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

Guarantee Relating to the Xxxxx Xxxxxxx. If at any time during the five years following the Closing Date, the Xxxxx 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 Xxxxx Xxxxxxx Charter, then KNOT shall pay, or cause to be paid, to KNOT Shuttle Tankers 17 AS, the owner of the Xxxxx Xxxxxxx, such rate of hire that would have been in effect and payable under the Xxxxx Xxxxxxx Charter; provided, however, that in the event that for any period during such five years following the Closing Date the Xxxxx Xxxxxxx is chartered under a charter other than the Xxxxx 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 Xxxxx Xxxxxxx Charter during any such period, then KNOT shall pay, or cause to be paid, to the owner of the Xxxxx Xxxxxxx, the difference between the rate of hire that would have been in effect and payable under the Xxxxx Xxxxxxx Charter during such period and the rate of hire that is then in effect and payable under such other charter.

Guarantee Relating to the Xxxxx Xxxxxxx. If at any time during the five years following the Closing Date, the Xxxxx 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 Xxxxx Xxxxxxx Charter, then KNOT shall pay, or cause to be paid, to KNOT Shuttle Tankers 17 AS, the owner of the Xxxxx Xxxxxxx, Xxxxxxx such rate of hire that would have been in effect and payable under the Xxxxx Xxxxxxx Charter; provided, however, that in the event that for any period during such five years following the Closing Date the Xxxxx Xxxxxxx is chartered to a charterer other than Statoil under a charter other than the Xxxxx 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 Xxxxx Xxxxxxx Charter during any such period, then KNOT shall pay, or cause to be paid, to the owner of the Xxxxx Xxxxxxx, the difference between the rate of hire that would have been in effect and payable under the Xxxxx 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.