Bank Representation and Covenant. The Bank (a) represents that, as of the date of this Agreement, the Bank is an Approved Credit Institution and a Qualifying Bank; and (b) agrees that, if at any time it ceases to be an Approved Credit Institution, it will (i) promptly notify ACE and (ii) to the extent practicable, cause an Affiliate thereof that is an Approved Credit Institution and a Qualifying Bank to replace the Bank as the issuer of each LOC that has been issued for Funds at Lloyds.
Appears in 5 contracts
Samples: Letter of Credit Facility Agreement, Facility Agreement (ACE LTD), Facility Agreement (ACE LTD)
