Gracechurch Utg No. 370 Limited

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THE LOSSES CLAIMS RETURNS OF PREMIUMS RE INSURANCE PREMIUMS EXPENSES OBLIGATIONS AND OTHER "PERMITTED TRUST OUTGOINGS" SE T OUT IN CLAUSE 3(A) OF AND PARAGRAPH 1 OF SCHEDULE 3 TO THE TRUST DEED

ALL LOSSES CLAIMS RETURNS OF PREMIUMS RE -INSURANCE PREMIUMS AND OTHER OUTGOINGS INCURRED OR ARISING OR WHICH MAY AT ANY TIME BE INCURRED OR ARISE IN CONNECTION WITH THE AMERICAN LONG-TERM BUSINESS THE EXPENSES INCURRED OR WHICH MAY AT ANY T IME BE INCURRED IN CONNECTION WITH THE A MERICAN LONG-TERM BUSINESS WHICH EXPENSE S SHALL BE DEEMED TO INCLUDE (I) REMUNER ATION AND PROPER EXPENSES OF THE AMERICA N TRUSTEE (INCLUDING ANY FORMER AMERICAN TRUSTEE) (II) ANY SALARY COMMISSION OR OTHER REMUNERATION PAYABLE TO THE AGENT OR ANY OTHER PERSON, OR ANY PROPER EXPEN SES OF THE AGENT OR ANY OTHER PERSON IN CONNECTION WITH THE CONDUCT OR WINDING U P OF THE AMERICAN LONG-TERM BUSINESS (II I) A PROPER PROPORTION AS CERTIFIED OR R EPORTED BY AUDITORS APPROVED BY THE COUN CIL OF ANY SALARY COMMISSION OR OTHER RE MUNERATION PAYABLE TO THE AGENT OR ANY P ROPER EXPENSES OF THE AGENT IN CONNECTIO N WITH THE CONDUCT OR WINDING UP OF ANY UNDERWRITING BUSINESS OF THE COMPANY WHE THER THE AMERICAN LONG-TERM BUSINESS OR NOT AND ANY EXPENSES WHATSOEVER FROM TIM E TO TIME INCURRED IN CONNECTION WITH AN Y UNDERWRITING BUSINESS OF THE COMPANY W HETHER THE AMERICAN LONG-TERM BUSINESS O R NOT TRANSFERS TO THE PREMIUM TRUST FUN D IF REQUESTED BY THE AGENT AND (WHERE R EQUIRED BY THE AMERICAN TRUST DEED) APPR OVED BY THE COUNCIL PURSUANT TO THE TERM S OF THE AMERICAN TRUST DEED AND ALL LIA BILITIES IN RESPECT OF THE AMERICAN LONG -TERM BUSINESS AT ANY TIME