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<br />. <br /> <br />. <br /> <br />of time coterminous with the term of this Agreement. This license <br />to use the Licensed Equipment shall not be deemed an equipment <br />lease but, rather, a personal property license to use the Licensed <br />Equipment pursuant to the specific terms, covenants, obligations <br />and provisions of this Agreement. CONTRACTOR may not use the <br />Licensed Equipment for any other purposes or business. This <br />license is personal to the CONTRACTOR and shall not be assigned. <br />It is the intent of the parties hereto that the Licensed Equipment <br />shall be sufficient to permit CONTRACTOR to adequately perform its <br />performance obligations under this Agreement. If at any time, or <br />from time to time, the Licensed Equipment is not adequate for <br />CONTRACTOR to meet such obligations, or, the Solid Waste collection <br />and Recycling vehicles licensed pursuant to this section need to be <br />replaced for any reason, including loss, CONTRACTOR shall be <br />responsible for providing any and all additional or replacement <br />Solid Waste collection and Recycling vehicles and any and all <br />additional Solid Waste collection and Recycling carts as may be <br />necessary for the collection, Recycling and disposal of all solid <br />Waste for which it is responsible under this Agreement. <br /> <br />(b) FINANCING: The Licensed Equipment being provided to " <br />CONTRACTOR pursuant to section (a) hereunder is being acquired' <br />pursuant to that certain "Installment Purchase Contract" ("IPC") l <br />between the CITY and the California Environmental Finance <br />Corporation ("CEFC") dated June 1,1996, a copy of which is on file <br />with the Clerk of the Council and which is incorporated herein by <br />this reference. CONTRACTOR hereby acknowledges the flow of funds <br />and priority of revenues set forth in section 3.06 of the IPC, <br />which is further summarized on pages 12 and 13 of the Official <br />Statement accompanying the issuance of the tax exempt certificates <br />of Participation ("C.o.P.s") which have been, or will be, issued by <br />CEFC to raise the funds necessary for it to purchase the Licensed <br />Equipment. While not required to do so, CEFC has agreed to acquire <br />the Licensed Equipment in accordance with the competitive bidding <br />procedures set forth in section 421 of the CITY'S municipal <br />charter. The CITY agrees to take all necessary action and execute <br />all necessary documents to facilitate the issuance of the C.O.P.s <br />and to approve an excess proceeds certificate authorizing an excess <br />proceeds prepayment of the C.O.P.s as provided in sections 3.11 and <br />4.01(b) of that certain "Trust Agreement" by and among the CITY, <br />CEFC and Harris Trust Company of California, a copy of which is on <br />file with the Clerk of the Council and which is incorporated herein <br />by this reference. <br /> <br />(c) MAINTENANCE OF LICENSED EOUIPMENT: CONTRACTOR shall, at <br />its own expense, maintain and preserve the Licensed Equipment in <br />good repair and working order at all times and will operate the <br />Licensed Equipment in an efficient and economical manner and will <br />pay all maintenance and operation costs of the Licensed Equipment <br />as they become due and payable. On or before the first day of each <br />fiscal year, CONTRACTOR will prepare a budget setting forth the <br />estimated maintenance and operation costs of the Licensed Equipment <br />for such fiscal year. <br /> <br />10 <br />