P&P Letter of Credit. As Maintenance Security, DB Contractor may elect to provide and maintain a letter of credit in the amount and pursuant to the requirements set forth in this Section 7.2 (the “P&P Letter of Credit”).
7.2.1 If DB Contractor elects to provide the P&P Letter of Credit as Maintenance Security hereunder, DB Contractor shall obtain and deliver to TxDOT at the times required herein a P&P Letter of Credit in an amount not less than the amount of the P&P Bonds as calculated in accordance with Section 7.4.2 for the applicable Maintenance Term (as such amount shall be adjusted for each Maintenance Term for which a Maintenance NTP has been issued by TxDOT and as such amount may be increased by TxDOT in accordance with Sections 7.2.2 and 7.4.5).
7.2.1.1 The P&P Letter of Credit shall name TxDOT as beneficiary.
7.2.1.2 The P&P Letter of Credit shall comply with the provisions and requirements of Section 7.3 except as permitted or required otherwise under this Section 7.2. The P&P Letter of Credit shall be maintained (through extensions or replacements as provided in Sections 7.2.1.4 and 7.3.1.2), in full force and effect at all times from the date of delivery until at least one year and 90 Days after the end of the Maintenance Period and upon delivery to TxDOT of the final Record Documents in accordance with Section 3.7, unless the P&P Letter of Credit is replaced by P&P Bonds satisfying the requirements set forth in this Section 7, in which case the P&P Letter of Credit shall be returned to DB Contractor upon receipt of such P&P Bonds.
7.2.1.3 TxDOT has determined, as permitted by Section 223.205 of the Code, that the P&P Letter of Credit identified in this Section 7.2 constitutes security sufficient to ensure the proper performance of DB Contractor’s obligations for maintaining the Project as required under the CMA Documents and to protect TxDOT and claimants with respect thereto.
7.2.1.4 After issuance by TxDOT of each of Maintenance NTP2 and Maintenance NTP3 pursuant to Section 4.2 and no later than 30 days prior to the commencement of the subsequent Maintenance Term, or if earlier, 30 days prior to the expiration of the then outstanding P&P Letter of Credit, DB Contractor shall deliver (i) a replacement P&P Letter of Credit meeting the requirements set forth in Sections 7.2 and 7.3, (ii) evidence of renewal, and, if applicable, an adjustment of the amount, of the then-outstanding P&P Letter of Credit or (iii) the P&P Bonds meeting the requirements set forth in Secti...
P&P Letter of Credit. As Maintenance Security, DB Contractor may elect to provide and maintain a letter of credit in the amount and pursuant to the requirements set forth in this Section 7.2 (the “P&P Letter of Credit”).
7.2.1 DB Contractor shall obtain and deliver to TxDOT a P&P Letter of Credit in an amount not less than the amount of the P&P Bonds as calculated in accordance with Section 7.4.2 (as such amount shall be adjusted for each Maintenance Term for which a Maintenance NTP has been issued by TxDOT). If DB Contractor elects to provide a P&P Letter of Credit, DB Contractor also shall deliver to TxDOT a Guaranty satisfying the requirements of Section 7.6 at the same time the P&P Letter of Credit is provided to TxDOT.
7.2.1.1. The P&P Letter of Credit shall name TxDOT as
7.2.1.2. The P&P Letter of Credit shall comply with the provisions
7.2.1.3. TxDOT has determined, as permitted by Section 223.205 of the Code, that the P&P Letter of Credit identified in this Section 7.2 constitutes security sufficient to ensure the proper performance of DB Contractor’s obligations for maintaining the Maintenance Limits as required under this CMA and to protect TxDOT and claimants with respect thereto.
7.2.2 Increase in P&P Letter of Credit Amount
7.2.3 Payment Claims Against P&P Letter of Credit
7.2.3.1. Payment claims against the P&P Letter of Credit shall be governed by this Section 7.2.3. To ensure that all potential claimants receive notice of the procedures set forth in this Section 7.2.3, DB Contractor shall require that Sections 7.2.3.2 through 7.2.3.7 be restated, with the blanks filled in, in each Subcontract that includes Maintenance Services during the Maintenance Period and in all Subcontracts thereunder (including contracts with Suppliers) that include Maintenance Services during the Maintenance Period. In addition, each such Subcontract shall include a provision requiring the Subcontractor to provide formal notice regarding the claims procedures under this Section 7.2.3 to each employee performing public work labor (as such term is defined in Texas Government Code Section 2253.001) under the Subcontract, in the same manner in which equal opportunity notices are required to be given to employees.
7.2.3.2. This contract concerns a public works project for which a letter of credit has been posted to secure obligations that would otherwise be secured by a payment bond provided by [ ] (the “Prime Contractor”) pursuant to Section 223.205 of the Code. Each person or entity that wo...
P&P Letter of Credit. As Maintenance Security, DB Contractor may elect to provide and maintain a letter of credit in the amount and pursuant to the requirements set forth in this Section 7.2 (the “P&P Letter of Credit”).
7.2.1 DB Contractor shall obtain and deliver to TxDOT a P&P Letter of Credit in an amount not less than the amount of the P&P Bonds as calculated in accordance with Section 7.4.2 (as such amount shall be adjusted for each Maintenance Term for which a Maintenance NTP has been issued by TxDOT). If DB Contractor elects to provide a P&P Letter of Credit, DB Contractor also shall deliver to TxDOT a Guaranty satisfying the requirements of Section 7.6 at the same time the P&P Letter of Credit is provided to TxDOT.
7.2.1.1. The P&P Letter of Credit shall name TxDOT as
7.2.1.2. The P&P Letter of Credit shall comply with the provisions and requirements of Section 7.3 except as permitted or required otherwise under this
