Exhibit 10.15

 

AMENDMENT NO. 1

TO THE

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

DATED MAY 7, 2004

 

This Amendment No. 1 to Third Amended and Restated Credit Agreement (this
“Amendment”) is dated as of July 11, 2005, by and among McGRATH RENTCORP, a
California corporation (the “Borrower”), the banks listed on the signature pages
hereof (individually a “Bank” and collectively “Banks”), and UNION BANK OF
CALIFORNIA, N.A., as agent (the “Agent”) for the Banks.

 

Recitals

 

A. Agent, Banks and Borrower are parties to a Third Amended and Restated Loan
Agreement dated as of May 7, 2004 (as amended, modified and supplemented from
time to time, the “Credit Agreement”).

 

B. Borrower wishes to increase the aggregate Commitment from the Banks from $130
million to $190 million, to extend the availability of the Commitment for
approximately one year beyond its current termination date, and to amend certain
interest rate, commitment fee and financial covenants of the Credit Agreement.
Banks are willing to so increase and extend the Commitment and to amend the
Credit Agreement in other respects on and subject to the terms and conditions
set forth in this Amendment.

 

C. Each capitalized term used but not otherwise defined herein shall have the
meaning ascribed thereto in the Credit Agreement.

 

NOW, THEREFORE, the parties hereto hereby agree as follows:

 

Article I

Amendments to Credit Agreement

 

This Amendment shall be deemed to be an amendment to the Credit Agreement and
shall not be construed in any way as a replacement or substitution therefor. All
of the terms and conditions of, and terms defined in, this Amendment are hereby
incorporated by reference into the Credit Agreement as if such terms and
provisions were set forth in full therein.

 

1.1 Borrower has requested that Banks amend the Credit Agreement in certain
respects, including the extension of additional credit in the form of a $60
million increase in the Commitment. Banks are willing to increase the Commitment
and to amend the Credit Agreement on the terms and conditions set forth in this
Amendment.

 

1.2 Article 1 of the Credit Agreement, entitled “Definitions,” is hereby amended
as follows:

 

(a) The definition of “Commitment” is amended by replacing the reference to “One
Hundred Thirty Million Dollars ($130,000,000)” therein to “One Hundred Ninety
Million Dollars ($190,000,000).”

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(b) The definition of “EBITDA” is amended by adding to the end thereof an
additional proviso, as follows: “provided further, that EBITDA shall also
include proforma EBITDA from the Borrower’s acquisition of Class Leasing, Inc.,
calculated by multiplying $366,667 by the number of full months prior to the
acquisition of Class Leasing, Inc. included in the determination of EBITDA.”

 

(c) The definition of “Pro Rata Share” is amended and restated in its entirety
to read as follows:

 

“Pro Rata Share” means, with respect to each Bank, the percentage set forth next
to that Bank’s name as follows:

 

Bank

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   Pro Rata Share

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Union Bank of California, N.A.

   25.26315789 %

Bank of America, N.A.

   21.05263158 %

U.S. Bank National Association

   17.89473684 %

Comerica Bank

   17.89473684 %

Wells Fargo Bank, N.A.

   17.89473684 %

 

(d) The definition of “Termination Date” is amended by replacing the reference
to “July 2, 2007” therein to “June 30, 2008.”

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1.3 Section 2.3.2 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

 

2.3.2. Rate Options and Applicable Margins. The Rate Options and Applicable
Margins for Loans shall be determined based upon the type of Loan and the
current Funded Debt/EBITDA Ratio, as set forth in the table below:

 

Type of Loan /

Rate Option

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Funded Debt/

EBITDA Ratio

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   Applicable Margin on
Revolving Loans

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Eurodollar Loans /

Interbank Rate

(Reserve Adjusted):

  

Equal to or greater than

1.75 to 1.00

   1.10%     

Equal to or greater than

1.25 to 1.00 but less than

1.75 to 1.00

   0.90%      Less than 1.25 to 1.00    0.75%

Reference Rate Loans

/ Reference Rate:

   [Not applicable]    0.00%

 

The Applicable Margin shall be subject to reduction or increase, as applicable
and as set forth in the table above, on a quarterly basis according to the
performance of Borrower as measured by the Funded Debt/EBITDA Ratio for the
immediately preceding fiscal quarter of Borrower. Any such increase or reduction
in the Applicable Margin shall be effective on the next Business Day after
receipt by Agent of the applicable financial statements and the corresponding
Compliance Certificate. If the financial statements and the Compliance
Certificate of Borrower setting forth the Funded Debt/EBITDA Ratio are not
received by the Agent by the date required pursuant to this Agreement, the
Applicable Margin shall be determined as if the Funded Debt/EBITDA Ratio exceeds
1.75 to 1.00, commencing on the date when Borrower’s time to deliver such
financial statements and Compliance Certificate shall have expired and
continuing until such time as such financial statements and Compliance
Certificate are received and any Event of Default resulting from a failure to
timely deliver such financial statements or Compliance Certificate has been
waived in writing by the Required Banks.

 

Effective as of the date of this Amendment and continuing until the next
adjustment required under Section 2.3.2, the Applicable Margin on outstanding
Revolving Loans is 0.90%, based on Borrower’s most recently reported Funded
Debt/EBITDA Ratio.

 

1.4 Each Bank’s Pro Rata Share of the Commitment shall be the dollar amount set
forth opposite such Bank’s name on the signature pages to this Amendment.

 

1.5 Section 3.7 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

 

3.7. Commitment Fee. Borrower shall pay to Agent, for distribution to each Bank
in proportion to that Bank’s Pro Rata Share, commitment fees (the “Commitment
Fee”) at the rate per annum shown in the table below which corresponds to the
current Funded Debt/EBITDA Ratio, applied to the daily unused Commitment,
computed for the actual number of days elapsed on the basis of a year consisting
of 360 days for the period from and including the date of this Agreement to and
including the Revolving Loan Termination Date, payable

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in arrears (i) in quarterly installments on the last Business Day of each March,
June September and December commencing on the first such date to occur after the
Effective Date, and (ii) on the Termination Date or the date on which the
Commitment is terminated in full pursuant to Section 2.7 or Section 9.2.

 

Funded Debt/

EBITDA Ratio

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Commitment Fee

Percentage

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Equal to or greater than 1.75 to 1.00

   0.25%

Equal to or greater than 1.25 to 1.00 but less than 1.75 to 1.00

   0.20%

Less than 1.25 to 1.00

   0.15%

 

The applicable Commitment Fee percentage shall be subject to reduction or
increase, as applicable and as set forth in the table above, on a quarterly
basis according to the performance of Borrower as measured by the Funded
Debt/EBITDA Ratio for the immediately preceding fiscal quarter of Borrower. Any
such increase or reduction in the Commitment Fee percentage shall be effective
on the next Business Day after receipt by Agent of the applicable financial
statements and the corresponding Compliance Certificate. If the financial
statements and the Compliance Certificate of Borrower setting forth the Funded
Debt/EBITDA Ratio are not received by the Agent by the date required pursuant to
this Agreement, the Commitment Fee percentage shall be determined as if the
Funded Debt/EBITDA Ratio exceeds 1.75 to 1.00, commencing on the date when
Borrower’s time to deliver such financial statements and Compliance Certificate
shall have expired and continuing until such time as such financial statements
and Compliance Certificate are received and any Event of Default resulting from
a failure to timely deliver such financial statements or Compliance Certificate
has been waived in writing by the Required Banks.

 

1.6 Section 6.2 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

 

6.2. Subsidiaries. Borrower has no Subsidiaries as of July 11, 2005, except:
Mobile Modular Management Corporation, Space-Co Corporation, eRentCorp.com,
AskSpecs.com, Enviroplex, Inc., TRS-RenTelco Inc., and eRentNetworks. Borrower
has no Active Subsidiaries as of the date of this Agreement except Enviroplex,
Inc., TRS-RenTelco Inc., and Mobile Modular Management Corporation.

 

1.7 Sections 6.9 and 7.2 of the Credit Agreement are hereby amended to include
as a permitted use of proceeds any acquisition otherwise permitted under Section
8.1 of the Credit Agreement.

 

1.8 The form of Compliance Certificate referenced in Section 7.3(c) of the
Credit Agreement and attached thereto as Exhibit A is hereby replaced in its
entirety with the form of Compliance Certificate attached to this Amendment as
Exhibit “A”.

 

1.9 Section 7.11(b) of the Credit Agreement is hereby amended and restated in
its entirety as follows: “(b) a ratio of Funded Debt to EBITDA of not more than
2.25 to 1.00 at all times; and”

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1.10 Section 8.4 of the Credit Agreement is amended by replacing the reference
to “One Hundred Million Dollars ($100,000,000)” therein to “One Hundred
Twenty-five Million Dollars ($125,000,000).”

 

1.11 Banks agree that in the event all the Banks consent in writing at any time
to a Transfer by Borrower of its ownership interests in a Subsidiary which is at
the time of such Transfer an Active Subsidiary and which Transfer would
otherwise be prohibited under Section 8.2 of the Credit Agreement, then from and
after the date of such Transfer such entity shall no longer be considered an
Active Subsidiary for purposes of the Credit Agreement, including without
limitation, the provisions of Articles 7, 8 and 9 thereof, and any Continuing
Guaranty previously executed and delivered by such entity shall be terminated
and released.

 

ARTICLE II

Conditions to Effectiveness

of Amendment

 

2.1 The effectiveness of this Amendment is subject to the fulfillment to the
satisfaction of Agent, in its sole discretion, of the following conditions
precedent:

 

(a) Borrower shall have executed and delivered to Agent and to each Bank an
original counterpart of this Amendment, and to each Bank a replacement Revolving
Note, in the form attached hereto as Exhibit “B”, completed with the applicable
amount of such Bank’s Commitment as amended by this Amendment and referencing
such Bank’s prior Revolving Note being replaced.

 

(b) Borrower shall have paid to Agent for ratable distribution to Banks, a
one-time facility fee in the amount of $95,000 in connection with the increase
in the Commitment and this Amendment, and shall have reimbursed Agent its costs
and expenses, including attorneys’ fees and costs, incurred in connection with
the negotiation, preparation and closing of this Amendment.

 

(c) Agent shall have received appropriate authorization documents, including
borrowing resolutions and certificates of incumbency, confirming to Agent’s
satisfaction that all necessary corporate and organizational actions have been
taken to authorize Borrower to enter into this Amendment.

 

(d) Agent shall have received such other documents, instruments or agreements as
Agent may require to effectuate the intents and purposes of this Amendment.

 

Article III

Representations and Warranties

 

Borrower hereby represents and warrants to Agent and each Bank that:

 

3.1 After giving effect to the amendment of the Credit Agreement pursuant to
this Amendment and the consummation of the transactions contemplated hereby (i)
each of the

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representations and warranties set forth in Article 6 of the Credit Agreement is
true and correct in all respects as if made on the date hereof (with references
to the Credit Agreement being deemed to include this Amendment), and (ii) there
exists no Default or Event of Default under the Credit Agreement after giving
effect to this Amendment.

 

3.2 Borrower has full corporate power and authority to execute and deliver this
Amendment, to make and deliver the replacement Revolving Notes, and to perform
the obligations of its part to be performed thereunder and under the Credit
Agreement as amended hereby. Borrower has taken all necessary action, corporate
or otherwise, to authorize the execution and delivery of this Amendment and each
of the documents described herein. No consent or approval of any person, no
consent or approval of any landlord or mortgagee, no waiver of any lien or
similar right and no consent, license, approval or authorization of any
governmental authority or agency is or will be required in connection with the
execution or delivery by Borrower of this Amendment or the performance by
Borrower of the Credit Agreement as amended hereby.

 

3.3 This Amendment, the replacement Revolving Notes and the Credit Agreement as
amended hereby are, or upon delivery thereof to Banks will be, the legal, valid
and binding obligations of Borrower, enforceable against Borrower in accordance
with their respective terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization or similar laws affecting creditors’
rights generally.

 

Article IV

Miscellaneous

 

4.1 The Credit Agreement, the other Loan Documents and all agreements,
instruments and documents executed and delivered in connection with any of the
foregoing shall each be deemed to be amended hereby to the extent necessary, if
any, to give effect to the provisions of this Amendment. Except as so amended
hereby, the Credit Agreement and the other Loan Documents shall remain in full
force and effect in accordance with their respective terms.

 

4.2 Borrower agrees to pay Agent on demand reasonable fees and costs of
attorneys incurred by Agent in connection with the preparation, negotiation and
execution of this Amendment and any document required to be furnished hereunder.

 

4.3 This Amendment may be executed in any number of counterparts and by
different parties on separate counterparts, including counterparts transmitted
by facsimile or other electronic means, each of which, when executed and
delivered, shall be deemed to be an original, and all of which, when taken
together, shall constitute but one and the same instrument and agreement.

 

[signature pages follow]

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[Signature Page To Amendment No. 1 To Third Amended And Restated Credit
Agreement]

 

IN WITNESS WHEREOF, Borrower, Banks and Agent have executed this Amendment as of
the date set forth in the preamble hereto.

 

BORROWER:

     McGRATH RENTCORP                By:  

/s/ Thomas Sauer

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                   Thomas J. Sauer                Title:   Vice President and
Chief Financial Officer                Notice Address:                    5700
Las Positas Road                    Livermore, California 94550                 
  Attention: Mr. Thomas Sauer, Chief Financial Officer                    Fax:
925-453-3200      BANKS:                    UNION BANK OF CALIFORNIA, N.A.,     
                 individually and as Agent                By:  

/s/ Henry Montgomery

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                   Henry G. Montgomery                Title:   Vice President   
            Notice Address:    Pro Rata Share of               East Bay
Commercial Banking Group    Commitment: $48,000,000               Two Walnut
Creek Center    Pro Rata Share: 25.26315789%               200 Pringle Avenue,
Suite 260                    Walnut Creek, CA 94596-3570                   
Attention: Mr. Buddy Montgomery                    Fax No.: (925) 947-2424     
     U.S. BANK NATIONAL ASSOCIATION                By:  

/s/ Scott Smith

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               Name:   Scott T. Smith                Title:   Vice President   
       Notice Address:    Pro Rata Share of               1331 N. California
Boulevard, Suite 350    Commitment: $34,000,000               Walnut Creek, CA
94596    Pro Rata Share: 17.89473684%               Attention: Scott T. Smith,
V.P.                    Fax No.: (925) 945-6919     

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[Signature Page To Amendment No. 1 To Third Amended And Restated Credit
Agreement]

 

    BANK OF AMERICA, N.A.              By:  

/s/ Ronald Druby

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             Name:   Ronald J. Druby              Title:   Senior Vice President
             Notice Address:    Pro Rata Share of                 315 Montgomery
Street, 13th Floor    Commitment: $40,000,000                 San Francisco, CA
94104    Pro Rata Share: 21.05263158%                 Attention: Ronald Drobny,
Senior V.P.                      Fax No.: (415) 622-1878          COMERICA BANK
             By:  

/s/ Michael G. Barker

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             Name:   Michael G. Barker              Title:   Vice President     
        Notice Address:    Pro Rata Share of                 1331 N. California
Boulevard, Suite 400    Commitment: $34,000,000                 Walnut Creek, CA
94596    Pro Rata Share: 17.89473684%                 Attention: Mark Hillhouse,
V.P.                      Fax No.: (925) 941-1999          WELLS FARGO BANK,
N.A.              By:  

/s/ Jane Rawles

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             Name:   Jane E. Rawles              Title:   Vice President       
      Notice Address:    Pro Rata Share of                 1200 Concord Avenue
   Commitment: $34,000,000                 Concord, CA 94520    Pro Rata Share:
17.89473684%                 Attention: Martha L. Woods, V.P.                   
  Fax No.: (925) 682-7347     

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EXHIBIT “A”

TO

AMENDMENT NO. 1 TO THIRD AMENDED AND

RESTATED CREDIT AGREEMENT

 

RESTATED FORM OF

COMPLIANCE CERTIFICATE

 

This Compliance Certificate is furnished pursuant to Section 7.3(d) of that
certain Third Amended and Restated Credit Agreement dated as of May 7, 2004,
among the Borrower, certain Banks parties thereto and Union Bank of California,
N.A., as Agent for the Banks, as from time to time modified, supplemented or
amended (the “Agreement”). Unless otherwise defined, all capitalized terms used
in this Compliance Certificate have the respective meanings ascribed to them in
the Agreement.

 

Borrower hereby represents and warrants as follows:

 

1. I am familiar with the Agreement and the business and operations of Borrower.

 

2. Except as otherwise specifically indicated, the information contained in this
Certificate is true and accurate on and as of                     ,         
(the “Certification Date”).

 

3. As of the Certification Date and at all times during the quarter ending on
the Certification Date, Borrower has performed all obligations to be performed
by it under (a) the Agreement, (b) any instrument or agreement to which Borrower
is a party or under which Borrower is obligated, and (c) any judgment, decree,
or order of any court or governmental authority binding on Borrower. No Default
or Event of Default has occurred, whether or not the same was cured, during such
quarter.

 

4. As of the Certification Date, the information set forth below is true,
accurate and complete:

 

(a)

   Section 7.11(a): Tangible Net Worth             Tangible Net Worth    $    
       

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     Minimum Tangible Net Worth calculation:             Base amount    $
127,500,000          

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     Plus: Fifty percent of Net Income (without reduction for Net Loss) after
December 31, 2003    $            

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     Plus: 90% of the gross proceeds from stock issuance (excluding the first
$2,000,000 of proceeds from the exercise of stock options after December 31,
2003)    $            

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Minimum Tangible Net Worth Total

   $            

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(b)

   Section 7.11(b): Funded Debt to EBITDA            

This calculation is also used for Determination of Applicable Margin (Section
2.3.2) and Commitment Fee Percentage (Section 3.7)

            Funded Debt (A)    $            

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     EBITDA (B)    $                               

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                 Ratio of A to B                 

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                 Maximum permitted: 2:25 to 1:00       

(c)

   Section 7.11(c): Fixed Charge Coverage Ratio             1. EBITDA (A)    $  
         

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     2. Interest expense for the 4 fiscal quarter periods immediately ending on
the date hereof    $            

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     3. Borrower’s current portion of long term debt (as determined in
accordance with GAAP)    $            

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     4. Cash dividends paid for the 4 fiscal quarter periods immediately ending
on the date hereof    $            

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     5. Cash taxes paid for the 4 fiscal quarter periods immediately ending on
the date hereof    $            

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     6. Sum of 2 through 5 (B)    $            

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                 Ratio of A to B                 

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                 Minimum required from Effective Date through December 31, 2004:
1.50 to 1                         Minimum required from January 1, 2005 to
December 31, 2005: 1.75 to 1                         Minimum required from and
after January 1, 2006: 2.00 to 1       

 

    Executed this          day of                     ,             .    

By:

 

 

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Name:

 

 

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Title:

 

 

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EXHIBIT “B”

TO

AMENDMENT NO. 1 TO THIRD AMENDED AND

RESTATED CREDIT AGREEMENT

 

[Form of Replacement Revolving Note]

 

REVOLVING NOTE

 

NOT TO EXCEED

   

$                                .00

  San Francisco, California     July     , 2005

 

FOR VALUE RECEIVED, the undersigned, McGrath Rentcorp, a California corporation
(“Borrower”), promises to pay to                                        
          (the “Bank”, or order, on or before the Revolving Loan Termination
Date, or as otherwise provided in the Third Amended and Restated Credit
Agreement dated as of May 7, 2004 among the Borrower, certain banks parties
thereto, and Union Bank of California, N.A., as Agent for the Banks, as from
time to time modified, supplemented or amended, (the “Agreement), the lesser of
(i) the principal sum of                                   DOLLARS
($    ,            ,000.00) or (ii) the aggregate unpaid principal amount of all
Revolving Loans made by the Bank to Borrower pursuant to the Agreement. Terms
defined in the Agreement have the same meanings herein.

 

Borrower further promises to pay to the Bank, or order, interest on the unpaid
principal amount hereunder from time to time outstanding from the date hereof
until such amount shall have become due and payable (whether at the stated
maturity, by acceleration, or otherwise) at the rate(s) of interest and at the
times provided in the Agreement. Borrower further promises to pay interest on
any overdue payment of principal and (to the extent permitted by law) interest
as set forth in the Agreement.

 

Bank is authorized, but not required, to record the date, amount, type, interest
rate and Eurodollar Period (if applicable) of each Loan made by the Bank to
Borrower, and each payment made on account thereof, on its books and records or
on the schedule annexed hereto, and, in the absence of manifest error, such
recordation shall constitute prima facie evidence of the accuracy of the
information so recorded; provided, however, that failure by the Bank to make any
such recordation shall not affect any of the Obligations of Borrower.

 

All payments of principal, interest, fees, or other amounts due from Borrower
hereunder, shall be in Dollars and in immediately available funds, without
setoff, counterclaim or other deduction of any nature, and shall be made to
Agent, at its address set forth on the signature pages of the Agreement, prior
to 10:00 a.m., San Francisco time, on the last date permitted therefor.

 

Except as otherwise provided in the Agreement, if any payment of principal or
interest hereunder shall become due on a day which is not a Business Day, such
payment shall be made on the next following Business Day and such extension of
time shall be included in computing interest in connection with such payment.

 

This Revolving Note is one of the “Revolving Notes” referred to in, evidences
obligations of Borrower under, and is entitled to the benefits of, the
Agreement, which, among other things, provides for the acceleration of the
maturity hereof upon the occurrence of certain circumstances and upon certain
terms and conditions. This Revolving Note supersedes and replaces that certain
Revolving Note dated May 7, 2004, as amended from time to time, in the principal
amount not to exceed                      Dollars ($                    ),
executed by Borrower in favor of Bank (the “Previous Note”). As of the date of
this Revolving Note, all unpaid principal, interest and other amounts accrued
and outstanding under the Previous Note shall for all purposes be and constitute
unpaid amounts outstanding under and evidenced by this Revolving Note.

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Borrower hereby expressly waives presentment, demand, notice of dishonor,
protest, as such terms are defined in Division 3 of the California Commercial
Code, and all other demands and notices in connection with the delivery,
acceptance, performance, default or enforcement of this Revolving Note and the
Agreement.

 

This Revolving Note shall be governed by, construed and enforced in accordance
with the laws of the State of California.

 

MCGRATH RENTCORP By:  

 

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Name:   Thomas J. Sauer Title:   Vice President and Chief Financial Officer

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SCHEDULE OF LOANS

 

This Revolving Note evidences Loans made, continued or converted under the
Agreement to Borrower, on the dates, in the principal amounts, of the types,
bearing interest at the rates and having Eurodollar Periods (if applicable) set
forth below, subject to the payments, prepayments, continuations and conversions
of principal set forth below:

 

Date Made,
Continued or
Converted

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Principal
Amount

of

Loan

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Type

of

Loan

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Interest

Rate

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Duration

of

Eurodollar

Period

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Amount

Paid

Prepaid
Continued

or

Converted

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   Unpaid
Principal
Amount

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   Notation
Made By

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