GVHR » Topics » Letter of Credit

These excerpts taken from the GVHR 10-K filed Mar 16, 2009.

Letter of Credit

 

Any letter of credit must be clean, unconditional, irrevocable and evergreen. It must be from a bank that we and the Securities Valuation Office of the National Association of Insurance Commissioners have approved and in a form acceptable to us. It must be in the amount shown in the Schedule. If any letter of credit is canceled, no later than 30 days before that letter of credit expires, You must deliver to us a substitute letter of credit that complies with the requirements set forth above. Upon Your written request, we will not unreasonably withhold our consent to a reasonable extension of the time within which You must deliver such a substitute letter of credit to us. The substitute letter of credit must take effect no later than the date of termination of the expiring letter of credit.  Your duty to deliver such a letter of credit will continue until You have satisfied all Your obligations under this Agreement and the Policies. If You fail to provide us with a qualifying substitute letter of credit as indicated above, we may draw upon the existing letter of credit in full.

 

Letter of
Credit



 



Any letter of credit must
be clean, unconditional, irrevocable and evergreen. It must be from a bank that
we and the Securities Valuation Office of the National Association of Insurance
Commissioners have approved and in a form acceptable to us. It must be in the
amount shown in the Schedule. If
any letter of credit is canceled, no later than 30 days before that letter of
credit expires, You must deliver to us a
substitute letter of credit that complies with the requirements set forth above.
Upon Your written request, we will not
unreasonably withhold our consent to a reasonable extension of the time within
which You must deliver such a substitute
letter of credit to us. The substitute letter of credit must take effect no
later than the date of termination of the expiring letter of credit.  Your duty to
deliver such a letter of credit will continue until You
have satisfied all Your
obligations under this Agreement and the Policies. If You fail to provide us with a qualifying substitute letter
of credit as indicated above, we may draw upon the existing letter of credit in
full.



 



Letter of
Credit



 



Any letter of credit must
be clean, unconditional, irrevocable and evergreen. It must be from a bank that
we and the Securities Valuation Office of the National Association of Insurance
Commissioners have approved and in a form acceptable to us. It must be in the
amount shown in the Schedule. If
any letter of credit is canceled, no later than 30 days before that letter of
credit expires, You must deliver to us a
substitute letter of credit that complies with the requirements set forth above.
Upon Your written request, we will not
unreasonably withhold our consent to a reasonable extension of the time within
which You must deliver such a substitute
letter of credit to us. The substitute letter of credit must take effect no
later than the date of termination of the expiring letter of credit.  Your duty to
deliver such a letter of credit will continue until You
have satisfied all Your
obligations under this Agreement and the Policies. If You fail to provide us with a qualifying substitute letter
of credit as indicated above, we may draw upon the existing letter of credit in
full.



 



These excerpts taken from the GVHR 10-K filed Mar 17, 2008.

Letter of Credit

Any letter of credit must be clean, unconditional, irrevocable and evergreen. It must be from a bank that we and the Securities Valuation Office of the National Association of Insurance Commissioners have approved and in a form acceptable to us. It must be in the amount shown in the Schedule. If any letter of credit is canceled, no later than 30 days before that letter of credit expires, You must deliver to us a substitute letter of credit that complies with the requirements set forth above. Upon Your written request, we will not unreasonably withhold our consent to a reasonable extension of the time within which You must deliver such a substitute letter of credit to us. The substitute letter of credit must take effect no later than the date of termination of the expiring letter of credit. Your duty to deliver such a letter of credit will continue until You have satisfied all Your obligations under this Agreement and the Policies. If You fail to provide us with a qualifying substitute letter of credit as indicated above, we may draw upon the existing letter of credit in full.

Letter of Credit



Any
letter of credit must be clean, unconditional, irrevocable and evergreen. It must be from a bank that we and the Securities Valuation Office of the National Association of Insurance Commissioners
have approved and in a form acceptable to us. It must be in the amount shown in the
Schedule. If any letter of credit is canceled, no later than
30 days before that letter of credit expires,
You must deliver to us a substitute letter of credit that complies with the requirements set forth
above. Upon
Your written request, we will not unreasonably withhold our consent to a reasonable extension of the time within which You must deliver such a
substitute letter of credit to us. The substitute letter of credit must take effect no later than the date of termination of the
expiring letter of credit.
Your duty to deliver such a letter of credit will continue until You have
satisfied all
Your obligations under this Agreement and the Policies. If You fail to provide us with a
qualifying substitute letter of credit as indicated above, we may draw upon the existing letter of credit in full.



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