First Amendment to the Letter Agreement dated May 1, 2020 with respect to the continuing Letter of Credit Facility dated March 24, 2014, between the Company and HSBC Bank USA, National Association, effective as of August 23, 2020
HSBC BANK USA, NATIONAL ASSOCIATION
452 Fifth Avenue
New York, New York 10018
August 13, 2020
20 Florence Avenue
Batavia, New York 14020
Reference is made to your uncommitted discretionary demand facility as set forth in the letter dated May 1, 2020 between HSBC Bank USA, N.A (“Bank”) and Company (as supplemented and amended from time to time, the “Agreement”).
This shall confirm our mutual understanding and agreement that effective as of the date hereof, the Agreement shall be amended and restated as follows:
The first paragraph under the heading General Terms of the Facility on page 2 of the Agreement is hereby deleted in its entirety and replaced with:
Borrowings and any other extensions of credit and obligations under the Facility shall be cash collateralized.
Except as herby modified and amended, all terms and provision of the Agreement shall remain in full force and effect.
Please indicate Company’s acceptance of the foregoing by signing and returning the enclosed copy of this letter.
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Very truly yours,
HSBC Bank USA, National Association
By: /s/ JOSEPH W. BURDEN
Joseph W. Burden
AGREED TO AND ACCEPTED:
By: /s/ JEFFREY F. GLAJCH
Jeffrey F. Glajch
Chief Financial Officer