Initial Charter Period definition

Initial Charter Period means for any Initial Charter the period from the date of commencement of such Initial Charter to the expiration or earlier termination of such Initial Charter pursuant to the terms and conditions thereof.
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Initial Charter Period means a period of ten (10) years commencing on the Delivery Date.
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Initial Charter Period has the meaning set out in Clause 5(a).
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Examples of Initial Charter Period in a sentence

  • The fee will be payable by each Vessel Owning Company throughout the Initial Charter Period (as defined in the Time Charter) at all times regardless of any off-hire period under the respective Time Charter.

  • Any time during which the Vessel is off-Hire for Scheduled Drydocking shall be added to the Initial Charter Period.

  • If costs of the Modifications to the Vessel increase or decrease due to a modification in the Specifications requested by Charterer, Owner and Charterer shall consult and agree on an appropriate adjustment to the Daily Hire during the Initial Charter Period.

  • Charterer shall accept and pay for all bunkers and marine gas oil on board at the time of Delivery and, on Redelivery (whether it occurs at the end of the Initial Charter Period, any extension period, or on the earlier termination of this Charter), Owner shall accept and pay for all bunkers and marine gas oil remaining on board, at the price paid at the Vessel’s last place of supply before Delivery or Redelivery, as the case may be.

  • Any necessary adjustment to hire under this Clause 27 after this Charter terminates (whether such termination is in respect of the Initial Charter Period or an extension period), shall be made promptly after such termination by payment by Owner to Charterer or by Charterer to Owner as the case may require.

  • In respect of each extension period exercised by Charterer pursuant to Clause 6(m) of the Charter, the Fixed Element shall be equal to an amount in United States Dollars which is ***** percent (*****%) of the Fixed Element payable for the Initial Charter Period.

  • Any such requisition period shall count as part of the Initial Charter Period or the applicable extension period, if any, as the case may be.

  • The Optional Element shall be calculated by distributing the relevant costs incurred (to the extent not already paid by Charterer, at Charterer’s option, as a lump sum payment in accordance with paragraph 1.3 of this Schedule III over the remaining Initial Charter Period, plus any extension period if such has been declared, on an annuity basis at an interest rate equal to a swap rate plus *****%.

  • If the Investors serve such a notice, then in the first instance the relevant Owners will offer Grindrod the opportunity to charter the relevant Pool Vessels for a 12 (twelve) month charter period (Initial Charter Period), either, at ▇▇▇▇▇▇▇▇’▇ election: (i) on a fixed rate-basis at market levels to be mutually agreed in good faith within a period of 7 (seven) Business Days following the service of said notice (the Fixed Rate Resolution Period), or (ii) on an Index-Linked Basis.

  • If Grindrod take the relevant Pool Vessels on charter for the Initial Charter Period then, at the end of the Initial Charter Period, Grindrod shall have the right to serve notice on the Investors (Recharter Request Notice) that they wish to re-charter the relevant Pool Vessels for a further 12 (twelve) months (Further Charter Period).


More Definitions of Initial Charter Period

Initial Charter Period is defined in Clause 3.1.
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Initial Charter Period has the meaning given to it in Clause 9.15;
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Initial Charter Period means for any Initial Charter the period
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Related to Initial Charter Period

  • Charter Period means such part of the period of the Charter as falls within the Security Period or, in the event of expiration or determination of the period of the Charter prior to the expiration of the Security Period, the period down to the expiration or determination of the period of the Charter;

  • Winter Period means the period in each year commencing on 1 June and ending on 30 October;

  • Four Quarter Period has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage Ratio.”

  • Certificate of Final Completion means the certificate issued by A/E that documents, to the best of A/E’s knowledge and understanding, Contractor’s completion of all Contractor’s Punchlist items and pre-final Punchlist items, final cleanup and Contractor’s provision of Record Documents, operations and maintenance manuals, and all other Close-Out documents required by the Contract Documents.

  • Construction Period means the period commencing from the Appointed Date and ending on the date of the Completion Certificate;