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HomeMy WebLinkAboutOTHER-2025-052-Approval to Increase in the Letter of Credit Required from Travelers Indemnity Company for Secure Payment of Workers Compensation Deductibles Attachment 1 Request to Amend to Standby Letter of Credit To : Truist Bank Greensboro, NC Attention : Letter of Credit and Trade Services Letter of Credit Number : _.....—.._................................................_...............I...... ( required ) Applicant hereby requests you to issue and transmit to the Beneficiary an amendment to your Letter of Credit referenced above, (the " Letter of Credit" ) issued pursuant to the Applicant's Application and Agreement for the Letter of Credit and any modifications and amendments thereof (the "Agreement" ) . It is understood that this amendment is subject to the beneficiary's consent. All other terms and conditions of the credit remain unchanged . ❑ Amend Applicant name and/or address : ❑ Amend Beneficiary name and/or address : - ._..—_.._......_....._....._.............................._..........- ----.............. ❑ Amend Expiration date to : ( MM/ DD/YY) _.......-..._ .............._........._ ® Increase amount by : $ 500, 000400 .........._..................... ......... _..._..` ......I._....... _._ ❑ Decrease amount by : —....._._.__......_.................... ...... ® To create a new total ( balance ) of: $ 1, 000, 000000 _..._......-......_-................__......................._........................................................ —.......... ❑ Other : The undersigned (jointly and severally) agrees that all terms and conditions of the Agreement, except as expressly amended hereby, shall be applicable to the Letter of Credit as amended and agrees to bear the cost of the relevant amendment processing fee of $ 150 . 00 and additional fees and commissions as applicable below . If this Amendment increases the amount of the letter of credit, the commission will be applied to the increased amount until the next billing period . If this Amendment extends the expiry of the letter of credit, the commission will be applied to the extended period . Commission . 50 % . If the commission rate calculates to less than $ 1, 000 for a period of one year on the full amount of the letter of credit, then the minimum charge of $ 1,000 will apply . If the commission rate is not completed, the commission will be charged at 3% or minimum$ 1,000, whichever is greater. * * * AMENDMENTS ARE SUBJECT TO BENEFICIARY AGREEMENT* * * If Applicable. Applicant Company Co-Applicant Company ( Obligor) name ORANGE COUNTY, NORTH CAROLINA (Account Party) name printed or typed : printed or typed : ......._......._......................._.___........_... _..__..........................................._......................... ...... ..........................-----..........—.__...........-- By : (Signature of By : ( Signature of Applicant ) Co Applicant) Name and title, /� �^ �j Name and title, printed printed or typed : /.. .�Ij�. _ `_ � � _. '1 vl...._....... . or typed : �_........... . _.............__....__............_ Date : ( MM/ DD/YY) �� t a Date : ( MM / DD/YY ) Page 2 to be completed by Truist Bank Relationship Manager Rev 8/23 Tuesday, May 13 , 2025 - 7 : 30 :49 AM Page 1/2 Request to Amend to Standby Letter of Credit (Cont . ) To be completed by Truist Bank Relationship Manager Fax the completed , approved , and signed SBLC form to ( 801 ) 567 - 6205 or email a scanned copy to your Region support Specialist . Send original to Truist Bank, Domestic Letters of Credit, 7701 Airport Center Drive, Suite 2600, Greensboro, NC 27409 . If you require assistance, please call Production Support at 1-866- 2284685 Option 1 . To avoid duplication of issuance, please clearly indicate , by attaching to cover of application, the evidence of fax sent to Letters of Credit . Letter of Credit Number : ( required ) If this Amendment Request increases the amount of the Letter of Credit or extends the expiry, please complete the appropriate section below: For Increases or extensions approved by a WLS Production Center ❑ ncino Work Package Number Request Number Date of Approval Certificate of Deposit ## Amount Date Issued For increases or extensions approved in the region ( including overridden from WLS Production Center) © ncino Work Package Number Request Number Date of Approval 05/14/2025 1 certify that I have received appropriate credit approval for any increases or extensions and that pricing is in accordance with the standards for my Line of Business . RM Signature RM Name Printed Date Special Instructions Rev 8/23 Tuesday, May 13, 2025 - 7 :30:49 AM Page 2/2