Common use of Differences Between Advance Payments and Actual Volumes Clause in Contracts

Differences Between Advance Payments and Actual Volumes. Where there is a difference between the sum of the Advance Quarterly Payments paid by Operator in respect of a preceding Payment Period and the actual Bulk Oil Cargo Fees and Capital Asset/Loan Fees calculated for the preceding calendar year (the “Difference”), the Difference shall be added or subtracted, as the case may be, to or from the sum of the Advance Quarterly Payments otherwise payable by Operator for the next Payment Period with the effect that each of the Advance Quarterly Payments in the next Payment Period shall be increased or decreased, as the case may be, by a quarter of the Difference. Unless otherwise agreed between the parties, no interest or carrying charges shall be payable by either party in respect of the Difference.

Differences Between Advance Payments and Actual Volumes. Where there is a difference between the sum of the Advance Quarterly Payments paid by Operator in respect of a preceding Payment Period and the actual Bulk Oil Cargo Fees and Capital Asset/Loan Fees calculated for the preceding calendar year (the “Difference”), the Difference shall be added or subtracted, as the case may be, to or from the sum of the Advance Quarterly Payments otherwise payable by Operator for the next Payment Period with the effect that each of the Advance Quarterly Payments in the next Payment Period shall be increased or decreased, as the case may be, by a quarter of the Difference. Unless otherwise agreed between the parties, no interest or carrying charges shall be payable by either party in respect of the DifferencetheDifference.