Common use of Operational Agreement Clause in Contracts

Operational Agreement. (a) The Trustee and Lloyd’s must enter into an Operational Agreement governing the methods and operational practices to be employed in carrying out the terms of this deed and specifying the fees which may be charged by the Trustee. (b) It will be a term of the Operational Agreement that the Operational Agreement may only be varied by agreement in writing between Lloyd’s and the Trustee. (c) The Operational Agreement takes effect subject to this deed and has no effect on any rights or obligations of any person arising out of this deed.

Operational Agreement. (a) The Trustee and Lloyd’s must enter into an Operational Agreement governing the methods and operational practices to be employed in carrying out the terms of this deed and specifying the fees which may be charged by the TrusteeTrustee to Lloyd’s. (b) It will be a term of the Operational Agreement that the Operational Agreement may only be varied by agreement in writing between Lloyd’s and the Trustee. (c) The Operational Agreement takes effect subject to this deed and has no effect on any rights or obligations of any person arising out of this deed.

Operational Agreement. (a) The Trustee and Lloyd’s must enter into an Operational Agreement governing the methods and operational practices to be employed in carrying out the terms of this deed and specifying the fees which may be charged by the Trustee. (b) It will be a term of the Operational Agreement that the Operational Agreement may only be varied by agreement in writing between Lloyd’s and the Trustee. (c) The Operational Agreement takes effect subject to this deed and has no effect on any rights or obligations of any person arising out of this deed.