Common use of Non-NAIC Approved Banks Clause in Contracts

Non-NAIC Approved Banks. If, on or at any time after the Closing Date, a Lender is not or ceases to be a NAIC Approved Bank, such Lender shall promptly notify the Administrative Agent and the Borrowers thereof and, upon the Borrowers’ request, (a) Bank of America will act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender is a Non-NAIC Approved Bank (and/or as a Confirming Bank for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender is a Non-NAIC Approved Bank (and/or as a Confirming Bank for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions as such Non-NAIC Approved Bank and such other Lender may agree. If Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it shall enter into a confirming bank agreement with such Non-NAIC Approved Bank upon such terms as the applicable parties may agree (and furnish a copy thereof to the Borrowers and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall promptly notify the Administrative Agent of such agreement and of any termination or expiration of such agreement.

Appears in 5 contracts

Samples: Five Year Credit Agreement (Metlife Inc), Credit Agreement (Metlife Inc), Five Year Credit Agreement (Metlife Inc)

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Non-NAIC Approved Banks. If, In the event that any Lender that is a NAIC Approved Bank on or at any time after the Closing Date, a Lender is not or Date ceases to be a NAIC Approved BankBank after the Closing Date, such Lender shall agrees (a) to promptly notify the Administrative Agent and the Borrowers Borrower thereof and, upon the Borrowers’ request, and (ab) to use commercially reasonable efforts (i) to have a Lender that is a NAIC Approved Bank of America will act as the Limited Fronting Lender for such Lender with respect to any Several Letters Letter of Credit issued during the period that such Lender is a Non-NAIC Approved Bank and/or (and/or ii) to have a Lender or another financial institution acceptable to the Administrative Agent (which acceptance shall not be unreasonably withheld or delayed) and the Borrower that is a NAIC Approved Bank act as a the Confirming Bank for such Lender with respect to any Several Letters Letter of Credit issued prior to or after such Lender becoming an a Non-NAIC Approved Bank and outstanding during the period that such Lender is a Non-NAIC Approved Bank). If, within 30 days after such Lender became a Non-NAIC Approved Bank, no Lender or other acceptable financial institution has agreed to so act as the Limited Fronting Lender and/or the Confirming Bank, as applicable, for such Non-NAIC Approved Bank, the Borrower may request, that (bx) another any Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters Letter of Credit issued during the period that such Lender is a Non-NAIC Approved Bank and/or (and/or y) a Lender or another financial institution acceptable to the Administrative Agent (which acceptance shall not be unreasonably withheld or delayed) and the Borrower that is a NAIC Approved Bank act as a the Confirming Bank for such Lender with respect to any Several Letters Letter of Credit issued prior to or after such Lender becoming an a Non-NAIC Approved Bank and outstanding during the period that such Lender is a Non-NAIC Approved Bank) , provided that no Lender shall have any obligation to so act as a Limited Fronting Lender or Confirming Bank. The agreement of any Lender or other acceptable financial institution to so act as the Limited Fronting Lender and/or the Confirming Bank for such Non-NAIC Approved Bank shall be upon and subject to the terms and conditions hereof and such other terms and conditions as such Non-NAIC Approved Bank or the Borrower, as applicable, and such Lender or other Lender acceptable financial institution may agree. If Bank of America a Lender or such other Lenderacceptable financial institution, as applicable, becomes a Confirming BankBank for a Non-NAIC Approved Bank after the Closing Date, it such Non-NAIC Approved Bank shall enter into a confirming bank agreement with such Non-NAIC Approved the Confirming Bank upon such terms as the applicable parties may agree (and furnish a copy thereof to the Borrowers Borrower and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank that enters into such a confirming bank agreement shall promptly notify the Borrower and the Administrative Agent of such agreement and of any termination or expiration of such confirming bank agreement.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Voya Financial, Inc.), Revolving Credit Agreement (Voya Financial, Inc.), Revolving Credit Agreement (Voya Financial, Inc.)

Non-NAIC Approved Banks. If, on or at any time from and after the Closing Date, a any NAIC Tranche Lender is not or ceases to be a NAIC Approved Bank, such NAIC Tranche Lender shall promptly notify the Company and the Administrative Agent thereof. Each NAIC Tranche Lender agrees to use commercially reasonable efforts, at all times from and after the Borrowers thereof and, upon the Borrowers’ requestClosing Date, (a) to be a NAIC Approved Bank or (b) if such NAIC Tranche Lender is not or ceases to be a NAIC Approved Bank, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not a NAIC Tranche Lender), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of America will the Company and the Administrative Agent (such consent, in each case, not to be unreasonably withheld)) upon such terms and conditions as such parties may agree or (ii) as provided in Section 2.20(k), to agree with another NAIC Tranche Lender which is a NAIC Approved Bank that such NAIC Tranche Lender shall (in its sole discretion) act as the Limited Fronting Lender for such Lender NAIC Tranche Lender, in each case with respect to any Several Letters of Credit which are outstanding at the time such NAIC Tranche Lender becomes a Non-NAIC Approved Bank and/or are issued during the period that such NAIC Tranche Lender is a Non-NAIC Approved Bank Bank. In the event that any Person (and/or including any other NAIC Tranche Lender) agrees to act as a Confirming Bank for such any NAIC Tranche Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender which is a Non-NAIC Approved Bank (and/or as a Confirming Bank for Bank, such other NAIC Tranche Lender with respect to any Several Letters of Credit issued prior to shall receive such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions compensation therefor as such Non-NAIC Approved Bank and such other Lender Person may agree. If Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it any NAIC Tranche Lender shall enter into a confirming bank agreement with such Non-NAIC Approved Confirming Bank upon such terms as the applicable parties may agree (and Agreement hereunder at any time, it shall promptly furnish a copy thereof to the Borrowers Company and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall Agent and, thereafter, promptly notify the Company and the Administrative Agent of such agreement and of any the termination or expiration of such agreementConfirming Bank Agreement. Notwithstanding anything herein to the contrary, no NAIC Tranche Lender shall have any obligation to agree to act hereunder as a Confirming Bank for any other NAIC Tranche Lender.

Appears in 3 contracts

Samples: Credit Agreement (American International Group Inc), Credit Agreement (American International Group Inc), Credit Agreement (American International Group Inc)

Non-NAIC Approved Banks. If, on or at any time from and after the Closing Date, a any Lender is not or ceases to be a NAIC Approved Bank, such Lender shall promptly notify the Company and the Administrative Agent thereof. Each Lender agrees to use commercially reasonable efforts, at all times from and after the Borrowers thereof and, upon the Borrowers’ requestClosing Date, (a) to be a NAIC Approved Bank or (b) if such Lender is not or ceases to be a NAIC Approved Bank, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not a Lender), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of America will the Company and the Administrative Agent (such consent, in each case, not to be unreasonably withheld, conditioned or delayed)) upon such terms and conditions as such parties may agree or (ii) as provided in Section 2.20(k), to agree with another Lender which is a NAIC Approved Bank that such Lender shall (in its sole discretion) act as the Limited Fronting Lender for such Lender Lender, in each case with respect to any Several Letters of Credit which are outstanding at the time such Lender becomes a Non-NAIC Approved Bank and/or are issued during the period that such Lender is a Non-NAIC Approved Bank Bank. In the event that any Person (and/or including any other Lender) agrees to act as a Confirming Bank for such any Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender which is a Non-NAIC Approved Bank (and/or as a Confirming Bank for Bank, such other Lender with respect to any Several Letters of Credit issued prior to shall receive such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions compensation therefor as such Non-NAIC Approved Bank and such other Lender Person may agree. If Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it any Lender shall enter into a confirming bank agreement with such Non-NAIC Approved Confirming Bank upon such terms as the applicable parties may agree (and Agreement hereunder at any time, it shall promptly furnish a copy thereof to the Borrowers Company and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall Agent and, thereafter, promptly notify the Company and the Administrative Agent of such agreement and of any the termination or expiration of such agreementConfirming Bank Agreement. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to agree to act hereunder as a Confirming Bank for any other Lender.

Appears in 2 contracts

Samples: Credit Agreement (American International Group, Inc.), Credit Agreement (American International Group, Inc.)

Non-NAIC Approved Banks. If, on or at any time from and after the Closing Date, a any L/C Tranche Lender is not or ceases to be a NAIC Approved Bank, such L/C Tranche Lender shall promptly notify the Company and the Administrative Agent thereof. Each L/C Tranche Lender agrees to use commercially reasonable efforts, at all times from and after the Borrowers thereof and, upon the Borrowers’ requestClosing Date, (a) to be a NAIC Approved Bank or (b) if such L/C Tranche Lender is not or ceases to be a NAIC Approved Bank, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not a L/C Tranche Lender), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of America will the Company and the Administrative Agent (such consent, in each case, not to be unreasonably withheld)) upon such terms and conditions as such parties may agree or (ii) as provided in Section 2.20(k), to agree with another L/C Tranche Lender which is a NAIC Approved Bank that such L/C Tranche Lender shall (in its sole discretion) act as the Limited Fronting Lender for such Lender L/C Tranche Lender, in each case with respect to any Several Letters of Credit which are outstanding at the time such L/C Tranche Lender becomes a Non-NAIC Approved Bank and/or are issued during the period that such L/C Tranche Lender is a Non-NAIC Approved Bank Bank. In the event that any Person (and/or including any other L/C Tranche Lender) agrees to act as a Confirming Bank for such any L/C Tranche Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender which is a Non-NAIC Approved Bank (and/or as a Confirming Bank for Bank, such other L/C Tranche Lender with respect to any Several Letters of Credit issued prior to shall receive such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions compensation therefor as such Non-NAIC Approved Bank and such other Lender Person may agree. If Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it any L/C Tranche Lender shall enter into a confirming bank agreement with such Non-NAIC Approved Confirming Bank upon such terms as the applicable parties may agree (and Agreement hereunder at any time, it shall promptly furnish a copy thereof to the Borrowers Company and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall Agent and, thereafter, promptly notify the Company and the Administrative Agent of such agreement and of any the termination or expiration of such agreementConfirming Bank Agreement. Notwithstanding anything herein to the contrary, no L/C Tranche Lender shall have any obligation to agree to act hereunder as a Confirming Bank for any other L/C Tranche Lender.

Appears in 2 contracts

Samples: Credit Agreement (American International Group Inc), Credit Agreement (American International Group Inc)

Non-NAIC Approved Banks. If, on or at any time from and after the Closing Effective Date, a Lender any Bank is not or ceases to be a NAIC Approved Bank, such Lender Bank shall promptly notify the Borrowers and the Administrative Agent thereof. Each Bank agrees to use commercially reasonable efforts, at all times from and after the Borrowers thereof and, upon the Borrowers’ requestEffective Date, (a) to be a NAIC Approved Bank and (b) if such Bank ceases to be a NAIC Approved Bank at any time, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not a Bank), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of America will the Borrower and the Administrative Agent (such consent, in each case, not to be unreasonably withheld)) upon such terms and conditions as such Bank and such Confirming Bank may agree or (ii) as provided in Section 2.18(j), to agree with another Bank which is a Table of Contents NAIC Approved Bank that such Bank (if it shall so agree in its sole discretion) shall act as the Limited Fronting Lender Bank for such Lender Bank, in each case with respect to any Several Letters of Credit which are outstanding at the time such Bank becomes a Non-NAIC Approved Bank and/or are issued during the period that such Lender Bank is a Non-NAIC Approved Bank Bank. In the event that any Person (and/or including any other Bank) agrees to act as a Confirming Bank for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender which is a Non-NAIC Approved Bank, such other Bank (and/or as a Confirming Bank for shall receive such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions compensation therefor as such Non-NAIC Approved Bank and such other Lender Person may agree. If any Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it shall enter into a confirming bank agreement with such Non-NAIC Approved Confirming Bank upon such terms as the applicable parties may agree (and Agreement hereunder at any time, it shall promptly furnish a copy thereof to the Borrowers and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall Agent and, thereafter, promptly notify the Borrowers and the Administrative Agent of such agreement and of any the termination or expiration of such agreementConfirming Bank Agreement. Notwithstanding anything herein to the contrary, no Bank shall have any obligation to agree to act hereunder as a Confirming Bank for any other Bank.

Appears in 1 contract

Samples: Credit Agreement (Prudential Financial Inc)

Non-NAIC Approved Banks. If, In the event that any Lender that is a NAIC Approved Bank on or at any time after the Closing Date, a Lender is not or Date ceases to be a NAIC Approved BankBank after the Closing Date, such Lender shall agrees (a) to promptly notify the Administrative Agent and the Borrowers Borrower thereof and, and (b) upon the Borrowers’ Borrower’s request, to use commercially reasonable efforts (ai) to have a Lender (for a period of 30 days after such request by the Borrower, other than Bank of America will America) that is a NAIC Approved Bank act as the Limited Fronting Lender for such Lender with respect to any Several Letters Letter of Credit issued during the period that such Lender is a Non-NAIC Approved Bank and/or (and/or ii) to have a Lender (for a period of 30 days after such request by the Borrower, other than Bank of America) or another financial institution acceptable to the Borrower and the Administrative Agent that is a NAIC Approved Bank act as a the Confirming Bank for such Lender with respect to any Several Letters Letter of Credit issued prior to or after such Lender becoming an a Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued and outstanding during the period that such Lender is a Non-NAIC Approved Bank. If, within 30 days after such request by the Borrower, no Lender (other than Bank (of America) or other acceptable financial institution has agreed to so act as the Limited Fronting Lender and/or the Confirming Bank, as a Confirming Bank applicable, for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank, upon the Borrower’s request, Bank of America agrees to so act as the Limited Fronting Lender and/or the Confirming Bank for such Non-NAIC Approved Bank; provided, however, that if the request by the Borrower described in the first sentence of this Section 2.17 is made by the Borrower with respect to an outstanding Several Letter of Credit on a date that is not more than 30 days prior to the expiration date of such Several Letter of Credit, Bank of America agrees to act as the Confirming Bank for such Non-NAIC Approved Bank with respect to such Several Letter of Credit without such Non-NAIC Approved Bank having to first seek another Lender or another financial institution to act as the Confirming Bank for such Several Letter of Credit. The agreement of any Lender (including Bank of America) or other acceptable financial institution to so act as the Limited Fronting Lender and/or the Confirming Bank for such Non-NAIC Approved Bank shall be upon and subject to the terms and conditions hereof (including, with respect to Bank of America, the limitation set forth in clause (z) of the proviso contained in Section 2.01(a)(i)) and such other terms and conditions as such Non-NAIC Approved Bank and such Lender (including Bank of America) or other Lender acceptable financial institution may agree. If a Lender (including Bank of America America) or such other Lenderacceptable financial institution, as applicable, becomes a Confirming BankBank for a Non-NAIC Approved Bank after the Closing Date, it such Non-NAIC Approved Bank shall enter into a confirming bank agreement with such Non-NAIC Approved the Confirming Bank upon such terms as the applicable parties may agree (and furnish a copy thereof to the Borrowers Borrower and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank that enters into such a confirming bank agreement shall promptly notify the Borrower and the Administrative Agent of such agreement and of any termination or expiration of such confirming bank agreement.

Appears in 1 contract

Samples: Revolving Credit Agreement (ING U.S., Inc.)

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Non-NAIC Approved Banks. If, on or at any time from and after the Closing Effective Date, a Lender any Bank is not or ceases to be a NAIC Approved Bank, such Lender Bank shall promptly notify the Borrowers and the Administrative Agent thereof. Each Bank agrees to use commercially reasonable efforts, at all times from and after the Borrowers thereof and, upon the Borrowers’ requestEffective Date, (a) to be a NAIC Approved Bank and (b) if such Bank ceases to be a NAIC Approved Bank at any time, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not a Bank), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of America will the Borrower and the Administrative Agent (such consent, in each case, not to be unreasonably withheld)) upon such terms and conditions as such Bank and such Confirming Bank may agree or (ii) as provided in Section 2.18(j), to agree with another Bank which is a NAIC Approved Bank that such Bank (if it shall so agree in its sole discretion) shall act as the Limited Fronting Lender Bank for such Lender Bank, in each case with respect to any Several Letters of Credit which are outstanding at the time such Bank becomes a Non-NAIC Approved Bank and/or are issued during the period that such Lender Bank is a Non-NAIC Approved Bank Bank. In the event that any Person (and/or including any other Bank) agrees to act as a Confirming Bank for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender which is a Non-NAIC Approved Bank, such other Bank (and/or as a Confirming Bank for shall receive such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions compensation therefor as such Non-NAIC Approved Bank and such other Lender Person may agree. If any Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it shall enter into a confirming bank agreement with such Non-NAIC Approved Confirming Bank upon such terms as the applicable parties may agree (and Agreement hereunder at any time, it shall promptly furnish a copy thereof to the Borrowers and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall Agent and, thereafter, promptly notify the Borrowers and the Administrative Agent of such agreement and of any the termination or expiration of such agreementConfirming Bank Agreement. Notwithstanding anything herein to the contrary, no Bank shall have any obligation to agree to act hereunder as a Confirming Bank for any other Bank.

Appears in 1 contract

Samples: Credit Agreement (Prudential Financial Inc)

Non-NAIC Approved Banks. If, on or at any time after the Closing Date, a Lender is not or ceases to be a NAIC Approved Bank, such Lender shall promptly notify the Administrative Agent and the Borrowers Borrower thereof and, upon the Borrowers’ Borrower’s request, (a) Bank of America will act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender is a Non-NAIC Approved Bank (and/or as a Confirming Bank for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender is a Non-NAIC Approved Bank (and/or as a Confirming Bank for such Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions as such Non-NAIC Approved Bank and such other Lender may agree. If Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it shall enter into a confirming bank agreement with such Non-NAIC Approved Bank upon such terms as the applicable parties may agree (and furnish a copy thereof to the Borrowers Borrower and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall promptly notify the Administrative Agent of such agreement and of any termination or expiration of such agreement.

Appears in 1 contract

Samples: Revolving Credit Agreement (ING U.S., Inc.)

Non-NAIC Approved Banks. If, on or at any time from and after the Closing Date, a any Lender is not or ceases to be a NAIC Approved Bank, such Lender shall promptly notify the Company and the Administrative Agent thereof. Each Lender agrees to use commercially reasonable efforts, at all times from and after the Borrowers thereof and, upon the Borrowers’ requestClosing Date, (a) to be a NAIC Approved Bank or (b) if such Lender is not or ceases to be a NAIC Approved Bank, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not a Lender), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of America will the Company and the Administrative Agent (such consent, in each case, not to be unreasonably withheld) upon such terms and conditions as such parties may agree or (ii) as provided in Section 2.01(k), to agree with another Lender which is a NAIC Approved Bank that such Lender shall (in its sole discretion) act as the Limited Fronting Lender for such Lender Lender, in each case with respect to any Several Letters of Credit which are outstanding at the time such Lender becomes a Non-NAIC Approved Bank and/or are issued during the period that such Lender is a Non-NAIC Approved Bank Bank. In the event that any Person (and/or including any other Lender) agrees to act as a Confirming Bank for such any Lender with respect to any Several Letters of Credit issued prior to such Lender becoming an Non-NAIC Approved Bank), or (b) another Lender that is a NAIC Approved Bank may agree to act as the Limited Fronting Lender for such Lender with respect to any Several Letters of Credit issued during the period that such Lender which is a Non-NAIC Approved Bank (and/or as a Confirming Bank for Bank, such other Lender with respect to any Several Letters of Credit issued prior to shall receive such Lender becoming an Non-NAIC Approved Bank) upon such terms and conditions compensation therefor as such Non-NAIC Approved Bank and such other Lender Person may agree. If Bank of America or such other Lender, as applicable, becomes a Confirming Bank, it any Lender shall enter into a confirming bank agreement with such Non-NAIC Approved Confirming Bank upon such terms as the applicable parties may agree (and Agreement hereunder at any time, it shall promptly furnish a copy thereof to the Borrowers Company and the Administrative Agent). Each Lender (other than Bank of America) that agrees to act as a Limited Fronting Lender and/or Confirming Bank for any Non-NAIC Approved Bank shall Agent and, thereafter, promptly notify the Company and the Administrative Agent of such agreement and of any the termination or expiration of such agreementConfirming Bank Agreement. Notwithstanding anything herein to the contrary, no Lender shall have any obligation to agree to act hereunder as a Confirming Bank for any other Lender.

Appears in 1 contract

Samples: Letter of Credit and Reimbursement Agreement (American International Group Inc)

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