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SUNTRUST EQUIPMENT FINANCE & LEASING CORP.
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SUNTRUST EQUIPMENT FINANCE & LEASING CORP.
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Last modified
1/3/2012 2:11:42 PM
Creation date
3/19/2008 3:00:28 PM
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Contracts
Company Name
SUNTRUST EQUIPMENT FINANCE & LEASING CORP.
Contract #
A-2008-054
Agency
FINANCE & MANAGEMENT SERVICES
Council Approval Date
3/3/2008
Destruction Year
0
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Section 23. Disbursements. Lessee shall use the moneys in the Equipment Acquisition Fund solely to pay the Acquisition Cost of each <br />item of Equipment subject to the Lease. Upon receipt by Lessor of a properly completed Payment Request Fomr, including all supporting <br />documentation as set forth in the Master Lease, Lessor will review and confimr in writing to the Lessee, via facsimile, that the Payment <br />Request Form is incompliance with the temrs and conditions set forth in the Master Lease. Upon receipt of said confirmation from Lessor, <br />Lessee shall disburse an amount equal to the Acquisition Cost as shown therein and pay same directly to the person or entity entitled to <br />payment as specified therein. Lessee shall, within twenty four (24) hours after any distribution of funds from the Equipment Acquisition <br />Fund provide Lessor with documentation satisfactory to Lessor of said disbursement. <br />NOTWITHSTANDING ANY PROVISION CONTAEVED IN THIS ESCROW AGREEMENT OR ANY OTHER AGREEMENT <br />BETWEEN THE PARTIES TO THE CONTRARY, LESSEE SHALL NOT DISBURSE ANY FUNDS FROM THE EQUIPMENT <br />ACQUSITION FUND WITHOUT PRIOR RECEIPT OF A CONFBtMED PAYMENT REQUEST FORM FROM THE LESSOR <br />AUTHORIZING SUCH DISBURSMENT. <br />Section 2.4. Transfers Unon Comaletion. Unless all of the funds deposited by Lessor in the Equipment Acquisition Fund have been <br />previously disbursed pursuant to Section 2.3 or paid to Lessor pursuant to Secfion 2.5, on June 3Q 2010, Lessee shall pay all remaining <br />moneys in the Equipment Acquisition Fund to Lessor or its assignee for application as a prepayment of the unpaid Principal under the <br />related Lease. Any amounts paid pursuant to this Section 2.4 shall be subject to a prepayment fee equal to two percent (2%) of such <br />amount. Lessor shall apply amounts received under this Section 2.4 first to unpaid fees, late chazges and collection costs, if any, which <br />have accmed or been incurred under the Master Lease, then to overdue Principal and Interest on the Lease and then, in the sole discretion of <br />Lessor, either (i) to Principal payments thereafter due under the Lease in the inverse order of their maturities or (ii) proportionately to each <br />Principal payment thereafter due under the Lease. In the event that Lessor elects to apply any such amounts in accordance with clause (i) of <br />the preceding sentence, Lessee shall continue to make Rental Payments as scheduled in the applicable Payment Schedule. In the event that <br />Lessor elects to apply such amounts in accordance with clause (ii) of this Section 2.4, Lessor shall provide Lessee with a revised Payment <br />Schedule which shall reflect the revised Principal balance and reduced Rental Payments due under the Lease. <br />Section 2.5. Liquidation. Upon receipt of written notice from Lessor or Lessee that the Lease has been temilnated pursuant to Sections <br />3.2 or 12.2 thereof, Lessee shall liquidate all investments held in the Equipment Acquisition Fund and transfer the proceeds thereof and all <br />other moneys held in the Equipment Acquisition Fund to Lessor. <br />Section 2.6. Resaonsible Partv. The Lessee shall be responsible for the initiation of the disbursement process pursuant to Secfion 2.3 <br />hereof. Lessor shall not be responsible for any additional monies assessed to Lessee resulting from disbursements made from the <br />Equipment Acquisition Fund. <br />ARTICLE III. TRUST; INVESTMENT <br />SeMion 3.1. Irrevocable Trust. The moneys and investments held by Lessee under this Escrow Agreement aze irrevocably held in trust <br />for the benefit of Lessor and Lessee, and such moneys, together with any income or interest earned, shall be expended only as provided in <br />this Escrow Agreement, and shall not be subject to levy or attachment or lien by or for the benefit of any creditor of either Lessor or Lessee <br />(other than Lessor's security interest granted hereunder). <br />Section 3.2. Investment. Moneys held in Equipment Acquisition Fund hereunder shall be invested and reinvested by Lessee only in <br />Qualified Investments. Such investments shall be registered in the name of Lessee and held by the Escrow Bank for the benefit of Lessor <br />and Lessee. Lessee may purchase or sell to itself or any affiliate, as principal or agent, investments authorized by this Article. Such <br />investments and re-investments shall be made giving full consideration for the time at which funds aze required to be available. Any <br />income received on such investments shall be credited to the Equipment Acquisition Fund. Lessor shall not be responsible or liable for any <br />loss suffered in connection with any investment of moneys made by it in accordance with this Article. <br />Section 3.4. Accounting. Lessee shall keep complete and accurate records of all moneys received and disbursed under this Escrow <br />Agreement which shall be available for inspection by Lessor, or its agent, at any time during regulaz business hours upon prior written <br />request. Lessee shall furnish to Lessor no less than quarterly an accounting of all invesmrents and interest and income therefrom. <br />Secfion 3.5. Termination. This Escrow Agreement shall temrurate upon disbursement by Lessee of al] moneys held by it hereunder. <br />ARTICLE IV. ADMINISTRATIVE PROVISIONS. <br />Section 4.1. Notice. All written notices to be given under this Escrow Agreement shall be given pursuant to the Master Lease <br />Section 4.2. Assignment. Except as expressly herein provided to the contrary, the rights and duties of each of the parties under this <br />Escrow Agreement shall not be assignable to any person or entity without the written consent of the other party. Notwithstanding the <br />above, Lessor may freely assign all or any part of its interest in this Escrow Agreement and the Equipment Acquisition Fund in connection <br />with an assignment by Lessor of its rights under the Lease. <br />Section 43. Binding Effect. This Escrow Agreement shall be binding upon and inure to the benefit of the parties and their respective <br />successors and assigns. Specifically, as used herein the term "Lessor" means any person or entity to whom Lessor has assigned its right to <br />receive Rental Payments under the Lease. <br />Section 4.4. Severability. In the event any provision of this Escrow Agreement shall be held invalid or unenforceable by any court of <br />competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. <br />Section 4.5. Entire Agreement; Amendments. This Escrow Agreement constitutes the entire agreement of the parties with respect to the <br />subject matter hereof and supersedes all prior and contemporaneous writings, understandings, agreements, solicitation documents and <br />representarions, express or implied. This Escrow Agreement may be amended or modified only by written documents duly authorized, <br />executed and delivered by each of the parties hereto. <br />z3 <br />3/1&2008:NSQ-ESC.DOGrev.OV05 n~ <br />
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