exhibit101






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
13879370v5 24740.00061
 
Pricing 
Level
Commitment 
Utilization 
Ratio
Commitment Fee
I
≥ 50%
0.125%
II
< 50%
0.225%
EXECUTION VERSION 
 
FIRST AMENDMENT TO STANDBY 
LETTER OF CREDIT AGREEMENT 
This 
FIRST AMENDMENT TO STANDBY 
LETTER OF CREDIT AGREEMENT
, dated as of May 5, 2021 
(this “Amendment”), is by and 
among EVEREST REINSURANCE (BERMUDA), LTD., a company incorporated 
and 
existing 
under 
the 
laws 
of 
Bermuda 
(the 
“Account 
Party”), 
and 
WELLS 
FARGO 
BANK, 
NATIONAL 
ASSOCIATION, a national 
banking association ( “Bank”). 
RECITALS 
The 
Account 
Party 
and 
Bank 
are 
parties 
to 
a 
Standby 
Letter 
of 
Credit 
Agreement, 
dated 
as 
of 
February 23, 2021 (the “Agreement”), 
pursuant to which Bank has made available 
to the Account Party a 
letter of credit facility for the issuance of standby letters of credit. 
Capitalized terms used but not defined 
herein shall have the meanings assigned to such terms 
in the Agreement. 
 
The parties now desire to amend the Agreement on the terms 
and conditions set forth herein. 
STATEMENT 
OF AGREEMENT
 
The parties hereto agree as follows: 
ARTICLE I 
AMENDMENTS TO AGREEMENT 
1.1
 
Amendments 
to 
Section 
1 
(Defined 
Terms)
. 
Section 
1 
of 
the 
Agreement 
is 
hereby 
amended by adding the following defined terms: 
“
Applicable Margin
” means the corresponding percentage per annum as set forth 
below 
based 
on 
the 
percentage 
ratio 
(the 
“Commitment 
Utilization 
Ratio”) 
of 
Outstanding 
Letters of Credit to the Commitment: 
 
 
 
 
“
Foreign Currency Sublimit
” means the Foreign Currency Equivalent 
of $50,000,000.
 
 
1.2
 
Amendment to 
Commitment Amount
. 
The definition 
of “Commitment” 
in Section 
1 of 
the Agreement is hereby amended by replacing 
“$50,000,000” in such definition with “$500,000,000”. 
1.3
 
Amendment 
to 
Commitment 
Termination 
Date
. 
The 
defin
ition 
of 
“Commitment 
Termination 
Date” 
in Section 
1 of 
the Agreement 
is hereby 
amended by 
replacing “February 
22, 2022” 
with “May 5, 2023”. 






 

 

 

 

 
 
 
13879370v5 24740.00061
 
1.4
 
Amendment to Section 2(a)
. 
Section 2(a) of the Agreement is 
hereby amended by adding 
the following proviso to the end of the first 
sentence in such Section: 
“; provided, that no Letter of 
Credit shall be issued 
if (i) the Stated Amount 
thereof upon issuance, 
when added to the Outstanding Letters of Credit, would 
exceed the Commitment at such time or 
(ii) if such Letter of Credit is denominated in a Foreign Currency, the Stated Amount thereof upon 
issuance, when 
added to 
the Outstanding 
Letters 
of Credit 
denominated in 
a Foreign 
Currency, 
would exceed the Foreign 
Currency Sublimit at such time. 
1.5
 
Amendment to 
Commi
tment Fee
. 
Section 2(i)(ii) 
of the 
Agreement 
is hereby 
amended 
and restated as follows: 

“(ii)
 
a non
-
refundable commitment fee 
(a “
Commitment Fee
”), for each calendar 
quarter (or 
portion thereof) 
at a 
per annum 
rate 
equal to 
the Applicable 
Margin in 
effect 
for such 
fee from 
time 
to 
time 
on 
the 
average 
daily 
aggregate 
unused 
portion 
of 
the 
Commitment, 
payable 
in 
arrears (A) on the last Business Day of each calendar quarter, 
beginning with the first such day to 
occur 
after 
the 
Closing 
Date 
through 
the 
Commitment 
Termination 
Date 
and 
(B) 
on 
the 
Commitment Termination 
Date; and”. 
1.6
 
Amendment to Letter of Credit Fee
. 
Section 2(i)(iii) of the Agreement is hereby amended 
by replacing “0.425%” with “0.375%”. 

ARTICLE II 
CONDITIONS OF EFFECTIVENESS 
2.1
 
This 
Amendment 
shall 
become 
effective 
when, 
and 
only 
when, 
each 
of 
the 
following 
conditions precedent shall have been 
satisfied: 
(a)
 
Bank shall 
have 
received 
a duly 
executed 
counterpart 
of this 
Amendment from 
the Account Party; and 
(b)
 
The Account Party 
shall have paid 
to Bank (i) a 
non
-
refundable upfront 
fee in an 
aggregate amount equal to 0.05% of the Commitment 
(after giving effect to this Amendment), 
and (ii) all 
reasonable, documented 
out-of-pocket 
costs and 
expenses of 
Bank in 
connection with 
the preparation, 
negotiation, execution and delivery of this 
Amendment (including, without limitation, the 
reasonable fees 
and out-of-pocket 
expenses of counsel for Bank with respect 
thereto). 

 
ARTICLE III 
REPRESENTATIONS 
AND WARRANTIES 

To induce Bank to enter into this 
Amendment, the Account Party represents and 
warrants to Bank 
that (i) the representations 
and warranties contained 
in the Agreement and 
the other Credit Documents 
are true and 
correct in all 
material respects as 
of the 
date hereof, both immediately before and 
after giving 
effect to 
this Amendment, except 
for any 
representation 
and warranty 
that is qualified 
by materiality or 
reference 
to Material 
Adverse 
Effect, 
which such 
representation 
and warranty 
is true 
and correct 
in all 
respects, on and as of the date hereof (except for any 
such representation and warranty 
that by its terms 
is made 
only as 
of an 
earlier date, 
which representation 
and warranty 
is true 
and correct 
in all 
material 






 

 

 

 
 
 
13879370v5 24740.00061
 
respects 
as 
of 
such 
earlier 
date, 
except 
for 
any 
such 
representation 
and 
warranty 
that 
is 
qualified 
by 
materiality or 
reference 
to Material 
Adverse Effect, 
which such representation 
and warranty 
is true and 
correct in 
all respects 
as of 
such earlier 
date) and 
(ii) no Default 
or Event 
of Default 
has occurred 
and is 
continuing, both immediately before 
and immediately after giving effect 
to this Amendment. 

 
ARTICLE IV 
ACKNOWLEDGMENT AND CONFIRMATION 
The Account 
Party 
hereby 
confirms 
and agrees 
that after 
giving effect 
to this 
Amendment, 
the 
Agreement and 
the other Credit 
Documents remain 
in full force 
and effect 
and enforceable 
against it 
in 
accordance 
with 
their 
respective 
terms 
and 
shall 
not 
be 
discharged, 
diminished, 
limited 
or 
otherwise 
affected in any respect, 
and the amendments to the Agreement made 
pursuant to this Amendment shall 
not, 
in 
any 
manner, 
be 
construed 
to 
constitute 
payment 
of, 
or 
impair, 
limit, 
cancel 
or 
extinguish, 
or 
constitute a novation in respect of, the Obligations of the Account Party evidenced by 
or arising under the 
Agreement 
and 
the 
other 
Credit 
Documents, 
which 
shall 
not 
in 
any 
manner 
be 
impaired, 
limited, 
terminated, waived or 
released, but shall continue in 
full force and effect. 
The Account Party represents 
and warrants 
to Bank 
that it 
has no 
knowledge 
of any 
claims, counterclaims, 
offsets, 
or defenses 
to or 
with respect 
to its 
obligations under 
the Credit 
Documents, or 
if the Account 
Party has 
any such 
claims, 
counterclaims, 
offsets, 
or 
defenses 
to 
the 
Credit 
Documents 
or 
any 
transaction 
related 
to 
the 
Credit 
Documents, the same are hereby waived, 
relinquished, and released in consideration 
of the execution of 
this Amendment. 
This acknowledgment and confirmation by the Account 
Party is made and delivered to 
induce Bank to enter into 
this Amendment. 
The Account Party acknowledges 
that Bank would not enter 
into this Amendment in the absence of the acknowledgment and confirmation 
contained herein. 
 
ARTICLE V 
MISCELLANEOUS
 
5.1 
Credit Document
. 
From and after the date hereof (a) all references to the Agreement set 
forth 
in 
any 
Credit 
Document 
or 
other 
agreement 
or 
instrument 
shall, 
unless 
otherwise 
specifically 
provided, 
be 
references 
to 
the 
Agreement 
as 
amended 
by 
this 
Amendment 
and 
as 
may 
be 
further 
amended, modified, 
restated or supplemented from 
time to 
time, and 
(b) this 
Amendment shall constitute 
a Credit Document and 
all provisions of the 
Agreement and the other Credit 
Documents applicable hereto 
shall be deemed 
to be incorporated 
herein by reference. 
Nothing herein shall 
be deemed to 
entitle the 
Account Party or any other 
party to a consent to, 
or a waiver, 
amendment, modification or other change 
of, any of the terms, conditions, obligations, covenants or agreements contained in the Agreement or any 
other Credit Document in similar or different 
circumstances. 
5.2 
Governing Law
. 
This Amendment 
shall be 
governed 
by and 
construed 
and enforced 
in 
accordance 
with 
the 
laws 
of 
the 
State 
of 
New 
York 
(without 
regard 
to 
the 
conflicts 
of 
law 
provisions 
thereof). 
5.3 
Severability
. 
To 
the extent 
any provision 
of this 
Amendment is 
prohibited by 
or invalid 
under the applicable law of 
any jurisdiction, such provision 
shall be ineffective 
only to the extent 
of such 






 

 

 

 

 
 
 
13879370v5 24740.00061
 
prohibition or invalidity 
and only in 
any such jurisdiction, 
without prohibiting or 
invalidating such provision 
in any other jurisdiction or the remaining provisions 
of this Amendment in any jurisdiction. 
5.4 
Successors and Assigns
. 
This Amendment shall 
be binding upon, 
inure to the 
benefit of 
and be enforceable by the respective 
successors and permitted assigns of the parties hereto. 
5.5 
Construction
. 
The headings of 
the various sections 
and subsections of 
this Amendment 
have been 
inserted for 
convenience only 
and shall not 
in any 
way affect 
the meaning or 
construction of 
any of the provisions hereof. 
5.6 
Integration; Counterparts
.
 

This Amendment constitutes the entire contract 
among the 
parties hereto with respect to the subject matter 
hereof and supersedes any and all prior 
agreements 
and understandings, oral or written, 
relating to the subject matter hereof. 
This Amendment may be 
executed and delivered 
via facsimile or electronic mail with the same force 
and effect as if an original 
were executed and may 
be signed in any number of counterparts, each of which 
shall be an original, 
with the same effect as if the signatures 
hereto were upon the same instrument. 
The words “execution,” 
“signed,” 
“signature,” 
and words of like import in this Amendment 
shall be deemed to include electronic 
signatures or the keeping of records 
in electronic form, each of which shall be of the same 
legal effect, 
validity or enforceability as a manually 
executed signature or the use 
of a paper-based recordkeeping 
system, as the case may 
be, to the extent and as provided 
for in any applicable law, 
including the 
Federal Electronic Signatures 
in Global and National Commerce Act, the New York 
State Electronic 
Signatures and Records Act, or 
any other similar state laws 
based on the Uniform Electronic Transactions 
Act. For the avoidance of doubt, the authorization 
under this paragraph may include, 
without limitation, 
use or acceptance by Bank of a manually signed letter 
which has been converted into electronic 
form 
(such as scanned into “.pdf” 
format), or an electronically signed letter 
converted into another format, 
for transmission, delivery and/or 
retention.
 
5.7 
Expenses
. The Account Party 
shall (i) pay all 
reasonable, documented fees 
and expenses 
of 
counsel 
to 
Bank 
and 
(ii) 
reimburse 
Bank 
for 
all 
reasonable, 
documented 
out-of-pocket 
costs 
and 
expenses, in each case, in connection with the preparation, negotiation, execution 
and/or delivery of this 
Amendment. 
[signatures follow]






 

 
 
IN WITNESS WHEREOF
, the parties hereto have caused this 
Amendment to be executed by 
their duly authorized officers as of the date 
first above written. 
EVEREST REINSURANCE (BERMUDA), LTD. 
By:
 
/S/ CHRISTOPHER S. DOWNEY
 
 
Name: 
 
Christopher S. Downey
 
 
Title:
 
Mana
ging Director and Chief Executive 
Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 

 

 
 
 
WELLS FARGO BANK, 
NATIONAL 
ASSOCIATION
 
By:
 
/S/ WILLIAM R. GOLEY
 
 
Name: 
 
William R. Goley
 
 
Title:
 
Managing Director
 
 
 
 
WELLS FARGO BANK, NATIONAL 
ASSOCIATION 
 
 
By: 
/S/ WILLIAM R. GOLEY 
 

Name: 
 
William R. Goley
 
 

Title: 
 
Managing Director
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 

 

 

 

 

 

 

 

 

 

 

 

 
 
SCHEDULE I 
 
COLLATERAL 
BASE 
 
Type of Security 
Advance 
Rates 
Cash (denominated in USD) or Certificate of Deposit 
100%
Mutual Funds 
Listed (on a nationally recognized 
U.S. exchange) Money Market 
Mutual Funds
90%
U.S. Fixed Income Mutual Funds (excluding 
high yield and tax exempt)
80%
U.S. Government Bills, Notes, and U.S. 
Government Sponsored Agency Securities
(1)
Maturing in 5 years or less
95%
Maturing in more than 5 years
90%
High Grade U.S. Corporate/Municipal/Structured 
Fixed Income Securities (AA/Aa2 
or better) 
Maturing in 5 years or less
90%
Maturing in more than 5 years
85%
Intermediate Grade U.S. Corporate/Municipal/Structured 
Fixed Income Securities 
(BBB/Baa2 or better but worse than AA/Aa2)
(2)
Maturing in 5 years or less
85%
Maturing in more than 5 years
80%
Commercial Paper 
A1 or P1 Graded Commercial Paper
85%
A2 or P2 Graded Commercial Paper
80%
 
Notes: 
 
(1)
 
 
U.S. Government Bills/Notes/Sponsored Agencies include:
 
U.S. Treasury Bills, Notes, and Bonds; 
U.S. Government Agency and U.S. 
Government Sponsored Enterprise (GSE) Securities. Also 
included are 
Mortgage-Backed 
Securities (MBSs). 
GSE and 
MBS securities 
include Fannie 
Mae, Freddie 
Mac, Ginnie 
Mae, FHLB System Banks, and Federal 
Farm Credit Banks. 
 
(2) Securities rated BBB or Baa2 shall not comprise greater 
than 20% of Collateral Value. 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 
 
EXHIBIT A 
FORM OF 
OFFICER’S COMPLIANCE
 
CERTIFICATE 
THIS CERTIFICATE 
is given pursuant to Section 7(c)(i) 
of the Standby Letter of Credit 
Agreement, 
dated as of February 23, 2021 (as amended, restated, 
modified or supplemented from time to time, the 
“Credit 
Agreement,” 
the 
terms 
defined 
therein 
being 
used 
herein 
as 
therein 
defined), 
among 
Everest 
Reinsurance 
(Bermuda), 
Ltd., 
a 
company 
incorporated 
and 
existing 
under 
the 
laws 
of 
Bermuda 
(the 
“Account 
Party”), and Wells Fargo 
Bank, National Association (the “Bank”). 
The undersigned hereby certifies that: 
1.
 
He 
or 
she 
is 
the 
[Chief 
Executive 
Officer] 
[Chief 
Financial 
Officer] 
[Vice 
President
—
Finance] [Principal Accounting Officer] [Treasurer] 
[Assistant Treasurer] 
of the Account Party. 
2.
 
Enclosed with this Certificate are copies of the financial st
atements of the Account Party 
and 
its 
Subsidiaries 
as 
of 
_____________, 
and 
for 
the 
[________-month 
period] 
[year] 
then 
ended, 
required 
to be 
delivered 
under Section 
7(a) of 
the Credit 
Agreement. 
Such financial 
statements 
have 
been prepared in accordance with GAAP [(subject to the absence of notes required by GAAP and subject 
to normal year 
-end adjustments)] 
and present 
fairly, 
in all material 
respects, the financial 
condition of 
the Account Party and its Subsidiaries on a consolidated 
basis as of the date indicated and the results 
of 
operations 
of 
the 
Account 
Party 
and 
its 
Subsidiaries 
on 
a 
consolidated 
basis 
for 
the 
period 
covered 
thereby. 
3.
 
The 
undersigned 
has 
reviewed 
the 
terms 
of 
the 
Credit 
Agreement 
and 
has 
made, 
or 
caused 
to 
be 
made 
under 
the 
supervision 
of 
the 
undersigned, 
a 
review 
in 
reasonable 
detail 
of 
the 
transactions and condition 
of the 
Account Party and 
its Subsidiaries during 
the accounting period 
covered 
by such financial statements. 
4.
 
The examination 
described in paragraph 
3 above did 
no
t disclose, and 
the undersigned 
has 
no 
knowledge 
of 
the 
existence 
of, 
any 
Default 
or 
Event 
of 
Default 
during 
or 
at 
the 
end 
of 
the 
accounting period 
covered by 
such financial statements 
or as of 
the date 
of this Certificate 
[, except 
as 
set forth below. 
Describe here or in a separate attachment 
any exceptions to paragraph 
4 above by listing, in reasonable 
detail, the 
nature of 
the Default 
or Event 
of Default, 
the period 
during which 
it existed 
and the 
action 
that Everest has taken 
or proposes to take with 
respect thereto]. 
5.
 
Attached 
to 
this Certificate 
as Annex 
A is 
a covenant 
compliance 
worksheet 
reflecting 
the computation 
of the financial 
covenants set 
forth in Section 
8 of the Credit 
Agreement as of 
the last 
day of the period covered by the financial 
statements enclosed herewith. 
 

IN 
WITNESS 
WHEREOF, 
the 
undersigned 
has 
executed 
and 
delivered 
this 
Certificate 
as 
of 
the 
_______ day of _____________, ____. 
EVEREST REINSURANCE (BERMUDA), LTD. 
By:______________________________________ 
Name:____________________________________ 






 

 

 

 

 
 
Title:_____________________________________ 
 
 
ANNEX A 
 
COVENANT COMPLIANCE WORKSHEET 
 
A. 
Minimum Total 
Shareholder’s Equity 
(Section 8(a) of the Credit Agreement) 
 
(
1
)
Total 
Shareholder’s Equity as of the date 
of 
determination 
a)
Required:
$2,143,539,163.00 
b)
Actual:
$ 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 

 

 

 

 

 

 

 
 
B. 
Financial Strength Rating 
(Section 8(b) of the Credit Agreement) 
 
(1)
Has the Account Party maintained a financial 
strength rating by 
A.M. Best Company at all times from the date 
of the most 
recently delivered Officer’s 
Compliance Certificate to and 
including the date hereof? 
___ 
Yes 
___ 
No 
(2)
Has the financial strength rating by 
A.M. Best Company for the 
Account Party been equal to or better 
than “B++” at all times 
during the period described in line (1) above? 
___ 
Yes 
___ 
No 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 
 






 

 
 
EXHIBIT B 
 
FORM OF 
COLLATERAL 
VALUE CERTIFICATE 
 
____________, 20__ 
Wells Fargo 
Corporate Banking 
550 South Tryon Street 
MAC D1086-330 
Charlotte, NC 28202 
Attention: William R. Goley 
Ladies and Gentlemen: 
Reference 
is made 
to 
the Standby 
Letter 
of Credit 
Agreement, 
dated 
as of 
February 23, 
2021, 
among 
Everest 
Reinsurance 
(Bermuda), 
Ltd., 
a 
company 
incorporated 
and 
existing 
under 
the 
laws 
of 
Bermuda (the “Account 
Party”), and Wells 
Fargo BaPnk, 
National Association (the “Bank”) 
(as amended 
or 
otherwise 
modified 
from 
time 
to 
time, 
the 
“Credit 
Agreement”). 
Terms 
defined 
in 
the 
Credit 
Agreement 
are, 
unless 
otherwise 
defined 
herein 
or 
the 
context 
otherwise 
requires, 
used 
herein 
as 
defined therein. 
This Collateral Value Certificate is delivered pursuant to Section 7(e)(iii) of 
the Credit Agreement. 

The date 
of this 
Collateral 
Value 
Certificate 
is _____________, 
20__ (the 
“Certificate Date”). 
Set forth 
on 
Attachment 
A 
is 
the 
computation 
of 
the 
Collateral 
Value 
of 
the 
Collateral 
and 
certain 
other 
information 
required 
by 
Section 
7(e)(iii) 
of 
the 
Credit 
Agreement 
as 
of 
______________, 
20__ 
(the 
“Valuation 
Date”), 
calculated 
in 
accordance 
with 
the 
definition 
of 
“Collateral 
Value” 
contained 
in 
the 
Credit Agreement and the other provisions 
of the Credit Agreement (including Schedule I thereto). 
The undersigned 
hereby certifies 
that (i) 
the information 
on Attachment 
A correctly 
sets forth 
the Collateral Value (in the aggregate and for each category of Collateral) 
and the Outstanding Letters of 
Credit 
as 
of 
the 
Valuation 
Date; 
(ii) 
the 
Outstanding 
Letters 
of 
Credit 
do 
not 
exceed 
the 
aggregate 
Collateral Value 
as of the Valuation 
Date; and (iii) nothing has come to 
the attention of the undersigned 
to cause 
the undersigned 
to believe 
that the 
Bank does 
not have 
a first 
priority perfected 
Lien on 
and 
security interest in the Collateral 
set forth on Attachment 
A as of the Certificate Date. 
 
[Signature page to follow] 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 
 
 
ACCOUNT PARTY: 
 
EVEREST REINSURANCE (BERMUDA), LTD. 
 
By: 
____________________________________ 
 
Name: 
 
Title: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
ATTACHMENT 
A 
 
COLLATERAL 
VALUE OF THE 
COLLATERAL 
 
Type of Security 
Value 
Advance Rates 
Collateral Value 
Cash (denominated in USD) or Certificate of 
Deposit 
$________ 
100% 
$________ 
Mutual Funds 
Listed (on a nationally recognized 
U.S. 
exchange) Money Market 
Mutual Funds 
U.S. Fixed Income Mutual Funds 
(excluding high yield and tax exempt) 
$________ 
$________ 
90% 
80% 
$________ 
$________ 
U.S. Government Bills, Notes, and U.S. 
Government Sponsored Agency Securities
(1)
Maturing in 5 years or less 
$________ 
95% 
$________ 
Maturing in more than 5 years 
$________ 
90% 
$________ 
High Grade U.S. 
Corporate/Municipal/Structured Fixed 
Income Securities (AA/Aa2 or better) 
Maturing in 5 years or less 
$________ 
90% 
$________ 
Maturing in more than 5 years 
$________ 
85% 
$________ 
Intermediate Grade U.S. 
Corporate/Municipal/Structured Fixed 
Income Securities (BBB/Baa2 or better but 
worse than AA/Aa2)
(2)
Maturing in 5 years or less 
$________ 
85% 
$________ 
Maturing in more than 5 years 
$________ 
80% 
$________ 
Commercial Paper 
A1 or P1 Graded Commercial Paper 
$________ 
85% 
$________ 
A2 or P2 Graded Commercial Paper 
$________ 
80% 
$________ 
Total 
Collateral Value 
$________ 
 
 
 
Notes
: 
 
(1)
 
 
U.S. Government Bills/Notes/Sponsored Agencies include:
 
U.S. Treasury Bills, Notes, and Bonds; 
U.S. Government Agency and U.S. 
Government Sponsored Enterprise (GSE) Securities. Also 
included are 
Mortgage-Backed 
Securities (MBSs). 
GSE and 
MBS securities 
include Fannie 
Mae, Freddie 
Mac, Ginnie 
Mae, FHLB System Banks, and Federal 
Farm Credit Banks. 
 
(2) Securities rated BBB or Baa2 shall not comprise greater 
than 20% of Collateral Value. 
 
 
 
 
 
 






 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit
 
 
 






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Outstanding Letters of Credit 
Beneficiary 
Issue Date 
Undrawn 

Amount 
Unreimbursed 
Drawings 
$________ 
$________ 
Total 
Outstanding Letters of Credit 
$________ 
$________ 
 
Ratio of aggregate Collateral 
Value to Outstanding 
Letters of Credit: ____________ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature Page to First Amendment to Standby Letter 
of Credit