Common use of Letter of Credit Provisions Clause in Contracts

Letter of Credit Provisions. a. Under the circumstances described in the last paragraph of Section 25 of this Agreement or under the circumstances described in the last paragraph of Section 10 of this Schedule A, AUSA may apply for, provide to PRUCO, and maintain during the entire term of this Agreement, one or more letters of credit with respect to all the amounts recoverable from AUSA under this Agreement (collectively, the "Letters of Credit") so as to avoid triggering PRUCO's right of recapture under Section 20. If AUSA elects to do so, each of the Letters of Credit must individually satisfy the requirements of subsections b., c. and d. below and all of the Letters of Credit collectively must satisfy the requirements of subsections e. and f. below. In addition, each Letter of Credit individually and all of the Letters of Credit collectively must satisfy any other applicable legal or regulatory requirement of Arizona that must be complied with in order to ensure that PRUCO is entitled to take the maximum credit for the risks ceded under this Agreement on its statutory financial statements.

Letter of Credit Provisions. a. Under the Xxxxx xxx circumstances described in the last paragraph of Section 25 of this Agreement or under the circumstances described in the last paragraph of Section 10 of this Schedule A, AUSA TOLIC may apply for, provide to PRUCO, and maintain during the entire term of this Agreement, one or more letters of credit with respect to all the amounts recoverable from AUSA TOLIC under this Agreement (collectively, the "Letters of Credit") so as to avoid triggering PRUCO's right of recapture under Section 20. If AUSA TOLIC elects to do so, each of the Letters of Credit must individually satisfy the requirements of subsections b., c. and d. below and all of the Letters of Credit collectively must satisfy the requirements of subsections e. and f. below. In addition, each Letter of Credit individually and all of the Letters of Credit collectively must satisfy any other applicable legal or regulatory requirement of Arizona that must be complied with in order to ensure that PRUCO is entitled to take the maximum credit for the risks ceded under this Agreement on its statutory financial statements.

Letter of Credit Provisions. a. Under the circumstances described in the last paragraph of Section 25 of this Agreement or under the circumstances described in the last paragraph of Section 10 of this Schedule A, AUSA THE REINSURER may apply for, provide to PRUCOTHE COMPANY, and maintain during the entire term of this Agreement, one or more letters of credit with respect to all the amounts recoverable from AUSA THE REINSURER under this Agreement (collectively, the "Letters of Credit") so as to avoid triggering PRUCOTHE COMPANY's right of recapture under Section 2024. If AUSA THE REINSURER elects to do so, each of the Letters of Credit must individually satisfy the requirements of subsections b., c. and d. below and all of the Letters of Credit collectively must satisfy the requirements of subsections e. and f. below. In addition, each Letter of Credit individually and all of the Letters of Credit collectively must satisfy any other applicable legal or regulatory requirement requirements of Arizona that must be complied with in order to ensure that PRUCO THE COMPANY is entitled to take the maximum credit for the risks ceded under this Agreement on its statutory financial statements.