Common use of Breach of Lloyd’s Rules Clause in Contracts

Breach of Lloyd’s Rules. If the Managing Agent, the Syndicate or any Supported Member is in breach of any rule, regulation, requirement or guideline imposed upon it by Lloyd’s, and such breach shall remain unremedied for 30 days after the earlier of the date on which (A) a Responsible Officer of ACE becomes aware of such failure or (B) written notice thereof shall have been given to ACE by the Bank, then ACE will, upon written request of the Bank, use commercially reasonable efforts to procure the return of each Lloyd’s LOC from the beneficiary thereof (whether by obtaining a replacement letter of credit from another issuing bank or otherwise).

Breach of Lloyd’s Rules. If the Managing Agent, the Syndicate or any Supported Member is in breach of any material rule, regulation, requirement or guideline imposed upon it by Lloyd’s, ACE will, promptly upon a Responsible Officer of ACE becoming aware of such breach, notify the Bank thereof, and if such breach shall remain unremedied for 30 days after the earlier of the date on which (A) a Responsible Officer of ACE becomes aware of such failure or (B) written notice thereof shall have been given to ACE by the Bank, then ACE will, upon written request of the Bank, use commercially reasonable efforts to procure the return of each Lloyd’s LOC from the beneficiary thereof (whether by obtaining a replacement letter of credit from another issuing bank or otherwise).