nic team on different hubs

Yes, you can....but only for failover. Not for creating additional bandwidth because there will be only 1 mac address available for both connections and the same mac address on two different switches is not possible. This can only be done on the same switch. E.g. You can use Cisco switches for this purpose, but you will have to configure the ports on which the team is active.

With Compaq (HP) Teaming you CAN balance on IP Address instead of MAC Address, it will be 'load balanced', but NOT fault tolerant and will only be 'transmit load balancing'. This may or may not be helpful (web streaming, etc.) Ideally you would want a Cisco switch with the ports FEC'ed and set the Compaq Driver to Load Balance with the MAC Address and use the 'Switch Assisted Setting'

hth,
Nate

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