- The Society Incorporated by Lloyd's Act 1871 by the Name of Lloyd's ("the Society")as Trustees of the Trusts Created by the Trust Deed
The lloyd's obligations of the company and the lloyd's obligations of the continuing member. The obligation of the company to pay the trustees sums equal in the aggregate to sums paid to the company's premiums trustees or otherwise applied under clause 7.2 of the trust deed: in discharging or making good any default in respect of any lloyd's obligations of the company, or because insufficient assets are available in the company's premiums trust fund, or because the company has sustained an ascertained loss on a closed underwriting account, or because a person has applied monies not belonging to the company in or towards the discharge of any claim upon any contract of insurance underwritten at lloyd's by or on account of the company.
All monies and other property after the date of the trust deed at any time paid or transferred to or otherwise vested in or under the direct or indirect control of the trustees upon the trusts of the trust deed and all accumulations of income and the investments and other property after the date of the trust deed for the time being representing the same. The future profits of the underwriting business of the company at lloyd's, subject to any prior charge contained in the company's premiums trust deed or any other trust deed or other instrument of the company at the society.