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United Rentals


424B3
UNITED RENTALS NORTH AMERICA INC filed this Form 424B3 on 11/06/2017
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Table of Contents

    Lien is incurred (other than assets and property affixed or appurtenant thereto), and the Indebtedness (other than any interest thereon) secured by the Lien may not be incurred more than 180 days after the later of the acquisition, completion of construction, repair, improvement, addition or commencement of full operation of the property subject to the Lien;

(o)
Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property relating to such letters of credit and products and proceeds thereof;

(p)
Liens securing refinancing Indebtedness of:

(x)
the Company, to the extent the proceeds thereof are used to renew, refund, refinance, amend, extend, defease or discharge:

              (A)  the Notes (to the extent such Notes have been secured pursuant to the covenant described under "—Limitation on Liens"),

              (B)  any Existing Indebtedness secured by Liens,

              (C)  any Acquired Indebtedness secured by Liens pursuant to clause (c) of this definition; or

              (D)  any Indebtedness secured by Liens pursuant to clauses (dd) or (ee) of this definition; and

    (y)
    any Restricted Subsidiary, to the extent the proceeds thereof are used to renew, refund, refinance, amend, extend, defease or discharge:

              (A)  the Notes (to the extent such Notes have been secured pursuant to the covenant described under "—Limitation on Liens"),

              (B)  any Existing Indebtedness secured by Liens,

              (C)  any Acquired Indebtedness secured by Liens pursuant to clause (c) of this definition; or

              (D)  any Indebtedness secured by Liens pursuant to clauses (dd) or (ee) of this definition; provided, however, that:

                (1)   the principal amount of Indebtedness secured by a Lien pursuant to this clause (p) (or, if such Indebtedness provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof, the original issue price of such Indebtedness) shall not exceed the sum of the principal amount of Indebtedness so refinanced, plus the amount of any accrued and unpaid interest and any premium required to be paid in connection with such refinancing pursuant to the terms of such Indebtedness or the amount of any premium reasonably determined by the Company as necessary to accomplish such refinancing by means of a tender offer or privately negotiated purchase, plus the amount of expenses in connection therewith; and

                (2)   in the case of Indebtedness incurred by the Company secured by Liens pursuant to this clause (p) to refinance Subordinated Indebtedness, such Indebtedness;

                  (I)    has no scheduled principal payment prior to the 91st day after the Maturity Date; and

                  (II)  has an Average Life to Stated Maturity greater than the remaining Average Life to Stated Maturity of the Notes issued under the Indenture; provided, further that any such Liens incurred pursuant to this clause (p) do not exceed the Liens

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