Document:

Multiparty Guaranty

 Exhibit 10.13 
  
 MULTIPARTY GUARANTY 
  
 This MULTIPARTY GUARANTY (“Guaranty”), dated as of June 2, 2004, is made jointly and severally by ENVIROPLEX, INC.,
MOBILE MODULAR MANAGEMENT CORPORATION and each of the other Persons that from time to time becomes an Additional Guarantor pursuant to the terms of Section 13 of this Guaranty (each a “Guarantor” and collectively the
“Guarantors”), in favor of the holders of Series A Notes (as defined below), Prudential Investment Management, Inc. (“PIM”) and the holders of Shelf Notes (as defined below) which may be issued
pursuant to the Note Agreement (as defined below) (the holders of Series A Notes, PIM and the holders of Shelf Notes each being referred to herein as a “Beneficiary” and collectively, as the
“Beneficiaries”). Capitalized terms used but not defined herein shall have the meanings given to them in the Note Agreement (as defined below). 
  
 RECITALS 
  
 A. McGrath RentCorp, a California corporation (the “Company”), on the one hand, and PIM and each of the Series A
Purchasers, on the other hand, have entered into that certain Note Purchase and Private Shelf Agreement, dated as of June 2, 2004 (as the same from time to time may be amended, restated, supplemented or otherwise modified, the “Note
Agreement”), pursuant to which, subject to the terms and conditions set forth therein, (i) the Company has agreed to issue and sell to the Series A Purchasers, and the Series A Purchasers have agreed to buy from the Company, its 5.08%
Series A Senior Notes due June 2, 2011 in the initial aggregate principal amount of $60,000,000 (as the same may be amended, restated, supplemented or otherwise modified from time to time, collectively, the “Series A Notes”,
such term to include any such notes issued in substitution therefor pursuant to paragraph 11D of the Note Agreement) and (ii) PIM and Prudential Affiliates are willing to consider, in their sole discretion and within limits which may be authorized
for purchase by them from time to time, the purchase of the Company’s additional senior secured promissory notes in the aggregate principal amount of up to $20,000,000 (the “Shelf Notes” and, together with the Series A
Notes, the “Notes”). Certain Subsidiaries are required to become Guarantors hereunder to the extent required under paragraph 5J of the Note Agreement. 
  
 B. Each Guarantor is a member of an affiliated group of companies that includes the Company and each other Guarantor,
and the proceeds from the issuance and sale of the Notes will be used, in part, to enable the Company and the Guarantors to make transfers amongst themselves in connection with their respective operations. 
  
 C. The Beneficiaries are willing to purchase Notes under the Note
Agreement only on the condition, among others, that the Guarantors shall have executed and delivered this Guaranty. 

 GUARANTY 
  

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, each Guarantor hereby agrees as follows: 
  
 1.
GUARANTY. 
  
 (a) Unconditional
Guaranty. Each Guarantor hereby unconditionally, absolutely and irrevocably guarantees to each of the Beneficiaries the complete payment when due (whether at stated maturity, by acceleration or otherwise) and due performance of all Guaranteed
Obligations. The term “Guaranteed Obligations” means all loans, advances, debts, liabilities and obligations for monetary amounts and otherwise from time to time owing by the Company to PIM or the holders from time to time of
the Notes in connection with the Note Agreement, the Notes and the other Transaction Documents, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent, and all covenants and duties regarding such
amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement or instrument, arising under or in respect of the Note Agreement, the Notes or the other Transaction Documents. This term includes all principal,
interest (including interest that accrues after the commencement with respect to the Company of any action under Bankruptcy Law), the Yield-Maintenance Amount, if any, or other prepayment consideration, overdue interest, indemnification payments,
fees, expenses, costs or other sums (including, without limitation, all fees and disbursements of any law firm or other external counsel) chargeable to the Company under the Note Agreement, the Notes or the other Transaction Documents. 

 
 (b) Reimbursement of Expenses Under This Guaranty.
Each Guarantor also agrees to pay upon demand all costs and expenses of PIM and the holders of the Notes (including, without limitation, all fees and disbursements of any law firm or other external counsel) incurred by PIM or any holder of Notes in
enforcing any rights under this Guaranty. 
  
 (c) Guaranteed Obligations Unaffected. No payment or payments made by any other Guarantor, guarantor or by any other Person, or received or collected by any of the Beneficiaries from any other Guarantor, guarantor or from any other
Person by virtue of any action or proceeding or any setoff or appropriation or application at any time or from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect
the liability of each of the Guarantors hereunder which shall, notwithstanding any such payments, remain liable for the Guaranteed Obligations, subject to Section 6 below, until the Guaranteed Obligations are indefeasibly paid in full. 

 
 (d) Joint and Several Liability. All Guarantors
and their respective successors and assigns shall be jointly and severally liable for the payment of the 
  

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 Guaranteed Obligations and the expenses required to be reimbursed to PIM or the holders of the Notes
pursuant to Section 1(b), above, notwithstanding any relationship or contract of co-obligation by or among the Guarantors or their successors and assigns. 
  
 (e) Enforcement of Guaranteed Obligations. Each Guarantor hereby jointly and severally agrees, in furtherance of the foregoing and
not in limitation of any other right that any Beneficiary may have at law or in equity against any Guarantor by virtue hereof, that upon the failure of the Company to pay any of the Guaranteed Obligations when and as the same shall become due,
whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including amounts that would become due but for the operation of the automatic stay under Section 362(a) of the United States Bankruptcy Code, 11
U.S.C. § 362(a)), each Guarantor will upon demand pay, or cause to be paid, in cash, the unpaid amount of all Guaranteed Obligations owing to the Beneficiary or Beneficiaries making such demand an amount equal to all of the Guaranteed
Obligations then due to such Beneficiary or Beneficiaries. 
  
 (f) Notice of Payment Under Guaranty. Each Guarantor agrees that whenever, at any time, or from time to time, it shall make any payment to any of the Beneficiaries on account of its liability hereunder, it will
notify such Beneficiary in writing that such payment is made under this Guaranty for such purpose. 
  
 2. SUBROGATION. 
  
 Notwithstanding any payment or payments made by any Guarantor hereunder, each Guarantor hereby irrevocably waives, solely with respect to such payment or
payments, any and all rights of subrogation to the rights of the Beneficiaries against the Company and, except to the extent otherwise provided in the Indemnity and Contribution Agreement, any and all rights of contribution, reimbursement,
repayment, assignment, indemnification or implied contract or any similar rights against the Company, any endorser or other guarantor of all or any part of the Guaranteed Obligations, in each case until such time as the Guaranteed Obligations have
been paid in full (subject to Section 6 below). In furtherance of the foregoing, for so long as any Guaranteed Obligations remain outstanding, no Guarantor shall take any action or commence any proceeding against the Company or any other guarantor
of the Guaranteed Obligation, (or any of their respective successors, transferees or assigns, whether in connection with a bankruptcy proceeding or otherwise) to recover any amounts in the respect of payments made under this Guaranty to the
Beneficiaries. If, notwithstanding the foregoing, any amount shall be paid to any Guarantor on account of such subrogation or other rights at any time when all of the Guaranteed Obligations shall not have been irrevocably paid in full, such amount
shall be held by such Guarantor in trust for the Beneficiaries, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to each Beneficiary (ratably based on the principal amount outstanding
of Notes held by such Beneficiary at such time as a percentage of the aggregate principal amount outstanding of Notes held by all the Beneficiaries at such time) in the exact form received by such Guarantor (duly endorsed by such Guarantor to such
Beneficiary if required), to be applied against the Guaranteed Obligations, whether matured or unmatured, in such order as such Beneficiary may determine. 
  

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 3. AMENDMENTS, ETC., WITH RESPECT TO THE GUARANTEED OBLIGATIONS. 
  
 Each Guarantor shall remain obligated hereunder notwithstanding: (a) that
any demand for payment of any of the Guaranteed Obligations made by any Beneficiary may be rescinded by such Beneficiary, and any of the Guaranteed Obligations continued; (b) that this Guaranty, the Guaranteed Obligations, or the liability of any
other party upon or for any part of the Guaranteed Obligations, or any collateral security or guaranty therefor or right of setoff with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered or released by any Beneficiary or such other party; (c) that the Note Agreement, the Notes, the other Transaction Documents and any other document executed in connection with any of them may be renewed,
extended, amended, modified, supplemented or terminated, in whole or in part (and each Guarantor expressly waives any and all of its rights to consent to any of the foregoing actions described in this clause (c) and agrees that no such action,
absent such Guarantor’s consent, will result in the exoneration of such Guarantor under applicable law); (d) that any guaranty, collateral or right of setoff at any time held by any Person for the payment of the Guaranteed Obligations may be
sold, exchanged, waived, surrendered or released; (e) any loss or impairment of any rights of subrogation, reimbursement, repayment, contribution, indemnification or other similar rights of any Guarantor against the Company, any other Guarantor or
any other Person with respect to all or any part of the Guaranteed Obligations; (f) any permitted assignment or other transfer by any holder of the Notes of any part of the Guarantied Obligations or the Notes; (g) any impossibility of performance,
impracticability, frustration of purpose or illegality under the Note Agreement, the Notes or any other Transaction Document or any force majeure or act of any governmental authority; or (h) any reorganization, merger, amalgamation or consolidation
of the Company or any Guarantor with or into any other Person. When making any demand hereunder against any Guarantor, each Beneficiary may, but shall be under no obligation to, make a similar demand on any other Credit Party or any other Person,
and any failure by such Beneficiary to make any such demand or to collect any payments from any other Credit Party or any other Person or any release of any such other Credit Party or Person shall not impair or affect the rights and remedies,
express or implied, or as a matter of law, of such Beneficiary against the Guarantors. For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings. 
  
 4. GUARANTY ABSOLUTE AND UNCONDITIONAL; TERMINATION. 
  
 Each Guarantor waives any and all notice of the creation, renewal,
extension, amendment, modification or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Beneficiary upon this Guaranty or acceptance of this Guaranty. The Note Agreement, the Notes, the other Transaction
Documents and the Guaranteed Obligations in respect of any of them, shall conclusively be deemed to have been created, contracted for or incurred in reliance upon this Guaranty; and all dealings between the Company or the Guarantors, on the one
hand, and any of the Beneficiaries, on the other, shall likewise conclusively be presumed to have been had or consummated in reliance upon this Guaranty. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default
or nonpayment to or upon the Company, the other Guarantors, any other guarantor or itself with respect to the Guaranteed Obligations. This Guaranty shall be construed as a 
  

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 continuing, irrevocable, absolute and unconditional guaranty of payment, performance and compliance when due (and not of
collection) and is a primary obligation of each Guarantor without regard to (a) the validity or enforceability of the Note Agreement, the Notes, the other Transaction Documents, any of the Guaranteed Obligations or any other guaranty or right of
setoff with respect thereto at any time or from time to time held by any Beneficiary, (b) any defense, setoff or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Company or any
one or more of the other Guarantors or Credit Parties against any Beneficiary, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Company or any other Guarantor, Credit Party or guarantor) which constitutes, or
might be construed to constitute, an equitable or legal discharge of the Company, the other Guarantors or any other guarantor of the Guaranteed Obligations, in bankruptcy or in any other instance. Each of the Guarantors hereby agrees that it has
complete and absolute responsibility for keeping itself informed of the business, operations, properties, assets, condition (financial or otherwise) of the Company, the other Guarantors, any and all endorsers and any and all guarantors of the
Guaranteed Obligations and of all other circumstances bearing upon the risk of nonpayment of the obligations evidenced by the Notes or the Guaranteed Obligations, and each of the Guarantors further agrees that the Beneficiaries shall have no duty,
obligation or responsibility to advise it of any such facts or other information, whether now known or hereafter ascertained, and each Guarantor hereby waives any such duty, obligation or responsibility on the part of the Beneficiaries to disclose
such facts or other information to such Guarantor. 
  
 When
pursuing its rights and remedies hereunder against any of the Guarantors, any Beneficiary may, but shall be under no obligation to, pursue such rights and remedies as it may have against any other Credit Party or any other Person under a guaranty of
the Guaranteed Obligations or any right of setoff with respect thereto, and any failure by such Beneficiary to pursue such other rights or remedies or to collect any payments from any such other Credit Party or Person or to realize upon any such
guaranty or to exercise any such right of setoff, or any release of any such other Credit Party or Person or any such guaranty or right of setoff, shall not relieve the Guarantors of any liability hereunder, and shall not impair or affect the rights
and remedies, whether express, implied or available as a matter of law, of each of the Beneficiaries against the Guarantors. This Guaranty shall remain in full force and effect until the Issuance Period has terminated and all Guaranteed Obligations
shall have been satisfied by payment in full, upon the occurrence of which this Guaranty shall, subject to Section 6 below, terminate. 
  
 5. REPRESENTATIONS AND WARRANTIES. 
  
 Each Guarantor hereby represents and warrants to each of the Beneficiaries that, as of the date such Person becomes a party hereto: 
  
 (a) Such Guarantor, if it is a corporation, limited
partnership or limited liability company: (i) is an entity duly organized, validly existing and in good standing under the laws of the state of its formation; (ii) is duly registered or qualified to do business and is in good standing in every
jurisdiction where the nature of its business requires it to be so registered or qualified (except where the failure to so register or qualify could not, with reasonable likelihood, have a material adverse effect on such Guarantor’s business,
property or assets, condition (financial or otherwise), operations or 
  

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 prospects or on such Guarantor’s ability to pay or perform the Guaranteed Obligations); (iii) has
all requisite organizational power and authority to own its properties and to carry on its business as now conducted and as proposed to be conducted, and to execute and deliver this Guaranty and to perform its obligations hereunder; and (iv) is in
compliance in all material respects with all applicable laws, rules, regulations and orders; 
  
 (b) Such Guarantor, if it is a general partnership: (i) has all requisite partnership power and authority to conduct its business,
to own and lease its property or assets, to execute and deliver this Guaranty and to perform its obligations hereunder; and (ii) is in compliance in all material respects will all applicable laws, rules, regulations and orders; 
  
 (c) The execution, delivery and performance by such
Guarantor of this Guaranty: (i) are within such Guarantor’s organizational or partnership powers and have been duly authorized by all necessary organizational or partnership action; (ii) do not contravene such Guarantor’s charter
documents, bylaws, partnership agreement, operating agreement or any similar agreement, or any law or any material contractual restriction binding on or affecting such Guarantor or by which such Guarantor’s property or assets may be affected;
(iii) do not require any authorization or approval or other action by, or any notice to or filing with, any governmental authority or any other Person under any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such
Guarantor is a party or by which such Guarantor or any of its property or assets is bound, except such as have been obtained or made; and (iv) do not result in the imposition or creation of any Lien upon the property or assets of such Guarantor;

  
 (d) This Guaranty constitutes a valid
and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms, except as the enforceability thereof may be subject to or limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other
similar laws relating to or affecting the rights of creditors generally and general principles of equity, regardless of whether such enforceability is considered in a proceeding at law or in equity; 
  
 (e) There is no action, suit or proceeding affecting
such Guarantor pending or, to the best knowledge of such Guarantor, threatened before any court, arbitrator, or governmental authority, domestic or foreign, which could reasonably be expected to have a material adverse effect on the ability of such
Guarantor to perform its obligations under this Guaranty; 
  
 (f) The Guaranteed Obligations are not subject to any offset or defense of any kind against any Beneficiary or the Company; 
  
 (g) The giving by such Guarantor of this Guaranty will not cause such Guarantor to: (i) become
insolvent; (ii) be left with unreasonably small capital for any business or transaction in which such Guarantor is presently engaged or plans to be engaged; or (iii) be unable to pay its debts as such debts mature; 
  

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 (h) Such Guarantor has made its appraisal of and investigation into the business,
prospects, operations, property or assets, condition (financial or otherwise) and creditworthiness of the Company and the other Guarantors and has made its decision to enter into this Guaranty independently based on such documents and information as
it has deemed appropriate and without reliance upon any of the Beneficiaries or any of their partners, directors, members, officers, agents, designees or employees, and such Guarantor has established adequate means of obtaining from the Company and
the other Guarantors, on a continuing basis, financial or other information pertaining to the business, prospects, operations, property, assets, condition (financial or otherwise) of the Company and the other Guarantors; and 
  
 (i) Neither such Guarantor nor its properties or
assets have any immunity from jurisdiction of any court or from any legal process (whether through service of process or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under applicable law. 

 
 6. REINSTATEMENT. 
  
 This Guaranty shall continue to be effective, or be reinstated, as the case
may be, if at any time the payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or otherwise must be restored or returned by any Beneficiary in connection with the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Company or any other Credit Party upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company or any other Credit Party or any substantial part of their
respective property or assets, or otherwise, all as though such payments had not been made. 
  
 7. PAYMENTS. 
  
 Each
Guarantor hereby agrees that the Guaranteed Obligations will be paid to each of the Beneficiaries without setoff or counterclaim in U.S. dollars in immediately available funds at the location specified by such Beneficiary pursuant to the Note
Agreement. 
  
 8. SEVERABILITY. 
  
 Whenever possible, each provision of this Guaranty shall be interpreted in
such manner as to be effective and valid under all applicable laws and regulations. If, however, any provision of this Guaranty shall be prohibited by or invalid under any such law or regulation, it shall be deemed modified to conform to the minimum
requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without the remainder thereof or any of the remaining provisions of
this Guaranty being prohibited or invalid. 
  
 9. HEADINGS.

  
 Section headings in this Guaranty are included herein for
convenience of reference only and shall not constitute a part of this Guaranty for any other purpose or be given any substantive effect. 
  

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 10. APPLICABLE LAW. 
  
 THIS GUARANTY SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
  
 11. ENTIRE AGREEMENT. 
  
 This Guaranty constitutes the final, entire agreement among the parties hereto relating to the subject matter hereof and supersedes any and all prior and
contemporaneous commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements
or discussions of the Guarantors, on the one hand, and the Beneficiaries, on the other hand. There are no oral agreements between the Guarantors, on the one hand, and the Beneficiaries, on the other hand. 
  
 12. CONSTRUCTION. 
  
 Each of the Guarantors and the Beneficiaries acknowledges that it has had
the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Guaranty with such legal counsel. 
  
 13. ADDITIONAL GUARANTORS. 
  
 The initial Guarantors hereunder shall be such Subsidiaries of the Company as are signatories on the date hereof. From time to time subsequent to the date
hereof, additional Persons may become parties hereto, as additional Guarantors (each an “Additional Guarantor”), by executing a counterpart of this Guaranty. Upon delivery of any such executed counterpart, notice of which is
hereby waived by the Guarantors, each such Additional Guarantor shall be a Guarantor under this Guaranty with the same force and effect, and subject to the same agreements, representations, guarantees, indemnities, liabilities and obligations as if
such Additional Guarantor were an original signatory hereof. Each Guarantor expressly agrees that its obligations arising hereunder shall not be affected or diminished by the addition or release of any other Guarantor hereunder, nor by any election
of the Beneficiaries not to cause any Person otherwise obligated to become a Guarantor hereunder pursuant to the terms of the Note Agreement to become an Additional Guarantor hereunder. This Guaranty shall be fully effective as to any Guarantor that
is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases to be a Guarantor hereunder. The execution of a counterpart of this Guaranty by any Person shall not require the consent of any other Guarantor
and all of the Guaranteed Obligations of each Guarantor under this Guaranty shall remain in full force and effect notwithstanding the addition of any Additional Guarantor to this Guaranty. 
  
 14. COUNTERPARTS; EFFECTIVENESS. 
  
 This Guaranty and any amendments, waivers, consents, or supplements may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of 
  

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 which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute
but one and the same instrument. This Guaranty shall become effective as to each Guarantor upon the execution and delivery of a counterpart hereof by such Guarantor (whether or not a counterpart hereof shall have been executed by any other Person)
and receipt of written or telephonic notification of such execution and authorization of delivery thereof. Delivery of an executed counterpart hereof by any Guarantor by facsimile shall be as effective as delivery of a manually executed counterpart
hereof and shall be considered a representation that an original executed counterpart hereof will be delivered. 
  
 15. WAIVERS AND AMENDMENTS; SUCCESSORS AND ASSIGNS. 
  
 No amendment or waiver of any term or provision of this Guaranty or consent to any departure by any Guarantor therefrom shall in any event be effective
unless the same is in writing and signed by the Required Holders. This Guaranty is a continuing guaranty and shall be binding upon each Guarantor and its successors and assigns; provided that no Guarantor shall assign this Guaranty or any of
the rights or obligations of such Guarantor hereunder without the prior written consent of all Beneficiaries. This Guaranty shall inure to the benefit of each of the Beneficiaries and its successors, assigns and transferees. 
  
 16. ADDRESS FOR NOTICES. 
  
 All written communications provided for hereunder shall be sent by first
class mail or nationwide overnight delivery service (with charges prepaid) and (i) if to any Series A Purchasers, addressed as specified for such communications in the Purchaser Schedule attached to the Note Agreement, or at such other address as
any Series A Purchaser shall have specified to the Company, on behalf of each of the Credit Parties, in writing, (ii) if to any other Beneficiary, addressed to such Person at such address as it shall have specified in writing to the Company or, if
any such Person shall not have so specified an address, then addressed to such Person in care of the last holder of Notes held by such Person which shall have so specified an address to the Company and (iii) if to any Guarantor, addressed as
specified below such Guarantor’s signature on the signature pages hereto, or such other address as such Guarantor may have specified by notice in writing to the Beneficiaries. 
  
 17. FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE. 
  
 No failure or delay on the part of any Beneficiary in the exercise of any
power, right or privilege hereunder shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or
further exercise thereof or of any other right, power or privilege. All rights and remedies existing under this Guaranty are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
  
 18. PERSONAL JURISDICTION. 
  
 Each of the Guarantors irrevocably agrees that any legal action or
proceeding with respect to this Guaranty, the Notes, the other Transaction Documents or any of the agreements, documents or instruments delivered in connection herewith shall be brought in the courts of the State of California, the State of New
York, or the United States of America for the Northern 
  

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 District of California or the Southern District of New York as the Required Holders may elect, and, by execution and
delivery hereof, each of the Guarantors accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived
by each holder of Notes in writing, with respect to any action or proceeding brought by any or all Guarantors against any holder of Notes. Each of the Guarantors hereby waives, to the full extent permitted by law, any right to stay or to dismiss any
action or proceeding brought before said courts on the basis of forum non conveniens. 
  
 19. WAIVER OF JURY TRIAL. 
  
 EACH OF THE GUARANTORS IRREVOCABLY AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY, ANY OTHER TRANSACTION DOCUMENT, OR ANY DEALINGS BETWEEN OR AMONG THE GUARANTORS AND
THE BENEFICIARIES RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT
MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE GUARANTORS FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  
 [Remainder of page intentionally left blank. Next page is signature
page.] 
  

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 IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed as of the date
first above written. 
  

			
	GUARANTOR:
	
	ENVIROPLEX, INC.
		
	 By:
	 	  

	 Name:

	 Title:

  
 Address for Notices:

  
 c/o the Company at the address for notices provided for in the Note Agreement.

  

			
	MOBILE MODULAR MANAGEMENT CORPORATION
		
	 By:
	 	  

	 Name:

	 Title:

  
 Address for Notices:

  
 c/o the Company at the address for notices provided for in the Note Agreement.

  
 [Signature Page to Multiparty Guaranty] 

 IN WITNESS WHEREOF, the undersigned Additional Guarantor has caused this Multiparty Guaranty to be
duly executed and delivered as of                              ,
            . 
  

			
	

	(ADDITIONAL GUARANTOR)
		
	 By:
	 	  

	 Name:

	 Title:

  
  

	
	 Address for Notices:

	
	

	
	

	
	

  
 [Signature Page to
Multiparty Guaranty]Indemnity, Contribution and Subordination Agreement

 Exhibit 10.14 
  
 INDEMNITY, CONTRIBUTION AND SUBORDINATION AGREEMENT 
  
 This INDEMNITY, CONTRIBUTION AND SUBORDINATION
AGREEMENT (this “Agreement”), dated as of June 2, 2004, is entered into among Enviroplex, Inc., a California corporation, Mobile Modular Management Corporation, a California corporation, and
such other Persons who from time to time become parties hereto in accordance with Section 9 of this Agreement, collectively, the “Guarantors” and individually, a “Guarantor”) and McGrath RentCorp, a
California corporation (the “Company”). The Company and the Guarantors are sometimes referred to herein as the “Credit Parties”. 
  
 Reference is made to the Note Purchase and Private Shelf Agreement, dated as of June 2, 2004 (as the same from time to time
may be amended, supplemented or otherwise modified, the “Note Agreement”), by and between the Company, on the one hand, and Prudential Investment Management, Inc. (“PIM”), each of the Series A
Purchasers and such other Prudential Affiliates as may become bound by certain provisions thereof, on the other hand, pursuant to which, subject to the terms and conditions set forth therein, (i) the Company has agreed to issue and sell to the
Series A Purchasers, and the Series A Purchasers have agreed to buy from the Company, its 5.08% Series A Senior Notes due June 2, 2011 in the initial aggregate principal amount of $60,000,000 (the “Series A Notes”) and (ii)
PIM and Prudential Affiliates are willing to consider, in their sole discretion and within limits which may be authorized for purchase by them from time to time, the purchase of the Company’s additional senior secured promissory notes in the
aggregate principal amount of up to $20,000,000 (the “Shelf Notes” and, together with the Series A Notes, the “Notes”). Capitalized terms not otherwise defined herein shall have the meanings given to
such terms in the Note Agreement. 
  
 Each Guarantor is a
Subsidiary or other Affiliate of the Company, and the proceeds from the issuance and sale of the Notes will be used, in part, to enable the Company and the Guarantors to make transfers amongst themselves in connection with their respective
operations. 
  
 Pursuant to the Transaction Documents, the Credit
Parties are jointly and severally liable for all obligations (the “Obligations”) of the Company evidenced by the Notes and under the Note Agreement and the other Transaction Documents. Each Credit Party acknowledges that it
has received and expects to receive financial and other support, directly or indirectly, from the other Credit Parties (including, without limitation, in the form of existing liquidity provided to the Credit Parties by the extension of credit from
the issuance and sale of Notes under the Note Agreement); accordingly, each Credit Party has determined that it is in its interest and to its financial benefit to execute and deliver an agreement in the form hereof. 

 Accordingly, the Credit Parties agree as follows: 
  
 SECTION 1. INDEMNITY AND CONTRIBUTION. 
  
 A. Definitions. The following defined terms are used in this Section 1: 

 
 “Claiming Credit Party” shall mean any Credit
Party which has made an Excess Payment, until the amount thereof has been reduced to zero through reimbursements to such Credit Party hereunder or otherwise. 
  
 “Excess Payment” shall mean, with respect to any payment made by a Credit Party to any holder of a Note pursuant to the terms of
the Note Agreement, the Notes, the Multiparty Guaranty or any other Transaction Documents on or after any Payment Date, the amount by which such payment exceeds the aggregate amount of proceeds of the Notes received, directly or indirectly, by such
Credit Party as of such Payment Date as a result of the credit provided from the issuance and sale of the Notes. For purposes of this definition of “Excess Payment”, the amount of any payment made by a Credit Party shall include an
amount equal to the gross proceeds from any sale of such Credit Party’s assets pursuant to the Transaction Documents to which such Credit Party is a party to satisfy all or any part of the Obligations. 
  
 “First Round Contributing Credit Party” shall mean
each Credit Party as to which a Payment Deficiency exists. 
  
 “Net Worth” shall mean the difference between the following: (1) the aggregate value of all assets (including contingent assets) of a Credit Party (at fair valuation and present fair saleable value), less (2)
the aggregate amount of all liabilities (including contingent liabilities) of that Credit Party. Net Worth shall be measured, in the case of each Credit Party, as of the date of this Agreement, subject to adjustment in accordance with the provisions
of Sections 1C and/or 1D below. In the event that the Net Worth of any Credit Party is less than zero, the Net Worth of such Credit Party shall be zero for purposes of any computation pursuant to Section 1C and/or 1D below. 
  
 “Payment Date” shall mean the maturity date of any of
the Notes or the date of any notice of acceleration delivered by any holder of the Notes to the Company pursuant to paragraph 7A of the Note Agreement with respect to any of the Notes. 
  
 “Payment Deficiency” shall mean, with respect to any Credit Party as of any Payment Date, the amount
by which the aggregate amount of proceeds of the Notes received by such Credit Party, directly or indirectly, from the issuance and sale of the Notes as of such Payment Date exceeds the payments made by such Credit Party under the Note Agreement,
the Notes, the Multiparty Guaranty or any other Transaction Documents as of such Payment Date. 
  
 “Second Round Contributing Credit Party” shall mean each Credit Party having a positive Net Worth after giving effect to payments made or received by that Credit Party pursuant to Section 1B
below. 
  
 B. First Round Contributions. Each Credit Party
agrees (subject to Section 3 hereof) that in the event a payment shall be made by any other Credit Party under any 
  

 2 

 of the Transaction Documents or assets of any other Credit Party shall be sold pursuant to any mortgage, security
agreement or similar instrument or agreement to satisfy any Obligations at any time on or after a Payment Date, each First Round Contributing Credit Party shall be responsible, by way of contribution, for the reimbursement to the Claiming Credit
Parties of an amount equal to the Excess Payment of each Claiming Credit Party; provided that the aggregate amount owed by any First Round Contributing Credit Party shall not exceed the Payment Deficiency of such First Round Contributing
Credit Party. The aggregate amounts so reimbursed by all First Round Contributing Credit Parties shall be allocated, among all Claiming Credit Parties, in proportion to the Excess Payment made by each such Claiming Credit Party as compared to the
aggregate Excess Payments made by all such Claiming Credit Parties. 
  
 C. Second Round Contributions. In the event that an Excess Payment made by a Claiming Credit Party is not completely reimbursed pursuant to Section 1B above, and such Claiming Credit Party has a negative Net Worth after giving effect
to such prior reimbursements (but without giving effect to any other reimbursement right under this Section 1), then there shall be a second contribution round for the benefit of that Claiming Credit Party in accordance with this Section 1C. The
Second Round Contributing Credit Parties shall reimburse, to such Claiming Credit Parties, an aggregate amount equal to the total remaining Excess Payments of such Claiming Credit Parties; provided, however, that in no event shall the amount
so paid by any Second Round Contributing Credit Party exceed the amount of its Net Worth (before giving effect to the contribution made by such party under this Section 1C). Subject to the foregoing proviso, the amount so contributed by each Second
Round Contributing Credit Party shall be equal to such total remaining Excess Payments multiplied by a fraction, the numerator of which is the Net Worth of such Second Round Contributing Credit Party, and the denominator of which is the aggregate
Net Worth of all Second Round Contributing Credit Parties. The aggregate amount of such contributions under this Section 1C shall, in turn, be allocated among such Claiming Credit Parties in proportion to the remaining Excess Payment of each.

  
 D. Subsequent Round Contributions. In the event that an
Excess Payment made by a Claiming Credit Party pursuant to Section 1C above is not completely reimbursed pursuant thereto (or pursuant to any subsequent round of contribution payments made under this Section 1D), then there shall be a further
contribution round in which each Credit Party which made a contribution in the immediately preceding round and continues to have a positive Net Worth after giving effect thereto shall be responsible, by way of contribution, for its pro rata share of
such remaining unreimbursed Excess Payments. The calculation of such further pro rata contribution obligations as between such contributing Credit Parties, and the allocation of such contributions among such Claiming Credit Parties, shall proceed in
each such subsequent round in accordance with the respective proration and allocation provisions generally set forth in Section 1C. Nothing in this Section 1 shall affect any Credit Party’s joint and several liability for all Obligations.

  
 SECTION 2. No Waiver of Other Rights. All rights of
each Credit Party under Section 1 shall be in addition to and not in derogation of any and all other rights of 
  

 3 

 indemnity, contribution, reimbursement or subrogation which such Credit Party may have under applicable law in respect of
the Note Agreement, the Notes, the Multiparty Guaranty or any other Guarantee, as applicable, but in all events subject to the subordination provisions in Section 3. However, such Credit Party shall be entitled to only a single satisfaction of any
claim giving rise to any rights under Section 1 and applicable law in respect of the Transaction Documents to which such Person is a party, and any such other rights of indemnity, contribution, reimbursement or subrogation shall be expressly
subordinate (in time and right of payment) to the contractual rights of each Credit Party under Section 1. 
  
 SECTION 3. Subordination. Each Credit Party (i) subordinates all present and future indebtedness owing to it from any of the other Credit Parties
(including, without limitation, under Section 1 and under such Credit Party’s rights of indemnity, contribution, reimbursement or subrogation under applicable law) to the indefeasible payment in full in cash of all of the Obligations, (ii)
agrees that it will not accelerate, or make a claim in respect of, such indebtedness or otherwise attempt to enforce any of its right under Section 1 until all Obligations have been indefeasibly paid in full in cash and (iii) agrees that it will not
assign or pledge to any Person all or any part of such indebtedness. If, notwithstanding the foregoing, any Credit Party shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and
received by such Credit Party as trustee for the holders of the Notes, and shall promptly be paid over to the holders of the Notes for application to the Obligations in accordance with the terms of the Note Agreement, without affecting in any manner
the liability of the other Credit Parties to such Credit Party hereunder. Notwithstanding anything to the contrary in this Section 3, any Credit Party may make payments to any other Credit Party in respect of indebtedness owing by such Credit Party
to any such other Credit Party during such times as no Event of Default has occurred and is continuing. 
  
 SECTION 4. Waivers. 
  
 A. Each of the Credit Parties waives any right to require a Claiming Credit Party to: (i) proceed against any Person, including another Credit
Party; (ii) proceed against or exhaust any collateral held from another Credit Party or any other Person; (iii) pursue any other remedy in the Claiming Credit Party’s power; or (iv) make any presentments, demands for performance, or give any
notices of nonperformance, protests, notices of protests or notices of dishonor in connection with any of the payments required under this Agreement. 
  
 B. Each of the Credit Parties waives any defense arising by reason of: (i) any disability or other defense of, any other Credit Party or any other
Person; (ii) the cessation from any cause whatsoever, other than payment in full, of any liability of any Credit Party or any other Person; (iii) any act or omission by a Claiming Credit Party which directly or indirectly results in or aids the
discharge of a Credit Party from the obligation to make payments required by this Agreement by operation of law or otherwise; and (iv) any modification of the obligations, in any form whatsoever, including any modification made after revocation
hereof to any obligations incurred prior 
  

 4 

 to such revocation, and including without limitation the renewal, extension, acceleration or other change in time for
payment of the obligations, or other change in the terms of the obligations or any part thereof, including increase or decrease of the rate of interest thereon. 
  

C. Each of the Credit Parties waives all rights and defenses arising out of an election of remedies by a Claiming Credit Party, even though that
election of remedies, might prejudice the Credit Party’s rights of subrogation and reimbursement against another Credit Party. 
  
 SECTION 5. Termination. This Agreement shall survive and remain in full force and effect so long as any part of the Obligations has not been paid
in full in cash, and shall continue to be effective or be reinstated, as the case may be, if at any time any part of a payment of the Obligations is rescinded or must otherwise be restored by any holder of Notes or any Credit Party upon the
bankruptcy or reorganization of any Credit Party, or otherwise. 
  
 SECTION 6. No Waiver. No failure on the part of any Credit Party to exercise, and no delay in exercising, any right, power or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of
any right, power or remedy by any Credit Party preclude any other or further exercise or the exercise of any other right, power or remedy. All remedies under this Agreement are cumulative and are not exclusive of any other remedies provided by law.
No Credit Party shall be deemed to have waived any rights under this Agreement unless the waiver is in writing and signed by the party or parties affected. 
  
 SECTION 7. Binding Agreement. Whenever in this Agreement any of the parties is referred to, the reference shall include the successors and assigns
of the party; and all covenants, promises and agreements by or on behalf of the parties that are contained in this Agreement shall bind and inure to the benefit of their respective successors and assigns. This Agreement shall not be amended or
terminated, nor any provision herein waived, and no Credit Party may assign or delegate any of its obligations under this Agreement (and any attempted assignment or delegation shall be void), without in each case the prior written consent of the
Required Holders. Each Credit Party acknowledges and agrees that the holders from time to time of Notes are intended indirect beneficiaries of the benefits created in favor of each Credit Party by the indemnification and contribution provisions of
this Agreement. 
  
 SECTION 8. Severability. To the extent
that any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, no party shall be required to comply with the provision for so long as the provision is held to be invalid, illegal
or unenforceable, but the validity, legality and enforceability of the remaining provisions contained in this Agreement shall not in any way be affected or impaired. The parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  

 5 

 SECTION 9. Additional Credit Parties. From time to time subsequent to the date hereof, additional
Persons may become parties hereto as Guarantors. Each such Person shall become a party to this Agreement by executing and delivering to the holders of the Notes, with a copy to the other parties hereto, a counterpart of this Agreement and,
thereupon, shall be deemed a Guarantor for all purposes hereunder with the same force and effect as if originally named as a Guarantor herein. The addition of any new Guarantor as a party to this Agreement shall not require the consent of any other
Credit Party hereunder. 
  
 SECTION 10.
Counterparts. This Agreement may be executed in two or more identical counterparts, each of which shall be deemed an original, but all of which, when taken together, shall constitute but one instrument. The counterpart signature pages may be
detached and assembled to form a single original document. This Agreement shall be effective with respect to any Credit Party when a counterpart bearing the signature of such Credit Party shall have been executed and delivered to all parties. In the
event that any Person shall become a Credit Party after the date hereof, that Person may become a party to this Agreement by executing and delivering to all parties a counterpart of this Agreement. Upon execution and delivery of the counterpart,
such Person shall be a Credit Party for purposes of this Agreement. 
  
 SECTION 11. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, EXCLUDING CHOICE OF LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRED THE APPLICATION OF THE
LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
  
 [Remainder
of Page Intentionally Blank] 
  

 6 

 The parties have caused this Agreement to be duly executed as of the date hereof. 
  

			
	 McGRATH RENTCORP, a California corporation

		
	 By:
	 	  

	 	 	 Thomas J. Sauer

	 	 	 Vice President and Chief Financial Officer

	
	 ENVIROPLEX, INC., a California corporation

		
	 By:
	 	  

	 	 	 Thomas J. Sauer

	 	 	 Vice President and Chief Financial Officer

  
 MOBILE MODULAR MANAGEMENT CORPORATION, a California corporation 
  

			
	 By:
	 	  

	 	 	 Thomas J. Sauer

	 	 	 Chief Financial Officer

  

 7 

 Exhibit “A” 
  
 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
	  	$	 
	 	  	 	  	
	

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

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

	 	  	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)	  	$	 
	 	  	 	  	
	

	 	  	             Minimum Tangible Net Worth Total
	  	$	 
	 	  	 	  	
	

			
	 (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)
	  	$	 
	 	  	 	  	
	

	 	  	 EBITDA (B)
	  	$	 
	 	  	 	  	
	

	 	  	 Ratio of A to B
	  	 	 
	 	  	 	  	
	

			
	 	  	 Maximum permitted from Effective Date through December 31, 2004: 2.50 to 1.00
	  	 	 
			
	 	  	 Maximum permitted from January 1, 2005 through December 31, 2005: 2:25 to 1:00
	  	 	 
			
	 	  	 Maximum permitted from and after January 1, 2006: 2:00 to 1:00
	  	 	 

  

 1 

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

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

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

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

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

	 	  	 6. Sum of 2 through 5 (B)
	  	$	                    
	 	  	 	  	
	

			
	 	  	         Ratio of A to B
	  	 	 
	 	  	 	  	
	

			
	 	  	         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:
	 	  

	 	 	  	 

									
	 	  	 Name:
	 	  

	 	 	  	 

									
	 	  	 Title:
	 	  

	 	 	  	 

  

 2 

 EXHIBIT “B” 
  
 FORM OF 
  
 LOAN REQUEST 
  
 [Date] 
  
 Union Bank of
California, N.A., as Agent 
 East Bay Commercial Banking Group 
 Two Walnut Creek Center 
 200 Pringle Avenue, Suite 260 
 Walnut Creek, CA 94596-3570 
  
 Attention: Buddy Montgomery, Vice
President 
  

	 	Re:	 	Third Amended and Restated Credit Agreement dated as of May 7, 2004 among McGrath RentCorp, a California corporation (“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”). (Terms defined in the Agreement shall have the same meanings herein). 

  
 Dear Mr. Montgomery: 
  

	1.	 	The Borrower hereby gives notice that it requests a Loan under the Agreement, as follows: 

  

	 	(a)	 	The Funding Date is
                                        .

  

	 	(b)	 	The amount is $                     . 

  

	 	(c)	 	The Rate Option selected is: 

  

	 	(    )	 	Eurodollar Loan 

	 	(    )	 	Reference Rate Loan 

  
 (d) The Eurodollar Period selected (if applicable) is
                            . 
  

	2.	 	The Borrower hereby gives notice that it requests continuation of an existing Eurodollar Loan as follows: 

  

	 	(a)	 	The Funding Date is
                                        .

  

	 	(b)	 	The amount of the Loan to be continued is: 

  

	 	                    Original	 	amount:                    
$                     

  

 1 

	 	                    Increase	 	(Decrease) being requested:    
$                             

	 	                    Amount	 	to be continued:                         
$                             

	 	(c)	 	The Eurodollar Period selected is:
                                        .

  

	3.	 	The Borrower hereby gives notice that it requests a conversion from one Rate Option to another Rate Option, as follows: 

  

	 	(a)	 	The Funding Date is
                                        
    . 

  

	 	(b)	 	The aggregate amount to be converted is $
                                        .

  

	 	(c)	 	Convert the Rate Option: 

  

			
	 From:
	  	 To:

		
	 (    )  Eurodollar Loan
	  	 (    )  Eurodollar Loan

	 (    )  Reference Rate Loan
	  	 (    )  Reference Rate Loan

  

	 	(d)	 	The new Eurodollar Period selected (if applicable) is
                            . 

  
 Borrower hereby represents and warrants that each of the conditions precedent set forth in
Section 5.2 of the Agreement will be satisfied on and as of the Funding Date of such Loan and, specifically: 
  

	 	(a)	 	There exists no Default or Event of Default; 

  

	 	(b)	 	The representations and warranties contained in Article 6 of the Agreement will be true and correct as of the Funding Date of the Loan, except to the extent that changes in the
facts and conditions on which such representations and warranties are based are required or permitted under the Agreement. 

  

			
	 Very truly yours,

	
	 McGRATH RENTCORP,

	 a California corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 2 

 EXHIBIT “C” 
  
 FORM OF 
  
 OFFICER’S CERTIFICATE 
  
 [Borrower’s Letterhead] 
  
 May     , 2004 
  
 Union Bank of California, N.A., as Agent 
 East Bay Commercial Banking Group

 Two Walnut Creek Center 
 200 Pringle Avenue, Suite 260

 Walnut Creek, CA 94596-3570 
  
 Attention: Buddy Montgomery, Vice President 
  
 Dear Mr. Montgomery: 
  
 Terms not otherwise defined herein shall have the meanings ascribed to them in the Third Amended and Restated Credit Agreement dated as of May 7, 2004
(the “Agreement”). In connection with the Agreement, the undersigned hereby certifies that: 
  

	 	1.	 	The representations and warranties of the Borrower contained in Article 6 of the Agreement are true and correct on and as of the date of this certificate with the same effect as
though such representations and warranties had been on and as of such date. 

  

	 	2.	 	The Borrower has performed and complied with all agreements and covenants contained in the Agreement required to be performed and complied with by it prior to or on the date of this
certificate. 

  

	 	3.	 	No proceedings looking toward the dissolution or liquidation of the Borrower have been commenced and no such proceedings are contemplated. 

  

	 	4.	 	Attached is a true and correct copy of certain resolutions, which comply with the requirements of Section 5.1(a)(v) of the Agreement, duly adopted by the Board of Directors of the
Borrower at a duly authorized meeting, duly held at the office of the Borrower on                     , 2004 at which meeting a quorum of
directors was present in person throughout and voted in favor thereof, and such resolutions have not been in any way modified, amended, rescinded or revoked and remain on the date hereof in full force and effect. 

  

 1 

	 	5.	 	The Borrower is duly incorporated, validly existing and in good standing under the laws of the State of California and no provision in the Articles of Incorporation or By-laws of
the Borrower, or any shareholder agreement, limits the power of the Board of Directors to pass the foregoing resolutions, that such resolutions are in conformity with the provisions of said Articles of Incorporation and Bylaws and that no approval
of the shareholders or of the outstanding shares of the borrower is required with respect to the matters which are the subject of the foregoing resolutions. 

  

	 	6.	 	Attached hereto is an incumbency certificate which complies with the requirements of Section 5.1(a)(vi) of the Agreement. 

  

	 	7.	 	The copies of the Articles of Incorporation and By-laws of the Borrower delivered to Agent in connection with the Agreement pursuant to Section 5.1(a)(iv) of the Agreement, are
true, accurate and complete copies of such Articles and By-laws of Borrower and such documents remain in effect and have not been modified. 

  

	 	8.	 	Agent is hereby authorized to rely on this Certificate until a new Certificate certified by the Secretary (or Assistant Secretary) of the Borrower is received by the Agent, even in
the event that one or more of the foregoing individuals ceases to act in such capacity. 

  
 IN WITNESS WHEREOF, we have hereto set our hand this
                     day of May, 2004. 
  

			
	 McGrath RentCorp

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

 2 

 EXHIBIT “D” 
  
 FORM OF 
  
 REVOLVING NOTE 
  

			
	 NOT TO EXCEED
	  	 
	 $35,000,000.00
	  	San Francisco, California
	 	  	May 7, 2004

  
 FOR VALUE RECEIVED, the undersigned,
McGrath RentCorp, a California corporation (“Borrower”), promises to pay to UNION BANK OF CALIFORNIA, N.A. (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 THIRTY FIVE MILLION DOLLARS ($35,000,000) 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. 
  

 1 

 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. 
  
 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:

	 Name:
	 	 Thomas J. Sauer

	 Title:
	 	 Vice President and Chief Financial Officer

  

 2 

 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

	 	 Principal
Amount
 of
 Loan

	 	 Type
 of
 Loan

	 	 Interest
 Rate

	 	 Duration
 of
 Eurodollar
Period

	 	 Amount
 Paid
 Prepaid
Continued
 Or
 Converted

	 	 Unpaid
Principal
Amount

	 	 Notation
Made By

  

 3 

 EXHIBIT “E” 
  
 Form of 
  
 CONTINUING GUARANTY 
  
 1. Obligations Guarantied. For consideration, the adequacy and sufficiency of which is acknowledged, [ENVIROPLEX, INC. / MOBILE MODULAR MANAGEMENT
CORPORATION], a California corporation (“Guarantor”), hereby unconditionally guaranties and promises: (a) to pay to UNION BANK OF CALIFORNIA, N.A., as agent (“Agent”), for the ratable benefit of the lending banks under the Credit
Agreement hereinafter defined (“Banks”) on demand, in lawful United States money, all Obligations to Agent and Banks of McGRATH RENTCORP, a California corporation (“Borrower”); and (b) to perform all undertakings of Borrower in
connection with the Obligations. “Obligations” is used herein in its most comprehensive sense and includes any and all debts, liabilities, rental obligations, and other obligations and liabilities of every kind of Borrower to Agent and to
the Banks signatory from time to time to that certain Third Amended and Restated Credit Agreement dated as of May 7, 2004 (the “Credit Agreement,” the terms defined therein and not otherwise defined herein being used herein as therein
defined), by and among Borrower, Agent and such Banks, whether made, incurred or created previously, concurrently or in the future, whether voluntary or involuntary and however arising, whether incurred directly or acquired by Banks by assignment or
succession, whether due or not due, absolute or contingent, liquidated or unliquidated, legal or equitable, whether Borrower is liable individually or jointly or with others, whether incurred before, during or after any bankruptcy, reorganization,
insolvency, receivership or similar proceeding (“Insolvency Proceeding”), and whether recovery thereof is or becomes barred by a statute of limitations or is or becomes otherwise unenforceable, together with all expenses of, for and
incidental to collection, including reasonable attorneys’ fees. Guarantor is a subsidiary of Borrower and will derive substantial direct and indirect economic benefit if Agent and Banks enter into the Credit Agreement, and Banks and Agent are
willing to do so, but only upon the condition, among others, that Guarantor shall have executed and delivered this Guaranty. 
  
 2. Limitation on Guarantor’s Liability. Although this Guaranty covers all Obligations, Guarantor’s liability under this Guaranty for Borrower’s
Obligations shall not exceed at any one time the sum of the following (the “Guarantied Liability Amount”): (a) One Hundred Thirty Million Dollars ($130,000,000.00) for Obligations representing principal (“Principal Amount”), (b)
all interest, fees like charges owing and allocable to the Principal Amount as determined by Bank, and (c) without allocation in respect of the Principal Amount all costs, attorneys’ fees, and expenses of Agent and Banks relating to or arising
out of the enforcement of the Obligations and all indemnity liabilities of Guarantor under this Guaranty. The foregoing limitation applies only to Guarantor’s liability under this particular Guaranty. Unless Banks otherwise agree in writing,
every other guaranty of any Obligations previously, concurrently, or hereafter given to Banks by Guarantor is independent of this Guaranty and of every other such guaranty. Without notice to Guarantor, Banks may permit the Obligations to, exceed the
Principal Amount and may apply or reapply any amounts received in respect of the Obligations from any source other than from Guarantor to that portion of the Obligations not included within the Guarantied Liability Amount. 
  

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 3. Continuing Nature/Revocation/Reinstatement. This Guaranty is in addition to any other guaranties of the
Obligations, is continuing and covers all Obligations, including those arising under successive transactions which continue or increase the Obligations from time to time, renew all or part of the Obligations after they have been satisfied, or create
new Obligations. Revocation by one or more signers of this Guaranty or any other guarantors of the Obligations shall not (a) affect the obligations under this Guaranty of a non-revoking Guarantor, (b) apply to Obligations outstanding when Banks
receive written notice of revocation, or to any extensions, renewals, readvances, modifications, amendments or replacements of such Obligations, or (c) apply to Obligations, arising after Banks receive such notice of revocation, which are created
pursuant to a commitment existing at the time of the revocation, whether or not there exists an unsatisfied condition to such commitment or Banks have another defense to its performance. All of Agent’s and Banks’ rights pursuant to this
Guaranty continue with respect to amounts any Obligations which are thereafter restored or returned by any Bank, whether in an Insolvency Proceeding of Borrower or for any other reason, all as though such amounts had not been paid to such Bank; and
Guarantor’s liability under this Guaranty (and all its terms and provisions) shall be reinstated and revived, notwithstanding any surrender or cancellation of this Guaranty. Each Bank, at its sole discretion, may determine whether any amount
paid to it must be restored or returned; provided, however, that if such Bank elects to contest any claim for return or restoration, Guarantor agrees to indemnify and hold Bank harmless from and against all costs and expenses, including reasonable
attorneys’ fees, expended or incurred by Bank in connection with such contest. No payment by Guarantor shall reduce the Guarantied Liability Amount hereunder unless, at or prior to the time of such payment, Banks receive Guarantor’s
written notice to that effect. If any Insolvency Proceeding is commenced by or against Borrower or Guarantor, at the election of Banks, Guarantor’s obligations under this Guaranty shall immediately and without notice or demand become due and
payable, whether or not then otherwise due and payable. 
  
 4. Authorization.
Guarantor authorizes Agent and Banks, without notice and without affecting Guarantor’s liability under this Guaranty, from time to time, whether before or after any revocation of this Guaranty, to (a) renew, compromise, extend, accelerate,
release, subordinate, waive, amend and restate, or otherwise amend or change, the interest rate, time or place for payment or any other terms of all or any part of the Obligations; (b) accept delinquent or partial payments on the Obligations; (c)
take or not take security or other credit support for this Guaranty or for all or any part of the Obligations, and exchange, enforce, waive, release, subordinate, fail to enforce or perfect, sell, or otherwise dispose of any such security or credit
support; (d) apply proceeds of any such security or credit support and direct the order or manner of its sale or enforcement as Banks, at their sole discretion, may determine; and (e) release or substitute Borrower or any guarantor or other person
or entity liable on the Obligations . 
  
 5. Waivers. To the maximum extent
permitted by law, Guarantor waives (a) all rights to require Agent or Banks to proceed against Borrower, or any other guarantor, or proceed against, enforce or exhaust any security for the Obligations or to marshal assets or to pursue any other
remedy in Agent’s or any Bank’s power whatsoever; (b) all defenses arising by reason of any disability or other defense of Borrower, the cessation for any reason of the liability of Borrower, any defense that any other indemnity, guaranty
or security was to be obtained, any claim that Agent or any Bank has made Guarantor’s obligations more burdensome or more burdensome than Borrower’s obligations, and the use of any proceeds of the Obligations other than as 
  

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 intended or understood by Agent, such Bank or Guarantor; (c) all presentments, demands for performance, notices of
nonperformance, protests, notices of dishonor, notices of acceptance of this Guaranty and of the existence or creation of new or additional Obligations, and all other notices or demands to which Guarantor might otherwise be entitled; (d) all
conditions precedent to the effectiveness of this Guaranty; (e) all rights to file a claim in connection with the Obligations in an Insolvency Proceeding filed by or against Borrower; (f) all rights to require Agent or any Bank to enforce any of its
respective remedies; and (g) until the Obligations are satisfied or fully paid with such payment not subject to return: (i) all rights of subrogation, contribution, indemnification or reimbursement, (ii) all rights of recourse to any assets or
property of Borrower, or to any collateral or credit support for the Obligations, (iii) all rights to participate in or benefit from any security or credit support Banks may have or acquire, and (iv) all rights, remedies and defenses Guarantor may
have or acquire against Borrower. 
  
 6. Guarantor to Keep Informed.
Guarantor warrants having established with Borrower adequate means of obtaining, on an ongoing basis, such information as Guarantor may require concerning all matters bearing on the risk of nonpayment or nonperformance of the Obligations.
Guarantor assumes sole, continuing responsibility for obtaining such information from sources other than from Agent or any Bank. Neither Agent nor any Bank has any duty to provide any information to Guarantor until Agent or such Bank receives
Guarantor’s written request for specific information in Bank’s possession and Borrower has authorized Agent or such Bank, as applicable, to disclose such information to Guarantor. 
  
 7. Subordination. All obligations of Borrower to Guarantor which presently or in the
future may exist (“Guarantor’s Claims”) are hereby subordinated to the Obligations. At Agent’s request, Guarantor’s Claims will be enforced and performance thereon received by Guarantor only as a trustee for Banks, and
Guarantor will promptly pay over to Agent, for the ratable benefit of Banks, all proceeds recovered for application to the Obligations without reducing or affecting Guarantor’s liability under other provisions of this Guaranty. 
  
 8. Security. To secure Guarantor’s obligations under this Guaranty, Guarantor
grants Bank a security interest in all moneys, general and special deposits, instruments and other property of Guarantor at any time maintained with or held by Agent and/or any Bank, and all proceeds of the foregoing. 
  
 9. Authorization. Neither Agent nor any Bank need inquire into or verify the powers of
Guarantor or authority of those acting or purporting to act on behalf of Guarantor, and this Guaranty shall be enforceable with respect to any Obligations Banks grant or create in reliance on the purported exercise of such powers or authority.

  
 10. Assignments. This Guaranty shall be binding upon Guarantor, its
successors and assigns and shall inure to the benefit of and be enforceable by Agent and the Banks and their successors, transferees and assigns. 
  
 11. Counsel Fees and Costs. The prevailing party shall be entitled to attorneys’ fees (including a reasonable allocation for Agent’s and Banks’
internal counsel) and all other costs and expenses which it may incur in connection with the enforcement or preservation of its rights under, or defense of, this Guaranty or in connection with any other dispute or proceeding relating 
  

 3 

 to this Guaranty, whether or not incurred in any Insolvency Proceeding, arbitration, litigation or other proceeding.
Without limitation on any other Obligations or remedies of the Agent or the Banks under this Guaranty, Guarantor shall, to the fullest extent permitted by law, indemnify, defend and save and hold harmless the Agent and each Bank from and against,
and shall pay on demand, any and all losses, liabilities, damages, costs, expenses and charges (including the fees and disbursements of the Agent’s and such Bank’s legal counsel) suffered or incurred by the Agent and such Bank as a result
of any failure of any Obligations to be the legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms. 
  
 12. Integration/Severability/Amendments. This Guaranty is intended by Guarantor and Agent as the complete, final expression of their
agreement concerning its subject matter. It supersedes all prior understandings or agreements with respect thereto and may be changed only by a writing signed by Guarantor and Agent. No course of dealing, or parole or extrinsic evidence shall be
used to modify or supplement the express terms of this Guaranty. If any provision of this Guaranty is found to be illegal, invalid or unenforceable, such provision shall be enforced to the maximum extent permitted, but if fully unenforceable, such
provision shall be severable, and this Guaranty shall be construed as if such provision had never been a part of this Guaranty, and the remaining provisions shall continue in full force and effect. 
  
 13. Notice. Any notice, including notice of revocation, given by any party under this
Guaranty shall be effective only upon its receipt by the other party and only if (a) given in writing and (b) personally delivered or sent by United States mail, postage prepaid, and addressed to Agent or Guarantor at their respective addresses for
notices indicated below. Guarantor and Agent may change the place to which notices, requests, and other communications are to be sent to them by giving written notice of such change to the other. 
  
 14. Choice of Law. The Loan Documents (other than those containing a contrary express
choice of law provisions) shall be construed in accordance with the internal laws (and not the law of conflicts) of the State of California, but giving effect to federal laws applicable to national banks. 
  
 15. CONSENT TO JURISDICTION. GUARANTOR HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF ANY UNITED STATES FEDERAL OR CALIFORNIA STATE COURT SITTING IN SAN FRANCISCO IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND GUARANTOR HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURT OR THAT SUCH COURT IS AN INCONVENIENT
FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY BANK TO BRING PROCEEDINGS AGAINST GUARANTOR IN THE COURTS OF ANY OTHER JURISDICTION. 
  
 16. JURY TRIAL WAIVER. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN
DOCUMENT OR IN ANY WAY CONNECTED 
  

 4 

 WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR
THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND ACTION OR CAUSE OF ACTION SHALL BE
DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL
BY JURY. 
  
 IN WITNESS WHEREOF, Guarantor and Agent have caused
this Guaranty to be duly executed on this      day of May, 2004. 
  
 [ENVIROPLEX, INC. / MOBILE MODULAR MANAGEMENT CORPORATION] 
  

	
	 BY:

	
	 TITLE:

  
 Address for notices to Guarantor: 
  
 5700 Las Positas Road 
 Livermore, California 94550 
 Attention: Mr. Thomas Sauer, Chief Financial Officer 
  
 UNION BANK OF CALIFORNIA, N.A., as Agent 
  

	
	 BY:

	
	 TITLE:

  
 Address for notices to Agent: 
  
 Union Bank of California, N.A., as Agent 
 East Bay Commercial Banking Group 
 Two Walnut Creek Center 
 200 Pringle Avenue, Suite 260 
 Walnut Creek, CA 94596-3570 
  
 Attention:        Buddy Montgomery, Vice President 
  

 5

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