Exhibit 10.9*
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EXECUTION VERSION
AMENDMENT NO. 4
TO REVOLVING CREDIT AND SECURITY AGREEMENT
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THIS AMENDMENT NO. 4 TO REVOLVING CREDIT AND SECURITY AGREEMENT (this
"Amendment") is made and entered into as of March 6, 2003, between MasTec,
Inc., a Florida corporation ("MasTec"), certain of the Subsidiaries of MasTec
identified on the signature pages hereto (together with MasTec, hereinafter
collectively referred to as the "Borrowers"), the financial institutions party
from time to time to the Loan Agreement (as hereinafter defined) (the
"Lenders") and Fleet Capital Corporation, a Rhode Island corporation, as
administrative agent (the "Administrative Agent") for the Lenders.
Recitals:
The Borrowers, the Lenders and the Administrative Agent are parties to
a Revolving Credit and Security Agreement dated as of January 22, 2002, as
amended by an Assumption and Amendment Agreement dated as of February 7,
2002, an Amendment No. 2 dated as of October 25, 2002 and an Amendment No.
3 and Consent dated as of November 1, 2002 (as amended and in effect, the
"Loan Agreement"), pursuant to which the Lenders have made certain revolving
credit loans and letter of credit accommodations to the Borrowers.
The Borrowers have requested that the Lenders amend, among other
things, certain financial covenants set forth in the Loan Agreement and
confirm certain understandings with respect to the ATEL Lease Transaction
(as hereinafter defined). To induce the Lenders to do so, the Borrowers have
agreed to execute and deliver and to perform its obligations under this
Amendment.
Upon the terms and subject to the conditions hereinafter set forth, the
Lenders have agreed so to amend the Loan Agreement and to provide such
confirmation.
NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good
and valuable consideration, the receipt and sufficiency of which are hereby
severally acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:
1. Definitions. All capitalized terms used in this Amendment, unless
otherwise defined herein, shall have the meaning ascribed to such terms in
the Loan Agreement.
2. Amendments to Loan Agreement. Subject to the provisions of Section
4 of this Amendment, the Loan Agreement is hereby amended as follows:
(a) By adding the following new definitions to Section 1.1 of the Loan
Agreement in proper alphabetical order:
"Amendment No. 4 Effective Date" means the date on which Amendment
No. 4 to this Agreement dated as of March 6, 2003, between the
Borrowers, the Lenders and the Administrative Agent shall have become
effective in accordance with its terms.
"Non-Cash Non-Recurring Charge Amounts" means amounts, not to
exceed $46,410,000 in the aggregate, deducted from Net Income for the
purpose of calculating EBITDA solely in respect of non-cash, non-
recurring charges taken by the Borrowers in the fourth Fiscal Quarter
of 2002.
"Non-Recurring Charge Amounts" means amounts, not to exceed
$78,919,000 in the aggregate, deducted from Net Income for the purpose
of calculating EBITDA in respect of cash and non-cash, non-recurring
charges taken by the Borrowers in the fourth Fiscal Quarter of 2002,
net of the after-tax effect of such non-recurring charges.
"Oracle Capex" has the meaning specified in the definition "Fixed
Charge Coverage Ratio."
(b) By amending the definition of "EBITDA Adjustment Amounts" that is
contained in Section 1.1 of the Loan Agreement to read as follows:
"EBITDA Adjustment Amounts" means, during any specified accounting
period, amounts deducted from Net Income for the purpose of calculating
EBITDA for such period in respect of the effect on MasTec's
NAOperations' Net Income of compliance with SFAS 142.
(c) By amending the definition of "Fixed Charge Coverage Ratio" that is
contained in Section 1.1 of the Loan Agreement to read as follows:
"Fixed Charge Coverage Ratio" means, for any specified accounting
period, the ratio of EBITDA of MasTec's NAOperations for such period,
adjusted, as appropriate, to add back any EBITDA Adjustment Amounts and
Non-Cash Non-Recurring Charge Amounts deducted in computing such
EBITDA, less the sum of cash income taxes paid and Restricted Payments
(other than to the extent permitted by this Agreement), Restricted
Distributions (other than to the extent permitted by this Agreement),
and Capital Expenditures (other than Financed Capex) made, on a
consolidated basis by MasTec's NAOperations during such period, to the
sum of their consolidated interest expense for such period and current
maturities of long-term Debt as of the date of determination, provided
that for any specified accounting period of less than 12 consecutive
months, current maturities of long-term Debt as of the date of
determination shall be multiplied by a fraction, the numerator of which
is the number of months included in such specified accounting period and
the denominator of which is 12 and, provided, further, that (x) Capital
Expenditures made by the Borrowers during the period of 12 consecutive
calendar months ending on December 31, 2002 in connection with the
implementation of the Borrowers' Oracle management information systems
(the "Oracle Capex") shall be excluded from the calculation of Capital
Expenditures for such period in determining the Fixed Charge Coverage
Ratio, to the extent that the aggregate amount of Oracle Capex so
excluded during such period does not exceed $5,000,000, and (y) if, and
only if, on or after the Amendment No. 4 Effective Date and on or
before March 31, 2003, MasTec receives and remits promptly to the
Administrative Agent for application to the Revolving Credit Loans then
outstanding hereunder the cash proceeds of an income tax refund in an
amount not less than $20,000,000, then Oracle Capex made by the
Borrowers during any specified accounting period ending after December
31, 2002 and prior to December 31, 2003 shall be excluded from the
calculation of Capital Expenditures for such period in determining the
Fixed Charge Coverage Ratio, to the extent that the aggregate amount of
Oracle Capex so excluded during all periods ending after December 31,
2002 and prior to December 31, 2003 does not exceed the lesser of (i)
the actual amount of Oracle Capex made by the Borrowers during such
periods and (ii) $3,500,000. For the avoidance of doubt, there will be
no Oracle Capex exclusions for periods ending on or after December 31,
2003.
(d) By amending the definition of "Tangible Net Worth" that is contained
in Section 1.1 of the Loan Agreement to read as follows:
"Tangible Net Worth" of any Person means such Person's Net Worth,
less goodwill and the value of any other intangible assets included in
such determination, less, for the purpose of determining MasTec's
NAOperations' Net Worth at any time prior to January 1, 2003, 100% of
all deferred tax assets created as a result of MasTec's NAOperations'
compliance with SFAS 142.
(e) By amending the definition of "Applicable Margin" that is contained
in Section 1.1 of the Loan Agreement to add a proviso immediately prior to
the period at the end thereof that reads as follows:
and, provided, further, that each of the percentages set forth in Annex
B shall be subject to a one-time reduction of 25 basis points (0.25%)
on the first day of the Fiscal Quarter that begins at least 10 days
after delivery by the Borrowers of the financial statements for any
Fiscal Quarter ending on or after January 31, 2004 and the related
officer's certificate in accordance with the respective provisions of
Section 10.1(b) and 10.3 which reflect (x) a Fixed Charge Coverage
Ratio (calculated without giving effect to any exclusions for Oracle
Capex) for the period of 12 consecutive calendar months ending on the
last day of such Fiscal Quarter in excess of 2.00 to 1 and (y) that no
Default or Event of Default exists.
(f) By amending clause (f) of the definition of "Net Income" that is
contained in Section 1.1 of the Loan Agreement to read as follows:
(f) any write-up or, if less than $10,000,000, any write-down of
any asset, provided that for the purpose of calculating the Fixed
Charge Coverage Ratio for any specified accounting period ending after
December 31, 2002, any write-down of any asset without limitation shall
be included in the determination of Net Income, and;
(g) By deleting the phrase "in Fiscal Year 2002" appearing in Section
10.1(b) of the Loan Agreement and by substituting therefor the phrase
"ending on or prior to March 31, 2004";
(h) By amending Section 11.1(a) in its entirety to read as follows:
(a) Tangible Net Worth. Permit consolidated Tangible Net Worth of
MasTec's NAOperations (i) at any time on or after March 31, 2002 and on
or prior to December 31, 2002, to be less than the sum of (A)
$180,000,000, plus (B) an amount equal to 50% of consolidated Net
Income (but without deduction for any Net Loss) of MasTec's NAOperations
for the period from January 1, 2002 through the date of determination,
treated as a single accounting period, provided, that the Non-Recurring
Charge Amounts may be added back to Net Income for the purpose of
calculating the consolidated Tangible Net Worth of MasTec's NAOperations
for the period from September 30, 2002 through December 31, 2002, and
(ii) at any time after December 31, 2002, to be less than the sum of
(A) the greater of the consolidated Tangible Net Worth of MasTec's
NAOperations as at December 31, 2002, as reflected in the audited
financial statements delivered to the Administrative Agent and the
Lenders in accordance with the provisions of Section 10.1(a), and
$167,000,000, minus (B) $10,000,000, plus (C) an amount equal to 50%
of consolidated Net Income (but without deduction for any Net Loss) of
MasTec's NAOperations for the period from January 1, 2003 through the
date of determination, treated as a single accounting period.
(i) By amending Section 11.1(b) in its entirety to read as follows:
(b) Fixed Charge Coverage Ratio. Permit the Fixed Charge Coverage
Ratio for (i) the period of 12 consecutive months ending on December
31, 2002, to be less than 2.00 to 1, (ii) the successive periods of
three, four and five consecutive calendar months beginning January 1,
2003, to be less than 1.10 to 1, (iii) the successive periods of six,
seven and eight consecutive calendar months beginning January 1,
2003, to be less than 1.25 to 1, (iv) the successive periods of nine,
ten and eleven consecutive calendar months beginning January 1, 2003,
to be less than 1.50 to 1, (v) the period of 12 consecutive calendar
months ending on December 31, 2003, to be less than 1.75 to 1, and (vi)
each period of 12 consecutive calendar months ending on or after
January 31, 2004, to be less than 2.00 to 1.
(j) By deleting Annex B to the Loan Agreement in its entirety and by
substituting therefor a new Annex B in the form of Exhibit A attached to
this Amendment.
3. ATEL Lease Transaction. In January 2003, MasTec North America, Inc.
and ATEL Leasing Corporation ("ATEL") consummated a leasing transaction (the
"ATEL Lease Transaction") whereby MasTec North America, Inc. leased from ATEL
approximately $4,900,000 of Equipment as more particularly described on
Schedule I to this Amendment (the "ATEL Equipment"). In connection with the
ATEL Leasing Transaction, as an accommodation to the Borrowers, the
Administrative Agent, on behalf of the Lenders, executed and delivered to
ATEL appropriate release documents to evidence of record that the
Administrative Agent does not have any Lien on or other interest in the ATEL
Equipment. At the Borrowers' request, the Administrative Agent and the
Lenders hereby ratify and reaffirm their consent to the ATEL Lease
Transaction. The Administrative Agent and the Lenders also acknowledge and
agree with the Borrowers that the dollar basket that is contained in Section
8.7 of the Loan Agreement with respect to the aggregate amount of the
Collateral that may be disposed of by the Borrowers during Fiscal Year
2003 shall not be reduced by the value of the ATEL Equipment. The Borrowers,
the Administrative Agent and the Lenders further agree, for purposes of
determining the aggregate amount of Collateral that may be released by the
Administrative Agent during Fiscal Year 2003 under Section 15.9(b) of the
Loan Agreement, that the dollar basket that is contained therein shall not
be reduced by the value of the ATEL Equipment.
4. Conditions to Effectiveness. The provisions of Sections 2(a), (b),
(c), (d), (f), (g) and (h) of this Amendment shall become effective as of
December 31, 2002 and the provisions of Sections 2(e), (i) and (j) and
Section 3 of this Amendment shall become effective as of the date hereof on
the date (the "Amendment No. 4 Effective Date") on which the Administrative
Agent shall have received (a) an amendment fee in the amount of $312,500
for the Ratable account of the Lenders, which fee is earned on such date and
is not subject to refund or rebate of any kind whatsoever, and (b) the
following documents, each of which shall be satisfactory in form and
substance to the Administrative Agent and in sufficient copies for each
Lender:
(i) this Amendment duly executed and delivered by the Borrowers,
the Lenders and the Administrative Agent;
(ii) a certificate of the secretary or assistant secretary of each
Borrower having attached thereto the articles or certificate of
incorporation and bylaws of such Borrower (or containing the
certification of such secretary or assistant secretary that no
amendment or modification of such articles or certificate of
incorporation or bylaws has become effective since the last date on
which such documents were last delivered to the Lenders), all
corporate or company action, including shareholders' or members'
approval, if necessary, has been taken by such Borrower and/or its
shareholders or members to authorize the execution, delivery and
performance of this Amendment and to the further effect that the
incumbency certificate most recently delivered to the Lenders remains
in effect, unchanged;
(iii) a certificate of the president or chief financial officer of
MasTec stating that, to the best of his or her knowledge and based on
an examination sufficient to enable him or her to make an informed
statement, after giving effect to the Amendment,
(A) all of the representations and warranties made or deemed
to be made under the Loan Agreement are true and correct on and
as of the Amendment No. 4 Effective Date, and
(B) no Default or Event of Default exists;
and the Administrative Agent shall be satisfied as to the truth
and accuracy thereof; and
(iv) such other documents and instruments as any Lender through
the Administrative Agent may reasonably request.
5. Representations and Warranties. To induce the Administrative Agent
and the Lenders to enter into this Amendment, each Borrower hereby makes the
following representations and warranties to the Administrative Agent and the
Lenders, which representations and warranties shall survive the delivery of
this Amendment and the making of additional Loans under the Loan Agreement as
amended hereby:
(a) Authorization of Agreements. Each Borrower has the right and
power, and has taken all necessary action to authorize it, to execute,
deliver and perform this Amendment and each other agreement
contemplated hereby to which it is a party in accordance with their
respective terms. This Amendment and each other such agreement
contemplated hereby to which it is a party has been duly executed and
delivered by the duly authorized officers of such Borrower and each is,
or each when executed and delivered in accordance with this Amendment
will be, a legal, valid and binding obligation of such Borrower,
enforceable in accordance with its terms.
(b) Compliance of Agreements with Laws. The execution, delivery
and performance of this Amendment in accordance with their respective
terms do not and will not, by the passage of time, the giving of notice
or otherwise,
(i) require any Governmental Approval that has not been
obtained or violate any Applicable Law relating to such Borrower
or any of its Subsidiaries,
(ii) conflict with, result in a breach of or constitute a
default under the articles or certificate of incorporation or
by-laws or other constituent documents or any shareholders' or
members' agreement of such Borrower or any of its Subsidiaries,
any material provisions of any indenture, agreement or other
instrument to which such Borrower, any of its Subsidiaries or
any of such Borrower's or such Subsidiaries' property may be
bound or any Governmental Approval relating to such Borrower or
any of its Subsidiaries, or
(iii) result in or require the creation or imposition of any
Lien upon or with respect to any property now owned or hereafter
acquired by such Borrower other than the Security Interest.
6. Effect of Amendment. From and after the Amendment No. 4 Effective
Date, all references in the Loan Agreement and in any other Loan Document to
"this Agreement," "the Loan Agreement," "hereunder," "hereof" and words of
like import referring to the Loan Agreement, shall mean and at any time of
determination be references to the Loan Agreement as amended by this
Amendment. Except as expressly amended hereby, the Loan Agreement and all
terms, conditions and provisions thereof remain in full force and effect and
are hereby ratified and confirmed. The execution, delivery and effectiveness
of this Amendment shall not, except as expressly provided herein, operate as
a waiver of any right, power or remedy of any Lender under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.
7. Breach of Amendment. Any breach by the Borrowers of any
representation, warranty or covenant contained herein shall constitute an
Event of Default.
8. Counterpart Execution. This Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an
original and all of which taken together shall constitute but one and the
same agreement. Delivery of an executed signature page of any party hereto
by facsimile transmission shall be as effective as delivery of a manually
delivered counterpart thereof.
9. Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of Georgia without giving effect to
conflicts of law principles thereof.
10. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors
and assigns.
11. Further Assurances. The Borrowers agree to take such further actions
as any Lender through the Administrative Agent shall reasonably request
from time to time in connection herewith to evidence or give effect to the
amendments set forth herein or any of the transactions contemplated hereby.
12. Section Titles. Section titles and references used in this Amendment
shall be without substantive meaning or content of any kind whatsoever and
are not a part of the agreement among the parties hereto.
13. Waiver of Jury Trial. To the fullest extent permitted by applicable
law, each of the parties hereto hereby waives the right to trial by jury in
any action, suit, counterclaim or proceeding arising out of or related to
this Amendment.
14. Release of Claims. To induce the Administrative Agent and the
Lenders to enter into this Amendment, each Borrower hereby releases, acquits
and forever discharges the Administrative Agent and the Lenders, and all
officers, directors, agents, employees, successors and assigns of the
Administrative Agent and the Lenders, from any and all liabilities, claims,
demands, actions or causes of action of any kind or nature (if there be any),
whether absolute or contingent, disputed or undisputed, at law or in equity,
or known or unknown, that such Borrower now has or ever had against Agent or
any Lender arising under or in connection with any of the Loan Documents or
otherwise. Each Borrower represents and warrants to the Administrative Agent
and the Lenders that such Borrower has not transferred or assigned to any
Person any claim that such Borrower ever had or claimed to have against the
Administrative Agent or any Lender.
15. Expenses of Administrative Agent. Borrowers agree to pay, on demand,
all costs and expenses incurred by the Administrative Agent in connection
with the preparation, negotiation and execution of this Amendment and any
other Loan Documents executed pursuant hereto and any and all amendments,
modifications, and supplements thereto, including, without limitation, the
costs and fees of the Administrative Agent's legal counsel and any taxes or
expenses associated with or incurred in connection with any instrument or
agreement referred to herein or contemplated hereby.
[Signatures begin on following page]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed under seal and delivered by their respective duly authorized
officers as of the date first written above.
FLEET CAPITAL CORPORATION,
as Administrative Agent and as a Lender
By: /s/ Dennis S. Losin
Name: Dennis S. Losin
Title: Sr. V. P.
WACHOVIA BANK, NATIONAL
ASSOCIATION, as a Lender
By: /s/ Dan Denton
Name: Dan Denton
Title: Vice President
LASALLE BUSINESS CREDIT, INC.,
as a Lender
By: /s/ Douglas Colletti
Name: Douglas Colletti
Title: First Vice President
JPMORGAN CHASE BANK, as a Lender
By: /s/ Robert Morrow
Name: Robert Morrow
Title: Vice President
PNC BANK, NATIONAL ASSOCIATION,
as a Lender
By: /s/ Alex M. Council IV
Name: Alex M. Council IV
Title: Vice President
BORROWERS:
ATTEST: MASTEC, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: CHURCH & TOWER, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: CHURCH & TOWER ENVIRONMENTAL, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: CRUZ-CELL, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: DRESSER/AREIA CONSTRUCTION, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: FLAIRE INCORPORATED
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: GMR TELCOM, L.L.C.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC INTEGRATION SYSTEMS, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC NETWORK SERVICES, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC NORTH AMERICA, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC TELCOM & ELECTRICAL
SERVICES, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: PHASECOM AMERICA, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: PROTEL IND., INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: RENEGADE OF IDAHO, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: S.S.S. CONSTRUCTION, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: UPPER VALLEY UTILITIES CORP.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: WILDE HOLDING CO., INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: WILDE ACQUISITION CO., INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: NORTHLAND CONTRACTING, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: WILDE OPTICAL SERVICE, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC FC, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC REAL ESTATE HOLDINGS, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC OF TEXAS, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
ATTEST: MASTEC TC, INC.
By: /s/ Cristina Canales By: /s/ Donald Weinstein
Secretary Name: Donald Weinstein
[CORPORATE SEAL] Title: EVP & CFO
Exhibit A to
Amendment No. 4
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ANNEX B
PRICING MATRIX
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Level Leverage Ratio LIBOR Loans Base Rate Loans
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I Less than or equal to
1.50 to 1 2.25% 0.75%
II Greater than 1.50 to 1
but less than or equal
to 2.00 to 1 2.50% 1.00%
III Greater than 2.00 to 1
but less than or equal
to 2.50 to 1 2.75% 1.25%
IV Greater than 2.50 to 1
but less than or equal
to 3.00 to 1 3.00% 1.50%
V Greater than 3.00 to 1 3.25% 1.75%
Schedule I to
Amendment No. 4
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ATEL EQUIPMENT
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PLEASE SEE ATTACHMENTS