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AMENDED AND RESTATED REVOLVING CREDIT NOTE

Revolving Credit Agreement

AMENDED AND RESTATED REVOLVING CREDIT NOTE | Document Parties: MAC-GRAY CORP You are currently viewing:
This Revolving Credit Agreement involves

MAC-GRAY CORP

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Title: AMENDED AND RESTATED REVOLVING CREDIT NOTE
Date: 3/30/2004
Industry: Personal Services     Sector: Services

AMENDED AND RESTATED REVOLVING CREDIT NOTE, Parties: mac-gray corp
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                                                                   Exhibit 10.8

 

                                   EXHIBIT A-1

 

                   AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

$___________                                               Date: January 16, 2004

 

     FOR VALUE RECEIVED, the undersigned (hereinafter, together with their

successors in title and assigns, collectively, called the "Borrowers"), by this

promissory note (hereinafter, together with the Schedule annexed hereto, called

"this Note"), absolutely and unconditionally and jointly and severally promise

to pay to the order of ____________ (hereinafter, together with its successors

in title and assigns, called the "Bank"), the principal sum of _____________

___________________________, or so much thereof as shall have been advanced by

the Bank to the Borrowers by way of revolving credit loans under the Loan

Agreement (as hereinafter defined) and shall remain outstanding, such payment to

be made as hereinafter provided, and to pay interest on the principal sum

outstanding hereunder from time to time from the date hereof until the said

principal sum or the unpaid portion thereof shall have become due and payable as

hereinafter provided.

 

     Capitalized terms used herein without definition shall have the meaning set

forth in the Loan Agreement.

 

     The unpaid principal (not at the time overdue) under this Note shall bear

interest at the rate or rates from time to time in effect under the Loan

Agreement. Accrued interest on the unpaid principal under this Note shall be

payable on the dates specified in the Loan Agreement.

 

     On December 31, 2006, the date of the final maturity of this Note, there

shall become absolutely due and payable by the Borrowers hereunder, and the

Borrowers hereby jointly and severally promise to pay to the Bank, the balance

(if any) of the principal hereof then remaining unpaid, all of the unpaid

interest accrued hereon and all (if any) other amounts payable on or in respect

of this Note or the indebtedness evidenced hereby.

 

     Each overdue amount (whether of principal, interest or otherwise) payable

on or in respect of this Note or the indebtedness evidenced hereby shall (to the

extent permitted by applicable law) bear interest at the rates and on the terms

provided by the Loan Agreement. The unpaid interest accrued on each overdue

amount in accordance with the foregoing terms of this paragraph shall become and

be absolutely and jointly and severally due and payable by the Borrowers to the

Bank on demand by the Administrative Agent. Interest on each overdue amount will

continue to accrue as provided by the foregoing terms of this paragraph, and

will (to the extent permitted by applicable law) be compounded daily until the

obligations of the Borrowers in respect of the payment of such overdue amount

shall be discharged (whether before or after judgment).

 

     Each payment of principal, interest or other sum payable on or in respect

of this Note or the indebtedness evidenced hereby shall be made by the Borrowers

directly to the Administrative Agent in dollars, for the account of the Bank, at

the address of the Administrative Agent set forth in the Loan Agreement, on the

due date of such payment, and in immediately available and

 

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freely transferable funds. All payments on or in respect of this Note or the

indebtedness evidenced hereby shall be made without set-off or counterclaim and

free and clear of and without any deductions, withholdings, restrictions or

conditions of any nature.

 

     This Note is made and delivered by the Borrowers to the Bank pursuant to

the Revolving Credit and Term Loan Agreement, dated as of June 24, 2003, among

(i) the Borrowers, (ii) the Banks and (iii) the Administrative Agent

(hereinafter, as originally executed, and as now or hereafter varied or

supplemented or amended and restated, called the "Loan Agreement"), to which

reference is hereby made for a statement of the terms and conditions (to the

extent not set forth herein) under which the Loans evidenced by this Note were

made and are to be repaid. This Note evidences the joint and several obligation

of the Borrowers (a) to repay the principal amount of the Bank's Commitment

Percentage of the Revolving Credit Loans made by the Banks to the Borrowers

pursuant to the Loan Agreement; (b) to pay interest, as herein and therein

provided, on the principal amount hereo


 
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