Common use of Guarantee Relating to the Windsor Xxxxxxx Clause in Contracts

Guarantee Relating to the Windsor Xxxxxxx. If at any time during the five years following the Closing Date, the Windsor Xxxxxxx is not receiving from any charterer a rate of hire that is equal to or greater than the rate of hire then in effect and payable under the Windsor Xxxxxxx Charter, then KNOT shall pay, or cause to be paid, to KNOT Shuttle Tankers 18 AS, the owner of the Windsor Xxxxxxx, such rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter; provided, however, that in the event that for any period during such five years following the Closing Date the Windsor Xxxxxxx is chartered under a charter other than the Windsor Xxxxxxx Charter and the rate of hire being paid under such charter is lower than the rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter during any such period, then KNOT shall pay, or cause to be paid, to the owner of the Windsor Xxxxxxx, the difference between the rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter during such period and the rate of hire that is then in effect and payable under such other charter; provided, further, that for purposes of this Section 11.2, the rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter during the period between the final termination date of the Windsor Xxxxxxx Charter (assuming that all extension options thereunder would have been exercised) and the last day of the five-year period following the Closing Date (inclusive) shall be deemed to have been the rate of hire that would have been in effect and payable during the last option extension period under the Windsor Xxxxxxx Charter (assuming that all extension options thereunder would have been exercised).

Guarantee Relating to the Windsor Xxxxxxx. If at any time during the five years following the Closing Date, the Windsor Xxxxxxx is not receiving from any charterer a rate of hire that is equal to or greater than the rate of hire then in effect and payable under the Windsor Xxxxxxx Charter, then KNOT shall pay, or cause to be paid, to KNOT Shuttle Tankers 18 AS, the owner of the Windsor Xxxxxxx, Xxxxxxx such rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter; provided, however, that in the event that for any period during such five years following the Closing Date the Windsor Xxxxxxx is chartered to a charterer other than BG under a charter other than the Windsor Xxxxxxx Charter and the rate of hire being paid under by such charter charterer is lower than the rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter during any such period, then KNOT shall pay, or cause to be paid, to the owner of the Windsor Xxxxxxx, the difference between the rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter during such period and the rate of hire that is then in effect and payable under the charter agreement with such other chartercharterer; provided, further, that for purposes of this Section 11.2, the rate of hire that would have been in effect and payable under the Windsor Xxxxxxx Charter during the period between the final termination date of the Windsor Xxxxxxx Charter (assuming that all extension options thereunder would have been exercised) and the last day of the five-year period following the Closing Date (inclusive) shall be deemed to have been the rate of hire that would have been in effect and payable during the last option extension period under the Windsor Xxxxxxx Charter (assuming that all extension options thereunder would have been exercised).