Additional Hire definition
Examples of Additional Hire in a sentence
The following broker panels shall be deemed mutually acceptable by the Owner and Charterer: London Tanker Broker Panel Charterer agrees that Additional Hire Payment Amount (as defined in the Charter Framework Agreement, dated October 6, 2005, by and among the Owners, the Charterer and the other parties thereto), if any, shall be calculated and paid in accordance with such Charter Framework Agreement.
If the Charter has been extended for Option Years 1-3 as aforementioned, by the Charterers or the Owners, as the case may be, the Charterers shall have two options, each to be declared by the Charterers not less than six months prior to the expiry of the charter period in effect at that time, to extend this Charter for one year at the Basic Hire specified in Clause 47 for Option Years 4 and 5 respectively, but without any Additional Hire.
The Additional Hire payable for any calendar quarter shall be equal to an amount calculated as fifty percent (50%) of the Weighted Average Hire for the quarter after deduction of the Basic Hire in effect for the quarter, subject to adjustment as provided in paragraph (C) below.
As used herein the “Weighted Average Hire” for any calendar quarter shall be an amount equal to the Average Daily Rate for such calendar quarter multiplied by the number of days in such calendar quarter (excluding any days in such calendar quarter during which Additional Hire is not payable as provided in paragraph (A) above).
Upon expiry of the initial three-year charter period, Charterers shall have the option, such option, to be declared by the Charterers in writing no less than seven months prior to the expiry of the initial charter period, to extend this Charter for two and one/half additional years at the Basic Hire specified for Option Years 1-3 in Clause 47, together with Additional Hire calculated in accordance with Clause 48.
In addition to payment of Basic Hire hereunder, the Charterers shall pay to the Owners Additional Hire (as defined below), if any, quarterly in arrears, on each Additional Hire Payment Date as hereinafter provided.
If the Charterers do not exercise such option, the Owners shall have the option, to be declared by the Owners no less than six months prior to the expiry of the initial charter period, to extend this Charter for two and one-half additional years at the Basic Hire specified for Option Years 1-3 in Clause 47, but without any Additional Hire.
Additional Hire Charges will apply if the Equipment is used in excess of 8 hours in any day.
On the Additional Hire Payment Date, OIN shall provide a final certified schedule that that sets forth, in reasonable detail, the calculations made by OIN in determining the Additional Hire Payment Amount.
The following broker panels shall be deemed mutually acceptable by the owner and Charterer: London Tanker Broker Panel Charterer agrees that Additional Hire Payment Amount (as defined in the Charter Framework Agreement, dated October [ ], 2005, by and among the Owners, the Charterer and the other parties thereto), if any, shall be calculated and paid in accordance with such Charter Framework Agreement.