Common use of Charter Extension Clause in Contracts

Charter Extension. Notwithstanding the provisions of clauses (a) ----------------- and (b) of this Article 19, Charterer may by notice delivered to Owner not less than 60 days prior to the expiration of the Charter Period require Owner to enter into a charter of the Vessel with an Affiliate of Charterer commencing immediately upon the expiration of the Charter Period for a period of one year, renewable annually for up to six additional years, at a charter rate equal to the Bareboat Market Rate determined in accordance with Schedule 2B and otherwise upon terms and conditions set forth in the pro forma Bareboat Charter set forth in a schedule to the Joint Venture Agreement, with such changes as the Charterer and Owner may agree.

Charter Extension. Notwithstanding the provisions of clauses (a) ----------------- and (b) of this Article 19, Charterer may by notice delivered to Owner not less than 60 days prior to the expiration of the Charter Period require Owner to enter into a charter of the Vessel with an Affiliate of Charterer commencing immediately upon the expiration of the Charter Period for a period of one year, renewable annually for up to six additional years, at a charter rate equal to the Bareboat Market Rate determined in accordance with Schedule 2B and otherwise upon terms and conditions set forth in the pro forma Bareboat Charter set forth in a schedule to the Joint Venture Agreement, with such changes as the Charterer and Owner may agree.

Charter Extension. Notwithstanding the provisions of clauses (a) and ----------------- and (b) of this Article 19, Charterer may by notice delivered to Owner not less than 60 days prior to the expiration of the Charter Period require Owner to enter into a charter of the Vessel with an Affiliate of Charterer commencing immediately upon the expiration of the Charter Period for a period of one year, renewable annually for up to six additional years, at a charter rate equal to the Bareboat Market Rate determined in accordance with Schedule 2B and otherwise upon terms and conditions set forth in the pro forma Bareboat Charter set forth in a schedule to the Joint Venture Agreement, with such changes as the Charterer and Owner may agree.