Common use of Rate of Hire Clause in Contracts

Rate of Hire. 9.1 Subject to the terms of this Charter, Charterer shall pay hire (“Hire”) commencing on the Hire Commencement Date and throughout the Charter Period (save for those times when the Vessel is off-Hire) monthly in advance to Owner pursuant to this Clause 9. Hire shall be paid in United States Dollars. 9.2 Owner shall be paid a daily fixed amount of: (c) in each case, covering the costs to Owner of the Vessel (including the Modifications) (the “Daily Hire”). 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. 9.3 The amount of Hire due and payable by Charterer for any calendar month shall equal the Daily Hire multiplied by the number of days in such calendar month plus any other amounts payable by Charterer to Owner under this Charter less the permitted deductions from Hire under the terms of this Charter. Hire shall be pro-rated for any part of a day or, in respect of the first and last calendar months of this Charter, for part of a calendar month. All calculations of Hire shall be made by reference to GMT.