In consideration of the 7.5% Long Term Agreement discount allowed hereon, as detailed in the attached premium worksheets, the Insured undertake to offer the renewal of this Policy to Reinsurers hereon at 30 September 2014 and at 30 September 2015 on the terms and conditions in force at the expiry of each annual period of insurance, or as mutually agreed. It being understood, however, that the Reinsurers shall be under no obligation to accept a counter offer made in accordance with the said undertaking.