Common use of Clauses 3 Clause in Contracts

Clauses 3. 3.1 to 3.3.4 (Realisation of assets) (inclusive) shall not apply following the date on which LFSL, in conjunction with the Scheme Supervisors, determines, acting reasonably that: (a) no further Cash proceeds are likely to be available for payment to the Settlement Account; or (b) the costs and expenses of realising LFSL's assets would be likely to exceed the Cash value of such assets, in which case all of LFSL's assets and the Trust Assets (other than the amounts standing to the credit of the Settlement Account) will cease to be Trust Assets, and will be held by LFSL absolutely and free and clear of the Trust.