Lloyd’s Sample Clauses
The 'Lloyd’s' clause defines the involvement or applicability of Lloyd’s of London, a well-known insurance and reinsurance market, within the context of the agreement. This clause typically clarifies whether the insurance policy is underwritten by Lloyd’s syndicates, outlines the responsibilities of Lloyd’s underwriters, and may specify how claims or disputes are to be handled in accordance with Lloyd’s procedures. Its core function is to ensure that all parties understand the role and obligations of Lloyd’s in the contract, thereby providing clarity and certainty regarding the source and administration of insurance coverage.
Lloyd’s the society incorporated by Lloyd’s ▇▇▇ ▇▇▇▇ by the name of Lloyd’s;
Lloyd’s. 4.1 Persons admitted as Members who are ▇▇▇▇▇'▇ Managing Agents may be admitted "in respect of" one or more ▇▇▇▇▇'▇ syndicates. A ▇▇▇▇▇'▇ Managing Agent shall be the Member in its own right, but shall account to each such ▇▇▇▇▇'▇ syndicate for any monetary amount it receives or is required to pay in relation to such managed syndicate's underwriting by reason of its membership of Pool Re. Pool Re:
4.1.1 shall have no obligation to any person on whose behalf such Member acts as agent, or responsibility for ensuring that such Member accounts to any such person in relation to any right or benefit it receives or amount it is liable to pay in its capacity as Member; and
4.1.2 shall be under no duty to enquire as to the due authority and appointment of a registered ▇▇▇▇▇'▇ Managing Agent.
4.2 The several groups of underwriting members of Lloyd's to which in successive years a particular syndicate number is assigned by or under the authority of the Council of Lloyd's shall be treated for the purposes of this Agreement as the same syndicate notwithstanding that they may not comprise the same underwriting members with the same individual participations and so that clause 6 shall not apply upon the termination of a Reinsurance Agreement with a syndicate with a particular syndicate number if a further Reinsurance Agreement with the same syndicate number is in force or is entered into with effect immediately after expiry of the previous Reinsurance Agreement.
4.3 Without prejudice to clause 6, in the event that Pool Re shall receive notice of the replacement of the Managing Agent of a Lloyd's syndicate which benefits from reinsurance under a Reinsurance Agreement, that person shall thereupon cease to be a Member for the purposes of this Agreement in respect of that ▇▇▇▇▇'▇ syndicate and the directors may admit to membership the successor Managing Agent of that syndicate, and that successor Managing Agent shall thereupon be entitled to apply to become a member of Pool Re and a Member for the purposes of this Agreement in respect of that ▇▇▇▇▇'▇ syndicate by completion of a Form of Application and execution of an Accession Agreement which Agreement Pool Re may execute on its own behalf and on behalf of each of the other persons who are then Members.
4.4 A ▇▇▇▇▇'▇ Managing Agent may become a Member in respect of more than one ▇▇▇▇▇'▇ syndicate by complying, in relation to each syndicate, with the provisions of clause 2 or 3, as the case may be (with such adaptations as Po...
Lloyd’s. 14.1 In the case of Lloyd’s Syndicates, the members of each Lloyd’s Syndicate (or, where relevant, the trustees of appropriate trust funds or of collateral) shall be treated as if they were a single Scheme Creditor of each English Scheme Company in respect of any Liability referable to that syndicate. The English Scheme Company shall make any payment under The English Scheme to the Managing Agent of the relevant Lloyd’s Syndicate who shall be responsible for ensuring the proper application of the payment. Where the members of a Lloyd’s Syndicate owe money to an English Scheme Company, they shall be treated as a single debtor of that English Scheme Company in respect of the sum due referable to that Lloyd’s Syndicate and the English Scheme Company shall look to the Managing Agent of the Lloyd’s Syndicate for payment. These provisions shall also apply for the purposes of determining rights of set off and applying the provisions of clause 13.
14.2 Furthermore, for the purposes of The English Scheme, the effect of closing a year of account (Year A) by means of one or successive reinsurance(s) to close into a later year (Year B) of a Lloyd’s Syndicate consisting of the same members and no others as the Year A Lloyd’s Syndicate shall be deemed to have the result that the rights and liabilities of the members of the Lloyd’s Syndicate in Year B are treated as if they were a continuation of, and the same as, the rights and liabilities of the members of the Lloyd’s Syndicate in Year A.
14.3 The English Scheme Company shall, in its absolute discretion, be entitled also to apply clause 14.2 in any case where, based on evidence produced to the English Scheme Company on behalf of the relevant Lloyd’s Syndicates, the English Scheme Company considers that there is sufficient commonality in the composition of the membership of, and participation in, the Lloyd’s Syndicate in respect of Year B, when compared to the composition of the membership of, and participation in, the Lloyd’s Syndicate in respect of Year A, that it would be appropriate to treat the Year B Lloyd’s Syndicate as a successor to the Year A Lloyd’s Syndicate.
Lloyd’s. For the avoidance of doubt, (x) one identified Person may act as the Committed Purchaser with respect to itself, as a Conduit Purchaser and (y) notwithstanding anything to the contrary contained or implied herein, each of Helaba and Lloyds shall not have a related Conduit Purchaser.
Lloyd’s. Prior to the Closing, the Enstar Parties and Trident shall use their respective reasonable best efforts to effect the steps and transactions outlined on Exhibit J attached hereto with respect to the existing funds at Lloyd’s arrangements described on such Exhibit.
Lloyd’s. Lloyd’s of London or members of its syndicate. Loan. A revolving loan by a Tranche B Lender to the Parent pursuant to §2.1.2. A Loan may be a Base Rate Loan or a Eurocurrency Rate Loan. All Loans shall be denominated in Dollars.
Lloyd’s of London has a security interest in securities pledged by Argo Underwriting Agency Limited and Argo Re, Ltd. referred to as Funds at Lloyds (“FAL”) to support the business of Syndicate 1200. The FAL securities are deposited with Lloyd’s and held under the terms of the Lloyd’s Deposit (Third Party) Trust Deed. At December 31, 2016 FAL totaled $161.8 million.