then in effect with
respect to such LIBOR Advance.

                  3.1.8    Inability to Make LIBOR Advances. Notwithstanding any
other provision hereof, if any (i) change in applicable law, treaty, regulation
or directive, or any change in the interpretation or application thereof, shall
make it unlawful for any Lender (for purposes of this Subsection 3.1.8, the term
"Lender" shall include the office or branch where a Lender or any corporation or
bank then controlling such Lender makes or maintains any LIBOR Advances) to make
or maintain its LIBOR Advances, or (ii) if with respect to any Interest Period,
Agent is unable to determine the LIBOR relating thereto, or (iii) adverse or
unusual conditions in, or changes in applicable law relating to, the London
interbank market make it, in the reasonable judgment of a Lender, impracticable
to fund therein any of the LIBOR Advances, or (iv) if Majority Lenders shall, at
least one Business Day before the requested date of any Borrowing hereunder,
notify Agent that the projected LIBOR is unreflective of the actual costs of
funds therefore to such Lenders, the obligation of the affected Lender (or in
the case of clauses (ii) and (iv), all Lenders) to make LIBOR Advances

                                       -8-

<PAGE>

hereunder shall forthwith be suspended during the pendency of such circumstances
and Borrower shall, if any affected LIBOR Advances are then outstanding,
promptly upon request from such Lender, convert such affected LIBOR Advances
into Base Rate Advances; provided, that if Borrower receives a notice pursuant
to clauses (iii) or (iv), so long as no Default or Event of Default shall have
occurred and be continuing and Borrower has obtained a commitment from another
Lender or other financial institution, acceptable to Agent in its reasonable
discretion, to become a Lender for all purposes under this Agreement and to
assume all obligations of the Lender to be replaced, at any time after receipt
of such notice and while the circumstances causing LIBOR not to be available,
Borrower may require the Lender giving such notice to assign all of its Loans,
Revolving Loan Commitments and other Obligations to such other Lender or
financial institution pursuant to the provisions of Subsection 11.9; provided
further that, prior to or concurrently with such replacement (x) Borrower has
paid to the Lender giving such notice all principal, interest, fees and other
amounts due and owing to such Lender through such date of replacement, (y) Agent
has received the processing and recordation fee required to be paid by
Subsection 11.9.1, and (z) all of the requirements for such assignment contained
in Subsection 11.9, including, without limitation, the receipt by Agent of an
executed assignment and assumption agreement and other supporting documents,
have been fulfilled.

                  3.1.9    Letter of Credit and LC Guaranty Requests. A request
for a Letter of Credit or LC Guaranty shall be made in the following manner:
Borrower may give Agent and Bank a written notice of its request for the
issuance of a Letter of Credit or LC Guaranty, not later than 10:00 a.m. Los
Angeles time, one Business Day before the proposed issuance date thereof, in
which notice Borrower shall specify the proposed issuer, issuance date and
format and wording for the Letter of Credit or LC Guaranty being requested
(which shall be satisfactory to Agent and the Person being asked to issue such
Letter of Credit or LC Guaranty); provided, that no such request may be made at
a time when there exists a Default or Event of Default or other conditions set
forth in Section 9 are not satisfied. Such request shall be accompanied by an
executed application and reimbursement agreement in form and substance
satisfactory to Agent and the Person being asked to issue the Letter of Credit
or LC Guaranty, as well as any required resolutions.

                  3.1.10   Method of Making Requests. As an accommodation to
Borrower, unless a Default or an Event of Default is then in existence, (i)
Agent shall permit telephonic requests for Revolving Credit Loans to Agent, (ii)
Agent and Bank may, in their discretion, permit electronic transmittal of
requests for Letters of Credit and LC Guaranties to them, and (iii) Agent may,
in Agent's discretion, permit electronic transmittal of instructions,
authorizations, agreements or reports to Agent. Unless Borrower specifically
directs Agent or Bank in writing not to accept or act upon telephonic or
electronic communications from Borrower, neither Agent nor Bank nor any Lender
shall have any liability to Borrower for any loss or damage suffered by Borrower
as a result of Agent's or Bank's honoring of any requests, execution of any
instructions, authorizations or agreements or reliance on any reports
communicated to it telephonically or electronically and purporting to have been
sent to Agent or Bank by an authorized officer of Borrower, and neither Agent
nor Bank shall have any duty to verify the origin of any such communication or
the authority of the person sending it. Each telephonic request for a Revolving
Credit Loan, Letter of Credit or LC

                                       -9-

<PAGE>

Guaranty accepted by Agent and Bank, if applicable, hereunder shall be promptly
followed by a written confirmation of such request from Borrower to Agent and
Bank, if applicable.

                  3.1.11   Swing Line Loans; Settlement Procedures. In order to
facilitate the administration of the Revolving Credit Loans, notwithstanding the
provisions of Subsection 3.1.3, Agent may make Revolving Credit Loans on behalf
of the Lenders (each, a "Swing Line Loan"); provided that the Agent shall not
make any Swing Line Loan if the aggregate outstanding principal amount of all
Swing Line Loans (taking into account the Loan to be made and any repayments
received on such date) would exceed $10,000,000, and settlement will be made
among the Lenders and the Agent in accordance with this Subsection 3.1.11. Each
Lender's obligation to fund its Revolving Loan Percentage of each Swing Line
Loan shall commence on the date on which such Swing Line Loan is made by Agent,
and each Lender shall be deemed to have irrevocably and unconditionally
purchased a participation in such Swing Line Loan in an amount equal to its
Revolving Credit Percentage of the Swing Line Loan. All Swing Line Loans shall
be Base Rate Advances, and interest accrued on the Swing Line Loans shall be for
the account of the Agent until settlement is made in accordance with this
Section. Settlement of all Swing Line Loans in excess of $1,000,000 (or such
lesser amount as required by Agent) shall be made weekly on the date (each, a
"Settlement Date") selected by Agent and in any event on the date on which the
outstanding balance of the Swing Line Loans shall have increased or decreased
since the last Settlement Date by $10,000,000 or more, or more frequently if
Agent elects. Agent will advise each Lender electronically or by telephone,
facsimile or telecopy of its Revolving Loan Percentage of the Swing Line Loans,
and in the event that payments are necessary to be made so that each Lender has
funded Revolving Credit Loans equal to its Revolving Loan Percentage of all
outstanding Revolving Credit Loans, each Lender shall transfer such amount to
Agent, or Agent shall transfer such amount to each Lender, in immediately
available funds no later than 1 p.m. (Los Angeles time) on the Settlement Date
if Agent has delivered notice prior to noon (Los Angeles time) on the Settlement
Date or by l1:00 a.m. (Los Angeles time) on the next Business Day if notice is
given later. Settlements shall be made whether or not any Default or Event of
Default exists and whether or not the conditions to Revolving Credit Loans have
been met; provided however, that notwithstanding the foregoing, a Lender shall
not have any obligation to acquire a participation in a Swing Line Loan pursuant
to this Section 3.1.11 if a Default or Event of Default existed or any
conditions precedent to making Loans were not satisfied at the time such Swing
Line Loan was made and such Lender shall have notified the Agent in writing, at
least one Business Day prior to the time such Swing Line Loan was made, that the
foregoing circumstances existed and that such Lender would not acquire
participations in Swing Line Loans made while such circumstances continued. If
any Lender fails to fund any amount due to Agent under this Section on the
Settlement Date, Agent shall be entitled to recover such amount on demand from
such Lender, together with interest thereon at the interest rate then applicable
to the Revolving Credit Loans. All payments made by the Lenders under this
Section 3.1.11 shall be deemed to be Revolving Credit Loans made to Borrower in
accordance with this Agreement.

         3.2      Payments. Except where evidenced by notes or other instruments
issued or made by Borrower to any Lender and accepted by such Lender
specifically containing payment instructions that are in conflict with this
Section 3.2 (in which case the conflicting

                                      -10-

<PAGE>

provisions of said notes or other instruments shall govern and control), the
Obligations shall be payable, without setoff or counter-claim, as follows:

                  3.2.1    Principal. Principal payable on account of Revolving
Credit Loans shall be payable by Borrower to Agent for the ratable benefit of
Lenders immediately upon the earliest of (i) the receipt by Agent or Borrower of
any proceeds of any of the Collateral (except as otherwise provided herein),
including without limitation pursuant to Subsections 3.3.1 and 6.2.4, to the
extent of said proceeds, subject to Borrower's rights to reborrow such amounts
in compliance with Subsection 1.1.1 hereof; (ii) the occurrence of an Event of
Default in consequence of which Agent or Majority Lenders elect to accelerate
the maturity and payment of the Obligations, or (iii) termination of this
Agreement pursuant to Section 4 hereof; provided, however, that, if an
Overadvance shall exist at any time, Borrower shall immediately repay the
Overadvance. Each payment (including principal prepayments) by Borrower on
account of principal of the Revolving Credit Loans shall be applied first to
Base Rate Advances, then to LIBOR Advances, subject to Subsection 3.3.5 hereof.
If any amounts collected by Agent exceed the Revolving Credit Loans outstanding
(including any amounts charged to Borrower under this Agreement), such amounts
shall be disbursed to Borrower or at its written direction.

                  3.2.2    Interest.

                           (a) Base Rate Advances. Interest accrued on Base Rate
         Advances shall be due and payable on the earliest of (1) the first
         calendar day of each month (for the immediately preceding month),
         computed through the last calendar day of the preceding month, (2) the
         occurrence of an Event of Default in consequence of which Agent or
         Majority Lenders elect to accelerate the maturity and payment of the
         Obligations or (3) termination of this Agreement pursuant to Section 4
         hereof.

                           (b) LIBOR Advances. Interest accrued on each LIBOR
         Advance shall be due and payable on each LIBOR Interest Payment Date
         and on the earliest of (1) the occurrence of an Event of Default in
         consequence of which Agent or Majority Lenders elect to accelerate the
         maturity and payment of the Obligations or (2) termination of this
         Agreement pursuant to Section 4 hereof.

                  3.2.3    Costs, Fees and Charges. Costs, fees and charges
payable pursuant to this Agreement shall be payable by Borrower to Agent, as and
when provided in Section 2 hereof or to any other Person designated by Agent in
writing.

                  3.2.4    Other Obligations. The balance of the Obligations
requiring the payment of money, if any, shall be payable by Borrower to Agent
for distribution to Lenders, as appropriate, as and when provided in this
Agreement, the Other Agreements or the Security Documents, or if not so
provided, on demand.

                  3.2.5    Prepayment of LIBOR Advances. Borrower may prepay a
LIBOR Advance only on the last day of the Interest Period for such LIBOR
Advance. If Borrower shall nonetheless pay or repay a LIBOR Advance on any other
date, Borrower shall pay to Agent, upon request of Agent, such amount or amounts
as shall be sufficient (in the

                                      -11-

<PAGE>

reasonable opinion of Agent) to compensate Lenders for any loss, cost, or
expense incurred as a result of: (i) any payment of a LIBOR Advance on a date
other than the last day of the Interest Period for such Loan; (ii) any failure
by Borrower to borrow a LIBOR Advance on the date specified by Borrower's
written notice; or (iii) any failure by Borrower to pay a LIBOR Advance on the
date for payment specified in Borrower's written notice. Without limiting the
foregoing, Borrower shall pay to Agent, for the ratable benefit of Lenders
(other than any Lender who waives such provision), a "yield maintenance fee" in
an amount computed as follows: the current LIBOR shall be subtracted from the
LIBOR in effect at the time of prepayment. If the result is zero or a negative
number, there shall be no yield maintenance fee. If the result is a positive
number, then the resulting percentage shall be multiplied by the amount of the
principal balance being prepaid. The resulting amount shall be divided by 360
and multiplied by the number of days remaining in the Interest Period chosen
pursuant to the LIBOR Advance as to which the prepayment is made. Said amount
shall be reduced to present value. The resulting amount shall be the yield
maintenance fee due to Agent, for the ratable benefit of Lenders, upon the
payment of a LIBOR Advance. If by reason of an Event of Default, Agent or
Majority Lenders elect to declare the Obligations to be immediately due and
payable, then any yield maintenance fee with respect to a LIBOR Advance shall
become due and payable in the same manner as though Borrower had exercised such
right of prepayment.

         3.3      Mandatory and Optional Prepayments.

                  3.3.1    Proceeds of Sale, Loss, Destruction or Condemnation
of Collateral. Except as provided in Subsection 8.2.5(i), if Borrower or any of
its Subsidiaries sells or otherwise disposes of any of the Equipment or real
Property or other Collateral or assets, or if a Casualty Loss occurs with
respect to any of the Collateral, Borrower shall, unless otherwise agreed by
Majority Lenders, pay to Agent for the ratable benefit of Lenders as and when
received by Borrower or such Subsidiary and as a mandatory prepayment of the
Loans, as herein provided, a sum equal to the proceeds (including insurance
payments and condemnation awards but net of costs and taxes incurred in
connection with such sale or event) ("Sale Proceeds") received by Borrower or
such Subsidiary from such sale or Casualty Loss. The applicable prepayment shall
be applied to reduce the outstanding principal balance of the Revolving Credit
Loans, but, except as provided below, shall not permanently reduce the Revolving
Loan Commitments; provided that any sale or Casualty Loss of Inventory,
Equipment or Specified Real Property shall reduce the Borrowing Base to the
extent of the value of the applicable Property. Such reduction shall be
effective on the date of consummation of the sale or receipt of proceeds of a
Casualty Loss if the Sale Proceeds are equal to or greater than five percent
(5%) of Availability on such date (without giving effect to the application of
the Sale Proceeds) and otherwise as of the date on which Borrower delivers its
new Borrowing Base Certificate pursuant to subsection 8.1.4. If Borrower and its
Subsidiaries do not reinvest the proceeds of any sales or other dispositions of
assets within 364 days after receipt of such proceeds in assets used in their
business and would be required to make a "Net Proceeds Offer" (as defined in the
Senior Note Indenture), then the Revolving Loan Commitments shall be
automatically permanently reduced by an amount equal to the uninvested portion
of such proceeds on the 364th day after receipt of such proceeds.

                  3.3.2    [intentionally omitted]

                                      -12-

<PAGE>

                  3.3.3    Proceeds from Issuance of Additional Indebtedness or
Equity. If Borrower or any Subsidiary issues any additional Indebtedness (other
than intercompany Indebtedness) or obtains any additional equity in a manner
permitted under this Agreement, Borrower shall pay to Agent for the ratable
benefit of Lenders, when and as received by any Borrower and as a mandatory
prepayment of the Obligations, a sum equal to 100% of the net cash proceeds to
Borrower or such Subsidiary of the issuance of such Indebtedness or equity. Any
such prepayment shall be applied to reduce the outstanding principal balance of
the Revolving Credit Loans, but shall not permanently reduce the Revolving Loan
Commitments. If the proceeds of the issuance of Securities are to be used to
redeem or repurchase Senior Notes in accordance with Section 8.2.6(b) hereof,
such proceeds shall be paid to the Agent for application to the Revolving Credit
Loans but, subject to the terms of this Agreement, may be reborrowed for such
redemption or repurchase.

                  3.3.4    [intentionally omitted]

                  3.3.5    LIBOR Advances. If the application of any payment
made in accordance with the provisions of this Section 3.3 at a time when no
Event of Default has occurred and is continuing would result in termination of a
LIBOR Advance prior to the last day of the Interest Period for such LIBOR
Advance, the amount of such prepayment shall not be applied to such LIBOR
Advance, but will, at Borrower's option, be deposited by Borrower in an interest
bearing account at Bank or another bank satisfactory to Agent in its discretion,
which account is in the name of Borrower and under the control of Agent and from
which account only Agent can make any withdrawal, in each case to be applied as
such amount would otherwise have been applied under this Section 3.3 at the
earlier to occur of (i) the last day of the relevant Interest Period or (ii) the
occurrence of a Default or an Event of Default.

                  3.3.6    [intentionally omitted]

                  3.3.7    Optional Reductions of Revolving Loan Commitments.
Borrower may, at its option from time to time upon not less than 3 Business
Days' prior written notice to Agent, terminate in whole or permanently reduce
ratably in part, the unused portion of the Revolving Loan Commitments, provided,
however, that (i) each such partial reduction shall be in an amount of
$5,000,000 or integral multiples of $1,000,000 in excess thereof and (ii) the
aggregate of all optional reductions to the Revolving Loan Commitments may not
exceed $25,000,000 during any 12 month period or $100,000,000 during the Term.
Except for charges under Subsection 3.2.5 applicable to prepayments of LIBOR
Advances, such prepayments shall be without premium or penalty, but Borrower
shall repay the Loans (or provide cash collateral for the LC Amount) to the
extent that the sum of the outstanding principal amount of the Revolving Credit
Loans, the LC Amount and all unpaid LC Obligations exceeds the Revolving Loan
Commitments as so reduced.

         3.4      Application of Payments and Collections. All items of payment
received by Agent by 12:00 noon, Los Angeles time, on any Business Day shall be
deemed received on that Business Day. All items of payment received after 12:00
noon, Los Angeles time, on any Business Day shall be deemed received on the
following Business Day. Borrower irrevocably waives the right to direct the
application of any and all payments and collections at any time or times
hereafter received by Agent from or on behalf of Borrower or any Guarantor, and

                                      -13-

<PAGE>

Borrower does hereby irrevocably agree that Agent shall have the continuing
exclusive right to apply and reapply any and all such payments and collections
received at any time or times hereafter by Agent or its agent against the
Obligations, in such manner as Agent may deem advisable, notwithstanding any
entry by Agent or any Lender upon any of its books and records. If as the result
of collections of Accounts as authorized by Subsection 6.2.4 hereof or
otherwise, a credit balance exists in the Loan Account, such credit balance
shall not accrue interest in favor of Borrower, but shall be disbursed to
Borrower or otherwise at Borrower's direction in the manner set forth in
Subsection 3.1.2, upon Borrower's request at any time, so long as no Default or
Event of Default then exists. Agent may at its option, offset such credit
balance against any of the Obligations upon and during the continuance of an
Event of Default.

         3.5      All Loans to Constitute One Obligation. The Loans shall
constitute one general Obligation of Borrower, and shall be secured by Agent's
Lien for the benefit of the Agent and the ratable benefit of the Lenders upon
all of the Collateral.

         3.6      Loan Account. Agent shall enter all Loans as debits to a loan
account (the "Loan Account") and shall also record in the Loan Account all
payments made by Borrower on any Obligations and all proceeds of Collateral
which are finally paid to Agent, and may record therein, in accordance with
customary accounting practice, other debits and credits, including interest and
all charges and expenses properly chargeable to Borrower pursuant to this
Agreement or any other Loan Document.

         3.7      Statements of Account. Agent will account to Borrower monthly
with a statement of Loans, charges and payments made pursuant to this Agreement
during the immediately preceding month, and such account rendered by Agent shall
be deemed final, binding and conclusive upon Borrower absent demonstrable error
unless Agent is notified by Borrower in writing to the contrary within 30 days
of the date each accounting is received by Borrower. Such notice shall only be
deemed an objection to those items specifically objected to therein.

         3.8      Sharing of Payments, Etc. If any Lender shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of
set-off, or otherwise) on account of any Loan made by it in excess of its
ratable share of payments on account of Loans made by all Lenders, such Lender
shall forthwith purchase from each other Lender such participation in such Loan
as shall be necessary to cause such purchasing Lender to share the excess
payment ratably with each other Lender; provided, that if all or any portion of
such excess payment is thereafter recovered from such purchasing Lender, such
purchase from each Lender shall be rescinded and such Lender shall repay to the
purchasing Lenders the purchase price to the extent of such recovery, together
with an amount equal to such Lender's ratable share (according to the proportion
of (i) the amount of such Lender's required repayment to (ii) the total amount
so recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so recovered.
Borrower agrees that any Lender so purchasing a participation from another
Lender pursuant to this Section 3.8 may, to the fullest extent permitted by law,
exercise all its rights of payment (including the right of set-off) with respect
to such participation as fully as if such Lender were the direct creditor of
Borrower in the amount of such participation.

                                      -14-

<PAGE>

Notwithstanding anything to the contrary contained herein, all purchases and
repayments to be made under this Section 3.8 shall be made through Agent.

         3.9      Increased Costs; Taxes.

                  3.9.1    Increased Costs. If any law or any governmental or
quasi-governmental rule, regulation, policy, guideline or directive (whether or
not having the force of law) adopted after the date of this Agreement and having
general applicability to all banks within the jurisdiction in which any Lender
operates (excluding, for the avoidance of doubt, the effect of and phasing in of
capital requirements or other regulations or guidelines passed prior to the date
of this Agreement), or any interpretation or application thereof by any
governmental authority charged with the interpretation or application thereof,
or the compliance of such Lender therewith, shall:

                                    (1) subject such Lender to any tax with
                  respect to this Agreement (other than (a) any tax based on or
                  measured by net income or otherwise in the nature of a net
                  income tax, including, without limitation, any franchise tax
                  or any similar tax based on capital, net worth or comparable
                  basis for measurement and (b) any tax collected by a
                  withholding on payments and which neither is computed by
                  reference to the net income of the payee nor is in the nature
                  of an advance collection of a tax based on or measured by the
                  net income of the payee) or (2) change the basis of taxation
                  of payments to such Lender of principal, fees, interest or any
                  other amount payable hereunder or under any Loan Documents
                  (other than in respect of (a) any tax based on or measured by
                  net income or otherwise in the nature of a net income tax,
                  including, without limitation, any franchise tax or any
                  similar tax based on capital, net worth or comparable basis
                  for measurement and (b) any tax collected by a withholding on
                  payments and which neither is computed by reference to the net
                  income of the payee nor is in the nature of an advance
                  collection of a tax based on or measured by the net income of
                  the payee);

                                    (2) impose, modify or hold applicable any
                  reserve (except any reserve taken into account in the
                  determination of the applicable LIBOR), special deposit,
                  assessment or similar requirement against assets held by, or
                  deposits in or for the account of, advances or loans by, or
                  other credit extended by, any office of such Lender, including
                  (without limitation) pursuant to Regulation D of the Board of
                  Governors of the Federal Reserve System; or

                                    (3) impose on such Lender or the London
                  interbank market any other condition with respect to any Loan
                  Document; or

                                    (4) impose on such Lender any capital
                  requirements.

and the result of any of the foregoing is to increase the cost to such Lender of
making, renewing or maintaining its Loans hereunder by an amount that such
Lender deems to be material or to reduce the amount of any payment (whether of
principal, interest or otherwise) in respect of any of such Loans by an amount
that such Lender deems to be material, or

                                      -15-

<PAGE>

reduces the rate of return on such Lender's capital as a result of its
obligations hereunder by an amount such Lender deems to be material, then, in
any such case, Borrower shall pay such Lender, upon demand and certification not
later than six months following its receipt of notice of the imposition of such
increased costs or such reduced return, such additional amount as will
compensate such Lender for such additional cost or such reduction, as the case
may be, to the extent such Lender has not otherwise been compensated, with
respect to a particular Loan, for such increased cost or such reduced return as
a result of an increase in the Base Rate or the LIBOR. An officer of such Lender
shall determine the amount of such additional cost or reduced amount using
reasonable averaging and attribution methods and shall certify the amount of
such additional cost or reduced amount to Borrower, which certification shall
include a written explanation of such additional cost or reduction to Borrower.
Such certification shall be conclusive absent manifest error. If such Lender
claims any additional cost or reduced amount pursuant to this Subsection 3.9.1,
then such Lender shall use reasonable efforts (consistent with legal and
regulatory restrictions) to designate a different lending office or to file any
certificate or document reasonably requested by Borrower if the making of such
designation or filing would avoid the need for, or reduce the amount of, any
such additional cost or reduced amount and would not, in the sole discretion of
such Lender, be otherwise disadvantageous to such Lender.

                  3.9.2    Net Payments. (a) All payments by Borrower hereunder
to or for the benefit of any Lender or the Agent shall be made without setoff,
counterclaim or other defense. Except as provided in Subsection 3.9.2 (b) below,
all such payments will be made free and clear of, and without deduction or
withholding for, any present or future taxes, levies, imposts, duties, fees,
assessments, or other charges of whatever nature now or hereafter imposed by any
jurisdiction or by any political subdivision or taxing authority thereof or
therein with respect to such payments (but excluding any tax imposed on or
measured by the net income or profits of the Lender or the Agent, as the case
may be, pursuant to the laws of the jurisdiction in which it is organized)
together with all interest, penalties or similar liabilities with respect
thereto (collectively, "Covered Taxes"). If Borrower shall be required by law to
deduct any Covered Taxes from any sum payable hereunder to any Lender or the
Agent, (A) the sum payable shall be increased as may be necessary so that after
making all required deductions of Covered Taxes (including deductions of Covered
Taxes applicable to additional sums payable under this Section such Lender or
the Agent, as the case may be, receives an amount equal to the sum it would have
received had no such deductions been made, (B) Borrower shall make such
deductions and (C) Borrower shall pay the full amount so deducted to the
relevant taxation authority or other authority in accordance with applicable
law. Borrower shall furnish to the Agent within 45 days after the date the
payment of any Covered Taxes is due certified copies of tax receipts evidencing
such payment by Borrower. Borrower agrees to indemnify and hold harmless the
Lenders and the Agent and reimburse each of them, as the case may be, for the
amount of any Covered Taxes so levied or imposed and paid by them.

                  (b)      Each Lender which is organized under the laws of a
jurisdiction other than the United States or any State thereof (a "Foreign
Lender") shall deliver to Agent and Borrower (i) two valid, duly completed
copies of IRS Form W-8ECI and W-8BEN or successor applicable form, as the case
may be, and any other required form, certifying in each case that such Foreign
Lender is entitled to receive payments under this Agreement and the

                                      -16-

<PAGE>

Revolving Loan Notes payable to it without deduction or withholding of any
United States federal income taxes or with such withholding imposed at a reduced
rate (the "Reduced Rate"), or (ii) a valid, duly completed IRS Form W-8 or W-9
or successor applicable form, as the case may be, to establish an exemption from
United States backup withholding tax. Each such Lender shall also deliver to
Agent and Borrower two further copies of said Form W-8ECI or W-8BEN and W-8 or
W-9, or successor applicable forms, or other manner of required certification,
as the case may be, on or before the date that any such form expires or becomes
obsolete or otherwise is required to be resubmitted as a condition to obtaining
an exemption from a required withholding of United States federal income tax or
entitlement to having such withholding imposed at the Reduced Rate or after the
occurrence of any event requiring a change in the most recent form previously
delivered by it to Borrower and Agent, and such extensions or renewals thereof
as may reasonably be requested by Borrower and Agent, certifying (i) in the case
of a Form W-8ECI or W-8BEN that such Lender is entitled to receive payments
under this Agreement and the Revolving Loan Notes payable to it without
deduction or withholding of any United States federal income taxes, unless in
any such case any change in a tax treaty to which the United States is a party,
or any change in law or regulation of the United States or official
interpretation thereof has occurred after the Restatement Date and prior to the
date on which any such delivery would otherwise be required that renders all
such forms inapplicable or that would prevent such Foreign Lender from duly
completing and delivering any such form with respect to it, and such Foreign
Lender advises the Borrower and the Agent that it is not capable of receiving
payments without any deduction or withholding at the Reduced Rate, or (ii) in
the case of a Form W-8 or W-9, establishing an exemption from United States
backup withholding tax.

                  3.9.3    Affected Lenders. If Borrower receives a demand for
payments under this Section 3.9, so long as no Default or Event of Default shall
have occurred and be continuing and Borrower has obtained a commitment from
another Lender or other financial institution, acceptable to Agent in its
reasonable discretion, to become a Lender for all purposes under this Agreement
and to assume all obligations of the Lender to be replaced, at any time after
receipt of such demand for payments and while the circumstances causing LIBOR
not to be available continue, Borrower may require the Lender giving such notice
to assign all of its Loans, Revolving Loan Commitments and other Obligations to
such other Lender or financial institution pursuant to the provisions of
Subsection 11.9; provided that, prior to or concurrently with such replacement
(i) Borrower has paid to the Lender giving such demand for payments all
principal, interest, fees and other amounts due and owing to such Lender through
such date of replacement, (ii) Agent has received the processing and recordation
fee required to be paid by Subsection 11.9.1, and (iii) all of the requirements
for such assignment contained in Subsection 11.9, including, without limitation,
the receipt by Agent of an executed assignment and assumption agreement and
other supporting documents, have been fulfilled.

         3.10     Basis for Determining Interest Rate Inadequate or Unfair. In
the event that Agent shall have determined that:

                                    (i)      reasonable means do not exist for
                  ascertaining the LIBOR for any Interest Period; or

                                      -17-

<PAGE>

                                    (ii)     Dollar deposits in the relevant
                  amount and for the relevant maturity are not available in the
                  London interbank market with respect to a proposed LIBOR
                  Advance, or a proposed conversion of a Base Rate Advance into
                  a LIBOR Advance; then

Agent shall give Borrower prompt written, telephonic or electronic notice of the
determination of such effect. If such notice is given, (i) any such requested
LIBOR Advance shall be made as a Base Rate Advance, unless Borrower shall notify
Agent no later than 10:00 a.m. (Los Angeles time) two (2) Business Days prior to
the date of such proposed borrowing that the request for such borrowing shall be
canceled or made as an unaffected type of LIBOR Advance, and (ii) any Base Rate
Advance which was to have been converted to an affected type of LIBOR Advance
shall be continued as or converted into a Base Rate Advance, or, if Borrower
shall notify Agent, no later than 10:00 a.m. (Los Angeles time) two (2) Business
Days prior to the proposed conversion, shall be maintained as an unaffected type
of LIBOR Advance.

                        SECTION 4. TERM AND TERMINATION

         4.1      Term of Agreement. Subject to the right of Lenders to cease
making Loans to Borrower during the continuance of any Default or Event of
Default, this Agreement shall be in effect for the period from the Restatement
Date through and including February 11, 2008 (the "Term"), unless terminated as
provided in Section 4.2 hereof.

         4.2      Termination.

                  4.2.1    Termination by Lenders. Agent may, and at the
direction of Majority Lenders shall, terminate this Agreement without notice
upon or after the occurrence and during the continuance of an Event of Default.

                  4.2.2    Termination by Borrower. Upon at least 30 days prior
written notice to Agent and Lenders, Borrower may, at its option, terminate this
Agreement; provided, however, no such termination shall be effective until
Borrower has paid or collateralized to Agent's reasonable satisfaction all of
the Obligations in immediately available funds, all Letters of Credit and LC
Guaranties have expired, terminated or have been cash collateralized to Agent's
satisfaction and Borrower has complied with Subsection 3.2.5. Unless Majority
Lenders otherwise agree, any notice of termination given by Borrower shall be
irrevocable and no Lender shall have any obligation to make any Loans or issue
or procure any Letters of Credit or LC Guaranties on or after the termination
date stated in such notice. Borrower may elect to terminate this Agreement in
its entirety only. No section of this Agreement or type of Loan available
hereunder may be terminated singly.

                  4.2.3    In addition to any other fees or charges payable
hereunder, in the event that Borrower provides less than 30 days prior written
notice of termination of this Agreement as required by Section 4.2.2 (a) in
addition to any other amounts which are required to be paid to Agent or any
Lender under the Loan Documents, (i) Borrower agrees to pay to Agent (for the
ratable benefit of Lenders) an amount equal to the product of (A) (I) the
product of (X) the aggregate payoff amount of the Obligations times (Y) the
interest rates then applicable to the

                                      -18-

<PAGE>

Obligations, divided by (II) 360 times (B) the difference between 30 and the
number of days prior written notice of termination of this Agreement given by
Borrower to Agent and the Lenders.

         4.3      Effect of Termination. All of the Obligations shall be
immediately due and payable upon the termination date stated in any notice of
termination of this Agreement. All undertakings, agreements, covenants,
warranties and representations of Borrower contained in the Loan Documents shall
survive any such termination and Agent shall retain its Liens in the Collateral
and Agent and each Lender shall retain all of its rights and remedies under the
Loan Documents notwithstanding such termination until all Obligations (other
than Derivative Obligations) have been discharged or paid, in full, in
immediately available funds, including, without limitation, all Obligations
under Subsection 3.2.5 resulting from such termination. Notwithstanding the
foregoing or the payment in full of the Obligations, Agent shall not be required
to terminate its Liens in the Collateral unless, with respect to any loss or
damage Agent may incur as a result of dishonored checks or other items of
payment received by Agent from Borrower or any Account Debtor and applied to the
Obligations, Agent shall, at its option, (i) have received a written agreement
satisfactory to Agent, executed by Borrower and by any Person whose loans or
other advances to Borrower are used in whole or in part to satisfy the
Obligations, indemnifying Agent and each Lender from any such loss or damage or
(ii) have retained cash Collateral for such period of time as Agent, in its
reasonable discretion, may deem necessary to protect Agent and each Lender from
any such loss or damage.

                         SECTION 5. SECURITY INTERESTS

         5.1      Security Interest in Collateral. To secure the prompt payment
and performance to Agent and each Lender of the Obligations, Borrower hereby
confirms the grant to the Agent for the benefit of the Agent and each Lender of
the Liens contained in the Existing Loan Agreement and further grants to Agent
for the benefit of the Agent and each Lender a continuing Lien upon all of
Borrower's assets, including all of the following Property and interests in
Property of Borrower, whether now owned or existing or hereafter created,
acquired or arising and wheresoever located:

                                    (iii)    Accounts;

                                    (iv)     Certificated Securities;

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

                                    (vi)     Commercial Tort Claims;

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

                                      -19-

<PAGE>

                                    (viii)   Contract Rights;

                                    (ix)     Deposit Accounts;

                                    (x)      Documents;

                                    (xi)     Equipment;

                                    (xii)    Financial Assets;

                                    (xiii)   Fixtures;

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

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

                                    (xvi)    Instruments;

                                    (xvii)   Intellectual Property;

                                    (xviii)  Inventory;

                                    (xix)    Investment Property;

                                    (xx)     money (of every jurisdiction
                  whatsoever);

                                    (xxi)    Letter-of-Credit Rights;

                                    (xxii)   Payment Intangibles;

                                    (xxiii)  Security Entitlements;

                                    (xxiv)   Software;

                                    (xxv)    Supporting Obligations;

                                    (xxvi)   Uncertificated Securities; and

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

together with all books, records, writings, data bases, information and other
property relating to, used or useful in connection with, or evidencing,
embodying, incorporating or referring to any of the foregoing, and all Proceeds,
products, offspring, rents, issues, profits and returns of and from any of the
foregoing; provided that to the extent that the provisions of any lease or
license of Computer Hardware and Software or Intellectual Property expressly
prohibit

                                      -20-

<PAGE>

(which prohibition is enforceable under applicable law) any assignment
thereof, and the grant of security interest therein, Agent will not enforce its
security interest in Borrower's rights under such lease or license (other than
in respect of the Proceeds thereof) for so long as such prohibition continues,
it being understood that upon request of Agent, Borrower will in good faith use
reasonable efforts to obtain consent for the creation of a security interest in
favor of Agent (and to Agent's enforcement of such security interest) in Agent's
rights under such lease or license.

         5.2      Other Collateral.

                  5.2.1    Commercial Tort Claims. Borrower shall, and shall
cause its Subsidiaries to, promptly notify Agent in writing upon its obtaining
knowledge of the incurrence of or obtaining a Commercial Tort Claim after the
Restatement Date against any third party and, upon request of Agent, promptly
enter into an amendment to this Agreement or the Subsidiary Security Agreement,
as applicable, and do such other acts or things deemed appropriate by Agent to
give Agent a security interest in any such Commercial Tort Claim.

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

         5.3      Lien Perfection; Further Assurances. Borrower shall, and shall
cause its Subsidiaries to, execute such UCC-1 financing statements as are
required by the UCC and such other instruments, assignments or documents as are
necessary to perfect Agent's Lien upon any of the Collateral and shall take such
other action as may be required to perfect or to continue the perfection of
Agent's Lien upon the Collateral. Unless prohibited by applicable law, Borrower
hereby irrevocably authorizes Agent to execute (if required) and file any such
financing statements or amendments, including, without limitation, financing
statements that indicate the Collateral (i) as all assets of Borrower or its
Subsidiaries, as applicable, or words of similar effect, or (ii) as being of an
equal or lesser scope, or with greater or lesser detail, than as set forth in
Section 5.1, on Borrower's or the applicable Subsidiary's behalf. Borrower, on
behalf of itself and its Subsidiaries, also hereby ratifies its authorization
for Agent to have filed in any jurisdiction any like financing statements or
amendments thereto if filed prior to the date hereof. The parties agree that a
carbon, photographic or other reproduction of this Agreement shall be sufficient
as a financing statement and may be filed in

                                      -21-

<PAGE>

any appropriate office in lieu thereof. At Agent's request, Borrower shall, and
shall cause its Subsidiaries to, also promptly execute or cause to be executed
and shall deliver to Agent any and all documents, instruments and agreements
deemed necessary by Agent to give effect to or carry out the terms or intent of
the Loan Documents. Borrower shall, and shall cause its Subsidiaries to, mark
all Chattel Paper to note Agent's Liens therein.

         5.4      Lien on Realty. The due and punctual payment and performance
of the Obligations shall also be secured by the Lien created by Mortgages upon
all real property of Borrower and its Subsidiaries now or hereafter owned,
together with all improvements or Fixtures on such real property. Each Mortgage
shall be executed by Borrower or the applicable Subsidiary in favor of Agent.
Each Mortgage shall be duly recorded, at Borrower's expense, in each office
where such recording is required to constitute a fully perfected first Lien on
the real property covered thereby, together with all improvements or Fixtures on
such real property. On the Restatement Date, Borrower shall deliver to Agent, at
Borrower's expense, amendments to the Mortgages on the Specified Real Property
and mortgagee title insurance policies or endorsements thereto issued by a title
insurance company satisfactory to Agent, which policies shall be in form and
substance satisfactory to Agent and shall insure a valid first Lien in favor of
Agent, for the benefit of itself and the Lenders, on the real property covered
by each Mortgage, subject only to those exceptions acceptable to Agent and its
counsel. Borrower shall deliver to Agent such other documents, including,
without limitation, as-built survey prints of the real property, as Agent and
its counsel may request relating to the real property subject to the Mortgages.

                      SECTION 6. COLLATERAL ADMINISTRATION

         6.1      General.

                  6.1.1    Location of Collateral. All Collateral, other than
Inventory in transit, Inventory held pursuant to leases at a lessee's location
and motor vehicles, will at all times be kept by Borrower and Guarantors at one
or more of business locations set forth in Exhibit 6.1.1 hereto, as updated
pursuant to Section 6.3 hereof.

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

                                      -22-

<PAGE>

by said policy. Borrower agrees to deliver to Agent, promptly as rendered, true
copies of all reports made in any reporting forms to insurance companies. All
proceeds of business interruption insurance (if any) of Borrower and Guarantors
shall be remitted to Agent for application to the outstanding balance of the
Revolving Credit Loans.

                  Unless Borrower provides Agent with evidence of the insurance
coverage required by this Agreement, Agent may purchase insurance at Borrower's
expense to protect Agent's interests in the Properties of Borrower and
Guarantors. This insurance may, but need not, protect the interests of Borrower
and Guarantors. The coverage that Agent purchases may not pay any claim that
Borrower or any Guarantor makes or any claim that is made against Borrower or
any such Guarantor in connection with said Property. Borrower may later cancel
any insurance purchased by Agent, but only after providing Agent with evidence
that Borrower and Guarantors have obtained insurance as required by this
Agreement. If Agent purchases insurance, Borrower will be responsible for the
costs of that insurance, including interest and any other charges Agent may
impose in connection with the placement of insurance, until the effective date
of the cancellation or expiration of the insurance. The costs of the insurance
may be added to the Obligations. The costs of the insurance may be more than the
cost of insurance that Borrower and Guarantors may be able to obtain on their
own.

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

         6.2      Administration of Accounts.

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

                  6.2.2    Taxes. If an Account includes a charge for any tax
payable to any governmental taxing authority, Agent is authorized, in its sole
discretion, to pay the amount thereof to the proper taxing authority for the
account of Borrower or its Subsidiary and to charge Borrower therefore, except
for taxes that (i) are being actively contested in good faith and by appropriate
proceedings and with respect to which Borrower or such Subsidiary

                                      -23-

<PAGE>

maintains reasonable reserves on its books therefore and (ii) would not
reasonably be expected to result in any Lien other than a Permitted Lien. In no
event shall Agent or any Lender be liable for any taxes to any governmental
taxing authority that may be due by Borrower or any of its Subsidiaries or
Affiliates.

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

                  6.2.4    Maintenance of Dominion Account. Borrower shall, and
shall cause Guarantors to, maintain lockbox and blocked account arrangements
acceptable to Agent with such banks as may be selected by Borrower and be
acceptable to Agent, for direct deposit of payments and other remittances,
including, without limitation, payment on Accounts. Borrower shall, and at
Agent's discretion shall cause Guarantors to, also maintain a Dominion Account
or Accounts pursuant to lockbox and blocked account arrangements acceptable to
Agent with such banks as may be selected by Borrower and be acceptable to Agent.
Borrower or the applicable Guarantor shall issue to any such banks an
irrevocable letter of instruction directing such banks to deposit all payments
or other remittances received in the lockbox and blocked accounts to the
Dominion Account for application on account of the Obligations. All funds
deposited in any Dominion Account shall immediately become the property of
Agent, for the ratable benefit of Lenders, and Borrower or the applicable
Guarantor shall obtain the agreement by such banks in favor of Agent to waive
any offset rights against the funds so deposited. In the event that the
applicable bank is unwilling to waive such rights, Borrower shall, and shall
cause Guarantors to, upon Agent's request to do so, immediately transfer any
funds deposited in such bank accounts to a bank that will agree to waive such
rights. Agent assumes no responsibility for such lockbox and blocked account
arrangements, including, without limitation, any claim of accord and
satisfaction or release with respect to deposits accepted by any bank
thereunder.

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

                                      -24-

<PAGE>

         6.3      Records and Reports of Inventory, Machinery and Equipment.
Borrower shall, and shall cause its Subsidiaries to, keep records of its
Inventory and Equipment, which records shall be complete and accurate in all
material respects. Borrower shall furnish to Agent and Lenders updates of
Exhibit 6.1.1 and Inventory, and Equipment reports concurrently with the
delivery of each Borrowing Base Certificate described in Subsection 8.1.4 or
more frequently as requested by Agent, which reports will be in such other
format and detail as Agent shall request and shall include a current list of all
locations of Inventory, Machinery and Equipment of Borrower and Guarantors.
Borrower shall conduct a physical inventory of all container Inventory on
premises owned or leased by Borrower or any of its Subsidiaries no less
frequently than monthly and shall provide to Agent a report based on each such
physical inventory promptly thereafter, together with such supporting
information as Agent shall reasonably request.

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

         6.5      Appraisals. When reasonably requested by Agent, Borrower
shall, and cause Guarantors to, provide the following to Agent, with a copy to
any Lender which requests delivery of such reports: a report of Eligible
Container Fleet Inventory and Eligible Trailer Fleet Inventory by category and
by item (in detail), a report of Inventory, based upon a physical count, which
shall describe Inventory of Borrower and Guarantors by category and by item (in
detail) and report the then appraised value (at the lower of cost or orderly
liquidation value) of such Inventory, and a report of Equipment which shall
describe Borrower's and Guarantors' Equipment (in detail) and report the then
appraised value (at the lower of cost or orderly liquidation value) of such
Equipment. In addition, when requested by Agent after consultation with Borrower
regarding the scope and cost of any such appraisal, Borrower shall provide the
Lenders, at Borrower's expense, with appraisals or updates thereof of any or all
of the Collateral from an Appraiser. Unless an Event of Default has occurred and
is continuing or Borrower otherwise agrees, (i) the appraisals respecting
Inventory held for lease or sale shall be requested at least once, but not more
than once, during any twelve month period, other than appraisals of such
Inventory in connection with a Permitted Acquisition, and (ii) updated
certifications as to material changes in value since the most recent appraisal
shall be requested at least once, but not more than once, during any twelve
month period.

         6.6      Field Examinations. Agent shall conduct a field examination
twice per year or, if an Event of Default exists, more frequently at Agent's
discretion.

                                      -25-

<PAGE>

                   SECTION 7. REPRESENTATIONS AND WARRANTIES

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

                  7.1.1    Organization and Qualification. Borrower is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. Each of Borrower's Subsidiaries is a corporation,
limited partnership or limited liability company duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation or organization. Each of Borrower and each of its Subsidiaries is
duly qualified and is authorized to do business and is in good standing as a
limited liability company, limited partnership or corporation, as applicable, in
each state or jurisdiction listed on Exhibit 7.1.1 hereto and in all other
states and jurisdictions in which the failure of Borrower or any of its
Subsidiaries to be so qualified would reasonably be expected to have a Material
Adverse Effect.

                  7.1.2    Power and Authority. Borrower and each Guarantor is
duly authorized and empowered to enter into, execute, deliver and perform this
Agreement and each of the other Loan Documents and Senior Note Documents to
which it is a party. The execution, delivery and performance of this Agreement
and each of the other Loan Documents and Senior Note Documents have been duly
authorized by all necessary corporate or other relevant action and do not and
will not (i) require any consent or approval of the shareholders of Borrower or
any of the shareholders, partners or members, as the case may be, of any
Guarantor; (ii) contravene Borrower's or any Guarantors' charter, articles or
certificate of incorporation, partnership agreement, certificate of formation,
by-laws, limited liability company agreement, operating agreement or other
organizational documents (as the case may be); (iii) violate, or cause Borrower
or any Guarantor to be in default under, any provision of any law, rule,
regulation, order, writ, judgment, injunction, decree, determination or award in
effect having applicability to Borrower or any Guarantor; (iv) result in a
breach of or constitute a default under any indenture or loan or credit
agreement or any other agreement, lease or instrument to which Borrower or any
Guarantor is a party or by which it or its Properties may be bound or affected;
or (v) result in, or require, the creation or imposition of any Lien (other than
Permitted Liens) upon or with respect to any of the Properties now owned or
hereafter acquired by Borrower or any Guarantor.

                  7.1.3    Legally Enforceable Agreement. This Agreement is, and
each of the other Loan Documents when delivered under this Agreement will be, a
legal, valid and binding obligation of each of Borrower and each Guarantor party
thereto, enforceable against it in accordance with its respective terms, except
as limited by applicable bankruptcy or insolvency laws, and by general
principles of equity.

                  7.1.4    Capital Structure. Exhibit 7.1.4 hereto states, as of
the date hereof, (i) the correct name of each of the Subsidiaries of Borrower,
its jurisdiction of incorporation or organization and the percentage of its
Voting Stock owned by Borrower or a Subsidiary of Borrower, (ii) the name of
each of Borrower's and each Guarantors' corporate or joint venture relationships
and the nature of the relationship, (iii) the number and nature of all
outstanding

                                      -26-

<PAGE>

Securities of Borrower and the number, nature and holder of Securities of each
Guarantor and (iv) the number of issued and treasury Securities of Borrower.
Borrower and each Guarantor has good title to all of the Securities it purports
to own of each of such Subsidiaries, free and clear in each case of any Lien
other than Permitted Liens. All such Securities have been duly issued and are
fully paid and non-assessable. As of the date hereof, there are no outstanding
options to purchase, or any rights or warrants to subscribe for, or any
commitments or agreements to issue or sell any Securities or obligations
convertible into, or any powers of attorney relating to any Securities of any of
Borrower's direct or indirect Subsidiaries. Except as set forth on Exhibit
7.1.4, as of the date hereof, there are no outstanding agreements or instruments
binding upon any of Borrower's or any of Guarantors' partners, members or
shareholders, as the case may be, relating to the ownership of its Securities.

                  7.1.5    Names. Neither Borrower nor any Guarantor has been
known as or has used any legal, fictitious or trade names except those listed on
Exhibit 7.1.5 hereto as such Exhibit may be amended in connection with a
Permitted Acquisition. Except as set forth on Exhibit 7.1.5 or in connection
with an Acquisition permitted hereunder consummated after the date hereof,
neither Borrower nor any Guarantor has been the surviving entity of a merger or
consolidation or has acquired all or substantially all of the assets of any
Person. Borrower's and each Guarantors' respective states of incorporation or
organization, Type of Organization and Organizational I.D. Number are set forth
on Exhibits 7.1.4 and 7.1.5, as such Exhibits may be amended in connection with
a Permitted Acquisition. The respective exact legal names of Borrower and each
Guarantor are set forth on Exhibit 7.1.5, as such Exhibit may be amended in
connection with a Permitted Acquisition.

                  7.1.6    Business Locations; Agent for Process. Each of
Borrower's and each Guarantor's chief executive office and other places of
business are as listed on Exhibit 6.1.1 hereto, as updated from time to time by
Borrower. During the preceding one-year period, neither Borrower nor any
Guarantor has had an office or place of business other than as listed on Exhibit
6.1.1. All tangible Collateral is and will at all times be kept by Borrower and
Guarantors in accordance with Subsection 6.1.1. Except as shown on Exhibit
6.1.1, as of the date hereof, no Inventory is stored with a bailee, distributor,
warehouseman or similar party, nor is any Inventory consigned to any Person.

                  7.1.7    Title to Properties; Priority of Liens. Borrower and
each Guarantor has good, indefeasible and marketable title to and fee simple
ownership of, or valid and subsisting leasehold interests in, all of its real
Property, and good title to all of the Collateral and all of its other Property,
in each case, free and clear of all Liens except Permitted Liens. Borrower and
each Guarantor has paid or discharged all lawful claims which, if unpaid, might
become a Lien against any of Borrower's or such Guarantors' Properties that is
not a Permitted Lien. The Liens granted to Agent under Section 5 hereof and
under the Security Documents are first priority Liens, subject only to Permitted
Liens.

                  7.1.8    Accounts. Agent may rely, in determining which
Accounts are Eligible Accounts, on all statements and representations made by
Borrower with respect to any Account or Accounts of Borrower or any Guarantor.
With respect to each of such Accounts, whether or not such Account is an
Eligible Account, unless otherwise disclosed to Agent in writing:

                                      -27-

<PAGE>

                                    (xxviii) It is genuine and in all respects
                  what it purports to be, and it is not evidenced by a judgment;

                                    (xxix)   It arises out of a completed, bona
                  fide sale and delivery of goods or rendition of services by
                  Borrower or the applicable Guarantor, in the ordinary course
                  of its business and in accordance with the terms and
                  conditions of all purchase orders, contracts or other
                  documents relating thereto and forming a part of the contract
                  between Borrower or the applicable Guarantor and the Account
                  Debtor and the Account Debtor is not an Affiliate of Borrower
                  or any Guarantor;

                                    (xxx)    It is for a liquidated amount
                  maturing as stated in the duplicate invoice covering such sale
                  or rendition of services;

                                    (xxxi)   There are no facts, events or
                  occurrences which in any way impair the validity or
                  enforceability of any Accounts or tend to reduce the amount
                  payable thereunder from the face amount of the invoice and
                  statements delivered or made available to Agent with respect
                  thereto;

                                    (xxxii)  To Borrower's knowledge, the
                  Account Debtor thereunder (1) had the capacity to contract at
                  the time any contract or other document giving rise to the
                  Account was executed and (2) such Account Debtor is Solvent;
                  and

                                    (xxxiii) To Borrower's knowledge, there are
                  no proceedings or actions which are threatened or pending
                  against the Account Debtor thereunder which might result in
                  any material adverse change in such Account Debtor's financial
                  condition or the collectibility of such Account (other than
                  non-material disputes involving de minimis amounts arising in
                  the ordinary course of business).

                  7.1.9    Equipment. The Equipment of Borrower and Guarantors
is in good operating condition and repair.

                  7.1.10   Financial Statements; Fiscal Year. The Consolidated
balance sheets of Borrower and its Subsidiaries (including the accounts of all
Subsidiaries of Borrower and their respective Subsidiaries for the respective
periods during which a Subsidiary relationship existed) as of March 31, 2003 and
the related statements of income and cash flows for the periods ended on such
dates, except for the absence of footnote disclosures and normal year-end
adjustments, have been prepared in accordance with GAAP, and present fairly in
all material respects the financial positions of Borrower and such Persons,
taken as a whole, at such dates and the results of Borrower's and such Persons'
operations, taken as a whole, for such periods. As of the date hereof, since
December 31, 2002, there has been no material adverse change in the financial
position of Borrower and such other Persons, taken as a whole, as reflected in
the Consolidated balance sheet as of such date. As of the date hereof, the
fiscal year of Borrower and each such Persons ends on December 31 of each year.

                                      -28-

<PAGE>

                  7.1.11   Full Disclosure. The financial statements referred to
in Subsection 7.1.10 hereof do not, nor does this Agreement or any other written
statement of Borrower to Agent or any Lender, contain any untrue statement of a
material fact or omit a material fact necessary to make the statements contained
therein or herein not misleading. There is no fact which Borrower has failed to
disclose to Agent or any Lender in writing which would reasonably be expected to
have a Material Adverse Effect.

                  7.1.12   Solvent Financial Condition. Each of Borrower and
each Guarantor, is now and, after giving effect to the Loans to be made and the
Letters of Credit and LC Guaranties to be issued hereunder and all related
transactions, will be, Solvent.

                  7.1.13   Surety Obligations. Except as set forth on Exhibit
7.1.13, as of the date hereof, neither Borrower nor any Guarantor is obligated
as surety or indemnitor under any surety or similar bond or other contract
issued or entered into to assure payment, performance or completion of
performance of any undertaking or obligation of any Person.

                  7.1.14   Identification Numbers; Taxes. Borrower's federal tax
identification number is 86-0748362. The federal tax identification number of
each Subsidiary of Borrower is shown on Exhibit 7.1.14 hereto, as updated from
time to time. Borrower and each of its Subsidiaries has filed all federal, state
and local tax returns and other reports relating to taxes it is required by law
to file, except where the failure to so file would not reasonably be expected to
have a Material Adverse Effect, and has paid, or made provision for the payment
of, all taxes, assessments, fees, levies and other governmental charges upon it,
its income and Properties as and when such taxes, assessments, fees, levies and
charges are due and payable, unless and to the extent any thereof are being
diligently contested in good faith and by appropriate proceedings and Borrower
and each of its Subsidiaries maintains reasonable reserves on its books
therefor. The provision for taxes on the books of Borrower and its Subsidiaries
is adequate for all years not closed by applicable statutes, and for the current
fiscal year.

                  7.1.15   Brokers. Except as shown on Exhibit 7.1.15 hereto,
there are no claims for brokerage commissions, finder's fees or investment
banking fees in connection with the transactions contemplated by this Agreement.

                  7.1.16   Patents, Trademarks, Copyrights and Licenses.
Borrower and each Guarantor owns, possesses or licenses or has the right to use
all the patents, trademarks, service marks, trade names, copyrights, licenses
and other Intellectual Property necessary for the present and planned future
conduct of its business without any known conflict with the rights of others,
except for such conflicts as would not reasonably be expected to have a Material
Adverse Effect. All such patents, trademarks, service marks, tradenames,
copyrights, licenses, and Intellectual Property are listed on Exhibit 7.1.16
hereto. No claim has been asserted to Borrower or any Guarantor which is
currently pending that their use of their Intellectual Property or the conduct
of their business does or may infringe upon the Intellectual Property rights of
any third party. To the knowledge of Borrower and except as set forth on Exhibit
7.1.16 hereto, as of the date hereof, no Person is engaging in any activity that
infringes in any material respect upon Borrower's or any of its Subsidiaries'
material Intellectual Property. Except as set forth on Exhibit 7.1.16, each of
Borrower's and each

                                      -29-

<PAGE>

Guarantors' (i) material trademarks, service marks, and copyrights are
registered with the U.S. Patent and Trademark Office or in the U.S. Copyright
Office, as applicable and (ii) material license agreements and similar
arrangements relating to its Inventory (1) permits, and does not restrict, the
assignment by Borrower or any Guarantors to Agent, or any other Person
designated by Agent, of all of Borrower's or such Guarantor's, as applicable,
rights, title and interest pertaining to such license agreement or such similar
arrangement and (2) would permit the continued use by Borrower or such
Guarantor, or Agent or its assignee, of such license agreement or such similar
arrangement and the right to sell Inventory subject to such license agreement
for a period of no less than 6 months after a default or breach of such
agreement or arrangement. The consummation and performance of the transactions
and actions contemplated by this Agreement and the other Loan Documents,
including without limitation, the exercise by Agent of any of its rights or
remedies under Section 10, will not result in the termination or impairment of
any of Borrower's or any Guarantors' ownership or rights relating to its
Intellectual Property, except for such Intellectual Property rights the loss or
impairment of which would not reasonably be expected to have a Material Adverse
Effect. Except as listed on Exhibit 7.1.16 and except as would not reasonably be
expected to have a Material Adverse Effect, (i) neither Borrower nor any
Guarantor is in breach of, or default under, any term of any license or
sublicense with respect to any of its Intellectual Property and (ii) to the
knowledge of Borrower, no other party to such license or sublicense is in breach
thereof or default thereunder, and such license is valid and enforceable.

                  7.1.17   Governmental Consents. Borrower and each of its
Subsidiaries has, and is in good standing with respect to, all governmental
consents, approvals, licenses, authorizations, permits, certificates,
inspections and franchises necessary to continue to conduct its business as
heretofore or proposed to be conducted by it and to own or lease and operate its
Properties as now owned or leased by it.

                  7.1.18   Compliance with Laws. Borrower and each of its
Subsidiaries has duly complied in all material respects with, and its
Properties, business operations and leaseholds are in compliance in all material
respects with, the provisions of all federal, state and local laws, rules and
regulations applicable to Borrower or such Subsidiary, as applicable, its
Properties or the conduct of its business, and there have been no citations,
notices or orders of noncompliance issued to Borrower or any of its Subsidiaries
under any such law, rule or regulation. Borrower and each of its Subsidiaries
has established and maintains an adequate monitoring system to insure that it
remains in compliance in all material respects with all federal, state and local
rules, laws and regulations applicable to it. No Inventory has been produced by
Borrower or any of its Subsidiaries in violation of the Fair Labor Standards Act
(29 U.S.C. Section 201 et seq.), as amended.

                  7.1.19   Restrictions. Neither Borrower nor any Guarantor is a
party or subject to any contract or agreement which restricts its right or
ability to incur Indebtedness, other than as set forth on Exhibit 7.1.19 hereto,
none of which prohibit the execution of or compliance with this Agreement or the
other Loan Documents by Borrower or any Guarantor, as applicable. Except as
permitted in the Loan Agreement, none of the Collateral is subject to
contractual obligations that may restrict or inhibit Agent's rights or abilities
to sell or dispose of the Collateral or any part thereof after the occurrence
and during the continuance of an Event of Default.

                                      -30-

<PAGE>

                  7.1.20   Litigation. Except as set forth on Exhibit 7.1.20
hereto, there are no actions, suits, proceedings or investigations pending, or
to the knowledge of Borrower, threatened, against or involving Borrower or any
of its Subsidiaries, or the business, operations, Properties, prospects, profits
or condition of Borrower or any of its Subsidiaries which, singly or in the
aggregate, would reasonably be expected to have a Material Adverse Effect.
Neither Borrower nor any of its Subsidiaries is in default with respect to any
order, writ, injunction, judgment, decree or rule of any court, governmental
authority or arbitration board or tribunal, which, singly or in the aggregate,
would reasonably be expected to have a Material Adverse Effect.

                  7.1.21   No Defaults. No event has occurred and no condition
exists which would, upon or after the execution and delivery of this Agreement
or Borrower's performance hereunder, constitute a Default or an Event of
Default. Neither Borrower nor any Guarantor is in default in (and no event has
occurred and no condition exists which constitutes, or which the passage of time
or the giving of notice or both would constitute, a default in) the payment of
any Indebtedness to any Person for Funded Debt in excess of the lesser of
$1,000,000 or that amount which would have a Material Adverse Effect. All
Obligations constitute Indebtedness permitted under the Senior Note Indenture
and the other Senior Note Documents.

                  7.1.22   Leases. Exhibit 7.1.22 hereto is a complete listing
of all capitalized and operating personal property leases of Borrower and
Guarantors and all real property leases of Borrower and Guarantors. Borrower and
each Guarantor is in full compliance with all of the terms of each of its
respective capitalized and operating leases, except where the failure to so
comply would not reasonably be expected to have a Material Adverse Effect.

                  7.1.23   Pension Plans. Except as disclosed on Exhibit 7.1.23
hereto, neither Borrower nor any of its Subsidiaries has any Plan. Borrower and
each of its Subsidiaries is in compliance with the requirements of ERISA and the
regulations promulgated thereunder with respect to each Plan, except where the
failure to so comply would not reasonably be expected to have a Material Adverse
Effect. No fact or situation that would reasonably be expected to result in a
material adverse change in the financial condition of Borrower and Guarantors
exists in connection with any Plan. Neither Borrower nor any Guarantor has any
material withdrawal liability in connection with a Multiemployer Plan.

                  7.1.24   Trade Relations. Except as set forth on Exhibit
7.1.24, there exists no actual or, to Borrower's knowledge, threatened
termination, cancellation or limitation of, or any modification or change in,
the business relationship between Borrower or any Guarantor and any customer or
any group of customers whose purchases individually or in the aggregate are
material to the business of Borrower and Guarantors (taken as a whole), or with
any material supplier, except in each case, where the same would not reasonably
be expected to have a Material Adverse Effect, and there exists no present
condition or state of facts or circumstances which would prevent Borrower or any
Guarantor from conducting such business after the consummation of the
transaction contemplated by this Agreement in substantially the same manner in
which it has heretofore been conducted.

                                      -31-

<PAGE>

                  7.1.25   Labor Relations. Except as described on Exhibit
7.1.25 hereto, as of the date hereof, neither Borrower nor any of its
Subsidiaries is a party to any collective bargaining agreement covering any
material number of employees. There are no material grievances, disputes or
controversies with any union or any other organization of Borrower's or any of
its Subsidiaries' employees, or threats of strikes, work stoppages or any
asserted pending demands for collective bargaining by any union or organization,
except those that would not reasonably be expected to have a Material Adverse
Effect.

         7.2      Continuous Nature of Representations and Warranties. Each
representation and warranty contained in this Agreement and the other Loan
Documents shall be continuous in nature and shall remain accurate, complete in
all material respects and not misleading at all times during the term of this
Agreement (on each day as if made on and as of such date, except to the extent
that any representation and warranty is made only as of a specified date, in
which case it shall have been true and correct as of such date), except for
changes in the nature of Borrower's or one of Borrower's Subsidiary's business
or operations that would render the information in any exhibit attached hereto
or to any other Loan Document either inaccurate, incomplete or misleading, so
long as Majority Lenders have consented to such changes or such changes are
expressly permitted by this Agreement.

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

                 SECTION 8. COVENANTS AND CONTINUING AGREEMENTS

         8.1      Affirmative Covenants. During the Term, and thereafter for so
long as there are any Obligations outstanding, Borrower covenants that, unless
otherwise consented to by Majority Lenders, in writing, it shall:

                  8.1.1    Visits and Inspections; Lender Meeting. Permit
representatives of Agent, and during the continuation of any Default or Event of
Default any Lender, from time to time, as often as may be reasonably requested,
but only during normal business hours, to visit and inspect the Properties of
Borrower and each of its Subsidiaries, inspect, audit and make extracts from its
books and records, and discuss with its officers, its employees and its
independent accountants, Borrower's and each of its Subsidiaries' business,
assets, liabilities, financial condition, business prospects and results of
operations. Agent, if no Default or Event of Default then exists, shall give
Borrower reasonable prior notice of any such inspection or audit. Without
limiting the foregoing, Borrower will participate and will cause its key
management personnel to participate in a meeting with Agent and Lenders at least
once during each year or more frequently, as Agent may reasonably request
(except that during the continuation of an Event of Default such meetings may be
held more frequently as requested by Agent or Majority Lenders), which
meeting(s) shall be held at such times and such places as may be reasonably
requested by Agent.

                                      -32-

<PAGE>

                  8.1.2    Notices.

                  (a)      Promptly notify Agent in writing of the occurrence of
any event or the existence of any fact that, in either case, is known to
Borrower, which renders any representation or warranty in this Agreement or any
of the other Loan Documents inaccurate, incomplete or misleading in any material
respect as of the date made or remade. In addition, Borrower agrees to provide
Agent with (i) 10 Business Days' prior written notice of (1) any change in the
legal name of Borrower or any Guarantor, (2) the adoption by Borrower or any
Guarantor of any new fictitious name or tradename and (3) any change in the
chief executive office of Borrower or any Guarantor, and (ii) prompt written
notice of any change in the information disclosed in any Exhibit hereto, in each
case after giving effect to the materiality limits and Material Adverse Effect
qualifications contained therein.

                  (b)      Promptly, and in any event within ten (10) Business
Days after the Borrower or any of its Subsidiaries becomes aware that a
Reportable Event involving a claim against, or possible liability of, the
Borrower of at least $250,000 has occurred, a written statement of the chief
financial officer of the Borrower describing such Reportable Event and any
action that is being taking with respect thereto by the Borrower or any such
Subsidiary, and any action taken or threatened by the Internal Revenue Service,
Department of Labor or Pension Benefit Guaranty Corporation.

                  (c)      Promptly, and in any event within ten (10) Business
Days after receipt by the Borrower or any of its Subsidiaries of any notice,
complaint or order alleging actual or prospective violation of any
environmental, health or safety Legal Requirement by the Borrower or any of its
Subsidiaries or alleging responsibility of the Borrower or any of its
Subsidiaries for costs of a cleanup, together with a copy of such notice,
complaint, or order and a written statement describing any action being taken
with respect thereto by the Borrower or any such Subsidiary.

                  8.1.3    Financial Statements. Keep, and cause each of its
Subsidiaries to keep, adequate records and books of account with respect to its
business activities in which proper entries are made in accordance with
customary accounting practices reflecting all its financial transactions; and
cause to be prepared and furnished to Agent and each Lender, the following, all
to be prepared in accordance with GAAP applied on a consistent basis, unless
Borrower's certified public accountants concur in any change therein and such
change is disclosed to Agent and is consistent with GAAP:

                  (i) as soon as available, but not later than 90 days after the
close of each fiscal year of Borrower, unqualified (except for a qualification
for a change in accounting principles with which the accountant concurs) audited
financial statements (including, but not limited to, balance sheet, income
statement and statement of cash flows) of Borrower and its Subsidiaries as of
the end of such year, on a Consolidated basis, certified by a firm of
independent certified public accountants of recognized standing selected by
Borrower but reasonably acceptable to Agent, together with unaudited
consolidating balance sheets, income statements and statements of cash flows
and, within a reasonable time thereafter a copy of any management letter issued
in connection therewith;

                                      -33-

<PAGE>

                  (ii)     as soon as available, but not later than 30 days
after the end of each month hereafter, including the last month of Borrower's
fiscal year, unaudited interim financial statements (including, but not limited
to, balance sheet, income statement and statement of cash flows) of Borrower and
its Subsidiaries as of the end of such month and of the portion of the fiscal
year then elapsed, on a Consolidated basis, certified by the principal financial
officer of Borrower as prepared in accordance with GAAP and fairly presenting in
all material respects the financial position and results of operations of
Borrower and its Subsidiaries for such month and period subject only to changes
from audit and year-end adjustments and except that such statements need not
contain notes and, at Agent's request, unaudited interim financial statements on
a consolidating basis, in a form consistent with Borrower's historical practices
of preparation of consolidating financial statements;

                  (iii)    as soon as available, but not later than 45 days
after the end of each fiscal quarter of Borrower, including the last quarter of
Borrower's fiscal year, unaudited quarterly financial statements (including, but
not limited to, balance sheet, income statement and statement of cash flows) of
Borrower and its Subsidiaries as of the end of such fiscal quarter, on a
Consolidated basis, certified by the principal financial officer of Borrower as
prepared in accordance with GAAP and fairly presenting in all material respects
the financial position and results of operations of Borrower and its
Subsidiaries for such fiscal quarter and period subject only to changes from
audit and year-end adjustments and except that such statements need not contain
notes and, at Agent's request, unaudited interim financial statements on a
consolidating basis, in a form consistent with Borrower's historical practices
of preparation of consolidating financial statements;

                  (iv)     together with each delivery of financial statements
pursuant to clauses (i) and (iii) of this Subsection 8.1.3, a management report
(1) setting forth in comparative form the corresponding figures for the
corresponding periods of the previous fiscal year and the corresponding figures
from the most recent Projections for the current fiscal year delivered pursuant
to Subsection 8.1.8 and (2) identifying the reasons for any significant
variations. The information above shall be presented in reasonable detail and
shall be certified by the chief financial officer of Borrower to the effect that
such information fairly presents in all material respects the results of
operations and financial condition of Borrower and its Subsidiaries as at the
dates and for the periods indicated;

                  (v)      promptly after the sending or filing thereof, as the
case may be, copies of Borrower's Forms 10Q and 10K and any proxy statements or
financial statements which Borrower has made available to its Securities holders
and copies of any regular, periodic and special reports or registration
statements which Borrower or any of its Subsidiaries files with the Securities
and Exchange Commission or any governmental authority which may be substituted
therefore, or any national securities exchange;

                  (vi)     upon request of Agent, copies of any annual report to
be filed with ERISA in connection with each Plan; and

                  (vii)    such other data and information (financial and
otherwise) as Agent or any Lender, from time to time, may reasonably request,
bearing upon or related to the

                                      -34-

<PAGE>

Collateral or Borrower's or any of its Subsidiaries' financial condition or
results of operations.

                  Concurrently with the delivery of the financial statements
described in paragraph (i) of this Subsection 8.1.3, Borrower shall forward to
Agent a copy of the accountants' letter to Borrower's management that is
prepared in connection with such financial statements and also shall cause to be
prepared and shall furnish to Agent a certificate of the aforesaid certified
public accountants certifying to Agent that, based upon their examination of the
financial statements of Borrower and its Subsidiaries performed in connection
with their examination of said financial statements, they are not aware of any
Default or Event of Default, or, if they are aware of such Default or Event of
Default, specifying the nature thereof. Concurrently with the delivery of the
financial statements described in paragraph (i) and (iii) of this Subsection
8.1.3, or more frequently if reasonably requested by Agent, Borrower shall cause
to be prepared and furnished to Agent a Compliance Certificate in the form of
Exhibit 8.1.3 hereto executed by the Chief Financial Officer of Borrower.

                  8.1.4    Borrowing Base Certificates. On or before the 15th
calendar day of each month and at any other time requested by Agent or Majority
Lenders from and after the date hereof, deliver to Agent and, at the request of
any Lender, to such Lender a Borrowing Base Certificate as of the last day of
the immediately preceding month (or as of such other date as Agent may
reasonably request), with such supporting materials as Agent shall reasonably
request.

                  8.1.5    Landlord, Processor and Storage Agreements. Provide
Agent on request with copies of all agreements between Borrower or any Guarantor
and any landlord, processor, distributor, warehouseman or consignee which owns
any premises at which any Collateral may, from time to time, be kept.

                  8.1.6    Collateral Access Agreements. Deliver or cause to be
delivered to Agent satisfactory Collateral Access Agreements from landlords and
bailees covering at least eighty percent (80%) of the book value of Inventory of
Borrower and its Subsidiaries at locations owned or leased by Borrower or any of
its Subsidiaries at which such Inventory is maintained when not leased to
customers.

                  8.1.7    Guarantor Financial Statements. Deliver or cause to
be delivered to Agent financial statements, if any, for each Guarantor (to the
extent not consolidated with the financial statements delivered to Agent under
Subsection 8.1.3) in form and substance satisfactory to Agent at such intervals
and covering such time periods as Agent may request.

                  8.1.8    Projections. No later than 15 days after the end of
each fiscal year of Borrower and, promptly following completion of any Permitted
Acquisition with a purchase price of $10,000,000 or more or for which
Acquisition and all other Permitted Acquisitions completed since the last
delivery under this Subsection 8.1.8 the aggregate purchase prices exceed
$10,000,000, deliver to Agent Projections of Borrower and each of its
Subsidiaries for the forthcoming three (3) fiscal years, month by month
(including, but not limited to,

                                      -35-

<PAGE>

projected balance sheets, income statements, statements of cash flows and
Availability and calculations of projected covenant compliance).

                  8.1.9    Subsidiaries. Cause each Subsidiary of Borrower,
whether now or hereafter in existence, promptly upon Agent's request therefore,
to execute and deliver to Agent a Guaranty Agreement and a security agreement
pursuant to which such Subsidiary guaranties the payment of all Obligations and
grants to Agent for the benefit of Lenders a first priority Lien (subject only
to Permitted Liens) on all of its Properties of the types described in
Subsection 5.1. Additionally, Borrower and each Subsidiary shall execute and
deliver to Agent a Pledge Agreement (or an amendment thereto) pursuant to which
Borrower or such Subsidiary grants to Agent for the benefit of the Lenders a
first priority Lien (subject only to Permitted Liens) with respect to all of the
issued and outstanding Securities of each such Subsidiary.

                  8.1.10   [intentionally omitted]

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

                  8.1.12   Maintenance of Equipment. Make or cause to be made
all necessary replacements of and repairs to Equipment so that the operating
efficiency thereof shall be maintained and preserved, reasonable wear and tear
excepted, except where the failure to so maintain the same would not reasonably
be expected to have a Material Adverse Effect. Borrower will not, and will not
allow any Guarantors to, permit any Equipment to become affixed to any real
Property leased to Borrower or any Guarantor so that an interest arises therein
under the real estate laws of the applicable jurisdiction unless the landlord of
such real Property has executed a landlord waiver or leasehold mortgage in favor
of and in form reasonably acceptable to Agent, and Borrower will not permit, nor
will it allow any Guarantor to permit, any of the Equipment of Borrower or any
Guarantor to become an accession to any personal Property other than Equipment
that is subject to first priority (except for Permitted Liens) Liens in favor of
Agent.

                  8.1.13   Environmental Reports. Prior to inclusion of any
Specified Real Property in the Borrowing Base, provide Agent with environmental
reports, in form and substance satisfactory to Agent and Majority Lenders and
from a firm satisfactory to Agent, relating to the properties owned by Borrower
or any of its Subsidiaries.

                                      -36-
<PAGE>

         8.2      Negative Covenants. During the Term, and thereafter for so
long as there are any Obligations outstanding, Borrower covenants that, unless
otherwise consented to by Majority Lenders, in writing:

                  8.2.1    Capital Expenditures. Borrower and its Subsidiaries
shall not make payments for Capital Expenditures (net of sales of Eligible
Container Fleet Inventory) in excess of $115,000,000 in any fiscal year;
provided, that as long as no Event of Default shall have occurred and be
continuing, Borrower and its Subsidiaries may carry forward and add to the next
year's limitation amount (but not beyond such next year) the unused portion of
the limitation on Capital Expenditures for the prior year, up to a maximum of
one hundred percent (100%) of the prior year's limitation amount; and provided,
further, that the amount set forth in this Subsection 8.2.1 shall be increased
by an amount equal to three hundred percent (300%) of the net cash proceeds
received by Borrower from any sale of equity Securities of Borrower less such
amount of such net cash proceeds used to redeem or repurchase Senior Notes in
compliance with this Agreement (the "CapEx Equity Increase"), and the unused
portion of any CapEx Equity Increase may be carried forward to any subsequent
fiscal year. Borrower and its Subsidiaries shall not make any Capital
Expenditures that are not directly related to the business conducted on the
Original Closing Date by Borrower and its Subsidiaries.

                  8.2.2    Additional Indebtedness. Neither Borrower nor any of
its Subsidiaries shall directly or indirectly incur, create, assume or suffer to
exist any Indebtedness other than:

                  (a)      Indebtedness under the Loan Documents and Derivative
Obligations under which a Lender (or its Affiliate) is the counterparty incurred
in the ordinary course of business;

                  (b)      Unsecured Derivative Obligations incurred in the
ordinary course of business;

                  (c)      Indebtedness described on Exhibit 8.2.2, and any
refinancing of such Indebtedness, so long as the aggregate principal amount of
the Indebtedness so refinanced shall not be increased and the refinancing shall
be on terms and conditions no more restrictive than the terms and conditions of
the Indebtedness to be refinanced;

                  (d)      Indebtedness, including Capitalized Lease
Obligations, secured by purchase money liens on or respecting Equipment the
title to or leasehold interest in which is acquired after the Original Closing
Date, not to exceed $2,500,000 in the aggregate (irrespective of when due)
outstanding at any one time ("Purchase Money Liens and Leases") so long as each
Purchase Money Lien or Lease shall attach or relate only to the property to be
acquired or the acquisition cost of which is financed through leasing, a
description shall have been furnished to Agent for any item of equipment for
which the purchase price (whether payable by Borrower or the lessor thereof) is
greater than $50,000 and the principal amount of the debt incurred (including
the principal component of lease payments) shall not exceed one hundred percent
(100%) of the purchase price of the item or items of equipment;

                                      -37-

<PAGE>

                  (e)      Indebtedness consisting of loans or advances by
Borrower to a Guarantor or by a Guarantor to Borrower or another Guarantor;
provided that all such loans and advances are evidenced by a promissory note,
which is pledged to Agent;

                  (f)      the Senior Notes; and

                  (g)      Indebtedness (other than Indebtedness under this
Agreement) incurred to finance insurance premiums, not to exceed $2,500,000 in
any fiscal year.

                  8.2.3    Liens. Neither Borrower nor any of its Subsidiaries
shall directly or indirectly create, incur, assume, or suffer to exist any Lien
on any of its property now owned or hereafter acquired except:

                  (a)      Liens granted to Agent for the benefit of the Lenders
under the Security Documents to secure the Obligations;

                  (b)      Liens listed on Exhibit 8.2.3;

                  (c)      Liens for taxes not yet due or being contested in
good faith and by appropriate proceedings to the extent permitted under this
Agreement;

                  (d)      Purchase Money Liens and Leases;

                  (e)      Liens of warehousemen, mechanics, materialmen,
workers, repairmen, common carriers, or landlords, liens for taxes, assessments
or other governmental charges, and other similar Liens arising by operation of
law for amounts that are not yet due and payable or which are being diligently
contested in good faith by Borrower or a Guarantor, and for which adequate
reserves are maintained by Borrower for their payment;

                  (f)      Attachment or judgment Liens not to exceed an
aggregate of $500,000 (other than the Nuko Judgment) excluding in each case
amounts (i) bonded to the reasonable satisfaction of Agent or (ii) covered by
insurance to the reasonable satisfaction of Agent;

                  (g)      Deposits or pledges to secure obligations under
worker's compensation, social security or similar laws, or under unemployment
insurance, not to exceed an aggregate of $1,500,000;

                  (h)      Deposits or pledges to secure bids, tenders,
contracts (other than contracts for the payment of money), leases, statutory
obligations, surety and appeal bonds and other obligations of like nature
arising in the ordinary course of business not to exceed an aggregate of
$1,000,000;

                  (i)      Easements, rights-of-way, restrictions and other
similar encumbrances incurred in the ordinary course of business which, in the
aggregate, are not substantial in amount and which do not materially detract
from the value of the property subject thereto or materially interfere with the
ordinary conduct of the business of Borrower or any of its Subsidiaries;

                                      -38-

<PAGE>

                  (j)      Extensions and renewals of any of the foregoing so
long as the aggregate amount of extended or renewed Liens are not increased and
are on terms and conditions no more restrictive than the terms and conditions of
the Liens extended or renewed; and

                  (k)      Liens securing Indebtedness described in Subsection
8.2.2(d) which has been refinanced so long as such refinanced Indebtedness is
not secured by any collateral which did not secure the Indebtedness prior to
such refinancing.

                  8.2.4    Contingent Obligations. Neither Borrower nor any of
its Subsidiaries shall directly or indirectly incur, assume, or suffer to exist
any Contingent Obligation, excluding indemnities given in connection with the
sale of Inventory or other asset dispositions permitted hereunder and Contingent
Obligations for Indebtedness permitted to be incurred under Subsection 8.2.2
hereof.

                  8.2.5    Sale of Assets. Borrower shall not, and shall not
permit any of its Subsidiaries to, directly or indirectly, sell, lease, assign,
transfer or otherwise dispose of any assets other than (i) Inventory (including
containers held for lease) in the ordinary course of business, (ii) individual
items of Collateral with a book value of less than $1,000,000 in the aggregate
during any fiscal year, (iii) obsolete or worn out property disposed of in the
ordinary course of business, (iv) dispositions of assets not otherwise addressed
by this Subsection 8.2.5 with an aggregate fair market value not in excess of
$1,000,000 in any fiscal year, (v) to the extent permitted by the Senior Note
Indenture, sales of container Inventory held for lease for the purpose of
securitization or like off-balance sheet financing with the prior written
consent of Agent and the Lenders, which consent shall not be unreasonably
withheld, (vi) transfers of Inventory and Equipment from Borrower to a
Guarantor, or from one Guarantor to another Guarantor or to Borrower, and (vii)
sales of Trailers acquired in Permitted Acquisitions or owned by Borrower or a
Guarantor on the date hereof; provided that, with respect to clauses (ii),
(iii), (iv), (v), and (vii), (a) such dispositions are for fair value, (b) the
aggregate consideration is paid in full in cash at the time of disposition and
is either reinvested in the business of Borrower or its Subsidiaries (subject to
the limitations of this Agreement) or used to repay Revolving Credit Loans in
accordance with Section 3.3.3 and (viii) sales of Equipment which Borrower or a
Guarantor will lease back under a capital lease permitted under Section 8.2.2(d)
or an operating lease permitted under Section 8.2.13.

                  8.2.6    Restricted Payments. Borrower shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly, (a) declare or
pay any dividend (other than dividends payable solely in common stock of
Borrower) on, or make any payment on account of, or set apart assets for a
sinking or other analogous fund for, the purchase, redemption, defeasance,
retirement or other acquisition of, any shares of any class of Securities of
Borrower or any warrants, options or rights to purchase any such Securities
(other than up to $10,000 of payments to call warrants with respect to
Borrower's common stock), whether now or hereafter outstanding, or make any
other distribution in respect thereof, either directly or indirectly, whether in
cash or property or in obligations of Borrower or any of its Subsidiaries (each
of the foregoing, a "Restricted Payment") except that any Subsidiary may declare
and pay dividends to Borrower or any other Subsidiary of Borrower which is a
Guarantor; or (b) make any payment or prepayment of principal of, or any
prepayment of interest on, or any

                                      -39-

<PAGE>

redemption (including, without limitation, by making payments to a sinking or
analogous fund), repurchase or defeasance of, any Indebtedness (other than
Indebtedness pursuant to this Agreement) or of any Mandatory Redeemable
Obligation; provided that (i) any Subsidiary may make payments on account of
Indebtedness owing to Borrower or any other Subsidiary, (ii) on or prior to July
1, 2006, Borrower may repurchase or redeem up to 35% of the aggregate principal
amount of the Senior Notes outstanding on the Restatement Date and pay accrued
interest and premium thereon with the proceeds of the issuance of Borrower's
Securities in an "Equity Offering" under and as defined in the Senior Note
Indenture if, both before and after giving effect to such repurchase or
redemption, no Default or Event of Default exists and Borrower has Availability
of at least $20,000,000; (iii) Borrower may repurchase or redeem Senior Notes
for an aggregate payment of no more than $25,000,000 (including principal,
premium and interest) if, both before and after giving effect to such repurchase
or redemption, no Default or Event of Default exists and Borrower has
Availability of at least $50,000,000, (iv) on or before June 30, 2003, Borrower
may terminate Derivative Obligations outstanding and pay the costs of such
termination, and (v) Borrower and its Subsidiaries may make scheduled principal
and interest payments on Indebtedness permitted under Subsections 8.2.2(a), (b),
(c), (d) and (g) and scheduled interest payments on the Senior Notes.

                  8.2.7    Investments. Borrower shall not, and shall not permit
any of its Subsidiaries to, directly or indirectly, make any Investment in any
Person, whether in cash, securities, or other property of any kind including,
without limitation, any Subsidiary or Affiliate of Borrower, other than:

                  (a)      Advances or loans (but not sales on open account on
ordinary course of business terms) made in the ordinary course of business,
including those made to finance the sale of Inventory, not to exceed $50,000
outstanding at any one time to any one Person and $250,000 in the aggregate
outstanding at any one time;

                  (b)      loans, investments and advances between Borrower and
Guarantors permitted under this Agreement;

                  (c)      Cash Equivalents;

                  (d)      Permitted Acquisitions;

                  (e)      Deposits with financial institutions, disclosed on
Exhibit 8.2.7, and which are insured by the Federal Deposit Insurance
Corporation ("FDIC") or a similar federal insurance program; provided, however,
that Borrower may, in the ordinary course of its business, maintain in its
disbursement accounts from time to time amounts in excess of then applicable
FDIC or other program insurance limits; and

                  (f)      Such other Investments as Majority Lenders may
approve in writing in their sole discretion.

                  8.2.8    Affiliate Transactions. Borrower shall not, and shall
not permit any of its Subsidiaries to, directly or indirectly, enter into any
transaction with, including, without limitation, the purchase, sale or exchange
of property or the rendering of any service to, any

                                      -40-

<PAGE>

Subsidiary or Affiliate of Borrower, except (a) the transactions in existence on
the Restatement Date as described on Exhibit 8.2.8, (b) transactions between or
among Borrower and its wholly-owned Subsidiaries which are Guarantors and (c)
transactions in the ordinary course of and pursuant to the reasonable
requirements of Borrower's or such Subsidiary's or Affiliate's business, as the
case may be, and upon fair and reasonable terms no less favorable to Borrower or
such Subsidiary than could be obtained in a comparable arm's-length transaction
with an unaffiliated Person.

                  8.2.9    Additional Bank Accounts. Borrower shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, open,
maintain or otherwise have any checking, savings or other accounts at any bank
or other financial institution, or any other account where money is or may be
deposited or maintained with any Person, other than its disbursement account,
the account with Bank described in Subsection 3.3.5 and the accounts set forth
on Exhibit 8.2.7, and such other accounts as have been previously approved by
Agent. Borrower's primary collection accounts and at least 75% of all other
deposit accounts of Borrower and Guarantors shall be subject to a blocked
account or control agreement in form and substance satisfactory to Agent.

                  8.2.10   Excess Cash. Except upon prior written consent of
Agent, Borrower shall not, and shall not permit its Subsidiaries to, directly or
indirectly, maintain in the aggregate in all deposit accounts of Borrower and
its Subsidiaries (other than the payroll accounts and the account with Bank
described in Subsection 3.3.5), total cash balances and Investments permitted by
Subsection 8.2.7(c), in excess of an average daily balance of $750,000,
exclusive of uncollected funds, (calculated monthly) for any three consecutive
months during which any Revolving Credit Loans are outstanding hereunder and no
disbursement account shall contain more than $5,000.

                  8.2.11   Additional Negative Pledges. Borrower shall not, and
shall not permit any of its Subsidiaries to, directly or indirectly, create or
otherwise cause or suffer to exist or become effective, (i) any prohibition or
restriction (including any agreement to provide equal and ratable security to
any other Person in the event a Lien is granted to or for the benefit of Agent
and the Lenders) on the creation or existence of any Lien upon the assets of
Borrower or its Subsidiaries or (ii) any contractual obligation which may
restrict or inhibit Agent's rights or ability to sell or otherwise dispose of
the Collateral or any part thereof after the occurrence of an Event of Default,
other than pursuant to the Senior Note Documents as in effect on the Restatement
Date.

                  8.2.12   No Subsidiaries. Borrower shall not, directly or
indirectly, form or acquire any new Subsidiaries, except (a) in connection with
Permitted Acquisitions in compliance with Subsection 8.2.14, and (b) if each of
the following conditions is met:

                  (i)      each new Subsidiary is a wholly-owned Subsidiary of
Borrower created to conduct business in a specific jurisdiction;

                  (ii)     both before and after giving effect to the creation
of such Subsidiary and the transfer of any assets from Borrower to such
Subsidiary, all representations and warranties of Borrower and its Subsidiaries
contained in any Loan Document are true and

                                      -41-

<PAGE>

correct, on and as of such date as if made as of such date (except (x) such
revisions as are necessary to reflect the formation of such new Subsidiary and
(y) to the extent a representation and warranty was made only as of a specified
date, such representation and warranty shall have been true and correct as of
such date), no Default or Event of Default shall have occurred and be
continuing, and Borrower and its Subsidiaries shall be Solvent;

                  (iii)    Borrower shall have delivered to Agent written notice
at least fifteen (15) Business Days prior to consummation of any transfer of
assets to, or acquisition of assets by, such new Subsidiary, describing in
reasonable detail the proposed new Subsidiary and its assets;

                  (iv)     any such new Subsidiary shall become a Guarantor, and
shall have executed and delivered to Agent such Security Documents (or joinders
thereto, in form and substance satisfactory to Agent) and other documents as are
necessary (or advisable in Agent's judgment) under applicable law in order to
grant Agent for the benefit of the Lenders a perfected first priority security
interest and Lien in the assets of, and ownership interests in, such Subsidiary
(subject only to Permitted Liens); and Borrower shall execute and deliver an
amendment to the Pledge Agreement in form and substance satisfactory to Agent,
together with stock certificates and promissory notes and other instruments
endorsed in blank, to pledge all equity interests in such new Subsidiary and all
intercompany Loans to such Subsidiary;

                  (v)      if required by Agent, Agent shall have received
opinions of counsel, in form and substance satisfactory to it, as to the due
execution, delivery and enforceability of the Loan Documents executed by such
new Subsidiary, together with such evidences of solvency, certificates,
Certificates of Title, and other documents and instruments reasonably requested
by Agent; and

                  (vi)     there shall be no more than twelve (12) Subsidiaries.

                  8.2.13   Operating Leases, Off-Balance Sheet Financing.
Neither Borrower nor any of its Subsidiaries shall directly or indirectly incur,
create, assume or suffer to exist any liabilities for operating leases or other
indebtedness or liabilities not reflected as such on their financial statements
other than liabilities described on Exhibit 8.2.13, and any refinancing of such
liabilities, so long as the aggregate amount thereof so refinanced shall not be
increased and the refinancing shall be on terms and conditions no more
restrictive than the terms and conditions of the liabilities to be refinanced;
provided, however, that Borrower and its Subsidiaries may incur liabilities in
connection with operating leases of real property (including office and yard
space) and office Equipment in the ordinary course of business and of other
Equipment with values of up to $2,500,000 in any fiscal year (exclusive of
Equipment acquired under operating leases executed prior to the Original Closing
Date and listed on Exhibit 8.2.13) (and up to 50% of any amount not incurred in
any fiscal year may be carried over to the next fiscal year).

                  8.2.14   Permitted Acquisitions. Borrower shall not, and shall
not permit any of its Subsidiaries to, make an Acquisition unless each of the
following conditions is satisfied:

                                      -42-

<PAGE>

                  (a)      such Acquisition is made by Borrower or a Guarantor;

                  (b)      such Acquisition shall be consensual and, if required
under state law, shall have been approved by the board of directors or other
governing body of the Person to be acquired (if there is such a governing body)
and shall be permitted by the Senior Note Documents;

                  (c)      both before and after giving effect to such
Acquisition, all representations and warranties of Borrower and its Subsidiaries
contained in any Loan Document are true and correct on such date as if made as
of such date (except to the extent that a representation and warranty was made
only as of a specified date, such representation and warranty shall have been
true and correct as of such date) and no Default or Event of Default shall have
occurred and be continuing, and Agent shall receive a certificate of Borrower to
such effect on the date on which such Acquisition is consummated;

                  (d)      both before and after giving effect to such
Acquisition and the incurrence of Indebtedness in connection therewith, Borrower
and its Subsidiaries (including any Subsidiary acquired in such Acquisition)
shall be Solvent and Borrower shall be in compliance with all financial
covenants on Exhibit 8.3 hereof on a pro forma basis, and Agent shall receive a
certificate of Borrower to such effect on the date on which such Acquisition is
consummated;

                  (e)      the purchase price for Acquisitions shall not exceed
(i) $10,000,000 individually, (ii) $30,000,000 in the aggregate for any fiscal
year, and (iii) $100,000,000 in the aggregate for all Acquisitions consummated
after the Original Closing Date. For purposes hereof, any Indebtedness assumed
in connection with an Acquisition shall be included in the calculation of the
purchase price;

                  (f)      Borrower shall have delivered written notice of the
pending Acquisition to Agent and the Lenders at least fifteen (15) Business Days
prior to its consummation (or such lesser period as agreed by Agent) including a
detailed description of such pending Acquisition, and if the purchase price for
such Acquisition is $5,000,000 or more, such notice shall be accompanied by
historical financial statements for the Person or business to be acquired, if
reasonably required by Agent, and preliminary pro forma financial statements
giving effect to the Acquisition, in each case in form and substance reasonably
satisfactory to Agent, analyses of sources and uses of funds, pro forma
calculations of compliance with the financial covenants on Exhibit 8.3 hereof
and, prior to consummation of the Acquisition, such other due diligence
information as may have been reasonably requested by Agent or any Lender;

                  (g)      if a Revolving Credit Loan is to be made in
connection with such Acquisition, Agent shall have received a Notice of
Borrowing and, if Borrower desires to include the assets to be acquired in the
Borrowing Base for such Revolving Credit Loan, a Borrowing Base Certificate;

                  (h)      As soon as reasonably practicable following
consummation of the Acquisition, Agent shall have received such financing
statements, filings, Certificates of Title

                                      -43-

<PAGE>

and other Security Documents as required (or advisable in Agent's judgment) to
create and perfect Liens on any assets to be acquired, including assets of any
new Subsidiary, together with evidence (including Lien search results)
satisfactory to Agent that such Liens are first and prior Liens subject only to
Permitted Liens;

                  (i)      all new Subsidiaries formed or acquired in such
Permitted Acquisition shall be wholly-owned, directly or indirectly, by
Borrower;

                  (j)      the business and assets to be acquired in such
Acquisition shall be acquired free and clear of all Liens (other than Permitted
Liens);

                  (k)      any new Subsidiary shall become a Guarantor and shall
execute and deliver to Agent such Security Documents as are required to be
executed by a Guarantor (or joinder agreements in form and substance
satisfactory to Agent) and such other documents as are necessary (or advisable
in Agent's judgment) under applicable law in order to grant Agent for the
benefit of the Lenders a perfected first priority security interest and Lien in
the assets of, and ownership interests in, such Subsidiary (subject only to
Permitted Liens); and Borrower or its Subsidiary, as applicable, shall execute
and deliver an amendment to the Pledge Agreement in form and substance
satisfactory to Agent, together with stock certificates and promissory notes and
other instruments endorsed in blank in accordance therewith;

                  (l)      prior to inclusion of any assets in the Borrowing
Base, if Agent in its reasonable discretion requires, Agent shall have received
appraisals, in form and substance satisfactory to Agent, of all Inventory and
Equipment to be included in the Borrowing Base and shall have completed such
review of Accounts and Inventory as it deems necessary or desirable for
inclusion in the Borrowing Base;

                  (m)      the Person or business to be acquired is engaged in
the business conducted by Borrower and its Subsidiaries immediately prior to the
Closing Date or similar activities related or incidental thereto; and

                  (n)      in the case of any Acquisition with a purchase price
of $5,000,000 or more, on or prior to the date of such Acquisition, Agent shall
have received, in form and substance satisfactory to Agent, all acquisition
documents related thereto and certificates, and other documents and instruments
reasonably requested by Agent, which collectively shall confirm, to Agent's
satisfaction that the conditions set forth herein have been satisfied

                  8.2.15   Amendments of Senior Note Documents. Borrower shall
not, nor permit any Subsidiary of Borrower to, amend or modify any Senior Note
Document, other than to add Subsidiaries of Borrower as guarantors thereunder.
All Subsidiaries of Borrower which are guarantors of the Senior Notes shall be
Guarantors.

                  8.2.16   Securities of Subsidiaries. Borrower shall not permit
any of its Subsidiaries to issue any additional Securities except director's
qualifying Securities.

                                      -44-

<PAGE>

                  8.2.17   Bill-and-Hold Sales, Etc. Borrower shall not make, or
permit any Subsidiary of Borrower to make, a sale to any customer on a
bill-and-hold or consignment basis.

                  8.2.18   Tax Consolidation. Borrower shall not file or consent
to the filing of any consolidated income tax return with any Person other than
Borrower's Subsidiaries.

                  8.2.19   Organizational Documents. Borrower shall not agree
to, or suffer to occur, any amendment, supplement or addition to its or any of
its Subsidiaries' charter, articles or certificate of incorporation, certificate
of formation, limited partnership agreement, bylaws, limited liability
agreement, operating agreement or other organizational documents (as the case
may be), that would reasonably be expected to have a Material Adverse Effect.

                  8.2.20   Fiscal Year End. Borrower shall not change, or permit
any Subsidiary of Borrower to change, its fiscal year end.

         8.3      Specific Financial Covenants. During the Term, and thereafter
for so long as there are any Obligations outstanding, Borrower covenants that,
unless otherwise consented to by Majority Lenders in writing, it shall comply
with all of the financial covenants set forth in Exhibit 8.3 hereto. If GAAP
changes from the basis used in preparing the audited financial statements
delivered to Agent by Borrower on or before the Restatement Date, Borrower will
provide Agent with certificates demonstrating compliance with such financial
covenants and will include, at the election of Borrower or upon the request of
Agent, calculations setting forth the adjustments necessary to demonstrate how
Borrower is in compliance with such financial covenants based upon GAAP as in
effect on the Restatement Date.

                        SECTION 9. CONDITIONS PRECEDENT

                  Notwithstanding any other provision of this Agreement or any
of the other Loan Documents, and without affecting in any manner the rights of
Agent or any Lender under the other sections of this Agreement, this Agreement
shall not become effective and no Lender shall be required to make any Loan, nor
shall Agent be required to or issue or procure any Letter of Credit or LC
Guaranty unless and until each of the following conditions has been and
continues to be satisfied and this Agreement has become effective in accordance
with Section 12.7:

         9.1      Documentation. Agent shall have received, in form and
substance satisfactory to Agent and its counsel, a duly executed copy of this
Agreement, the Revolving Notes, the Master Assignment Agreement, the
Reaffirmations and amendments to the Mortgages, together with such additional
documents, instruments and certificates as Agent and its counsel shall require
in connection therewith from time to time, all in form and substance
satisfactory to Agent and its counsel.

         9.2      No Default; Representations and Warranties. No Default or
Event of Default shall exist and all representation and warranties made by
Borrower or any Guarantor in any Loan Document shall be true and correct on such
date as if made as of such date (except to the extent a representation and
warranty was made only as of a specified date, in which case it shall have been
true and correct as of such date).

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<PAGE>

         9.3      No Litigation. No action, proceeding, investigation,
regulation or legislation shall have been instituted or proposed before any
court, governmental agency or legislative body to enjoin, restrain or prohibit,
or to obtain damages in respect of, or which is related to or arises out of this
Agreement or the Senior Notes or the consummation of the transactions
contemplated hereby or thereby, or which could have a Material Adverse Effect.

         9.4      Material Adverse Effect. Since the date of Borrower's most
recent audited financial statements, there has not been any material adverse
change in the business, assets, financial condition, income or prospects of
Borrower and its Subsidiaries, taken as a whole, and no event or condition
exists which would be reasonably likely to result in any Material Adverse
Effect.

         9.5      Cash Management System; Lockboxes. Borrower and its
Subsidiaries shall have established cash management systems for their respective
operations in accordance with Subsection 6.2.4 and on terms and conditions
satisfactory to Agent.

         9.6      Lien Perfection; Title Insurance. Borrower and its
Subsidiaries shall have delivered to Agent such documents as requested by Agent
to perfect or to continue the perfection of the Liens granted to Agent for the
benefit of the Lenders and evidence that Agent has duly perfected first priority
Liens in the assets of Borrower and its Subsidiaries, subject only to Permitted
Liens. Agent shall have received policies of title insurance or endorsements
thereto satisfactory in form and substance to Agent and its counsel or
commitments therefor, insuring that the Mortgages, as amended, constitute first
priority Liens on the Specified Real Property, subject only to Permitted Liens.

         9.7      Insurance. Agent shall have received and approved evidence of
insurance coverage in amount and scope, and Borrower's insurers shall have
provided endorsements in form and substance satisfactory to Agent naming Agent,
for the benefit of the Lenders, as loss payee for all casualty insurance and
business interruption insurance, with customary lender loss payable
endorsements, and naming Agent as an additional insured with respect to all
other insurance.

         9.8      Senior Notes. The Senior Notes shall bear interest at a rate
not in excess of 11% per annum, and the Senior Notes and the Senior Note
Indenture shall have such other terms satisfactory to the Lenders. On the
Restatement Date, concurrently with the effectiveness of this Agreement,
Borrower shall issue Senior Notes in an aggregate principal amount of
$150,000,000 and shall receive the net cash proceeds of the issuance of such
Senior Notes and apply such proceeds to pay termination costs of certain
Derivative Obligations, to pay transaction costs associated with this Agreement
and the Senior Notes and the balance to prepay the Obligations in accordance
with Subsection 3.3.3 hereof.

         9.9      Opinions. Agent shall have received opinions of outside
counsel to Borrower and Guarantors, in form and substance reasonably
satisfactory to Agent and its counsel.

         9.10     Existing Credit Agreement. On the Restatement Date, all
Revolving Credit Loans shall have been converted to Base Rate Loans, all amounts
owing under the Existing Credit Agreement to Prior Lenders which are not Lenders
hereunder shall have been paid

                                      -46-

<PAGE>

(including interest, fees and costs required by Section 3.2.5 of the Existing
Loan Agreement), and Borrower shall have paid to Agent and the Lenders all
interest, fees and costs (including those required by Section 3.2.5 of the
Existing Loan Agreement) due under the Existing Loan Agreement and the Loan
Documents.

         SECTION 10. EVENTS OF DEFAULT; RIGHTS AND REMEDIES ON DEFAULT

         10.1     Events of Default. The occurrence of one or more of the
following events shall constitute an "Event of Default":

                  10.1.1   Payment of Obligations. Borrower shall fail to pay
(i) any of the Obligations hereunder (other than any fees not having a scheduled
due date) or under any Note on the due date thereof (whether due at stated
maturity, on demand, upon acceleration or otherwise) or (ii) any fees not having
a scheduled due date within two (2) Business Days after Borrower's receipt of
demand therefore.

                  10.1.2   Misrepresentations. Any representation, warranty or
other statement made or furnished to Agent or any Lender by or on behalf of
Borrower, any Subsidiary of Borrower or any Guarantor in this Agreement, any of
the other Loan Documents or any instrument, certificate or financial statement
furnished in compliance with or in reference thereto proves to have been false
or misleading in any material respect when made, furnished or remade pursuant to
Section 7.2 hereof.

                  10.1.3   Breach of Specific Covenants. Borrower shall (i) fail
or neglect to perform, keep or observe any covenant contained in Subsections
6.1.2, 8.1.1, 8.1.2, 8.1.4, 8.2 or 8.3 hereof on the date that Borrower is
required to perform, keep or observe such covenant or shall (ii) fail or neglect
to perform, keep or observe any covenant contained in Sections 5.2 or 8.1.3
hereof within ten (10) Business Days following the date on which Borrower is
required to perform, keep or observe such covenant.

                  10.1.4   Breach of Other Covenants. Borrower shall fail or
neglect to perform, keep or observe any covenant contained in this Agreement
(other than a covenant which is dealt with specifically elsewhere in Section
10.1 hereof) or any other Loan Document and the breach of such other covenant is
not cured to Agent's satisfaction by the earlier to occur of ten (10) Business
Days after (i) the date Borrower or such Subsidiary or Guarantor knew or should
have known of such occurrence and (ii) the date of giving of notice thereof by
Agent to Borrower.

                  10.1.5   Change of Control. A Change of Control shall occur.

                  10.1.6   Cross Default. A default or event of default shall
occur (and continue beyond any applicable grace period) under any note,
agreement or instrument evidencing any other Indebtedness of the Borrower or any
of its Subsidiaries, which default or event of default permits the acceleration
of its maturity, provided that the aggregate principal amount of all such
Indebtedness for which the default or event of default has occurred exceeds
$5,000,000.

                                      -47-

<PAGE>

                  10.1.7   Failure of Enforceability of Loan Documents;
Security. Any material covenant, agreement or Obligation of Borrower or any
Guarantor contained in or evidenced by any of the Loan Documents shall cease to
be enforceable, or shall be determined to be unenforceable, in accordance with
its terms; Borrower or any Guarantor shall deny or disaffirm any of its material
Obligations under any of the Loan Documents or any Liens granted in connection
therewith; or, any Liens granted in any of the Collateral shall be determined to
be void, voidable, invalid or unperfected, are subordinated or not given the
priority contemplated by this Agreement (except where such circumstance arises
as a result of any action or inaction by any Lender).

                  10.1.8   Uninsured Losses. Any material loss, theft, damage or
destruction of any portion of the Collateral having a fair market value of the
lesser of (i) $5,000,000 in the aggregate or (ii) 20% of Availability at such
time, if not fully covered (subject to such deductibles and self-insurance
retentions as Agent shall have permitted) by insurance.

                  10.1.9   Insolvency and Related Proceedings. Borrower, any
Subsidiary of Borrower or any Guarantor shall cease to be Solvent or shall
suffer the appointment of a receiver, trustee, custodian or similar fiduciary,
or shall make an assignment for the benefit of creditors, or any petition for an
order for relief shall be filed by or against Borrower, any Subsidiary of
Borrower or any Guarantor under the federal bankruptcy laws (if against
Borrower, any Subsidiary of Borrower or any Guarantor the continuation of such
proceeding for more than 30 days), or Borrower, any Subsidiary of Borrower or
any Guarantor shall make any offer of settlement, extension or composition to
their respective unsecured creditors generally.

                  10.1.10  Business Disruption; Condemnation. There shall occur
a cessation of a substantial part of the business of Borrower, any Subsidiary of
Borrower or any Guarantor for a period which materially adversely affects
Borrower's, such Subsidiary's or such Guarantor's capacity to continue its
business on a profitable basis; or Borrower, any Subsidiary of Borrower or any
Guarantor shall suffer the loss or revocation of any material license or permit
now held or hereafter acquired by Borrower, any Subsidiary of Borrower or any
Guarantor which is necessary to the continued or lawful operation of its
business; or Borrower, any Subsidiary of Borrower or any Guarantor shall be
enjoined, restrained or in any way prevented by court, governmental or
administrative order from conducting all or any material part of its business
affairs; or any material lease or agreement pursuant to which Borrower, any
Subsidiary of Borrower or any Guarantor leases, uses or occupies any Property
shall be canceled or terminated prior to the expiration of its stated term,
except any such lease or agreement the cancellation or termination of which
would not reasonably be expected to have a Material Adverse Effect; or any
material portion of the Collateral shall be taken through condemnation or the
value of such Property shall be impaired through condemnation.

                  10.1.11  ERISA. A Reportable Event shall occur which, in
Agent's determination, constitutes grounds for the termination by the Pension
Benefit Guaranty Corporation of any Plan or for the appointment by the
appropriate United States district court of a trustee for any Plan, or if any
Plan shall be terminated or any such trustee shall be requested or appointed, or
if Borrower, any Subsidiary of Borrower or any other Guarantor is in "default"
(as defined in Section 4219(c)(5) of ERISA) with respect to payments to a

                                      -48-

<PAGE>

Multiemployer Plan resulting from Borrower's, such Subsidiary's or such
Guarantor's complete or partial withdrawal from such Plan and any such event
would reasonably be expected to have a Material Adverse Effect.

                  10.1.12  Criminal Forfeiture. Borrower, any Subsidiary of
Borrower or any Guarantor shall be criminally indicted or convicted under any
law that could lead to a forfeiture of any Property of Borrower, any Subsidiary
of Borrower or any Guarantor.

                  10.1.13  Judgments. Any money judgments, writ of attachment or
similar processes (collectively, "Judgments") are issued or rendered against
Borrower, any Subsidiary of Borrower or any other Guarantor, or any of their
respective Property (i) in the case of money judgments other than the Nuko
Judgment, in an amount of $1,000,000 or more for any single judgment, attachment
or process or $1,500,000 or more for all such judgments, attachments or
processes in the aggregate, in each case in excess of any applicable insurance
with respect to which the insurer has admitted liability, and (ii) in the case
of non-monetary Judgments, such Judgment or Judgments (in the aggregate) would
reasonably be expected to have a Material Adverse Effect, in each case which
Judgment is not stayed, released or discharged within 30 days.

         10.2     Acceleration of the Obligations. Upon or at any time after the
occurrence and during the continuance of an Event of Default, (i) the Agent may
(with the consent of the Majority Lenders) and shall at the direction of the
Majority Lenders terminate the Revolving Loan Commitments and/or (ii) the Agent
may (with the consent of the Majority Lenders) and shall at the direction of the
Majority Lenders declare all or any portion of the Obligations other than
Derivative Obligations (and all such Obligations shall thereupon become) at once
due and payable without presentment, demand, protest or further notice by Agent
or any Lender, and Borrower shall forthwith pay to Agent, the full amount of
such Obligations, provided, that upon the occurrence of an Event of Default
specified in Subsection 10.1.9 hereof, all of the Obligations shall become
automatically due and payable without declaration, notice or demand by Agent or
any Lender, and the Revolving Loan Commitments shall be terminated.

         10.3     Other Remedies. Upon the occurrence and during the continuance
of an Event of Default, Agent shall have and may (and shall at the direction of
the Majority Lenders) exercise on behalf of the Lenders from time to time the
following rights and remedies:

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

                  10.3.2   The right to take immediate possession of the
Collateral, and to (i) require Borrower and each of its Subsidiaries to assemble
the Collateral, at Borrower's expense, and make it available to Agent at a place
designated by Agent which is reasonably convenient to both parties, and (ii)
enter any premises where any of the Collateral shall be located and to keep and
store the Collateral on said premises until sold (and if said premises

                                      -49-

<PAGE>

be the Property of Borrower or any Subsidiary of Borrower, Borrower agrees not
to charge, or permit any of its Subsidiaries to charge, Agent for storage
thereof).

                  10.3.3   The right to sell or otherwise dispose of all or any
Collateral in its then condition, or after any further manufacturing or
processing thereof, at public or private sale or sales, with such notice as may
be required by law, in lots or in bulk, for cash or on credit, all as Agent, in
its sole discretion, may deem advisable. Agent may, at Agent's option, disclaim
any and all warranties regarding the Collateral in connection with any such
sale. Borrower agrees that five (5) Business Days' written notice to Borrower or
any of its Subsidiaries of any public or private sale or other disposition of
Collateral shall be reasonable notice thereof, and such sale shall be at such
locations as Agent may designate in said notice. Agent shall have the right to
conduct such sales on Borrower's or any of its Subsidiaries' premises, without
charge therefore, and such sales may be adjourned from time to time in
accordance with applicable law. Agent shall have the right to sell, lease or
otherwise dispose of the Collateral, or any part thereof, for cash, credit or
any combination thereof, and Agent, on behalf of Lenders, may purchase all or
any part of the Collateral at public or, if permitted by law, private sale and,
in lieu of actual payment of such purchase price, may set off the amount of such
price against the Obligations. The proceeds realized from the sale of any
Collateral may be applied, after allowing two (2) Business Days for collection,
first to the costs, expenses and attorneys' fees incurred by Agent in collecting
the Obligations (other than Derivative Obligations), in enforcing the rights of
Agent and Lenders under the Loan Documents and in collecting, retaking,
completing, protecting, removing, storing, advertising for sale, selling and
delivering any Collateral, second to the interest due upon any of the
Obligations (other than Derivative Obligations), third, to the principal of the
Obligations (other than Derivative Obligations), and fourth to any other
Obligations, including Derivative Obligations and any costs of collection of any
Derivative Obligations. If any deficiency shall arise, Borrower and each
Guarantor shall remain jointly and severally liable to Agent and Lenders
therefore.

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

                  10.3.5   Agent may, at its option, require Borrower to deposit
with Agent funds equal to 105% of the sum of (x) the LC Amount and (y) all
unpaid LC Obligations and, if Borrower fails to promptly make such deposit,
Agent may advance such amount as a Revolving Credit Loan (whether or not an
Overadvance is created thereby). Each such Revolving Credit Loan shall be
secured by all of the Collateral and shall bear interest and be payable at the
same rate and in the same manner as Loans. Any such deposit or advance shall be
held by Agent as a reserve to fund future payments on such LC Guaranties and
future drawings against such Letters of Credit, including fees and charges
related to Letters of Credit and LC Guaranties. At such time as all LC
Guaranties have been paid or terminated and all Letters of Credit have been
drawn upon or expired, any amounts remaining in such reserve

                                      -50-

<PAGE>

shall be applied against any outstanding Obligations, or, if all Obligations
have been indefeasibly paid in full, returned to Borrower.

         10.4     Set Off and Sharing of Payments. In addition to any rights now
or hereafter granted under applicable law and not by way of limitation of any
such rights, during the continuance of any Event of Default, each Lender is
hereby authorized by Borrower at any time or from time to time, with prior
written consent of Agent and with reasonably prompt subsequent notice to
Borrower (any prior or contemporaneous notice to Borrower being hereby expressly
waived) to set off and to appropriate and to apply any and all (i) balances held
by such Lender at any of its offices for the account of Borrower or any of its
Subsidiaries (regardless of whether such balances are then due to Borrower or
its Subsidiaries), and (ii) other property at any time held or owing by such
Lender to or for the credit or for the account of Borrower or any of its
Subsidiaries, against and on account of any of the Obligations; provided, that
each Lender exercising such rights shall notify Agent thereof prior to exercise,
shall refrain from exercising such right until Agent shall have confirmed to
such Lender that such exercise will not prejudice the rights of the Lenders, and
any amount received as a result of the exercise of such rights shall be shared
in accordance with Subsection 3.8. Any Lender exercising a right to set off
shall, to the extent the amount of any such set off exceeds its Revolving Loan
Percentage of the amount set off, purchase for cash (and the other Lenders shall
sell) interests in each such other Lender's pro rata share of the Obligations as
would be necessary to cause such Lender to share such excess with each other
Lender in accordance with their respective Revolving Loan Percentages. Borrower
agrees, to the fullest extent permitted by law, that any Lender may exercise its
right to set off with respect to amounts in excess of its pro rata share of the
Obligations and upon doing so shall deliver such excess to Agent for the benefit
of all Lenders in accordance with the Revolving Loan Percentages.

         10.5     Remedies Cumulative; No Waiver. All covenants, conditions,
provisions, warranties, guaranties, indemnities, and other undertakings of
Borrower and its Subsidiaries contained in this Agreement and the other Loan
Documents, or in any document referred to herein or contained in any agreement
supplementary hereto or in any schedule or in any Guaranty Agreement given to
Agent or any Lender or contained in any other agreement between any Lender and
Borrower or any of its Subsidiaries or between Agent and Borrower or any of its
Subsidiaries heretofore, concurrently, or hereafter entered into, shall be
deemed cumulative to and not in derogation or substitution of any of the terms,
covenants, conditions, or agreements of Borrower herein contained. The failure
or delay of Agent or any Lender to require strict performance by Borrower or any
of its Subsidiaries of any provision of this Agreement or to exercise or enforce
any rights, Liens, powers, or remedies hereunder or under any of the aforesaid
agreements or other documents or security or Collateral shall not operate as a
waiver of such performance, Liens, rights, powers and remedies, but all such
requirements, Liens, rights, powers, and remedies shall continue in full force
and effect until all Loans and other Obligations owing or to become owing from
Borrower or any of its Subsidiaries to Agent and each Lender have been fully
satisfied. None of the undertakings, agreements, warranties, covenants and
representations of Borrower or any of its Subsidiaries contained in this
Agreement or any of the other Loan Documents and no Event of Default by Borrower
under this Agreement or any other Loan Documents shall be deemed to have been
suspended or waived by Lenders, unless such suspension or waiver is by an
instrument in

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writing specifying such suspension or waiver and is signed by a duly authorized
representative of Majority Lenders or all Lenders (as required by Section 11.10)
or by Agent, at the direction of Majority Lenders or all Lenders, as the case
may be and directed to Borrower.

                             SECTION 11. THE AGENT

         11.1     Authorization and Action. Each Lender hereby appoints and
authorizes Agent to take such action on its behalf and to exercise such powers
under this Agreement and the other Loan Documents as are delegated to Agent by
the terms hereof and thereof, together with such powers as are reasonably
incidental thereto. Each Lender hereby acknowledges that Agent shall not have by
reason of this Agreement assumed a fiduciary relationship in respect of any
Lender. In performing its functions and duties under this Agreement, Agent shall
act solely as agent of Lenders and shall not assume, or be deemed to have
assumed, any obligation toward, or relationship of agency or trust with or for,
Borrower or any of its Subsidiaries. As to any matters not expressly provided
for by this Agreement and the other Loan Documents (including without limitation
enforcement and collection of the Notes), Agent may, but shall not be required
to, exercise any discretion or take any action, but shall be required to act or
to refrain from acting (and shall be fully protected in so acting or refraining
from acting) upon the instructions of the Majority Lenders, whenever such
instruction shall be requested by Agent or required hereunder, or a greater or
lesser number of Lenders if so required hereunder, and such instructions shall
be binding upon all Lenders; provided, that Agent shall be fully justified in
failing or refusing to take any action which exposes Agent to any liability or
which is contrary to this Agreement, the other Loan Documents or applicable law,
unless Agent is indemnified to its satisfaction by the other Lenders against any
and all liability and expense which it may incur by reason of taking or
continuing to take any such action. If Agent seeks the consent or approval of
the Majority Lenders (or a greater or lesser number of Lenders as required in
this Agreement), with respect to any action hereunder, Agent shall send notice
thereof to each Lender and shall notify each Lender at any time that the
Majority Lenders (or such greater or lesser number of Lenders) have instructed
Agent to act or refrain from acting pursuant hereto.

         11.2     Agent's Reliance, Etc. Neither Agent, any Affiliate of Agent,
nor any of their respective directors, officers, agents or employees shall be
liable for any action taken or omitted to be taken by it or them under or in
connection with this Agreement or the other Loan Documents, except for its or
their own gross negligence or willful misconduct. Without limitation of the
generality of the foregoing, Agent: (i) may treat each Lender party hereto as
the holder of Obligations until Agent receives written notice of the assignment
or transfer or such lender's portion of the Obligations signed by such Lender
and in form reasonably satisfactory to Agent; (ii) may consult with legal
counsel, independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts, (iii)
makes no warranties or representations to any Lender and shall not be
responsible to any Lender for any recitals, statements, warranties or
representations made in or in connection with this Agreement or any other Loan
Documents; (iv) shall not have any duty beyond Agent's customary practices in
respect of loans in which Agent is the only lender, to ascertain or to inquire
as to the performance or observance of any of the terms, covenants or conditions

                                      -52-

<PAGE>

of this Agreement or the other Loan Documents on the part of Borrower or any of
its Subsidiaries, to inspect the property (including the books and records) of
Borrower or any of its Subsidiaries, to monitor the financial condition of
Borrower or to ascertain the existence or possible existence or continuation of
any Default or Event of Default; (v) shall not be responsible to any Lender for
the due execution, legality, validity, enforceability, genuineness, sufficiency
or value of this Agreement or the other Loan Documents or any other instrument
or document furnished pursuant hereto or thereto; (vi) shall not be liable to
any Lender for any action taken, or inaction, by Agent upon the instructions of
Majority Lenders pursuant to Section 11.1 hereof or refraining to take any
action pending such instructions; (vii) shall not be liable for any
apportionment or distributions of payments made by it in good faith pursuant to
Section 3 hereof; (viii) shall incur no liability under or in respect of this
Agreement or the other Loan Documents by acting upon any notice, consent,
certificate, message or other instrument or writing (which may be by telephone,
facsimile, telegram, cable or telex) believed in good faith by it to be genuine
and signed or sent by the proper party or parties; and (ix) may assume that no
Event of Default has occurred and is continuing, unless Agent has actual
knowledge of the Event of Default, has received notice from Borrower or
Borrower's independent certified public accounts stating the nature of the Event
of Default, or has received notice from a Lender stating the nature of the Event
of Default and that such Lender considers the Event of Default to have occurred
and to be continuing. In the event any apportionment or distribution described
in clause (vii) above is determined to have been made in error, the sole
recourse of any Person to whom payment was due but not made shall be to recover
from the recipients of such payments any payment in excess of the amount to
which they are determined to have been entitled.

         11.3     Fleet and Affiliates. With respect to its commitment hereunder
to make Loans, Fleet shall have the same rights and powers under this Agreement
and the other Loan Documents as any other Lender and may exercise the same as
though it were not Agent; and the terms "Lender," "Lenders" or "Majority
Lenders" shall, unless otherwise expressly indicated, include Fleet in its
individual capacity as a Lender. Fleet and its Affiliates may lend money to, and
generally engage in any kind of business with, Borrower and its Subsidiaries and
Affiliates, and any Person who may do business with or own Securities of
Borrower all as if Fleet were not Agent and without any duty to account
therefore to any other Lender.

         11.4     Lender Credit Decision. Each Lender acknowledges that it has,
independently and without reliance upon Agent or any other Lender and based on
the financial statements referred to herein and such other documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender also acknowledges that it
will, independently and without reliance upon Agent or any other Lender and
based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action
under this Agreement. Agent shall not have any duty or responsibility, either
initially or on an ongoing basis, to provide any Lender with any credit or other
similar information regarding Borrower or any of its Subsidiaries.

         11.5     Indemnification. Lenders agree to indemnify Agent (to the
extent not reimbursed by Borrower), in accordance with their respective
Aggregate Percentages, from

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<PAGE>

and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by, or asserted against
Agent in any way relating to or arising out of this Agreement or any other Loan
Document or any action taken or omitted by Agent under this Agreement; provided
that no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from Agent's gross negligence or willful misconduct.
Without limitation of the foregoing, each Lender agrees to reimburse Agent
promptly upon demand for its ratable share, as set forth above, of any
out-of-pocket expenses (including reasonable attorneys' fees) incurred by Agent
in connection with the preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiation, legal
proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement and each other Loan Document, to the
extent that Agent is not reimbursed for such expenses by Borrower. The
obligations of Lenders under this Section 11.5 shall survive the payment in full
of all Obligations and the termination of this Agreement. If after payment and
distribution of any amount by Agent to Lenders, any Lender or any other Person,
including Borrower, any creditor of Borrower, a liquidator, administrator or
trustee in bankruptcy, recovers from Agent any amount found to have been
wrongfully paid to Agent or disbursed by Agent to Lenders, then Lenders, in
accordance with their respective Aggregate Percentages, shall reimburse Agent
for all such amounts.

         11.6     Rights and Remedies to be Exercised by Agent Only. Each Lender
agrees that, except as set forth in Section 10.4, no Lender shall have any right
individually (i) to realize upon the security created by this Agreement or any
other Loan Document, (ii) to enforce any provision of this Agreement or any
other Loan Document, or (iii) to make demand under this Agreement or any other
Loan Document.

         11.7     Agency Provisions Relating to Collateral. Each Lender
authorizes and ratifies Agent's entry into this Agreement and the Security
Documents for the benefit of Lenders. Each Lender agrees that any action taken
by Agent with respect to the Collateral in accordance with the provisions of
this Agreement or the Security Documents, and the exercise by Agent of the
powers set forth herein or therein, together with such other powers as are
reasonably incidental thereto, shall be authorized and binding upon all Lenders.
Agent is hereby authorized on behalf of all Lenders, without the necessity of
any notice to or further consent from any Lender, from time to time prior to an
Event of Default, to take any action with respect to any Collateral or the Loan
Documents which may be necessary to perfect and maintain perfected Agent's Liens
upon the Collateral, for its benefit and the ratable benefit of Lenders. Lenders
hereby irrevocably authorize Agent, at its option and in its discretion, to (a)
release any Lien granted to or held by Agent upon any Collateral (i) upon
termination of the Agreement and payment and satisfaction of all Obligations; or
(ii) constituting property being sold or disposed of to a Person other than
Borrower or any of its Subsidiaries if Borrower certifies to Agent that the sale
or disposition is made in compliance with Subsection 8.2.5 hereof (and Agent may
rely conclusively on any such certificate, without further inquiry); or (iii)
constituting property in which Borrower or such Subsidiary owned no interest at
the time the Lien was granted or at any time thereafter; (iv) constituting
property subject to an operating lease permitted by Subsection 8.2.13; or (v) in
connection with any foreclosure sale or other disposition of Collateral after
the occurrence and during the continuation of an Event

                                      -54-

<PAGE>

of Default or (vi) if approved, authorized or ratified in writing by Agent at
the direction of all Lenders and (b) subordinate any Lien granted to Agent on
Equipment if required by the holder of any Indebtedness (including Capitalized
Lease Obligations) secured by Purchase Money Liens and Leases permitted
hereunder. Upon request by Agent at any time, Lenders will confirm in writing
Agent's authority to release particular types or items of Collateral pursuant
hereto, or subordinate Liens on Equipment. Agent shall have no obligation
whatsoever to any Lender or to any other Person to assure that the Collateral
exists or is owned by Borrower or any of its Subsidiaries or is cared for,
protected or insured or has been encumbered or that the Liens granted to Agent
herein or pursuant to the Security Documents have been properly or sufficiently
or lawfully created, perfected, protected or enforced or are entitled to any
particular priority, or to exercise at all or in any particular manner or under
any duty of care, disclosure or fidelity, or to continue exercising, any of its
rights, authorities and powers granted or available to Agent in this Section
11.7 or in any of the Loan Documents, it being understood and agreed that in
respect of the Collateral, or any act, omission or event related thereto, Agent
may act in any manner it may deem appropriate, in its sole discretion, but
consistent with the provisions of this Agreement, including given Agent's own
interest in the Collateral as a Lender and that Agent shall have no duty or
liability whatsoever to any Lender.

         11.8     Agent's Right to Purchase Commitments. Agent shall have the
right, but shall not be obligated, at any time upon written notice to any Lender
and with the consent of such Lender, which may be granted or withheld in such
Lender's sole discretion, to purchase for Agent's own account all of such
Lender's interests in this Agreement, the other Loan Documents and the
Obligations, for the face amount of the outstanding Obligations owed to such
Lender, including without limitation all accrued and unpaid interest and fees.

         11.9     Right of Sale, Assignment, Participations. Borrower hereby
consents to any Lender's participation, sale, assignment, transfer or other
disposition, at any time or times hereafter, of this Agreement and any of the
other Loan Documents, or of any portion hereof or thereof, including, without
limitation, such Lender's rights, title, interests, remedies, powers, and duties
hereunder or thereunder subject to the terms and conditions set forth below:

                  11.9.1   Sales, Assignments. Each Lender hereby agrees that,
with respect to any sale or assignment (i) no such sale or assignment shall be
for an amount of less than $5,000,000, (ii) each such sale or assignment shall
be made on terms and conditions which are customary in the industry at the time
of the transaction, (iii) Agent and, in the absence of a Default or Event of
Default, Borrower, must consent, such consent not to be unreasonably withheld,
to each such assignment to a Person that is not an original signatory to this
Agreement or any Affiliate thereof, and (iv) the assignee Lender shall pay to
Agent a processing and recordation fee of $3,500 and any reasonable
out-of-pocket attorneys' fees and expenses incurred by Agent in connection with
any such sale or assignment. After such sale or assignment has been consummated
(x) the assignee Lender thereupon shall become a "Lender" for all purposes of
this Agreement and (y) the assigning Lender shall have no further liability for
funding the portion of Revolving Loan Commitments assumed by such other Lender.

                                      -55-

<PAGE>

                  11.9.2   Participations. Any Lender may grant participations
in its extensions of credit hereunder to any other Lender or other lending
institution (a "Participant"), provided that (i) no such participation shall be
for an amount of less than $5,000,000, (ii) no Participant shall thereby acquire
any direct rights under this Agreement, (iii) no Participant shall be granted
any right to consent to any amendment, except to the extent any of the same
pertain to (1) reducing the aggregate principal amount of, or interest rate on,
or fees applicable to, any Loan or (2) extending the final stated maturity of
any Loan or the stated maturity of any portion of any payment of principal of,
or interest or fees applicable to, any of the Loans; provided, that the rights
described in this subclause (2) shall not be deemed to include the right to
consent to any amendment with respect to or which has the effect of requiring or
waiving any mandatory prepayment of any portion of any Loan or any amendment or
waiver of any Default or Event of Default, (iv) no sale of a participation in
extensions of credit shall in any manner relieve the originating Lender of its
obligations hereunder, (v) the originating Lender shall remain solely
responsible for the performance of such obligations, (vi) Borrower and Agent
shall continue to deal solely and directly with the originating Lender in
connection with the originating Lender's rights and obligations under this
Agreement and the other Loan Documents, (vii) in no event shall any financial
institution purchasing the participation grant a participation in its
participation interest in the Loans without the prior written consent of Agent,
and, in the absence of a Default or an Event of Default, Borrower, which
consents shall not unreasonably be withheld and (viii) all amounts payable by
Borrower hereunder shall be determined as if the originating Lender had not sold
any such participation.

                  11.9.3   Certain Agreements of Borrower. Borrower agrees that
(i) it will use its best efforts to assist and cooperate with each Lender in any
manner reasonably requested by such Lender to effect the sale of participation
in or assignments of any of the Loan Documents or any portion thereof or
interest therein, including, without limitation, assisting in the preparation of
appropriate disclosure documents and making members of management available at
reasonable times to meet with and answer questions of potential assignees and
Participants; and (ii) subject to the provisions of Section 12.14 hereof, such
Lender may disclose credit information regarding Borrower to any potential
Participant or assignee.

                  11.9.4   Non U.S. Resident Transferees. If, pursuant to this
Section 11.9, any interest in this Agreement or any Loans is transferred to any
transferee which is organized under the laws of any jurisdiction other than the
United States or any state thereof, the transferor Lender shall cause such
transferee (other than any Participant), and may cause any Participant,
concurrently with and as a condition precedent to the effectiveness of such
transfer, to (i) represent to the transferor Lender (for the benefit of the
transferor Lender, Agent, and Borrower) that under applicable law and treaties
no taxes will be required to be withheld by Agent, Borrower or the transferor
Lender with respect to any payments to be made to such transferee in respect of
the interest so transferred, (ii) furnish to the transferor Lender, Agent and
Borrower either United States Internal Revenue Service Form W-8ECI or United
States Internal Revenue Service Form W-8BEN (wherein such transferee claims
entitlement to complete exemption from United States federal withholding tax on
all interest payments hereunder), and (iii) agree (for the benefit of the
transferor Lender, Agent and Borrower) to provide the transferor Lender, Agent
and Borrower a new Form W-8ECI or Form W-8BEN upon the obsolescence of any
previously delivered form and comparable statements in accordance with
applicable United States laws and regulations and amendments

                                      -56-

<PAGE>

duly executed and completed by such transferee, and to comply from time to time
with all applicable United States laws and regulations with regard to such
withholding tax exemption.

         11.10    Amendments. No amendment or waiver of any provision of this
Agreement or any other Loan Document (including without limitation any Note),
nor consent to any departure by Borrower therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Majority Lenders
and Borrower, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, that
no amendment, waiver or consent shall be effective, unless (i) in writing and
signed by each Lender, if such amendment, waiver or consent does any of the
following: (1) increases the aggregate Revolving Loan Commitments, or any
Lender's Revolving Loan Commitment, (2) reduces the principal of, or interest
on, any amount payable hereunder or under any Note, or any fees payable to
Lenders hereunder, other than those payable only to Fleet in its capacity as
Agent or Letter of Credit issuer, which may be reduced by Fleet unilaterally,
(3) decreases any interest rate payable hereunder or any fee payable to Lenders
hereunder, other than those payable to Fleet in its capacity as Agent or Letter
of Credit issuer, which may be reduced by Fleet unilaterally, (4) postpones any
date fixed for any payment of principal of, or interest on, any amounts payable
hereunder or under any Note, other than those payable only to Fleet in its
capacity as Agent, which may be postponed by Fleet unilaterally, (5) reduces the
number of Lenders that shall be required for Lenders or any of them to take any
action hereunder, (6) releases or discharge any Person liable for the
performance of any Obligations of Borrower hereunder or under any of the Loan
Documents, (7) amends any provision of this Agreement that requires the consent
of all Lenders or consent to or waive any breach thereof, (8) amends the
definition of the term "Majority Lenders", (9) amends this Section 11.10, (10)
releases Collateral with a value in excess of $5,000,000, unless otherwise
permitted pursuant to Section 11.7 hereof; or (11) increases the advance rates
contained in the definition of "Borrowing Base" to a level greater than those
set forth on the date hereof; or (12) amends the definitions of "Borrowing Base"
(or any component thereof) or "Availability Reserve" to make such definitions
less restrictive (provided that the foregoing shall not affect Agent's
discretion in determining eligibility) or (13) amends the pro rata sharing
provisions of Section 3.8 hereof, or (ii) in writing and signed by Agent in
addition to the Lenders required above to take such action, if such action
affects the rights or duties of Agent under this Agreement, any Note or any
other Loan Document.

         11.11    Resignation of Agent; Appointment of Successor. Agent may
resign as Agent by giving not less than thirty (30) days prior written notice to
the Lenders and Borrower. If Agent shall resign under this Agreement, then, (i)
subject to the consent of Borrower (which consent shall not be unreasonably
withheld and which consent shall not be required during any period in which a
Default or an Event of Default exists), the Majority Lenders shall appoint from
among the Lenders a successor agent for the Lenders or (ii) if a successor agent
shall not be so appointed and approved within the thirty (30) day period
following Agent's notice to the Lenders and Borrower of its resignation, then
Agent shall appoint a successor agent who shall serve as Agent until such time
as the Majority Lenders appoint a successor agent, subject to Borrower's consent
as set forth above. Upon its appointment, such successor agent shall succeed to
the rights, powers and duties of Agent and the term "Agent" shall mean such
successor effective upon its appointment, and the former Agent's rights, powers
and duties as Agent shall be terminated without any other or further act or deed
on the part of such

                                      -57-

<PAGE>

former Agent or any of the parties to this Agreement. After the resignation of
any Agent hereunder, the provisions of this Section 11 shall inure to the
benefit of such former Agent and such former Agent shall not by reason of such
resignation be deemed to be released from liability for any actions taken or not
taken by it while it was an Agent under this Agreement.

         11.12    Co-Agents. The co-Documentation Agents and co-Syndication
Agents shall have no right, duty, responsibility or obligation under this
Agreement and the other Loan Documents other than in their capacities as
Lenders, and shall have no fiduciary relationship to any Person.

                           SECTION 12. MISCELLANEOUS

         12.1     Power of Attorney. Borrower hereby irrevocably designates,
makes, constitutes and appoints Agent (and all Persons designated by Agent) as
Borrower's true and lawful attorney (and agent-in-fact), solely with respect to
the matters set forth in this Section 12.1, and Agent, or Agent's agent, may,
without notice to Borrower and in Borrower's or Agent's name, but at the cost
and expense of Borrower:

                  12.1.1   At such time or times as Agent or said agent, in its
sole discretion, may determine, endorse Borrower's name on any checks, notes,
acceptances, drafts, money orders or any other evidence of payment or proceeds
of the Collateral which come into the possession of Agent or under Agent's
control.

                  12.1.2   At such time or times upon or after the occurrence
and during the continuance of an Event of Default (provided that the occurrence
of an Event of Default shall not be required with respect to clauses (iv),
(viii) and (ix) below), as Agent or its agent in its sole discretion may
determine: (i) demand payment of the Accounts from the Account Debtors, enforce
payment of the Accounts by legal proceedings or otherwise, and generally
exercise all of Borrower's rights and remedies with respect to the collection of
the Accounts; (ii) settle, adjust, compromise, discharge or release any of the
Accounts or other Collateral or any legal proceedings brought to collect any of
the Accounts or other Collateral; (iii) sell or assign any of the Accounts and
other Collateral upon such terms, for such amounts and at such time or times as
Agent deems advisable; (iv) take control, in any manner, of any item of payment
or proceeds relating to any Collateral; (v) prepare, file and sign Borrower's
name to a proof of claim in bankruptcy or similar document against any Account
Debtor or to any notice of lien, assignment or satisfaction of lien or similar
document in connection with any of the Collateral; (vi) receive, open and
dispose of all mail addressed to Borrower and notify postal authorities to
change the address for delivery thereof to such address as Agent may designate;
(vii) endorse the name of Borrower upon any of the items of payment or proceeds
relating to any Collateral and deposit the same to the account of Agent on
account of the Obligations; (viii) endorse the name of Borrower upon any chattel
paper, document, instrument, invoice, freight bill, bill of lading or similar
document or agreement relating to the Accounts, Inventory and any other
Collateral; (ix) use Borrower's stationery and sign the name of Borrower to
verifications of the Accounts and notices thereof to Account Debtors; (x) use
the information recorded on or contained in any data processing equipment and
computer hardware and software relating to the Accounts, Inventory, Equipment
and any other Collateral; (xi) make and adjust claims under policies of
insurance; and (xii) do all other

                                      -58-

<PAGE>

acts and things necessary, in Agent's determination, to fulfill Borrower's
obligations under this Agreement.

                  The power of attorney granted hereby shall constitute a power
coupled with an interest and shall be irrevocable.

         12.2     Indemnity. Borrower hereby agrees to indemnify Agent and each
Lender (and each of their Affiliates) and hold Agent and each Lender (and each
of their Affiliates) harmless from and against any liability, loss, damage,
suit, action or proceeding ever suffered or incurred by any such Person
(including reasonable attorneys fees (or allocated costs of in-house counsel in
lieu of outside counsel) and legal expenses) as the result of the failure of
Borrower or any of its Subsidiaries to observe, perform or discharge Borrower's
duties hereunder or under any other Loan Document or arising out of, relating to
or in connection with this Agreement and the other Loan Documents or the use of
the proceeds thereof, except as to any such Person to the extent that such
liability, loss or damage is found in a non-appealable judgment by a court of
competent jurisdiction to have resulted from such Person's own gross negligence
or willful misconduct. In addition, Borrower shall defend Agent and each Lender
(and each of their Affiliates) against and save it harmless from all claims of
any Person with respect to the Collateral (except those resulting from the gross
negligence or intentional misconduct of any such Person). Notwithstanding any
contrary provision in this Agreement, the obligation of Borrower under this
Section 12.2 shall survive the payment in full of the Obligations and the
termination of this Agreement.

         12.3     Sale of Interest. Borrower may not sell, assign or transfer
any interest in this Agreement, any of the other Loan Documents, or any of the
Obligations, or any portion thereof, including, without limitation, Borrower's
rights, title, interests, remedies, powers, and duties hereunder or thereunder
without the prior written consent of all Lenders, which consent by any Lender or
Lenders may be granted or denied in the sole discretion of such Lender.

         12.4     Severability. Wherever 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 shall 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
such provision or the remaining provisions of this Agreement.

         12.5     Successors and Assigns. This Agreement, the Other Agreements
and the Security Documents shall be binding upon and inure to the benefit of the
successors and assigns of Borrower, Agent and each Lender permitted under
Section 11.9 hereof.

         12.6     Cumulative Effect; Conflict of Terms. The provisions of the
Other Agreements and the Security Documents are hereby made cumulative with the
provisions of this Agreement. Except as otherwise provided in any of the other
Loan Documents by specific reference to the applicable provision of this
Agreement, if any provision contained in this Agreement is in direct conflict
with, or inconsistent with, any provision in any of the other Loan Documents,
the provision contained in this Agreement shall govern and control.

                                      -59-

<PAGE>

         12.7     Execution in Counterparts; Effectiveness. This Agreement may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which counterparts taken together shall
constitute but one and the same instrument. This Agreement shall become
effective upon the execution of a counterpart of the Master Assignment Agreement
by each party thereto and the execution of a counterpart hereof by Borrower,
each Lender and the Agent and delivery of such counterparts to Agent or its
counsel (which execution and delivery may be by facsimile) and upon receipt by
the Agent of written (including by facsimile) notification of such execution and
authorization of delivery thereof; provided that unless and until all conditions
set forth in Section 9 have been satisfied or waived, the Existing Loan
Agreement shall remain in full force and effect as if this Agreement had never
been executed and delivered.

         12.8     Notices. Except as otherwise provided herein, all notices,
requests and demands to or upon a party hereto, to be effective, shall be in
writing and shall be sent by certified or registered mail, return receipt
requested, by personal delivery against receipt, by overnight courier or by
facsimile and, unless otherwise expressly provided herein, shall be deemed to
have been validly served, given, delivered or received immediately when
delivered against receipt, one Business Day after deposit with an overnight
courier or, in the case of facsimile notice, when sent, addressed as follows:

         If to Agent:                    Fleet Capital Corporation
                                         15260 Ventura Boulevard, Suite 400
                                         Sherman Oaks, California  91403
                                         Attention: Loan Administration Manager
                                         Facsimile No.: (818) 382-4291

         With a copy to:                 Latham & Watkins LLP
                                         633 West 5th Street, Suite 400
                                         Los Angeles, California 90071
                                         Attention: Mary B. Ruhl
                                         Facsimile No.: (213) 891-8763

         If to Borrower:                 Mobile Mini, Inc.
                                         7420 South Kyrene Road, Suite 101
                                         Tempe Arizona 85283
                                         Attention: Chief Financial Officer
                                         Facsimile No.: (480) 894-6433

         With a copy to:                 Bryan Cave LLP
                                         Two N. Central, 22nd Floor
                                         Phoenix, Arizona 85004
                                         Attention: Joseph P. Richardson
                                         Facsimile No.: (602) 364-7070

or to such other address as each party may designate for itself by notice given
in accordance with this Section 12.8; provided, however, that any notice,
request or demand to or upon a

                                      -60-

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Lender pursuant to Subsection 3.1.1 or 4.2.2 hereof shall not be effective until
received by such Lender.

         12.9     Consent. Whenever Agent's or Majority's Lenders' consent is
required to be obtained under this Agreement, any of the Other Agreements or any
of the Security Documents as a condition to any action, inaction, condition or
event, except as otherwise specifically provided herein, Agent or Majority
Lenders, as applicable, shall be authorized to give or withhold such consent in
their sole and absolute discretion.

         12.10    Credit Inquiries. Borrower hereby authorizes and permits Agent
and each Lender to respond to usual and customary credit inquiries from third
parties concerning Borrower or any of its Subsidiaries.

         12.11    Time of Essence. Time is of the essence of this Agreement, the
Other Agreements and the Security Documents.

         12.12    Entire Agreement. This Agreement and the other Loan Documents,
together with all other instruments, agreements and certificates executed by the
parties in connection therewith or with reference thereto, embody the entire
understanding and agreement between the parties hereto and thereto with respect
to the subject matter hereof and thereof and supersede all prior agreements,
understandings and inducements, whether express or implied, oral or written.

         12.13    Interpretation. No provision of this Agreement or any of the
other Loan Documents shall be construed against or interpreted to the
disadvantage of any party hereto by any court or other governmental or judicial
authority by reason of such party having or being deemed to have structured or
dictated such provision.

         12.14    Confidentiality. Agent and each Lender shall hold all
nonpublic information obtained pursuant to the requirements of this Agreement in
accordance with Agent's and such Lender's customary procedures for handling
confidential information of this nature and in accordance with safe and sound
banking practices and in any event may make disclosure reasonably required by a
prospective participant or assignee in connection with the contemplated
participation or assignment or as required or requested by any governmental
authority or representative thereof or pursuant to legal process and shall
require any such participant or assignee to agree to comply with this Section
12.14.

         12.15    GOVERNING LAW; CONSENT TO FORUM. THIS AGREEMENT HAS BEEN
NEGOTIATED AND DELIVERED IN AND SHALL BE DEEMED TO HAVE BEEN MADE IN LOS
ANGELES, CALIFORNIA. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA; PROVIDED, HOWEVER, THAT IF
ANY OF THE COLLATERAL SHALL BE LOCATED IN ANY JURISDICTION OTHER THAN
CALIFORNIA, THE LAWS OF SUCH JURISDICTION SHALL GOVERN THE METHOD, MANNER AND
PROCEDURE FOR FORECLOSURE OF AGENT'S LIEN UPON SUCH COLLATERAL AND THE
ENFORCEMENT OF AGENT'S OTHER REMEDIES IN RESPECT OF SUCH COLLATERAL TO THE
EXTENT THAT THE

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LAWS OF SUCH JURISDICTION ARE DIFFERENT FROM OR INCONSISTENT WITH THE LAWS OF
CALIFORNIA. AS PART OF THE CONSIDERATION FOR NEW VALUE RECEIVED, AND REGARDLESS
OF ANY PRESENT OR FUTURE DOMICILE OR PRINCIPAL PLACE OF BUSINESS OF BORROWER,
AGENT OR ANY LENDER, BORROWER HEREBY CONSENTS AND AGREES THAT THE SUPERIOR COURT
OF LOS ANGELES COUNTY, CALIFORNIA, OR, AT AGENT'S OPTION, THE UNITED STATES
DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA, SHALL HAVE EXCLUSIVE
JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN BORROWER ON
THE ONE HAND AND AGENT OR ANY LENDER ON THE OTHER HAND PERTAINING TO THIS
AGREEMENT OR TO ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT. BORROWER
EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
SUIT COMMENCED IN ANY SUCH COURT, AND BORROWER HEREBY WAIVES ANY OBJECTION WHICH
BORROWER MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR
FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR
EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. BORROWER HEREBY WAIVES
PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH
ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER
PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO BORROWER AT THE
ADDRESS SET FORTH IN THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED
COMPLETED UPON THE EARLIER OF BORROWER'S ACTUAL RECEIPT THEREOF OR 3 DAYS AFTER
DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. NOTHING IN THIS AGREEMENT
SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF AGENT OR ANY LENDER TO SERVE
LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE
ENFORCEMENT BY AGENT OR ANY LENDER OF ANY JUDGMENT OR ORDER OBTAINED IN SUCH
FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN ANY
OTHER APPROPRIATE FORUM OR JURISDICTION.

         12.16    WAIVERS BY BORROWER. BORROWER WAIVES (i) THE RIGHT TO TRIAL BY
JURY (WHICH AGENT AND EACH LENDER HEREBY ALSO WAIVES) IN ANY ACTION, SUIT,
PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO ANY OF THE
LOAN DOCUMENTS, THE OBLIGATIONS OR THE COLLATERAL; (ii) PRESENTMENT, DEMAND AND
PROTEST AND NOTICE OF PRESENTMENT, PROTEST, DEFAULT, NON PAYMENT, MATURITY,
RELEASE, COMPROMISE, SETTLEMENT, EXTENSION OR RENEWAL OF ANY OR ALL COMMERCIAL
PAPER, ACCOUNTS, CONTRACT RIGHTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND
GUARANTIES AT ANY TIME HELD BY AGENT OR ANY LENDER ON WHICH BORROWER MAY IN ANY
WAY BE LIABLE AND HEREBY RATIFIES AND CONFIRMS WHATEVER AGENT OR ANY LENDER MAY
DO IN THIS REGARD; (iii) NOTICE PRIOR TO AGENT'S TAKING POSSESSION OR CONTROL OF
THE COLLATERAL OR ANY BOND OR SECURITY WHICH MIGHT BE REQUIRED BY ANY COURT
PRIOR TO ALLOWING AGENT TO EXERCISE ANY OF AGENT'S REMEDIES; (iv) THE BENEFIT OF
ALL VALUATION,

                                      -62-

<PAGE>

APPRAISEMENT AND EXEMPTION LAWS; AND (v) NOTICE OF ACCEPTANCE HEREOF. BORROWER
ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE A MATERIAL INDUCEMENT TO AGENT'S AND
EACH LENDER'S ENTERING INTO THIS AGREEMENT AND THAT AGENT AND EACH LENDER IS
RELYING UPON THE FOREGOING WAIVERS IN ITS FUTURE DEALINGS WITH BORROWER.
BORROWER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THE FOREGOING WAIVERS WITH
ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

         12.17    Increases In Total Revolving Loan Commitments.

                  12.17.1  Increasing Lenders and New Lenders. If the Revolving
Loan Commitments are reduced to less than $250,000,000 as a result of a
mandatory reduction pursuant to Subsection 3.3.1, Borrower may on no more than
two occasions and no more than once in any calendar year, by notice to the
Agent, request that the Revolving Loan Commitments be increased to an amount up
to $250,000,000 in the aggregate (the amount of any increase effected hereunder,
the "Commitment Increase"); provided, that (i) in no event shall the Revolving
Loan Commitments exceed the lesser of $250,000,000 and the amount of
Indebtedness and Liens permitted to be incurred under the Senior Note Indenture,
(ii) any Commitment Increase shall be in the minimum amount of $5,000,000, (iii)
on the date on which any Commitment Increase is effective, no Default or Event
of Default shall exist, both before and after giving effect to such Commitment
Increase and (iv) all conditions set forth in Section 9 have been satisfied or
waived in accordance with this Agreement. The Agent shall notify the Lenders of
such request, and the amount thereof, which notice shall specify the date by
which Lenders must respond if they are willing to issue a commitment to
participate in the Commitment Increase (the "Response Date"). Each Lender which,
in its sole discretion, desires to commit to participate in the Commitment
Increase (each, an "Increasing Lender") shall notify the Agent on or before the
Response Date of the amount by which it commits to increase its Revolving Loan
Commitment. If Increasing Lenders commit to participate in the Commitment
Increase in an aggregate amount in excess of the amount permitted under this
Subsection 12.17.1, the Commitment Increase shall be allocated among the
Increasing Lenders as determined by the Agent. If the aggregate amount committed
by the Increasing Lenders is less than the amount requested by the Borrower and
permitted hereunder, the Agent agrees to use its best efforts to find additional
financial institutions (the "New Lenders") that are willing to undertake
Revolving Loan Commitments; provided that the Revolving Loan Commitment of each
New Lender shall be in a minimum amount of $5,000,000. The Agent shall have no
liability to Borrower or any of its Subsidiaries or the Lenders if the Agent is
unable to successfully syndicate the Commitment Increase with Increasing Lenders
and/or New Lenders. If the Agent is able to successfully syndicate the
Commitment Increase, on the Commitment Increase Effective Date (as defined
below), Borrower shall pay to the Agent for the account of all Increasing
Lenders and New Lenders such fees as shall have been agreed among Borrower, the
Agent and the Increasing Lenders or New Lenders, as the case may be, with
respect to such Commitment Increase. The Commitment Increase shall become
effective on the date specified by the Agent (the "Commitment Increase Effective
Date"); provided, however, that (i) the conditions set forth

                                      -63-

<PAGE>

above shall have been satisfied on such date, (ii) the New Lenders shall have
entered into one or more joinder agreements, in form and substance satisfactory
to the Agent, to become Lenders hereunder, (iii) Borrower shall have paid all
fees (including but not limited to those fees provided in any fee letters
related to the Commitment Increase) and expenses in connection with the
syndication and arrangement of the Commitment Increase, (iv) Borrower shall have
executed and delivered to the Agent for the benefit of the New Lenders and
Increasing Lenders Revolving Notes, (v) Borrower shall have delivered or caused
to be delivered to the Agent such legal opinions, certificates (including
evidence that the Indebtedness under the Commitment Increase is permitted to be
incurred under the Senior Note Indenture) and other documents as the Agent may
reasonably request, all in form and substance satisfactory to the Agent, and
(vi) the relevant parties shall have delivered such other documents and taken
such other action as may be necessary or appropriate to effect the Commitment
Increase.

                  12.17.2  Commitment Increase Effective Date. On the Commitment
Increase Effective Date (i) the Revolving Loan Commitment of each Increasing
Lender shall be increased and each New Lender shall become a Lender hereunder
and under the other Loan Documents; (ii) Borrower shall pay the principal amount
of, and accrued and unpaid interest on, Revolving Credit Loans of the Lenders
other than the New Lenders in an amount sufficient (as determined by the Agent)
to permit the New Lenders and Increasing Lenders to fund Revolving Credit Loans
in an amount equal to their respective pro rata shares of the then outstanding
Revolving Credit Loans, and in connection with such payment shall also pay
breakage losses required by Subsection 3.2.5 on such repayment, if any; and
(iii) each New Lender and Increasing Lender shall fund Revolving Credit Loans in
an amount equal to its pro rata share of the then outstanding Revolving Credit
Loans.

         12.18    Existing Loan Agreement And Loan Documents.The parties hereto
agree that on the Restatement Date, and the Agent's determination that the
conditions precedent set forth in Section 9 have been satisfied or waived, the
Existing Loan Agreement shall be deemed to be amended and restated in its
entirety and all Obligations under and as defined in the Existing Loan Agreement
(the "Prior Obligations") and the promissory notes delivered thereunder shall,
to the extent not paid on such date, be deemed to be Obligations outstanding
under this Agreement. Upon the Restatement Date, and the effectiveness of this
Agreement in accordance with Section 9 hereof, the Existing Loan Agreement will
be superseded in its entirety, and all references in the Loan Documents shall be
deemed to refer to this Agreement, without the need for further amendment of any
Loan Document. Notwithstanding the foregoing, all Liens and security interests
securing the Prior Obligations shall continue in full force and effect in all
respects, securing the Obligations. The parties hereto acknowledge that this
Agreement, the Revolving Notes and the other Loan Documents do not constitute a
repayment and reborrowing, an accord and satisfaction or a novation of such
Prior Obligations. Borrower hereby ratifies and reaffirms all of its Obligations
and liabilities under each of the Loan Documents, including without limitation
the Security Documents and that the Liens granted to the Agent thereunder
continue to secure the Obligations arising under this Agreement.

                                      -64-

<PAGE>

                  IN WITNESS WHEREOF, this Amended and Restated Loan and
Security Agreement has been duly executed on the day and year specified at the
beginning of this Amended and Restated Loan and Security Agreement.

                                       MOBILE MINI, INC., a Delaware corporation

                                       By:______________________________________
                                       Name: Lawrence Trachtenberg
                                       Title: Executive Vice President

                                       FLEET CAPITAL CORPORATION,
                                       a Rhode Island corporation,
                                       as Agent and as a Lender

                                       By:______________________________________
                                       Name: Matthew R. Van Steenhuyse
                                       Title: Senior Vice President

                                      S-1-

<PAGE>

                                       JP MORGAN CHASE BANK, as a Co-
                                       Syndication Agent and as a Lender

                                       By:______________________________________
                                       Name: Donna DiForio
                                       Title: Vice President

                                      S-2-

<PAGE>

                                       BANK ONE, NA, with its main office in
                                       Chicago, Illinois, as a Co-Syndication
                                       Agent and as a Lender

                                       By:______________________________________
                                       Name: Steve Reinhart
                                       Title: First Vice President

                                      S-3-

<PAGE>

                                       WASHINGTON MUTUAL BANK, as a Co-
                                       Documentation Agent and as a Lender

                                       By:______________________________________
                                       Name: Terri K. Lins
                                       Title: Vice President

                                      S-4-

<PAGE>

                                       GE COMMERCIAL DISTRIBUTION FINANCE
                                       f/k/a Deutsche Financial Services Corp.,
                                       as a Lender

                                       By:______________________________________
                                       Name: Joseph Kinkenon
                                       Title: Vice President

                                      S-5-

<PAGE>

                                       U.S. BANK NATIONAL ASSOCIATION,
                                       as a Lender

                                       By:______________________________________
                                       Name:  Joseph P. Howard
                                       Title: Vice President

                                      S-6-

<PAGE>

                                       PNC BANK, NATIONAL ASSOCIATION,
                                       as a Lender

                                       By:______________________________________
                                       Name:  Lawrence Weinstein
                                       Title: Vice President

                                      S-7-
<PAGE>

                                             THE PROVIDENT BANK, as a Lender

                                             By: ___________________________
                                             Name:  Marshall M. Stuart
                                             Title: Vice President

                                      S-8-

<PAGE>

                                             BANK LEUMI USA, as a Lender

                                             By: ___________________________
                                             Name:  Jacques Delvoye
                                             Title: Vice President

                                      S-9-

<PAGE>

                                             DEUTSCHE BANK TRUST COMPANY
                                             AMERICAS, as a Lender

                                             By: ___________________________
                                             Name:  Mark E. Funk
                                             Title: Director

                                      S-10-

<PAGE>

                                             DEUTSCHE BANK SECURITIES INC.,
                                             as a Co-Documentation Agent

                                             By: ___________________________
                                             Name: _________________________
                                             Title: ________________________

                                      S-11-

<PAGE>

                                             CIBC, INC, as a Lender

                                             By: ___________________________
                                             Name:  George Knight
                                             Title: Managing Director

                                      S-12-

<PAGE>

                                             NATIONAL CITY BANK, as a Lender

                                             By: ___________________________
                                             Name:  David Lawyer
                                             Title: Assistant Vice President

                                      S-13-

<PAGE>

                                             LASALLE BUSINESS CREDIT, LLC, as a
                                             Lender

                                             By: ___________________________
                                             Name:  Thomas J. Brennan
                                             Title: Vice President

                                      S-14-

<PAGE>

                                   APPENDIX A

                               GENERAL DEFINITIONS

                  When used in the Amended and Restated Loan and Security
Agreement dated as of June 26, 2003, by and among FLEET CAPITAL CORPORATION,
individually and as Agent, the other financial institutions which are or become
parties thereto and MOBILE MINI, INC., a Delaware corporation, (a) the terms
Certificated Security, Chattel Paper, Commercial Tort Claims, Deposit Account,
Document, Electronic Chattel Paper, Financial Asset, Fixture, General
Intangibles, Goods, Instruments, Inventory, Investment Property,
Letter-of-Credit Right, Payment Intangibles, Proceeds, Security, Security
Entitlement, Software, Supporting Obligations and Tangible Chattel Paper and
Uncertificated Security have the respective meanings assigned thereto under the
UCC (as defined below); (b) all terms indicating Collateral having the meanings
assigned thereto under the UCC shall be deemed to mean such Property, whether
now owned or hereafter created or acquired by Borrower or any Guarantor or in
which Borrower or any Guarantor now has or hereafter acquires any interest; (c)
capitalized terms which are not otherwise defined have the respective meanings
assigned thereto in said Amended and Restated Loan and Security Agreement; and
(d) the following terms shall have the following meanings (terms defined in the
singular to have the same meaning when used in the plural and vice versa):

                  "Account Debtor" - any Person who is or may become obligated
on or under or on account of any Account, Contract Right, Chattel Paper or
General Intangible.

                  "Account" - the meaning assigned under the UCC and all rights
to payments under leases and Chattel Paper.

                  "Acquisition" - (i) the acquisition by Borrower or any of its
Subsidiaries of all of the issued and outstanding Securities or other equity
interests of a Person, (ii) the acquisition by Borrower or any of its
Subsidiaries of all or substantially all of the assets of a Person or a line of
business of a Person or (iii) the merger or consolidation of Borrower or any of
its Subsidiaries with a Person other than a Person that was a Subsidiary of
Borrower or such Subsidiary immediately prior to such merger.

                  "Adjusted Debt Ratio" - as of any date of determination, the
ratio of (i) Funded Debt as of such date to (ii) Consolidated EBITDA plus, to
the extent deducted in calculating such Consolidated EBITDA, all payments of
judgment settlement costs (including interest accrued thereon, but not including
expenses relating thereto or to the litigation with Nuko) of the Nuko Judgment,
in each case for the four fiscal quarters ending on such date.

                  "Affiliate" - a Person (other than a Subsidiary): (i) which
directly or indirectly through one or more intermediaries controls, or is
controlled by, or is under common control with, a Person; (ii) which
beneficially owns or holds 15% or more of any class of the Voting Stock of a
Person; or (iii) 15% or more of the Voting Stock (or in the case of a Person
which is not a corporation, 15% or more of the equity interest) of which is
beneficially owned or held by a Person or a Subsidiary of a Person.

                                       A-1

<PAGE>

                  "Agent" - Fleet in its capacity as agent for the Lenders under
the Agreement and its successors and assigns, including any successor in that
capacity appointed pursuant to Subsection 11.11.

                  "Aggregate Percentage" - with respect to each Lender, the
percentage equal to the quotient of (i) such Lender's Revolving Loan Commitment
divided by (ii) the aggregate of all Revolving Loan Commitments.

                  "Agreement" - the Amended and Restated Loan and Security
Agreement referred to in the first sentence of this Appendix A, all Exhibits and
Schedules thereto and this Appendix A, as each of the same may be amended or
otherwise modified from time to time.

                  "Applicable Margin" - initially, the percentages set forth
below with respect to the Base Rate Portion and the LIBOR Portion:

<TABLE>
<S>                          <C>
Base Rate Portion            0.50%
LIBOR Portion                2.25%
</TABLE>

                  The percentages set forth above will be adjusted on the first
day of the month following receipt by Agent from Borrower of the financial
statements required to be delivered pursuant to Subsection 8.1.3(iii) of the
Agreement for each fiscal quarter ended on the last day of March, June,
September and December during the Term (each such date an "Adjustment Date"),
effective prospectively, by reference to the Adjusted Debt Ratio for the four
quarters most recently ending in accordance with the following:

<TABLE>
<CAPTION>
   Adjusted Debt Ratio           Base Rate Portion           LIBOR Portion
   -------------------           -----------------           -------------
<S>                              <C>                         <C>
> or = 5.25:1                         1.00%                      2.75%
> or = 4.75:1 but <5.25:1              .75%                      2.50%
> or = 4.0:1  but <4.75:1              .50%                      2.25%
> or = 3.25:1 but <4.0:1               .25%                      2.00%
      <3.25:1                            0%                      1.75%
</TABLE>

provided that, (i) until the Adjustment Date following the fiscal quarter ended
December 31, 2003, the Applicable Margin shall not be less than 0.50% for the
Base Rate Portion and 2.25% for the LIBOR Portion of the Loans, (ii) if
Borrower's audited financial statements for any fiscal year delivered pursuant
to Subsection 8.1.3(i) of the Agreement reflect an Adjusted Debt Ratio that
yields a different Applicable Margin than that yielded by the quarterly
financial statements previously delivered pursuant to Subsection 8.1.3(iii) of
the Agreement for the last quarter of such fiscal year, the Applicable Margin
shall be readjusted retroactive to the preceding Adjustment Date and (iii) if
Borrower fails to deliver the financial statements required to be delivered
pursuant to Subsection 8.1.3(i) or Subsection 8.1.3(iii) of the

                                       A-2

<PAGE>

Agreement on or before the due date thereof, the interest rate shall
automatically adjust to the highest interest rate set forth above, effective
prospectively from such due date until the next Adjustment Date.

                  "Appraiser" - an appraiser employed by Agent or an independent
third party appraiser engaged by Agent, at Borrower's expense.

                  "Availability" - the amount of additional money which Borrower
is entitled to borrow from time to time as Revolving Credit Loans, such amount
being the difference derived when the sum of the principal amount of Revolving
Credit Loans then outstanding (including any amounts which Agent or any Lender
may have paid for the account of Borrower pursuant to any of the Loan Documents
and which have not been reimbursed by Borrower), the LC Amount, all unpaid LC
Obligations, the Availability Reserve and any other reserves is subtracted from
the Borrowing Base. If the amount outstanding is equal to or greater than the
Borrowing Base, Availability is zero (0).

                  "Availability Reserve" - a reserve against Availability equal
to $10,000,000; provided, however, that such amount shall be increased to
$17,500,000 until such time as a payment is made by Borrower under a final
judgment with respect to the pending litigation matter between Borrower and Nuko
or the matter is otherwise finally resolved; in which case such amount shall be
reduced by the amount of each payment on such judgment; provided further that,
in the sole and absolute discretion of Agent, such amount may be reduced by the
amount of a satisfactory appeal bond posted by Borrower in connection with the
matter and/or up to $2,000,000 of proceeds held in escrow by Borrower in
anticipation of a Nuko Judgment; provided further that the amount shall be
reduced automatically if the trial court in the litigation matter between
Borrower and Nuko either (i) vacates the judgment issued in the case on
September 13, 2002, by granting Borrower's motion to set aside the verdict or
Borrower's motion for new trial (in either case, the reduction shall be in the
amount of $7,500,000) or (ii) lowers the amount of the jury verdict in such
matter by ordering a remittitur (in which case the reduction shall be in the
amount of the remittitur ordered by the trial court).

                  "Bank" - Fleet National Bank.

                  "Base Rate" - the rate of interest announced or quoted by Bank
from time to time as its prime rate for commercial loans, whether or not such
rate is the lowest rate charged by Bank to its most preferred borrowers; and, if
such prime rate for commercial loans is discontinued by Bank as a standard, a
comparable reference rate designated by Bank as a substitute therefore shall be
the Base Rate.

                  "Base Rate Advance" - any Revolving Credit Loan bearing
interest computed by reference to the Base Rate.

                  "Base Rate Portion" - that portion of the Revolving Credit
Loans that is subject to interest computed by reference to the Base Rate.

                                       A-3

<PAGE>

                  "Borrower" - Mobile Mini, Inc., a Delaware corporation with
its chief executive office and principal place of business at 7420 South Kyrene
Road, Suite 101, Tempe, Arizona 85283.

                  "Borrowing Base" - as at any date of determination thereof, an
amount equal to the lesser of:

                           (i)      the Revolving Credit Maximum Amount; or

                           (ii)     an amount equal to the sum of

                  (A) up to eighty-five percent (85%) of the net amount of
Eligible Accounts; plus

                  (B) up to ninety percent (90%) of Eligible Container Fleet
Inventory; plus

                  (C) up to seventy percent (70%) of Eligible Trailer Fleet
Inventory; plus

                  (D)  the lesser of (i) $15,000,000 or (ii) the sum of

                           (a)      up to ninety percent (90%) of Eligible
                                    Container Inventory Held for Sale; plus

                           (b)      up to the lesser of (x) $2,500,000 or (y)
                                    ninety percent (90%) of Eligible
                                    Work-in-Process Container Inventory; plus

                           (c)      up to seventy-five percent (75%) of Eligible
                                    Primary Raw Materials Inventory; plus

                           (d)      up to sixty percent (60%) of Eligible Other
                                    Raw Materials Component Inventory; plus

                  (E) the lesser of (i) $25,000,000 and (ii) the sum of (a) up
to eighty percent (80%) of the value of Eligible Machinery and Equipment; plus
(b) up to sixty percent (60%) of the value of the Specified Real Property.

                  For purposes of calculating the components of the Borrowing
Base, (1) the net amount of Eligible Accounts at any time shall be the face
amount of such Eligible Accounts less any and all returns, rebates, discounts
(which may, at Agent's option, be calculated on shortest terms), service
charges, customer deposits, credits, allowances or excise taxes of any nature at
any time issued, owing, claimed by Account Debtors, granted, outstanding or
payable in connection with such Accounts at such time, (2) the amount of
Eligible Inventory shall be determined on a first-in, first-out basis; (3)
Inventory "cost" shall be determined in a manner consistent with Borrower's
current and historical accounting practices unless otherwise specifically
provided in this Agreement, (4) the value of Eligible Machinery and Equipment
and Specified Real Property shall be determined on the basis of the orderly
liquidation value of such Property based on the most recent appraisal received
by Agent from the Appraiser; and (5) orderly liquidation value of Inventory
shall be based on the most recent appraisal received by Agent from the
Appraiser.

                                       A-4

<PAGE>

                  "Borrowing Base Certificate" - a certificate by a senior
financial officer of Borrower, substantially in the form of Exhibit 8.1.4 (or
another form acceptable to Agent) setting forth the calculation of the Borrowing
Base, including a calculation of each component thereof, all in such detail as
shall be satisfactory to Agent. All calculations of the Borrowing Base in
connection with the preparation of any Borrowing Base Certificate shall
originally be made by Borrower and certified to Agent; provided, that Agent
shall have the right to review and adjust, in the exercise of its reasonable
credit judgment, any such calculation after giving notice thereof to Borrower,
(1) to reflect its reasonable estimate of declines in value of any of the
Collateral described therein, and (2) to the extent that such calculation is not
in accordance with this Agreement.

                  "Business Day" - (i) when used with respect to the LIBOR
option, shall mean a day on which dealings may be effected in deposits of United
States Dollars in the London interbank foreign currency deposits market and on
which Bank is conducting and other banks may conduct business in London,
England, in the State of California and (ii) when used with respect to any other
provision of the Agreement, any day excluding Saturday, Sunday and any day which
is a legal holiday under the laws of the State of California or is a day on
which banking institutions located in such state are closed.

                  "Capital Expenditures" - expenditures made or liabilities
incurred for the acquisition of any fixed assets (including but not limited to
containers) or improvements, replacements, substitutions or additions thereto
which have a useful life of more than one year, including the total principal
portion of Capitalized Lease Obligations and that portion of Investments
allocable to property, plant or equipment. Capital Expenditures shall exclude
(i) new and used manufactured or remanufactured portable container Inventory
held for sale, (ii) proceeds of a Casualty Loss applied to the repair or
replacement of the property affected by the Casualty Loss and (iii) Inventory or
Equipment acquired in a Permitted Acquisition.

                  "Capitalized Lease Obligation" - any Indebtedness represented
by obligations under a lease that is required to be capitalized for financial
reporting purposes in accordance with GAAP.

                  "Cash Equivalents" means either of the following, so long as
the same are maintained in accounts in which Agent has a perfected security
interest: (i) securities issued, guarantied or insured by the United States or
any of its agencies and having maturities of not more than one year; and (ii)
certificates of deposit having maturities of not more than one year issued by
Agent, any Lender or by a U.S. federal or state chartered commercial bank of
recognized standing whose capital and unimpaired surplus is in excess of
$100,000,000 and whose short-term commercial paper rating, or that of its parent
holding company, is at least A-2 or the equivalent by Standard & Poor's
Corporation and at least P-2 or the equivalent by Moody's Investors Services,
Inc.

                  "Casualty Loss" - (i) the loss, damage, or destruction of any
asset owned or used by Borrower or any of its Subsidiaries, (ii) the
condemnation, confiscation, or other taking, in whole or in part, of any such
asset, or (iii) the diminishment of such asset so as to render use for its
intended purpose impracticable or unreasonable.

                                       A-5

<PAGE>

                  "Certificate of Title - a certificate of title, certificate of
ownership or other registration certificate issued or required to be issued for
any asset under the certificate of title or similar laws of any jurisdiction.

                  "Change of Control" - either: (i) other than members of
management as of the Restatement Date, any "person" (as such term is used in
Subsections 13(d) and 14(d) of the Securities and Exchange Act of 1934, as
amended) on or after the Restatement Date is or becomes a "beneficial owner" (as
defined in Rule 13d-3 under such Act), directly or indirectly, of Securities of
Borrower representing 15% or more of the combined voting power of Borrower's
then-outstanding Securities; or (ii) the existing directors for any reason cease
to constitute 75% of Borrower's Board of Directors or (iii) any Guarantor ceases
to be a wholly-owned Subsidiary of Borrower, except as expressly permitted by
the Loan Documents; or (iv) a "Change of Control" (as defined in the Senior Note
Indenture) occurs. For purposes of this definition, "existing directors" means
(x) individuals constituting Borrower's Board of Directors on the Restatement
Date, and (y) any subsequent director whose election by the Board of Directors
or nomination for election by Borrower's shareholders was approved by a vote of
at least 75% of the directors then in office which directors either were
directors on the Restatement Date or whose election or nomination for election
was previously so approved.

                  "Collateral" - all of the Property and interests in Property
described in Section 5 of the Agreement, and all other Property and interests in
Property that now or hereafter secure the payment and performance of any of the
Obligations or any Guaranty Agreement.

                  "Collateral Access Agreement" - any landlord waivers,
mortgagee waivers, bailee letters or any similar acknowledgment agreements of
any warehouseman or processor in possession of Inventory, in form and substance
approved by Agent.

                  "Commitment Increase" - as defined in Subsection 12.17.1 of
the Agreement.

                  "Commitment Increase Effective Date" - as defined in
Subsection 12.17.1 of the Agreement.

                  "Computer Hardware and Software" - all rights (including
rights as licensee and lessee) with respect to (i) computer and other electronic
data processing hardware, including all integrated computer systems, central
processing units, memory units, display terminals, printers, computer elements,
card readers, tape drives, hard and soft disk drives, cables, electrical supply
hardware, generators, power equalizers, accessories, peripheral devices and
other related computer hardware; (ii) all Software and all software programs
designed for use on the computers and electronic data processing hardware
described in clause (i) above, including all operating system software,
utilities and application programs in any form (source code and object code in
magnetic tape, disk or hard copy format or any other listings whatsoever); (iii)
any firmware associated with any of the foregoing; and (iv) any documentation
for hardware, Software and firmware described in clauses (i), (ii) and (iii)
above, including flow charts, logic diagrams, manuals, specifications, training
materials, charts and pseudo codes.

                                       A-6

<PAGE>

                  "Consolidated" - the consolidation in accordance with GAAP of
the accounts or other items as to which such term applies.

                  "Consolidated EBITDA" - for a period, the Consolidated net
income of Borrower and its Subsidiaries (excluding (a) extraordinary gains, (b)
non-cash extraordinary losses and (c) debt restructuring costs arising from
payment of termination costs of Derivative Obligations that were entered into in
connection with the Existing Loan Agreement and from the write-off of fees and
expenses in connection with the initial funding under the Existing Loan
Agreement) for the period and without duplication (i) plus all Interest Expense,
income tax expense, depreciation and amortization (including amortization of any
goodwill or other intangibles) for the period, (ii) less gains or plus losses
attributable to any fixed asset sales (excluding sales of containers held for
lease) in the period and (iii) plus or minus any other non-cash charges which
have been subtracted or added in calculating Consolidated net income. For all
purposes other than calculating Consolidated Net Cash Flow, Consolidated EBITDA
for any such period shall be calculated by giving pro forma effect to any
Permitted Acquisition during such period, as if such Acquisition had been
consummated on the first day of such period, as long as Borrower shall have
delivered to Agent audited financial statements for such period for the Person
or assets acquired.

                   "Consolidated Net Cash Flow" - for a period, Consolidated
EBITDA less the sum of (i) Unfinanced Capital Expenditures, during such period,
plus (ii) income taxes paid in cash during such period and plus (iii) Restricted
Payments paid in cash during such period (other than Restricted Payments paid by
a Subsidiary of Borrower to Borrower or a Guarantor).

                  "Container Fleet Inventory" - new and used manufactured or
remanufactured portable and ISO containers and portable mobile offices held by
Borrower or a Guarantor for intended lease or rental by Borrower and its
Subsidiaries to third parties.

                  "Contingent Obligation" - any direct, indirect, contingent or
non-contingent guaranty or obligation for the Indebtedness of another, except
endorsements in the ordinary course of business.

                  "Contract Right" - any right to payment under a contract for
the sale or lease of goods or the rendering of services, which right is at the
time not yet earned by performance.

                  "Debt Ratio" - as of any date of determination, the ratio of
(i) Funded Debt as of such date to (ii) Consolidated EBITDA plus, to the extent
included in calculating such Consolidated EBITDA, all accruals and payments of
costs and expenses, including settlement costs, in connection with the Nuko
Judgment and the litigation relating thereto, in each case for the four fiscal
quarters ending on such date.

                  "Default" - an event or condition the occurrence of which
would, with the lapse of time or the giving of notice, or both, become an Event
of Default.

                  "Default Rate" - as defined in Subsection 2.1.2 of the
Agreement.

                                       A-7

<PAGE>

                  "Derivative Obligations" - every obligation of a Person under
any forward contract, futures contract, swap, option or other financing
agreement or arrangement (including, without limitation, caps, floors, collars
and similar agreements), the value of which is dependent upon interest rates,
currency or exchange rates or valuations.

                  "Dominion Account" - a special bank account or accounts of
Agent established by Borrower pursuant to Subsection 6.2.4 of the Agreement at a
bank selected by Borrower, but acceptable to Agent in its reasonable discretion,
and over which Agent shall have sole and exclusive access and control for
withdrawal purposes.

                  "Eligible Account" - an Account of Borrower or a Guarantor
arising in the ordinary course of the business of Borrower or such Guarantor
from the sale of goods, the lease of goods or rendition of services which Agent,
in its reasonable credit judgment, deems to be an Eligible Account less all
returns, rebates, discounts (which may at Agent's option be calculated on
shortest terms), service charges, customer deposits, credits, allowances or
excise taxes of any nature at any time issued, owing, claimed by Account
Debtors, granted, outstanding or payable in connection with such Accounts.
Without limiting the generality of the foregoing, unless otherwise approved in
writing by Agent, no Account shall be an Eligible Account if:

                  (i) it arises out of a sale made or services rendered by
Borrower or a Guarantor to a Subsidiary of Borrower or an Affiliate of Borrower
or to a Person controlled by an Affiliate of Borrower; or

                  (ii) it is an Account that has payment terms longer than 45
days from the date of invoice; provided, however, that $200,000 may be
considered Eligible Accounts with payment terms longer than 45 days but no
longer than 90 days from the date of the invoice;

                  (iii) it remains unpaid more than 90 days after the original
invoice date; or

                  (iv) it is owed by an Account Debtor and the total unpaid
Accounts of such Account Debtor exceed 10% of the net amount of all Eligible
Accounts, but only to the extent of such excess; or

                  (v) any covenant, representation or warranty contained in the
Agreement with respect to such Account has been breached; or

                  (vi) the Account Debtor is also a creditor or supplier of
Borrower or any Subsidiary of Borrower, or the Account Debtor has disputed
liability with respect to such Account, or the Account Debtor has made any claim
with respect to any other Account due from such Account Debtor to Borrower or
any Subsidiary of Borrower, or the Account otherwise is or may become subject to
right of setoff by the Account Debtor, provided, that any such Account shall be
eligible to the extent such amount thereof exceeds such contract, dispute,
claim, setoff or similar right; or

                  (vii) the Account Debtor has commenced a voluntary case under
the federal bankruptcy laws, as now constituted or hereafter amended, or made an
assignment for the benefit of creditors, or a decree or order for relief has
been entered by a court having

                                       A-8

<PAGE>

jurisdiction in the premises in respect of the Account Debtor in an involuntary
case under the federal or other similar bankruptcy, reorganization or insolvency
laws, as now constituted or hereafter amended, or any other petition or other
application for relief under the federal or other similar bankruptcy
reorganization or insolvency laws, as now constituted or hereafter amended, has
been filed against the Account Debtor, or if the Account Debtor has failed,
suspended business, ceased to be Solvent, or consented to or suffered a
receiver, trustee, liquidator or custodian to be appointed for it or for all or
a significant portion of its assets or affairs; or

                  (viii) it arises from a sale made or services rendered to an
Account Debtor outside the United States, unless the sale is either (1) to an
Account Debtor located in Ontario or any other province of Canada in which the
Personal Property Security Act has been adopted in substantially the same form
as currently in effect in Ontario or (2) on letter of credit, guaranty or
acceptance terms, in each case acceptable to Agent in its reasonable credit
judgment; or

                  (ix) (1) it arises from a sale to the Account Debtor on a
bill-and-hold or consignment basis; or (2) it is subject to a reserve
established by Borrower or any of its Subsidiaries for potential returns or
refunds, to the extent of such reserve; or

                  (x) the Account Debtor is the United States of America, any
State or any political subdivision or department, agency or instrumentality
thereof, unless Borrower or any such Guarantor, as applicable, assigns its right
to payment of such Account to Agent, in a manner satisfactory to Agent, in its
reasonable credit judgment, so as to comply with the Assignment of Claims Act of
1940 (31 U.S.C. Section 203 et seq., as amended) or complies with any similar
applicable state or local law as Agent may require; or

                  (xi) it is not at all times subject to Agent's duly perfected,
first priority security interest and to no other Lien that is not a Permitted
Lien; or

                  (xii) the goods giving rise to such Account have not been
delivered to and accepted by the Account Debtor or the services giving rise to
such Account have not been performed by Borrower or the applicable Guarantor and
accepted by the Account Debtor or the Account otherwise does not represent a
final sale; or

                  (xiii) the Account is evidenced by an instrument of any kind,
or has been reduced to judgment; or

                  (xiv) Borrower or a Subsidiary of Borrower has made any
agreement with the Account Debtor for any deduction therefrom, except for
discounts or allowances which are made in the ordinary course of business for
prompt payment and which discounts or allowances are reflected in the
calculation of the face value of each invoice related to such Account; or

                  (xv) more than 50% of the Accounts owing from the Account
Debtor are not Eligible Accounts hereunder; provided that Agent may, in its sole
discretion, reduce such percentage to a lesser percentage, but not below 25%; or

                                       A-9

<PAGE>

                  (xvi) the Account is subject to any progress payment or other
similar advance made by or for the benefit of the applicable Account Debtor; or

                  (xvii) the Account evidences a lease to an Account Debtor that
is an individual and the aggregate amount of such Accounts included as Eligible
Accounts hereunder equals or exceeds $750,000; or

                  (xvii) the Account evidences a sale to an Account Debtor that
is an individual.

                  "Eligible Container Fleet Inventory" - Eligible Goods
Inventory of Borrower and the Guarantors consisting of Container Fleet
Inventory, valued at the lower of Borrower's and its Subsidiaries' cost or
orderly liquidation value, except for custom containers that are pre-sold and
ISO containers that are pre-sold, which will be valued at the lower of
Borrower's cost or sales invoice price.

                  "Eligible Container Inventory Held For Sale" - Eligible Goods
Inventory of Borrower and the Guarantors consisting of (a) new and used
manufactured or remanufactured portable and ISO containers and portable mobile
offices held by Borrower or a Guarantor for intended sale to third parties and
(b) containers used by Borrower or the Guarantors, containers temporarily out of
service and otherwise unrefurbished ISO units, whether or not held for sale,
each of which containers in clauses (a) and (b) shall be valued at the lower of
cost or orderly liquidation value; provided, that if any such containers have
not been appraised, containers manufactured by Borrower shall be valued at cost
and all other containers shall be valued at the lower of cost or the orderly
liquidation value equivalent percentage established by the most recent appraisal
for that particular type or category of Inventory, and (c) custom containers and
ISO containers that have been pre-sold, which shall be valued at the lower of
cost or the sales invoice price.

                  "Eligible Goods Inventory" - Inventory of Borrower and the
Guarantors which Agent, in its reasonable credit judgment, deems to be Eligible
Goods Inventory. In determining the amount to be so included, Eligible Goods
Inventory shall be valued at the lower of cost or orderly liquidation value,
except for custom containers that are pre-sold and ISO containers that are
pre-sold, which will be valued at the lower of Borrower's cost or sales invoice
price. Unless otherwise approved in writing by Agent, no Inventory shall be
deemed Eligible Goods Inventory if:

                  (a)      it is not owned solely by Borrower or a Guarantor or
Borrower or a Guarantor does not have good, valid and marketable title thereto;
or

                  (b)      it is not located in the United States or in Ontario,
Canada; or

                  (c)      it (i) is not subject to valid, current rental or
lease agreements between Borrower or a Guarantor and the renters or lessees
thereof or (ii) if not leased, is not located on property owned or leased by
Borrower or a Guarantor or is not located in a contract warehouse, subject to a
Collateral Access Agreement executed by the mortgagee, the lessor or the
contract warehouseman, as the case may be, and segregated or otherwise
separately

                                      A-10

<PAGE>

identifiable from goods of others, if any, stored on the premises; provided,
however, that as long as Borrower has received Collateral Access Agreements to
the extent necessary to comply with Subsection 8.1.6 of the Agreement, Inventory
will not be deemed ineligible solely because it is located on property not
subject to a Collateral Access Agreement, but Agent shall reserve one month's
rent under the applicable lease for the premises against the Borrowing Base; or

                  (d)      it is not subject to a valid and perfected first
priority Lien in favor of Agent except, with respect to Inventory stored at
sites described in clause (c) above, for Liens for unpaid rent or normal and
customary warehousing charges; or

                  (e)      it consists of goods returned or rejected by Borrower
or a Subsidiary's or Affiliate's customers or goods in transit to third parties
(other than to warehouse sites covered by a Collateral Access Agreement); or

                  (f)      it is not first-quality finished goods or work in
process, is obsolete, or does not otherwise conform to the representations and
warranties contained in the Loan Documents; or

                  (g)      it is subject to a lease which should be classified
as a capital lease under GAAP or contains a contains a purchase option for an
amount less than the amount equal to the net book value; or

                  (h)      Inventory which is located on Borrower's premises and
is being repaired; or

                  (i)      Inventory which can not be located at the time of
Borrower's physical inventory; or

                  (j)      it is Eligible Raw Materials Inventory or Eligible
Machinery and Equipment.

                  "Eligible Inventory" - Eligible Goods Inventory and Eligible
Raw Materials Inventory.

                  "Eligible Machinery and Equipment" - Equipment of Borrower or
a Guarantor which Agent, in its reasonable credit judgment, deems to be Eligible
Machinery and Equipment. Without limiting the generality of the foregoing,
unless otherwise approved in writing by Agent, no Equipment shall be deemed
Eligible Machinery and Equipment if:

                  (a)      it is not owned solely by Borrower or a Guarantor or
Borrower or a Guarantor does not have good, valid and marketable title thereto;
or

                  (b)      it is not located in the United States; or

                  (c)      it is not located on property owned or leased by
Borrower or a Guarantor subject to a Collateral Access Agreement executed by the
lessor; provided, however, that as long as Borrower has received Collateral
Access Agreements to the extent

                                      A-11

<PAGE>

necessary to comply with Subsection 8.1.6 of the Agreement, Equipment will not
be deemed ineligible solely because it is located on property not subject to a
Collateral Access Agreement, but Agent shall reserve one month's rent under the
applicable lease of the premises against the Borrowing Base; or

                  (d)      it is not subject to a valid and perfected first
priority Lien in favor of Agent except, with respect to Equipment stored at
sites described in clause (c) above, for Liens for unpaid rent or normal and
customary warehousing charges; or

                  (e)      it is not of a like kind or type of Equipment that
has been appraised and it has not been appraised by the Appraiser with an
appraisal in form and substance satisfactory to Agent and reasonably
satisfactory to Majority Lenders.

                  "Eligible Other Raw Materials Component Inventory" - Eligible
Raw Materials Inventory, valued at Borrowers' cost, of Borrower or a Guarantor
purchased from third parties consisting of plumbing, drywall, electrical
components, insulation materials, HVAC materials, doors and windows, and
fasteners, and located on the Restatement Date or thereafter at Borrower's
Maricopa facility or such other facility of Borrower or a Guarantor as to which
Borrower implements a perpetual inventory accounting system comparable to that
of the Maricopa facility.

                  "Eligible Primary Raw Materials Inventory" - Eligible Raw
Materials Inventory, valued at Borrowers' cost (except for fiscal year end
calculations where the value will be the lower of Borrower's cost or market), of
Borrower or a Guarantor consisting of steel, lumber, plywood and paint, and
located on the Restatement Date or thereafter at Borrower's Maricopa facility or
such other facility of Borrower as to which Borrower implements a perpetual
inventory accounting system comparable to that of the Maricopa facility.

                  "Eligible Raw Materials Inventory" - Eligible Primary Raw
Materials Inventory or Eligible Other Raw Materials Inventory which Agent, in
its reasonable credit judgment, deems to be Eligible Raw Materials Inventory.
Without limiting the generality of the foregoing, unless otherwise approved in
writing by Agent, no Inventory shall be deemed Eligible Raw Materials Inventory
if:

                  (a)      it is not owned solely by Borrower or a Guarantor or
Borrower or a Guarantor does not have good, valid and marketable title thereto;
or

                  (b)      it is not located in the United States or Ontario,
Canada; or

                  (c)      it is not located on property owned or leased by
Borrower or a Guarantor or in a contract warehouse, subject to a Collateral
Access Agreement executed by the lessor or the contract warehouseman, as the
case may be, and segregated or otherwise separately identifiable from goods of
others, if any, stored on the premises; provided, however, that as long as
Borrower has received Collateral Access Agreements to the extent necessary to
comply with Subsection 8.1.6 of the Agreement, Inventory will not be deemed
ineligible solely because it is located on property not subject to a Collateral
Access

                                      A-12

<PAGE>

Agreement, but Agent shall reserve equal to one month's rent under the
applicable lease of the premises against the Borrowing Base.; or

                  (d)      it is not subject to a valid and perfected first
priority Lien in favor of Agent except, with respect to Inventory stored at
sites described in clause (c) above, for Liens for unpaid rent or normal and
customary warehousing charges; or

                  (e)      it is goods returned or rejected by Borrower or a
Guarantor's customers or goods in transit to third parties (other than to
warehouse sites covered by a Collateral Access Agreement); or

                  (f)      it is not first-quality raw materials, is obsolete or
slow moving, or does not otherwise conform to the representations and warranties
contained in the Credit Documents; or

                  (g)      it is Eligible Goods Inventory or Eligible Machinery
and Equipment; or

                  (h)      it is Inventory being repaired at Borrower's
facility.

                  "Eligible Trailer Fleet Inventory" - Eligible Goods Inventory
consisting of Trailer Fleet Inventory, valued at the lower of cost or orderly
liquidation value, excluding any Inventory that is not manufactured in
accordance with and does not meet all standards imposed by all requirements of
law or by any governmental authority having regulatory authority over such goods
or their manufacture, use, sale, or lease.

                  "Eligible Work-In-Process Container Inventory" - Eligible
Goods Inventory, valued at cost, consisting of : (a) new and used manufactured
or remanufactured portable containers, which is in the work-in-process phase of
manufacturing; (b) shaped steel component parts; or (c) sub-assemblies and which
are located on the Restatement Date or thereafter at Borrower's Maricopa
facility or at such other facility of Borrower or a Guarantor as to which
Borrower and the Guarantors implement after the Restatement Date a perpetual
inventory accounting system comparable to that of the Maricopa facility.

                  "Environmental Laws" - all federal, state and local laws,
rules, regulations, ordinances, orders and consent decrees relating to pollution
or the protection of the environment.

                  "Equipment" - all machinery, apparatus, equipment, fittings,
furniture, fixtures, motor vehicles and other tangible personal Property (other
than Inventory) of every kind and description used in the operations of Borrower
or any of its Subsidiaries or Affiliates or owned by Borrower or any of its
Subsidiaries or Affiliates or in which Borrower or any of its Subsidiaries or
Affiliates has an interest, whether now owned or hereafter acquired by Borrower
or any of its Subsidiaries or Affiliates and wherever located, and all parts,
accessories and special tools and all increases and accessions thereto and
substitutions and replacements therefore.

                  "ERISA" - the Employee Retirement Income Security Act of 1974,
as amended, and all rules and regulations from time to time promulgated
thereunder.

                                      A-13

<PAGE>

                  "Event of Default" - as defined in Section 10.1 of the
Agreement.

                  "Existing Loan Agreement" - as defined in the recitals to the
Agreement.

                  "Existing Revolving Credit Loans" - the Loans under and as
defined in the Existing Loan Agreement.

                  "Facility Utilization" - the outstanding principal balance of
the Revolving Credit Loans and Swing Line Loans plus the L/C Amount.

                  "Fee Letter" - as defined in Section 2.3 of the Agreement.

                  "Fixed Charge Coverage Ratio" - as of any date of
determination, the ratio of (i) Consolidated Net Cash Flow for the four fiscal
quarters ending on such date to (ii) the sum of Interest Expense for the four
fiscal quarters ending on such date plus the current portion of Funded Debt as
of such date; provided, however, that such calculation shall not include any
accruals or cash payments made in connection with the Nuko Judgment or the
litigation relating thereto.

                  "Fleet" - Fleet Capital Corporation, a Rhode Island
corporation with an office at 15260 Ventura Boulevard, Suite 400, Sherman Oaks,
California 91403, and its successors and assigns.

                  "Funded Debt" -means, without duplication, (i) Indebtedness
arising from the lending of money by any Person to Borrower or any of its
Subsidiaries; (ii) Indebtedness, whether or not in any such case arising from
the lending by any Person of money to Borrower or any of its Subsidiaries, (1)
which is represented by notes payable or drafts accepted that evidence
extensions of credit, (2) which constitutes obligations evidenced by bonds,
debentures, notes or similar instruments, or (3) upon which interest charges are
customarily paid (other than accounts payable) or that was issued or assumed as
full or partial payment for Property; (iii) Indebtedness that constitutes a
Capitalized Lease Obligation; (iv) reimbursement obligations with respect to
letters of credit or guaranties of letters of credit; and (v) Indebtedness of
Borrower or any of its Subsidiaries under any guaranty of obligations that would
constitute Funded Debt under clauses (i) through (iii) hereof, if owed directly
by Borrower or any of its Subsidiaries. Funded Debt shall not include trade
payables or accrued expenses or Indebtedness (other than Indebtedness under the
Agreement) of up to $1,500,000 incurred to finance insurance premiums.

                  "Guarantors" - each Subsidiary of Borrower and each other
Person who now or hereafter guarantees payment or performance of the whole or
any part of the Obligations.

                  "Guaranty Agreements" - the Guaranty executed on the Original
Closing Date by each Subsidiary of Borrower and reaffirmed on the Restatement
Date, in form and substance satisfactory to Agent, together with each other
guaranty hereafter executed by any Guarantor.

                  "Increasing Lender" - as defined in Subsection 12.17.1 of the
Agreement.

                                      A-14

<PAGE>

                  "Indebtedness" - (a) indebtedness for borrowed money or for
the deferred purchase price of property or services (other than trade
liabilities incurred in the ordinary course of business and payable in
accordance with customary practices), whether on open account or evidenced by a
note, bond, debenture or similar instrument, (b) Capitalized Lease Obligations,
(c) reimbursement obligations for letters of credit, banker's acceptances or
other credit accommodations, (d) Derivative Obligations, as determined by Agent,
(e) Contingent Obligations and (f) obligations secured by any Lien on that
Person's property, even if that Person has not assumed such obligations.

                  "Intellectual Property" - all past, present and future: trade
secrets, know-how and other proprietary information; trademarks, internet domain
names, service marks, trade dress, trade names, business names, designs, logos,
slogans (and all translations, adaptations, derivations and combinations of the
foregoing) indicia and other source and/or business identifiers, and the
goodwill of the business relating thereto and all registrations or applications
for registrations which have heretofore been or may hereafter be issued thereon
throughout the world; copyrights (including copyrights for computer programs)
and copyright registrations or applications for registrations which have
heretofore been or may hereafter be issued throughout the world and all tangible
property embodying the copyrights, unpatented inventions (whether or not
patentable); patent applications and patents; industrial design applications and
registered industrial designs; license agreements related to any of the
foregoing and income therefrom; books, records, writings, computer tapes or
disks, flow diagrams, specification sheets, computer software, source codes,
object codes, executable code, data, databases and other physical
manifestations, embodiments or incorporations of any of the foregoing; the right
to sue for all past, present and future infringements of any of the foregoing;
all other intellectual property; and all common law and other rights throughout
the world in and to all of the foregoing.

                  "Interest Expense" - the consolidated expense of Borrower and
its Subsidiaries for interest on Indebtedness, including, without limitation,
amortization of original issue discount, incurrence fees (to the extent included
in interest expense), the interest portion of any deferred payment obligation
and the interest component of any capital lease obligation.

                  "Interest Period" - as applicable to any LIBOR Advance, a
period commencing on the date a LIBOR Advance is made, and ending on the date
which is one (1) month, two (2) months, three (3) months, or six (6) months
later, as may then be requested by Borrower; provided that (i) any Interest
Period which would otherwise end on a day which is not a Business Day shall end
in the next preceding or succeeding Business Day as is Agent's custom in the
market to which such LIBOR Advance relates; and (ii) there remains a minimum of
one (1) month, two (2) months, three (3) months or six (6) months (depending
upon which Interest Period Borrower selects) in the Term, provided, however that
Borrower may request a LIBOR Advance of $25,000,000 with an Interest Period
commencing June 27, 2003 and ending on August 12, 2003.

                  "Investment" - all expenditures made and all liabilities
incurred (including Contingent Obligations) for or in connection with the
acquisition of Securities or Indebtedness of a Person, loans, advances, capital
contributions or transfers of property to a Person, or acquisition of
substantially all the assets of a Person. In determining the aggregate

                                      A-15

<PAGE>

amount of Investments outstanding at any particular time, (i) a guaranty shall
be valued at not less than the principal amount guaranteed and outstanding; (ii)
returns of capital (but only by repurchase, redemption, retirement, repayment,
liquidating dividend or liquidating distribution) shall be deducted; (iii)
earnings, whether as dividends, interest or otherwise, shall not be deducted;
and (iv) decreases in the market value shall not be deducted.

                  "IP Security Agreement" - a security agreement executed by
Borrower or any Guarantor granting to Agent, for the benefit of the Lenders, a
Lien on Intellectual Property.

                  "LC Amount" - at any time, the aggregate undrawn face amount
of all Letters of Credit and LC Guaranties then outstanding.

                  "LC Guaranty" - any guaranty pursuant to which Agent or any
Affiliate of Agent shall guaranty the payment or performance by Borrower of its
reimbursement obligation under any letter of credit.

                  "LC Obligations" - any Obligations that arise from any draw
against any Letter of Credit or against any letter of credit supported by an LC
Guaranty.

                  "Legal Requirement" - any requirement imposed upon Agent or
any Lender by any law of the United States of America or the United Kingdom or
by any regulation, order, interpretation, ruling or official directive (whether
or not having the force of law) of the Federal Reserve Board, the Bank of
England or any other board, central bank or governmental or administrative
agency, institution or authority of the United States of America, the United
Kingdom or any political subdivision of either thereof.

                  "Lenders" - Fleet in its capacity as lender and any other
financial institution which is or becomes a party to this Agreement as a lender.

                  "Letter of Credit" - any standby or documentary letter of
credit issued by Agent or any Affiliate of Agent for the account of Borrower.

                  "LIBOR" - with respect to any LIBOR Advance, an interest rate
per annum (rounded upwards, if necessary, to the next higher 1/16 of 1%) equal
to the product of (i) the Base LIBOR Rate (as hereinafter defined) divided by
(ii) an amount equal to 1 minus the maximum aggregate reserve requirement
(including all basic, supplemental, marginal and other reserves) which is
imposed against banks which are members of the Federal Reserve System for
"Eurocurrency Liabilities" as defined in Regulation D. For purposes of this
definition, the term "Base LIBOR Rate" shall mean the rate, rounded upwards, if
necessary, to the next higher 1/16 of 1%) at which deposits of U.S. dollars
approximately equal in principal amount to the applicable LIBOR Advance are
offered to Agent or Agent's Affiliate by prime banks in the London interbank
foreign currency deposits market at approximately 11:00 a.m., London time, two
business days prior to the such LIBOR Advance, for delivery on the day of such
LIBOR Advance. Each determination by Agent of any LIBOR rate shall, in the
absence of manifest error, be conclusive.

                  "LIBOR Advance" - any Loan bearing interest computed by
reference to the LIBOR.

                                      A-16

<PAGE>

                  "LIBOR Interest Payment Date" - the last day of each Interest
Period and, in the case of any Interest Period of six (6) months, the 90th day
of such Interest Period.

                  "LIBOR Portion" - that portion of the Revolving Credit Loans
that is subject to interest computed by reference to the LIBOR.

                  "Lien" - any interest in Property securing an obligation owed
to, or a claim by, a Person other than the owner of the Property, whether such
interest is based on common law, statute or contract. The term "Lien" shall also
include rights of seller under conditional sales contracts or title retention
agreements, reservations, exceptions, encroachments, easements, rights-of-way,
covenants, conditions, restrictions, leases and other title exceptions and
encumbrances affecting Property. For the purpose of the Agreement, Borrower or
Guarantor, as applicable, shall be deemed to be the owner of any Property which
it has acquired or holds subject to a conditional sale agreement or other
arrangement pursuant to which title to the Property has been retained by or
vested in some other Person for security purposes.

                  "Loan Account" - the loan account established on the books of
Agent pursuant to Section 3.6 of the Agreement.

                  "Loan Documents" - the Agreement, the Other Agreements and the
Security Documents.

                  "Loans" - all loans and advances of any kind made by Agent or
any Lender (or by any affiliate of Fleet) pursuant to the Agreement.

                  "London Banking Day" - any date on which commercial banks are
open for business in London, England.

                  "Majority Lenders" - as of any date, Lenders holding 51% of
the Revolving Loan Commitments determined on a combined basis and following the
termination of the Revolving Loan Commitments, Lenders holding 51% or more of
the outstanding Loans, LC Amounts and LC Obligations not yet reimbursed by
Borrower or funded with a Revolving Credit Loan; provided, that (i) in each
case, if there are 2 or more Lenders with outstanding Loans, LC Amounts,
unfunded and unreimbursed LC Obligations or Revolving Loan Commitments, at least
2 Lenders shall be required to constitute Majority Lenders; and (ii) prior to
termination of the Revolving Loan Commitments, if any Lender breaches its
obligation to fund any requested Revolving Credit Loan, for so long as such
breach exists, its voting rights hereunder shall be calculated with reference to
its outstanding Loans, LC Amounts and unfunded and unreimbursed LC Obligations,
rather than its Revolving Loan Commitment.

                  "Mandatory Redeemable Obligation" - an obligation of Borrower
or any of its Subsidiaries (or guaranteed by any of them) which must be redeemed
or repaid (a) at a fixed or determinable date, whether by operation of sinking
fund or otherwise, (b) at the option of any Person other than Borrower or such
Subsidiary, or (c) upon the occurrence of a condition not solely within the
control of Borrower or such Subsidiary, such as a redemption required to be made
out of future earnings.

                                      A-17

<PAGE>

                  "Master Assignment Agreement" - that certain Master Assignment
and Assumption Agreement dated as of the Restatement Date among certain of the
Prior Lenders, certain of the Lenders, the Agent and Borrower.

                  "Material Adverse Effect" - means (i) a material adverse
effect on the business, prospects, operations, results of operations, assets,
liabilities or condition (financial or otherwise) of Borrower and Guarantors,
taken as a whole, (ii) the impairment of the ability of Borrower or any
Guarantor to perform its obligations under the Loan Documents to which it is a
party or of Agent or the Lenders to enforce the Obligations or realize upon the
Collateral, or (iii) a material adverse effect on the value of a material
portion of the Collateral or the amount which Agent or the Lenders would receive
(after giving consideration to delays in payment and costs of enforcement) in
the liquidation of such Collateral.

                  "Mortgages" - All mortgages, deeds of trust and comparable
documents now or at any time hereafter securing the whole or any part of the
Obligations.

                  "Multiemployer Plan" - has the meaning set forth in Section
4001(a)(3) of ERISA.

                  "New Lenders" - as defined in Subsection 12.17.1 of the
Agreement.

                  "Nuko" -Nuko Holdings I, LLC, a Delaware limited liability
company.

                  "Nuko Judgment" - a court judgment in favor of Nuko equaling
the lesser of (i) the actual amount of any final judgment rendered in favor of
Nuko and (ii) $7,500,000, plus interest, costs and attorneys' fees.

                  "Obligations" - all Loans, all LC Obligations and all other
advances, debts, liabilities, obligations, covenants and duties, together with
all interest, fees and other charges thereon, owing, arising, due or payable
from Borrower to Agent, for its own benefit and the benefit of the Lenders, or
from Borrower to Bank, of any kind or nature, present or future, whether or not
evidenced by any note, guaranty or other instrument, whether arising under the
Agreement or any of the other Loan Documents or cash management services
rendered in connection therewith, whether direct or indirect (including those
acquired by assignment), absolute or contingent, primary or secondary, due or to
become due, now existing or hereafter arising and however acquired, and any
Derivative Obligations owing to Agent, any Lender or any Affiliate of a Lender
or Bank.

                  "Organizational I.D. Number" - with respect to Borrower or any
Subsidiary of Borrower, the organizational identification number assigned to
Borrower or such Subsidiary by the applicable governmental unit or agency of the
jurisdiction of organization of Borrower or such Subsidiary.

                  "Original Closing Date" - February 11, 2002.

                  "Other Agreements" - any and all agreements, instruments and
documents (other than the Agreement and the Security Documents), heretofore, now
or hereafter

                                      A-18

<PAGE>

executed by Borrower, any Subsidiary of Borrower or any other third party and
delivered to Agent or any Lender in respect of the transactions contemplated by
the Agreement.

                  "Overadvance" - the amount, if any, by which the outstanding
principal amount of Revolving Credit Loans, plus the LC Amount, plus the amount
of LC Obligations that have not been reimbursed by Borrower or funded with a
Revolving Credit Loan, plus reserves, exceeds the Borrowing Base.

                  "Permitted Acquisition" - an Acquisition permitted under
Subsection 8.2.14 of the Agreement.

                  "Permitted Liens" - any Lien of a kind specified in Subsection
8.2.3 of the Agreement.

                  "Person" - an individual, partnership, corporation, limited
liability company, joint stock company, land trust, business trust, or
unincorporated organization, or a government or agency or political subdivision
thereof.

                  "Plan" - an employee benefit plan now or hereafter maintained
for employees of Borrower or any of its Subsidiaries that is covered by Title IV
of ERISA.

                  "Pledge Agreement - the pledge agreement executed by Borrower
and its Subsidiaries pledging to Agent, for the benefit of the Lenders, all
Securities owned by them.

                  "Prior Lenders" - as defined in the recitals to the Agreement.

                  "Projections" - Borrower's forecasted Consolidated (i) balance
sheets, (ii) profit and loss statements, (iii) cash flow statements, and (iv)
stockholders' equity statements, all prepared on a consistent basis with the
historical financial statements of Borrower and its Subsidiaries, together with
appropriate supporting details and a statement of underlying assumptions.

                  "Property" - any interest in any kind of property or asset,
whether real, personal or mixed, or tangible or intangible.

                  "Purchase Money Liens and Leases" - a Lien upon fixed assets
which secures Indebtedness permitted under Subsection 8.2.2, but only if such
Lien shall at all times be confined solely to the fixed assets the purchase
price of which was financed through the incurrence of the purchase money
Indebtedness secured by such Lien.

                  "Reaffirmations" - the Borrower Reaffirmation and the
Subsidiary Reaffirmation executed and delivered on the Restatement Date.

                  "Reportable Event" - any of the events set forth in Section
4043(b) of ERISA.

                  "Reserve Percentage" - the maximum aggregate reserve
requirement (including all basic, supplemental, marginal and other reserves)
which is imposed on member

                                      A-19

<PAGE>

banks of the Federal Reserve System against "Eurocurrency Liabilities" as
defined in Regulation D.

                  "Response Date" - as defined in Subsection 12.17.1 of the
Agreement

                  "Restatement Date" - the date on which all of the conditions
precedent in Section 9 of the Agreement are satisfied or waived.

                  "Restricted Payment" - defined in Subsection 8.2.6.

                  "Revolving Credit Loan" - a Loan made by a Lender pursuant to
Section 1.1.1 of the Agreement.

                  "Revolving Credit Maximum Amount" - $250,000,000, as such
amount may be reduced or later increased from time to time pursuant to the terms
of the Agreement.

                  "Revolving Loan Commitment" - with respect to any Lender, the
amount of such Lender's Revolving Loan Commitment pursuant to Subsection 1.1.1
of the Agreement, as set forth below such Lender's name on the signature page
hereof, as the same may be reduced or later increased from time to time pursuant
to the terms of this Agreement.

                  "Revolving Loan Percentage" - with respect to each Lender, the
percentage equal to the quotient of such Lender's Revolving Loan Commitment
divided by the aggregate of all Revolving Loan Commitments.

                  "Revolving Notes" - the Revolving Notes to be executed by
Borrower on or about the Restatement Date in favor of each Lender to evidence
the Revolving Credit Loans, which shall be in the form of Exhibit 1.1 to the
Agreement, together with any replacement or successor notes therefore.

                  "Security" - all shares of stock, partnership interests,
membership interests, membership units or other ownership interests in any other
Person and all warrants, options or other rights to acquire the same.

                  "Security Documents" - the Guaranty Agreements, the Subsidiary
Security Agreements, the IP Security Agreements, the Pledge Agreement, the
Mortgages and all other instruments and agreements now or at any time hereafter
securing the whole or any part of the Obligations or any Guaranty thereof,
including any joinder agreement pursuant to which any Subsidiary or Affiliate of
Borrower becomes a party to any other Security Document.

                  "Senior Note Documents" - the Senior Note Indenture, the
Senior Notes and all other agreements, instruments and documents delivered by
Borrower or any of its subsidiaries in connection therewith.

                  "Senior Note Indenture" - the Indenture dated June 26, 2003
among the Borrower, its Subsidiaries and Wells Fargo Bank Minnesota, N.A., as
trustee.

                                      A-20

<PAGE>

                  "Senior Notes" - Borrower's senior unsecured notes in the
aggregate principal amount of $150,000,000 due 2013 issued pursuant to the
Senior Note Indenture, and on terms and conditions satisfactory to the Lenders.

                  "Solvent" - as to any Person, such Person (i) owns Property
whose fair saleable value is greater than the amount required to pay all of such
Person's Indebtedness (including contingent debts discounted based on the
likelihood of their having to be paid), (ii) is able to pay all of its
Indebtedness as such Indebtedness matures and (iii) has capital sufficient to
carry on its business and transactions and all business and transactions in
which it is about to engage.

                  "Specified Real Property" - the four parcels of real property
owned by Borrower or Guarantor located at (i) 11755 Maricopa Industrial Parkway,
Pinal County, Arizona, (ii) 4010 South 36th Street, Phoenix, Arizona, (iii) 3550
Duncanville Road, Dallas, Texas' and (iv) 3926 S.W. 29th Street, Oklahoma City,
Oklahoma.

                  "Subsidiary" - any Person of which another Person owns,
directly or indirectly through one or more intermediaries, more than 50% of the
Voting Stock at the time of determination. For purposes of clarity, the term
"Subsidiary" shall include subsidiaries of Subsidiaries.

                  "Subsidiary Security Agreement" - the security agreement
executed by Borrower's Subsidiaries and Affiliates in favor of Agent, for the
benefit of the Lenders.

                  "Swing Line Loan" - as defined in Section 3.1.11 of the
Agreement.

                  "Term" - as defined in Section 4.1 of the Agreement.

                  "Total Credit Facility" - $250,000,000, as reduced or later
increased from time to time pursuant to the terms of the Agreement.

                  "Trailer Fleet Inventory" - new and used manufactured or
remanufactured Trailers held by Borrower or a Guarantor for intended lease or
rental to third parties.

                  "Trailers" - over-the-road tractor trailers and trailers
intended for use as storage facilities not constituting portable and ISO
containers owned by Borrower or any of its Subsidiaries.

                  "Type of Organization" - with respect to Borrower or any
Subsidiary of Borrower, the kind or type of entity by which Borrower or such
Subsidiary is organized, such as a corporation or limited liability company.

                  "UCC" - the Uniform Commercial Code as in effect in the State
of California on the date of this Agreement, as the UCC may be amended or
otherwise modified from time to time.

                  "Unfinanced Capital Expenditures" for any period, cash
expenditures made for Capital Expenditures during such period less the sum of
(i) the net cash proceeds received

                                      A-21

<PAGE>

during such period from Borrower's issuance of equity Securities, (ii) twenty
percent (20%) of the actual cost of all additions to Container Fleet Inventory
and Trailer Fleet Inventory during such period and (iii) forty percent (40%) of
the actual cost of all additions to machinery and equipment of Borrower and its
Subsidiaries during such period.

                  "Voting Stock" - Securities of any class or classes of a
corporation, limited partnership or limited liability company or any other
entity the holders of which are ordinarily, in the absence of contingencies,
entitled to vote with respect to the election of corporate directors (or Persons
performing similar functions).

                  Other Terms. All other terms contained in the Agreement shall
have, when the context so indicates, the meanings provided for by the UCC to the
extent the same are used or defined therein.

                  Certain Matters of Construction. The terms "herein", "hereof"
and "hereunder" and other words of similar import refer to the Agreement as a
whole and not to any particular section, paragraph or subdivision. Any pronoun
used shall be deemed to cover all genders. The section titles, table of contents
and list of exhibits appear as a matter of convenience only and shall not affect
the interpretation of the Agreement. All references to statutes and related
regulations shall include any amendments of same and any successor statutes and
regulations. All references to any of the Loan Documents shall include any and
all modifications thereto and any and all extensions or renewals thereof.

                                      A-22

<PAGE>

                         LIST OF EXHIBITS AND SCHEDULES

<TABLE>
<CAPTION>
Exhibits:
---------
<S>                        <C>
Exhibit 1.1:               Form of Revolving Note
Exhibit 6.1.1:             Locations of Collateral; Chief Executive Office
Exhibit 7.1.1:             Jurisdictions
Exhibit 7.1.4:             Capital Structure
Exhibit 7.1.5:             Names, Trade Names
Exhibit 7.1.13:            Surety Obligations
Exhibit 7.1.14:            Tax ID Numbers
Exhibit 7.1.15:            Brokers Fees
Exhibit 7.1.16:            Intellectual Property
Exhibit 7.1.19:            Restrictive Agreements
Exhibit 7.1.20:            Litigation
Exhibit 7.1.22:            Leases
Exhibit 7.1.23:            Plans
Exhibit 7.1.24:            Trade Relations
Exhibit 7.1.25:            Union Contracts
Exhibit 8.1.3:             Form of Compliance Certificate
Exhibit 8.1.4:             Form of Borrowing Base Certificate
Exhibit 8.2.2:             Existing Indebtedness
Exhibit 8.2.3:             Permitted Liens
Exhibit 8.2.7:             Deposit Accounts
Exhibit 8.2.8:             Affiliate Transactions
Exhibit 8.2.13:            Liabilities (Operating Leases and Other Off Balance Sheet Financing)
Exhibit 8.3:               Financial Covenants
</TABLE>

                         List of Exhibits and Schedules

<PAGE>

                                   EXHIBIT 1.1

                             FORM OF REVOLVING NOTE

                              Exhibit 1.1 - Page 1

<PAGE>

                                   EXHIBIT 8.3

                               FINANCIAL COVENANTS

                  8.3.1    Fixed Charge Coverage Ratio. As of the end of each
fiscal quarter set forth below, Borrower and its Subsidiaries shall maintain a
Fixed Charge Coverage Ratio of not less than the ratio set forth below opposite
such date:

<TABLE>
<CAPTION>
-----------------------------------------
Fiscal Quarter      Fixed Charge
   Ended on         Coverage Ratio
-----------------------------------------
<S>                 <C>
June 30, 2003           2.10 to 1.0
and thereafter
-----------------------------------------
</TABLE>

                              Exhibit 8.3 - Page 1

<PAGE>

                  8.3.2    Debt Ratio. As of the end of each fiscal quarter,
Borrower and its Subsidiaries shall maintain a Debt Ratio of not more than the
ratio set forth below opposite such date:

<TABLE>
<CAPTION>
--------------------------------------------
   Fiscal Quarter
      Ended on                    Debt Ratio
--------------------------------------------
<S>                              <C>
June 30, 2003                    5.90 to 1.0
--------------------------------------------
September 30, 2003               5.90 to 1.0
--------------------------------------------
December 31, 2003                5.90 to 1.0
--------------------------------------------
March 31, 2004                   5.90 to 1.0
--------------------------------------------
June 30, 2004                    5.90 to 1.0
--------------------------------------------
September 30, 2004               5.75 to 1.0
--------------------------------------------
December 31, 2004                5.75 to 1.0
--------------------------------------------
March 31, 2005                   5.75 to 1.0
--------------------------------------------
June 30, 2005                    5.75 to 1.0
--------------------------------------------
September 30, 2005               5.75 to 1.0
--------------------------------------------
December 31, 2005 and            5.50 to 1.0
thereafter
--------------------------------------------
</TABLE>

                  8.3.3    Minimum Availability. Borrower shall maintain at all
times an Availability of not less than $10,000,000, calculated for these
purposes only without deduction of the Availability Reserve.

                  8.3.4    Minimum Utilization. (a) Borrower and Guarantors
shall maintain minimum utilization rates for each fiscal quarter, calculated at
the end of each such quarter as the average amount during such quarter, and
calculated as the number of units of Eligible Container Fleet Inventory of
Borrower and the Guarantors which is then subject to valid, current rental or
lease agreements between Borrower or a Guarantor and the renters or lessees
thereof, divided by the aggregate number of units of Eligible Container Fleet
Inventory of Borrower and the Guarantors, of not less than (i) seventy five
percent (75%) in the first fiscal quarter of each year, (ii) seventy-five
percent (75%) in the second and third fiscal quarters of years 2003 and 2004;
(iii) seventy-six and one-quarter percent (76.25%) for the second and third
fiscal quarters of year 2005, and (iii) seventy-seven and one-half percent
(77.5%) in each other fiscal quarter; and

                              Exhibit 8.3 - Page 2

<PAGE>

                  (b)      (i) the number of units of the Eligible Container
Fleet Inventory of Borrower and the Guarantors which is then subject to valid,
current rental or lease agreements between Borrower or a Guarantor and the
renters or lessees thereof, divided by (ii) sum of (A) the aggregate number of
units of the Eligible Container Fleet Inventory of Borrower and the Guarantors,
and (B) the number of units of the Eligible Container Inventory Held For Sale of
Borrower and the Guarantors, of not less than seventy percent (70%) in the first
fiscal quarter in each year and seventy-two and one-half percent (72.5%) in each
other fiscal quarter; provided, that for the purposes of calculation of
compliance with this Subsection 8.3.4, the aggregate of the number of units of
Eligible Container Inventory Held For Sale, as a percentage of the sum of
clauses (A) and (B) above, shall not exceed five percent (5%).

                              Exhibit 8.3 - Page 3

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