Common use of Charter Term Clause in Contracts

Charter Term. This Charter shall be effective and commence as of the Effective Time defined in Part I, Clause 7(a) and shall continue uninterrupted until 31 December, 2012 (the “Initial Term”). This Charter may be extended upon the request of either Party for a maximum of two (2) consecutive terms after the Initial Term, namely 1 January 2013 to 31 December 2013 (the “First Extension Term”) and 1 January 2014 to 31 December 2014 (the “Second Extension Term”) provided that: (a) the Charter shall only be extended for one (1) year each time; (b) any extension shall be subject to the mutual consent of the Parties; (c) the requesting Party shall, at least [*] prior to the expiry of the current term (the Initial Term or the First Extension Term, as the case may be) send to the other Party notice in writing of its intention to extend the Charter for one (1) year after the expiry of the current term; and (d) the requesting Party is not in default of this Charter at the time of sending the aforesaid extension notice and at all times before the expiry of the current term. Unless otherwise agreed by the Parties, all terms and conditions of this Charter shall remain the same in, as may be applicable, the First Extension Term and the Second Extension Term and “Charter Term” shall be construed to include the Initial Term and, as may be applicable, the First Extension Term and the Second Extension Term.

Charter Term. This Charter shall be effective and commence as of the Effective Time defined in Part I, Clause 7(a) [*] and shall continue uninterrupted until 31 December, 2012 [*] (the “Initial Term”). This Charter may be extended upon the request of either Party for a maximum of two (2) consecutive terms [*] after the Initial Term, namely 1 January 2013 [*] to 31 December 2013 [*] (the “First Extension Term”) and 1 January 2014 [*] to 31 December 2014 [*] (the “Second Extension Term”) provided that: (a) the Charter shall only be extended for one (1) year [*] each time; (b) any extension shall be subject to the mutual consent of the Parties; (c) the requesting Party shall, at least [*] prior to the expiry of the current term (the Initial Term or the First Extension Term, as the case may be) send to the other Party notice in writing of its intention to extend the Charter for one (1) year after the expiry of the current term; and (d) the requesting Party is not in default of this Charter at the time of sending the aforesaid extension notice and at all times before the expiry of the current term. Unless otherwise agreed by the Parties, all terms and conditions of this Charter shall remain the same in, as may be applicable, the First Extension Term and the Second Extension Term and “Charter Term” shall be construed to include the Initial Term and, as may be applicable, the First Extension Term and the Second Extension Term.