Common use of Rate of Hire Clause in Contracts

Rate of Hire. Charterers shall pay for the use and hire of the Vessel at the following rate(s) and pro rata for any part of a day, from the time and date of her delivery (local time) until the time and date of her redelivery (local time) to Owners. Year One U.S. *** per day Commencing with the first and second anniversary of this Charter during the initial three year Term, the hire shall be *** by ***; and for optional subsequent renewals, the hire shall be *** by *** commencing with the third anniversary of the Charter. *** If Owners commit to a time charter with a three (3) year term with a commencement date within six months of delivery of Vessel to Charterers on a sistership to the Vessel designated herein, on more favorable charter hire terms than the terms herein, then this Charter shall be amended to duplicate such more favorable terms.