Term Loan Promissory Note between Mac-Gray Corporation, Mac-Gray Services, Intirion Corporation, and Lender

Summary

Mac-Gray Corporation, Mac-Gray Services, and Intirion Corporation (the Borrowers) agree to repay the principal and interest of loans made by a Lender under a Credit Agreement dated January 10, 2005. Payments are to be made as specified in the Credit Agreement, and the note records all loans and repayments. The agreement is governed by New York law and references the terms and conditions, including repayment and prepayment, set out in the Credit Agreement.

EX-10.07 5 a2154458zex-10_07.txt EXHIBIT 10.07 Exhibit 10.07 FORM OF TERM LOAN PROMISSORY NOTE [$ ] New York, New York January 10, 2005 For value received, MAC-GRAY CORPORATION, a Delaware corporation (the "Parent Borrower"), MAC-GRAY SERVICES, INC. ("Services") and INTIRION CORPORATION (together with the Parent Borrower and Services, the "Borrowers") promise to pay to the order of [ ] (the "Lender") (i) the unpaid principal amount of each Loan made by the Lender to the Borrowers under the Credit Agreement referred to below, when and as due and payable under the terms of the Credit Agreement, and (ii) interest on the unpaid principal amount of each such Loan on the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made to the accounts specified in the Credit Agreement, in immediately available funds. All Loans made by the Lender, and all repayments of the principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, appropriate notations to evidence the foregoing information with respect to each such Loan then outstanding shall be endorsed by the Lender on the schedule attached hereto, or on a continuation of such schedule attached hereto and made a part hereof; PROVIDED that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrowers hereunder or under the Credit Agreement. This note is one of the promissory notes issued pursuant to the Credit Agreement dated as of January 10, 2005, among the Borrowers, the Lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). Terms defined in the Credit Agreement are used herein with the same meanings. Reference is made to the Credit Agreement for provisions for the mandatory and optional prepayment hereof and the acceleration of the maturity hereof. THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. MAC-GRAY CORPORATION by ------------------------- Name: Title: