Business Context and Reporting Period
Company: American International Group, Inc. (AIG)
Filing Type: Form 8-K (Current Report)
Date of Report: January 16, 2009
Event Date: January 16, 2009
This filing reports the entry into a material definitive agreement involving the Federal Reserve Bank of New York (FRBNY) and the AIG Credit Facility Trust.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the legal terms of a new agreement rather than financial performance metrics.
Material Changes and Agreements
- Undertaking to Advance and Reimburse Expenses: On January 16, 2009, AIG entered into an Undertaking in favor of the AIG Credit Facility Trust and the FRBNY.
- Obligations: AIG is obligated to advance monies to the Trust to cover Trust expenses.
- Reimbursement Duty: AIG must reimburse the FRBNY for payments the FRBNY is required to make if the Trust cannot immediately make indemnification payments to the trustees.
- Reimbursement Rights: AIG is entitled to be reimbursed for these advances and reimbursements as set forth in Section 2.06 of the AIG Credit Facility Trust Agreement.
Guidance, Outlook, and Risks
The filing does not contain management commentary, financial guidance, or an outlook for future periods. The primary risk disclosed is the contingent liability associated with the obligation to advance funds and reimburse the FRBNY should the Trust fail to meet indemnification requirements.
Investor Verification Checklist
- Review the full text of the AIG Credit Facility Trust Agreement (Exhibit 10.1) to understand the specific mechanics of Section 2.06 regarding reimbursement.
- Verify the total potential exposure of the "advances and reimbursements" obligation, as specific dollar amounts are not listed in this summary.
- Confirm the status of the AIG Credit Facility Trust and its ability to make indemnification payments without AIG intervention.
- Monitor subsequent filings for any actual draws on this Undertaking or changes in the Trust's financial status.