Persons entitled
- Bankers Trust Company and Lasalle National Trust, N.A. in Their Capacity as Trustees of the$1104.70 Trust Referred to Herein, and in Thiercapacity as Trustees of the Surplus Trust Refferred to Herein
Amount secured
(A) in relation to the assets of the $1104.70 trust (as defined under the heading "particulars of all the property mortgaged or charged), the purposes specified in the 1104 trust agreement dated 3 september 1996, namely: (I) to pay or reimburse the beneficiary 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 reinurance entered into on 3 september 1996 (the "collateral reinsurance agreement") of any losses or allocated loss expenses which have already been paid by the beneficiary (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 trust deed entered into by, inter alia, the grantor and citibank, N.A. on 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 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 illinios attorney-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 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 beneficiaires (as defined) in any qualified united states financial institution (as defined in the illinois insurance code) apart from its general assets, in trust 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. (B) in relation to the assets of the surplus trust (as defined under the heading "particulars of all the property mortgaged or charged"), the purposes specified in the surplus trust agreement dated 3 september 1996, namely, to pay on behalf of any beneficiary (as defined) illinois insurance and reinsurance liabilities incurred by the beneficiary (as defined) and not otherwise paid from other sources; however, payment on behalf of any beneficiary (as defined) shall be limited to the amount of property deposited by the grantor in the account and cash account (being the accounts containing the assets deposited to the surplus trust) on behalf of that beneficiary (as defined), as determined by the illinois atterney-in-fact, the statutory representative of the beneficiaries (as defined)
Short particulars
(A) in respect of the trust established pursuant to the illinois collateral reinsurance under and in compilance with section 173.3(2) of the illinois insurance code and $1104.70 of the illinois insurance department regulations in respect of its obligations under any such reinsurance (the "$1104.70 trust"),. See the mortgage charge document for full details.