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<br />e <br /> <br />e <br /> <br />April 15, 2003 <br /> <br />BFI <br /> <br />Mr. Steve Gillett <br />Public Works Dir. <br />City of La Porte <br />604 W. Fairmont <br />La Porte, TX. 77571 <br /> <br />RE: COLLECTION AND DISPOSAL OF COMMERCIAL SOLID WASTE CONTRACT <br /> <br />Dear Mr. Gillett: <br /> <br />SFI Waste Services of Texas, LP (SF/), a wholly-owned subsidiary of Allied Waste <br />Industries, Inc. (AfJied), hereby requests the. CITY OF LA PORTE give written consent to <br />the partial assignment of the COLLECTION AND DISPOSAL OF COMMERCIAL SOLID <br />WASTE contrad dated November 1, 2000. <br /> <br />During 2002, SFl's parent company (Allied) began evaluating usecuritization" as a . <br />potential capital market transadion. A securitization is a common form of financing in <br />which certain assets are separated out and used as oofJateral for a loan. Separating the <br />assets is critical since this allows the lending institution to track the assets mo~ clearly <br />and to analyze the performance of the assets more precisely. <br /> <br />SFI's parent oompany moved forward with securitization in late 2002, and .se/ected <br />Wachovia as its lender. In early 2003, a wholly-owned special purpose (3ntity, Allied <br />Receivables Funding, Inc., was created to hold the assets for the securitiz~ti~n.. Tni~ <br />. new entity and the securitization will be consolidated on AfJied's financial statements. <br /> <br />The assets that need to be separated will be accounts receivable and coIJections <br />generated by various Allied subsidiaries. We are, therefore, requesting consents for <br />assignment of the right to receive payments. Rest assured, SFI will continue to <br />assume all of the existing obligations under the current contract. <br /> <br />Please oonfirm your written consent to the partial assignment of said contrad by <br />executing the attached and returning in the enclosed self-addressed envelope on, or <br />before, May 1, 2003. <br /> <br />Thank you for your interest in this matter. <br /> <br />Sincerely, <br />SFI Waste Services of Texas, LP and Allied Receivables Funding, Inc. <br /> <br />Patty Welborn <br />Municipal Marketing Representative <br /> <br />Industrial & Construction Services' 5301 BrookgJen' P.O. Box 87786 (77287-7786). Houston. Texas 77017 <br />Phone 7 J 3-948-7600. 409-765-8778 . Fax 7 J 3-9 J 0-5/90. 713-910-5/9] <br />