Document:

Exhibit 10.1

 

	
  DTD
  (CM) (TP) G 93

  	
   

  	
  Member
  Code: 055407B

  

 

LLOYD’S DEPOSIT TRUST
DEED

 

(Third Party Deposit)

 

THIS
DEED is made the 30th day of March Two Thousand and Ten

 

BETWEEN Montpelier
Capital Limited                                               whose
registered office is at 7th Floor, 85 Gracechurch Street, London, EC3V CAA

 

and
whose registered number is 6198350

 

(hereinafter
called “the Corporate Member”) of the first part and Montpelier Reinsurance
Ltd, of Montpelier House, 94 Pitts Bay Road, Pembroke, HM08, Bermuda
[Registered No. B1261]

 

(“hereinafter called the
Depositor”) of the second part
and the Society incorporated by Lloyd’s Act 1871 by the name of LLOYD’S
(hereinafter Called the Society”) of the
third part

 

WHEREAS:

 

(A)                              The
Corporate Member has applied to become or already is a corporate underwriting
member of the Society and this Deed is made in consideration of the Corporate
Member’s admission to such membership or of the continuance of its existing
membership.

 

(B)                                In
order to comply with the requirement of the Society that underwriting members
should provide security in respect of their underwriting business at Lloyd’s by
way of inter alia Lloyd’s deposit the Depositor has at the request of the
Corporate Member paid or transferred to or under the direct or indirect control
of the Society such moneys or other property approved by the Council of Lloyd’s
as are entered in the records maintained by
the Society to be held by the Society as trustee upon and with and
subject to the trusts powers and provisions set out herein.

 

(C)                                The
Corporate Member has executed at the same time as this Deed or will shortly
execute a deed or deeds (in a form approved by the Secretary of State under the
Insurance Companies Act 1982) entitled Lloyd’s Premiums Trust Deed declaring
trusts upon which the premiums and other moneys received by or on behalf of the
Corporate Member in connection with insurance business other than long term
insurance business are to be held.

 

NOW THIS DEED made for the consideration aforesaid WITNESSETH and it is hereby
AGREED AND DECLARED as follows:

 

1.               Definitions

 

In this Deed unless the context otherwise
requires:

 

“the Beneficiaries” means all persons to
whom the Corporate Member is or may at any time before the Termination Date become
financially liable by reason of any default in respect of any of the Corporate
Member’s Lloyd’s obligations and the singular has a corresponding meaning

 

“the Committee” means the Committee of
Lloyd’s

 

“the Council” means the Council of Lloyd’s
or (in relation to any duty responsibility right power or discretion which is
hereby imposed or conferred upon the Council but which has for the time being
been delegated by the Council to the Committee pursuant to section 6(6)(a) of
Lloyd’s Act 1982) the Committee

 

“insurance” includes assurance reinsurance
and reassurance

 

“Lloyd’s obligations” in relation to the
Corporate Member means all underwriting obligations incurred by the Corporate Member as an
underwriting member of the Society at any time before the Termination Date and
includes obligations to the Society and the Trustees and obligations arising
under:

 

(a)                                  the
byelaws regulations rules directions or other requirements of the Society
and

 

(b)                                 any
deed contract instrument or other arrangement of any kind approved by the
Society;

 

but does not include obligations arising
in respect of any letter of credit guarantee or other security given to secure 

 

 

the performance of any of the said
underwriting obligations in favour of the person giving such guarantee or other
security

 

‘the managing agent” means the person for
the time being acting as the Corporate Member’s managing agent in respect of
certain of the Corporate Member’s underwriting business at Lloyd’s

 

“the Premiums Trust Deed” means the deed
or deeds referred to in recital (C) hereof and includes any further such
deed which may hereafter be executed by the Corporate Member in addition
thereto or substitution therefor

 

“the Premiums Trustees” means the trustees
for the time being of the Premiums Trust Deed

 

“the Premiums Trust Fund” means the fund
of premiums and other moneys held from time to time by or under the control of
the Premiums Trustees upon the trusts of the Premiums Trust Deed

 

“property” includes
securities and all choses in action whether the system by which they are recorded held and transferred is
based on written documents or on computer records or on some combination of the
two

 

“requirements of the
Council” means any requirement imposed by any byelaw or regulation made under
Lloyd’s Acts 1871 to 1982, any condition or requirement imposed or direction
given under any such byelaw or regulation, any direction given under section 6
of Lloyd’s Act 1982, any requirement imposed by or under any undertaking given
to the Society or to the Council by the Corporate Member of the Covenantor and
any other requirement imposed or direction given by the Council under Lloyd’s
Acts 1871 to 1982

 

“securities” includes
shares stock and debentures of all descriptions whether the system by which
they are recorded held and transferred is based on written documents or on
computer records or on some combination of the two

 

“Special
Reserve Funds” means funds set up in accordance with arrangements referred to
in sections 452 to 456 of the Income and Corporation Taxes Act 1988 or section
175 of, and Schedule 20 to, the Finance Act 1993 (or in each case any amendment
or re-enactment thereof) and the singular has a corresponding meaning

 

“the
Termination Date” means the 80th anniversary of the date of this Deed (so that
perpetuity period applicable hereto shall be 80 years)

 

“the
Trustees” means the Society and the other trustees for the time being of the
trusts hereby created and the singular has a corresponding meaning

 

“the
Trust Fund” means the moneys or other property referred to in recital (B) hereof
and all moneys and other property hereafter at any time paid or transferred to
or under the direct or indirect control of the Trustees upon the trusts hereof
and all accumulations of income and the investments and other property
hereafter for the time being representing the same.

 

2.               Declaration and Covenant

 

(a)                                  In
consideration of the Corporate Member’s admission as an underwriting member of
the Society (or of the continuance of such membership) the Corporate Member and
the Depositor with the intention of establishing a binding trust for the
benefit of the Beneficiaries hereby irrevocably declare and direct that the
Trust Fund shall henceforth be held by the Trustees upon and with and subject
to the trusts powers and provisions set out herein;

 

(b)                                 For
the said consideration the Corporate Member hereby:

 

(i)                                     covenants
with the Trustees that whenever any sum is paid to the Premiums Trustees or
otherwise applied under clause 5(b) hereof the Corporate Member will
thereafter (if so required by the Society) procure that before any further
payment is made to the Corporate Member out of the future profits of the
Corporate Member’s underwriting business at Lloyd’s there shall be paid to the
Trustees out of such profits sums equal in the aggregate to the sum so paid or
applied to be held by the Trustees as an accretion to the Trust Fund; and

 

(ii)                                  by
way of security of the performance of the foregoing covenant charges the future
profits of the said business with payment of all sums from time to time payable
to the Trustees thereunder (subject to any prior charge contained in the
Premiums Trust Deed) and for that purpose and to that extent assigns the said
profits to the Trustees to hold upon the trusts hereof.

 

3.               Trust to Sell or Retain

 

The
Trustees shall hold the Trust Fund upon trust that they may either allow the
same or any part of it to remain as actually invested so long as they think fit
or may at their discretion sell call in or convert into money the same or any
part of it and shall invest the moneys produced thereby and any other capital
moneys held upon the trusts hereof in any investments hereby authorised with
power to vary or transpose any investments for others hereby authorised.

 

 

4.               Powers of Appointment and
Determination

 

The Trustees shall stand possessed of the Trust Fund and the
income thereof:

 

(a)                                 upon
such trusts for the benefit of the Beneficiaries or any one or more of them
exclusive of the others in such shares and subject to such terms and
limitations and with such discretionary trusts and powers exercisable by such
persons as the Society shall from time to time (for the purpose of promoting
the effective securing of the Corporate Member’s Lloyd’s obligations or the
beneficial and convenient execution and administration of the trusts hereof) by
deed or deeds revocable or irrevocable executed before the Termination Date but
without infringing the rule against perpetuities appoint;

 

(b)                                upon
trust if the Society shall at any time or times before the Termination Date by
deed declare that the trusts hereby created are determined in respect of the
Trust Fund or any part of it to pay and transfer the same to the Depositor
absolutely.

 

5.               Trusts

 

In
default of and subject to any such appointment or declaration the Trustees
shall hold the Trust Fund and its income upon the following trusts:

 

(a)                                  Until
the Termination Date the income of the Trust Fund shall be held upon and
subject to the following trusts and powers:

 

(i)                                     subject
as hereinafter provided upon trust for the Depositor absolutely;

 

(ii)                                  if
and whenever the Trustees determine that an event has occurred which brings
into operation any of the trusts or powers contained in clause 5(b) hereof
then subject to those trusts and powers upon trust to accumulate the subsequent
income and add it to the capital of the Trust Fund;

 

(iii)                               whenever the income is subject to
accumulation as aforesaid the Trustees may at their discretion (exercisable in
accordance with the requirements of the Council) by written instrument declare
that accumulation shall cease whereupon the subsequent income shall be subject
to all the provisions of this clause 5(a);

 

(b)                                 Until
the Termination Date the Trust Fund and its income shall be held upon and
subject to the following trusts or powers:

 

(i)                                     if
and whenever the Corporate Member shall make default in respect of any of the
Corporate Member’s Lloyd’s obligations the Trustees may apply the Trust Fund or
its income or any part thereof in discharging or making good such default in
such manner and to such extent as the Trustees think fit (whether by payment
direct to the Beneficiary affected reinsurance purchase of claims or returns of
premiums or otherwise);

 

(ii)                                  if
and whenever it appears to the Trustees from a certificate or report of auditors
approved by the Council that either

 

(aa)                            insufficient
assets are available in the Premiums Trust Fund to meet the Corporate Member’s
Lloyd’s obligations; or

 

(bb)                          the
Corporate Member has sustained on a closed underwriting account an ascertained
loss which has not been funded

 

the
Trustees may pay or apply the Trust Fund or its income or any part thereof in any
manner directed by the Premiums Trust Deed for the payment or application of
the Premiums Trust Fund or may pay the same to the Premiums Trustees as an
accretion to the Premiums Trust Fund;

 

(iii)                               if
and whenever it shall be established to the satisfaction of the Trustees that
any person (including the Society) has at any time (with or without the
knowledge and consent of the Corporate Member) in good faith applied moneys not
belonging to the Corporate Member in or towards the discharge of any claim
accepted by the managing agent upon any contract of insurance underwritten at
Lloyd’s by or on account of the Corporate Member the Trustees may act under
sub-clause (b)(i) above as if the Corporate Member was in default in
respect of such claim and as if the person so applying such moneys was a
Beneficiary;

 

(c)                                  Until
the Termination Date the Trust Fund and its income shall be held upon and
subject to the following trusts or powers:

 

 

(i)                                     if before the
Termination Date the Corporate Member shall cease (for any reason whatsoever)
to be a person obliged under the requirements of the Council to maintain funds
at Lloyd’s and it shall be established to the satisfaction of the Trustees that
all the Corporate Member’s Lloyd’s obligations have been discharged or
otherwise finally provided for the Trustees shall hold the Trust Fund and its
income upon trust for the Depositor absolutely;

 

(ii)                                  subject as aforesaid the Trustees shall at
the Termination Date pay and transfer the Trust Fund and its income to the
Premiums Trustees as an accretion to the Premiums Trust Fund and to be held by
them upon the trusts of the Premiums Trust Deed;

 

(d)                                 Subject
as aforesaid the Trust Fund and its income shall be held upon trust for the
Depositor absolutely.

 

6.               Release and Advancement

 

Notwithstanding anything hereinbefore contained:

 

(a)                                  The
Society may at any time or times before the Termination Date:

 

(i)                                     by deed release wholly or in part all or
any of the discretionary trusts or powers hereby conferred on the Trustees in
respect of the whole or any part
of the income or capital of the Trust Fund; or

 

(ii)                                  by written instrument release wholly or in
part all or any of the Corporate Member’s outstanding obligations under clause
2 hereof;

 

(b)                                 Section 32
of the Trustee Act 1925 shall apply to the Trust Fund but as if all the
provisos in subsection (1) were omitted.

 

7.               Powers of Investment

 

Subject to the requirements of the Council:

 

(a)                                  Moneys
to be invested hereunder may be applied or invested in the purchase of any investments
or property for the time being authorised by the Council for the investment of Lloyd’s
Deposits (whether producing income or not and whether properly described as
investments or not and whether or not within the range of investments
authorised by law for the investments of trust funds);

 

(b)                                 Securities
comprised in the Trust Fund may be deposited with or lent (with or without
security) to any incorporated company or building society or bank or discount
house or local or governmental authority other than any of the following:

 

(i)                                     The
Corporate Member itself;

 

(ii)                                  any
company which is an associate of the Corporate Member for the purposes of
section 435 of the Insolvency Act 1986 (or any amendment or re-enactment
thereof);

 

(iii)                               any
other corporate member of the Society;

 

(c)                                  Any
part of the Trust Fund may be pooled with any other property held in the names
or under the control of the Trustees or of the Trustees jointly with other
trustees upon the trusts of other Lloyd’s Deposits or of Lloyd’s Special
Reserve Funds or Premiums Trust Funds including the Premiums Trust Fund and may
accordingly be deposited or otherwise applied together with such other sums and
without any obligation to keep them separate;

 

(d)                                 Moneys
may be invested in securities or property in any part of the world which are
recorded held and transferred by an officially established or officially
regulated system which is based wholly or partly on computer records (including
in particular the systems currently operated in the USA under the names of the “Fedwire”
and the Depository Trust Company).

 

8.               Other Powers

 

In the
administration of the trusts hereof the Trustees shall have the following
powers in addition to those conferred on them by law:

 

(a)          Power to cause or permit
the Trust Fund or any part of it to be held in the name or under the

 

 

direct
or indirect control of any
nominee approved for the purpose by the Council (whether or not one of the
Trustees and whether resident within or
outside the United Kingdom) and to pay the remuneration and expenses of
such nominee out of the capital or income of the Trust Fund;

 

(b)                                 Power
to participate (whether directly or indirectly through one or more nominees) in
any system for the recording holding or transferring of securities or any
choses in action which  is based wholly
or partly on computer records and which is officially established or officially
regulated in any part of the world (including in particular any system for the
transfer of securities established by the Bank of England and the Stock
Exchange under the Stock Transfer Act 1982) and including power (when
participating indirectly) to allow a nominee for the purpose of such participation
to mix property comprised in the Trust Fund with other property held by that
nominee for that purpose;

 

(c)                                  Power
to exercise the voting powers conferred on them as the holders of any
securities from time to time comprised in the Trust Fund and to concur in and
make any arrangements in connection with any reconstruction amalgamation or
winding up of any company whose securities are so comprised as if the Trustees
were absolute owners beneficially entitled;

 

(d)                                 Power
to appropriate any investment
or property from time to time forming part of the Trust Fund in its actual
state of investment to or towards any share or interest in the Trust Fund upon
making such valuations as the Trustees think fit and without obtaining the
consent of any person;

 

(e)                                  Power
at any time or times by revocable written instrument to delegate to any person for any period and in any
manner and upon any terms
(including power for the delegate to sub-delegate) the exercise of any of the
administrative powers or discretions hereby conferred on them without being
liable for the acts or defaults of any
such delegate or sub-delegate or
for any loss to the Trust Fund resulting therefrom and power at any time by written instrument to
revoke any such delegation and in particular power so to delegate their powers
under clause 3 hereof to any person who appears to them to be a fit and proper
and who is an authorised or exempted person within the meaning of the Financial
Services Act 1986 (or any amendment or re-enactment thereof):

 

(f)                                    Power to raise and payout of the Trust
Fund (without prejudice to their lien thereon) any taxes charges expenses or
other outgoings for which they may be accountable or liable as Trustees hereof
or otherwise incurred by the Society or the Trustees (in whatever capacity) in
connection with these presents or the Corporate Member’s membership of the
Society or anything done in connection therewith and in this clause B(f) “taxes”
includes any liability of the Trustees or the Society to pay to any person (whether by way of
indemnity or otherwise) any amount for or on account of taxes however the
rights of that person against the Trustees or the Society may arise.

 

9.               Beneficiaries Right to
Accounts

 

(a)                                  Nothing
herein contained shall entitle any Beneficiary to receive any account of the
Trust Fund or its income unless the Trustees have decided to pay or apply some
part thereof for his benefit and have notified him of such decision in writing.

 

(b)                                 All
income of the Trust Fund shall be deemed to accrue wholly on the date of
receipt and shall not be apportionable in respect of time.

 

10.         Society as Trustee

 

(a)                                  The
Society shall be entitled to remuneration for acting as a trustee in accordance
with the terms and conditions prescribed by the requirements of Council.

 

(b)                                 The
Society may retain for its own benefit any
fee commission or share of commission to which it may become entitled by
reason of any deposit loan or other investment or application of the Trust Fund
or any part of it made in the
Society’s name.

 

(c)                                  In
the professed execution of the trusts and powers hereof neither the Society nor
the Council nor the Committee nor any other committee sub·committee or body of persons nor any other
agent employee or person through which or whom the Society the Council or the Committee
may act shall in any circumstances incur any liability to the Depositor to the
Corporate Member or to any Beneficiary for negligence.

 

11. New Trustees

 

(a)                                  The
statutory power of appointing new Trustees shall apply to the trusts hereby
created and shall at all times be vested in the Society. 

 

(b)                                 The
Society may at any time by deed remove any
Trustee (but shall not remove a sole Trustee without 

 

 

appointing
at least one other in his place).

 

(c)                                  A
corporation may be appointed as Trustee or custodian trustee whether or not it
is within the statutory definition of trust corporation.

 

(d)                                 A
trust corporation shall be entitled to remuneration for its services in
accordance with its normal published terms from time to time and any other
Trustee (including a corporation) engaged in any profession or business shall be entitled to be paid all
usual professional or proper charges for business transacted time expended and
acts done by him or any partner or employee of his in connection with the
trusts hereof including acts which a trustee not being in any profession or
business could have done personally.

 

(e)                                  Any
individual Trustee may act as
an officer or employee of any company whose securities are comprised in the
Trust Fund or of any subsidiary of any such company and may retain for himself
any remuneration which he may receive as such officer or employee
notwithstanding that any votes or other rights attached to any such securities
may have been instrumental either alone or in conjunction with other matters or
by reason of their non-exercise in procuring or continuing for him his position
as such officer or employee or that his qualification for any such position may
be constituted wholly or partly by the holding of such securities.

 

(f)                                    In
the professed execution of the trusts and powers hereof no Trustee (including
the Society) shall be liable for any loss to the Trust Fund arising by reason
of any improper investment made in good faith or the negligence or fraud of any
delegate or agent appointed or employed by him or by any other Trustee
(although such appointment or employment was not strictly necessary or
expedient) or by reason of any mistakes or omissions made in good faith by any
Trustee or by reason of any other matter or thing except wilful and individual
wrongdoing on the part of the Trustee who is sought to be made so liable.

 

11.         English Law

 

(a)                                  This
Deed shall be read and construed and take effect in all respects in accordance
with English law.

 

(b)                                 The
parties hereto irrevocably and unconditionally submit for all purposes of and
in connection with this Deed to the exclusive jurisdiction of the English
Courts.

 

12.         Marginal Notes

 

The marginal notes herein contained are for reference only
and shall not control the meaning or effect of this Deed.

 

IN
WITNESS whereof the parties hereto have duly executed this instrument as a deed

 

 

	
   

  	
   

  	
   

  	
  [Corporate Member]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Director:

  	
  /s/ G Perdoni

  	
   

  	
  Director:

  	
  R. Chattock

  
	
   

  	
  Montpelier Capital Limited

  	
   

  	
  Montpelier Capital Limited

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  [Depositor]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Director:

  	
  /s/ Christopher Harris

  	
   

  	
  Director:

  	
  /s/ Thomas G.S. Busher

  
	
   

  	
  Chief Executive Officer

  	
   

  	
  Chief Operating Officer

  
	
   

  	
  Montpelier Reinsurance Ltd.

  	
   

  	
  Montpelier Reinsurance Ltd.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The Common Seal of Lloyd’s was hereunto affixed in
  the presence of

  	
  [Seal]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorised Signatory

  	
   

  	
   

  
	
   

  	
  /s/ M ColesworthyExhibit 10.2

 

TOTAL
RELEASE OF EXISTING LLOYD’S DEPOSIT

 from a Lloyd’s Security and Trust Deed STD
(CM) G 93 where an

existing
Letter of Credit is substituted by a deposit to be held under a

new
Lloyd’s Deposit Trust Deed DTD (CM) (TP) G 93

 

THIS
DEED OF DETERMINATION RELEASE AND SUBSTITUTION is made the 30th day of  March  2010

 

BETWEEN

 

THE
SOCIETY INCORPORATED BY LLOYD’S ACT 1871 BY THE NAME OF LLOYD’S (hereinafter called “the
Society”) of the first part and Montpelier Capital Limited
(1) whose registered office is at 7th Floor, 85
Gracechurch Street, London EC3V 0AA (2)  and whose registered number
is 6198350 (3)  (hereinafter called the “Corporate Member”) of
the second part and Montpelier Reinsurance Ltd
 (4) whose registered
office is at  Montpelier House, 94 Pitts
Bay Road, Pembroke, HM08, Bermuda(5) and whose registered number is  31261(6) (hereinafter called the “Depositor”)
of the third part

 

AND
IS SUPPLEMENTAL TO a Lloyd’s Security and Trust Deed being a Deed in Lloyd’s
form STD (CM) G 93 (hereinafter called the “Existing Trust Deed”) dated  18 March 2008  (7) and made between the
Corporate Member of the one part and the Society of the other part

 

WHEREAS:-

 

(A)                              The Corporate Member is a corporate underwriting
member of the Society and it executed the Existing Trust Deed in consideration
of its admission to such membership or the continuance of its existing
membership

 

(B)                                The Society is now and has at all times since the
execution of the Existing Trust Deed been the sole trustee of that Deed

 

(C)                                Clause 4(b) of the Existing Trust Deed
provides that if at any time or times before the Termination Date (as defined
therein) the Society shall by deed declare that the trust created by the
Existing Trust Deed is determined in respect of the Trust Fund (as defined
therein) subject thereto or any part thereof the trustee or trustees for the
time being thereof shall thenceforth stand possessed of the same upon trust to
pay and transfer it to the Corporate Member absolutely

 

(D)                               At the date hereof the capital of the said Trust
Fund consists of the irrevocable syndicated Letter of Credit specified in the
First Schedule to this Deed and the said Termination Date has not yet occurred

 

(E)                                 The Corporate Member now wishes to replace its
existing Lloyd’s deposit represented by the Trust Fund held under the Existing
Trust Deed with a deposit of 

 

(1) please
give the full name of the Corporate Member

(2) please
give address of registered office

(3) please
give registered number

(4) please
give full name of the Depositor

(5) please
give address of registered office

(6) please
give registered number

(7) please
give date of the Existing Security and Trust Deed

 

1

 

the
cash and/or assets set out in the Second Schedule which is of an equal or
greater value to be held subject to the terms of an appropriate Lloyd’s Third
Party Deposit Trust Deed again for the benefit of the Beneficiaries (as defined
in the Existing Trust Deed)

 

(F)                                 In the premises the Corporate Member has requested
the Society now to exercise in its favour the said power of determination
conferred by Clause 4(b) of the Existing Trust Deed in respect of the
whole of the Trust Fund subject to the Existing Trust Deed as set out in the
First Schedule (and also to release all of the Corporate Member’s outstanding
obligations under Clause 2 of the Existing Trust Deed in exercise of the power
in that behalf conferred on the Society by Clause 6(a)(ii) thereof)

 

(G)                                Such last recited request has been made on the
footing that contemporaneously with any such exercise of those powers the
Depositor will and the Corporate Member will procure that the Depositor will provide
the cash and/or assets set out in the Second Schedule to Lloyd’s to be held by
Lloyd’s in its capacity as trustee of the next mentioned Deposit Trust
Deed  and that the Corporate Member and
the Depositor have executed in respect of the cash and/or assets a new Lloyd’s
Deposit Trust Deed substantially in the form of Lloyd’s form DTD (CM) (TP) G 93

 

(H)                               In the premises the Corporate Member and the
Depositor have agreed to covenant with the Society in the manner hereinafter
appearing

 

(I)                                    The Society has satisfied itself that the cash
and/or assets set out in the Second Schedule to this Deed have a value which is
equal to or exceeds the current value of the Trust Fund subject to the Existing
Trust Deed to be released

 

(J)                                   In the premises the Society (being satisfied that
having regard to such covenant it is proper to do so) has determined now to
exercise its said powers conferred by Clause 4(b) of the Existing Trust
Deed in the manner requested by the Corporate Member in respect of the whole of
the said Trust Fund subject to the Existing Trust Deed

 

NOW
THIS DEED WITNESSETH and it is hereby AGREED AND DECLARED as
follows -

 

1.                                       In this Deed the following expressions have the
following meanings that is to say:-

 

(i)                                     “the Existing Trust Deed Trustees” mean the Society or
the trustees or trustee for the time being of the Existing Trust Deed  (being “the Trustees” defined in Clause 1 of
that Deed)

 

(ii)                                   “the Existing Trust Deed Trust Fund” mean the said
Trust Fund subject to the Existing Trust Deed (including “the Trust Fund”
defined in Clause 1 of the Deed)

 

2.                                       In the premises and acting at the request of and
with the consent of the Corporate Member (shown by its execution of this Deed) —

 

(i)                                     the Society in exercise of the power of
determination conferred on the Society by Clause 4(b) of the Existing
Trust Deed and of any and every other power it enabling HEREBY
IRREVOCABLY DECLARES that the trusts created by the Existing Trust
Deed are henceforth determined in respect of the whole of the Existing Trust
Deed Trust Fund and the future income thereof TO THE
INTENT and so that (subject only as is provided in Clause 4 of this
Deed) the same shall now be held by the Existing Trust Deed Trustees upon trust
to pay 

 

2

 

and
transfer the same to the Corporate Member absolutely or as it shall otherwise
direct; and

 

(ii)                                  the Society in exercise of the power to release
contained in Clause 6(a)(ii) of the Existing Trust Deed and of any and
every other power it enabling HEREBY WHOLLY AND
IRREVOCABLY RELEASES AND EXTINGUISHES all of the Corporate Member’s
outstanding obligations under Clause 2 of the Existing Trust Deed

 

3.                                       No apportionment of income of the Existing Trust
Deed Trust Fund shall be made at the date of execution of this Deed in respect
of income then accrued or accruing but not actually received by the Existing
Trust Deed Trustees and all such income shall be paid or applied as if the same
had accrued immediately after the execution of this Deed

 

4.                                      (a)                                   The Corporate Member HEREBY COVENANTS with the Society that all inheritance tax
capital gains tax corporation tax and all other taxes and duties of a capital
nature (if any) occasioned by or arising as a result of the execution of the
Deed shall be borne and paid by the Corporate Member alone and that the
Corporate Member shall keep the Society fully indemnified in respect of all such
taxes and duties

 

(b)                                 For the avoidance of any doubt IT IS HEREBY DECLARED that nothing contained in this Deed
shall prejudice or otherwise affect any lien or other right of the Society in
its capacity as the trustee of the Existing Trust Deed in respect of any taxes
or duties (whether of an income or capital nature) or costs or other outgoings
whatsoever

 

5.                                       The Corporate Member HEREBY
FURTHER COVENANTS and the Depositor HEREBY
COVENANTS with the Society that contemporaneously with the execution
of this Deed the Depositor will and the Corporate Member will enter into and
execute the New Deposit Trust Deed and the Depositor will and the Corporate
Member will procure that the Depositor will provide to the Society (net of any
and all taxes and duties occasioned thereby) the cash and/or assets set out in
the Second Schedule to this Deed to be held by the Society in its capacity as
the trustee of the New Deposit Trust Deed (free of any prior charge interest or
other right having priority over the New Deposit Trust Deed) as part of the
Trust Fund subject to the New Deposit Trust Deed and (together with the future
income thereof) upon and with and subject to the trusts powers and provisions
declared and contained in the New Deposit Trust Deed

 

IN
WITNESS whereof
the parties hereto have duly executed this instrument as a deed the day and
year first before written

 

3

 

THE
FIRST SCHEDULE

 

The
Existing Trust Deed Trust Fund  which is to be released

 

1.                                       An irrevocable syndicated Letter of Credit in
favour of the Society substantially in the form of Lloyd’s form CM50A

 

Issued
by:- (8)

 

	
  Royal Bank of Scotland (RBS)

  	
   

  	
  ING Bank NV

  
	
  London
  Trade Services Centre

  	
   

  	
  London
  Branch

  
	
  PO
  Box 39971

  	
   

  	
  60
  London Wall

  
	
  Devonshire
  Square

  	
   

  	
  London
  EC2M 5TQ

  
	
  London
  EC2M 4XB

  	
   

  	
   

  

 

For
the sum not to exceed the aggregate of:- (9)USD$230 Million

 

Effective from:-                                                             (10)26 March 2009

(LOC
Reference No. T404539)

 

(8) please
specify the full names and registered addresses of the issuers

(9) please
specify the amount

(10) please
specify effective date

 

4

 

THE
SECOND SCHEDULE

 

The
new Cash and/or Assets to be held subject to

the
terms of the New Deposit Trust Deed(11)

 

(11)
please complete as appropriate

 

5

 

	
  EXECUTED
  as
  a DEED

  	
  )

  	
   

  	
   

  	
   

  
	
  and DELIVERED BY

  	
  )

  	
   

  	
   

  	
   

  
	
  Montpelier
  Capital Limited

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  
	
  acting
  by two Directors/

  	
  )

  	
   

  	
   

  	
   

  
	
  a
  Director and the

  	
  )

  	
   

  	
   

  	
   

  
	
  Secretary

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
  G
  Perdoni
  - Director 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  R
  Chattock - Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED
  as
  a DEED

  	
  )

  	
   

  	
   

  	
   

  
	
  and DELIVERED BY

  	
  )

  	
   

  	
   

  	
   

  
	
  Montpelier
  Reinsurance Ltd

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  	
   

  
	
  acting
  by two Directors/

  	
  )

  	
   

  	
   

  	
   

  
	
  a
  Director and the

  	
  )

  	
   

  	
   

  	
   

  
	
  Secretary

  	
  )

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
  T G
  S Busher - Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  C
  Jackson
  - Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  THE
  COMMON SEAL OF

  	
  )

  	
   

  	
   

  	
   

  
	
  THE
  SOCIETY OF LLOYD’S

  	
  )

  	
   

  	
   

  	
   

  
	
  was
  hereunto affixed in the

  	
  )

  	
   

  	
   

  	
   

  
	
  presence
  of

  	
  )

  	
  M
  Colesworthy

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Authorised
  Signatory

  	
   

  	
   

  	
  [SEAL]

  	
   

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00171-of-00352.parquet"}]]