Basic Hire definition

Basic Hire means the Basic Hire payable throughout the Charter Period pursuant to and computed in accordance with Clause 45 of the Charter.

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Basic Hire with respect to any Vessel shall mean payments of charter hire under the applicable Demise Charter payable on each Basic Hire Payment Date, each in an amount equal to Lessor’s Cost of such Vessel multiplied by the Base Rental Factor applicable to such Vessel; provided, however, that (i) if the Charterers do not exercise the early termination options with respect to the Vessels pursuant to Article 10(a) of the Demise Charters, Basic Hire shall be reset as provided in Article 10(b) of such Demise Charters, and (ii) if the Charterers exercise the options to renew in Article 16 of the Demise Charters, Basic Hire for such renewal term shall be determined in accordance with Article 16 of such Demise Charters.

Basic Hire with respect to any Vessel shall mean payments of charter hire under the Demise Charter payable on each Basic Hire Payment Date, each in an amount equal to Lessor’s Cost of such Vessel multiplied by the Base Rental Factor applicable to such Basic Hire Payment Date; provided, however, that (i) if Charterer does not exercise the early termination option with respect to the Vessels pursuant to Article 10(a) of the Demise Charter, Basic Hire shall then be reset as provided in Article 10(b) of the Demise Charter to an amount equal to Lessor’s Cost multiplied by the Remaining Rental Factor, and (ii) if Charterer exercises its option to renew in Article 16 of the Demise Charter, Basic Hire for such renewal term shall be determined in accordance with Article 16.

Examples of Basic Hire in a sentence

• Each payment of Basic Hire (“Basic Hire Amount”) shall equal the basic hire rate set forth in the initial charter rate table below that corresponds to the time period for which payment is being made multiplied by the actual number of days in the month for which the Basic Hire Amount is being calculated.

• No later than fifteen (15) days prior to the Early Termination Date and the Second Reset Date, respectively, Initial Owner Participant shall provide to Charterer an addendum to Schedule C setting forth the applicable Remaining Rental Factors and the recalculated payments of Basic Hire, which shall be determinative absent manifest error.

• Until notice is given by Owner Participant to Charterer specifying other payment instructions, Basic Hire shall be payable directly to Owner Participant by wire transfer in accordance with the following instructions: Bankers Trust ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ ABA# ▇▇▇-▇▇▇-▇▇▇ For the account of General Electric Capital Funding, Inc.

• 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.

• Notwithstanding any provision in this Charter to the contrary, the parties hereto acknowledge and agree that the following table of Termination Value percentages has been calculated without regard to payment of Basic Hire as of the applicable Payment Date.

More Definitions of Basic Hire

Basic Hire means the charter hire amount payable on the Payment Dates as set forth in Section 12.1.

Basic Hire means the hire payable throughout the Charter Period pursuant to and computed in accordance with, Section 9(b) of the Charter.

Basic Hire shall have the meaning set forth in Clause 99 of each of the Time Charters.

Basic Hire has the meaning specified in Section 3.1 of the Master Charter.

Basic Hire. An amount equal to the sum of: (1) the amount of regularly scheduled principal required to be repaid under the National City Financing Documentation or any Replacement Financing Documentation, as applicable, excluding the principal to be repaid under the National City Financing Documentation on December 31, 2008; plus (2) the amount of cash interest payments required to be paid under the National City Financing Documentation or any Replacement Financing Documentation, as applicable, through the maturity date of the indebtedness governed by such financing documentation; plus (3) the amount of cash interest payments required to be paid under the Subordinated Debt Financing Documentation or any Replacement Subordinated Debt Financing Documentation, as applicable, through the maturity date of the indebtedness governed by such financing documentation. The amount of basic hire payable during the Charter Period in accordance with the foregoing shall (i) be decreased to the extent of any decrease in the amount of principal or interest payable under the referenced financing documentation in accordance with the terms thereof, including any decrease on account of the application of any insurance proceeds to the amount of indebtedness outstanding thereunder, and (ii) be increased by the amount of any fees payable to the lender under any Replacement Financing Documentation or Replacement Subordinated Debt Financing Documentation solely to the extent such fees are not funded with the proceeds of the subject replacement indebtedness. The amounts payable under this clause (a) of Section 9.1 are referred to herein as "Basic Hire").

Basic Hire means, on any Hire Payment Date,

Basic Hire consisting of (x) principal and interest due with respect to the Subportion relating to the Vessel from the Borrower to the Agent pursuant to Sections 3, 4, 5, 6 and 12 of the Loan Agreement, and the [HDW] [Daewoo] Notes related to such Subportion issued by Owner pursuant to Section 4 of the Loan Agreement, at the times and places, in the manner and to the parties set forth in said sections and such Notes, including without limitation the provisions of Section 3.05 with respect to *, Section 3.08 with respect to default interest, Section 5.03 with respect to *, and Section 5.04 with respect to prepayment and (y) all indemnity payments required under Section 11 of the Loan Agreement when due and payable, and (ii) "Additional Charter Hire" payable semi-annually at the time of payment of Basic Hire in an amount equal to the difference between Basic Hire and an amount for such semi-annual period calculated at the rate of * per day for such period; provided that Charter Hire shall always be in an amount sufficient to cover Basic Hire and Supplemental Charter Hire. At the end of the fifteen-year charter term provided in Section 2(a) above, Charterer shall have the right to extend the Charter for up to three additional one-year periods. To extend the Charter, Cha▇▇▇▇▇▇ ▇▇st give prior written notice of the one-year extension at least 60 days prior to the end of the Charter, and, with respect to subsequent periods, at least 60 days prior to the end of each one-year extended period. The extension will be on the same terms and conditions as the Charter; provided, however, that the amount of Charter Hire shall be equal to the fair market charter hire of the Vessel as determined in good faith by the parties within 30 days prior to the commencement of any one-year extension.