Persons entitled
- Lloyd's (The Society)
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 obligations to the society and any undischarged obligation arising at any time under the bye laws regulations rules directions or other requirements of the society 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 obligations 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 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 provision of funds at lloyd's; the company's rights title and interest and expectancy in and to the trust funds held at any time under any premiums trust deed to which it is a party. See the mortgage charge document for full details.