Common use of Secondary Period Clause in Contracts

Secondary Period. The Lessee shall be entitled, provided that no Relevant Event has occurred and is continuing, on giving to the Lessor notice (which notice, when given, shall be irrevocable) not less than thirty (30) days prior to the end of (a) the Primary Period and (b) (subject as hereinafter provided) each succeeding period of twelve (12) months from the end of the Primary Period, to extend the Lease Period for a period of twelve (12) months or, if less, up to a maximum period equivalent to any remaining useful life of the Ship. The Lessee's entitlement to extend the Lease Period in the manner referred to above is subject to the Lessee providing evidence reasonably satisfactory to the Lessor that the Ship remains seaworthy and has a remaining useful life equal to the term for which the Lease Period is to be extended pursuant to this clause 3.2.