Common use of Extension of Exercise Term Clause in Contracts

Extension of Exercise Term. Notwithstanding anything in this Agreement to the contrary, in the event that Trenwick files, prior to the end of any Exercise Term, preliminary proxy materials with the SEC relating to a submission to registered holders of Trenwick Common Stock for approval of the issuance of the Preferred Shares (or the issuance of shares of Trenwick Common Stock upon conversion of the Preferred Shares), as required by any exchange listing or other regulatory requirements, the Exercise Term shall be extended by a period of ninety (90) days plus, if any such materials are not reviewed by the staff at the SEC within thirty (30) days, an additional number of days (not to exceed fifteen (15) days in any event) equal to the number of days in excess of thirty (30) between the filing of such preliminary materials with the SEC and the initial receipt by Trenwick of written comments from the SEC staff.

Extension of Exercise Term. Notwithstanding anything in this Agreement to the contrary, in the event that Trenwick Company files, prior to the end of any Exercise Term, preliminary proxy materials with the SEC relating to a submission to registered holders of Trenwick Company Common Stock for approval of the issuance of the Preferred Shares (or the issuance of shares of Trenwick Company Common Stock upon conversion of the Preferred Shares), as required by any exchange listing or other regulatory requirements, the Exercise Term shall be extended by a period of ninety (90) days plus, if any such materials are not reviewed by the staff at the SEC within thirty (30) days, an additional number of days (not to exceed fifteen (15) days in any event) equal to the number of days in excess of thirty (30) between the filing of such preliminary materials with the SEC and the initial receipt by Trenwick Company of written comments from the SEC staff.