CREDIT LINE NOTECredit Line Note • July 15th, 2005 • McGrath Rentcorp • Services-equipment rental & leasing, nec
FOR VALUE RECEIVED, on June 30, 2008, the undersigned (“Borrower”) promises to pay to the order of UNION BANK OF CALIFORNIA, N.A. (“Bank”), as indicated below, the principal sum of Five Million Dollars ($5,000,000), or so much thereof as is disbursed, together with interest on the balance of such principal sum from time to time outstanding, at a per annum rate equal to the Reference Rate, such per annum rate to change as and when the Reference Rate shall change.
CREDIT LINE NOTECredit Line Note • June 27th, 2008 • McGrath Rentcorp • Services-equipment rental & leasing, nec
As used herein, the term “Applicable Margin” shall mean (i) 0.25% per annum from the date of this note to but excluding the date of any change in such interest rate margin required by a change in the Consolidated Leverage Ratio as provided for in this definition, (ii) 0.75% per annum, effective on the first day of the month following the month in which Bank receives a financial statement from Borrower demonstrating a Consolidated Leverage Ratio greater than 2.25:1.00, (iii) 0.50% per annum, effective on the first day of the month following the month in which Bank receives a financial statement from Borrower demonstrating a Consolidated Leverage Ratio less than or equal to 2.25:1.00 but greater than 1.75:1.00, (iv) 0.25% per annum, effective on the first day of the month following the month in which Bank receives a Financial Statement from Borrower demonstrating a Consolidated Leverage Ratio less than or equal to 1.75:1.00 but greater than 1.25:1.00, and (v) 0.00% per annum, effective o
