Persons entitled
- Bankers Trust Company (The "Trustee")
- Lasalle National Trust, N.A. (The "Special Trustee")
Amount secured
(I) to pay or reimburse the beneficiary (as defined) or a seperate trust maintained for the beneficiary (as defined) for the share of the company or equitas limited (collectively, the "grantor") under the illinois collateral reinsurance entered into on 3 september 1996 (the "collareral reinsurance agreement") of any loses or allocated loss expenses which have already been paid by the beneficaries (as defined), but not recovered from the grantor or for unearned premiums due to the beneficiaries (as defined), if not otherwise paid by the grantor; and (ii) to make payment to the trust fund established by the equitas american trust deed entered into by, inter alia, the grantor and citibank, N.A. on the 3 september 1996 (the "eatf") of any amounts held in the account and the cash account (as defined under the heading "short particulars of all the property mortgaged or charged) that exceed 102 per cent of the actual amount required to fund the obligations (as defined) under the collateral reinsurance agreement; and (iii) where the illinois atterney-in-fact, a statutory representative of the beneficiaries (as defined), has received notification of termination of the account and the cash account, and where the grantor's obligations under the collateral reinsurance agreement remain unliquidated and undischarged ten days prior to such termination date, to withdraw amounts equal to the grantor's obligations and deposit those amounts in a seperate account, in the name of the beneficiaries (as defined) in any qualified united states financial institution (as defined in the illinois insurance code) apart from its general assets, in turst for such uses and purposes as specified in (I) and (ii) above as may remain executory after such withdrawal and for any period after such termination date.
Short particulars
The property ("property") delivered or transferred by the company or equitas limited (collectively, the "grantor") to bankers trust company as trustee (the "trustee") pusuant to the surplus trust agreement. The grantor and the trustee have employed the special trustee to hold the property in illinois as trustee.. See the mortgage charge document for full details.