CTR070048_Contract_Amendment_1.pdf
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- Attached to
- Master Agreement AZ|CTR070048
- Contract number
- CTR070048
- Issued by
- Arizona
About this file
The document is a Contract Amendment Summary issued by the Arizona Department of Transportation (ADOT) for a contract with Banc of America Public Capital Corp, specifically for a Master Lease Purchase / 3rd Party Financing arrangement. Amendment No. 1 modifies several sections of the original contract, involving changes to the Scope of Work and Special Terms and Conditions.
The amendment addresses key modifications including cross-collateralization of leases, lease execution timelines, documentation requirements, and insurance provisions. Notably, the changes specify that leases can be cross-collateralized for defaults other than fiscal funding loss, require new rates and amortization schedules if a lease is not executed within 30 days, mandate electronic documentation with secured signatures, and grant the Contracting Agency the right to review and modify insurance limits and coverages throughout the contract's duration. The amendment retains all other original contract terms and conditions unchanged.
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Text version
ARIZONA DEPARTMENT OF TRANSPORTATION
1655 W. Jackson Street, MD 100P
Phoenix, AZ 85007
Contract Amendment Summary CONTRACTOR: Banc of America Public Capital Corp AMENDMENT NO.: 1 DESCRIPTION: Master Lease Purchase / 3rd Party Financing
Rev. 04/2020
Procurement
Pursuant to the Uniform Terms and Conditions, Section 5, Contract Changes, the above referenced contract is amended. Summary of changes is as follows:
1. Scope of Work, paragraph 4.4.3 is changed to read as follows:
Upon request of the Contractor and approval of the Department, leases are cross-collateralized for events of default other than the loss of fiscal funding. The termination of a lease for loss of fiscal funding as provided in the lease, shall not in any manner be considered as a default on, or have any effect on remaining leases for which funds are available.
2. Scope of Work, paragraph 4.4.7 is changed to read as follows:
The Lessee shall request new rates and a new amortization schedule if the lease is not executed within the established 30 days.
3. Scope of Work, paragraph 6.2 is changed to read as follows:
All documentation must be electronic format. Accepted means of secured signature will be used.
4. Special Terms and Conditions, paragraph 16.2.2 (a): Deleted in its entirety.
5. Special Terms and Conditions, paragraph 16.6.3 is changed to read as follows:
All certificates required by this Contract shall be sent directly to the Department. The certificate shall state that the insurance applies to any and all work performed for or on behalf of the State of Arizona/ADOT.
6. Special Terms and Conditions, paragraph 16.8 is changed to read as follows:
The Contracting Agency, in consultation with State Risk, reserves the right to review or make modifications to the insurance limits, required coverages, or endorsements throughout the life of this contract, as deemed necessary. Such action will require a formal Contract amendment.
7. All other terms, conditions and provisions of this contract remain unchanged.
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