Common use of Extension of Scheduled Termination Date Clause in Contracts

Extension of Scheduled Termination Date. At any time during the two-month period commencing on the day that is twelve (12) months prior to the Scheduled Termination Date and ending on the day that is ten (10) months prior to the Scheduled Termination Date, the Fund may make a written request to the Capital Protection Provider to extend the Scheduled Termination Date then in effect to the date that is 10 years after such Scheduled Termination Date, whereupon the Capital Protection Provider may accept or decline such request in its reasonable discretion. If the Capital Protection Provider notifies the Fund in writing on or before the date that is two months after its receipt of the Fund’s request (such two-month period, the “Extension Approval Period”) that it has accepted the Fund’s request to extend the Scheduled Maturity Date, the Scheduled Termination Date shall be so extended. Any failure by the Capital Protection Provider to accept or reject a request by Fund to extend the Scheduled Termination Date during the Extension Approval Period shall be deemed to be a rejection by the Capital Protection Provider of such request.