Basic Hire means the Basic Hire payable throughout the Charter Period pursuant to and computed in accordance with Clause 45 of the Charter.
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
In that case, the Charterer shall pay to the Owner, on the applicable EBO Date, or if such date is not a Business Day on the next succeeding Business Day, in Dollars and in immediately available funds (1) the applicable EBO Price (subject to Clause 74(ii) hereof), plus (2) any unpaid Basic Hire due or accrued on or prior to the applicable EBO Date and not otherwise already paid.
Upon receipt by the Owner of all amounts above described as payable, this Charter shall terminate and the obligations of the Charterer to pay Basic Hire on each Payment Date occurring on and after the applicable EBO Date shall terminate.
All provisions of this Charter shall be applicable during the Renewal Period, except that the Basic Hire payable under this Charter during each Renewal Period shall be that specified in this Clause 62.
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.
More Definitions of Basic Hire
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 means, on any Hire Payment Date,
Basic Hire has the meaning specified in Section 3.1 of the Master Charter.
Basic Hire shall be an amount equal to the amount payable by Demise Owner to Owner as Basic Charter Hire under the Bareboat Charter. Basic Hire is payable on a hell or high water basis, and no payments to be made by the Time Charterer under this Time Charter during the Charter Period shall be subject to any abatement, reduction, adjustment, right of set off, counterclaim, recoupment or defense due to any present or future claims of the Time Charterer against the Demise Owner under this Time Charter or otherwise, or against the Owner or any Indemnitee under any Principal Document or otherwise due to any lay-up, Tug Replacement Event, Event of Loss, damage, unavailability, repair or other circumstance, including, without being limited to, any Claims as a result of any other business dealings by any Indemnitee, the Demise Owner and/or the Time Charterer; any breach of any covenant, representation or warranty of, or any act or omission of, or breach by the Demise Owner under this Agreement or any other agreement at any time existing between the Demise Owner and the Time Charterer; any Claims as a result of any other business dealings by the Demise Owner and/or the Time Charterer; any reorganization, arrangement, insolvency, readjustment of debt, bankruptcy, dissolution or liquidation proceeding involving any Indemnitee, the Demise Owner or the Time Charterer; any defect in or damage to, or loss or destruction of, any of the Vessels from any cause; the requisitioning, seizure or other taking of title or use of any of the Vessels by any government or governmental authority or otherwise whether or not by reason of any act or omission of the Demise Owner; the invalidity or unenforceability or lack of due authorization or other infirmity of this Agreement or the Bareboat Charter or any other Principal Document; the lack of right, power or authority of the Demise Owner to enter into this Agreement or the Owner to enter into the Bareboat Charter; or for any other cause whether similar or dissimilar to the foregoing, any present or future law to the contrary notwithstanding, nor shall the Time Charterer be entitled to retain any interest in or with respect to Basic Hire (whether paid by the Demise Owner, the Time Charterer or any other Person) which has already been paid to the Owner or any other Indemnitee or to assert any right to any refund or adjustment of any amount which has already been paid to the Owner or any other Indemnitee the event of termination of this Time Charte...
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, Chaxxxxxx xxst 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.