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Agenda 06-03-2025; 8-q - Approval to Increase in the Letter of Credit Required from Travelers Indemnity Company for Secure Payment of Workers Compensation Deductibles
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Agenda 06-03-2025; 8-q - Approval to Increase in the Letter of Credit Required from Travelers Indemnity Company for Secure Payment of Workers Compensation Deductibles
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5/29/2025 1:43:13 PM
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BOCC
Date
6/3/2025
Meeting Type
Business
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Agenda
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8-q
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Request to Amend to Standby Letter of Credit 4 <br /> To: Truist Bank <br /> Greensboro,NC <br /> Attention: Letter of Credit and Trade Services <br /> Letter of Credit Number: <br /> ............................................-............................................--............................. <br /> ... <br /> (required) <br /> Applicant hereby requests you to issue and transmit to the Beneficiary an amendment to your Letter of Credit referenced above,(the"Letter of <br /> Credit")issued pursuant to the Applicant's Application and Agreement for the Letter of Credit and any modifications and amendments thereof <br /> (the"Agreement"). It is understood that this amendment is subject to the beneficiary's consent. All other terms and conditions of the credit <br /> remain unchanged. <br /> ❑ Amend Applicant name and/or address: <br /> ......................................................................................................................................................................................... <br /> ................. ............... <br /> ❑ Amend Beneficiary name and/or address: <br /> ......................................................................................................................................................................................... <br /> ......................................................................................................................................................................................... <br /> ❑ Amend Expiration date to: (MM/DD/YY) <br /> ......................................................................................................................................................................................... <br /> ❑ Increase amount by: $500,000.00 <br /> ❑ Decrease amount by: <br /> ............. <br /> ❑ To create a new total (balance) of: $1,000,000.00 <br /> ...........................................................I........ ................................................................ <br /> ❑Other: <br /> ............................................................................................................................................................................................................................................................................................................................................................................................................................ <br /> ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... <br /> ...............................................................................................................................................................................................................................................................................................................................................................................................................................................................................-- <br /> The undersigned (jointly and severally) agrees that all terms and conditions of the Agreement, except as expressly <br /> amended hereby, shall be applicable to the Letter of Credit as amended and agrees to bear the cost of the relevant <br /> amendment processing fee of$150.00 and additional fees and commissions as applicable below: <br /> If this Amendment increases the amount of the letter of credit,the commission will be applied to the increased <br /> amount until the next billing period. <br /> If this Amendment extends the expiry of the letter of credit,the commission will be applied to the extended period. <br /> Commission .50 %. If the commission rate calculates to less than $1,000 for a period of one year on the <br /> full amount of the letter of credit,then the minimum charge of$1,000 will apply. <br /> If the commission rate is not completed,the commission will be charged at 3%or minimum$1,000,whichever is <br /> greater. <br /> ***AMENDMENTS ARE SUBJECT TO BENEFICIARY AGREEMENT*** <br /> If Applicable: <br /> Applicant Company i Co-Applicant Company <br /> (Obligor) name ORANGE COUNTY,NORTH CAROLINA i (Account Party) name <br /> printed or typed: printed or typed: <br /> .................................................................................................................................................................................. : ............................................................................................................................................................... <br /> By: (Signature of By: (Signature of <br /> Applicant) ' Co-Applicant) <br /> .................................................................................................................................................................................. : ............................................................................................................................................................... <br /> Name and title, Name and title,printed <br /> printed or typed: or typed: <br /> ............................................................................................................................................................... <br /> Date: (MM/DD/YY) Date: (MM/DD/YY) <br /> ............................................................................................................................................................................... <br /> Page 2 to be completed by Truist Bank Relationship Manager <br /> Rev 8/23 Tuesday,May 13,2025-7:30:49 AM Page 1/2 <br />
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