Off Hire Amount definition
Off Hire Amount means, with respect to a Vessel, an amount equal to the number of days of actual off-hire for such Vessel multiplied by the Current Base Rate for the relevant Vessel.
Examples of Off Hire Amount in a sentence
Irrespective of the actual number of days off-hire for any one Vessel under its respective Charter, the Charterer agrees to continue to pay the agreed charter hire payments under the Charter to the Owner of such Vessel, and will not deduct for any off-hire, as long as the aggregate Accumulated Off Hire Amount for all Vessels then in the fleet is less than or equal to the aggregate Accumulated Off Hire Allowance for all such Vessels.