Common use of EXTENSION/TERMINATION Clause in Contracts

EXTENSION/TERMINATION. (a) Any Credit established hereunder may, if requested by a Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “Issuing Bank”) by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 30 days (or such other period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “Notice Period”). (b) The Issuing Bank shall be under no obligation to such Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS such Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 30 days prior to the commencement of the Notice Period. (c) CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it will give such Company notice in writing thereof as soon as is reasonably possible.

EXTENSION/TERMINATION. (a) Any Credit established hereunder may, if requested by a the Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “Issuing Bank”) by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 30 days (or such other period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “Notice Period”). (b) The Issuing Bank shall be under no obligation to such the Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS such the Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 30 days prior to the commencement of the Notice Period. (c) CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it will give such the Company notice in writing thereof as soon as is reasonably possible.

EXTENSION/TERMINATION. (a) Any Credit established hereunder may, if requested by a the Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “Issuing Bank”) by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 30 days (or such other period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “Notice Period”). (b) The Issuing Bank shall be under no obligation to such the Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS such the Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 30 days prior to the commencement of the Notice Period. (c) CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it will give such the Company notice in writing thereof as soon as is reasonably possible. Where the Credit is issued to The Society and Council of Lloyd’s as Beneficiary in respect of the Applicant’s Funds at Lloyd’s requirements, however, CEP will provide the Applicant with any notice of non-renewal in respect of such Credit no later than 1 November of the applicable calendar year.

EXTENSION/TERMINATION. (a) Any Credit established hereunder may, if requested by a the Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “"Issuing Bank”") by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 30 days (or such other period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “"Notice Period”"). (b) The Issuing Bank shall be under no obligation to such the Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS such the Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 30 days prior to the commencement of the Notice Period. (c) CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it will give such the Company notice in writing thereof as soon as is reasonably possible. Where the Credit is issued to The Society and Council of Lloyd’s as Beneficiary in respect of the Applicant’s funds at Lloyd’s requirements, however, CEP will provide the Applicant with any notice of non-renewal in respect of such Credit no later than 1 November of the applicable calendar year.

EXTENSION/TERMINATION. (a) Any Credit established hereunder may, if requested by a the Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “"Issuing Bank”") by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 30 60 days (or such other longer period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “"Notice Period”"). (b) The Issuing Bank shall be under no obligation to such the Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS such the Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 30 60 days prior to the commencement of the Notice Period. (c) CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it will give such the Company notice in writing thereof as soon as is reasonably possible.

EXTENSION/TERMINATION. (a) Any Credit established hereunder mayshall, if requested by a the Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “Issuing Bank”) Bank by registered mail (or other appropriate receipted delivery) notification of intention not to renew such Credit at least 30 days (or such other period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “Notice Period”). (b) The Issuing Bank shall be under no obligation to such the Company to send the Beneficiary such notification (and without such notification to the Beneficiary the Credit will be automatically extended as provided above) UNLESS such Company shall have sent notification to CEP by registered mail (or other means acceptable to CEP) of its election not to renew such Credit at least 30 days prior to the commencement of the Notice Period. (c) CEP reserves the right, at its sole option and discretion, to give or procure the giving at any time to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it will give such the Company notice in writing thereof as soon as is reasonably possible.

EXTENSION/TERMINATION. (a) Any Credit established hereunder may, if requested by a the Company on the relevant Application Form and subject to CEP’s consent, bear a clause to the effect that it will automatically be extended for successive periods of one year (or such other period as may be stated in the relevant Application Form) (any such Credit being referred to herein as an "Evergreen Credit") and such Evergreen Credit shall be so extended UNLESS the Beneficiary has received from the bank or institution issuing the Credit (the “"Issuing Bank”") by registered mail (or other appropriate receipted delivery) notification of the Issuing Bank's intention not to renew such Evergreen Credit at least 30 days (or such other period as may be stated in the relevant Application Form) prior to the end of the original term or, as the case may be, of a period of extension (the “"Notice Period”"). (b) The Issuing Bank shall be under In the event that the Company no obligation to such Company to send the Beneficiary such notification (and without such notification to the Beneficiary the longer desires that an Evergreen Credit will be automatically extended as provided above) UNLESS such in accordance with its terms, the Company shall have sent notification to CEP notify the Issuing Bank by registered mail (or other means acceptable to CEPthe Issuing Bank) of its election not to renew have such Evergreen Credit extended at least 30 days prior to the commencement of the Notice Period. (c) CEP reserves . Upon the rightIssuing Bank's receipt of such notice, at its sole option and discretion, to give or procure the giving at any time Issuing Bank shall send notice to the Beneficiary of notification of intention not to renew any Credit. If CEP exercises such said right, it in accordance with Clause 3.1(a) and the Evergreen Credit will give such Company notice in writing thereof as soon as is reasonably possibleno longer be automatically extended.