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Standby Letter of Credit Application and Agriement <br /> Initial Expiration Date One year <br /> If this Letter of Credit is to have an Automatic Extension, complete the information below. <br /> ® Automatic Extension-The Letter of Credit may be automatically extended for: <br /> ® One Year or <br /> ❑ Other <br /> from the present or any future expiration date.The Applicant(s)will pay the applicable extension processing fee of$100.00 in <br /> addition to commissions as detailed in this application. If the Letter of Credit is not extended,the Bank will provide notice to the <br /> Beneficiary at least 90 days prior to expiration. Such extension or termination of the Letter of Credit shall be at the <br /> sole discretion of Bank. <br /> ❑ Notwithstanding the above, in no event may the Letter of Credit be renewed beyond <br /> The Applicant requests Bank to issue its irrevocable Letter of Credit,pursuant to the terms and conditions of this Agreement. <br /> Drawings)under this Letter of Credit are available against: <br /> 1. Beneficiary's draft(s)drawn at sight on Truist Bank at the address shown in the Letter of Credit unless the Letter of Credit is to be confirmed by a <br /> Confirming Bank, in which case the draft will be drawn at sight on the Confirming Bank at the address shown above. <br /> 2. Original of the Letter of Credit and any amendments <br /> 3.. Q Issue clean Letter of Credit:We understand that by not instructing Truist Bank to require any documentation that would evidence a default <br /> on our part,the presentation of a draft,regardless of any disputes or claims made outside this Standby Letter of Credit constitutes <br /> a draw which would obligate us to reimburse Truist Bank. <br /> Q A certificate purportedly signed by the Beneficiary or a duly authorized officer(or one describing himself therein as such officer)of the <br /> Beneficiary stating <br /> 0 Issue Letter of Credit in accordance with the attached document.Applicant must sign the attached document and state the following on the <br /> document:"This attachment forms an integral part of our application dated in the amount of 300,000.00 <br /> 4. Other Documents <br /> DESCRIPTION OF THE UNDERLYING TRANSACTION. <br /> This information will not be a part of the Letter of Credit but is required for compliance with government regulations. <br /> Please provide a general description of the transaction to which this letter of credit relates. <br /> To fund Workers Compensation expenses. See sample attached. <br /> Please list the full name and address of any party to this transaction which is not listed elsewhere on this application such as <br /> a supplier or end user. <br /> Please list any merchandise associated with this transaction and any countries not mentioned elsewhere in this application <br /> 318048(11/21) Page 2 of 10 <br /> Truist Corporate Forms <br />