Common use of Construction and Amendment Clause in Contracts

Construction and Amendment. 16.1 These terms and conditions supersede all previous terms and conditions and all cash deposited by the Specified Institution with MAS under such previous terms and conditions shall be deemed to form part of the cash deposited by the Specified Institution under the Agreement. 16.2 MAS reserves the right, from time to time and at any time, to amend these terms and conditions by deleting, substituting or adding to any of these terms and conditions, and where any amendment is made, MAS shall give the Specified Institution notice in writing of the amendment (“Notice of Amendment”) at least thirty (30) days before the day the amendment becomes effective and binding. 16.3 Where the Specified Institution does not wish to continue to maintain a Current Account with MAS after a Notice of Amendment has been given, it shall notify MAS in writing of its intention to terminate the Current Account within fourteen (14) days of the date of the Notice of Amendment and the Current Account shall be terminated on the day the amendment becomes effective and binding or at the end of the period stipulated in the notice of termination issued by the Specified Institution in accordance with Clause 10.1, whichever is earlier. Where no such notice is given by the Specified Institution within the fourteen (14)-day period, the Specified Institution shall be deemed to have accepted and consented to the terms and conditions as amended on the date they become effective, and shall be bound by them as of the date of the amendments becoming effective as if the Specified Institution had originally agreed to such amendments.