Common use of Collateralization Upon Non-Renewal Clause in Contracts

Collateralization Upon Non-Renewal. If the Bank notifies ACE that the Bank will not extend the final expiration date of any Lloyds LOC beyond December 31, 2017 as provided in Section 7.19, then ACE shall, on or before the later of December 31, 2014 and 90 days after receipt by ACE of such notice, either (i) cause all Lloyd’s LOCs to be terminated and returned to the Bank or (ii) provide to, and thereafter maintain, Collateral with a Collateral Value equal to the Stated Amount of all outstanding Lloyd’s LOCs.

Collateralization Upon Non-Renewal. If the Bank notifies ACE that the Bank will not extend the final expiration date of any Lloyds LOC beyond December 31, 2017 as provided in Section 7.197.21, then ACE shall, on or before the later of December 31, 2014 and 90 days after receipt by ACE of such notice, either (i) cause all Lloyd’s LOCs to be terminated and returned to the Bank or (ii) provide to, and thereafter maintain, Collateral with a Collateral Value equal to the Stated Amount of all outstanding Lloyd’s LOCs.