Examples of Extension Period in a sentence
All notices and premium payments with respect to the Optional Extension Period option will be directed to the Underwriters through entity listed for Administrative Notice in the Declarations.
Upon non-renewal or cancellation of this Policy for any reason except the non-payment of premium, the Named Insured will have the right to purchase, for additional premium in the amount of the Optional Extension Premium percentage listed in the Declarations of the full Policy Premium listed in the Declarations, an Optional Extension Period for the period of time listed in the Declarations.
Accordingly, on or before the Effective Date, and if applicable, the first day of the First Extension Period and the first day of the Second Extension Period, the Company shall deliver to the Authority a Performance Bond substantially in the form of Schedule 5, executed by itself as principal and a surety rated by Bests Key Rating as A- or better.
As used herein, “Option Period” means the Initial Option Period and, if and to the extent applicable, the Extension Period.
The Initial Term, together with each Extension Period, if any, shall collectively constitute the “Term” of this Agreement.