Persons entitled
- Lloyd's
Amount secured
A sum equal to the undischarged underwriting obligations incurred at any time by any connected company as an underwriting member of the society and including any obligation to the society and any undischarged obligation arising at any time under: (I) the bye laws, regulations, rules, directions or other requirements of the society; (ii) any deed contract instrument or other arrangement of any kind approved by the society; but not including obligations arising in respect of any letter of credit, guarantee or other security given to secure the performance of any such underwriting obligation in favour of the person giving such guarantee or other security. Interest pursuant to clause 9.5 of the agreement and accruing from day to day at the rate of two per cent. Per annum or such other rate as the council may from time to time prescribe above the base rate from time to time of such london clearing bank as the society may select
Short particulars
Subject to any charge over, and assignment by the company of, the future profits of its underwriting business at lloyd's contained in any trust deed or other instrument to which the company is, or becomes, a party pursuant to the requirements of the council relating to the provisions of funds at lloyd'S. See the mortgage charge document for full details.