CONTRACTUAL TERM AND CONDITIONS Sample Clauses

CONTRACTUAL TERM AND CONDITIONS. 1.01 The initial term of this Agreement shall be from July 1, 2002 to and including June 30, 2005. This Agreement may be extended beyond the initial term in two consecutive one-year options from July 1, 2005 to June 30, 2006 and from July 1, 2006 to June 30, 2007. Extension of the Agreement shall be at the Charterer's option and written notice of such extension must be provided no later than 180 days prior to the commencement date of each extension. The passenger charter flights (the "Flights") contemplated herein will commence no earlier than July 1, 2002 and will terminate no later than June 30, 2005 if no option to extend is exercised, June 30, 2006 if one option to extend is exercised, and June 30, 2007 if both options to extend are exercised.
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