Examples of Additional Hire in a sentence
The amount of Additional Hire for each quarter, if any, will be determined by the Brokers Panel.
During the term of each Charter (including any extension thereof) the Charterer is obligated to pay (i) the Base Rate, which is charterhire at a fixed minimum daily rate of $13,500 per Vessel per day (time charter equivalent of $22,000 per day), payable quarterly in advance and (ii) Additional Hire, to the extent spot charter rates exceed certain levels, payable quarterly in arrears, from January 1998.
The amount of Additional Hire, if any, will be determined by the London Tanker Brokers Panel or another panel of ship brokers mutually acceptable to the Charterer and the Company (the "Brokers Panel").
Additional Hire Fees will be charged where the Instrument has failed to be returned to The Hub without expressed agreement and will continue to be charged at the current termly rate until the Instruments has been returned.
Additional Hire Charges as set out in the Hire Schedule will apply if the Equipment is used for more than 8 hours per day.
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.
Additional Hire charges will apply if the Equipment is used for more than ten (10) hours per day.
If the Equipment is not made available by the Customer for collection by the Company or returned by the Customer to the location agreed between the parties, such Equipment shall be deemed with immediate effect to be placed back on hire ( Additional Hire Period) and the Hire Rate shall apply until such time as the Company can collect the Equipment at its convenience or it is agreed that the Customer can return the Equipment.
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.
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.