Common use of Lloyd’s Clause in Contracts

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. 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 Administrators shall make any payment under The English Australian 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 a 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 Administrators 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 set-off and applying the provisions of clause 13. 14.2 Furthermore, for the purposes of The English Australian 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 '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 '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 's Syndicate in Year A. 14.3 The English Scheme Company Administrators shall, in its their absolute discretion, be entitled also to apply clause 14.2 in any case where, based on evidence produced to the English Scheme Company Administrators on behalf of the relevant Lloyd’s ▇▇▇▇▇'▇ Syndicates, the English Scheme Company considers Administrators consider 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.