Amendment No. 3 to Irrevocable Standby Letter of Credit No. 2018-10 between Federal Home Loan Bank of San Francisco and Insurance Commissioner, State of California

Contract Categories: Business Finance › Credit Agreements
Summary

This amendment reduces the amount available under an existing irrevocable standby letter of credit from $125 million to $10 million. The Federal Home Loan Bank of San Francisco issues this amendment at the direction of the Insurance Commissioner of the State of California, who is the beneficiary. Employers Preferred Insurance Company is the account party. All other terms of the original letter of credit remain unchanged.

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EX-10.4 3 ex104_amendmentno3toletter.htm EX-10.4 Document

Exhibit 10.4



Amendment No. 3 to Irrevocable Letter of Credit No. 2018-10


January 26, 2021


Insurance Commissioner, State of California
c/o Chief, Securities Transaction Unit
300 Capitol Mall, Suite 1700

Greetings:

As directed by Insurance Commissioner, State of California, the beneficiary, and for the account of Employers Preferred Insurance Company, Reno, Nevada, the Federal Home Loan Bank of San Francisco hereby amends its Irrevocable Standby Letter of Credit No. 2018-10 (the “Letter of Credit”), dated March 9, 2018, by decreasing the Credit Amount (as defined in the Letter of Credit) from $125,000,000 to $10,000,000.

This document and the document first establishing the Letter of Credit (including any amendments) together constitute the Letter of Credit. Except as specifically amended herein, the terms and conditions of the Letter of Credit remain in full force and effect.



Very truly yours,


Federal Home Loan Bank of San Francisco

By                Title
/s/ John “JJ” Jaravata     Associate Director