Sub-participation. Notwithstanding Section 7.06, the Bank shall be entitled to enter into a sub-participation arrangement with any other Qualifying Bank under which that Qualifying Bank will make payment to the Bank in the event of any LOC Disbursement; provided that (a) the Bank shall give notice thereof to ACE, (b) no such bank or other Person shall have any rights hereunder, (c) ACE shall continue to deal solely and directly with the Bank and (d) the proposed sub-participant has delivered a certificate to the Bank and ACE confirming that it is a Qualifying Bank.
Appears in 4 contracts
Samples: Facility Agreement (ACE LTD), Facility Agreement (ACE LTD), Facility Agreement (ACE LTD)
