Extension Notice. The “Extension Notice” shall be a written notice, in substantially the form attached hereto as Exhibit I, from the Ceding Insurer to the Reinsurer and the Indenture Trustee of the Ceding Insurer’s election to extend the term of this Agreement beyond the Scheduled Termination Date (or, in the case of a Partial Extension, beyond the Scheduled Termination Date or Extended Termination Date, as applicable). Each Extension Notice must specify (i) which Extension Event is elected and (ii) whether a Partial Extension has occurred and, if so, the portion of the Outstanding Principal Amount that is being extended pursuant to such Partial Extension.
Appears in 3 contracts
Sources: Property Catastrophe Excess of Loss Reinsurance Agreement, Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC), Property Catastrophe Excess of Loss Reinsurance Agreement (Heritage Insurance Holdings, LLC)