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APPENDIX 5: LLOYD’S PREMIUMS TRUST DEED (GENERAL BUSINESS) PTD G2010

Lloyd's: Law and Practice

APPENDIX 5: LLOYD’S PREMIUMS TRUST DEED (GENERAL BUSINESS) PTD G2010 LLOYD’S PREMIUMS TRUST DEED (GENERAL BUSINESS) PTD G2010 CONTENTS Clause Page 1. Commencement and Interpretation 531 2. Constitution of the Trust Fund 531 3. Declaration of Trust and Application of the Trust Fund 532 4. Powers of the Council (including power to revoke or vary) 532 5. Special Trust Funds 533 6. Appointment and removal of Trustees 534 7. Vesting of the Trust Fund 535 8. Central Accounting system and payments through Lloyd’s Brokers or other intermediaries 536 9. Auction Proceeds 537 10. Coverholders 537 11. Central Syndicate Sub-Fund 538 12. Rights of Recovery 538 13. Manner and order of application of the Trust Fund 540 14. Transfers 540 15. Distributions out of Trust 541 16. Application of income of the Trust Fund 542 17. Termination of the Trust 542 18. Nominees and custodians 542 19. Delegation 543 20. Bank accounts and blending 544 21. Investment and laying out of the Trust Fund 545 22. Deposits and loans free of interest or on special terms guarantees and letters of credit 546 23. Power to borrow and give security for Member’s borrowings 547 24. Provisions supplementary to clauses 21 to 23 547 25. Purchase and holding of tangible fi xed assets 548 26. Netting agreements 548 27. Termination of the agency of a Managing Agent 548 28. Persons in whom discretions are vested 549 29. Exercise of discretions 550 30. Self-dealing 550 31. Rights of policyholders to claim on the Trust Fund 551 32. No partnership 551 33. Evidence on which Trustees may act 552 34. Protecting provision 552 35. Inconsistencies with other agreements 552 36. Electronic communications 553 37. English law 553 38. English jurisdiction 553 SCHEDULE 1 553 Interpretation 553 SCHEDULE 2 561 The Trust Fund 561 SCHEDULE 3 563 Permitted Trust Outgoings 563 LLOYD’s PREMIUMS TRUST DEED (general business) PTD G2010 THIS TRUST DEED is made the

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