Offhire Adjustment Sample Clauses

Offhire Adjustment. (a) Although the parties contemplate that the Vessels shall be employed in such a manner that there shall not be any discrepancy between off-hire under the Time Charters and any employment of the Vessels by the Charterers, in the event of any such discrepancy, the Aggregate Basic Hire Paid shall be subject to an Offhire Adjustment during any quarter in which any Vessel: (i) was on-hire while it Operated in a Pool or under a subcharter for a greater period than it was on-hire under its Time Charter or (ii) was on-hire under its Time Charter for a greater period than it was on-hire while it Operated in a Pool or under a subcharter. (b) The Offhire Adjustment shall be calculated for each Vessel to which Section 2.03 (a) applies as follows: (i) in the case of a Vessel to which Section 2.03(a)(i) applies, its share of Aggregate Basic Hire Paid shall be deemed to be equal to the amount of Basic Hire actually paid with respect to the Vessel increased by an amount equal to: (A) the number of days the Vessel was on-hire while it Operated in a Pool or on-hire under a sub time charter minus the number of days the Vessel was on-hire under its Time Charter times (B) the Basic Hire rate for that Vessel for the relevant time period. (ii) in the case of a Vessel to which Section 2.03(a)(ii) applies, its share of the Aggregate Basic Hire Paid shall be deemed to be equal to the amount of Basic Hire actually paid with respect to the Vessel decreased by an amount equal to: (A) the number of days the Vessel was on-hire under its Time Charter minus the number of days the Vessel was on-hire while it Operated in a Pool or on-hire under a sub time charter times (B) the Basic Hire rate for that Vessel for the relevant time period. (c) For the avoidance of doubt, the Offhire Adjustment shall be used only for the purpose of determining the Additional Hire Payment Amount and shall not affect the payment of Basic Hire to the Owners under the Time Charters.