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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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"Net Proceeds" means any insurance proceeds or condemnation awazds paid with respect to any Equipment remaining after payment <br />therefrom of all expenses incurred in the collection thereof. <br />"Non-Appropriation" means the failure of Lessee, Lessee's governing body, or, if applicable, the governmental entity from which Lessee <br />obtains its operating and/or capital funds to appropriate money for any Fiscal Year sufficient for the continued performance by Lessee of all <br />of Lessee's obligations under this Agreement, as evidenced by the passage of an ordinance or resolution specifically prohibiting Lessee <br />from performing its obligations under this Agreement with respect to any Equipment, and from using any moneys to pay any Rental <br />Payments due under this Agreement for a designated Fiscal Year and all subsequent Fiscal Yeazs. <br />"Payment Date" means each date upon which a Rental Payment is due and payable as provided in a Payment Schedule. <br />"Payment Schedule" means the schedule of Rental Payments attached to an Equipment Schedule. <br />"Principal" means the portion of any Rental Payment designated as and comprising principal as provided in a Payment Schedule. <br />"Prepayment Price" means the amount so designated and set forth opposite a Payment Date in a Payment Schedule indicating the amount <br />for which Lessee may purchase the related Equipment Group as of such Payment Date after making the Rental Payment due on such <br />Payment Date. <br />"Rental Payment" means each payment due from Lessee to Lessor on a Payment Dale. <br />"Specifications" means the bid specifications and/or purchase order pursuant to which Lessee has ordered any Equipment from a Vendor. <br />"State" means the state or commonwealth in which Lessee is situated. <br />"Vendoi' means each of the xnanufacNrers or vendors from which Lessee has ordered or with which Lessee has contracted For the <br />manufacture, delivery and/or installation of the Equipment. <br />Section 1.2. Exhibits. <br />Exhibit A Equipment Schedule including form of Acceptance Certificate and form of Payment Schedule. <br />Exhibit B-1: Form of Tax Agreement and Arbitrage Certificate (Escrow). <br />Exhibit C-1: Form of Resolution of the Governing Body of Lessee relating to each Lease (Escrow). <br />Exhibit D: Form of Incumbency Certificate as to each officer or representative of Lessee executing this Agreement or any Lease. <br />Exhibit E: Form of Opinion of Independent Counsel to Lessee. <br />Exhibit F: Form of Escrow Agreement. <br />Exhibit G-1: Form of Confirmation of Outside Insurance. <br />Exhibit G-2: Form of Questionnaire for Self-Insurance and Addendum to Equipment Schedule Relating to Self-Insurance. <br />ARTICLE II. LEASE OF EQUIPMENT <br />Section 2.1. Acquisition of Equipment. Prior to the addition of any Equipment Group, Lessee shall provide Lessor with a description of <br />the equipment proposed to be subject to a Lease hereunder, including the cost and vendor of such equipment, the expected delivery date <br />and the desired lease terms for such equipment, and such other infomtation as the Lessor may require. If Lessor, in its sole discretion, <br />detemrines the proposed equipment may be subject to a Lease hereunder, Lessor shall furnish to Lessee a proposed Equipment Schedule <br />relating to the Equipment Group for execution by Lessee and then Lessor. By execution hereof, Lessor has made no commitment to lease <br />any equipment to Lessee. <br />Section 2.2. Disbursement. Lessor shall have no obligation to make any disbursement to a Vendor or reimburse Lessee for any payment <br />made to a Vendor for an Equipment Group (or, if the escrow procedure described in Section 2.4 hereof is utilized, consent to a <br />disbursement by the Escrow Bank) unril five (5) business days after Lessor has received all of the following in form and substance <br />satisfactory to Lessor: (a) a completed Equipment Schedule executed by Lessee; (b) an Acceptance Certificate in the form included with <br />Exhibit A hereto; (c) a resolution or evidence of other official action taken by or on behalf of the Lessee to authorize the acquisition of the <br />Equipment Group on the terms provided in such Equipment Schedule; (d) a Tax Ageement and Arbittage Certificate in the form of Exhibit <br />B-1 (as applicable) attached hereto; (e) evidence of insurance with respect to the Equipment Group in compliance with Article VII of this <br />Agreement; (f) Vendor invoice(s) and/or bill(s) of sale relating to the Equipment Group, and if such invoices have been paid by Lessee, <br />evidence of payment thereof and evidence of official intent to reimburse such payment as required by the Code; (g) financing statements <br />naming Lessee as debtor and/or the original certificate of title or manufacturer's certificate of origin and title application, if any, for any <br />Equipment which is part of such Equipment Group and is subject to certificate of title laws; (h) a completed and executed Form 8038-G or <br />8038-GC, as applicable, or evidence of filing thereof with the Secretary of Treasury; (i) an opinion of counsel to the Lessee substantially in <br />the form of Exhibit E hereto, and (j) any other documents or items reasonably required by Lessor. <br />}/182008 NeQ-ESC DOOrtv 01105stic <br />
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