Use of Credit. Each Subsidiary Account Party shall use each Letter of Credit issued under this Agreement for its general corporate purposes, including, without limitation, to support variable annuity policy and reinsurance reserve credit requirements. No Letter of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the FRB, including Regulations T, U and X. After the issuance of any Letter of Credit hereunder, not more than 25% of the value (as determined by any reasonable method) of the assets of any of the Obligors will be represented by Margin Stock.
Appears in 12 contracts
Samples: Reimbursement Agreement (Equitable Holdings, Inc.), Reimbursement Agreement (AXA Equitable Holdings, Inc.), Reimbursement Agreement (AXA Equitable Holdings, Inc.)
Use of Credit. Each Subsidiary Account Party shall use each Letter of Credit issued under this Agreement for its general corporate purposes, including, without limitation, to support variable annuity policy and reinsurance reserve credit requirements. No Letter of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the FRB, including Regulations T, U and X. After the issuance of any Letter of Credit hereunder, not more than 25% of the value (as determined by any reasonable method) of the assets of any of the Obligors will be represented by Margin StockXxxxxx Xxxxx.
Appears in 6 contracts
Samples: Reimbursement Agreement (Equitable Holdings, Inc.), Reimbursement Agreement (Equitable Holdings, Inc.), Reimbursement Agreement (Equitable Holdings, Inc.)
Use of Credit. Each Subsidiary Account Party shall use each Letter of Credit issued under this Agreement for its general corporate purposes, including, without limitation, to support variable annuity policy and credit for reinsurance reserve credit requirements. No Letter of Credit will be issued in favor of any beneficiary that is not an Insurance Subsidiary of the Guarantor or used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the FRB, including Regulations T, U and X. After the issuance of any Letter of Credit hereunder, not more than 25% of the value (as determined by any reasonable method) of the assets of any of the Obligors will be represented by Margin Stock.
Appears in 2 contracts
Samples: Reimbursement Agreement (AXA Equitable Holdings, Inc.), Reimbursement Agreement (Equitable Holdings, Inc.)
